Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-33161 |
Entity Registrant Name | North American Construction Group Ltd. |
Entity Incorporation, State or Country Code | Z4 |
Entity Primary SIC Number | 1629 |
Entity Address, Address Line One | 27287 - 100 Avenue |
Entity Address, City or Town | Acheson, |
Entity Address, State or Province | AB |
Entity Address, Postal Zip Code | ,T7X 6H8 |
City Area Code | (780) |
Local Phone Number | 960-7171 |
Title of 12(b) Security | Common Shares |
Trading Symbol | NOA |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 30,022,928 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Central Index Key | 0001368519 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 111 Eighth Avenue |
Entity Address, Address Line Two | 13th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10011 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Contact Personnel Name | CT Corporation System |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Edmonton, AB, Canada |
Auditor Firm ID | 85 |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 16,601 | $ 43,447 |
Accounts receivable | 68,787 | 36,231 |
Contract assets | 9,759 | 7,008 |
Inventories | 44,544 | 19,151 |
Prepaid expenses and deposits | 6,828 | 4,977 |
Assets held for sale | 660 | 4,129 |
Derivative financial instruments | 0 | 4,334 |
Total current assets | 147,179 | 119,277 |
Property, plant and equipment, net of accumulated depreciation $339,505 (2020 – $302,161) | 640,950 | 632,210 |
Operating lease right-of-use assets | 14,768 | 18,192 |
Investments in affiliates and joint ventures | 55,974 | 46,263 |
Other assets | 6,000 | 6,336 |
Goodwill and intangible assets | 4,407 | 378 |
Deferred tax assets | 0 | 16,407 |
Total assets | 869,278 | 839,063 |
Current liabilities | ||
Accounts payable | 76,251 | 41,428 |
Accrued liabilities | 33,389 | 19,382 |
Contract liabilities | 3,349 | 1,512 |
Current portion of long-term debt | 19,693 | 16,263 |
Current portion of finance lease obligations | 25,035 | 26,895 |
Current portion of operating lease liabilities | 3,317 | 4,004 |
Total current liabilities | 161,034 | 109,484 |
Long-term debt | 306,034 | 341,396 |
Finance lease obligations | 29,686 | 42,577 |
Operating lease liabilities | 11,461 | 14,118 |
Other long-term obligations | 26,400 | 18,850 |
Deferred tax liabilities | 56,200 | 64,195 |
Total liabilities | 590,815 | 590,620 |
Shareholders' equity | ||
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2021 - 30,022,928 (December 31, 2020 – 31,011,831)) | 246,944 | 255,064 |
Treasury shares (December 31, 2021 - 1,564,813 (December 31, 2020 - 1,845,201)) | (17,802) | (18,002) |
Additional paid-in capital | 37,456 | 46,536 |
Retained earnings (deficit) | 11,863 | (35,155) |
Accumulated other comprehensive income | 2 | 0 |
Shareholders' equity | 278,463 | 248,443 |
Total liabilities and shareholders' equity | 869,278 | 839,063 |
Contingencies |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 339,505 | $ 302,161 |
Common shares, issued (in shares) | 30,022,928 | 31,011,831 |
Common shares, outstanding (in shares) | 30,022,928 | 31,011,831 |
Treasury shares (in shares) | 1,564,813 | 1,845,201 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 654,143 | $ 498,468 |
Project costs | 223,537 | 140,341 |
Equipment costs | 232,173 | 177,127 |
Depreciation | 108,016 | 88,782 |
Gross profit | 90,417 | 92,218 |
General and administrative expenses | 35,374 | 24,437 |
(Gain) loss on disposal of property, plant and equipment | (85) | 659 |
Operating income | 55,128 | 67,122 |
Interest expense, net | 19,032 | 18,656 |
Equity earnings in affiliates and joint ventures | (21,860) | (7,740) |
Net realized and unrealized gain on derivative financial instruments | (2,737) | (4,266) |
Income before income taxes | 60,693 | 60,472 |
Current income tax expense | 1,000 | 0 |
Deferred income tax expense | 8,285 | 11,264 |
Net income | 51,408 | 49,208 |
Unrealized foreign currency translation gain | (2) | 0 |
Comprehensive income | $ 51,410 | $ 49,208 |
Per share information | ||
Basic net income per share (in CAD per share) | $ 1.81 | $ 1.75 |
Diluted net income per share (in CAD per share) | $ 1.64 | $ 1.60 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) $ in Thousands | Total | Common shares | Treasury shares | Additional paid-in capital | Retained earnings (deficit) | Accumulated other comprehensive income |
Beginning balance at Dec. 31, 2019 | $ 180,119 | $ 225,966 | $ (15,911) | $ 49,919 | $ (79,855) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 49,208 | 49,208 | ||||
Unrealized foreign currency translation gain | 0 | |||||
Dividends ($0.16 per share) | (4,508) | (4,508) | ||||
Exercise of stock options | 537 | 895 | (358) | |||
Conversion of convertible debentures | 38,066 | 38,066 | ||||
Share purchase programs | (9,108) | (9,863) | 755 | |||
Purchase of treasury shares | (9,893) | (9,893) | ||||
Stock-based compensation | 4,022 | 7,802 | (3,780) | |||
Ending balance at Dec. 31, 2020 | 248,443 | 255,064 | (18,002) | 46,536 | (35,155) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 51,408 | 51,408 | ||||
Unrealized foreign currency translation gain | 2 | 2 | ||||
Dividends ($0.16 per share) | (4,390) | (4,390) | ||||
Exercise of stock options | 519 | 859 | (340) | |||
Share purchase programs | (16,519) | (8,979) | (7,540) | |||
Purchase of treasury shares | (5,500) | (5,500) | ||||
Stock-based compensation | 4,500 | 5,700 | (1,200) | |||
Ending balance at Dec. 31, 2021 | $ 278,463 | $ 246,944 | $ (17,802) | $ 37,456 | $ 11,863 | $ 2 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in CAD per share) | $ 0.16 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Net income | $ 51,408 | $ 49,208 |
