Stalk&Barrel Whisky Named Official Partner of Golf Canada
TORONTO, June 2, 2025 /CNW/ - Stalk&Barrel Whisky and Golf Canada are raising a glass to Canadian sport and spirits. The Ontario-based distillery has renewed its role as the Official Canadian Whisky of Golf Canada, cementing its presence at Canada's premier tournaments: the RBC Canadian Open and CPKC Women's Open.
This partnership brings together two proudly Canadian institutions as golf in Canada booms. With six million players hitting the fairways annually, rising TV viewership, and homegrown talent on the PGA and LPGA Tours, Stalk&Barrel's continued investment is a celebration of the game's momentum and the communities behind it.
"With Canadian TV audiences for the Masters on the rise and a record seven Canadians teeing up at THE PLAYERS, Canadian golf has never been stronger," said Karen Lai Drake, Senior Brand Manager, at Stalk&Barrel Whisky. "The partnership is a celebration of Canadian excellence - on the green and in the glass - and we're proud to be a part of it."
The partnership draws a natural parallel between golf and whisky - both rooted in heritage, refined in craft, and built around moments that bring people together. From post-round toasts at the clubhouse to quiet pours at home, Stalk&Barrel is becoming a staple for Canadian golf.
At both National Opens, the brand will have an on-site presence with signage, broadcast integrations, and whisky tastings. Off the course, a content-first campaign - including social coverage, storytelling, and influencer collaborations - will amplify the brand's presence and deepen its connection with golf fans online.
Stalk&Barrel's focus on craft and cultural alignment reflects a broader shift in the Canadian beverage space. With over $14 billion in annual golf-related consumer spending - on par with the domestic beer market - there is a growing appetite for alternatives at the 19th hole. Stalk&Barrel's small-batch roots and Canadian identity make it uniquely positioned to lead that charge.
About Stalk&Barrel Whisky
Stalk&Barrel is a small-batch Canadian whisky brand, proudly distilled in Ontario. Crafted with care, Stalk&Barrel brings bold character to every pour. Available at LCBO.
About Golf Canada
Golf Canada is the National Sports Federation and governing body for golf in Canada, representing 360,000 golfers and 1,522 member clubs across the country. A proud member of the Canadian Olympic Committee, Golf Canada's mission is to increase Canadian participation and excellence in golf. By investing in the growth of the sport and introducing more participants of all ages to the game, our vision is to be a world leader in golf. For more information about what Golf Canada is doing to support golf in your community, visit www.golfcanada.ca/.
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Three months ended Trailing twelve months ended June 30, 2024 ($ millions, unless otherwise noted) September 30, 2023 December 31, 2023 March 31, 2024 (1) June 30, 2024 Cash generated from (used in) operating activities 528 417 217 450 1,612 Reverse: Change in other assets and other liabilities 7 (4) 28 3 34 Reverse: Net change in non-cash working capital related to operating activities (1) (14) 17 55 (34) 24 Include: Maintenance capital expenditures (52) (93) (59) (53) (257) Include: Dividends received from investments in associates and joint ventures 4 3 2 8 17 Include: Interest on leases and long-term debt (83) (88) (85) (88) (344) Include: Payments on principal amount on leases (57) (71) (71) (64) (263) Available cash flow 333 181 87 222 823 Weighted average number of common shares (millions) (2) 175 TTM Available cash flow per share 4.69 (1) For comparative purposes, certain amounts within the net change in non-cash working capital related to operating activities for the three months ended March 31, 2024, were revised to conform to the current period presentation. (2) Weighted average number of common shares is calculated in accordance with Parkland's accounting policy contained in Note 2 of the Annual Consolidated Financial Statements. ROIC is a non-GAAP financial ratio. The measure is calculated as a ratio of Net operating profit after tax ("NOPAT") divided by average invested capital. NOPAT describes the profitability of Parkland's base operations, excluding the impact of leverage and certain other items of income and expenditure that are not considered representative of Parkland's underlying core operating performance. NOPAT is based on Adjusted EBITDA, defined in the "Measures of Segment Profit (Loss) and Total