<SEC-DOCUMENT>0001171843-21-007475.txt : 20211103
<SEC-HEADER>0001171843-21-007475.hdr.sgml : 20211103
<ACCEPTANCE-DATETIME>20211103170022
ACCESSION NUMBER:		0001171843-21-007475
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211103
FILED AS OF DATE:		20211103
DATE AS OF CHANGE:		20211103

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:		211376331

	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_110321.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 November 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 November 3, 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 November 3, 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: November 3, 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 align="center"><font style="font-size:10pt;"><strong>EXHIBIT INDEX</strong></font></p>  <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Exhibit Number</u></strong></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Description</u></strong></font></td></tr><tr><td class="hugin">&#160;</td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Press Release dated November 3, 2021</a> </font></td></tr></table></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<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 continues momentum with record third quarter adjusted diluted EPS of $0.72, a 16.1% increase, and return to organic growth</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="left">EDMONTON, Alberta and&#160;NEW YORK, Nov.  03, 2021  (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE:STN), a global leader in sustainable design and engineering, today reported its results for the three and nine month periods ended September&#160;30, 2021. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior periods ended September&#160;30, 2020.<br ></p>  <p>Stantec delivered record quarterly earnings on the strength of a return to organic net revenue growth and a 200 basis points increase in gross margin. Organic net revenue growth for the quarter was 1.4% (3.3% without the impact of the descoped role on the Trans Mountain Expansion Project (TMEP)) reflecting organic growth of 10.6% in Global and 1.1% (8.0% excluding TMEP) in Canada. The US demonstrated significant progress toward growth as the market continues to recover and notified awards began to move into backlog and revenue.</p>  <p>&#8220;As demonstrated by our record Q3 results, our business continues to perform extremely well,&#8221; said Gord Johnston, President and CEO. &#8220;In Q3, we returned to organic growth, with Canada and Global firing on all cylinders, while our US backlog climbed 5% organically in the quarter to achieve a record level in native currency. This, coupled with the anticipated US Federal government infrastructure stimulus program and our recently announced acquisition of Cardno&#8217;s North America and Asia Pacific engineering and consulting businesses, provides strong tailwinds as we move into 2022.&#8221;</p>  <p><strong>Q3 2021 Highlights </strong></p>  <p>Stantec reported record adjusted diluted EPS of $0.72 in Q3 2021, a $0.10 per share or 16.1% increase from $0.62 in Q3 2020. This was driven by a continued focus on gross margin improvement, the ongoing execution of the 2023 Real Estate Strategy (which is on track to deliver $0.10 per share in 2021), lower interest expense from improved working capital management and the issuance of Senior Notes in October 2020, and reduced taxes from the implementation of tax optimization strategies.</p>  <p>The Canadian dollar has strengthened considerably relative to the US dollar year-over-year, with the average exchange rate shifting to $1.26 in Q3 2021 from USD/CAD $1.34 in Q3 2020. This reduced Q3 net revenues by&#160;$25.4 million. Stantec further estimates that the impact to adjusted EBITDA, adjusted net income and adjusted diluted EPS was approximately $2.5 million, $1.0 million and $0.01, respectively.</p>  <ul type="disc"><li style="margin-top:5pt; margin-bottom:5pt;">Net revenue, on a constant currency basis, was in line with expectations, increasing 5.0%, or $45.8 million, compared with Q3 2020; including the effects of foreign exchange, net revenue increased $16.4 million. Overall, organic net revenue and acquisition net revenue grew 1.4% and 3.6% respectively.</li><li style="margin-top:5pt; margin-bottom:5pt;">Gross margin increased $27.9&#160;million or 5.8% to $507 million as a result of solid project execution and shifts in project mix. As a percentage of net revenue, gross margin increased 200 basis points to 54.3% from 52.3%.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted EBITDA from continuing operations was $156.0 million, representing 16.7% of net revenue compared to <br >$158.2 million or 17.3% of net revenue in the prior period. Increased gross margin was offset by higher administrative and marketing expenses, which included a $5.0 million impact from revaluing share-based compensation plans due to Stantec&#8217;s increased share price (54 basis points as a percentage of net revenue).</li><li>Net income increased 12.7%, or $7.9 million, to $70.0 million, and diluted EPS from continuing operations increased 14.5%, or $0.08, to $0.63, mainly due to gross margin growth, and lower net interest and depreciation, including progress on the 2023 Real Estate Strategy, and income tax.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted net income grew 15.0%, or $10.5 million, to $80.4 million, representing 8.6% of net revenue, and adjusted diluted EPS increased 16.1% to $0.72 from $0.62 in Q3 2020.</li><li>Contract backlog increased 7.1% (7.0% organically) from December&#160;31, 2020, to $4.7 billion at September&#160;30, 2021. Organic backlog growth was achieved in the Buildings, Energy &amp; Resources and Environmental Services business units&#8212;with Energy &amp; Resources and Environmental Services achieving organic backlog growth of more than 30% and 40%, respectively. Backlog drew down in Infrastructure as public clients continue to wait for US infrastructure stimulus, and in Water as the ramp up in work continues on Global water frameworks. Contract backlog represents approximately 12 months of work.</li><li style="margin-top:5pt; margin-bottom:5pt;">Operating cash flows from continuing operations decreased 38.3% to inflows of $101.0 million compared with $163.8 million in the prior period, primarily related to a reduction in cash receipts due to the timing of collections and foreign exchange impacts.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net debt to adjusted EBITDA (on a trailing twelve-month basis) at September&#160;30, 2021 was 0.8x, remaining below the 1.0x to 2.0x target range.