Adjustments to reconcile net income to cash from operating activities: | ||
Depreciation | 108,016 | 88,782 |
Amortization of deferred financing costs | 1,064 | 1,091 |
(Gain) loss on disposal of property, plant and equipment | (85) | 659 |
Net realized and unrealized gain on derivative financial instruments | (2,737) | (4,266) |
Stock-based compensation expense | 11,606 | 1,944 |
Cash settlement of directors' deferred share unit plan | (2,300) | (103) |
Equity earnings in affiliates and joint ventures | (21,860) | (7,740) |
Dividends and advances received from affiliates and joint ventures | 11,270 | 8,621 |
Other adjustments to cash from operating activities | (158) | 483 |
Deferred income tax expense | 8,285 | 11,264 |
Net changes in non-cash working capital | 671 | (3,393) |
Total operating activities | 165,180 | 146,550 |
Investing activities: | ||
Acquisition of DGI (Aust) Trading Pty Limited, net of cash acquired | (11,395) | 0 |
Purchase of property, plant and equipment | (112,563) | (117,069) |
Additions to intangible assets | (1,228) | (272) |
Proceeds on disposal of property, plant and equipment | 17,141 | 2,784 |
Investment in affiliates and joint ventures | (1,959) | (1,810) |
Net repayments of loans to affiliates and joint ventures | 3,664 | 3,540 |
Settlement of derivative financial instruments | 7,071 | 0 |
Investing activities | (99,269) | (112,827) |
Financing activities: | ||
Proceeds from long-term debt | 135,049 | 145,227 |
Repayment of long-term debt | (164,369) | (82,262) |
Financing costs | (3,567) | (965) |
Repayment of finance lease obligations | (33,949) | (34,649) |
Dividend payments | (4,423) | (4,371) |
Proceeds from exercise of stock options | 519 | 537 |
Share purchase program | (16,519) | (9,108) |
Purchase of treasury shares | (5,500) | (9,893) |
Total financing activities | (92,759) | 4,516 |
(Decrease) increase in cash | (26,848) | 38,239 |
Effect of exchange rate on changes in cash and cash equivalents | 2 | 0 |
Cash, beginning of year | 43,447 | 5,208 |
Cash, end of year | $ 16,601 | $ 43,447 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations North American Construction Group Ltd. ("NACG" or the “Company”), was formed under the Canada Business Corporations Act. The Company and its predecessors have been operating continuously since 1953 primarily in western Canada but also in other parts of Canada, the United States and Australia, providing a wide range of mining and heavy construction services to customers in the resource development and industrial construction sectors. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies a) Basis of presentation These consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("US GAAP"). These consolidated financial statements include the accounts of the Company and its wholly-owned incorporated subsidiaries in Canada, the United States and Australia. All significant intercompany transactions and balances are eliminated upon consolidation. The Company also holds ownership interests in other corporations, partnerships and joint ventures. The Company consolidates variable interest entities (“VIE”) for which it is considered to be the primary beneficiary as well as voting interest entities in which it has a controlling financial interest as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and related standards. Investees and joint ventures over which the Company exercises significant influence are accounted for using the equity method and are included in “investments in affiliates and joint ventures” within the accompanying Consolidated balance sheets. i) Change in significant accounting policy - Basis of presentation Prior to July 1, 2021, the Company elected to apply the provision available to entities operating within the construction industry to apply proportionate consolidation to unincorporated entities that would otherwise be accounted for using the equity method. The Company elected to change this policy to account for these unincorporated entities using the equity method, resulting in a change to the consolidation method for Dene North Site Services ("DNSS") and Mikisew North American Limited Partnership ("MNALP"). This change allows for consistency in the presentation of the Company's investments in affiliates and joint ventures (note 11). The Company has accounted for the change retrospectively according to the requirements of US GAAP Accounting Standards Codification ("ASC") 250 by restating the comparative periods. The effect of the change in accounting policy for the current and comparable periods is summarized in note 22. b) Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures reported in these consolidated financial statements and accompanying notes and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates and judgments made by management include: • the assessment of the percentage of completion on time-and-materials, unit-price, lump-sum and cost-plus contracts with defined scope (including estimated total costs and provisions for estimated losses) and the recognition of claims and change orders on revenue contracts; • the determination of whether an acquisition meets the definition of a business combination; • the fair value of the assets acquired and liabilities assumed as part of an acquisition; • the evaluation of whether the Company is a primary beneficiary of an entity or has a controlling interest in an investee and is required to consolidate it; • assumptions used in impairment testing; and • estimates and assumptions used in the determination of the allowance for credit losses, the recoverability of deferred tax assets and the useful lives of property, plant and equipment and intangible assets. The accuracy of the Company’s revenue and profit recognition in a given period is dependent on the accuracy of the estimates of the cost to complete each project. Cost estimates for all significant projects use a detailed “bottom up” approach and the Company believes its experience allows it to provide reasonably dependable estimates. There are a number of factors that can contribute to changes in estimates of contract costs and profitability that are recognized in the period in which such adjustments are determined. