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v3.22.2

Restatement of the Consolidated Statements of Cash Flows (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
Text Block [Abstract] |  |
Disclosure of restatement of the consolidated statements of cash flows |
|  | Three months ended March 31, 2022 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  | $ | (369 | ) |  | $ | — |  |  | $ | (369 | )
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 21,890 |  |  |  | — |  |  |  | 21,890 |
Equity (earnings) loss from associate and joint venture |  |  | (284 | ) |  |  | — |  |  |  | (284 | )
Deferred income taxes (Note 11) |  |  | 258 |  |  |  | — |  |  |  | 258 |
Share-based compensation expense (Note 13) |  |  | 4,049 |  |  |  | — |  |  |  | 4,049 |
|  |  | 25,544 |  |  |  | — |  |  |  | 25,544 |
Net change in working capital and other (Note 16) |  |  | (22,919 | ) |  |  | (25,337 | ) |  |  | (48,256 | )
Cash provided by (used in) operating activities |  | $ | 2,625 |  |  | $ | (25,337 | ) |  | $ | (22,712 | )
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 4) |  | $ | (899 | ) |  | $ | — |  |  | $ | (899 | )
Rental equipment (Note 4) |  |  | (2,540 | ) |  |  | — |  |  |  | (2,540 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Rental equipment (Note 4) |  |  | 80 |  |  |  | (80 | ) |  |  | — |
Change in other assets |  |  | (33,595 | ) |  |  | 33,595 |  |  |  | — |
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | (13,446 | ) |  |  | (13,446 | )
Cash used in investing activities |  | $ | (36,954 | ) |  | $ | 20,069 |  |  | $ | (16,885 | )
|  | Three months ended March 31, 2022 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt (Note 9) |  | $ | 7,399 |  |  | $ | (7,399 | ) |  | $ | — |
Net proceeds from the Bank Facility (Note 9) |  |  | — |  |  |  | 15,860 |  |  |  | 15,860 |
Net repayment of the Asset-Based Facility (Note 9) |  |  | — |  |  |  | (4,577 | ) |  |  | (4,577 | )
Lease liability principal repayment (Note 10) |  |  | (3,513 | ) |  |  | — |  |  |  | (3,513 | )
Lease interest (Note 10) |  |  | (695 | ) |  |  | 695 |  |  |  | — |
Dividends paid |  |  | (2,242 | ) |  |  | — |  |  |  | (2,242 | )
Stock option exercises (Note 13) |  |  | 12 |  |  |  | — |  |  |  | 12 |
Debt refinancing and transaction costs |  |  | (6,203 | ) |  |  | 2,048 |  |  |  | (4,155 | )
Cash provided by (used in) financing activities |  | $ | (5,242 | ) |  | $ | 6,627 |  |  | $ | 1,385 |
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | 27 |  |  | $ | (1,359 | ) |  | $ | (1,332 | )
Increase (decrease) in cash and cash equivalents |  |  | (39,544 | ) |  |  | — |  |  |  | (39,544 | )
Cash and cash equivalents, beginning of period |  |  | 172,758 |  |  |  | — |  |  |  | 172,758 |
Cash and cash equivalents, end of period |  | $ | 133,214 |  |  | $ | — |  |  | $ | 133,214 |
|  | Three months ended March 31, 2021 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  | $ | 3,003 |  |  | $ | — |  |  | $ | 3,003 |
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 21,072 |  |  |  | — |  |  |  | 21,072 |
Equity (earnings) loss from associate and joint venture |  |  | 412 |  |  |  | — |  |  |  | 412 |
Deferred income taxes (Note 11) |  |  | (4,520 | ) |  |  | — |  |  |  | (4,520 | )
Share-based compensation expense (Note 13) |  |  | 5,267 |  |  |  | — |  |  |  | 5,267 |
(Gain) loss on disposal of property, plant and equipment (Note 4) |  |  | 25 |  |  |  | — |  |  |  | 25 |
|  |  | 25,259 |  |  |  | — |  |  |  | 25,259 |
