[Letter to Shareholders](index=5&type=section&id=Letter%20to%20Shareholders) The CEO's letter reviews mixed Q3 results, highlighting safety, Nuna challenges, and the MacKellar acquisition, forecasting strong 2024 growth - Third quarter results were mixed, with excellent safety performance (**64% reduction in incident rate YoY**) but operational challenges for the Nuna Group of Companies due to project permitting delays and the effects of wildfires in Yellowknife, NWT[7](index=7&type=chunk) - The acquisition of the MacKellar Group in Australia, effective October 1, is a major milestone, with strong performance leading to increased expectations for 2024 due to high demand for heavy equipment[9](index=9&type=chunk) - The company is targeting a full-year earnings potential of **$4.50 per share** and a 2024 free cash flow range of **$160 to $185 million**, representing a potential over **50% increase** from the record-setting 2023[9](index=9&type=chunk) [Management's Discussion and Analysis](index=6&type=section&id=Management%27s%20Discussion%20and%20Analysis) This section analyzes the company's Q3 and YTD 2023 financial condition, operations, MacKellar acquisition, financial highlights, liquidity, accounting, and outlook [Overall Performance](index=7&type=section&id=OVERALL%20PERFORMANCE) Q3 2023 performance showed modest revenue growth and stable Adjusted EBITDA, but net income and adjusted EPS declined due to project delays Q3 2023 Financial Highlights vs. Q3 2022 | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $194.7M | $191.4M | +$3.4M | | Total combined revenue | $272.6M | $269.6M | +$3.0M | | Gross profit | $26.3M | $24.6M | +$1.7M | | Adjusted EBITDA | $59.4M | $60.1M | -$0.7M | | Adjusted EBITDA margin | 21.8% | 22.3% | -0.5% | | Net income | $11.4M | $20.2M | -$8.8M | | Adjusted net earnings | $14.3M | $17.6M | -$3.3M | | Adjusted EPS | $0.54 | $0.65 | -$0.11 | | Free cash flow | $10.0M | $3.4M | +$6.6M | - Equipment utilization was **56%**, negatively impacted by the relocation of heavy equipment to the Fort Hills mine and wet weather, partially offset by contributions from the ML Northern fuel and lube fleet acquisition[15](index=15&type=chunk) - Combined revenue was affected by project permitting delays and wildfire-related disruptions impacting the Nuna Group of Companies, offset by the Fargo-Moorhead flood diversion project's largest operational quarter to date[16](index=16&type=chunk) [Significant Business Events](index=8&type=section&id=SIGNIFICANT%20BUSINESS%20EVENTS) The company completed the MacKellar Group acquisition for $395 million, expanding its credit facility to $470 million lending capacity and $820 million total borrowing limit - Closed the acquisition of MacKellar Group in Australia, effective October 1, 2023, for a total expected consideration of **$395 million**[24](index=24&type=chunk) - Entered into an amended and restated senior revolving credit facility, increasing total lending capacity to **$470 million** (comprising a **$280M CAD tranche** and a **$220M AUD tranche**)[26](index=26&type=chunk) - The new Credit Facility permits an additional **$350 million** in secured equipment financing, bringing the total borrowing limit to **$820 million**[26](index=26&type=chunk) [Financial Highlights](index=9&type=section&id=FINANCIAL%20HIGHLIGHTS) This section details Q3 and YTD 2023 financial performance, including GAAP to non-GAAP reconciliations, revenue, gross profit, operating income, and decreased equity earnings from joint ventures [Liquidity and Capital Resources](index=15&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of September 30, 2023, the company maintained **$108.4 million** in liquidity, with net debt increasing to **$395.3 million**, detailing capital additions, cash flow, and credit facility amendments [Accounting Estimates, Pronouncements, and Measures](index=21&type=section&id=ACCOUNTING%20ESTIMATES%2C%20PRONOUNCEMENTS%20AND%20MEASURES) This section details the accounting framework, recent presentation changes like combining project costs into 'cost of sales', and defines non-GAAP financial measures - The company updated its presentation to combine project and equipment costs into 'cost of sales' in the income statement and to include finance lease obligations within 'long-term debt' on the balance sheet, with