9 results
40-F
2023 FY
NOA
North American Construction Group Ltd.
13 Mar 24
Annual report (Canada)
5:14pm
Consolidated Financial Highlights
Three months ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenue | $ | 326,298 | $ | 233,417 | $ | 957,220 | $ | 769,539 | ||||||||||||||||||
Cost of sales | 218,853 | 154,967 | 671,684 | 548,723 | ||||||||||||||||||||||
Depreciation | 41,990 | 35,860 | 131,319 | 119,268 | ||||||||||||||||||||||
Gross profit | $ | 65,455 | $ | 42,590 | $ | 154,217 | $ | 101,548 | ||||||||||||||||||
Gross profit margin | 20.1 | % | 18.2 | % | 16.1 | % | 13.2 | % | ||||||||||||||||||
General and administrative expenses (excluding stock-based compensation)(i) | 18,702 | 6,648 | 41,016 | 25,075 | ||||||||||||||||||||||
Stock-based compensation expense | (496) | 4,910 | 15,828 | 4,780 | ||||||||||||||||||||||
Operating income | 45,779 | 31,565 | 95,714 | 71,157 | ||||||||||||||||||||||
Interest expense, net | 14,007 | 7,774 | 36,948 | 24,543 | ||||||||||||||||||||||
Net income | 17,646 | 26,081 | 63,141 | 67,372 | ||||||||||||||||||||||
Adjusted EBITDA(i) | 101,136 | 85,875 | 296,963 | 245,352 | ||||||||||||||||||||||
Adjusted EBITDA margin(i)(ii) | 25.1 | % | 26.8 | % | 23.3 | % | 23.3 | % | ||||||||||||||||||
Per share information | ||||||||||||||||||||||||||
Basic net income per share | $ | 0.66 | $ | 0.99 | $ | 2.38 | $ | 2.46 | ||||||||||||||||||
Diluted net income per share | $ | 0.58 | $ | 0.84 | $ | 2.09 | $ | 2.15 | ||||||||||||||||||
Adjusted EPS(i) | $ | 0.87 | $ | 1.10 | $ | 2.83 | $ | 2.41 |
40-F
2023 FY
NOA
North American Construction Group Ltd.
13 Mar 24
Annual report (Canada)
5:14pm
(Expressed in thousands of Canadian Dollars)
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash | $ | 88,614 | $ | 69,144 | ||||||||||
Accounts receivable | 97,855 | 83,811 | ||||||||||||
Contract assets | 35,027 | 15,802 | ||||||||||||
Inventories | 64,962 | 49,898 | ||||||||||||
Prepaid expenses and deposits | 7,402 | 10,587 | ||||||||||||
Assets held for sale | 1,340 | 1,117 | ||||||||||||
295,200 | 230,359 | |||||||||||||
Property, plant and equipment | 1,142,946 | 645,810 | ||||||||||||
Operating lease right-of-use assets | 12,782 | 14,739 | ||||||||||||
Intangible assets | 6,971 | 6,773 | ||||||||||||
Investments in affiliates and joint ventures | 81,435 | 75,637 | ||||||||||||
Other assets | 7,144 | 5,808 | ||||||||||||
Deferred tax assets | — | 387 | ||||||||||||
Total assets | $ | 1,546,478 | $ | 979,513 | ||||||||||
Liabilities and shareholders' equity | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | 146,190 | $ | 102,549 | ||||||||||
Accrued liabilities | 94,726 | 43,784 | ||||||||||||
Contract liabilities | 59 | 1,411 | ||||||||||||
Current portion of long-term debt | 81,306 | 42,089 | ||||||||||||
Current portion of operating lease liabilities | 1,742 | 2,470 | ||||||||||||
324,023 | 192,303 | |||||||||||||
Long-term debt | 611,313 | 378,452 | ||||||||||||
Operating lease liabilities | 11,307 | 12,376 | ||||||||||||
Other long-term obligations | 134,357 | 18,576 | ||||||||||||
Deferred tax liabilities | 108,824 | 71,887 | ||||||||||||
1,189,824 | 673,594 | |||||||||||||
Shareholders' equity | ||||||||||||||
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2023 - 27,827,282 (December 31, 2022 – 27,827,282)) | 229,455 | 229,455 | ||||||||||||
Treasury shares (December 31, 2023 - 1,090,187 (December 31, 2022 - 1,406,461)) | (16,165) | (16,438) | ||||||||||||
Additional paid-in capital | 20,739 | 22,095 | ||||||||||||
Retained earnings | 123,032 | 70,501 | ||||||||||||
Accumulated other comprehensive (loss) income | (407) | 306 | ||||||||||||
Shareholders' equity | 356,654 | 305,919 | ||||||||||||
Total liabilities and shareholders' equity | $ | 1,546,478 | $ | 979,513 |
40-F
2023 FY
NOA
North American Construction Group Ltd.
