Slide 1: Q3 2022 Earnings Call
Bird Construction Inc. (TSX:BDT) Q3 2022 Earnings Call November 9, 2022
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and information (“forward-looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this presentation are based on the expectations, estimates and projections of managem
Slide 3: Disclaimer: Terminology and Non-GAAP & Other Financial Measures
Disclaimer TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES Throughout this presentation, management uses certain terminology and financial measures that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP f
Slide 4: Disclaimer: Terminology and Non-GAAP Measures (continued)
Disclaimer TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES (continued) • “Current Ratio” is a supplementary financial measure representing the percentage derived by dividing total current assets by total current liabilities. • “General and Administrative expenses as a percentage of revenue” is a
Slide 5: Q3 2022 Highlights
Financial Highlights Q3 2022 HIGHLIGHTS Healthy Record Q3 2022 Revenues $668.2M REVENUE Continued realization of Revenue Growth cross-selling synergies $14.5M NET INCOME Strong Combined Strong Backlog(1) of $2.9B $31.2M ADJUSTED EBITDA (2) and Pending Backlog(1) of Backlog $2.1B $15.5M ADJUSTED EARN
Slide 6: 5-Year Revenue and Adjusted EBITDA Margin
5-Year Revenue and Adjusted EBITDA Margin 2,500 10% 2,220 2,2712,318 9% $45M 1,901 2,177 2,251 Q3 2022 TTM 2,000 8% NET INCOME 1,627 TTM Revenue in CAD Millions ($M) 1,504 7% 1,500 1,419 1,382 1,376 6% 5.5% 5.9% 6.0% 5.5% 4.3% 5% 4.3% 4.9% Q3 2022 TTM 1,000 4.7% 4% 4.2% 4.2%* ADJUSTED EBITDA MARGIN(
Slide 7: What Sets us Apart
What Sets us Apart Disciplined revenue growth Sustained robust combined backlog + Consistent revenue growth since 2018; Q3 TTM + Backlog $2.9B, Pending Backlog $2.1B Revenue $2.3B vs. FY 2018 $1.4B + Diverse, risk-balanced contracts + Diversified, resilient revenue streams + >$800M recurring revenue
Slide 8: Significant Pipeline of Projects Executing on Strategic Pillars
Significant Pipeline of Projects Executing on Strategic Pillars TEAM PERFORM DIVERSIFY Recent Marquee Project Awards Multi-year PHAI task order and new recurring revenue stream in energy sector + Long-term Strategic Partnership Agreement $95M Covenant Wellness Community – Community Health Centre in
Slide 9: Projects underway across Canada
Projects underway across Canada 13 1 2 3 4 14 5 6 7 8 9 10 11 12 1. Bruce Power Honi 500kv GIS Relay Building, ON 2. York University Markham Centre Campus, ON 3. Stage 2 Confederation Line, ON 4. Buffalo Atlee Wind Farm, AB 5. Five Alberta Schools, AB 6. Major Oil and Gas Site, BC 7. University of C
Slide 10: Significant Portfolio of Recurring Revenue Contracts
Significant Portfolio of Recurring Revenue Contracts >$800 Combined MSA and Other Multi-year Average Strong Recurring Million Contracts Contract Term Revenue Visibility 2,000+ Leveraging Electrical Expertise Personnel1 Geographically Full-Lifecycle Services Complete Lifecycle and Our ability to self
Slide 11: Expanding our Power and Sustainable Energy Portfolio
Expanding our Power and Sustainable Energy Portfolio RENEWABLE POWER LOW CARBON ENERGY CARBON INNOVATION ENERGY EFFICIENCY • Wind • Hydrogen (Green and Blue) • Carbon capture • District heating and cooling • Solar • Nuclear/small modular • Carbon utilization • Cogeneration • Hydro Reactors • Carbon
Slide 12: 2021 Sustainability Highlights
2021 Sustainability Highlights(1) (1) At December 31, 2021 (2) Includes endowment to Bird Construction/Paul and Geri Charette Endowment Fund 12 (3) Board composition as of August 2022 (4) Salaried and hourly throughout the year
Slide 13: Backlog & Pending Backlog
Backlog & Pending Backlog 6000 in millions of Canadian dollars Backlog expected to 60% convert into Revenue 5000 over the next 12 months 4000 2,137 1,625 1,717 1,807 1,788 1,636 1,685 1,648 1,300 3000 September 30, 2022 • Strong quarter-end Backlog(1) of $2.9B 2000 625 575 • Strong quarter-end Pendi
Slide 14: Financial Highlights
Financial Highlights YEAR-OVER-YEAR YEAR-OVER-YEAR Q3 2022 YTD 2022 CHANGE CHANGE No recoveries were recorded under CEWS in YTD 2022 vs. $21.9 million of recoveries recorded in YTD 2021 Revenue $668.2M 7.6% $1,720.4M 6.0% Gross Profit $58.6M 26.3% $143.7M 6.1% 8.8% OF REVENUE(1) 8.4% OF REVENUE(1) G
Slide 15: Diversifying Risk - Revenue by Contract Type
Diversifying Risk - Revenue by Contract Type in millions of Canadian dollars $29 $15 $7 $40 • Public Private Partnership $59 $42 $135 $102 $101 $79 (PPP) Higher risk $177 $179 • Design-Build-Finance • Complex Design-Build $1,236 $901 $983 $943 $792 • Stipulated Sum $806 • Unit Price • Specified Desi
Slide 16: Strong Financial Position
Strong Financial Position Q3 2022 in millions of Canadian dollars September 30, 2022 26.5% 1.22 0.78x LONG-TERM LOANS & CURRENT ADJUSTED NET DEBT/ Accessible cash $ 19 BORROWINGS TO EQUITY(1) RATIO(1) TTM ADJUSTED EBITDA(1) Restricted cash $ 67 Syndicated Credit Facility Held in joint operations acc
Slide 17: Balanced Capital Allocation Priorities
Balanced Capital Allocation Priorities $25 Dividends In millions of Canadian Dollars $20 $15 Operating Cashflow(1) $10 $17 $18 $21 $16 $16 $5 $- 2019 2020 2021 2021 Q3 YTD 2022 Q3 YTD $120 $25 Capex $100 In millions of Canadian Dollars $20 in millions of Canadian Dollars $80 $15 $10 $21 $60 $6 $103
Slide 18: Looking Ahead
Looking Ahead bird , em TEAM PERFORM Favourable Outlook Focus On Margins Solid balance sheet and Strong financial position pipeline of opportunities with improving margin profile Why invest in bird Strategic Priorities %G , DIVERSIFY Balanced Strategy Balanced capital allocation maintaining a balanc
Slide 19: Analyst Coverage
Analyst Coverage ATB CAPITAL CANACCORD | CIBC WORLD iA CAPITAL MARKETS INC. GENUITY MARKETS MARKETS Chris Murray Yuri Lynk Jacob Bout Naji Baydoun 416-520-0267 514.844.3708 416.956.6766 514.830.8077 cmurray@atb.com yuri.lynk@canaccordgenuity.com jacob.bout@cibc.com Naji.baydoun@iagto.ca LAURENTIAN B