Black Diamond Group Limited ("Black Diamond", the "Company" or
"we"), (TSX:BDI), a leading provider of space rental and workforce
accommodation solutions, today announced its operating and
financial results for the three and six months ended June 30,
2023 (the "Quarter") compared with the three and six months ended
June 30, 2022 (the "Comparative Quarter"). All financial
figures are expressed in Canadian dollars.
Key Highlights from the Second Quarter
of 2023
- Consolidated rental revenue of $35.2 million and Adjusted
EBITDA1 of $22.5 million were each up 24% from the Comparative
Quarter.
- The Company’s consolidated contracted future rental revenue at
the end of the Quarter was $120.1 million. Modular Space
Solutions ("MSS") contracted future rental revenue for units on
rent was $85.4 million at the end of the Quarter, up 56% from
the Comparative Quarter. Workforce Solutions ("WFS") contracted
future rental revenue for contracts in place was $34.7 million at
the end of the Quarter, up 102% from the Comparative Quarter.
- MSS rental revenue and Adjusted EBITDA for the Quarter were
both all-time record highs of $21.0 million and
$17.1 million, up 20% and 34% respectively from the
Comparative Quarter.
- MSS average monthly rental rate per unit (excluding the impact
from acquisitions made in 2022) increased 13% from the Comparative
Quarter (or 10% on a constant currency basis).
- WFS rental revenue of $14.1 million, increased 29% from
the Comparative Quarter. WFS consolidated utilization of 65%
continues to trend higher and it remains at the highest level
observed in over half a decade.
- LodgeLink net revenue of $2.3 million grew 92% from the
Comparative Quarter. LodgeLink also reported 101,746 room nights
sold in the Quarter, a 49% increase from the Comparative
Quarter.
- Return on Assets1 for the Quarter of 16.9% represents a
meaningful premium over the Company's cost of capital and is
relatively consistent with the Comparative Quarter.
- Capital investment into organic growth was $17.3 million,
while maintenance capital for the Quarter was $2.0 million.
Rental asset additions have been primarily deployed on projects
with long-term contracts at rental rates that meet or exceed the
Company’s hurdle rates.
- Funds from Operations1 of $26.0 million increased 30%
while Free Cashflow1 for the Quarter of $17.0 million was up
17% from the Comparative Quarter.
- Long term debt and Net Debt were $219.2 million and
$204.1 million respectively at the end of the Quarter.
Continued positive Free Cashflow1 decreased Long term debt and Net
Debt by $7.7 million and $14.8 million respectively since
December 31, 2022. Net Debt to trailing twelve month ("TTM")
Adjusted Leverage EBITDA1 of 2.2x remains at the lower end of the
Company's target range of 2.0x to 3.0x while available liquidity
was $122.7 million at the end of the Quarter.
- Profit for the Quarter of $4.6 million increased 15% from
the Comparative Quarter.
- Subsequent to the end of the Quarter, the Company also declared
a third quarter dividend of $0.02 payable on or about October 15,
2023, to shareholders of record on September 30, 2023. Dividends
are designated as "eligible dividends" for Canadian income tax
purposes.
Outlook
Results for the Quarter reflect a continuation
of the Company’s growing rental platform which is underpinned by
over $120.1 million of forward rental revenue and remains highly
diverse across numerous customers and industries. The Company
continues to see opportunities to invest and compound shareholder
capital throughout the business and anticipates ongoing
year-over-year growth throughout the back half of 2023 and into
2024.
The MSS segment set an all-time record high in
both rental revenue and Adjusted EBITDA1. The Company continues to
actively invest in additional fleet growth and expects ongoing
improvement in average rental rate per unit as contracts expire and
are renewed in a higher rate environment. While rental revenues
continue to benefit from contract-backed fleet and rate growth, MSS
continues to see consistent utilization levels across regions due
to the diversified nature of the customer end-markets that are
serviced. The MSS project pipeline remains robust and continues to
track ahead of levels experienced at the same time last year with
particular strength being experienced in education and civil
infrastructure.
