ANNUAL HIGHLIGHTS:
- Consolidated sales of
$1,612.8 million , up$141.0 million or 9.6%, driven by organic growth(1) of 6.0% from increased demand and continued market recovery from the COVID-19 pandemic; and - Total long-term debt reduction of
$87.2 million compared to last year; Net debt(1) reduction of$61.0 million compared to last year, driven by strong operating results, working capital management and capital discipline.
"We ended the year on a very strong note with 2021 sales up almost 10% year-over-year, adjusted EBITDA of
"In 2021, we generated cash flow(1) from operating activities of
Based on what we currently see, we expect modest improvement in sales and higher adjusted EBITDA and adjusted EPS in 2022 compared to 2021. This assumes more intense inflationary pressures and supply chain and labor challenges. These factors are expected to be mitigated by a more optimized cost structure and lower financing costs as we continue to reinvest in the business and drive operational improvements in our three business units. Looking to the future, and making use of our improved balance sheet, we are beginning to consider strategic acquisition opportunities," concluded
FOURTH QUARTER HIGHLIGHTS (Compared to the Fourth Quarter of 2020):
- Consolidated sales of
$400.2 million , up 9.3%, driven by organic growth(1) of 7.5% primarily resulting from increased demand and prices as global markets continue to recover from the COVID-19 pandemic; - EBITDA(1) increased 45.9% to
$31.3 million or 7.8% of sales from$21.5 million or 5.9% of sales in 2020, as a result of improvements in gross margin due to volume and enhanced scaling of payroll and operating expenses; Adjusted EBITDA(1) increased 47.2% to$37.4 million or 9.4% of sales; - Basic EPS of
$0.21 , up$0.33 ; Basic adjusted EPS(1) of$0.36 , up$0.37 due to increased sales, enhanced scaling of operating costs as a result of disciplined operational performance and lower interest costs as a result of the credit facility amendments completed during 2021; and - Total net debt to adjusted EBITDA(1) ratio of 2.11, driven by strong operating results, continued focus on working capital management and capital discipline.
TWELVE-MONTHS HIGHLIGHTS (Compared to the Twelve-Month Period of 2020):
- Consolidated sales of
$1,612.8 million , up 9.6%, driven by organic growth(1) of 6.0% primarily a result of increased demand and price increases as global markets continue to recover from the COVID-19 pandemic, offsetting fewer billing days; - EBITDA(1) increased 42.1% to
$91.9 million or 5.7% of sales from$64.6 million or 4.4% of sales in 2020, as a result of an improvement in gross margin and scaling of operating costs; Adjusted EBITDA(1) increased 58.1% to$146.7 million or 9.1% of sales; and - Basic EPS of
$0.02 , up$0.76 ; Basic adjusted EPS(1) of$1.14 , up$1.26 due to increased sales, enhanced scaling of operating costs as a result of disciplined operational performance and lower interest costs as a result of the credit facility amendments completed during 2021 and lower debt levels.
____________________________ | |
(1) | 1 This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section for further details. |
CONSOLIDATED FINANCIAL RESULTS
During the year, the Corporation updated its definition of adjusted EBITDA, adjusted EBT, adjusted earnings and basic adjusted earnings (loss), and is now excluding stock-based compensation. Management believes this new definition better reflects its core operational performance. Accordingly, comparative figures were adjusted to reflect this change, including certain ratios such as total net debt to adjusted EBITDA. (Refer to the "Non-GAAP Financial Measures" section for further details.)
