GDI Integrated Facility Services Inc. Releases its Financial Results for the Second Quarter Ended June 30, 2023

• Q2 2023 revenue of $609 million, an increase of $83 million, or 16%, over Q2 2022.
• Q2 2023 Adjusted EBITDA^* of $34 million, a decrease of $4 million, or 11%, compared to Q2 2022.
• Q2 2023 net income of $1 million or $0.04 per share compared with $10 million or $0.40 per share for the second quarter of 2022.

LASALLE, QC, Aug. 8, 2023 /CNW/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce its financial results for the second quarter ended June 30, 2023.

For the second quarter of 2023:

• Revenue reached $609 million, an increase of $83 million, or 16%, over the second quarter of 2022, comprised of 12% organic growth, 1% growth from acquisitions and 3% growth from the appreciation of the U.S. dollar relative to the Canadian dollar.
• Adjusted EBITDA^* amounted to $34 million, a decrease of $4 million, or 11%, compared to the second quarter of 2022.
• Net income was $1 million or $0.04 per share compared to $10 million or $0.40 per share in Q2 2022. The decrease of net income in the second quarter of 2023 compared to 2022 is mainly attributable to lower operating income of $7 million and higher net finance expense of $6 million, partially offset by lower income tax expense of $4 million.

For the second quarters of 2023 and 2022, the business segments performed as follows:

(in millions of Canadian dollars)	Business Services  Canada ^(1)		Business Services  USA ^(1)		Technical Services		Corporate and  Other ^(2)		Consolidated
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Revenue	144	145	180	164	264	199	21	18	609	526
Organic (Decline) Growth	(1 %)	14 %	0 %	12 %	31 %	8 %	17 %	9 %	12 %	11 %
Adjusted EBITDA^* ^(3)	13	19	13	13	12	8	(4)	(2)	34	38
Adjusted EBITDA Margin^*	9 %	13 %	7 %	8 %	5 %	4 %	N/A	N/A	6 %	7 %

(1)	"Business Services Canada" formerly "Janitorial Canada" and "Business Services USA" formerly "Janitorial USA".
(2)	Comparative results have been recast to reflect a change in our reporting segments, as former Complementary Services and Corporate and eliminations segments are now grouped under Corporate and Other.
(3)	Adjusted EBITDA definition now exclude the strategic information technology projects configuration and customization costs. 2022 results were recast to align with the revised definition.

For the six-month period ended June 30, 2023:

• Revenue reached $1.2 billion, an increase of $179 million, or 18%, over the corresponding period of 2022, comprised of 13% organic growth, 2% growth from acquisitions and 3% growth from the appreciation of the U.S. dollar relative to the Canadian dollar.
• Adjusted EBITDA^* amounted to $67 million, a decrease of $7 million, or 9%, over the corresponding period of 2022.
• Net income was $5 million or $0.19 per share compared to $17 million or $0.71 per share over the corresponding period of 2022. The decrease of net income in 2023 over the corresponding period of 2022 is mainly attributable to lower operating income of $13 million and higher net finance expense of $4 million, partially offset by lower income tax expense of $5 million.

For the first two quarters of 2023 and 2022, the business segments performed as follows:

(in millions of Canadian dollars)	Business Services  Canada ^(1)		Business Services  USA ^(1)		Technical Services		Corporate and  Other ^(2)		Consolidated
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Revenue	286	287	356	327	516	371	42	36	1,200	1,021
Organic (Decline) Growth	(1 %)	10 %	(1 %)	13 %	36 %	3 %	14 %	0 %	13 %	7 %
Adjusted EBITDA^* ^(3)	27	39	25	25	23	14	(8)	(4)	67	74
Adjusted EBITDA Margin^*	9 %	14 %	7 %	8 %	4 %	4 %	N/A	N/A	6 %	7 %

(1)	"Business Services Canada" formerly "Janitorial Canada" and "Business Services USA" formerly "Janitorial USA".
(2)	Comparative results have been recast to reflect a change in our reporting segments, as former Complementary Services and Corporate and eliminations segments are now grouped under Corporate and Other.
(3)	Adjusted EBITDA definition now exclude the strategic information technology projects configuration and customization costs. 2022 results were recast to align with the revised definition.

GDI's Business Services Canada segment delivered a solid second quarter, recording $144 million in revenue while generating $13 million in Adjusted EBITDA^*. GDI's Business Services USA segment also performed well in Q2 2023, recording revenue of $180 million, and Adjusted EBITDA^* of $13 million. Both Business Services segments experienced flat to slightly negative organic revenue growth that is attributable to a lower amount of COVID-19 related extra services as compared to Q2 2022, which also led to lower Adjusted EBITDA* margin.

