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286.50 454.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 454.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 454.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 454.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 454.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 454.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 454.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 454.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.60 171.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 422.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 422.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 422.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 422.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 422.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 422.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 422.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 422.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 422.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 382.60 171.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 382.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 382.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 382.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 382.60 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 382.60 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 618.6 m 221.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 618.6 m 286.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 618.6 m 355.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 618.6 m 424.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 618.6 m 493.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 618.6 m 562.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 524.6 m 221.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 524.6 m 286.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 524.6 m 355.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 524.6 m 424.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 524.6 m 493.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 524.6 m 562.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 513.6 m 221.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 513.6 m 286.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 513.6 m 355.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 513.6 m 424.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 513.6 m 493.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 513.6 m 562.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 508.6 m 221.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 508.6 m 286.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 508.6 m 355.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 508.6 m 424.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 508.6 m 493.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 508.6 m 562.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 382.6 m 221.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 382.6 m 286.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 382.6 m 355.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 382.6 m 424.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 382.6 m 493.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 382.6 m 562.5 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 371.6 m 221.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 371.6 m 286.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 371.6 m 355.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 371.6 m 424.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 371.6 m 493.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 371.6 m 562.5 371.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.50 630.83 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 258.95 622.83 Td (shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.50 622.83 Td (T) Tj ET Q q 0 0 0 rg BT 299.24 622.83 Td (reasury shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.85 638.83 Td (Additional) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.95 630.83 Td (paid-in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.85 622.83 Td (capital) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.75 622.83 Td (Deficit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.10 622.83 Td (T) Tj ET Q q 0 0 0 rg BT 546.10 622.83 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 610.28 Td (Balance at December?31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 609.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.45 609.60 Td (252,633) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 609.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.45 609.60 Td (\(9,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 609.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 609.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.45 609.60 Td (45,915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 609.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.45 609.60 Td (\(130,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 609.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 609.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 609.60 Td (158,954) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 599.28 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 598.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 598.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 598.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 598.60 Td (9,599) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 598.60 Td (9,599) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 588.28 Td (Exercised options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.95 587.60 Td (492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 587.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 587.60 Td (\(197) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.00 587.60 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 587.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 587.60 Td (295) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 577.28 Td (Stock-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 576.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 576.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 576.60 Td (774) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 576.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 576.60 Td (774) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 565.83 Td (Dividends \(note 9\(d\)\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 557.83 Td (\($0.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.23 557.83 Td (2 per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 558.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 558.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 558.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 558.00 Td (\(558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 558.00 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 558.00 Td (\(558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 558.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 544.83 Td (Purchase of treasury shares for settlement) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 536.83 Td (of certain equity classified stock-based) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 528.83 Td (compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 529.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.45 529.00 Td (\(3,544) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.00 529.00 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 529.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 529.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 529.00 Td (\(3,544) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 529.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 516.28 Td (Balance at March 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 515.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.45 515.60 Td (253,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 515.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.45 515.60 Td (\(12,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 515.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 515.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.45 515.60 Td (46,492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 515.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.45 515.60 Td (\(121,259) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 515.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 515.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 515.60 Td (165,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 500.28 Td (Balance at December?31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 499.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.45 499.60 Td (231,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 499.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.45 499.60 Td (\(12,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 499.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 499.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.45 499.60 Td (54,416) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 499.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.45 499.60 Td (\(127,162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 499.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 499.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 499.60 Td (145,924) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 488.83 Td (Adoption of accounting standard \(note) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 194.21 488.83 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 480.83 Td (3\(a\(i\)\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 481.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 481.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 481.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.95 481.00 Td (\(45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 481.00 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 481.00 Td (\(45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 481.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 468.28 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 467.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 467.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 467.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 467.60 Td (1) Tj ET Q q 0 0 0 rg BT 467.46 467.60 Td (1,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 467.60 Td (1) Tj ET Q q 0 0 0 rg BT 536.46 467.60 Td (1,131) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 457.28 Td (Exercised options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.95 456.60 Td (678) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 456.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 456.60 Td (\(271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.00 456.60 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 456.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 456.60 Td (407) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 446.28 Td (Stock-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 445.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 445.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 445.60 Td (720) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 445.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 445.60 Td (720) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 434.83 Td (Dividends \(note 9\(d\)\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 426.83 Td (\($0.02 per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 427.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 427.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 427.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 427.00 Td (\(504) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 427.00 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 427.00 Td (\(504) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 427.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 414.28 Td (Share purchase programs \(note 9\(c\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.45 413.60 Td (\(2,962) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.00 413.60 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.00 413.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 413.60 Td (671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 413.60 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 413.60 Td (\(2,291) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 413.60 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 402.83 Td (Purchase of treasury shares for settlement) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 394.83 Td (of certain equity classified stock-based) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 386.83 Td (compensation \(note 9\(a\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 387.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 387.00 Td (\(606) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.00 387.00 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 387.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.00 387.00 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 387.00 Td (\(606) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 387.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 374.28 Td (Balance at March 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.00 373.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.45 373.60 Td (228,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 373.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.45 373.60 Td (\(12,956) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 373.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 373.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.45 373.60 Td (55,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 373.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.45 373.60 Td (\(1) Tj ET Q q 0 0 0 rg BT 462.45 373.60 Td (16,580) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 373.60 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 373.60 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 373.60 Td (154,736) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (See accompanying notes to interim consolidated financial statements.) 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 280.20000000000005 m 494 280.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 280.20000000000005 m 563 280.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 258.20000000000005 m 429 258.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 258.20000000000005 m 494 258.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 258.20000000000005 m 563 258.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 247.20000000000005 m 429 247.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 247.20000000000005 m 494 247.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 247.20000000000005 m 563 247.20000000000005 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 662.93 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 652.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 642.88 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 642.88 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 642.88 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 631.88 Td (Cash provided by \(used in\):) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 620.88 Td (Operating activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 609.88 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 609.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 609.20 Td (1) Tj ET Q q 0 0 0 rg BT 467.96 609.20 Td (1,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 609.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 609.20 Td (9,599) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 598.88 Td (Adjustments to reconcile to net cash from operating activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 587.88 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 587.20 Td (18,192) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 587.20 Td (14,558) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 576.88 Td (Amortization of intangible assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 576.20 Td (153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 576.20 Td (352) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 565.88 Td (Amortization of deferred financing costs \(note 8\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 565.20 Td (130) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.45 565.20 Td (82) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 554.88 Td (Loss on sublease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 554.20 Td (1,712) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 554.20 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 543.88 Td (Loss on disposal of property) Tj ET Q q 0 0 0 rg BT 158.26 543.88 Td (, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 543.20 Td (80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 543.20 Td (214) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 532.88 Td (Gain on disposal of assets held for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 532.20 Td (\(42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 532.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 532.20 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 532.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 521.88 Td (Stock-based compensation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 521.20 Td (1,898) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 521.20 Td (2,058) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 510.88 Td (Other adjustments to cash from operating activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 510.20 Td (52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.45 510.20 Td (26) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 499.88 Td (Deferred income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 499.20 Td (4,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 499.20 Td (3,487) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 488.88 Td (Net changes in non-cash working capital \(note 10\(b\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 488.20 Td (1,603) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 488.20 Td (\(5,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 488.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 477.88 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 477.20 Td (39,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 477.20 Td (25,087) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 466.88 Td (Investing activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 455.88 Td (Purchase of property) Tj ET Q q 0 0 0 rg BT 132.17 455.88 Td (, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 455.20 Td (\(18,853) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 455.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 455.20 Td (\(19,463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 455.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 444.88 Td (Proceeds on disposal of property) Tj ET Q q 0 0 0 rg BT 174.86 444.88 Td (, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 444.20 Td (1,354) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 444.20 Td (9,465) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 433.88 Td (Proceeds on disposal of assets held for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 433.20 Td (1) Tj ET Q q 0 0 0 rg BT 480.46 433.20 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 433.20 Td (210) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 422.88 Td (Net repayment of loan from partnership \(note 4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 422.20 Td (663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 422.20 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 411.88 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 411.20 Td (\(16,726) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 411.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 411.20 Td (\(9,788) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 411.20 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 400.88 Td (Financing activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 389.88 Td (Repayment of Credit Facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 389.20 Td (\(13,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 389.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 389.20 Td (\(12,071) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 389.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 378.88 Td (Increase in Credit Facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 378.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 378.20 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 367.88 Td (Issuance of Convertible Debentures \(note 5\(c\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.50 367.20 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 367.20 Td (40,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 356.88 Td (Financing costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.50 356.20 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 356.20 Td (\(2,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 356.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 345.88 Td (Repayment of capital lease obligations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 345.20 Td (\(7,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 345.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 345.20 Td (\(6,833) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 345.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 334.88 Td (Proceeds from options exercised) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 334.20 Td (407) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 334.20 Td (295) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 323.88 Td (Dividend payment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 323.20 Td (\(510) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 323.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 323.20 Td (\(569) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 323.20 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 312.88 Td (Share purchase programs \(note 9\(c\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 312.20 Td (\(2,291) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 312.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 312.20 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 301.88 Td (Purchase of treasury shares for settlement of certain equity classified stock-based compensation \(note) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 293.88 Td (9\(a\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 295.60 Td (\(606) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 295.60 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 295.60 Td (\(3,544) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 295.60 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 282.88 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 282.20 Td (\(18,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 282.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 282.20 Td (15,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 271.88 Td (Increase in cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.95 271.20 Td (3,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.95 271.20 Td (30,356) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 260.88 Td (Cash, beginning of period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 260.20 Td (8,186) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 260.20 Td (13,666) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 249.88 Td (Cash, end of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 249.20 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.95 249.20 Td (12,105) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 249.20 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.95 249.20 Td (44,022) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 229.70 Td (Supplemental cash flow information ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.14 229.70 Td (\(note 10\(a\)\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.39 229.70 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 211.70 Td (See accompanying notes to interim consolidated financial statements. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (5) Tj ET Q BT /F3 18.00 Tf ET q 0 0 0 rg BT 50.00 715.90 Td (Notes to Interim Consolidated Financial Statements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 694.30 Td (For the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.57 694.30 Td (three months ended March 31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 206.54 694.30 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 684.70 Td (\(Expressed in thousands of Canadian Dollars, except per share amounts or unless otherwise specified\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 663.70 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.56 663.70 Td (\) Nature of operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.70 Td (North ) Tj ET Q q 0 0 0 rg BT 76.68 645.70 Td (American Construction Group Ltd. \("the Company"\), formerly known as North ) Tj ET Q q 0 0 0 rg BT 420.03 645.70 Td (American Energy Partners Inc., ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.70 Td (provides a wide range of mining and heavy construction services to customers in the resource development and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.70 Td (industrial construction sectors, primarily within W) Tj ET Q q 0 0 0 rg BT 265.44 621.70 Td (estern Canada. On ) Tj ET Q q 0 0 0 rg BT 352.16 621.70 Td (April 1) Tj ET Q q 0 0 0 rg BT 379.77 621.70 Td (1, 2018, the Company announced the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.70 Td (shareholder approval for the amendment to the articles of the Company to change the name of the Company to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.70 Td ("North ) Tj ET Q q 0 0 0 rg BT 80.23 597.70 Td (American Construction Group Ltd.". ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 580.70 Td (These consolidated financial statements include the accounts of the Company) Tj ET Q q 0 0 0 rg BT 394.46 580.70 Td (, its wholly-owned, Canadian ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 568.70 Td (incorporated subsidiaries, North ) Tj ET Q q 0 0 0 rg BT 193.41 568.70 Td (American Construction Management Ltd, North ) Tj ET Q q 0 0 0 rg BT 404.62 568.70 Td (American Fleet Company Ltd., ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 556.70 Td (North ) Tj ET Q q 0 0 0 rg BT 76.68 556.70 Td (American Construction Holdings Inc. \(?NACHI?\), NACG Properties Inc., and NACG ) Tj ET Q q 0 0 0 rg BT 443.47 556.70 Td (Acheson Ltd., and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 544.70 Td (following 100% owned, Canadian incorporated subsidiaries of NACHI as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.08 544.70 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.56 544.70 Td (: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 524.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 86.23 524.42 Td (American Engineering Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.00 524.45 Td (??) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.00 524.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 361.23 524.42 Td (American Site Development Ltd.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 510.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 86.23 510.42 Td (American Enterprises Ltd.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.00 510.45 Td (??) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.00 510.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 361.23 510.42 Td (American Maintenance Ltd.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 496.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 86.23 496.42 Td (American Mining Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.00 496.45 Td (??) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.00 496.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 360.96 496.42 Td (American ) Tj ET Q q 0 0 0 rg BT 405.79 496.42 Td (T) Tj ET Q q 0 0 0 rg BT 410.79 496.42 Td (ailings and Environmental Ltd.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 482.42 Td (??North ) Tj ET Q q 0 0 0 rg BT 85.96 482.42 Td (American Services Inc.) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.70 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.56 456.70 Td (\) Significant accounting policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.70 Td (a\) Basis of presentation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.70 Td (These unaudited interim consolidated financial statements are prepared in accordance with United States generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.70 Td (accepted accounting principles \("US?GAAP"\) for interim financial statements and do not include all of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.70 Td (disclosures normally contained in the Company?) Tj ET Q q 0 0 0 rg BT 261.59 393.70 Td (s annual consolidated financial statements and as such these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.70 Td (interim consolidated financial statements should be read in conjunction with the annual financial statements for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.70 Td (year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.82 369.70 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.65 369.70 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 351.70 Td (The Company's full-year results are not likely to be a direct multiple of any particular quarter or combination of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 339.70 Td (quarters due to seasonality) Tj ET Q q 0 0 0 rg BT 169.33 339.70 Td (. ) Tj ET Q q 0 0 0 rg BT 174.71 339.70 Td (The Company's mining revenues are typically highest in the first quarter of each year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 327.70 Td (as ground conditions are most favorable for this type of work in the Company's operating regions while the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 315.70 Td (Company's civil construction revenues are typically highest during the third and fourth quarter) Tj ET Q q 0 0 0 rg BT 461.57 315.70 Td (, as weather ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 303.70 Td (conditions are most favorable for this type of work during these seasons. ) Tj ET Q q 0 0 0 rg BT 373.32 303.70 Td (The Company's mining activity declines ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 291.70 Td (near the end of the first quarter and through a large portion of the second quarter) Tj ET Q q 0 0 0 rg BT 406.90 291.70 Td (, as weather conditions make ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 279.70 Td (operations in the Company?) Tj ET Q q 0 0 0 rg BT 171.56 279.70 Td (s operating regions dif) Tj ET Q q 0 0 0 rg BT 269.77 279.70 Td (ficult. ) Tj ET Q q 0 0 0 rg BT 295.71 279.70 Td (The duration of this period is referred to as ?spring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 267.70 Td (breakup?, as frost leaves the ground and many secondary roads are temporarily rendered incapable of supporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 255.70 Td (the weight of heavy equipment. In addition to revenue variability) Tj ET Q q 0 0 0 rg BT 331.10 255.70 Td (, gross profit margins can be negatively af) Tj ET Q q 0 0 0 rg BT 516.01 255.70 Td (fected in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 243.70 Td (less active periods because the Company is likely to incur higher maintenance and repair costs due to its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 231.70 Td (equipment being available for servicing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.70 Td (b\) Changes in significant accounting policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 192.70 Td (The Company adopted ) Tj ET Q q 0 0 0 rg BT 154.33 192.70 Td (T) Tj ET Q q 0 0 0 rg BT 159.33 192.70 Td (opic 606, Revenue from Contracts with Customers, with a date of initial application of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 180.70 Td (January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 127.09 180.70 Td (The impacts of the adoption on the Company?) Tj ET Q q 0 0 0 rg BT 328.70 180.70 Td (s financial results are summarized in Note 3\(a\(i\)\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 168.70 Td (Significant changes to the Company?) Tj ET Q q 0 0 0 rg BT 212.14 168.70 Td (s accounting policies as a result of adopting ) Tj ET Q q 0 0 0 rg BT 408.19 168.70 Td (T) Tj ET Q q 0 0 0 rg BT 413.19 168.70 Td (opic 606 are detailed below) Tj ET Q q 0 0 0 rg BT 534.39 168.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.70 Td (i\) Revenue recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.70 Td (The Company's revenue source falls into one of two categories: construction services or operations support.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 111.70 Td (Construction services are related to mine development or expansion projects and are generally funded from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 99.70 Td (customers' capital budgets. ) Tj ET Q q 0 0 0 rg BT 173.46 99.70 Td (The Company provides construction services under lump-sum, unit-price, time-and-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 87.70 Td (materials and cost-plus contracts. When the commercial terms are lump-sum, unit-price and cost-plus, the contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 75.70 Td (scope and value is typically defined. ) Tj ET Q q 0 0 0 rg BT 212.14 75.70 Td (T) Tj ET Q q 0 0 0 rg BT 217.88 75.70 Td (ime-and-materials contracts are generally undefined in scope and total price. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.55 43.10 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 721.75 Td (Operations support services revenue is mainly generated under long-term site-services agreements with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.75 Td (customers \(master service agreement and multiple use contracts\). Such agreements typically do not include a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.75 Td (commitment to the volume or scope of services over the life of the contract. W) Tj ET Q q 0 0 0 rg BT 394.40 697.75 Td (ork under the agreement is instead ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 685.75 Td (awarded through shorter-term work authorizations under the general terms of the agreement. ) Tj ET Q q 0 0 0 rg BT 463.93 685.75 Td (The Company ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 673.75 Td (generally provides operations support services under either time-and-materials or unit-price contracts depending on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 661.75 Td (factors such as the degree of complexity) Tj ET Q q 0 0 0 rg BT 228.24 661.75 Td (, the completeness of engineering and the required schedule.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 640.75 Td (Significant estimates are required in the revenue recognition process including assessment of the percentage of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 628.75 Td (completion, identification of performance obligations, and estimation of variable consideration including the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 616.75 Td (constraint. ) Tj ET Q q 0 0 0 rg BT 98.73 616.75 Td (The estimation process related to the percentage of completion has not changed with the adoption of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 604.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.00 604.75 Td (opic 606. Refer to the Company?) Tj ET Q q 0 0 0 rg BT 198.23 604.75 Td (s discussion of the use of estimates included in ?Note 2: Significant accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 592.75 Td (policies? of the Company?) Tj ET Q q 0 0 0 rg BT 162.09 592.75 Td (s annual financial statement for the year ended December 31, 2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.75 Td (The Company?) Tj ET Q q 0 0 0 rg BT 114.85 574.75 Td (s invoicing frequency and payment terms are in accordance with negotiated customer contract. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.75 Td (Customer invoicing can range between daily and monthly and payment terms range between net 15 and net 60 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.75 Td (days. ) Tj ET Q q 0 0 0 rg BT 76.50 550.75 Td (The Company does not typically include extended payment terms in its contracts with customers. Under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.75 Td (these payment terms, the customer pays progress payments based on actual work or milestones completed. When ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.75 Td (payment terms do not align with revenue recognition, the variance is recorded to either contract liabilities or contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.75 Td (assets, as appropriate. Customer contracts do not generally include a significant financing component because the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 502.75 Td (Company does not expect the period between customer payment and transfer of control to exceed one year) Tj ET Q q 0 0 0 rg BT 526.40 502.75 Td (. ) Tj ET Q q 0 0 0 rg BT 531.77 502.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.75 Td (Company has elected the practical expedient in 606-10-32-18 to not adjust consideration for the ef) Tj ET Q q 0 0 0 rg BT 484.54 490.75 Td (fects of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.75 Td (significant financing component if the period of time between the transfer of control and the customer payment is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.75 Td (less than one year) Tj ET Q q 0 0 0 rg BT 131.17 466.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 445.75 Td (The Company accounts for a contract when it has approval and commitments from both parties, the rights of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 433.75 Td (parties are identified, the payment terms are identified, the contract has commercial substance and the collectability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 421.75 Td (of consideration is probable. Each contract is evaluated to determine if it includes more than one performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 409.75 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 98.19 409.75 Td (This evaluation requires significant judgement and the determination that the contract contains more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 397.75 Td (than one performance obligation could change the amount of revenue and profit recorded in a given period. ) Tj ET Q q 0 0 0 rg BT 526.81 397.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 385.75 Td (majority of the Company's contracts with defined scope include a significant integration service, where the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 373.75 Td (Company is responsible for ensuring the individual goods and services are incorporated into a combined output. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 361.75 Td (Such contracts are accounted for as one performance obligation. When more than one distinct good or service is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 349.75 Td (contracted, the contract is separated into more than one performance obligation and the total transaction price is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 337.75 Td (allocated to each performance obligation based upon stand-alone selling prices. When a stand-alone selling price is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 325.75 Td (not observable, it is estimated using a suitable method.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 304.75 Td (The total transaction price can be comprised of fixed consideration and variable consideration, such as profit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 292.75 Td (incentives, discounts and performance bonuses or penalties. When a contract includes variable consideration, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 280.75 Td (amount included in the total transaction price is based on the expected value or the mostly likely amount, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 268.75 Td (constrained to an amount that it is probable a significant reversal will not occur) Tj ET Q q 0 0 0 rg BT 395.74 268.75 Td (. Currently) Tj ET Q q 0 0 0 rg BT 441.12 268.75 Td (, the Company has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 256.75 Td (constrained the variable consideration related to unpriced contract modifications, which is not unusual for this type ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 244.75 Td (of variable consideration. Significant judgement is involved in determining if a variable consideration amount should ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 232.75 Td (be constrained. ) Tj ET Q q 0 0 0 rg BT 120.98 232.75 Td (The constrained variable consideration is limited to the amount that would not result in a risk of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 220.75 Td (significant reversal of revenue \(i.e. it is highly probable that a significant revenue reversal will not occur\). In applying ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 208.75 Td (this constraint, the Company considers both the likelihood of a revenue reversal arising from an uncertain future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 196.75 Td (event and the magnitude of the revenue reversal if the uncertain event were to occur or fail to occur) Tj ET Q q 0 0 0 rg BT 488.59 196.75 Td (. ) Tj ET Q q 0 0 0 rg BT 493.96 196.75 Td (The following ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 184.75 Td (circumstances are considered to be possible indicators of significant revenue reversals:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 166.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 166.75 Td (The amount of consideration is highly susceptible to factors outside the Company?) Tj ET Q q 0 0 0 rg BT 465.68 166.75 Td (s influence, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 154.75 Td (judgement of actions of third parties and weather conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 142.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 142.75 Td (The length of time between the recognition of revenue and the expected resolution;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 130.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 130.75 Td (The Company?) Tj ET Q q 0 0 0 rg BT 168.85 130.75 Td (s experience with similar circumstances and similar customers, specifically when such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 118.75 Td (items have predictive value;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 106.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 106.75 Td (The Company?) Tj ET Q q 0 0 0 rg BT 168.85 106.75 Td (s history of resolution and whether that resolution includes price concessions or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 94.75 Td (changing payment terms; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 82.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 82.75 Td (The range of possible consideration amounts.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 721.75 Td (The Company's performance obligations typically are satisfied by transferring control over time, for which revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.75 Td (is recognized using the percentage of completion method, measured by the ratio of costs incurred to date to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.75 Td (estimated total costs. For defined scope contracts, the cost-to-cost method faithfully depicts the Company?) Tj ET Q q 0 0 0 rg BT 518.38 697.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 685.75 Td (performance because the transfer of the asset to the customer occurs as costs are incurred. ) Tj ET Q q 0 0 0 rg BT 459.46 685.75 Td (The costs of items that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 673.75 Td (do not relate to the performance obligation, particularly in the early stages of the contract, are excluded from costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 661.75 Td (incurred to date. Pre-construction activities, such as mobilization and site setup, are recognized as contract costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 649.75 Td (on the consolidated balance sheets and amortized over the life of the project. ) Tj ET Q q 0 0 0 rg BT 393.37 649.75 Td (These costs are excluded from the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 637.75 Td (cost-to-cost calculation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 619.75 Td (The Company has elected to apply the practical expedient in 606-10-55-18, referred to as the ?as-invoiced?) Tj ET Q q 0 0 0 rg BT 519.90 619.75 Td ( practical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 607.75 Td (expedient, to recognize revenue in the amount to which the Company has a right to invoice for all contracts in which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 595.75 Td (the value of the performance completed to date directly corresponds with the right to consideration. ) Tj ET Q q 0 0 0 rg BT 490.06 595.75 Td (This will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 583.75 Td (applied to all contracts, where applicable, and the majority of undefined scope work is expected to use this practical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 571.75 Td (expedient.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 553.75 Td (The length of the Company?) Tj ET Q q 0 0 0 rg BT 172.67 553.75 Td (s contracts varies from less than one year for typical contracts to several years for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 541.75 Td (certain larger contracts. Project costs include all direct labour) Tj ET Q q 0 0 0 rg BT 319.01 541.75 Td (, material, subcontract and equipment costs and those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 529.75 Td (indirect costs related to contract performance such as indirect labour and supplies. General and administrative ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 517.75 Td (expenses are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 505.75 Td (in the period in which such losses are determined. Changes in project performance, project conditions, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 493.75 Td (estimated profitability) Tj ET Q q 0 0 0 rg BT 143.19 493.75 Td (, including those arising from profit incentives, penalty provisions and final contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 481.75 Td (settlements, may result in revisions to costs and revenue that are recognized in the period in which such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 469.75 Td (adjustments are determined. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 451.75 Td (Once a project is underway) Tj ET Q q 0 0 0 rg BT 170.43 451.75 Td (, the Company will often experience changes in conditions, client requirements, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 439.75 Td (specifications, designs, materials and work schedules. Generally) Tj ET Q q 0 0 0 rg BT 334.95 439.75 Td (, a ?change order? will be negotiated with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 427.75 Td (customer to modify the original contract to approve both the scope and price of the change. Occasionally) Tj ET Q q 0 0 0 rg BT 511.74 427.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 415.75 Td (disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 403.75 Td (costs and revenue under the contract. When a change becomes a point of dispute between the Company and a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 391.75 Td (customer) Tj ET Q q 0 0 0 rg BT 90.57 391.75 Td (, the Company will assess the legal enforceability of the change to determine if a contract modification ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 379.75 Td (exists. ) Tj ET Q q 0 0 0 rg BT 80.94 379.75 Td (The Company considers a contract modification to exist when the modification either creates new or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 367.75 Td (changes the existing enforceable rights and obligations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 349.75 Td (Most contract modifications are for goods and services that are not distinct from the existing contract due to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 337.75 Td (significant integration service provided in the context of the contract and are accounted for as part of the existing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 325.75 Td (contract. ) Tj ET Q q 0 0 0 rg BT 90.95 325.75 Td (Therefore, the ef) Tj ET Q q 0 0 0 rg BT 164.70 325.75 Td (fect of a contract modification on the transaction price and the Company's measure of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 313.75 Td (progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 301.75 Td (cumulative catch-up basis. If a contract modification is approved in scope and not price, the associated revenue is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 289.75 Td (treated as variable consideration, subject to constraint. ) Tj ET Q q 0 0 0 rg BT 294.40 289.75 Td (This can lead to a situation where costs are recognized in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 277.75 Td (one period and revenue is recognized when customer agreement is obtained or claim resolution occurs, which can ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 265.75 Td (be in subsequent periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 247.75 Td (The Company?) Tj ET Q q 0 0 0 rg BT 114.85 247.75 Td (s long-term contracts typically allow its customers to unilaterally reduce or eliminate the scope of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.75 Td (work as contracted without cause. ) Tj ET Q q 0 0 0 rg BT 203.23 235.75 Td (These long-term contracts represent higher risk due to uncertainty of total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 223.75 Td (contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 211.75 Td (periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 193.75 Td (Revenue is measured based on consideration specified in the customer contract, and excludes any amounts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 181.75 Td (collected on behalf of third parties. ) Tj ET Q q 0 0 0 rg BT 204.91 181.75 Td (T) Tj ET Q q 0 0 0 rg BT 209.91 181.75 Td (axes assessed by a governmental authority that are both imposed on and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 169.75 Td (concurrent with a specified revenue producing transaction, that are collected by the Company for a customer) Tj ET Q q 0 0 0 rg BT 529.15 169.75 Td (, are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 157.75 Td (excluded from revenue. ) Tj ET Q q 0 0 0 rg BT 157.10 157.75 Td (The Company of) Tj ET Q q 0 0 0 rg BT 230.84 157.75 Td (fers a variety of equipment for rental to its customers. Rental revenue is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 145.75 Td (recognized daily at the applicable rates stated in the rental contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.75 Td (ii\) ) Tj ET Q q 0 0 0 rg BT 61.29 124.75 Td (Accounts receivable and contract assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.75 Td (Accounts receivable are recorded for the Company?) Tj ET Q q 0 0 0 rg BT 277.71 106.75 Td (s unconditional rights to consideration arising from performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.75 Td (under contracts with customers. ) Tj ET Q q 0 0 0 rg BT 193.76 94.75 Td (The act of invoicing the customer does not indicate whether the Company has an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 82.75 Td (unconditional right to payment. ) Tj ET Q q 0 0 0 rg BT 188.79 82.75 Td (Therefore, accounts receivable may be comprised of amounts billed to customers ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.55 43.10 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 721.75 Td (and amounts where the Company has an unconditional right to consideration and only the passage of time is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.75 Td (required to receive the consideration but is not yet billed to customers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 691.75 Td (Contract assets include unbilled amounts and represent revenue recognized from work performed in advance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 679.75 Td (amounts classified as accounts receivable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.75 Td (iii\) Contract costs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 640.75 Td (The Company occasionally incurs costs to obtain contracts \(reimbursable bid costs\) and to fulfill contracts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 628.75 Td (\(fulfillment costs\). If these costs meet certain criteria, they are capitalized as contract costs, included within other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 616.75 Td (assets on the consolidated balance sheets. Capitalized costs are amortized based on the transfer of goods or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 604.75 Td (services to which the assets relate and are included in project costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.75 Td (Reimbursable bid costs meet the criteria for capitalization when these costs will be reimbursed by the owner ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.75 Td (regardless of the outcome of the bid. Generally) Tj ET Q q 0 0 0 rg BT 257.15 574.75 Td (, this occurs when the Company has been selected as the preferred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.75 Td (bidder for a project. ) Tj ET Q q 0 0 0 rg BT 138.75 562.75 Td (The Company recognizes reimbursable bid costs as an expense when incurred if the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.75 Td (amortization period of the asset that the entity would have otherwise recognized is one year or less based on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.75 Td (Company?) Tj ET Q q 0 0 0 rg BT 94.84 538.75 Td (s election of the practical expedient in 340-40-25-4. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 520.75 Td (Costs to fulfill a contract meet the criteria for capitalization if they relate directly to a specifically identifiable contract, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 508.75 Td (they generate or enhance resources that will be used to satisfy future performance obligations and if the costs are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 496.75 Td (expected to be recovered. ) Tj ET Q q 0 0 0 rg BT 168.23 496.75 Td (The costs that meet this criterion are often mobilization and site set-up costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.75 Td (iv\) Remaining performance obligations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 457.75 Td (Remaining performance obligation represents the transaction price allocated to performance obligations that are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 445.75 Td (unsatisfied as of the end of the reporting period. ) Tj ET Q q 0 0 0 rg BT 264.40 445.75 Td (The Company applies the practical expedient in 606-10-50-14 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 433.75 Td (does not disclose information about remaining performance obligations that have an original expected duration of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 421.75 Td (one year or less) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.15 421.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.75 Td (v\) Contract liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.75 Td (Contract liabilities consist of advance payments and billings in excess of costs incurred and estimated earnings on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.75 Td (uncompleted contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.75 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.06 349.75 Td (\) Recent accounting pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (a\) ) Tj ET Q q 0 0 0 rg BT 60.80 331.75 Td (Accounting pronouncements recently adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.75 Td (i\) Revenue from Contracts with Customers) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 295.75 Td (The Company adopted ) Tj ET Q q 0 0 0 rg BT 153.83 295.75 Td (T) Tj ET Q q 0 0 0 rg BT 158.83 295.75 Td (opic 606 Revenue from Contracts with Customers with a date of initial application of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 283.75 Td (January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 126.59 283.75 Td (The Company applied ) Tj ET Q q 0 0 0 rg BT 227.03 283.75 Td (T) Tj ET Q q 0 0 0 rg BT 232.03 283.75 Td (opic 606 and related ) Tj ET Q q 0 0 0 rg BT 324.88 283.75 Td (Accounting Standards Updates \("ASU"\) using the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 271.75 Td (modified cumulative ef) Tj ET Q q 0 0 0 rg BT 148.81 271.75 Td (fect retrospective method - i.e. by recognizing the cumulative ef) Tj ET Q q 0 0 0 rg BT 428.77 271.75 Td (fect of initially applying ) Tj ET Q q 0 0 0 rg BT 531.42 271.75 Td (T) Tj ET Q q 0 0 0 rg BT 536.42 271.75 Td (opic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 259.75 Td (606 as an adjustment to the opening balance of equity at January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 380.67 259.75 Td (The Company applied ) Tj ET Q q 0 0 0 rg BT 481.10 259.75 Td (T) Tj ET Q q 0 0 0 rg BT 486.10 259.75 Td (opic 606 to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 247.75 Td (contracts that were not completed at the time of transition. ) Tj ET Q q 0 0 0 rg BT 308.89 247.75 Td (The Company also elected to use the contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 235.75 Td (modification practical expedient in 606-10-65-1 to not separately evaluate the ef) Tj ET Q q 0 0 0 rg BT 401.76 235.75 Td (fects of each contract modification ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 223.75 Td (before January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 157.73 223.75 Td (Therefore, the comparative information has not been adjusted and continues to be reported ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (under ) Tj ET Q q 0 0 0 rg BT 77.67 211.75 Td (T) Tj ET Q q 0 0 0 rg BT 82.67 211.75 Td (opic 605.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 193.75 Td (The main impact of the application of this new standard reflected through the adjustment to the opening balance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 181.75 Td (equity at January 1, 2018 relates to the change in the treatment of mobilization costs which was previously ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 169.75 Td (considered a component of the contract. Under ) Tj ET Q q 0 0 0 rg BT 260.55 169.75 Td (T) Tj ET Q q 0 0 0 rg BT 265.55 169.75 Td (opic 606, mobilization costs are considered a cost to fulfill the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (contract and not part of the performance obligation. ) Tj ET Q q 0 0 0 rg BT 278.90 157.75 Td (This resulted in a reversal in the amount of cumulative revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (recognized which was of) Tj ET Q q 0 0 0 rg BT 158.26 145.75 Td (fset by associated amortization expense which is recognized on the same basis. ) Tj ET Q q 0 0 0 rg BT 515.50 145.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 133.75 Td (impact on equity is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.10 133.75 Td ($45) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.78 133.75 Td (. Other adjustments include a reclassification of unconditional rights to consideration ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 121.75 Td (between contract assets and accounts receivable, due to a change in presentation requirements for contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 109.75 Td (balances. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (The following table summarizes the ef) Tj ET Q q 0 0 0 rg BT 217.18 721.75 Td (fects of adopting ) Tj ET Q q 0 0 0 rg BT 293.16 721.75 Td (T) Tj ET Q q 0 0 0 rg BT 298.16 721.75 Td (opic 606 on the Company's consolidated balance sheets at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 709.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 667.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 667.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 667.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 667.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 667.