Net change in working capital and other (Note 16) |  |  | 34,692 |  |  |  | (1,374 | ) |  |  | 33,318 |
Cash provided by operating activities |  | $ | 59,951 |  |  | $ | (1,374 | ) |  | $ | 58,577 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 4) |  | $ | (1,319 | ) |  | $ | — |  |  | $ | (1,319 | )
Rental equipment (Note 4) |  |  | (11,329 | ) |  |  | — |  |  |  | (11,329 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Rental equipment (Note 4) |  |  | 528 |  |  |  | 341 |  |  |  | 869 |
Change in other assets |  |  | 1,441 |  |  |  | (1,441 | ) |  |  | — |
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | (791 | ) |  |  | (791 | )
Cash used in investing activities |  | $ | (10,679 | ) |  | $ | (1,891 | ) |  | $ | (12,570 | )
|  | Three months ended March 31, 2021 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from (repayment of) long-term debt (Note 9) |  | $ | (27,823 | ) |  | $ | 27,823 |  |  | $ | — |
Net repayment of the Bank Facility (Note 9) |  |  | — |  |  |  | (24,759 | ) |  |  | (24,759 | )
Lease liability principal repayment (Note 10) |  |  | (3,336 | ) |  |  | — |  |  |  | (3,336 | )
Lease interest (Note 10) |  |  | (793 | ) |  |  | 793 |  |  |  | — |
Dividends paid |  |  | (1,793 | ) |  |  | — |  |  |  | (1,793 | )
Debt refinancing and transaction costs |  |  | — |  |  |  | (155 | ) |  |  | (155 | )
Cash used in financing activities |  | $ | (33,745 | ) |  | $ | 3,702 |  |  | $ | (30,043 | )
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | (561 | ) |  | $ | (437 | ) |  | $ | (998 | )
Increase (decrease) in cash and cash equivalents |  |  | 14,966 |  |  |  | — |  |  |  | 14,966 |
Cash and cash equivalents, beginning of period |  |  | 95,676 |  |  |  | — |  |  |  | 95,676 |
Cash and cash equivalents, end of period |  | $ | 110,642 |  |  | $ | — |  |  | $ | 110,642 |
|  |  |  |  | Year ended December 31, 2021 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  | $ | (18,455 | ) |  | $ | — |  |  | $ | (18,455 | )
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 87,622 |  |  |  | — |  |  |  | 87,622 |
Equity earnings from associate and joint venture |  |  | (671 | ) |  |  | — |  |  |  | (671 | )
Deferred income taxes (Note 20) |  |  | 43,422 |  |  |  | — |  |  |  | 43,422 |
Share-based compensation expense (Note 24) |  |  | 12,937 |  |  |  | — |  |  |  | 12,937 |
Gain on disposal of property, plant and equipment (Note 9) |  |  | (135 | ) |  |  | — |  |  |  | (135 | )
Impairment on PP&E and rental equipment (Note 9) |  |  | — |  |  |  | 537 |  |  |  | 537 |
|  |  | 124,720 |  |  |  | 537 |  |  |  | 125,257 |
Net change in working capital and other (Note 30) |  |  | 100,435 |  |  |  | (17,498 | ) |  |  | 82,937 |
Cash provided by operating activities |  | $ | 225,155 |  |  | $ | (16,961 | ) |  | $ | 208,194 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 9) |  | $ | (5,154 | ) |  | $ | — |  |  | $ | (5,154 | )
Rental equipment (Note 9) |  |  | (52,187 | ) |  |  | — |  |  |  | (52,187 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 9) |  |  | 220 |  |  |  | — |  |  |  | 220 |
Rental equipment (Note 9) |  |  | 3,692 |  |  |  | 978 |  |  |  | 4,670 |
Change in other assets |  |  | (10,101 | ) |  |  | 10,101 |  |  |  | — |
Investment in associates and joint ventures |  |  | — |  |  |  | (130 | ) |  |  | (130 | )
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | 3,720 |  |  |  | 3,720 |
