Chemtrade Logistics Income 6 50 Convertible Unsecured Subordinated Debentures CGIFF

Great news ... payout ratio 28% ... debt decreased ...

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First Quarter 2023 Highlights

• Revenue of $471.2 million, an increase of $80.9 million or 21% year-over-year, reflecting strong double-digit growth in both operating segments.
• Net earnings of $79.5 million, an increase of $68.8 million year-over-year.
• Adjusted EBITDA (1) of $131.7 million, an increase of $23.8 million or 22% year-over-year, primarily owing to increased revenue.
• Cash flows from operating activities of $54.4 million, an increase of $17.2 million or 46% year-over-year.
• Distributable cash after maintenance capital expenditures (1) of $87.6 million, an increase of $24.3 million or 38% year-over-year, with a distribution Payout ratio (1) of 28% for the twelve months ended March 31, 2023.
• Continued balance sheet improvement, as demonstrated by a Net debt to Adjusted EBITDA (1) ratio of 2.2x at March, 31, 2023, as compared to 3.5x at March 31, 2022. Also announced a reduction in the amount of convertible debentures outstanding by roughly $91 million (~18%) compared to December 31, 2022.
• Increased 2023 Adjusted EBITDA guidance to be at or above 2022’s record earnings level of $430.9 million previously, primarily reflecting Chemtrade’s strong start to 2023 and improved outlook for the remainder of 2023.