comparative periods restated[96](index=96&type=chunk)[97](index=97&type=chunk) - A new accounting standard update (ASU 2023-05) regarding joint venture formations will be effective January 1, 2025, and the company is currently assessing its impact[98](index=98&type=chunk) - The report defines numerous non-GAAP financial measures used for performance analysis, including Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, Combined Revenue, and Net Debt[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[112](index=112&type=chunk)[117](index=117&type=chunk)[114](index=114&type=chunk) [Outlook](index=25&type=section&id=OUTLOOK) The company provides a robust 2023 and 2024 financial outlook, projecting significant growth in combined revenue, Adjusted EBITDA, and free cash flow, with deleveraging targets 2023 & 2024 Financial Outlook | Key measures | 2023 | 2024 | | :--- | :--- | :--- | | Combined revenue | $1.2 - $1.3B | $1.5 - $1.7B | | Adjusted EBITDA | $295 - $310M | $430 - $470M | | Adjusted EPS | $2.80 - $3.00 | $4.25 - $4.75 | | Free cash flow | $90 - $110M | $160 - $185M | | Net debt leverage | Less than 1.8x | Less than 1.4x | - The 2023 free cash flow projection was updated to a range of **$90 to $110 million** to reflect the MacKellar acquisition and the timing of cash receipts from joint ventures[129](index=129&type=chunk) [Interim Consolidated Financial Statements](index=28&type=section&id=Interim%20Consolidated%20Financial%20Statements) This section presents the unaudited interim consolidated financial statements for Q3 and YTD 2023, including Balance Sheets, Operations, Equity, and Cash Flows, with accompanying notes [Interim Consolidated Balance Sheets](index=28&type=section&id=Interim%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets increased to **$1.009 billion**, driven by PPE, with stable liabilities and shareholders' equity growing to **$339.6 million** Consolidated Balance Sheet Summary (in thousands) | Account | Sept 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | **$197,662** | **$230,359** | | Property, plant and equipment, net | $695,176 | $645,810 | | **Total Assets** | **$1,009,065** | **$979,513** | | **Total Current Liabilities** | **$158,383** | **$192,303** | | Long-term debt | $392,648 | $378,452 | | **Total Liabilities** | **$669,429** | **$673,594** | | **Total Shareholders' Equity** | **$339,636** | **$305,919** | | **Total Liabilities & Equity** | **$1,009,065** | **$979,513** | [Interim Consolidated Statements of Operations and Comprehensive Income](index=29&type=section&id=Interim%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q3 2023 revenue was **$194.7 million** with net income of **$11.4 million** (**$0.43 basic EPS**), a decrease from Q3 2022, while YTD net income increased to **$45.5 million** Statement of Operations Summary (in thousands, except per share) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $194,744 | $191,383 | $630,922 | $536,122 | | Gross Profit | $26,312 | $24,567 | $88,762 | $58,958 | | Operating Income | $14,138 | $17,649 | $49,935 | $39,592 | | Net Income | $11,387 | $20,220 | $45,495 | $41,291 | | Basic EPS | $0.43 | $0.75 | $1.72 | $1.49 | | Diluted EPS | $0.39 | $0.65 | $1.51 | $1.33 | [Interim Consolidated Statements of Cash Flows](index=31&type=section&id=Interim%20Consolidated%20Statements%20of%20Cash%20Flows) In Q3 2023, operating activities generated **$37.5 million** cash, investing used **$27.0 million**, and financing generated **$9.3 million**, resulting in a **$19.8 million** net cash increase, while YTD cash decreased by **$27.2 million** Cash Flow Summary (in thousands) | Activity | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Cash from Operating | $37,512 | $31,432 | $109,521 | $91,102 | | Net Cash used in Investing | ($26,970) | ($28,042) | ($107,123) | ($79,945) | | Net Cash from (used in) Financing | $9,250 | $7,698 | ($29,639) | ($4,969) | | **Increase (Decrease) in Cash** | **$19,792** | **$11,088** | **($27,241)** | **$6,188** | [Notes to Interim Consolidated Financial Statements](index=32&type=section&id=Notes%20to%20Interim%20Consolidated%20Financial%20Statements) The notes provide essential context to the financial statements, detailing accounting policies, revenue, joint ventures, debt, share capital, and subsequent events, including the MacKellar acquisition