The following table presents selected consolidated information:
Fourth Quarters | Twelve-Month Periods | |||||
(in thousands of US dollars, except per share amounts, | 2021 | 2020 | 2021 | 2020 | ||
percentages and otherwise specified) | $ | $ | % | $ | $ | % |
OPERATING RESULTS | ||||||
Sales | 400,175 | 366,246 | 9.3 | 1,612,800 | 1,471,816 | 9.6 |
EBITDA(1) | 31,312 | 21,457 | 45.9 | 91,882 | 64,643 | 42.1 |
EBITDA margin(1) | 7.8 % | 5.9 % | 5.7 % | 4.4 % | ||
Adjusted EBITDA(1) | 37,433 | 25,425 | 47.2 | 146,695 | 92,791 | 58.1 |
Adjusted EBITDA margin(1) | 9.4 % | 6.9 % | 9.1 % | 6.3 % | ||
EBT(1) | 10,311 | (2,521) | 509.0 | 1,803 | (35,304) | 105.1 |
EBT margin(1) | 2.6 % | (0.7) % | 0.1 % | (2.4) % | ||
Adjusted EBT(1) | 19,209 | 2,512 | 664.7 | 62,748 | (3,010) | 2,184.7 |
Adjusted EBT margin (1) | 4.8 % | 0.7 % | 3.9 % | (0.2) % | ||
Change in estimate related to inventory obsolescence | 1,019 | — | 21,619 | — | ||
Stock-based compensation | 5,177 | 1,525 | 11,380 | 3,980 | ||
Special items | (75) | 2,443 | 21,814 | 24,168 | ||
Net earnings (loss) | 9,008 | (5,075) | 277.5 | 895 | (31,531) | 102.8 |
Adjusted earnings (loss)(1) | 15,678 | (292) | 5,469.2 | 48,885 | (4,901) | 1,097.4 |
Free cash flows(1) | 19,624 | 46,061 | (57.4) | 91,452 | 122,276 | (25.2) |
COMMON SHARE DATA | ||||||
Basic earnings (loss) per share | 0.21 | (0.12) | 271.8 | 0.02 | (0.74) | 102.8 |
Diluted earnings (loss) per share | 0.20 | (0.12) | 267.0 | 0.02 | (0.74) | 102.7 |
Basic adjusted earnings (loss) per share (1) | 0.36 | (0.01) | 3,756.5 | 1.14 | (0.12) | 1,021.0 |
Number of shares outstanding (in thousands) (3) | 43,582 | 42,387 | 43,582 | 42,387 | ||
Weighted average number of outstanding shares | ||||||
Basic (in thousands) | 43,781 | 42,387 | 42,904 | 42,387 | ||
Diluted (in thousands) | 52,302 | 42,387 | 43,064 | 42,387 |
As at | ||
2021 | 2020 | |
$ | $ | |
FINANCIAL POSITION | ||
Total net debt(1) | 309,230 | 370,252 |
Credit facilities (including revolving and term loans) at nominal value | 235,384 | 318,379 |
Convertible debentures | 78,327 | 87,728 |
(1) | This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section for further details. |
(2) | On |
(3) | The outstanding number of shares corresponds to the issued common shares less the shares in the |
FOURTH QUARTER RESULTS
Compared to the Fourth Quarter of 2020:
Consolidated sales of
The Corporation generated EBITDA of
Net earnings for the quarter increased by
Segmented Fourth Quarter Results
The FinishMaster
The GSF Car Parts
TWELVE-MONTH PERIOD RESULTS
Compared to the Twelve-Month Period of 2020:
Consolidated sales increased by
The Corporation reported EBITDA of
The Corporation reported net earnings of
Segmented Twelve-Month Period Results
The FinishMaster
The GSF Car Parts
AMENDMENT CREDIT FACILITY
In
CONFERENCE CALL
A recording of the conference call will be available from 11:30 AM Eastern on
A webcast of the quarterly results conference call will also be accessible through the "Investors" section of our website at uniselect.com where a replay will also be archived. Listeners should allow ample time to access the webcast and supporting slides.
ABOUT
With over 4,800 employees in
In
In
In the
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements made in this press release are forward-looking information within the meaning of Canadian securities laws. All such forward-looking information is made and disclosed in reliance upon the "safe harbour" provisions of applicable Canadian securities laws.