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with added scope changes; • extended overhead due to owner, weather and other delays; • subcontractor performance issues; • changes in economic indices used for the determination of escalation or de-escalation for contractual rates on long-term contracts; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid; • contract incentive and penalty provisions; • the availability and skill level of workers in the geographic location of the project; and • a change in the availability and proximity of equipment and materials. The foregoing factors as well as the mix of contracts at different margins may cause fluctuations in gross profit between periods. With many projects of varying levels of complexity and size in process at any given time, changes in estimates can offset each other without materially impacting the Company’s profitability. Major changes in cost estimates, particularly in larger, more complex projects, can have a significant effect on profitability. In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. Governments worldwide, including Canada, enacted emergency measures to combat the spread of the virus, including the implementation of travel bans, quarantine periods and social distancing. These factors created material disruptions to businesses globally, resulting in an economic slowdown. The situation continues to evolve while markets and economies have somewhat stabilized, with governments and industry implementing measures to mitigate the impacts of the pandemic. As populations in Canada and many other countries are being vaccinated, governments have loosened emergency measures. Should the pandemic worsen, the Company could be subject to additional or continued adverse impacts including, but not limited to, restrictions or limitations on the ability of employees, contractors, suppliers and customers to conduct business due to quarantines, closures or travel restrictions, including the potential for deferral or cessation of ongoing or planned projects. The ultimate duration and magnitude of these impacts on the economy and the financial effect on the Company is not known. Estimates and judgments made by management in the preparation of these financial statements are difficult and subject to a higher degree of measurement uncertainty during this period. Management continues to monitor the situation and has taken steps to mitigate the likelihood of occurrence of the events described above. In response to the economic slowdown caused by COVID-19, the Government of Canada introduced the Canada Emergency Wage Subsidy, an employer assistance program. For the year ended December 31, 2021, the Company recognized $13,244 of salary and wage subsidies presented as reductions of project costs, equipment costs and general and administrative expenses of $8,309, $4,180 and $755 respectively. For the year ended December 31, 2020, the Company recognized $28,041 of salary and wage subsidies presented as reduction of project costs, equipment costs and general and administrative expenses of $16,050, $9,107, and $2,884, respectively. c) Revenue recognition The Company's revenue source falls into one of three categories: construction services, operations support, or equipment and component sales. Construction services are related to mine development or expansion projects and are generally funded from customers' capital budgets. The Company provides construction services under lump-sum, unit-price, time-and materials and cost-plus contracts. When the commercial terms are lump-sum and unit-price, the contract scope and value is typically defined. Time-and-materials and cost-plus contracts are generally undefined in scope and total price. Operations support services revenue is mainly generated under long-term site-services agreements with the customers (master service agreement and multiple use contracts). These agreements clearly define whether commitment to volume or scope of services over the life of the contract is included or excluded. When excluded, work under the agreement is awarded through shorter-term work authorizations under the general terms of the agreement. The Company generally provides operations support services under either time-and-materials or unit-price contra cts depending on factors such as the degree of complexity, the completeness of engineering and the required schedule. Equipment and component sales revenue is generated from our equipment maintenance and rebuild activities, along with our mining component supplier business. The commercial terms for equipment and component sales are generally lump-sum, unit-price, or time-and-materials . Significant estimates are required in the revenue recognition process including assessment of the percentage of completion, identification of performance obligations, and estimation of variable consideration, including the extent of any constraints. The