TSX, NYSE:STN Stantec, a global leader in
sustainable design and engineering, today reported its results for
the fourth quarter and year ended December 31, 2023.
Stantec achieved record financial results and delivered another
solid year of excellent performance in 2023. Net revenue increased
$609 million to $5.1 billion, driven primarily by 9.9% organic
growth1 and 1.5% acquisition growth1. Continued focus on strong
project execution and operational excellence drove record adjusted
EBITDA margin1 of 16.4%, diluted earnings per share (EPS) of $2.98,
and adjusted diluted EPS of $3.67.
In the fourth quarter of 2023, Stantec grew net revenue 9.9% to
$1.2 billion through strong organic growth of 7.5% and
acquisition growth of 1.9%. Adjusted EBITDA margin was 15.7%, while
diluted EPS was $0.66 and adjusted diluted EPS remained consistent
at $0.82.
Adjusted EBITDA margin and adjusted diluted EPS were both
impacted by a significant expense related to the revaluation of
Stantec’s long-term incentive plan (LTIP) primarily due to strong
share price appreciation in 2023. Excluding the revaluation for
2023 and Q4 2023, adjusted EBITDA margin was 17.1% and 16.6%
respectively, and adjusted diluted EPS was $3.91 and $0.90,
respectively.
“Stantec continues to fire on all cylinders, delivering yet
another year of record financial results,” said Gord Johnston,
president and chief executive officer. “I am very proud of the
strong operational performance delivered by our dedicated employees
while again being ranked as one of the most sustainable companies
in the world. We are extremely well positioned to continue
addressing the complex multi-year challenges our clients and
communities are facing, and we are confident 2024 will be another
very strong year for Stantec.”
_____________________________________________
1 Adjusted diluted EPS, adjusted EBITDA, and adjusted EBITDA
margin are non-IFRS measures, and organic growth and acquisition
growth are other financial measures (discussed in the Definitions
section of Stantec's 2023 Annual Report).
CFO Planned RetirementStantec also announced
today the planned retirement of Theresa Jang, executive vice
president and chief financial officer. The Company has
initiated a search to identify her successor and is considering
both internal and external candidates. Jang will remain as chief
financial officer until her successor is in place and has committed
to remaining with the Company for a period thereafter to ensure a
smooth transition.
“Since joining Stantec in 2018, Theresa has played a pivotal
role in creating value for all of our stakeholders,” said Johnston.
“Through her stewardship, Stantec’s financial position has never
been stronger, and she has built a world-class finance team that
will continue to support our growth ambitions. She has been a
tremendous leader, and a valued colleague and friend.”
“As I reflect on all that my Stantec colleagues and I have
accomplished together, I have decided the time is right for me to
step away from executive life,” said Jang. “While my journey with
Stantec will come to an end later this year, I am confident the
Company will continue to thrive and outperform for many years to
come.”
2024 OutlookStantec is increasing its net
revenue growth and adjusted diluted EPS growth targets and
reaffirming other targets and expectations included in the 2024
guidance released on December 5, 2023 with the launch of its
2024-2026 Strategic Plan. These targets now include the acquisition
of Morrison Hershfield, which closed on February 9, 2024.
|
Previously Published 2024 Annual Range |
2024 Annual Range |
Targets |
|
|
Net revenue growth |
7% to 12% |
11% to 15% |
Adjusted EBITDA as % of net revenue (note) |
16.2% to 17.2% |
16.2% to 17.2% |
Adjusted net income as % of net revenue (note) |
above 8% |
above 8% |
Adjusted diluted EPS growth (note) |
11% to 16% |
12% to 16% |
Adjusted ROIC (note) |
above 11% |
above 11% |
In setting Stantec's targets and guidance, the Company assumed
an average value for the US dollar of $1.35, GBP $1.70, and AU
$0.90. For all other underlying assumptions, see Stantec's 2023
Annual Report.
note: Adjusted EBITDA, adjusted net income, adjusted diluted
EPS, and adjusted ROIC, are non-IFRS measures.