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 667.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 645.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 645.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 645.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 645.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 645.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 645.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 623.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 623.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 623.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 623.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 623.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 623.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 601.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 601.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 601.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 601.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 601.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 601.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 579.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 579.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 579.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 579.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 579.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 579.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 557.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 557.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 557.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 557.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 557.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 557.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.25 310.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 535.25 65.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 535.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 535.25 65.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 535.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 535.25 65.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 505.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 505.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 505.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 505.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 505.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 505.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 483.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 483.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 483.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 483.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 483.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 483.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 461.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 461.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 461.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 461.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 461.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 461.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 439.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 439.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 439.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 439.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 439.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 667.25 m 360 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 667.25 m 425 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 667.25 m 494 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 667.25 m 563 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 667.25 m 360 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 612.25 m 360 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 612.25 m 425 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 612.25 m 494 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 612.25 m 563 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 590.25 m 360 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 579.25 m 360 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 590.25 m 425 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 579.25 m 425 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 590.25 m 494 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 579.25 m 494 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 590.25 m 563 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 579.25 m 563 579.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 516.25 m 360 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 516.25 m 425 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 516.25 m 494 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 516.25 m 563 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 494.25 m 360 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 494.25 m 425 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 494.25 m 494 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 494.25 m 563 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 483.25 m 360 483.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 483.25 m 425 483.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 483.25 m 494 483.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 483.25 m 563 483.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 450.25 m 360 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 439.25 m 360 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 450.25 m 425 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 439.25 m 425 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 450.25 m 494 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 439.25 m 494 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 450.25 m 563 450.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 439.25 m 563 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 428.25 m 360 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 428.25 m 425 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 428.25 m 494 428.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 428.25 m 563 428.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 671.48 Td (\(in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.00 671.48 Td (As Reported) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.45 671.48 Td (Adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.55 687.48 Td (Balances) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.20 679.48 Td (without adoption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.50 671.48 Td (of ) Tj ET Q q 0 0 0 rg BT 525.25 671.48 Td (T) Tj ET Q q 0 0 0 rg BT 529.25 671.48 Td (opic 606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 658.93 Td (Assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 647.93 Td (Current assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 636.93 Td (Accounts receivable, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 636.25 Td (62,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 636.25 Td (\(7,082) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 636.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 636.25 Td (55,614) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 625.93 Td (Contract assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 625.25 Td (1) Tj ET Q q 0 0 0 rg BT 398.96 625.25 Td (1,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 625.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 467.95 625.25 Td (1,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 625.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 625.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 614.93 Td (Unbilled revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.50 614.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 614.25 Td (18,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 614.25 Td (18,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 603.25 Td (98,005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 603.25 Td (358) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 603.25 Td (98,363) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 592.93 Td (Other assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 592.25 Td (5,460) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 592.25 Td (\(615) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 592.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 592.25 Td (4,845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 581.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.79 581.93 Td (otal assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 581.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.95 581.25 Td (408,232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 581.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.45 581.25 Td (\(257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 581.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 581.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.95 581.25 Td (407,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 559.93 Td (Liabilities and shareholders' equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 548.93 Td (Current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 537.93 Td (Contract liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 537.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 537.25 Td (2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 537.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 537.25 Td (\(2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 537.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 537.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 537.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 526.93 Td (Billings in excess of costs incurred and estimated earnings on uncompleted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 518.93 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.50 520.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 520.65 Td (2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 520.65 Td (2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 507.25 Td (87,183) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.50 507.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 507.25 Td (87,183) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 496.93 Td (Deferred tax liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 496.25 Td (41,182) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 496.25 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 496.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 496.25 Td (41,100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 485.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.95 485.25 Td (253,496) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 485.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.45 485.25 Td (\(82) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 485.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 485.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.95 485.25 Td (253,414) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 463.93 Td (Shareholders' equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 452.93 Td (Deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.95 452.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 393.95 452.25 Td (16,580) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 452.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 452.25 Td (\(175) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 452.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 452.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 531.95 452.25 Td (16,755) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 452.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 441.93 Td (?) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 441.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.95 441.25 Td (154,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 441.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.45 441.25 Td (\(175) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 441.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 441.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.95 441.25 Td (154,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 430.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.79 430.93 Td (otal liabilities and shareholders' equity ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 430.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.95 430.25 Td (408,232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 430.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.45 430.25 Td (\(257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 430.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 430.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.95 430.25 Td (407,975) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 410.75 Td (Amounts previously classified as unbilled revenue and billings in excess of costs incurred and estimated earnings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 398.75 Td (on uncompleted contracts are now classified as contract assets and contract liabilities, respectively) Tj ET Q q 0 0 0 rg BT 485.64 398.75 Td (, under ) Tj ET Q q 0 0 0 rg BT 519.37 398.75 Td (T) Tj ET Q q 0 0 0 rg BT 524.37 398.75 Td (opic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 386.75 Td (606. For consistency) Tj ET Q q 0 0 0 rg BT 141.02 386.75 Td (, these new classifications have been applied to amounts in comparative prior periods on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 374.75 Td (consolidated balance sheets and within the notes that follow) Tj ET Q q 0 0 0 rg BT 314.68 374.75 Td (. Unbilled amounts where unconditional rights to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 362.75 Td (compensation exist are classified as accounts receivable under ) Tj ET Q q 0 0 0 rg BT 331.69 362.75 Td (T) Tj ET Q q 0 0 0 rg BT 336.69 362.75 Td (opic 606. ) Tj ET Q q 0 0 0 rg BT 379.88 362.75 Td (These amounts would have previously ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 350.75 Td (been included in unbilled revenue. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 332.75 Td (The following table summarizes the ef) Tj ET Q q 0 0 0 rg BT 217.18 332.75 Td (fects of adopting ) Tj ET Q q 0 0 0 rg BT 293.16 332.75 Td (T) Tj ET Q q 0 0 0 rg BT 298.16 332.75 Td (opic 606 on the Company's consolidated statements of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 320.75 Td (operations and comprehensive income for the three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.90 320.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.39 320.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 278.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 278.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 278.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 278.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 278.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 278.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 256.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 256.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 256.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 256.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 256.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 256.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 234.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 234.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 234.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 234.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 234.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 234.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 212.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 212.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 212.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 212.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 212.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 212.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 278.25 m 359 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 278.25 m 424 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 278.25 m 493 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 278.25 m 562 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 256.25 m 359 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 256.25 m 424 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 256.25 m 493 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 256.25 m 562 256.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 245.25 m 359 245.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 245.25 m 424 245.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 245.25 m 493 245.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 245.25 m 562 245.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 234.25 m 359 234.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 234.25 m 424 234.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 234.25 m 493 234.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 234.25 m 562 234.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 223.25 m 359 223.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 223.25 m 424 223.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 223.25 m 493 223.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 223.25 m 562 223.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 212.25 m 359 212.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 212.25 m 424 212.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 212.25 m 493 212.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 212.25 m 562 212.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 201.25 m 359 201.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 201.25 m 424 201.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 201.25 m 493 201.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 201.25 m 562 201.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 190.25 m 359 190.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 190.25 m 424 190.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 190.25 m 493 190.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 190.25 m 562 190.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 282.48 Td (\(in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.00 282.48 Td (As Reported) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.45 282.48 Td (Adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.55 298.48 Td (Balances) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.20 290.48 Td (without adoption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.50 282.48 Td (of ) Tj ET Q q 0 0 0 rg BT 524.25 282.48 Td (T) Tj ET Q q 0 0 0 rg BT 528.25 282.48 Td (opic 606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 269.93 Td (Revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.50 269.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.95 269.25 Td (1) Tj ET Q q 0 0 0 rg BT 392.96 269.25 Td (14,703) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.50 269.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 269.25 Td (\(189) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.50 269.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.50 269.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.95 269.25 Td (1) Tj ET Q q 0 0 0 rg BT 530.96 269.25 Td (14,514) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 258.93 Td (Project costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.95 258.25 Td (41,463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.45 258.25 Td (1) Tj ET Q q 0 0 0 rg BT 479.46 258.25 Td (13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 258.25 Td (41,576) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 247.93 Td (Gross profit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.50 247.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.95 247.25 Td (26,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 247.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.45 247.25 Td (\(302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 247.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 247.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 247.25 Td (26,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 236.93 Td (Operating income before the undernoted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.50 236.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.95 236.25 Td (17,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 236.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.45 236.25 Td (\(302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 236.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 236.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 236.25 Td (16,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 225.93 Td (Income before income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.50 225.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.95 225.25 Td (15,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 225.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.45 225.25 Td (\(302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 225.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 225.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 225.25 Td (14,956) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 214.93 Td (Deferred income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.95 214.25 Td (4,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.45 214.25 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.50 214.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 214.25 Td (4,045) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 203.93 Td (Net income ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.50 203.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.95 203.25 Td (1) Tj ET Q q 0 0 0 rg BT 397.96 203.25 Td (1,131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 203.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.45 203.25 Td (\(220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 203.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 203.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 203.25 Td (10,91) Tj ET Q q 0 0 0 rg BT 553.47 203.25 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 192.93 Td (Comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.50 192.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.95 192.25 Td (1) Tj ET Q q 0 0 0 rg BT 397.96 192.25 Td (1,131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 192.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.45 192.25 Td (\(220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 192.25 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 192.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 192.25 Td (10,91) Tj ET Q q 0 0 0 rg BT 553.47 192.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (The following table summarizes the ef) Tj ET Q q 0 0 0 rg BT 217.18 721.75 Td (fects of adopting ) Tj ET Q q 0 0 0 rg BT 293.16 721.75 Td (T) Tj ET Q q 0 0 0 rg BT 298.16 721.75 Td (opic 606 on the Company's consolidated statements of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (cash flows for the three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.82 709.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.31 709.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 667.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 667.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 667.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 667.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 667.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 667.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 645.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 645.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 645.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 645.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 645.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 645.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 623.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 623.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 623.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 623.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 623.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 623.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 601.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 601.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 601.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 601.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 601.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 601.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 667.25 m 359 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 667.25 m 424 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 667.25 m 493 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 667.25 m 562 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 612.25 m 359 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 612.25 m 424 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 612.25 m 493 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 612.25 m 562 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 601.25 m 359 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 601.25 m 424 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 601.25 m 493 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 601.25 m 562 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 590.25 m 359 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 590.25 m 424 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 590.25 m 493 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 590.25 m 562 590.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 671.48 Td ( \(in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.00 671.48 Td (As Reported) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.45 671.48 Td (Adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.55 687.48 Td (Balances) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.20 679.48 Td (without adoption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.50 671.48 Td (of ) Tj ET Q q 0 0 0 rg BT 524.25 671.48 Td (T) Tj ET Q q 0 0 0 rg BT 528.25 671.48 Td (opic 606) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 658.93 Td (Cash provided by:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 647.93 Td (Operating activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 636.93 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.50 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.95 636.25 Td (1) Tj ET Q q 0 0 0 rg BT 397.96 636.25 Td (1,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.50 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 636.25 Td (\(220) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.50 636.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.50 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 636.25 Td (10,91) Tj ET Q q 0 0 0 rg BT 553.47 636.25 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 625.93 Td (Deferred income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.95 625.25 Td (4,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.45 625.25 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.50 625.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 625.25 Td (4,045) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 614.93 Td (Net changes in non-cash working capital ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.36 614.93 Td (\(note 10\(b\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.95 614.25 Td (1,603) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.45 614.25 Td (302) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 614.25 Td (1,905) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 603.93 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.95 603.25 Td (39,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.50 603.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 603.25 Td (39,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 592.93 Td (Increase in cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.50 592.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.95 592.25 Td (3,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 592.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.50 592.25 Td (?) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.50 592.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.95 592.25 Td (3,919) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.75 Td (ii\) Statement of Cash Flows) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 554.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.07 554.75 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 144.02 554.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 197.94 554.75 Td (ASU No. 2016-15, Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 404.70 554.75 Td (opic 230: Classification of Certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 542.75 Td (Cash Receipts and Cash Payments\). ) Tj ET Q q 0 0 0 rg BT 216.06 542.75 Td (This accounting standard eliminates the diversity in practice related to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 530.75 Td (classification of certain cash receipts and payments for debt prepayments or extinguishment costs, the maturing of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 518.75 Td (a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 506.75 Td (insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 494.75 Td (financial asset securitization. ) Tj ET Q q 0 0 0 rg BT 179.38 494.75 Td (This standard was adopted January 1, 2018 and the adoption did not have a material ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 482.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.66 482.75 Td (fect on the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.75 Td (iii\) Stock-Based Compensation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 446.75 Td (In May 2017, the F) Tj ET Q q 0 0 0 rg BT 132.33 446.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 186.25 446.75 Td (ASU No. 2017-09, Compensation - Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 446.93 446.75 Td (opic 718: Scope of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 434.75 Td (Modification ) Tj ET Q q 0 0 0 rg BT 105.09 434.75 Td (Accounting\). ) Tj ET Q q 0 0 0 rg BT 163.27 434.75 Td (This accounting standard update clarifies which changes to the terms or conditions of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 422.75 Td (share-based payment award require an entity to apply modification accounting. ) Tj ET Q q 0 0 0 rg BT 401.19 422.75 Td (This standard was adopted January ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 410.75 Td (1, 2018 and the adoption did not have a material ef) Tj ET Q q 0 0 0 rg BT 275.04 410.75 Td (fect on the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.75 Td (b\) Issued accounting pronouncements not yet adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.75 Td (i\) Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 356.75 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 153.45 356.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 207.37 356.75 Td (ASU 2016-02, Leases \(T) Tj ET Q q 0 0 0 rg BT 316.32 356.75 Td (opic 842\) to supersede the current leases accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 344.75 Td (standard \(T) Tj ET Q q 0 0 0 rg BT 99.52 344.75 Td (opic 840\). ) Tj ET Q q 0 0 0 rg BT 146.04 344.75 Td (The main dif) Tj ET Q q 0 0 0 rg BT 200.88 344.75 Td (ference between the new standard and the current standard is the requirement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 332.75 Td (that lessees recognize a lease liability and a right-of-use asset for leases classified as operating leases. Lessor ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 320.75 Td (accounting remains largely unchanged. ) Tj ET Q q 0 0 0 rg BT 225.73 320.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 276.13 320.75 Td (, the standard requires that for a sale to occur in a sale-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 308.75 Td (leaseback transaction, the transfer of assets must meet the requirements for a sale per ) Tj ET Q q 0 0 0 rg BT 436.17 308.75 Td (T) Tj ET Q q 0 0 0 rg BT 441.17 308.75 Td (opic 606. ) Tj ET Q q 0 0 0 rg BT 484.36 308.75 Td (The new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 296.75 Td (standard will be ef) Tj ET Q q 0 0 0 rg BT 129.92 296.75 Td (fective for the Company for interim and annual reporting periods commencing January 1, 2019, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 284.75 Td (with early adoption permitted. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 266.75 Td (The standard requires a modified retrospective transition approach for leases existing at, or entered into after) Tj ET Q q 0 0 0 rg BT 530.32 266.75 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (beginning of the earliest comparative period presented in the financial statements, with certain practical expedients ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (available. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 224.75 Td (The Company continues to evaluate the impact of adopting the standard on its financial statements and disclosure ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 212.75 Td (through its change management plan which guides the adoption of the standard. ) Tj ET Q q 0 0 0 rg BT 407.90 212.75 Td (The Company has compiled an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 200.75 Td (inventory of all leases and will analyze individual contracts or groups of contracts to identify any significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 188.75 Td (dif) Tj ET Q q 0 0 0 rg BT 59.88 188.75 Td (ferences and the impact on lease transactions as a result of adopting the new standard. ) Tj ET Q q 0 0 0 rg BT 449.94 188.75 Td (Through this process, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 176.75 Td (the Company will also quantify the impact, on prior period transactions as well as assess the Company?) Tj ET Q q 0 0 0 rg BT 505.10 176.75 Td (s policies, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 164.75 Td (practices, procedures, controls, and systems for changes necessary to process and compile the information to meet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 152.75 Td (the requirements of the new standard.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.75 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.06 131.75 Td (\) Investment in partnership) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 113.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.07 113.75 Td (April 1, 2017, the Company entered into a partnership agreement under the name "Dene North Site Services" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 101.75 Td (with Dene Sky Site Services Ltd. \("Dene Sky"\). ) Tj ET Q q 0 0 0 rg BT 259.28 101.75 Td (The partnership was formed for the purpose of establishing a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 89.75 Td (strategic relation with a local operator in Northern ) Tj ET Q q 0 0 0 rg BT 269.61 89.75 Td (Alberta in order to expand the Company's market opportunities in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 77.75 Td (the region. ) Tj ET Q q 0 0 0 rg BT 99.35 77.75 Td (The Company holds a 49% undivided ownership interest in the assets, liabilities and related revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 65.75 Td (and expenses managed through the partnership agreement. ) Tj ET Q q 0 0 0 rg BT 318.39 65.75 Td (The partnership agreement specifies that the economic ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.65 43.10 Td (1) Tj ET Q q 0 0 0 rg BT 557.51 43.10 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (activity and decision-making are jointly controlled and each partner is entitled to its share of the assets, liabilities, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (revenue and expenses of the unincorporated entity) Tj ET Q q 0 0 0 rg BT 273.91 709.75 Td (. ) Tj ET Q q 0 0 0 rg BT 279.29 709.75 Td (The Company is contingently liable under the partnership ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (agreement for its portion of the partnership?) Tj ET Q q 0 0 0 rg BT 240.54 697.75 Td (s obligations and liabilities that could arise from construction contracts, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 685.75 Td (potential lawsuits, lease commitments and financing agreements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (The Company contributed cash consideration of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.62 667.75 Td ($2,308) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.21 667.75 Td ( towards the partnership. ) Tj ET Q q 0 0 0 rg BT 407.49 667.75 Td (At inception of the partnership, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 655.75 Td (combined assets and liabilities were proportionately recognized within the Company's consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 643.75 Td (statements at 49%. ) Tj ET Q q 0 0 0 rg BT 137.70 643.75 Td (The Company records its share of the partnership assets, liabilities, revenues and expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (within its consolidated financial statements using the proportionate consolidation method.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 613.75 Td (The financial data for the Company's 49% interest included in the consolidated financial statements is summarized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 601.75 Td (as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.75 Td (Balance Sheet) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 554.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 554.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 554.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 554.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 532.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 532.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 532.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 532.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 510.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 510.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 510.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 510.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 488.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 488.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 488.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 488.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 466.25 379.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 466.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 466.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 466.25 65.00 -4.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 554.25 m 429 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 554.25 m 494 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 554.25 m 563 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 521.25 m 429 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 521.25 m 494 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 521.25 m 563 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 510.25 m 429 510.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 510.25 m 494 510.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 510.25 m 563 510.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 477.25 m 429 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 477.25 m 494 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 477.25 m 563 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 466.25 m 429 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 466.25 m 494 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 466.25 m 563 466.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 462.25 m 429 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 462.25 m 494 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 462.25 m 563 462.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 451.25 m 429 451.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 451.25 m 494 451.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 451.25 m 563 451.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.90 564.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 556.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.25 564.93 Td (December?31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 556.93 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 545.93 Td (Assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 534.93 Td (Current assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 534.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 534.25 Td (846) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 534.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 534.25 Td (1,868) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 523.93 Td (Non-current assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 523.25 Td (2,171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 523.25 Td (2,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 512.93 Td (T) Tj ET Q q 0 0 0 rg BT 57.09 512.93 Td (otal assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 512.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 512.25 Td (3,017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 512.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 512.25 Td (4,143) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 501.93 Td (Liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 490.93 Td (Current liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 490.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 490.25 Td (862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 490.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 490.25 Td (1,094) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 479.93 Td (Long-term liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 479.25 Td (464) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 479.25 Td (1,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 468.93 Td (T) Tj ET Q q 0 0 0 rg BT 57.09 468.93 Td (otal liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 468.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 468.25 Td (1,326) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 468.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 468.25 Td (2,235) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 453.93 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.32 453.93 Td (Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 453.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.95 453.25 Td (1,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 453.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.95 453.25 Td (1,908) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 433.75 Td (As at March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 433.75 Td (, the Company had issued a loan to Dene North Site Services in the amount of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.20 433.75 Td ($600) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.44 433.75 Td (, which is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 421.75 Td (included in the above current liabilities at 49%. Upon consolidation, the net receivable amount is included in other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 409.75 Td (assets within the Company's consolidated balance sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.75 Td (Statement of Operations and Comprehensive Loss) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 348.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 348.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 348.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 348.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 326.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 326.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 326.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 359.25 m 429 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 359.25 m 494 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 359.25 m 498 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 359.25 m 563 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 348.25 m 429 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 348.25 m 494 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 348.25 m 563 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 315.25 m 429 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 315.25 m 494 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 315.25 m 563 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 304.25 m 429 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 304.25 m 494 304.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 304.25 m 563 304.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 372.93 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 361.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 350.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 350.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 339.93 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 339.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 339.25 Td (595) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 339.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 339.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 328.93 Td (Gross profit \(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 328.25 Td (\(128) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 328.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 328.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 317.93 Td (Loss before taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 317.25 Td (\(218) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 317.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 317.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 306.93 Td (Net loss and comprehensive loss\(ii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 306.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 306.25 Td (\(218) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 306.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 306.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 306.25 Td (?) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 292.97 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.12 289.15 Td ( Gross profit is defined as revenue less: project costs; equipment costs; and depreciation. ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 283.37 Td (\(ii\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.72 279.55 Td (For income tax purposes, all income attributed to the partnership agreement is allocated to the partners pro-rata in accordance with their ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 269.95 Td (respective interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.95 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.56 248.95 Td (\) Long term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.95 Td (a\) Long term debt amounts are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.95 Td (Long term:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.45 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 177.45 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 177.45 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 177.45 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 155.45 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 155.45 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 155.45 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 155.45 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 177.45000000000005 m 428.5 177.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 177.45000000000005 m 493.5 177.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 177.45000000000005 m 562.5 177.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 144.45000000000005 m 428.5 144.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 144.45000000000005 m 493.5 144.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 144.45000000000005 m 562.5 144.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 133.45000000000005 m 428.5 133.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 133.45000000000005 m 493.5 133.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 133.45000000000005 m 562.5 133.45000000000005 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 181.68 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.40 188.13 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.20 180.13 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.75 188.13 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.20 180.13 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 169.13 Td (Credit Facility \(note 5\(b\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 168.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 168.45 Td (24,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 168.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 168.45 Td (32,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 158.13 Td (Convertible Debentures \(note 5\(c\)\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 157.45 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 157.45 Td (40,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 147.13 Td (Less: deferred financing costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.45 146.45 Td (\(1,873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 146.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 146.45 Td (\(1,935) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 146.45 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 136.13 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 135.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 135.45 Td (62,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 135.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 135.45 Td (70,065) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.95 Td (b\) Credit Facility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 97.95 Td (On ) Tj ET Q q 0 0 0 rg BT 65.57 97.95 Td (August 1, 2017, the Company entered into a new Credit Facility ) Tj ET Q q 0 0 0 rg BT 348.51 97.95 Td (Agreement \(the "Credit Facility"\) with a banking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 85.95 Td (syndicate led by National Bank of Canada. ) Tj ET Q q 0 0 0 rg BT 241.05 85.95 Td (The Credit Facility is comprised solely of a revolving loan \(the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (?Revolver?\) which allows borrowing of up to $140.0 million, of which letters of credit may not exceed $25.0 million ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 721.75 Td (with an ability to increase the maximum borrowings by an additional $25.0 million, subject to certain conditions. ) Tj ET Q q 0 0 0 rg BT 542.29 721.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.75 Td (Credit Facility permits additional capital lease debt to a limit of $100.0 million. ) Tj ET Q q 0 0 0 rg BT 393.32 709.75 Td (This facility matures on ) Tj ET Q q 0 0 0 rg BT 497.80 709.75 Td (August 1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.75 Td (2020, with an option to extend on an annual basis. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 679.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.57 679.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 679.75 Td (, there was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.74 679.75 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.32 679.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.43 679.75 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.26 679.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.15 679.75 Td ($0.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.73 679.75 Td (\) in issued letters of credit under the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 667.75 Td (Credit Facility and the unused borrowing availability was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.24 667.75 Td ($1) Tj ET Q q 0 0 0 rg BT 311.62 667.75 Td (15.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.20 667.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.31 667.75 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.14 667.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.02 667.75 Td ($107.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.73 667.75 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 649.75 Td (The Credit Facility has two financial covenants that must be tested quarterly on a trailing four quarter basis. ) Tj ET Q q 0 0 0 rg BT 525.61 649.75 Td (The first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 637.75 Td (covenant is the senior leverage ratio \("Senior Leverage Ratio"\) is defined as senior debt \("Senior Debt" is defined ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 625.75 Td (as interest bearing debt excluding Convertible Debentures\) as compared to earnings before interest, taxes, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 613.75 Td (depreciation, and amortization, excluding the ef) Tj ET Q q 0 0 0 rg BT 259.39 613.75 Td (fects of unrealized foreign exchange gain or loss, realized and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 601.75 Td (unrealized gain or loss on derivative financial instruments, cash and non-cash stock-based compensation expense, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 589.75 Td (gain or loss on disposal of property) Tj ET Q q 0 0 0 rg BT 204.35 589.75 Td (, plant and equipment, gain or loss on disposal of assets held for sale and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 577.75 Td (certain other non-cash items included in the calculation of net income \("Adjusted EBITDA"\). ) Tj ET Q q 0 0 0 rg BT 456.01 577.75 Td (The second covenant is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 565.75 Td (the fixed charge coverage ratio \("Fixed Charge Coverage Ratio"\) which is defined as ) Tj ET Q q 0 0 0 rg BT 425.63 565.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 502.89 565.75 Td ( less cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 553.75 Td (taxes compared to Fixed Charges. Fixed charges \("Fixed Charges"\) is defined as cash interest, scheduled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 541.75 Td (payments on debt, unfunded cash distributions by the Company and unfunded capital expenditures. ) Tj ET Q q 0 0 0 rg BT 493.45 541.75 Td (The Senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 529.75 Td (Leverage Ratio is to be maintained at less than 3.0:1 and the Fixed Charge Coverage Ratio is to be maintained at a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 517.75 Td (ratio greater than 1.15:1. In the event the Company enters into an acquisition, the maximum allowable Senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 505.75 Td (Leverage Ratio would increase to 3.5:1 for four quarters following the acquisition. ) Tj ET Q q 0 0 0 rg BT 410.77 505.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.33 505.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.82 505.75 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 493.75 Td (Company was in compliance with financial covenants.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 475.75 Td (The Credit Facility bears interest at Canadian prime rate, U.S. Dollar Base Rate, Canadian bankers?) Tj ET Q q 0 0 0 rg BT 490.39 475.75 Td ( acceptance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 463.75 Td (rate or London interbank of) Tj ET Q q 0 0 0 rg BT 169.90 463.75 Td (fered rate \("LIBOR"\) \(all such terms as used or defined in the Credit Facility\), plus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 451.75 Td (applicable margins. ) Tj ET Q q 0 0 0 rg BT 138.75 451.75 Td (The Company is also subject to non-refundable standby fees, 0.35% to 0.65% depending on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 439.75 Td (the Company's Senior Leverage Ratio, based on the undrawn portion of the Credit Facility) Tj ET Q q 0 0 0 rg BT 446.95 439.75 Td (. ) Tj ET Q q 0 0 0 rg BT 452.32 439.75 Td (The Credit Facility is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 427.75 Td (secured by a first priority lien on all of the Company's existing and after-acquired property) Tj ET Q q 0 0 0 rg BT 443.58 427.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.75 Td (c\) Convertible Debentures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 391.75 Td (On March 15, 2017, the Company issued $40.0 million in aggregate principal amount of 5.50% convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 379.75 Td (unsecured subordinated debentures \(the "Convertible Debentures"\) which matures on March 31, 2024. ) Tj ET Q q 0 0 0 rg BT 507.18 379.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 367.75 Td (Company pays interest at an annual rate of 5.50%, payable semi-annually on March 31 and September 30 of each ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 355.75 Td (year) Tj ET Q q 0 0 0 rg BT 68.90 355.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 337.75 Td (The Convertible Debentures may be converted into common shares of the Company at the option of the holder at a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 325.75 Td (conversion price of $10.85 per common share, which is equivalent to approximately 92.1659 common shares per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 313.75 Td ($1,000 principal amount of notes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 295.75 Td (The Convertible Debentures are not redeemable prior to March 31, 2020, except under certain conditions after a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 283.75 Td (change in control has occurred. ) Tj ET Q q 0 0 0 rg BT 192.12 283.75 Td (The Convertible Debentures are redeemable at the option of the Company) Tj ET Q q 0 0 0 rg BT 520.47 283.75 Td (, in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 271.75 Td (whole or in part, at any time on or after March 31, 2020 at a redemption price equal to the principal amount ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 259.75 Td (provided that the market price of the common shares is at least 125% of the conversion price; and on or after March ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 247.75 Td (31, 2022 at a redemption price equal to the principal amount, plus accrued and unpaid interest accrued to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.75 Td (redemption date. In each case, the Company must pay accrued and unpaid interest on the debentures redeemed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 223.75 Td (the applicable redemption date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 205.75 Td (If a change in control occurs, the Company is required to of) Tj ET Q q 0 0 0 rg BT 311.63 205.75 Td (fer to purchase all of the Convertible Debentures at a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 193.75 Td (price equal to 101% of the principal amount plus accrued and unpaid interest to the date of purchase.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 175.75 Td (During the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.92 175.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.13 175.75 Td (, financing costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.73 175.75 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.30 175.75 Td ( were incurred in connection with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 163.75 Td (issuance of the Convertible Debentures \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.21 163.75 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.43 163.75 Td ( ? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.54 163.75 Td ($2,194) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.13 163.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 442.84 163.75 Td (This amount is included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 151.75 Td (within deferred financing costs as a direct reduction to the carrying amount of long term debt and is amortized to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 139.75 Td (interest expense using the ef) Tj ET Q q 0 0 0 rg BT 177.68 139.75 Td (fective interest method over the term to maturity) Tj ET Q q 0 0 0 rg BT 388.69 139.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.75 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.06 121.75 Td (\) Fair value measurements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 103.75 Td (In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 91.75 Td (are based on market conditions and risks existing on each reporting date. Standard market conventions and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 79.75 Td (techniques, such as discounted cash flow analysis and option pricing models, are used to determine the fair value ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (of the Company?) Tj ET Q q 0 0 0 rg BT 122.14 721.75 Td (s financial instruments, including derivatives. ) Tj ET Q q 0 0 0 rg BT 321.68 721.75 Td (All methods of fair value measurement result in a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (general approximation of value and such value may never actually be realized.