THE UNITED STATES/
www.sedar.com). This news release is not in any way a substitute for reading Boyd’s financial statements, including notes to the financial statements, and Boyd’s Management’s Discussion & Analysis. ” data-reactid=”14″>WINNIPEG, MB, Aug. 12, 2020 /CNW/ – Boyd Group Services Inc. (TSX: BYD) (“the Boyd Group”, “Boyd” or “the Company”) today announced the results for the three and six month periods ended June 30, 2020. The Boyd Group’s second quarter 2020 financial statements and MD&A have been filed on SEDAR (www.sedar.com). This news release is not in any way a substitute for reading Boyd’s financial statements, including notes to the financial statements, and Boyd’s Management’s Discussion & Analysis.
Tim O’Day, President & Chief Executive Officer of the Boyd Group. “Our efforts delivered positive operating cash flow, notwithstanding the substantial decline in the revenues caused by COVID-19. We continue to adjust our business in accordance with changes in demand for our services, increasing production capacity as demand for collision repair services rises and beginning to evaluate growth opportunities as they emerge. Boyd team members have continued to demonstrate exceptional perseverance and entrepreneurial spirit throughout these challenging times. I am extremely pleased that recent demand levels have allowed us to reinstate many of those who were laid off. As we return closer to normal levels of demand and many of our workforce and customers return to our locations, our priorities remain taking care of the health and safety of both our team members and our customers and preparing for the future that lies ahead.”
|
Results of Operations |
For the three months ended, |
For the six months ended, |
||||
|
(thousands of Canadian dollars, except |
2020 |
% change |
2019 |
2020 |
% change |
2019 |
|
Sales – Total |
426,473 |
(25.5) |
572,505 |
1,054,823 |
(6.7) |
1,130,402 |
|
Same-store sales – Total (excluding |
378,528 |
(33.0) |
565,019 |
896,212 |
(17.0) |
1,079,228 |
|
Gross margin % |
46.8% |
2.0 |
45.9% |
45.6% |
— |
45.6% |
|
Operating expense % |
35.3% |
10.7 |
31.9% |
33.2% |
5.1 |
31.6% |
|
Adjusted EBITDA |
49,182 |
(38.6) |
80,099 |
130,599 |
(17.6) |
158,421 |
|
Acquisition and transaction costs |
378 |
(73.8) |
1,444 |
1,164 |
(56.9) |
2,703 |
|
Depreciation and amortization |
45,047 |
17.9 |
38,214 |
87,698 |
20.0 |
73,111 |
|
Fair value adjustments |
(95) |
(101.1) |
8,689 |
(3,155) |
(121.8) |
14,502 |
|
Finance costs |
13,005 |
24.1 |
10,480 |
24,203 |
31.5 |
18,409 |
|
Income tax (recovery) expense |
(2,094) |
(127.8) |
7,533 |
5,093 |
(65.0) |
14,568 |
|
Adjusted net (loss) earnings |
(6,874) |
(129.3) |
23,497 |
13,302 |
(74.2) |
51,630 |
|
Adjusted net (loss) earnings per share/unit |
(0.33) |
(127.9) |
1.18 |
0.65 |
(75.0) |
2.60 |
|
Net (loss) earnings |
(7,059) |
(151.4) |
13,739 |
15,596 |
(55.6) |
35,128 |
|
Basic (loss) earnings per share/unit |
(0.34) |
(149.3) |
0.69 |
0.76 |
(57.1) |
1.77 |
|
Diluted (loss) earnings per share/unit |
(0.34) |
(154.0) |
0.63 |
(52.2) |
1.59 |
|
|
1. Standardized EBITDA, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, adjusted for the fair value adjustments related to the exchangeable share liability, unit option liability, non-controlling interest call liability / put option and contingent consideration, as well as acquisition and transaction costs), adjusted net (loss) earnings and adjusted net (loss) earnings per share/unit are not recognized measures under International Financial Reporting Standards (“IFRS”). Management believes that in addition to revenue, net (loss) earnings and cash flows, the supplemental measures of adjusted net (loss) earnings, Standardized EBITDA and Adjusted EBITDA are useful as they provide investors with an indication of earnings from operations and cash available for distribution, both before and after debt management, productive capacity maintenance and non-recurring and other adjustments. Investors should be cautioned, however, that Standardized EBITDA, Adjusted EBITDA, adjusted net (loss) earnings and adjusted net (loss) earnings per share/unit should not be construed as an alternative to net (loss) earnings determined in accordance with IFRS as an indicator of Boyd’s performance. Boyd’s method of calculating these measures may differ from other public issuers and, accordingly, may not be comparable to similar measures used by other issuers. For a detailed explanation of how Boyd’s non-GAAP measures are calculated, please refer to Boyd’s MD&A filing for the period ended June 30, 2020, which can be accessed via the SEDAR Web site (www.sedar.com). |
$1 billion. Boyd’s ample liquidity combined with our scalable operating model, will continue to allow us to adjust and adapt, and take advantage of market opportunities as they present themselves.”
www.boydgroup.com. An archived replay of the webcast will be available for 90 days. A taped replay of the conference call will also be available until Wednesday, August 19, 2020, at midnight by calling 1-855-859-2056 or 416-849-0833, reference number 2683894.” data-reactid=”47″>As previously announced, management will hold a conference call on Wednesday, August 12, 2020, at 10:00 a.m. (ET) to review the Company’s 2020 second quarter results. You can join the call by dialing 888-231-8191 or 647-427-7450. A live audio webcast of the conference call will be available through www.boydgroup.com. An archived replay of the webcast will be available for 90 days. A taped replay of the conference call will also be available until Wednesday, August 19, 2020, at midnight by calling 1-855-859-2056 or 416-849-0833, reference number 2683894.
http://www.boydgroup.com.” data-reactid=”48″>About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange (TSX) under the symbol BYD. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at http://www.boydgroup.com.
http://www.boydautobody.com) and Assured Automotive (http://www.assuredauto.ca) as well as in the U.S. under the trade name Gerber Collision & Glass (http://www.gerbercollision.com). In addition, the Company is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. The Company also operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at (http://www.boydgroup.com).” data-reactid=”53″>About The Boyd Group Inc.
The Boyd Group Inc. (the “Company”) is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. The Company operates locations in Canada under the trade names Boyd Autobody & Glass (http://www.boydautobody.com) and Assured Automotive (http://www.assuredauto.ca) as well as in the U.S. under the trade name Gerber Collision & Glass (http://www.gerbercollision.com). In addition, the Company is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. The Company also operates a third party administrator, Gerber National Claims Services (“GNCS”), that offers glass, emergency roadside and first notice of loss services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at (http://www.boydgroup.com).
here:” data-reactid=”54″>To view Boyd Group Services Inc. Q2 2020 financial statements and notes, please click here:
SOURCE Boyd Group Services Inc.
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