Calian® Group Ltd. (TSX:CGY), a diverse products and services
company providing innovative healthcare, communications, learning
and cybersecurity solutions, today released its results for the
second quarter ended March 31, 2024.
Q2-24 Highlights:
- Revenue up 19% to $201 million
- Gross margin at 34.8%, up from 30.9% last year
- Adjusted EBITDA1 up over 50% to $25.7 million
- Operating free cash flow1 of $17.8 million
- Net liquidity of $157 million
- Appointed President, Advanced Technologies
- Completed the acquisition of the nuclear assets of MDA Ltd. on
March 5, 2024
- Completed the acquisition of Mabway on May 9, 2024
- FY24 guidance increased
|
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|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights |
Three months ended |
|
Six months ended |
|
(i(in millions of $, except
per share & margins) |
March 31, |
|
March 31, |
|
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
% |
|
Revenue |
201.3 |
|
168.5 |
|
19 |
% |
380.4 |
|
316.1 |
|
20 |
% |
Adjusted EBITDA1 |
25.7 |
|
16.8 |
|
53 |
% |
45.2 |
|
31.1 |
|
45 |
% |
Adjusted EBITDA %1 |
12.8 |
% |
10.0 |
% |
277bps |
11.9 |
% |
9.8 |
% |
204bps |
Net Profit |
4.9 |
|
4.5 |
|
9 |
% |
10.5 |
|
9.1 |
|
15 |
% |
EPS Diluted |
0.41 |
|
0.38 |
|
8 |
% |
0.87 |
|
0.78 |
|
12 |
% |
Operating Free Cash Flow1 |
17.8 |
|
10.7 |
|
67 |
% |
32.0 |
|
22.8 |
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 This is a non-GAAP measure. Please refer to
the section “Reconciliation of non-GAAP measures to most comparable
IFRS measures” at the end of this press release.
Access the full report on the Calian Financials
web page. Register for the conference call on Wednesday, May 15,
2024, 8:30 a.m. Eastern Time.
We sealed the first half of the year with a
record quarter,” said Kevin Ford, Calian Chief Executive Officer.
“Revenues, gross margin and adjusted EBITDA all hit historical
highs demonstrating the strength of our business model and the
successful execution of our three-year strategic plan. Since the
start of FY24, revenues are up 20%, profitability and margins have
increased significantly and over one third of our 3-year M&A
target agenda has been completed with three acquisitions. Given our
solid results in the first half, our confidence for the balance of
the year and the contribution from recent acquisitions, we
increased our FY24 guidance. We are on track to deliver another
record year and one step closer to our objective of reaching one
billion dollars by the end of FY26,” stated Mr. Ford.
Second Quarter Results
Revenues increased 19%, from $169 million to
$201 million. This represents the highest quarterly revenue in the
Company’s history and the first time surpassing the $200 million
mark in a single quarter. Acquisitive growth was 16% and was
generated by the acquisitions of Hawaii Pacific Teleport (“HPT”),
Decisive and to a lesser extent the nuclear assets from MDA Ltd.
Organic growth was 3% and was driven by double digit growth in
Health.
Gross margin reached a record 34.8%,
representing its 8th consecutive quarter above 30%. Adjusted
EBITDA1 reached a record $25.7 million, up over 50% from the same
period last year, driven by revenue growth and margin expansion as
well as the benefits generated from the restructuring plan
implemented midway through the fourth quarter. Adjusted EBITDA1
margin reached a record 12.8%, up from 10.0% in the same period
last year, as a result of a favorable revenue mix and increased
volume.
Net profit reached $4.9 million, or $0.41 per
diluted share, up from $4.5 million, or $0.38 per diluted share for
the same period last year.
Liquidity and Capital
Resources
“In the second quarter we generated $17.8
million in operating free cash flow1, representing a 69% conversion
rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We
used our cash to repay $25 million of our credit facility and to
invest in our business with the acquisition of the nuclear assets
of MDA and earnout payments on past acquisitions for a total of $11
million and capital expenditures of $3 million. We also provided a
return to shareholders in the form of dividends of $3 million.
Given the current level of our share price, we will resume our
share buyback program after a temporary pause. We ended the quarter
with $157 million in net liquidity, well-positioned to pursue our
growth objectives,” concluded Mr. Houston.
