XML 60 R42.htm IDEA: XBRL DOCUMENT v3.22.2.2
Restatement of the Consolidated Statements of Cash Flows
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Text Block [Abstract]    
Restatement of the Consolidated Statements of Cash Flows
NOTE 21. RESTATEMENT OF THE INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
The Company has determined that during the three and six months ended June 30, 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 June 30, 2021, these adjustments resulted in a decrease to Operating cash flows of $15.2 million, and an increase to Investing and Financing cash flows of $12.2 million and $4.6 million, respectively. For the six months ended June 30, 2021, the adjustments resulted in a decrease to Operating cash flows of $16.5 million, and an increase to Investing and Financing cash flows of $10.3 million and $8.3 million, respectively. 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 EBITDA calculations.
 
 
  
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
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 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