North American Construction Group Ltd. (NYSE:NOA) Q4 2021 Earnings Conference Call February 17, 2022 9:00 AM ET Company Participants Joe Lambert - President and Chief Executive Officer Jason Veenstra - Executive Vice President and Chief Financial Officer Conference Call Participants Yuri Lynk - Canaccord Genuity Aaron MacNeil - TD Securities Tim Monachello - ATB Capital Markets Bryan Fast - Raymond James Maxim Sytchev - National Bank Financial Richard Dearnley - Longport Partners Operator Good morning, ladi ...

Revenue and Profitability - Revenue for the year ended December 31, 2021, was $654.1 million, representing a $155.7 million (31.2%) increase from 2020[60]. - Total combined revenue reached $812.2 million, a $228.8 million (39.2%) year-over-year increase, with joint ventures contributing $158.1 million, up 86.0% from $85.0 million in 2020[64]. - Gross profit was $90.4 million, or 13.8% of revenue, down from $92.2 million and 18.5% in the previous year[65]. - Adjusted EBITDA was $207.3 million, an 18.9% increase from $174.3 million in 2020, with an adjusted EBITDA margin of 25.5%[68]. - Adjusted EPS increased to $2.06, up 19.1% from $1.73 in the prior year, consistent with the adjusted EBITDA growth[69]. - Net income for 2021 was $51.4 million, up from $49.2 million in 2020, with diluted net income per share increasing to $1.64 from $1.60[77]. - Basic net income per share for the year ended December 31, 2021, was $1.81, compared to $1.75 in the previous year[100]. - The company reported a comprehensive income of $51.4 million for 2021, compared to $49.2 million in 2020[74]. Cash Flow and Capital Expenditures - Free cash flow for the year was $67.2 million, driven by adjusted EBITDA less sustaining capital additions of $102.2 million and cash interest paid of $17.0 million[70]. - Cash provided by operating activities for the three months ended December 31, 2021 was $65.9 million, compared to $62.5 million for the same period in 2020, and for the year ended December 31, 2021 was $165.2 million, compared to $146.6 million in 2020[127]. - Cash used by investing activities for the year ended December 31, 2021 was $99.3 million, down from $112.8 million in 2020, primarily due to the acquisition of DGI for $11.4 million and $112.6 million for property, plant, and equipment[131]. - Cash used by financing activities for the year ended December 31, 2021 was $92.8 million, compared to $4.5 million in 2020, reflecting significant long-term debt repayments[133]. - Sustaining capital expenditures for the year ended December 31, 2021, were $102.2 million, primarily for routine maintenance of the existing fleet[122]. Debt and Equity - Total debt at the end of 2021 was $385.6 million, down from $429.3 million in 2020[74]. - Total shareholders' equity increased to $278.5 million as of December 31, 2021, up from $248.4 million at the end of 2020, reflecting a growth of $30.0 million[110]. - The company completed the Normal-Course Issuer Bid (NCIB) for 1,076,903 common shares at an average price of $14.86, resulting in a decrease to common shares of $8.679 million[159]. - The balance of common shares increased to $246,944 thousand by December 31, 2021, compared to $255,064 thousand in 2020, indicating a decrease of approximately 4.4%[256]. Operational Performance - The company faced challenges from increased operating costs due to pandemic-related measures, impacting gross profit margins[66]. - The company reported minimal changes in routine working capital balances, indicating stable operational cash flow management[70]. - The company completed three haul truck rebuilds and acquired the Australian component supplier DGI, contributing to revenue growth in Q4 2021[84]. - The company anticipates sufficient cash flow from operations to meet annual expenses, capital spending, and debt servicing requirements in 2022[117]. Backlog and Future Projections - The total backlog as of December 31, 2021, was $841.0 million, an increase of $104.5 million from the previous year, with $355.8 million of revenue recognized from backlog during the year[163]. - The company expects to generate $215 million to $245 million in Adjusted EBITDA for 2022, compared to $207 million in 2021[169]. - The projected Adjusted EPS for 2022 is between $2.15 and $2.55, up from $2.06 in 2021[169]. - The company anticipates $481.6 million of its backlog to be performed over 2022[211]. Risks and Challenges - The company faces a shortage of skilled labor, particularly in remote locations, which may impact profitability[215]. - Project suspensions, terminations, or reductions in scope may materially impact the reported backlog and future revenues[219]. - The company is exposed to foreign exchange fluctuations, particularly in short-term transactions involving Canadian and US dollars, but past impacts have not been significant[220]. - The company faces risks related to climate change, including potential increased costs for compliance with environmental regulations and the impact on client operations[221]. - Extreme weather conditions and natural disasters pose risks that could delay projects and result in revenue loss while incurring ongoing costs[221]. Accounting and Compliance - The company has been audited by KPMG LLP since 1998, ensuring compliance with PCAOB standards[249]. - The company reported no impairment of long-lived assets as of December 31, 2021, indicating stable economic conditions compared to March 31, 2020[223]. - The company has implemented a system of internal controls to mitigate risks of material misstatements in financial reporting, ensuring compliance with U.S. GAAP[229].