Company’s invoicing frequency and payment terms are in accordance with negotiated customer contracts. Customer invoicing can range between daily and monthly and payment terms generally range between net 15 and net 60 days. The Company does not typically include extended payment terms in its contracts with customers. Under these payment terms, the customer pays progress payments based on actual work or milestones completed. When payment terms do not align with revenue recognition, the variance is recorded to either contract liabilities or contract assets, as appropriate. Customer contracts do not generally include a significant financing component because the Company does not expect the period between customer payment and transfer of control to exceed one year. The Company does not adjust consideration for the effects of a significant financing component if the period of time between the transfer of control and the customer payment is less than one year. The Company accounts for a contract when it has approval and commitments from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. Each contract is evaluated to determine if it includes more than one performance obligation. This evaluation requires significant judgement and the determination that the contract contains more than one performance obligation could change the amount of revenue and profit recorded in a given period. The majority of the Company's contracts with defined scope include one significant integrated service, where the Company is responsible for ensuring the individual goods and services are incorporated into one combined output. Such contracts are accounted for as one performance obligation. When more than one distinct good or service is contracted, the contract is separated into more than one performance obligation and the total transaction price is allocated to each performance obligation based upon stand-alone selling prices. When a stand-alone selling price is not observable, it is estimated using a suitable method. The total transaction price can be comprised of fixed consideration and variable consideration, such as profit incentives, discounts and performance bonuses or penalties. When a contract includes variable consideration, the amount included in the total transaction price is based on the expected value or the mostly likely amount, constrained to an amount that it is probable a significant reversal will not occur. Significant judgement is involved in determining if a variable consideration amount should be constrained. In applying this constraint, the Company considers both the likelihood of a revenue reversal arising from an uncertain future event and the magnitude of the revenue reversal if the uncertain event were to occur or fail to occur. The following circumstances are considered to be possible indicators of significant revenue reversals: • The amount of consideration is highly susceptible to factors outside the Company’s influence, such as judgement of actions of third parties and weather conditions; • The length of time between the recognition of revenue and the expected resolution; • The Company’s experience with similar circumstances and similar customers, specifically when such items have predictive value; • The Company’s history of resolution and whether that resolution includes price concessions or changing payment terms; and • The range of possible consideration amounts. The Company's performance obligations for construction services and operations support are typically satisfied by transferring control over time, for which revenue is recognized using the percentage of completion method, measured by the ratio of costs incurred to date to estimated total costs. For defined scope contracts, the cost-to-cost method faithfully depicts the Company’s performance because the transfer of the asset to the customer occurs as costs are incurred. The costs of items that do not relate to the performance obligation, particularly in the early stages of the contract, are excluded from costs incurred to date. Pre-construction activities, such as mobilization and site setup, are recognized as contract costs on the Consolidated Balance Sheets and amortized over the life of the project. These costs are excluded from the cost-to- cos t calculation. Equipment and component sales are typically satisfied at a point in time, and revenue is recognized when control of the completed asset has been transferred to the customer, along with the cost of goods sold (project costs). The Company has elected to apply the ‘as-invoiced’ practical expedient to recognize revenue in the amount to which the Company has a right to invoice for all contracts in which the value of the performance completed to date directly corresponds with the right to consideration. This will be applied to all contracts, where applicable, and the majority of undefined scope work is expected to use this practical expedient. The length of the Company’s contracts varies from less than one year for typical contracts to several years for certain larger contracts. Project costs include all direct labour, material, subcontract and equipment costs and those indirect costs related to contract performance such as indirect labour and supplies. General and administrative expenses are charged to expenses as incurred. If a loss is estimated on an uncompleted contract, a provision is made in the period in which such losses are determined. Changes in project performance, project conditions, and estimated profitability, including those arising from profit incentives, penalty provisions and final contract settlements, may