- Revenue from continuing operations was
$1,261.9 million as compared to$1,277.8 million in the prior year, a decrease of$(15.9) million - Net loss for the period from total operations was
$(38.4) million as compared to a net loss of$(22.6) million in the prior year- Net income (loss) from continuing operations was
$7.1 million as compared to a net loss of$(16.0) million in the prior year - Net loss from discontinued operations was
$(45.5) million as compared to a loss of$(6.6) million in the prior year
- Net income (loss) from continuing operations was
- Diluted net income (loss) per share from continuing operations was
$0.33 as compared to$(0.54) in the prior year - Adjusted EBITDA1 on a total operations basis1 was
$47.1 million as compared to$46.4 million in the prior year- Adjusted EBITDA from continuing operations1 was
$54.1 million as compared to$47.9 million in the prior year - Adjusted EBITDA from discontinued operations1 was a loss of
$(7.0) million as compared to a loss of$(1.5) million in the prior year
- Adjusted EBITDA from continuing operations1 was
Launched in Q3 2024, this plan targets
|
1 See "NON-GAAP AND OTHER FINANCIAL MEASURES" below. |
|
2 This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". Section 13. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis for the three-month period and year ended |
Fourth Quarter Key Highlights and Recent Developments
|
|
Three-Months Ended |
||
|
Continuing Operations Financial Results |
2024 |
2023 |
% Change |
|
Revenue |
1,261,921 |
1,277,752 |
(1.2) % |
|
Same store revenue |
1,208,119 |
1,216,227 |
(0.7) % |
|
Gross profit |
216,930 |
225,134 |
(3.6) % |
|
Gross profit percentage 2 |
17.2 % |
17.6 % |
(0.4) ppts |
|
Operating expenses |
180,894 |
217,474 |
(16.8) % |
|
Net income (loss) |
7,105 |
(16,020) |
144.4 % |
|
Basic net income (loss) per share attributable to |
0.34 |
(0.56) |
160.7 % |
|
Diluted net income (loss) per share attributable to |
0.33 |
(0.54) |
161.1 % |
|
Adjusted EBITDA |
54,095 |
47,945 |
12.8 % |
|
Adjusted EBITDA margin 1 |
4.3 % |
3.8 % |
0.5 ppts |
|
New retail vehicles sold (units) 2 |
8,544 |
8,161 |
4.7 % |
|
Used retail vehicles sold (units) 2 |
10,813 |
11,805 |
(8.4) % |
|
New vehicle gross profit per retail unit 2 |
4,627 |
5,401 |
(14.3) % |
|
Used vehicle gross profit per retail unit 2 |
1,842 |
1,948 |
(5.4) % |
|
Parts and service ("P&S") gross profit |
76,843 |
76,063 |
1.0 % |
|
Collision repair ("Collision") gross profit |
17,242 |
17,312 |
(0.4) % |
|
Finance, insurance and other ("F&I") gross profit per retail unit average 2 |
3,295 |
3,234 |
1.9 % |
|
Operating expenses before depreciation 2 |
166,148 |
203,616 |
(18.4) % |
|
Operating expenses before depreciation as a % of gross profit 2 |
76.6 % |
90.4 % |
(13.9) ppts |
|
Floorplan financing expense |
13,110 |
17,023 |
(23.0) % |
Consolidated revenue decreased due to weaker used vehicle performance. Consolidated gross profit decreased due to declining new vehicle gross profit per retail unit2 as seen industry wide, as the new vehicle market normalizes, and declining used vehicle sales as a result of current used vehicle market dynamics resulting in the prioritization of lower priced vehicles and lower number of used retail vehicles2 sold, partially offset by positive contributions from P&S, and recent acquisitions.
Operating expenses before depreciation2 declined due to one-time
Floorplan financing expenses decreased as a result of lower new and used inventory levels, and interest rates.
