09-Nov-2017 Stantec, Inc.€¦ · President, Chief Executive Officer & Director, Stantec, Inc....

Corrected Transcript

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09-Nov-2017

Stantec, Inc. (STN)

Q3 2017 Earnings Call

Stantec, Inc. (STN) Q3 2017 Earnings Call

Corrected Transcript 09-Nov-2017


2 Copyright © 2001-2017 FactSet CallStreet, LLC

CORPORATE PARTICIPANTS

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc.

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Jacob Bout Analyst, CIBC World Markets, Inc.

Sean D. Eastman Analyst, KeyBanc Capital Markets, Inc.

Benoit Poirier Analyst, Desjardins Securities, Inc.

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp.

Maxim Sytchev Analyst, National Bank Financial

Derek Spronck Vice President, Global Research, RBC Capital Markets

Mona Nazir Analyst, Laurentian Bank Securities

Michael Tupholme Analyst, TD Securities, Inc.

......................................................................................................................................................................................................................................................

MANAGEMENT DISCUSSION SECTION

Operator: Ladies and gentlemen, please standby. Welcome to Stantec Inc.'s, Third Quarter 2017 Earnings

Results Conference Call. With us today from Stantec management are Bob Gomes, President and Chief

Executive Officer; and Dan Lefaivre, Executive Vice President and Chief Financial Officer.

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-

answer period. [Operator Instructions] Please keep your questions brief to allow time for everyone to ask a

question.

Today is November 9, 2017, and this conference call will be recorded and broadcast live over the Internet. It will

be archived for future reference at the Investors section of stantec.com. Any member of the media, who are

joining us in listen-only mode and would like to quote anyone other than Mr. Gomes and Mr. Lefaivre, must first

ask permission from the individual concerned.

Stantec management would like to caution you that this call will include forward-looking statements and forward-

looking information within the meaning of applicable Canadian and U.S. security laws. By their very nature,

forward-looking statements require Stantec management to make assumptions and are subject to inherent risks

and uncertainties. Stantec management will also mention non-IFRS measures during this call.

And now your host, Bob Gomes. Bob, please go ahead. ......................................................................................................................................................................................................................................................






Thank you, Jake. Good morning, everyone, and thank you for joining us for Stantec's third quarter 2017 earnings

conference call. For those of you following the slideshow, we're on slide 3. For today's call, we'll begin with my

introductory overview of this quarter's results. After that, Dan will provide an overview of the financials. When Dan

concludes his remarks, I'll provide some operational highlights. To wrap up, I'll ask our operator to open the call

for questions. There is a copy of the slideshow available on stantec.com and it will be archived in the Investors

section of our website.

Moving on to slide 4. Today, we released the results of Stantec's operations for the third quarter of 2017. The

company's performance reflects the positive trends we anticipated earlier this year. Both gross revenue and

overall organic gross revenue were up in Q3 2017, compared to Q3 2016. In fact, we achieved organic gross

revenue growth in most of our business operating units. These results represent a continued positive trend in line

with the performance projections we outlined earlier this year.

The most significant event this quarter, however, was the series of hurricanes that swept across Texas,

Louisiana, and Florida. We are thankful to report that all our employees in those states are safe and then our

disaster recovery plans worked to ensure that outcome. This, of course, does not minimize the impact of the

storms and the people in those states, and Stantec has responded by assisting emergency responders, FEMA

and other disaster relief agencies and various private and public institutions across all three states.

We are still assessing our role in future recovery efforts, but with our strong presence in these states and our

expertise in storm recovery and resiliency, we expect to be able to help in various capacities. Overall, we feel this

quarter's result show the company continues to move in the right direction.

Now, Dan will review our financial results for this quarter. Dan? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc.

Thank you, Bob. Good morning, everyone. For those following along in the presentation, we're moving to slide 6.

Gross revenue increased 3.3% to CAD 1.3 billion. The increase is due to acquisition growth and organic gross

revenue growth across most of our business operating units, as Bob previously mentioned. Of note in the quarter,

we saw significant strengthening in the Canadian dollar, which had a negative gross revenue impact of CAD 37.2

million or 3% in Q3 2017 compared to Q3 2016.

Gross margin was 53.6% in Q3 2017 compared to 54.2% in Q3 2016, the difference due to reduced margins in

Construction Services and our Canadian operations, specifically Energy & Resources while our Water BOU's

gross margin was slightly lower due to the divestiture of Innovyze. We had some project completion dates

extended in the UK, had some higher project closing costs in Construction Services, which affected gross margin.

In addition, certain costs from administrative expenses were reclassified to direct expenses as these costs were

determined to be reimbursable by the client. This brings constructors' gross margin to approximately 30% in the

quarter. We believe the gross margin range of between 30% and 32% is sustainable going forward.

Administrative and marketing expenses as a percentage of net revenue was 41.2%. Factors impacting admin and

marketing expenses were mainly due to an increase in the value of deferred share units and performance share

units of CAD 3.8 million in Q3 2017 over Q3 2016.