The Technical Services segment had another strong quarter, recording revenue of $264 million or growth of 33% over Q2 2022, including organic growth of 31%. The segment recorded Adjusted EBITDA^* of $12 million compared to $8 million in Q2 2022, representing an Adjusted EBITDA margin^* of 5%.

Finally, GDI's Corporate and Other segment recorded revenue of $21 million compared to revenue of $18 million in Q2 2022, representing Organic Growth of 17%, due to strong performance in GDI's integrated facility services business unit ("GDI IFS") as well as GDI's janitorial products manufacturing and distribution business. The Corporate and Other segment is composed of these two businesses as well as GDI's corporate costs and elimination of intercompany transactions.

"I am very pleased with GDI's overall performance in Q2 F2023," stated Claude Bigras, President & CEO of GDI. "On a consolidated basis we generated revenue growth of 16% including double digit organic growth of 12%. We continued to see an expected reduction in Adjusted EBITDA* margin in our Business Services Canada segment as our business in the Class A office market has been adapting to a post-COVID operating environment. We believe we are now approaching the end of the decline and expect Adjusted EBITDA* margin to stabilize in the second half of the year. We have a very active pipeline of new bidding opportunities in both Business Services segments, and I am optimistic regarding organic growth going forward. Our Technical Services segment had another very strong quarter, delivering 31% of organic growth and an Adjusted EBITDA* margin of 5% in what is historically the segment's second weakest quarter. Ainsworth is continuing to perform well across all its geographies and generated bookings in line with billings during the quarter, ending Q2 with a backlog that remains at record levels. Our janitorial products manufacturing and distribution business is recovering from its COVID-induced challenges, and we are seeing progressive and consistent improvements in revenue and margin, and our GDI IFS business unit is continuing to pursue new client opportunities across Canada and the USA," stated Mr. Bigras.

"While I am quite happy with GDI's performance in Q2 there are areas where we can improve. The significant organic growth generated by Ainsworth during the first half of 2023 has required a meaningful investment in working capital in order to support that growth. We are actively working on strategies to reduce our working capital requirements on a sustainable basis and expect to realize benefits from these efforts in the coming quarters.  Our leverage ratios still remain within our comfort zone and we are actively working on a healthy pipeline of strategic growth opportunities. Our balance sheet remains strong, the outlook for organic growth across all of our business segments is very positive and I am looking forward to GDI's performance in the second half of the year," concluded Mr. Bigras.

____________________________________

^* The terms "Adjusted EBITDA" and "Adjusted EBITDA Margin" do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. "Adjusted EBITDA" is defined as operating income before depreciation and amortization, transaction, reorganization and other costs, share-based compensation and strategic information technology projects configuration and customization costs. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Operating and Financial Results" section of the Company's Management Discussion & Analysis (MD&A).

ABOUT GDI

GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance, and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Risk Factors" section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, inherent operating risks of acquisition activity, failure to integrate, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, deterioration in general economic conditions, prolonged armed conflict in Ukraine, COVID-19 and related pandemic, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, environmental, social and governance (ESG) considerations, goodwill and long-lived assets impairment charges, tax matters, dependence on key employees, participation in multi-employer pension plans, legislation or other governmental action, exchange rate fluctuations, disputes with franchisees, cybersecurity and data protection, data confidentiality, and public perception of our environmental footprint, many of which are beyond the Company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.

For more information, please contact:	Investors, Analysts and Media David Hinchey Executive Vice President of Corporate Development Telephone: [phone] ext. 282
Analyst Conference Call:	August 9, 2023 at 9:00 A.M. (ET) Kindly note that Investors and Media representatives may attend as listeners only.
	Please use the following dial-in numbers to have access to the conference call by dialing 10 minutes before the beginning of the conference: North America Toll-Free: 1-888-664-6392 Local: 416-764-8659 (Toronto) or 514-225-6995 (Montreal) Confirmation Code:  38545487
	A rebroadcast of the conference call will be available until August 16, 2023 by dialing: North America Toll-Free: 1-888-390-0541 Local: 416-764-8677 (Toronto) Confirmation Code: 545487 #

June 30, 2023 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on www.sedarplus.ca.

