Slide 1: Q2 2022 Earnings
Bird Construction Inc. (TSX:BDT) Q2 2022 Earnings August 10, 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: At a Glance
at a glance TSX: BDT $2.3B $96M $42M $43M $377M TTM REVENUE TTM ADJUSTED TTM ADJUSTED TTM NET MARKET EBITDA(1) EARNINGS(1) INCOME CAPITALIZATION(3) 2-YEAR SHARE PRICE HISTORY $2.9B $11 $10 BACKLOG(2) $10.58 $9 52-WEEK HIGH(3) $8 $7 $6 12% $6.88 52-WEEK LOW(3) $5 $4 2-YEAR TOTAL SHAREHOLDER $3 Aug 20
Slide 6: Financial Highlights: Q2 2022 Highlights
Financial Highlights Q2 2022 HIGHLIGHTS Healthy Record Q2 2022 Revenues $576.7M REVENUE Continued realization of Revenue Growth cross-selling synergies $14.1M NET INCOME Strong Combined Strong Backlog(1) of $2.9B $21.5M ADJUSTED EBITDA (2) and Pending Backlog(1) of Backlog $1.8B $8.5M ADJUSTED EARNI
Slide 7: 5-Year Revenue and Adjusted EBITDA Margin
5-Year Revenue and Adjusted EBITDA Margin 2,500 10% 2,177 2,251 9% $43M 2,271 Q2 2022 TTM 2,220 2,000 1,901 8% NET INCOME 1,627 TTM Revenue in CAD Millions ($M) 7% 1,504 1,500 1,419 1,382 1,376 6% 5.5% 5.9% 6.0% 5.5% 5% 4.2% 4.9% Q2 2022 TTM 1,000 4.7% 4% 4.2% 4.2%* ADJUSTED EBITDA MARGIN(1) 3% TTM
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 $125M Net-zero plant protein processing facility in Alberta, delivered through a progressive design-build contract $62M Dagmar, a wholly owned subsidiary of Bird, awarded contract rai
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. Eric Hamber Secondary School, BC 2. York University Markham Centre Campus, ON 3. Stage 2 Confederation Line, ON 4. Nanaimo Correctional Centre, BC 5. Five Alberta Schools, AB 6. Major Oil and Gas Site, BC 7. University of Calgary Ma
Slide 10: Significant Portfolio of Master Service Agreements
Significant Portfolio of Master Service Agreements ~$800 Combined MSA Average Strong Recurring Million Contracts Value Contract Term Revenue Visibility 2,000+ Leveraging Electrical Expertise Personnel1 Geographically Full-Lifecycle Services Complete Lifecycle and Our ability to self-perform critical
Slide 11: Expanding our Power Experience
Expanding our Power Experience 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 storage • Water reuse
Slide 12: 2021 Sustainability Highlights
2021 Sustainability Highlights (1) At December 31, 2021 (2) Includes endowment to Bird Construction/Paul and Geri Charette Endowment Fund 12 (3) Board composition as of May 2022 (4) Salaried and hourly throughout the year
Slide 13: Backlog & Pending Backlog
Backlog & Pending Backlog 5000 in millions of Canadian dollars Backlog expected to 4500 57% convert into Revenue over the next 12 months 4000 1,625 1,717 1,807 1,788 3500 1,636 1,685 1,648 1,300 3000 2500 June 30, 2022 2000 575 • Strong quarter-end Backlog(1) of $2.9B 750 600 625 625 1500 500 3,003
Slide 14: Financial Highlights
Financial Highlights YEAR-OVER-YEAR YEAR-OVER-YEAR Q2 2022 YTD 2022 CHANGE CHANGE No recoveries were recorded under CEWS in Q2 2022 vs. $8.9 million of No recoveries were recorded under CEWS in YTD 2022 vs. $20.1 million of recoveries recorded in Q2 2021 recoveries recorded in YTD 2021 Revenue $576.
Slide 15: Diversifying Risk - Revenue by Contract Type
Diversifying Risk - Revenue by Contract Type in millions of Canadian dollars $29 $15 $2 $12 • Public Private Partnership $59 $25 $49 $135 $102 $101 (PPP) Higher risk $177 $179 • Design-Build-Finance • Complex Design-Build $1,236 $560 $615 $943 $792 • Stipulated Sum $806 • Unit Price • Specified Desi
Slide 16: Strong Financial Position
Strong Financial Position Q2 2022 in millions of Canadian dollars June 30, 2022 26.7% 1.23 0.95x LONG-TERM LOANS & CURRENT ADJUSTED NET DEBT/ Accessible cash $3 BORROWINGS TO EQUITY(1) RATIO(1) TTM ADJUSTED EBITDA(1) Restricted cash $ 63 Syndicated Credit Facility Held in joint operations accounts $
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 $5 $10 $10 $- 2019 2020 2021 2021 Q2 YTD 2022 Q2 YTD $120 $25 Capex $100 In millions of Canadian Dollars $20 in millions of Canadian Dollars $80 $15 $10 $60 $103 $13 $5
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 NATIONAL BAN