Q2 2024 Black Diamond Group Ltd Earnings Call Transcript
Key Points
- Black Diamond Group Ltd (BDIMF) reported strong financial results with revenues of $95.5 million and adjusted EBITDA of $27.9 million, marking increases of 5% and 24% respectively from the previous year.
- Net profit increased by 63% to $7.5 million, and earnings per share rose by 50% to $0.12 compared to Q2 2023.
- The company's Modular Space Solutions (MSS) segment saw rental revenue growth of 6% to $22.2 million, with average monthly rental rates increasing by 9%.
- Consolidated contracted future rental revenue grew by 16% to $139.6 million, indicating strong forward cash flow generation and stability.
- LodgeLink, the workforce travel platform, achieved record gross bookings of $24.4 million and net revenue of $2.9 million, up 25% and 26% respectively from the previous year.
- Workforce Solutions (WFS) rental revenue declined by 7% to $13.1 million due to lower utilization following the completion of large pipeline construction projects.
- The WFS fleet count reduced by 1.3% or 81 units in the first half of 2024.
- Non-rental revenue for WFS decreased by 24% from $18.4 million in Q2 2023 to $14 million.
- The average cost of debt increased to 6.27% from 5.56% in Q2 2023, reflecting higher borrowing costs.
- Administrative costs rose by 18% to $19.9 million, with ERP costs contributing to the increase.
Thank you for standing by. This is the conference operator. Welcome to Black Diamond's second quarter results conference call. (Operator Instructions)
I would now like to turn the conference over to Mr. Sean McPherson, Investor Relations Specialist. Please go ahead.
Good morning, and thank you for joining Black Diamond Group's second quarter 2024 results conference call. On the line with us today is Chief Executive Officer, Trevor Haynes; and Chief Financial Officer, Toby LaBrie, as well as Chief Operating Officer of Modular Space Solutions, Ted Redmond; Chief Operating Officer of Workforce Solutions, Mike Ridley; and Chief Operating Officer of LodgeLink, Kevin Lo.
Please be reminded that our discussions today may include forward-looking statements regarding Black Diamond's future results. And that such statements are subject to a number of risks and uncertainties. Actual financial and operational results may differ materially from these forward-looking expectations.
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