MDA SPACE REPORTS SECOND QUARTER 2024 RESULTS
-
Q2 2024 Highlights
-
Record backlog of
$4.6 billion at quarter-end, up 318% YoY -
Strong top line growth with revenues of
$242.0 million , up 23% YoY -
Solid profitability with adjusted EBITDA1 of
$48.7 million , up 21% YoY, and adjusted EBITDA margin1 of 20.1% -
Strong operating cash flow of
$149.0 million and healthy balance sheet with net debt to adjusted EBITDA1 ratio of 2.0x -
Solid adjusted net income1 of
$23.4 million , up 7% YoY, and adjusted diluted earnings per share1 of$0.19 , up 6% YoY
-
Record backlog of
-
Updated 2024 full-year financial outlook
- Raised revenue guidance, narrowed guidance for adjusted EBITDA and capex
- Positive free cash flow1 expected in 2024, one year ahead of plan
"The
"During the quarter we also continued to advance the manufacturing of MDA CHORUS™, our next generation Earth Observation constellation. We unveiled additional features including a new vessel detection onboard processing demonstration capability to enable future rapid delivery of data and actionable insights for maritime customers," continued
"Our teams were also busy advancing a number of programs including Telesat Lightspeed where
"Given strong operational performance year-to-date, we are updating our 2024 financial guidance and expect to be free cash flow positive in 2024 as we look to deliver another successful year."
__________________________________ |
Q2 2024 HIGHLIGHTS
- Backlog of
$4.6 billion at quarter-end continued to build and was up 318% compared to Q2 2023. The increase in backlog is driven by new order bookings including the$1 billion award for Phases C/D of the Canadarm3 program announced in Q2 2024 and$2.4 billion Telesat Lightspeed LEO constellation award announced in Q3 2023. - Revenues of
$242.0 million in Q2 2024 were up 23% YoY driven by higher work volumes across our three business areas, with strong contributions from the Robotics & Space Operations and Satellite Systems businesses. - Adjusted EBITDA of
$48.7 million in Q2 2024 compared to$40.4 million in Q2 2023, representing an increase of$8.3 million (or 21%) YoY. Adjusted EBITDA margin of 20.1% in Q2 2024 is consistent with the Company's full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.6% reported in the second quarter of 2023. - Adjusted net income for Q2 2024 was
$23.4 million compared to$21.9 million in Q2 2023, representing an increase of$1.5 million (or 7%) YoY driven by higher operating income. Adjusted diluted earnings per share of$0.19 in Q2 2024 compared to$0.18 in Q2 2023. - Operating cash flow was
$149.0 million in Q2 2024 compared to$38.9 million in Q2 2023. The year-over-year increase in operating cash flow was driven by positive working capital contributions primarily related to the Telesat Lightspeed program. - At quarter-end, net debt to adjusted EBITDA ratio was 2.0x compared to 2.4x as of
December 2023 (2.6x as ofMarch 31, 2024 ) as the Company utilized its strong operating cash flow in Q2 2024 to make repayments to its revolving credit facility and deleverage the balance sheet while continuing to invest in its growth initiatives.
2024 FINANCIAL OUTLOOK
As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan.
