North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA)
today announced results for the second quarter ended June 30,
2021. Unless otherwise indicated, financial figures are expressed
in Canadian dollars, and comparisons are to the prior period ended
June 30, 2020.
Second Quarter 2021
Highlights:
-
Adjusted EBITDA of $42.4 million was 33% higher than prior year
adjusted EBITDA of $31.9 million reflecting improved operating
conditions from the prior year, consistently increasing demand for
our heavy equipment fleet and a step change in scope being
completed by the Nuna Group of Companies ("Nuna").
-
Gross profit margin of 10.9% primarily reflected the impacts of
COVID-19 in the Fort McMurray region in early Q2 and equipment
maintenance backlog completed in the quarter following a
particularly busy winter season.
-
Free cash flow ("FCF") in the quarter of $6.1 million was generated
from strong adjusted EBITDA but was temporarily impacted by the
timing related to a variety of non-cash and joint venture
balances.
-
Senior debt was $264.4 million as at June 30, 2021, a decrease
of $88.9 million from the December 31, 2020 balance as
proceeds from newly issued debentures were used to reduce senior
debt.
-
On June 1, 2021 we closed an offering of 5.50% convertible
debentures for aggregate gross proceeds of $74.8 million. The
issuance offers stability as it provides additional liquidity for
our strong bid pipeline.
-
On June 9, 2021 we announced the acquisition of DGI Trading Pty
Ltd., an Australian component supplier for an estimated purchase
price of $23.5 million and the transaction closed on July 1, 2021.
The acquisition acts as a low risk, accretive purchase and provides
vertical integration to our capital maintenance program.
- On
June 21, 2021, along with our partners Acciona and Shikun &
Binui, we announced the award of Fargo-Moorhead flood diversion
project in the United States. NACG's share of the project revenue
will be approximately $650 million over the life of contract. This
award marks the largest infrastructure project in our history and
underlines the significant earth works and construction expertise
that we brought to the bid process.
-
During the quarter, we established a project team and hired
external engineering and technical experts to commence feasibility
studies for the blending of hydrogen and diesel fuels in high
horsepower combustion engines. Among other objectives, the team
will work to establish support through hydrogen producers,
equipment suppliers and Alberta industry groups for evaluating
hydrogen supply and distribution.
NACG President and CEO, Joseph Lambert, commented:
“Q2 2021 was an eventful quarter and I'm extremely proud of our
operating team's performance particularly in light of a difficult
third wave of COVID-19 in the Fort McMurray region. Being the
successful proponent of the Fargo-Moorhead project was a major
highlight of the quarter and I congratulate the entire team that
was involved. The successful ramp-up at the Ontario gold mine as
well as the acquisition of DGI Trading are significant advances in
our strategy to diversify our business. That said, the resumption
of work at Fort Hills and the contract amendment recently secured
with oil sands producers illustrates the strength of this region
and we remain totally committed to serving these customers.
These recent achievements over the past few months
will primarily impact 2022 and therefore our outlook for the
remainder of 2021 remains generally consistent with what was
disclosed in April. We have tightened the ranges while still
allowing for inherent risks of schedule changes and weather.”
Consolidated Financial
Highlights
| |
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(dollars in thousands, except per share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Revenue |
$ |
140,155 |
|
|
$ |
70,771 |
|
|
$ |
308,563 |
|
|
$ |
269,588 |
|
|
|
Project costs |
41,460 |
|
|
12,331 |
|
|
91,622 |
|
|
72,448 |
|
|
|
Equipment costs |
57,044 |
|
|
25,792 |
|
|
112,029 |
|
|
97,533 |
|
|
|
Depreciation |
26,425 |
|
|
11,551 |
|
|
57,623 |
|
|
43,859 |
|
|
|
Gross profit(i) |
$ |
15,226 |
|
|
$ |
21,097 |
|
|
$ |
47,289 |
|
|
$ |
55,748 |
|
|
|
Gross profit margin(i) |
10.9 |
% |
|
29.8 |
% |
|
15.3 |
% |
|
20.7 |
|
% |
|
General and administrative expenses (excluding stock-based
compensation) |
6,024 |
|
|
3,617 |
|
|
13,046 |
|
|
12,667 |
|
|
|
Stock-based compensation expense (benefit) |
7,651 |
|
|
2,213 |
|
|
10,025 |
|
|
(4,650 |
) |
|
|
Interest expense, net |
4,398 |
|
|
4,274 |
|
|
8,940 |
|
|
9,802 |
|
|
|
Net income and comprehensive income |
2,742 |
|
|
13,299 |
|
|
22,128 |
|
|
32,334 |
|
|
| |
|
|
|
|
|
|
|
|
Adjusted EBITDA(i) |
42,375 |
|
|
31,941 |
|
|
103,513 |
|
|
92,073 |
|
|
|
Adjusted EBITDA margin(i) |
30.2 |
% |
|
45.1 |
% |
|
33.5 |
% |
|
34.2 |
|
% |
| |
|
|
|
|
|
|
|
|
Per share information |
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.10 |
|
|
$ |
0.46 |
|
|
$ |
0.78 |
|
|
$ |
1.19 |
|
|
|
Diluted net income per share |
$ |
0.09 |
|
|
$ |
0.42 |
|
|
$ |
0.72 |
|
|
$ |
1.07 |
|
|
|
Adjusted EPS(i) |
$ |
0.32 |
|
|
$ |
0.45 |
|
|
$ |
0.98 |
|
|
$ |
1.14 |
|
|
(i)See "Non-GAAP Financial Measures".
