Good morning, ladies and gentlemen. Thank you for standing by. For today's call, phone participants are in a listen only mode. Following the presentation, we will conduct a question and answer session, and instructions will be provided at that time for you. If anyone has any difficulties hearing the call, please press star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded on Monday, March 7th at 10 A.M. Eastern Standard Time and is being broadcast live via internet. During today's call, management will make statements regarding management's expectations for the company's future financial and operational performance. These statements are considered forward-looking statements.
Each forward-looking statement speaks only as of the date of this call, and actual results may differ materially from management expectations for a variety of reasons, including market and general economic conditions, and the risks and uncertainties detailed from time to time in the company's SEDAR filings. Please note, the company has included a downloadable PDF presentation today for users to access through the link, or alternatively, is available on the company's website in their investor section. I would like to turn the call over to President and CEO of Geodrill Limited, Mr. Dave Harper. Please go ahead, sir.
Thank you, operator. Good morning, and welcome to Geodrill's 2021 Q4 year-end financial results conference call. I will begin with an overview of our operations and performance for the quarter. Our CFO, Greg Borsk, will then give a more detailed review of our fourth quarter financial results, after which I will discuss our outlook for the remainder of 2022. This slide is our forward-looking slide. For those following the slide deck, we're now on slide three, FY 2021 financial highlights. We capped off fiscal 2021 with outstanding momentum, delivering on all key financial metrics and strengthening our balance sheet. We generated record revenue of over $115 million, representing a 40% increase compared to fiscal 2020.
We also generated record EBITDA, $29.5 million, a 55% year-over-year increase, and record net income, $14 million, which was an 88% increase. As a result of these three record dates, we achieved for our investors a return on capital employed of 22% and a return on equity of 16%. That's up from 14% and 10%, respectively, a year ago. Geodrill's balance sheet also remains one of our differentiating advantages. With net tangible book value up 18%, total shareholder equity $87.5 million, that's up 20%. We have net cash of $2.4 million, and that's after decreasing debt of $3.4 million. We delivered a $0.2 per share dividend. The bottom line is that our strong balance sheet with low leverage well positions us for future organic growth.
Moving through the slides, we are now discussing FY 2021 operational highlights and CAGR on slide five. Our focus on delivering steady revenue growth, strong net earnings, and strong balance sheet enables Geodrill to invest in key growth opportunities. We ended 2022 with the highest rig count in the company's history, and we have expanded our geographical footprint. In the past two months, we've announced over $130 million in new contracts, all with top tier gold producers such as Perseus Mining, Centamin, and Endeavour Mining. These contracts will drive future revenue, and they signal that Geodrill continues to be a driller of choice in its core geographical territory of West Africa and beyond. As we benefit from a strong gold price, the landscape is now changing, and the supply-demand factors are now starting to drive pricing leverage.
We have also increased our service offering. We have expanded our production drill service offering by expanding our underground drilling capabilities. We have also launched mine blast hole drilling services, which we see as a natural extension of our platform of capabilities. Perhaps most significantly, since inception, our rig count has grown organically at a compounded annual growth rate of 20%. During 2021, we advanced our growth strategy through significant investments in our drill rig fleet, adding four rigs to the fleet, and strategically invested into inventory to mitigate supply chain challenges on production. This investment not only allows us to capture a larger market share, it makes a very big difference to our customers.
Underpinned by continuing strong demand, we expect to add a further 7 rigs to our fleet this year. I'll now pass the call over to Greg Borsk, who will be discussing slide five. That's FY 2021 highlights record revenue. Thank you, Greg.
Thank you, Dave. As a reminder, all figures are in U.S. dollars. In 2021, we exceeded our financial targets. The company recorded revenue of $115.2 million for 2021 compared to $82.4 million for 2020, an increase of 40%. The increase in revenue is a result of the increase in demand for the company's drilling services. Geographically, in addition to West Africa, the company has generated revenue from both Peru and Egypt in 2021. The gross profit for 2021 was $30.1 million, or 26% of revenue, compared to a gross profit of $20.9 million or 25% of revenue for 2020. EBITDA was $29.5 million for 2021 or 26% of revenue, compared to only $19 million or 23% of revenue for 2020.
