<SEC-DOCUMENT>0001171843-22-001301.txt : 20220224
<SEC-HEADER>0001171843-22-001301.hdr.sgml : 20220224
<ACCEPTANCE-DATETIME>20220223180339
ACCESSION NUMBER:		0001171843-22-001301
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220223
FILED AS OF DATE:		20220224
DATE AS OF CHANGE:		20220223

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:		22665401

	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_022322.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 February 2022</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): &#160;</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): &#160;</p><!--<hr style="page-break-after: always;" noshade="noshade" /><p> <p>On February 23, 2022, 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 /><a href="exh_991.htm">(c) Exhibit 99.1. Press release dated February 23, 2022</a></p></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: February 23, 2022</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>   <p align="center" style="text-align: center;"><font style="font-size:10pt;">&#160;</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; &#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 February 23, 2022</a> </font></td></tr></table></p></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exh_991.htm
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<!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 record 2021 earnings, raises annualized dividend by 9.1%, and provides 2022 outlook</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="left">EDMONTON, Alberta and NEW YORK, Feb.  23, 2022  (GLOBE NEWSWIRE) -- <strong>TSX, NYSE:STN </strong>Stantec, a global leader in sustainable design and engineering, today reported its results for the fourth quarter and year ended December&#160;31, 2021, and provided its 2022 outlook. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior periods ended December&#160;31, 2020.<br ></p>  <p>Momentum from acquisitions, strong performance in the Global region and Canada, improving market conditions in the US, and shifts in project mix drove net revenue and project margin (previously referred to as &#8220;gross margin&#8221;) growth in the fourth quarter. Further progress was also made on the 2023 Real Estate Strategy, which remains on track to achieve a 30% reduction in Stantec's real estate footprint relative to 2019. For the fourth quarter, Stantec delivered earnings per share ("EPS") of $0.15 and adjusted diluted EPS of $0.57. For the full year, earnings achieved new records of $1.80 per share and adjusted diluted EPS of $2.42.</p>  <p>Stantec's outlook for 2022 reflects growing strength in the macroeconomic environment, record backlog, and infrastructure stimulus spending across various jurisdictions. These factors are expected to drive net revenue growth of 18% to 22% in 2022, with organic net revenue growth in the mid to high single digits, and an adjusted net income margin at or above 7.5% of net revenue. As a result, adjusted diluted EPS in 2022 is expected grow by 22% to 26%.</p>  <p>&#8220;In addition to achieving record earnings this year, several important strategic milestones attained in 2021 position us for accelerated value creation in 2022 and beyond,&#8221; said Gord Johnston, President and CEO. &#8220;The acquisition of Cardno, along with the five other acquisitions we made in 2021, expand our presence in key business lines such as environmental services and the energy transition, and key geographies like the United States and Australia that are poised for strong growth. Looking forward, we see a strong multi-year cycle ahead for the industry which will support expansion of our record 2021 Adjusted EBITDA margin and earnings.&#8221;</p>  <p><strong>Full-Year 2021 Financial Highlights</strong></p>  <ul type="disc"><li style="margin-top:5pt; margin-bottom:5pt;">Full-year net revenue was $3.6&#160;billion, a 2.6% increase on a constant currency basis compared with the prior year, driven by acquisition growth of 3.9%, partly offset by a slight organic retraction. Excluding the impact of the descoped Trans Mountain Expansion Project ("TMEP"), organic growth was 0.3% driven by strong performances in Canada and Global and offset by a slower US recovery. Fluctuations in foreign currencies resulted in negative foreign exchange impacts of 3.9%.</li><li style="margin-top:5pt; margin-bottom:5pt;">The Canadian dollar strengthened considerably relative to the US dollar during the year, with the average exchange rate shifting to $1.25 in 2021 from $1.34 in 2020. This reduced 2021 net revenues by $130.7 million. Stantec further estimates that the impact to adjusted EBITDA, adjusted net income, and adjusted diluted EPS was approximately $16.6 million, $6.5 million, and $0.06 per share, respectively.</li><li style="margin-top:5pt; margin-bottom:5pt;">Project margin increased $32.8&#160;million or 1.7% to $2.0&#160;billion, and increased as a percentage of net revenue from 52.4% to 54.0%, as a result of strong project execution in all geographies and businesses and shifts in project mix.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted EBITDA from continuing operations was $573.8&#160;million, approximating amounts generated in 2020 and increasing as a percentage of net revenue by 10 basis points to a record 15.8% from 15.7%. The increase in project margin was partly offset by higher administrative and marketing expenses, most notably a $30.3 million increase in share-based compensation expense (83 basis points as a percentage of net revenue) reflecting the revaluation of incentive plans due to an increase in Stantec's share price.