Net income for the period improved as a result of reduced operating expenses before depreciation2 and floorplan financing expenses as discussed above, and an increase in the add back of unrealized fair value changes in derivative instruments as a result of an increase in the CAD to USD foreign exchange rate, partially offset by a
Adjusted EBITDA1 for the period and adjusted EBITDA margin1 increased primarily as a result of lower operating expenses before depreciation and floorplan financing expenses as discussed above
Collision Operations Highlights
|
|
Three-Months Ended |
||
|
Collision Financial Results |
2024 |
2023 |
% Change |
|
Revenue |
36,262 |
32,415 |
11.9 % |
|
Gross profit |
17,242 |
17,312 |
(0.4) % |
|
Gross profit percentage 2 |
47.5 % |
53.4 % |
(5.9) ppts |
|
Adjusted EBITDA 1 |
5,949 |
3,808 |
56.2 % |
|
Same store revenue 2 |
35,006 |
32,136 |
8.9 % |
|
Same store gross profit 2 |
16,525 |
17,237 |
(4.1) % |
|
Same store gross profit percentage 2 |
47.2 % |
53.6 % |
(6.4) ppts |
Revenue increased as a result of strong customer demand, additional OEM certifications, increased insurance referrals and increased hail repairs. Gross profit and gross profit percentage2 decreased due to higher labour costs and a rise in lower margin paintless dent repair work.
Same store revenue increased, and gross profit and gross profit percentage2 decreased for the reasons noted above.
Adjusted EBITDA1 increased largely due to lower operating expenses as a result of improvements in controlling cost of insurance referral and bad debt collections.
Other Recent Developments
During the quarter:
- On
November 18, 2024 , the Company sold substantially all of the operating assets of Okanagan Chrysler Chrysler, located inKelowna, British Columbia , for cash consideration of$26.2 million plus closing adjustments resulting in a gain of$7.5 million . This disposition aligns with the Company's commitment to improve profitability and reduce leverage. - On
December 27, 2024 , the Company amended its senior credit facility to include add-backs of up to CAD$35 million for specific one-time expenses, including$20 million USD provisioned forFederal Trade Commission settlement expenses, in the definition of EBITDA, for purposes of determining compliance with the Company's financial covenants under the senior credit facility for the rolling four quarter period fromDecember 31, 2024 toSeptember 30, 2025 .
After the quarter:
- On
February 14, 2025 , the Company terminated its Volvo franchise atBloomington/Normal Auto Mall , located inIllinois , for cash consideration of$0.9 million . The Volvo franchise was presented as assets held for sale in theU.S. Operations segment, which was presented as a discontinued operation, as atDecember 31, 2024 . This decision is part of our active program to discontinueU.S. Operations - On
March 4, 2025 , the Company closed all remaining locations within RightRide. This decision is part of a larger strategic shift to refocus on core business and reduce leverage. - On
March 7, 2025 , the Company terminated an agreement with a subsidiary within the Canadian Operations segment, which impacts the contractual rights over the subsidiary. The termination agreement requires the counterparty to pay the Company$14.5 million for repayment of loans in addition to$15.6 million for accrued interest, accrued royalty fees, and a termination fee. This decision is part of a larger strategic shift to optimize operations and reduce leverage.
Conference Call
A conference call to discuss the results for the three months ended
This conference call will also be webcast live over the internet and can be accessed by all interested parties at the following URL: https://investors.autocan.ca/2024-q4-conference-call/
MD&A and Financial Statements
Information included in this press release is a summary of results. It should be read in conjunction with
All comparisons presented in this press release are between the three-month period ended December 31, 2024 and the three-month period ended
Consolidated Statements of Comprehensive (Loss) Income
For the Years Ended
(in thousands of Canadian dollars except for share and per share amounts)
|
|
$ |
Revised (1) $ |
|
Continuing operations |
|
|
|
Revenue (Note 6) |
5,351,672 |
5,607,194 |
|
Cost of sales (Note 7) |
(4,469,395) |
(4,629,532) |
|
Gross profit |
882,277 |
977,662 |
|
Operating expenses (Note 8) |
(735,312) |
(777,159) |
|
Operating profit before other income |
146,965 |
200,503 |
|
Lease and other income (Note 10) |
7,850 |
12,775 |
|