</li><li style="margin-top:5pt; margin-bottom:5pt;">Days sales outstanding (DSO) was 81 days, reflecting a 1-day improvement from 82 days at September&#160;30, 2020.</li><li style="margin-top:5pt; margin-bottom:5pt;">The acquisition of Paleo Solutions was completed on September 30, 2021. This 65-person US-based firm specializing in paleontological and archaeological services will strengthen Stantec's Environmental Services presence in renewable energy, electrical generation, and transmission projects. It will also add depth to Stantec&#8217;s current Archaeology team and new expertise in paleontology across the firm&#8217;s US Pacific and Mountain Regions.</li><li style="margin-top:5pt; margin-bottom:5pt;">The acquisition of Cardno's US and Asia Pacific consulting businesses was announced on October 21, 2021, which is expected to add 2,750 people and more than US$350 million in net revenue annually. Stantec entered into share purchase agreements to acquire these select assets from Cardno Limited (Cardno) for US$500 million (approximately CA$620 million). This acquisition is expected to close before the end of 2021. Upon close this acquisition will nearly double Stantec&#8217;s Australian footprint to 2,500 employees and establish the critical mass and diversity required to further accelerate growth in this region. It will also meaningfully increase Stantec's footprint in the US to 10,500 employees, and grow the US Environmental Services practice by more than 60%.</li><li style="margin-top:5pt; margin-bottom:5pt;">On October 29, 2021, Stantec amended and extended its syndicated credit facility agreement under a sustainability-linked loan, becoming the first company globally to link its financing to the Bloomberg Gender Equality Index score and the first in Canada to direct proceeds toward activities or organizations that have a positive influence on environmental or social matters.</li><li style="margin-top:5pt; margin-bottom:5pt;">On November 1, 2021, Stantec deepened its energy transition expertise in the Netherlands with the acquisition of <br >Driven by Values. This 28-person engineering and consulting firm is a trusted partner for public and private entities navigating the transition toward sustainable energy generation, sustainable building design, energy infrastructure upgrades, and e-mobility.</li><li style="margin-top:5pt; margin-bottom:5pt;">On November 3, 2021, the Board of Directors declared a dividend of $0.165 per share, payable on January&#160;18, 2022, to shareholders of record on December&#160;31, 2021.</li></ul>  <p><strong>Q3 2021 Financial Highlights</strong></p> <table style="width:100%; border-collapse:collapse !important;;border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="10" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>For the quarter ended</strong><br ><strong>September 30,</strong></td><td colspan="9" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>For the three quarters ended</strong><br ><strong>September 30,</strong></td></tr><tr><td style="vertical-align: bottom ; 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The webcast and slide presentation can be accessed at the following link: https://edge.media-server.com/mmc/p/9ep3uj9w</p>  <p>Participants wishing to listen to the call via telephone may dial in toll-free at 1-800-367-2403 (Canada and United States) or +1-647-490-5367 (international). Please provide confirmation code 2447173 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 projections regarding the impact of the Paleo Solutions, Cardno Select Assets, and Driven by Values acquisitions on ongoing operations, Stantec&#8217;s net revenue growth projections, continued market recovery in the US in relation to the pandemic, and 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, the risk that the acquisitions contemplated herein do not proceed to complete, 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 </em><em><u>sec.gov</u></em><em> or by visiting the CSA website at </em><em><u>sedar.com</u></em><em> or Stantec&#8217;s website, </em><em><u>stantec.com</u></em><em>. 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> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin" style="max-width:35%; width:35%; min-width:35%;"><strong>Investor Contact</strong></td><td class="hugin" style="max-width:65%; width:65%; min-width:65%;"><strong>Media Contact</strong></td></tr><tr><td class="hugin">&#160;</td><td class="hugin">&#160;</td></tr><tr><td class="hugin">Tom McMillan</td><td class="hugin">Stephanie Smith</td></tr><tr><td class="hugin">Stantec Investor Relations</td><td class="hugin">Stantec Media Relations</td></tr><tr><td class="hugin">Ph: 780-917-8159</td><td class="hugin">Ph: 780-917-7230</td></tr><tr><td class="hugin"><u>tom.mcmillan@stantec.com</u></td><td class="hugin"><u>stephanie.smith2@stantec.com</u></td></tr></table> <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><strong>Reconciliation of Non-IFRS Financial Measures</strong></p> <table style="width:100%; 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"><strong>1.62</strong></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table> <p>See the Definitions section of the 2020 Annual Report and this quarter's MD&amp;A for a discussion of non-IFRS measures used.</p>  <p>note 1: The add back of intangible amortization relates only to the amortization from intangible assets acquired through acquisitions and excludes the amortization of software purchased by Stantec. For the quarter ended September 30, 2021, this amount is net of tax of $2.0 (2020 - $2.6). For the three quarters ended September 30, 2021, this amount is net of tax of $6.3 (2020 - $8.3).</p>  <p>note 2: For the quarter ended September 30, 2021, this amount is net of tax of $0.2 (2020 - $(0.7)). For the three quarters ended September 30, 2021, this amount is net of tax of $(2.1) (2020 - $1.3).</p>  <p>note 3: For the quarter ended September 30, 2021, this amount is net of tax of $(0.4) (2020 - nil). For the three quarters ended September 30, 2021, this amount is net of tax of $(1.0) (2020 - $3.4).</p>  <p>note 4: For the quarter and three quarters ended September 30, 2021, this amount is net of tax of nil (2020 - $1.1)</p>  <p>note 5: The add back of other costs primarily relates to integration expenses associated with our acquisitions and reorganization tax expenses. For the quarter ended September 30, 2021, this amount is net of tax of $0.9 (2020 - nil). For the three quarters ended September 30, 2021, this amount is net of tax of $3.3 (2020 included a reorganization tax expense of $2.6).</p> </p><p ></p></body></html>
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