Forward-looking information includes all information and statements regarding
Forward-looking information is based on
These risk and uncertainties include, but are not restricted to: risks associated with the COVID-19 pandemic, reduced demand for our products, disruptions of our supplier relationships or of our suppliers' operations or supplier consolidation, disruption of our customer relationships, competition in the industries in which we do business, security breaches, information security malfunctions or integration issues, the demand for e-commerce and failure to provide adequate e-commerce solutions, retention of employees, labor costs, union activities and labor and employment laws, failure to realize benefits of acquisitions and other strategic transactions, product liability claims, credit risk, loss of right to operate at key locations, failure to implement business initiatives, failure to maintain effective internal controls, macro-economic conditions such as unemployment, inflation, changes in tax policies and uncertain credit markets, operations in foreign jurisdictions, inability to service our debt or fulfill financial covenants, litigation, legislation or government regulation or policies, compliance with environmental laws and regulations, compliance with privacy laws, global climate change, changes in accounting standards, share price fluctuations, corporate social responsibility and reputation and activist investors as well as other risks identified or incorporated by reference in this press release and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR at www.sedar.com).
Unless otherwise stated, the forward-looking information contained in this press release is made as of the date hereof and
Furthermore, readers are reminded that forward-looking information is presented for the sole purpose of assisting investors and others in understanding
Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled "Risk Management" of our MD&A, for the year ended
We also caution readers that the above-mentioned risks and the risks disclosed in our MD&A for the year ended
NON-GAAP FINANCIAL MEASURES
The information included in this Press release contains certain financial measures that are inconsistent with GAAP. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other entities. The Corporation is of the opinion that users of its Press release may analyze its results based on these measurements. The following presents performance measures used by the Corporation which are not defined by GAAP.
Organic growth – This measure consists of quantifying the increase in consolidated sales between two given periods, excluding the impact of acquisitions, the loss of sales from the consolidation of company-operated stores, exchange-rate fluctuations and when necessary, the variance in the number of billing days. This measure enables
EBITDA and adjusted EBITDA – EBITDA represents net earnings (loss) excluding depreciation and amortization, net financing costs and income tax expense (recovery). This measure is a financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to sales or net earnings, as an indicator of operating performance or cash flows, or as a measure of liquidity, but as additional information.
Adjusted EBITDA contains certain adjustments, which may affect the comparability of the Corporation's financial results. These adjustments include, among other things, restructuring and other charges, stock-based compensation expenses, write-off of assets as well as change in estimate related to inventory obsolescence.
EBITDA margin and adjusted EBITDA margin – EBITDA margin is a percentage corresponding to the ratio of EBITDA to sales. Adjusted EBITDA margin is a percentage corresponding to the ratio of adjusted EBITDA to sales.
EBT, adjusted EBT, adjusted earnings and adjusted earnings per share – Management uses adjusted earnings before taxes "EBT", adjusted earnings (loss) and adjusted earnings (loss) per share to assess earnings before taxes, net earnings (loss) and net earnings (loss) per share from core operating activities, containing certain adjustments, net of income taxes for adjusted earnings(loss) and adjusted earnings (loss) per share, which may affect the comparability of the Corporation's financial results. Management considers that these measures facilitate the analysis and understanding of the Corporation's operational performance. The intent of these measures is to provide additional information.
These adjustments include, among other things, restructuring and other charges, stock-based compensation expenses, change in estimate related to inventory obsolescence, write-off of deferred financing costs, as well as amortization of intangible assets related to
EBT margin and adjusted EBT margin –EBT margin is a percentage corresponding to the ratio of EBT to sales. Adjusted EBT margin is a percentage corresponding to the ratio of adjusted EBT to sales.
Free cash flows – This measure corresponds to the cash flows from operating activities according to the consolidated statements of cash flows adjusted for the following items: net acquisitions of property and equipment, net advances to merchant members and incentives granted to customers, as well as net acquisitions and development of intangible assets.
The free cash flows exclude certain other funds generated and used according to the consolidated statements of cash flows. Therefore, it should not be considered as an alternative to the consolidated statements of cash flows, or as a measure of liquidity, but as additional information.
Total net debt – This measure corresponds to the sum of the revolving credit facility, term facilities, lease obligations (including the portion due within a year), net of deferred financing costs and cash.
Total net debt to adjusted EBITDA ratio – This ratio corresponds to total net debt (as defined above) divided by adjusted EBITDA.
The following is a reconciliation of organic growth.
