EX-99.1 2 exhibit991-earningsrelease.htm EX-99.1 Document
展品99.1

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新聞公告

北美建設集團有限公司宣佈
2024年9月30日結束的第三季度的結果
2024年10月30日，阿奇遜（Acheson） - north american construction group ltd.（NACG）（tsx: NOA.TO/ 紐交所: NOA）今天宣布截至2024年9月30日的第三季度結果。 在未另行指示的情況下，財務數字以加拿大元表示，並與截至2023年9月30日的前期相比。
2024年第三季重點亮點：
•綜合營業收入36720萬美元，較去年同期的27480萬美元表現良好，創下了第三季度的紀錄，反映出自2023年10月1日收購的澳大利亞MacKellar集團擁有的艦隊至今為止運營最佳的季度。
•報告的營業收入為28690萬美元，較去年同期的19690萬美元增加，主要是由澳洲的設備利用率達到84%所推動，同時也受到加拿大重型機械隊的支持，後者在2024年第二季度有所增加。
•我們在2024年第3季從股權合併聯合企業獲得的營業收入淨份額為8030萬美元，較去年同期的7790萬美元增加，因為本季的Fargo項目增加被完成在前一季度的北安大略金礦項目範圍所抵銷。
•調整後的EBITDA為10640萬，利潤率為29.0%，與之前期間的營運指標5940萬和21.6%相比，由於營收增加導致較高的毛利EBITDA，有效營運在澳洲和加拿大帶動了利潤率改善。
•合併毛利潤為8040萬美元，毛利率為21.9%，與去年同期的13.8%相比，由於多元化努力和穩定且一致的月份中有效營運，使得季度毛利率得到提高。
•來自營運活動的現金流量為4820萬美元，高於先前期間產生的3750萬美元，因為來自強勁EBITDA的更高現金產生量被本季度的營運資金變動所抵銷。
•本季度產生的自由現金流為1080萬美元。在工作資本變動和資本工作進展增加之前的自由現金流超過5500萬美元，這是由於強勁的收入和利潤所抵銷我們例行的資本維護計劃。
•截至2024年9月30日，淨債務為88250萬美元，比2023年12月31日增加了15910萬美元，由於全年的自由現金流使用和增長資產購買需要負債融資。現金相關的利率為6.5%，受加拿大銀行公佈的利率和相應的設備融資利率影響。
•2024年10月29日，董事會宣布每股十二美分的定期季度股息，比之前每季十美分的匯率增加了20%。
•其他亮點包括：i）8月，在昆士蘭簽署了一份價值3,7500萬美元的為期五年的全方位設備租賃合同；ii）9月，在法戈莫爾黑德洪水分流工程完成超過50%的進展；iii）10月，從加拿大運送到澳洲的二十五輛運砂卡車已成功交貨至現場；iv）已開展公司在澳洲的ERP系統上線活動，逐步進行至11月初進行分階段整合；並且已將信貸額度協議延長至2027年10月。
總裁兼首席執行官喬·蘭伯特表示：“我要感謝我們的運營團隊在本季的安全高效表現。在澳洲創立的季度記錄顯示了業務增長和運營卓越。最近獲得的為期五年的合同和來自堪培拉堡的25輛卡車交付，將該地域的業務推向超過我們整體業務的50%，這些都是將我們帶向令人興奮的2025年的進一步標誌。在油砂地域，我們正在與生產商進行洽談，預計近期將簽訂重要合同，重申我們牢固的客戶關係，並支持明年的目標。”