Cash used in investing activities |  | $ | (63,530 | ) |  | $ | 14,669 |  |  | $ | (48,861 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt (Note 18 ) |  | $ | (59,476 | ) |  | $ | 59,476 |  |  | $ | — |
Net repayment of the Bank Facility (Note 18 ) |  |  | — |  |  |  | (53,891 | ) |  |  | (53,891 | )
Net proceeds from the Asset-Based Facility (Note 18 ) |  |  | — |  |  |  | 36,916 |  |  |  | 36,916 |
Repayment of the Senior Notes (Note 18 ) |  |  | — |  |  |  | (40,000 | ) |  |  | (40,000 | )
Lease liability principal repayment (Note 19) |  |  | (14,215 | ) |  |  | — |  |  |  | (14,215 | )
Lease interest (Note 19) |  |  | (3,029 | ) |  |  | 3,029 |  |  |  | — |
Dividends |  |  | (7,171 | ) |  |  | — |  |  |  | (7,171 | )
Debt refinancing and transaction costs (Note 30) |  |  | — |  |  |  | (2,095 | ) |  |  | (2,095 | )
Cash provided by (used in) financing activities |  | $ | (83,891 | ) |  | $ | 3,435 |  |  | $ | (80,456 | )
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | (652 | ) |  | $ | (1,143 | ) |  | $ | (1,795 | )
Increase (decrease) in cash and cash equivalents |  |  | 77,082 |  |  |  | — |  |  |  | 77,082 |
Cash and cash equivalents, beginning of period |  |  | 95,676 |  |  |  | — |  |  |  | 95,676 |
Cash and cash equivalents, end of period |  | $ | 172,758 |  |  | $ | — |  |  | $ | 172,758 |
|  |  |  |  | Year ended December 31, 2020 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  | $ | 88,257 |  |  | $ | — |  |  | $ | 88,257 |
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 85,265 |  |  |  | — |  |  |  | 85,265 |
Equity earnings from associate and joint venture |  |  | (1,995 | ) |  |  | — |  |  |  | (1,995 | )
Deferred income taxes (Note 20) |  |  | 14,174 |  |  |  | — |  |  |  | 14,174 |
Share-based compensation expense (Note 24) |  |  | 1,816 |  |  |  | — |  |  |  | 1,816 |
Gain on disposal of property, plant and equipment (Note 9) |  |  | (45 | ) |  |  | — |  |  |  | (45 | )
Impairment on property, plant and equipment and rental equipment (Note 9) |  |  | — |  |  |  | 2,607 |  |  |  | 2,607 |
|  |  | 187,472 |  |  |  | 2,607 |  |  |  | 190,079 |
Net change in working capital and other (Note 30) |  |  | 32,776 |  |  |  | 24,454 |  |  |  | 57,230 |
Cash provided by operating activities |  | $ | 220,248 |  |  | $ | 27,061 |  |  | $ | 247,309 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 9) |  | $ | (9,874 | ) |  | $ | — |  |  | $ | (9,874 | )
Rental equipment (Note 9) |  |  | (123,879 | ) |  |  | — |  |  |  | (123,879 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 9) |  |  | 115 |  |  |  | — |  |  |  | 115 |
Rental equipment (Note 9) |  |  | 3,121 |  |  |  | 1,471 |  |  |  | 4,592 |
Change in other assets |  |  | (7,242 | ) |  |  | 7,242 |  |  |  | — |
Investment in associates and joint ventures |  |  | — |  |  |  | (1,939 | ) |  |  | (1,939 | )
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | (39,512 | ) |  |  | (39,512 | )
Cash used in investing activities |  | $ | (137,759 | ) |  | $ | (32,738 | ) |  | $ | (170,497 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt (Note 18 ) |  | $ | (41,697 | ) |  | $ | 41,697 |  |  | $ | — |
Net repayment of the Bank Facility (Note 18 ) |  |  | — |  |  |  | (40,081 | ) |  |  | (40,081 | )
Lease liability principal repayment (Note 19) |  |  | (12,770 | ) |  |  | — |  |  |  | (12,770 | )
Lease interest (Note 19) |  |  | (3,371 | ) |  |  | 3,371 |  |  |  | — |
Dividends |  |  | (24,212 | ) |  |  | — |  |  |  | (24,212 | )
Debt refinancing and transaction costs (Note 30) |  |  | — |  |  |  | (258 | ) |  |  | (258 | )