Fourth Quarters | Twelve-Month Periods | |||
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
FinishMaster | 167,788 | 154,657 | 672,124 | 653,720 |
135,961 | 124,908 | 540,879 | 485,388 | |
GSF Car Parts | 96,426 | 86,681 | 399,797 | 332,708 |
Sales | 400,175 | 366,246 | 1,612,800 | 1,471,816 |
% | % | |||
Sales variance | 33,929 | 9.3 | 140,984 | 9.6 |
Translation effect of the Canadian dollar and the British pound | (6,981) | (1.9) | (60,911) | (4.1) |
Impact of number of billing days | 1,089 | 0.3 | 9,023 | 0.6 |
Loss of sales from the consolidation of company-operated stores | — | — | 1,185 | 0.1 |
Acquisitions | (520) | (0.2) | (2,659) | (0.2) |
Consolidated organic growth | 27,517 | 7.5 | 87,622 | 6.0 |
The following is a reconciliation of EBITDA and adjusted EBITDA.
Fourth Quarters | Twelve-Month Periods | |||||
2021 | 2020 | 2021 | 2020 | |||
$ | $ | % | $ | $ | % | |
Net earnings (loss) | 9,008 | (5,075) | 895 | (31,531) | ||
Income tax expense (recovery) | 1,303 | 2,554 | 908 | (3,773) | ||
Net financing costs | 6,595 | 9,087 | 30,224 | 37,350 | ||
Depreciation and amortization | 14,406 | 14,891 | 59,855 | 62,597 | ||
EBITDA | 31,312 | 21,457 | 45.9 % | 91,882 | 64,643 | 42.1 % |
EBITDA margin | 7.8 % | 5.9 % | 5.7 % | 4.4 % | ||
Change in estimate related to inventory obsolescence | 1,019 | — | 21,619 | — | ||
Stock-based compensation | 5,177 | 1,525 | 11,380 | 3,980 | ||
Special items | (75) | 2,443 | 21,814 | 24,168 | ||
Adjusted EBITDA | 37,433 | 25,425 | 47.2 % | 146,695 | 92,791 | 58.1 % |
Adjusted EBITDA margin | 9.4 % | 6.9 % | 9.1 % | 6.3 % |
The following is a reconciliation of EBT and adjusted EBT.
Fourth Quarters | Twelve-Month Periods | |||||
2021 | 2020 | 2021 | 2020 | |||
$ | $ | % | $ | $ | % | |
Net earnings (loss) | 9,008 | (5,075) | 895 | (31,531) | ||
Income tax expense (recovery) | 1,303 | 2,554 | 908 | (3,773) | ||
EBT | 10,311 | (2,521) | 509.0 % | 1,803 | (35,304) | 105.1 % |
EBT margin | 2.6 % | (0.7) % | 0.1 % | (2.4) % | ||
Change in estimate related to inventory obsolescence | 1,019 | — | 21,619 | — | ||
Stock-based compensation | 5,177 | 1,525 | 11,380 | 3,980 | ||
Special items | (75) | 2,443 | 21,814 | 24,168 | ||
Amortization of intangible assets related to the | ||||||
acquisition of GSF Car Parts | 1,089 | 1,065 | 4,444 | 4,146 | ||
Write-off of deferred financing costs | 1,688 | — | 1,688 | — | ||
Adjusted EBT | 19,209 | 2,512 | 664.7 % | 62,748 | (3,010) | 2,184.7 % |
Adjusted EBT margin | 4.8 % | 0.7 % | 3.9 % | (0.2) % |
The following is a reconciliation of adjusted earnings (loss).