For fiscal 2024, we are raising our full year revenue guidance to
For Q3 2024, we expect revenues to be
FINANCIAL OVERVIEW
KEY INDICATORS SUMMARY
|
Second Quarters Ended |
Six Months Ended |
||||||
(in millions of Canadian dollars, |
|
|
|
|
||||
Revenues |
$ |
242.0 |
$ |
196.0 |
$ |
451.1 |
$ |
397.9 |
Gross profit |
$ |
66.2 |
$ |
61.3 |
$ |
124.1 |
$ |
128.5 |
Gross margin |
27.4 % |
31.3 % |
27.5 % |
32.3 % |
||||
Adjusted EBITDA[2] |
$ |
48.7 |
$ |
40.4 |
$ |
90.7 |
$ |
89.3 |
Adjusted EBITDA margin2 |
20.1 % |
20.6 % |
20.1 % |
22.4 % |
||||
Adjusted Net Income2 |
$ |
23.4 |
$ |
21.9 |
$ |
41.9 |
$ |
48.3 |
Adjusted Diluted EPS2 |
$ |
0.19 |
$ |
0.18 |
$ |
0.34 |
$ |
0.40 |
|
As at |
|||
(in millions of Canadian dollars, except for ratios) |
|
December 31, 2023 |
||
Backlog |
$ |
4,596.0 |
$ |
3,097.0 |
Net debt2 to Adjusted TTM3 EBITDA ratio |
|
2.0x |
|
2.4x |
REVENUES BY BUSINESS AREA
|
Second Quarters Ended |
Six Months Ended |
||||||
(in millions of Canadian dollars) |
|
|
|
|
||||
Geointelligence |
$ |
54.9 |
$ |
47.9 |
$ |
106.4 |
$ |
99.2 |
Robotics & Space Operations |
|
78.3 |
|
58.7 |
|
148.6 |
|
121.6 |
Satellite Systems |
|
108.8 |
|
89.4 |
|
196.1 |
|
177.1 |
Consolidated revenues |
$ |
242.0 |
$ |
196.0 |
$ |
451.1 |
$ |
397.9 |
________________________________ |
Revenues
Consolidated revenues for the second quarter of 2024 were
By business area, revenues in Geointelligence for the second quarter of 2024 were
Consolidated revenues for the six months ended
By business area, revenues in Geointelligence for the first six months of 2024 were
Gross Profit and Gross Margin
Gross profit reflects our revenues less cost of revenues. Q2 2024 gross profit of
For the six months ended
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the second quarter of 2024 was
Adjusted EBITDA for the six months ended
Adjusted Net Income
Adjusted net income for the second quarter of 2024 was
Adjusted net income for the six months ended
Backlog
Backlog is comprised of our remaining performance obligations which represent the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at
|
Second Quarters Ended |
Six Months Ended |
||||||
(in millions of Canadian dollars) |
|
|
|
|
||||
Opening Backlog |
$ |
3,312.2 |
$ |
1,232.4 |
$ |
3,097.0 |
$ |
1,378.2 |
Less: Revenue recognized |
|
(242.0) |
|
(196.0) |
|
(451.1) |
|
(397.9) |
Add: Order Bookings |
|
1,525.8 |
|
61.9 |
|
1,950.1 |
|
118.0 |
Ending Backlog |
$ |
4,596.0 |
$ |
1,098.3 |
$ |
4,596.0 |
$ |
1,098.3 |
CONFERENCE CALL AND WEBCAST
MDA will host a conference call and webcast to discuss these financial results on Thursday, August 8, 2024 at
A replay of the conference will be archived on the MDA website following the call. Parties may also access a recording of the call which will be available until
NON-IFRS FINANCIAL MEASURES
This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings, Net Debt and Free Cash Flow, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss ii) unrealized gain or loss on financial instruments and iii) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, and iv) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt is the total carrying amount of long-term debt including current portions, as presented in the Q2 2024 Financial Statements, less cash (or plus bank indebtedness) and excluding any lease liabilities. Net Debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately. Free Cash Flow is a supplemental measure used to monitor the availability of discretionary cash generated, and available to the Company to repay debt, make strategic investments, and meet other payment obligations. We define Free Cash Flow as operating cash flows less net capital expenditures.
