RE:RE:Gents and.ladiesThe increase in EBITDA is great "Adjusted EBITDA 1 in the third quarter of 2021 was $31.8 million, 79% higher than the $17.8 million of Adjusted EBITDA reported in the third quarter of 2020, which included $17.0 million of COVID-19 related government wage subsidies."
It looks like there were $0.8 million repayment of COVID-19 government wage subsidies in the third quarter of 2021, compared to the $7.7 million receipt of wage subsidies in the third quarter of 2020.
Offset by "Based on these challenges, the Company expects the Adjusted EBITDA 1 performance for the fourth quarter of 2021 and the first quarter of 2022 to be slightly lower than the $18.6 million reported in the first quarter of 2021
Non pipe businesses now 40% of the company .
$130 million in debt repayment . . As at September 30, 2021, total long-term debt was $324.8 million, lower compared to the $433.4 million at the beginning of the year, reflecting debt repayments during the nine month period. The Company will continue to focus on limiting capital spending and maximizing the conversion of operating income into free cash flow to continue repaying long term debt.
Despite these near-term effects and the elimination of government subsidies, which enhanced 2021 earnings performance, I am confident that our full year 2022 Adjusted EBITDA 1 will be greater than 2021 with weighting to the second half of the year.”
In other words, as usual , good times 6 to 9 months out . Getting tired of this.