Net income was $14.1 million or $0.31 per share, representing an 88% increase compared to earnings per share of $0.17 for 2020. We ended the year with net cash of $2.4 million. We also achieved seasonally strong financial results for the fourth quarter of 2021. The company recorded revenue of $26.7 million for Q4 2021 compared to $24.7 million for Q4 2020, representing an 8% increase. The gross profit for Q4 2021 was $6.5 million, compared to a gross profit of $6.9 million for Q4 2020. The SG&A for Q4 2021 was $2 million, compared to $2.9 million for Q4 2020. Overall, we had an exceptionally strong Q4.
EBITDA was $7.3 million or 27% of revenue, compared to $5.7 million or 23% of revenue for Q4 2020. Lastly, our net income for Q4 2021 was $2.8 million or $0.06 per share, compared to net income of $2.2 million or $0.05 per share for Q4 2020. At this point, I will turn the call back to Dave.
Thank you, Greg. It is clear that our financial performance is a testament to the strength of our business and the demand for our drilling services. Before we move to the Q&A portion of the call, I'd like to provide a brief outlook for the remainder of 2022. As a reminder, we are now on slide Outlook 2022. We've entered 2022 with strong market fundamentals and robust demand for drilling underpinned by long-term multi-rig contracts. This accelerated growth is all against the backdrop of the global economy, increasing investor interest in gold, which is ultimately driving exploration budgets. We have a strong balance sheet allowing the company to reinvest in our business and our industry's future growth, prudently managed our debt levels, and returned capital to our shareholders.
As we look to the year ahead, there are a number of growth catalysts to look forward to. With the most modern drilling fleet, extensive industry experience, long-term contracts, a robust balance sheet, and a cohesive leadership team with a proven track record, we believe these are the key drivers to our growth in 2022. Summarized, these include expanding our full fleet, our full service offering with existing clients, increasing our rig fleet size, increased drilling activity, driving higher rig utilization and price leverage, and strengthening the commodity prices. This concludes our prepared remarks. Thank you for participating in today's call. We'll now be pleased to answer any questions you may have. At this point, I will ask the operator to provide directions for anyone who wishes to ask a question. Thank you.
Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please slowly press star followed by one on your touch tone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to withdraw your question, simply press star followed by two. If you are using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you have any questions. One moment please while we wait for the first question. Your first question will be from John Sartz at Viking Capital. Please go ahead.
Good morning. Sorry, I got a couple of questions if you don't mind.
Morning.
Hi. Well, actually, first of all, can you sort of tell me what was the capital utilization in Q4 and where do we sit so far this year?
Q4, we averaged about 70%. As we entered, it was a bit lower, and as we exited it, with the exception of the Christmas shutdown, we were a bit stronger. I'd say through the quarter we're about 70%.
Okay.
As we enter the new year, the rig fleet has increased, and we are maintaining on the increased fleet size, utilization north of 70%.
Okay.
It's currently as we speak, it is 73% and it appears it may trend up to. Well, it'll certainly go north of that. Then what happens is new rigs arrive and then the rig count, the total rig count, the amount of rigs spinning is divided into a larger rig count. It tends to float in a range of 70%-75% and sometimes 80%. I imagine we'll peak out shortly. New rigs will be added. It'll come down just by natural function of increasing the rig fleet. Then that demand will be taken up and the utilization number increases again.
Okay.
It's a constantly moving target.
Appreciate that. Just sort of one more question, if I may. The gross margin in Q4 was 24% versus 28% last year. I'm just curious about the reason for that.
I think if you look at the overall year, John, we came in at 26% and-
I saw that, yeah.
Yeah. What happened in last year, I don't wanna go back too far to Q4 2020. We had a very slow first nine months, if you remember through COVID, Q1, Q2, Q3. Q3 2020 was exceptionally slow. What happened in Q4 2020 is we were extremely busy and we were busy in Q4 2020 to end that fiscal year.
Okay.
Um, so what-
Okay.
That's kind of it. It was a very busy fourth quarter last year.
Okay.
Whereas this year, Q4 2021, we were actually able to beat on the top line Q4 2020. We also had significant investment this year in our workshops. We are expecting to be extremely busy in 2022. What we did for Q4 2021 is we were full out on our workshops and our people getting ready for 2022. That's kind of what you see in the cost of goods sold. It's. You have to think of it as an investment. Although it hits cost of goods sold, it's really an investment in making sure we're ready to go for 2022, because 2022 is gonna be extremely busy for us.
Okay. Appreciate that. Thank you so much. Have a great day. Bye.