Stantec now expects that net revenue will increase between 11%
and 15% in 2024. Stantec continues to see high levels of activity
in all regions and reaffirms expectations for organic net revenue
growth in the mid to high single digits, with the US and Global
regions in the mid to high single digits, and Canada in the
mid-single digits. The Company now expects acquisition net revenue
growth in the mid-single digits from ZETCON, Morrison Hershfield,
and ESD.
Stantec continues to anticipate adjusted EBITDA margin will be
in the range of 16.2% - 17.2% and adjusted net income to achieve a
margin above 8.0%. The Company now expects adjusted diluted EPS
growth to be in the range of 12% - 16%.
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 impact from share price movements
subsequent to December 31, 2023 and the relative total shareholder
return components on Stantec's share-based compensation
programs.
Full-Year 2023
Financial Highlights
- Net revenue
increased 13.7%, or $609.0 million, to $5.1 billion
compared to 2022, primarily driven by 9.9% organic growth and 1.5%
acquisition growth. All of Stantec's regional and business
operating units delivered organic growth. Water delivered
exceptional organic growth of 20%, while Environmental Services and
the United States achieved double-digit organic growth.
- Project margin
increased $327.4 million, or 13.5%, to $2.7 billion and,
as a percentage of net revenue, remained consistent with 2022 at
54.2% as a result of net revenue growth and solid project
execution.
- Adjusted EBITDA
increased $107.1 million, or 14.8%, to $831.0 million.
The Company achieved an adjusted EBITDA margin of 16.4%, a 20 basis
point increase from 2022, driven by increased activities and
disciplined cost management, partly offset by a significant expense
related to the revaluation of Stantec's LTIP primarily due to
strong share price appreciation. Excluding the revaluation,
adjusted EBITDA margin achieved was 17.1%.
- Net income and
diluted EPS achieved record highs in 2023. Net income increased
34.1%, or $84.2 million, to $331.2 million, and diluted
EPS increased 34.2%, or $0.76, to $2.98, mainly due to strong net
revenue growth, solid project margins, and lower administrative and
marketing expenses as a percentage of net revenue.
- Stantec concluded on
its 2023 Real Estate Strategy and drove approximately $0.38 of
incremental adjusted EPS while reducing the Company’s footprint by
over 30% relative to the 2019 baseline.
- Adjusted net income
increased 17.7%, or $61.3 million, to a record high of
$408.4 million, representing 8.1% of net revenue (8.6%
excluding the effect of the LTIP revaluation), up 30 basis points
compared to last year. Adjusted diluted EPS increased 17.3%, or
$0.54, to $3.67 ($3.91 excluding the effect of the LTIP
revaluation).
- Contract backlog
stands at $6.3 billion—a 6.8% increase from December 31,
2022—reflecting 4.6% organic growth. Organic backlog growth was
achieved across all regional units, with Water attaining over 23%
organic backlog growth. Contract backlog represents approximately
12 months of work.
- Net debt to adjusted
EBITDA was 1.0x at December 31, 2023—within the internal range
of 1.0x to 2.0x.
- Operating cash flows
increased 79.0% from $304.3 million to $544.7 million, reflecting
strong operating performance and disciplined working capital
management.
- Days sales
outstanding was 77 days at December 31, 2023, a four-day
reduction from December 31, 2022.
- Stantec repurchased
129,036 common shares for an aggregate price of $10.0 million
under the Company's normal course issuer bid (NCIB).
- Stantec issued
3,108,450 common shares from treasury through a public offering,
including 405,450 shares issued in connection with the exercise in
full of the over-allotment option, at a price of $92.50 for net
proceeds of $277.8 million after share issuance costs. The Company
used the net proceeds of the offering to repay a portion of its
revolving credit facility, creating additional capacity to fund
future acquisition opportunities and growth initiatives, as well as
for general corporate purposes.
