417 items found for ""
- Yellow Analytics Roadmap: A Big Data Journey - Orlando
Back to Events June 9, 2014 Yellow Analytics Roadmap: A Big Data Journey - Orlando Add to my Calendar Back to Events Events
- Yellow Pages Limited Reports Strong Financial and Operating Results in Second Quarter 2020, Announces Major New Revenue Initiatives, Declares a Cash Dividend, and Announces Normal Course Issuer Bid (NCIB) to Repurchase Common Shares
Press Releases Back to News Back to News Print Back to News Print Montreal (Quebec), August 6, 2020 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and six months ended June 30, 2020 and made a number of major announcements. “We are very pleased with our second quarter results, and today we make a number of significant announcements,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the major developments: Adjusted EBITDA less CAPEX of 45.8%. “Our Adjusted EBITDA less CAPEX margin1 was an almost-unprecedented 45.8%, reflecting continued strength in our business.” Modest effect of COVID-19 crisis on revenue. “When the COVID-19 crisis hit, virtually all of our employees were efficiently working from home within a week. And we retained virtually all of them, avoiding furloughs and layoffs, so that we could serve our customers and maintain our momentum. That allowed the downward effect of the crisis on our revenues in the quarter to be only a handful of percentage points.” Encouraging revenue outlook. “The trends in our bookings, although suggesting a very modest additional hit to our revenue curve for another couple of quarters, are nearing pre-COVID levels. And our analysis suggests that the bulk of our COVID-related revenue declines are due to lower spending levels by individual customers, which we believe can be regained, rather than business closures or increased losses of accounts.” Net Debt extinguished. “As of today, our cash on hand, approximately $110 million, exceeds our debt, so our net debt excluding lease obligations1 is better than zero. And we recommit to fully paying off our Exchangeable Debentures, at par, on or around May 31, 2021.” Major new revenue initiatives. “Over the next 120 days, we are phasing three exciting new products into our offering. Also, by year-end, we expect to have doubled our tele-sales capacity, to significantly ramp up our acquisition of new accounts. These moves, long in the making and testing, are carefully designed to further bend our revenue curve toward stability.” Quarterly dividend2 declared. “Our Board has declared a dividend of $0.11 per common share, to be paid on September 15, 2020 to shareholders of record as of August 28, 2020.” Doubling of contribution to pension plan. “As we announced we would, we have begun doubling the currently required contributions to our Defined Benefit Pension Plan, for the benefit of our retirees.” Launching purchases of stock. “Today we are also announcing an NCIB to repurchase shares of our common stock.” Further detail on the NCIB is found below. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization, and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details.(2)The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. Second Quarter of 2020 Results Adjusted EBITDA less CAPEX totaled $40.4 million and the EBITDA less CAPEX margin1 was 45.8%. Net earnings increased by $7.4 million at $22.0 million, or $0.73 per diluted share. Cash position at the end of the period was $97.7 million and was $109.7 million as at August 5, 2020. Segmented Information The Company’s operations are categorized into two reportable segments: YP and other. The YP segment provides small and medium-sized businesses across Canada digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages’ owned and operated media, content syndication, search engine solutions, website fulfillment, social media campaign management and digital display advertising, video production and print advertising. This segment also includes the 411.ca digital directory service helping users find and connect with people and local businesses. The Other segment includes YP Dine digital property until its sale on April 30, 2019 and the Mediative division until its liquidation on January 31, 2019. An overview of each segment and the performance of each segment for the three and six-month periods ended June 30, 2020 and 2019 can be found in the August 5, 2020 Management’s Discussion and Analysis. Financial Results for the Second Quarter of 2020 Revenues for the YP segment for the second quarter of 2020 decreased by $18.3 million or 17.2% year-over year and amounted to $88.3 million compared to $106.6 million for the same period last year. The decrease for the quarter ended June 30, 2020 is due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Revenues for the second quarter of 2020 were also impacted by the COVID-19 pandemic which impacted customer spend and to a lesser extent customer renewal rates. Adjusted EBITDA for the YP segment for the three-month period ended June 30, 2020 totaled $41.9 million or 47.5% of revenues compared to $43.4 million or 40.7% of revenues for the same period last year. The decrease in Adjusted EBITDA in the second quarter ended June 30, 2020 is the result of the revenue pressures in the YP segment partially offset by efficiencies in sales and operations from optimization and reductions in other operating costs including reductions in our workforce and associated employee expenses, reduction in the Company’s office space footprint and other spending reductions across the segment which resulted in an increase in Adjusted EBITDA margin. For the second quarter of 2020, Adjusted EBITDA and Adjusted EBITDA margin also benefited from a $4.8 million emergency wage subsidy and paused spending. Modest additional effects on revenue of the COVID-19 pandemic, coupled with increased headcount in our salesforce, will create some pressure on margin in upcoming quarters. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization, and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Total revenues for the second quarter ended June 30, 2020 of $88.3 million decreased by 17.3% as compared to $106.8 million for the same period last year. The decline in total revenue for the three-month period ended June 30, 2020 was due to the YP segment. Adjusted EBITDA1 decreased by 3.4% to $41.9 million or 47.5% of revenues in the second quarter ended June 30, 2020, relative to $43.4 million or 40.7% of revenues for the same period last year. The year over year results for the three-month period were attributable to the YP Segment. Adjusted EBITDA less CAPEX1 decreased by $0.2 million to $40.4 million during the second quarter of 2020, compared to $40.6 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX for the three-month period ended June 30, 2020 was due to the YP segment. Net earnings for the three-month period ended June 30, 2020, increased to $22.0 million as compared to net earnings of $14.6 million for the same period last year. The improvement in profitability of $7.4 million for the three-month period ended June 30, 2020, compared to the same periods last year, is explained principally by lower financial charges, lower depreciation and amortization expenses, and a decrease in restructuring and other charges partially offset by lower Adjusted EBITDA. Cash flows from operating activities increased by $3.1 million to $31.7 million for the three-month period ended June 30, 2020 from $28.6 million for the same period last year, mainly due to lower interest paid of $10.6 million partially offset by a reduction of $8.9 million from the change in operating assets and liabilities. As at June 30, 2020, the Company had $154.1 million of total debt, compared to $156.4 million as at December 31, 2019. As at June 30, 2020, the Company had $2.1 million of net debt excluding lease obligations1, compared to $54.1 million as at December 31, 2019. As at August 5, 2020, the cash position was $109.7 million making the company debt free on a net debt excluding lease obligations1 basis. Common Share NCIB The Toronto Stock Exchange (the “TSX”) has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid (the “Bid”) to be transacted through the facilities of the TSX or any alternative Canadian trading system. The notice provides that the Company may, during the twelve-month period commencing on August 10, 2020 and ending on August 9, 2021, purchase up to 1,403,765 common shares (“Shares”), being approximately 5% of the Company’s 28,075,308 issued and outstanding common shares as of July 27, 2020. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Company. All Shares will be purchased for cancellation. Notwithstanding the foregoing, the Company will limit the purchase of common shares to approximately $5.0 million until such time as the Subordinated Exchangeable Debentures are fully repaid. Pursuant to TSX policies, the maximum amount of Shares that may be purchased in one day pursuant to the Bid will be approximately 2,510 Shares, representing 25% of 10,041 Shares, being the average daily trading volume of the Shares on the TSX for the six months ended July 31, 2020. In addition, the Company may make, once per week, a block purchase of Shares not directly or indirectly owned by insiders of the Company, in accordance with TSX policies. In connection with the Bid, the Company entered into an automatic securities purchase plan (“ASPP”) with a designated broker. The ASPP is intended to allow for the purchase of Shares when the Company would ordinarily not be permitted to purchase Shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, the Company may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP and TSX policies during the blackout period. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by the Company in accordance with the rules of the TSX and any applicable alternative Canadian trading system, applicable securities laws and the terms of the ASPP. The ASPP will be in effect for the term of the bid. All purchases made under the ASPP will be included in computing the number of Shares purchased under the Bid. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization, and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. The Board of Directors of the Company (the “ Board ”) believes that during the course of the Bid the market price of the Shares may not reflect the value of the Company’s underlying business and the repurchase of Shares may be an attractive use of the Company’s cash on hand and means of creating shareholder value. As a result, depending upon future price movements and other factors, the Board believes that the purchase of the Shares may be in the best interest of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company when the repurchased Shares are cancelled. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on August 6, 2020 to discuss second quarter 2020 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode #7445874. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions, including potential full repayment of the Company’s remaining exchangeable debentures on or shortly after May 31, 2021, at par; to its common shareholders, a cash dividend payment of $0.11 per share per quarter; and results of operations and businesses of the Company. These statements are forward-looking as they are based on our current expectations, as at August 5, 2020, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our August 5, 2020 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media John Ireland Senior Vice-President, Organizational Effectiveness communications@yp.ca Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization, and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s interim condensed consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization, and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Refer to page 5 and page 11 of the August 5, 2020 MD&A for a reconciliation of CAPEX and Adjusted EBITDA less CAPEX, respectively. Net debt excluding lease obligations Net debt excluding lease obligations is a non-GAAP financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other publicly traded companies. Net debt excluding lease obligations is comprised of Exchangeable debentures less Cash as presented in our consolidated statements of financial position. We use net debt as indicator of the Company's ability to cover financial obligations and reduce debt and associated interest charge as it represents the amount of debt excluding lease obligations that is not covered by available cash. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. The most comparable IFRS financial measure is total debt, as presented in the capital disclosures note on page 49 of our Audited consolidated financial statements for the years ended 2019 and 2018. The table below provides a reconciliation of total debt to net debt excluding lease obligations. Yellow Pages Limited Reports Strong Financial and Operating Results in Second Quarter 2020, Announces Major New Revenue Initiatives, Declares a Cash Dividend, and Announces Normal Course Issuer Bid (NCIB) to Repurchase Common Shares
- Q1 2018 Financial and Operational Results and 2018 Annual General Meeting
Back to Events May 11, 2018 Q1 2018 Financial and Operational Results and 2018 Annual General Meeting Add to my Calendar Management Discussion and Analysis (213.7 KB) Supplemental Disclosure (1.5 MB) Financial Statements (234.8 KB) Webcast of the conference call (2.7 MB) Back to Events Events
- Yellow Pages Limited Reports Second Quarter 2021 Financial and Operating Results, Declares a Cash Dividend and Confirms a New Normal Course Issuer Bid (NCIB)
