Earnings Conference Call Quarter ended December 31, 2022
Highlights:
- Revenue in Q4 2022 reached $61.0 million, compared to $64.6 million for the same period last year. The decrease is primarily attributable to the phase out and divestiture of the Tilly, Belgium operations. Revenue increased by 26% to $264.2 million in FY 2022, compared to $210.0 million last year, supported by the acquisition of AZUR and higher demand for renewable energy in Specialty Semiconductors, as well as for pharmaceutical and health in Performance Materials.
- Adjusted EBITDA in Q4 2022 reached $6.7 million, compared to $10.1 million for the same period last year, due to AZUR realizing the majority of its 2021 annual Adjusted EBITDA in the months following its acquisition. Adjusted EBITDA for FY 2022 reached $30.0 million, achieving the high end of the Company’s FY 2022 guidance, compared to $28.2 million last year, despite the negative impact of the Russia/Ukraine conflict in Q1 2022, rising inflation and the winding down and divestiture of the Tilly, Belgium operations.
- In Q4 2022, the Company recorded a loss on divestiture of $7.8 million on the winding down and divestiture of the Tilly, Belgium operations completed in December 2022, as well as a $3.2 million in litigation and restructuring costs, mainly attributable to the same transaction.
- On December 31, 2022, the backlog represented 253 days of annualized revenue, 61 days higher than the previous quarter, and 32 days higher than the same period last year. The increase in the backlog is attributable to favourable negotiations of long-term contracts under Specialty Semiconductors.
- Net debt stood at $78.3 million on December 31, 2022, down from $80.1 million at the end of the prior year