- Consistent with
Stantec's growth strategy and subsequent to year end, the Company
closed the following acquisitions:
- On January 8, 2024, Stantec acquired ZETCON Engineering, a
645-person engineering firm headquartered in Bochum, Germany, with
13 offices covering all major German metropolitan areas and one
office in Austria. ZETCON provides a strong platform in
infrastructure planning, inspection, project management, and
construction management.
- On February 9, 2024,
the Company acquired Morrison Hershfield, a 1,150-person
engineering and management firm headquartered in Markham, Ontario.
Morrison Hershfield has offices in 22 cities across North America
and an office in India. The firm has a highly respected industry
reputation in transportation, buildings, and environmental
services.
- On February 28,
2024, the Board of Directors declared a dividend of $0.21 per
share, payable on April 15, 2024, to shareholders of record on
March 28, 2024, representing an 7.7% increase.
Fourth Quarter
2023 Financial Highlights
- Net revenue
increased 9.9%, or $111.8 million, to $1.2 billion,
driven by 7.5% organic growth and 1.9% acquisition growth. For the
eighth consecutive quarter, Stantec achieved organic growth in
every regional and business operating unit with the exception of
Energy & Resources, which saw a slight organic retraction of
1.2% in the fourth quarter. Double-digit organic growth was
achieved in the United States and in the Water and Environmental
Services businesses.
- Project margin
increased 7.9%, or $49.1 million, and decreased 100 basis
points as a percentage of net revenue from 54.9% to 53.9%,
remaining in line with expected ranges. Higher project margin in Q4
2022 was partly due to changes in project mix in Stantec’s US
operations.
- Adjusted EBITDA
increased 1.5%, or $2.9 million, to $194.6 million, and
achieved a margin of 15.7% compared to 17.0% in the prior period.
The revaluation of Stantec's LTIP in Q4 2023, primarily due to
strong share price appreciation, contributed to a lower margin.
Excluding the revaluation, adjusted EBITDA margin achieved was
16.6%.
- Net income increased
1.2%, or $0.9 million, to $74.4 million and diluted EPS
was $0.66.
- Adjusted net income
and adjusted diluted EPS remained consistent at $91.4 million,
representing 7.4% of net revenue (8.1% excluding the effect of the
LTIP revaluation), and $0.82 ($0.90 excluding the effect of the
LTIP revaluation), respectively.
Q4 and
Full-Year 2023 Financial
Summary
|
Quarter Ended Dec 31, |
Year Ended Dec 31, |
|
2023 |
|
2022 |
2023 |
|
2022 |
(In millions of Canadian dollars, except per share amounts and
percentages) |
$ |
% of NetRevenue |
|
$ |
|
% of NetRevenue |
$ |
% of NetRevenue |
|
$ |
|
% of NetRevenue |
Gross revenue |
1,609.0 |
|
129.5 |
% |
|
1,513.5 |
|
133.9 |
% |
6,479.6 |
|
127.9 |
% |
|
5,677.2 |
|
127.4 |
% |
Net revenue |
1,242.2 |
|
100.0 |
% |
|
1,130.4 |
|
100.0 |
% |
5,066.2 |
|
100.0 |
% |
|
4,457.2 |
|
100.0 |
% |
Direct payroll costs |
572.6 |
|
46.1 |
% |
|
509.9 |
|
45.1 |
% |
2,321.5 |
|
45.8 |
% |
|
2,039.9 |
|
45.8 |
% |
Project margin |
669.6 |
|
53.9 |
% |
|
620.5 |
|
54.9 |
% |
2,744.7 |
|
54.2 |
% |
|
