<SEC-DOCUMENT>0001193125-16-682063.txt : 20160915
<SEC-HEADER>0001193125-16-682063.hdr.sgml : 20160915
<ACCEPTANCE-DATETIME>20160815172133
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-682063
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20160815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STANTEC INC
		CENTRAL INDEX KEY:			0001131383
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10160 112TH STREET
		STREET 2:		EDMONTON ALBERTA T5K 2L6 CANADA
		CITY:			EDMONTON
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		780-917-7000

	MAIL ADDRESS:	
		STREET 1:		10160 112 ST
		CITY:			EDMONTON, ALBERTA
		STATE:			A0
		ZIP:			00000
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Stantec Inc.</B></P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">10160 112 Street, Edmonton AB T5K 2L6</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;12, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BY
EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street
NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-4631 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: John Cash </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Stantec Inc. </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form 40-F for the fiscal year ended December&nbsp;31, 2015 </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed February&nbsp;25, 2016 </TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">File # 1-32562 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Cash: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby acknowledge receipt of the comment letter dated August&nbsp;2, 2016, from the staff (the &#147;staff&#148;) of the Securities and Exchange
Commission (the &#147;Commission&#148;) concerning the above-captioned Registration Statement on Form 40-F (the <FONT STYLE="white-space:nowrap">&#147;40-F&#148;).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For ease of reference, we have reproduced the text of the comments in boldface type below, followed by Stantec&#146;s response. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 40-F for the fiscal year ended December&nbsp;31, 2015 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis (MD&amp;A) </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note from your disclosures on page F-2 that gross trade receivables increased significantly year over year, including higher percentage increases in the 91-120 days and 121+ days aging categories. We also note
that although gross trade receivables declined, there were no improvements in these aging categories as of March&nbsp;31, 2016. Please tell us, and expand your MD&amp;A disclosures in future filings to disclose and discuss, the underlying reasons
for the deterioration in trade receivables aging. To the extent any known trends or uncertainties related to trade receivables may impact future liquidity or results of operations, please address the potential impacts in MD&amp;A. Please
specifically address if the deterioration in aging is related to projects where you are experiencing potential performance or collectability issues. </B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 12, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 3
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reference: Stantec Inc. Form 40-F for the fiscal year ended December 31, 2015 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Response: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>In future filings, we will expand our MD&amp;A disclosure discussions to include the reasons for any trending in our trade receivables aging
categories, and in particular, we will include the extent to which any trend may impact future liquidity or results of operations. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Our gross revenue trade receivables increased 32.2% or $141.1 million from December&nbsp;31, 2014, to December&nbsp;31, 2015, mainly due to
the growth of our Company through acquisitions; foreign exchange&#151;strengthening of the US dollar compared to the Canadian dollar by 16.3%; and the mix of projects and clients. During this same time period, our gross trade receivables in the over
90 day aging categories increased 61.4% or $34.6 million mainly due to the following: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We acquired the Canadian engineering operations of Dessau Inc. (Dessau) on January&nbsp;16, 2015. At December&nbsp;31, 2015, Dessau added approximately $43.2 million to our gross trade receivable balance of which
21.1% or $9.1 million was in the over 90 day aging categories. Dessau&#146;s client base is heavily weighted by public sector clients in Quebec, particularly in Transportation. These clients tend to have a longer collection period but based on our
collection experience the clients in this sector ultimately pay; therefore, the longer collection period is not indicative of collectability issues. Also, Dessau tends to operate activities in Transportation through joint arrangements, which adds a
layer of administration: billings go through the joint entity before being invoiced to the end client. This mix of clients and projects impacts our trade receivables aging categories going forward; and therefore, as noted in your comment letter,
impacted our aging categories at December&nbsp;31, 2015, and March&nbsp;31, 2016. </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>In the second half of fiscal 2015 and the start of 2016, we had higher acquisition activity compared to the second half of fiscal 2014, particularly in the United States. During the first few months following the
financial system integration of an acquired company to our financial systems and processes, the collection process may be temporarily delayed as we orient new staff to our financial processes and our Enterprise Management System. This was the case
at December&nbsp;31, 2015. In particular, the Fay, Spafford&nbsp;&amp; Thorndike, Inc. acquisition that closed on October&nbsp;30, 2015, added $14.8 million to our gross trade receivable balance at December&nbsp;31, 2015, and 41.2% or $6.1 million
was in the over 90 days aging categories at December&nbsp;31, 2015. Delays in collection due to the financial system integration of acquisitions do not result in additional allowance for doubtful accounts. </I></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The strengthening of the US dollar compared to the Canadian dollar increased the over 90 day account receivable aging categories by approximately $3.2 million at December&nbsp;31, 2015 compared to December&nbsp;31,
2014. </I></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 12, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 3
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reference: Stantec Inc. Form 40-F for the fiscal year ended December 31, 2015 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>As indicated on page M-46 of our December&nbsp;31, 2015, MD&amp;A, our trade receivables were impacted by system upgrades (implementing multilingual features) to our Enterprise Management System in October of 2015.
This slightly delayed collection processes in Q4 15. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge that we are responsible for the adequacy and accuracy of the
disclosure in our filing and that staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing. In addition, we acknowledge that we may not assert staff
comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We appreciate your assistance
in reviewing this response letter. Please direct all questions or comments regarding our responses to me. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STANTEC INC. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Dan J. Lefaivre </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dan J. Lefaivre, FCPA, FCMA, ICD.D
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President&nbsp;&amp; CFO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel:
(780)&nbsp;917-7071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: (780)&nbsp;917-7330 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">dan.lefaivre@stantec.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c. Ivor Ruste, Chair, Audit&nbsp;&amp;
Risk committee </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rob Jolley, Ernst&nbsp;&amp; Young </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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