| |
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(dollars in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Cash provided by operating activities prior to change in working
capital(i) |
$ |
28,601 |
|
|
$ |
24,553 |
|
|
$ |
89,014 |
|
|
$ |
79,016 |
|
|
Net changes in non-cash working capital |
(2,865 |
) |
|
9,362 |
|
|
(21,340 |
) |
|
3,834 |
|
|
Cash provided by operating activities |
$ |
25,736 |
|
|
$ |
33,915 |
|
|
$ |
67,674 |
|
|
$ |
82,850 |
|
|
Cash used in investing activities |
(21,972 |
) |
|
(24,399 |
) |
|
(43,403 |
) |
|
(66,032 |
) |
|
Capital additions financed by leases |
(70 |
) |
|
(378 |
) |
|
(15,093 |
) |
|
(26,996 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Growth capital additions |
2,387 |
|
|
1,508 |
|
|
2,387 |
|
|
30,251 |
|
|
Free cash flow(i) |
$ |
6,081 |
|
|
$ |
10,646 |
|
|
$ |
11,565 |
|
|
$ |
20,073 |
|
(i)See "Non-GAAP Financial Measures".
Declaration of Quarterly
Dividend
On July 27th, 2021, the NACG Board of Directors
declared a regular quarterly dividend (the “Dividend”) of four
Canadian cents ($0.04) per common share, payable to common
shareholders of record at the close of business on August 31, 2021.
The Dividend will be paid on October 8, 2021 and is an eligible
dividend for Canadian income tax purposes.
Financial Results for the Three Months
Ended June 30, 2021
Revenue was $140.2 million, up from $70.8 million
in the same period last year. The increase in the current year is
due to the ongoing recovery from the COVID-19 pandemic. As our
customers continue to recuperate, demand for our services continues
to increase. As such, we continued to experience strong demand for
equipment rental support and overburden removal activities at the
Millennium mine. Mine support work, overburden and ditch
construction work at the Kearl mine positively impacted revenue
growth year-over-year. Offsetting these positives was the continued
suspension of work at the Fort Hills mine which impacted the
majority of Q2 as equipment was mobilized back to that site only
late in the quarter. Heavy equipment operating hours on the NACG
fleet were down 15% from Q1 2021 slightly more than the expected
decrease primarily as a result of workforce availability in April
and May. While not consolidated in our revenue, the Nuna Group of
Companies ("Nuna") experienced a step change in operating hours due
to the ramp up of the gold mine project in Northern Ontario, which
is reflected in revenue. Our share of Nuna's revenue, which is
consolidated in equity earnings, was $37.9 million in Q2 2021.
Gross profit margin of 10.9% was down from the
prior year driven by increased equipment maintenance as the fleet
was more available for repairs following a particularly busy winter
season. Further contributing to the decrease in margin was the
typical spring wet weather conditions seen in Q2 as well as an
atypical workforce shortage experienced in Fort McMurray due to the
third wave of COVID-19.
Direct general and administrative expenses
(excluding stock-based compensation benefit) were $6.0 million,
equivalent to 4.3% of revenue, higher than Q2 2020 spending of $3.6
million but lower than the 5.1% of revenue based on a combination
of continued cost control initiatives and lower discretionary and
non-essential spending.
Cash related interest expense for the quarter of
$4.2 million represents an average interest rate of 4.0% as we
continue to benefit from both reductions in posted rates as well as
the competitive rates in equipment financing.