Thanks, John.
Thanks, John.
Your next question will be from Daryl Young at TD Securities. Please go ahead.
Morning, gentlemen.
Morning.
Morning.
Morning, Daryl.
Just following up on that comment for 2022 being extremely busy, which regions are you seeing probably the greatest demand? Then can you also give a bit of an update on what's happening in Egypt?
Demand is coming from all over. It is extremely busy. All business models are busy. With the exception at this point, the only place we really have capacity is in Peru, and we believe that might change very soon. You know, we're always bidding jobs. I believe what I'm hearing is that that could change very soon. That will effectively max us out in Peru. If that happens, then we'll be looking at adding more rigs. Essentially what we'll be looking at then is effectively a full hand. So everything and everything. Gold is obviously particularly strong. I see it just nudged $2,000 earlier today. I-
You know, most folks are saying they think it's gonna go beyond its previous high in August 2020, I think it was. $2,073 was the peak back then. Whenever there's a peak, that usually sets up the next low and sets up the next peak. With all that's going on in the world, investors are looking for safe haven assets. There is no better a safe haven asset than gold. We drill for gold. Of all the drillers, we are probably, as a percentage, we drill 95% gold, so we're in pretty good shape.
And Daryl-
I'm sorry. You also-
Uh, I-
Sorry, Greg, you also asked what's happening in Egypt. Egypt's going very well. New market for us. We only started drilling in the latter stages of quarter two last year. It blipped onto our radar then. We put in a solid quarter four. During the quarter, we successfully negotiated a new contract in a large established gold mine with a very large name, Centamin Mining. Largest contract secured in the history of this company's history. That will require five rigs and the contract has actually already begun in earnest, and it will ramp up as the year rolls out. That contract is for five years, you know, which is sort of a bit unusual in this industry.
That's all great news. Sorry, I'll pass over to Greg.
No, I was just gonna add, Daryl. Yeah, you know, Dave said we just announced three major contracts that will through 2022 and beyond. You know, we're extremely busy. The other thing too, it's, you know, I don't wanna talk about our competitors, but this is really a macro at a macro level, too. If you look at our competitors, they're busy, their revenues. Our revenues increased by 40% in, you know, 2021, but our competitors are also doing well. It's not just Geodrill. We're fortunate because as Dave says, we drill for gold, and gold is, you know, close to $2000. I think it hit over $2000 today. We're busy, but it's also at a macro level.
The industry, there's good metrics for the drillers these days.
Right. Then in terms of the labor dynamics, you're still able to get workers and at reasonable wages and price pass through?
It's certainly a challenge, Daryl. As you can see, you know, the challenges keep coming, and we keep hitting the numbers. We kind of tend to plan for the worst, hope for the best. It's always been our model. We've always got more capacity than we need. Certainly one of the challenges, though, the industry habitually goes from feast to famine. It's either you've got too much work or not enough work. How do you keep everyone gainfully employed through a down cycle? I think that's one thing that Geodrill has managed to do quite successfully. When the upcycle comes, it's not as disruptive for us to move the needle from, say, 60% utilization to 70% and 70%-high.
I think for other companies at the macro level, I think, it's probably a little bit more challenging because they're moving off lower bases. So they've got a lot more work to do. This is where I think Geodrill is uniquely positioned.
Got it. Just one last one. In terms of the CapEx associated with the seven new rigs, just dollar figure there for 2022?
Yeah.
Sorry.
Sorry. Go ahead, Dave.
No, it's just not the rigs itself, it's a general CapEx that's required. We'll be, you know, investing in the business very significantly this year. We see it as a growth year. It's really not just this year we're looking at. We're on the first innings of an upcycle. You know, upcycles follow downcycles and downcycles follow upcycles. We've just come off a brutal seven-year downcycle, and we believe that this is the first innings of what will be hopefully a long and sustained upcycle. If history is anything to go on, we can probably say that the next six to seven years ahead look pretty bright. If you wanna look at it conservatively, you could say five. When we invest in 2022, we will not be investing for 2022. We'll be rather looking at investing.
So the CapEx that we've allocated for next year is actually one of our biggest years. At this point I'll pass that over to Greg.