Gain on disposal of assets, net (Note 10) |
29,781 |
442 |
|
Net impairment losses on trade and other receivables |
(8,737) |
(2,230) |
|
(Impairment) recoveries of non-financial assets (Note 20, 24) |
(4,542) |
3,538 |
|
Operating profit |
171,317 |
215,028 |
|
Finance costs (Note 11) |
(129,678) |
(123,020) |
|
Finance income (Note 11) |
2,674 |
3,346 |
|
(Loss) gain on redemption liabilities (Note 14) |
(486) |
3,639 |
|
Other gains (losses), net |
846 |
(321) |
|
Income for the year before tax from continuing operations |
44,673 |
98,672 |
|
Income tax expense (Note 12) |
8,035 |
30,584 |
|
Net income for the year from continuing operations |
36,638 |
67,973 |
|
Net loss for the year from discontinued operation (Note 18) |
(103,386) |
(14,192) |
|
Net (loss) income for the year |
(66,748) |
53,781 |
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
Items that may be reclassified to profit or loss |
|
|
|
Foreign operations currency translation (Note 18) |
8,032 |
6,489 |
|
Change in fair value of cash flow hedge (Note 25) |
(206) |
1,800 |
|
Income tax relating to these items |
51 |
(458) |
|
Other comprehensive income for the year, net of tax |
7,877 |
7,831 |
|
Comprehensive (loss) income for the year |
(58,871) |
61,612 |
|
|
|
|
|
Net (loss) income for the year attributable to: |
|
|
|
|
(68,233) |
50,490 |
|
Non-controlling interests |
1,485 |
3,291 |
|
|
(66,748) |
53,781 |
|
Net (loss) income for the year attributable to arises from: |
|
|
|
Continuing operations |
35,153 |
64,682 |
|
Discontinued operation |
(103,386) |
(14,192) |
|
|
(68,233) |
50,490 |
|
Comprehensive (loss) income for the year attributable to: |
|
|
|
|
(60,356) |
58,321 |
|
Non-controlling interests |
1,485 |
3,291 |
|
|
(58,871) |
61,612 |
|
Comprehensive (loss) income for the year attributable to shareholders arises from: |
|
|
|
Continuing operations |
34,998 |
66,024 |
|
Discontinued operation |
(95,354) |
(7,703) |
|
|
(60,356) |
58,321 |
|
|
$ |
Revised (1) $ |
|
Net (loss) income per share attributable to |
|
|
|
Basic from continuing operations |
1.51 |
2.75 |
|
Basic from discontinued operation |
(4.44) |
(0.61) |
|
Basic |
(2.93) |
2.14 |
|
|
|
|
|
Diluted from continuing operations |
1.46 |
2.65 |
|
Diluted from discontinued operation |
(4.29) |
(0.59) |
|
Diluted |
(2.83) |
2.06 |
|
|
|
|
|
Weighted average shares |
|
|
|
Basic (Note 30) |
23,316,008 |
23,561,236 |
|
Diluted (Note 30) |
24,137,069 |
24,450,681 |
|
1. Comparative period revised to reflect current period presentation. |
|
The accompanying notes are an integral part of these consolidated financial statements and can be found on the Company's website at www.autocan.ca or on SEDAR+ at www.sedarplus.ca . |
Consolidated Statements of Financial Position
(in thousands of Canadian dollars)
|
|
$ |
$ |
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash |
67,343 |
103,146 |
|
Trade and other receivables (Note 15) |
173,568 |
222,076 |
|
Inventories (Note 16) |
947,278 |
1,154,311 |
|
Current tax recoverable |
10,205 |
22,187 |
|
Other current assets (Note 21) |
11,993 |
15,718 |
|
Derivative financial instruments (Note 25)1 |
376 |
— |
|
|
1,210,763 |
1,517,438 |
|
Assets held for sale (Note 17, 18) |
332,693 |
22,152 |
|
Total current assets |
1,543,456 |
1,539,590 |
|
Property and equipment (Note 19) |
312,014 |
378,269 |
|
Right-of-use assets (Note 24) |
389,958 |
405,105 |
|
Other long-term assets (Note 21) |
16,501 |
16,708 |
|
Deferred income tax (Note 12) |
18,840 |
35,444 |
|
Derivative financial instruments (Note 25) |
— |
3,920 |
|
Intangible assets (Note 20) |
630,467 |
682,137 |
|
|
94,592 |
98,266 |
|
Total assets |
3,005,828 |
3,159,439 |
|
LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables (Note 22) |
177,473 |
238,427 |
|
Revolving floorplan facilities (Note 23) |
1,010,579 |
1,174,595 |
|
Current tax payable |
3,766 |
— |
|
Vehicle repurchase obligations (Note 26) |
3,705 |
1,982 |
|
Indebtedness (Note 23) |
24,108 |
744 |
|
Lease liabilities (Note 24) |
35,780 |
28,411 |
|
Redemption liabilities (Note 14) |
23,066 |
22,580 |
|
Other liabilities (Note 27) |
11,063 |
12,325 |
|
Derivative financial instruments (Note 25) |
1,741 |
— |
|
|
1,291,281 |
1,479,064 |
|
Liabilities directly associated with assets held for sale (Note 18) |
201,966 |
— |
|
Total current liabilities |
1,493,247 |
1,479,064 |
|
Long-term indebtedness (Note 23) |
517,543 |
562,178 |
|
Long-term lease liabilities (Note 24) |
421,392 |
469,013 |
|
Long-term redemption liabilities (Note 14) |
25,000 |
25,000 |
|
Derivative financial instruments (Note 25) |