We also incurred approximately CAD 3 million in additional IT investments in our core infrastructure and CAD 1

million one-time costs due to the impact of hurricanes Bob previously referred to. These impacts were largely

offset by better overall staff utilization in the quarter. EBITDA was a CAD 106.8 million this quarter compared to a

CAD 113.1 million in Q3 2016. Net income was CAD 46.2 million. In addition to the factors already mentioned, net

income was also impacted by a corporate reorganization that resulted in additional tax expense of CAD 3.6

million.

[ph] Known as the out from under plan (06:06), we moved most of the legacy MWH Global entities out from under

the U.S. parent ownership to a UK parent entity, making our corporate tax and organizational structure much

more efficient.

Reported diluted earnings per share was CAD 0.40 compared to CAD 0.43 in Q3 2016, while adjusted diluted

EPS was CAD 0.54 compared to CAD 0.55 in Q3 2016. Our net debt to EBITDA was 1.38 times. Net debt to

adjusted EBITDA, adjusted again for the Q2 Innovyze divestiture was 1.57 times.

Yesterday, we declared a dividend of CAD 0.1250 per share to shareholders of record as of December 29, 2017

payable on January 11, 2018. We also announced today that we are renewing our Normal Course Issuer Bid

purchasing up to 2% of our issued and outstanding common shares. This renewal follows the conclusion of our

previous Normal Course Issuer Bid.

Let's move on to targets, as you'll see on slide 8. Our 2017 targets remain as outlined in our 2016 Annual Report.

On a year-to-date basis, our gross margin, admin and marketing expenses and EBITDA have met or exceeded

the target range we established for 2017.

Net income as a percentage of net revenue is at 3.2% year-to-date. This measure was impacted by the tax

related to the sale of Innovyze and the additional tax expense from the corporate reorganization, I mentioned

earlier.

Without these factors, net income as a percentage of net revenue would have been 5% at our targeted range. We

believe we are on track to meet our targets by end of 2017.

Bob, back to you. ......................................................................................................................................................................................................................................................


Thanks, Dan. We're now on slide 10. The strong organic growth in Energy & Resources this quarter is mostly due

to the growth in the Power and Mining sectors. The strength in Power this quarter was due to continued work with

our Waterpower & Dams group on the Oroville Dam Spillway repairs, including the long-term rebuild of a

transmission line. Power also had a number of key wins in the Western U.S., directly related to the acquisition of

MWH. Jointly, we have the experience and relationships, which led to a number of project wins in the quarter. In

the Eastern U.S., we won a number of transmission and distribution MSAs with major utility providers, and the

growth in Mining can be attributed to a large contract with a major Canadian mining client awarded in Q2.

The rate of retraction in the Oil & Gas sector continues to slow, which also helps. For Buildings, organic growth of

3% came about from continued activities on Canadian healthcare projects. Infrastructure's organic growth of 2.8%

was achieved mainly due to the Canadian transportation sector, and Environmental Services reached 2% organic

growth primarily because of higher-than-expected project volumes in the company's Global operations.





Water experienced organic contraction of 3% comparing Q3 2017 to Q3 2016. This was a result of a number of

large Water programs being paused or delayed and a few projects coming to an end. However, year-to-date

organic gross revenue for this business operating unit grew. We still see growth opportunities for Water across all

areas and sectors, alternative project development, client operations and maintenance, coastal restoration and

protection, and compliance with regulatory mandates. This is why we don't see this quarter's water retraction as a

trend at all. We expect Water to return to positive organic growth.

Construction Services achieved solid organic gross revenue growth of 23% this quarter, earning CAD 298 million

in gross revenue. Significant and steady work on several major water and wastewater treatment plant

construction projects in the United States generated approximately two thirds of that growth.

Also activity increased on a major commercial contract in the Western U.S. Under this contract, we are providing

construction management and project management services for a major manufacturer. Revenue in the United

Kingdom was driven by ongoing construction activities for water utilities in the third year of the AMP6 water cycle.

While construction is a different business than consulting, we believe Construction Services provides long-term

value to our company. Our Construction Services are focused on one sector, Water, where it's a strategic

differentiator for us. We work primarily just in two regions, the United States and the United Kingdom. These are

certain projects in both countries that require us to provide bundled construction services, so there's definitely a

value in having the business. In fact, right now Construction backlog is at record levels and focuses on executing

those projects well.

Now, we'll provide a quick update on the integration of MWH. Last quarter, the Americas region of MWH

Consulting Services was fully integrated and we're now working towards the full integration of the global regions

of MWH.

In North America and Australia, for example, we have transitioned to using the Stantec, brand exclusively. We are

on target to rebrand the Stantec for the remaining Global Consulting business by Q1 2018. Because we fully

integrate, we have taken our time to ensure we are making the best for both companies and that we are taking

the opportunity to best position Stantec for future global growth.

Full integration takes time and effort but allows us to build a solid platform to facilitate more organic growth in the

future. They have significantly exceeded our estimate for cost synergies in the transaction. Revenue synergies

are more difficult to attract – track since we combine the companies, and expending effort to try and segment

them, conflicts with our integration efforts. However, we believe we are well on track to achieve our estimated

revenue synergies as well.

