Q2 2024 Dexterra Group Inc Earnings Call Transcript
Key Points
- Dexterra Group Inc (HZNOF) reported a strong Q2 2024 with consolidated revenue of over $253 million, marking an 18% increase compared to Q2 2023.
- The company achieved an adjusted EBITDA of over $29 million in Q2 2024, significantly up from $25.2 million in Q2 2023.
- The sale of the Modular Solutions business for $40 million is expected to simplify the business and strengthen the balance sheet.
- The acquisition of CMI Management contributed positively, adding $17.4 million in revenue for Q2 2024.
- Dexterra Group Inc (HZNOF) maintains a strong balance sheet, allowing flexibility for dividends, share buybacks, and niche acquisitions.
- The company experienced lower and more normalized wildfire support activity in Q2, impacting revenue.
- Seasonality affected IFM revenues, particularly in the education sector, which traditionally sees lower Q2 and Q3 revenue.
- Protests on campuses impacted IFM revenue, leading to some cancellations and relocations of events.
- Debt increased to $139.8 million at the end of Q2 2024, up from $132.7 million in Q1 2024, due to normal seasonality.
- The company anticipates a moderate increase in wildfire support activity in Q3, significantly less than the extraordinary activity in Q3 of the previous year.
Good morning, ladies and gentlemen, and welcome to Dexterraâs Second Quarter 2024 Results Conference Call.
As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)
I would now like to turn the conference over to Denise Achonu, CFO. Please go ahead.
Thank you, Ayesha, and good morning. My name is Denise Achonu, Chief Financial Officer of Dexterra Group Inc.
With me today on the call are Mark Becker, our CEO; and our Board Chair, Bill McFarland, who will provide some brief introductory comments. After a brief presentation, we will take questions with the call ending by 9:15 Eastern Time.
We will be commenting on our Q2 2024 results with the assumption that you have read the Q2 earnings release, MD&A and financial statements. The slide presentation which supports todayâs comments is posted on our website and we encourage participants to access the
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