8,705 |
2,219 |
|
Other long-term liabilities (Note 27) |
— |
1,368 |
|
Deferred income tax (Note 12) |
44,613 |
55,768 |
|
|
2,510,500 |
2,594,610 |
|
EQUITY |
|
|
|
Attributable to |
468,027 |
534,847 |
|
Attributable to non-controlling interests |
27,301 |
29,982 |
|
|
495,328 |
564,829 |
|
|
3,005,828 |
3,159,439 |
|
1
Comparative current derivative financial instrument asset of |
|
The accompanying notes are an integral part of these consolidated financial statements and can be found on the Company's website at www.autocan.ca or on SEDAR+ at www.sedarplus.ca . |
Consolidated Statements of Cash Flows
For the Years Ended
(in thousands of Canadian dollars)
|
|
$ |
$ |
|
Cash provided by (used in): Operating activities |
|
|
|
Net income for the year from continuing operations |
(66,748) |
53,781 |
|
Adjustments for: |
|
|
|
Income tax expense (Note 12) |
21,733 |
30,584 |
|
Finance costs (Note 11, 18) |
155,598 |
145,939 |
|
Depreciation of right-of-use assets (Note 24) |
35,919 |
33,443 |
|
Depreciation of property and equipment (Note 19) |
25,843 |
25,030 |
|
Amortization of intangible assets (Note 20) |
503 |
529 |
|
Gain on disposal of assets, net (Note 10) |
(29,781) |
(422) |
|
Share-based compensation (Note 29) |
8,033 |
6,485 |
|
Share-based compensation - Used Digital Division (Note 14, 29) |
— |
36,725 |
|
Unrealized fair value changes on foreign exchange forward contracts (Note 25) |
3,853 |
(2,267) |
|
Revaluation of redemption liabilities (Note 14) |
486 |
(3,639) |
|
Net impairment (recoveries) of non-financial assets (Note 20, 24) |
21,058 |
(3,538) |
|
Net change in non-cash working capital (Note 36) |
1,325 |
(3,552) |
|
|
177,822 |
319,098 |
|
Income taxes paid |
(537) |
(58,371) |
|
Interest paid |
(144,412) |
(140,292) |
|
Tax withholdings paid on settlement of share-based awards |
(1,247) |
(901) |
|
|
31,626 |
119,534 |
|
Investing activities |
|
|
|
Business acquisitions, net of cash acquired (Note 13) |
(20,197) |
(47,027) |
|
Purchases of property and equipment (Note 19) |
(33,282) |
(77,416) |
|
Additions to intangible assets (Note 20) |
(790) |
(2,102) |
|
Settlement of prior year business acquisitions |
(491) |
817 |
|
Proceeds on sale of property and equipment |
63,123 |
299 |
|
Proceeds on divestiture of dealerships (Note 34) |
59,497 |
— |
|
|
67,860 |
(125,429) |
|
Financing activities |
|
|
|
Proceeds from indebtedness (Note 23) |
635,046 |
674,560 |
|
Repayment of indebtedness (Note 23) |
(657,730) |
(669,334) |
|
Repayment of executive advance |
— |
1,624 |
|
Repurchase of common shares under Normal Course Issuer Bid (Note 30) |
(9,942) |
— |
|
Payments for purchase of Used Digital Division minority interest (Note 35) |
(22,500) |
— |
|
Shares settled from treasury (Note 30) |
4 |
353 |
|
Proceeds from exercise of stock options, net |
— |
279 |
|
Acquisition of non-controlling interests |
(5,486) |
— |
|
Proceeds from sale of equity interest in 15154871 |
— |
25,000 |
|
Settlement of redemption liabilities |
— |
(1,444) |
|
Repayment of loan by non-controlling interests |
2,961 |
3,083 |
|
Dividends paid to non-controlling interests |
(4,294) |
(3,595) |
|
Principal portion of lease payments |
(31,984) |
(28,828) |
|
|
(93,925) |
1,698 |
|
Effect of exchange rate changes on cash |
(1,359) |
(958) |
|
Net increase (decrease) in cash |
4,202 |
(5,155) |
|
Cash at beginning of year |
103,146 |
108,301 |
|
Cash at end of year |
107,348 |
103,146 |
|
Included in cash per balance sheet |
67,343 |
103,146 |
|
Included in the assets of the discontinued operation (Note 18) |
40,005 |
— |
|
The accompanying notes are an integral part of these consolidated financial statements and can be found on the Company's website at www.autocan.ca or on SEDAR+ at www.sedarplus.ca . |
NON-GAAP AND OTHER FINANCIAL MEASURES
This press release contains certain financial measures that do not have any standardized meaning prescribed by GAAP. Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned these measures should not be construed as an alternative to net income (loss) or to cash provided by (used in) operating, investing, financing activities, cash, and indebtedness determined in accordance with GAAP, as indicators of our performance. We provide these additional non-GAAP measures ("Non-GAAP Measures"), capital management measures, and supplementary financial measures to assist investors in determining the Company's ability to generate earnings and cash provided by (used in) operating activities and to provide additional information on how these cash resources are used.