Let's move on to the next slide for our 2017 outlook. Our outlook for 2017 is based on the expectations described

in our 2016 Annual Report and they remain unchanged. There aren't a lot of headwinds in the business right now.

And, in some regions and sectors, we see our opportunities growing as governments at various levels grow more

optimistic about the prospect of infrastructure funding.

Slide 16 is a representative sample of our recent project wins. Currently, our project backlog stands at CAD 3.8

billion, which is slightly lower than last quarter. However, compared to December 31, 2016, backlog has grown

organically, but it was more than offset by the strengthening of the Canadian dollar, which had a negative CAD

175 million foreign exchange impact. So even though our backlog grew organically by about CAD 50 million, we

show a slight retraction of backlog of 5% due to the foreign exchange. Our backlog includes significant project





wins such as a 650,000 square foot mixed use entertainment center for the Colorado Rockies, our ongoing work

on the reconstruction of the Oroville Dam Spillway in California, and the Calgary Greenline Light Rail Transit

Corridor. This slide represents just a few of the significant project wins we've added to backlog in the quarter.

On another project related note, we recently learned that the Canadian Council for Private-Public Partnerships

announced the winners of their 20th Annual National Awards for innovation and excellence in P3s. Stantec served

as either the prime consultant or sub-consultant on all five projects recognized by the Council.

Slide 17, we continue to seek out acquisition targets that fit our growth strategy. In July, we acquired RNL

Facilities, that is a Denver-based firm of 130 people with expertise in interior design, urban design, architecture

and landscaping, enhancing our Buildings business operating unit in the United States.

And just a few weeks ago, we acquired North State Resources, firm-based in Redding, California with additional

offices in Chico and Sacramento. This acquisition bolsters our Environmental Services unit in California and adds

about 60 employees with expertise in environmental services.

Our acquisition and full integration strategy has helped us to achieve a longstanding business objective, to be a

top 10 global design firm. Remaining committed to that strategy has grown us to a firm of over 22,000 employees

with expertise and local experience on six continents. It's just not about getting bigger, we want to be a top tier

global design and delivery firm in the markets and regions we serve.

As many of you already know, I'll be retiring on December 31st of this year, so this is my last earnings call. I like to

thank the many analysts who have offered insightful questions and feedback over my nine years in this position

and look forward to continuing with Stantec as a member of the board of directors. Dan will be staying on as CFO

to support Gord Johnston who takes over as President and CEO on January 1, 2018. Dan and I have been

working with Gord to ensure a smooth transition to his new role, and I'm confident Gord is a great choice to grow

and evolve the company in the years to come.

This concludes this morning's presentation. Thanks for listening. I will now turn it back to Jake to start the Q&A

portion of today's call. Jake?





QUESTION AND ANSWER SECTION

Operator: [Operator Instructions] And we'll take our first question from Jacob Bout with CIBC. ......................................................................................................................................................................................................................................................

Jacob Bout Analyst, CIBC World Markets, Inc. Q Good morning. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Good morning, Jacob. ......................................................................................................................................................................................................................................................

Jacob Bout Analyst, CIBC World Markets, Inc. Q My first question is just on the organic revenue retraction in the U.S. How much of that was Stantec-specific event

versus a function of the overall state of the U.S. market? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A I think the U.S. market is, I wouldn't say it's robust at this time. I think we're still waiting for federal funding to

materialize as promised, but really nothing has come from a federal standpoint. I think the retraction in the U.S.

from a Stantec perspective had a lot to do with the water retraction as well. So, I think those two are interrelated,

most of the retraction in Water was in the U.S. The major programs we referenced was in Atlanta, San Jose, San

Diego, those are fairly large programs. A couple were just in pause, the programs were five-year programs, but

they do have some volatility to it. The San Diego program is coming to an end. So, there is just some volatility

there, I would say, with regards to the revenue, but we do not see that as a trend. The Water group right now, it's

backlog is good and strong. They've won lots of projects in the last quarter, so we see that revenue continuing to

grow. So I'd say the U.S. is related to the water retraction for Stantec. ......................................................................................................................................................................................................................................................

Jacob Bout Analyst, CIBC World Markets, Inc. Q And was there any hurricane impact at all? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Certainly, there was. Yeah, there was about CAD 1 million roughly of that. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Jacob, we referred to about CAD 1 million impact, and this is really affecting our staff, and the impact was really

them not being able to get into their offices and do work. So, that was the cost side of the impact. On the revenue

side, we're estimating anywhere CAD 2 million maybe plus of deferred revenue that we'll be able to pick up over

the coming quarters of work that was lost in the third quarter. ......................................................................................................................................................................................................................................................