Revenue Performance - Revenue for Q2 2023 was CAD 193.6 million, a CAD 25.5 million (or 15%) increase from Q2 2022[12] - Total combined revenue reached CAD 277.0 million, representing a CAD 49.0 million (or 21%) increase from Q2 2022[13] - For the three months ended June 30, 2023, revenue was $193.6 million, an increase of 15.3% from $168.0 million in the same period last year[29] - For the six months ended June 30, 2023, revenue was $436.2 million, up 27% from $344.7 million in the same period last year[30] - The company reported a combined revenue of $276.9 million for the three months ended June 30, 2023, up from $228.0 million in the same period last year[23] - Revenue generated from backlog for the six months ended June 30, 2023, was $364.8 million, with an estimated $222.2 million expected to be performed over the remainder of 2023[88] - The Company reported revenues of $158,485 million and $347,970 million for the three and six months ended June 30, 2023, respectively, compared to $125,774 million and $251,204 million for the same periods in 2022, reflecting a year-over-year increase of 26% and 38%[192] Profitability Metrics - Adjusted EBITDA for Q2 2023 was CAD 51.8 million, an increase of CAD 10.2 million (or 24%) from Q2 2022[14] - Adjusted EPS was CAD 0.47, up 176% from the prior year figure of CAD 0.17[18] - Gross profit margin for Q2 2023 was 11.1%, an increase of 3.8% from Q2 2022[12] - Gross profit for the three months ended June 30, 2023, was $21.5 million, with a gross profit margin of 11.1%, compared to $12.4 million and 7.4% in the same period last year[31] - Adjusted EBITDA for the three months ended June 30, 2023, was $51.8 million, representing an adjusted EBITDA margin of 18.7%[25] - Operating income for the three months ended June 30, 2023, was $10.3 million, an increase of $4.0 million from $6.3 million in the same period last year[36] - Net income for the three months ended June 30, 2023, was $12.3 million, compared to $7.5 million in the same period last year[25] - Net income for the six months ended June 30, 2023, was CAD 34,108 thousand, compared to CAD 21,071 thousand for the same period in 2022, representing a 62% increase[140] Cash Flow and Capital Expenditures - Free cash flow was a use of cash of CAD 4.3 million, impacted by sustaining capital additions of CAD 38.3 million[19] - Cash provided by operating activities was CAD 40.2 million, up CAD 4.7 million from CAD 35.5 million in Q2 2022[12] - Cash provided by operating activities for Q2 2023 was $40.2 million, an increase of 13.5% compared to $35.5 million in Q2 2022[58] - Cash used in investing activities for Q2 2023 was $39.2 million, compared to $25.1 million in Q2 2022, primarily for the purchase of property, plant, and equipment[61] - Capital expenditures for Q2 2023 were $41.1 million, significantly higher than $22.3 million in Q2 2022[53] - Cash used in investing activities for the six months ended June 30, 2023, was $80.2 million, an increase from $51.9 million in the same period of 2022[62] Debt and Financial Obligations - Total debt as of June 30, 2023, was $416.0 million, down from $424.9 million at the end of 2022, a decrease of 2.1%[50] - The company has $98.7 million in unused borrowing availability under its Credit Facility as of June 30, 2023, compared to $88.0 million at the end of 2022[165] - The company has entered into a commitment letter to amend its Credit Facility to a maximum amount of $450.0 million[76] - Total contractual obligations as of June 30, 2023, were $514.1 million, down from $537.5 million as of December 31, 2022[70] - Long-term debt decreased to $369.74 million as of June 30, 2023, from $378.45 million at the end of 2022[163] Market and Operational Insights - The company signed a definitive share purchase agreement to acquire MacKellar Group for an estimated consideration of CAD 395 million, expected to close in Q4 2023[20] - The company maintained a strong backlog, with expectations that demand for heavy construction services will exceed contractually committed demand[127] - The company anticipates stable commodity prices for the remainder of 2023, which is crucial for its operational performance[127] - The company has experienced no material change in market risk as of the quarter ended June 30, 2023[130] - The