Adjusted EBITDA and adjusted EBITDA margin are not earnings measures recognized by GAAP and do not have standardized meanings prescribed by GAAP. Investors are cautioned that these Non-GAAP Measures should not replace net earnings or loss (as determined in accordance with GAAP) as an indicator of the Company's performance, cash flows from operating, investing and financing activities or as a measure of liquidity and cash flows. The Company's methods of calculating referenced Non-GAAP Measures may differ from the methods used by other issuers. Therefore, these measures may not be comparable to similar measures presented by other issuers.
We list and define these "NON-GAAP MEASURES" below:
Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is an indicator of a company's operating performance over a period of time and ability to incur and service debt. Adjusted EBITDA provides an indication of the results generated by our principal business activities prior to:
- Interest expense (other than interest expense on floorplan financing), income taxes, depreciation, and amortization;
- Charges that introduce volatility unrelated to operating performance by virtue of the impact of external factors (such as share-based compensation amounts attributed to certain equity issuances as part of the Used Digital Division);
- Non-cash charges (such as impairment, recoveries, gains or losses on derivatives, revaluation of contingent consideration and revaluation of redemption liabilities);
- Charges outside the normal course of business (such as restructuring, gains and losses on dealership divestitures, and real estate transactions); and
- Charges that are non-recurring in nature (such as resolution of lawsuits and legal claims).
The Company considers this measure meaningful as it provides improved continuity with respect to the comparison of our operating performance over a period of time.
Adjusted EBITDA Margin
Adjusted EBITDA margin is an indicator of a company's operating performance specifically in relation to our revenue performance.
The Company considers this measure meaningful as it provides improved continuity with respect to the comparison of our operating performance with retaining and growing profitability as our revenue and scale changes over a period of time.
NON-GAAP AND OTHER FINANCIAL MEASURES RECONCILIATIONS
Adjusted EBITDA and Segmented Adjusted EBITDA
The following table illustrates segmented adjusted EBITDA for the three-month periods ended
|
|
Three-Months Ended |
|
Three-Months Ended |
||||
|
|
|
|
Total |
|
|
|
Total |
|
Period from |
|||||||
|
Net income (loss) for the period |
7,105 |
(45,471) |
(38,366) |
|
(16,020) |
(6,610) |
(22,630) |
|
Add back (deduct): |
|
|
|
|
|
|
|
|
Income tax expense (recovery) |
1,173 |
94 |
1,267 |
|
4,546 |
(11) |
4,535 |
|
Depreciation of right of use assets |
8,536 |
1,008 |
9,544 |
|
7,943 |
743 |
8,686 |
|
Depreciation of property and equipment |
6,084 |
685 |
6,769 |
|
5,787 |
672 |
6,459 |
|
Amortization of intangible assets |
126 |
— |
126 |
|
128 |
— |
128 |
|
Interest on long-term indebtedness |
7,509 |
3,141 |
10,650 |
|
7,020 |
2,838 |
9,858 |
|
Lease liability interest |
8,127 |
960 |
9,087 |
|
7,630 |
840 |
8,470 |
|
Impairment of non-financial assets |
(3,240) |
5,192 |
1,952 |
|
(3,538) |
— |
(3,538) |
|
Share-based compensation - Used Digital Division |
— |
— |
— |
|
36,725 |
— |
36,725 |
|
Gain on redemption liabilities |
1,113 |
— |
1,113 |
|
(3,639) |
— |
(3,639) |
|
Canadian franchise dealership restructuring charges |
9,913 |
— |
9,913 |
|
— |
— |
— |
|
|
— |
27,396 |
27,396 |
|
— |
— |
— |
|
Unrealized fair value changes in derivative instruments |
5,491 |
— |
5,491 |
|
(1,437) |
— |
(1,437) |
|
Amortization of loss on terminated hedges |