Jacob Bout Analyst, CIBC World Markets, Inc. Q Okay. And then you talked about softness in global mining specifically calling out Indonesia. I'm assuming that's

the Grasberg project. What is your exposure....? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A That's correct. We're doing the underground mining design for that. So, that project is – I mean it's had a history of

starts and stops over the last five years. So, we don't see that as a long-term problem, but certainly that project

has suffered through that. But our Mining group this period actually grew well. We're happy with that, and it's

result of a start of a large mining project in Canada, which is good news, I think, we're starting to see some activity

there. And, the start of an actual mine project in Canada is great news. ......................................................................................................................................................................................................................................................

Jacob Bout Analyst, CIBC World Markets, Inc. Q [indiscernible] (19:28) ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A I think the overall exposure in Mining is less than 5% of our overall revenues, Jacob. ......................................................................................................................................................................................................................................................

Jacob Bout Analyst, CIBC World Markets, Inc. Q Okay. Thank you. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Thanks, Jacob. ......................................................................................................................................................................................................................................................

Operator: And now we'll – thank you. And, now we'll take a question from Sean Eastman with KeyBanc Capital

Markets. ......................................................................................................................................................................................................................................................

Sean D. Eastman Analyst, KeyBanc Capital Markets, Inc. Q Hi, gentlemen. Nice quarter. I was just hoping to get a bit more color on the Energy & Resources and

Environmental Services growth this quarter. It was a surprise for us to see a positive number organically there.

Pretty encouraged by the midstream award you highlighted in the materials and some of the commentary on

Mining and Power is also quite encouraging. So, wondering if you're seeing that inflection as a trend here? Is this

kind of a sustainable inflection? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Yes. I think, when you're talking about energy and resources on a mining project, that is something that's going to

last for years, not just one or two quarters. So, certainly we're seeing that as a positive trend for Mining. I think, we





were somewhat surprised as well, Power had a very good quarter, and it really was a result of just continuing to

get more requests for work on [ph] the Oroville Dam (20:40). So that was pleasant surprise.

And what's good to see is, that group got over 5.5% organic growth without Oil & Gas actually increasing

significantly. So, with the award of the midstream project for Oil & Gas, certainly it – it certainly is going to be, I

think, help that trend, and Waterpower & Dams had a relatively good quarter too. So, all four business lines in that

area did well. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A This isn't a great example of revenue synergies. We would not have likely have gotten much of that Power work at

Oroville Dam without the former MWH Waterpower & Dams group expertise there. So that's a great example of us

being able to leverage the combined organization. ......................................................................................................................................................................................................................................................

Sean D. Eastman Analyst, KeyBanc Capital Markets, Inc. Q That's great. My next question is just, we have two quarters here solid positive organic growth. I'm just wondering,

to the extent, you guys can keep this up consistently sort of mid-single digit type growth through 2018, would that

be enough for you guys to see EBITDA margins for the full year next year back towards the top end of the range

you have in place for this year, or is there anything outside of the utilization there we should be thinking about in

terms of what kind of margin expansion you guys can deliver next year? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Well, certainly if you have positive organic growth, that's going to help the opportunity of good utilization, which is

going to help the opportunity of driving your margins up to the higher end, that's what we've always said. So, we

certainly expect that for next year that we will see that trend for positive organic growth, won't see anything in any

of our business lines that's going to stop doing that.

We're competitive in all the markets that we're in right now. So, I don't see anything that wouldn't stop that, but it

is a very competitive business environment right now. So you've got to win work but you've got to win it at the

right price, so that's going to have an impact. But I would certainly see all those positive indicators are pushing us

in the right direction. ......................................................................................................................................................................................................................................................

Sean D. Eastman Analyst, KeyBanc Capital Markets, Inc. Q Thanks a lot, gentlemen. I appreciate it. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Thanks, John. ......................................................................................................................................................................................................................................................

Operator: Now, we take a question from Benoit Poirier with Desjardins Capital Markets. ......................................................................................................................................................................................................................................................

Benoit Poirier Analyst, Desjardins Securities, Inc. Q





Yeah. Thank you very much. Good morning, gentlemen. I was wondering if you could provide... ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A [indiscernible] (23:12). ......................................................................................................................................................................................................................................................

Benoit Poirier Analyst, Desjardins Securities, Inc. Q ... yeah, I was wondering if you could provide more color about the strong organic growth for Construction, over

20%, so two consecutive quarters in a row. So just wondering how sustainable is the 20% and what type of

expectation we might be looking for going forward? Thank you. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Thank you. Definitely that's one aspect that we wanted to highlight to investors is the Construction business is

somewhat more lumpy than the Consulting business. Their project awards and just the way they execute projects

just gives you a little bit more lumpiness. The good news is, they have a record high in backlog, so that's going to

continue to push the revenue in a positive direction. But, you would expect to see some lumpiness in that, but

certainly we would see it to continue to trend on the positive standpoint. ......................................................................................................................................................................................................................................................

