Business
Dexterra Announces Results for Q2 2023 and Declares Dividend
Toronto, Ontario--(Newsfile Corp. - August 8, 2023) - Dexterra Group Inc. (TSX: DXT) Highligh...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"Dexterra Announces Results for Q2 2023 and Declares DividendToronto, Ontario--(Newsfile Corp. - August 8, 2023) - Dexterra Group Inc. (TSX: DXT)HighlightsThe Corporation generated strong results in Q2 2023 including consolidated revenue of $267.8 million which was an increase of 15% compared to Q2 2022. Q2 revenue increases are primarily related to IFM growth and continued strong performance in WAFES, including significant wildfire support and robust natural resources market activity;The Corporation's Adjusted EBITDA for Q2 2023 was $27.2 million, a significant improvement over Q2 2022 and a 29% increase compared to Q1 2023, reflecting better performance in all business units;The Corporation reported consolidated net earnings of $8.5 million for Q2 2023 compared to $0.4 million in Q2 2022 and $4.7 million in Q1 2023;The Corporation renegotiated its long term debt agreement which was approved by the Board of Directors and is expected to close in August 2023 with a maturity date of September 7, 2026. It includes an expanded available credit limit of $260 million plus an uncommitted accordion of $150 million;In connection to the previously announced Normal Course Issuer Bid (\"NCIB\"), Dexterra repurchased in Q2 2023 189,100 common shares at a weighted average price per share of $5.60 for a total of $1.1 million; and Dexterra declared a dividend for Q3 2023 of $0.0875 per share for shareholders of record at September 29, 2023, to be paid October 13, 2023. This news release contains certain measures and ratios, such as Adjusted EBITDA, Adjusted EBITDA as a percentage of revenue, Adjusted 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 and six months ended June 30, 2023 and 2022 for details which is incorporated by reference herein. Second Quarter Financial SummaryThree months ended June 30,Six months ended June 30,  (000's except per share amounts) 2023202220232022 Total Revenue$267,830$233,896$535,917$457,856 Adjusted EBITDA(1)$27,216$13,642$48,354$30,658Ad...