Boyd Group Services Inc. (BGSI) is a leading North American operator of wholly-owned collision repair centers. Its Canadian operations are conducted under ...
Boyd Group Services Inc. (BGSI) is built around a multi-service automotive repair platform serving both insurance-driven and retail vehicle owners. The company operates a large network of wholly-owned collision repair centers—positioned as one of the largest non-franchised operators in North America by location count and sales. In Canada, collision operations ...Boyd Group Services Inc. (BGSI) is built around a multi-service automotive repair platform serving both insurance-driven and retail vehicle owners. The company operates a large network of wholly-owned collision repair centers—positioned as one of the largest non-franchised operators in North America by location count and sales. In Canada, collision operations are run under banners such as Boyd Autobody & Glass and Assured Automotive; in the United States, many locations primarily operate under the Gerber Collision and Glass name.
Beyond collision repair, BGSI is a prominent provider of auto glass services across the U.S. Through a portfolio of well-known glass and auto-glass brands (including Glass America, Auto Glass Service, Auto Glass Authority, and Autoglassonly.com), the company captures demand for replacement and repair driven by vehicle damage, road debris, and insurance claims. This dual presence in collision and glass can improve customer flow and expand wallet share for repair events that often include multiple components.
Operationally, BGSI extends its service ecosystem through Gerber National Claims Services, a third-party administrator that supports insurers and claim stakeholders with glass claims handling, emergency roadside assistance, and initial accident reporting. This claim-administration function can align repair capacity and scheduling with incoming claim volumes, while also reducing friction for insurer partners and vehicle owners. The company further supports vehicle owners with specialized diagnostics and maintenance through Mobile Auto Solutions, emphasizing scanning and calibration—services that complement repair work and can support post-repair drivability and safety requirements.
From a business perspective, BGSI operates in a highly fragmented market, which typically requires strong recruiting/training, quality and throughput controls, parts and materials procurement, and efficient shop scheduling. Cost drivers commonly include labor (technician wages, productivity and training), vehicle parts/materials (such as collision parts and auto-glass materials), paint and refinishing supplies, equipment/calibration tools, and network overhead (facility, insurance, compliance, and claims administration costs). While the provided dataset includes financial ratios and margins (e.g., gross margin and operating/EBITDA margins), BGSI’s reported profitability is expected to be sensitive to repair volume, labor productivity, parts pricing, and utilization of shop capacity.
Key people include Brian Kaner, who serves as President & CEO. Boyd Group traces its roots to the opening of its first Boyd Autobody collision repair facility in Winnipeg, Manitoba, on November 1, 1990. The company is headquartered in Winnipeg, Canada, and it employs a large workforce (about 13,424 full-time employees per the provided dataset), reflecting the labor-intensive nature of collision and glass repair operations.
Overall, BGSI’s strategy is centered on scaling a direct, non-franchised repair footprint, expanding through complementary services (glass, claims administration, and mobile diagnostics), and serving major insurance carriers as well as individual vehicle owners across hundreds of locations. Its scale and service breadth aim to support consistent demand capture and operational efficiency, while managing the cost and supply-chain variability inherent in collision repair and auto-glass replacement markets.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.1B
+2.4%
+3.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$18.4M
-25.0%
+116.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+46.4%
+2.0%
+23.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+4.2%
+18.1%
+223.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+0.6%
-26.7%
+116.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$276.3M
+18.7%
-8.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+8.8%
+15.9%
-10.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
99.8%
-33.7%
-1.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
3.14x
+405.2%
-3.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, everyone. Welcome to the Boyd Group Services, Inc.'s 2026 Second Quarter Results Conference Call. Listeners are reminded that certain matters discussed in today's conference call or answers that may be given to questions asked could constitute forward-looking statements that are subject to risks and uncertainties relating to Boyd's future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect results are detailed in Boyd's annual information form and other periodic filings and registration statements, and you can access these documents at SEDAR's database found at sedarplus.ca and EDGAR at www.sec.gov. Boyd released its 2026 second quarter results before markets opened today. You can access the news release as well as the complete financial statements and management discussion and analysis on the company's website at boydgroup.com. The news release, financial statements and MD&A have also been filed on SEDAR+ and EDGAR this morning. On today's call, Boyd will discuss the financial results for the quarter ended June 30, 2026, and provide a general business update. We will then open the call for questions. I'd like to remind everyone that this conference call is being recorded today, Wednesday, August 12, 2026. I would now like to introduce Mr. Brian Kaner, President and Chief Executive Officer of Boyd Group Services, Inc. Please go ahead, Mr. Kaner.
Brian Kaner: Thank you, operator. Good morning, everyone, and thank you for joining us on today's call. On the call with me today is Jeff Murray, our Executive Vice President and Chief Financial Officer; and Steve Savard, who recently joined our team to lead our Investor Relations and capital markets efforts. We look forward to Steve maturing and professionalizing this function and driving direct and meaningful engagement with our shareholders. Our second quarter results reflect deliberate execution across our business, evidenced by strong revenue growth, meaningful margin expansion and measurable progress against our strategic priorities. Revenue increased 30% year-over-year, exceeding $1 billion for the first time in Boyd's history, while adjusted EBITDA grew 45%. Adjusted EBITDA margin expanded to 13.4%, up from 12% in the second quarter of 2025 and 11.5% in Q2 of '24 prior to the launch of Project 360, our cost transformation program. Our top line performance reflects continued market share gains as well as ongoing execution of our densification strategy, driving a 32% year-over-year expansion of our location footprint, anchored by the acquisition of Joe Hudson's Collision Center alongside new location development. Importantly, this top line expansion was paired with strong margin gains. The 140 basis point year-over-year increase in adjusted EBITDA margin reflects the continued execution of Project 360 alongside accelerated synergy realization from the Joe …