Fourth Quarters | Twelve-Month Periods | |||||
2021 | 2020 | 2021 | 2020 | |||
$ | $ | % | $ | $ | % | |
Net earnings (loss) | 9,008 | (5,075) | 277.5 % | 895 | (31,531) | 102.8 % |
Change in estimate related to inventory obsolescence, net of taxes | 764 | — | 16,379 | — | ||
Stock-based compensation, net of taxes | 3,858 | 1,116 | 8,457 | 2,931 | ||
Special items, net of taxes | (79) | 2,976 | 16,285 | 19,546 | ||
Amortization of intangible assets related to the acquisition of GSF Car Parts, net of taxes | 882 | 691 | 3,630 | 4,153 | ||
Write-off of deferred financing costs, net of taxes | 1,245 | — | 1,245 | — | ||
Net tax impact of changes in rates and reversal of a contingency provision | — | — | 1,994 | — | ||
Adjusted earnings (loss) | 15,678 | (292) | 5,469.2 % | 48,885 | (4,901) | 1,097.4 % |
Basic earnings (loss) per share | 0.21 | (0.12) | 271.8 % | 0.02 | (0.74) | 102.8 % |
Change in estimate related to inventory obsolescence, net of taxes | 0.02 | — | 0.38 | — | ||
Stock-based compensation, net of taxes | 0.09 | 0.03 | 0.20 | 0.07 | ||
Special items, net of taxes | (0.01) | 0.06 | 0.38 | 0.45 | ||
Amortization of intangible assets related to the acquisition of GSF Car Parts, net of taxes | 0.02 | 0.02 | 0.08 | 0.10 | ||
Write-off of deferred financing costs, net of taxes | 0.03 | — | 0.03 | — | ||
Net tax impact of changes in rates and reversal of a contingency provision | — | — | 0.05 | — | ||
Basic adjusted earnings (loss) per share | 0.36 | (0.01) | 3,756.5 % | 1.14 | (0.12) | 1,021.0 % |
The following table presents a reconciliation of free cash flows.
In
Fourth Quarters | Twelve-Month Periods | |||
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
Cash flows from operating activities | 28,462 | 48,341 | 114,069 | 132,613 |
Advances to merchant members and incentives granted to customers | (3,558) | (1,844) | (13,118) | (7,412) |
Reimbursement of advances to merchant members | 520 | 953 | 4,897 | 3,485 |
Acquisitions of property and equipment | (5,097) | (1,479) | (11,056) | (5,932) |
Proceeds from disposal of property and equipment | 283 | 1,044 | 1,152 | 1,813 |
Acquisitions and development of intangible assets | (986) | (954) | (4,492) | (2,291) |
Free cash flows | 19,624 | 46,061 | 91,452 | 122,276 |
CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS)
(In thousands of US dollars, except per share amounts) | Fourth Quarters | Years Ended | ||
2021 | 2020 | 2021 | 2020 | |
unaudited | unaudited | audited | audited | |
$ | $ | $ | $ | |
Sales | 400,175 | 366,246 | 1,612,800 | 1,471,816 |
Purchases, net of changes in inventories | 271,319 | 255,859 | 1,119,303 | 1,037,741 |
Gross margin | 128,856 | 110,387 | 493,497 | 434,075 |
Salaries and employee benefits | 69,090 | 61,899 | 268,203 | 235,996 |
Other operating expenses | 28,529 | 24,588 | 111,598 | 109,268 |
Special items | (75) | 2,443 | 21,814 | 24,168 |
Earnings before net financing costs, depreciation and amortization and income taxes | 31,312 | 21,457 | 91,882 | 64,643 |
Depreciation and amortization | 14,406 | 14,891 | 59,855 | 62,597 |
Net financing costs | 6,595 | 9,087 | 30,224 | 37,350 |
Earnings (loss) before income taxes | 10,311 | (2,521) | 1,803 | (35,304) |
Income tax expense (recovery) | 1,303 | 2,554 | 908 | (3,773) |
Net earnings (loss) | 9,008 | (5,075) | 895 | (31,531) |
Earnings (loss) per share | ||||
Basic | 0.21 | (0.12) | 0.02 | (0.74) |
Diluted | 0.20 | (0.12) | 0.02 | (0.74) |
Weighted average number of common shares outstanding (in thousands) | ||||
Basic | 43,781 | 42,387 | 42,904 | 42,387 |
