RE:credit agreement HSBC and 500 million back logTsmith, I will answer your questions even though I am suspicous of your motivation. In future, some due diligence on your part would be an important signal that you want to be a contributing, participarory member of this board. - HSBC credit facility - money borrowed to finance ~50% of the acquisition of ETC. $75M loan in Sep-2021. Current balance is <$30M. Detail of the HSBC Agreement can be found on Sedar.
- Backlog - In the financial results releases, QTRH has advised that the backlog represents the residual value of contracts, including extension periods but does NOT include change order revenue. This has been regularily stated in the financial results release, as noted below.
Backlog - Non-IFRS Financial Measures
We use the non-IFRS measure "backlog" to mean the total value of work that has not yet been completed but that in management's experience of similar situations has: (a) a high certainty of being performed pursuant to existing contracts or work orders specifying job scope, value and timing; (b) an expectation of expansion of existing contracts due to expected extensions; and/or (c) been awarded to one or more of our ITS operating subsidiaries as evidenced by a binding contract or where the finalization of a binding contract is reasonably assured. Activities under such contracts may cover a period of up to 15 years. We do not include in "backlog", the value of any expected but unsigned change orders that management considers may apply to such contracts.