Free cash flow in the quarter was $6.1 million and
was impacted by timing of cash collection. Working capital balances
consumed $2.9 million and cash flow was used for both capital
inventory and capital work in process purposes as we steadily
advance our component rebuilding program. In addition, cash
accumulating in joint ventures was not collected during the
quarter. Prior to these temporary timing impacts, positive cash
flow of $20.4 million was generated by the adjusted EBITDA of $42.4
million offset by sustaining capital of $19.2 million and cash
interest paid of $2.8 million. Sustaining capital spending remains
consistent with the capital plan and reflects the necessary
sustaining maintenance required to efficiently operate our
fleet.
BUSINESS UPDATES
Focus & Priorities for the Remainder of
2021
-
Safety - focus on people and relationships as we emerge from the
pandemic, maintain an uncompromising commitment to health and
safety while elevating the standard of excellence in the
field.
-
Sustainability - commitment to the continued development of
sustainability targets and consistent measurement of progress to
those targets.
-
Diversification - continue to pursue further diversification of
customer, resource and geography through strategic partnerships,
industry expertise and/or investment in Indigenous joint
ventures.
-
Execution - enhance our record of operational excellence with
respect to fleet maintenance, availability and utilization through
leverage of our reliability programs, technical improvements and
management systems.
Increase in Committed Scope from
Contract Amendment
On July 21, 2021, the Company announced a contract
amendment to a multiple use agreement between the Mikisew North
American Limited Partnership and a major oil sands producer. The
agreement has an expiration date of December 2023 and the Company
anticipates its share to be approximately $175 million in
additional revenue over the remainder of the agreement.
Issuance of $75 million of Convertible
Debentures
On June 1, 2021 we closed an offering of 5.50%
convertible unsecured debentures for gross proceeds of $65 million.
On June 4, 2021, underwriters exercised their over-allotment
option, in full, to purchase an additional $9.8 million for
aggregate gross proceeds of $74.8 million. The majority of proceeds
have been deployed to decrease senior debt through reducing the
balance on our credit facility.
Total liquidity of $210.9 million as at
June 30, 2021 represents an increase of $62.9 million over the
December 31, 2020 balance. Liquidity is primarily provided by
the terms of our $325.0 million credit facility which allows for
funds availability based on a trailing twelve-month EBITDA and is
scheduled to expire in October 2023.
Normal Course Issuer Bid
("NCIB")
On April 6, 2021, we announced our intention to
commence a NCIB to purchase up to 2,000,000 common shares for
cancellation. We believe that the current market price of our
common shares does not fully reflect their underlying value. While
remaining mindful of cash liquidity during the COVID-19 crisis,
modest repurchases increase share liquidity for holders seeking to
sell and provides a proportionate increase of shareholders wishing
to maintain their positions.
NACG’s Outlook for 2021
Given our visibility into 2021 management has
decided to provide stakeholders with guidance through 2021. This
guidance is predicated on contracts currently in place and the
heavy equipment fleet that we own and operate.
|
Key measures |
|
2021 |
|
Adjusted EBITDA |
|
$190 - $210M |
|
Sustaining capital |
|
$95 - $105M |
|
Adjusted EPS |
|
$1.70 - $1.95 |
|
Free cash flow |
|
$65 - $85M |
| |
|
|
|
Capital allocation measures |
|
|
|
Deleverage |
|
$15 - $35M |
|
Share purchases |
|
$17 - $35M |
|
Growth capital and acquisitions |
|
$25 - $35M |
| |
|
|
|
Leverage ratios |
|
|
|
Senior debt |
|
1.1x - 1.5x |
|
Net debt |
|
1.7x - 2.1x |
Conference Call and Webcast
Management will hold a conference call and
webcast to discuss our financial results for the quarter ended
June 30, 2021 tomorrow, Thursday, July 29, 2021 at 7:00 am
Mountain Time (9:00 am Eastern Time).
The call can be accessed by dialing: Toll free:
1-844-248-9143International: 1-216-539-8612 Conference ID:
4046629
A replay will be available through August 26, 2021,
by dialing: Toll Free: 1-855-859-2056 International: 1-404-537-3406
Conference ID: 4046629
The Q2 2021 earnings presentation for the webcast
will be available for download on the company’s website at
www.nacg.ca/presentations/
The live presentation and webcast can be accessed
at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=CFB8837D-D47E-43AB-819D-DEE3F4D2B471
A replay will be available until August 26, 2021
using the link provided.
