<SEC-DOCUMENT>0001171843-21-005498.txt : 20210804
<SEC-HEADER>0001171843-21-005498.hdr.sgml : 20210804
<ACCEPTANCE-DATETIME>20210804170013
ACCESSION NUMBER:		0001171843-21-005498
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210804
FILED AS OF DATE:		20210804
DATE AS OF CHANGE:		20210804

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32562
		FILM NUMBER:		211144950

	BUSINESS ADDRESS:	
		STREET 1:		400 10220 103 AVENUE NW
		STREET 2:		EDMONTON ALBERTA T5J 0K4 CANADA
		CITY:			EDMONTON
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		780-917-7000

	MAIL ADDRESS:	
		STREET 1:		400 10220 103 AVENUE NW
		CITY:			EDMONTON, ALBERTA
		STATE:			A0
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_080421.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of August 2021</strong></p><p style="text-align: center;">Commission File Number: <strong>001-32562</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>STANTEC INC.</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>400-10220 103 Avenue NW<br />Edmonton, Alberta<br />Canada T5J 0K4</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </p><!--<hr style="page-break-after: always;" noshade="noshade" /><p> On August 4, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. <br /><br />(c) Exhibit 99.1. Press release dated August 4, 2021</p><p></p>--><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;STANTEC INC.&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: August 4, 2021</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Theresa B. Y. Jang&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Theresa B. Y. Jang</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Executive Vice President and CFO</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table><hr style="break-after: page;" noshade="noshade" /><p><p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit Number</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">Press Release dated August 4, 2021</a> </font></td></tr></table></p></body></html>
</TEXT>
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<TYPE>EX-99.1
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<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Stantec reports second quarter 2021 adjusted diluted earnings of $0.62 per share, a 19.2% increase from the prior year, and increases 2021 earnings guidance</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="left">EDMONTON, Alberta and NEW YORK, Aug.  04, 2021  (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE:STN), a global leader in sustainable design and engineering, today reported its results for the three and six month periods ended June&#160;30, 2021. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior periods ended June&#160;30, 2020.<br ></p>  <p>Stantec delivered another quarter of strong earnings, with the transition to revenue growth on a constant currency basis enhanced by solid project execution and operational performance. Based on the strength of its performance to date and confidence in the continued execution of its strategic plan, Stantec is raising earnings guidance for the year, with full year adjusted diluted earnings per share in comparison to 2020 now expected to achieve 4% to 7% growth compared to the previous guidance of low to mid-single digit (1% to 5%) growth.</p>  <p>"2021 continues to unfold largely as we expected with strong organic growth in Canada and Global this quarter offsetting a slower start to the US turnaround. We see clear evidence of building momentum in all our key markets, particularly in the US where we have achieved 6.4% organic backlog growth through the first half of this year. Beyond wins recorded in backlog, we have received award notifications for approximately $1.2 billion in gross revenue, more than half of which is in the US. While these notified awards can take months or longer to filter into our backlog, especially for large multi-year frameworks, their sheer magnitude gives us every reason to be confident in our outlook,&#8221; said Gord Johnston, President and CEO. "As our results continue to demonstrate, we are managing every aspect of our business to deliver organic revenue growth, increased earnings, and a strong balance sheet while continuing our disciplined pursuit of growth through acquisition."</p>  <p><strong>Q2 2021 Highlights </strong></p>  <p>Q2 2021 adjusted diluted earnings per share increased 19.2% to $0.62. Revenue generation continues to strengthen as the world begins to emerge from the pandemic. Increased earnings were achieved through strong project execution, disciplined discretionary spending, the ongoing execution of the 2023 Real Estate Strategy, lower interest expenses, and reduced taxes. Lower interest expenses resulted from improved working capital management and the issuance of lower interest Senior Notes in October 2020, while lower tax expense is attributed to the implementation of tax optimization strategies. Overall, margins have improved considerably on a quarter-over-quarter basis with a 1.1% increase in adjusted EBITDA margin to 16.1% and a 1.6% increase in adjusted net income margin to 7.7%.</p>  <p>The Canadian dollar has strengthened considerably relative to the US dollar, with the average exchange rate shifting from $1.39 to $1.22 on a quarter-over-quarter basis ($1.37 to $1.25 year to date). This has reduced Q2 net revenues by $60.9 million ($90.5 million year to date). Stantec further estimates that the impact to adjusted EBITDA, adjusted net income and adjusted diluted EPS was approximately $8.2 million, $4.0 million and $0.04, respectively (approximately $11.6 million, $5.5 million, and $0.05 year to date).</p>  <ul type="disc"><li>Net revenue, on a constant currency basis, increased 2.2%. This was driven by acquisitions and modest organic net revenue growth of 0.4% without the impact of Stantec&#8217;s descoped role on the Trans Mountain Expansion Project (TMEP), reflecting very strong organic growth in Canada and Global, while the US recovery is off to a slower start.</li><li>Gross margin, as a percentage of revenue, increased 1.7% from 51.5% to 53.2%, mainly due to strong project performance and shifts in project mix.