FORWARD-LOOKING STATEMENTS
This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to the factors discussed under "Risk Factors" in the Company's Annual Information Form (AIF) dated
ABOUT
Building the space between proven and possible,
Unaudited Interim Condensed Statement of Comprehensive Income
For the three and six months ended
(In millions of Canadian dollars except per share figures)
|
|
Three months |
Three months |
Six months |
Six months |
|||||||
|
|
2024 |
2023 |
2024 |
2023 |
|||||||
|
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
$ |
242.0 |
$ |
196.0 |
$ |
451.1 |
$ |
397.9 |
|||
|
|
|
|
|
|
|
|
|
|
|||
Cost of revenue |
|
|
|
|
|
|
|
|
|
|||
Materials, labour and subcontractors |
|
|
(164.9) |
|
(127.7) |
|
(305.6) |
|
(255.8) |
|||
Depreciation and amortization of assets |
|
(10.9) |
|
(7.0) |
|
(21.4) |
|
(13.6) |
||||
Gross profit |
|
|
66.2 |
|
61.3 |
|
124.1 |
|
128.5 |
|||
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses |
|
|
|
|
|
|
|
|
|
|||
Selling, general and administration |
|
|
(20.6) |
|
(17.8) |
|
(39.5) |
|
(34.4) |
|||
Research and development, net |
|
|
(8.8) |
|
(10.3) |
|
(17.8) |
|
(20.4) |
|||
Amortization of intangible assets |
|
|
(11.6) |
|
(11.0) |
|
(23.9) |
|
(23.8) |
|||
Share-based compensation |
|
|
(3.1) |
|
(2.9) |
|
(5.6) |
|
(4.1) |
|||
Operating income |
|
|
22.1 |
|
19.3 |
|
37.3 |
|
45.8 |
|||
|
|
|
|
|
|
|
|
|
|
|||
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|||
Unrealized gain (loss) on financial |
|
|
0.3 |
|
(0.6) |
|
1.2 |
|
(1.1) |
|||
Foreign exchange gain (loss) |
|
|
(0.8) |
|
(1.8) |
|
1.5 |
|
(1.4) |
|||
Finance income |
|
|
0.7 |
|
0.3 |
|
1.4 |
|
0.3 |
|||
Finance costs |
|
|
(7.9) |
|
(2.4) |
|
(14.0) |
|
(4.6) |
|||
Other income |
|
|
0.1 |
|
— |
|
6.6 |
|
— |
|||
Income before income taxes |
|
14.5 |
|
14.8 |
|
34.0 |
|
39.0 |
||||
|
|
|
|
|
|
|
|
|
|
|||
Income tax expense |
|
|
(3.5) |
|
(4.9) |
|
(9.2) |
|
(13.0) |
|||
Net income |
|
|
11.0 |
|
9.9 |
|
24.8 |
|
26.0 |
|||
|
|
|
|
|
|
|
|
|
|
|||
Other comprehensive income |
|
|
|
|
|
|
|
|
||||
Gain (loss) on translation of foreign |
|
1.0 |
|
(0.1) |
|
(0.2) |
|
(0.3) |
||||
Gain (loss) on cash flow hedges |
|
|
(0.7) |
|
3.6 |
|
1.9 |
|
1.9 |
|||
Remeasurement gain (loss) on defined |
|
|
(8.9) |
|
— |
|
(0.6) |
|
1.7 |
|||
Total comprehensive income |
$ |
2.4 |
$ |
13.4 |
$ |
25.9 |
$ |
29.3 |
||||
|
|
|
|
|
|
|
|
|
|
|||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
0.09 |
$ |
0.08 |
$ |
0.21 |
$ |
0.22 |
|||
Diluted |
|
|
0.09 |
|
0.08 |
|
0.20 |
|
0.22 |
|||
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||
Basic |
|
120,058,063 |
119,168,507 |
119,756,782 |
119,121,502 |
|||||||
Diluted |
|
123,516,192 |
120,254,778 |
123,271,143 |
119,837,462 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Interim Condensed Statement of Financial Position
(In millions of Canadian dollars)
As at |
|
|
|
||||
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash |
|
|
$ |
46.4 |
|
$ |
22.5 |
Trade and other receivables |
|
|
|
119.4 |
|
|
169.5 |
Unbilled receivables |
|
|
|
297.1 |
|
|
183.1 |
Inventories |
|
|
|
10.2 |
|
|
9.9 |
Income taxes receivable |
|
|
|
57.4 |
|
|
47.3 |
Other current assets |
|
|
|
56.0 |
|
|
24.3 |
|
|
|
|
586.5 |
|
|
456.6 |
Non-current assets: |
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
|