2,417.3 |
|
54.2 |
% |
Administrative and marketing expenses |
483.1 |
|
38.9 |
% |
|
439.4 |
|
38.9 |
% |
1,945.8 |
|
38.4 |
% |
|
1,742.5 |
|
39.1 |
% |
Depreciation of property and equipment |
14.9 |
|
1.2 |
% |
|
13.8 |
|
1.2 |
% |
59.9 |
|
1.2 |
% |
|
56.8 |
|
1.3 |
% |
Depreciation of lease assets |
30.5 |
|
2.5 |
% |
|
31.9 |
|
2.8 |
% |
121.7 |
|
2.4 |
% |
|
122.1 |
|
2.7 |
% |
Amortization of intangible assets |
23.7 |
|
1.9 |
% |
|
27.5 |
|
2.4 |
% |
102.0 |
|
2.0 |
% |
|
104.6 |
|
2.3 |
% |
Net interest expense and other net finance expense |
22.3 |
|
1.8 |
% |
|
20.6 |
|
1.8 |
% |
93.0 |
|
1.8 |
% |
|
73.2 |
|
1.6 |
% |
Other |
(0.7 |
) |
(0.1 |
%) |
|
(10.5 |
) |
(1.0 |
%) |
(4.9 |
) |
— |
% |
|
(7.0 |
) |
(0.1 |
%) |
Income taxes |
21.4 |
|
1.7 |
% |
|
24.3 |
|
2.1 |
% |
96.0 |
|
1.9 |
% |
|
78.1 |
|
1.8 |
% |
Net income |
74.4 |
|
6.0 |
% |
|
73.5 |
|
6.5 |
% |
331.2 |
|
6.5 |
% |
|
247.0 |
|
5.5 |
% |
Diluted EPS |
0.66 |
|
n/m |
|
|
0.66 |
|
n/m |
|
2.98 |
|
n/m |
|
|
2.22 |
|
n/m |
|
Adjusted EBITDA (note) |
194.6 |
|
15.7 |
% |
|
191.7 |
|
17.0 |
% |
831.0 |
|
16.4 |
% |
|
723.9 |
|
16.2 |
% |
Adjusted net income (note) |
91.4 |
|
7.4 |
% |
|
91.1 |
|
8.1 |
% |
408.4 |
|
8.1 |
% |
|
347.1 |
|
7.8 |
% |
Adjusted diluted EPS (note) |
0.82 |
|
n/m |
|
|
0.82 |
|
n/m |
|
3.67 |
|
n/m |
|
|
3.13 |
|
n/m |
|
Dividends declared per common share |
0.195 |
|
n/m |
|
|
0.180 |
|
n/m |
|
0.78 |
|
n/m |
|
|
0.72 |
|
n/m |
|
Total assets |
|
|
|
|
6,076.7 |
|
|
|
5,652.9 |
|
|
Total long-term debt |
|
|
|
|
1,129.0 |
|
|
|
1,235.8 |
|
|
note: Adjusted EBITDA, adjusted net income, adjusted diluted EPS
are non-IFRS measures (discussed in the Definitions of
Non-IFRS and Other Financial Measures section of Stantec's 2023
Annual Report).
n/m = not meaningful
Net Revenue by Reportable Segment
Full-Year 2023
(In millions of Canadian dollars, except percentages) |
2023 |
2022 |
Total Change |
Change Due toAcquisitions |
Change Due toForeignExchange |
Change Due to Organic Growth |
% of OrganicGrowth |
Canada |
1,246.3 |
1,150.8 |
95.5 |
— |
n/a |
95.5 |
8.3% |
United States |
2,684.1 |
2,266.6 |
417.5 |
53.8 |
83.8 |
279.9 |
12.3% |
Global |
1,135.8 |
1,039.8 |
96.0 |
11.9 |
16.8 |
67.3 |
6.5% |
Total |
5,066.2 |
4,457.2 |
609.0 |
65.7 |
100.6 |
442.7 |
|
Percentage growth |
|
|
13.7% |
1.5% |
2.3% |
9.9% |
|
Fourth Quarter
2023
(In millions of Canadian dollars, except percentages) |
Q4 2023 |
Q4 2022 |
Total Change |
Change Due to Acquisitions |
Change Due to Foreign Exchange |
Change Due to Organic Growth |
% of Organic Growth |
Canada |
307.1 |
291.1 |
16.0 |
— |
n/a |
16.0 |
5.5% |
United States |
662.1 |
577.9 |
84.2 |
21.3 |
1.9 |
61.0 |
10.6% |
Global |
273.0 |
261.4 |
11.6 |
— |
3.3 |
8.3 |
3.2% |
Total |
1,242.2 |
1,130.4 |
111.8 |
21.3 |
5.2 |
85.3 |
|
Percentage growth |
|
|
9.9% |
1.9% |
0.5% |
7.5% |
|
Backlog
(In millions of Canadian dollars, except percentages) |
Dec 31, 2023 |
Dec 31, 2022 |
Total Change |
Change Due toAcquisitions |
Change Due toForeignExchange |
Change Due toOrganicGrowth |
% of OrganicGrowth |
Canada |
1,342.6 |
1,249.2 |
93.4 |
— |
n/a |
93.4 |
7.5% |
United States |
3,950.8 |
3,715.9 |