Benoit Poirier Analyst, Desjardins Securities, Inc. Q Okay, perfect. And looking at the hurricanes, you quantified the cost and revenue impact in Q3, but just

wondering if we might see some positive impact going forward in terms of revenue opportunities for Stantec? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Absolutely. I mean, that's – it's hard to quantify those now, because it does take time for government agencies to

assess the damage and then determine what the retrofits will be and rehabilitation will be. An example of that is,

when the hurricane hit New Orleans since now over a decade ago, we were just finishing up a project in New

Orleans for that recovery when the Houston hurricane hit. So, it does take a long time, but we are well-positioned,

we have local staff in Florida and in Texas and Louisiana, so we're well connected to the government agencies

and the local municipalities, so we're definitely there to help them. But it will be something that will probably be a

few quarters away before we start seeing some significant impact, but we do see that coming. ......................................................................................................................................................................................................................................................

Benoit Poirier Analyst, Desjardins Securities, Inc. Q Okay, perfect. And looking at your balance sheet, obviously you ended the quarter very strong. Can you talk a

little bit about free cash flow generation, if we are going to see the typically seasonal impact that we typically see

in Q4? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Yeah. I don't see any change in that, Benoit, I still see the – it is a bit of a shorter quarter in Q4 in terms of billable

hours. We have the U.S. Thanksgiving, we've got the Christmas break. So, those things will drive down some of

our billings, and as a direct result will impact our cash flows. So, we generally see lower cash flow generation in





Q4 and similarly in Q1. In addition some of our field staffs specifically in Environmental Services are not able to be

out in the field. ......................................................................................................................................................................................................................................................

Benoit Poirier Analyst, Desjardins Securities, Inc. Q Okay. Thank you very much gentlemen. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Thanks, Benoit. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Thanks, Benoit. ......................................................................................................................................................................................................................................................

Operator: And now we'll take a question from Yuri Lynk with Canaccord Genuity. ......................................................................................................................................................................................................................................................

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp. Q Hey, good morning guys. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Good morning, Yuri. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Good morning. ......................................................................................................................................................................................................................................................

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp. Q When I look at the outlook for Water, I mean there is not a lot of stats available but the Construction put in place

numbers show like a 10% year-to-date decline in Water supply. Is that – that's obviously not a – can't be a great

indication for what your business is doing because you've been outperforming that, but is it tougher than you

anticipated it would be when you bought MWH in terms of the U.S. Water outlook? And what might change the

funding problems that have kind of hurt spending in that segment this year at least? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Yuri, actually I think we see the opposite in that. Right now, we see more opportunities than we probably thought

when we were first looking at MWH. Just the combination of the two groups has now better positioned us on a

number of projects where we were actually looking for sub-consultants and partners, we're now not looking for

those partners on some major projects we're looking at.





The Water sector is so diverse in what it is that maybe the number you're referring to is water treatment plants or

something, but we definitely do work in wastewater, we do work in conveyance, we do work in combined sewer

overflows and water resources. It is a very deep sector, and the good news for Stantec is we play across all those

sectors and we play across those sectors in a very top tier position.

So especially in the United States right now, I would say, we see more opportunities than we anticipated last year,

and I'd say, we're more bullish. So it's disappointing to see the retraction this quarter, because that certainly isn't

our outlook for that business unit. ......................................................................................................................................................................................................................................................

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp. Q Okay. And just overall, notwithstanding the currency impacts, but when might we see organic backlog growth pick

up? Is that more something we'll see next year? Because it's – I understand the FX impact, but it's been, I think,

you said CAD 50 million organic backlog growth since Q4? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Yeah – we – I think that was CAD 50 million in the quarter – quarter-over-quarter organic growth that we saw this

quarter on an organic basis... ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A [indiscernible] (29:06) organic basis. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Taking out the FX. ......................................................................................................................................................................................................................................................

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp. Q Right. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A So the point is, our backlog is growing right now organically. ......................................................................................................................................................................................................................................................

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp. Q Okay. That's helpful. Okay. Can you just provide – back to Water for one second, the projects that you talked

about that were delayed or paused [indiscernible] (29:28) handful of projects here and was there a commonality to

the reason it was paused? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A No, it was a handful of projects, and these projects are water programs, where we're managing a very large

program, and there is – it's hard to say why there was a pause, but one was in Atlanta, which was also in the area





of the storm, so there's reasons, I guess. So, when we talked about, for example, the impact of the hurricanes,

that's a direct impact. But there is ancillary impacts of that that really is really hard to quantify, so some of those

delays may have been associated with that. But again, we don't see that as systemic in those programs, they will

continue their long programs and we're in the middle of them. ......................................................................................................................................................................................................................................................

Yuri Jonathan Peter Lynk Analyst, Canaccord Genuity Corp. Q Okay, very helpful. I'll turn it over. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Okay. Thanks, Yuri. ......................................................................................................................................................................................................................................................