Mabway Acquisition
On May 9, 2024 Calian agreed to acquire
U.K.-based Mabway for up to $46.4 million, including $37.8 million
of cash upfront on closing and $8.6 million of earnouts. Mabway is
a leader in the management of large-scale defence role-playing
environments that simulate real-world operational environments and
provides technical engineering education for naval and maritime
communities. The company has been a prime supplier to the British
Army since 2012. Mabway has several offices across the U.K., a
workforce of more than 1,000 ex-military and civilian permanent
staff and contractors, and services reaching into Europe and the
Middle East. Mabway will be integrated in Calian’s Learning
segment.
Appointed President, Advanced
Technologies
On March 27, 2024, Calian appointed Valerie
Travain-Milone as President, Advanced Technologies. Travain-Milone
brings extensive leadership experience across GNSS, telecom, space,
cybersecurity and digital services. Known for her purpose-driven
approach and passion for technology, she has consistently nurtured
teams towards success and growth. Holding an MBA in aerospace and
with global experience in the Pacific, Europe and North America,
her visionary leadership in her past role as CEO of Atos Canada
fuelled the company’s expansion and accelerated revenue growth.
Acquired MDA Ltd. Nuclear
Assets
On March 5, 2024, Calian and MDA Ltd. (MDA), a
trusted global mission partner, have completed a transaction in
which Calian has purchased assets associated with MDA’s nuclear
services. MDA has provided professional services to the Canadian
nuclear industry for more than 30 years, supported by a highly
specialized team of engineers delivering complex project planning
and management for large nuclear outages and refurbishment
projects, including experience in nuclear outage tooling. MDA’s
nuclear team will be integrated into Calian’s existing Nuclear
business within its Advanced Technologies segment.
Normal Course Issuer Bid
In the three-month period ended March 31, 2024,
as part of its Normal Course Issuer Bid, the Company did not
repurchase shares for cancellation. Since the launch of the Normal
Course Issuer Bid on September 1, 2023, the Company repurchased
59,320 common shares for cancellation in consideration of $3.0
million.
Quarterly Dividend
Today, Calian declared a quarterly dividend of
$0.28 per share. The dividend is payable June 11, 2024, to
shareholders of record as of May 28, 2024. Dividends paid by the
Company are considered “eligible dividend” for tax purposes.
Guidance Increased
(in thousands of $) |
Guidance for the year ended September 30,
2024 |
FY23 Results |
Growth Midpoint vs FY23 |
Low |
Midpoint |
High |
Revenue |
750,000 |
780,000 |
810,000 |
658,584 |
18 |
% |
Adj. EBITDA1 |
86,000 |
89,000 |
92,000 |
65,987 |
35 |
% |
|
|
|
|
|
|
1) |
This is a non-GAAP measure. Please refer to the section
“Reconciliation of non-GAAP measures to most comparable IFRS
measures” at the end of the press release. |
This guidance includes the full-year
contribution from the Hawaii Pacific Teleport acquisition, the
Decisive Group acquisition, closed on December 1, 2023, the nuclear
asset acquisition from MDA Ltd., closed on March 5, 2024 and the
Mabway acquisition, closed on May 9, 2024. It does not include any
other further acquisitions that may close within the fiscal year.
The guidance reflects another record year for the Company and
positions it well to achieve its long-term growth targets.
At the midpoint of the range, this guidance
reflects revenue and adjusted EBITDA1 growth of 18% and 35%,
respectively, and an adjusted EBITDA1 margin of 11.4%. It would
represent the 7th consecutive year of double-digit growth and
record levels.
About Calian
www.calian.com
We keep the world moving forward. Calian® helps
people communicate, innovate, learn and lead safe and healthy
lives. Every day, our employees live our values of customer
commitment, integrity, innovation, respect and teamwork to engineer
reliable solutions that solve complex challenges. That’s
Confidence. Engineered. A stable and growing 40-year company, we
are headquartered in Ottawa with offices and projects spanning
North American, European and international markets. Visit
calian.com to learn about innovative healthcare, communications,
learning and cybersecurity solutions.
Product or service names mentioned herein may be
the trademarks of their respective owners.