234.9 |
238.0 |
(80.1) |
77.0 |
2.1% |
Global |
1,012.5 |
936.6 |
75.9 |
— |
(23.7) |
99.6 |
10.6% |
Total |
6,305.9 |
5,901.7 |
404.2 |
238.0 |
(103.8) |
270.0 |
|
Percentage growth (retraction) |
|
|
6.8% |
4.0% |
(1.8)% |
4.6% |
|
Tomorrow’s Conference Call
On Thursday, February 29, 2024, 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’s fourth quarter and year end 2023 performance.
To listen to the webcast and view the slide presentation, please
join here.
If you are an analyst and would like to participate in the
Q&A, please register here.
The conference call and slideshow presentation will be broadcast
live and available on the Events and Presentations section of
Stantec.com.
About Stantec
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 design with
community in mind. We care about the communities we
serve—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.
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.
Stantec trades on the TSX and the NYSE under the symbol STN.
Visit us at stantec.com or find us on social media.
Cautionary Statements
Non-IFRS and Other Financial Measures
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), free cash flow, 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 2023 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.
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 Stantec's 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.
Forward Looking Statements
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 2024 in their entirety, any projections related
to revenue, adjusted EBITDA as a % of net revenue, adjusted net
income as a % of net revenue, adjusted diluted EPS growth, adjusted
ROIC, free cash flow to net income, net debt to adjusted EBITDA,
effective tax rate, earnings patterns, 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’s shareholders in understanding Stantec’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 the 2024 Outlook and Annual Targets are provided in the
Company’s 2023 Annual Report.
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, future pandemics or health crises that could adversely
affect operations, reduced public or private sector capital spend,
changing market conditions for Stantec’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.
For more information about how other material risk factors could
affect Stantec’s results, refer to the Risk Factors section and
Cautionary Note Regarding Forward-Looking Statements section in the
Company’s 2023 Annual Report. This report is accessible online by
visiting EDGAR on the SEC website at sec.gov or by visiting the CSA
website at sedar.com or Stantec’s website, stantec.com. You may
obtain a hard copy of the 2023 Annual Report free of charge from
the investor contact noted below.
Investor Contact
Jess NieukerkStantec Investor RelationsPh:
587-579-2086jess.nieukerk@stantec.com
To subscribe to Stantec’s email news alerts, please fill out the
subscription form, which is also available on the Contact
Information page of the Investors section at Stantec.com.
Design with community in mind
Attached to this news release are Stantec’s
reconciliation of non-IFRS measures.