result in revisions to costs and revenue that are recognized in the period in which such adjustments are determined. Once a project is underway, the Company will often experience changes in conditions, client requirements, specifications, designs, materials and work schedules. Generally, a “change order” will be negotiated with the customer to modify the original contract to approve both the scope and price of the change. Occasionally, disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue under the contract. When a change becomes a point of dispute between the Company and a customer, the Company will assess the legal enforceability of the change to determine if a contract modification exists. The Company considers a contract modification to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most contract modifications are for goods and services that are not distinct from the existing contract due to the integrated services provided in the context of the contract and are accounted for as part of the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If a contract modification is approved in scope and not price, the associated revenue is treated as variable consideration, subject to constraint. This can lead to a situation where costs are recognized in one period and revenue is recognized when customer agreement is obtained or claim resolution occurs, which can be in subsequent periods. In certain instances, the Company’s long-term contracts allow its customers to unilaterally reduce or eliminate scope of work without cause. These instances represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Revenue is measured based on consideration specified in the customer contract, and excludes any amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specified revenue producing transaction, that are collected by the Company for a customer, are excluded from revenue. d) Balance sheet classifications A one-year time period is typically used as the basis for classifying current assets and liabilities. However, there is a possibility that amounts receivable and payable under construction contracts (principally holdbacks) may extend beyond one year. e) Cash Cash includes cash on hand and bank balances net of outstanding cheques. f) Accounts receivable and contract assets Accounts receivable are recorded when the Company has an unconditional right to consideration arising from performance of contracts with customers. Accounts receivable may be comprised of amounts billed to customers and amounts that have been earned but have not yet been billed. Such unbilled but earned amounts generally arise when a billing period ends subsequent to the end of the reporting period. When this occurs, revenue equal to the earned and unbilled amount is accrued. Such accruals are classified as accounts receivable on the balance sheet, even though they are not yet billed, as they represent consideration for work that has been completed prior to the period end where the Company has an unconditional right to consideration. Contract assets include unbilled amounts representing revenue recognized from work performed where the Company does not yet have an unconditional right to compensation. These balances generally relate to (i) revenue accruals on contracts where the percentage of completion method of revenue recognition requires an accrual over what has been billed and (ii) revenue recognized from variable consideration related to unpriced contract modifications. The Company records allowance for credit losses using the expected credit loss model upon the initial recognition of financial assets. The estimate of expected credit loss considers historical credit loss information that is adjusted for current economic and credit conditions. Bad debt expense is charged to project costs in the Consolidated Statements of Operations and Comprehensive Income in the period the allowance is recognized. The counterparties to the majority of the Company's financial assets are major oil producers with a long history of no credit losses. g) Contract costs The Company occasionally incurs costs to obtain contracts (reimbursable bid costs) and to fulfill contracts (fulfillment costs). If these costs meet certain criteria, they are capitalized as contract costs, included within other assets on the Consolidated Balance Sheets. Capitalized costs are amortized based on the transfer of goods or services to which the assets relate and are included in project costs. Reimbursable bid costs meet the criteria for capitalization when these costs will be reimbursed by the owner regardless of the outcome of the bid. Generally, this occurs when the Company has been selected as the preferred bidder for a project. The Company recognizes reimbursable bid costs an expense when incurred if the amortization period of the asset that the entity would have otherwise recognized is one year or less. Costs to fulfill a contract meet the criteria for capitalization if they relate directly to a specifically identifiable contract, they generate or enhance resources that will be used to satisfy future performance obligations and if the costs are expected to be recovered. The costs that meet this criterion are often mobilization and site set-up costs. Contract costs are recorded within other assets on the Consolidated Balance Sheets. h) Remaining performance obligations Remaining performance obligation represents the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Certain of the Company's long-term contracts can allow customers to unilaterally reduce or eliminate the scope of the contracted work without cause. These