of Segments Measures" section of this news release, less depreciation and amortization expense, including pro-forma depreciation on assets classified as held for sale, and the estimated tax expense using the expected average tax rate estimated using statutory tax rates in each jurisdiction where Parkland operates. Average invested capital is the amount of capital deployed by Parkland that represents the average of opening and closing debt, including debt liabilities classified as held for sale, as well as shareholder's equity, including equity reserves, net of cash and cash equivalents. We use this non-GAAP measure to assess Parkland's efficiency in investing capital. ($ millions, unless otherwise noted) Three months ended ROIC September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Trailing twelve months ended June 30, 2025 Net earnings (loss) 91 (29) 64 172 298 Add/(less): Income tax expense (recovery) 17 (8) 8 39 56 Acquisition, integration and other costs 61 81 29 46 217 Depreciation and amortization 207 210 202 220 839 Finance cost 96 92 99 93 380 (Gain) loss on foreign exchange - unrealized 1 (2) (5) (4) (10) (Gain) loss on risk management and other - unrealized (48) 34 3 (51) (62) Costs related to the Sunoco Transaction — — — 46 46 Other (gains) and losses (1) 30 (19) (70) (60) Other adjusting items 7 20 (6) 17 38 Adjusted EBITDA 431 428 375 508 1,742 Less: Depreciation and amortization (207) (210) (202) (220) (839) Less: Pro-forma depreciation and amortization on assets classified as held for sale — (7) (7) 14 — Adjusted EBIT 224 211 166 302 903 Average effective tax rate 21.0 % Less: Taxes (189) Net operating profit after tax 714 Opening invested capital 9,362 Closing invested capital 9,201 Average invested capital 9,282 Return on invested capital 7.7 % Invested Capital June 30, ($ millions, unless otherwise noted) 2025 2024 Long-term debt - current portion 847 213 Long-term debt 5,618 6,275 Long-term debt in liabilities classified as held for sale (1) 2 52 Shareholders' equity 3,173 3,138 Exclude: Cash and cash equivalents (439) (316) Total 9,201 9,362 ($ millions, unless otherwise noted) Three months ended ROIC September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Trailing twelve months ended June 30, 2024 Net earnings (loss) 230 86 (5) 70 381 Add/(less): Income tax expense (recovery) 54 (15) (29) 20 30 Acquisition, integration and other costs 38 42 30 46 156 Depreciation and amortization 205 222 206 202 835 Finance cost 93 89 91 99 372 (Gain) loss on foreign exchange - unrealized 1 — 3 4 8 (Gain) loss on risk management and other - unrealized (2) (19) 28 3 56 68 Other (gains) and losses (37) 5 10 (1) (23) Other adjusting items (2) 20 6 18 8 52 Adjusted EBITDA 585 463 327 504 1,879 Less: Depreciation and amortization (205) (222) (206) (202) (835) Less: Pro-forma depreciation and amortization on assets classified as held for sale — — — — — Adjusted EBIT 380 241 121 302 1,044 Average effective tax rate 19.9 % Less: Taxes (208) Net operating profit after tax 836 Opening invested capital 9,191 Closing invested capital 9,362 Average invested capital 9,277 Return on invested capital 9.0 % (1) For comparative purposes, long-term debt in liabilities classified as held for sale were included as part of invested capital as at March 31, 2024, to conform to the current period presentation. (2) For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management for the three months ended March 31, 2024, with no changes to Adjusted EBITDA. Food and Company C-Store SSSG is a non-GAAP financial ratio and refers to the period-over-period sales growth generated by retail food and convenience stores at the same Company sites. The effects of opening and closing stores, temporary closures (including closures for On the Run / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland's brands and retail network, which ultimately impacts financial performance. The most directly comparable financial measure to Food and Company C-Store SSSG is food and convenience store revenue within sales and operating revenue. Below is a reconciliation of convenience store revenue (Food and C-Store revenue) for the Canada segment with the Food and Company C-Store same store sales ("SSS"), and the calculation of the Food and Company C-Store SSSG. (1) Percentages are calculated based on actual amounts and are impacted by rounding. (2) POS values used to calculate Food and Company C-Store SSSG are not a Parkland financial measure and do not form part of Parkland's consolidated financial statements as Parkland earns rental income from