Slide 1: Q2-2021 Earnings
Bird Construction Inc. TSX: BDT Q2-2021 EARNINGS AUGUST 11, 2021
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
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" is the total value of all contracts awarded to the Company, less the total value of work completed on
Slide 4: Disclaimer: Non-GAAP Measures
DISCLAIMER NON-GAAP MEASURES Throughout this presentation, management uses the following terms which have no standardized meaning prescribed by IFRS and are considered non-GAAP measures. The non-GAAP measures used are: Adjusted Earnings, Adjusted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA
Slide 5: Financial Highlights: Q2 2021 Results
FINANCIAL HIGHLIGHTS Q2 2021 RESULTS(1) STRONG Record Q2 2021 Revenues RECORD FINISH TO 2020 Continued realization of cross- $556M 97% REVENUES selling synergies REVENUE $49.0M 139% GROSS PROFIT Record Backlog (2) of $2.7B RECORD COMBINED and Pending Backlog(2) of $30.1M 144% $1.6B BACKLOG ADJUSTED
Slide 6: Increasing Adjusted EBITDA Margin
INCREASING ADJUSTED EBITDA MARGIN(1) in millions of Canadian dollars TRAILING TWELVE MONTH (TTM) ADJUSTED EBITDA(1) Q2 2021 2,000 1,901 8% 6.0% 1,800 1,627 7% TTM ADJUSTED 1,600 1,504 6.0% 1,419 1,382 1,376 6% EBITDA Q2 2021 1,400 5.5% 1,200 5% 11 1,000 4% SEQUENTIAL QUARTERS OF IMPROVING TTM 800 2.
Slide 7: Contract Awards
CONTRACT AWARDS DEVON RECREATIONAL COMPLEX CORRECTIONAL EXPANSIONS INDUSTRIAL SITE OVERPASS 17-STOREY MIXED USE IN TORONTO STORM AND EFFLUENT PONDS THREE YEAR M&E SERVICES $75M ‘THE BURKE’ $172M NANAIMO CORRECTIONAL$154M 7
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS Q2 2021 YTD 2021 REVENUE $556M 97% $1.0B 66% YEAR-OVER-YEAR YEAR-OVER-YEAR INCREASE INCREASE GROSS PROFIT $49.0M 139% YEAR-OVER-YEAR $88.9M 138% YEAR-OVER-YEAR 8.8% OF REVENUE 8.9% OF REVENUE INCREASE INCREASE GENERAL and $30.5M 126% $60.0M 112% ADMINISTRATIVE 5.5% OF REVENUE YE
Slide 9: Stuart Olson Integration Update
STUART OLSON INTEGRATION UPDATE REALIZING PROFITABILITY GROWTH THROUGH TOP-LINE AND COST SAVINGS INITIATIVES REALIZATION OF SYNERGIES The full $10 million of forecasted EBITDA synergies have been set in motion. COST SAVINGS Fully realized the remaining $15 million in depreciation and amortization an
Slide 10: Record Combined Backlog
RECORD COMBINED BACKLOG(1) in millions of Canadian dollars 63% of Backlog expected to 5,000 convert into Revenue over the 4,500 next 12 months 4,000 3,500 1,648 1,636 1,685 JUNE 30, 2021 1,300 3,000 • Quarter-end Backlog was ~$2.7B 2,500 • Quarter-end Pending Backlog was ~$1.6B • Backlog increased 6
Slide 11: Strong Financial Position
STRONG FINANCIAL POSITION Q2 2021 JUNE 30, 2021 24.6% 1.23 0.54x in millions of Canadian dollars Accessible cash $ 2.8 LT DEBT CURRENT ADJUSTED NET DEBT/ TO EQUITY(1) RATIO(2) TTM ADJUSTED EBITDA(3) Restricted cash $ 58.2 • Q4 2020 announced new syndicated credit facilities of a Held in joint operat
Slide 12: Balanced Capital Allocation Priorities
BALANCED CAPITAL ALLOCATION PRIORITIES $15.0 $13.0 $11.0 $9.0 CAPEX (2) $7.0 $14.6 $14.4 $14.2 $5.0 $3.0 $5.6 $3.2 $1.0 -$1.0 OPERATING CASHFLOW (1) 2018A 2019A 2020A 2020YTD Q2 2021YTD Q2 $80.0 $20.0 $18.0 $70.0 $16.0 $60.0 DIVIDENDS $14.0 $12.0 $50.0 $10.0 $16.6 $16.6 $17.6 $8.0 $40.0 $6.0 $71.7 $
Slide 13: 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
Slide 14: Questions
QUESTIONS
Slide 15: Appendix
APPENDIX
Slide 16: Strong Government Spending Outlook
STRONG GOVERNMENT SPENDING OUTLOOK $350B+ IN GOVERNMENT SPENDING OPPORTUNITIES FEDERAL 2021-2022 BUDGET HIGHLIGHTS Infrastructure-related spending of $26B over 6 years $14.9B | Public Transit Over 8 Years $3.0B | Long-term Care and Affordable Housing* Over 5 Years (*$2.5B Over 7 Years) $6.0B | Infra
Slide 17: Sustainability Overview
SUSTAINABILITY OVERVIEW Bird’s long-term strategic vision is rooted in our belief that the construction industry BUILD GREEN plays an important role in providing sustainable, innovative, and lasting solutions for not only our clients, partners, and employees, but for the communities in which we live