Operator: And now we'll take a question from a Maxim Sytchev with National Bank. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Hi, good morning. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Hi, Max. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Hi, Max. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Sorry to belabor on Water, but should we expect return to positive organic growth in Q4? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Yes. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Okay. And that's helpful. And in terms of, Bob, can you update us in terms of M&A sort of strategy of the pipeline,

how are you guys feeling especially in 2018? What's unfolding there? Thank you. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Thanks for the question, Max, because that's something we've been working hard on. Although this year has

been relatively slow, there is a reason for it. A, we were still integrating MWH and that took up an awful lot of time,

but we're also just preparing ourselves for what we believe will be a busy year in 2018, and specifically in the UK





and Australia, New Zealand. So, we've taken a number of trips over there and familiarize ourselves with

opportunities. We're very encouraged what the number of opportunities we see in both of those – in both of those

regions that we'll be focusing on. So, we had to set up a base of operations there, ensure that we understood that

market, which is different than the U.S. market and be ready to acquire those firms and then be able to integrate

them. So, that's the reason for the pause maybe in some activity. But 2018 is then shaping up to be a very busy

year as a result of all the efforts we put into the last half of 2017 year. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Okay. And Bob should we expect both medium-size transactions that you typically focused on or maybe

something of even greater size that you guys are potentially looking at right now? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A The sizes we're looking at are pretty diverse, but I would not say we're looking at anything in the 4,000 or 5,000

person range. But there are some hundreds, 200 to 300 person firms, and there are a few thousand person firms

that are on the list, which is encouraging. That is something we were concerned about. There is – the initial

discussions were, I would say, on the smaller side. But over the last few months, we've seen some good size

opportunities come on to the table that are real and we hope to be able to put some of those on the list for next

year. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q And in terms of the expectations for the sellers, is it still in line with historical ranges, sort of the bigger the

transaction, obviously the higher the multiple, but what's the sellers' expectations now? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A No. The sellers' expectations are always high. But I'd say, in our progress of those discussions and some of the

ones we're closer on, we don't see a significant change to the multiples we've been paying. So, we're pretty

confident that we'll be able to get these in a very similar historical range to our previous ones. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Okay. That's very helpful. And, Dan, maybe just last question for you. In terms of any IT integration cost that we

should expect from MWH in Q4 and the first half of 2018 or is that mostly behind us? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A I still think there's still work to do, Max. We are working on the globalization of our platforms. That means getting

our core network and infrastructure all in place, so it's operating globally. So, I still think we'll see more impacts.

I'm not sure we'll see the same dollar magnitude, but certainly there's still going to be impacts. We are also

building out our data center, which is getting us ready for moving into our new office facilities in Edmonton. So,

that's also part of what's going on around the core infrastructure. So, we'll see some of that impacting us in 2018,

but I don't think it's going to be overly material. ......................................................................................................................................................................................................................................................





Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A No. And it's going to continue to decline as we get into 2018... ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Yeah. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A ...so a little bit in Q4. But in 2018, it should decline as we get into 2018. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Setting a platform today for the future? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Yeah. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Okay, that's helpful. And maybe – sorry to sneak in one last one. In terms of oil and gas specifically, it looks like

we're seeing a bit of pickup on the midstream side of things. I mean, is it conceivable to see that this market for

you to be flat in 2018 or do you have to see a pick-up also on the upstream side of things to get the ball rolling? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A No, I think we've been messaging that, as long as the similar trajectory that we see right now, the [ph] Type-C

(34:58) projects we're looking at, continue to come, we will get to flat in 2018. So, certainly we see a positive trend

with the award of the midstream project in Canada, that's going to provide us revenue opportunities into Q4 and

into Q1. It's a three-year to five-year program, so it's going to certainly help that business line. Any additional

awards is just going to even help that and accelerate it. So, we're – we like to say we're bullish on that and getting

excited but we're close to it. We're starting to see opportunities. ......................................................................................................................................................................................................................................................

Maxim Sytchev Analyst, National Bank Financial Q Okay, that's very helpful. Thank you very much. ......................................................................................................................................................................................................................................................

Operator: Now we'll hear from Derek Spronck with RBC Capital Markets. ......................................................................................................................................................................................................................................................

Derek Spronck Vice President, Global Research, RBC Capital Markets Q





Good morning. Thank you for taking my questions. I was just jumping over from a different conference call, so I

apologize if some of these questions have been addressed. Just around your U.S. business and NAFTA. Are

there any concerns there if NAFTA were to be taken off the table? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A You've always got to worry about an extremely unusual event occurring. From what we've seen and from the

people we've talked to, we just don't anticipate now anything that drastic, but it's still early days in those

discussions. But really, no. I think the bottom line is, we don't see a significant impact of that, but we also don't

really think that that's going to come to the extreme fruition of what maybe some of the media has been reporting. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Part of what protects us from that is, we have over 10,000 employees in the U.S. generating revenue in the U.S.

and the communities in the U.S, so we do have some cross-border labor sharing that could be where the impact

is, but we really don't know yet until the progress on those negotiations. ......................................................................................................................................................................................................................................................

Derek Spronck Vice President, Global Research, RBC Capital Markets Q Okay, fair enough. And on the other side of the equation, would you stand to benefit if there was a new tax regime

or tax cut basis in the U.S.? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A We're also looking at that, Derek, it's – tax reform is still pretty early in terms of the potential impacts, but lower

rates could reduce corporate income tax rates overall. They're proposing right now a 20% corporate federal rate.