</li><li>Adjusted EBITDA increased 2.9% to $146.6 million, and adjusted EBITDA margin increased to 16.1%.</li><li>Net income increased 20.2% to $63.2 million and diluted EPS from continuing operations increased 21.3% to $0.57, mainly due to reductions in net interest, depreciation, administrative and marketing, and other expenses.</li><li>Adjusted net income increased 20.6% to $69.6 million, representing 7.7% of net revenue.</li><li>Contract backlog was $4.6 billion at June&#160;30, 2021, a 4.3% increase from December&#160;31, 2020 as a result of 6.0% organic growth, 0.9% acquired growth, offset by a -2.6% foreign exchange impact. Organic backlog growth was achieved in the Buildings, Energy &amp; Resources and Environmental Services business units. Both Energy &amp; Resources and Environmental Services have achieved double-digit organic backlog growth of approximately 26% since December&#160;31, 2020, while Infrastructure and Water backlog remained relatively flat or retracted slightly. Contract backlog at June&#160;30, 2021 represents approximately 12 months of work.</li><li>Operating cash flows from continuing operations decreased 68.9% to $78.2 million, reflecting the quarter-over-quarter change in revenues and corresponding cash receipts, including the effects of foreign exchange. As well, operating cash flows for the same period last year benefited from the deferral of income tax and other tax payments, which resulted from various pandemic relief programs.&#160;</li><li>Net debt to adjusted EBITDA (on a trailing twelve-month basis) at June&#160;30, 2021 was 0.9x, below the annual target range of 1.0x to 2.0x.</li><li>Days sales outstanding (DSO) was 76 days, an increase of one day from 75 days at December&#160;31, 2020, and a six-day improvement from 82 days at June&#160;30, 2020.</li><li>Consistent with its capital allocation strategy, Stantec repurchased 939,482 common shares under its normal course issuer bid (NCIB) during the quarter (and year to date), for an aggregate price of $50.7 million.</li><li>The acquisition of Engenium, a 170-person Australia-based firm specializing in sustainability within the Energy &amp; Resources operations, was completed on May 1, 2021.</li><li>On August&#160;4, 2021, Stantec's Board of Directors declared a dividend of $0.165 per share, payable on October&#160;15, 2021, to shareholders of record on September&#160;30, 2021.</li></ul>  <p><strong>2021 Outlook - Earnings guidance increased</strong></p>  <p>Stantec's earnings guidance for 2021 has increased based on financial performance to date and the outlook for the balance of this year. Adjusted EBITDA and adjusted net income margin ranges, as well as the adjusted ROIC target, have been revised upward. Stantec now expects full year adjusted diluted earnings per share to achieve 4% to 7% growth in comparison to 2020, where previous guidance was for low to mid-single digit growth (1% to 5%).&#160;</p>  <p><br ></p>  <p><strong>Select Updates to Stantec's Annual Targets for 2021 </strong>- Please refer to this quarter's MD&amp;A for the full table</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:40%; width:40%; min-width:40%;;border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>(In millions of Canadian dollars, unless otherwise stated)</em></td><td style="max-width:20%; width:20%; min-width:20%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; ">Previously Published 2021 Annual Range</td><td style="max-width:20%; width:20%; min-width:20%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; ">Revised 2021<br >Annual Range</td><td style="max-width:20%; width:20%; min-width:20%;;border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; ">For the two quarters ended June 30, 2021</td></tr><tr><td style="vertical-align: bottom ; ">Targets</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Adjusted EBITDA as % of net revenue (note)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">14.5% to 16.0%</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">15.0% to 16.0%</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">15.4%</td></tr><tr><td style="vertical-align: bottom ; ">Adjusted net income as % of net revenue (note)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">At or above 6.5%</td><td style="text-align: center ; 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text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">(note)</td></tr><tr><td class="hugin">Other expectations</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="text-align: center ;  vertical-align: middle; ">&#160;</td></tr><tr><td class="hugin">Gross margin as % of net revenue</td><td style="text-align: center ;  vertical-align: middle; ">52% to 54%</td><td style="text-align: center ;  vertical-align: middle; ">no change</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; ">53.1%</td></tr><tr><td class="hugin">Administrative and marketing expenses as % of net revenue</td><td style="text-align: center ;  vertical-align: middle; ">37% to 39%</td><td style="text-align: center ;  vertical-align: middle; ">no change</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; ">38.2%</td></tr><tr><td class="hugin">Effective tax rate (without discrete transactions)</td><td style="text-align: center ;  vertical-align: middle; 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Adjusted ROIC is calculated annually at the end of the year.</p>  <p>Stantec's guidance for 2021 full-year organic net revenue growth remains unchanged with organic net revenue growth in 2021 expected to be in the 1% to 5% range (low to mid-single digits) on a constant currency basis, but with a slight shift in mix. Organic growth in Canada and Global is now expected to be slightly stronger than initially projected, offsetting a slightly slower recovery in the US. Please refer to this quarter's MD&amp;A for more detailed information about Stantec's 2021 outlook.