retailers in the form of a percentage rent on convenience store sales. POS values are calculated based on the information obtained from Parkland's POS systems at retail sites, including transactional data, such as sales, costs and volumes, which are subject to internal controls over financial reporting. We also use this data to calculate rental income from retailers in the form of a percentage rent on convenience store sales, which is recorded as revenue in our consolidated financial statements. (3) Includes rental income from retailers in the form of a percentage rent on Food and Company C-Store sales, royalty, and franchisee fees and excludes revenues from automated teller machines, POS system licensing fees, and other. (4) This adjustment excludes the effects of acquisitions, opening and closing stores, temporary closures (including closures for On the Run / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models, to derive a comparable same-store metric. (5) Excludes sales from acquisitions completed within the year as these will not impact the metric until after the completion of one year of the acquisitions when the sales or volume generated establishes the baseline for these metrics. These non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Except as otherwise indicated, these non-GAAP financial measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland's non-GAAP financial measures and ratios. Capital Management Measures Parkland's primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland's overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. In order to manage its financing requirements, Parkland may adjust capital spending or dividends paid to shareholders or issue new shares or new debt. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA and does not have any standardized meaning prescribed under IFRS Accounting Standards. It is, therefore, unlikely to be comparable to similar measures presented by other companies. The detailed calculation of the Leverage Ratio is as follows: ($ millions, unless otherwise noted) June 30, 2025 December 31, 2024 Leverage Debt 4,979 5,268 Leverage EBITDA 1,468 1,481 Leverage Ratio 3.4 3.6 ($ millions, unless otherwise noted) June 30, 2025 December 31, 2024 Long-term debt 6,465 6,641 Less: Lease obligations (1,104) (1,054) Cash and cash equivalents (439) (385) Non-recourse debt (1) (55) (30) Risk management liability (asset) (2) 1 (30) Add: Non-recourse cash (1) 35 31 Letters of credit and other 76 95 Leverage Debt 4,979 5,268 (1) Represents non-recourse debt and non-recourse cash balance related to project financing. (2) Represents the risk management asset/liability associated with the spot element of the cross-currency swap designated in a cash flow hedge relationship to hedge the variability of principal cash flows of the 2024 Senior Notes resulting from changes in the spot exchange rates. Three months ended Trailing twelve months ended June 30, 2025 ($ millions, unless otherwise noted) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Adjusted EBITDA 431 428 375 508 1,742 Share incentive compensation 6 11 8 7 32 Reverse: IFRS 16 impact (1) (84) (91) (93) (90) (358) 353 348 290 425 1,416 Acquisition pro-forma adjustment (2) 6 Other adjustments (3) 46 Leverage EBITDA 1,468 (1) Includes the impact of operating leases prior to the adoption of IFRS 16, previously recognized under operating costs, which aligns with management's view of the impact of earnings. (2) Includes the impact of pro-forma pre-acquisition EBITDA estimates based on anticipated benefits, costs and synergies from acquisitions. (3) Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the unplanned shutdown at the Burnaby Refinery, and the EBITDA attributable to EV charging operations financed through non-recourse project financing. Three months ended Trailing twelve months ended December 31, 2024 ($ millions, unless otherwise noted) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Adjusted EBITDA 327 504 431 428 1,690 Share incentive compensation 6 8 6 11 31 Reverse: IFRS 16 impact (1) (83) (80) (84) (91) (338) 250 432 353 348 1,383 Acquisition pro-forma adjustment (2) 11 Other adjustments (3) 87 Leverage EBITDA 1,481 (1) Includes the impact of operating leases prior to the adoption of IFRS 16, previously recognized under operating costs, which aligns with management's view of the impact of earnings. (2) Includes the impact of pro-forma pre-acquisition EBITDA estimates based on anticipated benefits, costs and systems from acquisitions. (3) Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the