<SEC-DOCUMENT>0001171843-22-003579.txt : 20220511
<SEC-HEADER>0001171843-22-003579.hdr.sgml : 20220511
<ACCEPTANCE-DATETIME>20220511170009
ACCESSION NUMBER:		0001171843-22-003579
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220511
FILED AS OF DATE:		20220511
DATE AS OF CHANGE:		20220511

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:		22914553

	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_051122.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 May 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): </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 May 11, 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 />(c) Exhibit 99.1. Press release dated May 11, 2022</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: May 11, 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><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 May 11, 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
<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 solid growth and record backlog in Q1 2022; delivers a 22% increase in adjusted diluted EPS</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="left">EDMONTON, Alberta and NEW YORK, May  11, 2022  (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE:STN), a global leader in sustainable design and engineering, today reported its results for the three month period ended March&#160;31, 2022. Unless otherwise indicated, financial figures are expressed in Canadian dollars and comparisons are to the prior period ended March&#160;31, 2021.<br ></p>  <p>Stantec delivered solid first quarter earnings on the strength of 19.5% net revenue growth, and reaffirms its guidance for the full year. Every regional and business operating unit delivered organic net revenue growth<sup>1</sup> and recent acquisitions generated double-digit growth. Backlog continues to grow, rising to a record $5.4 billion, with continued growing momentum in the US.</p>  <p>&#8220;The organic growth we achieved in Q1 reflects our ability to capitalize on our sector&#8217;s strong market fundamentals that continue to be spurred by robust public infrastructure spending and increasing private investment,&#8221; said Gord Johnston, President and CEO. &#8220;We expect this favorable backdrop to drive accelerating growth as we continue to provide our clients with solutions to the largest and most complex problems of our time. These include the strengthening of local supply chain resilience by re-shoring domestic production, global food security, and climate change, sustainability, and the related energy transition.&#8221;</p>  <p>&#8220;I&#8217;m particularly pleased that as we continue to execute on our growth strategy, our leadership in sustainability is driving increasing revenues related to the UN Sustainability Development Goals (SDGs). In our recently released Sustainability Report, we disclosed that 53% of our 2021 gross revenues relate to the SDGs, up from 49% in 2020 and 45% in 2019, when we became the first firm in our space to provide this quantification.&#8221;</p>  <p><strong>Q1 2022 Highlights </strong></p>  <p>Stantec achieved adjusted diluted EPS<sup>1</sup> of $0.61 in Q1 2022, an $0.11 per share or 22.0% increase from $0.50 in Q1 2021, reflecting solid execution of its strategic growth initiatives and focused project execution.</p>  <ul type="disc"><li style="margin-top:5pt; margin-bottom:5pt;">Net revenue increased 19.5% or $171.4 million compared to Q1 2021, reflecting 6.4% organic and 13.9% acquisition net revenue growth. All of Stantec's regional and business operating units delivered organic growth, most notably in Global and in Environmental Services where organic growth was in the double-digits.</li><li style="margin-top:5pt; margin-bottom:5pt;">Project margin increased $100.7&#160;million or 21.6% to $567.1&#160;million as a result of higher net revenue, solid project execution, and shifts in project mix. As a percentage of net revenue, project margin increased 0.9% to 54.0% from 53.1%.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted EBITDA<sup>1</sup> from continuing operations increased $23.1 million or 17.9% to $152.2 million. Adjusted EBITDA margin<sup>1</sup> was 14.5% compared to 14.7% in Q1 2021 due to higher administrative and marketing expenses as a percentage of net revenue, largely related to business development efforts on major programs, increased discretionary spending, and investments in internal resources.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net income decreased 12.0%, or $6.1 million, to $44.8 million, and diluted EPS from continuing operations decreased 13.0%, or $0.06, to $0.40, mainly due to higher administrative and marketing expenses, depreciation, amortization, and lower other income. Additions from recent acquisitions contributed to higher depreciation and amortization. These increases in expenses were partly offset by increased project margin and lower income tax expense.