Yeah. It's just, Daryl, I think you've been following the company for quite a while. You know, our model is to keep our clients happy, to keep them satisfied. What we're seeing, demand for rigs, additional rigs. Some of our larger clients that have multiple rigs wanna add one or two. Some of the smaller accounts that may have one or two wanna add another rig, et cetera. The Geodrill model is if you look at our free cash flow, our cash flow that we generate from operations, we reinvest that back into the business. We've been doing that from day one. Started with one rig, we're up to 71%.
I think what we're trying to communicate, 2022 is gonna be very similar, where the intention is to reinvest the cash flow from the business into rigs and other ancillary equipment, and that's to keep up with the client demand, make sure the client is happy. We don't purchase rigs on spec. Any rig that we order or any rig that comes out of the workshop, it goes out right away. We usually have a home for it, and it can get out drilling fairly quickly. Same model as the previous kind of years, where we will have significant CapEx for growth.
Perfect. Okay. That's it for me. Thanks very much, gentlemen.
Thanks, Daryl.
Thanks.
As a reminder, ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touchtone phone. Your next question will be from Ahmad Shaath at Beacon Securities. Please go ahead.
Good morning, Dave and Greg. Excuse me. I guess, my first question may be an update on kinda the geographical footprint of Geodrill right now, given the new contract wins in Egypt. Where is it now, and where do you expect it to be by the end of the year, if you're able to give us any color on that?
I was just wondering whether Greg was gonna answer that call. Ahmad, good morning. Very busy. Currently, two rigs in Egypt, and we're increasing that. On the strength of this new contract that we just signed, we'll be adding five or six rigs. There may be some additional rigs that are destined for Egypt, but the challenge we've got now is that everything we have in West Africa is completely spoken for. The only place in the world where I've got any spare capacity is in Peru, where we have four rigs currently, of which two are spinning. As I was saying to the previous analyst I was speaking with, those two rigs will more than likely be taken up very soon.
That's, you know, we bid three jobs, and we're getting strong feedback from all three jobs. We believe that those rigs will be spoken for very shortly. Does that help your question?
No, that's great. Thanks for the color, Dave.
Oh, sorry. You asked how many rigs will we get to? How many rigs will we get to this year? I believe Greg spoke to that, and I also spoke to it. We will probably add seven new rigs during the course of the year, five of which are the rigs in Egypt. Then we have some additional additions just coming into the exploration fleet. I think, you know, we tend to look at these things conservatively. We always do. So I think if we say we're going to end this year with, you know, seven additions, I think that number is conservative. We'll also have limitations like manufacturer bottlenecks and so on and so forth.
Again, this is a little bit uniquely positioned is that we're able to declutter some of those bottlenecks through the infrastructure that we've built out here. I think conservatively we'll end this year with call it 79 rigs. We'll probably kiss 80, you know, realistically.
That's very helpful. Thanks, Dave. Are you able to give us maybe kinda a summary of how much of that is tied to a longer-term contract? You know, we have seen the recent kind of news. They announced a couple of big long-term contracts. Maybe just a general sense of how much of your rig fleet is secured by three to five-year contracts, if you're able to give us that.
Currently looking at about 60% of the fleet completely tied up for the next three to five years.
On those longer term contracts, any clauses, escalation clauses, or anything to protect you from an inflation perspective in there? How do you structure them?
Anything over a 1-year contract has a rise and fall. It's and that's made up of 12 or so indices. If something moves up, like tropical at the moment, fuel, cost of shipping, currencies, such things are all built into a formula which basically says, during the previous year, we had a factor of, you know, 2% or whatever. Then that just kicks in as a one-off rise and fall charge on an annual basis. You get past the first year and anything that's considered longer than a one-year contract, automatically, we are able to invoke a pre-installed rise and fall contract. This will become particularly, you know, important in you know contracts of say, five years.
We don't know what our costs are gonna be in five years. We have no idea what the fuel price is gonna be in five years, let alone next week, let alone in five years. What we can say is that things will go up. We're in a period of what will become hyperinflation. You know, in some ways, we're somewhat hedged against that. We drill for gold. There could not be a better thing to be drilling for at this point in time. We're the ultimate contrarian play in that respect.
That's great, Dave. Thanks for that. Maybe this one is for Greg. I just noticed SG&A benefited from a $1.5 million VAT refund. Are there any other kind of big lump sums, like year-end bonuses or something like that? Or should we just add that $1.5 million VAT refund and take that number as a good run rate for a quarterly SG&A number?