The WFS segment continues to see highest levels
of rental revenue and Adjusted EBITDA observed in over half a
decade and continues to see an active pipeline across several
industries and geographies. Management expects WFS revenues to
continue building into the back half of 2023 and remains optimistic
regarding future opportunities into 2024 as we continue to expand
into more diversified end-markets in mining, industrial
infrastructure, and government-related projects. Core rental
revenues should continue to improve in the back half of the year
before taking a modest pause in year-over-year growth in early 2024
as certain assets return from existing contracts before being
redeployed onto new project sites. WFS Australia performance
remains strong and utilization is expected to remain stable as the
Company adds additional assets in response to demand which in turn
is driving continued rental revenue growth.
LodgeLink net revenues nearly doubled
year-over-year as Net Revenue Margin1 improved to 11.8%. Total room
nights sold for the Quarter of 101,746 was a 49% improvement from
year-ago levels. Both sides of the digital marketplace continue to
scale with over 800 cumulative corporate customers transacting
across a supply network of over 12,000 properties or 1.2 million
rooms. LodgeLink is expected to see continued momentum as the
business begins to track annualized net revenue in excess of $10
million, with transportation and resource sectors contributing to
recent growth.
Black Diamond expects ongoing growth into the
back half of 2023 as all parts of the platform continue to operate
well. The growth outlook is primarily based on contracts in place,
deployment of new rental assets with long-term contracts,
re-deployment of previously idle assets in WFS, and ongoing
momentum in average rental rates per unit. The Company’s liquidity
position remains strong with over $122.7 million of available
liquidity, primarily from the Company's asset-based revolving
credit facility (the "ABL Facility") that is not up for renewal
until October 2026. The strong cash flow characteristics of the
growing diversified rental business, combined with ample liquidity
on the balance sheet positions the Company well into 2024. Overall,
the Company continues to see a robust pipeline of growth
opportunities.
1 Adjusted EBITDA, Net Debt, Funds from
Operations and Free Cashflow are non-GAAP financial measures.
Return on Assets, Net Debt to TTM Adjusted Leverage EBITDA, and Net
Revenue Margin are non-GAAP ratios. Refer to the Non-GAAP Financial
Measures section of this press release for more information on each
non-GAAP financial measure and ratios.
Second Quarter
2023 Financial Highlights
|
Three months
ended June 30, |
Six months
ended June 30, |
($ millions,
except as noted) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
Financial
Highlights |
$ |
$ |
% |
$ |
$ |
% |
Total revenue |
91.1 |
69.4 |
31% |
172.6 |
139.6 |
24% |
Gross profit |
39.4 |
31.2 |
26% |
76.7 |
61.8 |
24% |
Administrative expenses |
16.8 |
13.1 |
28% |
32.8 |
25.8 |
27% |
Adjusted EBITDA(1) |
22.5 |
18.2 |
24% |
43.9 |
36.1 |
22% |
Adjusted EBIT(1) |
11.9 |
9.4 |
27% |
23.5 |
18.7 |
26% |
Funds from Operations (1) |
26.0 |
20.0 |
30% |
47.4 |
39.2 |
21% |
Per share ($) |
0.43 |
0.34 |
26% |
0.79 |
0.66 |
20% |
Profit before income taxes |
6.9 |
6.6 |
5% |
13.4 |
13.2 |
2% |
Profit |
4.6 |
4.0 |
15% |
9.0 |
8.0 |
13% |
Earnings per share - Basic ($) |
0.08 |
0.07 |
14% |
0.15 |
0.14 |
7% |
Earnings per share -
Diluted ($) |
0.08 |
0.06 |
33% |
0.15 |
0.13 |
15% |
Capital expenditures |
19.3 |
15.7 |
23% |
35.1 |
22.4 |
57% |
Property & equipment |
500.0 |
409.8 |
22% |
500.0 |
409.8 |
22% |
Total assets |
653.6 |
537.6 |
22% |
653.6 |
537.6 |
22% |
Long-term debt |
219.2 |
163.9 |
34% |
219.2 |
163.9 |
34% |
Cash and cash
equivalents |
15.4 |
6.4 |
141% |
15.4 |
6.4 |
141% |
Return on Assets
(%)(1) |
16.9% |
17.1% |
(20) bps |
16.6% |
17.0% |
(40) bps |
Free Cashflow(1) |
17.0 |
14.5 |
17% |
30.1 |
28.0 |
8% |
(1) Adjusted
EBITDA, Adjusted EBIT, Funds from Operations and Free Cashflow are
non-GAAP financial measures. Return on Assets is a non-GAAP ratio.