412.9 |
|
|
369.1 |
Right-of-use assets |
|
|
|
87.4 |
|
|
71.8 |
Intangible assets |
|
|
|
577.7 |
|
|
582.5 |
|
|
|
|
440.3 |
|
|
439.8 |
Deferred income tax assets |
|
|
|
14.4 |
|
|
14.9 |
Other non-current assets |
|
|
|
260.2 |
|
|
227.0 |
Total assets |
|
|
$ |
2,379.4 |
|
$ |
2,161.7 |
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
215.6 |
|
$ |
219.1 |
Income taxes payable |
|
|
|
3.5 |
|
|
4.4 |
Contract liabilities |
|
|
|
300.4 |
|
|
76.9 |
Current portion of net employee benefit payable |
|
|
|
48.6 |
|
|
57.4 |
Current portion of lease liabilities |
|
|
|
12.9 |
|
|
10.9 |
Other current liabilities |
|
|
|
3.5 |
|
|
4.5 |
|
|
|
|
584.5 |
|
|
373.2 |
Non-current liabilities: |
|
|
|
|
|
|
|
Net employee defined benefit payable |
|
|
|
22.0 |
|
|
22.8 |
Lease liabilities |
|
|
|
91.0 |
|
|
75.2 |
Long-term debt |
|
|
|
398.7 |
|
|
438.9 |
Deferred income tax liabilities |
|
|
|
182.1 |
|
|
180.8 |
Other non-current liabilities |
|
|
|
3.6 |
|
|
6.1 |
Total liabilities |
|
|
|
1,281.9 |
|
|
1,097.0 |
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
Common shares |
|
|
|
960.5 |
|
|
956.1 |
Contributed surplus |
|
|
|
33.8 |
|
|
31.3 |
Accumulated other comprehensive income |
|
|
|
19.7 |
|
|
18.6 |
Retained earnings |
|
|
|
83.5 |
|
|
58.7 |
Total equity |
|
|
|
1,097.5 |
|
|
1,064.7 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
$ |
2,379.4 |
|
$ |
2,161.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MDA
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the three and six months ended
(In millions of Canadian dollars)
|
|
Three months |
Three months |
Six months |
Six months |
|||||||
|
|
2024 |
2023 |
2024 |
2023 |
|||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
||
Net income |
|
$ |
11.0 |
$ |
9.9 |
$ |
24.8 |
$ |
26.0 |
|
||
Items not affecting cash: |
|
|
|
|
|
|
|
|
|
|
||
Income tax expense |
|
|
3.5 |
|
4.9 |
|
9.2 |
|
13.0 |
|
||
Depreciation of property, plant and equipment |
|
|
5.9 |
|
3.1 |
|
10.1 |
|
5.9 |
|
||
Depreciation of right-of-use assets |
|
|
2.2 |
|
2.3 |
|
5.7 |
|
4.3 |
|
||
Amortization of intangible assets |
|
|
14.4 |
|
12.6 |
|
29.5 |
|
27.2 |
|
||
Gain on disposal of assets |
|
|
— |
|
— |
|
(5.8) |
|
— |
|
||
Share-based compensation expense |
|
|
3.0 |
|
2.9 |
|
5.5 |
|
4.1 |
|
||
Investment tax credits accrued |
|
|
(11.0) |
|
(5.6) |
|
(19.2) |
|
(12.7) |
|
||
Finance costs, net |
|
|
7.2 |
|
2.1 |
|
12.6 |
|
4.3 |
|
||
Unrealized (gain) loss on financial instruments |
|
(0.3) |
|
0.6 |
|
(1.2) |
|
1.1 |
|
|||
Changes in operating assets and liabilities |
|
|
117.6 |
|
12.0 |
|
114.7 |
|
21.1 |
|
||
|
|
|
153.5 |
|
44.8 |
|
185.9 |
|
94.3 |
|
||
Interest paid |
|
|
(4.4) |
|
(4.0) |
|
(12.5) |
|
(8.0) |
|
||
Income tax received (paid) |
|
|
(0.1) |
|
(1.9) |
|
0.3 |
|
(1.6) |
|
||
Net cash from operating activities |
|
|
149.0 |
|
38.9 |
|
173.7 |
|
84.7 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(22.6) |
|
(33.9) |
|
(49.6) |
|
(63.6) |
|
||
Purchase/development of intangible assets |
|
|
(16.3) |
|
(11.8) |
|
(29.5) |
|
(22.6) |
|
||
Proceeds from disposal of assets |
|
|
— |
|
— |
|
7.4 |
|
— |
|
||
Investment in equity securities |
|
|
(9.2) |
|
— |
|
(9.2) |
|
— |
|
||
Acquisition of subsidiary, net of cash |
|
|
(11.7) |
|
— |
|
(23.3) |
|
— |
|
||
Net cash used in investing activities |
|
|
(59.8) |