</li><li style="margin-top:5pt; margin-bottom:5pt;">The 2023 Real Estate Strategy contributed more than $0.18 per share in cost savings to net income ($0.15 per share savings to adjusted net income). On a pre-IFRS 16 basis, the cumulative impact from this initiative is estimated to have increased 2021 adjusted EBITDA margin by more than 100 basis points. As further progress was made on the Real Estate Strategy in 2021, additional leased spaces were identified to vacate and sub-let, and expectations for sub-let opportunities were adjusted to reflect current market conditions and outlook. This led to a $24.8&#160;million non-cash net impairment of lease assets and related property and equipment and $12.5 million in onerous contract costs being recorded. Stantec is on track to achieve a 30% reduction in its real estate footprint relative to its 2019 baseline and expects to deliver a further $0.20 to $0.25 contribution to earnings per share by the end of 2023.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net income from continuing operations increased 26.1%, or $41.6&#160;million, to $200.7&#160;million; net income margin from continuing operations increased 1.2% from 4.3% to 5.5%, and diluted EPS increased 26.8%, or $0.38, to $1.80. Factors contributing to higher net income include project margin growth, lower interest and depreciation, unrealized fair value gains from equity investments, the combined effects of the 2023 Real Estate Strategy, and a lower effective tax rate partially offset by increased acquisition and integration costs.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted net income from continuing operations increased 8.4%, or $21.0&#160;million, to $269.9&#160;million, representing 7.4% of net revenue, an improvement of 60 basis points, and adjusted diluted EPS increased 9.0%, or $0.20, to $2.42.</li><li style="margin-top:5pt; margin-bottom:5pt;">Contract backlog stands at a record $5.1 billion&#8212;a 17.3% increase from December&#160;31, 2020&#8212;representing approximately 13 months of work (11 months of work in 2020). Year over year, backlog grew 11.9% through acquisitions and 6.7% organically, with organic growth in all geographies. Of particular note, US backlog achieved 10.2% organic growth, with US Environmental Services recording over 50% organic growth. Further, Environmental Services backlog across all Stantec stands at over $1 billion, a new high-water mark for this business operating unit.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net debt to adjusted EBITDA was 1.8x at December&#160;31, 2021 &#8212;within the guideline range of 1.0x to 2.0x. The ratio increased as a result of additions to net debt from acquisitions made in the fourth quarter.</li><li style="margin-top:5pt; margin-bottom:5pt;">Operating cash flows from continuing operations decreased 34.1% from $602.6 million to $397.0 million; this was mainly due to decreased cash receipts from clients, negative foreign exchange impacts, and increased payments paid to suppliers.</li><li style="margin-top:5pt; margin-bottom:5pt;">Days sales outstanding ("DSO") was 75 days at December&#160;31, 2021 and 2020, well below the expectation of 80 days.</li><li style="margin-top:5pt; margin-bottom:5pt;">In 2021, 939,482 common shares were repurchased for an aggregated price of $50.7&#160;million under the normal course issuer bid which was renewed on November 9, 2021, to allow for the repurchase of up to an additional 5,559,312 common shares.</li><li style="margin-top:5pt; margin-bottom:5pt;">On February&#160;23, 2022, Stantec's Board of Directors declared a dividend of $0.18 per share, payable on April&#160;18, 2022, to shareholders of record on March&#160;31, 2022, representing an 9.1% increase on an annual basis.<br ></li></ul>  <p><strong>2022 Outlook</strong></p>  <p>Targets for 2022 are based on the assumption of a continued gradual global recovery but may not be valid should any of our key geographies experience a severe worsening of the pandemic.</p> <table style="width:100%; border-collapse:collapse !important;;border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>2022 Annual Range</strong></td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: middle ; "><strong>Targets</strong></td><td style="border-top: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle ; ">Net revenue growth</td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">18% to 22%</td></tr><tr><td style="vertical-align: middle ; ">Adjusted EBITDA as % of net revenue (note)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">15.3% to 16.3%</td></tr><tr><td style="vertical-align: middle ; ">Adjusted net income as % of net revenue (note)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">At or above 7.5%</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: middle ; ">Adjusted ROIC (note)</td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">Above 10.5%</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: middle ; "><strong>Other expectations</strong></td><td style="border-top: solid black 1pt ; vertical-align: middle ; ">&#160;</td></tr><tr><td style="vertical-align: middle ; ">Growth in adjusted diluted EPS (note)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">22% to 26%</td></tr><tr><td style="vertical-align: middle ; ">Net debt to adjusted EBITDA (note)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">1.0x to 2.0x</td></tr><tr><td style="vertical-align: middle ; ">Effective tax rate (without discrete transactions)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">23.2% to 24.2%</td></tr><tr><td rowspan="2" style="vertical-align: middle ; ">Earnings pattern<br ><br ></td><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">40% in Q1 and Q4</td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: middle ; ">60% in Q2 and Q3</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: middle ; ">Days sales outstanding (note)</td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">Under 80</td></tr></table> <p>In setting these targets and guidance, an average value for the US dollar of $1.25 and for the GBP $1.73 was assumed (see Assumptions in Stantec's 2021 Annual Report for more information).