Basis of Presentation
We have prepared our consolidated financial
statements in conformity with accounting principles generally
accepted in the United States ("US GAAP"). Unless otherwise
specified, all dollar amounts discussed are in Canadian dollars.
Please see the Management’s Discussion and Analysis (“MD&A”)
for the quarter ended June 30, 2021 for further detail on the
matters discussed in this release. In addition to the MD&A,
please reference the dedicated Q2 2021 Results Presentation for
more information on our results and projections which can be found
on our website under Investors - Presentations.
Forward-Looking Information
The information provided in this release contains
forward-looking statements. Forward-looking statements include
statements preceded by, followed by or that include the words
“anticipate”, “believe”, “expect”, “should” or similar
expressions.
The material factors or assumptions used to develop
the above forward-looking statements and the risks and
uncertainties to which such forward-looking statements are subject,
are highlighted in the MD&A for the three and six months ended
June 30, 2021. Actual results could differ materially from those
contemplated by such forward-looking statements because of any
number of factors and uncertainties, many of which are beyond
NACG’s control. Undue reliance should not be placed upon
forward-looking statements and NACG undertakes no obligation, other
than those required by applicable law, to update or revise those
statements. For more complete information about NACG, please read
our disclosure documents filed with the SEC and the CSA. These free
documents can be obtained by visiting EDGAR on the SEC website at
www.sec.gov or on the CSA website at www.sedar.com.
Non-GAAP Financial Measures
This press release presents certain non-GAAP
financial measures because management believes that they may be
useful to investors in analyzing our business performance, leverage
and liquidity. The non-GAAP financial measures we present include
"gross profit", "adjusted net earnings", "adjusted EBIT", "equity
investment EBIT", "adjusted EBITDA", "equity investment
depreciation and amortization", "adjusted EPS", "margin",
"liquidity", "net debt", "senior debt", "sustaining capital",
"growth capital", "cash provided by operating activities prior to
change in working capital" and "free cash flow". A non-GAAP
financial measure is defined by relevant regulatory authorities as
a numerical measure of an issuer's historical or future financial
performance, financial position or cash flow that is not specified,
defined or determined under the issuer’s GAAP and that is not
presented in an issuer’s financial statements. These non-GAAP
measures do not have any standardized meaning and therefore are
unlikely to be comparable to similar measures presented by other
companies. They should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Each non-GAAP financial measure used in this press release is
defined and reconciled to its most directly comparable GAAP measure
in the “Non-GAAP Financial Measures” section of our Management’s
Discussion and Analysis filed concurrently with this press
release.
A reconciliation of net income and comprehensive
income available to shareholders to adjusted net earnings, adjusted
EBIT and adjusted EBITDA is as follows:
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(dollars in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Net income and comprehensive income available to shareholders |
$ |
2,742 |
|
|
|
$ |
13,299 |
|
|
|
$ |
22,128 |
|
|
|
$ |
32,334 |
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
(Gain) loss on disposal of property, plant and equipment |
(63 |
) |
|
|
672 |
|
|
|
(321 |
) |
|
|
829 |
|
|
|
Stock-based compensation expense (benefit) |
7,651 |
|
|
|
2,213 |
|
|
|
10,025 |
|
|
|
(4,650 |
) |
|
|
Net realized and unrealized gain on derivative financial
instrument |
(253 |
) |
|
|
(2,496 |
) |
|
|
(2,737 |
) |
|
|
(286 |
) |
|
|
Write-down on assets held for sale |
700 |
|
|
|
— |
|
|
|
700 |
|
|
|
1,800 |
|
|
|
Tax effect of the above items |
(1,747 |
) |
|
|
(721 |
) |
|
|
(2,232 |
) |
|
|
956 |
|
|
|
Adjusted net earnings(i) |
9,030 |
|
|
|
12,967 |
|
|
|
27,563 |
|
|
|
30,983 |
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Tax effect of the above items |
1,747 |
|
|
|
721 |
|
|
|
2,232 |
|
|
|
(956 |
) |
|
|
Interest expense, net |
4,398 |
|
|
|
4,274 |
|
|
|
8,940 |
|
|
|
9,802 |
|
|
|
Income tax (benefit) expense |
(540 |
) |
|
|
992 |
|
|
|
4,410 |
|
|
|
6,986 |
|
|
|
Equity earnings in affiliates and joint ventures(i) |
(4,733 |
) |
|
|
(1,474 |
) |
|
|
(8,202 |
) |
|
|
(1,934 |
) |
|
|
Equity investment EBIT(i) |
4,950 |
|
|
|
1,990 |
|
|
|
8,518 |
|
|
|
2,550 |
|
|
|
Adjusted EBIT(i) |
14,852 |
|
|
|
19,470 |
|
|
|
43,461 |
|
|
|
47,431 |
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
26,505 |
|
|
|
11,639 |
|
|
|
57,583 |
|
|
|
44,588 |
|
|
|
Write-down on assets held for sale |
(700 |
) |
|
|
— |
|
|
|
(700 |
) |
|
|
(1,800 |
) |
|
|
Equity investment depreciation and amortization(i) |
1,718 |
|
|
|
832 |
|
|
|
3,169 |
|
|
|
1,854 |
|
|
|
Adjusted EBITDA(i) |
$ |
42,375 |
|
|
|
$ |
31,941 |
|
|
|
$ |
103,513 |
|
|
|
$ |
92,073 |
|
|
(i)See "Non-GAAP Financial Measures".
