9 results
40-F
2023 FY
NOA
North American Construction Group Ltd.
13 Mar 24
Annual report (Canada)
5:14pm
Three months ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenue from wholly-owned entities per financial statements | $ | 326,298 | $ | 233,417 | $ | 957,220 | $ | 769,539 | ||||||||||||||||||
Share of revenue from investments in affiliates and joint ventures | 169,662 | 183,006 | 686,299 | 596,033 | ||||||||||||||||||||||
Elimination of joint venture subcontract revenue | (92,522) | (96,315) | (369,891) | (311,307) | ||||||||||||||||||||||
Total combined revenue(i) | $ | 403,438 | $ | 320,108 | $ | 1,273,628 | $ | 1,054,265 |
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
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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
zanirtz02k0yricqu9r
13 Mar 24
Annual report (Canada)
5:14pm
40-F
cbqz3gisr7trcz
13 Mar 24
Annual report (Canada)
5:14pm
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