The bonuses are throughout, so they're, you know, based on results. The kind of outlier there was really there's two of them. There's the. In the SG&A, you can see it's lower, and that's because we had a VAT refund in Q4. That was very positive for us. Then we also had some other income in the results. You can see that. Very good year in terms of SG&A. If you look at our SG&A, we were able to really two things. If you look at the margins, we were able to increase the revenue by 40%. I think one thing we should highlight is we maintained our margin, our gross margin. Not only did we maintain it, we beat it slightly.
We went from 25% to 26%. As I said earlier, all of our, what I call investment, the costs of investing in our workshop and getting stuff ready for 2022, that's in your COGS. Very important to highlight that.
Increased revenue by 40% and also increased our gross margin. We're also happy with the SG&A. If you look at our SG&A overall, 2020 SG&A was 12% of revenue. In 2021, we were able to bring that down to 10% of revenue. The VAT refund that I'm talking about, that's more of a quarter thing. I don't wanna distract you, but because there's that expense in the other quarters, Q1, Q2, Q3, and then when we receive the refund in Q4, you get it's more of a quarterly outlier versus the whole year. What you should really look at is kind of the annual SG&A, and that was, like I said, very well managed at 10% of our revenue versus 12% for 2020.
Okay?
Sounds good. From what I gather is 10% ± in that range is a good number for the SG&A line for 2022, right?
Correct. Yeah. We manage towards 10% SG&A.
Perfect. Thank you. That, that's it for me. I'll jump back in the queue. Thanks, guys.
Thanks, Ahmad.
Your next question will be from Brad Virbitsky at Equinox. Please go ahead.
Hi, Brad.
Hi, guys.
Morning.
Hi, guys.
Hey, Brad.
Thanks for the call. Congrats on the great results. I won-
Thank you.
I'm wondering if it's possible to just talk about sort of the magnitude of growth that is possible over the next two years. Like, could we see a revenue number sort of close to $150 million over the next two years? Could the earnings be sort of north of $20 million?
Let me.
Do you want me to-
Sure. No, go ahead.
No, I was just gonna say we don't give guidance. I mean, what I said earlier, if you look at the macro, you look at kinda how what our competitors, you know, what their revenue, what their top line is increasing. We had a banner year last year. I mean, 40% revenue increase. We're expecting, you know, when we do our forecast and our budget, we're expecting, you know, another healthy 2022. Again, you have to work with your clients and we can add rigs as much as we can. Dave said we have visibility right now. We know we're gonna add at least seven rigs, but that fact could increase significantly throughout the year.
Like I said, we have. We use our cash flow from operations to keep investing. If you look at our, I mentioned earlier, we have net cash. So we're one. There's only one or maybe two other drillers that have net cash. So we have, you know, we have a very strong balance sheet so we can use our cash that we're gonna generate in 2022. We can use our cash that we have on the balance sheet. Plus we have credit lines that we haven't tapped. So there's still $7 million on our credit line, and we still have a bit on the medium-term loan. So as we get through 2022, growth could be significant. But again, I just. We don't forecast that.
I think if you kinda look at our past and look at the macro environment, we're pretty optimistic for 2022.
Brad, I think your numbers aren't that far out. I'll make it a bit easier for you. Look, I've looked at our five-year CAGR using 31 December 2021. It's always a good time when you've had a stellar year to look back and reflect on what you've done for the last five years. As a matter of course, we do measure that on a five-year CAGR basis. If we look at what we've accomplished in the last five years, revenue on a CAGR basis, and considering we've come out of a, you know, three of four of those last four years have been a down cycle.
If we look at the numbers, we look at something in the order of about a 9% CAGR, 9% EBITDA, 9% net earnings, and about 10% total equity. Now, as I say, you know, 4.5 of the last five years have been down cycle. Really, this up cycle is just beginning. If you use those numbers conservatively and then bump them a little bit, I think you're gonna end up somewhere around the number that you suggested. You know, I don't think $150, you'd be far from there two years from now. As for the net earnings, well, if you consider that we did $14, if you added $10 and then $10, well, you're probably gonna end up more like about $117, $118.
Again, I would think that that would be conservative. I would just hasten to add that these numbers have somewhat been skewed by the fact that we have had four and a half years of a five-year down cycle.
Okay.
Does that help you?
Great. Yeah, that's helpful. Thanks. Just in terms of the operating environment in West Africa, do you have any commentary around that? Has it gotten harder with the political uncertainty, or is it sort of business as usual? How would you describe it?
