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November 05, 2020 02:59:42 pm

Enerflex.Announces Third Quarter 2020 Financial Results and Quarterly Dividend

卡尔加里,艾伯塔省,11月05日(Globe Newswire) - Enerflex Ltd.(TSX:EFX)(“Enerflex”或“公司”或“我们”或“我们”或“我们”),产品和服务的领先供应商全球能源产业,今天报告了截至2020年9月30日止三家和九个月的财务和运营业绩。

第三季度和2020年财务经营结果的第三季度和前九个月的概要表

(Unaudited) Three months ended Nine months ended
($ CANADIAN百万,除了每股 September 30, September 30,
amounts, horsepower, and percentages) 2020. 2019年 Change 2020. 2019年 Change
Revenue $ 265.0 $ 544.3 $ (279.3) $ 918.2 $ 1,571.1 $ (652.9)
Gross margin 63.7 132.6 (68.9) 223.2 331.6 (108.4)
EBIT 21.7 87.7 (66.0) 87.2 185.1 (97.9)
EBITDA(1) 42.8 109.1 (66.3) 150.8 250.2 (99.4)
Adjusted EBITDA(2) 38.2 106.5 (68.3) 138.4 256.8 (118.4)
Net earnings 10.7 63.1 (52.4) 55.6 120.7 (65.1)
Earnings per share – basic 0.12 0.71 (0.59) 0.62 1.35 (0.72)
Recurring revenue growth(3) (6.1)% 10.0% (6.0)% 17.7%
预订(4) 23.2 125.5 (102.3) 221.1 414.4 (193.3)
Backlog(4) 186.3 701.6 (515.3) 186.3 701.6 (515.3)
Rental horsepower 714,375 700,733 13,642 714,375 700,733 13,642

(1)利息前(财政费用),所得税,折旧和摊销(“EBITDA”)的收益被认为是非IFRS措施,可能与其他实体使用的类似非IFRS措施相比。
(2)Adjusted EBITDA is a non-IFRS measure. Please refer to the full reconciliation of these items in the Adjusted EBITDA section.
(3)Recurring revenue is comprised of revenue from the Service and Rentals product lines, which are typically contracted and extend into the future. While the contracts are subject to cancellation or have varying lengths, the Company does not believe these characteristics preclude them from being considered recurring in nature. Growth in recurring revenue is calculated over the comparative period.
(4) Engineered Systems bookings and backlog are considered non-IFRS measures that do not have standardized meanings as prescribed by IFRS, and are therefore unlikely to be comparable to similar measures used by other entities.

“Enerflex的制造设施,租赁,繁荣和服务业务在整个季度安全可靠地运营。鉴于我们在循环中的位置,Enerflex提供了强大的季度。我们的结果受益于我们的经常性收入产品线,成本减少措施和以客户为中心,服务为导向的方法的贡献,“Enerflex总裁兼首席执行官Marc Rossitor表示。

“We believe in the long-term fundamentals of natural gas. As the cleanest of all fossil fuels, it can facilitate a reduction in carbon emissions from a growing global economy while enabling an energy transition that includes increasingly significant contributions from renewables. Enerflex is a leading supplier of innovative natural gas infrastructure solutions on a global scale. We will continue to provide these innovative solutions during the pandemic and beyond with a sharp focus on controlling costs and maximizing investment returns.”