Communiqués de presse Back to News Retour aux nouvelles Print Retour aux nouvelles Print Montréal (Québec), le 5 août 2021 — Pages Jaunes Limitée (TSX : Y) (la « Société »), un chef de file en matière de médias numériques et de solutions marketing au Canada, a publié aujourd’hui ses résultats financiers et d’exploitation pour le trimestre et le semestre clos le 30 juin 2021. « Nous sommes très heureux de nos résultats du deuxième trimestre, qui reflètent nos progrès continus », a déclaré M. David A. Eckert, président et chef de la direction de Pages Jaunes Limitée. M. Eckert a commenté les principaux faits nouveaux : Redressement soutenu de la courbe des produits . « Pour un troisième trimestre consécutif depuis le début de la pandémie de COVID-19, nous présentons au deuxième trimestre une accentuation favorable de la courbe des produits, avec un meilleur taux de variation des produits par rapport au trimestre précédent. » Tendances encourageantes au titre des commandes. « Les tendances au titre des commandes à livrer continuent d’être relativement solides et semblent indiquer que notre courbe des produits continuera de s’améliorer au cours des prochains trimestres, puisque les ventes déjà enregistrées deviennent des produits comptabilisés. » Progrès en ce qui a trait aux initiatives à l’égard des produits. « Nous continuons de réaliser des progrès dans la mise en œuvre de nos programmes visant à accroître notre effectif de télévente et à augmenter l’offre au sein de notre solide portefeuille de produits. » Bénéfice trimestriel satisfaisant. « Notre BAIIA ajusté1 pour le trimestre a représenté une bonne proportion de 32,8 % des produits, malgré la crise de la COVID-19, nos investissements dans des initiatives à l’égard des produits et une charge de 4,5 points de pourcentage liée à la rémunération fondée sur des actions en raison du fait que le cours de nos actions a continué d’augmenter au cours du deuxième trimestre. » Sans endettement. « Le 31 mai 2021, nous avons remboursé le montant en capital de 107,0 M$ de nos débentures échangeables, à leur valeur nominale plus les intérêts à payer, soit notre seule dette restante, compte non tenu des obligations liées à des contrats de location. » Solde de trésorerie toujours robuste. « Même si nous avons remboursé notre dette, nos fonds en caisse s’élevaient à environ 95,0 M$ à la fin du mois de juillet, car nous avons continué de générer une solide trésorerie. » Dividende trimestriel2 déclaré. « Notre conseil a déclaré un dividende de 0,15 $ par action ordinaire, devant être versé le 15 septembre 2021 aux actionnaires inscrits le 25 août 2021. » Capitalisation du régime de retraite. « Comme nous l’avions annoncé au dernier trimestre, nous avons commencé à effectuer des cotisations facultatives supplémentaires à l’égard du déficit de liquidation du régime conformément à notre plan de réduction du déficit. » Lancement prochain d’une nouvelle offre publique de rachat dans le cours normal des activités visant les actions ordinaires. « Tel qu’il a été approuvé par notre conseil d’administration, la Société lancera une nouvelle offre publique de rachat dans le cours normal des activités débutant le 10 août 2021, afin de racheter aux fins d’annulation jusqu’à 5 % des actions en circulation de la Société sur une période de douze mois. La Société a l’intention de limiter à 16,0 M$ le montant total des rachats en vertu de la nouvelle offre publique de rachat dans le cours normal des activités. » 1. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux normes IFRS et n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux normes IFRS », à la page 5 du présent document. 2. Le dividende sera désigné comme dividende déterminé en vertu du paragraphe 89(14) de la Loi de l’impôt sur le revenu (Canada) et de toute loi provinciale applicable se rapportant aux dividendes déterminés. Résultats du deuxième trimestre de 2021 Le total des produits a diminué de 15,5 % d’un exercice à l’autre pour s’établir à 74,6 M$ pour le trimestre clos le 30 juin 2021, une amélioration par rapport à la baisse de 16,8 % enregistrée au trimestre précédent. Le BAIIA ajusté moins les dépenses d’investissement1 a totalisé 23,1 M$, et la marge sur BAIIA ajusté moins les dépenses d’investissement1 s’est établie à 31,0 %. Le bénéfice net a diminué pour s’établir à 6,0 M$, soit un bénéfice dilué de 0,22 $ par action. Résultats financiers du deuxième trimestre de 2021 Pour le deuxième trimestre clos le 30 juin 2021, le total des produits a diminué de 13,7 M$, ou 15,5 %, pour s’établir à 74,6 M$, comparativement à 88,3 M$ pour la période correspondante de l’exercice précédent. La diminution des produits au cours du trimestre clos le 30 juin 2021 est essentiellement attribuable au recul de nos médias numériques et médias imprimés à marge plus élevée et, dans une moindre mesure, de nos services numériques à marge moins élevée, ce qui a exercé une pression sur nos marges bénéficiaires brutes. Pour le trimestre clos le 30 juin 2021, le BAIIA ajusté1 a totalisé 24,4 M$, comparativement à 41,9 M$ pour la période correspondante de l’exercice précédent. La marge sur BAIIA ajusté1 a diminué pour s’établir à 32,8 % au deuxième trimestre de 2021, comparativement à 47,5 % pour la période correspondante de l’exercice précédent. La diminution du BAIIA ajusté pour le trimestre clos le 30 juin 2021 est attribuable aux pressions exercées sur les produits, aux investissements dans notre effectif de télévente, ainsi qu’à l’incidence de la hausse du cours de l’action de la Société sur la charge de rémunération fondée sur des actions réglée en trésorerie et de la baisse de la subvention salariale reçue, facteurs partiellement contrebalancés par l’efficience découlant de l’optimisation du coût des produits vendus et par des réductions des autres coûts d’exploitation, y compris des réductions de la main-d’œuvre et des charges connexes liées aux employés, des espaces de bureaux de la Société et des autres dépenses au sein de la Société. La hausse du cours de l’action de PJ a donné lieu à une charge additionnelle au titre de la rémunération fondée sur des actions réglée en trésorerie de 3,4 M$ au deuxième trimestre de 2021, comparativement à une charge de 0,8 M$ pour le trimestre comparatif clos le 30 juin 2020. La Société a reçu une subvention salariale d’urgence de 2,3 M$ au cours du deuxième trimestre, comparativement à 4,8 M$ pour le trimestre clos le 30 juin 2020. En outre, les résultats du deuxième trimestre de 2020 ont bénéficié de l’interruption des dépenses et de l’incidence différée sur les produits liée à la pandémie de COVID19. Les pressions exercées sur les produits, de même que l’augmentation de l’effectif de vente, contrebalancées en partie par les optimisations continues, continueront d’exercer une certaine pression sur la marge au cours des prochains trimestres. 1. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux normes IFRS et n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux normes IFRS », à la page 5 du présent document. Pour le trimestre clos le 30 juin 2021, le BAIIA ajusté moins les dépenses d’investissement1 a totalisé 23,1 M$, comparativement à 40,4 M$ pour la période correspondante de l’exercice précédent. La diminution au cours du trimestre clos le 30 juin 2021 s’explique par le fait que le BAIIA ajusté a diminué, alors que les dépenses d’investissement ont été relativement stables d’un exercice à l’autre. Pour le trimestre clos le 30 juin 2021, le bénéfice net a diminué pour s’établir à 6,0 M$, comparativement à un bénéfice net de 22,0 M$ pour la période correspondante de l’exercice précédent. La diminution du bénéfice net de 16,0 M$ pour le trimestre clos le 30 juin 2021, par rapport à la période correspondante de l’exercice précédent, s’explique principalement par la baisse du BAIIA ajusté1 et par la perte au remboursement anticipé de la dette, partiellement contrebalancées par la diminution des amortissements, des charges financières et de la charge d’impôt sur le résultat. Les flux de trésorerie provenant des activités d’exploitation ont diminué de 3,1 M$ pour s’établir à 28,6 M$ au trimestre clos le 30 juin 2021, comparativement à 31,7 M$ pour la période correspondante de l’exercice précédent, en raison surtout de la baisse de 17,5 M$ du BAIIA ajusté, contrebalancée en partie par une augmentation de 14,5 M$ de la variation des actifs et des passifs d’exploitation. La variation des actifs et des passifs d’exploitation s’explique principalement par l’augmentation des dettes fournisseurs en raison de l’incidence du cours de l’action sur la charge de rémunération fondée sur des actions réglée en trésorerie de 3,4 M$ pour le trimestre clos le 30 juin 2021, de même que par le moment auquel ont été comptabilisées certaines dettes fournisseurs et par la diminution des créances clients. Au cours du trimestre, la Société a remboursé intégralement le montant en capital de 107,0 M$ de ses débentures échangeables, à leur valeur nominale, en plus des intérêts courus et impayés. Au 30 juin 2021, la trésorerie de la Société se chiffrait à 85,5 M$. Offre publique de rachat dans le cours normal des activités visant les actions ordinaires La Bourse de Toronto (la « TSX ») a accepté un avis déposé par la Société de son intention de présenter une offre publique de rachat dans le cours normal des activités (l’« offre ») au moyen d’opérations réalisées par l’intermédiaire de la TSX ou d’un autre système de négociation canadien. L’avis prévoit que la Société pourrait, au cours de la période de douze mois qui commence le 10 août 2021 et se termine le 9 août 2022, racheter jusqu’à 1 386 184 actions ordinaires (les « actions »), soit environ 5 % des 27 723 697 actions ordinaires émises et en circulation de la Société au 27 juillet 2021. Le prix que la Société paiera pour ces actions correspondra au cours en vigueur au moment de l’acquisition. Le nombre réel d’actions qui pourra être racheté aux termes de l’offre sera établi par la direction de la Société. Toutes les actions seront rachetées aux fins d’annulation. Nonobstant ce qui précède, la Société limitera le rachat d’actions ordinaires à environ 16,0 M$. Aux termes des politiques de la TSX, le nombre maximal d’actions qui pourront être rachetées en un jour aux termes de l’offre sera d’environ 1 487 actions, ce qui représente 25 % de 5 951 actions, soit le volume moyen des opérations quotidiennes à l’égard des actions à la TSX pour le semestre clos le 31 juillet 2021. En outre, la Société peut, une fois par semaine, effectuer un rachat en bloc d’actions qui n’appartiennent pas directement ou indirectement à des initiés de la Société, conformément aux politiques de la TSX. Dans le cadre de l’offre, la Société a mis sur pied un plan de rachat de titres automatique (un « plan de rachat ») avec un courtier désigné. Le plan de rachat vise à permettre le rachat d’actions lorsque la Société ne sera pas ordinairement autorisée à racheter des actions en raison de restrictions réglementaires et de périodes d’interdiction d’opérations usuelles qu’elle s’est elle-même imposées. Aux termes du plan de rachat, avant d’entamer une période d’interdiction d’opérations, la Société peut, sans y être tenue, demander au courtier désigné d’effectuer des rachats dans le cadre de l’offre conformément aux modalités du plan de rachat et aux politiques de la TSX durant la période d’interdiction d’opérations. Ces rachats seront déterminés par le courtier désigné à sa seule discrétion, selon les paramètres de rachat définis par la Société conformément aux règles de la TSX ou de tout autre système de négociation canadien, aux lois applicables sur les valeurs mobilières et aux modalités du plan de rachat. Le plan de rachat sera en vigueur pour la durée de l’offre. Il sera tenu compte de tous les rachats effectués dans le cadre du plan de rachat aux fins du calcul du nombre d’actions rachetées aux termes de l’offre. 1. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux normes IFRS et n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux normes IFRS », à la page 5 du présent document. Le conseil d’administration de la Société (le « conseil ») estime que, pendant la durée de l’offre, le cours des actions pourrait à l’occasion ne pas refléter la valeur intrinsèque de l’émetteur et que les rachats d’actions aux termes de l’offre pourraient représenter une utilisation appropriée et souhaitable des fonds qui permet à l’émetteur de remettre l’excédent de trésorerie aux actionnaires, tout en ayant des liquidités suffisantes pour financer l’ensemble de ses besoins en investissements de croissance. En vertu de l’actuelle offre publique de rachat dans le cours normal des activités de la Société ayant commencé le 10 août 2020 et se terminant le 9 août 2021, la Société était autorisée à racheter jusqu’à 1 403 765 actions. Dans le cadre de cette offre, la Société a racheté 403 220 actions au moyen d’achats sur le marché libre à un cours moyen pondéré en fonction du volume de 12,40 $ par action. Conférence téléphonique et webdiffusion Pages Jaunes Limitée tiendra une conférence téléphonique et une webdiffusion simultanées à l’intention des analystes et des médias à 8 h 30 (heure de l’Est) le 5 août 2021 pour commenter les résultats du deuxième trimestre de 2021. On peut assister à cette conférence en composant le 416 695-6725 dans la région de Toronto ou le 1 866 696-5910 à l’extérieur de cette zone. Le mot de passe est 8577790#. Veuillez joindre la conférence au moins cinq minutes avant le début de celle-ci. La conférence sera aussi disponible par webdiffusion à partir du site Web de la Société, à l’adresse https://entreprise.pj.ca/fr/investisseurs/rapports-financiers/ . La conférence téléphonique sera archivée dans la section « Investisseurs » du site Web, à l’adresse https://entreprise.pj.ca/fr/investisseurs/evenements-financiers-presentations/ . À propos de Pages Jaunes Limitée Pages Jaunes Limitée (TSX : Y) est une société canadienne de médias numériques et de solutions marketing qui offre des occasions aux vendeurs et aux acheteurs d’interagir et de faire des affaires au sein de l’économie locale. Pages Jaunes détient certains des principaux médias locaux en ligne au Canada, notamment PJ.ca , Canada411 et 411.ca , ainsi que les applications mobiles PJ, Canada411 et 411, de même que les annuaires imprimés Pages Jaunes. Pour plus d’informations, visitez notre site Web au https://entreprise.pj.ca/fr/ . Mise en garde concernant les déclarations prospectives Le présent communiqué contient des déclarations prospectives au sujet des objectifs, des stratégies, de la situation financière et des résultats d’exploitation et des activités de PJ (y compris, sans s’y limiter, du versement d’un dividende en trésorerie par action par trimestre à ses actionnaires ordinaires; du nombre d’actions rachetées par la Société dans le cadre de l’offre publique de rachat dans le cours normal des activités et de l’intention de limiter le montant des rachats à 16,0 M$). Ces déclarations sont prospectives puisqu’elles sont fondées sur nos attentes, en date du 4 août 2021, en ce qui concerne nos activités et les marchés sur lesquels nous les exerçons, ainsi que sur différentes estimations et hypothèses. Nos résultats réels pourraient différer de manière importante de nos attentes si des risques connus ou inconnus touchaient nos activités ou si nos estimations ou hypothèses se révélaient inexactes. Par conséquent, nous ne pouvons garantir que l’une ou l’autre de nos déclarations prospectives se réalisera. Les risques qui pourraient faire en sorte que nos résultats réels diffèrent de façon importante de nos attentes actuelles sont analysés dans la section 5 de notre rapport de gestion en date du 4 août 2021. Nous n’avons aucune intention ni ne nous engageons à le faire, sauf si cela est exigé conformément à la loi, de mettre à jour les déclarations prospectives même si de nouveaux renseignements venaient à notre connaissance, par suite d’événements futurs ou pour toute autre raison. Personnes-ressources : Investisseurs Franco Sciannamblo Premier vice-président et chef de la direction financière investisseurs@pj.ca Médias Treena Cooper Première vice-présidente, Secrétaire et conseillère juridique principale communications@pj.ca Mesures financières non conformes aux normes IFRS BAIIA ajusté et marge sur BAIIA ajusté De manière à offrir une meilleure compréhension des résultats, la Société utilise les termes BAIIA ajusté et marge sur BAIIA ajusté. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Nous définissons la marge sur BAIIA ajusté en tant que BAIIA ajusté en pourcentage des produits. Le BAIIA ajusté et la marge sur BAIIA ajusté ne sont pas des mesures de la performance conformes aux normes IFRS et ils ne sont pas considérés comme un substitut du bénéfice d’exploitation ou du bénéfice net pour mesurer la performance de Pages Jaunes. Les définitions du BAIIA ajusté et de la marge sur BAIIA ajusté ne sont pas normalisées selon les normes IFRS; il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Le BAIIA ajusté et la marge sur BAIIA ajusté ne devraient pas être utilisés comme mesures exclusives des flux de trésorerie, car ils ne tiennent pas compte de l’incidence des variations du fonds de roulement, de l’impôt sur le résultat, des paiements d’intérêts, de la capitalisation des régimes, des dépenses d’investissement, des acquisitions d’entreprises, des réductions du capital de la dette ainsi que des autres provenances et utilisations des flux de trésorerie, qui sont présentées à la page 15 de notre rapport de gestion au 4 août 2021. La direction utilise le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la performance de ses activités, car ils reflètent la rentabilité continue. La direction est d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la capacité d’une société à assurer le service de sa dette et à satisfaire à d’autres obligations de paiement ou comme mesure courante pour évaluer les sociétés exerçant leurs activités dans le secteur des médias et des solutions de marketing ainsi que pour évaluer la performance d’une entreprise. BAIIA ajusté moins les dépenses d’investissement et marge sur BAIIA ajusté moins les dépenses d’investissement La Société utilise aussi le BAIIA ajusté moins les dépenses d’investissement, que nous définissons comme le BAIIA ajusté, tel qu’il est défini ci-dessus, moins les dépenses d’investissement, que nous définissons comme les acquisitions d’immobilisations incorporelles et corporelles, présentées dans la section « Activités d’investissement » des tableaux consolidés intermédiaires résumés des flux de trésorerie de la Société. Nous définissons la marge sur BAIIA ajusté moins les dépenses d’investissement en tant que BAIIA ajusté moins les dépenses d’investissement en pourcentage des produits. Le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux normes IFRS et ils n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Nous utilisons le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance de nos activités, car ils reflètent les flux de trésorerie provenant de nos activités commerciales. Nous sommes d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance des entreprises de notre secteur. La mesure financière conforme aux normes IFRS qui s’apparente le plus au BAIIA ajusté moins les dépenses d’investissement est le bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini ci-dessus comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Pour un rapprochement du BAIIA ajusté moins les dépenses d’investissement, se reporter à la page 9 du rapport de gestion au 4 août 2021. Pages Jaunes Limitée présente ses résultats financiers et d’exploitation au deuxième trimestre de 2021, déclare un dividende en trésorerie et confirme une nouvelle offre publique de rachat dans le cours normal des activités
- Sate of the Local Industry LSA Conference 2016
Back to News 8 mars 2016 Sate of the Local Industry LSA Conference 2016 (en anglais seulement) Ajouter à mon agenda Retour aux événements Événements
- Yellow Pages Limited Reports Strong Second Quarter 2022 Results, Announces Plan for $100 million Share Buyback and $24 million Pension Plan Voluntary Contribution, and Declares a Cash Dividend(1)
