XML 61 R43.htm IDEA: XBRL DOCUMENT v3.22.2
Restatement of the Consolidated Statements of Cash Flows
 3 Months Ended 12 Months Ended
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