TSX:BDI - Post Discussion
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TimeBuilder on Aug 05, 2022 3:13pm
Q 2 Highlights/Dividend :>))
Key Highlights from the Second Quarter of 2022
- Generated consolidated rental revenue of $28.4 million and Adjusted EBITDA¹ of $18.2 million, up 22% and 34%, respectively, from the Comparative Quarter, while consolidated revenue was $69.4 million, up 1% from the Comparative Quarter.
- Profit for the Quarter was $4.0 million, up 208% from the Comparative Quarter, resulting in a 79% increase in Free Cashflow¹ to $14.5 million and yielding basic earnings per share of $0.07, up 250% from the Comparative Quarter.
- Long term debt at the end of the Quarter was $163.9 million resulting in Net Debt¹ of $157.5 million and Net Debt to trailing twelve month ("TTM") Adjusted Leverage EBITDA¹ of 2.1 (within the Company's target range of 2 to 3 times), and available liquidity of $110.7 million.
- Modular Space Solutions ("MSS") rental revenue was $17.5 million, up 20% from the Comparative Quarter, while total revenue of $37.1 million was steady. Adjusted EBITDA of $12.8 million increased 20% from the Comparative Quarter.
- MSS rental fleet increased 424 net units or 5% from the Comparative Quarter, driven by organic expansion and the fleet acquisition of Cambrian Trailer Rentals Ltd.
- On a constant currency basis, MSS average rental rates increased 11% from the Comparative Quarter, while MSS contracted future rental revenue for the Quarter was $54.8 million, up 24% from the Comparative Quarter.
- Workforce Solutions ("WFS") rental revenue of $10.9 million and total revenue of $32.3 million increased 27% and 2% respectively from the Comparative Quarter. Adjusted EBITDA of $10.0 million increased 61% from the Comparative Quarter, resulting in Return on Assets¹ of 28%, up 65% from the Comparative Quarter.
- Consolidated Return on Assets for the Quarter was 17%, up 31% from the Comparative Quarter.
- LodgeLink recorded 68,412 room nights booked in the Quarter, a 58% increase from the Comparative Quarter.
- In the Quarter, the Company allocated $4.0 million to shareholder returns and the reduction of non-controlling interests through a combination of $0.9 million of common shares repurchased under the normal course issuer bid ("NCIB"), $0.9 million of dividends declared to common shareholders, and the redemption of $2.2 million of preferred shares of a subsidiary company.
- Subsequent to the end of the Quarter, the Company declared a third quarter dividend of $0.015 payable on or about October 15, 2022 to shareholders of record on September 30, 2022
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