Stantec Inc. (NYSE:STN) Q4 2023 Earnings Call Transcript

Maxim Sytchev: Okay. And you’ve seen I guess sort of negative spillover effect into your environmental and water business because I think typically there’s some subcontracting going on right?

Gord Johnston: Yes. No, no we’re not seeing any at this point Max.

Maxim Sytchev: Okay. Super helpful. Thanks so much. And then in terms of obviously, people are asking questions around sort of employee-owned firms. But curious to see what’s happening with some of the private equity owners and if potentially that could open up an additional sort of venue for targets from an M&A perspective? Thank you.

Gord Johnston: Yes, we absolutely have seen a number of PE-owned or backed firms in initial stages of conversation, as they’re nearing the end of their investment cycle. So I do think in addition to employee-owned firms, we’ll see more and more PE firms coming to market through the year.

Maxim Sytchev: Okay. Thank you so much. That’s it for me.

Gord Johnston: Okay. Thanks, Max.

Operator: Thank you. I’m showing no further questions at this time. I would now like to turn it back to Gord Johnston for closing remarks.

Gord Johnston: Great. Well, thank you, again for joining us today. We’re very pleased with our Q4 and full-year 2023 performance and we’re really optimistic about the outlook here for 2024. So thanks again, and goodbye.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.