$KFS reports solid financial results and strategic progress in full year 2022.
Mar 8th 2023, 9:08 pm
Analyst Summary: Kingsway Financial Services, a holding company that owns subsidiaries primarily in the extended warranty and business services industries, has reported full year 2022 operating results, reflecting a year of significant accomplishments towards their strategic priorities. The Company delivered solid financial results, reallocated capital towards debt reduction and acquisition of attractive new operating businesses, and executed its options to repurchase the majority of its outstanding Trust preferred securities debt and accrued interest. The balance sheet is no longer encumbered by non-recourse debt tied to non-core real estate assets that were sold. Non-GAAP metric non-GAAP EBITDA is used for comparing the relative performance of operations in planning, budgeting and reviewing their performance, providing a useful basis for comparing the current performance of underlying operations. The Company's financial statements have been updated to reflect the former real estate reportable segment in discontinued operations. Investors are encouraged to review the Company's financial results in accordance with GAAP, to understand the Company's performance taking into account all relevant factors.