long-term contracts represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Excluded from this disclosure are amounts where the Company recognizes revenue as-invoiced (note 6(c)). Remaining performance obligations are recorded within contract assets and contract liabilities on the Consolidated Balance Sheets. i) Contract liabilities Contract liabilities consist of advance payments and billings in excess of costs incurred and estimated earnings on uncompleted contracts. j) Inventories Inventories are carried at the lower of cost and net realizable value, and consist primarily of repair parts, parts and components held for resale, tires and track frames, fuel and lubricants, and customer rebuild work in progress. Cost is determined using the weighted-average method. k) Property, plant and equipment Property, plant and equipment are recorded at cost. Equipment under finance lease is recorded at the present value of minimum lease payments at the inception of the lease. Major components of heavy construction equipment in use such as engines and drive trains are recorded separately. The capitalized interest is amortized at the same rate as the respective asset. Depreciation is not recorded until an asset is available for use. Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 70,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation The costs for periodic repairs and maintenance are expensed to the extent the expenditures serve only to restore the assets to their normal operating condition without enhancing their service potential or extending their useful lives. l) Goodwill Goodwill represents the excess of consideration over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. Goodwill is reviewed annually on October 1 st for impairment or more frequently when there is an indication of potential impairment. Impairment is tested at the reporting unit level by comparing the reporting unit's carrying amount to its fair value. The process of determining fair values is subjective and requires management to exercise judgment in making assumptions about future results, including revenue and cash flow projections and discount rates. The annual test was performed on the acquired goodwill with no impairment identified. m) Intangible assets Acquired intangible assets with finite lives are recorded at historical cost net of accumulated amortization and accumulated impairment losses, if any. The cost of intangible assets acquired in an asset acquisition are recorded at cost based upon relative fair value as at the acquisition date. Costs incurred to increase the future benefit of intangible assets are capitalized. Intangible assets are recorded with goodwill on the Consolidated Balance Sheets. Intangible assets with definite lives are amortized over their estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Estimated useful lives of definite lived intangible assets and corresponding amortization method are: Assets Basis Rate Internal-use software Straight-line 4 years Customer relationship Straight-line 4 years n) Impairment of long-lived assets Long-lived assets or asset groups held and used including property, plant and equipment and identifiable intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of an asset or group of assets is less than its carrying amount, it is considered to be impaired. The Company measures the impairment loss as the amount by which the carrying amount of the asset or group of assets exceeds its fair value, which is charged to the Consolidated Statements of Operations and Comprehensive Income. In determining whether an impairment exists, the Company makes assumptions about the future cash flows expected from the use of its long-lived assets, such as: applicable industry performance and prospects; general business and economic conditions that prevail and are expected to prevail; expected growth; maintaining its customer base; and, achieving cost reductions. There can be no assurance that expected future cash flows will be realized, or will be sufficient to recover the carrying amount of long-lived assets. Furthermore, the process of determining fair values is subjective and requires management to exercise judgment in making assumptions about future results, including revenue and cash flow projections and discount rates. At each reporting period, the Company reviews the carrying value of its long-lived assets for indications of impairment. At December 31, 2021, there were no impairment indicators identified, as there had been no material declines in the operating environment or expected financial results. o) Assets held for sale Long-lived assets are classified as held for sale when certain criteria are met, which include: • management, having the authority to approve the action, commits to a plan to sell the assets; • the assets are available for immediate sale in their present condition; • an active program to locate buyers and other actions to sell the assets have been initiated; • the sale of the assets is probable and their transfer is expected to qualify for recognition as a completed sale within one year; • the assets are being actively marketed at reasonable prices in relation to their fair value; and • it is unlikely that significant changes will be made to the plan to sell the assets or that the plan will be withdrawn. Assets to be disposed of by sale are reported at the lower of their carrying amount or estimated fair value less costs to sell and are disclosed separately on the Consolidated Balance Sheets. These assets are not depreciated. Equipment disposal decisions are made using an approach in which