Business
Dexterra Announces Results for Q1 2023 and Declares Dividend
Toronto, Ontario--(Newsfile Corp. - May 9, 2023) - Dexterra Group Inc. (TSX: DXT) Highlights ...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"Dexterra Announces Results for Q1 2023 and Declares DividendToronto, Ontario--(Newsfile Corp. - May 9, 2023) - Dexterra Group Inc. (TSX: DXT)HighlightsConsolidated revenue totaled $268.1 million for Q1 2023 which was an increase of 20% compared to Q1 2022 and 6% compared to Q4 2022. Increased revenue is primarily related to the continued growth in IFM and strong growth in workforce accommodations in Ontario and Quebec;The Corporation's Adjusted EBITDA for Q1 2023 was $21.1 million which was an increase of 24% compared to Q1 2022 and 51% compared to Q4 2022 reflecting stronger margins in IFM, including normalized margins in the Dana food service business, and improved Modular results;Consolidated net earnings of $4.7 million for Q1 2023 compared to $1.1 million in Q1 2022 and a net loss of $2.9 million in Q4 2022. The increase is attributable to the overall improved results across all business units and a reduction in non-recurring expenses;The Corporation acquired VCI Controls Inc. (\"VCI\") on January 31, 2023 for $4.2 million including holdback of $1.0 million. The acquisition adds to Dexterra's building and automation controls capability which is a key capability as clients focus on ESG requirements, energy efficiency and carbon footprint reductions;Dexterra announced a Normal Course Issuer Bid (\"NCIB\") commencing on May 15, 2023, as the Corporation believes that a share buyback program provides a superior investment opportunity; and Dexterra declared a dividend for Q2 2023 of $0.0875 per share for shareholders of record at June 30, 2023, to be paid July 17, 2023.This news release contains certain measures and ratios, such as Adjusted EBITDA, Adjusted EBITDA as a percentage of revenue, IFM Adjusted EBITDA as a percentage of revenue, excluding certain loss contracts, Free Cash Flow and backlog, that do not have any standardized meaning as prescribed by GAAP and, therefore, are considered non-GAAP measures. The method of calculating these measures may differ from other entities and accordingly, may not be comparable to measures used by other entities. See \"Non-GAAP measures\" and \"Reconciliation of Non-GAAP measures\" of the Corporation's MD&A for the three months ended March 31, 2023 and 2022 for details which is incorporated by reference herein. First Quarter Financial SummaryThree months ended March 31,(000's except ...