Press Releases Back to News Back to News Print Back to News Print Montreal (Quebec), August 5, 2022 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and six months ended June 30, 2022 and made several announcements relating to its use of cash. “Today we report another significant step in our steady march toward revenue stability, while maintaining superior profitability, and we announce a plan to distribute cash of $100 million to our shareholders and $24 million into our defined benefit pension plan,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Approaching revenue stability. “For the seventh consecutive quarter since COVID-19 hit, and the twelfth of the last fourteen quarters overall, we report a favorable ‘bending of the revenue curve’ in Q2, with a better rate of change in revenue than reported for the previous quarter.” Continued favorable trends in bookings. “As we have said frequently, we continue to see increasingly favorable trends in our bookings, which are the leading indicator of our future reported revenue.” Strong quarterly earnings. “Our Adjusted EBITDA2 for the quarter was 34.2% of revenue, even higher than last year’s second quarter, despite our continued, productive investments in revenue initiatives and evolving product mix.” Ever-growing cash balance. “Our steadily strong cash generation has grown cash on hand to approximately $135 million as of the end of July.” Pension plan funding on track. “Consistent with our previously announced deficit-reduction plan, in the second quarter of 2022 alone we made $1 million of voluntary incremental payments toward our Defined Benefit Pension Plan’s wind-up deficit.” Quarterly dividend declared. “Our Board has declared a dividend of $0.15 per common share, to be paid on September 15, 2022 to shareholders of record as of August 25, 2022.” Completed common stock NCIB. “Under our current NCIB program, commenced August 10, 2021, the Company purchased 423,099 common shares for cash of $6.1 million during Q2, 2022. This completed our NCIB program, which resulted in the Company purchasing a cumulative total of 1,122,511 common shares for cash of $16.0 million.” Cash to Shareholders and to Pension Plan. “Our Board has approved the use of discretionary cash of $100 million to buy back the Company’s shares and also advance $24 million of planned voluntary contributions to the Defined Benefit Pension Plan (the “Pension Plan”) by the end of the year, as part of a plan of arrangement.” (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Second Quarter of 2022 Results Total revenues decreased 6.7% year-over-year and amounted to $69.6 million for the three-month period ended June 30, 2022, an improvement from the decrease of 7.8% reported last quarter. Adjusted EBITDA less CAPEX totalled $22.6 million and the EBITDA less CAPEX margin was 32.4%. Net earnings increased to $12.7 million, or to $0.49 per diluted share. Financial Results for the Second Quarter of 2022 Total revenues for the second quarter ended June 30, 2022 decreased by 6.7% to $69.6 million, as compared to $74.6 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. The decline rates for total revenues, digital revenues and print revenues all improved significantly year-over-year. Total revenue decline of 6.7% this quarter compares to a decline of 15.5% reported for the same period last year. Digital revenue decline of 5.2% this quarter compares to a decline of 13.6% reported for the same period last year. Print revenue decline of 11.2% this quarter compares to a decline of 20.8% reported for the same period last year. These improvements were due to better spend per customer as well as increased renewal rates. The improved customer spend per customer is due in part to increased pricing. Adjusted EBITDA1 decreased by $0.7 million or 2.7% to $23.8 million for the three-month period ended June 30, 2022, compared to $24.4 million for the same period last year. The Adjusted EBITDA margin1 increased by 1.4% to 34.2% for the second quarter of 2022 compared to 32.8% for the same period last year. The decrease in Adjusted EBITDA is the result of revenue pressures, partially offset by price increases, the efficiencies from optimization in cost of sales, reductions in other operating costs including reductions in our workforce and associated employee expenses, the decrease in bad debt expense and the impact of the Company’s share-price on cash settled stock-based compensation expense. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX1 decreased by $0.5 million or 2.3% to $22.6 million for the three-month period ended June 30, 2022, compared to $23.1 million for the same period last year. The decrease is driven by the decrease in Adjusted EBITDA. The adjusted EBITDA less CAPEX margin has increased to 32.4% for the second quarter of 2022 from 31.0% for the same period last year. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Net earnings increased to $12.7 million for the three-month period ended June 30, 2022 compared to net earnings of $6.0 million, for the same period last year. While the three-month period ended June 30, 2021, was impacted by the loss on the early repayment of debt of $7.8 million, the increase in net earnings for the same period in 2022 is further explained by lower Adjusted EBITDA1 and the increase in restructuring and other charges, being more than offset by the decrease in financial charges due to lower debt as well as the decrease in depreciation and amortization. Cash flows from operating activities decreased by $3.7 million to $24.8 million for the three-month period ended June 30, 2022. The decrease is mainly due to income taxes paid of $1.4 million, increased funding of post-employment benefit plans of $0.4 million, lower Adjusted EBITDA of $0.7 million, and by a decrease of $5.9 million from the change in operating assets and liabilities, partially offset by lower financial charges paid of $4.3 million and lower restructuring and other charges paid of $0.7 million. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the timing of payment of trade payables as well as the impact of the share price on cash settled share-based compensation. As at June 30, 2022, the Company had $129.3 million of cash. Plan of Arrangement The Board has approved a distribution to shareholders of approximately $100 million by way of a share repurchase from all shareholders pursuant to a statutory arrangement under the Business Corporations Act (British Columbia). The arrangement will be effected pursuant to a plan of arrangement which provides that the Company will repurchase from shareholders pro rata an aggregate of 7,949,125 common shares at a purchase price of $12.58 per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to August 5, 2022. Under the plan of arrangement, the Company will also advance the previously announced voluntary incremental cash contributions to the Pension Plan’s wind-up deficit by an amount of $24 million during the year ending December 31, 2022, bringing 2022 cash payments to the Pension Plan’s wind-up deficit to $30 million by the end of the year. The incremental voluntary cash infusion of $24 million during the year ended December 31, 2022 represents advancing the voluntary $6 million contributions intended in years 2027, 2028, 2029 and 2030 that were part of the Deficit Reduction Plan we announced in May of 2021 to increase the probability that the Pension Plan will be fully funded by 2030. The probability of achieving a wind-up ratio of 100% by 2030 is dependent upon certain uncontrollable factors, including, among others, market returns and discount rates. The Board will continue to review the Deficit Reduction Plan annually. The arrangement is subject to the approval of at least 66 2/3% of the votes cast by the holders of shares at a special meeting of shareholders that will be called to approve the arrangement. Shareholders holding in excess of 78% of the outstanding shares have agreed with the Company to vote in favor of the arrangement. The arrangement is also subject to the receipt of the approval of the Supreme Court of British Columbia. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on August 5, 2022 to discuss second quarter 2022 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 9191862#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders).These statements are forward-looking as they are based on our current expectations, as at August 4, 2022, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our August 4, 2022 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 13 of our August 4, 2022 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s interim condensed consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Refer to page 9 of the August 4, 2022 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Strong Second Quarter 2022 Results, Announces Plan for $100 million Share Buyback and $24 million Pension Plan Voluntary Contribution, and Declares a Cash Dividend(1)
- Management’s Discussion and Analysis
Back to Events Management’s Discussion and Analysis Add to my Calendar Back to Events Events
- Q3 2023 Financial and Operational Results
Back to Events November 9, 2023 Q3 2023 Financial and Operational Results Add to my Calendar Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on November 9, 2023 to discuss third quarter 2023 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, both with the passcode 2713953#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. Management's Discussion and Analysis Financial Statements Supplemental Disclosure Webcast of Conference Call Back to Events Events
- Release of Q4 2017 Financial and Operational Results
Back to News 8 février 2018 Résultats financiers et opérationnels du 4e trimestre de 2017 Ajouter à mon agenda Rapport de gestion (276,2 Kio) Complément d'information (en anglais) (5,6 Mio) États financiers (266,6 Kio) Webdiffusion de la conférence téléphonique (en anglais) Retour aux événements Événements
- Yellow Pages Limited Announces An Enhanced Website Solution for Business
Communiqués de presse Back to News Retour aux nouvelles Print Retour aux nouvelles Print Montréal (Québec), le 10 février 2022 – Pages Jaunes Limitée (TSX : Y) (la « Société »), un chef de file en matière de médias numériques et de solutions marketing au Canada, a annoncé l’établissement d’un partenariat stratégique avec l’entreprise Wix (NASDAQ : WIX), une plateforme SaaS mondiale de premier plan pour créer, gérer et développer une présence en ligne Mme Sherilyn King, vice-présidente principale – Ventes, Marketing & Service à la clientèle de Pages Jaunes Limitée, a précisé : « En raison de la pandémie de COVID‑19, les petites et moyennes entreprises (PME) ont réalisé l’importance d’une présence en ligne afin de donner l’occasion à une clientèle éventuelle de se procurer leurs produits et services. Notre équipe conçoit des sites Web attrayants qui sont publiés dans les jours suivant la souscription du forfait choisi. Dans cette optique, notre partenariat stratégique avec Wix a rehaussé notre offre de services, laquelle permet aux PME d’ajouter aisément des fonctionnalités supplémentaires, notamment le commerce électronique et la réservation en ligne. De plus, les mises à jour se font rapidement et facilement. Désormais, les PME ont la possibilité de collaborer avec notre équipe de spécialistes ou de demander à ce que celle-ci se charge de tout. » M. Anthony Scaglione, vice-président directeur du volet des partenaires mondiaux chez Wix, a déclaré : « Les petites entreprises forment le cœur de l’économie. Par conséquent, les connaissances pointues de Pages Jaunes Limitée et sa capacité d’orienter les PME correspondent parfaitement à nos valeurs. À l’instar de Pages Jaunes Limitée, qui agit à titre de chef de file en matière de médias numériques et de solutions marketing auprès des PME au Canada, Wix innove sur le plan technologique en permettant à des entreprises de manifester et d’accroître leur présence en ligne, laquelle s’avère cruciale en affaires dans le monde actuel. » À propos de Pages Jaunes Limitée Pages Jaunes Limitée (TSX : Y) est une société canadienne de médias numériques et de solutions marketing qui offre des occasions aux vendeurs et aux acheteurs d’interagir et de faire des affaires au sein de l’économie locale. Pages Jaunes détient certains des principaux médias locaux en ligne au Canada, notamment PJ.ca , Canada411 et 411.ca , ainsi que les applications mobiles PJ, Canada411 et 411, de même que les annuaires imprimés Pages Jaunes. Pour plus d’informations, visitez notre site Web au https://entreprise.pj.ca/fr/ . Personnes-ressources : Investisseurs Franco Sciannamblo Premier vice-président et chef de la direction financière investisseurs@pj.ca Médias Treena Cooper Première vice-présidente, Secrétaire et conseillère juridique principale communications@pj.ca Pages Jaunes Limitée dévoile le lancement d’un service amélioré de création de sites Web pour les entreprises
- Yellow Pages Limited Reports Strong Fourth Quarter and Full Year 2021 Financial and Operating Results and Declares a Cash Dividend1
Press Releases Back to News Back to News Print Back to News Print Montreal (Quebec), February 10, 2022 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and year ended December 31, 2021. “We are very pleased with our fourth quarter and full year results, which further reflect our steady march toward revenue stability,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: More progress toward revenue stability. “For the fifth consecutive quarter since COVID-19 hit, and the tenth of the last twelve quarters overall, we report a favorable ‘bending of the revenue curve’ in Q4, with a better rate of change in revenue than reported for the previous quarter.” Continued favorable trends in bookings. “The trends in our bookings continue to be quite strong, as we continue to approach revenue stability.” Concrete investments in revenue initiatives. “We continue to make progress on executing on our programs to expand our tele-sales force and to add to our strong product portfolio, including two key strategic partnerships announced earlier today.” Strong quarterly earnings. “Our Adjusted EBITDA2 for the quarter and full year was a very strong 35.5% of revenue, despite our focus on and investments in revenue initiatives.” Ever-growing cash balance. “Our steadily strong cash generation has