Diluted | 52,302 | 42,387 | 43,064 | 42,387 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of US dollars) | Fourth Quarters | Years Ended | ||
2021 | 2020 | 2021 | 2020 | |
unaudited | unaudited | audited | audited | |
$ | $ | $ | $ | |
Net earnings (loss) | 9,008 | (5,075) | 895 | (31,531) |
Other comprehensive income (loss) | ||||
Items that will subsequently be reclassified to net earnings (loss): | ||||
Effective portion of changes in the fair value of cash flow hedges (net of income tax of | 126 | (38) | 134 | (530) |
Net change in the fair value of derivative financial instruments designated as cash flow hedges transferred to net earnings (loss) (net of income tax of | 38 | 155 | 365 | 437 |
Unrealized exchange gains (losses) on the translation of financial statements to the presentation currency | 574 | 7,903 | (2,180) | 4,104 |
Unrealized exchange gains on the translation of debt designated as a hedge of net investments in foreign operations | (752) | 4,903 | 284 | 1,798 |
(140) | 12,961 | (1,397) | 5,809 | |
Items that will not subsequently be reclassified to net earnings (loss): | ||||
Remeasurements of long-term employee benefit obligations (net of income tax of | (1,581) | 589 | 9,150 | (5,974) |
Total other comprehensive income (loss) | (1,595) | 13,512 | 7,753 | (165) |
Comprehensive income (loss) | 7,413 | 8,437 | 8,648 | (31,696) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(In thousands of US dollars, audited) | Common | Contributed surplus | Equity component of the convertible debentures | Retained earnings | Accumulated other comprehensive loss | Total | |
$ | $ | $ | $ | $ | $ | $ | |
Balance as at | 100,244 | — | 6,724 | 8,232 | 418,624 | (26,830) | 506,994 |
Net loss | — | — | — | — | (31,531) | — | (31,531) |
Other comprehensive income (loss) | — | — | — | — | (5,974) | 5,809 | (165) |
Comprehensive income (loss) | — | — | — | — | (37,505) | 5,809 | (31,696) |
Contributions by and distributions to shareholders: | |||||||
Dividends | — | — | — | — | (2,923) | — | (2,923) |
Stock-based compensation | — | — | 1,680 | — | — | — | 1,680 |
— | — | 1,680 | — | (2,923) | — | (1,243) | |
Balance as at | 100,244 | — | 8,404 | 8,232 | 378,196 | (21,021) | 474,055 |
Net earnings | — | — | — | — | 895 | — | 895 |
Other comprehensive income (loss) | — | — | — | — | 9,150 | (1,397) | 7,753 |
Comprehensive income (loss) | — | — | — | — | 10,045 | (1,397) | 8,648 |
Contributions by and distributions to shareholders: | |||||||
Conversion of convertible debentures into common shares | 12,202 | — | — | (988) | — | — | 11,214 |
Acquisition of shares by | — | (4,169) | — | — | — | — | (4,169) |
Issuance of common shares | 2,993 | — | — | — | — | — | 2,993 |
Transfer upon exercise of stock options | 612 | — | (612) | — | — | — | — |
Stock-based compensation | — | — | 3,224 | — | — | — | 3,224 |
15,807 | (4,169) | 2,612 | (988) | — | — | 13,262 | |
Balance as at | 116,051 | (4,169) | 11,016 | 7,244 | 388,241 | (22,418) | 495,965 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars) | Fourth Quarters | Years Ended | ||
2021 | 2020 | 2021 | 2020 | |
unaudited | unaudited | audited | audited | |
$ | $ | $ | $ | |
OPERATING ACTIVITIES | ||||
Net earnings (loss) | 9,008 | (5,075) | 895 | (31,531) |
Adjustment for: | ||||
Special items and others | 944 | 2,443 | 43,433 | 24,168 |
Depreciation and amortization | 14,406 | 14,891 | 59,855 | 62,597 |
Net financing costs | 6,595 | 9,087 | 30,224 | 37,350 |
Income tax expense (recovery) | 1,303 | 2,554 | 908 | (3,773) |
Amortization and reserves related to incentives granted to customers | 3,021 | 4,021 | 15,516 | 18,182 |
