GardaWorld Announces Financial Guidance for Fiscal Year Ending January 31, 2024 and Intends to Amend The Maturity Date of its Term Loan B due 2026 to 2029

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Jan 22, 2024, 07:12 ET

All amounts in this press release are in Canadian dollars.

MONTRÉAL, Jan. 22, 2024 /PRNewswire/ - GardaWorld Security Corporation ("GardaWorld" or "the Company"), a global champion in security services, integrated risk management and cash management solutions, today announces unaudited financial guidance for the fourth quarter and fiscal year ending January 31, 2024, and its intent to enter into an amendment to its Credit Agreement dated October 30, 2019, to extend the maturity date of its Term Loan B due 2026 from October 30, 2026 to February 1, 2029.

Based on the fourth quarter still ongoing and the three other previous completed quarters, GardaWorld anticipates:

Revenues between $1,475 million and $1,525 million for the fourth quarter ending January 31, 2024, compared to $1,424 million for the same period in the previous fiscal year. Revenues between $5,875 million and $5,925 million for the fiscal year ending January 31, 2024, compared to $5,266 million for the previous fiscal year;
Adjusted EBITDA between $258 million and $273 million for the fourth quarter ending January 31, 2024, compared to $202 million for the same period in the previous fiscal year. Adjusted EBITDA between $970 million and $985 for the fiscal year ending January 31, 2024, compared to $802 million for the previous fiscal year;
Pro Forma Adjusted EBITDA between $980 million and $995 million for the fiscal year ending January 31, 2024, compared to $882 million for the previous fiscal year; and
Between 0.2x and 0.3x of sequential deleverage as of January 31, 2024, down from 6.4x of net leverage as of October 31, 2023.

In a year marked by the transformation completion of Sesami and the integration of our various Crisis24 SaaS offerings into the newly launched Crisis24 Horizon platform, GardaWorld has continued to experience sizeable growth. Coming out of fiscal year 2024 again with healthy pipelines of new growth opportunities across our various business units, we expect organic growth momentum to continue building up in the coming year.

The unaudited financial guidance in this press release is based on information available to the Company as of the date of this release and is subject to revision upon finalizing the closing procedures and audit of the Company's annual consolidated financial statements for the fiscal year ending January 31, 2024. A range of net income (loss) and a reconciliation of Adjusted EBITDA to net income (loss) cannot be provided at this time because the line items in our statement of operations have not been finalized. The unaudited financial guidance in this press release has been prepared by GardaWorld and its management on a reasonable basis, reflecting their best estimates and judgments.

About GardaWorld

GardaWorld is a global champion in security services, integrated risk management and cash management solutions, employing more than 132,000 highly skilled and dedicated professionals. Driven by a relentless entrepreneurial culture and core values of integrity, vigilance, trust and respect, GardaWorld offers sophisticated and tailored security and technology solutions through high-touch partnerships and consistently superior service delivery. With a deep understanding that security is critical to conducting business and keeping communities safe, GardaWorld is committed to impeccable governance, professional care and the well-being of everyone. Thanks to a well-earned reputation, GardaWorld is proud to be the long-standing security partner of choice to some of the most prominent brands, Fortune 500 corporations and governments. For more information, visit garda.com.

Forward Looking Statements and Non-IFRS Financial Measures

EBITDA, Adjusted EBITDA and Pro Forma Adjusted EBITDA are not measures calculated in accordance with IFRS, EBITDA, Adjusted EBITDA and Pro Forma Adjusted EBITDA are measures commonly used by financial analysts in evaluating a company's performance and ability to service and incur indebtedness.

Information provided and statements contained in this press release that are not purely historical, including but not limited to the financial guidance for the period ending January 31, 2024, are forward-looking statements within the meaning of the applicable securities laws. Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to GardaWorld's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GardaWorld's future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including the growth management, market competition, cost of financing, key personnel, government regulations, standard customer service contracts, insurance, strikes and other labor protest, supply chain disruptions, information technology system and cybersecurity breaches, operations outside Canada and the United States, cash in circulation and prevailing economic activity, currency fluctuations, credit risk, reputational risk and financial covenants risk, many of which are beyond GardaWorld's control. While management considers these assumptions to be reasonable based on information currently available to GardaWorld, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what GardaWorld currently expects. The foregoing list of important factors is not exhaustive. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. GardaWorld will not update these statements unless applicable securities laws require GardaWorld to do so. For more details on the factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the Risks and Uncertainties section in the MD&A of the Company's financial report for the period ended October 31, 2023.

SOURCE GardaWorld Security Corporation