</p>  <p>note: Adjusted EBITDA, adjusted net income, adjusted diluted EPS, adjusted ROIC, and net debt to adjusted EBITDA are non-IFRS measures and DSO is a metric discussed in the Definitions section of Stantec's 2021 Annual Report.</p>  <p>Net revenue is expected to increase 18% to 22% in 2022, and organic net revenue growth is expected to be in the mid to high single digits, weighted to the second half of the year. Organic growth in the US is expected to be in the high single digits, driven by growing momentum as evidenced by Stantec's record-high US backlog and project opportunities arising from the $1.2 trillion infrastructure stimulus bill. After a year of robust organic growth in Canada in 2021, high levels of activity are expected to be maintained, driving 2022 organic growth in the low single digits. Organic growth in Global is expected to achieve high single to low double-digit growth propelled by strong economic growth, continued demand, and stimulus in infrastructure sectors.</p>  <p>Project margin as a percent of net revenues is expected to be relatively consistent in 2022 compared to 2021. Adjusted EBITDA margin is anticipated to be in the range of 15.3% to 16.3%, reflecting investments in internal resources to support growth and the commercialization of new innovations and technologies, and increased discretionary spending (albeit not to pre-pandemic levels). Adjusted EBITDA margin in Q1 2022 will likely be at or below the low end of this range because of the additional effects of regular seasonal factors in the northern hemisphere and the protracted ramp-up of US activities and major projects awarded in Q4 2021. The higher end of the range is expected to be reached by the second half of 2022 driven by high organic net revenue growth and increased utilization in the US operations.</p>  <p>Adjusted net income is expected to continue to benefit from the 2023 Real Estate Strategy, which remains on track to achieve a 30% reduction in real-estate footprint compared with a 2019 baseline and a cumulative $0.35 to $0.40 per share by the end of 2023. With $0.15 recognized in 2021, the remaining $0.20 to $0.25 per share is expected to be generated approximately evenly between 2022 and 2023. For 2022, this, in conjunction with continued benefits from tax planning strategies, is expected to drive an adjusted net income margin of 7.5% or greater as a percent of net revenue. As a result, adjusted diluted EPS is expected to grow 22% to 26% in comparison to 2021.</p>  <p>The above targets do not include any assumptions for additional acquisitions given the unpredictable nature of the size and timing of such acquisitions, or the unpredictable impact from share price movements subsequent to December 31, 2021, and the relative total shareholder return components on Stantec's share-based compensation programs.</p>  <p><strong>Fourth Quarter 2021 Financial Highlights </strong></p>  <ul type="disc"><li style="margin-top:5pt; margin-bottom:5pt;">Net revenue, on a constant currency basis, increased 8.7% or $75.0 million, driven by acquisition growth of 6.7% and organic growth of 2.0%; including the effects of foreign exchange, net revenue increased $54.5&#160;million. Without the impact of TMEP, organic growth would have been 4.2%, reflecting strong growth achieved in Canada and Global, and organic growth across most business lines with the exception of Infrastructure which stayed consistent with the prior period.</li><li style="margin-top:5pt; margin-bottom:5pt;">Project margin increased 11.3%, or $51.6&#160;million, and increased as a percentage of net revenue from 52.8% to 55.3%, primarily from higher net revenue, a shift in project mix, and strong project execution.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted EBITDA from continuing operations increased 2.6% or $3.6&#160;million to $142.1&#160;million, representing 15.5% of net revenue compared with $138.5&#160;million or 16.1% of net revenue in the prior period. The increase in project margin was partly offset by higher administrative and marketing expenses, most notably a $13.4 million increase in share-based compensation expense (146 basis points as a percentage of net revenue) reflecting the revaluation of incentive plans due to an increase in Stantec's share price. As well, 2020 included the recovery of certain claim costs.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net income from continuing operations increased 11.4%, or $1.7&#160;million, to $16.6&#160;million, net income from continuing operations as a percentage of net revenue increased from 1.7% to 1.8%, and diluted EPS increased by 15.4%, or $0.02, to $0.15. Strong project margin, lower non-cash net lease asset and related property and equipment impairments and adjustments for onerous contract costs from the continued execution of the 2023 Real Estate Strategy, and non-cash fair value gains on equity investments contributed to a higher net income, partly offset by lower utilization in the US and higher amortization of intangible assets and acquisition and integration costs related to recent acquisitions.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted net income decreased 4.8%, or $3.2&#160;million, to $63.8&#160;million, representing 7.0% of net revenue, and adjusted diluted EPS decreased 5.0%, or $0.03, to $0.57. 