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v3.22.2

Restatement of the Consolidated Statements of Cash Flows | 3 Months Ended | 12 Months Ended
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Mar. 31, 2022 | Dec. 31, 2021
Text Block [Abstract] |  |
Restatement of the Consolidated Statements of Cash Flows | NOTE 22. RESTATEMENT OF THE INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS T he Company has determined that during the first quarter of 2022 and 2021, certain non-cash items were reflected as transfers between Operating, Investing, and Financing cash flows. These non-cash items should not be reflected as part of the cash flow statement and the Statements of Cash Flows and related disclosures have been adjusted to remove the non-cash items. The Company has also identified certain cash flow items requiring reclassification between cash flow categories. For the three months ended March 31, 2022, these adjustments resulted in a decrease to Operating cash flows of $25.3 million, and an increase to Investing and Financing cash flows of $20.1 million and $6.6 million respectively. For the three months ended March 31, 2021, the adjustments resulted in a decrease to Operating and Investing cash flows of $1.4 million and $1.9 million, respectively, and an increase in the Financing cash flows of $3.7 million. The adjustments do not change the Company’s overall cash position, nor does it impact the Statement of Financial Position, the Statement of Earnings, or earnings before finance costs, income taxes, depreciation and amortization (“EBITDA”) calculations.
|  | Three months ended March 31, 2022 |
($ 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 |
| NOTE 36. RESTATEMENT OF THE CONSOLIDATED STATEMENTS OF CASH FLOWS The Company has determined that certain non-cash items were reflected as transfers between Operating, Investing, and Financing cash flows. These non-cash items should not be reflected as part of the cash flow statement and the Statements of Cash Flows and related disclosures have been adjusted to remove the non-cash items. For the year ended December 31, 2021, this adjustment results in a decrease in Operating cash flows of $17.0 million, with Investing and Financing cash flows increasing by $14.7 million and $3.4 million, respectively. For the year ended December 31, 2020, the adjustment resulted in an increase in Operating and Financing cash flows of $27.1 million and $4.7 million, respectively, with a decrease in Investing cash flows of $32.7 million. For the year ended December 31, 2019, the adjustment resulted in an increase in Operating and Financing cash flows of $12.8 million and $16.7 million, respectively, with a decrease in Investing cash flows of $27.0 million. The adjustments do not change the Company’s overall cash position, nor does it impact the Statement of Financial Position, the Statement of Earnings, or earnings before finance costs, income taxes, depreciation and amortization (“EBITDA”) calculations.
|  |  |  |  | Year ended December 31, 2021 |
($ 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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