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 692.75 Td (The fair values of the Company?) Tj ET Q q 0 0 0 rg BT 190.50 692.75 Td (s cash, accounts receivable, contract assets, loan to partnership, accounts payable, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 680.75 Td (accrued liabilities and contract liabilities approximate their carrying amounts due to the relatively short periods to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 668.75 Td (maturity for the instruments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 651.75 Td (Financial instruments with carrying amounts that dif) Tj ET Q q 0 0 0 rg BT 276.64 651.75 Td (fer from their fair values are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.25 172.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 611.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 611.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 611.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 611.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 611.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 611.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 611.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 611.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 611.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 589.25 172.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.00 589.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 589.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 589.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 589.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 589.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 589.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 589.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 589.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 589.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 630.25 m 222 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 630.25 m 287 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 630.25 m 356 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 630.25 m 360 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 630.25 m 425 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 630.25 m 494 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 630.25 m 498 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 630.25 m 563 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 611.25 m 222 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 611.25 m 287 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 611.25 m 356 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 611.25 m 425 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 611.25 m 494 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 611.25 m 563 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 567.25 m 222 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222 567.25 m 287 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 567.25 m 356 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 567.25 m 425 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 567.25 m 494 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 567.25 m 563 567.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.50 632.93 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.90 632.93 Td (March 31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.20 632.93 Td (December 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 615.48 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.60 621.93 Td (Fair V) Tj ET Q q 0 0 0 rg BT 268.64 621.93 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 227.90 613.93 Td (Hierarchy Level) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.25 621.93 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.90 613.93 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.70 621.93 Td (Fair) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.60 613.93 Td (V) Tj ET Q q 0 0 0 rg BT 406.64 613.93 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.25 621.93 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.90 613.93 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.70 621.93 Td (Fair) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.60 613.93 Td (V) Tj ET Q q 0 0 0 rg BT 544.34 613.93 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 602.93 Td (Capital lease obligations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.10 602.93 Td (Level 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.50 602.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 602.25 Td (76,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 602.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 602.25 Td (70,236) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 602.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 602.25 Td (66,969) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 602.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 602.25 Td (61,872) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 591.93 Td (Convertible Debentures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.10 591.93 Td (Level 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 591.25 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 591.25 Td (39,680) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 591.25 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 591.25 Td (38,700) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 580.93 Td (Assets held for sale) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.10 580.93 Td (Level 3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.95 580.25 Td (4,242) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 580.25 Td (4,242) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 580.25 Td (5,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 580.25 Td (5,642) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 569.93 Td (Credit Facility) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.10 569.93 Td (Level 3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 569.25 Td (24,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 569.25 Td (24,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 569.25 Td (32,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 569.25 Td (32,000) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.06 549.75 Td (\) Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.75 Td (a\) Disaggregation of revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (In the following table, revenue is disaggregated by source, commercial terms and method of revenue recognition. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 470.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 470.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 470.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 448.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 448.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 448.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 448.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 426.25 379.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 426.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 426.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 426.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 411.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 411.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 411.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 411.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 389.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 389.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 389.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 389.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 367.25 379.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 367.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 367.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 367.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 352.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 352.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 352.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 330.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 330.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 330.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 330.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 481.25 m 429 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 481.25 m 494 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 481.25 m 498 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 481.25 m 563 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 470.25 m 429 470.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 470.25 m 494 470.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 470.25 m 563 470.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 437.25 m 429 437.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 437.25 m 494 437.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 437.25 m 563 437.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 426.25 m 429 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 426.25 m 494 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 426.25 m 563 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 378.25 m 429 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 378.25 m 494 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 378.25 m 563 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 378.25 m 429 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 367.25 m 429 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 378.25 m 494 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 367.25 m 494 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 378.25 m 563 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 367.25 m 563 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 330.25 m 429 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 330.25 m 494 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 330.25 m 563 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 330.25 m 429 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 319.25 m 429 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 330.25 m 494 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 319.25 m 494 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 330.25 m 563 330.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 319.25 m 563 319.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 494.93 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 483.93 Td (March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 473.20 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.10 472.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.10 472.93 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 461.93 Td (Revenue by source) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 450.93 Td (Construction services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 450.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 450.25 Td (16,434) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 450.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 450.25 Td (2,681) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 439.93 Td (Operations support services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 439.25 Td (98,268) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 439.25 Td (90,160) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 428.93 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 428.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 428.25 Td (1) Tj ET Q q 0 0 0 rg BT 462.96 428.25 Td (14,703) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 428.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 428.25 Td (92,842) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 413.93 Td (By commercial terms) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 402.93 Td (T) Tj ET Q q 0 0 0 rg BT 63.24 402.93 Td (ime-and-materials) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 402.25 Td (27,387) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 402.25 Td (18,351) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 391.93 Td (Unit-price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 391.25 Td (82,327) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 391.25 Td (74,414) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 380.93 Td (Cost-plus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 380.25 Td (4,988) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.45 380.25 Td (77) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 369.93 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 369.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 369.25 Td (1) Tj ET Q q 0 0 0 rg BT 462.96 369.25 Td (14,703) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 369.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 369.25 Td (92,842) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 354.93 Td (Revenue recognition method) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 343.93 Td (Cost-to-cost percent complete) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 343.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 343.25 Td (74,053) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 343.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 343.25 Td (62,405) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 332.93 Td (As-invoiced) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 332.25 Td (40,649) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 332.25 Td (30,437) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 321.93 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 321.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 321.25 Td (1) Tj ET Q q 0 0 0 rg BT 462.96 321.25 Td (14,703) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 321.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 321.25 Td (92,842) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.75 Td (b\) Customer revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 283.75 Td (The following customers accounted for 10% or more of total revenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 243.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 243.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 243.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 243.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 221.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 221.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 221.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 221.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 253.25 m 429 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 253.25 m 494 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 253.25 m 498 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 253.25 m 563 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 243.25 m 429 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 243.25 m 494 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 243.25 m 563 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 243.25 m 429 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 243.25 m 494 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 243.25 m 563 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 210.25 m 429 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 210.25 m 494 210.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 210.25 m 563 210.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 264.98 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 254.98 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 244.98 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 244.98 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 234.93 Td (Customer ) Tj ET Q q 0 0 0 rg BT 88.96 234.93 Td (A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 234.25 Td (40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 234.25 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.40 234.25 Td (46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.45 234.25 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 223.93 Td (Customer B) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 223.25 Td (30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 223.25 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.40 223.25 Td (38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.45 223.25 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 212.93 Td (Customer C) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 212.25 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 212.25 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.40 212.25 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.45 212.25 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (c\) Contract balances) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.86 192.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (The following table provides information about receivables, contract assets, and contract liabilities from contracts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (with customers: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 133.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 133.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 133.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 133.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 111.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 111.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 111.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 111.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 152.25 m 429 152.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 133.25 m 429 133.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 152.25 m 494 152.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 133.25 m 494 133.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 152.25 m 563 152.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 133.25 m 563 133.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 133.25 m 429 133.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 133.25 m 494 133.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 133.25 m 563 133.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 100.25 m 429 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 100.25 m 494 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 100.25 m 563 100.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 137.50 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.90 143.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 135.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.25 143.93 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 135.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 124.93 Td (Contract receivables, included in accounts receivable, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 124.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 124.25 Td (61,364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 124.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 124.25 Td (45,716) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 113.93 Td (Contract assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 113.25 Td (1) Tj ET Q q 0 0 0 rg BT 467.96 113.25 Td (1,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 113.25 Td (21,572) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 102.93 Td (Contract liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 102.25 Td (2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 102.25 Td (824) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Significant changes in the contract assets and the contract liabilities are summarized:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 651.25 241.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 651.25 63.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 651.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 651.25 63.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 651.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 651.25 65.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 651.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 651.25 65.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.25 241.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 613.25 63.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 613.25 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 613.25 63.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 613.25 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 613.25 65.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 613.25 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 613.25 65.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 711.25 m 291 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 711.25 m 354 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 696.25 m 354 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 711.25 m 358 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 696.25 m 358 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 711.25 m 421 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 696.25 m 421 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 711.25 m 490 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 711.25 m 494 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 711.25 m 559 711.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 696.25 m 291 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 696.25 m 490 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 696.25 m 494 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 696.25 m 559 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 670.25 m 291 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 670.25 m 354 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 670.25 m 421 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 670.25 m 490 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 670.25 m 559 670.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 565.25 m 291 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 565.25 m 354 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 565.25 m 358 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 565.25 m 421 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 565.25 m 490 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 565.25 m 494 565.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 565.25 m 559 565.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.45 700.48 Td (Contract ) Tj ET Q q 0 0 0 rg BT 359.47 700.48 Td (Assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.80 700.48 Td (Contract Liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.55 687.48 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.55 687.48 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 674.48 Td (\(thousands of dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.20 674.48 Td (March 31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.20 674.48 Td (March 31, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.20 674.48 Td (March 31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.20 674.48 Td (March 31, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 661.93 Td (Revenue recognized that was included in the contract liability) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 653.93 Td (balance at the beginning of the period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.50 655.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 655.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.50 655.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.50 655.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.50 655.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 655.65 Td (\(56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.50 655.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.50 655.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 655.65 Td (\(327) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.50 655.65 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 642.93 Td (Increases due to cash received, excluding amounts recognized as) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 634.93 Td (revenue during the period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 636.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.50 636.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.95 636.65 Td (1,698) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 636.65 Td (836) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 623.93 Td (T) Tj ET Q q 0 0 0 rg BT 57.24 623.93 Td (ransferred to receivables from contract assets recognized at the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 615.93 Td (beginning of the period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 617.65 Td (\(14,693) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.50 617.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.95 617.65 Td (\(9,1) Tj ET Q q 0 0 0 rg BT 407.46 617.65 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.50 617.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.50 617.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.50 617.65 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 604.48 Td (Increases \(decreases\) as a result of changes to the estimate of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 596.48 Td (the stage of completion, excluding amounts transferred in the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 588.48 Td (period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.95 588.65 Td (3,662) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 588.65 Td (\(26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.50 588.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.50 588.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.50 588.65 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 575.93 Td (Increases as a result of work completed, but not yet an) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 567.93 Td (unconditional right to consideration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.45 569.65 Td (809) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.95 569.65 Td (4,163) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.50 569.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.50 569.65 Td (?) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 546.75 Td (Revenue recognized from performance obligations that were satisfied \(or partially satisfied\) in previous periods ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 534.75 Td (during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.76 534.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.97 534.75 Td ( was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.31 534.75 Td ($1,929) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 311.90 534.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.01 534.75 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.22 534.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.11 534.75 Td ($1,040) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.69 534.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 527.40 534.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 522.75 Td (amounts relate to cumulative catch-up adjustments arising from changes in estimated project costs on cost-to-cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 510.75 Td (percent complete jobs and final settlement of constrained variable consideration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.75 Td (d\) Unpriced contract modifications) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 473.75 Td (The Company recognized revenue from variable consideration related to unpriced contract modifications for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 461.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.72 461.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.61 461.75 Td ($2,397) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.20 461.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.31 461.75 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.52 461.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.41 461.75 Td ($615) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.66 461.75 Td (\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 443.75 Td (The table below represents the classification of such uncollected consideration on the balance sheet:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 412.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 412.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 412.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 412.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 390.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 390.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 390.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 390.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 412.25 m 427.5 412.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 412.25 m 492.5 412.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 412.25 m 561.5 412.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 390.25 m 427.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 379.25 m 427.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 390.25 m 492.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 379.25 m 492.5 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 390.25 m 561.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 379.25 m 561.5 379.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.40 424.48 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.20 416.48 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.75 424.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.20 416.48 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 403.93 Td (Accounts receivable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.00 403.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 403.25 Td (1,926) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 403.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 403.25 Td (358) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 392.93 Td (Contract assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 392.25 Td (7,944) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 392.25 Td (7,662) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.00 381.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 381.25 Td (9,870) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 381.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 381.25 Td (8,020) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.75 Td (e\) T) Tj ET Q q 0 0 0 rg BT 66.73 361.75 Td (ransaction price allocated to the remaining performance obligations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 343.75 Td (The following table includes estimated revenue expected to be recognized in the future related to performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (obligations that are unsatisfied \(or partially unsatisfied\) at the end of the reporting period. Included is all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 319.75 Td (consideration from contracts with customers where the originally expected duration of the contract is greater than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 307.75 Td (one year) Tj ET Q q 0 0 0 rg BT 87.86 307.75 Td (, excluding amounts that are recognized using the as-invoiced method and any constrained amounts of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 295.75 Td (revenue.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 285.25 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 285.25 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 255.25 448.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 255.25 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 285.25 m 498 285.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 285.25 m 563 285.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 255.25 m 498 255.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 255.25 m 563 255.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 240.25 m 498 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 240.25 m 563 240.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 274.48 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 274.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 274.65 Td (13,409) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 259.48 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 259.65 Td (10,982) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 244.48 Td (T) Tj ET Q q 0 0 0 rg BT 56.50 244.48 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 244.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 244.65 Td (24,391) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.75 Td (f\) Contract Costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 202.75 Td (The following table summarizes the contract costs amounts included within other assets on the consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 190.75 Td (balance sheets. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 161.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 161.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 161.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 161.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 139.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 139.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 139.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 139.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 180.25 m 429 180.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 161.25 m 429 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 180.25 m 494 180.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 161.25 m 494 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 180.25 m 563 180.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 161.25 m 563 161.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 139.25 m 429 139.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 139.25 m 494 139.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 139.25 m 563 139.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 128.25 m 429 128.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 128.25 m 494 128.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 128.25 m 563 128.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 165.50 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.90 171.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 163.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.25 171.93 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 163.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 152.93 Td (Reimbursable bid costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 152.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 152.25 Td (607) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 152.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 152.25 Td (422) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 141.93 Td (Fulfillment costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 141.25 Td (627) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 141.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 130.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 130.25 Td (1,234) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 130.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 130.25 Td (422) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (During the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.42 721.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.63 721.75 Td (, reimbursable bid costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.13 721.75 Td ($185) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.38 721.75 Td ( were capitalized \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.97 721.75 Td (three months ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.57 709.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.46 709.75 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.03 709.75 Td (\) and amortization expense was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.99 709.75 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.56 709.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.67 709.75 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.88 709.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.77 709.75 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.33 709.75 Td (\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 692.75 Td (During the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.42 692.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.63 692.75 Td (, fulfillment costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.44 692.75 Td ($1,101) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.03 692.75 Td ( were capitalized \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.62 692.75 Td (three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 680.75 Td (March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 680.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.87 680.75 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.44 680.75 Td (\), of which $502 was capitalized upon adoption, and amortization expense was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.21 680.75 Td ($474) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.46 680.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.57 680.75 Td (three ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 668.75 Td (months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.14 668.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.03 668.75 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.60 668.75 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.75 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.56 647.75 Td (\) Interest expense, net) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 606.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 606.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 606.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 606.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 584.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 584.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 584.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 562.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 562.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 562.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 562.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 540.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 540.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 540.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 617.25 m 428.5 617.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 617.25 m 493.5 617.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 617.25 m 497.5 617.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 617.25 m 562.5 617.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 606.25 m 428.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 606.25 m 493.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 606.25 m 562.5 606.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 562.25 m 428.5 562.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 562.25 m 493.5 562.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 562.25 m 562.5 562.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 540.25 m 428.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 540.25 m 493.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 540.25 m 562.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 529.25 m 428.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 529.25 m 493.5 529.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 529.25 m 562.5 529.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.05 628.98 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.20 618.98 Td (March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 609.20 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.20 608.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.20 608.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 597.93 Td (Interest on capital lease obligations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 597.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 597.25 Td (768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 597.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 597.25 Td (742) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 586.93 Td (Amortization of deferred financing costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 586.25 Td (130) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 586.25 Td (82) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 575.93 Td (Interest on Credit Facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 575.25 Td (441) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 575.25 Td (445) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 564.93 Td (Interest on Convertible Debentures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 564.25 Td (542) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 564.25 Td (102) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 553.93 Td (Interest on long term debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 553.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 553.25 Td (1,881) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 553.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 553.25 Td (1,371) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 542.93 Td (Other interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.95 542.25 Td (\(62) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 542.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 542.25 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 542.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 531.93 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 531.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 531.25 Td (1,819) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 531.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 531.25 Td (1,366) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.75 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.56 505.75 Td (\) Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.75 Td (a\) Common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.75 Td (Issued and outstanding:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 451.75 Td (The Company is authorized to issue an unlimited number of voting and non-voting common shares.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 398.25 309.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 398.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 398.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 398.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 398.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 398.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 376.25 309.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 376.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 376.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 376.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 376.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 376.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 346.25 309.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 346.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 346.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 346.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 346.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 346.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 435.25 m 358.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 398.25 m 358.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 435.25 m 423.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 398.25 m 423.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 435.25 m 492.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 398.25 m 492.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 435.25 m 561.5 435.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 398.25 m 561.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 335.25 m 358.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 335.25 m 423.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 335.25 m 492.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 335.25 m 561.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 324.25 m 358.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 324.25 m 423.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 324.25 m 492.5 324.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 324.25 m 561.5 324.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.30 402.48 Td (Common shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.50 402.48 Td (T) Tj ET Q q 0 0 0 rg BT 436.24 402.48 Td (reasury shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.30 426.48 Td (Common shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.05 418.48 Td (outstanding, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.20 410.48 Td (of treasury) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.95 402.48 Td (shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 389.93 Td (V) Tj ET Q q 0 0 0 rg BT 56.89 389.93 Td (oting common shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.00 378.93 Td (Number of common shares outstanding as at December 31, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 378.25 Td (28,070,150) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.95 378.25 Td (\(2,617,926) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 378.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.95 378.25 Td (25,452,224) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.00 367.93 Td (Issued upon exercise of stock options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.45 367.25 Td (145,150) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 367.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.45 367.25 Td (145,150) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.00 356.93 Td (Purchase of treasury shares for settlement of certain equity classified stock-based) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.00 348.93 Td (compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 350.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 350.65 Td (\(91,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 350.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 350.65 Td (\(91,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.00 350.65 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.00 337.93 Td (Retired through Share Purchase Program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.45 337.25 Td (\(344,785) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.00 337.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 337.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 337.25 Td (\(344,785) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.00 337.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.00 326.93 Td (Issued and outstanding at March 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 326.25 Td (27,870,515) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.95 326.25 Td (\(2,709,046) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 326.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.95 326.25 Td (25,161,469) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 306.75 Td (On June 12, 2014, the Company entered into a trust fund agreement whereby the trustee will purchase and hold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 294.75 Td (common shares, which were classified as treasury shares on our consolidated balance sheet, until such time that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 282.75 Td (units issued under certain stock-based compensation plans are to be settled. ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.75 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.22 721.75 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.12 721.75 Td ( per share) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 673.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 673.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 673.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 673.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 651.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 651.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 651.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 651.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 636.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 636.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 636.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 636.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 614.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 614.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 614.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 592.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 592.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 592.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 592.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 570.25 378.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 570.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 570.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 570.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 555.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 555.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 555.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 555.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 684.25 m 427.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 684.25 m 492.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 684.25 m 496.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 684.25 m 561.5 684.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 673.25 m 427.5 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 673.25 m 492.5 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 673.25 m 561.5 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 651.25 m 427.5 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 651.25 m 492.5 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 651.25 m 561.5 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 640.25 m 427.5 640.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 640.25 m 492.5 640.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 640.25 m 561.5 640.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 581.25 m 427.5 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 581.25 m 492.5 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 581.25 m 561.5 581.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 570.25 m 427.5 570.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 570.25 m 492.5 570.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 570.25 m 561.5 570.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 566.25 m 427.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 566.25 m 492.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 566.25 m 561.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 544.25 m 427.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 544.25 m 492.5 544.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 544.25 m 561.5 544.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.05 696.98 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.20 686.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.20 675.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.20 675.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 664.93 Td (Net income available to common shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.00 664.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.45 664.25 Td (1) Tj ET Q q 0 0 0 rg BT 466.46 664.25 Td (1,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 664.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 664.25 Td (9,599) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 653.93 Td (Interest from Convertible Debentures \(after tax\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 653.25 Td (441) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 653.25 Td (75) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 642.93 Td (Diluted net income available to common shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.00 642.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.45 642.25 Td (1) Tj ET Q q 0 0 0 rg BT 466.46 642.25 Td (1,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 642.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 642.25 Td (9,674) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 627.93 Td (W) Tj ET Q q 0 0 0 rg BT 59.41 627.93 Td (eighted average number of common shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 627.25 Td (25,284,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.95 627.25 Td (28,004,778) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 616.93 Td (W) Tj ET Q q 0 0 0 rg BT 59.48 616.93 Td (eighted average of dilutive securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.00 605.93 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 92.98 605.93 Td (fect of treasury shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 605.25 Td (2,651,684) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.95 605.25 Td (2,552,668) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.00 594.93 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 92.98 594.93 Td (fect of stock options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.45 594.25 Td (268,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.45 594.25 Td (326,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.00 583.93 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 92.98 583.93 Td (fect of Convertible Debentures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 583.25 Td (3,686,636) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.45 583.25 Td (696,365) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 572.93 Td (W) Tj ET Q q 0 0 0 rg BT 59.41 572.93 Td (eighted average number of diluted common shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 572.25 Td (31,891,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.95 572.25 Td (31,580,632) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 557.93 Td (Basic net income per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.00 557.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 557.25 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 557.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 557.25 Td (0.34) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 546.93 Td (Diluted net income per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.00 546.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 546.25 Td (0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 546.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 546.25 Td (0.31) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.46 526.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.67 526.75 Td (, there were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.25 526.75 Td (400,320) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.40 526.75 Td ( stock options which were anti-dilutive and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.75 Td (therefore were not considered in computing diluted earnings per share \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.85 514.75 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.07 514.75 Td ( ? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 502.75 Td (483,740) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.15 502.75 Td ( stock options\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.75 Td (c\) Share purchase programs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.75 Td (The Company engaged in the following normal course issuer bids \("NCIBs"\) during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.63 466.75 Td (three months ended March ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 454.75 Td (31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.93 454.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 389.25 170.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 389.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 389.25 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 389.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 389.25 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 389.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 389.25 65.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 389.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 389.25 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 389.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 389.25 65.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 400.25 m 219.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 400.25 m 287.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 400.25 m 355.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 400.25 m 424.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 400.25 m 492.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 400.25 m 561.5 400.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 389.25 m 219.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 389.25 m 287.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 389.25 m 355.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 389.25 m 424.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 389.25 m 492.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 389.25 m 561.5 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 370.25 m 219.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 370.25 m 287.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 370.25 m 355.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 370.25 m 424.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 370.25 m 492.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 370.25 m 561.5 370.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 404.48 Td (Commencement date) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.85 404.48 Td (Facilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.30 428.48 Td (Maximum ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.95 420.48 Td (number of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.15 412.48 Td (shares available ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.60 404.48 Td (to be purchased) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.40 435.93 Td (Actual number ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.05 427.93 Td (of shares ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.05 419.93 Td (purchased and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.85 411.93 Td (subsequently ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 403.93 Td (cancelled ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.05 412.48 Td (Reduction to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.05 404.48 Td (common shares) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.00 420.48 Td (Increase to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.00 412.48 Td (additional paid ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.00 404.48 Td (in capital) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.00 391.93 Td (August 14, 2017\(i\)\(ii\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 226.00 391.93 Td (NYSE, ) Tj ET Q q 0 0 0 rg BT 252.16 391.93 Td (TSX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 391.25 Td (1,281,571) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 391.25 Td (344,785) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 391.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 391.25 Td (2,962) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 391.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 391.25 Td (671) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 380.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.00 380.93 Td (otal during the three months ended March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 372.93 Td (31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 374.65 Td (1,281,571) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 374.65 Td (344,785) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 374.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 374.65 Td (2,962) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 374.