BuildDirect Reports Third Quarter 2023 Financial Results
BuildDirect Reports Third Quarter 2023 Financial Results
- Delivered adjusted EBITDA of $1.37 million for Q3 2023; the Company has delivered seven consecutive quarters of positive adjusted EBITDA.
- Delivered gross margins of 39.8% for Q3 2023, an increase of 840 bps year-over-year and 10 bps quarter-over-quarter.
- Working capital increased by $7.1 million quarter-over-quarter to a positive $2.6 million in Q3 2023.
- Company to host Third Quarter 2023 earnings conference call on Tuesday, November 21, 2023, at 10:00 AM (PST) / 1:00 PM (EST).
- 2023年第三季度調整後息稅折舊攤銷前利潤爲137萬美元;公司已連續七個季度實現調整後息稅折舊攤銷前利潤爲正。
- 2023年第三季度的毛利率爲39.8%,同比增長840個點子,同比增長10個點子。
- 2023年第三季度,營運資金同比增長710萬美元,達到正260萬美元。
- 公司將於2023年11月21日星期二上午10點(太平洋標準時間)/下午1點(美國東部標準時間)舉辦2023年第三季度業績電話會議。
BuildDirect reports in US dollars and in accordance with IFRS. All references to dollars herein are in United States dollars ($) unless otherwise specified.
BuildDirect以美元並根據國際財務報告準則進行報告。除非另有說明,否則此處提及美元的所有內容均以美元($)爲單位。
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - BuildDirect.com Technologies Inc. (TSXV: BILD) ("BuildDirect" or the "Company") a leading omnichannel building material retailer, today announced its financial results for the Third Quarter of 2023 ("Q3 2023").
不列顛哥倫比亞省溫哥華--(Newsfile Corp.,2023年11月21日)——領先的全渠道建築材料零售商BuildDirect.com Technologies Inc.(多倫多證券交易所股票代碼:BILD)(“BildDirect” 或 “公司”)今天公佈了2023年第三季度(“2023年第三季度”)的財務業績。
"During Q3 2023, BuildDirect reported an adjusted EBITDA of $1.37 million and continued to improve its profitability," said Shawn Wilson, CEO of BuildDirect. "Our growth strategy remains focused on increasing the number of brick-and-mortar Pro-Centers, throughout North America (referred to as independent retailers in our financials) and accelerating our E-Commerce business."
BuildDirect首席執行官肖恩·威爾遜表示:“在2023年第三季度,BuildDirect公佈調整後的息稅折舊攤銷前利潤爲137萬美元,盈利能力繼續提高。”“我們的增長戰略仍然側重於增加整個北美的實體專業中心(在我們的財務中被稱爲獨立零售商)的數量,並加快我們的電子商務業務。”
Shawn added, "The Company currently has five Pro Centers located in Michigan which generate approximately $55 million in revenue on an annualized basis (combined). As previously announced, the Company also recently launched a Pro Center in Richmond, British Columbia. Of the Top 50 Markets in North America, we currently have Pro-Centers in only two - leaving potentially significant opportunities for growth. By establishing a sizable physical and digital footprint, we will be well-positioned to increase our share of the over $70 billion North American. flooring market. As a reminder, our Pro-Centers operate together with our E-Commerce business. We import products from manufacturers across the globe into our Pro-Centers. From there we sell those products and services to local Pros and also leverage the Pro-Centers to fulfill our E-Commerce orders."
肖恩補充說:“該公司目前在密歇根州有五個專業中心,按年計算(合計)產生約5500萬美元的收入。正如先前宣佈的那樣,該公司最近還在不列顛哥倫比亞省里士滿推出了專業中心。在北美排名前50位的市場中,我們目前僅有兩個市場擁有專業中心,這爲增長提供了潛在的巨大機會。通過建立可觀的物理和數字足跡,我們將有能力增加我們在超過700億美元的北美地板市場中的份額。提醒一下,我們的專業中心與我們的電子商務業務共同運營。我們將來自全球製造商的產品進口到我們的專業中心。從那裏,我們將這些產品和服務出售給當地的專業人士,並利用專業中心來完成我們的電子商務訂單。”
"As we pursue the growth of our Pro-Center footprint we anticipate that our E-Commerce business becomes even more competitive," continued Shawn. "During Q3 2023, BuildDirect successfully completed a migration and enhancements to its e-commerce platform. The changes have allowed the Company to lower its overall fixed costs associated with the e-commerce business the impact of which cost reductions we anticipate will become more evident in the Company's Q4 2023 and into 2024. More importantly, the enhancements will allow the team to re-focus its energy on profitable growth initiatives within the e-commerce division going forward."
肖恩繼續說:“隨着我們追求Pro-Center業務的增長,我們預計我們的電子商務業務將變得更具競爭力。”“在2023年第三季度,BuildDirect成功完成了對其電子商務平台的遷移和增強。這些變化使公司能夠降低與電子商務業務相關的總體固定成本,我們預計,成本降低的影響將在公司2023年第四季度以及2024年變得更加明顯。更重要的是,這些改進將使團隊能夠將精力重新集中在電子商務部門未來的盈利增長計劃上。”
Third Quarter 2023 Financial Results Conference Call
2023 年第三季度財務業績電話會議
BuildDirect will host a conference call to discuss the Company's financial results.
BuildDirect將主持電話會議,討論公司的財務業績。
Time: 10:00 AM (PST) / 1:00 PM (EST)
Date: Tuesday, November 21, 2023
Register:
時間: 上午 10:00(太平洋標準時間)/下午 1:00(美國東部標準時間)
日期: 2023年11月21日,星期二
註冊:
The replay will be available approximately 24 hours after the completion of the conference call. In addition, an archived replay will be available on the Investor Relations section of the Company's website at .