展品99.1

綜合財務摘要
三個月結束九個月結束了
九月三十日，九月三十日，
(以千美元計，在每股金額方面)2024
2023(iv)
2024
2023(iv)
營業收入 $286,857 $196,881 $860,197 $636,398 
總合營業收入(i)
367,155 274,757 1,042,591 875,666 
毛利潤65,098 26,518 168,057 89,213 
毛利潤率(i)
22.7 %13.5 %19.5 %14.0 %
綜合毛利潤(i)
80,415 38,004 205,229 130,181 
綜合毛利潤率(i)(ii)
21.9 %13.8 %19.7 %14.9 %
營收53,805 14,344 130,786 50,386 
調整後的稅前利潤減除折舊及攤銷後的費用(i)(iii)
106,384 59,371 286,516 195,827 
調整後的EBITDA利潤率(i)(iii)
29.0 %21.6 %27.5 %22.4 %
凈利潤13,901 11,387 39,277 45,495 
調整後的淨收益(i)
31,253 14,295 72,961 52,060 
營業活動產生的現金48,184 37,512 119,063 109,521 
營運活動提供的現金，在變動營運資本之前(i)
79,838 41,666 222,641 134,646 
自由現金流(i)
10,785 8,940 (32,518)(21,817)
購置固定資產61,812 39,295 203,772 114,210 
維持性資本增加(i)
21,127 42,290 118,317 127,792 
Growth capital additions(i)
21,437 1,727 60,987 4,475 
基本每股盈利$0.52 $0.43 $1.47 $1.72 
調整後每股收益(i)
$1.17 $0.54 $2.73 $1.96 
(i)見"非通用會計財務指標"。
(ii)綜合毛利潤率是以綜合毛利潤除以總綜合營業收入來計算的。
(iii)調整後的EBITDA利潤率是通過調整後的EBITDA除以總合營業收入計算的。
(iv)前年金額已調整以反映會計政策變動。請參閱"重大會計政策變動-編製基礎"。
三個月結束九個月結束
九月三十日九月三十日
（千美元）2024202320242023
綜合現金流量報表
經營活動提供的現金$48,184 $37,512 $119,063 $109,521 
投資活動使用的現金(60,221)(26,970)(198,919)(107,123)
匯率對現金變動的影響1,385 (1,100)508 (1,462)
再加上述數字中包含的增長和非現金項目：
增長資本增加(i) (二)
21,437 1,727 60,987 4,475 
通過租賃融資的增資(i)
— (2,229)(14,157)(27,228)
自由現金流(i)
$10,785 $8,940 $(32,518)$(21,817)
(i)見“非通用會計財務指標”。
(ii)已包括在投資活動中所使用的現金之中。
宣布季度股息
關於 2024年10月29日，NACG董事會宣布每普通股支付十二分加幣（$0.12）的定期季度股息（「股息」），支付給2024年11月27日收盤時的普通股股東。股息將於2025年1月3日支付。 為加拿大所得稅目的，此股息符合資格。
截至2024年9月30日三個月財務結果
2024年第三季的營業收入為28690萬美元，較2023年第三季增加約9000萬美元（增幅46%）。此增長主要是由於自2023年10月1日收購後，包括MacKellar集團（"MacKellar"）的業績。
The Heavy Equipment - Australia segment showed strong performance, driven by MacKellar’s Q3 results generated from stable operating conditions during the quarter. Equipment utilization of the MacKellar fleet for the quarter of