company is exposed to concentration risk, with Customer A accounting for 31% of revenue for the three months ended June 30, 2023[193] Employee and Workforce Metrics - The company had 208 salaried employees and 1,617 hourly employees as of June 30, 2023, compared to 195 salaried and 1,576 hourly employees a year earlier, reflecting growth in workforce[120] - Approximately 83% of the hourly employees are union members, maintaining the same percentage as in June 2022[120] Stock and Shareholder Information - The TSX closing price of the shares as of June 30, 2023, was $25.35, up from $18.08 at the end of 2022, indicating a positive market trend[85] - The company declared dividends of $0.10 per share for Q1 and Q2 2023, totaling $2.64 million paid or payable to shareholders[183]

And what would the return profile look like for that type of investment? It passes our normal hurdle rates, Tim. 20% IRR, three to four-year payback sort of timeframe with -- these are longer life assets, but yes, very strong economics. Great. So like the $5 million to $10 million of investment, is that basically to build the fleet so that you have enough equipment to service the contract? Is that with an existing client? Okay, very interesting. All right. I appreciate all the details, guys. Nice quarter. I ...

Forward-looking statements & non-GAAP financial measures 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 of Adjusted EBIT to be generated outside Canadian oil sands; the Company's 2 ...

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 April 2023 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. For ...

2 record of $1.81 1 See Slide 2 or 2022 Annual Report for Non-GAAP Financial Measures FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES For more complete information about the Company and the material factors and assumptions underlying our forward-looking information please read the most recent disclosure documents posted on the Company's website www.nacg.ca or filed with the SEC and the CSA. You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at w ...

Adjusted EBITDA1 ($m) 8 Q4 2 0 2 2E A R NI NGS Utilizing and Investing in Technology | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | Telematics hardware now installed on 375 pieces of heavy equipment | | | | • Specific to Q4, approximately 110,000 machine hours monitored | | | | Acheson control center operational and showing meaningful results | | | | • 395 alerts identified during ...

Financial Data and Key Metrics Changes - Combined revenue reached $320 million, marking the highest quarterly revenue in the company's history, with a trailing 12-month revenue exceeding $1 billion at $1.054 billion, surpassing the previous record of $1.016 billion [24][25] - Adjusted earnings per share (EPS) for the quarter was $1.10, an increase of $0.51 from Q4 2021, driven by $45.7 million of adjusted EBIT [29] - Gross profit margin improved to 17.8% from 14.7% in Q3 2022, reflecting strong operational performance [35] - Adjusted EBITDA reached a record $86 million, exceeding the previous record by over 40% [36] - Net debt levels decreased by $52 million in the quarter, with net debt leverage at 1.5 times [39] Business Line Data and Key Metrics Changes - Revenue from the core heavy equipment fleet increased by 30% quarter-over-quarter, driven by improved equipment utilization and updated unit rates [2] - Equipment operating hours rose over 15% in the quarter, with utilization reaching 75%, significantly higher than the 64% in Q3 2021 [3][16] - Wholly owned business lines, including DGI Trading and external sales of rebuilt haul trucks, posted strong revenue consistent with Q4 of the previous year [4] Market Data and Key Metrics Changes - Revenue generated from joint ventures and affiliates was $87 million in Q4, compared to $54 million in Q4 2021, driven by growth in rebuilt haul trucks and the Fargo-Moorhead flood diversion project [33][34] - The company expects high demand to continue throughout 2023 and into 2024, with a backlog of $1.3 billion, aiming to exceed $2 billion by year-end [46] Company Strategy and Development Direction - The company is focusing on increasing its skilled trades workforce and enhancing internal maintenance capabilities to improve fleet utilization [41][43] - There is an emphasis on