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Revenue: $778.3 million, a 1% increase compared to the same period of 2024.
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Same-Store Sales: Declined by 2.8%, excluding foreign exchange.
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Gross Margin: 46.2%, up from 44.8% in the same period of 2024.
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Operating Expenses: $278.7 million or 35.8% of sales, compared to $270.9 million or 34.4% of sales in 2024.
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Adjusted EBITDA: $80.5 million, a decrease of 1.4% from the same period of 2024.
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Net Loss: $2.6 million compared to net earnings of $8.4 million in 2024.
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Adjusted Net Earnings: $2.2 million or $0.10 per share, down from $9.4 million or $0.44 per share in 2024.
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Total Debt Net of Cash: $1.3 billion, increased due to acquisition activity and other investments.
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New Locations: 58 new locations contributing $20.4 million in incremental sales.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Boyd Group Services Inc (BYDGF) achieved a gross margin increase to 46.2% in Q1 2025, up from 44.8% in the same period of 2024.
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The company reported a 1% increase in sales to $778.3 million, driven by $20.4 million in incremental sales from 58 new locations.
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Project 360 is showing early signs of success, with a new indirect staffing model expected to save approximately $30 million annually.
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Boyd Group Services Inc (BYDGF) continues to outperform the industry, gaining market share despite a challenging environment.
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The company is on track with its five-year growth plan, aiming to grow revenue to $5 billion and double adjusted EBITDA to $700 million by 2029.
Negative Points
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Same-store sales declined by 2.8% in Q1 2025, reflecting a challenging market environment.
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Net loss for Q1 2025 was $2.6 million, compared to net earnings of $8.4 million in the same period of 2024.
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Operating expenses increased to $278.7 million, or 35.8% of sales, negatively impacting profitability.
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Adjusted EBITDA decreased by 1.4% to $80.5 million, primarily due to a decline in same-store sales and lower contributions from new locations.
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Total debt net of cash increased to $1.3 billion, driven by acquisition activity and other investments, raising concerns about leverage.
Q & A Highlights
Q: Can you elaborate on the same-store sales estimate and how production days fit into your guidance? A: Jeff Murray, Executive Vice-President & Chief Financial Officer, explained that same-store sales have been stubbornly in the small single-digit down range. The first quarter had one fewer production day, and on a days-adjusted basis, same-store sales would be closer to 1.2% versus the reported 2.8%.