Media inquiries:pr@calian.com 613-599-8600 x 2298
Investor Relations inquiries:ir@calian.com
-----------------------------------------------------------------------------
DISCLAIMER
Certain information included in this press
release is forward-looking and is subject to important risks and
uncertainties. The results or events predicted in these statements
may differ materially from actual results or events. Such
statements are generally accompanied by words such as “intend”,
“anticipate”, “believe”, “estimate”, “expect” or similar
statements. Factors which could cause results or events to differ
from current expectations include, among other things: the impact
of price competition; scarce number of qualified professionals; the
impact of rapid technological and market change; loss of business
or credit risk with major customers; technical risks on fixed price
projects; general industry and market conditions and growth rates;
international growth and global economic conditions, and including
currency exchange rate fluctuations; and the impact of
consolidations in the business services industry. For additional
information with respect to certain of these and other factors,
please see the Company’s most recent annual report and other
reports filed by Calian with the Ontario Securities Commission.
Calian disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. No assurance can be given
that actual results, performance or achievement expressed in, or
implied by, forward-looking statements within this disclosure will
occur, or if they do, that any benefits may be derived from
them.
Calian · Head Office · 770 Palladium Drive ·
Ottawa · Ontario · Canada · K2V 1C8 Tel: 613.599.8600 · Fax:
613-592-3664 · General info email: info@calian.com
CALIAN GROUP LTD.UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITIONAs at March 31, 2024 and September 30,
2023(Canadian dollars in thousands, except per
share data) |
|
|
|
|
|
|
|
March 31, |
|
September 30, |
|
2024 |
|
2023 |
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
45,866 |
|
$ |
33,734 |
Accounts receivable |
|
231,379 |
|
|
173,052 |
Work in process |
|
16,137 |
|
|
16,580 |
Inventory |
|
25,015 |
|
|
21,983 |
Prepaid expenses |
|
24,727 |
|
|
19,040 |
Derivative assets |
|
41 |
|
|
155 |
Total current assets |
|
343,165 |
|
|
264,544 |
NON-CURRENT ASSETS |
|
|
|
|
|
Property, plant and equipment |
|
38,420 |
|
|
37,223 |
Right of use assets |
|
35,239 |
|
|
34,637 |
Prepaid expenses |
|
9,997 |
|
|
10,386 |
Deferred tax asset |
|
1,551 |
|
|
967 |
Investments |
|
3,673 |
|
|
3,673 |
Acquired intangible assets |
|
119,804 |
|
|
75,160 |
Goodwill |
|
193,333 |
|
|
159,133 |
Total non-current assets |
|
402,017 |
|
|
321,179 |
TOTAL ASSETS |
$ |
745,182 |
|
$ |
585,723 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Debt facility |
$ |
— |
|
$ |
37,750 |
Accounts payable and accrued liabilities |
|
188,680 |
|
|
105,550 |
Provisions |
|
2,148 |
|
|
2,848 |
Unearned contract revenue |
|
39,410 |
|
|
32,423 |
Lease obligations |
|
5,106 |
|
|
4,949 |
Contingent earn-out |
|
27,948 |
|
|
11,263 |
Derivative liabilities |
|
108 |
|
|
353 |
Total current liabilities |
|
263,400 |
|
|
195,136 |
NON-CURRENT LIABILITIES |
|
|
|
|
|
Debt facility |
|
69,000 |
|
|
— |
Lease obligations |
|
32,942 |
|
|
32,057 |
Unearned contract revenue |
|
21,561 |
|
|
15,592 |
Contingent earn-out |
|
2,806 |
|
|
2,535 |
Deferred tax liabilities |
|
20,106 |
|
|
12,031 |
Total non-current liabilities |
|
146,415 |
|
|
62,215 |
TOTAL LIABILITIES |
|
409,815 |
|
|