EXHIBIT 99.1

84% was similar to 2024 Q2 but generated higher revenue as growth assets commissioned late in the second quarter in Western Australia and Queensland provided full quarter contributions. The month of July was particularly strong with utilization being above the target of 85% while August and September averaged 82%. DGI Trading Pty Ltd. ("DGI") posted lower revenue in the quarter due to timing of large component sales but continues to benefit from international demand for low-cost used components and major parts required by heavy equipment fleets in the mining industry.
The Heavy Equipment - Canada segment posted a decline in revenue compared to the prior year as equipment utilization was 51% for the quarter in comparison to 56% in 2023 Q3. Quarter over quarter, the decrease in revenue represented a 23% decrease and was primarily driven by changes in work scopes at the Fort Hills and Syncrude mines offset by increases in operating hours at the Millennium mine. Additionally, the prior year's quarter benefited from higher utilization rates from NACG assets being operated at the gold mine in northern Ontario, a project that concluded in 2023 Q3. When comparing to 2024 Q2, top-line revenue achieved in the quarter was 8% higher on consistent operating conditions from July to September as well as increased work scopes at the Millennium mine.
Combined revenue of $367.2 million represented a $92.4 million (or 34%) increase from 2023 Q3. Our share of revenue generated in 2024 Q3 by joint ventures and affiliates was $80.3 million, compared to $77.9 million in 2023 Q3. The Fargo-Moorhead flood diversion project, which completed another strong operational quarter, posted a 32% increase from scopes completed in the prior quarter and surpassed the 50% completion mark during the quarter. Mostly offsetting this variance was the completion of the gold mine project in northern Ontario which occurred in 2023 Q3.
Combined gross profit and margin of $80.4 million and 21.9% compares favorably to the $38.0 million and 13.8% posted in the prior quarter and was the compilation of strong operations across all business lines. In particular, consistent weather conditions in Australia resulted in productive operations and a 24.6% gross margin over the three months. In Canada, heavy equipment operations posted a 19.4% margin as operations stabilized from the first half of the year. The joint ventures posted a 19.1% margin, up from 14.7% in the prior quarter, as Nuna returned to profitable operations. The increases in margin were offset slightly within the Fargo joint ventures as additional costs were recognized in the quarter primarily related to project cost escalation.
Adjusted EBITDA and the associated margin of $106.4 million and 29.0% exceeded our 2023 Q3 results of $59.4 million and 21.6%, respectively. As mentioned above and despite lower revenue in the oil sands region, effective and efficient operation of the heavy equipment fleets in Australia and Canada generated a strong EBITDA margin. EBITDA margin for this quarter was more consistent with the first quarter and is reflective of the underlying consistent business of our heavy equipment fleets.
Depreciation of our Canadian and Australian heavy equipment fleets was 13.4% of revenue in the quarter. Depreciation as a percentage of revenue was 16.4% for the Heavy Equipment - Canada fleet which is higher than our historical average as increased customer demand for heavy equipment rentals has changed the revenue profile. The Heavy Equipment - Australia fleet, which averaged approximately 11.7% of revenue reflected both productive operations in the quarter as well as the depreciation of fair market values allocated upon purchase. On a combined basis, depreciation averaged 12.1% of combined revenue in the quarter as the lower capital intensity in Fargo and Nuna joint ventures modestly reduced the ratio.
General and administrative expenses (excluding stock-based compensation) were $9.6 million, or 3.4% of revenue, compared to $6.9 million, or 3.5% of revenue in 2023 Q3. The increase in expenses reflects the acquisition of the MacKellar Group. Cash related interest expense for the quarter was $14.2 million at an average cost of debt of 6.5%, compared to $7.8 million at an average cost of debt of 7.1% in 2023 Q3, as rates posted by the Bank of Canada directly impact our Credit Facility and have a delayed impact on the rates for secured equipment-backed financing. Total interest expense was $15.0 million in the quarter, compared to $8.1 million in 2023 Q3 based on the debt financing incurred upon acquisition of the MacKellar Group on October 1, 2023.
Adjusted earnings per share ("EPS") of $1.17 on adjusted net earnings of $31.3 million was up 117% from the prior year figure of $0.54, consistent with the adjusted EBIT performance which was up 144% quarter over quarter. As mentioned above, the step-changes in interest from the MacKellar acquisition offset EBIT performance with the effective income tax rates being comparable for both quarters. Weighted-average common shares for the third quarters of 2024 and 2023 were relatively stable at 26,823,124 and 26,700,303, respectively, net of shares classified as treasury shares.
For the quarter, free cash flow generation was $10.8 million, driven primarily by adjusted EBITDA of $106.4 million. After accounting for sustaining capital additions of $21.1 million, cash interest expense of $14.2 million, and cash taxes paid of $9.3 million, the positive cash flow generation reached $61.8 million. However, changes in working capital and increases in capital work in progress deferred approximately $45 million of cash flow to future quarters,