重播將在電話會議結束大約 24 小時後公佈。此外,存檔的重播將在公司網站的 “投資者關係” 部分公佈,網址爲 。
Among other things, BuildDirect will discuss the long-term financial outlook on the conference call and related materials will be available on the Company's website at . Investors should carefully review the factors, assumptions, risks, and uncertainties included in such related materials concerning such as the long-term financial outlook.
除其他外,BuildDirect將在電話會議上討論長期財務前景,相關材料將在公司網站上公佈,網址爲 。 投資者應仔細審查與長期財務前景等相關材料中包含的因素、假設、風險和不確定性。
Third Quarter 2023 Financial Highlights
2023 年第三季度財務摘要
Q3 2023 | Q2 2023 | % Change |
Q3 2022 | %Change |
|
Revenue | $18.4 million | $19.1 million | (3.6)% | $22.0 million | (16.3)% |
Gross Profit | $7.3 million | $7.6 million | (3.4)% | $6.9 million | 5.8% |
Gross Margin | 39.8% | 39.7% | 10 bps | 31.4% | 840 bps |
Adjusted EBITDA1 | $1.37 million | $1.06 million | 28.8% | $0.29 million | 365.4% |
2023 年第三季度 | 2023 年第二季度 | % 變化 |
2022 年第三季度 | %更改 |
|
收入 | 1,840 萬美元 | 1,910 萬美元 | (3.6)% | 2200 萬美元 | (16.3)% |
毛利 | 730 萬美元 | 760 萬美元 | (3.4)% | 690 萬美元 | 5.8% |
毛利率 | 39.8% | 39.7% | 10 bps | 31.4% | 840 bps |
調整後 EBITDA1 | 137 萬美元 | 106 萬美元 | 28.8% | 29 萬美元 | 365.4% |
1Adjusted EBITDA is a non-IFRS measure. See "Non-IFRS Measures" in the MD&A and the reconciliation to the most directly comparable IFRS measure below.
1調整後的息稅折舊攤銷前利潤是非國際財務報告準則的指標。參見《MD&A》中的 “非國際財務報告準則指標” 以及下文與最直接可比的《國際財務報告準則》指標的對賬情況。
- Total revenue was $18.4 million for Q3 2023, a decrease of 16.3% and 3.6%, year-over-year and quarter-over-quarter, respectively. The decrease in revenues is a result of a temporary scale down of the Company's e-commerce operations in 2022 to facilitate its platform migration and enhancements initiative which lowered its systems operating costs and helped create consistent positive adjusted EBITDA results to date.
- 2023年第三季度的總收入爲1,840萬美元,分別同比和同比下降16.3%和3.6%。收入減少是由於公司在2022年暫時縮減了電子商務業務,以促進其平台遷移和增強計劃,該計劃降低了系統運營成本,並幫助迄今爲止創造了持續的調整後息稅折舊攤銷前利潤爲正的業績。
- Gross margin was 39.8% for Q3 2023, an increase of 840 bps year-over-year and 10 bps quarter-over-quarter. The increase in gross margin percentage can be attributed to the improvements to BuildDirect's e-commerce product margin with a shift in pricing strategy from "everyday low prices" to a "high-low pricing" strategy, improvements to the Company's independent retailer product margin as we source more product directly through BuildDirect's direct to manufacturer procurement model, and the reduction in inbound freight costs.
- 2023年第三季度的毛利率爲39.8%,同比增長840個點子,同比增長10個點子。毛利率的提高可以歸因於BuildDirect電子商務產品利潤率的提高,定價策略從 “每日低價” 轉變爲 “高低定價” 策略,隨着我們直接通過BuildDirect的直接向製造商採購模式採購更多產品,公司的獨立零售商產品利潤率有所提高,以及入境運費成本的降低。
- Pro revenue was $16.6 million for Q3 2023, which represents 91.6% of the Company's total revenue during the third quarter of 2023, an increase in the share of revenue of 3.5% year-over-year. The increase in the percentage of Pro Revenue is a result of the Company temporarily scaling down its e-commerce operations, which operations generate some of its revenues from Homeowner.
- 2023年第三季度的專業收入爲1,660萬美元,佔公司2023年第三季度總收入的91.6%,收入份額同比增長3.5%。Pro Revenue百分比的增加是該公司暫時縮減其電子商務業務的結果,這些業務的部分收入來自房主。
- Adjusted EBITDA was $1.37 million for Q3 2023, an increase of approximately $1.08 million (or approximately 365%) year-over-year and $0.31 million (or approximately 29%) quarter-over-quarter, largely attributed to the temporary scale down of the e-commerce business, reduced operating costs and the improved gross margins.
- 2023年第三季度調整後的息稅折舊攤銷前利潤爲137萬美元,同比增長約108萬美元(約合365%),同比增長31萬美元(約合29%),這主要歸因於電子商務業務的暫時縮小、運營成本的降低和毛利率的提高。
- Cash flow from operations was $1.2 million for Q3 2023 as compared to -$1.0 million in the prior year comparable, an increase of approximately $2.3 million year-over-year. The increase in cash flow from operations can be attributed to an increase in gross margins and a temporary scale down of the Company's e-commerce operations at the end of Q2 2022, which decreased marketing spend, administration, and research and development expenses.
- 2023年第三季度的運營現金流爲120萬美元,而去年同期爲-100萬美元,同比增長約230萬美元。運營現金流的增加可以歸因於毛利率的增加以及公司在2022年第二季度末電子商務業務的暫時縮減,這減少了營銷支出、管理和研發支出。
- As of September 30, 2023 current assets were $15.8 million, which exceeded current liabilities totaling $13.2 million. The Company has a cash balance of $2.9 million as of September 30, 2023.