— |
— |
— |
|
616 |
— |
616 |
|
Unrealized foreign exchange losses (gains) |
(175) |
— |
(175) |
|
108 |
— |
108 |
|
Used Digital Division transaction costs |
— |
— |
— |
|
1,774 |
— |
1,774 |
|
Software implementation costs |
531 |
— |
531 |
|
677 |
— |
677 |
|
Cybersecurity incident costs |
567 |
— |
567 |
|
— |
— |
— |
|
RightRide restructuring charges |
995 |
— |
995 |
|
— |
— |
— |
|
Write-down associated with wholesale transactions |
7,592 |
— |
7,592 |
|
— |
— |
— |
|
Gain on disposal of assets |
(7,352) |
— |
(7,352) |
|
(375) |
20 |
(355) |
|
Adjusted EBITDA |
54,095 |
(6,995) |
47,100 |
|
47,945 |
(1,508) |
46,437 |
|
Adjusted EBITDA from discontinued operation |
— |
6,995 |
6,995 |
|
— |
1,508 |
1,508 |
|
Adjusted EBITDA from continuing operations |
54,095 |
— |
54,095 |
|
47,945 |
— |
47,945 |
The following table illustrates segmented collision adjusted EBITDA from continuing operations for the three-months ended
|
|
Three-Months Ended |
|
Three-Months Ended |
||||
|
Collision Operations |
|
|
Total |
|
|
|
Total |
|
Period from |
|
|
|
|
|
|
|
|
Net income for the period |
4,374 |
— |
4,374 |
|
362 |
— |
362 |
|
Add back: |
|
|
|
|
|
|
|
|
Income tax expense |
(448) |
— |
(448) |
|
1,811 |
— |
1,811 |
|
Depreciation of right of use assets |
679 |
— |
679 |
|
489 |
— |
489 |
|
Depreciation of property and equipment |
493 |
— |
493 |
|
407 |
— |
407 |
|
Lease liability interest |
851 |
— |
851 |
|
734 |
— |
734 |
|
Gain on disposal of assets |
— |
— |
— |
|
5 |
— |
5 |
|
Adjusted EBITDA |
5,949 |
— |
5,949 |
|
3,808 |
— |
3,808 |
Adjusted EBITDA Margin
The following table illustrates segmented adjusted EBITDA margin from continuing operations for the three-month periods ended
|
|
Three-Months Ended |
|
Three-Months Ended |
||||
|
|
|
|
Total |
|
|
|
Total |
|
Adjusted EBITDA |
54,095 |
— |
54,095 |
|
47,945 |
— |
47,945 |
|
Revenue |
1,261,921 |
— |
1,261,921 |
|
1,277,752 |
— |
1,277,752 |
|
Adjusted EBITDA Margin |
4.3 % |
— % |
4.3 % |
|
3.8 % |
— % |
3.8 % |
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe", "shall" and similar expressions) and the financial outlook with respect to the transformation plan are not all historical facts and are forward-looking and may involve estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and difficult to predict.
Forward-looking statements and financial outlook in this press release include:
Forward-looking statements and financial outlook provide information about management's expectations and plans for the future and may not be appropriate for other purposes. Forward looking statements and financial outlook are based on various assumptions, and expectations that
In preparing the forward-looking statements and financial outlook,
The forward-looking statements and financial outlook are also subject to the risks and uncertainties set forth below. By their very nature, forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control,
Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements and financial outlook. Therefore, any such forward-looking statements and financial outlook are qualified in their entirety by reference to the factors discussed throughout this press release and in the MD&A.
Details of the Company's material forward-looking statements are included in the Company's most recent AIF. The AIF and other documents filed with securities regulatory authorities (accessible through the SEDAR+ website (www.sedarplus.ca) describe the risks, material assumptions, and other factors that could influence actual results and which are incorporated herein by reference.
When relying on our forward-looking statements and financial outlook to make decisions with respect to
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