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited) (In millions of Canadian dollars)

		As at June 30,  2023				As at December 31,  2022
Assets
Current assets
Cash		15				7
Trade and other receivables and contract assets		553				524
Current tax assets		14				7
Inventories		45				45
Other financial assets		12				11
Prepaid expenses and other		14				9
Derivatives		3				3
Total current assets		656				606
Non-current assets
Property, plant and equipment		123				122
Intangible assets		130				139
Goodwill		343				344
Derivatives		–				1
Other assets		10				8
Total non-current assets		606				614
Total assets		1,262				1,220
Liabilities and Shareholders' Equity
Current liabilities
Bank indebtedness		3				10
Trade and other payables		280				286
Provisions		24				26
Contract liabilities		33				30
Current tax liabilities		3				2
Current portion of long-term debt		39				43
Total current liabilities		382				397
Non-current liabilities
Long-term debt		405				345
Long-term payables		2				5
Deferred tax liabilities		32				34
Total non-current liabilities		439				384
Shareholders' equity
Share capital		379				379
Retained earnings		54				49
Contributed surplus		2				4
Accumulated other comprehensive income		6				7
Total shareholders' equity		441				439
Total liabilities and shareholders' equity		1,262				1,220

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Comprehensive Income
(Unaudited) (In millions of Canadian dollars, except for earnings per share)

	Three-month periods ended June 30,			Six-month periods ended June 30,
	2023	2022		2023	2022
Revenues	609	526		1,200	1,021
Cost of services	497	415		979	809
Selling and administrative expenses	81	74		159	141
Amortization of intangible assets	6	6		11	12
Depreciation of property, plant and equipment	13	12		25	22
Strategic information technology projects configuration and customization costs	1	1		2	1
Transaction, reorganization and other costs	1	1		2	1
Operating income	10	17		22	35
Net finance expense	8	2		14	10
Income before income taxes	2	15		8	25
Income tax expense	1	5		3	8
Net income	1	10		5	17
Other comprehensive income (loss)
(Losses) gains that are or may be reclassified to earnings:
Foreign currency translation differences for foreign operations	(7)	8		(7)	4
Hedge of net investments in foreign operations, net of tax of nil	7	(7)		7	(3)
Cash flow hedges, effective portion of changes in fair value, net      of tax of nil and nil (nil and ($1) in 2022)	–	1		(1)	3
	–	2		(1)	4
Total comprehensive income	1	12		4	21
Earnings per share:
Basic	0.04	0.40		0.19	0.71
Diluted	0.04	0.40		0.19	0.69

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Changes in Equity
Six-month periods ended June 30, 2023 and 2022
(Unaudited) (In millions of Canadian dollars, except for number of shares)

	Share capital		Retained earnings	Contributed surplus	Accumulated other comprehensive income	Total
	Number (in thousands of shares)	Amount
Balance, January 1, 2022	23,121	371	13	6	1	391
Net income	–	–	17	–	–	17
Other comprehensive income	–	–	–	–	4	4
Total comprehensive income for the period	–	–	17	–	4	21
Transactions with owners of the Company:
Stock options exercised	148	4	–	(1)	−	3
Share-based compensation	−	−	−	1	−	1
Balance, June 30, 2022	23,269	375	30	6	5	416
Balance, January 1, 2023	23,414	379	49	4	7	439
Net income	–	–	5	–	–	5
Other comprehensive loss	–	–	–	–	(1)	(1)
Total comprehensive income for the period	–	–	5	–	(1)	4
Transactions with owners of the Company:
Stock options exercised	66	1	–	–	–	1
Share-based compensation	–	–	–	1	–	1
Shares repurchased for cancellation	(98)	(1)	–	(3)	–	(4)
Balance, June 30, 2023	23,382	379	54	2	6	441

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited) (In millions of Canadian dollars)

Six-month periods ended June 30,
	2023	2022
Cash flows from (used in) operating activities
Net income	5	17
Adjustments for:
Depreciation and amortization	36	34
Equity portion of share-based compensation	1	1
Net finance expense	14	10
Income tax expense	3	8
Income taxes paid	(11)	(13)
Net changes in non-cash operating assets and liabilities	(49)	(57)
Net cash used in operating activities	(1)	−
Cash flows from (used in) financing activities
Proceeds from issuance of long-term debt	177	125
Repayment of long-term debt	(118)	(87)
Payment of lease liabilities	(16)	(13)
Interest paid	(10)	(4)
Other	(4)	3
Net cash from financing activities	29	24
Cash flows (used in) from investing activities
Business acquisitions, net of cash acquired	(2)	(33)
Additions to property, plant and equipment	(11)	(9)
Additions to intangible assets	(3)	(4)
Proceeds on disposal of property, plant and equipment	1	1
Net cash used in investing activities	(15)	(45)
Foreign exchange gain on cash held in foreign currencies	2	−
Net change in cash (bank indebtedness)	15	(21)
(Bank indebtedness) cash, beginning of period:
Cash	7	24
Bank indebtedness	(10)	(3)
	(3)	21
Cash, end of period:
Cash	15	4
Bank indebtedness	(3)	(4)
	12	−