257,351 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Issued capital |
|
228,617 |
|
|
225,540 |
Contributed surplus |
|
5,631 |
|
|
4,856 |
Retained earnings |
|
99,840 |
|
|
96,859 |
Accumulated other comprehensive income (loss) |
|
1,279 |
|
|
1,117 |
TOTAL SHAREHOLDERS’ EQUITY |
|
335,367 |
|
|
328,372 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
745,182 |
|
$ |
585,723 |
Number of common shares issued and outstanding |
|
11,854,851 |
|
|
11,812,650 |
The accompanying notes are an integral part of the unaudited
interim condensed consolidated financial statements. |
CALIAN GROUP LTD. UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF NET PROFITFor
the three and six months ended March 31, 2024 and
2023(Canadian dollars in thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
$ |
201,268 |
|
$ |
168,543 |
|
$ |
380,447 |
|
$ |
316,086 |
|
Cost of
revenues |
|
131,231 |
|
|
116,452 |
|
|
252,192 |
|
|
218,776 |
|
Gross profit |
|
70,037 |
|
|
52,091 |
|
|
128,255 |
|
|
97,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
15,014 |
|
|
11,831 |
|
|
27,365 |
|
|
22,974 |
|
General and
administration |
|
26,636 |
|
|
20,493 |
|
|
50,270 |
|
|
37,893 |
|
Research and development |
|
2,695 |
|
|
2,922 |
|
|
5,414 |
|
|
5,343 |
|
Profit before under noted items |
|
25,692 |
|
|
16,845 |
|
|
45,206 |
|
|
31,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property,
plant and equipment |
|
2,496 |
|
|
2,252 |
|
|
4,804 |
|
|
4,549 |
|
Depreciation of right of use
assets |
|
1,468 |
|
|
1,015 |
|
|
2,931 |
|
|
2,022 |
|
Amortization of acquired
intangible assets |
|
6,149 |
|
|
3,450 |
|
|
11,384 |
|
|
6,811 |
|
Restructuring expense |
|
1,495 |
|
|
— |
|
|
1,495 |
|
|
— |
|
Deemed compensation |
|
911 |
|
|
50 |
|
|
1,515 |
|
|
147 |
|
Changes
in fair value related to contingent earn-out |
|
4,088 |
|
|
2,562 |
|
|
4,814 |
|
|
3,304 |
|
Profit before interest income and income tax
expense |
|
9,085 |
|
|
7,516 |
|
|
18,263 |
|
|
14,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
1,734 |
|
|
95 |
|
|
3,281 |
|
|
218 |
|
Income
tax expense |
|
2,426 |
|
|
2,904 |
|
|
4,532 |
|
|
4,956 |
|
NET PROFIT |
$ |
4,925 |
|
$ |
4,517 |
|
$ |
10,450 |
|
$ |
9,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.42 |
|
$ |
0.39 |
|
$ |
0.88 |
|
$ |
0.78 |
|
Diluted |
$ |
0.41 |
|
$ |
0.38 |
|
$ |
0.87 |
|
$ |
0.78 |
|
The accompanying notes are an integral part of
the unaudited interim condensed consolidated financial
statements.
CALIAN GROUP LTD. UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFor
the three and six months ended March 31, 2024 and 2023
(Canadian dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
March 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net profit |
$ |
4,925 |
|
|
$ |
4,517 |
|
|
$ |
10,450 |
|
|
$ |
9,093 |
|
Items not affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
1,426 |
|
|
|
(27 |
) |
|
|
2,524 |
|
|
|
(15 |
) |
Changes in fair value related to contingent earn-out |
|
4,088 |
|
|
|
2,562 |
|
|
|
4,814 |
|
|
|
3,304 |
|
Lease obligations interest expense |
|
308 |
|
|
|
122 |
|
|
|
757 |
|
|
|
233 |
|
Income tax expense |
|
2,426 |
|
|
|
2,904 |
|
|
|
4,532 |
|
|
|
4,956 |
|
Employee share purchase plan expense |
|
134 |
|
|
|
138 |
|
|
|
296 |
|
|
|
301 |
|
Share based compensation expense |
|
1,010 |
|
|
|
575 |
|
|
|
2,023 |
|
|
|
982 |
|
Depreciation and amortization |
|
10,113 |
|
|
|
6,717 |
|
|
|
19,119 |
|
|
|
13,382 |
|
Deemed compensation |
|
911 |
|
|
|
50 |
|
|
|
1,515 |
|
|
|
147 |
|
|
|
25,341 |
|
|
|
17,558 |
|
|
|
46,030 |