unplanned shutdowns at the Burnaby Refinery and the EBITDA attributable to EV charging operations financed through non recourse project financing. Measures of Segment Profit (Loss) and Total of Segments Measures Adjusted earnings (loss) before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is a measure of segment profit (loss) and its aggregate is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS Accounting Standards, adjustments and eliminations made in preparing an entity's financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit (loss) only if they are included in the measure of the segment's profit (loss) that is used by the chief operating decision maker. As such, Parkland's Adjusted EBITDA is unlikely to be comparable to measures of segment profit (loss) presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland's ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for the detailed definition and composition of Adjusted EBITDA. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss), which is the most directly comparable financial measure, for the three and six months ended June 30, 2025 and June 30, 2024. (1) Total of segments measure. See Section 15 of the Q2 MD&A. (2) Other (gains) and losses for the three months ended June 30, 2025, include: (i) $55 million non-cash valuation gain (2024 - $11 million loss) due to change in fair value of redemption options; (ii) $8 million non-cash valuation gain (2024 - $12 million gain) due to the change in estimates of environmental provisions; (iii) $3 million (2024 - $3 million) in other income; (iv) $3 million gain (2024 - $1 million gain) on disposal of assets; and (v) $1 million gain (2024 -$4 million loss) in others. Other (gains) and losses for the six months ended June 30, 2025, include: (i) $76 million non-cash valuation gain (2024 - $24 million loss) due to change in fair value of redemption options; (ii) $7 million (2024 - $5 million) in other income; (iii) $4 million non-cash valuation gain (2024 - $16 million gain) due to the change in estimates of environmental provisions; (iv) $2 million gain (2024 - $3 million gain) on disposal of assets; and (v) nil (2024 -$9 million loss) in others. (3) Other adjusting items for the three months ended June 30, 2025, include: (i) realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $12 million loss (2024 - $1 million loss); (ii) the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $8 million (2024 - $3 million); (iii) adjustment to foreign exchange loss related to cash pooling arrangements of $4 million (2024 - $2 million); (iv) other income of $1 million (2024 - $3 million); and (v) realized risk management gains related to interest rate swaps, as these gains do not relate to commodity sale and purchase transactions, of nil (2024 -$1 million gain). Other adjusting items for the six months ended June 30, 2025, include: (i) the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $13 million (2024 - $7 million); (ii) adjustment to foreign exchange losses related to cash pooling arrangements of $4 million (2024 - $4 million); (iii) other income of $3 million (2024 - $5 million); (iv) realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $1 million gain (2024 - $12 million loss); (v) realized risk management gains related to interest rate swaps, as these gains do not relate to commodity sale and purchase transactions, of nil (2024 -$2 million gain). (4) For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management for the six months ended June 30, 2024, with no changes to Net earnings (loss). Supplementary Financial Measures Parkland uses a number of supplementary financial measures, including TTM Cash generated from (used in) operating activities, TTM Cash generated from (used in) operating activities per share, liquidity available and Adjusted EBITDA Guidance and Capital Expenditure Guidance, to evaluate the success of our strategic objectives. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these measures differently. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland, including the composition of such measures. Non-Financial Measures Parkland uses a number of non-financial measures, including Company SSVG, composite utilization and total recordable injury frequency rate, to measure the success of our strategic objectives and to set variable compensation targets for employees, where applicable. These non-financial measures are not accounting measures, do not have comparable IFRS Accounting Standards measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.
