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Boyd Group Services (BYD) investor relations material
Boyd Group Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 5% year-over-year sales growth to $790.2 million in Q3 2025, with same-store sales up 2.4% and momentum continuing into Q4, aligning with the five-year plan.
Surpassed 1,000 locations, added 24 new sites in Q3, and announced a definitive agreement to acquire Joe Hudson's Collision Center for $1.3 billion, adding 258 locations and expanding into the Southeast U.S. and two new states.
Completed a $897 million U.S. IPO, began trading on the NYSE, and completed a CAD 275 million bond offering to refinance debt.
Industry conditions are normalizing, with improved insurance premium trends and used vehicle prices supporting growth.
Financial highlights
Q3 2025 sales increased 5% year-over-year to $790.2 million; same-store sales excluding FX up 2.4%.
Adjusted EBITDA rose 22.8% to $98.4 million, with margin up to 12.4% from 10.7%.
Net earnings were $10.8 million ($0.51/share), up from $2.9 million ($0.13/share) in Q3 2024; adjusted net earnings were $13.3 million ($0.62/share).
Gross margin improved to 46.3%, up from 45.7% year-over-year.
Debt net of cash before lease liabilities increased to $521 million from $505.8 million sequentially.
Outlook and guidance
Same-store sales growth in October exceeded Q3, trending within the 3%-5% long-term range.
Expect to open 13 startup locations in Q4 and maintain a target of 80-100 new locations annually, averaging 8-10 start-ups per quarter.
Project 360 cost savings on track for $70 million run rate by end of 2026 and $100 million by 2029.
Joe Hudson's acquisition expected to deliver $35-45 million in synergies, about half realized near-term.
Pro forma debt-to-EBITDA expected at 3.1x post-acquisition, returning to ~2.6x by end of 2026.
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