- 截至2023年9月30日,流動資產爲1,580萬美元,超過了總額爲1,320萬美元的流動負債。截至2023年9月30日,該公司的現金餘額爲290萬美元。
- As previously announced on September 28, 2023, payments totaling approximately CAD$1.5 million were made toward the outstanding principal of certain secured notes. Net External Debt decreased by $1.8 million as of September 30, 2023 as compared December 31, 2022. The Company's working capital was $2.6 million as of September 30, 2023, an increase of $7.4 million as compared to -$4.9 million as of June 30, 2023.
- 正如先前於2023年9月28日宣佈的那樣,已爲某些有擔保票據的未償還本金支付了總額約爲150萬加元的款項。截至2023年9月30日,淨外債與2022年12月31日相比減少了180萬美元。截至2023年9月30日,該公司的營運資金爲260萬美元,與截至2023年6月30日的-490萬美元相比增加了740萬美元。
Third Quarter 2023 Operational Highlights
2023 年第三季度運營亮點
- On September 7, 2023, BuildDirect announced that it completed its e-commerce platform migration and enhancements, delivering the following results:
- 2023 年 9 月 7 日,BuildDirect 宣佈已完成電子商務平台的遷移和增強,並取得了以下結果:
- The Company expects to achieve a combined total of approximately US$850,000 in annual cost savings, which includes software and fulfillment expenses
- Enhanced ERP for more efficient management of finance, inventory and order fulfillment
- Upgraded e-commerce site for merchandising and marketing to enable potential revenue growth
- 該公司預計每年總共可節省約85萬美元的成本,其中包括軟件和配送費用
- 增強的 ERP 可更有效地管理財務、庫存和訂單履行
- 升級了用於銷售和營銷的電子商務網站,以實現潛在的收入增長
- On September 28, 2023, BuildDirect announced the amendment to secured notes issued by BuildDirect Operations Limited, a wholly owned subsidiary of the Company to: (a) Deans Knight Capital Management Ltd. in its capacity as portfolio manager on behalf and for the benefit of two fully managed accounts in March 2018 as amended (the "2018 Notes"); and (b) Pelecanus Investments Ltd., Lyra Growth Partners Inc. and Beedie Investments Ltd. in June 2022 as amended (the "2022 Notes"). Among the amendments to the subject Notes were the following:
- 2023年9月28日,BuildDirect宣佈了對公司的全資子公司BuildDirect Operations Limited發行的有擔保票據的修正案,該票據適用於:(a) Deans Knight Capital Management Ltd.以投資組合經理的身份於2018年3月代表兩個完全管理的賬戶受益(“2018 年注意事項“);以及(b)經修訂的2022年6月的Pelecanus Investments Ltd.、Lyra Growth Partners Inc.和Beedie Investments Ltd.(2022 注意事項“)。主題說明的修正包括以下內容:
- The maturity dates of the 2018 and 2022 Notes were extended to September 30, 2025 and April 1, 2026, respectively, and
- Approximately CAD$1.5 million was paid toward the outstanding principal of the 2018 Notes; and
- Interest rates for these Notes decreased to 12%, enabling the Company to achieve approximately $350,000 in interest cost savings annually.
- 2018年和2022年票據的到期日分別延長至2025年9月30日和2026年4月1日,以及
- 爲2018年票據的未償還本金支付了約150萬加元;以及
- 這些票據的利率降至12%,使公司每年能夠節省約35萬美元的利息成本。
Subsequent events to Third Quarter of 2023
2023 年第三季度的後續活動
- On October 5, 2023, BuildDirect announced the launch of new service offerings that are designed for 'Pro' customers, including customized e-commerce sites, white-label branded flooring products, free flooring samples, and fulfillment services that meet the Pro customers' needs. These offerings open the path for BuildDirect to build a potential recurring revenue stream.
- 2023年10月5日,BuildDirect宣佈推出專爲 “專業” 客戶設計的新服務,包括定製電子商務網站、白標品牌地板產品、免費地板樣品以及滿足專業客戶需求的配送服務。這些產品爲BuildDirect建立潛在的經常性收入來源開闢了道路。
- On October 19, 2023, BuildDirect announced the launch of its sixth brick-and-mortar Pro Center, via an existing Company facility in Richmond, British Columbia, which aims to service flooring professionals in the Greater Vancouver market as well as the Seattle and Spokane markets in the state of Washington. The Company aims to use the Richmond location as a template for future potential BuildDirect Pro Centers across the United States. By starting with a solid foundation of sales, the establishment of Pro Centers is intended to help elevate BuildDirect's impact on the Pros in a local market.
- 2023年10月19日,BuildDirect宣佈通過公司位於不列顛哥倫比亞省里士滿的現有設施推出其第六個實體專業中心,旨在爲大溫哥華市場以及華盛頓州西雅圖和斯波坎市場的地板專業人士提供服務。該公司的目標是使用里士滿的辦公地點作爲未來在美國各地潛在的BuildDirect Pro中心的模板。從奠定堅實的銷售基礎開始,Pro Centers的建立旨在幫助提高BuildDirect對本地市場專業人士的影響。
Actual results may differ materially from BuildDirect's financial outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below and in the news releases of the Company dated November 17, 2021, September 7, 2023, September 28, 2023, October 5, 2023 and October 19, 2023. BuildDirect's unaudited condensed interim consolidated financial statements and accompanying notes and the Management's Discussion and Analysis for the three and nine months ended September 30, 2023 and September 30, 2022 (together with the news releases of the Company dated November 17, 2021, September 7, 2023, September 28, 2023, October 5, 2023 and October 19, 2023), are available on the Company's website at and on the Company's SEDAR profile available at .
