Q1 2026 Boyd Group Services Inc Earnings Call Transcript
Key Points
- Boyd Group Services Inc (BGSI) achieved all-time record revenue of $997 million in Q1 2026, marking a 28% increase compared to the same period last year.
- The company reported a 52% increase in adjusted EBITDA, reaching a record $122 million, with margins expanding by 200 basis points to 12.3%.
- BGSI successfully closed the acquisition of Joe Hudson's, the largest MSO transaction in its history, and completed the integration process.
- The company realized over $60 million in cost savings from Project 360 and acquisition synergies, with an additional $30 million expected in 2026.
- BGSI expanded its location footprint by 33%, reaching 1,312 locations, including acquisitions and new start-ups, supporting long-term growth objectives.
- Net loss for Q1 2026 was $7.9 million, compared to a net loss of $2.6 million in the same period of 2025, impacted by acquisition and transformational cost initiatives.
- Same-store sales growth was only 1.7%, with weather impacts in the South affecting performance; adjusted growth would have been approximately 2.6%.
- The growth in average total cost of repair has fallen below expected levels, impacting the long-term growth framework.
- Total debt net of cash increased significantly to $2 billion at the end of Q1 2026, reflecting the Joe Hudson's acquisition.
- The company faces challenges in maintaining technician staffing levels to meet demand, although it remains focused on recruitment efforts.
Good morning, everyone. Welcome to the Boyd Group Services Inc., 2026 first quarter results conference call. Listeners are reminded that certain matters discussed in today's call or answers that may be given to questions asked could constitute forward-looking statements that are subject to risks and uncertainties relating to Boyd's future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements.
The risk factors that may affect results are detailed in Boyd's annual information form and other periodic filings and registration statements, and you can access these documents at SEDAR's database found at sedarplus.ca and EDGAR at www.sec.gov.
We released our 2026 first quarter results before markets opened today. You can access our news release as well as our complete financial statements and management discussion and analysis on our website at boydgroup.com. Our news release, financial statements, and MD&A have also been filed at SEDAR+ and EDGAR this
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