Slide 1: Q1-2021 Earnings
Bird Construction Inc. TSX: BDT Q1-2021 EARNINGS MAY 12, 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 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
Slide 4: Financial Highlights Q1 2021 Results
FINANCIAL HIGHLIGHTS Q1 2021 RESULTS(1) Solid start to 2021 despite SOLID 2020 being a year of $445M 38% START TO 2021 unprecedented uncertainty REVENUE $39.9M 136% GROSS PROFIT Healthy Backlog of $2.6B HEALTHY $21.0M 178% and Pending Backlog(2) of BACKLOG $1.7B ADJUSTED EBITDA $9.1M 714% ADJUSTED E
Slide 5: Increasing Adjusted EBITDA Margin
INCREASING ADJUSTED EBITDA MARGIN in millions of Canadian dollars I TRAILING TWELVE MONTH (TTM) ADJUSTED EBITDA Q1 2021 1600 1,565 ____ ............... 1,419 1,504 1,627 7% 5.9% 1400 1200 -----------------~------------ -.............. 1,382 1,376 5.5% 5.9% 6% 5% TTM ADJUSTED EBITDA Q1 2021 1000 4% 8
Slide 6: Contract Awards
CONTRACT AWARDS ,;~ ·~ z~;~ ;... ~ -- --··. . -,. :¥,-' ;3.•. :"- •··.,r ' . ,< CONCRETE FOUNDATIONS AND PAVING AT LNG FACILITY INDUSTRIAL SITE OVERPASS1 NANAIMO CORRECTIONAL$154M STORM AND EFFLUENT PONDS1 CORRECTIONAL EXPANSIONS ‘THE BURKE’ TOWER1 $172M MRO CONTRACT $550M+ 6 (1) Awards subsequent t
Slide 7: Strong Government Spending Outlook
STRONG GOVERNMENT SPENDING OUTLOOK I $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 0 $3.0B | Long-term Care and Affordable Housing* Over 5 Years (*$2.5B Over 7 Years) $6.0B | I
Slide 8: Q1 2021 Financial Results
Q1 2021 FINANCIAL RESULTS REVENUE $445M 38% The year-over-year increase can be attributed to the inclusion of Stuart Olson. Pandemic had an estimated negative impact of $90.0 million. YEAR-OVER-YEAR INCREASE The year-over-year improvement due to a combination of additional GROSS $39.9M 136% gross pr
Slide 9: Integration Synergies Update
INTEGRATION SYNERGIES UPDATE I BIRD CLOSED ITS ACQUISITION OF STUART OLSON IN THE THIRD QUARTER OF 2020 REALIZATION OF SYNERGIES $8 million of the stated $10 million in cost synergies have been set in motion. COST SAVINGS Fully realized the remaining $15 million in depreciation and amortization and
Slide 10: Strong Backlog & Pending Backlog
STRONG BACKLOG & PENDING BACKLOG1 in millions of Canadian dollars 64% of Backlog expected to 5,000 convert into Revenue over the 4,500 next 12 months 4,000 3,500 1,636 1,685 I MARCH 31, 2021 1,300 3,000 Quarter-end Backlog was ~$2.6B 2,500 Year-end Pending Backlog was ~$1.7B Backlog increased
Slide 11: Strong Financial Position
STRONG FINANCIAL POSITION Q1 2021 MARCH 31, 2021 in millions of Canadian dollars 26.4% 1.22 0.36x LT DEBT CURRENT ADJUSTED NET DEBT/ Accessible cash $ 31.1 TO EQUITY RATIO TTM ADJUSTED EBITDA(1) Restricted cash $ 45.1 Q4 2020 announced new syndicated credit facilities $165M Held in joint operation
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 $80.0 $70.0 OPERATING CASHFLOW (1) $3.0 $1.0 -$1.0 $20.0 2018A 2019A 2020A -- $2.3 2020YTD Q1 $1.0 2021YTD Q1 $18.0 $60.0 DIVIDENDS $16.0 $14.0 $50.0 $12.0 $10.0 $40.0 $8.0 $16.6 $16.6 $17.6 $71.7 $6.
Slide 13: Sustainability Overview
SUSTAINABILITY OVERVIEW Bird’s long-term strategic vision is rooted in our belief that the construction industry plays BUILD GREEN an important role in providing sustainable, innovative, and lasting solutions for not only Pursuing opportunities to utilize our clients, partners, and employees, but fo
Slide 14: Constructing a Strong Foundation
CONSTRUCTING A STRONG FOUNDATION @ DRIVING SUPERIOR SHAREHOLDER VALUE CREATION Balanced and disciplined approach to capital allocation - ~ eI TARGETING SUSTAINABLE PROFITABLE GROWTH Managing risk profile through diversification Recurring revenue focus Consistent margin improvement - e ENVIRO
Slide 15: Questions
QUESTIONS i