實際業績可能與BuildDirect的財務前景存在重大差異,原因包括下文 “前瞻性陳述” 中以及公司2021年11月17日、2023年9月7日、2023年9月28日、2023年10月5日和2023年10月19日的新聞稿中描述的因素等。BuildDirect截至2023年9月30日和2022年9月30日的三個月和九個月的未經審計的簡明中期合併財務報表及附註以及管理層的討論與分析(以及公司2021年11月17日、2023年9月7日、2023年9月28日、2023年10月5日和2023年10月19日的新聞稿)可在公司網站上查閱,網址爲公司的SEDAR個人資料。
About BuildDirect
關於 BuildDi
BuildDirect (TSXV: BILD) is a growing omnichannel building material retailer. BuildDirect connects North American home improvement B2B and B2C organizations, and homeowners with quality building materials and services through its robust global supply chain network. BuildDirect's growth trajectory, strong product offering, and proprietary heavyweight delivery network are delivering value today, solidifying its position as an innovative player in the home improvement industry. For more information, visit .
BuildDirect(多倫多證券交易所股票代碼:BILD)是一家成長中的全渠道建築材料零售商。BuildDirect通過其強大的全球供應鏈網絡將北美家居裝修B2B和B2C組織以及房主與優質的建築材料和服務聯繫起來。如今,BuildDirect的增長軌跡、強大的產品供應和專有的重量級交付網絡正在創造價值,鞏固了其作爲家居裝修行業創新者的地位。欲了解更多信息,請訪問。
Forward-Looking Information:
前瞻性信息:
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. These statements reflect management's current beliefs and expectations and are based on information currently available to management as at the date hereof.
本新聞稿包含構成 “前瞻性陳述” 和 “前瞻性信息” 的陳述(統稱爲 “前瞻性陳述”),包括有關公司對未來業務活動和經營業績的計劃、意圖、信念和當前預期的陳述。前瞻性陳述通常用 “可能”、“會”、“可以”、“應該”、“將”、“打算”、“計劃”、“預期”、“相信”、“估計”、“期望” 或類似的表達方式來標識。這些陳述反映了管理層當前的信念和期望,並基於截至本文發佈之日管理層目前獲得的信息。
Forward-looking statements in this press release may include, without limitation, statements relating to the Company's establishment of a sizeable physical and digital footprint and the increase of its number of Pro Centers throughout North America, the acceleration of the Company's e-commerce business, the Company's significant opportunity for growth, the Company being well positioned to increase its share of the $70 billion U.S. flooring market, the increase in competitiveness of the Company's e-commerce business, the impact of reduction in the Company's overall fixed costs associated with its e-commerce business being more evident in the Company's Q4 2023 and 2024, the Company's e-commence platform migration and enhancements allowing it to re-focus its energy on profitable growth initiatives within its e-commerce division, the improvement in the Company's profitability and the continued delivery by the Company of positive adjusted EBITDA results.
本新聞稿中的前瞻性陳述可能包括但不限於與公司建立龐大的實體和數字足跡以及在北美增加專業中心數量有關的陳述,公司電子商務業務的加速,公司的重大增長機會,公司完全有能力增加其在700億美元美國地板市場中的份額,公司電子商務業務競爭力的提高,公司整體資產減少的影響與其電子商務業務相關的固定成本在公司2023年第四季度及2024年第四季度、公司的電子商務平台遷移和增強使其能夠將精力重新集中在電子商務部門的盈利增長計劃上、公司盈利能力的提高以及公司持續實現調整後的息稅折舊攤銷前利潤爲正的業績上。
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, inflation, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations, retention of key personnel and changes in general economic, business and political conditions and other factors referenced under the "Risks and Uncertainties" section of our MD&A. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions.
前瞻性陳述涉及重大風險、不確定性和假設。許多因素可能導致實際業績、業績或成就與前瞻性陳述中討論或暗示的結果存在重大差異。這些因素包括消費者支出的變化、通貨膨脹、抵押貸款和消費信貸的可用性、房地產市場的變化、本地和外國司法管轄區的貿易政策、關稅或其他適用法律和法規的變化、供應商商品的供應和成本、燃料價格和其他能源成本、利率和貨幣波動、關鍵人員的留用以及總體經濟、商業和政治狀況的變化以及我們 “風險和不確定性” 部分中提及的其他因素MD&A。這些前瞻性陳述可能會受到公司業務風險和不確定性以及總體市場狀況的影響。
These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
應仔細考慮這些因素,讀者不應過分依賴前瞻性陳述。儘管本新聞稿中包含的前瞻性陳述反映了公司根據陳述發表之日管理層認爲合理的觀點、假設和估計對未來業績或事件的預期、估計或預測,但公司無法向讀者保證實際業績將與這些前瞻性陳述一致。這些前瞻性陳述自本新聞稿發佈之日起作出,除非法律要求,否則BuildDirect沒有義務對其進行更新或修改以反映新的事件或情況。
Reference is made in this press release to the following non-GAAP measures: Adjusted EBITDA. This non-GAAP measure is commonly used by investors and other interested parties to evaluate the Company's financial performance and is employed by the Company to measure its operating and economic performance and to assist in business decision-making. This non-GAAP measure does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. This measure is provided as additional information to complement those IFRS measures by providing further understanding of the results of operations from management's perspective. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of the financial information reported under IFRS. Refer also to appendix tables and the "Third Quarter 2023 Financial Highlights" of this press release as well as our Management's Discussion and Analysis (for the three and nine months ended September 30, 2023 and September 30, 2022) for definitions and reconciliations of non-IFRS measures to the nearest IFRS measures. The disclosure under such Management's Discussion and Analysis is incorporated by reference into this news release.