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text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="max-width:7%; width:7%; min-width:7%;;border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">125.9</td><td style="max-width:2%; width:2%; min-width:2%;;border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="max-width:7%; width:7%; min-width:7%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">4,730.1</td><td style="max-width:7%; width:7%; min-width:7%;;border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">128.4</td><td style="max-width:2%; width:2%; min-width:2%;;border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="vertical-align: middle ; "><strong>Net revenue</strong></td><td style="padding-right: 0 ; 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vertical-align: middle ; ">3,636.1</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">100.0</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">3,684.5</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">100.0</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: middle ; ">Direct payroll costs</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">409.6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; 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text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,672.8</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">46.0</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,754.0</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">47.6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; 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border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">52.8</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,963.3</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">54.0</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,930.5</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">52.4</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: middle ; ">Administrative and marketing expenses</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">387.6</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">42.3</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">317.5</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">36.8</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-top: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,423.6</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">39.2</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,352.9</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">36.7</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="vertical-align: middle ; ">Depreciation of property and equipment</td><td style="padding-right: 0 ; 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text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.5</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">57.9</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.6</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="vertical-align: middle ; ">Depreciation of lease assets</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">28.3</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">3.1</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">27.9</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">3.3</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">107.9</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">3.0</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">117.7</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">3.2</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="vertical-align: middle ; ">Net impairment of lease assets and property and equipment</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">29.1</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">3.2</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">66.7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">7.7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">24.8</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">0.7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">78.6</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">2.1</td><td style="padding-left: 0 ; text-align: left ; 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">%</td><td style="border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">60.0</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">53.2</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.4</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="vertical-align: middle ; ">Net interest expense</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">8.4</td><td style="padding-left: 0 ; text-align: left ; 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text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.0</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">49.2</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.4</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="vertical-align: middle ; ">Other</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(2.2</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(0.3</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(3.8</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(0.4</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%)</td><td style="border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(7.8</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(0.3</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">4.3</td><td style="padding-right: 0 ; text-align: right ; 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text-align: right ;  vertical-align: middle; vertical-align: middle ; ">57.6</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; "><strong>Net income from continuing operations</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; "><strong>16.6</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; 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">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#8212;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">12.0</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">0.3</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">%</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; "><strong>Net income</strong></td><td style="border-top: solid black 1pt ; 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text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.43</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: middle ; ">Diluted EPS from continuing operations</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">0.15</td><td style="border-bottom: solid black 1pt ; 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 vertical-align: middle; vertical-align: middle ; ">1.80</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1.42</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: middle ; ">Adjusted EBITDA from continuing operations&#160;(note)</td><td style="border-top: solid black 1pt ; 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padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">0.66</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">0.62</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">n/m</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: middle ; ">Total assets</td><td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">1,245.1</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">680.8</td><td colspan="2" style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr></table> <p>note: Project margin was previously labeled as gross margin. The composition of project margin remains unchanged from our approach previously applied to gross margin. Construction Services operations are presented as discontinued operations. Adjusted EBITDA, adjusted net income, adjusted basic and diluted EPS are&#160;non-IFRS&#160;measures (discussed in the Definitions of Non-IFRS and Other Financial Measures section of the 2021 Annual Report).</p>  <p>n/m = not meaningful</p>  <p><strong>Net Revenue by Reportable Segment</strong></p>  <p><strong>Full-Year 2021</strong></p> <table style="width:100%; border-collapse:collapse !important;;border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="max-width:35%; width:35%; min-width:35%;;border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>(In millions of Canadian dollars, except percentages)</em></td><td style="max-width:8%; width:8%; min-width:8%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2021</strong></td><td style="max-width:8%; width:8%; min-width:8%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td><td style="max-width:8%; 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 vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; width:8%; min-width:8%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>Change Due to Organic Growth (Retraction)</strong></td><td style="max-width:2%; width:2%; min-width:2%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; width:8%; min-width:8%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>% of Organic Growth (Retraction)</strong></td><td style="max-width:2%; width:2%; min-width:2%;;border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="max-width:35%; min-width:35%;;border-top: solid black 1pt ; vertical-align: bottom ; ">Canada</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,068.5</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,073.7</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(5.2</td><td style="max-width:2%; min-width:2%;;border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3.8</td><td style="max-width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">n/a</td><td style="max-width:2%; min-width:2%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(9.0</td><td style="max-width:2%; min-width:2%;;border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="max-width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(0.8</td><td style="max-width:2%; min-width:2%;;border-top: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)%</td></tr><tr><td style="vertical-align: bottom ; ">United States</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,799.5</td><td style="text-align: right ; 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vertical-align: bottom ; ">69.1</td><td style="max-width:4%; min-width:4%;;border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:7%; min-width:7%;;border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(10.2</td><td style="max-width:3%; min-width:3%;;border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="max-width:7%; min-width:7%;;border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">58.2</td><td style="max-width:5%; min-width:5%;;border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:7%; min-width:7%;;border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; 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padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(140.9</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(49.4</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td colspan="2" style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Percentage Growth (Retraction)</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(1.3</td><td style="border-bottom: solid black 1pt ; text-align: left ;  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 ; ">3.9</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 ; ">(3.9</td><td style="border-bottom: solid black 1pt ; 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 ; ">(1.3</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)%</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table> <p><strong>Fourth Quarter 2021 </strong></p> <table style="width:100%; border-collapse:collapse !important;;border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>(In millions of Canadian dollars, except percentages)</em></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>Q4 2021</strong></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>Q4 2020</strong></td><td colspan="2" 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 ; ">&#160;</td></tr></table> <p><strong>Tomorrow&#8217;s Conference Call</strong></p>  <p>On Thursday, February&#160;24, 2022, at 7:00 AM Mountain Time (9:00 AM Eastern Time), Gord Johnston, President and Chief Executive Officer, and Theresa Jang, Executive Vice President and Chief Financial Officer, will hold a conference call to discuss the Company&#8217;s fourth quarter performance.