Bird Construction Inc. Announces 2021  Fourth Quarter and Annual Financial Results

• Construction revenue of $2,220.0 million compared to $1,504.4 million, representing a 47.6% increase year-over-year.
• Net income and earnings per share were $42.8 million and $0.80, respectively, compared to $36.1 million and $0.80 in 2020.
• Arriéré¹ of $3,002.5 million, an increase of $320 million or 11.9% from the $2,682.5 million reported at the end of 2020.
• Adjusted Earnings¹ and Adjusted Earnings Per Share1 were $51.0 million and $0.96, respectively, compared to $41.6 million and $0.92 in 2020.
• Adjusted EBITDA¹ of $108.1 million, or 4.9% of revenues, reflects a 32.0% increase in Adjusted EBITDA.

Fourth Quarter 2021 compared to Fourth Quarter 2020

• Construction revenue of $597.8 million compared to $555.0 million, representing an 7.7% increase year-over-year.
• No recoveries were recorded under the Canada Emergency Wage Subsidy (“CEWS”) program in Q4 2021, compared to the $21.7 million 9-month cumulative recoveries recorded in Q4 2020.
• Net income and earnings per share were $9.9 million and $0.18, respectively, compared to $20.5 million and $0.39 in Q4 2020.
• Adjusted Earnings¹ and Adjusted Earnings Per Share were $13.0 million and $0.24, respectively, compared to $21.5 million and $0.41 in Q4 2020.
• Adjusted EBITDA¹ of $28.4 million, or 4.8% of revenues, compared to $40.0 million, or 7.2% of revenues in Q4 2020.

• In September 2021, the Company completed its acquisition of Dagmar, an Ontario-based construction company with extensive experience across key civil infrastructure sub-sectors including road, bridge, rail, sewer and water, and commercial-institutional sites. Dagmar’s capabilities and service offerings for both private and public owners across Ontario, integrated with Bird’s existing civil business, will act as a catalyst in this attractive end market. In selected national markets where Bird has civil activity, Dagmar will add specialized capabilities to broaden client service offerings and increase diversification.
• Fiscal 2021 represents the first full year consolidating the results of Stuart Olson following the Company’s transformational acquisition of the business on September 25, 2020. Since the acquisition, Bird has worked to successfully combine the two strong, experienced workforces and integrate and harmonize their policies, processes and people. Annualized cost synergies resulting from the integration of Stuart Olson exceeded $25.0 million, and were achieved as expected in 2021. The Company has also benefitted, and is expected to continue to benefit, from revenue synergies and cross-selling opportunities of the combined operations.
• The Company further improved its record-setting Backlog at December 31, 2021 to $3,002.5 million, growing 11.9% year-over-year, while maintaining a strong Pending Backlog1 of $1,624.7 million. During 2021, the Company secured $2,540.0 million of new contract awards and change orders and executed $2,220.0 million of construction revenues. Compared to Backlog and Pending Backlog of $2,682.5 million and $1,635.9 million, respectively, at December 31, 2020, the net growth in combined Backlog and Pending Backlog was achieved despite timing delays in project tenders and awards from clients related to COVID-19.
• During 2021, Bird extended the maturity date of its Syndicated Credit Facility (the “Credit Facility”) by an additional year and expanded the committed Credit Facility to $235.0 million, consisting of a $185.0 million revolving credit facility, and a $50.0 million non-revolving term debt facility. At December 31, 2021, amounts available under this revolving facility of $140.3 million, in addition to the Company’s accessible cash balance of $103.0 million, provide the Company with substantial liquidity to support the execution of its strategic initiatives.
• During the fourth quarter of 2021, the Company announced that it was awarded the following projects and contracts:

• The first phase of a progressive Design-Build contract with early collaborative contractor involvement for the Ontario Power Generation Clarington Corporate Campus Project. Construction is expected to begin in 2022, with completion in 2024.
• The Company will participate in three Integrated Project Delivery (“IPD”) contracts in Western Canada with a combined value in excess of $150 million. The contracts include a substantial food and beverage facility expansion project, the Okanagan Indian Band water system upgrade and the North Okanagan Wastewater Recovery Project.
• Through its Alliance Agreement with the renewable energy company Noventa Energy Partners, the Company announced the successful financial close of the recently announced Toronto Western Hospital wastewater energy transfer (“WET”) project valued at approximately $42.9 million. The alliance was formed to jointly pursue opportunities for WET projects across Canada, with Bird acting as the exclusive constructor.
• The Company, as part of a joint venture has successfully completed the validation phase of the IPD contract for the Advanced Nuclear Materials Research Centre for Canadian Nuclear Laboratories. The approximate project value is over $500 million, and the completion of the validation phase means that the project will now proceed. Bird’s share of the project value is expected to exceed $220 million.
• The Company has been awarded a contract for construction of Lake City Studios, in Burnaby, British Columbia. The project has a contract value in excess of $200 million.
• The Board has declared an eligible dividend of $0.0325 per common share for each of March and April 2022.