本新聞稿中提到了以下非公認會計准則指標:調整後的息稅折舊攤銷前利潤。這種非公認會計准則衡量標準通常被投資者和其他利益相關方用來評估公司的財務業績,並被公司用來衡量其運營和經濟表現並協助業務決策。這種非公認會計准則指標沒有國際財務報告準則規定的任何標準化含義,可能無法與其他發行人提出的類似指標相提並論。該衡量標準是作爲補充信息提供的,目的是從管理層的角度進一步了解經營業績,從而補充這些《國際財務報告準則》衡量標準。因此,不應孤立地考慮這項措施,也不能替代對按照《國際財務報告準則》報告的財務信息的分析。另請參閱本新聞稿的附錄表和2023年第三季度財務摘要,以及我們的管理層討論與分析(截至2023年9月30日和2022年9月30日的三個月和九個月),以了解非國際財務報告準則指標與最接近的國際財務報告準則指標的定義和對賬。此類管理層的討論與分析下的披露以引用方式納入本新聞稿中。
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
多倫多證券交易所風險投資交易所及其監管服務提供商(該術語在多倫多證券交易所風險投資交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。
For further information: Matt Alexander, Interim CFO, 1.778.382.7748; BuildDirect Investor Relations, ir@builddirect.com, 1.905.347.5569
欲了解更多信息:臨時首席財務官馬特·亞歷山大,1.778.382.7748;BuildDirect 投資者關係部,ir@builddirect.com,1.905.347.5569
NON-IFRS MEASURES
非國際財務報告準則指標
We define EBITDA as net income or loss before interest, income taxes and amortization. Adjusted EBITDA removes fair value adjustment of convertible debt and warrants, fair value adjustment of inventory, restructuring expenses, non-recurring bad debt expense, foreign exchange gains and losses, and share-based compensation items from EBITDA. We are presenting these measures because we believe that our current and potential investors, and many analysts, use them to assess our current and future operating results and to make investment decisions. Management uses these measures in managing the business and making decisions. EBITDA and adjusted EBITDA are not intended as substitutes for IFRS measures.
我們將息稅折舊攤銷前利潤定義爲扣除利息、所得稅和攤銷前的淨收益或虧損。調整後的息稅折舊攤銷前利潤從息稅折舊攤銷前利潤中刪除了可轉換債務和認股權證的公允價值調整、庫存的公允價值調整、重組費用、非經常性壞賬支出、外匯損益以及基於股份的薪酬項目。我們之所以提出這些衡量標準,是因爲我們相信我們當前和潛在的投資者以及許多分析師使用它們來評估我們當前和未來的經營業績並做出投資決策。管理層使用這些措施來管理業務和做出決策。息稅折舊攤銷前利潤和調整後的息稅折舊攤銷前利潤不打算替代國際財務報告準則指標。
For the three months ended September 30 | For the nine months ended September 30 | ||||
Adjusted EBITDA | 2023 | 2022 | 2023 | 2022 | |
Gain (Loss for the period) | (480,818) | (893,207) | (1,800,258) | (3,212,165) | |
Income tax (recovery) expense | (71,634) | 97,468 | 318,366 | 522,618 | |
Depreciation and amortization | 925,962 | 1,026,908 | 2,762,866 | 3,052,950 | |
Interest | 603,396 | 570,914 | 1,613,130 | 1,454,483 | |
EBITDA | 976,906 | 802,083 | 2,894,104 | 1,817,886 | |
EBITDA adjustments | |||||
Stock-based compensation | 212,079 | 97,635 | 328,808 | 292,905 | |
Foreign exchange (gain)/loss | (52,811) | (746,084) | (61,218) | (678,502) | |
Fair value adjustment of convertible debt and warrants | 37,768 | (7,173) | 16,217 | (756,555) | |
Impact of fair value adjustment of Inventory in acquisition1 | - | - | - | 137,400 | |
Software Implementation Expenses2 | 85,025 | - | 188,067 | - | |
Restructuring3 | 102,415 | 148,097 | 102,415 | 148,097 | |
Loss on extinguishment of debt | 9,574 | - | 9,574 | - | |
Adjusted EBITDA | 1,370,955 | 294,558 | 3,477,966 | 961,230 | |
Adjusted EBITDA % | 7% | 1% | 6% | 1% |
在截至9月30日的三個月中 | 在截至9月30日的九個月中 | ||||
調整後 EBITDA | 2023 | 2022 | 2023 | 2022 | |
收益(該期間的虧損) | (480,818) | (893,207) | (1,800,258) | (3,212,165) | |
所得稅(恢復)費用 | (71,634) | 97,468 | 318,366 | 522,618 | |
折舊和攤銷 | 925,962 | 1,026,908 | 2,762,866 | 3,052,950 | |
利息 | 603,396 | 570,914 | 1,613,130 | 1,454,483 | |
EBITDA | 976,906 | 802,083 | 2,894,104 | 1,817,886 | |
息稅折舊攤銷前利潤調整 | |||||
基於股票的薪酬 | 212,079 | 97,635 | 328,808 | 292,905 | |
外匯(收益)/虧損 | (52,811) | (746,084) | (61,218) | (678,502) | |
可轉換債券和認股權證的公允價值調整 | 37,768 | (7,173) | 16,217 | (756,555) | |
庫存公允價值調整對收購的影響1 | - | - | - | 137,400 | |
軟件實施費用2 | 85,025 | - | 188,067 | - | |
重組3 | 102,415 | 148,097 | 102,415 | 148,097 | |
債務消滅造成的損失 | 9,574 | - | 9,574 | - | |
調整後 EBITDA | 1,370,955 | 294,558 | 3,477,966 | 961,230 | |
調整後的息稅折舊攤銷前利潤% | 7% | 1% | 6% | 1% |
1 The adjustment for the impact of the fair value of FloorSource and Superb inventory relates to the impact on normal selling profit from the fact that IFRS requires the inventory be recorded at fair value on acquisition and not at historical cost. Earnings are impacted as this inventory was sold in the period.
1 對FloorSource和Superb庫存公允價值影響的調整涉及國際財務報告準則要求在收購時按公允價值而不是按歷史成本記錄庫存對正常銷售利潤的影響。由於該庫存在此期間售出,收益受到影響。
2 The adjustment is a non-recurring activity, associated with the implementation costs of our Enterprise Resource Planning integration project.