13 Mar 24
Annual report (Canada)
5:14pm
(Expressed in thousands of Canadian Dollars, except per share amounts)
2023 | 2022 | |||||||||||||
Revenue | $ | 957,220 | $ | 769,539 | ||||||||||
Cost of sales | 671,684 | 548,723 | ||||||||||||
Depreciation | 131,319 | 119,268 | ||||||||||||
Gross profit | 154,217 | 101,548 | ||||||||||||
General and administrative expenses | 56,844 | 29,855 | ||||||||||||
Loss on disposal of property, plant and equipment | 1,659 | 536 | ||||||||||||
Operating income | 95,714 | 71,157 | ||||||||||||
Equity earnings in affiliates and joint ventures | (25,815) | (37,053) | ||||||||||||
Interest expense, net | 36,948 | 24,543 | ||||||||||||
Change in fair value of contingent consideration | 4,681 | — | ||||||||||||
Gain on derivative financial instruments | (6,063) | (778) | ||||||||||||
Income before income taxes | 85,963 | 84,445 | ||||||||||||
Current income tax expense | 6,841 | 1,627 | ||||||||||||
Deferred income tax expense | 15,981 | 15,446 | ||||||||||||
Net income | 63,141 | 67,372 | ||||||||||||
Other comprehensive income | ||||||||||||||
Unrealized foreign currency translation loss (gain) | 713 | (304) | ||||||||||||
Comprehensive income | $ | 62,428 | $ | 67,676 | ||||||||||
Per share information | ||||||||||||||
Basic net income per share | $ | 2.38 | $ | 2.46 | ||||||||||
Diluted net income per share | $ | 2.09 | $ | 2.15 |
40-F
2023 FY
NOA
North American Construction Group Ltd.
13 Mar 24
Annual report (Canada)
5:14pm
Reconciliation of reported gross profit to combined gross profit
Three months ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Gross profit from wholly-owned entities per financial statements | $ | 65,455 | $ | 42,590 | $ | 154,217 | $ | 101,548 | ||||||||||||||||||
Share of gross profit from investments in affiliates and joint ventures | 8,670 | 14,541 | 49,638 | 49,581 | ||||||||||||||||||||||
Combined gross profit(i) | $ | 74,125 | $ | 57,131 | $ | 203,855 | $ | 151,129 |
40-F
2023 FY
NOA
North American Construction Group Ltd.
13 Mar 24
Annual report (Canada)
5:14pm
The following table provides projected key measures for 2024 and actual results of 2023 and 2022. The measures for 2024 are predicated on contracts currently in place, including expected renewals and the heavy equipment fleet that we own and operate.
Key measures | 2022 Actual | 2023 Actual | 2024 Outlook | |||||||||||||||||
Combined revenue | $1.1B | $1.3B | $1.5 - $1.7B | |||||||||||||||||
Adjusted EBITDA(i) | $245M | $297M | $430 - $470M | |||||||||||||||||
Sustaining capital(i) | $113M | $169M | $170 - $190M | |||||||||||||||||
Adjusted EPS(i) | $2.41 | $2.83 | $4.25 - $4.75 | |||||||||||||||||
Free cash flow(i) | $70M | $90M | $160 - $185M | |||||||||||||||||
Capital allocation | ||||||||||||||||||||
Growth spending | $13M | $40M | $55 - $70M | |||||||||||||||||
Net debt leverage(i) | 1.5x | 1.7x | Targeting 1.5x |
40-F
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13 Mar 24
Annual report (Canada)
5:14pm
40-F
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13 Mar 24
Annual report (Canada)
5:14pm
40-F
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13 Mar 24
Annual report (Canada)
5:14pm
40-F
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13 Mar 24
Annual report (Canada)
5:14pm
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