grown cash on hand to approximately $130 million as of the end of January.” Pension plan funding on track. “Consistent with our previously announced deficit-reduction plan, in 2021 alone we made $4.0 million of voluntary incremental payments toward our Defined Benefit Pension Plan’s wind-up deficit.” Quarterly dividend declared. “Our Board has declared a dividend of $0.15 per common share, to be paid on March 15, 2022 to shareholders of record as of February 25, 2022.” Continuing common stock NCIB. “Under our current NCIB program commenced August 10, 2021, at the end of the year the Company had purchased 251,376 common shares for cash of $3.6 million.” (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Fourth Quarter 2021 Results Total revenues decreased 10.5% year-over-year and amounted to $68.6 million for the three-month period ended December 31, 2021, an improvement from the decrease of 11.7% reported last quarter. Adjusted EBITDA less CAPEX totalled $23.1 million and the EBITDA less CAPEX margin was 33.7%. Net earnings increased to $38.7 million, or to $1.46 per diluted share. Financial Results for the Fourth Quarter of 2021 Total revenues for the fourth quarter ended December 31, 2021 decreased by 10.5% year-over-year and amounted to $68.6 million as compared to $76.7 million for the same period last year. The decrease for the quarter ended December 31, 2021 is due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Adjusted EBITDA1 decreased to $24.4 million or 35.5% of revenues in the fourth quarter ended December 31, 2021, relative to $27.6 million or 36.0% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin in the three-month period ended December 31, 2021 is the result of revenue pressures, investments in our tele-sales force capacity, and lower wage subsidies received, partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will create some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $3.1 million to $23.1 million during the fourth quarter of 2021, compared to $26.2 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX for the three-month period ended December 31, 2021 is mainly due to lower Adjusted EBITDA partially offset by lower capital expenditures. Net earnings for the three-month ended December 31, 2021 amounted to $38.7 million as compared to net earnings of $16.8 million for the same period last year due to higher recognition of previously unrecognized tax attributes and temporary differences. Earnings before taxes decreased from $19.2 million for the fourth quarter of 2020 to $15.9 million for the three-month period ended December 31, 2021, explained principally by lower Adjusted EBITDA and the increase in restructuring and other charges, partially offset by decreases in depreciation and amortization and financial charges. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Cash flows from operating activities decreased by $6.6 million to $28.8 million for the three-month period ended December 31, 2021 from $35.4 million last year. The decrease is mainly due to lower Adjusted EBITDA1 of $3.3 million, increased funding of post-employment benefit plans of $1.7 million and a decrease of $6.5 million from the change in operating assets and liabilities, partially offset by lower interest paid of $4.4 million and lower payments for restructuring and other charges of$0.3 million. Financial Results for the Year Ended December 31, 2021 Total revenues for the year ended December 31, 2021 decreased by 13.8% to $287.6 million, as compared to $333.5 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. For the year ended December 31, 2021 Adjusted EBITDA decreased by $27.4 million or 21.2% to $102.0 million or 35.5% of revenues, compared to $129.4 million or 38.8% of revenues for the same period last year. The decrease in Adjusted EBITDA is the result of revenue pressures, investments in our tele-sales force capacity, as well as the impact of the Company’s share-price on cash settled stock-based compensation expense and lower wage subsidies received, partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses as well the Company’s office space footprint and other spending across the Company. For the year ended December 31, 2021 Adjusted EBITDA less CAPEX1 decreased by $26.9 million or 21.8% to $96.9 million, compared to $123.9 million for the same period last year. The decrease is mainly driven by the decrease in Adjusted EBITDA, partially offset by lower capital expenditures driven by lower spend in software development year-over-year. Net earnings increased to $70.6 million for the year ended December 31, 2021 compared to net earnings of $60.3 million, for the same period last year due to higher recognition of previously unrecognized tax attributes and temporary differences. Earnings before income taxes decreased from $78.7 million to $59.9 million for the year ended December 31, 2021, explained principally by lower Adjusted EBITDA and the loss on early repayment of debt, partially offset by decreases in depreciation and amortization, restructuring and other charges, and financial charges. Cash flows from operating activities decreased by $22.4 million to $104.6 million for the year ended December 31, 2021 from $127.0 million last year. The decrease is mainly due to lower Adjusted EBITDA of $27.4 million and increased funding of post-employment benefit plans of $4.2 million, partially offset by lower payments for restructuring and other charges of $4.1 million, and lower interest paid of $4.2 million. As at December 31, 2021, the Company had $123.6 million of cash. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 10, 2022 to discuss fourth quarter 2021 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 3151105#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders; the number of Shares purchased by the Company during the NCIB; and the intention to limit purchases to $16.0 million).These statements are forward-looking as they are based on our current expectations, as at February 9, 2022, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our February 9, 2022 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 22 of our February 9, 2022 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s consolidated statements of income. Refer to pages 9 and 17 of the February 9, 2022 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Strong Fourth Quarter and Full Year 2021 Financial and Operating Results and Declares a Cash Dividend1
- Yellow Analytics Roadmap: A Big Data Journey - Orlando
Back to News 9 juin 2014 Yellow Analytics Roadmap: A Big Data Journey - Orlando (en anglais seulement) Ajouter à mon agenda Retour aux événements Événements
![ourcompany-header.png](https://static.wixstatic.com/media/3eb9c9_13f7115c326946c881d9da7285867d6e~mv2.png/v1/fill/w_100,h_43,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/3eb9c9_13f7115c326946c881d9da7285867d6e~mv2.png)