Slide 1: Fourth Quarter & Full Year 2023 Earnings Presentation
Fourth Quarter & Full Year 2023 Earnings Presentation February 28, 2024
Slide 2: Forward-Looking Statements and Non-IFRS Financial Measures
Forward-Looking Statements and Non-IFRS Financial Measures Forward-Looking Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, information with respect to MDA
Slide 3: Why Invest In MDA?
Why Invest In MDA? Established Industry Leader with a Attractive Fundamentals for Proven Track Record and Strong Long-term Value Creation Competitive Position Growing backlog, strong profitability and healthy balance sheet More than 50 years of innovation in space Strong customer relationships with
Slide 4: Key Messages - Full Year 2023
Key Messages FULL YEAR 2023 Strong top line growth with revenues of $807.6M, up 26% YoY driven by execution on our backlog Solid profitability with adjusted EBITDA(1) of $174.2M, up 24% YoY(2) Robust adjusted EBITDA margin(1) of 21.6% Strong business activity with order bookings(1) of $2.5B
Slide 5: Key Messages - Fourth Quarter 2023 and 2024 Outlook
Key Messages FOURTH QUARTER 2023 Solid top line growth with revenues of $205.0M, up 10% YoY driven by execution on our backlog Robust profitability with adjusted EBITDA(1) of $42.1M, up 6% YoY, and adjusted EBITDA margin(1) of 20.5% Record backlog of $3.1B at quarter end, up 125% YoY 2024 FINA
Slide 6: Key Performance Indicators
Key Performance Indicators Backlog LTM Revenues $3,097M $808M $641M $1,378M Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 LTM Adj. EBITDA (ex. non-recurring items) (1,2) LTM Operating Cash Flow Excluding WC pre-payments for future inventory & CHORUS launch $174M $141M $73M Adj. EBITDA Adj. EBI
Slide 7: Fourth Quarter 2023 Results
Fourth Quarter 2023 Results ($M, except per share data) Q4 2023 Q4 2022 YoY Change ($) YoY Change (%) Revenues $205.0 $186.1 $18.9 10% Gross Profit 57.8 58.9 -1.1 -2% Gross margin 28.2% 31.6% (1) Adjusted EBITDA 42.1 39.9 2.2 6% (1) Adjusted EBITDA margin 20.5% 21.4% Adjusted Net Income (1) 27.8 22.
Slide 8: Full Year 2023 Results
Full Year 2023 Results ($M, except per share data) 2023 2022 YoY Change ($) YoY Change (%) Revenues $807.6 $641.2 $166.4 26% Gross Profit 244.0 228.4 15.6 7% Gross margin 30.2% 35.6% (1) Adjusted EBITDA 174.2 157.9 16.3 10% (1, 2) Adjusted EBITDA, excluding non-recurring items 174.2 141.1 33.1 24% A
Slide 9: Order Bookings & Backlog
Order Bookings & Backlog LTM Order Bookings (1) Backlog $2,452M $2,526M $3,069M $3,097M $1,303M $1,380M $1,136M $1,155M $1,517M $1,521M $1,405M $1,378M $1,232M $1,098M $768M $864M $430M $333M Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23
Slide 10: Cash Generation & Financial Position
Cash Generation & Financial Position Operating Cash Flow Capital Expenditures Free Cash Flow (1) FCF $73M FCF excluding Growth Capex $57M Maintenance Capex 2022 $193M $31M $38M $40M Maintenance Capex 2023 $180M $14M $14M -$7M -$11M -$51M -$12M Excluding WC $58M pre-payments for $47M -$99M future inv
Slide 11: 2024 Financial Outlook
2024 Financial Outlook 2024 Financial Outlook (February 28, 2024) Revenue $950 - $1,050M YoY Growth at mid-point ~25% Adjusted EBITDA $190 - $210M Adjusted EBITDA Margin ~19% - 20% Capital Expenditures (1) $210 - $230M Outlook Assumptions Financial outlook reflects management’s judgment based on C
Slide 12: Appendix
APPENDIX
Slide 13: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q4-23 Q4-22 2023 2022 Net income $13.5 $8.8 $48.8 $26.3 Depreciation and amortization 9.2 6.3 31.6 23.7 Amortization of intangible assets related to 11.7 12.8 46.5 52.5 business combination Income tax expense (recovery) (0.1) 4.7 18.5 7.9 Finance i
Slide 14: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M, except per share data) Q4-23 Q4-22 2023 2022 Net income $13.5 $8.8 $48.8 $26.3 Amortization of intangible assets related to 11.7 12.8 46.5 52.5 business combination Impairment of long-lived assets - - 4.8 - Acquisition, integration & restructuring
Slide 15: Appendix – Reconciliation of Non-IFRS Measures
Appendix – Reconciliation of Non-IFRS Measures ($M) Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Opening Backlog $3,068.7 $1,093.8 $1,232.4 $1,378.2 $1,405.1 $1,520.8 $1,516.8 $864.3 Revenue recognized (205.0) (204.7) (196.0) (201.9) (186.1) (172.0) (154.7) (128.4) Order Bookings 233.3 2,175.1 61
Slide 16: We'll Take You There
6\uiDa We'll Take You There