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted net income<sup>1</sup> grew 21.9%, or $12.3 million, to $68.4 million, representing 6.5% of net revenue, and adjusted diluted EPS increased 22.0% to $0.61 from $0.50 in Q1 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">Contract backlog stands at $5.4 billion at March&#160;31, 2022, a new record that reflects 6.8% organic growth from December&#160;31, 2021. Like net revenues, organic backlog growth was achieved across all of Stantec's regional and business operating units. US operations led with organic backlog growth of 9.8%. Infrastructure and Energy &amp; Resources achieved double digit organic backlog growth, and Environmental Services' backlog of $1.1 billion is a high-water mark for this business. Contract backlog represents approximately 14 months of work&#8212;an increase of one month from December&#160;31, 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">Operating cash flows amounted to an inflow of $6.0 million compared to $55.7 million in the prior period. First quarter operating activities typically result in cash outflows due to a lower level of activity in the winter season and the timing of payment for Stantec's short-term incentive program. Positive operating cash flow in Q1 2022 was driven by acquisitions completed in late 2021 and improved market conditions, offset by higher cash paid to employees, reflecting an increased workforce and a higher wage environment relative to Q1 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net debt to adjusted EBITDA (on a trailing twelve-month basis) at March&#160;31, 2022 was 1.8x, remaining within Stantec's internal target range of 1.0x to 2.0x.</li><li style="margin-top:5pt; margin-bottom:5pt;">Days sales outstanding was 75 days, consistent with March&#160;31, 2021 and December&#160;31, 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">In Q1 2022, Stantec repurchased 460,657 common shares under its Normal Course Issuer Bid program at a cost of $28.6 million. From April 1 to May 11, 2022, Stantec repurchased a further 386,273 shares for $23.3 million.</li><li style="margin-top:5pt; margin-bottom:5pt;">On April 1, 2022, Stantec acquired Barton Willmore, the UK's leading planning and design consultancy firm. This acquisition added approximately 300 team members across the UK providing services for both public and private clients across all development sectors, which strategically complements Stantec's existing business in infrastructure.</li><li style="margin-top:5pt; margin-bottom:5pt;">On May&#160;11, 2022, the Board of Directors declared a dividend of $0.18 per share, payable on July&#160;15, 2022, to shareholders of record on June&#160;30, 2022.</li></ul>  <p><strong>Q1 2022 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="7" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>For the quarter ended</strong><br ><strong>March 31,</strong></td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="border-bottom: solid black 1pt ; 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padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5.8</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">%</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: bottom ; ">Basic and diluted earnings per share (EPS)</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>0.40</strong></td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">n/m</td><td style="border-top: solid black 1pt ; text-align: right ;  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 ; ">0.46</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">n/m</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: bottom ; ">Adjusted EBITDA (note)</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>152.2</strong></td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>14.5</strong></td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>%</strong></td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">129.1</td><td style="border-top: solid black 1pt ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">61.8</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 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(7.1</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 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">22.5</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 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; 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The webcast and slide presentation can be accessed at the following link: https://edge.media-server.com/mmc/p/2iyc4rsf</p>  <p>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 9503786 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>.</p>  <p>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 news 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 Q1 2022 Management's Discussion and Analysis, 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 to 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. These statements include, without limitation, management's outlook on favorable macroeconomic trends and our ability to capitalize and accelerate growth. 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, cash flow projections, project cancellations and a slowdown in new opportunities related to COVID-19, the economic impact of the war in Ukraine, decreased infrastructure spending levels, the failure of US infrastructure stimulus spending to materialize, the ability to remain on schedule to complete the integration of Cardno and the recently acquired firms, 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 class="hugin" style="max-width:50%; width:50%; min-width:50%;"><strong>Investor Contact</strong></td><td class="hugin" style="max-width:50%; width:50%; min-width:50%;"><strong>Media Contact</strong></td></tr><tr><td class="hugin">&#160;</td><td class="hugin">&#160;</td></tr><tr><td class="hugin">Tanya Finney</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: 403-205-5791</td><td class="hugin">Ph: 780-917-7230</td></tr><tr><td class="hugin"><u>tanya.finney@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>  <p>Reconciliation of Non-IFRS Financial Measures</p> <table style="width:100%; 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