EXHIBIT 99.1

and the accumulation of distributable profits in our joint ventures negatively impacted cash flow by $10 million. Sustaining capital expenditures were focused on routine maintenance of heavy equipment fleets in Australia and Canada, with Canadian expenditures being lower than previous periods due to reduced operating hours and a disciplined approach in preparation for winter work scopes.
2024 Strategic Focus Areas
•Safety - now on an international basis, maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field;
•Execution - enhance equipment availability in Canada and Australia through in-house fleet maintenance, reliability programs, technical improvements, and management systems;
•Operational excellence - with a specific focus on Nuna Group of Companies, put into action practical and experienced-based protocols to ensure predictable high-quality project execution;
•Integration - implement ERP and best practices at MacKellar, including identification of opportunities to better utilize our capital and equipment in Australia;
•Diversification - pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
•Sustainability - further develop and deliver into our environmental, social, and governance targets as disclosed and committed to in our annual reporting.
Liquidity
Our current liquidity positions us well moving forward to fund organic growth and the required correlated working capital investments. Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $173.1 million includes total liquidity of $135.7 million and $20.0 million of unused finance lease borrowing availability as at September 30, 2024. Liquidity is primarily provided by the terms of our $485.7 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement.
September 30,
2024		December 31,
2023
Cash$77,670 $88,614 
Credit Facility borrowing limit485,700 478,022 
Credit Facility drawn(395,700)(317,488)
Letters of credit outstanding(32,011)(31,272)
Cash liquidity(i)
$135,659 $217,876 
Finance lease borrowing limit350,000 350,000 
Other debt borrowing limit20,000 20,000 
Equipment financing drawn(267,544)(220,466)
Guarantees provided to joint ventures(65,008)(74,831)
Total capital liquidity(i)
$173,107 $292,579 
(i)See "Non-GAAP Financial Measures".
NACG’s Outlook for 2024
The following table provides projected key measures for 2024. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.
Key measures2024
Combined revenue(i)
$1.4 - $1.5B
Adjusted EBITDA(i)
$395 - $415M
Sustaining capital(i)
$150 - $170M
Adjusted EPS(i)
$3.95 - $4.15
Free cash flow(i)
$100 - $120M
Capital allocation
Growth spending(i)
$85 - $95M
Net debt leverage(i)
Targeting 2.1x

(i)See "Non-GAAP Financial Measures".

EXHIBIT 99.1

Conference Call and Webcast
Management will hold a conference call and webcast to discuss our financial results for the quarter ended September 30, 2024, tomorrow, Thursday, October 31, 2024, at 7:00 am Mountain Time (9:00 am Eastern Time).
The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 86919
A replay will be available through November 29, 2024, by dialing:
Toll Free: 1-888-660-6264
Conference ID: 86919
Playback Passcode: 86919
The 2024 Q3 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/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=71BDBAD7-6AC1-4CF9-9CFF-5BBCBBDEF924
A replay will be available until November 29, 2024, 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 September 30, 2024, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated 2024 Q3 Results Presentation for more information on our results and projections which can be found on our website under Investors - Presentations.
Change in significant accounting policy - Basis of presentation
During the first quarter of 2024, we changed our accounting policy for the elimination of our proportionate share of profit from downstream sales to affiliates and joint ventures to record through equity earnings in affiliates and joint ventures on the Consolidated Statements of Operations and Comprehensive Income. Prior to this change, we eliminated our proportionate share of profit on downstream sales to affiliates and joint ventures through revenue and cost of sales. The change in accounting policy simplifies the presentation for downstream profit eliminations and has no cumulative impact on retained earnings. We have accounted for the change retrospectively in accordance with the requirements of US GAAP Accounting Standards Codification ("ASC") 250 by restating the comparative period. For details of retrospective changes, refer to note 16 in the Financial Statements.
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 and include all information provided under the above heading "NACG's Outlook".
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 nine months ended September 30, 2024. 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.sedarplus.com.