2 調整是一項非經常性活動,與我們的企業資源規劃整合項目的實施成本有關。
3 The adjustment is a non-recurring activity, relating to severance costs associated with the company's restructuring activities.
3 調整是一項非經常性活動,涉及與公司重組活動相關的遣散費。
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
(Expressed in United States dollars)
簡明合併中期財務狀況表
(未經審計)
(以美元表示)
As at September 30, 2023 | As at December 31, 2022 | ||
$ | $ | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | 2,931,762 | 4,107,754 | |
Short-term investments | 465,415 | 318,000 | |
Trade and other receivables | 4,704,474 | 4,000,121 | |
Income taxes receivable | 90,136 | 171,502 | |
Inventories | 6,321,692 | 6,657,450 | |
Prepaid materials, expenses, and deposits | 1,302,319 | 1,696,828 | |
Total current assets | 15,815,798 | 16,951,655 | |
Non-current assets: | |||
| Property and Equipment |
580,901 | 591,880 |
Intangible assets |
6,325,643 | 8,155,769 | |
Right-of-use assets |
2,686,613 | 3,566,442 | |
Non-current deposits | 461,656 | 987,216 | |
Goodwill |
2,530,622 | 2,530,622 | |
Deferred tax asset |
1,207,110 | 1,207,110 | |
Total non-current assets | 13,792,545 | 17,039,039 | |
Total Assets | 29,608,343 | 33,990,694 | |
Liabilities and Shareholders' Equity | |||
Current liabilities: | |||
Accounts payable and accrued liabilities |
5,675,476 | 5,475,426 | |
Current portion of lease liabilities |
1,485,660 | 1,441,420 | |
Deferred revenue |
1,735,185 | 1,767,136 | |
Loan payable |
1,110,724 | 3,691,672 | |
Current portion of promissory note |
1,118,059 | 1,065,131 | |
Current portion of deferred consideration payable |
2,058,852 | 1,903,731 | |
Warrants |
44,599 | 28,382 | |
Total current liabilities | 13,228,555 | 15,372,898 | |
Non-current liabilities: | |||
Deferred consideration payable |
- | 701,611 | |
Lease liabilities |
1,744,115 | 2,859,607 | |
Loan payable |
6,567,763 | 4,974,463 | |
Promissory note |
1,785,423 | 2,634,573 | |
Total non-current liabilities | 10,097,301 | 11,170,254 | |
Shareholders' equity: | |||
Share capital | 123,109,599 | 122,803,204 | |
Share based payment reserve | 11,450,593 | 11,121,785 | |
Deficit |
(128,277,705) | (126,477,447) | |
Total Shareholders' equity | 6,282,487 | 7,447,542 | |
Total Liabilities and Equity | 29,608,343 | 33,990,694 |
截至2023年9月30日 | 截至2022年12月31日 | ||
$ | $ | ||
資產 | |||
流動資產: | |||
現金和現金等價物 | 2,931,762 | 4,107,754 | |
短期投資 | 465,415 | 318,000 | |
貿易和其他應收賬款 | 4,704,474 | 4,000,121 | |
應收所得稅 | 90,136 | 171,502 | |
庫存 | 6,321,692 | 6,657,450 | |
預付材料、費用和按金 | 1,302,319 | 1,696,828 | |
流動資產總額 | 15,815,798 | 16,951,655 | |
非流動資產: | |||
| 財產和設備 |
580,901 | 591,880 |
無形資產 |
6,325,643 | 8,155,769 | |
使用權資產 |
2,686,613 | 3,566,442 | |
非活期存款 | 461,656 | 987,216 | |
善意 |
2,530,622 | 2,530,622 | |
遞延所得稅資產 |
1,207,110 | 1,207,110 | |
非流動資產總額 | 13,792,545 | 17,039,039 | |
總資產 | 29,608,343 | 33,990,694 | |
負債和股東權益 | |||
流動負債: | |||
應付賬款和應計負債 |
5,675,476 | 5,475,426 | |
租賃負債的流動部分 |
1,485,660 | 1,441,420 | |
遞延收入 |
1,735,185 | 1,767,136 | |
應付貸款 |
1,110,724 | 3,691,672 | |
期票的當前部分 |
1,118,059 | 1,065,131 | |
應付延期對價的當期部分 |
2,058,852 | 1,903,731 | |
認股證 |
44,599 | 28,382 | |
流動負債總額 | 13,228,555 | 15,372,898 | |
非流動負債: | |||
遞延應付對價 |
- | 701,611 | |
租賃負債 |
1,744,115 | 2,859,607 | |
應付貸款 |
6,567,763 | 4,974,463 | |
本票 |
1,785,423 | 2,634,573 | |
非流動負債總額 | 10,097,301 | 11,170,254 | |
股東權益: | |||
股本 | 123,109,599 | 122,803,204 | |
基於股份的付款準備金 | 11,450,593 | 11,121,785 | |
赤字 |
(128,277,705) | (126,477,447) | |
股東權益總額 | 6,282,487 | 7,447,542 | |
負債和權益總額 | 29,608,343 | 33,990,694 |
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)
簡明合併中期運營報表和綜合虧損
(未經審計)
(以美元表示)
For the three months ended September 30 | For the nine months ended September 30 | |||||
2023 | 2022 | 2023 | 2022 | |||
Revenue | $ 18,411,622 | $ 22,007,379 | $ 55,362,446 | $ 70,455,764 | ||
Cost of goods sold | 11,090,018 | 15,086,074 | 33,472,931 | 46,384,959 | ||
Gross Profit | 7,321,604 | 6,921,305 | 21,889,515 | 24,070,805 | ||
Operating expenses: | ||||||
Fulfillment costs | 1,134,874 | 1,530,197 | 3,699,399 | 5,629,233 | ||
Selling and marketing | 1,498,632 | 1,394,686 | 4,220,547 | 5,622,668 | ||
