Enerflex Ltd.
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Feb 27, 2025
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Contents
EX-99.3 · Recurring Gross Margin before D&A
Recurring Gross Margin before D&A
The Company introduced recurring gross margin before D&A as a new key performance indicator to help users of the financial report assess Enerflex’s recurring business. Recurring gross margin before D&A is defined as gross margin before D&A from the EI and AMS product lines. These recurring gross margin before D&A are typically contracted and extend into the future, rather than only being recognized as a single transaction. EI gross margin before D&A relates to compression, processing, treated water, and electric power equipment. AMS gross margin before D&A is derived from installation, commissioning, operations and maintenance of client equipment, and parts sales. Conversely, gross margin before D&A from the Company’s ES product line is for the manufacturing and delivery of equipment and is non-recurring once the goods are delivered. While EI and AMS contracts are subject to cancellation or have varying lengths, the Company does not believe these characteristics preclude them from being considered recurring in nature.
| Three months endedDecember 31, | Twelve months endedDecember 31, | |||
|---|---|---|---|---|
| ($ millions, except percentages) | 2024 | 2023 | 2024 | 2023 |
| EI gross margin before D&A1 | $86 | $87 | $334 | $320 |
| AMS gross margin before D&A1 | 30 | 29 | 109 | 100 |
| Total recurring gross margin before D&A | $116 | $116 | $443 | $420 |
| Total gross margin before D&A1 | $174 | $158 | $642 | $609 |
| % of total gross margin before D&A | 66.7% | 73.4% | 69.0% | 69.0% |
1 Refer to the “Gross Margin by Product Line” section of this MD&A.
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