|
(45.7) |
|
(104.2) |
|
(86.2) |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
||
Borrowings from senior credit facility |
|
|
(70.0) |
|
(20.0) |
|
(40.0) |
|
5.0 |
|
||
Payment of lease liability (principal portion) |
|
|
(1.4) |
|
(2.0) |
|
(4.5) |
|
(3.9) |
|
||
Proceeds from stock options exercised |
|
|
— |
|
— |
|
0.8 |
|
0.4 |
|
||
Net cash provided by financing activities |
|
|
(71.4) |
|
(22.0) |
|
(43.7) |
|
1.5 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Net decrease in cash |
|
|
17.8 |
|
(28.8) |
|
25.8 |
|
— |
|
||
Net foreign exchange differences on cash |
|
|
(0.7) |
|
(0.1) |
|
(1.9) |
|
(0.3) |
|
||
Cash, beginning of period |
|
|
29.3 |
|
67.9 |
|
22.5 |
|
39.3 |
|
||
Cash, end of period |
|
$ |
46.4 |
$ |
39.0 |
$ |
46.4 |
$ |
39.0 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-IFRS MEASURES
The following tables provide a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income:
|
Second Quarters Ended |
Six Months Ended |
||||||||||||||||||||||||||
(in millions of Canadian dollars) |
|
|
|
|
||||||||||||||||||||||||
Net income |
$ |
11.0 |
$ |
9.9 |
$ |
24.8 |
$ |
26.0 |
||||||||||||||||||||
Depreciation and amortization of |
|
10.9 |
|
7.0 |
|
21.4 |
|
13.6 |
||||||||||||||||||||
Amortization of intangible assets |
|
11.6 |
|
11.0 |
|
23.9 |
|
23.8 |
||||||||||||||||||||
Income tax expense |
|
3.5 |
|
4.9 |
|
9.2 |
|
13.0 |
||||||||||||||||||||
Finance income |
|
(0.7) |
|
(0.3) |
|
(1.4) |
|
(0.3) |
||||||||||||||||||||
Finance costs |
|
7.9 |
|
2.4 |
|
14.0 |
|
4.6 |
||||||||||||||||||||
EBITDA |
$ |
44.2 |
$ |
34.9 |
$ |
91.9 |
$ |
80.7 |
||||||||||||||||||||
Unrealized foreign exchange loss (gain) |
|
1.8 |
|
2.0 |
|
0.3 |
|
3.4 |
||||||||||||||||||||
Unrealized (gain) loss on financial |
|
(0.3) |
|
0.6 |
|
(1.2) |
|
1.1 |
||||||||||||||||||||
Gain on disposal of assets |
|
— |
|
— |
|
(5.8) |
|
— |
||||||||||||||||||||
Share-based compensation |
|
3.0 |
|
2.9 |
|
5.5 |
|
4.1 |
||||||||||||||||||||
Adjusted EBITDA |
$ |
48.7 |
$ |
40.4 |
$ |
90.7 |
$ |
89.3 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Second Quarters Ended |
Six Months Ended |
|
|||||||||||||||||||||||||
(in millions of Canadian dollars) |
|
|
|
|
|
|||||||||||||||||||||||
Net Income |
|
$ 11.0 |
|
$ 9.9 |
|
$ 24.8 |
|
$ 26.0 |
|
|||||||||||||||||||
Amortization of intangible |
|
11.6 |
|
11.0 |
|
23.9 |
|
23.8 |
|
|||||||||||||||||||
Gain on disposal of assets |
|
— |
|
— |
|
(5.8) |
|
— |
|
|||||||||||||||||||
Unrealized (gain) loss on |
|
(0.3) |
|
0.6 |
|
(1.2) |
|
1.1 |
|
|||||||||||||||||||
Net foreign exchange (gain) |
|
0.8 |
|
1.8 |
|
(1.5) |
|
1.4 |
|
|||||||||||||||||||
Embedded derivative effects |
|
1.3 |
|
— |
|
1.7 |
|
— |
|
|||||||||||||||||||
Share-based compensation |
|
3.0 |
|
2.9 |
|
5.5 |
|
4.1 |
|
|||||||||||||||||||
Income taxes related to the |
|
(4.0) |
|
(4.3) |
|
(5.5) |
|
(8.1) |
|
|||||||||||||||||||
Adjusted Net income |
|
$ 23.4 |
|
$ 21.9 |
|
$ 41.9 |
|
$ 48.3 |
|
|||||||||||||||||||
Weighted average number of |
123,516,192 |
120,254,778 |
123,271,143 |
119,837,462 |
|
|||||||||||||||||||||||
Adjusted earnings per share - |
|
$ 0.19 |
|
$ 0.18 |
|
$ 0.34 |
|
$ 0.40 |
|
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|
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|
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