Administration | 3,560,297 | 3,616,164 | 10,805,265 | 11,333,985 | ||
Research and development | 115,619 | 239,806 | 388,222 | 1,123,404 | ||
Depreciation and amortization | 925,962 | 1,026,908 | 2,762,866 | 3,052,950 | ||
7,235,384 | 7,807,761 | 21,876,299 | 26,762,240 | |||
Income (Loss) from operations | 86,220 | (886,456) | 13,216 | (2,691,435) | ||
Other income (expense): | ||||||
Interest income | 15,066 | 13,577 | 51,046 | 44,223 | ||
Interest expense | (618,462) | (584,491) | (1,664,176) | (1,498,706) | ||
Rental income | 61,670 | 56,471 | 185,010 | 169,413 | ||
Fair value adjustment of convertible debt and warrants | (37,768) | 7,173 | (16,217) | 756,555 | ||
Loss on extinguishment of debt | (9,574) | - | (9,574) | - | ||
Foreign exchange gain Restructuring costs |
52,811 (102,415) |
746,084 (148,097) |
61,218 (102,415) |
678,501 (148,097) |
||
(638,672) | 90,717 | (1,495,108) | 1,889 | |||
Loss before income taxes | (552,452) | (795,739) | (1,481,892) | (2,689,546) | ||
Income tax recovery (expense) | 71,634 | (97,468) | (318,366) | (522,618) | ||
Total loss and comprehensive loss for the period | $ (480,818) | $ (893,207) | $ (1,800,258) | $ (3,212,164) | ||
Deficit, beginning of period | $ (127,796,887) | $ (120,925,977) | $ (126,477,447) | $ (118,607,020) | ||
Deficit, end of period | $ (128,277,705) | $ (121,819,184) | $ (128,277,705) | $ (121,819,184) | ||
Loss per share: | ||||||
Basic and diluted loss per share | (0.01) | (0.03) | (0.04) | (0.11) |
在截至9月30日的三個月中 | 在截至9月30日的九個月中 | |||||
2023 | 2022 | 2023 | 2022 | |||
收入 | 18,411,622 美元 | 22,007,379 美元 | 55,362,446 美元 | 70,455,764 美元 | ||
銷售商品的成本 | 11,090,018 | 15,086,074 | 33,472,931 | 46,384,959 | ||
毛利 | 7,321,604 | 6,921,305 | 21,889,515 | 24,070,805 | ||
運營費用: | ||||||
配送成本 | 1,134,874 | 1,530,197 | 3,699,399 | 5,629,233 | ||
銷售和營銷 | 1,498,632 | 1,394,686 | 4,220,547 | 5,622,668 | ||
行政 | 3,560,297 | 3,616,164 | 10,805,265 | 11,333,985 | ||
研究和開發 | 115,619 | 239,806 | 388,222 | 1,123,404 | ||
折舊和攤銷 | 925,962 | 1,026,908 | 2,762,866 | 3,052,950 | ||
7,235,384 | 7,807,761 | 21,876,299 | 26,762,240 | |||
運營收入(虧損) | 86,220 | (886,456) | 13,216 | (2,691,435) | ||
其他收入(支出): | ||||||
利息收入 | 15,066 | 13,577 | 51,046 | 44,223 | ||
利息支出 | (618,462) | (584,491) | (1,664,176) | (1,498,706) | ||
租金收入 | 61,670 | 56,471 | 185,010 | 169,413 | ||
可轉換債券和認股權證的公允價值調整 | (37,768) | 7,173 | (16,217) | 756,555 | ||
債務消滅造成的損失 | (9,574) | - | (9,574) | - | ||
外匯收益 重組成本 |
52,811 (102,415) |
746,084 (148,097) |
61,218 (102,415) |
678,501 (148,097) |
||
(638,672) | 90,717 | (1,495,108) | 1,889 | |||
所得稅前虧損 | (552,452) | (795,739) | (1,481,892) | (2,689,546) | ||
所得稅回收(費用) | 71,634 | (97,468) | (318,366) | (522,618) | ||
該期間的總虧損和綜合虧損 | $ (480,818) | $ (893,207) | $ (1,800,258) | $ (3,212,164) | ||
赤字,期初 | $ (127,796,887) | $ (120,925,977) | $ (126,477,447) | $ (118,607,020) | ||
赤字,期末 | $ (128,277,705) | $ (121,819,184) | $ (128,277,705) | $ (121,819,184) | ||
每股虧損: | ||||||
每股基本虧損和攤薄後虧損 | (0.01) | (0.03) | (0.04) | (0.11) |
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited)
(Expressed in United States dollars)
簡明合併中期現金流量表
(未經審計)
(以美元表示)
For the three months ended September 30 |
For the nine months ended September 30 |
||||
2023 | 2022 | 2023 | 2022 | ||
Cash provided by (used in): | |||||
Operating activities: | |||||
Loss for the period | $ (480,818) | $ (893,207) | $ (1,800,258) | $ (3,212,164) | |
Add (deduct) adjustments and items not affecting cash: | |||||
Depreciation | 925,962 | 1,026,908 | 2,762,866 | 3,052,950 | |
Income tax (recovery) expense | (71,634) | 97,468 | 318,366 | 522,618 | |
Stock-based compensation expense | 212,079 | 97,635 | 328,808 | 292,905 | |
Other interest and finance cost | 570,764 | 515,025 | 1,504,403 | 1,278,009 | |
Interest paid on leases | 47,698 | 69,465 | 159,773 | 220,699 | |
Interest earned on lease receivables and other | (15,066) | (13,577) | (51,046) | (44,223) | |
Fair value adjustment on convertible debt and warrants | 37,768 | (7,173) | 16,217 | (756,555) | |
Loss on extinguishment of debt | 9,574 | - | 9,574 | - | |