Cash provided by (used in) financing activities |  | $ | (82,050 | ) |  | $ | 4,729 |  |  | $ | (77,321 | )
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | (1,018 | ) |  | $ | 948 |  |  | $ | (70 | )
Increase (decrease) in cash and cash equivalents |  |  | (579 | ) |  |  | — |  |  |  | (579 | )
Cash and cash equivalents, beginning of period |  |  | 96,255 |  |  |  | — |  |  |  | 96,255 |
Cash and cash equivalents, end of period |  | $ | 95,676 |  |  | $ | — |  |  | $ | 95,676 |
|  |  |  |  | Year ended December 31, 2019 |
($ Canadian thousands) |  | As previously reported |  |  | Re-statement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  | $ | 152,128 |  |  | $ | — |  |  | $ | 152,128 |
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 86,559 |  |  |  | — |  |  |  | 86,559 |
Equity earnings from associate and joint venture |  |  | (1,692 | ) |  |  | — |  |  |  | (1,692 | )
Deferred income taxes (Note 20) |  |  | 31,476 |  |  |  | — |  |  |  | 31,476 |
Share-based compensation expense (Note 24) |  |  | 7,749 |  |  |  | — |  |  |  | 7,749 |
Gain on disposal of property, plant and equipment (Note 9) |  |  | (302 | ) |  |  | — |  |  |  | (302 | )
Impairment on property, plant and equipment and rental equipment (Note 9) |  |  | — |  |  |  | 26,414 |  |  |  | 26,414 |
|  |  | 275,918 |  |  |  | 26,414 |  |  |  | 302,332 |
Net change in working capital and other (Note 30) |  |  | (221,749 | ) |  |  | (13,662 | ) |  |  | (235,411 | )
Cash provided by operating activities |  | $ | 54,169 |  |  | $ | 12,752 |  |  | $ | 66,921 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 9) |  | $ | (46,322 | ) |  | $ | — |  |  | $ | (46,322 | )
Rental equipment (Note 9) |  |  | (217,068 | ) |  |  | — |  |  |  | (217,068 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 9) |  |  | 9,205 |  |  |  | — |  |  |  | 9,205 |
Rental equipment (Note 9) |  |  | 4,454 |  |  |  | 1,988 |  |  |  | 6,442 |
Change in other assets |  |  | 26,911 |  |  |  | (26,911 | ) |  |  | — |
Investment in associates and joint ventures |  |  | — |  |  |  | (3,630 | ) |  |  | (3,630 | )
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | 1,542 |  |  |  | 1,542 |
Cash used in investing activities |  | $ | (222,820 | ) |  | $ | (27,011 | ) |  | $ | (249,831 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt (Note 18 ) |  | $ | (15,748 | ) |  | $ | 15,748 |  |  | $ | — |
Net repayment of the Bank Facility (Note 18 ) |  |  | — |  |  |  | (812 | ) |  |  | (812 | )
Lease liability principal repayment (Note 19) |  |  | (12,551 | ) |  |  | — |  |  |  | (12,551 | )
Lease interest (Note 19) |  |  | (2,586 | ) |  |  | 2,586 |  |  |  | — |
Dividends |  |  | (37,548 | ) |  |  | — |  |  |  | (37,548 | )
Stock option exercises |  |  | 7,453 |  |  |  | — |  |  |  | 7,453 |
Debt refinancing and transaction costs (Note 30) |  |  | — |  |  |  | (780 | ) |  |  | (780 | )
Cash used in financing activities |  | $ | (60,980 | ) |  | $ | 16,742 |  |  | $ | (44,238 | )
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | (978 | ) |  | $ | (2,483 | ) |  | $ | (3,461 | )
Increase (decrease) in cash and cash equivalents |  |  | (230,609 | ) |  |  | — |  |  |  | (230,609 | )
Cash and cash equivalents, beginning of period |  |  | 326,864 |  |  |  | — |  |  |  | 326,864 |
Cash and cash equivalents, end of period |  | $ | 96,255 |  |  | $ | — |  |  | $ | 96,255 |

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