|
|
|
32,383 |
|
Change in non-cash working
capital |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(49,996 |
|
|
|
(27,455 |
) |
|
|
(61,185 |
) |
|
|
7,259 |
|
Work in process |
|
1,341 |
|
|
|
758 |
|
|
|
443 |
|
|
|
7,583 |
|
Prepaid expenses and other |
|
(3,483 |
) |
|
|
(2,879 |
) |
|
|
(3,557 |
) |
|
|
785 |
|
Inventory |
|
3,570 |
|
|
|
2,942 |
|
|
|
980 |
|
|
|
(5,023 |
) |
Accounts payable and accrued liabilities |
|
59,181 |
|
|
|
19,729 |
|
|
|
74,697 |
|
|
|
(7,539 |
) |
Unearned contract revenue |
|
4,534 |
|
|
|
472 |
|
|
|
4,740 |
|
|
|
2,901 |
|
|
|
40,488 |
|
|
|
11,125 |
|
|
|
62,148 |
|
|
|
38,349 |
|
Interest paid |
|
(1,734 |
) |
|
|
(95 |
) |
|
|
(3,281 |
) |
|
|
(218 |
) |
Income tax paid |
|
(2,966 |
) |
|
|
(4,827 |
) |
|
|
(5,541 |
) |
|
|
(6,605 |
) |
|
|
35,788 |
|
|
|
6,203 |
|
|
|
53,326 |
|
|
|
31,526 |
|
CASH FLOWS GENERATED FROM
(USED IN) FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Issuance of common shares net of costs |
|
945 |
|
|
|
865 |
|
|
|
1,639 |
|
|
|
1,775 |
|
Dividends |
|
(3,319 |
) |
|
|
(3,280 |
) |
|
|
(6,633 |
) |
|
|
(6,542 |
) |
Draw on debt facility |
|
(24,750 |
|
|
|
(7,500 |
) |
|
|
31,250 |
|
|
|
(7,500 |
) |
Payment of lease obligations |
|
(1,429 |
) |
|
|
(913 |
) |
|
|
(2,600 |
) |
|
|
(1,922 |
) |
Repurchase of common shares |
|
— |
|
|
|
— |
|
|
|
(1,357 |
) |
|
|
— |
|
|
|
(28,553 |
) |
|
|
(10,828 |
) |
|
|
22,299 |
|
|
|
(14,189 |
) |
CASH FLOWS USED IN INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,689 |
) |
Business acquisitions |
|
(10,840 |
) |
|
|
(5,735 |
) |
|
|
(58,297 |
) |
|
|
(8,660 |
) |
Property, plant and equipment |
|
(2,796 |
) |
|
|
(1,931 |
) |
|
|
(5,196 |
) |
|
|
(2,731 |
) |
|
|
(13,636 |
) |
|
|
(7,666 |
) |
|
|
(63,493 |
) |
|
|
(14,080 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH INFLOW (OUTFLOW) |
$ |
(6,401 |
) |
|
$ |
(12,291 |
) |
|
$ |
12,132 |
|
|
$ |
3,257 |
|
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
52,267 |
|
|
|
58,194 |
|
|
|
33,734 |
|
|
|
42,646 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ |
45,866 |
|
|
$ |
45,903 |
|
|
$ |
45,866 |
|
|
$ |
45,903 |
|
The accompanying notes are an integral part of
the unaudited interim condensed consolidated financial
statements.
Reconciliation of Non-GAAP Measures to Most Comparable
IFRS Measures
These non-GAAP measures are mainly derived from
the consolidated financial statements, but do not have a
standardized meaning prescribed by IFRS; therefore, others using
these terms may calculate them differently. The exclusion of
certain items from non-GAAP performance measures does not imply
that these are necessarily nonrecurring. From time to time, we may
exclude additional items if we believe doing so would result in a
more transparent and comparable disclosure. Other entities may
define the above measures differently than we do. In those cases,
it may be difficult to use similarly named non-GAAP measures of
other entities to compare performance of those entities to the
Company’s performance.
Management believes that providing certain
non-GAAP performance measures, in addition to IFRS measures,
provides users of the Company’s financial reports with enhanced
understanding of the Company’s results and related trends and
increases transparency and clarity into the core results of the
business. Adjusted EBITDA excludes items that do not reflect, in
our opinion, the Company’s core performance and helps users of our
MD&A to better analyze our results, enabling comparability of
our results from one period to another.