A reconciliation of equity earnings in affiliates
and joint ventures to equity investment EBIT is as follows:
| |
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(dollars in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Equity earnings in affiliates and joint ventures |
$ |
4,733 |
|
|
|
$ |
1,474 |
|
|
$ |
8,202 |
|
|
|
$ |
1,934 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Interest expense, net |
82 |
|
|
|
127 |
|
|
160 |
|
|
|
179 |
|
|
Income tax expense |
239 |
|
|
|
9 |
|
|
313 |
|
|
|
57 |
|
|
(Gain) loss on disposal of property, plant and equipment |
(104 |
) |
|
|
380 |
|
|
(157 |
) |
|
|
380 |
|
|
Equity investment EBIT(i) |
$ |
4,950 |
|
|
|
$ |
1,990 |
|
|
$ |
8,518 |
|
|
|
$ |
2,550 |
|
|
|
|
|
|
|
|
|
|
(i)See "Non-GAAP Financial Measures".
About the Company
North American Construction Group Ltd.
(www.nacg.ca) is one of Canada’s largest providers of heavy
construction and mining services. For more than 65 years, NACG has
provided services to the mining, resource, and infrastructure
construction markets.
For further information contact:
Jason Veenstra, CPA, CAChief Financial OfficerNorth
American Construction Group Ltd.(780)
948-2009jveenstra@nacg.cawww.nacg.ca
Interim Consolidated Balance Sheets
(Expressed in thousands of Canadian
Dollars)(Unaudited)
|
|
Note |
|
June 30,2021 |
|
December 31,2020 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
|
$ |
16,791 |
|
|
$ |
43,915 |
|
|
Accounts receivable |
4 |
|
48,823 |
|
|
36,373 |
|
|
Contract assets |
5(b) |
|
5,454 |
|
|
7,034 |
|
|
Inventories |
|
|
27,999 |
|
|
19,174 |
|
|
Prepaid expenses and deposits |
|
|
4,445 |
|
|
4,999 |
|
|
Assets held for sale |
|
|
4,119 |
|
|
4,129 |
|
|
Derivative financial instruments |
|
|
— |
|
|
4,334 |
|
|
|
|
|
107,631 |
|
|
119,958 |
|
|
Property, plant and equipment, net of accumulated depreciation of
$327,973 (December 31, 2020 – $302,682) |
|
|
641,410 |
|
|
633,704 |
|
|
Operating lease right-of-use assets |
|
|
16,057 |
|
|
18,192 |
|
|
Other assets |
|
|
8,973 |
|
|
6,617 |
|
|
Investments in affiliates and joint ventures |
7 |
|
43,087 |
|
|
44,050 |
|
|
Deferred tax assets |
|
|
— |
|
|
16,407 |
|
|
Total assets |
|
|
$ |
817,158 |
|
|
$ |
838,928 |
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
|
$ |
46,523 |
|
|
$ |
41,369 |
|
|
Accrued liabilities |
|
|
12,399 |
|
|
19,111 |
|
|
Contract liabilities |
5(b) |
|
1,266 |
|
|
1,512 |
|
|
Current portion of long-term debt |
6 |
|
18,275 |
|
|
16,307 |
|
|
Current portion of finance lease obligations |
|
|
27,283 |
|
|
26,895 |
|
|
Current portion of operating lease liabilities |
|
|
3,364 |
|
|
4,004 |
|
|
|
|
|
109,110 |
|
|
109,198 |
|
|
Long-term debt |
6 |
|
323,233 |
|
|
341,547 |
|
|
Finance lease obligations |
|
|
40,831 |
|
|
42,577 |
|
|
Operating lease liabilities |
|
|
12,660 |
|
|
14,118 |
|
|
Other long-term obligations |
|
|
24,806 |
|
|
18,850 |
|
|
Deferred tax liabilities |
|
|
52,198 |
|
|
64,195 |
|