I tell you what, I'd rather be here than some parts of Europe at the moment. You know, Africa always seems to get a bad rep for some reason. I don't know why. I've lived here for 25+ years, and I've had nothing but great experiences here. That's where I'm speaking to you from today. This is where my kids grew up. One of them was born here. Most of them went to school here. You know, for some reason or another, West Africa just keeps getting this rep. Now, there is, unquestionably, in some of the 54 countries of Africa, places that we will be reducing our operations. I won't mention them by name, but suffice to say that we have plenty of, you know, we're spoiled for choices where to go to.
I would just put it back to you, Brad, that, you know, if you know, West Africa is such a concern, why are all of the major mining companies here? How is it that Jack Dorsey was looking, before he retired, to establish, and I believe Twitter is going on to establish in Accra, Ghana. Ed Sheeran lived here for a couple of years. You know, the music guy. It's just Africa is not the, you know, the, it. It shouldn't. It doesn't deserve the rep that it used to get, quite frankly. Look, what are we built for? Minerals, gold. This was formerly known as the Gold Coast because there's a lot of gold here. We don't, you know, we have no predilections in terms of where we operate.
We just happen to be here because there's plenty of work for us to do here. This is where we've established the business, and this is where we've built our business. The drill rigs are not bolted to the ground. They're not permanent fixtures. They're mounted on crawler, you know, dozer tracks, and we roll them on and off trucks and in and out of ships when we want to move them around. This just happens to be where our business is today, and as you can see, we are moving up and we're moving out. Suddenly when one country doesn't suit us to be there any longer, we pack the rigs, we put them on a boat, and we send them somewhere else.
This just happens to be where we're headquartered from, where we've beachheaded the business. It makes sense to be here. Makes a whole lot of sense to be here when you consider that Africa has the youngest population in the world, and this is a young man's business. I'm not sure if that answers your question.
Yeah.
Like a minister?
Fair enough. Thanks. I mean, obviously, I'm perfectly comfortable with West Africa. Yeah, thanks for your time.
Thanks. Thanks, Brad.
Thanks, Brad.
Next is a follow-up from Ahmad Shaath at Beacon Securities. Please go ahead.
Ahmad?
Yeah, Dave, maybe one last follow-up. From a high-level perspective, what are your views on this upcoming cycle from a margin expansion potential, compared to previous cycles? Any reasons why we should think differently about the potential margin expansion here the upcoming years, if this up cycle continues for three to four years?
I think, as I spoke to in my speaking notes, we're starting to see pricing leverage as the demand drivers shift to a supply-demand you know which is now weighed more favorably in the way of the supplier. That's the key difference here. As people need to drill out their reserves, they'll need to hire our rigs or someone's rigs to do that work. There's a limited amount of rigs now in the market, and what we're hearing through the industry is that our competitors are all increasing their prices to capture increasing pricing costs, the cost of doing business.
You know, the cost of moving a 40-foot container, by example, just to digress for a moment, has gone from what used to be $3,000-$4,000 to $15,000 as shipping companies are gouging, you know, gouging their industry. Unfortunately, we are the customers. We have to, you know, pass that cost on somehow. Cost of fuel has increased in the past couple of weeks 35% at the pump. You know, all these costs are gonna have to be passed on. At the end of the day, I think what's gonna happen is margins will remain flat to slightly more, frankly speaking.
That's great. Thanks, Dave. That's it for me. Thanks, guys.
Just on that, Ahmad, 25%-26% EBITDA margins in an environment where costs are moving quickly is still a very good result. I saw your question there earlier about some of the additional abnormals. The fact of the matter is we've managed to increase our revenue year-over-year by 40%. We've increased our EBITDA by 55%. Even if you factored that back and said that the two moved in lockstep, that would still be an excellent result because as things become busier, efficiencies are usually lost.
One thing we've managed to do always, throughout, through our growth and throughout our history is just manage to move that needle, starting with the top line and moving everything up in lockstep, or better than lockstep. That's the plan anyway.
Thanks.
Thank you. At this time, Mr. Harper, we have no further questions. You may proceed with closing.
Okay. On that note, I'll thank everyone for their time, and we wish everyone a great day out there. Thank you very much.
Thank you, sir.
Thank you, everyone.
Thank you.
Thank you. Yes.
Ladies and gentlemen.
Bye now.
This does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your line.