But there are other offsetting things of being able to write off property right away or limit interest deductions and

so on. So, there's also the territorial system that they're moving to in terms of repatriating profits and cash from

foreign operations what could offset some of that. So, still lots of moving parts. We're paying close attention to it,

but – and we'll be modeling the impact of those reforms once we get more clarity. ......................................................................................................................................................................................................................................................

Derek Spronck Vice President, Global Research, RBC Capital Markets Q Okay. Thanks. Just moving on, and I know I guess the nature of your contracts. I don't know if this would be a

relevant question, but any major contracts that you're currently shortlisted on that would be material that could be

coming up to tender and/or any contracts that could be rolled over or completed that we should account for? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Well, I'd like to – we could probably spend the next 15 minutes talking about major projects that we feel we're

shortlisted on or have good opportunities. I think, from a Canadian standpoint, the REM project in Montréal, we're

partnered with SNC on that, and certainly see good opportunities for that project. That's a huge project. So – but

we probably are bidding right now on half a dozen major P3s where we are shortlisted on those. And again, you're

shortlisted to one of three firms that's going to be chosen, so you'd at least figure you have one in three chance of

winning them. So – and then the AMP programs are now starting to get into their rebidding phase, and those are

all major programs that are five-year programs. There is a major water project in California that we are one of





shortlist of companies that will be bidding on that. So because of our top tier presence in a number of sectors we

are there, there are numerous major projects now that we are either shortlisted on or feel we have a good

opportunity to win over the next couple of quarters. ......................................................................................................................................................................................................................................................

Derek Spronck Vice President, Global Research, RBC Capital Markets Q Yeah. That's great. And any contracts that are coming to completion that you're currently working on? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Yeah. There was – probably the biggest project it is, is the PCCP project in New Orleans, where we've been

working on that project for almost four years now. That was almost a CAD 1 billion project and it's coming to

completion. We've got a few P3 projects that are coming to completion. But I'd say, right now we have more

opportunities coming up than we have projects winding down, which is good. ......................................................................................................................................................................................................................................................

Derek Spronck Vice President, Global Research, RBC Capital Markets Q Yeah. That's great. And just one more last one for myself, if I could. From an M&A perspective, and you might

have already addressed this, but geographically where do you see the best opportunities right now for Stantec? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Well, we have, I think, equal opportunities in the U.S., Australia, New Zealand and the U.K. Those are the three

areas we're focused on right now. Probably more heavily focused on the UK and Australia, New Zealand just

because we'd like to diversify our operations we acquire through MWH in those two regions. But we have a

continued program in the U.S. that our pipeline funnel was full and lots of opportunities. Albeit in the U.S., I would

say, more of the tuck-in smaller firms and little more regional firms. In Australia, New Zealand and the U.K.,

probably more diversity of the type of firms that we're looking in that area. So, we said – answered that on a

previous question, we feel right now that 2018 will be a very busy year from an M&A perspective. ......................................................................................................................................................................................................................................................

Derek Spronck Vice President, Global Research, RBC Capital Markets Q Okay. That's great color. And, congratulations on your tenure. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Great. Thanks very much. ......................................................................................................................................................................................................................................................

Operator: And now the next question will come from Mona Nazir with Laurentian Bank. ......................................................................................................................................................................................................................................................

Mona Nazir Analyst, Laurentian Bank Securities Q Good morning, and thank you for taking my questions. ......................................................................................................................................................................................................................................................





Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Good morning, Mona. ......................................................................................................................................................................................................................................................

Mona Nazir Analyst, Laurentian Bank Securities Q So the first topic I wanted to touch on was MWH integration. I know that you're moving into the global integration

efforts. Is it similar to the U.S. or North America where there was a large IT component or does it vary? And just

wondering when you expect it to be completed? Is it more midway through 2018, early part or latter? ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A The global integrations, Mona, does contain a large IT component. When we're building out Oracle, it's like doing

a new implementation in every new geography. We certainly have the platform and the foundation and all the

metrics and KPIs and things that we track that we'll be integrating into those operations, but it does require a lot of

heavy lifting and basically rebuilding the system for each of those geographies. That doesn't mean that there's a

big additional cost and that a lot of that work is done internally. We have a very strong team that does this and is

very good at it. So, we expect that to continue through 2018. We're hoping to get one of the global operations

Australia, New Zealand onto Oracle sometime around second quarter, and finish up with the UK towards the end

of 2018. So we expect to have most of that heavy lifting done by the end of the year. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A I think it's a good comment though that to talk about why is this taking us a little bit longer, because I think our

initial guidance if we go back a year ago is we would have thought we would have been done maybe the halfway

through the year, but with a large acquisition like MWH and more so a very mature company like MWH, what we

explored when we were looking at processes and everything is they had some very strong processes, they ran

some very large programs and some very large projects like a Panama Canal, for example, where we're taking

the best of that, building that into Oracle and essentially upgrading Oracle, which is going to benefit all our

historical Stantec operations as well.