|
|
|
|
562,838 |
|
|
590,485 |
|
|
Shareholders' equity |
|
|
|
|
|
|
Common shares (authorized – unlimited number of voting common
shares; issued and outstanding – June 30, 2021 - 30,002,028
(December 31, 2020 – 31,011,831)) |
9(a) |
|
246,815 |
|
|
255,064 |
|
|
Treasury shares (June 30, 2021 - 1,855,841 (December 31, 2020 -
1,845,201)) |
9(a) |
|
(18,158 |
) |
|
(18,002 |
) |
|
Additional paid-in capital |
|
|
40,806 |
|
|
46,536 |
|
|
Deficit |
|
|
(15,143 |
) |
|
(35,155 |
) |
|
Shareholders' equity |
|
|
254,320 |
|
|
248,443 |
|
|
Total liabilities and shareholders’ equity |
|
|
$ |
817,158 |
|
|
$ |
838,928 |
|
|
Subsequent events |
12 |
|
|
|
|
See accompanying notes to interim consolidated
financial statements.
Interim Consolidated Statements of Operations
andComprehensive Income
(Expressed in thousands of Canadian Dollars, except
per share amounts)(Unaudited)
| |
|
|
Three months ended |
|
Six months ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
Note |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Revenue |
5 |
|
$ |
140,155 |
|
|
$ |
70,771 |
|
|
$ |
308,563 |
|
|
$ |
269,588 |
|
|
Project costs |
8(b) |
|
41,460 |
|
|
12,331 |
|
|
91,622 |
|
|
72,448 |
|
|
Equipment costs |
8(b) |
|
57,044 |
|
|
25,792 |
|
|
112,029 |
|
|
97,533 |
|
|
Depreciation |
|
|
26,425 |
|
|
11,551 |
|
|
57,623 |
|
|
43,859 |
|
|
Gross profit |
|
|
15,226 |
|
|
21,097 |
|
|
47,289 |
|
|
55,748 |
|
|
General and administrative expenses |
8(b) |
|
13,675 |
|
|
5,830 |
|
|
23,071 |
|
|
8,017 |
|
|
(Gain) loss on disposal of property, plant and equipment |
|
|
(63 |
) |
|
672 |
|
|
(321 |
) |
|
829 |
|
|
Operating income |
|
|
1,614 |
|
|
14,595 |
|
|
24,539 |
|
|
46,902 |
|
|
Interest expense, net |
10 |
|
4,398 |
|
|
4,274 |
|
|
8,940 |
|
|
9,802 |
|
|
Equity earnings in affiliates and joint ventures |
7 |
|
(4,733 |
) |
|
(1,474 |
) |
|
(8,202 |
) |
|
(1,934 |
) |
|
Net realized and unrealized gain on derivative financial
instrument |
6(b) |
|
(253 |
) |
|
(2,496 |
) |
|
(2,737 |
) |
|
(286 |
) |
|
Income before income taxes |
|
|
2,202 |
|
|
14,291 |
|
|
26,538 |
|
|
39,320 |
|
|
Current income tax expense |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
|
Deferred income tax (benefit) expense |
|
|
(540 |
) |
|
992 |
|
|
4,410 |
|
|
6,969 |
|
|
Net income and comprehensive income |
|
|
2,742 |
|
|
13,299 |
|
|
22,128 |
|
|
32,334 |
|
|
Net income attributable to noncontrolling interest |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Net income and comprehensive income |
|
|
$ |
2,742 |
|
|
$ |
13,299 |
|
|
$ |
22,128 |
|
|
$ |
32,334 |
|
|
Per share information |
|
|
|
|
|
|
|
|
|
|
Basic net income per share |
9(b) |
|
$ |
0.10 |
|
|
$ |
0.46 |
|
|
$ |
0.78 |
|
|
$ |
1.19 |
|
|
Diluted net income per share |
9(b) |
|
$ |
0.09 |
|
|
$ |
0.42 |
|
|
$ |
0.72 |
|
|
$ |
1.07 |
|
See accompanying notes to interim consolidated
financial statements.
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