</p>  <p><strong>Q2 2021 Financial Highlights</strong></p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="8" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">For the quarter ended<br > June 30,</td><td colspan="7" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">For the two quarters ended<br > June 30,</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2021</strong></td><td colspan="4" style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td><td colspan="4" style="border-top: solid black 1pt ; text-align: center ; 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padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">48.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">837.3</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">46.9</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">909.9</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">51.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">949.7</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">53.1</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">996.4</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">52.3</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td></tr><tr><td style="vertical-align: bottom ; 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vertical-align: bottom ; ">(1.2</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(0.1</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%)</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(8.3</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(0.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%)</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">9.9</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">EBITDA from continuing operations (note)</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">146.1</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">16.1</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">146.9</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">15.4</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">275.2</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">15.4</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">275.2</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">14.4</td><td style="border-bottom: solid black 1pt ; 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">27.0</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.5</td><td style="vertical-align: bottom ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">27.8</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.5</td><td style="vertical-align: bottom ; ">%</td></tr><tr><td style="vertical-align: bottom ; ">Net interest expense</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">10.6</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.2</td><td style="vertical-align: bottom ; ">%</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">12.5</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.3</td><td style="vertical-align: bottom ; ">%</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">19.9</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.1</td><td style="vertical-align: bottom ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">27.5</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.4</td><td style="vertical-align: bottom ; ">%</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Income taxes</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">19.9</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2.1</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">20.7</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2.2</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">37.0</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2.1</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">36.5</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.9</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td></tr><tr><td style="vertical-align: bottom ; ">Net income from continuing operations</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">63.2</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">7.0</td><td style="vertical-align: bottom ; ">%</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">52.6</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5.5</td><td style="vertical-align: bottom ; ">%</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">114.1</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6.4</td><td style="vertical-align: bottom ; ">%</td><td style="text-align: right ; 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padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.0</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.0</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">10.2</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Net income</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">63.2</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">7.0</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">52.6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">114.1</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6.4</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">92.3</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4.8</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">%</td></tr><tr><td style="vertical-align: bottom ; 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text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">n/m</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.310</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">n/m</td></tr></table> <p><sup>note: EBITDA, adjusted EBITDA, adjusted net income, and adjusted diluted EPS are non-IFRS measures (discussed in the Definitions section of the 2020 Annual Report and this quarter's MD&amp;A).</sup></p>  <p><sup>n/m = not meaningful</sup><br ></p>  <p><strong>Webcast &amp; Conference Call</strong></p>  <p>Stantec will host a live webcast and conference call on Thursday, August&#160;5, 2021, at 7:00 AM Mountain Time (9:00 AM Eastern Time) to discuss the Company&#8217;s second quarter performance. The webcast and slide presentation can be accessed at the following link:&#160; https://edge.media-server.com/mmc/p/5uhg6zr3</p>  <p>Participants wishing to listen to the call via telephone may dial in toll-free at 1-888-204-4368 (Canada and United States) or +1-647-484-0478 (international). Please provide confirmation code 7033121 when prompted.