Refer to the Non-GAAP Financial Measures section of this press
release for more information on each non-GAAP financial measure and
ratio. |
Additional Information
A copy of the Company's unaudited interim
condensed consolidated financial statements for the three and six
months ended June 30, 2023 and 2022 and related management's
discussion and analysis have been filed with the Canadian
securities regulatory authorities and may be accessed through the
SEDAR+ website (www.sedarplus.ca) and
www.blackdiamondgroup.com.
About Black Diamond Group
Black Diamond is a specialty rentals and
industrial services Company with two operating business units -
Modular Space Solutions (MSS) and Workforce Solutions (WFS). We
operate in Canada, the United States, and Australia.
MSS through its principal brands, BOXX Modular,
Britco, MPA, Schiavi and CL Martin, owns a large rental fleet of
modular buildings of various types and sizes. Its network of local
branches rent, sell, service, and provide ancillary products and
services to a diverse customer base in the construction,
industrial, education, financial, and government sectors.
WFS, through its principal brands, Black Diamond
Camps and Black Diamond Energy Services, owns a large rental fleet
of modular accommodation assets of all types and sizes. Its
regional operating terminals rent, sell, service, and provide
ancillary products and services including turn-key operated camps
to a wide array of customers in the resource, infrastructure,
construction, disaster recovery, and education sectors.
The WFS business unit also includes the
Company’s wholly owned subsidiary, LodgeLink, which operates a
digital marketplace for business-to-business crew accommodation,
travel, and logistics in North America. The LodgeLink proprietary
digital platform enables customers to efficiently find, book, and
manage their crew travel and accommodation needs through a rapidly
growing network of hotel, remote lodge, and travel partners.
LodgeLink exists to solve the unique challenges associated with
crew travel and applies technology to eliminate inefficiencies at
every step of the crew travel process from booking, to management,
to payments, to cost reporting.
Learn more at www.blackdiamondgroup.com.
For investor inquiries please contact Jason Zhang at
403-206-4739 or investor@blackdiamondgroup.com.
Conference CallBlack Diamond
will hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m.
ET) on Friday, August 4, 2023. CEO Trevor Haynes and CFO Toby
LaBrie will discuss Black Diamond’s financial results for the
quarter and then take questions from investors and analysts.
To access the conference call by telephone dial toll free
1-800-319-4610. International callers should use 1-604-638-5340.
Please connect approximately 10 minutes prior to the beginning of
the call.
To access the call via webcast, please log into
the webcast link 10 minutes before the start time at:
https://www.gowebcasting.com/12639
Following the conference call, a replay will be available on the
Investor Centre section of the Company’s website at
www.blackdiamondgroup.com, under Presentations & Events.