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 374.65 Td (671) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 355.15 Td (\(i\) Of the maximum number of 2,424,333 common shares authorized to be purchased under this NCIB, 1,142,762 shares were purchased and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 345.55 Td (subsequently cancelled as at December 31, 2017, with a further 344,785 shares purchased and subsequently cancelled during the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 335.95 Td (months ended March 31, 2018. ) Tj ET Q q 0 0 0 rg BT 171.52 335.95 Td (As at March 31, 2018, there are a remaining 936,786 shares authorized to be purchased under this NCIB until ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 326.35 Td (its expiry on ) Tj ET Q q 0 0 0 rg BT 103.46 326.35 Td (August 13, 2018.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 316.75 Td (\(ii\) In order to comply with relevant securities laws, the Company can purchase a maximum of 655,142 of the remaining number of shares ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 307.15 Td (available to be purchased on the NYSE, which represents 5% of the issued and outstanding common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.15 Td (d\) Dividends) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 271.15 Td (On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.12 271.15 Td (February?13, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.84 271.15 Td (, the Company declared its first quarter 2018 dividend of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.09 271.15 Td ($0.02) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.11 271.15 Td ( per share payable to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 259.15 Td (shareholders of record as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.29 259.15 Td (March?6, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.22 259.15 Td (. ) Tj ET Q q 0 0 0 rg BT 249.00 259.15 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.23 259.15 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.71 259.15 Td (, the dividend payable of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.90 259.15 Td ($504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 259.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.93 259.15 Td (was included in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 247.15 Td (accrued liabilities and was subsequently paid to shareholders on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.40 247.15 Td (April?6, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.55 247.15 Td (. ) Tj ET Q q 0 0 0 rg BT 398.55 247.15 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.78 247.15 Td (March?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.27 247.15 Td (, the dividend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.15 Td (payable of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.93 235.15 Td ($558) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.17 235.15 Td ( was included in accrued liabilities and was subsequently paid to shareholders on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.50 235.15 Td (April?7, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 538.65 235.15 Td (.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.75 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.12 721.75 Td (\) Other information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 703.75 Td (a\) Supplemental cash flow information) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 656.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 656.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 656.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 634.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 634.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 634.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 612.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 612.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 612.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 612.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 568.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 568.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 568.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 568.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 546.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 546.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 546.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 667.25 m 428.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.25 m 493.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 667.25 m 497.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 667.25 m 562.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 656.25 m 428.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 656.25 m 493.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 656.25 m 562.5 656.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 524.25 m 428.5 524.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 524.25 m 493.5 524.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 524.25 m 562.5 524.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.05 678.98 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.20 668.98 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 658.93 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.20 658.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.20 658.93 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 647.93 Td (Cash paid during the period for:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 636.93 Td (Interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.00 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 636.25 Td (2,317) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 636.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 636.25 Td (1,140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 625.93 Td (Cash received during the period for:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 614.93 Td (Interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 614.25 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 614.25 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 603.93 Td (Non-cash transactions:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 592.93 Td (Addition of property) Tj ET Q q 0 0 0 rg BT 127.78 592.93 Td (, plant and equipment by means of capital leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 592.25 Td (16,484) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 592.25 Td (15,361) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 581.93 Td (Net decrease \(increase\) in assets held for sale, of) Tj ET Q q 0 0 0 rg BT 234.94 581.93 Td (fset by property) Tj ET Q q 0 0 0 rg BT 289.48 581.93 Td (, plant and equipment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 581.25 Td (1,332) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 581.25 Td (\(850) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 581.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 570.93 Td (Non-cash working capital adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 559.93 Td (Net decrease in contract assets related to adoption of accounting standard) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 559.25 Td (\(547) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 559.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 559.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 548.93 Td (Net increase in other assets related to adoption of accounting standard) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 548.25 Td (502) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 548.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 537.93 Td (Net decrease in accrued liabilities related to conversion of bonus compensation to DSUs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.95 537.25 Td (\(326) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 537.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 537.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 526.93 Td (Net decrease in accrued liabilities related to dividend payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.95 526.25 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 526.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 526.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 553.95 526.25 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 526.25 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.75 Td (b\) Net change in non-cash working capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 488.75 Td (The table below represents the cash \(used in\) provided by non-cash working capital:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 445.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 445.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 445.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 423.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 423.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 423.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 423.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 401.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 401.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 401.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 379.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 379.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 379.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 357.25 378.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 357.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 357.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 357.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 456.25 m 428.5 456.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 456.25 m 493.5 456.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 456.25 m 497.5 456.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 456.25 m 562.5 456.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 445.25 m 428.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 445.25 m 493.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 445.25 m 562.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 346.25 m 428.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 346.25 m 493.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 346.25 m 562.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 335.25 m 428.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 335.25 m 493.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 335.25 m 562.5 335.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 469.93 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.05 469.93 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.20 458.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 447.93 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.20 447.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.20 447.93 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 436.93 Td (Cash \(used in\) provided by net change in non-cash working capital) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 425.93 Td (Accounts receivable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 425.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.15 425.93 Td (\(15,890) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.30 425.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 425.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 425.93 Td (\(13,628) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.30 425.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 414.93 Td (Contract assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 414.98 Td (9,675) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.25 414.98 Td (4,979) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 403.93 Td (Inventories) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.25 403.98 Td (\(102) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.30 403.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.25 403.98 Td (\(455) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.30 403.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 392.93 Td (Contract costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.25 392.98 Td (\(310) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.30 392.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.25 392.93 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 381.93 Td (Prepaid expenses and deposits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.25 381.98 Td (\(826) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.30 381.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.95 381.98 Td (421) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 370.93 Td (Accounts payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.80 370.98 Td (10,343) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.25 370.98 Td (6,233) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 359.93 Td (Accrued liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.60 359.98 Td (\(2,929) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.30 359.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.60 359.98 Td (\(3,280) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.30 359.93 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 348.93 Td (Contract liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 348.98 Td (1,642) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.95 348.98 Td (509) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 337.93 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 337.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 337.98 Td (1,603) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 337.93 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.60 337.98 Td (\(5,221) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.30 337.93 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.75 Td (1) Tj ET Q q 0 0 0 rg BT 54.51 311.75 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.07 311.75 Td (\) Related party transactions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 293.75 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 293.75 Td ( director of the Company is the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 341.69 293.75 Td (ficer of a business that subleases space from the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 281.75 Td (Company) Tj ET Q q 0 0 0 rg BT 91.56 281.75 Td (. ) Tj ET Q q 0 0 0 rg BT 96.93 281.75 Td (The sublease was entered into several years before the director's appointment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 263.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 263.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 263.75 Td (, the Company received ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.56 263.75 Td ($78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.25 263.75 Td ( of sublease proceeds \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.20 263.75 Td (three months ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 251.75 Td (ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.57 251.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.46 251.75 Td ($83) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.14 251.75 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.75 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.62 233.75 Td (\) Comparative figures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 215.75 Td (Certain comparative figures have been reclassified from statements previously presented to conform to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 203.75 Td (presentation of the current year) Tj ET Q q 0 0 0 rg BT 187.92 203.75 Td (.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 739.75 Td (NORTH ) Tj ET Q q 0 0 0 rg BT 87.46 739.75 Td (AMERICAN CONSTRUCTION GROUP) Tj ET Q q 0 0 0 rg BT 263.94 739.75 Td ( L) Tj ET Q q 0 0 0 rg BT 272.09 739.75 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 718.75 Td (Management?) Tj ET Q q 0 0 0 rg BT 109.91 718.75 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 187.73 718.75 Td (Analysis) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 697.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 510.00 0 0 544.00 51.00 148.75 cm /I2 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 561.00 148.75 Td ( ) Tj ET Q endstream endobj 41 0 obj <><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F3 18.00 Tf ET q 0 0 0 rg BT 49.50 715.90 Td (T) Tj ET Q q 0 0 0 rg BT 58.50 715.90 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.5 685.1939453125 m 174.580078125 685.1939453125 l s q 0 0 1 rg BT 52.50 686.62 Td (A. EXPLANA) Tj ET Q q 0 0 1 rg BT 110.12 686.62 Td (T) Tj ET Q q 0 0 1 rg BT 116.04 686.62 Td (OR) Tj ET Q q 0 0 1 rg BT 130.86 686.62 Td (Y) Tj ET Q q 0 0 1 rg BT 137.35 686.62 Td ( NOTES) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.5 671.1939453125 m 224.0185546875 671.1939453125 l s q 0 0 1 rg BT 52.50 672.62 Td (B. SIGNIFICANT) Tj ET Q q 0 0 1 rg BT 127.88 672.62 Td ( BUSINESS EVENTS) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.5 657.1939453125 m 165.2978515625 657.1939453125 l s q 0 0 1 rg BT 52.50 658.62 Td (C. 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LEGAL) Tj ET Q q 0 0 1 rg BT 96.60 630.62 Td ( ) Tj ET Q q 0 0 1 rg BT 98.82 630.62 Td (AND LABOUR MA) Tj ET Q q 0 0 1 rg BT 180.87 630.62 Td (TTERS) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.5 615.1939453125 m 200.3076171875 615.1939453125 l s q 0 0 1 rg BT 52.50 616.62 Td (F) Tj ET Q q 0 0 1 rg BT 57.50 616.62 Td (. RESOURCES ) Tj ET Q q 0 0 1 rg BT 128.63 616.62 Td (AND SYSTEMS) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.5 601.1939453125 m 414.9462890625 601.1939453125 l s q 0 0 1 rg BT 52.50 602.62 Td (G. FOR) Tj ET Q q 0 0 1 rg BT 86.76 602.62 Td (W) Tj ET Q q 0 0 1 rg BT 95.83 602.62 Td (ARD-LOOKING INFORMA) Tj ET Q q 0 0 1 rg BT 213.98 602.62 Td (TION, ) Tj ET Q q 0 0 1 rg BT 242.88 602.62 Td (ASSUMPTIONS ) Tj ET Q q 0 0 1 rg BT 317.89 602.62 Td (AND RISK F) Tj ET Q q 0 0 1 rg BT 373.46 602.62 Td (ACT) Tj ET Q q 0 0 1 rg BT 393.28 602.62 Td (ORS) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.5 587.1939453125 m 162.5146484375 587.1939453125 l s q 0 0 1 rg BT 52.50 588.62 Td (H. GENERAL) Tj ET Q q 0 0 1 rg BT 112.70 588.62 Td ( MA) Tj ET Q q 0 0 1 rg BT 129.74 588.62 Td (TTERS) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 575.30 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 552.90 686.62 Td (2) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 552.90 672.62 Td (4) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 552.90 658.62 Td (6) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.10 644.62 Td (1) Tj ET Q q 0 0 0 rg BT 552.92 644.62 Td (1) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.35 630.62 Td (12) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.35 616.62 Td (12) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.35 602.62 Td (20) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.35 588.62 Td (23) Tj ET Q BT /F3 10.00 Tf ET endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.55 43.10 Td (2) Tj ET Q BT /F3 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5176470588235295 0.047058823529411764 0.23921568627450981 rg BT 49.50 715.90 Td (Management?) 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Tj ET Q q 0 0 0 rg BT 171.61 639.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 249.61 639.10 Td (Analysis \("MD&A"\) is as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 369.51 639.10 Td (May?1, 2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 424.54 639.10 Td ( and should be read in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 627.10 Td (conjunction with the attached unaudited interim consolidated financial statements for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 441.96 627.10 Td (three months ended March ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 615.10 Td (31, 2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 88.43 615.10 Td ( and notes that follow) Tj ET Q q 0 0 0 rg BT 182.38 615.10 Td (. These statements have been prepared in accordance with United States \("US"\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 603.10 Td (generally accepted accounting principles \("GAAP"\). Except where otherwise specifically indicated, all dollar ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 591.10 Td (amounts are expressed in Canadian dollars. This interim MD&A) Tj ET Q q 0 0 0 rg BT 330.92 591.10 Td ( should also be read in conjunction with the audited ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 579.10 Td (consolidated financial statements and notes that follow for the year ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 378.04 579.10 Td (December?31, 2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.87 579.10 Td (, together with our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 567.10 Td (annual MD&A) Tj ET Q q 0 0 0 rg BT 110.83 567.10 Td ( for the year ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 197.55 567.10 Td (December?31, 2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 285.38 567.10 Td (. The consolidated financial statements and additional ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 555.10 Td (information relating to our business, including our most recent ) Tj ET Q q 0 0 0 rg BT 324.83 555.10 Td (Annual Information Form, are available on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 543.10 Td (Canadian Securities ) Tj ET Q q 0 0 0 rg BT 141.40 543.10 Td (Administrators?) Tj ET Q q 0 0 0 rg BT 206.98 543.10 Td ( SEDAR System at ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 294.2265625 541.67421875 m 364.431640625 541.67421875 l s q 0 0 0 rg BT 294.23 543.10 Td (www) Tj ET Q q 0 0 0 rg BT 315.34 543.10 Td (.sedar) Tj ET Q q 0 0 0 rg BT 342.76 543.10 Td (.com) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 364.43 543.10 Td (, the Securities and Exchange Commission?) Tj ET Q q 0 0 0 rg BT 557.12 543.10 Td (s ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 531.10 Td (website at ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 97.302734375 529.67421875 m 155.6572265625 529.67421875 l s q 0 0 0 rg BT 97.30 531.10 Td (www) Tj ET Q q 0 0 0 rg BT 118.42 531.10 Td (.sec.gov) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 155.66 531.10 Td ( and our company website at ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 286.287109375 529.67421875 m 345.203125 529.67421875 l s q 0 0 0 rg BT 286.29 531.10 Td (www) Tj ET Q q 0 0 0 rg BT 307.40 531.10 Td (.nacg.ca) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 345.20 531.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.10 Td (Caution Regarding Forward-Looking Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 495.10 Td (Our MD&A) Tj ET Q q 0 0 0 rg BT 97.29 495.10 Td ( is intended to enable readers to gain an understanding of our current results and financial position. ) Tj ET Q q 0 0 0 rg BT 537.95 495.10 Td (T) Tj ET Q q 0 0 0 rg BT 542.95 495.10 Td (o do ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (so, we provide information and analysis comparing results of operations and financial position for the current period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (to that of the preceding periods. W) Tj ET Q q 0 0 0 rg BT 202.19 471.10 Td (e also provide analysis and commentary that we believe is necessary to assess ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (our future prospects. ) Tj ET Q q 0 0 0 rg BT 143.44 459.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 194.39 459.10 Td (, certain sections of this report contain forward-looking information that is based on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (current plans and expectations. ) Tj ET Q q 0 0 0 rg BT 191.07 447.10 Td (This forward-looking information is af) Tj ET Q q 0 0 0 rg BT 354.29 447.10 Td (fected by risks and uncertainties that could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (have a material impact on future prospects. Readers are cautioned that actual events and results may vary from the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td (forward-looking information. W) Tj ET Q q 0 0 0 rg BT 184.92 423.10 Td (e have denoted our forward-looking statements with this symbol ?) Tj ET Q /GS0 gs q 4.58 0 0 10.38 473.40 421.00 cm /I3 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.98 423.10 Td (?. Please refer to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (?Forward-Looking Information, ) Tj ET Q q 0 0 0 rg BT 185.67 411.10 Td (Assumptions and Risk Factors? for a discussion of the risks, assumptions and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (uncertainties related to such information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 100.98 381.10 Td ( Financial Measures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 363.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 363.10 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 106.02 363.10 Td ( financial measure is generally defined by the Canadian regulatory authorities as one that purports to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 351.10 Td (measure historical or future financial performance, financial position or cash flows, but excludes or includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 339.10 Td (amounts that would not be adjusted in the most comparable GAAP) Tj ET Q q 0 0 0 rg BT 344.49 339.10 Td ( measures. In our MD&A, we use non-GAAP) Tj ET Q q 0 0 0 rg BT 541.61 339.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (financial measures such as "gross profit", "margin", "EBIT", "EBITDA", "Consolidated EBITDA" \(as defined in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (previous credit agreement\) and "Adjusted EBITDA" \(as defined in our new credit agreement\), "T) Tj ET Q q 0 0 0 rg BT 472.02 315.10 Td (otal Debt", "Net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (Debt", and "Free Cash Flow". W) Tj ET Q q 0 0 0 rg BT 191.68 303.10 Td (e provide tables in this document that reconcile non-GAAP) Tj ET Q q 0 0 0 rg BT 450.54 303.10 Td ( measures used to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (amounts reported on the face of the consolidated financial statements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 273.10 Td (Gross profit and loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td ("Gross profit" is defined as revenue less: project costs; equipment costs; and depreciation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 237.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 237.10 Td (e believe that gross profit is a meaningful measure of our business as it portrays results before general and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (administrative \("G&A"\) overheads costs, amortization of intangible assets and the gain or loss on disposal of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (property) Tj ET Q q 0 0 0 rg BT 85.44 213.10 Td (, plant and equipment and assets held for sale. Management reviews gross profit to determine the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 201.10 Td (profitability of operating activities, including equipment ownership charges and to determine whether resources, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 189.10 Td (property) Tj ET Q q 0 0 0 rg BT 85.44 189.10 Td (, plant and equipment are being allocated ef) Tj ET Q q 0 0 0 rg BT 279.85 189.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 315.23 189.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (EBIT) Tj ET Q q 0 0 0 rg BT 70.81 171.10 Td (, EBITDA, Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 214.94 171.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 236.81 171.10 Td (Adjusted EBITDA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 153.10 Td ("EBIT" is defined as net income \(loss\) before interest expense and income taxes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td ("EBITDA" is defined as net income \(loss\) before interest expense, income taxes, depreciation and amortization. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 117.10 Td ("Consolidated EBITDA" is defined as EBITDA, excluding the ef) Tj ET Q q 0 0 0 rg BT 327.12 117.10 Td (fects of unrealized foreign exchange gain or loss, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 105.10 Td (realized and unrealized gain or loss on derivative financial instruments, non-cash \(equity classified\) stock-based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 93.10 Td (compensation expense, gain or loss on disposal of property) Tj ET Q q 0 0 0 rg BT 312.25 93.10 Td (, plant and equipment, gain or loss on disposal of assets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 81.10 Td (held for sale and certain other non-cash items included in the calculation of net income \(loss\). ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (As discussed in "Resources and Systems - Capital Resources and Use of Cash" in this MD&A, our Credit Facility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (introduced a new non-GAAP) Tj ET Q q 0 0 0 rg BT 176.06 709.75 Td ( measure "Adjusted EBITDA", which is defined as EBITDA) Tj ET Q q 0 0 0 rg BT 433.83 709.75 Td ( excluding the ef) Tj ET Q q 0 0 0 rg BT 506.48 709.75 Td (fects of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (unrealized foreign exchange gain or loss, realized and unrealized gain or loss on derivative financial instruments, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 685.75 Td (cash and non-cash \(liability and equity classified\) stock-based compensation expense, gain or loss on disposal of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 673.75 Td (property) Tj ET Q q 0 0 0 rg BT 85.44 673.75 Td (, plant and equipment, gain or loss on disposal of assets held for sale and certain other non-cash items ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 661.75 Td (included in the calculation of net income \(loss\). ) Tj ET Q q 0 0 0 rg BT 259.06 661.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 336.32 661.75 Td ( is used in the calculation of the financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 649.75 Td (covenants in our new Credit Facility) Tj ET Q q 0 0 0 rg BT 206.60 649.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 631.75 Td (e believe that Consolidated and ) Tj ET Q q 0 0 0 rg BT 201.09 631.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 278.35 631.75 Td ( is a meaningful measure of business performance because it ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 619.75 Td (excludes interest, income taxes, depreciation, amortization, the ef) Tj ET Q q 0 0 0 rg BT 339.47 619.75 Td (fect of certain gains and losses and certain non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (cash items that are not directly related to the operating performance of our business. Management reviews ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.75 Td (Consolidated and ) Tj ET Q q 0 0 0 rg BT 129.56 595.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 206.82 595.75 Td ( to determine whether property) Tj ET Q q 0 0 0 rg BT 342.26 595.75 Td (, plant and equipment are being allocated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 583.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.66 583.75 Td (ficiently) Tj ET Q q 0 0 0 rg BT 90.26 583.75 Td (. In addition, we believe that ) Tj ET Q q 0 0 0 rg BT 216.46 583.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 293.72 583.75 Td ( is a meaningful measure as it excludes the financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 571.75 Td (statement impact of changes in the carrying value of the liability classified award plans as a result of movement of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 559.75 Td (our share price.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 541.75 Td (As EBIT) Tj ET Q q 0 0 0 rg BT 85.07 541.75 Td (, EBITDA, Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 229.02 541.75 Td ( and ) Tj ET Q q 0 0 0 rg BT 250.71 541.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 327.97 541.75 Td ( are non-GAAP) Tj ET Q q 0 0 0 rg BT 395.60 541.75 Td ( financial measures, our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 529.75 Td (computations of EBIT) Tj ET Q q 0 0 0 rg BT 143.99 529.75 Td (, EBITDA, Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 287.94 529.75 Td ( and ) Tj ET Q q 0 0 0 rg BT 309.63 529.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 386.89 529.75 Td ( may vary from others in our industry) Tj ET Q q 0 0 0 rg BT 548.43 529.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 517.75 Td (EBIT) Tj ET Q q 0 0 0 rg BT 70.62 517.75 Td (, EBITDA, Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 214.57 517.75 Td ( and ) Tj ET Q q 0 0 0 rg BT 236.26 517.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 313.52 517.75 Td ( should not be considered as alternatives to operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 505.75 Td (income or net income as measures of operating performance or cash flows and they have important limitations as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 493.75 Td (analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 481.75 Td (under US GAAP) Tj ET Q q 0 0 0 rg BT 121.02 481.75 Td (. For example, EBITDA, Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 326.11 481.75 Td ( and ) Tj ET Q q 0 0 0 rg BT 347.80 481.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 425.06 481.75 Td ( do not: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 463.75 Td (? ) Tj ET Q q 0 0 0 rg BT 112.50 463.75 Td (reflect our cash expenditures or requirements for capital expenditures or capital commitments or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.50 451.75 Td (proceeds from capital disposals; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 436.75 Td (? ) Tj ET Q q 0 0 0 rg BT 112.50 436.75 Td (reflect changes in our cash requirements for our working capital needs; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 421.75 Td (? ) Tj ET Q q 0 0 0 rg BT 112.50 421.75 Td (reflect the interest expense or the cash requirements necessary to service interest or principal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.50 409.75 Td (payments on our debt; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 394.75 Td (? ) Tj ET Q q 0 0 0 rg BT 112.50 394.75 Td (include tax payments or recoveries that represent a reduction or increase in cash available to us; or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 379.75 Td (? ) Tj ET Q q 0 0 0 rg BT 112.50 379.75 Td (reflect any cash requirements for assets being depreciated and amortized that may have to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.50 367.75 Td (replaced in the future. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 349.75 Td (Margin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 331.75 Td (e will often identify a relevant financial metric as a percentage of revenue and refer to this as a margin for that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 319.75 Td (financial metric. "Margin" is defined as the financial number as a percent of total reported revenue. Examples where ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 307.75 Td (we use this reference and related calculation are in relation to "gross profit margin", "operating income margin", "net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 295.75 Td (income \(loss\) margin", "EBIT) Tj ET Q q 0 0 0 rg BT 177.00 295.75 Td ( margin", "Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 319.72 295.75 Td ( margin", or "Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 454.66 295.75 Td ( margin".) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 277.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 277.75 Td (e believe that presenting relevant financial metrics as a percentage of revenue is a meaningful measure of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 265.75 Td (business as it provides the performance of the financial metric in the context of the performance of revenue. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (Management reviews margins as part of its financial metrics to assess the relative performance of its results.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 235.75 Td (T) Tj ET Q q 0 0 0 rg BT 54.69 235.75 Td (otal Debt and Net Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 217.75 Td ("T) Tj ET Q q 0 0 0 rg BT 58.05 217.75 Td (otal Debt" is defined as the sum of the outstanding principal balance \(current and long-term portions\) of: \(i\) capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 205.75 Td (leases; \(ii\) borrowings under our Credit Facility \(excluding outstanding Letters of Credit\); and \(iii\) convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 193.75 Td (unsecured subordinated debentures \(the "Convertible Debentures"\), and \(iv\) liabilities from hedge and swap ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 181.75 Td (arrangements. Our definition of ) Tj ET Q q 0 0 0 rg BT 189.95 181.75 Td (T) Tj ET Q q 0 0 0 rg BT 194.95 181.75 Td (otal Debt excludes deferred financing costs related to ) Tj ET Q q 0 0 0 rg BT 433.24 181.75 Td (T) Tj ET Q q 0 0 0 rg BT 438.24 181.75 Td (otal Debt. W) Tj ET Q q 0 0 0 rg BT 493.08 181.75 Td (e believe ) Tj ET Q q 0 0 0 rg BT 535.71 181.75 Td (T) Tj ET Q q 0 0 0 rg BT 540.71 181.75 Td (otal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 169.75 Td (Debt is a meaningful measure in understanding our complete debt obligations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 151.75 Td ("Net Debt" is defined as ) Tj ET Q q 0 0 0 rg BT 157.59 151.75 Td (T) Tj ET Q q 0 0 0 rg BT 162.59 151.75 Td (otal Debt less cash and cash equivalents recorded on the balance sheet. Net Debt is used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 139.75 Td (by us in assessing our debt repayment requirements after using available cash.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 121.75 Td (Free Cash Flow) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 103.75 Td ("Free Cash Flow" is defined as cash from operations less cash used in investing activities \(excluding cash used for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 91.75 Td (growth capital expenditures and cash used for / provided by acquisitions\). W) Tj ET Q q 0 0 0 rg BT 386.72 91.75 Td (e feel Free Cash Flow is a relevant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 79.75 Td (measure of cash available to service our ) Tj ET Q q 0 0 0 rg BT 231.08 79.75 Td (T) Tj ET Q q 0 0 0 rg BT 236.08 79.75 Td (otal Debt repayment commitments, pay dividends, fund share purchases ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 67.75 Td (and fund both growth capital expenditures and potential strategic initiatives.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.55 43.10 Td (4) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 49.50 718.85 Td (B. SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 155.03 718.85 Td ( BUSINESS EVENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.85 Td (Company Name Change) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 682.85 Td (On ) Tj ET Q q 0 0 0 rg BT 65.07 682.85 Td (April 1) Tj ET Q q 0 0 0 rg BT 92.67 682.85 Td (1, 2018, our shareholders approved an amendment to the articles of our Company to change the name of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 670.85 Td (the Company to ?North ) Tj ET Q q 0 0 0 rg BT 152.88 670.85 Td (American Construction Group Ltd.? ) Tj ET Q q 0 0 0 rg BT 309.99 670.85 Td (The name change was ef) Tj ET Q q 0 0 0 rg BT 422.10 670.85 Td (fective on ) Tj ET Q q 0 0 0 rg BT 467.13 670.85 Td (April 1) Tj ET Q q 0 0 0 rg BT 494.73 670.85 Td (1, 2018, but ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 658.85 Td (trading on the ) Tj ET Q q 0 0 0 rg BT 113.25 658.85 Td (TSX and NYSE did not commence under the new name until ) Tj ET Q q 0 0 0 rg BT 383.96 658.85 Td (April 16, 2018. ) Tj ET Q q 0 0 0 rg BT 451.05 658.85 Td (The Company?) Tj ET Q q 0 0 0 rg BT 515.90 658.85 Td (s trading ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 646.85 Td (symbol \(TSX: NOA.T) Tj ET Q q 0 0 0 rg BT 142.66 646.85 Td (O / NYSE: NOA\) remains the same. Following the name change, share certificates of ?North ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 634.85 Td (American Energy Partners Inc.? remain valid until replaced on transfer and shareholders are not required to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 622.85 Td (surrender and exchange their share certificates for share certificates with the new name. ) Tj ET Q q 0 0 0 rg BT 442.85 622.85 Td (The name change does ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 610.85 Td (not, by itself, af) Tj ET Q q 0 0 0 rg BT 116.58 610.85 Td (fect any of the rights of shareholders. In a related move, we concurrently changed the name of one ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 598.85 Td (of our subsidiaries to "North ) Tj ET Q q 0 0 0 rg BT 174.78 598.85 Td (American Construction Management Ltd." from "North ) Tj ET Q q 0 0 0 rg BT 415.87 598.85 Td (American Construction Group ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 586.85 Td (Inc.".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.85 Td (Normal Course Issuer Bids ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 550.85 Td (On ) Tj ET Q q 0 0 0 rg BT 65.07 550.85 Td (August 14, 2017, we commenced a Normal Course Issuer Bid \("NCIB"\), which authorizes us to purchase up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 538.85 Td (2,424,333 common shares through the facilities of the ) Tj ET Q q 0 0 0 rg BT 290.02 538.85 Td (T) Tj ET Q q 0 0 0 rg BT 295.02 538.85 Td (oronto Stock Exchange \("TSX"\) and the New ) Tj ET Q q 0 0 0 rg BT 495.93 538.85 Td (Y) Tj ET Q q 0 0 0 rg BT 501.68 538.85 Td (ork Stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 526.85 Td (Exchange \("NYSE"\). ) Tj ET Q q 0 0 0 rg BT 142.75 526.85 Td (A) Tj ET Q q 0 0 0 rg BT 148.87 526.85 Td ( limit of 1,460,089 of the total number of common shares can be purchased on the NYSE to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 514.85 Td (comply with relevant securities laws, which represents 5% of the issued and outstanding common shares. ) Tj ET Q q 0 0 0 rg BT 518.62 514.85 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 502.85 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 502.85 Td (, we have used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.03 502.85 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.61 502.85 Td ( in cash to purchase and subsequently cancel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.74 502.85 Td (344,785) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.89 502.85 Td ( common shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 490.85 Td (at a weighted average price of $6.64 per share in the normal course during the current year) Tj ET Q q 0 0 0 rg BT 452.52 490.85 Td (. ) Tj ET Q q 0 0 0 rg BT 457.89 490.85 Td (The current year NCIB ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 478.85 Td (program has reduced our outstanding balance to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.98 478.85 Td (25,161,469) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.03 478.85 Td ( common shares as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.18 478.85 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.67 478.85 Td (. ) Tj ET Q q 0 0 0 rg BT 494.04 478.85 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 466.85 Td (outstanding common share balance is net of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.19 466.85 Td (2,709,046) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.68 466.85 Td ( common shares classified as treasury shares as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 454.85 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 454.85 Td (. Under this NCIB, there are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.15 454.85 Td (936,786) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.30 454.85 Td ( shares remaining that can be purchased and subsequently ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 442.85 Td (cancelled until its expiry on ) Tj ET Q q 0 0 0 rg BT 171.23 442.85 Td (August 13, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.85 Td (Adoption of New US GAAP) Tj ET Q q 0 0 0 rg BT 177.09 424.85 Td ( Revenue Standard) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 406.85 Td (On January 1, 2018, we adopted the new US GAAP) Tj ET Q q 0 0 0 rg BT 279.46 406.85 Td ( revenue standard, "ASC 606, Revenue from Contracts with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 394.85 Td (Customers" \("T) Tj ET Q q 0 0 0 rg BT 116.05 394.85 Td (opic 606"\) issued jointly by the Financial ) Tj ET Q q 0 0 0 rg BT 295.81 394.85 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 438.33 394.85 Td (ASB"\) and the International ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 382.85 Td (Accounting Standards Board \("IASB"\). ) Tj ET Q q 0 0 0 rg BT 221.51 382.85 Td (The new standard provided a revenue recognition model to follow for all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 370.85 Td (types of contracts with customers and eliminated most industry-specific revenue guidance, including the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 358.85 Td (construction industry guidance which had previously been applied to most of our contracts. W) Tj ET Q q 0 0 0 rg BT 462.32 358.85 Td (e updated our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 346.85 Td (revenue recognition process to align with the new standard which, in some cases changed the timing of when and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 334.85 Td (how much revenue was recognized during the current period when compared to our previous revenue recognition ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 322.85 Td (process. ) Tj ET Q q 0 0 0 rg BT 89.89 322.85 Td (The new revenue standard also changed how claims and contract modifications are accounted for which, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 310.85 Td (in some cases could accelerate the recognition of revenue for these items when compared to our previous ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 298.85 Td (treatment of claims and contract modifications.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 280.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 280.85 Td (e adopted the standard using the modified cumulative retrospective method permitted under the accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 268.85 Td (standard updates \("ASUs"\) for ) Tj ET Q q 0 0 0 rg BT 185.93 268.85 Td (T) Tj ET Q q 0 0 0 rg BT 190.93 268.85 Td (opic 606, by recognizing the cumulative ef) Tj ET Q q 0 0 0 rg BT 376.97 268.85 Td (fect of initially applying ) Tj ET Q q 0 0 0 rg BT 479.62 268.85 Td (T) Tj ET Q q 0 0 0 rg BT 484.62 268.85 Td (opic 606 as an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 256.85 Td (adjustment to the opening balance of equity as of January 1, 2018. W) Tj ET Q q 0 0 0 rg BT 356.74 256.85 Td (e recorded a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.67 256.85 Td ($0.05 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.81 256.85 Td ( adjustment to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.85 Td (opening balance of retained earnings related to this adoption method, as detailed in the "Interim Consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 232.85 Td (Statements of Change in Shareholders Equity" within the interim consolidated financial statements for this period. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 220.85 Td (addition, a summary of the ef) Tj ET Q q 0 0 0 rg BT 178.27 220.85 Td (fect on our financial statements from adopting ) Tj ET Q q 0 0 0 rg BT 383.21 220.85 Td (T) Tj ET Q q 0 0 0 rg BT 388.21 220.85 Td (opic 606 is included in note 3, "Recent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 208.85 Td (accounting pronouncements" in these same financial statements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 190.85 Td (Notable terminology and accounting changes as a result of the implementation of ) Tj ET Q q 0 0 0 rg BT 410.65 190.85 Td (T) Tj ET Q q 0 0 0 rg BT 415.65 190.85 Td (opic 606 include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 172.85 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 172.85 Td (Contract costs - Included in other assets on the consolidated balance sheets are capitalized contract costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 160.85 Td (These fall into two categories: reimbursable bid costs which represent the incremental costs to obtain a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 148.85 Td (contract; and fulfillment costs which represent pre-construction costs related to activities occurring before ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 136.85 Td (the scope of work begins, such as mobilization and site setup costs. ) Tj ET Q q 0 0 0 rg BT 388.26 136.85 Td (These costs are amortized and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 124.85 Td (expensed to project costs over the life of the contract based on the transfer of goods or services to which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 112.85 Td (the assets relate. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 94.85 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 94.85 Td (Contract asset and contract liabilities - Included on the consolidated balance sheets are contract assets and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 82.85 Td (contract liabilities, which were previously referred to as "unbilled revenue" and "billings in excess of costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 70.85 Td (incurred and estimated earnings on uncompleted contracts", respectively) Tj ET Q q 0 0 0 rg BT 406.81 70.85 Td (. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 721.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 721.75 Td (Contract receivables - Included in accounts receivable on the consolidated balance sheets are contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 709.75 Td (receivables, which represent compensation amounts that we have an unconditional right to, whether they ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 697.75 Td (have been billed by the balance sheet date or not. Prior to the adoption of the new standard, only those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 685.75 Td (amounts that had been billed to the customer by the financial statement date were reported in our accounts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 673.75 Td (receivable balance. ) Tj ET Q q 0 0 0 rg BT 173.89 673.75 Td (Activity which we had an unconditional right to invoice the customer) Tj ET Q q 0 0 0 rg BT 471.83 673.75 Td (, but had not yet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 661.75 Td (been billed was recorded as an asset against our "unbilled revenue" balance \(now referred to as contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 649.75 Td (assets\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (The adoption of ) Tj ET Q q 0 0 0 rg BT 121.59 631.75 Td (T) Tj ET Q q 0 0 0 rg BT 126.59 631.75 Td (opic 606 includes the requirement for additional disclosures in our consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 619.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 103.79 619.75 Td (The F) Tj ET Q q 0 0 0 rg BT 129.35 619.75 Td (ASB objective of issuing this new standard is to provide financial statement users with suf) Tj ET Q q 0 0 0 rg BT 524.37 619.75 Td (ficient ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (information to understand the nature, amount, timing and uncertainty of revenue, certain costs, and cash flows from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.75 Td (contracts with customers. ) Tj ET Q q 0 0 0 rg BT 164.54 595.75 Td (As prescribed by ) Tj ET Q q 0 0 0 rg BT 241.61 595.75 Td (T) Tj ET Q q 0 0 0 rg BT 246.61 595.75 Td (opic 606, we have added note 7 "Revenue" to our interim consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 583.75 Td (financial statements to meet the F) Tj ET Q q 0 0 0 rg BT 199.02 583.75 Td (ASB objective. ) Tj ET Q q 0 0 0 rg BT 266.65 583.75 Td (This note contains the following sections:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 565.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 565.75 Td (Disaggregation of revenue - a breakout of our revenue into categories that depict how the nature, amounts, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 553.75 Td (timing, and uncertainty of revenue and cash flow are af) Tj ET Q q 0 0 0 rg BT 328.24 553.75 Td (fected by economic factors. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 535.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 535.75 Td (Customer revenues - disclosed as a separate note in previous interim financial statements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 517.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 517.75 Td (Contract balances - information about the contract balances in assets and liabilities and the changes in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 505.75 Td (period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 487.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 487.75 Td (Unpriced contract modifications - information about contract modifications that are approved in scope and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 475.75 Td (not price where we are treating the associated revenue as variable consideration, subject to constraint. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 457.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 457.75 Td (T) Tj ET Q q 0 0 0 rg BT 91.24 457.75 Td (ransaction price allocated to the remaining performance obligations - information about estimated revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 445.75 Td (expected to be recognized in future periods related to performance obligations that are unsatisfied for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 433.75 Td (contracts with an original duration of one year or more, excluding amounts that are recognized using the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 421.75 Td ("as-invoiced" method.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 403.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 403.75 Td (Contract costs - information about the capitalized reimbursable bid costs and fulfillment costs relating to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 391.75 Td (contracts.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.55 43.10 Td (6) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 49.50 718.85 Td (C. FINANCIAL) Tj ET Q q 0 0 0 rg BT 139.99 718.85 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 189.53 718.85 Td (TS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.85 Td (Summary of Consolidated Three Months Results) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 662.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 662.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 662.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 662.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 662.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 662.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 640.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 640.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 640.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 640.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 640.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 640.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 618.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 618.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 618.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 618.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 618.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 618.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 596.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 596.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 596.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 596.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 596.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 596.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 574.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 574.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 574.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 574.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 574.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 574.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 552.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 552.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 552.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 552.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 552.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 530.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 530.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 530.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 530.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 530.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 530.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 508.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 508.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 508.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 508.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 508.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 508.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 486.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 486.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 486.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 486.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 486.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 486.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 464.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 464.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 464.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 464.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 464.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 464.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 442.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 442.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 442.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 442.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 442.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 442.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 427.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 427.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 427.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 427.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 427.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 427.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 405.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 405.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 405.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 405.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 405.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 405.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 390.35 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 390.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 390.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 390.35 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 390.35 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 390.35 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 673.35 m 360 673.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 673.35 m 425 673.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 673.35 m 429 673.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 673.35 m 494 673.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 673.35 m 498 673.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 673.35 m 563 673.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 662.35 m 360 662.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 662.35 m 425 662.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 662.35 m 494 662.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 662.35 m 563 662.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 618.35 m 360 618.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 618.35 m 425 618.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 618.35 m 494 618.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 618.35 m 563 618.35 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 676.03 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.15 676.03 Td (Three months ended March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 665.03 Td (\(dollars in thousands, except per share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.70 665.03 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 665.03 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.45 665.03 Td (Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 654.03 Td (Revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 653.