</p>  <p>The conference call and slideshow presentation will be broadcast live and archived in their entirety in the Investors section of <u>stantec.com</u>.</p>  <p><strong>About Stantec</strong></p>  <p>Communities are fundamental. Whether around the corner or across the globe, they provide a foundation, a sense of place and of belonging. That's why at Stantec, we always <strong>design with community in mind</strong>. We care about the communities we serve&#8212;because they're our communities too. This allows us to assess what's needed and connect our expertise, to appreciate nuances and envision what's never been considered, to bring together diverse perspectives so we can collaborate toward a shared success.</p>  <p>We're designers, engineers, scientists, and project managers, innovating together at the intersection of community, creativity, and client relationships. Balancing these priorities results in projects that advance the quality of life in communities across the globe.</p>  <p>Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at <u>stantec.com</u> or find us on social media.</p>  <p><strong>Cautionary Statements </strong></p>  <p><em>Stantec&#8217;s EBITDA, adjusted EBITDA, adjusted net income, adjusted basic and diluted earnings per share, adjusted return on invested capital, and net debt to adjusted EBITDA are non-IFRS measures. For a definition and explanation of non-IFRS measures, refer to the Critical Accounting Estimates, Developments, and Measures section of the Company&#8217;s Management's Discussion and Analysis for this quarter and the reconciliation of Non-IFRS Financial Measures appended hereto.</em></p>  <p><em>Certain statements contained in this news release constitute forward-looking statements. Forward-looking statements in this news release include, but are not limited to, Stantec's Annual Targets for 2021 in their entirety, its position to withstand the challenges caused by the pandemic, any projections related to revenue, gross margin, utilization and days sales outstanding. Any such statements represent the views of management only as of the date hereof and are presented for the purpose of assisting the Company&#8217;s shareholders in understanding Stantec&#8217;s operations, objectives, priorities, and anticipated financial performance as at and for the periods ended on the dates presented and may not be appropriate for other purposes. By their nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. Stantec's assumptions relating to Stantec's Annual Targets for 2021 and Stantec's 2021 Outlook are provided in the Company&#8217;s 2020 Annual Report and Management's Discussion and Analysis for this quarter.</em></p>  <p><em>Readers of this news release are cautioned not to place undue reliance on forward-looking statements since a number of factors could cause actual future results to differ materially from the expectations expressed in these forward-looking statements. These factors include, but are not limited to, the risk of economic downturn, project cancellations and a slowdown in new opportunities related to COVID-19, decreased infrastructure spending levels, changing market conditions for Stantec&#8217;s services, and the risk that Stantec fails to capitalize on its strategic initiatives. Investors and the public should carefully consider these factors, other uncertainties, and potential events, as well as the inherent uncertainty of forward-looking statements, when relying on these statements to make decisions with respect to the Company.</em></p>  <p><em>For more information about how other material risk factors could affect Stantec&#8217;s results, refer to the Risk Factors section and Cautionary Note Regarding Forward-Looking Statements section in the Company&#8217;s 2020 Annual Report. You may access this report online by visiting EDGAR on the SEC website at <u>sec.gov</u> or by visiting the CSA website at <u>sedar.com</u> or Stantec&#8217;s website, <u>stantec.com</u>. You may obtain a hard copy of the 2020 annual report and the quarterly report free of charge from the investor contact noted below.</em></p>  <p>  </p>  <p>To subscribe to Stantec&#8217;s email news alerts, please fill out the <u>subscription form</u>, which is available on the Contact Information page of the Investors section at <u>Stantec.com</u>.</p>  <p align="right"><strong>Design with community in mind</strong></p>  <p align="center"><em>Attached to this news release are Stantec&#8217;s consolidated statements of financial position, consolidated statements of income and reconciliation of non-IFRS&#160;measures.</em></p>  <p align="center"><em><br ></em></p>  <p><strong>Reconciliation of Non-IFRS Financial Measures</strong></p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">For the quarter ended<br > June 30,</td><td colspan="4" style="text-align: center ; 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For the quarter ended June 30, 2021, this amount is net of tax of $2.1 (2020 - $2.9). For the two quarters ended June 30, 2021, this amount is net of tax of $4.3 (2020 - $5.7).</sup></p>  <p><sup>note 2: For the quarter ended June 30, 2021, this amount is net of tax of $(1.0) (2020 - $(1.2)). For the two quarters ended June 30, 2021, this amount is net of tax of $(2.3) (2020 - $2.0).</sup></p>  <p><sup>note 3: For the quarter ended June 30, 2021, this amount is net of tax of $(0.2) (2020 - $0.6). For the two quarters ended June 30, 2021, this amount is $(0.6) (2020 - $3.4).</sup></p>  <p><sup>note 4: The add back of other costs primarily relates to integration expenses associated with acquisitions and reorganization and transitional tax expenses, For the quarter ended June 30, 2021, this amount is net of tax of $1.1 (2020 - nil). For the two quarters ended June 30, 2021, this amount is $2.4 (2020 included a reorganization tax expense of $2.6).</sup></p>  <p> </p> </p><p>Investor Contact <br >Tom McMillan <br >Stantec Investor Relations <br >Ph: 780-917-8159<br >tom.mcmillan@stantec.com<br ><br >Media Contact<br >Stephanie Smith<br >Stantec Media Relations<br >Ph: 780-917-7230<br >stephanie.smith2@stantec.com</p></body></html>
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