Reader
AdvisoryForward-Looking StatementsCertain
information set forth in this news release contains forward-looking
statements including, but not limited to, the amount of funds that
will be expended on the 2023 capital plan, how such capital will be
expended, expectations for asset sales, timing and payment of the
Company's quarterly dividend, management's assessment of Black
Diamond's future operations and what may have an impact on them,
opportunities and effect of deploying investment capital, financial
performance, business prospects and opportunities, changing
operating environment including changing activity levels, effects
on demand and performance based on the changing operating
environment, amount of revenue anticipated to be derived from
current contracts, anticipated debt levels, liquidity sources and
needs, economic life of the Company's assets, future growth and
profitability of the Company and realization of the anticipated
benefits of acquisitions and sales. With respect to the
forward-looking statements in this news release, Black Diamond has
made assumptions regarding, among other things: future commodity
prices, that Black Diamond will continue to raise sufficient
capital to fund its business plans in a manner consistent with past
operations, that counterparties to contracts will perform the
contracts as written and that there will be no unforeseen material
delays in contracted projects. Although Black Diamond believes that
the expectations reflected in the forward-looking statements
contained in this news release, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be
no assurances that such expectations or assumptions will prove to
be correct. Readers are cautioned that assumptions used in the
preparation of such statements may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties and other factors, many of which are beyond the
control of Black Diamond. These risks include, but are not limited
to: volatility of industry conditions, dependence on agreements and
contracts, competition, credit risk, information technology systems
and cyber security, vulnerability to market changes, operating
risks and insurance, weakness in industrial construction and
infrastructure developments, weakness in natural resource
industries, access to additional financing, dependence on suppliers
and manufacturers, reliance on key personnel, and workforce
availability. The risks outlined above should not be construed as
exhaustive. Additional information on these and other factors that
could affect Black Diamond's operations and financial results are
included in Black Diamond's annual information form for the year
ended December 31, 2022 and other reports on file with the
Canadian securities regulatory authorities which can be accessed on
the Company's profile on SEDAR+. Readers are cautioned not to place
undue reliance on these forward-looking statements. Furthermore,
the forward-looking statements contained in this news release are
made as at the date of this news release and Black Diamond does not
undertake any obligation to update or revise any of the
forward-looking statements, except as may be required by applicable
securities laws.
Non-GAAP MeasuresIn this news
release, the following specified financial measures and ratios have
been disclosed: Adjusted EBITDA, Funds from Operations, Net Debt,
Net Debt to TTM Adjusted Leverage EBITDA, Return on Assets, Net
Revenue Margin and Free Cashflow. These non-GAAP and other
financial measures do not have any standardized meaning prescribed
under International Financial Reporting Standards ("IFRS") and
therefore may not be comparable to similar measures presented by
other entities. Readers are cautioned that these non-GAAP measures
are not alternatives to measures under IFRS and should not, on
their own, be construed as an indicator of the Company's
performance or cash flows, a measure of liquidity or as a measure
of actual return on the common shares of the Company. These
non-GAAP measures should only be used in conjunction with the
consolidated financial statements of the Company.
Adjusted EBITDA is not a measure recognized
under IFRS and does not have standardized meanings prescribed by
IFRS. Adjusted EBITDA refers to consolidated earnings before
finance costs, tax expense, depreciation, amortization, accretion,
foreign exchange, share-based compensation, acquisition costs,
non-controlling interests, share of gains or losses of an
associate, write-down of property and equipment, impairment,
restructuring costs, and gains or losses on the sale of non-fleet
assets in the normal course of business.
Black Diamond uses Adjusted EBITDA primarily as
a measure of operating performance. Management believes that
operating performance, as determined by Adjusted EBITDA, is
meaningful because it presents the performance of the Company's
operations on a basis which excludes the impact of certain non-cash
items as well as how the operations have been financed. In
addition, management presents Adjusted EBITDA because it considers
it to be an important supplemental measure of the Company's
performance and believes this measure is frequently used by
securities analysts, investors and other interested parties in the
evaluation of companies in industries with similar capital
structures.
Adjusted EBITDA has limitations as an analytical
tool, and readers should not consider this item in isolation, or as
a substitute for an analysis of the Company's results as reported
under IFRS. Some of the limitations of Adjusted EBITDA are:
- Adjusted EBITDA excludes certain income tax payments and
recoveries that may represent a reduction or increase in cash
available to the Company;
- Adjusted EBITDA does not reflect the Company's cash
expenditures, or future requirements, for capital expenditures or
contractual commitments;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, the Company's working capital needs;
- Adjusted EBITDA does not reflect the significant interest
expense, or the cash requirements necessary to service interest
payments on the Company's debt;
- depreciation and amortization are non-cash charges, thus the
assets being depreciated and amortized will often have to be
replaced in the future and Adjusted EBITDA does not reflect any
cash requirements for such replacements; and
- other companies in the industry may calculate Adjusted EBITDA
differently than the Company does, limiting its usefulness as a
comparative measure.