So we took probably an extra six months here in 2017 to explore that, analyze it, rewrite our programs and now

we're launching that. So I think, it's a point for investors to understand that, that is a key part of our integration

strategy. It's taking the best from that firm and now rewriting things in the historical Stantec and legacy Stantec to

improve that part of it. So, we're pretty excited over that. I think that's the one difference from this time last year

where we were very excited with the opportunity of MWH. We're even more excited now because we believe that

a lot of the things we've done this year is going to build value for us going forward. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A And they're foundational for the long-term. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Yeah. ......................................................................................................................................................................................................................................................





Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A It's really what we're doing. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A That's right. ......................................................................................................................................................................................................................................................

Mona Nazir Analyst, Laurentian Bank Securities Q Perfect. That's very helpful. And just following on that, I believe with the Q1 2017 results, on the call you disclosed

that the higher IT costs related to the integration for that quarter was kind of sitting around that CAD 10 million

mark. Do you expect kind of a material decline from that CAD 10 million as you shift in into the global integration? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A I would say, yes, Mona. We've done most of the heavy lifting in terms of getting the core infrastructure, the costs

incurred there. It's going to decline over the next year. Yes. ......................................................................................................................................................................................................................................................

Mona Nazir Analyst, Laurentian Bank Securities Q That's helpful. And lastly from for me, just turning to the Energy & Resources segment, very pleased to see the

near 6% growth versus the contraction last quarter. I'm just wondering, is that growth attributable to maybe an

easier comp period or is it really, and I know you touched on this in your earlier remarks. But I'm just trying to

clarify, is it really some significant market shift that's caused the increase and giving you increased confidence

going forward? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Yeah. I think it's both. There is no doubt that we were comparing over poor comps from last year, but there's no

doubt it's because we've won work. There's no doubt, winning the project, the mining project in Canada has

helped Mining. Winning the work orders in the Oroville Dam has just added to the revenue generation in Power –

in Waterpower & Dams. So that really is where the areas of growth are. It's winning work in areas that is a major

contributor to that shift. And whether that will continue with the 6%, well, we'll see. But certainly, we're seeing

positive trends in all four of those business units in Energy & Resources. ......................................................................................................................................................................................................................................................

Mona Nazir Analyst, Laurentian Bank Securities Q Thank you for your time. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Thanks, Mona. ......................................................................................................................................................................................................................................................

Operator: [Operator Instructions] We'll now hear from Michael Tupholme with TD Securities.





Michael Tupholme Analyst, TD Securities, Inc. Q Thanks. Good morning. Just one question for me, Bob and Dan. There was again a big difference in the net

revenue organic growth rate and the gross revenue organic growth rate. And my question is, when we look at the

segments, all showed positive organic gains on a gross basis other than Water. So, I'm just wondering, apart from

Water, did any of the other segments show negative organic growth on a net basis in the third quarter? ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A As I'm speaking, Dan is flipping through his notes to see if he can find that. I think, on a net basis, we are

essentially flat for the quarter. And, on a net basis, I think, we're essentially flat year-to-date. So certainly the

organic growth at a gross level is positive but at a net level it's flat. I'm not sure about the individual business

units. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A I think we saw – we continue to see some negative net organic revenue in Energy & Resources largely driven by

Oil & Gas and Environmental Services. ......................................................................................................................................................................................................................................................

Michael Tupholme Analyst, TD Securities, Inc. Q Okay. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Those two units. Everything else had positive... ......................................................................................................................................................................................................................................................

Michael Tupholme Analyst, TD Securities, Inc. Q ...net organic growth. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A ...net organic growth. But the negative was less than it was last quarter, which is again ... ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A I think Energy was less than 10% now which is the first time we've seen it in single digits in terms of the retraction

related to Oil & Gas. ......................................................................................................................................................................................................................................................

Michael Tupholme Analyst, TD Securities, Inc. Q So sorry, just to be clear on that point, Dan, that the – on a net basis, Energy & Resources was a less than 10%

retraction? ......................................................................................................................................................................................................................................................





Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A That's correct. Just marginally less. ......................................................................................................................................................................................................................................................

Michael Tupholme Analyst, TD Securities, Inc. Q Right. Okay. Okay, that's all for me. Thank you very much. ......................................................................................................................................................................................................................................................

Robert J. Gomes President, Chief Executive Officer & Director, Stantec, Inc. A Okay. Thanks, Michael. ......................................................................................................................................................................................................................................................

Daniel J. Lefaivre Chief Financial Officer & Executive Vice President, Stantec, Inc. A Thanks, Michael. ......................................................................................................................................................................................................................................................

Operator: And with that, ladies and gentlemen, this does conclude your question-and-answer session. We do –

I'll turn the call back over to your host for closing remarks. ......................................................................................................................................................................................................................................................


Great. Thank you, Jake. And, thank you again for joining Stantec's third quarter earnings call. And, thank you for

all your questions. Goodbye. ......................................................................................................................................................................................................................................................

Operator: And with that, ladies and gentlemen, that does conclude your call for today. Thank you for your

participation. You may now disconnect.

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