Quarterly Overview

  • Operating income for the third quarter of 2020 benefited from previously implemented cost-reduction measures and contributions from government assistance programs but decreased over the prior year on lower revenue and increased bad debt provisions.
  • Engineered Systems booking activity continued to be impacted by restrained spending within the oil and gas industry due to uncertainty around commodity price stability and the ramifications of COVID-19. However, the Company is seeing some success from non-traditional applications, including electrified compression and lower carbon-intensity projects.
  • 该公司在美国的租赁资产中投入了1760万美元,而世界部门其余部分则投资1760万美元。在阿根廷和巴西成功委托了四个先前宣布的建立自己维护(“繁荣”)项目中的三个。这些项目正在设计和贡献底线。第四个繁荣仍然计划在2020年第四季度开始运营。2020年的资本支出估计约为1.35亿美元至1.4亿美元,相比之下,由于Covid增加了1.1亿美元至1.3亿美元。-19-在新合同上重新部署某些墨西哥租赁资产的延迟和准备成本。
  • At September 30, 2020, the USA contract compression fleet totaled approximately 350,000 horsepower. Average fleet utilization remained stable during the quarter at 81 percent.
  • m公司保持资产负债表实力onetizing inventory and reducing debt. The Company exited the quarter financially strong, with a bank-adjusted net debt to EBITDA ratio of 1.2:1, compared to a maximum ratio of 3:1. The Company has substantial undrawn credit capacity and cash on hand.
  • Subsequent to September 30, 2020, Enerflex declared a quarterly dividend of $0.02 per share, payable on January 7, 2021, to shareholders of record on November 26, 2020.

Outlook
Covid-19大流行和最近的商品价格波动对石油和天然气产业的全球资本投资产生了不利影响。尽管最近的天然气基准定价提高,但公司尚未显示工程系统预订的有意义的增加,但继续回应非传统应用的询问,包括最近销售13兆瓦的电力和气体处理厂,以减少闪光气体在哥伦比亚,以及各种其他电气化压缩和较低的碳强度项目。总的来说,工程系统的前景仍然不确定,并且该产品线的收入预计将在2020年的剩余部分和2021中保持低电平。

相比之下,在过去的几年里,Enerflex已经优先考虑了专门导向的投资,以使我们的现金流量更加稳定和抵抗我们市场的自然,但不可预测的周期性。相关业务线的前景,即服务和租赁,似乎在近期稳定,我们继续看到我们的繁荣产品的兴趣。未来时期将看到中东10年繁荣项目的贡献预定于2020年第四季度委托,而拉丁美洲将从巴西和阿根廷的某些繁荣项目完成和续签的续集中受益墨西哥的资产。该公司乐观表明,其对经常性收入项目的投资将继续稳定通过这一经济衰退及以后的现金流量。

In the short term, Enerflex remains focused on providing a safe working environment for all employees, while preserving capital and maintaining balance sheet strength in response to uncertainty caused by the COVID-19 pandemic and recent market volatility. In the longer term, the Company is focused on controlling costs, optimal capital allocation, and ensuring future projects maximize returns on invested capital.

Third Quarter Segmented Results

USA
USA segment revenue was $127 million, a decrease of $172 million from the same period in 2019. Engineered Systems revenue decreased due to lower opening backlog on reduced bookings in recent periods, while Service revenue was lower due to travel restrictions related to COVID-19 and pricing pressure on certain Service offerings. Rentals revenue increased due to the organic growth of the contract compression fleet, which grew by 22 percent on a horsepower basis over the last year. EBIT was down $51 million due to decreased gross margin, driven by lower revenue on soft bookings from 2019 and the first nine months of 2020, as well as the reduced contribution from certain large, high margin Engineered Systems projects that were booked during the second half of 2018 that were largely completed by the third quarter of 2020. Decreased revenue and margins were partially offset by lower SG&A, the result of reduced compensation expenses on lower headcount and decreased profit share on lower operational results. The Company continues to monitor costs in response to recent commodity price weakness and the uncertainty caused by the COVID-19 pandemic and remains focused on controlling costs where possible.