Because of these limitations, Adjusted EBITDA
should not be considered as a measure of discretionary cash
available to invest in the growth of the Company's business. The
Company compensates for these limitations by relying primarily on
the Company's IFRS results and using Adjusted EBITDA only on a
supplementary basis. A reconciliation to profit, the most
comparable GAAP measure, is provided below.
Return on Assets is calculated
as annualized Adjusted EBITDA divided by average net book value of
Property and Equipment. Annualized Adjusted EBITDA is calculated by
multiplying Adjusted EBITDA for the Quarter and Comparative Quarter
by an annualized multiplier. Management believes that ROA is a
useful financial measure for investors in evaluating operating
performance for the periods presented. When read in conjunction
with our profit and property and equipment, two GAAP measures, it
provides investors with a useful tool to evaluate Black Diamonds
ongoing operations and management of assets from
period-to-period.
Reconciliation of Consolidated Profit to Adjusted EBITDA
and Return on Assets:
|
Three months
ended June 30, |
Six months
ended June 30, |
($ millions, except as noted) |
2023 |
2022 |
Change% |
2023 |
2022 |
Change% |
Profit(1) |
4.6 |
4.0 |
15% |
9.0 |
8.0 |
13% |
Add: |
|
|
|
|
|
|
Depreciation and amortization(1) |
10.6 |
8.8 |
20% |
20.4 |
17.4 |
17% |
Finance costs(1) |
3.7 |
1.7 |
118% |
6.6 |
3.2 |
106% |
Share-based compensation(1) |
1.3 |
1.1 |
18% |
3.5 |
2.3 |
52% |
Non-controlling interests(1) |
0.3 |
0.5 |
(40)% |
0.6 |
1.0 |
(40)% |
Current income taxes(1) |
0.1 |
0.4 |
(75)% |
0.1 |
0.4 |
(75)% |
Deferred income taxes(1) |
1.9 |
1.7 |
12% |
3.7 |
3.8 |
(3)% |
Adjusted EBITDA(1) |
22.5 |
18.2 |
24% |
43.9 |
36.1 |
22% |
Less: |
|
|
|
|
|
|
Depreciation and amortization |
10.6 |
8.8 |
20% |
20.4 |
17.4 |
17% |
Adjusted EBIT |
11.9 |
9.4 |
27% |
23.5 |
18.7 |
26% |
|
|
|
|
|
|
|
Total
revenue |
91.1 |
69.4 |
31% |
172.6 |
139.6 |
26% |
Adjusted EBITDA as a % of Revenue |
24.7% |
26.2% |
(150) bps |
25.4% |
25.9% |
(50) bps |
|
|
|
|
|
|
|
Annualized multiplier |
4 |
4 |
|
2 |
2 |
|
Annualized adjusted
EBITDA |
90.0 |
72.8 |
24% |
87.8 |
72.2 |
22% |
Average
net book value of property and equipment |
534.3 |
425.2 |
26% |
529.5 |
424.6 |
25% |
Return
on Assets |
16.9% |
17.1% |
(20) bps |
16.6% |
17.0% |
(40) bps |
(1) Sourced from the Company's unaudited interim condensed
consolidated financial statements for the three and six months
ended June 30, 2023 and 2022. |
Net Debt to TTM
Adjusted Leverage EBITDA is a non-GAAP financial ratio
which is calculated as Net Debt divided by trailing twelve months
Adjusted EBITDA. Net Debt, a non-GAAP financial
measure, is calculated as long-term debt minus cash and cash
equivalents. A reconciliation to long-term debt, the most
comparable GAAP measure, is provided below. Net Debt and Net Debt
to TTM Adjusted Leverage EBITDA removes cash and cash equivalents
from the Company's debt balance. Black Diamond uses this ratio
primarily as a measure of operating performance. Management
believes this ratio is an important supplemental measure of the
Company's performance and believes this measure is frequently used
by securities analysts, investors and other interested parties in
the evaluation of companies in industries with similar capital
structures. In the June 30, 2022 Quarter, Net Debt to TTM Adjusted
EBITDA was renamed Net Debt to TTM Adjusted Leverage EBITDA, to
provide further clarity on the composition of the denominator to
include pre-acquisition estimates of EBITDA from business
combinations. Management believes including the additional
information in this calculation helps provide information of the
impact of trailing operations from business combinations on the
Company's leverage position.