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars) 

	Three-month period ended June 30, 2023
	Business Services Canada		Business Services USA		Technical Services		Corporate and Other ^(1)		Total
Recurring/contractual services	124		170		21		4		319
On-call services	11		10		73		2		96
Project	–		–		170		–		170
Manufacturing and distribution	–		–		–		18		18
Other revenues	6		–		–		–		6
Total external revenues	141		180		264		24		609
Inter-segment revenues	3		–		–		(3)		–
Revenues	144		180		264		21		609
Income (loss) before income taxes	10		8		2		(18)		2
Net finance expense	–		1		1		6		8
Operating income (loss)	10		9		3		(12)		10
Depreciation and amortization	3		4		9		3		19
Transaction, reorganization, and other costs	–		–		–		1		1
Share-based compensation ^(2)	–		–		–		3		3
Strategic information technology projects      configuration and customization costs	–		–		–		1		1
Adjusted EBITDA ^(3)	13		13		12		(4)		34
Total assets	259		338		546		119		1,262
Total liabilities	68		81		261		411		821
Additions to property, plant and equipment	3		3		6		2		14
Additions to intangible assets	–		–		1		2		3
Goodwill recorded on business acquisition	–		–		2		–		2

^(1)	Comparative results have been recast to reflect a change in our reporting segments, as former Complementary Services and Corporate and eliminations segments are now grouped under Corporate and Other.
^(2)	Includes stock option, performance share unit and restricted share unit plans.
^(3)	Adjusted EBITDA definition now exclude the strategic information technology projects configuration and customization costs.

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars)

				Three-month period ended June 30, 2022
	Business Services Canada			Business Services USA		Technical Services			Corporate and Other ^(1)		Total
Recurring/contractual services	118			152		18			3		291
On-call services	17			12		57			1		87
Project	–			–		123			–		123
Manufacturing and distribution	–			–		–			17		17
Other revenues	7			–		–			1		8
Total external revenues	142			164		198			22		526
Inter-segment revenues	3			–		1			(4)		–
Revenues	145			164		199			18		526
Income (loss) before income taxes	15			7		(1)			(6)		15
Net finance expense	–			3		1			(2)		2
Operating income (loss)	15			10		–			(8)		17
Depreciation and amortization	4			3		8			3		18
Transaction, reorganization, and other costs	–			–		–			1		1
Share-based compensation ^(2)	–			–		–			1		1
Strategic information technology projects       configuration and customization costs	–			–		–			1		1
Adjusted EBITDA ^(3)	19			13		8			(2)		38
Total assets ^(4)	267			320		515			118		1,220
Total liabilities ^(4)	81			68		232			400		781
Additions to property, plant and equipment	1			1		4			4		10
Additions to intangible assets	–			–		(3)			2		(1)
Goodwill recorded on business acquisition	–			–		3			–		3

^(1)	Comparative results have been recast to reflect a change in our reporting segments, as former Complementary Services and Corporate and eliminations segments are now grouped under Corporate and Other.
^(2)	Includes stock option, performance share unit and restricted share unit plans.
^(3)	The above table was revised to reflect the fact that the Adjusted EBITDA definition now exclude the strategic information technology projects configuration and customization costs.
^(4)	As at December 31, 2022.

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars)

	Six-month period ended June 30, 2023
	Business Services Canada		Business Services USA		Technical Services		Corporate and Other ^(1)		Total
Recurring/contractual services	244		337		42		11		634
On-call services	23		19		147		3		192
Project	–		–		327		–		327
Manufacturing and distribution	–		–		–		33		33
Other revenues	13		–		–		1		14
Total external revenues	280		356		516		48		1,200
Inter-segment revenues	6		–		–		(6)		–
Revenues	286		356		516		42		1,200
Income (loss) before income taxes	22		16		3		(33)		8
Net finance expense	–		1		3		10		14
Operating income (loss)	22		17		6		(23)		22
Depreciation and amortization	5		8		16		7		36
Transaction, reorganization, and other costs	–		–		1		1		2
Share-based compensation ^(2)	–		–		–		5		5
Strategic information technology projects      configuration and customization costs	–		–		–		2		2
Adjusted EBITDA ^(3)	27		25		23		(8)		67
Total assets	259		338		546		119		1,262
Total liabilities	68		81		261		411		821
Additions to property, plant and equipment	4		5		13		5		27
Additions to intangible assets	–		–		1		3		4
Goodwill recorded on business acquisition	–		–		2		–		2

^(1)	Comparative results have been recast to reflect a change in our reporting segments, as former Complementary Services and Corporate and eliminations segments are now grouped under Corporate and Other.
^(2)	Includes stock option, performance share unit and restricted share unit plans.
^(3)	Adjusted EBITDA definition now excludes the strategic information technology projects configuration and customization costs.

