$BGSI

Boyd Group Services Inc.

CIK:0002091467|SEC Filings

Consolidated Statements of Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Sales	$ 3,142,794	$ 3,070,342
Cost of sales	1,684,200	1,673,834
Gross profit	1,458,594	1,396,508
Operating expenses	1,082,288	1,061,689
Acquisition and transformational cost initiatives	30,488	9,879
Depreciation of property, plant and equipment	87,851	75,498
Depreciation of right of use assets	128,101	123,512
Amortization of intangible assets	28,020	26,309
Fair value adjustments	3,449	(952)
Finance costs, net	69,673	68,913
Total operating expenses	1,429,870	1,364,848
Earnings before income taxes	28,724	31,660
Income tax expense (recovery)
Current	5,828	7,667
Deferred	4,476	(551)
Tax expense (income)	10,304	7,116
Net earnings	$ 18,420	$ 24,544
Basic earnings per share	$ 0.82	$ 1.14
Diluted earnings per share	$ 0.82	$ 1.14
Basic weighted average number of shares outstanding	22,461,320	21,472,436
Diluted weighted average number of shares outstanding	22,498,636	21,477,021

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net earnings	$ 18,420	$ 24,544
Adjustments for
Fair value adjustments	3,449	(952)
Deferred income taxes	4,476	(551)
Finance costs	69,673	68,913
Amortization of intangible assets	28,020	26,309
Depreciation of property, plant and equipment	87,851	75,498
Depreciation of right of use assets	128,101	123,512
Equity settled share-based payment	4,319	928
Other	2,928	1,033
Adjustments to reconcile profit (loss)	347,237	319,234
Changes in non-cash working capital items	5,752	(5,909)
Cash flows from (used in) operating activities	352,989	313,325
Cash flows from (used in) financing activities
Proceeds from issuance of common shares	897,014	0
Payment of share issue costs	(38,201)	0
Proceeds from issuance of senior unsecured notes	572,335	0
Increase in obligations under long-term debt	391,623	365,994
Repayment of long-term debt, principal	(544,867)	(283,790)
Repayment of obligations under property leases, principal	(111,142)	(103,888)
Repayment of obligations under vehicle and equipment leases, principal	(5,594)	(5,283)
Interest on long-term debt	(32,707)	(29,149)
Interest on property leases	(44,095)	(39,464)
Interest on vehicle and equipment leases	(730)	(1,021)
Interest received on proceeds of senior unsecured notes and equity offering	5,585	0
Dividends paid	(9,366)	(9,445)
Payment of financing costs	(12,667)	(829)
Cash flows from (used in) financing activities	1,067,188	(106,875)
Cash flows used in investing activities
Proceeds on sale of equipment and software	805	718
Equipment purchases and facility improvements	(54,306)	(77,333)
Acquisition and development of businesses (net of cash acquired)	(218,537)	(192,486)
Software purchases and licensing	(8,094)	(3,124)
Increase in other long-term assets	(139)	(368)
Proceeds on sale / leaseback agreements	53,252	64,854
Cash flows from (used in) investing activities	(227,019)	(207,739)
Effect of foreign exchange rate changes on cash	15,459	(1,225)
Net increase (decrease) in cash position	1,208,617	(2,514)
Cash, beginning of year	19,997	22,511
Cash, end of year	1,228,614	19,997
Income taxes paid	3,669	12,295
Interest paid	$ 70,716	$ 68,395

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets [abstract]
Cash	$ 1,228,614	$ 19,997
Accounts receivable	137,474	120,616
Income taxes recoverable	10,196	12,307
Inventory	68,284	73,134
Prepaid expenses	53,789	44,663
Current assets	1,498,357	270,717
Non-current assets [abstract]
Property, plant and equipment	581,146	529,673
Right of use assets	689,247	668,101
Derivative financial instruments	7,153	0
Deferred income tax asset	12,625	2,840
Intangible assets	356,347	336,943
Goodwill	702,460	643,864
Other long-term assets	12,616	12,051
Assets	3,859,951	2,464,189
Current liabilities [abstract]
Accounts payable and accrued liabilities	339,276	306,942
Dividends payable	3,168	2,283
Current portion of long-term debt	8,752	8,994
Current portion of lease liabilities	125,483	116,849
Current liabilities	476,679	435,068
Non-current liabilities [abstract]
Long-term debt	352,031	498,289
Senior unsecured notes	577,143	0
Derivative financial instruments	4,667	0
Lease liabilities	653,324	627,446
Deferred income tax liability	73,197	68,559
Unearned rebates	3,349	3,964
Liabilities	2,140,390	1,633,326
Equity [abstract]
Accumulated other comprehensive earnings	51,871	44,792
Retained earnings	188,780	180,557
Shareholders' capital	1,468,962	600,047
Contributed surplus	9,948	5,467
Equity	1,719,561	830,863
Equity and liabilities	$ 3,859,951	$ 2,464,189