<SEC-DOCUMENT>0001171843-22-005575.txt : 20220810
<SEC-HEADER>0001171843-22-005575.hdr.sgml : 20220810
<ACCEPTANCE-DATETIME>20220810170032
ACCESSION NUMBER:		0001171843-22-005575
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220810
FILED AS OF DATE:		20220810
DATE AS OF CHANGE:		20220810

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:		221152551

	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_081022.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of August 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 August 10, 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 August 10, 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: August 10, 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;&#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 August 10, 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
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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 delivers $0.83 in adjusted diluted EPS for second quarter 2022, a 34% increase, and reaffirms 2022 earnings guidance</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="left">EDMONTON, Alberta and NEW YORK, Aug.  10, 2022  (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE:STN), a global leader in sustainable design and engineering, today reported its results for the three and six month periods ended June&#160;30, 2022. Unless otherwise indicated, financial figures are expressed in Canadian dollars and comparisons are to the prior period ended June&#160;30, 2021.<br ></p>      <p>Stantec delivered another quarter of increased earnings on the strength of 22.9% net revenue growth. Consistent with the first quarter of this year, every regional and business operating unit delivered organic net revenue growth<sup>1</sup> and recent acquisitions generated double-digit growth. Earnings were further enhanced by an 80 basis point increase in project margin. Backlog also continued to grow, increasing organically by 13% since year end 2021 and now stands at a record $5.8 billion. Based on the strength of its performance to date and confidence in the continued execution of its strategic plan, Stantec is reaffirming earnings guidance for the year with full year adjusted diluted earnings<sup>1</sup> per share expected to achieve 22% to 26% growth compared to 2021.</p>      <p>&#8220;We are very pleased that our operational performance continues to drive record earnings,&#8221; said Gord Johnston, President and CEO. &#8220;Our backlog has never been higher and the opportunity pipeline remains robust. Significant US Federal funding is moving forward, although it has taken longer than expected, and this will further add to future growth prospects that will accelerate in 2023.&#8221;</p>      <p>&#8220;The inflationary environment does not seem to be slowing the pace of project opportunities in any meaningful way,&#8221; continued Mr. Johnston. &#8220;As we engage with our clients, the imperative for tackling the challenges of aging and overloaded infrastructure, climate change, and production capacity constraints is outweighing the effects of inflation. This gives us confidence in our continued ability to meet our financial targets.&#8221;</p>      <p><strong>Q2 2022 Highlights </strong></p>      <p>Stantec achieved adjusted diluted EPS of $0.83 in Q2 2022, a $0.21 per share or 33.9% increase from $0.62 in Q2 2021, reflecting strong net revenue growth, 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 22.9% or $208.4 million to $1.1 billion compared to Q2 2021, driven by 9.4% organic growth and 12.4% acquisition growth. Consistent with the first quarter of this year, every one of the regional and business operating units delivered organic growth, most notably in Global and in Water and Environmental Services where organic growth was in the double-digits.</li><li style="margin-top:5pt; margin-bottom:5pt;">Project margin increased $119.4&#160;million or 24.7% to $602.7&#160;million as a result of net revenue growth and solid project execution. As a percentage of net revenue, Stantec delivered a 54.0% project margin, an 80 basis point increase from Q2 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted EBITDA<sup>1</sup> increased $40.1 million or 27.4% to $186.7 million and achieved a margin of 16.7% compared to 16.1% in the prior period, resulting from strong performance across the business.<br ></li><li style="margin-top:5pt; margin-bottom:5pt;">Net income decreased 4.0%, or $2.5 million, to $60.7 million, and diluted EPS decreased 3.5%, or $0.02, to $0.55. Acquisition-related expenses (namely integration, depreciation and amortization, and interest expenses), coupled with a net unrealized fair value loss associated with Stantec's equity investments held for self-insured liabilities, more than offset increased project margin and lower income tax expense.<br ></li><li style="margin-top:5pt; margin-bottom:5pt;">Adjusted net income<sup>1</sup> grew 33.0%, or $23.0 million, to $92.6 million, achieving 8.3% of net revenue compared to 7.7% in Q2 2021, and adjusted diluted EPS increased 33.9% to $0.83 from $0.62 in Q2 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">Contract backlog stands at $5.8 billion at June&#160;30, 2022, a new record reflecting 13.0% organic growth from December&#160;31, 2021. Like net revenue, organic backlog growth was achieved across all Stantec's regional and business operating units. US operations led with 14.8% organic backlog growth. Global's backlog exceeded $1 billion, a high-water mark, reflecting 13.4% organic growth. Infrastructure, Buildings, and Energy &amp; Resources achieved double-digit organic backlog growth. 