.jpg)
4 hours ago
1
Article content
For further information, please contact:
Article content
Article content
Article content
Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.
Article content
For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the three months ended
March 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.
Article content
Article content
a) Adjusted EBITDA
Article content
Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months ended March 31, 2025, and 2024:
Article content
| Three months ended March 31, | Infrastructure | Marketing | Corporate and Adjustments | Total | ||||||||||||
| ($ thousands) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
| Segment profit | 154,079 | 145,663 | 13,860 | 19,381 | — | — | 167,939 | 165,044 | ||||||||
| Unrealized (gain) loss on financial instruments | (455 | ) | 4,149 | (13,746 | ) | 14,217 | — | — | (14,201 | ) | 18,366 | |||||
| General and administrative | — | — | — | — | (14,323 | ) | (21,920 | ) | (14,323 | ) | (21,920 | ) | ||||
| Adjustments to share of profit from equity accounted investees | 1,173 | 1,481 | — | — | — | — | 1,173 | 1,481 | ||||||||
| Executive transition and restructuring costs | — | — | — | — | 2,405 | 7,135 | 2,405 | 7,135 | ||||||||
| Renewable power purchase agreement | — | — | — | — | (806 | ) | — | (806 | ) | — | ||||||
| Adjusted EBITDA | 154,797 | 151,293 | 114 | 33,598 | (12,724 | ) | (14,785 | ) | 142,187 | 170,106 | ||||||
Article content
| Three months ended March 31, | ||||
| ($ thousands) | 2025 | 2024 | ||
| Net Income | 49,953 | 40,489 | ||
| Income tax expense | 14,044 | 12,455 | ||
| Depreciation, amortization, and impairment charges | 42,532 | 43,431 | ||
| Finance costs, net | 33,658 | 35,403 | ||
| Unrealized (gain) loss on derivative financial instruments | (14,201 | ) | 18,366 | |
| Unrealized loss on renewable power purchase agreement | 6,787 | 9,476 | ||
| Share-based compensation | 3,128 | 5,064 | ||
| Acquisition and integration costs | — | 1,305 | ||
| Adjustments to share of profit from equity accounted investees | 1,173 | 1,481 | ||
| Corporate foreign exchange loss (gain) and other | 2,708 | (4,499 | ) | |
| Executive transition and restructuring costs | 2,405 | 7,135 | ||
| Adjusted EBITDA | 142,187 | 170,106 | ||
Article content
Article content
Article content
b) Distributable Cash Flow
Article content
The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:
Article content
| Three months ended March 31, | ||||
| ($ thousands) | 2025 | 2024 | ||
| Cash flow from operating activities | 121,852 | 192,833 | ||
| Adjustments: | ||||
| Changes in non-cash working capital and taxes paid | 15,417 | (26,078 | ) | |
| Replacement capital | (5,808 | ) | (4,372 | ) |
| Cash interest expense, including capitalized interest | (31,549 | ) | (33,878 | ) |
| Acquisition and integration costs(1) | — | 1,305 | ||
| Executive transition and restructuring costs(1) | 2,405 | — | ||
| Lease payments | (6,317 | ) | (8,034 | ) |
| Current income tax | (5,226 | ) | (7,312 | ) |
| Distributable cash flow | 90,774 | 114,464 | ||
Article content
Article content
c) Dividend Payout Ratio
Article content
| Twelve months ended March 31, | ||||
| 2025 | 2024 | |||
| Distributable cash flow | 351,583 | 392,853 | ||
| Dividends declared | 270,630 | 247,946 | ||
| Dividend payout ratio | 77 | % | 63 | % |
Article content
Article content
d) Net Debt To Adjusted EBITDA Ratio
Article content
| Twelve months ended March 31, | ||||
| 2025 | 2024 | |||
| Current and long-term debt | 2,619,116 | 2,643,464 | ||
| Lease liabilities | 47,752 | 58,480 | ||
| Less: unsecured hybrid debt | (450,000 | ) | (450,000 | ) |
| Less: cash and cash equivalents | (46,090 | ) | (108,858 | ) |
| Net debt | 2,170,778 | 2,143,086 | ||
| Adjusted EBITDA | 582,223 | 605,095 | ||
| Net debt to adjusted EBITDA ratio | 3.7 | 3.5 | ||
Article content
Article content
Article content
Article content
Article content
Article content
Article content
English (US)