Rest of World
世界其他部门的收入为7900万美元,由于项目工作的时间,由于项目工作的时间,由于项目工作的时间,较低的工程系统收入导致了900万美元,因为近期的预订开始促进第三季度的运营成果,而工程系统收入前一年反映了开幕积压中包括的项目的继续取得进展。由于债务损失的债务规定增加,债务规定增加,艾比特减少了600万美元,部分抵消了提高毛利率百分比,减少赔偿费和降低业务结果的利润份额,以及较低的旅行和非关键IT支出。

加拿大
Canadian revenue was $59 million, a decrease of $98 million, primarily due to lower Engineered Systems revenue on a lower opening backlog. Service and Rentals revenues were down due to lower equipment sales and reseller activity, Service branches performing more light-duty work as opposed to overhauls, and the return of certain rental units. EBIT decreased as a result of lower gross margin on reduced revenue and increased bad debt provisions, partially offset in the quarter by reduced compensation expenses on lower headcount and decreased profit share on lower operational results, as well as cost recoveries related to government assistance programs.

Adjusted EBITDA
The Company’s results include items that are unique and items that management and users of the financial statements adjust for when evaluating the Company’s results. The presentation of Adjusted EBITDA should not be considered in isolation from EBIT or EBITDA as determined under IFRS. Adjusted EBITDA may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a replacement for measures prepared as determined under IFRS.

历史上被调整的呈现目的的项目通常与四类有关:1)闲置设施的损伤或收益(不包括租赁资产损伤);2)重组活动;3)与并购活动相关的交易成本;4)基于股票的薪酬。Enerflex介绍了股份基赔偿的影响,因为它是一项可以在一段时间内显着波动的物品,这是一段时间内的股价变化,这是基于公司的长期绩效的因素。在调整后的EBITDA中孤立闲置设施的处置,因为它们并不反映了公司的持续运营,并且由于重组活动而闲置。

2020年代第二季度,该公司增加了与政府拨款有关的另一项调整,最重要的是加拿大紧急工资补贴和澳大利亚的借助支付方案。收到的补贴金额已被记录为销售和销售和行政费用的减少,在临时净成的综合收益中销售和行政费用按照所承认的相关费用。Enerflex认为这是一个独特的物品,因为这些临时补助金与最近的Covid-19大流行有关,并未预计该公司的一部分是公司的一部分。

Management believes that identification of these items allows for a better understanding of the underlying operations of the Company based on the current assets and structure.

($ Canadian millions)
截至2020年9月30日止三个月 Total USA ROW 加拿大
Reported EBIT $ 21.7 $ 6.4 $ 8.0 $ 7.3
Severance costs in COGS and SG&A 0.7 0.2 0.0 0.5
Government grants (6.4 - (1.4 (5.0
Share-based compensation 1.1 0.7 0.4 0.0
Depreciation and amortization 21.1. 10.4 8.5 2.2
Adjusted EBITDA $ 38.2 $ 17.7 $ 15.5 $ 5.0


($ Canadian millions)
截至2019年9月30日止三个月
Total USA ROW 加拿大
Reported EBIT $ 87.7 $ 57.1 $ 13.9 $ 16.7
Share-based compensation (2.6 (1.6 (0.6 (0.4
Depreciation and amortization 21.4 8.6 10.2 2.6
Adjusted EBITDA $ 106.5 $ 64.1. $ 23.5 $ 18.9

Dividend
Subsequent to the end of the quarter, Enerflex declared a quarterly dividend of $0.02 per share, payable on January 7, 2021, to shareholders of record on November 26, 2020. Enerflex’s Board of Directors will continue to evaluate dividend payments on a quarterly basis, based on the availability of cash flow and anticipated market conditions.

季度结果材料
This press release should be read in conjunction with Enerflex’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019, and the accompanying Management’s Discussion and Analysis, both of which will be available on the Enerflex website atwww.i2chem.comunder the Investors section and on SEDAR atwww.sedar.com

Conference Call and Webcast Details
Enerflex将主机对分析师的电话会议,investors, members of the media, and other interested parties on Friday, November 6, 2020 at 8:00 a.m. MST to discuss the third quarter 2020 financial results and operating highlights. The call will be hosted by Mr. Marc Rossiter, President and Chief Executive Officer; Mr. Sanjay Bishnoi, Senior Vice President and Chief Financial Officer; and Mr. Stefan Ali, Director, Strategy, Risk, and Investor Relations.