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.90 653.35 Td (1) Tj ET Q q 0 0 0 rg BT 388.91 653.35 Td (14,703) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 653.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.90 653.35 Td (92,842) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 653.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.95 653.35 Td (21,861) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.03 Td (Project costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.90 642.35 Td (41,463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.90 642.35 Td (29,207) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 642.35 Td (12,256) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 632.03 Td (Equipment costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.90 631.35 Td (28,257) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.90 631.35 Td (26,055) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 631.35 Td (2,202) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 621.03 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.90 620.35 Td (18,192) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.90 620.35 Td (14,558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 620.35 Td (3,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 610.03 Td (Gross profit) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 98.28 613.84 Td (\(i\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 609.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.90 609.35 Td (26,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 609.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.90 609.35 Td (23,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.50 609.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.95 609.35 Td (3,769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 599.03 Td (Gross profit margin) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.18 602.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 598.35 Td (23.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 598.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 598.35 Td (24.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 598.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 598.35 Td (\(1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.50 598.35 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 588.03 Td (Select financial information:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 577.03 Td (General and administrative expenses \(excluding stock-based compensation\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.90 576.35 Td (5,903) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.90 576.35 Td (6,017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 576.35 Td (\(1) Tj ET Q q 0 0 0 rg BT 541.45 576.35 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.50 576.35 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 566.03 Td (Stock-based compensation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.90 565.35 Td (1,898) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.90 565.35 Td (2,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 565.35 Td (\(160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.50 565.35 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 555.03 Td (Loss on sublease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.90 554.35 Td (1,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.45 554.35 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 554.35 Td (1,732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 544.03 Td (Operating income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.90 543.35 Td (17,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.90 543.35 Td (14,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.95 543.35 Td (2,618) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 533.03 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.90 532.35 Td (1,819) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.90 532.35 Td (1,366) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 532.35 Td (453) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 522.03 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.90 521.35 Td (1) Tj ET Q q 0 0 0 rg BT 393.91 521.35 Td (1,131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.90 521.35 Td (9,599) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.95 521.35 Td (1,532) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 511.03 Td (Net income margin) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 119.64 514.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.90 510.35 Td (9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 510.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 510.35 Td (10.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 510.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 510.35 Td (\(0.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.50 510.35 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 500.03 Td (EBIT) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 70.72 503.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.90 499.35 Td (17,077) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.90 499.35 Td (14,452) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 499.35 Td (2,625) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 489.03 Td (EBIT) Tj ET Q q 0 0 0 rg BT 70.14 489.03 Td ( margin) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 96.81 492.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 488.35 Td (14.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 488.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 488.35 Td (15.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 488.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 488.35 Td (\(0.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.50 488.35 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 478.03 Td (EBITDA) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 81.39 481.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.90 477.35 Td (35,422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.90 477.35 Td (29,362) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 477.35 Td (6,060) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 467.03 Td (Consolidated EBITDA) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 135.17 470.84 Td (\(i\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.08 467.03 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.90 466.35 Td (37,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.90 466.35 Td (30,282) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.95 466.35 Td (7,630) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 456.03 Td (Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 129.88 456.03 Td ( margin) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 156.55 459.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 455.35 Td (33.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 455.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 455.35 Td (32.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 455.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 455.35 Td (0.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.45 455.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 445.03 Td (Adjusted EBITDA) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 118.72 448.84 Td (\(i\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.90 444.35 Td (39,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.90 444.35 Td (31,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.95 444.35 Td (7,524) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 434.03 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 114.31 434.03 Td ( margin) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 140.98 437.84 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 433.35 Td (34.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 433.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 433.35 Td (34.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 433.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 433.35 Td (0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.45 433.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 419.03 Td (Per share information) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 408.03 Td (Net income - Basic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 407.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 407.35 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 407.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 407.35 Td (0.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 407.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 407.35 Td (0.10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 397.03 Td (Net income - Diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 396.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 396.35 Td (0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 396.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 396.35 Td (0.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 396.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 396.35 Td (0.05) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 382.03 Td (Cash dividend declared per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 381.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.90 381.35 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 381.35 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.90 381.35 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.50 381.35 Td (?) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 368.07 Td (\(i\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 55.56 364.25 Td (See "Non-GAAP) Tj ET Q q 0 0 0 rg BT 114.29 364.25 Td ( Financial Measures". ) Tj ET Q q 0 0 0 rg BT 192.71 364.25 Td (A) Tj ET Q q 0 0 0 rg BT 197.61 364.25 Td ( reconciliation of net income to EBIT) Tj ET Q q 0 0 0 rg BT 324.79 364.25 Td (, EBITDA, Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 439.95 364.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 457.30 364.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 519.11 364.25 Td ( is as ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 354.65 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 313.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 313.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 313.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 313.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 291.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 291.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 291.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 291.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 269.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 269.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 269.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 269.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 247.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 247.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 247.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 247.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 225.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 225.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 225.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 225.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 203.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 203.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 203.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 203.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 181.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 181.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 181.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 181.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 159.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 159.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 159.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 159.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.00 137.15 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 137.15 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 137.15 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 137.15 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 324.15 m 427 324.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 324.15 m 492 324.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 324.15 m 561 324.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 313.15 m 427 313.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 313.15 m 492 313.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 324.15 m 496 324.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 313.15 m 561 313.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 313.15 m 427 313.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 269.15 m 427 269.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 269.15 m 492 269.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 269.15 m 561 269.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 225.14999999999998 m 427 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 225.14999999999998 m 492 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 225.14999999999998 m 561 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 159.14999999999998 m 427 159.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 159.14999999999998 m 492 159.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 159.14999999999998 m 561 159.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 159.14999999999998 m 427 159.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 159.14999999999998 m 492 159.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 159.14999999999998 m 561 159.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 126.14999999999998 m 427 126.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 126.14999999999998 m 492 126.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 126.14999999999998 m 561 126.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 126.14999999999998 m 427 126.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48 115.14999999999998 m 427 115.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 126.14999999999998 m 492 126.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 115.14999999999998 m 492 115.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 126.14999999999998 m 561 126.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 115.14999999999998 m 561 115.14999999999998 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.55 335.88 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.70 325.88 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.50 315.83 Td (\(dollars in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.70 315.83 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.70 315.83 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.50 304.83 Td (Net income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.50 304.15 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 304.15 Td (1) Tj ET Q q 0 0 0 rg BT 465.96 304.15 Td (1,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.50 304.15 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 304.15 Td (9,599) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.50 293.83 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 282.83 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 282.15 Td (1,819) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 282.15 Td (1,366) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 271.83 Td (Income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 271.15 Td (4,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 271.15 Td (3,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.50 260.83 Td (EBIT) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.95 260.15 Td (17,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.95 260.15 Td (14,452) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.50 249.83 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 238.83 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 238.15 Td (18,192) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 238.15 Td (14,558) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 227.83 Td (Amortization of intangible assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 227.15 Td (153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 227.15 Td (352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.50 216.83 Td (EBITDA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.95 216.15 Td (35,422) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.95 216.15 Td (29,362) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.50 205.83 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 194.83 Td (Loss on disposal of property) Tj ET Q q 0 0 0 rg BT 155.96 194.83 Td (, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.45 194.15 Td (80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 194.15 Td (214) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 183.83 Td (Gain on disposal of assets held for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 183.15 Td (\(42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.50 183.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 183.15 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.50 183.15 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 172.83 Td (Equity classified stock-based compensation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 172.15 Td (720) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 172.15 Td (774) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 161.83 Td (Loss on sublease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 161.15 Td (1,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.50 161.15 Td (?) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.50 150.83 Td (Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 132.87 150.83 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.95 150.15 Td (37,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.95 150.15 Td (30,282) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.50 139.83 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.50 128.83 Td (Liability classified stock-based compensation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 128.15 Td (1,178) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 128.15 Td (1,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.50 117.83 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 116.43 117.83 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.95 117.15 Td (39,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.95 117.15 Td (31,566) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Analysis of Consolidated Three Month Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 703.75 Td (Revenue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 685.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 685.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 685.75 Td (, revenue was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.21 685.75 Td ($1) Tj ET Q q 0 0 0 rg BT 320.59 685.75 Td (14.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.17 685.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.73 685.75 Td (up) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.85 685.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.41 685.75 Td ($92.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.55 685.75 Td ( in the same period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 673.75 Td (last year) Tj ET Q q 0 0 0 rg BT 86.74 673.75 Td (. Revenue grew in the current period compared to last year as a result of growth in heavy civil construction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 661.75 Td (work at both the Kearl oil sands mine and the Highland V) Tj ET Q q 0 0 0 rg BT 300.57 661.75 Td (alley copper mine located in central British Columbia; the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 649.75 Td (latter as part of the contribution from a recently awarded 3-year civil construction and mine support contract. W) Tj ET Q q 0 0 0 rg BT 537.88 649.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 637.75 Td (also realized current quarter growth in mine support activities as a result of ongoing work at the Fording River coal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 625.75 Td (mine in southeast British Columbia, which of) Tj ET Q q 0 0 0 rg BT 245.52 625.75 Td (fset a slight decline in mine support activities at the Kearl mine. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 613.75 Td (current period winter works program included volumes similar to last year's strong program with reclamation work at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 601.75 Td (the Mildred Lake mine site and both overburden removal and tailings pond support activity at the Millennium mine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 589.75 Td (site. W) Tj ET Q q 0 0 0 rg BT 79.88 589.75 Td (e achieved these equivalent winter works volumes while also dedicating a portion of our equipment fleet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 577.75 Td (capacity to the incremental heavy civil construction and mine support activities. ) Tj ET Q q 0 0 0 rg BT 400.60 577.75 Td (This was made possible due to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 565.75 Td (2017 investment in growth capital, which expanded our large sized equipment fleet capacity and the benefit realized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 553.75 Td (from the ef) Tj ET Q q 0 0 0 rg BT 97.12 553.75 Td (fective execution of the earthworks program through the ever changing weather conditions of the winter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 541.75 Td (season. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.75 Td (Gross profit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 505.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 505.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 505.75 Td (, gross profit was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.53 505.75 Td ($26.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.68 505.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.90 505.75 Td (23.4%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.26 505.75 Td ( gross profit margin, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.40 505.75 Td (up) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.52 505.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 493.75 Td ($23.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.64 493.75 Td (, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.87 493.75 Td (24.8%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.22 493.75 Td ( gross profit margin, in the same period last year) Tj ET Q q 0 0 0 rg BT 364.66 493.75 Td (. ) Tj ET Q q 0 0 0 rg BT 370.03 493.75 Td (T) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 376.14 501.03 13.90 -9.38 re f /GS0 gs q 0 0 0 rg BT 376.14 493.75 Td (he ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.04 493.75 Td (higher) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 417.84 501.03 146.74 -9.38 re f /GS0 gs q 0 0 0 rg BT 417.84 493.75 Td ( gross profit in the current period ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 49.50 489.03 81.15 -9.38 re f /GS0 gs q 0 0 0 rg BT 49.50 481.75 Td (was a result of the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.65 481.75 Td ( higher revenue. ) Tj ET Q q 0 0 0 rg BT 205.52 481.75 Td (The slight decline in current period gross profit margin was driven by certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 469.75 Td (heavy civil construction and mine support contracts that included lower margin activities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 451.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 451.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 451.75 Td (, depreciation was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.55 451.75 Td ($18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.70 451.75 Td ( \(or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.47 451.75 Td (15.9%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.83 451.75 Td ( of revenue\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.75 451.75 Td (up) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.87 451.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.43 451.75 Td ($14.6 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 439.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 439.75 Td ( \(or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.62 439.75 Td (15.7%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.97 439.75 Td ( of revenue\) in the same period last year) Tj ET Q q 0 0 0 rg BT 302.41 439.75 Td (. ) Tj ET Q q 0 0 0 rg BT 307.78 439.75 Td (The increase in current period depreciation was primarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 427.75 Td (driven by increased equipment use as a result of the higher revenue activity) Tj ET Q q 0 0 0 rg BT 383.39 427.75 Td (. Depreciation as a percent of revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 415.75 Td (was similar between the two periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.75 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.51 397.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 379.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 379.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 379.75 Td (, we recorded operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.02 379.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.25 379.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.15 379.75 Td ($17.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.29 379.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.85 379.75 Td (up) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.97 379.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.53 379.75 Td ($14.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.67 379.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 367.75 Td (for the same period last year) Tj ET Q q 0 0 0 rg BT 175.68 367.75 Td (. General and administrative expense, excluding stock-based compensation, was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.99 367.75 Td ($5.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 355.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 355.75 Td ( for the quarter) Tj ET Q q 0 0 0 rg BT 142.88 355.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.44 355.75 Td (down) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.34 355.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.90 355.75 Td ($6.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.48 355.75 Td ( for the same period last year) Tj ET Q q 0 0 0 rg BT 377.43 355.75 Td (. Stock-based compensation expense ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 343.75 Td (decreased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.20 343.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.98 343.75 Td ($0.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.56 343.75 Td ( compared to the prior year) Tj ET Q q 0 0 0 rg BT 269.07 343.75 Td (. W) Tj ET Q q 0 0 0 rg BT 283.88 343.75 Td (e entered into a sub-lease for all of our committed space over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (the entire remaining term of our underutilized Edmonton of) Tj ET Q q 0 0 0 rg BT 307.80 331.75 Td (fice facility) Tj ET Q q 0 0 0 rg BT 353.18 331.75 Td (. While this ef) Tj ET Q q 0 0 0 rg BT 413.02 331.75 Td (fectively eliminated all but ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.74 331.75 Td ($1.7 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 319.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 319.75 Td ( of the future commitment for this facility over the next 5 years, it nonetheless negatively af) Tj ET Q q 0 0 0 rg BT 476.74 319.75 Td (fected current year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 307.75 Td (earnings as we recorded the anticipated loss as an expense against operating income in the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 68.39 289.75 Td (income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 271.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 271.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 271.75 Td (, we recorded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.54 271.75 Td ($1) Tj ET Q q 0 0 0 rg BT 318.92 271.75 Td (1.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.94 271.75 Td ( net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.40 271.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.63 271.75 Td ( \(basic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.86 271.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.10 271.75 Td ( per share of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 259.75 Td ($0.44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.52 259.75 Td ( and diluted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.01 259.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.25 259.75 Td ( per share of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.17 259.75 Td ($0.36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.19 259.75 Td (\), compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.44 259.75 Td ($9.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.03 259.75 Td ( net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.48 259.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.72 259.75 Td ( \(basic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.95 259.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.19 259.75 Td ( per share of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 247.75 Td ($0.34) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.52 247.75 Td ( and diluted income per share of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.17 247.75 Td ($0.31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.19 247.75 Td (\) recorded for the same period last year) Tj ET Q q 0 0 0 rg BT 419.72 247.75 Td (. ) Tj ET Q q 0 0 0 rg BT 425.10 247.75 Td (The net income improvement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 235.75 Td (was achieved despite a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.23 235.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.81 235.75 Td ( increase in interest expense in the current period, driven primarily by the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 223.75 Td (issuance of Convertible Debentures at the end of the comparable prior period; and a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.73 223.75 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.31 223.75 Td ( increase in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (deferred income tax expense recorded in the current period, driven by higher income in the period. ) Tj ET Q q 0 0 0 rg BT 487.35 211.75 Td (The current year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 199.75 Td (earnings per share was negatively af) Tj ET Q q 0 0 0 rg BT 212.19 199.75 Td (fected by a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.89 199.75 Td ($1.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.47 199.75 Td ( non-cash provision for an anticipated loss on a sub-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 187.75 Td (lease the Company entered into for its under-utilized Edmonton of) Tj ET Q q 0 0 0 rg BT 340.60 187.75 Td (fice facility \($0.07 and $0.06 impact on basic and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 175.75 Td (diluted earnings per share, respectively\).) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.55 43.10 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (The variance between the basic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.47 721.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.71 721.75 Td ( per share in the current period and the basic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.50 721.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.73 721.75 Td ( per share in the prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (period is partially af) Tj ET Q q 0 0 0 rg BT 135.47 709.75 Td (fected by the reduction in the weighted average number of issued and outstanding common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (shares to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.41 697.75 Td (25,284,661) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.46 697.75 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.70 697.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.18 697.75 Td ( compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.33 697.75 Td (28,004,778) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.38 697.75 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.61 697.75 Td (March?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.10 697.75 Td (. ) Tj ET Q q 0 0 0 rg BT 453.47 697.75 Td (The variance between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 685.75 Td (the diluted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.43 685.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.66 685.75 Td ( per share in the current period and the diluted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.57 685.75 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.81 685.75 Td ( per share in the prior period is also ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 673.75 Td (af) Tj ET Q q 0 0 0 rg BT 57.66 673.75 Td (fected by the weighted average ef) Tj ET Q q 0 0 0 rg BT 207.58 673.75 Td (fect of our newly issued convertible debentures. ) Tj ET Q q 0 0 0 rg BT 421.41 673.75 Td (The complete calculation of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 661.75 Td (basic and diluted income per share is detailed in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 619.25 376.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 619.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 619.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 619.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 597.25 376.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 597.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 597.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 597.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 582.25 376.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 582.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 582.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 582.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 560.25 376.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 560.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 560.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 560.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 538.25 376.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 538.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 538.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 538.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 516.25 376.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 516.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 516.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 516.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 501.25 376.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 501.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 501.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 501.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 630.25 m 426 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 630.25 m 491 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 630.25 m 495 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 630.25 m 560 630.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 619.25 m 426 619.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 619.25 m 491 619.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 619.25 m 560 619.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 597.25 m 426 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 597.25 m 491 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 597.25 m 560 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 586.25 m 426 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 586.25 m 491 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 586.25 m 560 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 527.25 m 426 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 527.25 m 491 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 527.25 m 560 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 516.25 m 426 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 516.25 m 491 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 516.25 m 560 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 512.25 m 426 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 512.25 m 491 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 512.25 m 560 512.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 490.25 m 426 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 490.25 m 491 490.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 490.25 m 560 490.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.55 642.98 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 632.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 621.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.70 621.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 610.93 Td (Net income available to common shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.50 610.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 610.25 Td (1) Tj ET Q q 0 0 0 rg BT 464.96 610.25 Td (1,131) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.50 610.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 610.25 Td (9,599) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 599.93 Td (Interest from Convertible Debentures \(after tax\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 599.25 Td (441) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 599.25 Td (75) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 588.93 Td (Diluted net income available to common shareholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.50 588.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 588.25 Td (1) Tj ET Q q 0 0 0 rg BT 464.96 588.25 Td (1,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.50 588.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 588.25 Td (9,674) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 573.93 Td (W) Tj ET Q q 0 0 0 rg BT 59.91 573.93 Td (eighted average number of common shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.45 573.25 Td (25,284,661) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 573.25 Td (28,004,778) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 562.93 Td (W) Tj ET Q q 0 0 0 rg BT 59.91 562.93 Td (eighted average of dilutive securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 551.93 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 93.48 551.93 Td (fect of treasury shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 551.25 Td (2,651,684) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.45 551.25 Td (2,552,668) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 540.93 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 93.48 540.93 Td (fect of stock options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 540.25 Td (268,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 540.25 Td (326,821) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 529.93 Td (Dilutive ef) Tj ET Q q 0 0 0 rg BT 93.48 529.93 Td (fect of Convertible Debentures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 529.25 Td (3,686,636) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 529.25 Td (696,365) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 518.93 Td (W) Tj ET Q q 0 0 0 rg BT 59.91 518.93 Td (eighted average number of diluted common shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.45 518.25 Td (31,891,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 518.25 Td (31,580,632) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 503.93 Td (Basic net income per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.50 503.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 503.25 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.50 503.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 503.25 Td (0.34) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 492.93 Td (Diluted net income per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.50 492.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 492.25 Td (0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.50 492.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 492.25 Td (0.31) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (For a detailed calculation of basic and diluted income per share for the two periods and the ef) Tj ET Q q 0 0 0 rg BT 461.79 472.75 Td (fect of these items in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.75 Td (the calculation, see our "Interim consolidated financial statements and notes that follow for the three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 448.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 448.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.87 448.75 Td (\(note 9\(b\)\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.56 448.75 Td ( Net income per share".) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 430.75 Td (For a full discussion on our capital structure see "Resources and Systems - Securities and ) Tj ET Q q 0 0 0 rg BT 450.46 430.75 Td (Agreements" in this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 418.75 Td (MD&A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.75 Td (Non-Operating Income and Expense) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 348.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 348.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 348.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 348.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 348.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 348.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 326.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 326.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 326.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 326.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 326.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 304.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 304.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 304.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 304.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 304.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 304.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 282.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 282.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 282.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 282.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 282.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 282.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 260.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 260.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 260.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 260.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 260.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 260.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 370.25 m 360 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 370.25 m 425 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 370.25 m 429 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 370.25 m 494 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 370.25 m 498 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 370.25 m 563 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 359.25 m 360 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 359.25 m 425 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 359.25 m 494 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 359.25 m 563 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 293.25 m 360 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 293.25 m 425 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 293.25 m 494 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 293.25 m 563 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 271.25 m 360 271.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 271.25 m 425 271.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 271.25 m 494 271.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 271.25 m 563 271.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.05 381.98 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.20 371.98 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 361.93 Td (\(dollars in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.70 361.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 361.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.45 361.93 Td (Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 350.93 Td (Interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 339.93 Td (Long term debt) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 328.93 Td (Interest on Convertible Debentures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 328.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 328.25 Td (542) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 328.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 328.25 Td (102) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 328.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 328.25 Td (440) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 317.93 Td (Interest on Credit Facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 317.25 Td (441) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 317.25 Td (445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.45 317.25 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 317.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 306.93 Td (Interest on capital lease obligations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 306.25 Td (768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 306.25 Td (742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.45 306.25 Td (26) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 295.93 Td (Amortization of deferred financing costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 295.25 Td (130) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 295.25 Td (82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.45 295.25 Td (48) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 284.93 Td (Interest on long term debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 284.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 284.25 Td (1,881) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 284.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 284.25 Td (1,371) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 284.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 284.25 Td (510) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 273.93 Td (Interest income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.45 273.25 Td (\(62) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 273.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 273.25 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 273.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 273.25 Td (\(57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 273.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 262.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.50 262.93 Td (otal interest expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 262.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 262.25 Td (1,819) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 262.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 262.25 Td (1,366) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 262.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 262.25 Td (453) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 251.93 Td (Foreign exchange gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.45 251.25 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 251.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 251.25 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 251.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.45 251.25 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 251.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 240.93 Td (Income tax expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 240.25 Td (4,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 240.25 Td (3,487) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 240.25 Td (640) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (Interest expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 202.75 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 202.75 Td (otal interest expense was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.12 202.75 Td ($1.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.70 202.75 Td ( during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.74 202.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.95 202.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.51 202.75 Td (up) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.63 202.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.19 202.75 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.77 202.75 Td ( in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 190.75 Td (prior year) Tj ET Q q 0 0 0 rg BT 91.18 190.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 172.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 172.75 Td (e recorded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.34 172.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.92 172.75 Td ( in interest on our Convertible Debentures during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.06 172.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 556.28 172.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 160.75 Td (as a result of the issuance of $40.0 million in Convertible Debentures in March 2017. ) Tj ET Q q 0 0 0 rg BT 425.27 160.75 Td (A) Tj ET Q q 0 0 0 rg BT 431.38 160.75 Td ( more detailed discussion on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 148.75 Td (our Convertible Debentures can be found under "Resources and Systems - Securities and ) Tj ET Q q 0 0 0 rg BT 449.94 148.75 Td (Agreements".) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 130.75 Td (Interest on our Credit Facility of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.22 130.75 Td ($0.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.80 130.75 Td ( in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.82 130.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.04 130.75 Td (, was comparable to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 118.75 Td (interest expense in the prior year) Tj ET Q q 0 0 0 rg BT 194.58 118.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (Interest on capital lease obligations of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.61 100.75 Td ($0.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.19 100.75 Td ( in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.21 100.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.42 100.75 Td ( was comparable to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 88.75 Td (interest expense in the prior year) Tj ET Q q 0 0 0 rg BT 194.58 88.75 Td (, despite a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.50 88.75 Td ($9.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.08 88.75 Td ( increase in our capital lease obligations. For a discussion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 76.75 Td (on assets under capital lease see "Resources and Systems - Capital Resources and Use of Cash" in this MD&A. ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Amortization of deferred financing costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.04 721.75 Td ($0.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.62 721.75 Td ( in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.64 721.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.86 721.75 Td ( was comparable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (to the prior year) Tj ET Q q 0 0 0 rg BT 118.98 709.75 Td (. ) Tj ET Q q 0 0 0 rg BT 124.36 709.75 Td (The current period deferred financing costs include the amortization of deferred financing costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (related to the Convertible Debentures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (Foreign exchange gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.41 679.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 661.75 Td (The foreign exchange losses and gains relate primarily to the ef) Tj ET Q q 0 0 0 rg BT 330.59 661.75 Td (fect of changes in the exchange rate of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 649.75 Td (Canadian dollar against the US dollar on accounts payables related to purchases of equipment parts. ) Tj ET Q q 0 0 0 rg BT 498.67 649.75 Td (A) Tj ET Q q 0 0 0 rg BT 504.79 649.75 Td ( more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 637.75 Td (detailed discussion about our foreign currency risk can be found under ?Quantitative and Qualitative Disclosures ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 625.75 Td (about Market Risk ? Foreign Exchange Risk?.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (Income tax) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 589.75 Td (For the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.96 589.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.17 589.75 Td (, we recorded no current income tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.47 589.75 Td (expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.28 589.75 Td ( and a deferred income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 577.75 Td (tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.62 577.75 Td (expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.43 577.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.32 577.75 Td ($4.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.90 577.75 Td (, providing a combined income tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.43 577.75 Td (expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.24 577.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.13 577.75 Td ($4.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.71 577.75 Td (. ) Tj ET Q q 0 0 0 rg BT 430.09 577.75 Td (This compares to a combined ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 565.75 Td (income tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.63 565.75 Td (expense) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.44 565.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.34 565.75 Td ($3.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.92 565.75 Td ( recorded for the same period last year) Tj ET Q q 0 0 0 rg BT 374.12 565.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 547.75 Td (Income tax as a percentage of taxable income for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.97 547.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.19 547.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.43 547.75 Td (three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 535.75 Td (March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 535.75 Td ( dif) Tj ET Q q 0 0 0 rg BT 132.15 535.75 Td (fers from the statutory rate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.31 535.75 Td (27.00%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.22 535.75 Td ( primarily due to permanent tax dif) Tj ET Q q 0 0 0 rg BT 448.23 535.75 Td (ferences resulting from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 523.75 Td (stock-based compensation and income tax adjustments and reassessments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.75 Td (Summary of Consolidated Quarterly Results) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 487.75 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 487.75 Td ( number of factors have the potential to contribute to variations in our quarterly financial results between periods, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 475.75 Td (including:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 457.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 457.75 Td (the timing and size of capital projects undertaken by our customers on large oil sands projects;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 442.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 442.75 Td (changes in the mix of work from earthworks, with heavy equipment, to more labour intensive, light ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 430.75 Td (construction projects;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 415.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 415.75 Td (seasonal weather and ground conditions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 400.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 400.75 Td (certain types of work that can only be performed during cold, winter conditions when the ground is frozen;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 385.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 385.75 Td (the timing of equipment maintenance and repairs;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 370.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 370.75 Td (the timing of project ramp-up costs as we move between seasons or types of projects;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 355.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 355.75 Td (the timing of resolution of variable consideration related to unpriced contract modifications; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 340.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 340.75 Td (the timing of "mark-to-market" expenses related to the ef) Tj ET Q q 0 0 0 rg BT 330.81 340.75 Td (fect of a change in our share price on cash related ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 328.75 Td (stock-based compensation plan liabilities; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 313.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 313.75 Td (the level of borrowing under our Convertible Debentures, Credit Facility and capital leases and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 301.75 Td (corresponding interest expense recorded against the outstanding balance of each.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (The table below summarizes our consolidated results for the preceding eight quarters:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 681.25 179.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 681.25 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 681.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 681.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 659.25 179.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 659.25 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 659.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 659.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 637.25 179.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 637.25 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 637.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 637.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 615.25 179.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 615.25 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 615.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 615.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 593.25 179.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 593.25 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 593.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 593.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.25 179.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 578.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 578.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 578.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 578.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 578.25 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 578.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 578.25 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 578.25 38.