Reconciliation of Consolidated Profit to
Adjusted EBITDA, Net Debt and Net Debt to TTM Adjusted Leverage
EBITDA:
($ millions, except as noted) |
2023 |
2023 |
2022 |
2022 |
2022 |
2022 |
2021 |
2021 |
Change |
|
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
|
Profit |
4.6 |
4.4 |
9.4 |
9.0 |
4.0 |
4.0 |
10.7 |
5.7 |
|
Add: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
10.6 |
9.8 |
8.6 |
9.2 |
8.8 |
8.6 |
8.9 |
9.4 |
|
Acquisition costs |
— |
— |
1.2 |
— |
— |
— |
— |
— |
|
Finance costs |
3.7 |
2.9 |
3.6 |
2.1 |
1.7 |
1.5 |
1.7 |
1.5 |
|
Share-based compensation |
1.3 |
2.2 |
1.3 |
1.3 |
1.1 |
1.2 |
1.0 |
1.0 |
|
Non-controlling interest |
0.3 |
0.3 |
0.4 |
0.5 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Current income taxes |
0.1 |
— |
0.1 |
— |
0.4 |
— |
0.1 |
— |
|
Gain on sale of real estate assets |
— |
— |
— |
— |
— |
— |
(0.7) |
— |
|
Deferred income taxes |
1.9 |
1.8 |
3.7 |
3.9 |
1.7 |
2.1 |
(4.6) |
1.7 |
|
Impairment reversal |
— |
— |
(6.3) |
— |
— |
— |
— |
— |
|
Adjusted EBITDA |
22.5 |
21.4 |
22.0 |
26.0 |
18.2 |
17.9 |
17.5 |
19.7 |
|
Acquisition pro-forma adjustments(1) |
— |
— |
0.5 |
2.3 |
2.2 |
1.5 |
— |
— |
|
Adjusted Leverage EBITDA |
22.5 |
21.4 |
22.5 |
28.3 |
20.4 |
19.4 |
17.5 |
19.7 |
|
|
|
|
|
|
|
|
|
|
|
TTM Adjusted Leverage
EBITDA |
94.7 |
|
|
|
77.0 |
|
|
|
23% |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
219.2 |
|
|
|
163.9 |
|
|
|
34% |
Cash and cash equivalents |
15.4 |
|
|
|
6.4 |
|
|
|
141% |
Current
portion of long term debt(2) |
0.3 |
|
|
|
— |
|
|
|
100% |
Net
Debt |
204.1 |
|
|
|
157.5 |
|
|
|
30% |
Net
Debt to TTM Adjusted Leverage EBITDA |
2.2 |
|
|
|
2.1 |
|
|
|
5% |
(1) Includes
pro-forma pre-acquisition EBITDA estimates as if the acquisition
occurred on January 1, 2022. |
(2) Current
portion of long-term debt relating to the payments due within one
year on the bank term loans assumed as part of the acquisition in
the fourth quarter of 2022. |
Funds from Operations is calculated as the cash
flow from operating activities, the most comparable GAAP measure,
excluding the changes in non-cash working capital. Management
believes that Funds from Operations is a useful measure as it
provides an indication of the funds generated by the operations
before working capital adjustments. Changes in long-term accounts
receivables and non-cash working capital items have been excluded
as such changes are financed using the operating line of Black
Diamond's credit facilities. A reconciliation to cash flow from
operating activities, the most comparable GAAP measure, is provided
below.
Free Cashflow is calculated as
Funds from Operations minus maintenance capital, net interest paid
(including lease interest), payment of lease liabilities, net
current income tax expense (recovery), distributions declared to
non-controlling interest, dividends paid on common shares and
dividends paid on preferred shares plus net current income taxes
received (paid). Management believes that Free Cashflow is a useful
measure as it provides an indication of the funds generated by the
operations before working capital adjustments and other items noted
above. Management believes this metric is frequently used by
securities analysts, investors and other interested parties in the
evaluation of companies in industries with similar capital
structures. A reconciliation to cash flow from operating
activities, the most comparable GAAP measure, is provided
below.
