Boyd Group Services Inc. Reports Fourth Quarter and Full Year 2024 Results
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- Continued market share gains in challenging conditions -
WINNIPEG, MB, March 19, 2025 /CNW/ - Boyd Group Services Inc. (TSX:BYD) ("the Boyd Group", "Boyd" or "the Company") today announced the results for the three and twelve-month periods ended December 31, 2024. The Boyd Group's fourth quarter 2024 financial statements and MD&A have been filed on SEDAR+ (www.sedarplus.ca). 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.
2024 Results and Highlights:
Sales increased by 4.2% to $3.1 billion from $2.9 billion in the same period of 2023, including incremental sales from 155 new locations of $187.2 million, partially offset by same-store sales[1] declines of 1.8%. Fiscal 2024 recognized two additional selling and production days when compared to fiscal 2023, which increased selling and production capacity by 0.8% in 2024 when compared to 2023
Adjusted EBITDA1 decreased 9.1% to $334.8 million, compared with Adjusted EBITDA of $368.2 million in 2023
Adjusted net earnings1 decreased 65.5% to $30.9 million, compared with $89.7 million in adjusted net earnings in 2023 and adjusted net earnings per share1 decreased 65.6% to $1.44, compared with $4.18 in 2023
Net earnings decreased 71.7% to $24.5 million, compared with $86.7 million in 2023 and net earnings per share decreased 71.7% to $1.14, compared with $4.04 in 2023
Debt, net of cash before lease liabilities increased from $399.2 million at December 31, 2023 to $487.3 million at December 31, 2024
Positive cash flows provided by operating activities of $313.3 million, compared with $357.5 million in 2023
Increased quarterly dividends by 2.0% in November 2024, bringing dividends to an annualized amount of C$0.612 per share from C$0.600 per share
Added 49 new locations, including 37 acquisition locations and 12 start-up locations
Announced the appointment of Brian Kaner as President & Chief Operating Officer, and that, effective May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner
Launched "Project 360", a company-wide transformation initiative, expected to result in $100 million in annual recurring cost savings over the plan period, with upfront investment and transition costs projected to be between $20-$23M over the coming quarters
Extended the revolving credit facilities maturity to March 2028 and increased availability to a maximum of $850 million, with the existing $125 million Term Loan A maturing in March 2027 remaining unchanged
Increased internalization of scanning and calibration services to 40%, with an increase in staffing from 98 employees to 225 employees during 2024
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1 Same-store sales, Adjusted EBITDA, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Subsequent to Quarter End
Announced new growth goal, which includes growing revenue to $5 billion in 2029, doubling Adjusted EBITDA to $700 million between 2024-2029, expanding market share and retaining a leadership position in all markets served, and achieving top-tier profitability in the North American collision industry
Added nine locations
Declared first quarter dividend in the amount of C$0.153 per share
Published Boyd's fourth Environmental, Social and Governance Report
Results of Operations
For the three months ended, December 31,
For the years ended, December 31,
(thousands of U.S. dollars, except per share amounts)
2024
% change
2023
2024
% change
2023
Sales, Total
752,339
1.7
740,014
3,070,342
4.2
2,945,988
Same-store sales, Total (excluding foreign exchange) (1)
717,532
(2.6)
736,422
2,800,742
(1.8)
2,852,425
Gross margin %
45.8 %
0.7
45.5 %
45.5 %
—
45.5 %
Operating expense %
34.8 %
6.4
32.7 %
34.6 %
4.8
33.0 %
Adjusted EBITDA (1)
83,408
(11.5)
94,207
334,819
(9.1)
368,247
Acquisition and transformational cost initiatives
5,374
261.4
1,487
9,879
127.3
4,346
Depreciation and amortization
59,146
14.2
51,783
225,319
16.8
192,851
Fair value adjustments
(144)
N/A
(189)
(952)
N/A
(189)
Finance costs
17,382
23.7
14,052
68,913
33.2
51,718
Income tax (recovery) expense
(792)
(109.9)
8,008
7,116
(78.3)
32,865
Adjusted net earnings (1)
6,275
(68.6)
19,977
30,902
(65.5)
89,683