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 outflow of $4.4 million compared to an inflow of $78.2 million in the prior period reflecting the expected disruptions from the Cardno integration, particularly the financial system migration. Cash outflow was also driven by the increased investment in net working capital to support organic revenue growth and an increase in days sales outstanding (DSO).</li><li style="margin-top:5pt; margin-bottom:5pt;">Days sales outstanding was 79 days, remaining within Stantec's expectations, and represents an increase of 4 days from 75 days at December&#160;31, 2021.</li><li style="margin-top:5pt; margin-bottom:5pt;">Net debt to adjusted EBITDA (on a trailing twelve-month basis) at June&#160;30, 2022 was 2.0x, remaining within Stantec's internal target range of 1.0x to 2.0x.</li><li style="margin-top:5pt; margin-bottom:5pt;">In Q2 2022, Stantec repurchased 625,019 common shares at a cost of $36.7 million under its normal course issuer bid.</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 August&#160;10, 2022, the Board of Directors declared a dividend of $0.18 per share, payable on October&#160;17, 2022, to shareholders of record on September&#160;29, 2022.<br ><br ></li></ul>      <p><strong>Q2 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="8" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>For the quarter ended</strong><br ><strong>June 30,</strong></td><td colspan="8" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">63.2</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 ; ">&#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: bottom ; ">7.0</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">%</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>105.5</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: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; 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The webcast and slide presentation can be accessed at the following link: https://edge.media-server.com/mmc/p/i4emhi93</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 8216131 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 Q2 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 guidance pertaining to adjusted diluted EPS growth and other financial targets, anticipated US Federal funding (and resulting growth prospects), the impact of an inflationary environment on project opportunities. 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:715; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin"><strong>Investor Contact</strong></td><td class="hugin">&#160;</td><td class="hugin"><strong>Media Contact</strong></td></tr><tr><td class="hugin">Jess Nieukerk &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >Stantec Investor Relations <br >Ph: 403-569-5389&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; jess.nieukerk@stantec.com</td><td class="hugin">&#160;</td><td class="hugin">Stephanie Smith&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >Stantec Media Relations&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >Ph: 780-917-7230&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; stephanie.smith2@stantec.com</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%; border-collapse:collapse !important;;border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="border-bottom: solid black 1pt ; text-align: center ; 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padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>1.12</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table>   <p>See the Definitions section of the Q2 2022 MD&amp;A for our discussion of non-IFRS and other financial measures used and additional reconciliations of non-IFRS financial measures.</p>      <p>note 1: The reversal of lease asset impairment for the quarter and the two quarters ended June 30, 2022 includes onerous contracts associated with impairment of $0.7 (2021 - nil). For the quarter ended June 30, 2022, this amount is net of tax of $(0.4) (2021 - $(0.2)). For the two quarters ended June 30, 2022, this amount is net of tax of $(0.4) (2021 - $(0.6)).</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 quarter ended June 30, 2022, this amount is net of tax of $4.9 (2021 - $2.1). For the two quarters ended June 30, 2022, this amount is net of tax of $9.4 (2021 - $4.3).</p>      <p>note 3: For the quarter ended June 30, 2022, this amount is net of tax of $3.0 (2021 - $(1.0)). For the two quarters ended June 30, 2022, this amount is net of tax of $4.4 (2021 - $(2.3)).</p>      <p>note 4: The add back of other costs primarily relates to integration expenses associated with our acquisitions and restructuring costs. For the quarter ended June 30, 2022, this amount is net of tax of $2.6 (2021 - $1.1). For the two quarters ended June 30, 2022, this amount is net of tax of $4.0 (2021 - $2.4).</p>      <p>note 5: Earnings per share calculated in accordance with IFRS disclosed on M-4 of the Q2 2022 MD&amp;A.</p>      <p><sup>1</sup> Adjusted diluted EPS, adjusted EBITDA, adjusted EBITDA margin, organic net revenue growth, and adjusted net income are non-IFRS measures and other financial measures (discussed in the Definitions section of the Q2 2022 MD&amp;A).</p>      <p>&#160;<br ></p>  </p><p ></p></body></html>
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