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 700.25 m 271 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 700.25 m 309 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 700.25 m 313 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 700.25 m 351 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 700.25 m 355 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 700.25 m 393 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 700.25 m 397 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 700.25 m 441 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 700.25 m 479 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 700.25 m 483 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 700.25 m 521 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 700.25 m 525 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 700.25 m 563 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 700.25 m 229 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 681.25 m 229 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 700.25 m 267 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 681.25 m 267 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 700.25 m 271 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 700.25 m 309 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 681.25 m 309 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 700.25 m 313 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 700.25 m 351 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 681.25 m 351 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 700.25 m 355 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 700.25 m 393 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 681.25 m 393 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 700.25 m 397 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 700.25 m 437 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 681.25 m 437 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 700.25 m 441 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 700.25 m 479 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 681.25 m 479 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 700.25 m 483 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 700.25 m 521 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 681.25 m 521 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 700.25 m 525 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 700.25 m 563 700.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 681.25 m 563 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 681.25 m 267 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 681.25 m 309 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 681.25 m 351 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 681.25 m 393 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 681.25 m 437 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 681.25 m 479 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 681.25 m 521 681.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 681.25 m 563 681.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.10 702.93 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 685.48 Td (\(dollars in millions, except per share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.35 691.93 Td (Mar 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 683.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.90 691.93 Td (Dec 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.70 683.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.90 691.93 Td (Sep 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 329.70 683.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.25 691.93 Td (Jun 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.70 683.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.35 691.93 Td (Mar 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.70 683.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.90 691.93 Td (Dec 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.70 683.93 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.90 691.93 Td (Sep 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.70 683.93 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.25 691.93 Td (Jun 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 683.93 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 672.93 Td (Revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.95 672.25 Td (1) Tj ET Q q 0 0 0 rg BT 245.96 672.25 Td (14.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.95 672.25 Td (82.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.95 672.25 Td (70.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.95 672.25 Td (47.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.95 672.25 Td (92.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.95 672.25 Td (62.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.95 672.25 Td (48.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.50 672.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.95 672.25 Td (24.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 661.93 Td (Gross profit) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 93.84 665.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 661.25 Td (26.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.95 661.25 Td (12.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 661.25 Td (5.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 661.25 Td (\(1.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 661.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 661.25 Td (23.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 661.25 Td (6.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.95 661.25 Td (5.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 661.25 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 650.93 Td (Operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 650.25 Td (17.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.95 650.25 Td (4.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 650.25 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 650.25 Td (\(6.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 650.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 650.25 Td (14.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 650.25 Td (\(1.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.50 650.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.95 650.25 Td (\(0.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.50 650.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 650.25 Td (\(5.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 650.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 639.93 Td (EBIT) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 70.28 643.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 639.25 Td (17.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.95 639.25 Td (4.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 639.25 Td (1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 639.25 Td (\(6.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 639.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 639.25 Td (14.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 639.25 Td (0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.95 639.25 Td (\(0.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.50 639.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 639.25 Td (\(5.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 639.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 628.93 Td (Consolidated EBITDA) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 130.32 632.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 628.25 Td (37.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.95 628.25 Td (17.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.95 628.25 Td (12.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 628.25 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 628.25 Td (30.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 628.25 Td (13.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.95 628.25 Td (9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 628.25 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 617.93 Td (Adjusted EBITDA) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 114.75 621.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 617.25 Td (39.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.95 617.25 Td (18.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.95 617.25 Td (1) Tj ET Q q 0 0 0 rg BT 334.96 617.25 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 617.25 Td (2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 617.25 Td (31.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 617.25 Td (15.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.95 617.25 Td (8.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 617.25 Td (2.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 606.93 Td (Net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 606.25 Td (1) Tj ET Q q 0 0 0 rg BT 250.96 606.25 Td (1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.95 606.25 Td (2.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.95 606.25 Td (\(0.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.50 606.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 606.25 Td (\(6.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 606.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.95 606.25 Td (9.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 606.25 Td (\(0.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.50 606.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.95 606.25 Td (\(1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.50 606.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 606.25 Td (\(4.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 606.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 595.93 Td (Income \(loss\) per share - basic) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 162.32 599.74 Td (\(ii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 595.25 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.95 595.25 Td (0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.95 595.25 Td (\(0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.50 595.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 595.25 Td (\(0.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 595.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 595.25 Td (0.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 595.25 Td (\(0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.50 595.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.95 595.25 Td (\(0.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.50 595.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.50 595.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 595.25 Td (\(0.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 595.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 584.93 Td (Income \(loss\) per share - diluted) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 167.21 588.74 Td (\(ii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 584.25 Td (0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.95 584.25 Td (0.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.95 584.25 Td (\(0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.50 584.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 584.25 Td (\(0.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 584.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 584.25 Td (0.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 584.25 Td (\(0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.50 584.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.95 584.25 Td (\(0.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.50 584.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.50 584.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 584.25 Td (\(0.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 584.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 569.93 Td (Cash dividend per share ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 141.44 573.74 Td (\(iii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 569.25 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.50 569.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 569.25 Td (0.02) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 555.97 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.12 552.15 Td ( See "Non-GAAP) Tj ET Q q 0 0 0 rg BT 115.06 552.15 Td ( Financial Measures".) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 546.37 Td (\(ii\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 55.27 542.55 Td ( Net income \(loss\) per share for each quarter has been computed based on the weighted average number of shares issued and outstanding ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 532.95 Td (during the respective quarter; therefore, quarterly amounts may not add to the annual total. Per-share calculations are based on full dollar and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 523.35 Td (share amounts.) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 517.57 Td (\(iii\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.43 513.75 Td ( ) Tj ET Q q 0 0 0 rg BT 58.51 513.75 Td (The timing of payment of the cash dividend per share may dif) Tj ET Q q 0 0 0 rg BT 274.92 513.75 Td (fer from the dividend declaration date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 495.75 Td (The results for the three months ended June 30, 2016 and three months ended September 30, 2016 were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 483.75 Td (negatively af) Tj ET Q q 0 0 0 rg BT 105.47 483.75 Td (fected by the shutdown of operations on May 3, 2016 due to the fire and evacuation in Fort McMurray) Tj ET Q q 0 0 0 rg BT 552.76 483.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 471.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 471.75 Td (e were able to return to the mine sites further north within two weeks, as the impact from the wildfire and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 459.75 Td (evacuation was limited. Mine sites closer to Fort McMurray took longer to ramp up to expected operational levels. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (For a full discussion of the factors that can generally contribute to the variations in our quarterly financial results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (please see ?Financial Results ? Summary of Consolidated Quarterly Results? in our annual MD&A) Tj ET Q q 0 0 0 rg BT 481.37 429.75 Td ( for the year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.09 417.75 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.92 417.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.75 Td (Unpriced contract modifications) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (Due to the complexity of the projects we undertake, changes often occur after work has commenced. ) Tj ET Q q 0 0 0 rg BT 497.88 381.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (changes include but are not limited to:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 354.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 354.75 Td (changes in client requirements, specifications and design;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 342.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 342.75 Td (changes in materials and work schedules; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 330.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.50 330.75 Td (changes in ground and weather conditions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (Contract change management processes require that we obtain change orders from our clients approving scope ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (and/or price adjustments to the contracts. Generally) Tj ET Q q 0 0 0 rg BT 277.76 300.75 Td (, a ?change order? will be negotiated with the customer to modify ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (the original contract to approve both the scope and price of the change. Occasionally) Tj ET Q q 0 0 0 rg BT 423.99 288.75 Td (, disagreements arise ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (under the contract. When a change becomes a point of dispute with a customer) Tj ET Q q 0 0 0 rg BT 400.26 264.75 Td (, we assess the legal enforceability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (of the change to determine if a contract modification exists. W) Tj ET Q q 0 0 0 rg BT 322.23 252.75 Td (e consider a contract modification to exist when the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (modification either creates new or changes existing enforceable rights and obligations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 222.75 Td (If a contract modification is approved in scope and not price, the associated revenue is treated as variable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 210.75 Td (consideration, subject to constraint. ) Tj ET Q q 0 0 0 rg BT 208.85 210.75 Td (This can lead to a situation where costs are recognized in one period and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 198.75 Td (revenue is recognized when customer agreement is obtained or claim resolution occurs, which can be in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 186.75 Td (subsequent periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 165.75 Td (e have constrained the variable consideration related to unpriced contract modifications, which is not unusual for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (this type of variable consideration. Significant judgement is involved in determining if a variable consideration ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (amount should be constrained. ) Tj ET Q q 0 0 0 rg BT 188.86 141.75 Td (The constrained variable consideration is limited to the amount that would not result ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (in a risk of significant reversal of revenue \(i.e. it is highly probable that a significant revenue reversal will not occur\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (In applying this constraint, we consider both the likelihood of a revenue reversal arising from an uncertain future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (event, and the magnitude of the revenue reversal if the uncertain event were to occur or fail to occur) Tj ET Q q 0 0 0 rg BT 490.87 105.75 Td (. ) Tj ET Q q 0 0 0 rg BT 496.24 105.75 Td (The following ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (circumstances are considered to be possible indicators of significant revenue reversals:) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (1) Tj ET Q q 0 0 0 rg BT 53.86 52.70 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 721.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 721.75 Td (The amount of consideration is highly susceptible to factors outside our influence, such as judgement of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 709.75 Td (actions of third parties, and weather conditions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 697.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 697.75 Td (The length of time between the recognition of revenue and the expected resolution;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 685.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 685.75 Td (Our experience with similar circumstances and similar customers, specifically when such items have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 673.75 Td (predictive value;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 661.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 661.75 Td (Our history of resolution and whether that resolution includes price concessions or changing payment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 649.75 Td (terms; and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 637.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 637.75 Td (The range of possible consideration amounts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 619.75 Td (For ) Tj ET Q q 0 0 0 rg BT 67.27 619.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.95 619.75 Td (three ) Tj ET Q q 0 0 0 rg BT 109.52 619.75 Td (months ) Tj ET Q q 0 0 0 rg BT 145.08 619.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.67 619.75 Td (March ) Tj ET Q q 0 0 0 rg BT 206.22 619.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.90 619.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.15 619.75 Td (, ) Tj ET Q q 0 0 0 rg BT 250.70 619.75 Td (we ) Tj ET Q q 0 0 0 rg BT 266.26 619.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 317.95 619.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 356.86 619.75 Td (from ) Tj ET Q q 0 0 0 rg BT 379.64 619.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 417.43 619.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 479.69 619.75 Td (related ) Tj ET Q q 0 0 0 rg BT 513.04 619.75 Td (to ) Tj ET Q q 0 0 0 rg BT 524.15 619.75 Td (unpriced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 87.85 607.75 Td (modifications ) Tj ET Q q 0 0 0 rg BT 148.99 607.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.11 607.75 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 182.35 607.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.69 607.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 589.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.12 589.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.41 589.75 Td (March?31, ) Tj ET Q q 0 0 0 rg BT 122.82 589.75 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.07 589.75 Td (, ) Tj ET Q q 0 0 0 rg BT 150.79 589.75 Td (we ) Tj ET Q q 0 0 0 rg BT 166.53 589.75 Td (had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.16 589.75 Td ($9.9 ) Tj ET Q q 0 0 0 rg BT 208.57 589.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.91 589.75 Td ( ) Tj ET Q q 0 0 0 rg BT 239.86 589.75 Td (of ) Tj ET Q q 0 0 0 rg BT 251.15 589.75 Td (unresolved ) Tj ET Q q 0 0 0 rg BT 303.02 589.75 Td (unpriced ) Tj ET Q q 0 0 0 rg BT 344.33 589.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 382.85 589.75 Td (modifications ) Tj ET Q q 0 0 0 rg BT 444.16 589.75 Td (on ) Tj ET Q q 0 0 0 rg BT 458.23 589.75 Td (our ) Tj ET Q q 0 0 0 rg BT 475.63 589.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 513.61 589.75 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 543.61 589.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 577.75 Td (compares ) Tj ET Q q 0 0 0 rg BT 96.60 577.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.14 577.75 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 130.79 577.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.13 577.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.33 577.75 Td (of ) Tj ET Q q 0 0 0 rg BT 173.86 577.75 Td (unresolved ) Tj ET Q q 0 0 0 rg BT 225.98 577.75 Td (unpriced ) Tj ET Q q 0 0 0 rg BT 267.53 577.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 306.30 577.75 Td (modifications ) Tj ET Q q 0 0 0 rg BT 367.85 577.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 410.52 577.75 Td (as ) Tj ET Q q 0 0 0 rg BT 424.27 577.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.81 577.75 Td (December?31, ) Tj ET Q q 0 0 0 rg BT 501.81 577.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.06 577.75 Td (. ) Tj ET Q q 0 0 0 rg BT 530.03 577.75 Td (W) Tj ET Q q 0 0 0 rg BT 539.29 577.75 Td (e ) Tj ET Q q 0 0 0 rg BT 548.04 577.75 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 565.75 Td (working ) Tj ET Q q 0 0 0 rg BT 85.99 565.75 Td (with ) Tj ET Q q 0 0 0 rg BT 105.81 565.75 Td (our ) Tj ET Q q 0 0 0 rg BT 122.30 565.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 170.46 565.75 Td (in ) Tj ET Q q 0 0 0 rg BT 180.28 565.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 234.02 565.75 Td (with ) Tj ET Q q 0 0 0 rg BT 253.84 565.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.77 565.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 296.81 565.75 Td (of ) Tj ET Q q 0 0 0 rg BT 307.19 565.75 Td (our ) Tj ET Q q 0 0 0 rg BT 323.67 565.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 366.28 565.75 Td (to ) Tj ET Q q 0 0 0 rg BT 376.66 565.75 Td (come ) Tj ET Q q 0 0 0 rg BT 403.15 565.75 Td (to ) Tj ET Q q 0 0 0 rg BT 413.52 565.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 463.37 565.75 Td (on ) Tj ET Q q 0 0 0 rg BT 476.53 565.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 521.38 565.75 Td (amounts, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 553.75 Td (if ) Tj ET Q q 0 0 0 rg BT 57.28 553.75 Td (any) Tj ET Q q 0 0 0 rg BT 72.66 553.75 Td (, ) Tj ET Q q 0 0 0 rg BT 78.22 553.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.33 553.75 Td (be ) Tj ET Q q 0 0 0 rg BT 103.24 553.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 124.92 553.75 Td (to ) Tj ET Q q 0 0 0 rg BT 136.04 553.75 Td (us ) Tj ET Q q 0 0 0 rg BT 149.38 553.75 Td (with ) Tj ET Q q 0 0 0 rg BT 169.94 553.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 205.51 553.75 Td (to ) Tj ET Q q 0 0 0 rg BT 216.63 553.75 Td (these ) Tj ET Q q 0 0 0 rg BT 243.87 553.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 281.67 553.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 343.93 553.75 Td (amounts.) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 49.50 527.95 Td (D. OUTLOOK) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 509.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 509.95 Td (e have just completed the first quarter of the second year of a three year organic growth plan that is targeting a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 497.95 Td (minimum 15% compound growth in revenue and EBITDA) Tj ET Q q 0 0 0 rg BT 302.41 497.95 Td ( over that period.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 377.45 495.85 cm /I4 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.02 497.95 Td ( Our strategy to achieve the growth is to:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 479.95 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 479.95 Td (Build production related recurring services volumes in our core oil sands market, together with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 467.95 Td (addition of value creating services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 452.95 Td (2. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 452.95 Td (Expand our market coverage to include other resource mines \(e.g. coal, copper) Tj ET Q q 0 0 0 rg BT 453.69 452.95 Td (, gold, diamonds etc.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 440.95 Td (and infrastructure related projects that involve major earthworks.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 388.08 438.85 cm /I5 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 422.95 Td (Following on from 37% and 24% growth in revenue and EBITDA) Tj ET Q q 0 0 0 rg BT 333.55 422.95 Td ( respectively in 2017, we are also on track to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 410.95 Td (achieve our growth objectives for 2018 and 2019) Tj ET Q /GS0 gs q 4.58 0 0 10.38 265.20 408.85 cm /I6 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.77 410.95 Td (, with this very positive outlook supported by:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 392.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 392.95 Td (The successful renewal of all of our oil sands long-term services agreements such that we are not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 380.95 Td (faced with a contract expiration until late 2020;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 365.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 365.95 Td (Our customers continuing to use economies of scale in production to dramatically lower oil sands ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 353.95 Td (operating costs per barrel.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 219.67 351.85 cm /I7 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.25 353.95 Td ( On this theme we executed two large earthworks jobs for the winter season ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 341.95 Td (with volumes similar to last year's strong program. ) Tj ET Q q 0 0 0 rg BT 327.15 341.95 Td (Also during the first quarter we negotiated a contract ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 329.95 Td (for overburden handling, with a value of around $35 million, which will commence in ) Tj ET Q q 0 0 0 rg BT 475.37 329.95 Td (April and last most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 317.95 Td (of the year;) Tj ET Q /GS0 gs q 4.58 0 0 10.38 153.53 315.85 cm /I8 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 302.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 302.95 Td (The new Fort Hills oil sands mine is anticipated to provide a direct benefit in terms of incremental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 290.95 Td (demand for our services and an indirect benefit from the overall tightening of heavy equipment supply;) Tj ET Q /GS0 gs q 4.58 0 0 10.38 554.32 288.85 cm /I9 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 275.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 275.95 Td (A) Tj ET Q q 0 0 0 rg BT 109.62 275.95 Td ( good line of sight to meaningful heavy construction activity for the summer season of 2018, after a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 263.95 Td (four year hiatus, due to the deep cyclical downturn in the oil industry;) Tj ET Q /GS0 gs q 4.58 0 0 10.38 407.01 261.85 cm /I10 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 248.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 248.95 Td (The award of a three year site support contract at the Highland V) Tj ET Q q 0 0 0 rg BT 389.58 248.95 Td (alley copper mine. Revenue, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 236.95 Td (started in the fourth quarter of 2017, was modest at first, but it is expected to increase over the work ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 224.95 Td (duration;) Tj ET Q /GS0 gs q 4.58 0 0 10.38 142.42 222.85 cm /I11 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 209.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 209.95 Td (The availability of several bidding opportunities for further natural resource related contracts, both in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 197.95 Td (Canada and the USA. W) Tj ET Q q 0 0 0 rg BT 212.83 197.95 Td (e plan to build on our bidding success of 2017, with additional awards in 2018 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 185.95 Td (and 2019;) Tj ET Q /GS0 gs q 4.58 0 0 10.38 147.99 183.85 cm /I12 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 170.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 170.95 Td (Further success at pre-qualifying to bid for major infrastructure projects.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 419.74 168.85 cm /I13 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.32 170.95 Td ( In late 2017 we were chosen ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 158.95 Td (\(three from seven\), as part of a strong international consortium, to bid for a significant gravel road ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 146.95 Td (construction job in the Northwest ) Tj ET Q q 0 0 0 rg BT 251.17 146.95 Td (T) Tj ET Q q 0 0 0 rg BT 256.17 146.95 Td (erritories;) Tj ET Q /GS0 gs q 4.58 0 0 10.38 297.85 144.85 cm /I14 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.42 146.95 Td ( and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 131.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 131.95 Td (Good progress with leveraging our core equipment maintenance competence into work for third parties. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 119.95 Td (W) Tj ET Q q 0 0 0 rg BT 112.76 119.95 Td (e already have jobs for three customers in our Edmonton maintenance facility and we believe that this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 107.95 Td (initiative could have a discernible impact on our 2018 results. Beyond that we hope to be up and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 95.95 Td (running in a new) Tj ET Q q 0 0 0 rg BT 176.33 95.95 Td (, purpose designed and built, state of the art maintenance facility) Tj ET Q q 0 0 0 rg BT 461.32 95.95 Td (, which will be capable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 83.95 Td (of handling the largest of our customers?) Tj ET Q q 0 0 0 rg BT 281.00 83.95 Td ( equipment assets. Eventually) Tj ET Q q 0 0 0 rg BT 413.11 83.95 Td (, this external maintenance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 71.95 Td (business could potentially provide more than $30 million in annual revenue stream for us.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 497.61 69.85 cm /I15 Do Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Overall we are very encouraged by this bright outlook and are even more confident about meeting our growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (targets, while maintaining a strong balance sheet.) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 49.50 686.95 Td (E. LEGAL) Tj ET Q q 0 0 0 rg BT 111.24 686.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.35 686.95 Td (AND LABOUR MA) Tj ET Q q 0 0 0 rg BT 229.22 686.95 Td (TTERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.95 Td (Laws and Regulations and Environmental Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 650.95 Td (Please see ?Laws and Regulations and Environmental Matters?Legal and Labour Matters? in our most recent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 638.95 Td (annual information form \("AIF"\) for a complete discussion on this topic.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.95 Td (Employees and Labour Relations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 602.95 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.07 602.95 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 602.95 Td (, we had 139 salaried employees \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.86 602.95 Td (March?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.35 602.95 Td ( - 129 salaried employees\) and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 590.95 Td (approximately 1,030 hourly employees \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.81 590.95 Td (March?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.30 590.95 Td ( - 825 hourly employees\) in our W) Tj ET Q q 0 0 0 rg BT 446.18 590.95 Td (estern Canadian ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 578.95 Td (operations.?Of the hourly employees, approximately 83% of the employees are union members and work under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 566.95 Td (collective bargaining agreements \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.80 566.95 Td (March?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.29 566.95 Td ( - 85% of the employees\). Our hourly workforce fluctuates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 554.95 Td (according to the seasonality of our business and the staging and timing of projects by our customers. ) Tj ET Q q 0 0 0 rg BT 497.90 554.95 Td (The hourly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 542.95 Td (workforce for our ongoing operations ranges in size from approximately 700 employees to approximately 1,600 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 530.95 Td (employees, depending on the time of year) Tj ET Q q 0 0 0 rg BT 235.18 530.95 Td (, types of work and duration of awarded projects. W) Tj ET Q q 0 0 0 rg BT 462.89 530.95 Td (e also utilize the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 518.95 Td (services of subcontractors in our business.?Subcontractors perform an estimated 7.0% to 10.0% of the work we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 506.95 Td (undertake.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 488.95 Td (The ) Tj ET Q q 0 0 0 rg BT 70.96 488.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 110.18 488.95 Td (of ) Tj ET Q q 0 0 0 rg BT 122.75 488.95 Td (our ) Tj ET Q q 0 0 0 rg BT 141.42 488.95 Td (work ) Tj ET Q q 0 0 0 rg BT 166.76 488.95 Td (is ) Tj ET Q q 0 0 0 rg BT 178.21 488.95 Td (carried ) Tj ET Q q 0 0 0 rg BT 213.00 488.95 Td (out ) Tj ET Q q 0 0 0 rg BT 231.12 488.95 Td (by ) Tj ET Q q 0 0 0 rg BT 245.91 488.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 298.49 488.95 Td (governed ) Tj ET Q q 0 0 0 rg BT 344.41 488.95 Td (by ) Tj ET Q q 0 0 0 rg BT 359.20 488.95 Td (our ) Tj ET Q q 0 0 0 rg BT 377.87 488.95 Td (mining ) Tj ET Q q 0 0 0 rg BT 411.56 488.95 Td (?overburden?) Tj ET Q q 0 0 0 rg BT 466.22 488.95 Td ( ) Tj ET Q q 0 0 0 rg BT 470.44 488.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 515.79 488.95 Td (bargaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 476.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 100.96 476.95 Td (with ) Tj ET Q q 0 0 0 rg BT 122.41 476.95 Td (the ) Tj ET Q q 0 0 0 rg BT 139.96 476.95 Td (International ) Tj ET Q q 0 0 0 rg BT 198.66 476.95 Td (Union ) Tj ET Q q 0 0 0 rg BT 228.45 476.95 Td (of ) Tj ET Q q 0 0 0 rg BT 240.44 476.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 288.02 476.95 Td (Engineers ) Tj ET Q q 0 0 0 rg BT 336.70 476.95 Td (\("IUOE"\) ) Tj ET Q q 0 0 0 rg BT 378.57 476.95 Td (Local ) Tj ET Q q 0 0 0 rg BT 406.13 476.95 Td (955, ) Tj ET Q q 0 0 0 rg BT 429.25 476.95 Td (which ) Tj ET Q q 0 0 0 rg BT 458.47 476.95 Td (ensures ) Tj ET Q q 0 0 0 rg BT 497.71 476.95 Td (labour ) Tj ET Q q 0 0 0 rg BT 529.16 476.95 Td (stability ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 464.95 Td (through ) Tj ET Q q 0 0 0 rg BT 87.60 464.95 Td (to ) Tj ET Q q 0 0 0 rg BT 100.12 464.95 Td (2021. ) Tj ET Q q 0 0 0 rg BT 129.33 464.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 158.52 464.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 203.83 464.95 Td (agreements ) Tj ET Q q 0 0 0 rg BT 260.82 464.95 Td (include ) Tj ET Q q 0 0 0 rg BT 296.70 464.95 Td (the ) Tj ET Q q 0 0 0 rg BT 314.78 464.95 Td (provincial ) Tj ET Q q 0 0 0 rg BT 361.21 464.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 406.52 464.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 458.51 464.95 Td (between ) Tj ET Q q 0 0 0 rg BT 500.50 464.95 Td (the ) Tj ET Q q 0 0 0 rg BT 518.58 464.95 Td (Operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 452.95 Td (Engineers ) Tj ET Q q 0 0 0 rg BT 97.54 452.95 Td (and ) Tj ET Q q 0 0 0 rg BT 117.23 452.95 Td (the ) Tj ET Q q 0 0 0 rg BT 133.54 452.95 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 168.23 452.95 Td (?Roadbuilders ) Tj ET Q q 0 0 0 rg BT 232.38 452.95 Td (and ) Tj ET Q q 0 0 0 rg BT 252.07 452.95 Td (Heavy ) Tj ET Q q 0 0 0 rg BT 283.42 452.95 Td (Construction?) Tj ET Q q 0 0 0 rg BT 341.41 452.95 Td ( ) Tj ET Q q 0 0 0 rg BT 343.82 452.95 Td (Association ) Tj ET Q q 0 0 0 rg BT 397.97 452.95 Td (\("ARBHCA"\), ) Tj ET Q q 0 0 0 rg BT 459.18 452.95 Td (which ) Tj ET Q q 0 0 0 rg BT 487.76 452.95 Td (has ) Tj ET Q q 0 0 0 rg BT 506.89 452.95 Td (expired. ) Tj ET Q q 0 0 0 rg BT 545.27 452.95 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 440.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 82.07 440.95 Td (have ) Tj ET Q q 0 0 0 rg BT 106.31 440.95 Td (agreed ) Tj ET Q q 0 0 0 rg BT 140.00 440.95 Td (to ) Tj ET Q q 0 0 0 rg BT 150.90 440.95 Td (extend ) Tj ET Q q 0 0 0 rg BT 183.48 440.95 Td (the ) Tj ET Q q 0 0 0 rg BT 199.94 440.95 Td (term ) Tj ET Q q 0 0 0 rg BT 222.49 440.95 Td (of ) Tj ET Q q 0 0 0 rg BT 233.39 440.95 Td (the ) Tj ET Q q 0 0 0 rg BT 249.84 440.95 Td (current ) Tj ET Q q 0 0 0 rg BT 283.52 440.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 333.89 440.95 Td (while ) Tj ET Q q 0 0 0 rg BT 359.23 440.95 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 415.72 440.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 456.08 440.95 Td (and ) Tj ET Q q 0 0 0 rg BT 475.32 440.95 Td (have ) Tj ET Q q 0 0 0 rg BT 499.56 440.95 Td (also ) Tj ET Q q 0 0 0 rg BT 520.46 440.95 Td (agreed ) Tj ET Q q 0 0 0 rg BT 554.15 440.95 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 428.95 Td (a ) Tj ET Q q 0 0 0 rg BT 57.60 428.95 Td (project-specific ) Tj ET Q q 0 0 0 rg BT 126.82 428.95 Td (term, ) Tj ET Q q 0 0 0 rg BT 152.13 428.95 Td (with ) Tj ET Q q 0 0 0 rg BT 172.45 428.95 Td (a ) Tj ET Q q 0 0 0 rg BT 180.54 428.95 Td (no-strike/no-lockout ) Tj ET Q q 0 0 0 rg BT 270.34 428.95 Td (clause ) Tj ET Q q 0 0 0 rg BT 301.78 428.95 Td (for ) Tj ET Q q 0 0 0 rg BT 315.98 428.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 360.75 428.95 Td (work. ) Tj ET Q q 0 0 0 rg BT 387.18 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 389.21 428.95 Td (A) Tj ET Q q 0 0 0 rg BT 395.33 428.95 Td ( ) Tj ET Q q 0 0 0 rg BT 397.86 428.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 441.53 428.95 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 494.65 428.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 530.52 428.95 Td (to ) Tj ET Q q 0 0 0 rg BT 541.40 428.95 Td (work ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 416.95 Td (performed ) Tj ET Q q 0 0 0 rg BT 99.69 416.95 Td (in ) Tj ET Q q 0 0 0 rg BT 112.08 416.95 Td (our ) Tj ET Q q 0 0 0 rg BT 130.23 416.95 Td (Acheson ) Tj ET Q q 0 0 0 rg BT 173.75 416.95 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 235.62 416.95 Td (shop ) Tj ET Q q 0 0 0 rg BT 261.92 416.95 Td (between ) Tj ET Q q 0 0 0 rg BT 304.33 416.95 Td (the ) Tj ET Q q 0 0 0 rg BT 322.85 416.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 371.37 416.95 Td (Engineers ) Tj ET Q q 0 0 0 rg BT 421.01 416.95 Td (Local ) Tj ET Q q 0 0 0 rg BT 449.53 416.95 Td (955 ) Tj ET Q q 0 0 0 rg BT 470.82 416.95 Td (and ) Tj ET Q q 0 0 0 rg BT 492.12 416.95 Td (North ) Tj ET Q q 0 0 0 rg BT 520.26 416.95 Td (American ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 404.95 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 109.54 404.95 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 129.00 404.95 Td (was ) Tj ET Q q 0 0 0 rg BT 149.56 404.95 Td (ratified ) Tj ET Q q 0 0 0 rg BT 182.35 404.95 Td (on ) Tj ET Q q 0 0 0 rg BT 195.70 404.95 Td (April ) Tj ET Q q 0 0 0 rg BT 218.48 404.95 Td (1) Tj ET Q q 0 0 0 rg BT 223.30 404.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 234.42 404.95 Td (2018. ) Tj ET Q q 0 0 0 rg BT 262.04 404.95 Td (The ) Tj ET Q q 0 0 0 rg BT 282.05 404.95 Td (new ) Tj ET Q q 0 0 0 rg BT 303.18 404.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 347.08 404.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 397.67 404.95 Td (is ) Tj ET Q q 0 0 0 rg BT 407.67 404.95 Td (in ) Tj ET Q q 0 0 0 rg BT 418.23 404.95 Td (place ) Tj ET Q q 0 0 0 rg BT 444.92 404.95 Td (until ) Tj ET Q q 0 0 0 rg BT 466.04 404.95 Td (2023.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 386.95 Td (T) Tj ET Q q 0 0 0 rg BT 55.06 386.95 Td (wo ) Tj ET Q q 0 0 0 rg BT 70.48 386.95 Td (collective ) Tj ET Q q 0 0 0 rg BT 114.25 386.95 Td (agreements ) Tj ET Q q 0 0 0 rg BT 169.70 386.95 Td (were ) Tj ET Q q 0 0 0 rg BT 194.02 386.95 Td (signed ) Tj ET Q q 0 0 0 rg BT 226.13 386.95 Td (with ) Tj ET Q q 0 0 0 rg BT 246.56 386.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.10 386.95 Td (Christian ) Tj ET Q q 0 0 0 rg BT 305.20 386.95 Td (Labour ) Tj ET Q q 0 0 0 rg BT 338.46 386.95 Td (Association ) Tj ET Q q 0 0 0 rg BT 392.24 386.95 Td (of ) Tj ET Q q 0 0 0 rg BT 403.22 386.95 Td (Canada ) Tj ET Q q 0 0 0 rg BT 440.89 386.95 Td (\("CLAC"\), ) Tj ET Q q 0 0 0 rg BT 486.75 386.95 Td (Local ) Tj ET Q q 0 0 0 rg BT 513.30 386.95 Td (68 ) Tj ET Q q 0 0 0 rg BT 527.06 386.95 Td (in ) Tj ET Q q 0 0 0 rg BT 537.49 386.95 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 374.95 Td (One ) Tj ET Q q 0 0 0 rg BT 70.66 374.95 Td (for ) Tj ET Q q 0 0 0 rg BT 84.58 374.95 Td (the ) Tj ET Q q 0 0 0 rg BT 100.74 374.95 Td (Fording ) Tj ET Q q 0 0 0 rg BT 136.90 374.95 Td (River ) Tj ET Q q 0 0 0 rg BT 162.49 374.95 Td (Operations ) Tj ET Q q 0 0 0 rg BT 213.66 374.95 Td (project, ) Tj ET Q q 0 0 0 rg BT 248.71 374.95 Td (located ) Tj ET Q q 0 0 0 rg BT 283.21 374.95 Td (30 ) Tj ET Q q 0 0 0 rg BT 296.59 374.95 Td (kilometers ) Tj ET Q q 0 0 0 rg BT 344.41 374.95 Td (north ) Tj ET Q q 0 0 0 rg BT 369.46 374.95 Td (of ) Tj ET Q q 0 0 0 rg BT 380.05 374.95 Td (Elkford, ) Tj ET Q q 0 0 0 rg BT 416.21 374.95 Td (British ) Tj ET Q q 0 0 0 rg BT 446.24 374.95 Td (Columbia, ) Tj ET Q q 0 0 0 rg BT 493.52 374.95 Td (expiring ) Tj ET Q q 0 0 0 rg BT 530.79 374.95 Td (in ) Tj ET Q q 0 0 0 rg BT 540.83 374.95 Td (June ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 362.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 77.24 362.95 Td (and ) Tj ET Q q 0 0 0 rg BT 96.65 362.95 Td (the ) Tj ET Q q 0 0 0 rg BT 113.27 362.95 Td (other ) Tj ET Q q 0 0 0 rg BT 138.78 362.95 Td (for ) Tj ET Q q 0 0 0 rg BT 153.17 362.95 Td (the ) Tj ET Q q 0 0 0 rg BT 169.79 362.95 Td (Highland ) Tj ET Q q 0 0 0 rg BT 211.98 362.95 Td (V) Tj ET Q q 0 0 0 rg BT 217.91 362.95 Td (alley ) Tj ET Q q 0 0 0 rg BT 241.19 362.95 Td (Copper ) Tj ET Q q 0 0 0 rg BT 276.71 362.95 Td (Mine ) Tj ET Q q 0 0 0 rg BT 301.10 362.95 Td (project ) Tj ET Q q 0 0 0 rg BT 333.83 362.95 Td (located ) Tj ET Q q 0 0 0 rg BT 368.80 362.95 Td (near ) Tj ET Q q 0 0 0 rg BT 391.53 362.95 Td (Logan ) Tj ET Q q 0 0 0 rg BT 422.06 362.95 Td (Lake, ) Tj ET Q q 0 0 0 rg BT 449.24 362.95 Td (British ) Tj ET Q q 0 0 0 rg BT 479.74 362.95 Td (Columbia, ) Tj ET Q q 0 0 0 rg BT 527.48 362.95 Td (expiring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 350.95 Td (in ) Tj ET Q q 0 0 0 rg BT 59.51 350.95 Td (April ) Tj ET Q q 0 0 0 rg BT 82.29 350.95 Td (2020.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 332.95 Td (Our relationship with all our employees, both union and non-union, is strong. W) Tj ET Q q 0 0 0 rg BT 398.96 332.95 Td (e have not experienced a strike or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 320.95 Td (lockout, nor do we expect to.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 176.79 318.85 cm /I16 Do Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 49.50 298.15 Td (F) Tj ET Q q 0 0 0 rg BT 56.50 298.15 Td (. RESOURCES ) Tj ET Q q 0 0 0 rg BT 156.08 298.15 Td (AND SYSTEMS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.15 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 94.12 280.15 Td (Y) Tj ET Q q 0 0 0 rg BT 100.61 280.15 Td ( OF CONSOLIDA) Tj ET Q q 0 0 0 rg BT 179.31 280.15 Td (TED CASH FLOW ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 262.15 Td (Consolidated cash flows are summarized in the table below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 220.65 367.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 220.65 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 220.65 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 220.65 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 220.65 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 220.65 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 198.65 367.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 198.65 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 198.65 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 198.65 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 198.65 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 198.65 46.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 231.64999999999998 m 417 231.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 231.64999999999998 m 463 231.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 231.64999999999998 m 467 231.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 231.64999999999998 m 513 231.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 231.64999999999998 m 517 231.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 231.64999999999998 m 563 231.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 220.64999999999998 m 417 220.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 220.64999999999998 m 463 220.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 220.64999999999998 m 513 220.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 220.64999999999998 m 563 220.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 220.64999999999998 m 513 220.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 187.64999999999998 m 417 187.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 176.64999999999998 m 417 176.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 187.64999999999998 m 463 187.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 176.64999999999998 m 463 176.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 187.64999999999998 m 513 187.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 176.64999999999998 m 513 176.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 187.64999999999998 m 563 187.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 176.64999999999998 m 563 176.64999999999998 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.55 243.38 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.70 233.38 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 223.33 Td (\(dollars in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.70 223.33 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.70 223.33 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.45 223.33 Td (Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 212.33 Td (Cash provided by operating activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.50 211.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.95 211.65 Td (39,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.50 211.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.95 211.65 Td (25,087) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.50 211.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 211.65 Td (13,949) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 201.33 Td (Cash \(used in\) provided by investing activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.95 200.65 Td (\(16,726) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.50 200.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 200.65 Td (\(9,788) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.50 200.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 200.65 Td (\(6,938) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 200.65 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 190.33 Td (Cash \(used in\) provided by financing activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.95 189.65 Td (\(18,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.50 189.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.95 189.65 Td (15,057) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 189.65 Td (\(33,448) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 189.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 179.33 Td (Net increase in cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.50 178.65 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.95 178.65 Td (3,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 178.65 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.95 178.65 Td (30,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.50 178.65 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.95 178.65 Td (\(26,437) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 178.65 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 159.15 Td (Operating activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 141.15 Td (Cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.62 141.15 Td (provided by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.32 141.15 Td ( operating activities for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.83 141.15 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.04 141.15 Td ( was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.38 141.15 Td ($39.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.53 141.15 Td (, compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 129.15 Td (cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.40 129.15 Td (provided by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.10 129.15 Td ( operating activities of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.60 129.15 Td ($25.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.74 129.15 Td ( in for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.21 129.15 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.42 129.15 Td (. ) Tj ET Q q 0 0 0 rg BT 491.80 129.15 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.81 129.15 Td (increase) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.61 129.15 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 117.15 Td (cash flow in the current period is a?result of improved profitability and a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.66 117.15 Td ($1.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.24 117.15 Td ( contribution from the decrease ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 105.15 Td (in cash required to fund working capital \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.04 105.15 Td ($5.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.62 105.15 Td ( increase in the use of cash to fund working capital in the prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 93.15 Td (period\). ) Tj ET Q q 0 0 0 rg BT 86.00 93.15 Td (The current year decrease in funding requirements for working capital was driven by the timely invoicing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 81.15 Td (and collections of accounts receivables and the timing of the settlement of accounts payable, both of which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 69.15 Td (mitigated the growth in accounts receivable from the increased current period activity) Tj ET Q q 0 0 0 rg BT 423.94 69.15 Td (. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Cash \(used\) provided from the net change in non-cash working capital specific to operating activities are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (summarized in the table below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 666.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 666.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 666.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 666.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 644.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 644.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 644.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 644.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 622.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 622.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 622.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 622.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 600.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 600.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 600.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 600.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.25 379.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 578.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 578.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 578.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 677.25 m 429 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 677.25 m 494 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 677.25 m 498 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 677.25 m 563 677.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 666.25 m 429 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 666.25 m 494 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 666.25 m 563 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 666.25 m 429 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 567.25 m 429 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 567.25 m 494 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 567.25 m 563 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 556.25 m 429 556.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 567.25 m 494 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 556.25 m 494 556.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 567.25 m 563 567.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 556.25 m 563 556.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 690.93 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 690.93 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.70 679.93 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 668.93 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 668.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.70 668.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 657.93 Td (Cash provided by \(used in\) net change in non-cash working capital) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 646.93 Td (Accounts receivable \(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 646.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 646.25 Td (\(15,890) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 646.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 646.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 646.25 Td (\(13,628) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 646.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 635.93 Td (Contract assets \(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 635.25 Td (9,675) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 635.25 Td (4,979) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 624.93 Td (Inventories) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 624.25 Td (\(102) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 624.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 624.25 Td (\(455) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 624.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 613.93 Td (Contract costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 613.25 Td (\(310) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 613.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 613.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 602.93 Td (Prepaid expenses and deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 602.25 Td (\(826) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 602.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 602.25 Td (421) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 591.93 Td (Accounts payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 591.25 Td (10,343) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 591.25 Td (6,233) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 580.93 Td (Accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 580.25 Td (\(2,929) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 580.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 580.25 Td (\(3,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 580.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 569.93 Td (Contract liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 569.25 Td (1,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 569.25 Td (509) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 558.93 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 558.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 558.25 Td (1,603) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 558.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 558.25 Td (\(5,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 558.25 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 544.97 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.12 541.15 Td ( Included in the change for the three months ended March 31, 2018 is an increase in accounts receivable of $7.1 million and a corresponding ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 531.55 Td (decrease in contract assets related to the adoption of ) Tj ET Q q 0 0 0 rg BT 248.70 531.55 Td (T) Tj ET Q q 0 0 0 rg BT 252.70 531.55 Td (opic 606. Unbilled amounts where we have an unconditional right to compensation are ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 521.95 Td (now classified as accounts receivable. ) Tj ET Q q 0 0 0 rg BT 196.20 521.95 Td (These amounts were classified as contract assets prior to adoption.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 503.95 Td (Investing activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 485.95 Td (Cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.62 485.95 Td (used in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.87 485.95 Td ( investing activities for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.14 485.95 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.36 485.95 Td ( was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 409.70 485.95 Td ($16.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.84 485.95 Td (, compared to cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 473.95 Td (used in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.75 473.95 Td ( investing activities of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.01 473.95 Td ($9.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.59 473.95 Td ( for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.50 473.95 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.71 473.95 Td (. Current period investing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 461.95 Td (activities included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.65 461.95 Td ($18.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.79 461.95 Td ( for the purchase of property) Tj ET Q q 0 0 0 rg BT 311.68 461.95 Td (, plant and equipment, partially of) Tj ET Q q 0 0 0 rg BT 458.81 461.95 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.05 461.95 Td ($1.