a target life is set for each type of equipment. The target life is based on the manufacturer’s recommendations and the Company’s past experience in the various operating environments. Once a piece of equipment reaches its target life it is evaluated to determine if disposal is warranted based on its expected operating cost and reliability in its current state. If the expected operating cost exceeds the target operating cost for the fleet or if the expected reliability is lower than the target reliability of the fleet, the unit is considered for disposal. Expected operating costs and reliability are based on the past history of the unit and experience in the various operating environments. Once the Company has determined that the equipment will be disposed, and the criteria for assets held for sale are met, the unit is recorded in assets held for sale at the lower of depreciated cost or net realizable value. p) Foreign currency translation The functional currency of the Company and the majority of its subsidiaries is Canadian Dollars. Transactions recorded within these subsidiaries that are denominated in foreign currencies are recorded at the rate of exchange on the transaction date. Monetary assets and liabilities within these subsidiaries denominated in foreign currencies are translated into Canadian Dollars at the rate of exchange prevailing at the balance sheet date. The resulting foreign exchange gains and losses are included in the determination of earnings and included within general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Accounts of the Company's Australia-based subsidiary, which has an Australian Dollar functional currency and US- based subsidiaries, which have US Dollar functional currency are translated into Canadian Dollars using the current rate method. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date, and revenue and expense items are translated at the average rate of exchange for the period. The resulting unrealized exchange gains and losses from these translation adjustments are included as a separate component of shareholders’ equity in Accumulated Other Comprehensive Income. The effect of exchange rate changes on cash balances held in foreign currencies is separately reported as part of the reconciliation of the change in cash and for the period. q) Fair value measurement Fair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritizes the inputs into three broad levels. Fair values included in Level 1 are determined by reference to quoted prices in active markets for identical assets and liabilities. Fair values included in Level 2 include valuations using inputs based on observable market data, either directly or indirectly other than the quoted prices. Level 3 valuations are based on inputs that are not based on observable market data. The classification of a fair value within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. r) Income taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period of enactment. A valuation allowance is recorded against any deferred tax asset if it is more likely than not that the asset will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not (greater than 50%) of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs. The Company accrues interest and penalties for uncertain tax positions in the period in which these uncertainties are identified. Interest and penalties are included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. s) Stock-based compensation The Company has a Restricted Share Unit (“RSU”) Plan which is described in note 19(a). RSUs are generally granted effective July 1 of each fiscal year with respect to services to be provided in that fiscal year and the following two The Company has a Per |
Accounting pronouncements recen
Accounting pronouncements recently adopted | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting pronouncements recently adopted | Accounting pronouncements recently adopted a) Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations. The accounting standard update was issued to improve the accounting for acquired revenue contracts with customers in a business combination. This update requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 - Revenue from Contract with Customers. The adoption of this new standard did not have an impact to the consolidated financial statements. b) Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance. The accounting standard update was issued to increase the transparency of government assistance including the disclosure of 1) the type of assistance, 2) an entity's accounting for the assistance, and 3) the effect of the assistance on an entity's financial statements. The adoption of this new standard did not have a material impact to the consolidated financial statements. significant accounting policy - Basis of presentation The following tables summarize the effect of the change in accounting policy which updated the consolidation method of DNSS and MNALP from proportionate to equity method (note 2 (a)(i)). Consolidated Balance Sheets at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Assets Current assets 156,963 (9,784) 147,179 119,958 (681) 119,277 Non-current assets 727,175 (5,076) 722,099 718,970 816 719,786 Total assets $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Liabilities and shareholders' equity Current liabilities 168,635 (7,601) 161,034 109,198 286 109,484 Non-current liabilities 437,040 (7,259) 429,781 481,287 (151) 481,136 605,675 (14,860) 590,815 590,485 135 590,620 Shareholders' equity 278,463 — 278,463 248,443 — 248,443 Total liabilities and