North American Construction Group Ltd. (NOA)

NOA Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	34.48	44.09	63.14	67.37	51.41	49.21
Depreciation & Amortization	190.9	166.68	131.32	119.27	108.02	88.78
Other Amortization	2.75	3	1.64	1.08	1.06	1.09
Loss (Gain) From Sale of Assets	-0.61	0.77	1.66	0.54	-0.09	0.66
Loss (Gain) on Equity Investments	-3.32	-7.96	-5.87	-24.29	-10.59	0.88
Stock-Based Compensation	4.51	8.71	8.01	4.78	9.31	1.84
Other Operating Activities	42.07	66.87	27.56	13.77	5.39	7.48
Change in Accounts Receivable	-55.46	-41.28	38.59	-17	-33.4	41.25
Change in Inventory	-11.68	-4.82	-2.52	-5.35	-11.24	2.48
Change in Accounts Payable	24.36	-32.25	9.59	12.75	31.23	-47.4
Change in Unearned Revenue	9.45	4.8	-1.97	-1.94	1.84	1.49
Change in Other Net Operating Assets	10.87	9	6.95	-1.77	12.24	-1.21
Operating Cash Flow	248.31	217.61	278.09	169.2	165.18	146.55
Operating Cash Flow Growth	-14.81%	-21.75%	64.35%	2.43%	12.71%	-7.21%
Capital Expenditures	-291.5	-280.14	-202.81	-111.5	-112.56	-117.07
Sale of Property, Plant & Equipment	15.26	13.57	10.42	3.4	17.14	2.78
Cash Acquisitions	-3.86	-3.86	-51.67	-2.21	-11.4	-
Sale (Purchase) of Intangibles	-3.82	-4.2	-0.68	-3.77	-1.23	-0.27
Investment in Securities	-	-	-0.39	-	-1.96	-1.81
Other Investing Activities	-3.25	-0.05	0.25	16.6	10.74	3.54
Investing Cash Flow	-287.18	-274.68	-244.88	-97.47	-99.27	-112.83
Long-Term Debt Issued	-	234.47	340.03	83.4	135.05	145.23
Long-Term Debt Repaid	-	-130.34	-315.6	-58.64	-198.32	-116.91
Net Debt Issued (Repaid)	127.22	104.13	24.43	24.76	-63.27	28.32
Issuance of Common Stock	-	-	-	-	0.52	0.54
Repurchase of Common Stock	-18.81	-6.78	-5.99	-36.16	-22.02	-19
Common Dividends Paid	-11.88	-10.64	-10.03	-7.77	-4.42	-4.37
Other Financing Activities	-48.15	-40.73	-16.15	-0.32	-3.57	-0.97
Financing Cash Flow	48.38	45.98	-7.75	-19.49	-92.76	4.52
Foreign Exchange Rate Adjustments	1.17	0.35	-5.99	0.3	0	-
Net Cash Flow	10.68	-10.74	19.47	52.54	-26.85	38.24
Free Cash Flow	-43.19	-62.54	75.28	57.7	52.62	29.48
Free Cash Flow Growth	-	-	30.46%	9.66%	78.48%	3111.44%
Free Cash Flow Margin	-3.45%	-5.36%	7.80%	7.50%	8.04%	5.91%
Free Cash Flow Per Share	-1.31	-1.89	2.28	1.70	1.55	0.91
Cash Interest Paid	70.23	64.48	33.5	24.08	17.03	18.52
Cash Income Tax Paid	15.84	15.92	1.37	-	-	-
Levered Free Cash Flow	-66.46	-100.78	19.91	43.51	17	-19.49
Unlevered Free Cash Flow	-33.56	-66.7	41.37	57.77	27.87	-8.81
Change in Working Capital	-22.47	-64.54	50.63	-13.31	0.67	-3.39

Updated Aug 13, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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