Reconciliation of Non-IFRS Financial
Measures
|
Quarter Ended Dec 31, |
|
Year Ended Dec 31, |
(In
millions of Canadian dollars, except per share amounts) |
2023 |
2022 |
|
2023 |
2022 |
Net income |
74.4 |
|
73.5 |
|
|
331.2 |
|
247.0 |
|
Add back
(deduct): |
|
|
|
|
|
|
|
|
|
Income taxes |
21.4 |
|
24.3 |
|
|
96.0 |
|
78.1 |
|
Net interest expense |
22.9 |
|
17.5 |
|
|
91.0 |
|
64.0 |
|
Net impairment (reversal) of lease assets and property and
equipment (note 1) |
3.9 |
|
0.4 |
|
|
0.1 |
|
(2.9 |
) |
Depreciation and amortization |
69.1 |
|
73.2 |
|
|
283.6 |
|
283.5 |
|
Unrealized (gain) loss on equity securities |
(6.4 |
) |
(4.2 |
) |
|
(10.5 |
) |
18.0 |
|
Acquisition, integration, and restructuring costs (note 4) |
9.3 |
|
12.6 |
|
|
39.6 |
|
41.8 |
|
Gain on disposition of intangible asset |
— |
|
(5.6 |
) |
|
— |
|
(5.6 |
) |
Adjusted EBITDA |
194.6 |
|
191.7 |
|
|
831.0 |
|
723.9 |
|
|
Quarter Ended Dec 31, |
|
Year Ended Dec 31, |
(In
millions of Canadian dollars, except per share amounts) |
2023 |
2022 |
|
2023 |
2022 |
Net income |
74.4 |
|
73.5 |
|
|
331.2 |
|
247.0 |
|
Add back (deduct) after
tax: |
|
|
|
|
Net impairment (reversal) of lease assets and property and
equipment (note 1) |
3.1 |
|
0.3 |
|
|
0.1 |
|
(2.2 |
) |
Amortization of intangible assets related to acquisitions (note
2) |
10.9 |
|
15.3 |
|
|
52.6 |
|
61.1 |
|
Unrealized (gain) loss on equity securities (note 3) |
(4.9 |
) |
(3.2 |
) |
|
(8.1 |
) |
13.7 |
|
Acquisition, integration, and restructuring costs (note 4) |
7.9 |
|
9.5 |
|
|
32.6 |
|
31.8 |
|
Gain on disposition of intangible asset (note 5) |
— |
|
(4.3 |
) |
|
— |
|
(4.3 |
) |
Adjusted net income |
91.4 |
|
91.1 |
|
|
408.4 |
|
347.1 |
|
Weighted average number of shares outstanding - diluted |
112,039,745 |
|
110,915,844 |
|
|
111,228,491 |
|
111,069,776 |
|
Adjusted earnings per share - diluted |
0.82 |
|
0.82 |
|
|
3.67 |
|
3.13 |
|
See the Definitions section of the 2023 Annual Report for the
discussion of non-IFRS and other financial measures used
and additional reconciliations of non-IFRS financial measures. This
table includes only continuing operations results.
note 1: The net impairment (reversal) of lease assets and
property and equipment includes onerous contracts associated with
the impairment for the year ended December 31, 2023 of $(0.2)
(2022 - $2.6; 2021 - $12.5) and for the quarter ended December 31,
2023 of $0.7 (2022 - $2.2). For the year ended December 31,
2023, this amount is net of tax of nil (2022 - $(0.7); 2021 -
$8.8). For the quarter ended December 31, 2023, this amount is
net of tax of $0.8 (2022 - $0.1).
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 31, 2023, this amount is
net of tax of $15.3 (2022 - $19.3; 2021 - $9.4). For the quarter
ended December 31, 2023, this amount is net of tax of $3.2
(2022 - $5.1).
note 3: For the year ended December 31, 2023, this amount
is net of tax of $(2.4) (2022 - $4.3); 2021 - $(3.3)). For the
quarter ended December 31, 2023, this amount is net of tax of
($(1.5)) (2022 - $(1.0)).
note 4: The add back of certain administrative and marketing
costs and depreciation primarily related to acquisition and
integration expenses associated with the acquisitions and
restructuring costs. For the year ended December 31, 2023,
this amount is net of tax of $9.5 (2022 - $10.0; 2021 - $6.6. For
the quarter ended December 31, 2023, this amount is net of tax
of $2.3 (2022 - $3.1).
note 5: For the year and quarter ended December 31, 2023,
this amount is net of tax of nil (2022 - (1.3); 2021 - nil).
Stantec (NYSE:STN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Stantec (NYSE:STN)
Historical Stock Chart
From Aug 2023 to Aug 2024