EXHIBIT 99.1

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 "adjusted EBIT", "adjusted EBITDA", "adjusted EBITDA margin", "adjusted EPS", "adjusted net earnings", "capital additions", "capital work in progress", "cash provided by operating activities prior to change in working capital", "combined gross profit", "combined gross profit margin", "equity investment EBIT", "free cash flow", "general and administrative expenses (excluding stock-based compensation)", "gross profit margin", "growth capital", "margin", "net debt", "sustaining capital", "total capital liquidity", "total combined revenue", and "total debt". 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.
Reconciliation of total reported revenue to total combined revenue
Three months endedNine months ended
September 30,September 30,
(dollars in thousands)2024
2023(ii)
2024
2023(ii)
Revenue from wholly-owned entities per financial statements$286,857 $196,881 $860,197 $636,398 
Share of revenue from investments in affiliates and joint ventures144,574 168,667 382,789 516,637 
Elimination of joint venture subcontract revenue(64,276)(90,791)(200,395)(277,369)
Total combined revenue(i)
$367,155 $274,757 $1,042,591 $875,666 
(i)See "Non-GAAP Financial Measures".
(ii)The prior year amounts are adjusted to reflect a change in accounting policy. See "Change in significant accounting policy - Basis of presentation".
Reconciliation of reported gross profit to combined gross profit
Three months endedNine months ended
September 30,September 30,
(dollars in thousands)2024
2023(ii)
2024
2023(ii)
Gross profit from wholly-owned entities per financial statements$65,098 $26,518 $168,057 $89,213 
Share of gross profit from investments in affiliates and joint ventures15,317 11,486 37,172 40,968 
Combined gross profit(i)
$80,415 $38,004 $205,229 $130,181 

(i)See "Non-GAAP Financial Measures".
(ii)The prior year amounts are adjusted to reflect a change in accounting policy. See "Change in significant accounting policy - Basis of presentation".

EXHIBIT 99.1

Reconciliation of net income to adjusted net earnings, adjusted EBIT, and adjusted EBITDA
Three months endedNine months ended
September 30,September 30,
(dollars in thousands)2024202320242023
Net income$13,901 $11,387 $39,277 $45,495 
Adjustments:
Loss (gain) on disposal of property, plant and equipment348 (311)641 189 
Write-down on assets held for sale— — 4,181 — 
Stock-based compensation (benefit) expense1,332 5,583 3,081 16,324 
Change in fair value of contingent obligation from adjustments to estimates17,727 — 26,585 — 
Restructuring costs— — 4,517 — 
Acquisition costs— 1,161 — 1,161 
Loss on equity investment customer bankruptcy claim settlement— — — 759 
Loss (gain) on derivative financial instruments572 (2,618)845 (6,979)
Net unrealized loss (gain) on derivative financial instruments included in equity earnings in affiliates and joint ventures1,836 572 2,806 (649)
Tax effect of the above items(4,463)(1,479)(8,972)(4,240)
Adjusted net earnings(i)
31,253 14,295 72,961 52,060 
Adjustments:
Tax effect of the above items4,463 1,479 8,972 4,240 
Increase in fair value of contingent obligation from interest accretion expense4,262 — 12,360 — 
Interest expense, net15,003 8,119 44,939 22,941 
Income tax expense6,768 1,733 16,325 11,892 
Equity earnings in affiliates and joint ventures(iii)
(4,428)(4,277)(9,545)(22,963)
Equity investment EBIT(i)(iii)
4,365 3,983 7,152 23,307 
Adjusted EBIT(i)
61,686 25,332 153,164 91,477 
Adjustments:
Depreciation and amortization38,662 28,884 122,844 90,239 
Write-down on assets held for sale— — (4,181)— 
Equity investment depreciation and amortization(i)
6,036 5,155 14,689 14,111 
Adjusted EBITDA(i)
$106,384 $59,371 $286,516 $195,827 
Adjusted EBITDA margin(i)(ii)
29.0 %21.6 %27.5 %22.4 %
(i)See "Non-GAAP Financial Measures".
(ii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
(iii)The prior year amounts are adjusted to reflect a change in presentation. See "Accounting Estimates, Pronouncements and Measures".
Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT
Three months endedNine months ended
September 30,September 30,
(dollars in thousands)2024
2023(ii)
2024
2023(ii)
Equity earnings in affiliates and joint ventures$4,428 $4,277 $9,545 $22,963 
Adjustments:
Interest (income) expense, net(618)(742)(1,337)(915)
Income tax expense738 448 (698)1,294 
Loss (gain) on disposal of property, plant and equipment(183)— (358)(35)
Equity investment EBIT(i)
$4,365 $3,983 $7,152 $23,307 
(i)See "Non-GAAP Financial Measures".
(ii)The prior year amounts are adjusted to reflect a change in accounting policy. See "Change in significant accounting policy - Basis of presentation".


