Uni-Select — Q4 2021 Earnings Presentation
24 slides from Uni-Select's earnings presentation, Feb 18, 2022
Slide 1: Q4 2021 Conference Call
Q4 2021 (Ended December 31, 2021) Conference Call February 18, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements made in this presentation are forward-looking information within the meaning of Canadian securities laws. All such forward-looking information is made and disclosed in reliance upon the “safe harbour” provisions of applicable Canadian securities laws. Fo
Slide 3: Q4 2021 Highlights
UNI-SELECT. Q4 2021 HIGHLIGHTS
Slide 4: Q4 Conso – Surpassing 2019 Profitability
Q4 Conso – Surpassing 2019 Profitability Sales (M$) EBITDA(1) & Adj. EBITDA(1)* (M$) EPS & Adj. EPS(1)* $37,4 $0,36 $28,3 $25,4 $413 $0,11 $400 9.4% -$0,01 $366 6.9% 6.9% Q4-19 Q4-20 Q4-21 Q4-19 Q4-20 Q4-21 Q4-19 Q4-20 Q4-21 EBITDA Adj. EBITDA EPS Adj. EPS Organic Growth(1) Adj. EBITDA%(1) Adj. EPS(
Slide 5: 2021 Conso – Strong Adj. EBITDA & Adj. EPS
2021 Conso – Strong Adj. EBITDA & Adj. EPS Sales (M$) EBITDA(1) & Adj. EBITDA(1)* (M$) EPS & Adj. EPS(1)* $147 $1,14 $1 740 $1 613 $133 $1 472 $0,78 $93 9.1% 7.7% 6.3% -$0,12 2019 2020 2021 2019 2020 2021 2019 2020 2021 EBITDA Adj. EBITDA EPS Adj. EPS Organic Growth(1) Adj. EBITDA%(1) Adj. EPS(1) 6.
Slide 6: Q4 2021 Segment Review
UNI-SELECT. Q4 2021 SEGMENT REVIEW
Slide 7: FM – Ongoing Sequential Improvement
FM – Ongoing Sequential Improvement Sales (M$) EBITDA(1) & Adj. EBITDA(1)* (M$) • Sales up 8.5% stimulated by general recovery in the $171 $175 $168 market and effects of price $155 $158 $15,9 $15,6 increases $13,7 $10,1 • Organic growth(1) $8,4 9.3% continued its sequential 5.4% improvement, with a
Slide 8: CAG – Results Surpassing Pre-pandemic Levels
CAG – Results Surpassing Pre-pandemic Levels • Sales increased 8.8%: Sales (M$) EBITDA(1) & Adj. EBITDA(1)* (M$) (+) Organic growth(1) (+) FX $145 $144 $136 (-) Billing days $17,9 $16,8 $16,8 $125 $115 $13,5 • Organic growth(1) was up $12,0 5.5% due to increased 12.4% demand and price 10.8% increase
Slide 9: GSF – Results Surpassing Pre-pandemic Levels
GSF – Results Surpassing Pre-pandemic Levels Sales (M$) EBITDA(1) & Adj. EBITDA(1)* (M$) • Sales up +11.2%: $107 $96 (+) FX $97 $100 $87 $11,0 (+) Organic growth(1) $10,0 $8,4 $6,7 $7,4 • Organic growth(1) continued to improve 7.7% 7.6% • Adj. EBITDA margin(1) down -10bps: Q4-20 Q1-21 Q2-21 Q3-21 Q4
Slide 10: Q4 2021 Liquidity & Capital Resources
Q4 2021 LIQUIDITY & CAPITAL RESOURCES 10
Slide 11: Cash Flow & Free Cash Flow
Cash Flow & Free Cash Flow Cash Flow from Operating Free Cash Flows(1)(2) (M$) • Cash flow from operating Activities (M$) activities down year-over $48 $46 year: $43 $43 $41 $37 - Right-sizing of working $28 capital in 2020 $20 + Improved profitability ($1) ($6) • FCF(1)(2) down year- Q4-20 Q1-21 Q2
Slide 12: Material Improvement in Debt & Leverage
Material Improvement in Debt & Leverage Total Net Debt(1)(2) Total Net Debt (1) to Adj. EBITDA(1)* • Total net debt (1) decreased due to strong operating 4,0x performance and cash flow 370 383 3,7x management 348 98 315 309 101 98 2,8x 98 99 2,3x • Leverage ratio decreased to 2,1x 2.1x in Q4-21 due
Slide 13: Capital Structure Update
Capital Structure Update • Entered into an amended credit agreement with syndicate of lenders: Reflects increased • Single revolving credit facility, total capacity reduced to stability of cash $400M from $453M flows and desire to • $200M accordion feature further reduce • Revised covenants and cove
Slide 14: Conclusion
UNI-SELECT. CONCLUSION 14
Slide 15: Concluding Remarks
Concluding Remarks • Achievements in the 2nd half of 2021 • Identified and executed operational improvements across the three business units • Made substantial improvements to the Company’s results and financial position • Material progress with the team and culture • Well positioned to take advanta
Slide 16: Appendix – Reconciliation of Non-GAAP measures
APPENDIX – Reconciliation of Non-GAAP measures 16
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures The information included in this presentation contains certain financial measures that are inconsistent with GAAP. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented
Slide 18: Non-GAAP Financial Measures (cont’d)
Non-GAAP Financial Measures (cont’d) Management uses adjusted earnings and adjusted earnings per share to assess net earnings and net earnings per share from core operating activities, containing certain adjustments, net of income taxes, which may affect the comparability of the Corporation’s financ
Slide 19: Non-GAAP Financial Measures (cont’d)
Non-GAAP Financial Measures (cont’d) This measure corresponds to the sum of the revolving credit facility, term facilities, lease obligations (including the portion due within a year), net of deferred financing costs and cash. (Refer to Note 18 Total net debt to the Consolidated Financial Statements
Slide 20: Reconciliation of Consolidated Organic Growth
Non-GAAP Financial Measures (cont’d) Reconciliation of Consolidated Organic Growth Fourth quarters Twelve-month periods 2021 2020 2021 2020 FinishMaster U.S. 167.8 154.7 672.1 653.7 Canadian Automotive Group 136.0 124.9 540.9 485.4 GSF Car Parts U.K. 96.4 86.7 399.8 332.7 Sales 400.2 366.2 1,612.8 1
Slide 21: Reconciliation of EBITDA and Adjusted EBITDA
Non-GAAP Financial Measures (cont’d) During the third quarter, the Corporation updated its definition of adjusted EBITDA and is now excluding stock-based compensation to better reflect the operational performance. Accordingly, the comparative figures were adjusted to reflect this change. Reconciliat
Slide 22: Reconciliation of Adjusted Earnings and Adjusted EPS
Non-GAAP Financial Measures (cont’d) During the third quarter, the Corporation updated its definition of adjusted earnings and adjusted EPS and is now excluding stock-based compensation to better reflect the core operational performance. Accordingly, the comparative figures were adjusted to reflect
Slide 23: Reconciliation of Free Cash Flows
Non-GAAP Financial Measures (cont’d) The Free Cash Flows definition was reviewed in Q2-21 and comparative figures were adjusted accordingly. Reconciliation of Free Cash Flows Fourth quarters Twelve-month periods 2021 2020 2021 2020 Cash flows from operating activities 28.5 48.3 114.1 132.6 Advances
Slide 24: Uni-Select
UNI-SELECT. UNISELECT.COM