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.63 461.95 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 449.95 Td (proceeds from the disposal of property) Tj ET Q q 0 0 0 rg BT 219.40 449.95 Td (, plant and equipment and assets held for sale. Included in the current year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 437.95 Td (purchase of property) Tj ET Q q 0 0 0 rg BT 140.48 437.95 Td (, plant and equipment is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.44 437.95 Td ($5.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.02 437.95 Td ( invested in the construction of our new maintenance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 425.95 Td (facility) Tj ET Q q 0 0 0 rg BT 76.54 425.95 Td (. Prior year investing activities included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.62 425.95 Td ($19.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.76 425.95 Td ( for the purchase of property) Tj ET Q q 0 0 0 rg BT 432.64 425.95 Td (, plant and equipment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 413.95 Td (intangible assets, partially of) Tj ET Q q 0 0 0 rg BT 174.94 413.95 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.18 413.95 Td ($9.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.76 413.95 Td ( cash received on the disposal of property) Tj ET Q q 0 0 0 rg BT 442.13 413.95 Td (, plant and equipment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 401.95 Td (assets held for sale.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 383.95 Td (Financing activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 365.95 Td (Cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.62 365.95 Td (used in) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.87 365.95 Td ( financing activities during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.83 365.95 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.05 365.95 Td ( was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.39 365.95 Td ($18.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.53 365.95 Td (, which included , ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 353.95 Td ($13.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.64 353.95 Td ( Credit Facility repayments \(of) Tj ET Q q 0 0 0 rg BT 238.28 353.95 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.52 353.95 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.10 353.95 Td ( in borrowings from Credit Facility\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.36 353.95 Td ($7.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.94 353.95 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 341.95 Td (capital lease obligation repayments, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.26 341.95 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.84 341.95 Td ( for the purchase and subsequent cancellation of common shares ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 329.95 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.96 329.95 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.54 329.95 Td ( for treasury share purchases. Cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.28 329.95 Td (provided by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.98 329.95 Td ( financing activities during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.95 329.95 Td (three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 317.95 Td (March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 317.95 Td ( was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.33 317.95 Td ($15.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.47 317.95 Td (, which included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.40 317.95 Td ($40.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.54 317.95 Td ( of proceeds received from issuing Convertible ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 305.95 Td (Debentures, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.76 305.95 Td ($12.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.90 305.95 Td ( of Credit Facility repayments, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.94 305.95 Td ($6.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.52 305.95 Td ( in capital lease obligation repayments, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 523.63 305.95 Td ($2.2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 293.95 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 293.95 Td ( in financing costs incurred from issuing the Convertible Debentures and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.68 293.95 Td ($3.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.26 293.95 Td ( for treasury share ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 281.95 Td (purchases. Cash used for the settlement of dividends was similar in both periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.95 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 98.76 263.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 245.95 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.07 245.95 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 245.95 Td (, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.13 245.95 Td ($12.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.28 245.95 Td ( in cash and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.98 245.95 Td ($1) Tj ET Q q 0 0 0 rg BT 308.36 245.95 Td (15.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.94 245.95 Td ( unused borrowing availability on the Credit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 233.95 Td (Facility for a total liquidity of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.11 233.95 Td ($127.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.81 233.95 Td ( \(defined as cash plus available and unused Credit Facility borrowings\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 221.95 Td (Our liquidity is complemented by available borrowings through our equipment leasing partners. Under the terms of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 209.95 Td (our Credit Facility) Tj ET Q q 0 0 0 rg BT 126.56 209.95 Td (, our capital lease borrowing is limited to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.20 209.95 Td ($100.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.90 209.95 Td (. ) Tj ET Q q 0 0 0 rg BT 373.90 209.95 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.47 209.95 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.96 209.95 Td ( we have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.76 209.95 Td ($23.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 197.95 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 197.95 Td ( in unused capital lease borrowing availability under the terms of our Credit Facility) Tj ET Q q 0 0 0 rg BT 441.72 197.95 Td (. ) Tj ET Q q 0 0 0 rg BT 447.10 197.95 Td (There are no restrictions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 185.95 Td (within the terms of our Credit Facility for borrowing using operating leases.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Summary of Consolidated Financial Position) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 693.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 693.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 693.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 693.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 693.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 693.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 671.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 671.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 671.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 671.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 671.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 671.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 649.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 649.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 649.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 649.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 649.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 649.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 627.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 627.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 627.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 627.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 627.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 627.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 605.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 605.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 605.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 605.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 605.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 583.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 583.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 583.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 583.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 583.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 561.25 310.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 561.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 561.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 561.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 561.25 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 561.25 65.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 546.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 546.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 546.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 546.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 546.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 546.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 524.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 524.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 524.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 524.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 524.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 524.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 509.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 509.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 509.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 509.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 509.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 509.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 494.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 494.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 494.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 494.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 494.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 494.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 472.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 472.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 472.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 472.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 472.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 450.25 310.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 450.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 450.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 450.25 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 450.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 450.25 65.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 693.25 m 360 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 693.25 m 425 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 693.25 m 494 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 693.25 m 563 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 693.25 m 425 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 682.25 m 425 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 693.25 m 494 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 682.25 m 494 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 693.25 m 563 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 682.25 m 563 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 682.25 m 360 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 572.25 m 425 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 572.25 m 494 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 572.25 m 563 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 572.25 m 360 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 572.25 m 425 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 572.25 m 494 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 572.25 m 563 572.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 524.25 m 360 524.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 524.25 m 425 524.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 524.25 m 494 524.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 524.25 m 563 524.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 461.25 m 360 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 461.25 m 425 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 461.25 m 494 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 461.25 m 563 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 439.25 m 360 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 439.25 m 425 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 439.25 m 494 439.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 439.25 m 563 439.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.90 697.48 Td (March 31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 702.93 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.70 694.98 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.45 697.48 Td (Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 684.93 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 684.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 684.25 Td (12,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 684.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 684.25 Td (8,186) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 684.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 684.25 Td (3,919) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 673.93 Td (Current working capital assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 662.93 Td (Accounts receivable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 662.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 662.25 Td (62,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 662.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 662.25 Td (46,806) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 662.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 662.25 Td (15,890) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 651.93 Td (Contract assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 651.25 Td (1) Tj ET Q q 0 0 0 rg BT 398.96 651.25 Td (1,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 651.25 Td (21,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 651.25 Td (\(10,222) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 651.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 640.93 Td (Inventories) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 640.25 Td (4,856) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 640.25 Td (4,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 640.25 Td (102) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 629.93 Td (Contract costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 629.25 Td (1,234) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 629.25 Td (422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 629.25 Td (812) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 618.93 Td (Prepaid expenses and deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 618.25 Td (2,756) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 618.25 Td (1,898) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 618.25 Td (858) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 607.93 Td (Current working capital liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 596.93 Td (Accounts payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 596.25 Td (\(45,534) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 596.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 596.25 Td (\(35,191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 596.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 596.25 Td (\(10,343) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 596.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 585.93 Td (Accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 585.25 Td (\(9,173) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 585.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 585.25 Td (\(12,434) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 585.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 585.25 Td (3,261) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 574.93 Td (Contract liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 574.25 Td (\(2,466) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 574.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 574.25 Td (\(824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 574.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 574.25 Td (\(1,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 574.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 563.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.94 563.93 Td (otal net current working capital \(excluding cash\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 563.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 563.25 Td (25,719) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 563.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 563.25 Td (27,003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 563.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 563.25 Td (\(1,284) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 563.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 548.93 Td (Intangible assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 548.25 Td (785) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 548.25 Td (938) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 548.25 Td (\(153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 548.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 537.93 Td (Assets held for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.95 537.25 Td (4,242) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 537.25 Td (5,642) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 537.25 Td (\(1,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 537.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 526.93 Td (Property) Tj ET Q q 0 0 0 rg BT 82.14 526.93 Td (, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.95 526.25 Td (295,330) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 526.25 Td (278,648) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 526.25 Td (16,682) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 515.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.50 515.93 Td (otal assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 515.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.95 515.25 Td (408,232) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 515.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 515.25 Td (383,644) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 515.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 515.25 Td (24,588) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 500.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.50 500.93 Td (otal long term financial liabilities) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 169.00 504.74 Td (\(i\)\(ii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.95 500.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 393.95 500.25 Td (17,228) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 500.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 500.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 462.95 500.25 Td (15,505) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 500.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 500.25 Td (\(1,723) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 500.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 485.93 Td (Capital lease obligations \(including current portion\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 485.25 Td (\(76,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 485.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 485.25 Td (\(66,969) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 485.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 485.25 Td (\(9,093) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 485.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 474.93 Td (Credit Facility \(including current portion\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 199.89 478.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 474.25 Td (\(24,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 474.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 474.25 Td (\(32,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 474.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 474.25 Td (8,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 463.93 Td (Convertible Debentures) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 142.55 467.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 463.25 Td (\(40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 463.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 463.25 Td (\(40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 463.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 463.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 452.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.50 452.93 Td (otal Debt) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 88.52 456.74 Td (\(iii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 452.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.95 452.25 Td (\(140,062) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 452.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 452.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 452.25 Td (\(138,969) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 452.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 452.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 452.25 Td (\(1,093) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 452.25 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 441.93 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 441.25 Td (12,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 441.25 Td (8,186) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 441.25 Td (3,919) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 430.93 Td (Net Debt) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 84.07 434.74 Td (\(iii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.50 430.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.95 430.25 Td (\(127,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.50 430.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.50 430.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 430.25 Td (\(130,783) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.50 430.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.50 430.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 430.25 Td (2,826) Tj ET Q BT /F2 10.00 Tf ET BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 416.97 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.12 413.15 Td ( Excludes deferred financing costs.) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 407.37 Td (\(ii\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 55.27 403.55 Td ( ) Tj ET Q q 0 0 0 rg BT 57.35 403.55 Td (T) Tj ET Q q 0 0 0 rg BT 61.35 403.55 Td (otal long-term financial liabilities exclude the current portions of capital lease obligations, long-term lease inducements, asset retirement ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 58.50 393.95 Td (obligations, deferred gain on sale-leaseback, onerous lease contingency and both current and non-current deferred income tax balances.) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 49.50 388.17 Td (\(iii\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.43 384.35 Td ( For a definition of ) Tj ET Q q 0 0 0 rg BT 122.54 384.35 Td (T) Tj ET Q q 0 0 0 rg BT 126.54 384.35 Td (otal Debt and Net Debt, see "Non-GAAP) Tj ET Q q 0 0 0 rg BT 269.76 384.35 Td ( Financial Measures".) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 366.35 Td (The following table provides reconciling items between the movement of working capital accounts \(change column\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 354.35 Td (in the Summary of Consolidated Financial Position table, above and the amounts shown in the "Net change in non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 342.35 Td (cash working capital" table in "Summary of Consolidated Cash Flow" in this MD&A:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 312.85 432.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 312.85 81.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.85 432.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 290.85 81.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 268.85 432.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 268.85 81.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 312.85 m 482 312.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 312.85 m 563 312.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 257.85 m 482 257.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 257.85 m 563 257.85 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 317.08 Td (??) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.05 323.53 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.20 315.53 Td (March 31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 304.53 Td (Net decrease in contract assets related to adoption of accounting standard, ) Tj ET Q q 0 0 0 rg BT 320.59 304.53 Td (T) Tj ET Q q 0 0 0 rg BT 324.96 304.53 Td (opic 606) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 303.85 Td (547) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 293.53 Td (Net decrease to contract costs related to adoption of accounting standard, ) Tj ET Q q 0 0 0 rg BT 316.59 293.53 Td (T) Tj ET Q q 0 0 0 rg BT 320.96 293.53 Td (opic 606) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 292.85 Td (\(502) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 292.85 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 282.53 Td (Net increase in prepaid expenses and deposits due to long-term portion adjustment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 281.85 Td (\(32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 281.85 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 271.53 Td (Net decrease in accrued liabilities related to conversion of bonus compensation to DSUs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 270.85 Td (\(326) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 270.85 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 260.53 Td (Net decrease in accrued liabilities related to dividend payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.45 259.85 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.50 259.85 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (Current working capital fluctuations effect on liquidity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 222.35 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.07 222.35 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 222.35 Td (, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.13 222.35 Td ($1.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.72 222.35 Td ( in trade receivables that were more than 30 days past due compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 210.35 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.08 210.35 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.32 210.35 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.15 210.35 Td (. ) Tj ET Q q 0 0 0 rg BT 220.15 210.35 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.72 210.35 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.21 210.35 Td ( and at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.57 210.35 Td (December 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.40 210.35 Td (, we did not have an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 198.35 Td (allowance for doubtful accounts related to our trade receivables as we feel that there is minimal risk in the collection ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 186.35 Td (of these past due trade receivables.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 207.93 184.25 cm /I17 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 212.51 186.35 Td ( W) Tj ET Q q 0 0 0 rg BT 224.54 186.35 Td (e continue to monitor the credit worthiness of our customers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 168.35 Td (Contract change management processes often lead to a timing dif) Tj ET Q q 0 0 0 rg BT 341.16 168.35 Td (ference between project disbursements and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 156.35 Td (ability to invoice our customers for executed modifications. ) Tj ET Q q 0 0 0 rg BT 310.18 156.35 Td (A) Tj ET Q q 0 0 0 rg BT 316.30 156.35 Td ( contract modification is determined to exist when it ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 144.35 Td (either creates new or changes existing legally enforceable rights and obligations. If a contract modification is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 132.35 Td (approved in scope and not price, the associated revenue is treated as variable consideration, subject to constraint. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 120.35 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.07 120.35 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 120.35 Td (, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.13 120.35 Td ($9.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.72 120.35 Td ( of unresolved unpriced contract modifications recorded on our balance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 108.35 Td (sheet \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.07 108.35 Td ($8.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.65 108.35 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.89 108.35 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.72 108.35 Td (\). For a more detailed discussion on claims revenue refer to ?Unpriced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 96.35 Td (Contract Modifications?.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (The variability of our business through the year due to the timing of construction project awards or the execution of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (work that can only be performed during winter months can result in an increase in our working capital requirements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (from high accounts receivable and contract asset balances at the start of such projects.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (Our working capital is also significantly af) Tj ET Q q 0 0 0 rg BT 231.62 679.75 Td (fected by the timing of the completion of projects and the contractual terms ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (of the project. In some cases, our customers are permitted to withhold payment of a percentage of the amount ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 655.75 Td (owing to us for a stipulated period of time \(such percentage and time period is usually defined by the contract\). ) Tj ET Q q 0 0 0 rg BT 540.15 655.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 643.75 Td (amount acts as a form of security for our customers and is referred to as a "holdback". ) Tj ET Q q 0 0 0 rg BT 432.70 643.75 Td (T) Tj ET Q q 0 0 0 rg BT 438.25 643.75 Td (ypically) Tj ET Q q 0 0 0 rg BT 470.30 643.75 Td (, we are only entitled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (to collect payment on holdbacks if substantial completion of the contract has been performed, there are no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 619.75 Td (outstanding claims by subcontractors or others related to work performed by us and we have met the period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (specified by the contract \(usually 45 days after completion of the work\). However) Tj ET Q q 0 0 0 rg BT 405.78 607.75 Td (, in some cases, we are able to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.75 Td (negotiate the progressive release of holdbacks as the job reaches various stages of completion. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 577.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.07 577.75 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 577.75 Td (, holdbacks totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.72 577.75 Td ($0.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.30 577.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.86 577.75 Td (up) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.98 577.75 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.54 577.75 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.12 577.75 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.36 577.75 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.19 577.75 Td (. ) Tj ET Q q 0 0 0 rg BT 494.56 577.75 Td (The current ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 565.75 Td (year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.73 565.75 Td (increase) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.53 565.75 Td ( in holdbacks reflects the continued activity on certain construction services projects that have not yet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 553.75 Td (reached substantial completion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 78.76 535.75 Td (AL) Tj ET Q q 0 0 0 rg BT 91.91 535.75 Td ( RESOURCES ) Tj ET Q q 0 0 0 rg BT 160.44 535.75 Td (AND USE OF CASH ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 517.75 Td (Our capital resources consist primarily of cash flow provided by operating activities, cash and cash equivalents, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 505.75 Td (borrowings under our Credit Facility and financing through our operating and capital equipment lease facilities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 487.75 Td (Our primary uses of cash are for capital expenditures, to fulfill debt repayment and interest payment obligations, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 475.75 Td (fund operating and capital lease obligations, to finance working capital requirements and to pay dividends. When ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 463.75 Td (prudent, we have also used cash to repurchase our common shares.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 445.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 445.75 Td (e anticipate that we will have enough cash from operations to fund our annual expenses, planned capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 433.75 Td (spending program and meet current and future working capital, debt servicing and dividend payment requirements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 421.75 Td (in 2018 from existing cash balances, cash provided by operating activities, borrowings under our Credit Facility and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 409.75 Td (borrowings from our equipment leasing partners.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 264.61 407.65 cm /I18 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 391.75 Td (Cash used for net capital expenditures \(expenditures, net of proceeds\) for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.26 391.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 556.47 391.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 379.75 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.06 379.75 Td ($17.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.20 379.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.31 379.75 Td ($9.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.89 379.75 Td ( for the same period in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.17 379.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.42 379.75 Td (\). Included in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.13 379.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 545.34 379.75 Td ( net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 367.75 Td (capital expenditures was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.79 367.75 Td ($12.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.93 367.75 Td ( invested in growth capital expenditures with the balance invested in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 355.75 Td (sustaining capital expenditures. In addition, the current quarter net capital expenditures included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.99 355.75 Td ($1.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.57 355.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 343.75 Td (proceeds from a finance arrangement with one of our leasing facility providers. W) Tj ET Q q 0 0 0 rg BT 408.38 343.75 Td (e recorded an equivalent amount ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (as a capital lease liability from this equipment financing transaction. ) Tj ET Q q 0 0 0 rg BT 350.03 331.75 Td (The prior year net capital expenditures included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 319.75 Td ($5.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.08 319.75 Td ( invested in growth capital expenditures with the balance invested in sustaining capital expenditures. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 307.75 Td (addition, the prior year net capital expenditures included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.21 307.75 Td ($9.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.79 307.75 Td ( in proceeds from a financing arrangement. W) Tj ET Q q 0 0 0 rg BT 553.49 307.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 295.75 Td (recorded an equivalent amount as a capital lease liability from this equipment financing transaction. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 277.75 Td (In order to maintain a balance of owned and leased equipment, we finance a portion of our heavy construction fleet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 265.75 Td (through capital and operating leases and we continue to lease our motor vehicle fleet through our capital lease ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (facilities. Our sustaining capital additions financed through capital leases \(excluding the aforementioned equipment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 241.75 Td (financing transaction\) during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.59 241.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.80 241.75 Td ( was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.14 241.75 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.29 241.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.79 241.75 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.12 241.75 Td (three months ended March ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 229.75 Td (31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.43 229.75 Td ( were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.66 229.75 Td ($6.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.24 229.75 Td (\). Our equipment fleet is currently split among owned \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.35 229.75 Td (49%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.36 229.75 Td (\), capital leased \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.51 229.75 Td (39%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.52 229.75 Td (\)?and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 217.75 Td (rented equipment \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.44 217.75 Td (12%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.46 217.75 Td (\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 199.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 199.75 Td (e continue to assess and adjust the size and mix of our fleet to reflect our current and anticipated demand with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 187.75 Td (focus on continued increases of utilization and reduction of maintenance costs, which in turn produces the highest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 175.75 Td (return on these capital assets. In 2018 we expect our annual sustaining capital expenditures to range between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 163.75 Td ($35.0 million to $45.0 million, net of normal equipment disposals, primarily related to essential equipment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 151.75 Td (replacement and capital maintenance requirements. W) Tj ET Q q 0 0 0 rg BT 291.67 151.75 Td (e believe that our annual growth capital expenditures could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 139.75 Td (range from $25.0 million to $30.0 million, to support our investment in our new maintenance facility and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 127.75 Td (continued expansion of our equipment fleet capacity) Tj ET Q q 0 0 0 rg BT 279.47 127.75 Td (. W) Tj ET Q q 0 0 0 rg BT 294.28 127.75 Td (e believe that our cash flow from operations, net proceeds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 115.75 Td (from the sale of under-utilized equipment and our leasing capacity will be suf) Tj ET Q q 0 0 0 rg BT 387.84 115.75 Td (ficient to meet our sustaining and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 103.75 Td (growth equipment investment requirements. W) Tj ET Q q 0 0 0 rg BT 256.08 103.75 Td (e also believe that we will be able to leverage the liquidity provided ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 91.75 Td (by our Credit Facility to finance the construction of our new maintenance facility) Tj ET Q q 0 0 0 rg BT 399.49 91.75 Td (.) Tj ET Q /GS0 gs q 4.58 0 0 10.38 402.26 89.65 cm /I19 Do Q /GS0 gs q 10.00 0 0 10.38 406.84 89.65 cm /I20 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.84 91.75 Td ( ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (For a complete discussion on our capital expenditures, please see "Resources and Systems - Liquidity" in our most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (recent annual MD&A) Tj ET Q q 0 0 0 rg BT 141.22 709.75 Td ( for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.94 709.75 Td (December 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.77 709.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 691.75 Td (Our principal contractual obligations relate to our long-term debt, capital and operating leases; capital for property) Tj ET Q q 0 0 0 rg BT 549.59 691.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (plant and equipment; and supplier contracts. ) Tj ET Q q 0 0 0 rg BT 248.89 679.75 Td (The following table summarizes our future contractual obligations, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (excluding interest payments on Credit Facility and Convertible Debentures as early repayment is possible resulting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 655.75 Td (in lower interest payments unless otherwise noted, as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.74 655.75 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.23 655.75 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.25 145.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 613.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 613.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 613.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 613.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 613.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 613.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 613.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 613.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 613.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 613.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 613.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 591.25 145.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 591.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 591.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 591.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 591.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 591.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 591.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 591.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 591.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 591.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 591.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 591.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 561.25 145.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 561.25 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 561.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 561.25 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 561.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 561.25 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 561.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 561.25 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 561.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 561.25 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 561.25 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 561.25 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 531.25 145.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 531.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 531.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 531.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 531.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 531.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 531.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 531.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 531.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 531.25 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 531.25 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 531.25 58.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 632.25 m 195 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 632.25 m 253 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253 632.25 m 257 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 632.25 m 315 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 632.25 m 319 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 632.25 m 377 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 632.25 m 381 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 632.25 m 439 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 632.25 m 443 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 632.25 m 501 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 632.25 m 505 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 632.25 m 563 632.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 613.25 m 195 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 613.25 m 253 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 613.25 m 315 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 613.25 m 377 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 613.25 m 439 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 613.25 m 501 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 613.25 m 563 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 613.25 m 195 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 531.25 m 195 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 520.25 m 195 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 531.25 m 253 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 520.25 m 253 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 531.25 m 315 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 520.25 m 315 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 531.25 m 377 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 520.25 m 377 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 531.25 m 439 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 520.25 m 439 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 531.25 m 501 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 520.25 m 501 520.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 531.25 m 563 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 520.25 m 563 520.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 636.50 Td (?) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.50 636.50 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.30 636.48 Td (Payments due by year ending December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 617.48 Td (\(dollars in thousands\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 232.60 617.48 Td (T) Tj ET Q q 0 0 0 rg BT 237.04 617.48 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.70 617.48 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.70 617.48 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.70 617.48 Td (2020) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.70 617.48 Td (2021) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.10 623.93 Td (2022 and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.25 615.93 Td (thereafter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 604.93 Td (Convertible Debentures) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 136.55 608.74 Td (\(i\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 604.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 604.25 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.50 604.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.50 604.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.50 604.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.50 604.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.50 604.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.50 604.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.50 604.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.50 604.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.50 604.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 604.25 Td (40,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 593.93 Td (Credit Facility) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 100.95 597.74 Td ( \(ii\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 593.25 Td (24,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.50 593.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.50 593.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.95 593.25 Td (24,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.50 593.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 593.25 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 582.93 Td (Capital leases \(including interest\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 582.25 Td (81,209) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.95 582.25 Td (25,662) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.95 582.25 Td (25,559) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.95 582.25 Td (16,122) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 582.25 Td (8,236) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 582.25 Td (5,630) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 571.93 Td (Equipment and building operating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 563.93 Td (leases \(net of sub-leases\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.95 565.65 Td (3,077) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.95 565.65 Td (1,262) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.45 565.65 Td (359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 565.65 Td (410) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 565.65 Td (436) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 565.65 Td (610) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 552.93 Td (Capital for property) Tj ET Q q 0 0 0 rg BT 120.23 552.93 Td (, plant and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 544.93 Td (equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 546.65 Td (13,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.95 546.65 Td (13,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.50 546.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.50 546.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.50 546.65 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 546.65 Td (?) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 533.93 Td (Supplier contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.95 533.25 Td (7,626) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.95 533.25 Td (7,626) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.50 533.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.50 533.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.50 533.25 Td (?) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.50 533.25 Td (?) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 522.93 Td (T) Tj ET Q q 0 0 0 rg BT 56.79 522.93 Td (otal contractual obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 522.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 216.95 522.25 Td (169,1) Tj ET Q q 0 0 0 rg BT 239.47 522.25 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 522.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.95 522.25 Td (47,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.50 522.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.95 522.25 Td (25,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 522.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.95 522.25 Td (40,532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 522.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.95 522.25 Td (8,672) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 522.25 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.95 522.25 Td (46,240) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 58.50 507.52 Td (\(i\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.27 502.75 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.05 502.75 Td (The Convertible Debentures bear interest of 5.5% and mature on March 31, 2024. Interest is payable in equal installments semi-annually in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 493.15 Td (arrears on March 31 and September 30 of each year) Tj ET Q q 0 0 0 rg BT 253.39 493.15 Td (, commencing September 30, 2017.) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 58.50 485.92 Td (\(ii\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 65.72 481.15 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.49 481.15 Td (The Credit Facility bears interest at Canadian prime rate, U.S. Dollar Base Rate, Canadian bankers' acceptance or London interbank ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 471.55 Td (of) Tj ET Q q 0 0 0 rg BT 74.03 471.55 Td (fered rate \("LIBOR"\) \(all such terms are used or defined in the Credit Facility\), plus applicable margins payable monthly) Tj ET Q q 0 0 0 rg BT 493.97 471.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 453.55 Td (Our total contractual obligations of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.03 453.55 Td ($169.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.74 453.55 Td (, as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.75 453.55 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.24 453.55 Td (, have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.26 453.55 Td (decreased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.96 453.55 Td ( from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.51 453.55 Td ($180.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.22 453.55 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 441.55 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.33 441.55 Td ( primarily as a result of a reduction in borrowings on our Credit Facility) Tj ET Q q 0 0 0 rg BT 446.16 441.55 Td (, payments against our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 429.55 Td (commitment related to capital for property) Tj ET Q q 0 0 0 rg BT 233.28 429.55 Td (, plant and equipment and scheduled payments on our capital leases and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 417.55 Td (building operating leases. For a full discussion on the Credit Facility see "Credit Facility", below) Tj ET Q q 0 0 0 rg BT 468.46 417.55 Td (, and for a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 405.55 Td (discussion on Convertible Debentures see "Securities and ) Tj ET Q q 0 0 0 rg BT 308.75 405.55 Td (Agreements" below) Tj ET Q q 0 0 0 rg BT 394.57 405.55 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 387.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 387.55 Td (e have no of) Tj ET Q q 0 0 0 rg BT 113.62 387.55 Td (f-balance sheet arrangements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 369.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 369.55 Td (e pay regular quarterly dividends of $0.02 per share on common shares. On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.28 369.55 Td (February?13, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.00 369.55 Td (, we declared a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 357.55 Td (first quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.85 357.55 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.10 357.55 Td ( dividend of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.02 357.55 Td ($0.02) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.05 357.55 Td ( per share totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.87 357.55 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.45 357.55 Td (. ) Tj ET Q q 0 0 0 rg BT 342.46 357.55 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.69 357.55 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.17 357.55 Td (, the dividend payable was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 345.55 Td (included in accrued liabilities and was subsequently paid on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.78 345.55 Td (April?6, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.93 345.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 327.55 Td (Cash used for the purchase of treasury shares through our trust agreement was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.24 327.55 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.82 327.55 Td ( for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.73 327.55 Td (three months ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 315.55 Td (ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.57 315.55 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.68 315.55 Td ($3.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.26 315.55 Td ( for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.17 315.55 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.38 315.55 Td (\). Cash used for share purchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 303.55 Td (programs under normal course issuer bids was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.14 303.55 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.73 303.55 Td ( for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.63 303.55 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.85 303.55 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.96 303.55 Td ($nil) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.52 303.55 Td ( for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 291.55 Td (three months ended March 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.72 291.55 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 267.55 Td (For a complete discussion of the trust share purchases and US share purchase program see "Securities and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 255.55 Td (Agreements" in this MD&A. For a complete discussion on our normal course issuer bid see "Significant Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 243.55 Td (Events" in this MD&A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.55 Td (Credit Facility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 207.55 Td (On ) Tj ET Q q 0 0 0 rg BT 65.07 207.55 Td (August?1, 2017, we entered into a new credit facility agreement \(the "Credit Facility"\) with a banking syndicate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 195.55 Td (led by National Bank of Canada, replacing our previous Sixth ) Tj ET Q q 0 0 0 rg BT 321.33 195.55 Td (Amended and Restated Credit ) Tj ET Q q 0 0 0 rg BT 458.08 195.55 Td (Agreement \(the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 183.55 Td ("Previous Credit Facility"\). ) Tj ET Q q 0 0 0 rg BT 167.56 183.55 Td (The Credit Facility provides borrowings of up to $140.0 million with an ability to increase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 171.55 Td (the maximum borrowings by an additional $25.0 million, subject to certain conditions. ) Tj ET Q q 0 0 0 rg BT 427.29 171.55 Td (This facility matures on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 159.55 Td (August 1, 2020, with an option to extend on an annual basis. ) Tj ET Q q 0 0 0 rg BT 320.07 159.55 Td (The Credit Facility also allows for a capital lease limit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 147.55 Td (of $100.0 million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 129.55 Td (The Credit Facility is comprised solely of a revolver feature, unlike our Previous Credit Facility) Tj ET Q q 0 0 0 rg BT 462.24 129.55 Td (, which had a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 117.55 Td (borrowing base limit to available borrowings and was divided into a $30.0 million term loan and a $70.0 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 105.55 Td (revolving facility) Tj ET Q q 0 0 0 rg BT 119.34 105.55 Td (.