</p>  <p>The webcast and slide presentation can be accessed at the following link:<br >https://edge.media-server.com/mmc/p/ss8xmh3q</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>. Participants wishing to listen to the call via telephone may dial in toll-free at 1-888-394-8218 (Canada and United States) or +1-647-484-0475 (international). Please provide confirmation code 6376520 when prompted.</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 stantec.com or find us on social media.</p>  <p><strong>Cautionary Statements </strong></p>  <p><strong>Non-IFRS and Other Financial Measures </strong></p>  <p><em>Stantec reports its financial results in accordance with IFRS. However, in this press release, the following non-IFRS and other financial measures are used by the Company: adjusted EBITDA, adjusted net income, adjusted earnings per share (EPS), adjusted return on invested capital (ROIC), net debt to adjusted EBITDA, days sales outstanding (DSO), margin (percentage of net revenue), organic growth (retraction), acquisition growth, and measures described as on a constant currency basis and the impact of foreign exchange or currency fluctuations, as well as measures and ratios calculated using these non-IFRS or other financial measures. Additional disclosure for these non-IFRS and other financial measures, incorporated by reference, is included in the Definitions of Non-IFRS and Other Financial Measures section of the 2021 Annual Report, available on SEDAR at SEDAR.com, EDGAR at sec.gov, and the company's website at stantec.com and the reconciliation of Non-IFRS Financial Measures appended hereto. </em></p>  <p><em>These non-IFRS and other financial measures do not have a standardized meaning under IFRS and, therefore, may not be comparable similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS and other financial measures provide useful information to investors to assist them in understanding components of our financial results. These measures should not be considered in isolation or viewed as a substitute for the related financial information prepared in accordance with IFRS.</em></p>  <p><strong>Forward Looking Statements</strong></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 Outlook and Annual Targets for 2022 in their entirety, the timing and ability to achieve the 2023 targets initially laid out in the strategic plan Stantec launched in December 2019, its position to withstand the challenges caused by the pandemic, any projections related to revenue, project 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 2022 and Stantec's 2022 Outlook are provided in the Company&#8217;s 2021 annual report.</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, the failure of US infrastructure stimulus spending to materialize, 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 2021 annual report. This report is accessible 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 2021 annual 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 style="max-width:50%; width:50%; min-width:50%;;vertical-align: top ; "><strong>Investor Contact</strong></td><td style="max-width:50%; width:50%; min-width:50%;;vertical-align: top ; "><strong>Media Contact</strong></td></tr><tr><td style="vertical-align: top ; ">Tom McMillan</td><td style="vertical-align: top ; ">Stephanie Smith</td></tr><tr><td style="vertical-align: top ; ">Stantec Investor Relations</td><td style="vertical-align: top ; ">Stantec Media Relations</td></tr><tr><td style="vertical-align: top ; ">Ph: 780-917-8159</td><td style="vertical-align: top ; ">Ph: 780-917-7230</td></tr><tr><td style="vertical-align: top ; "><u>tom.mcmillan@stantec.com</u></td><td style="vertical-align: top ; "><u><u>stephanie.smith2@stantec.com</u></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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This table includes only continuing operations results.</p>  <p>note 1: The add back of net impairment of lease assets and property and equipment for the quarter and year ended December&#160;31, 2021 includes onerous contracts associated with impairment of $12.5 (2020 - nil). For the year ended December&#160;31, 2021, this amount is net of tax of $8.8 (2020 - $22.0). For the quarter ended December&#160;31, 2021, this amount is net of tax of $9.8 (2020 - $18.6).</p>  <p>note 2: 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 year ended December&#160;31, 2021, this amount is net of tax of $9.4 (2020 - $10.3). For the quarter ended December&#160;31, 2021, this amount is net of tax of $3.1 (2020 - $2.0).</p>  <p>note 3: For the year ended December&#160;31, 2021, this amount is net of tax of ($3.3) (2020 - ($0.2)). For the quarter ended December&#160;31, 2021, this amount is net of tax of ($1.2) (2020 - $(1.5)).</p>  <p>note 4: The add back of COVID-related expenses primarily relates to severance. For the year ended December&#160;31, 2021, this amount is net of tax of nil (2020 - $1.4). For the quarter ended December&#160;31, 2021, this amount is net of tax of nil (2020 - $0.3).</p>  <p>note 5: The add back of other costs primarily relates to integration expenses associated with acquisitions, past service costs for pensions, financing costs associated with internal debt restructuring, reorganization and transitional tax expenses, and severance related to organizational reshaping. For the year ended December&#160;31, 2021, this amount is net of tax of $6.6 (2020 - $0.4, 2020 also included reorganization tax expense of $2.8). For the quarter ended December&#160;31, 2021, this amount is net of tax of $3.3 (2020 - $0.4, 2020 also included reorganization tax expense of $0.2).</p>  <p>note 6: Earnings per share calculated in accordance with IFRS disclosed in the 2021 annual report.</p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
