XML 93 R75.htm IDEA: XBRL DOCUMENT 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