Reconciliation of Cash Flow From
Operating Activities to Funds from Operations and Free
Cashflow:
|
Three months ended June 30, |
Six months ended June 30, |
($ millions, except as noted) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
|
|
|
|
|
|
|
Cash Flow from Operating
Activities(1) |
32.7 |
24.0 |
36% |
64.4 |
37.0 |
74% |
Add/(Deduct): |
|
|
|
|
|
|
Change in other long term
assets(1) |
(0.2) |
0.5 |
(140)% |
(0.4) |
1.8 |
(122)% |
Changes
in non-cash operating working capital(1) |
(6.5) |
(4.5) |
(44)% |
(16.6) |
0.4 |
(4,250)% |
Funds
from Operations |
26.0 |
20.0 |
30% |
47.4 |
39.2 |
21% |
Add/(deduct): |
|
|
|
|
|
|
Maintenance capital |
(2.0) |
(1.5) |
(33)% |
(4.3) |
(3.1) |
(39)% |
Payment for lease liabilities |
(1.9) |
(1.6) |
(19)% |
(3.7) |
(3.2) |
(16)% |
Interest paid (including lease interest) |
(3.6) |
(1.6) |
(125)% |
(6.4) |
(3.0) |
(113)% |
Net current income tax expense |
— |
0.4 |
(100)% |
0.1 |
0.4 |
(75)% |
Dividends paid on common shares |
(1.2) |
(0.9) |
(33)% |
(2.4) |
(1.6) |
(50)% |
Distributions paid to non-controlling interest |
(0.3) |
(0.2) |
(50)% |
(0.6) |
(0.4) |
(50)% |
Dividends paid on Preferred Shares |
— |
(0.1) |
100% |
— |
(0.3) |
100% |
Free
Cashflow |
17.0 |
14.5 |
17% |
30.1 |
28.0 |
8% |
(1) Sourced from the Company's unaudited interim condensed
consolidated financial statements for the three and six months
ended June 30, 2023 and 2022. |
Gross Bookings, a non-GAAP
measure, is total revenue billed to the customer which includes all
fees and charges. Net revenue, a GAAP measure, is Gross Bookings
less costs paid to suppliers. Revenue from bookings at third party
lodges and hotels through LodgeLink are recognized on a net revenue
basis. LodgeLink is an agent in the transaction as it is not
responsible for providing the service to the customer and does not
control the service provided by a supplier. Management believes
this ratio is an important supplemental measure of LodgeLink's
performance and cash generation and believes this ratio is
frequently used by interested parties in the evaluation of
companies in industries with similar forms of revenue
generation.
Net Revenue Margin is
calculated by dividing net revenue by Gross Bookings for the
period. Management believes this ratio is an important supplemental
measure of LodgeLink's performance and profitability and believes
this ratio is frequently used by interested parties in the
evaluation of companies in industries with similar forms revenue
generation where companies act as agents in transactions.
Reconciliation of Net Revenue to Gross Bookings and Net
Revenue Margin:
|
Three months ended June 30, |
Six months ended June 30, |
($ millions, except as noted) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
Net revenue(1) |
2.3 |
1.2 |
92% |
4.5 |
2.5 |
80% |
Costs
paid to suppliers(1) |
17.2 |
10.0 |
72% |
33.5 |
20.3 |
65% |
Gross
Bookings(1) |
19.5 |
11.2 |
74% |
38.0 |
22.8 |
67% |
Net
Revenue Margin |
11.8% |
10.7% |
110 bps |
11.8% |
11.0% |
80 bps |
(1) Includes
intercompany transactions. |
Readers are cautioned that the non-GAAP measures
are not alternatives to measures under IFRS and should not, on
their own, be construed as an indicator of Black Diamond's
performance or cash flows, a measure of liquidity or as a measure
of actual return on the shares of Black Diamond. These non-GAAP
measures should only be used in conjunction with the consolidated
financial statements of Black Diamond.
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