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net profit |
$ |
4,925 |
|
$ |
4,517 |
|
$ |
10,450 |
|
$ |
9,093 |
|
Depreciation of equipment and
application software |
|
2,496 |
|
|
2,252 |
|
|
4,804 |
|
|
4,549 |
|
Depreciation of right of use
asset |
|
1,468 |
|
|
1,015 |
|
|
2,931 |
|
|
2,022 |
|
Amortization of acquired
intangible assets |
|
6,149 |
|
|
3,450 |
|
|
11,384 |
|
|
6,811 |
|
Restructuring expense |
|
1,495 |
|
|
— |
|
|
1,495 |
|
|
— |
|
Interest expense |
|
1,734 |
|
|
95 |
|
|
3,281 |
|
|
218 |
|
Changes in fair value related
to contingent earn-out |
|
4,088 |
|
|
2,562 |
|
|
4,814 |
|
|
3,304 |
|
Deemed Compensation |
|
911 |
|
|
50 |
|
|
1,515 |
|
|
147 |
|
Income
tax |
|
2,426 |
|
|
2,904 |
|
|
4,532 |
|
|
4,956 |
|
Adjusted EBITDA |
$ |
25,692 |
|
$ |
16,845 |
|
$ |
45,206 |
|
$ |
31,100 |
|
Operating Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows generated from
operating activities |
$ |
35,788 |
|
|
$ |
6,203 |
|
|
$ |
53,326 |
|
|
$ |
31,526 |
|
Property, plant and equipment |
|
(2,796 |
) |
|
|
(1,931 |
) |
|
|
(5,196 |
) |
|
|
(2,731 |
) |
Free cash flow |
$ |
32,992 |
|
|
$ |
4,272 |
|
|
$ |
48,130 |
|
|
$ |
28,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow |
$ |
32,992 |
|
|
$ |
4,272 |
|
|
$ |
48,130 |
|
|
$ |
28,795 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Change in non-cash working capital |
|
(15,147 |
) |
|
|
6,433 |
|
|
|
(16,118 |
) |
|
|
(5,966 |
) |
Operating free cash flow |
$ |
17,845 |
|
|
$ |
10,705 |
|
|
$ |
32,012 |
|
|
$ |
22,829 |
|
Operating free cash flow per
share |
|
1.51 |
|
|
|
0.91 |
|
|
|
2.71 |
|
|
|
1.96 |
|
Operating free cash flow conversion |
|
69 |
% |
|
|
64 |
% |
|
|
71 |
% |
|
|
73 |
% |
Net Debt to Adjusted EBITDA
|
|
|
|
|
|
|
|
March 31, |
|
September 30, |
|
|
2024 |
|
|
2023 |
|
Cash |
$ |
45,866 |
|
$ |
33,734 |
|
Debt
facility |
|
69,000 |
|
|
37,750 |
|
Net debt (net cash) |
|
23,134 |
|
|
4,016 |
|
Trailing twelve month adjusted EBITDA |
|
80,093 |
|
|
65,987 |
|
Net debt to adjusted EBITDA |
|
0.3 |
|
|
0.1 |
|
Operating free cash flow measures the company’s
cash profitability after required capital spending when excluding
working capital changes. The Company’s ability to convert adjusted
EBITDA to operating free cash flow is critical for the long term
success of its strategic growth. These measurements better align
the reporting of our results and improve comparability against our
peers. We believe that securities analysts, investors and other
interested parties frequently use non-GAAP measures in the
evaluation of issuers. Management also uses non-GAAP measures in
order to facilitate operating performance comparisons from period
to period, prepare annual operating budgets and assess our ability
to meet our capital expenditure and working capital requirements.
Non-GAAP measures should not be considered a substitute for or be
considered in isolation from measures prepared in accordance with
IFRS. Investors are encouraged to review our financial statements
and disclosures in their entirety and are cautioned not to put
undue reliance on non-GAAP measures and view them in conjunction
with the most comparable IFRS financial measures. The Company has
reconciled adjusted profit to the most comparable IFRS financial
measure as shown above.
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