leveraging technology, including telematics systems, to improve operational efficiency and safety [19][21] - The company is actively pursuing opportunities in the EV metals market and other commodities, with a focus on M&A for growth [170] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand cycle for commodities, particularly in the context of EV metals, indicating a robust market outlook [101][97] - The company is cautious about projecting trends without sufficient data points, particularly regarding fleet utilization [94] - Management highlighted the importance of maintaining a disciplined approach to capital allocation, balancing deleveraging with growth opportunities [69][70] Other Important Information - The company plans to increase its dividend by 25% and is focused on deleveraging due to rising interest rates [48] - The telematics system has already saved over $2 million in machine components and is expected to double savings in 2023 [21] Q&A Session Summary Question: How should utilization targets be interpreted for the year? - Management indicated that utilization targets of 75% to 85% should be viewed with seasonally weaker quarters at the lower end and stronger quarters like Q4 towards the mid-80s level [53] Question: Is Suncor's contractor headcount reduction an opportunity or threat? - Management believes it is not a threat, as demand for their services remains strong and consolidated [54] Question: How does the backlog and guidance for 2023 look? - Management expects the backlog to exceed $2 billion by year-end, with a cyclical nature affecting quarter-to-quarter comparisons [105][106] Question: What are the impacts of inflation and project margins? - Management stated that inflationary pressures have been modeled into project forecasts, and expected project margins remain intact [166] Question: What is the outlook for the Fargo-Moorhead project? - The project is ramping up well, with expectations for peak production and workforce in the coming year [111][163]

Financial Performance - Revenue for the year ended December 31, 2022, was $769.5 million, representing an increase of $115.4 million (or 18%) compared to 2021[63]. - Total combined revenue reached $1,054.3 million in 2022, a year-over-year increase of $242.0 million (or 30%)[64]. - Gross profit was $101.5 million, with a gross profit margin of 13.2%, down from 13.8% in the previous year[65]. - Adjusted EBITDA for 2022 was $245.4 million, an 18% increase from $207.3 million in 2021, with an adjusted EBITDA margin of 23.3%[68]. - Net income for the year was $67.4 million, resulting in a basic net income per share of $2.46, up from $1.81 in 2021[61]. - Free cash flow amounted to $70.0 million, driven by adjusted EBITDA less sustaining capital additions and cash interest paid[70]. - The company's share of revenue from joint ventures and affiliates was $596.0 million, a significant increase of 79% compared to $332.4 million in 2021[64]. - Adjusted EBITDA for the year ended December 31, 2022, was $245,352,000, representing a margin of 23.3%[72]. - Net income for the year ended December 31, 2022, was $67,372,000, up from $51,408,000 in 2021, reflecting a growth of 31.0%[75]. - Basic net income per share increased to $2.46 in 2022 from $1.81 in 2021, marking a rise of 36.0%[75]. - Total combined revenue for the year ended December 31, 2022, reached $1,054,265,000, a significant increase from $812,226,000 in 2021[77]. - Gross profit for the year ended December 31, 2022, was $101,548,000, compared to $90,417,000 in 2021, indicating a growth of 12.3%[75]. Cash Flow and Liquidity - Cash provided by operating activities for Q4 2022 was $78.1 million, an increase from $65.9 million in Q4 2021, and for the full year 2022, it was $169.2 million compared to $165.2 million in 2021[127]. - Cash used in investing activities for Q4 2022 was $17.5 million, down from $24.3 million in Q4 2021, primarily due to $27.9 million spent on property, plant, and equipment[130]. - For the full year 2022, cash used in investing activities was $97.5 million, slightly down from $99.3 million in 2021, with $111.5 million allocated for property, plant, and equipment purchases[131]. - Cash reserves rose significantly to CAD 69,144,000 in 2022, up from CAD 16,601,000 in 2021, marking an increase of about 316%[256]. - The company