如果您希望参加此次会议,请致电1.844.231.9067或1.703.639.1277。请在通话开始前10分钟拨打。不需要密码。会议电话会议的Live Audio网络广播将在Enerflex网站上获得www.i2chem.comunder the Investors section on November 6, 2020 at 8:00 a.m. MST. A replay of the teleconference will be available on November 6, 2020 at 11:00 a.m. MST until November 13, 2020 at 11:00 a.m. MST. Please call 1.855.859.2056 or 1.404.537.3406 and enter conference ID 7172239.

About Enerflex
Enerflex ltd .)是自然界的单一来源供应商al gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, gas lift compression, refrigeration systems, and electric power equipment servicing the natural gas production industry.

Headquartered in Calgary, Canada, Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Kuwait, Australia, New Zealand, Indonesia, Malaysia, and Thailand. Enerflex’s shares trade on the Toronto Stock Exchange under the symbol “EFX”. For more information about Enerflex, go towww.i2chem.com

Advisory Regarding Forward-Looking Information
本新闻稿中包含有远见的通知ation within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “forecast”, “pursue”, “potential”, “objective” and “capable” and similar expressions are intended to identify forward-looking information. In particular, this press release includes (without limitation) forward-looking information pertaining to: anticipated financial performance; the Company’s 2020 growth capital expenditure plans and maintenance capital spending; anticipated market conditions and impacts on the Company’s operations; development trends in the oil and gas industry; business prospects and strategy; the ability to raise capital; the ability of existing and expected cash flows and other cash resources to fund investments in working capital and capital assets; the impact of economic conditions on accounts receivable; expectations regarding future dividends; and implications of changes in government regulation, laws and income taxes. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks and uncertainties and other factors, which are difficult to predict, including but not limited to: the impact of economic conditions including volatility in the price of oil, gas, and gas liquids, interest rates and foreign exchange rates; industry conditions including supply and demand fundamentals for oil and gas, and the related infrastructure including new environmental, taxation and other laws and regulations; disruptions to business operations resulting from the COVID-19 pandemic and the responses of government and the public to the pandemic; changes in economic conditions that restrict Enerflex’s cash flow and impact its ability to declare and pay dividends; the ability to continue to build and improve on proven manufacturing capabilities and innovate into new product lines and markets; increased competition; insufficient funds to support capital investments required to grow the business; the lack of availability of qualified personnel or management; political unrest; and other factors, many of which are beyond the Company's control. For an augmented discussion of the risk factors and uncertainties that affect or may affect Enerflex, the reader is directed to the section entitled “Risk Factors” in Enerflex’s most recently filed Annual Information Form and the section entitled “Supplemental Risk Factors” in Enerflex’s MD&A for the three months ended March 31, 2020, as well as Enerflex’s other publicly filed disclosure documents, available onwww.sedar.com虽然公司认为,在本新闻稿中包含的前瞻性信息和陈述存在合理的基础,因此由于这种已知和未知的风险,不确定性和其他因素,实际结果,绩效或成就可能与之不同这些陈述和读者表示或暗示的那些被告诫不要过分依赖前瞻性陈述。包含在此新闻稿中的前瞻性信息不应过度依赖。本文包含的前瞻性信息通过上述警示声明完整地符合其认证。本新闻稿中包含的前瞻性信息截至本新闻稿截至本新闻稿,而且除法律要求之外,该公司是否会根据新信息作为新信息而拒绝更新或修改任何前瞻性信息的任何意图或义务,未来的事件或其他事件。

For investor and media inquiries, please contact:

Marc Rossiter Sanjay Bishnoi. Stefan Ali
President & Chief Executive Officer Senior Vice President & Chief Financial Officer 导演,战略,风险和投资者关系
Tel: 403.387.6325 电话:403.236.6857 Tel: 403.717.4953