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars)

	Six-month period ended June 30, 2022
	Business Services Canada		Business Services USA		Technical Services		Corporate and Other ^(1)		Total
Recurring/contractual services	232		300		42		7		581
On-call services	36		27		108		2		173
Project	–		–		220		–		220
Manufacturing and distribution	–		–		–		32		32
Other revenues	14		–		–		1		15
Total external revenues	282		327		370		42		1,021
Inter-segment revenues	5		–		1		(6)		–
Revenues	287		327		371		36		1,021
Income (loss) before income taxes	32		13		(3)		(17)		25
Net finance expense	–		5		2		3		10
Operating income (loss)	32		18		(1)		(14)		35
Depreciation and amortization	7		7		15		5		34
Transaction, reorganization, and other costs	–		–		–		1		1
Share-based compensation ^(2)	–		–		–		3		3
Strategic information technology projects      configuration and customization costs	–		–		–		1		1
Adjusted EBITDA ^(3)	39		25		14		(4)		74
Total assets ^(4)	267		320		515		118		1,220
Total liabilities ^(4)	81		68		232		400		781
Additions to property, plant and equipment	3		3		13		5		24
Additions to intangible assets	–		–		10		4		14
Goodwill recorded on business acquisition	–		–		24		–		24

^(1)	Comparative results have been recast to reflect a change in our reporting segments, as former Complementary Services and Corporate and eliminations segments are now grouped under Corporate and Other.
^(2)	Includes stock option, performance share unit and restricted share unit plans.
^(3)	The above table was revised to reflect the fact that the Adjusted EBITDA definition now exclude the strategic information technology projects configuration and customization costs.
^(4)	As at December 31, 2022.

GDI INTEGRATED FACILITY SERVICES INC.
Business acquisitions

Acquisition date		Company acquired		Location		Segment reporting
2023 Acquisition
June 1, 2023		React Technical, Inc. ("React")		New York, New York		Technical Services
2022 Acquisitions
January 21, 2022		Gestion E.C.I. inc. and its subsidiaries ("Énergère")		Montréal, Quebec		Technical Services
March 1, 2022		M.T.I. Mechanical Trade Industries Ltd. and its subsidiary ("MTI")		Markham, Ontario		Technical Services
September 1, 2022		Cascadian Building Maintenance, Ltd. ("Cascadian")		Bellevue, Washington		Business Services USA

GDI INTEGRATED FACILITY SERVICES INC.
Supplementary Quarterly Financial Information
Three-month periods
(Unaudited) (In millions of Canadian dollars, except per share data) 

Three months ended
(in millions of Canadian dollars, except per share data) ^(1)	June 2023		March 2023		December 2022		September 2022
Revenue	609		591		588		563
Operating income	10		12		15		19
Depreciation and amortization	19		17		22		18
Transaction, reorganization and other costs	1		1		1		1
Share-based compensation	3		2		3		2
Strategic information technology projects      configuration and customization costs	1		1		1		2
Adjusted EBITDA ^(2)	34		33		42		42
Net income for the period	1		4		10		11
Earnings per share
Basic	0.04		0.15		0.41		0.45
Diluted	0.04		0.15		0.40		0.44
Three months ended
(in millions of Canadian dollars, except per share data) ^(1)	June 2022		March 2022		December 2021		September 2021
Revenue	526		495		433		408
Operating income	17		18		15		18
Depreciation and amortization	18		16		15		13
Canadian Emergency Wage Subsidy and related expenses	‒		‒		‒		(1)
Transaction, reorganization and other costs	1		‒		2		1
Share-based compensation	1		2		2		2
Strategic information technology projects      configuration and customization costs	1		‒		‒		‒
Adjusted EBITDA ^(2)	38		36		34		33
Net income for the period	10		7		7		9
Earnings per share
Basic	0.40		0.30		0.30		0.41
Diluted	0.40		0.30		0.29		0.40

(1)	The differences between the quarters are mainly the results of business acquisitions, as well as seasonality in the Technical Services segment. The net income for the three-month period ended September 30, 2021 was favourably impacted by the Canadian Emergency Wage Subsidy and related expenses.
(2)	Adjusted EBITDA definition now exclude the strategic information technology projects configuration and customization costs. This change has no impact on the three- month periods ended September 30, 2021, December 31, 2021, and March 31, 2022.

SOURCE GDI Integrated Facility Services Inc.