reported a total capital liquidity of $212.4 million as of December 31, 2022, down from $233.1 million in 2021, a decrease of 8.8%[110]. Debt and Obligations - Total debt as of December 31, 2022, was $424,912,000, an increase from $385,626,000 in 2021, indicating a rise of 10.2%[72]. - The company’s total debt outstanding as of December 31, 2022, was $424.9 million, which may limit its ability to obtain additional financing and increase vulnerability to interest rate changes[216]. - Total contractual obligations increased to $537.5 million as of December 31, 2022, up from $471.9 million in 2021, primarily due to a $95.3 million increase in the Credit Facility[143]. - As of December 31, 2022, the company had $180.0 million borrowed against its Credit Facility, with $32.0 million in issued letters of credit, compared to $110.0 million and $33.9 million, respectively, in 2021[148]. Operational Metrics - Equipment utilization improved to 69% in the second half of 2022, compared to 58% in the same period of 2021[63]. - The company aims to enhance operational excellence through improved fleet maintenance and utilization[167]. - The equipment fleet is currently composed of 62% owned, 32% finance leased, and 6% rented equipment[121]. Shareholder and Equity Information - Cash dividend declared per share increased to $0.32 in 2022 from $0.16 in 2021, representing a 100% increase[72]. - The company completed a Normal-Course Issuer Bid (NCIB) in 2022, purchasing and canceling 2,113,054 shares at an average price of $15.45, resulting in a total reduction of $16.8 million in common shares[159]. - As of December 31, 2022, the company had 27,827,282 total voting common shares outstanding, including 1,412,502 shares classified as treasury shares[152]. Risks and Challenges - The company faces significant inflationary pressures, particularly in skilled labor and equipment parts, which may impact profitability if future inflation rates are not accurately predicted[221]. - The company relies on skilled labor, facing challenges in attracting and retaining workers, particularly in remote locations[216]. - Labour disputes could adversely affect operations, as the majority of hourly employees are subject to collective bargaining agreements[223]. - The company acknowledges that actual results may differ materially from forward-looking statements due to various risks and uncertainties[212]. - Climate change regulations may increase operational costs and impact business models, necessitating compliance with new environmental standards[226]. - Extreme weather conditions and natural disasters pose risks to project timelines and could lead to revenue losses while incurring ongoing costs[228]. Future Outlook - Adjusted EBITDA for 2022 was $245 million, with a 2023 outlook of $240 million to $260 million[169]. - Adjusted EPS for 2022 was $2.41, with a projected range of $2.15 to $2.35 for 2023[169]. - Free cash flow for 2022 was $70 million, with a forecast of $85 million to $105 million for 2023[169]. - Sustaining capital expenditures for 2022 were $113 million, expected to rise to $120 million to $130 million in 2023[169]. - The company anticipates that $498.6 million of its backlog will be performed over 2023[213]. Internal Controls and Audit - The independent auditor, KPMG LLP, confirmed that the company maintained effective internal control over financial reporting as of December 31, 2022[208]. - Management concluded that the internal control system was effective based on the criteria set forth in the COSO framework[232]. - The audit included testing the operating effectiveness of internal controls related to revenue recognition processes[252]. - KPMG LLP expressed an unqualified opinion on the consolidated financial statements for the years ended December 31, 2022, and 2021[244].

North American Construction Group Ltd. (NYSE:NOA) Q2 2022 Earnings Conference Call October 27, 2022 9:00 AM ET Company Participants Joe Lambert - President and CEO Jason Veenstra - EVP and CFO Conference Call Participants Aaron MacNeil - TD Securities Yuri Lynk - Canaccord Genuity Tim Monachello - ATB Capital Markets Maxim Sytchev - National Bank Financial Bryan Fast - Raymond James Operator Good morning, ladies and gentlemen. And welcome to the North American Construction Group Earnings Call for the Third ...