Other items | 4,662 | 1,142 | 1,703 | 3,216 |
Changes in working capital items | (5,298) | 31,093 | (8,300) | 54,268 |
Interest paid | (5,555) | (12,128) | (26,765) | (30,837) |
Income taxes recovered (paid) | (624) | 313 | (3,400) | (1,027) |
Cash flows from operating activities | 28,462 | 48,341 | 114,069 | 132,613 |
INVESTING ACTIVITIES | ||||
Business acquisitions | — | (2,987) | (1,501) | (7,662) |
Business disposal | — | — | — | 258 |
Net balance of purchase price | — | 112 | (613) | 112 |
Cash held in escrow | — | (1,448) | (214) | (701) |
Proceeds from sale of investment | — | — | 396 | — |
Advances to merchant members and incentives granted to customers | (3,558) | (1,844) | (13,118) | (7,412) |
Reimbursement of advances to merchant members | 520 | 953 | 4,897 | 3,485 |
Acquisitions of property and equipment | (5,097) | (1,479) | (11,056) | (5,932) |
Proceeds from disposal of property and equipment | 283 | 1,044 | 1,152 | 1,813 |
Acquisitions and development of intangible assets | (986) | (954) | (4,492) | (2,291) |
Other provisions paid | (375) | 79 | (957) | (252) |
Cash flows used in investing activities | (9,213) | (6,524) | (25,506) | (18,582) |
FINANCING ACTIVITIES | ||||
Increase in long-term debt | 12,448 | 11,558 | 89,916 | 554,680 |
Repayment of long-term debt | (22,661) | (18,917) | (202,996) | (645,334) |
Net increase (decrease) in merchant members' deposits in the guarantee fund | 47 | 70 | (515) | 283 |
Issuance of common shares | — | — | 2,993 | — |
Acquisition of shares by | (4,169) | — | ||
Dividends paid | — | — | — | (5,803) |
Cash flows used in financing activities | (10,166) | (7,289) | (114,771) | (96,174) |
Effects of fluctuations in exchange rates on cash | 20 | 1,249 | (15) | 814 |
Net increase (decrease) in cash | 9,103 | 35,777 | (26,223) | 18,671 |
Cash, beginning of year | 23,222 | 18,602 | 54,379 | 35,708 |
Cash, end of year | 32,325 | 54,379 | 28,156 | 54,379 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In thousands of US dollars) | As at | |
2021 | 2020 | |
audited | audited | |
ASSETS | $ | $ |
Current assets: | ||
Cash | 28,156 | 54,379 |
Cash held in escrow | 503 | 1,475 |
Trade and other receivables | 195,490 | 188,808 |
Income taxes receivable | 4,502 | 2,025 |
Inventory | 343,759 | 368,992 |
Prepaid expenses | 6,324 | 9,520 |
Derivative financial instruments | 75 | — |
Total current assets | 578,809 | 625,199 |
Investments, advances to merchant members and other assets | 23,565 | 27,106 |
Property and equipment | 147,654 | 155,071 |
Intangible assets | 171,814 | 186,863 |
339,910 | 340,328 | |
Derivative financial instruments | 223 | — |
Deferred tax assets | 38,842 | 40,705 |
TOTAL ASSETS | 1,300,817 | 1,375,272 |
LIABILITIES | ||
Current liabilities: | ||
Trade and other payables | 328,122 | 313,600 |
Balance of purchase price, net | 43 | 1,796 |
Provision for restructuring charges | 1,060 | 3,246 |
Income taxes payable | 6,872 | 8,359 |
Current portion of long-term debt and merchant members' deposits in the guarantee fund | 27,108 | 28,406 |
Derivative financial instruments | 5 | 4,579 |
Total current liabilities | 363,210 | 359,986 |
Long-term employee benefit obligations | 20,360 | 28,337 |
Long-term debt | 310,371 | 396,289 |
Convertible debentures | 78,327 | 87,728 |
Merchant members' deposits in the guarantee fund | 5,492 | 6,041 |
Other provisions | 3,092 | 1,395 |
Deferred tax liabilities | 24,000 | 21,441 |
TOTAL LIABILITIES | 804,852 | 901,217 |
TOTAL SHAREHOLDERS' EQUITY | 495,965 | 474,055 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,300,817 | 1,375,272 |
SOURCE
© Canada Newswire, source