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v3.22.2.2

Restatement of the Consolidated Statements of Cash Flows (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2022 | Dec. 31, 2021
Text Block [Abstract] |  |
Disclosure of restatement of the consolidated statements of cash flows |
|  | Three months ended June 30, 2021 |
|  | As previously reported |  |  | Restatement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 4,291 |  |  | $ | — |  |  | $ | 4,291 |
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 21,389 |  |  |  | — |  |  |  | 21,389 |
Equity earnings from associates and joint ventures |  |  | (187 | ) |  |  | — |  |  |  | (187 | )
Deferred income taxes (Note 11) |  |  | 1,361 |  |  |  | — |  |  |  | 1,361 |
Share-based compensation expense (Note 13) |  |  | 3,158 |  |  |  | — |  |  |  | 3,158 |
Gain on sale of property, plant and equipment (Note 4) |  |  | (63 | ) |  |  | — |  |  |  | (63 | )
Impairment on rental equipment (Note 4) |  |  | — |  |  |  | 485 |  |  |  | 485 |
|  |  | 29,949 |  |  |  | 485 |  |  |  | 30,434 |
Net change in working capital and other (Note 16) |  |  | (403 | ) |  |  | (15,641 | ) |  |  | (16,044 | )
Cash provided by operating activities |  | $ | 29,546 |  |  | $ | (15,156 | ) |  | $ | 14,390 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 4) |  | $ | (1,426 | ) |  | $ | — |  |  | $ | (1,426 | )
Rental equipment (Note 4) |  |  | (14,641 | ) |  |  | — |  |  |  | (14,641 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 4) |  |  | 77 |  |  |  | — |  |  |  | 77 |
Rental equipment (Note 4) |  |  | 59 |  |  |  | 90 |  |  |  | 149 |
Change in other assets |  |  | 3,895 |  |  |  | (3,895 | ) |  |  | — |
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | 16,032 |  |  |  | 16,032 |
Cash provided by (used in) investing activities |  | $ | (12,036 | ) |  | $ | 12,227 |  |  | $ | 191 |
|  | Three months ended June 30, 2021 |
|  | As previously reported |  |  | Restatement |  |  | As restated |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt (Note 9) |  | $ | (23,093 | ) |  | $ | 23,093 |  |  | $ | — |
Net repayment of the Bank Facility (Note 9) |  |  | — |  |  |  | (22,106 | ) |  |  | (22,106 | )
Net proceeds from the Asset-Based Facility (Note 9) |  |  | — |  |  |  | 43,714 |  |  |  | 43,714 |
Repayment of the Notes (Note 9) |  |  | — |  |  |  | (40,000 | ) |  |  | (40,000 | )
Lease liability principal repayment (Note 10) |  |  | (3,151 | ) |  |  | — |  |  |  | (3,151 | )
Lease interest (Note 10) |  |  | (757 | ) |  |  | 757 |  |  |  | — |
Dividends paid |  |  | (1,794 | ) |  |  | — |  |  |  | (1,794 | )
Debt refinancing and transaction costs |  |  | — |  |  |  | (892 | ) |  |  | (892 | )
Cash used in financing activities |  | $ | (28,795 | ) |  | $ | 4,566 |  |  | $ | (24,229 | )
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | (385 | ) |  | $ | (1,637 | ) |  | $ | (2,022 | )
Decrease in cash and cash equivalents |  |  | (11,670 | ) |  |  | — |  |  |  | (11,670 | )
Cash and cash equivalents, beginning of period |  |  | 110,642 |  |  |  | — |  |  |  | 110,642 |
Cash and cash equivalents, end of period |  | $ | 98,972 |  |  | $ | — |  |  | $ | 98,972 |
|  | Six months ended June 30, 2021 |
|  | As previously reported |  |  | Restatement |  |  | As restated |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 7,294 |  |  | $ | — |  |  | $ | 7,294 |
Items not requiring cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 42,461 |  |  |  | — |  |  |  | 42,461 |
Equity earnings from associates and joint ventures |  |  | 225 |  |  |  | — |  |  |  | 225 |
Deferred income taxes (Note 11) |  |  | (3,159 | ) |  |  | — |  |  |  | (3,159 | )
Share-based compensation expense (Note 13) |  |  | 8,425 |  |  |  | — |  |  |  | 8,425 |
Gain on sale of property, plant and equipment (Note 4) |  |  | (38 | ) |  |  | — |  |  |  | (38 | )
Impairment on rental equipment (Note 4) |  |  | — |  |  |  | 485 |  |  |  | 485 |
|  |  | 55,208 |  |  |  | 485 |  |  |  | 55,693 |
Net change in working capital and other (Note 16) |  |  | 34,289 |  |  |  | (17,015 | ) |  |  | 17,274 |
Cash provided by operating activities |  | $ | 89,497 |  |  | $ | (16,530 | ) |  | $ | 72,967 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 4) |  | $ | (2,745 | ) |  | $ | — |  |  | $ | (2,745 | )
Rental equipment (Note 4) |  |  | (25,970 | ) |  |  | — |  |  |  | (25,970 | )
Proceeds on disposal of: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment (Note 4) |  |  | 77 |  |  |  | — |  |  |  | 77 |
Rental equipment (Note 4) |  |  | 587 |  |  |  | 431 |  |  |  | 1,018 |
Change in other asset s |  |  | 5,336 |  |  |  | (5,336 | ) |  |  | — |
Net change in accounts payable related to the addition of property, plant and equipment, and rental equipment |  |  | — |  |  |  | 15,241 |  |  |  | 15,241 |
Cash used in investing activities |  | $ | (22,715 | ) |  | $ | 10,336 |  |  | $ | (12,379 | )
|  | Six months ended June 30, 2021 |
|  | As previously reported |  |  | Restatement |  |  | As restated |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt (Note 9) |  | $ | (50,916 | ) |  | $ | 50,916 |  |  | $ | — |
Net repayment of the Bank Facility (Note 9) |  |  | — |  |  |  | (46,865 | ) |  |  | (46,865 | )
Net proceeds from the Asset-Based Facility (Note 9) |  |  | — |  |  |  | 43,714 |  |  |  | 43,714 |
Repayment of the Notes (Note 9) |  |  | — |  |  |  | (40,000 | ) |  |  | (40,000 | )
Lease liability principal repayment (Note 10) |  |  | (6,487 | ) |  |  | — |  |  |  | (6,487 | )
Lease interest (Note 10) |  |  | (1,550 | ) |  |  | 1,550 |  |  |  | — |
Dividends pai d |  |  | (3,587 | ) |  |  | — |  |  |  | (3,587 | )
Debt refinancing and transaction costs (Note 16) |  |  | — |  |  |  | (1,047 | ) |  |  | (1,047 | )
Cash used in financing activities |  | $ | (62,540 | ) |  | $ | 8,268 |  |  | $ | (54,272 | )
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies |  | $ | (946 | ) |  | $ | (2,074 | ) |  | $ | (3,020 | )
In crease in cash and cash equivalents |  |  | 3,296 |  |  |  | — |  |  |  | 3,296 |
Cash and cash equivalents, beginning of period |  |  | 95,676 |  |  |  | — |  |  |  | 95,676 |
Cash and cash equivalents, end of period |  | $ | 98,972 |  |  | $ | — |  |  | $ | 98,972 |
|  |  |  |  | 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 equivalent s |  |  | (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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