North American Construction Group Ltd. (NYSE:NOA) Q3 2021 Earnings Conference Call October 28, 2021 9:00 AM ET Company Participants Joe Lambert - CEO Jason Veenstra - CFO Conference Call Participants Tim Monachello - ATB Capital Markets Bryan Fast - Raymond James Maxim Sytchev - National Bank Financial Aaron MacNeil - TD Securities John Gibson - BMO Capital Markets Operator Good morning ladies and gentlemen. Welcome to the North American Construction Group Earnings Call for the third quarter ended September ...

1 S800 2021 Q3 EARNINGS PRESENTATION October 28, 2021 S8005 Q3 2 0 2 1 E A R NI NGS Forward-looking statements & Non-GAAP financial measures | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month of October 2021 Commission File Number 001-33161 NORTH AMERICAN CONSTRUCTION GROUP LTD. 27287 - 100 Avenue Acheson, Alberta T7X 6H8 (780) 960-7171 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. F ...

North American Construction Group Ltd. (NYSE:NOA) Q2 2021 Results Conference Call July 29, 2021 9:00 AM ET Company Participants Joe Lambert - CEO Jason Veenstra - CFO Conference Call Participants Aaron MacNeil - TD Securities Yuri Lynk - Canaccord Genuity Bryan Fast - Raymond James Tim Monachello - ATB Capital Markets Maxim Sytchev - National Bank Financial Richard Dearnley - Longport Partners Operator Good morning, ladies and gentlemen. Welcome to the North American Construction Group Earnings call for the ...

Financial Data and Key Metrics Changes - Revenue for Q1 2021 was $168 million, a decrease of $30 million or 15% compared to Q1 2020, but an increase of 23% from Q4 2020, marking three consecutive quarters of substantial revenue growth [10][11][17] - Adjusted EBITDA reached a record $61.1 million, nearly double the figure from Q2 2020, reflecting a strong recovery [17] - Adjusted EPS for the quarter was $0.65, slightly lower than $0.70 in Q1 2020 due to a higher number of shares outstanding [19] Business Line Data and Key Metrics Changes - 26% of adjusted EBIT was generated from outside the Fort McMurray region, with a target of 45% for the full year [13] - The Nuna Group of Companies contributed significantly to EBITDA, with a revenue share of $25.2 million and a gross profit margin of 21% [18] Market Data and Key Metrics Changes - The company noted strong resiliency in the oil sands market, with operating utilization increasing to 66% in Q1 from a low of 24% in Q2 2020 [11][30] - The company is pursuing diversification in low capital intensity growth areas, including U.S. mine management contracts and major earthworks infrastructure projects [27] Company Strategy and Development Direction - The company aims to diversify its operations to reduce consolidation risk by expanding into different commodity markets and geographic regions [26] - A focus on enhancing safety protocols and improving operational efficiency through the implementation of a Fleet Telematics Program was highlighted [31][66] - The company is also committed to sustainability, with initiatives including partnerships with indigenous groups and exploring electric vehicles and hydrogen fuels [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the increased EBITDA and free cash flow ranges based on Q1 results and a strong contracted backlog [36] - The company is optimistic about the opportunities in Quebec, particularly in brownfield expansions and mining contracts [42][60] - Management emphasized the importance of maintaining safety and operational efficiency amid ongoing challenges related to COVID-19 [5][54] Other Important Information - The company reported a gross profit margin of 19%, supported by effective fleet utilization and the Canada Emergency Wage Subsidy program [14] - Liquidity stood at $151 million, reflecting a strong position despite sustaining capital expenditures [21] Q&A Session Summary Question: Guidance on EBITDA and free cash flow - Management indicated that the increase in guidance was due to both better-than-expected Q1 results and higher visibility on the backlog for the year [41] Question: Opportunities in Quebec - Management discussed pursuing brownfield expansions and mining contracts in Quebec, emphasizing the potential for increased mining of satellite deposits [42] Question: Inflationary pressures - Management noted minimal inflationary pressures, primarily due to fuel being provided by clients and stable labor and equipment costs [51] Question: Labor availability amid COVID-19 - Management reported no significant impact on labor availability, focusing on isolation measures to mitigate risks [53] Question: Fleet utilization metrics - Management acknowledged that while utilization could potentially go higher, it is close to a practical limit based on historical performance [62] Question: Fleet Telematics program - Management highlighted the potential for improved efficiency and cost savings through the Telematics program, which will enhance machine health monitoring and operational training [66] Question: M&A strategy - Management confirmed ongoing interest in M&A opportunities that align with their strategy for diversification and vertical integration [69]

