Bird Construction Inc. · TSX:BDT

Bird Construction — Q4 2020 Earnings Presentation

16 slides from Bird Construction's earnings presentation, Mar 10, 2021

  1. Slide 1: Q4 2020 Earnings Presentation

    BIRD CONSTRUCTION INC. TSX: BDT Q4 2020 Earnings Presentation March 10, 2021

  2. 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

  3. Slide 3: Disclaimer: Terminology and Non-GAAP Measures

    DISCLAIMER TERMINOLOGY Throughout this presentation, management uses the following terms that may not be comparable with similar terms presented by other companies and require definition: "Backlog" (also referred to in the construction industry as "work on hand") is the total value of all contracts

  4. Slide 4: Financial Highlights Q4 2020

    FINANCIAL HIGHLIGHTS Q4 2020(1) FY 2020(1) STRONG STRONG FINISH TO 2020 Strong finish to 2020 despite $555M 32% $1.5B 9% FINISH TO 2020 a year of unprecedented uncertainty REVENUE REVENUE $61.5M 133% $126.3M 78% GROSS PROFIT GROSS PROFIT Healthy Backlog of $2.7B HEALTHY BACKLOG and Pending Backlog(2

  5. Slide 5: Transformational Acquisition

    TRANSFORMATIONAL ACQUISITION $95.7M $1B +$600M +$900M TOTAL PENDING BACKLOG REVENUE 110+ YRS IN CANADA CONSIDERATION BACKLOG 3,000 EMPLOYEES INDUSTRY SAFETY GREATER TOP EMPLOYER COMMUNITY ENHANCED SERVICE LEADER DIVERSIFICATION IN ALBERTA FOCUSED OFFERINGS 5

  6. Slide 6: Increasing Adjusted EBITDA Margin

    INCREASING ADJUSTED EBITDA MARGIN in millions of Canadian dollars TRAILING TWELVE MONTH (TTM) ADJUSTED EBITDA 2020 Q4 1,565 1,504 7% 1600 1,419 1,382 1,376 6% 4.2% 1400 5.5% TTM ADJUSTED 1200 5% EBITDA Q4 2020 1000 3.6% 4% 800 3% 9 2.1% 2.3% SEQUENTIAL QUARTERS 600 1.8% OF IMPROVING TTM 2% ADJUSTED

  7. Slide 7: COVID-19 Update

    COVID-19 UPDATE  Pandemic response plan and a rigorous COVID-19 health and safety program in place. EMPLOYEE  Best practices in place for managers and site teams: self-assessment tools, enhanced cleaning protocols and HEALTH AND hygiene measures, physical distancing practices, new COVID-19 measure

  8. Slide 8: New Contract Awards

    NEW CONTRACT AWARDS CONCRETE FOUNDATIONS AND PAVING AT LNG FACILITY ERIC HAMBER SCHOOL $92M YORK UNIVERSITY NANAIMO CORRECTIONAL $154M MARKDALE HOSPITAL1 CORRECTIONAL EXPANSIONS1 185 ENFIELD PLACE $107M MRO CONTRACT $550M+ 8 (1) Awards subsequent to year-end

  9. Slide 9: Q4 2020 Financial Results

    Q4 2020 FINANCIAL RESULTS REVENUE The increase can primarily be attributed to the inclusion of Stuart Olson, which $555M 32% added approximately $240M to the top line. This was partially offset by lower revenues at Legacy Bird, due to the impacts from COVID-19. YEAR-OVER-YEAR GROSS The increase is d

  10. Slide 10: Full-Year 2020 Financial Results

    FULL-YEAR 2020 FINANCIAL RESULTS REVENUE The increase can be largely attributed to higher industrial project revenues and $1.5B 9% the inclusion of Stuart Olson’s results starting late in the third quarter. This was partially offset by commercial and institutional project revenues due to delays rela

  11. Slide 11: Integration Update - Synergies

    INTEGRATION UPDATE - SYNERGIES Bird closed its acquisition of Stuart Olson in the third quarter of 2020 Fourth quarter 2020 represents first full quarter of Stuart Olson results  Stuart Olson was accretive to full-year adjusted earnings in 2020 REALIZATION  Progress has been made in identifying an

  12. Slide 12: Strong Backlog & Pending Backlog

    STRONG BACKLOG & PENDING BACKLOG1 in millions of Canadian dollars 5,000 59% of Backlog expected to 4,500 convert into Revenue over the next 12 months 4,000 3,500 1,636 DECEMBER 31, 2020 3,000 1,300  Year-end Backlog was approx. $2.7B 2,500  Year-end Pending Backlog was $1.6B 2,000 575  Backlog in

  13. Slide 13: Strong Financial Position

    STRONG FINANCIAL POSITION Q4 2020 DECEMBER 31, 2020 in millions of Canadian dollars 30.6% 1.20 (0.29x) LT DEBT CURRENT ADJUSTED NET DEBT/ Non-restricted cash $ 96.7 TO EQUITY RATIO TTM ADJUSTED EBITDA(1) Restricted cash $ 55.2  Q4’20 announced new syndicated credit facilities $165M Held in joint op

  14. Slide 14: Balanced Capital Allocation Priorities

    BALANCED CAPITAL ALLOCATION PRIORITIES in millions of Canadian dollars $16.0 $14.0 $12.0 $10.0 CAPEX (2) $8.0 $6.0 $14.6 $14.4 $14.2 OPERATING $4.0 $2.0 $7.2 CASHFLOW (1) $- 2017A 2018A 2019A 2020A $80.0 $18.0 $70.0 $60.0 $17.5 $50.0 DIVIDENDS $17.0 $40.0 $17.9 $71.7 $16.5 $17.6 $30.0 $20.0 $16.0 $1

  15. Slide 15: Constructing a Strong Foundation

    CONSTRUCTING A STRONG FOUNDATION DRIVING SUPERIOR SHAREHOLDER VALUE CREATION  Balanced and disciplined approach to capital allocation TARGETING SUSTAINABLE PROFITABLE GROWTH  Managing risk profile through diversification  Recurring revenue focus  Consistent margin improvement ENVIRONMENTAL, SOCI

  16. Slide 16: Questions

    QUESTIONS Teri McKibbon President & Chief Executive Officer Wayne Gingrich Chief Financial Officer

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