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Under the terms of the new agreement, the Senior Leverage Ratio is to be maintained at less than 3.0:1, except in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (the case of the following four quarters after an acquisition where the ratio will increase to 3.5:1, meanwhile the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (Fixed Charge Coverage Ratio is to be maintained at a ratio greater than 1.15:1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 679.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 679.75 Td (The Senior Leverage Ratio is re-defined as Senior Debt compared to our trailing 12-month ) Tj ET Q q 0 0 0 rg BT 486.83 679.75 Td (Adjusted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 667.75 Td (EBITDA; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 649.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 649.75 Td (The Fixed Charge Coverage Ratio is re-defined as trailing 12-month ) Tj ET Q q 0 0 0 rg BT 388.43 649.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 465.70 649.75 Td ( less cash taxes as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 637.75 Td (compared to Fixed Charges. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 619.75 Td (Financial Covenants are to be tested quarterly on a trailing four quarter basis. ) Tj ET Q q 0 0 0 rg BT 394.14 619.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.71 619.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.19 619.75 Td (, we were in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (compliance with the Credit Facility covenants. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 589.75 Td ("Adjusted EBITDA" is defined in "Explanatory Notes - Non-GAAP) Tj ET Q q 0 0 0 rg BT 336.77 589.75 Td ( Financial Measures" in this MD&A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 571.75 Td ("Senior Debt" is defined under the Credit Facility as ) Tj ET Q q 0 0 0 rg BT 279.31 571.75 Td (T) Tj ET Q q 0 0 0 rg BT 284.31 571.75 Td (otal Debt plus outstanding Letters of Credit under our Credit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 559.75 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.87 559.75 Td (, less: \(i\) purchase money debt incurred for construction of particular property or equipment, but only for 60 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 547.75 Td (days after the property or equipment is commissioned for use; \(ii\) convertible unsecured subordinated debentures; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 535.75 Td (and liabilities from hedge and swap arrangements. ) Tj ET Q q 0 0 0 rg BT 275.56 535.75 Td (This is used in the Senior Debt to trailing 12-month ) Tj ET Q q 0 0 0 rg BT 502.35 535.75 Td (Adjusted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 523.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 85.07 523.75 Td ( ratio and the pricing grid to determine the pricing level for borrowing and standby fees under the facility) Tj ET Q q 0 0 0 rg BT 540.69 523.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 505.75 Td ("Fixed Charges", is defined under the Credit Facility as cash interest, scheduled payments on debt, unfunded cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 493.75 Td (distributions and unfinanced net capital expenditures. Our Credit Facility excludes Previous Credit Facility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 481.75 Td (repayments from the determination of Fixed Charges.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 463.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 463.75 Td (The term "unfunded" is defined as requiring borrowings from the Credit Facility or the issuance of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 451.75 Td (shares to support cash distributions such as dividends payments or the redemption of any class of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 439.75 Td (shares.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 427.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 427.75 Td (The term "unfinanced" is defined as expenditures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 409.75 Td (The Credit Facility bears interest at Canadian prime rate, U.S. Dollar Base Rate, Canadian bankers?) Tj ET Q q 0 0 0 rg BT 489.89 409.75 Td ( acceptance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 397.75 Td (rate or London interbank of) Tj ET Q q 0 0 0 rg BT 169.40 397.75 Td (fered rate \("LIBOR"\) \(all such terms as used or defined in the Credit Facility\), plus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 385.75 Td (applicable margins. W) Tj ET Q q 0 0 0 rg BT 147.69 385.75 Td (e are subject to non-refundable standby fees, 0.35% to 0.65% depending on our senior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 373.75 Td (leverage ratio, based on the undrawn portion of the Credit Facility) Tj ET Q q 0 0 0 rg BT 338.37 373.75 Td (. ) Tj ET Q q 0 0 0 rg BT 343.74 373.75 Td (The Credit Facility is secured by a first priority ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 361.75 Td (lien on all of our existing and after-acquired property) Tj ET Q q 0 0 0 rg BT 279.45 361.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 343.75 Td (The Credit Facility pricing includes a twenty-five basis point reduction to our borrowing rate and a five basis point ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (reduction to our standby rate, at our current leverage ratio, when compared to the Previous Credit Facility pricing.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 313.75 Td (For a full discussion on our Previous Credit Facility) Tj ET Q q 0 0 0 rg BT 273.29 313.75 Td (, see "Resources and Systems - Credit Facility in our annual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 301.75 Td (MD&A) Tj ET Q q 0 0 0 rg BT 77.84 301.75 Td ( for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.56 301.75 Td (December 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.40 301.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.75 Td (Borrowing activity under the Credit Facility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 265.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.07 265.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.55 265.75 Td (, the Credit Facility had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.60 265.75 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.18 265.75 Td ( in issued letters of credit \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.89 265.75 Td (December?31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.72 265.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.05 265.75 Td ($0.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.84 253.75 Td (\) and borrowings of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.22 253.75 Td ($24.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.36 253.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.47 253.75 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.30 253.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.19 253.75 Td ($32.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.33 253.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 389.67 253.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.89 253.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.38 253.75 Td (, our borrowing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 241.75 Td (availability under the Credit Facility was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.35 241.75 Td ($1) Tj ET Q q 0 0 0 rg BT 237.73 241.75 Td (15.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.31 241.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.42 241.75 Td (December?31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.25 241.75 Td ( - ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.58 241.75 Td ($107.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.29 241.75 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 223.75 Td (For a complete discussion on our Credit Facility) Tj ET Q q 0 0 0 rg BT 259.40 223.75 Td (, including covenants, calculation of the borrowing base, the pricing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 211.75 Td (margin schedule, allowable capital lease debt and our credit rating, see "Resources and Systems - Credit Facility" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 199.75 Td (and "Resources and Systems - Debt Ratings" in our most recent annual MD&A) Tj ET Q q 0 0 0 rg BT 397.87 199.75 Td ( for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.60 199.75 Td (December 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 187.75 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.75 187.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.75 Td (Securities and ) Tj ET Q q 0 0 0 rg BT 120.27 169.75 Td (Agreements) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 151.75 Td (Capital structure) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 133.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.76 133.75 Td (e are authorized to issue an unlimited number of voting common shares and an unlimited number of non-voting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 121.75 Td (common shares.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 103.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.07 103.75 Td (August 14, 2017, we commenced a Normal Course Issuer Bid \("NCIB"\), which authorizes us to purchase up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 91.75 Td (2,424,333 common shares through the facilities of the ) Tj ET Q q 0 0 0 rg BT 290.02 91.75 Td (T) Tj ET Q q 0 0 0 rg BT 295.02 91.75 Td (oronto Stock Exchange \("TSX"\) and the New ) Tj ET Q q 0 0 0 rg BT 495.93 91.75 Td (Y) Tj ET Q q 0 0 0 rg BT 501.68 91.75 Td (ork Stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 79.75 Td (Exchange \("NYSE"\). ) Tj ET Q q 0 0 0 rg BT 142.75 79.75 Td (A) Tj ET Q q 0 0 0 rg BT 148.87 79.75 Td ( limit of 1,460,089 of the total number of common shares can be purchased on the NYSE to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 67.75 Td (comply with relevant securities laws, which represents 5% of the issued and outstanding common shares. ) Tj ET Q q 0 0 0 rg BT 518.62 67.75 Td (At ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (December 31, 2017, we had purchased and subsequently cancelled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.59 721.75 Td (1,142,762) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.08 721.75 Td ( shares under this NCIB. ) Tj ET Q q 0 0 0 rg BT 509.24 721.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 709.75 Td (, we have used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.03 709.75 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.61 709.75 Td ( in cash to purchase and subsequently cancel a further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.76 709.75 Td (344,785) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.91 709.75 Td ( common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 697.75 Td (shares in the normal course during the current year leaving a balance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.79 697.75 Td (936,786) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.94 697.75 Td ( common shares authorized for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 685.75 Td (purchase under this NCIB until it's expiry on ) Tj ET Q q 0 0 0 rg BT 245.39 685.75 Td (August 13, 2018. ) Tj ET Q q 0 0 0 rg BT 323.61 685.75 Td (The current year NCIB programs have reduced our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 673.75 Td (outstanding common share balance excluding treasury shares to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.55 673.75 Td (25,161,469) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.60 673.75 Td ( as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.84 673.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.33 673.75 Td (. ) Tj ET Q q 0 0 0 rg BT 490.70 673.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 661.75 Td (outstanding common share balance is net of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.19 661.75 Td (2,709,046) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.68 661.75 Td ( common shares classified as treasury shares as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 649.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 649.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (On June 12, 2014, we entered into a trust agreement whereby the trustee may purchase and hold common shares, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 619.75 Td (classified as treasury shares on our consolidated balance sheets, until such time that units issued under the equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (classified long-term incentive plans are to be settled. Units granted under such plans typically vest at the end of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.75 Td (three-year term.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 577.75 Td (As at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.51 577.75 Td (April?26, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.22 577.75 Td (, there were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.80 577.75 Td (27,928,985) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.85 577.75 Td ( voting common shares outstanding, which included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.65 577.75 Td (2,716,023) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.14 577.75 Td ( common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 565.75 Td (shares held by the trust and classified as treasury shares on our consolidated balance sheets \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.07 565.75 Td (25,161,469) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.12 565.75 Td ( common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 553.75 Td (shares, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.32 553.75 Td (2,709,046) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.81 553.75 Td ( common shares classified as treasury shares at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.56 553.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.05 553.75 Td (\). W) Tj ET Q q 0 0 0 rg BT 476.19 553.75 Td (e did not have non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 541.75 Td (voting common shares outstanding on any of the foregoing dates. ) Tj ET Q q 0 0 0 rg BT 341.91 541.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.31 541.75 Td (, as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.33 541.75 Td (March?31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.81 541.75 Td (, there were an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 529.75 Td (aggregate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.44 529.75 Td (768,390) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.58 529.75 Td ( vested and unvested options outstanding under our ) Tj ET Q q 0 0 0 rg BT 376.98 529.75 Td (Amended and Restated 2004 Share ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 517.75 Td (Option Plan which, in the event of full vesting and exercise, would result in the issuance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.28 517.75 Td (768,390) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.43 517.75 Td ( common voting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 505.75 Td (shares.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 487.75 Td (For a more detailed discussion of our share data, see "Description of Securities and ) Tj ET Q q 0 0 0 rg BT 421.58 487.75 Td (Agreements - Capital Structure" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 475.75 Td (in our most recent ) Tj ET Q q 0 0 0 rg BT 131.76 475.75 Td (AIF) Tj ET Q q 0 0 0 rg BT 146.21 475.75 Td (, which section is expressly incorporated by reference into this MD&A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 457.75 Td (Convertible Debentures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 439.75 Td (On March 15, 2017, we issued $40.0 million in aggregate principal amount of 5.50% convertible unsecured ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 427.75 Td (subordinated debentures which mature on March 31, 2024. W) Tj ET Q q 0 0 0 rg BT 323.37 427.75 Td (e pay interest an annual rate of 5.50%, payable semi- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 415.75 Td (annually on March 31 and September 30 of each year) Tj ET Q q 0 0 0 rg BT 287.43 415.75 Td (, commencing September 30, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 397.75 Td (The Convertible Debentures may be converted into common shares at the option of the holder at a conversion price ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 385.75 Td (of $10.85 per common share, which is equivalent to approximately 92.1659 common shares per $1,000 principal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 373.75 Td (amount of notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 355.75 Td (The Convertible Debentures are not redeemable prior to March 31, 2020, except under certain conditions after a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 343.75 Td (change in control has occurred. W) Tj ET Q q 0 0 0 rg BT 201.06 343.75 Td (e have the option to redeem the Convertible Debentures at any time on or after ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (March 31, 2020 at a redemption price equal to the principal amount provided that the market price of the common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 319.75 Td (shares is at least 125% of the conversion price; and on or after March 31, 2022 at a redemption price equal to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 307.75 Td (principal amount, plus accrued and unpaid interest accrued to the redemption date. In each case, we are required ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 295.75 Td (to pay accrued and unpaid interest on the debentures redeemed to the applicable redemption date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 277.75 Td (If a change in control occurs, we are required to of) Tj ET Q q 0 0 0 rg BT 271.66 277.75 Td (fer to purchase all of the Convertible Debentures at a price equal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 265.75 Td (to 101% of the principal amount plus accrued and unpaid interest to the date of purchase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.75 Td (Debt Ratings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 229.75 Td (On March 16, 2018, S&P) Tj ET Q q 0 0 0 rg BT 160.49 229.75 Td ( Global Ratings \("S&P"\) af) Tj ET Q q 0 0 0 rg BT 276.35 229.75 Td (firmed our "B" long-term corporate credit rating. S&P) Tj ET Q q 0 0 0 rg BT 508.36 229.75 Td ( stated that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 217.75 Td (the stable outlook reflects their view that our financial risk profile will have ample cushion at the "B" rating and will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 205.75 Td (continue to generate positive free operating cash flow to sustain its capital expenditure plan and dividend payments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 193.75 Td (during the next two years. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 175.75 Td (For a discussion of our debt ratings, see the "Debt Ratings" section of our most recent ) Tj ET Q q 0 0 0 rg BT 431.79 175.75 Td (AIF) Tj ET Q q 0 0 0 rg BT 446.24 175.75 Td (, which section is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 163.75 Td (expressly incorporated by reference in this MD&A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (Internal Systems and Processes) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 127.75 Td (Evaluation of disclosure controls and procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 109.75 Td (Our disclosure controls and procedures are designed to provide reasonable assurance that information we are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 97.75 Td (required to disclose is recorded, processed, summarized and reported within the time periods specified under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 85.75 Td (Canadian and US securities laws.?) Tj ET Q q 0 0 0 rg BT 201.62 85.75 Td (They include controls and procedures designed to ensure that information is ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (accumulated and communicated to management, including the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 412.85 721.75 Td (ficer and the V) Tj ET Q q 0 0 0 rg BT 477.16 721.75 Td (ice President, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (Finance to allow timely decisions regarding required disclosures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 691.75 Td (An evaluation was carried out under the supervision of and with the participation of management, including the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 132.13 679.75 Td (ficer and the V) Tj ET Q q 0 0 0 rg BT 196.43 679.75 Td (ice President, Finance of the ef) Tj ET Q q 0 0 0 rg BT 334.11 679.75 Td (fectiveness of our disclosure controls and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (procedures as defined in Rule 13a-15\(e\) under the US Securities Exchange ) Tj ET Q q 0 0 0 rg BT 386.37 667.75 Td (Act of 1934, as amended, and in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 655.75 Td (National Instrument 52-109 under the Canadian Securities ) Tj ET Q q 0 0 0 rg BT 309.66 655.75 Td (Administrators Rules and Policies. Based on this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 643.75 Td (evaluation, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 200.51 643.75 Td (ficer and V) Tj ET Q q 0 0 0 rg BT 248.13 643.75 Td (ice President, Finance concluded that as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.14 643.75 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.62 643.75 Td ( such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 239.97 631.75 Td (fective.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 613.75 Td (Management?) Tj ET Q q 0 0 0 rg BT 109.91 613.75 Td (s Report on Internal Control over Financial Reporting) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.75 Td (There have been no changes to our internal controls over financial reporting \(?ICFR?\) for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.60 595.75 Td (three months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 583.75 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.99 583.75 Td ( that have materially af) Tj ET Q q 0 0 0 rg BT 219.41 583.75 Td (fected, or are reasonably likely to af) Tj ET Q q 0 0 0 rg BT 377.09 583.75 Td (fect, our ICFR. With the adoption of ) Tj ET Q q 0 0 0 rg BT 536.43 583.75 Td (T) Tj ET Q q 0 0 0 rg BT 541.43 583.75 Td (opic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 571.75 Td (606, we assessed and revised ICFR to reflect the changes to our processes. ) Tj ET Q q 0 0 0 rg BT 390.61 571.75 Td (These changes have not materially ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 559.75 Td (af) Tj ET Q q 0 0 0 rg BT 57.66 559.75 Td (fected, nor are they reasonably likely to af) Tj ET Q q 0 0 0 rg BT 242.58 559.75 Td (fect, the ef) Tj ET Q q 0 0 0 rg BT 289.09 559.75 Td (fectiveness of our ICFR.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.75 Td (Accounting Pronouncements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 523.75 Td (Accounting pronouncements recently adopted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 505.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 505.75 Td (Revenue from Contracts with Customers) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 485.59 cm /I21 Do Q q 0 0 0 rg BT 107.50 487.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 487.75 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 241.02 487.75 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 383.54 487.75 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 444.34 487.75 Td (ASC ) Tj ET Q q 0 0 0 rg BT 467.50 487.75 Td (T) Tj ET Q q 0 0 0 rg BT 472.50 487.75 Td (opic 606, Revenue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 475.75 Td (from Contracts with Customers, and subsequently issued several related ) Tj ET Q q 0 0 0 rg BT 444.99 475.75 Td (ASUs which provide ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 463.75 Td (guidance that requires an entity to recognize revenue in accordance with a five step model. W) Tj ET Q q 0 0 0 rg BT 536.00 463.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 451.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 160.25 451.75 Td (T) Tj ET Q q 0 0 0 rg BT 165.25 451.75 Td (opic 606 Revenue from Contracts with Customers with a date of initial application of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 439.75 Td (January 1, 2018 using the modified cumulative ef) Tj ET Q q 0 0 0 rg BT 338.67 439.75 Td (fect retrospective method - i.e. by recognizing the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 427.75 Td (cumulative ef) Tj ET Q q 0 0 0 rg BT 180.24 427.75 Td (fect of initially applying ) Tj ET Q q 0 0 0 rg BT 282.89 427.75 Td (T) Tj ET Q q 0 0 0 rg BT 287.89 427.75 Td (opic 606 as an adjustment to the opening balance of equity at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 415.75 Td (January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 198.59 415.75 Td (Therefore, the comparative information has not been adjusted and continues to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 403.75 Td (reported under ) Tj ET Q q 0 0 0 rg BT 189.70 403.75 Td (T) Tj ET Q q 0 0 0 rg BT 194.70 403.75 Td (opic 605. ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 383.59 cm /I22 Do Q q 0 0 0 rg BT 107.50 385.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 385.75 Td (W) Tj ET Q q 0 0 0 rg BT 130.76 385.75 Td (e applied ) Tj ET Q q 0 0 0 rg BT 173.95 385.75 Td (T) Tj ET Q q 0 0 0 rg BT 178.95 385.75 Td (opic 606 to contracts that were not completed at the time of transition. W) Tj ET Q q 0 0 0 rg BT 499.48 385.75 Td (e also elected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 373.75 Td (to use the contract modification practical expedient to not separately evaluate the ef) Tj ET Q q 0 0 0 rg BT 490.99 373.75 Td (fects of each ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 361.75 Td (contract modification before the period of adoption of ) Tj ET Q q 0 0 0 rg BT 357.58 361.75 Td (T) Tj ET Q q 0 0 0 rg BT 362.58 361.75 Td (opic 606.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 343.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 343.75 Td (Statement of Cash Flows) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 323.59 cm /I23 Do Q q 0 0 0 rg BT 107.50 325.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 325.75 Td (In ) Tj ET Q q 0 0 0 rg BT 132.07 325.75 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 216.02 325.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 269.94 325.75 Td (ASU No. 2016-15, Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 476.70 325.75 Td (opic 230: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 313.75 Td (Classification of Certain Cash Receipts and Cash Payments\). ) Tj ET Q q 0 0 0 rg BT 395.88 313.75 Td (This standard was adopted January ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 301.75 Td (1, 2018 and the adoption did not have a material ef) Tj ET Q q 0 0 0 rg BT 347.04 301.75 Td (fect on our consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 283.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 283.75 Td (Stock-Based Compensation ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 263.59 cm /I24 Do Q q 0 0 0 rg BT 107.50 265.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 265.75 Td (In May 2017, the F) Tj ET Q q 0 0 0 rg BT 204.33 265.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 258.25 265.75 Td (ASU No. 2017-09, Compensation - Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 518.93 265.75 Td (opic 718: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 253.75 Td (Scope of Modification ) Tj ET Q q 0 0 0 rg BT 219.34 253.75 Td (Accounting\). ) Tj ET Q q 0 0 0 rg BT 277.52 253.75 Td (This accounting standard update clarifies which changes to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 241.75 Td (terms or conditions of a share-based payment award require an entity to apply modification ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 229.75 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 175.25 229.75 Td (This standard was adopted January 1, 2018 and the adoption did not have a material ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 217.75 Td (ef) Tj ET Q q 0 0 0 rg BT 129.66 217.75 Td (fect on the Company's consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 199.75 Td (Issued accounting pronouncements not yet adopted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 181.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 181.75 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 161.59 cm /I25 Do Q q 0 0 0 rg BT 107.50 163.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 163.75 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 225.45 163.75 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 279.37 163.75 Td (ASU No. 2016-02, Leases \(T) Tj ET Q q 0 0 0 rg BT 406.66 163.75 Td (opic 842\). ) Tj ET Q q 0 0 0 rg BT 453.17 163.75 Td (This ) Tj ET Q q 0 0 0 rg BT 474.29 163.75 Td (ASU will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 151.75 Td (ef) Tj ET Q q 0 0 0 rg BT 129.66 151.75 Td (fective commencing January 1, 2019, with early adoption permitted. W) Tj ET Q q 0 0 0 rg BT 440.74 151.75 Td (e are assessing the ef) Tj ET Q q 0 0 0 rg BT 538.40 151.75 Td (fect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.50 139.75 Td (that the adoption of this standard will have on our consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 121.75 Td (For a complete discussion of accounting pronouncements, see the "Recent accounting pronouncements" section of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 109.75 Td (our Consolidated Financial Statements for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.17 109.75 Td (three months ended March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.38 109.75 Td ( and notes that follow) Tj ET Q q 0 0 0 rg BT 510.34 109.75 Td (, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 97.75 Td (sections are expressly incorporated by reference into this MD&A.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (Critical ) Tj ET Q q 0 0 0 rg BT 85.81 721.75 Td (Accounting Estimates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 703.75 Td (The preparation of our consolidated financial statements in conformity with US?GAAP) Tj ET Q q 0 0 0 rg BT 425.62 703.75 Td ( requires us to make estimates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 691.75 Td (and assumptions that af) Tj ET Q q 0 0 0 rg BT 155.50 691.75 Td (fect the reported amounts of assets and liabilities and the reported amounts of revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (and expenses during the reporting period. For a full discussion of our critical accounting estimates, see "Critical ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (Accounting Estimates" in our annual MD&A) Tj ET Q q 0 0 0 rg BT 240.93 667.75 Td ( for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.65 667.75 Td (December 31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.48 667.75 Td (.) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 49.50 644.95 Td (G. FOR) Tj ET Q q 0 0 0 rg BT 97.47 644.95 Td (W) Tj ET Q q 0 0 0 rg BT 110.16 644.95 Td (ARD-LOOKING INFORMA) Tj ET Q q 0 0 0 rg BT 275.58 644.95 Td (TION, ) Tj ET Q q 0 0 0 rg BT 316.03 644.95 Td (ASSUMPTIONS ) Tj ET Q q 0 0 0 rg BT 421.05 644.95 Td (AND RISK F) Tj ET Q q 0 0 0 rg BT 498.84 644.95 Td (ACT) Tj ET Q q 0 0 0 rg BT 526.59 644.95 Td (ORS ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 626.95 Td (This ) Tj ET Q q 0 0 0 rg BT 70.81 626.95 Td (document ) Tj ET Q q 0 0 0 rg BT 117.14 626.95 Td (contains ) Tj ET Q q 0 0 0 rg BT 156.80 626.95 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 227.58 626.95 Td (information ) Tj ET Q q 0 0 0 rg BT 279.46 626.95 Td (that ) Tj ET Q q 0 0 0 rg BT 298.55 626.95 Td (is ) Tj ET Q q 0 0 0 rg BT 308.19 626.95 Td (based ) Tj ET Q q 0 0 0 rg BT 337.85 626.95 Td (on ) Tj ET Q q 0 0 0 rg BT 351.39 626.95 Td (expectations ) Tj ET Q q 0 0 0 rg BT 409.95 626.95 Td (and ) Tj ET Q q 0 0 0 rg BT 429.05 626.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 474.26 626.95 Td (as ) Tj ET Q q 0 0 0 rg BT 487.23 626.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.99 626.95 Td (the ) Tj ET Q q 0 0 0 rg BT 514.30 626.95 Td (date ) Tj ET Q q 0 0 0 rg BT 536.18 626.95 Td (of ) Tj ET Q q 0 0 0 rg BT 546.93 626.95 Td (this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 614.95 Td (document. ) Tj ET Q q 0 0 0 rg BT 98.42 614.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 117.31 614.95 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 187.89 614.95 Td (information ) Tj ET Q q 0 0 0 rg BT 239.58 614.95 Td (is ) Tj ET Q q 0 0 0 rg BT 249.02 614.95 Td (information ) Tj ET Q q 0 0 0 rg BT 300.71 614.95 Td (that ) Tj ET Q q 0 0 0 rg BT 319.61 614.95 Td (is ) Tj ET Q q 0 0 0 rg BT 329.05 614.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 362.96 614.95 Td (to ) Tj ET Q q 0 0 0 rg BT 373.52 614.95 Td (known ) Tj ET Q q 0 0 0 rg BT 404.65 614.95 Td (and ) Tj ET Q q 0 0 0 rg BT 423.55 614.95 Td (unknown ) Tj ET Q q 0 0 0 rg BT 465.80 614.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 488.57 614.95 Td (and ) Tj ET Q q 0 0 0 rg BT 507.48 614.95 Td (other ) Tj ET Q q 0 0 0 rg BT 532.49 614.95 Td (factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 602.95 Td (that ) Tj ET Q q 0 0 0 rg BT 68.18 602.95 Td (may ) Tj ET Q q 0 0 0 rg BT 89.08 602.95 Td (cause ) Tj ET Q q 0 0 0 rg BT 117.76 602.95 Td (future ) Tj ET Q q 0 0 0 rg BT 145.34 602.95 Td (actions, ) Tj ET Q q 0 0 0 rg BT 181.80 602.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 228.83 602.95 Td (or ) Tj ET Q q 0 0 0 rg BT 239.73 602.95 Td (events ) Tj ET Q q 0 0 0 rg BT 271.19 602.95 Td (to ) Tj ET Q q 0 0 0 rg BT 281.54 602.95 Td (dif) Tj ET Q q 0 0 0 rg BT 291.92 602.95 Td (fer ) Tj ET Q q 0 0 0 rg BT 305.59 602.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 350.38 602.95 Td (from ) Tj ET Q q 0 0 0 rg BT 372.38 602.95 Td (the ) Tj ET Q q 0 0 0 rg BT 388.29 602.95 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 438.66 602.95 Td (actions, ) Tj ET Q q 0 0 0 rg BT 475.12 602.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 522.15 602.95 Td (or ) Tj ET Q q 0 0 0 rg BT 533.05 602.95 Td (events ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 590.95 Td (expressed ) Tj ET Q q 0 0 0 rg BT 99.01 590.95 Td (or ) Tj ET Q q 0 0 0 rg BT 111.28 590.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 146.33 590.95 Td (by ) Tj ET Q q 0 0 0 rg BT 160.27 590.95 Td (such ) Tj ET Q q 0 0 0 rg BT 184.77 590.95 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 256.51 590.95 Td (information. ) Tj ET Q q 0 0 0 rg BT 312.13 590.95 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 387.20 590.95 Td (information ) Tj ET Q q 0 0 0 rg BT 440.04 590.95 Td (is ) Tj ET Q q 0 0 0 rg BT 450.64 590.95 Td (information ) Tj ET Q q 0 0 0 rg BT 503.48 590.95 Td (that ) Tj ET Q q 0 0 0 rg BT 523.54 590.95 Td (does ) Tj ET Q q 0 0 0 rg BT 548.59 590.95 Td (not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 578.95 Td (relate ) Tj ET Q q 0 0 0 rg BT 77.21 578.95 Td (strictly ) Tj ET Q q 0 0 0 rg BT 108.23 578.95 Td (to ) Tj ET Q q 0 0 0 rg BT 119.26 578.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 161.41 578.95 Td (or ) Tj ET Q q 0 0 0 rg BT 173.00 578.95 Td (current ) Tj ET Q q 0 0 0 rg BT 206.81 578.95 Td (facts ) Tj ET Q q 0 0 0 rg BT 230.63 578.95 Td (and ) Tj ET Q q 0 0 0 rg BT 250.00 578.95 Td (can ) Tj ET Q q 0 0 0 rg BT 268.82 578.95 Td (be ) Tj ET Q q 0 0 0 rg BT 282.63 578.95 Td (identified ) Tj ET Q q 0 0 0 rg BT 325.36 578.95 Td (by ) Tj ET Q q 0 0 0 rg BT 338.61 578.95 Td (the ) Tj ET Q q 0 0 0 rg BT 355.21 578.95 Td (use ) Tj ET Q q 0 0 0 rg BT 374.02 578.95 Td (of ) Tj ET Q q 0 0 0 rg BT 385.05 578.95 Td (the ) Tj ET Q q 0 0 0 rg BT 401.65 578.95 Td (future ) Tj ET Q q 0 0 0 rg BT 429.91 578.95 Td (tense ) Tj ET Q q 0 0 0 rg BT 457.07 578.95 Td (or ) Tj ET Q q 0 0 0 rg BT 468.65 578.95 Td (other ) Tj ET Q q 0 0 0 rg BT 494.14 578.95 Td (forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 566.95 Td (words ) Tj ET Q q 0 0 0 rg BT 80.49 566.95 Td (such ) Tj ET Q q 0 0 0 rg BT 105.93 566.95 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.81 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.25 566.95 Td (believe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.94 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.37 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.47 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.91 566.95 Td (expect) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.37 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.81 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.90 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.34 566.95 Td (anticipate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.15 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.59 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.68 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.12 566.95 Td (intend) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.37 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.80 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.90 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.34 566.95 Td (plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.24 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.68 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.78 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.21 566.95 Td (estimate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.01 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.45 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.54 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.98 566.95 Td (should) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.88 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.98 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.42 566.95 Td (may) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.31 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.75 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.84 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.28 566.95 Td (could) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.19 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.62 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.72 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.16 566.95 Td (would) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.29 566.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 559.72 566.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.94 554.95 Td (target) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.51 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.95 554.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.03 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.47 554.95 Td (objective) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.94 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.38 554.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.46 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.90 554.95 Td (projection) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.26 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.70 554.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.78 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.22 554.95 Td (forecast) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.79 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.23 554.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.32 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.75 554.95 Td (continue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.56 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.00 554.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.08 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.52 554.95 Td (strategy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.09 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.53 554.95 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.62 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.06 554.95 Td (position) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.52 554.95 Td (?) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.96 554.95 Td ( ) Tj ET Q q 0 0 0 rg BT 396.27 554.95 Td (or ) Tj ET Q q 0 0 0 rg BT 407.47 554.95 Td (the ) Tj ET Q q 0 0 0 rg BT 423.67 554.95 Td (negative ) Tj ET Q q 0 0 0 rg BT 463.79 554.95 Td (of ) Tj ET Q q 0 0 0 rg BT 474.43 554.95 Td (those ) Tj ET Q q 0 0 0 rg BT 501.20 554.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 528.51 554.95 Td (or ) Tj ET Q q 0 0 0 rg BT 539.71 554.95 Td (other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 542.95 Td (variations ) Tj ET Q q 0 0 0 rg BT 95.08 542.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.19 542.95 Td (them ) Tj ET Q q 0 0 0 rg BT 131.20 542.95 Td (or ) Tj ET Q q 0 0 0 rg BT 142.87 542.95 Td (comparable ) Tj ET Q q 0 0 0 rg BT 197.90 542.95 Td (terminology) Tj ET Q q 0 0 0 rg BT 248.85 542.95 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 524.95 Td (Examples ) Tj ET Q q 0 0 0 rg BT 95.80 524.95 Td (of ) Tj ET Q q 0 0 0 rg BT 106.54 524.95 Td (such ) Tj ET Q q 0 0 0 rg BT 130.05 524.95 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 200.81 524.95 Td (information ) Tj ET Q q 0 0 0 rg BT 252.67 524.95 Td (in ) Tj ET Q q 0 0 0 rg BT 262.85 524.95 Td (this ) Tj ET Q q 0 0 0 rg BT 280.81 524.95 Td (document ) Tj ET Q q 0 0 0 rg BT 327.12 524.95 Td (include, ) Tj ET Q q 0 0 0 rg BT 363.98 524.95 Td (but ) Tj ET Q q 0 0 0 rg BT 380.28 524.95 Td (are ) Tj ET Q q 0 0 0 rg BT 397.12 524.95 Td (not ) Tj ET Q q 0 0 0 rg BT 413.42 524.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 444.71 524.95 Td (to, ) Tj ET Q q 0 0 0 rg BT 458.22 524.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 509.53 524.95 Td (with ) Tj ET Q q 0 0 0 rg BT 529.71 524.95 Td (respect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 512.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.92 512.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.90 512.95 Td (following, ) Tj ET Q q 0 0 0 rg BT 119.67 512.95 Td (each ) Tj ET Q q 0 0 0 rg BT 143.44 512.95 Td (of ) Tj ET Q q 0 0 0 rg BT 153.86 512.95 Td (which ) Tj ET Q q 0 0 0 rg BT 181.51 512.95 Td (is ) Tj ET Q q 0 0 0 rg BT 190.81 512.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 224.58 512.95 Td (to ) Tj ET Q q 0 0 0 rg BT 235.00 512.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 281.55 512.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 304.18 512.95 Td (and ) Tj ET Q q 0 0 0 rg BT 322.94 512.95 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 381.72 512.95 Td (and ) Tj ET Q q 0 0 0 rg BT 400.49 512.95 Td (is ) Tj ET Q q 0 0 0 rg BT 409.79 512.95 Td (based ) Tj ET Q q 0 0 0 rg BT 439.12 512.95 Td (on ) Tj ET Q q 0 0 0 rg BT 452.32 512.95 Td (a ) Tj ET Q q 0 0 0 rg BT 459.97 512.95 Td (number ) Tj ET Q q 0 0 0 rg BT 495.95 512.95 Td (of ) Tj ET Q q 0 0 0 rg BT 506.38 512.95 Td (assumptions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 500.95 Td (which ) Tj ET Q q 0 0 0 rg BT 77.84 500.95 Td (may ) Tj ET Q q 0 0 0 rg BT 99.51 500.95 Td (prove ) Tj ET Q q 0 0 0 rg BT 127.31 500.95 Td (to ) Tj ET Q q 0 0 0 rg BT 138.43 500.95 Td (be ) Tj ET Q q 0 0 0 rg BT 152.33 500.95 Td (incorrect:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 482.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 482.95 Td (Our belief that we will be able to achieve a minimum 15% compound growth in revenue and EBITDA) Tj ET Q q 0 0 0 rg BT 528.51 482.95 Td ( over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 470.95 Td (the period of our three year organic growth plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 452.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 452.95 Td (Our belief that we will be able to achieve growth through building production related recurring services ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 440.95 Td (volumes in our core oil sands market together with the addition of value creating services and through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 428.95 Td (expanding our market coverage to include other resource mines and infrastructure projects that involve ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 416.95 Td (major earthworks.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 398.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 398.95 Td (Our belief that will be able to achieve our growth objectives for 2018 and 2019.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 380.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 380.95 Td (Our expectation that our customers will continue to use economies of scale in production to dramatically ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 368.95 Td (lower oil sands operating costs per barrel.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 350.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 350.95 Td (Our expectation that the contract for overburden handling we negotiated in the first quarter) Tj ET Q q 0 0 0 rg BT 484.08 350.95 Td (, with a value of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 338.95 Td (around $35 million, will commence in ) Tj ET Q q 0 0 0 rg BT 251.13 338.95 Td (April and last most of the year) Tj ET Q q 0 0 0 rg BT 382.87 338.95 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 320.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 320.95 Td (Our anticipation that the new Fort Hills oil sands mine will provide a direct benefit in terms of incremental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 308.95 Td (demand for our services and an indirect benefit from the overall tightening of heavy equipment supply) Tj ET Q q 0 0 0 rg BT 532.79 308.95 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 290.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 290.95 Td (Our belief that there will be meaningful heavy construction activity for the summer season of 2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 272.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 272.95 Td (Our expectation that revenue from the three year site support contract at the Highland V) Tj ET Q q 0 0 0 rg BT 473.31 272.95 Td (alley copper mine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 260.95 Td (will increase over the work duration.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 242.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 242.95 Td (Our expectation that we will build on our bidding success of 2017 on natural resource related contracts, with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 230.95 Td (additional awards in 2018 and 2019.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 212.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 212.95 Td (Our expectation that we will have further success at pre-qualifying to bid for major infrastructure projects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 194.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 194.95 Td (Our belief that our third party maintenance work could have a discernible impact on our 2018 results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 176.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 176.95 Td (Our expectation that we will be up and running in a new) Tj ET Q q 0 0 0 rg BT 330.66 176.95 Td (, purpose designed and built, state of the art ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 164.95 Td (maintenance facility) Tj ET Q q 0 0 0 rg BT 172.58 164.95 Td (, which will be capable of handling the largest of our customers?) Tj ET Q q 0 0 0 rg BT 452.36 164.95 Td ( equipment assets and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 152.95 Td (which could ultimately provide more than $30.0 million in annual revenue stream for us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 134.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 134.95 Td (Our belief that there is minimal risk in the collection of our past due trade receivables.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 116.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 116.95 Td (Our expectation that we will not experience a strike or lockout.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 98.95 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 98.95 Td (Our anticipation that we will have enough cash from operations to fund our annual expenses, planned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 86.95 Td (capital spending program and meet current and future working capital, debt servicing and dividend payment ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 36.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.8 0.8 0.8 rg BT 469.30 750.34 Td (NOA) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 721.75 Td (requirements in 2018 from existing cash balances, cash provided by operating activities, borrowings under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 709.75 Td (our Credit Facility and borrowings from our equipment leasing partners.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 691.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 691.75 Td (Our belief that we will be able to leverage the liquidity provided by our Credit Facility to finance the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 679.75 Td (construction of our new maintenance facility) Tj ET Q q 0 0 0 rg BT 278.75 679.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.75 Td (Assumptions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 643.75 Td (The material factors or assumptions used to develop the above forward-looking statements include, but are not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (limited to:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 613.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 613.75 Td (that trading volumes and liquidity of our shares remain roughly at historic levels;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 599.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 599.75 Td (that our issued shares are not diluted other than through normal course exercises of options;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 585.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 585.75 Td (our level of receivables, inventory and contract assets, and our requirements for liquidity) Tj ET Q q 0 0 0 rg BT 473.84 585.75 Td (, are similar to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 573.75 Td (historical experience;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 559.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 559.75 Td (that oil prices remain stable and do not drop significantly in 2017;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 545.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 545.75 Td (that the Canadian dollar does not significantly appreciate in 2017;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 531.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 531.75 Td (our ability to continue to generate cash flow to meet our liquidity needs;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 517.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 517.75 Td (continuing demand for construction services, including in non-oil sands projects such as other resource ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 505.75 Td (industries and in the infrastructure sector;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 491.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 491.75 Td (that our continuous ef) Tj ET Q q 0 0 0 rg BT 181.50 491.75 Td (forts in the realms of safety management, service execution, equipment reliability and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 479.75 Td (cost reduction, should stand us in good stead to benefit from any recurring mine services work from our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 467.75 Td (customers;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 453.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 453.75 Td (that our oil sands customers continue to seek to lower their operating cost per barrel;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 439.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 439.75 Td (that oil sands mining and construction activity in ) Tj ET Q q 0 0 0 rg BT 298.95 439.75 Td (Alberta does not decrease significantly further;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 425.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 425.75 Td (that decisions by our oil sands customers to start new mining projects depend largely on the price of oil;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 411.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 411.75 Td (that we are able to maintain our expenses at current levels;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 397.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 397.75 Td (that work will continue to be required under our master services agreements with various customers and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 385.75 Td (that such master services agreements will remain intact;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 371.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 371.75 Td (our customers' ability to pay in a timely fashion;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 357.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 357.75 Td (our ability to successfully resolve all claims and unsigned change orders with our customers;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 343.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 343.75 Td (the oil sands continuing to be an economically viable source of energy;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 329.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 329.75 Td (our customers and potential customers continuing to invest in the oil sands, other resource developments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 317.75 Td (and provincial infrastructure projects and to outsource activities for which we are capable of providing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 305.75 Td (services;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 291.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 291.75 Td (the continuing plans to construct the southern and east / west pipelines;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 277.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 277.75 Td (our ability to benefit from construction services revenue and to maintain operations support services ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 265.75 Td (revenue tied to the operational activities of the oil sands;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 251.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 251.75 Td (our ability to successfully pursue heavy civil construction contracts in the oil sands, along with broader and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 239.75 Td (more robust major resource projects and infrastructure projects;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 225.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 225.75 Td (our ability to maintain the right size and mix of equipment in our fleet and to secure specific types of rental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 213.75 Td (equipment to support project development activity enables us to meet our customers' variable service ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 201.75 Td (requirements while balancing the need to maximize utilization of our own equipment and that our equipment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 189.75 Td (maintenance costs are similar to our historical experience;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 175.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 175.75 Td (our ability to access suf) Tj ET Q q 0 0 0 rg BT 189.25 175.75 Td (ficient funds to meet our funding requirements will not be significantly impaired;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 161.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 161.75 Td (our success in executing our business strategy) Tj ET Q q 0 0 0 rg BT 292.09 161.75 Td (, identifying and capitalizing on opportunities, managing our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 149.75 Td (business, maintaining and growing our relationships with customers, retaining new customers, competing in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 137.75 Td (the bidding process to secure new projects and identifying and implementing improvements in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 125.75 Td (maintenance and fleet management practices;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 111.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 111.75 Td (our relationships with the unions representing certain of our employees continues to be positive; and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 97.75 Td (? ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 97.75 Td (our success in improving profitability and continuing to strengthen our balance sheet through a focus on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 85.75 Td (performance, ef) Tj ET Q q 0 0 0 rg BT 155.35 85.75 Td (ficiency and risk management.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.10 43.10 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.75 Td (and are subject to the risks and uncertainties highlighted in our MD&A) Tj ET Q q 0 0 0 rg BT 358.01 721.75 Td ( for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.73 721.75 Td (December?31, 2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.57 721.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 709.75 Td (in our most recently filed ) Tj ET Q q 0 0 0 rg BT 160.11 709.75 Td (Annual Information form.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 691.75 Td (While we anticipate that subsequent events and developments may cause our views to change, we do not have an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 679.75 Td (intention to update this forward-looking information, except as required by applicable securities laws. ) Tj ET Q q 0 0 0 rg BT 495.67 679.75 Td (This forward-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 667.75 Td (looking information represents our views as of the date of this document and such information should not be relied ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 655.75 Td (upon as representing our views as of any date subsequent to the date of this document. W) Tj ET Q q 0 0 0 rg BT 449.56 655.75 Td (e have attempted to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 643.75 Td (identify important factors that could cause actual results, performance or achievements to vary from those current ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 631.75 Td (expectations or estimates expressed or implied by the forward-looking information. 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W) Tj ET Q q 0 0 0 rg BT 157.70 283.75 Td (e may fix our exposure in either the Canadian dollar or the US dollar for these short-term ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 271.75 Td (transactions, if material.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.73 253.75 Td (March 31, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.21 253.75 Td (, with other variables unchanged, the impact of a $0.01 increase \(decrease\) in exchange rates of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 241.75 Td (the Canadian dollar to the US dollar on short-term exposures would not have a significant impact to other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 229.75 Td (comprehensive income.) 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