1 Q1 2021 EARNINGS PRESENTATION April 29, 2021 Forward-looking statements & Non-GAAP financial measures 2 Q 1 2 0 2 1 E AR N I N G S This presentation contains forward-looking information which reflects the current plans and expectations of North American Construction Group Ltd. (the "Company") with respect to future events and financial performance. Examples of such forward-looking information in this document include, but are not limited to, statements with respect to the Company's targets for percentage ...

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Financial Data and Key Metrics Changes - Revenue for Q4 2020 was $137 million, a decline of $53 million or 28% year-over-year, primarily due to the impacts of COVID-19 [9][10] - Adjusted EBITDA for the quarter was $46.2 million, consistent with Q4 2019, despite a different macro environment [16] - Net income for the quarter included $6.6 million from the Canada emergency wage subsidy program, which reimbursed approximately 20% of employee costs [17][18] - General and administrative expenses were $6.3 million, representing 4.6% of revenue, consistent with 2019 [16] Business Line Data and Key Metrics Changes - Operating utilization in Q4 was 58%, up from a low of 24% in Q2, indicating a recovery in operational performance [11] - Gross profit margin for the quarter was 17%, supported by effective fleet utilization and disciplined cost management [13] - The company expects to adapt its reporting to reflect diversification efforts in Q1 2021 [12] Market Data and Key Metrics Changes - The company noted strong resiliency in oil sands mines, with improved access and safety protocols leading to increased productive operating hours [10] - The bid pipeline includes approximately $400 million to $500 million in satellite mine opportunities, indicating a focus on lower capital intensity projects [45] Company Strategy and Development Direction - The primary focus for 2021 includes health and safety, equipment utilization, and diversification into low capital intensity growth areas [23][24] - The company plans to expand its maintenance facility to enhance external maintenance service capacity and reduce field labor demand [26] - A strategic goal is to increase EBIT targets from 40% to 50% by the end of 2022, driven by demand in various resource areas [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery and stability of the business environment moving into 2021, with expectations for continued demand in resource areas [36] - The outlook for 2021 remains unchanged, with a midpoint expectation of $70 million in free cash flow, which is about 20% of net debt [36] Other Important Information - The company is focused on maintaining tight controls on SG&A spending and ensuring administrative costs are effective and efficient [26] - The expansion of the maintenance facility includes a solar array expected to supply about 15% of electrical demand, contributing to sustainability goals [26][81] Q&A Session Summary Question: Can the company meet its 2021 revenue diversification goal with current resources? - Management indicated that the 2021 forecast does not anticipate new contract awards, and the increase in 2022 targets is based on expectations of winning external awards [39] Question: What percentage of the bid book consists of satellite mine opportunities? - Approximately $400 million to $500 million in satellite mine opportunities are being considered, focusing on nearer-term projects [45] Question: Are there signs of returning opportunities in oil sands projects? - Management noted that summer construction tenders typically do not appear until late February to April, and they have not seen significant opportunities return yet [46] Question: Is the company operating at full capacity in the component rebuild facility? - The facility is operating at full capacity, and savings in average component costs have met or exceeded expectations [53] Question: What is the expected payback period for the shop expansion investment? - The expected payback period for the shop expansion is approximately three years, similar to previous investments [61] Question: Is there interest in M&A opportunities? - Management is observing some activity in M&A but is focused on capital-conscious opportunities that fit their diversification strategy [54][70]