EXHIBIT 99.1

About the Company
North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Canada, the U.S. and Australia. For 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.
For further information contact:
Jason Veenstra
Chief Financial Officer
North American Construction Group Ltd.
(780) 960-7171
IR@nacg.ca
www.nacg.ca

EXHIBIT 99.1

Interim Consolidated Balance Sheets
(Expressed in thousands of Canadian Dollars)
(Unaudited) 

September 30,
2024		December 31,
2023
Assets
Current assets
Cash $77,670 $88,614 
Accounts receivable158,179 97,855 
Contract assets16,128 35,027 
Inventories77,150 64,962 
Prepaid expenses and deposits8,477 7,402 
Assets held for sale7,355 1,340 
344,959 295,200 
Property, plant and equipment, net of accumulated depreciation of $474,655 (December 31, 2023 – $423,345)1,235,447 1,142,946 
Operating lease right-of-use assets13,404 12,782 
Investments in affiliates and joint ventures85,192 81,435 
Other assets5,082 7,144 
Intangible assets10,052 6,971 
Total assets$1,694,136 $1,546,478 
Liabilities and shareholders’ equity
Current liabilities
Accounts payable$123,110 $146,190 
Accrued liabilities47,724 72,225 
Contract liabilities300 59 
Current portion of long-term debt94,485 81,306 
Current portion of contingent obligations37,601 22,501 
Current portion of operating lease liabilities1,852 1,742 
305,072 324,023 
Long-term debt723,487 611,313 
Contingent obligations101,752 93,356 
Operating lease liabilities12,010 11,307 
Other long-term obligations41,768 41,001 
Deferred tax liabilities118,133 108,824 
 1,302,222 1,189,824 
Shareholders' equity
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – September 30, 2024 - 27,827,282 (December 31, 2023 – 27,827,282)) 229,455 229,455 
Treasury shares (September 30, 2024 - 996,435 (December 31, 2023 - 1,090,187)) (15,809)(16,165)
Additional paid-in capital22,524 20,739 
Retained earnings154,398 123,032 
Accumulated other comprehensive income (loss)1,346 (407)
Shareholders' equity391,914 356,654 
Total liabilities and shareholders’ equity$1,694,136 $1,546,478 

EXHIBIT 99.1

Interim Consolidated Statements of Operations and
Comprehensive Income
(Expressed in thousands of Canadian Dollars, except per share amounts)
(Unaudited) 
Three months endedNine months ended
September 30,September 30,
2024
2023(i)
2024
2023(i)
Revenue$286,857 $196,881 $860,197 $636,398 
Cost of sales183,405 141,771 570,222 457,856 
Depreciation38,354 28,592 121,918 89,329 
Gross profit65,098 26,518 168,057 89,213 
General and administrative expenses10,945 12,485 36,630 38,638 
Loss (gain) on disposal of property, plant and equipment348 (311)641 189 
Operating income53,805 14,344 130,786 50,386 
Equity earnings in affiliates and joint ventures(4,428)(4,277)(9,545)(22,963)
Interest expense, net15,003 8,119 44,939 22,941 
Change in fair value of contingent obligations21,989 — 38,945 — 
Loss (gain) on derivative financial instruments572 (2,618)845 (6,979)
Income before income taxes20,669 13,120 55,602 57,387 
Current income tax expense2,238 1,495 5,003 3,198 
Deferred income tax expense4,530 238 11,322 8,694 
Net income$13,901 $11,387 $39,277 $45,495 
Other comprehensive income
Unrealized foreign currency translation (gain) loss(1,115)1,100 (1,753)1,462 
Comprehensive income$15,016 $10,287 $41,030 $44,033 
Per share information
Basic net income per share$0.52 $0.43 $1.47 $1.72 
Diluted net income per share$0.47 $0.39 $1.32 $1.51 
(i)The prior year amounts are adjusted to reflect a change in accounting policy. See "Accounting Estimates, Pronouncements and Measures".