Unrealized foreign exchange (gain) loss | (52,811) | (746,084) | (61,218) | (678,501) | |
1,183,516 | 146,460 | 3,187,485 | 675,738 | ||
Income taxes paid | (42,500) | (50,000) | (237,000) | (1,361,000) | |
Changes in non-cash operating working capital: | |||||
Short-term investments | 52,585 | - | 52,585 | - | |
Trade and other receivables | (452,289) | 155,036 | (902,275) | (789,458) | |
Inventories | 871,672 | (170,565) | 335,758 | (251,132) | |
Prepaid materials, expenses, and deposits | 433,414 | 652,773 | 720,069 | 914,578 | |
Accounts payable and accrued liabilities | (674,838) | (1,351,763) | 216,935 | (968,270) | |
Deferred revenue | (205,088) | (411,251) | (31,951) | (904,627) | |
Total operating activities | 1,166,472 | (1,029,310) | 3,341,606 | (2,684,171) | |
Investing activities: | |||||
Purchase of property and equipment | (18,098) | (18,924) | (41,929) | (34,377) | |
Principal received on lease receivables | 67,458 | 61,673 | 197,922 | 180,948 | |
Total investing activities | 49,360 | 42,749 | 155,993 | 146,571 | |
Financing activities: | |||||
Private placement proceeds | - | 2,469,916 | 306,395 | 2,469,916 | |
Proceeds from exercise of stock options | - | 15,244 | - | 15,244 | |
Interest Paid | (218,333) | (234,004) | (715,328) | (581,807) | |
Principal lease payments | (363,387) | (339,200) | (1,071,252) | (993,304) | |
Loan repayment | (1,167,759) | - | (1,584,657) | - | |
Promissory note repayment | (311,250) | (311,250) | (933,750) | (933,750) | |
Deferred consideration repayment | - | - | (675,000) | (675,000) | |
Loan proceeds | - | - | - | 4,500,000 | |
Total financing activities | (2,060,729) | 1,600,706 | (4,673,592) | 3,801,299 | |
Increase/(Decrease) in cash and cash equivalents | (844,897) | 614,145 | (1,175,993) | 1,263,699 | |
Cash and cash equivalents, beginning of period | 3,776,659 | 2,366,540 | 4,107,754 | 1,716,986 | |
Cash and cash equivalents, end of period | $ 2,931,762 | $ 2,980,685 | $ 2,931,762 | $ 2,980,685 |
在截至9月30日的三個月中 |
在截至9月30日的九個月中 |
||||
2023 | 2022 | 2023 | 2022 | ||
提供的現金(用於): | |||||
經營活動: | |||||
該期間的虧損 | $ (480,818) | $ (893,207) | $ (1,800,258) | $ (3,212,164) | |
添加(扣除)調整和不影響現金的項目: | |||||
折舊 | 925,962 | 1,026,908 | 2,762,866 | 3,052,950 | |
所得稅(回收)費用 | (71,634) | 97,468 | 318,366 | 522,618 | |
基於股票的薪酬支出 | 212,079 | 97,635 | 328,808 | 292,905 | |
其他利息和財務成本 | 570,764 | 515,025 | 1,504,403 | 1,278,009 | |
爲租賃支付的利息 | 47,698 | 69,465 | 159,773 | 220,699 | |
租賃應收賬款和其他收入的利息 | (15,066) | (13,577) | (51,046) | (44,223) | |
可轉換債券和認股權證的公允價值調整 | 37,768 | (7,173) | 16,217 | (756,555) | |
債務清償後的損失 | 9,574 | - | 9,574 | - | |
未實現外匯(收益)虧損 | (52,811) | (746,084) | (61,218) | (678,501) | |
1,183,516 | 146,460 | 3,187,485 | 675,738 | ||
已繳納的所得稅 | (42,500) | (50,000) | (237,000) | (1,361,000) | |
非現金運營資本的變化: | |||||
短期投資 | 52,585 | - | 52,585 | - | |
貿易和其他應收賬款 | (452,289) | 155,036 | (902,275) | (789,458) | |
庫存 | 871,672 | (170,565) | 335,758 | (251,132) | |
預付材料、費用和按金 | 433,414 | 652,773 | 720,069 | 914,578 | |
應付賬款和應計負債 | (674,838) | (1,351,763) | 216,935 | (968,270) | |
遞延收入 | (205,088) | (411,251) | (31,951) | (904,627) | |
經營活動總數 | 1,166,472 | (1,029,310) | 3,341,606 | (2,684,171) | |
投資活動: | |||||
購買財產和設備 | (18,098) | (18,924) | (41,929) | (34,377) | |
租賃應收賬款的本金 | 67,458 | 61,673 | 197,922 | 180,948 | |
投資活動總數 | 49,360 | 42,749 | 155,993 | 146,571 | |
籌資活動: | |||||
私募收益 | - | 2,469,916 | 306,395 | 2,469,916 | |
行使股票期權的收益 | - | 15,244 | - | 15,244 | |
已付利息 | (218,333) | (234,004) | (715,328) | (581,807) | |
本金租賃付款 | (363,387) | (339,200) | (1,071,252) | (993,304) | |
貸款還款 | (1,167,759) | - | (1,584,657) | - | |
期票還款 | (311,250) | (311,250) | (933,750) | (933,750) | |
延期償還對價 | - | - | (675,000) | (675,000) | |
貸款收益 | - | - | - | 4500,000 | |
籌資活動共計 | (2,060,729) | 1,600,706 | (4,673,592) | 3,801,299 | |
現金及現金等價物的增加/(減少) | (844,897) | 614,145 | (1,175,993) | 1,263,699 | |
現金和現金等價物,期初 | 3,776,659 | 2,366,540 | 4,107,754 | 1,716,986 | |
現金和現金等價物,期末 | 2,931,762 美元 | 2,980,685 美元 | 2,931,762 美元 | 2,980,685 美元 |
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