shareholders' equity $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Consolidated Statements of Operations and Comprehensive Income for December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Revenue $ 658,122 $ (3,979) $ 654,143 $ 500,374 $ (1,906) $ 498,468 Gross profit 93,927 (3,510) 90,417 94,382 (2,164) 92,218 Operating income 58,523 (3,395) 55,128 68,945 (1,823) 67,122 Equity earnings in affiliates and joint ventures (18,475) (3,385) (21,860) (5,942) (1,798) (7,740) Income before income taxes 60,693 — 60,693 60,472 — 60,472 Net income 51,408 — 51,408 49,208 — 49,208 Comprehensive income $ 51,410 $ — $ 51,410 $ 49,208 $ — $ 49,208 Consolidated Statements of Cash Flows for December 31, 2021 and 2020: December 31, 2021 December 30, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Operating activities 168,893 (3,713) 165,180 147,272 (722) 146,550 Investing activities (100,604) 1,335 (99,269) (113,573) 746 (112,827) Financing activities (92,547) (212) (92,759) 4,672 (156) 4,516 Decrease in cash (24,258) (2,590) (26,848) 38,371 (132) 38,239 Effect of exchange rate on changes in cash and cash equivalents 2 — 2 — — Cash, beginning of period 43,915 (468) 43,447 5,544 (336) 5,208 Cash, end of period $ 19,659 $ (3,058) $ 16,601 $ 43,915 $ (468) $ 43,447 |
Recent accounting pronouncement
Recent accounting pronouncements not yet adopted | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent accounting pronouncements not yet adopted | Accounting pronouncements recently adopted a) Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations. The accounting standard update was issued to improve the accounting for acquired revenue contracts with customers in a business combination. This update requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 - Revenue from Contract with Customers. The adoption of this new standard did not have an impact to the consolidated financial statements. b) Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance. The accounting standard update was issued to increase the transparency of government assistance including the disclosure of 1) the type of assistance, 2) an entity's accounting for the assistance, and 3) the effect of the assistance on an entity's financial statements. The adoption of this new standard did not have a material impact to the consolidated financial statements. significant accounting policy - Basis of presentation The following tables summarize the effect of the change in accounting policy which updated the consolidation method of DNSS and MNALP from proportionate to equity method (note 2 (a)(i)). Consolidated Balance Sheets at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Assets Current assets 156,963 (9,784) 147,179 119,958 (681) 119,277 Non-current assets 727,175 (5,076) 722,099 718,970 816 719,786 Total assets $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Liabilities and shareholders' equity Current liabilities 168,635 (7,601) 161,034 109,198 286 109,484 Non-current liabilities 437,040 (7,259) 429,781 481,287 (151) 481,136 605,675 (14,860) 590,815 590,485 135 590,620 Shareholders' equity 278,463 — 278,463 248,443 — 248,443 Total liabilities and shareholders' equity $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Consolidated Statements of Operations and Comprehensive Income for December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Revenue $ 658,122 $ (3,979) $ 654,143 $ 500,374 $ (1,906) $ 498,468 Gross profit 93,927 (3,510) 90,417 94,382 (2,164) 92,218 Operating income 58,523 (3,395) 55,128 68,945 (1,823) 67,122 Equity earnings in affiliates and joint ventures (18,475) (3,385) (21,860) (5,942) (1,798) (7,740) Income before income taxes 60,693 — 60,693 60,472 — 60,472 Net income 51,408 — 51,408 49,208 — 49,208 Comprehensive income $ 51,410 $ — $ 51,410 $ 49,208 $ — $ 49,208 Consolidated Statements of Cash Flows for December 31, 2021 and 2020: December 31, 2021 December 30, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Operating activities 168,893 (3,713) 165,180 147,272 (722) 146,550 Investing activities (100,604) 1,335 (99,269) (113,573) 746 (112,827) Financing activities (92,547) (212) (92,759) 4,672 (156) 4,516 Decrease in cash (24,258) (2,590) (26,848) 38,371 (132) 38,239 Effect of exchange rate on changes in cash and cash equivalents 2 — 2 — — Cash, beginning of period 43,915 (468) 43,447 5,544 (336) 5,208 Cash, end of period $ 19,659 $ (3,058) $ 16,601 $ 43,915 $ (468) $ 43,447 |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts receivable | Accounts receivable Note December 31, 2021 December 31, 2020 Note 22 Trade 11 $ 51,774 $ 23,637 Holdbacks 380 64 Accrued trade receivables 12,266 8,415 Contract receivables $ 64,420 $ 32,116 Other 4,367 4,115 $ 68,787 $ 36,231 Holdbacks represent amounts up to 10% of the contract value under certain contracts that the customer is contractually entitled to withhold until completion of the project or until certain project milestones are achieved. Information about the Company’s exposure to credit risks and impairment losses for trade and other receivables is included in note 16(d). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue a) Disaggregation of revenue Year ended December 31, 2021 2020 Note 22 Revenue by source Operations support services $ 600,308 $ 486,926 Equipment and component sales 28,603 4,625 Construction services 25,232 6,917 $ 654,143 $ 498,468 By commercial terms Time-and-materials $ 388,998 $ 262,429 Unit-price 253,840 225,186 Lump-sum 11,305 10,853 $ 654,143 $ 498,468 Revenue recognition method As-invoiced $ 407,496 $ 335,927 Cost-to-cost percent complete 218,044 157,916 Point-in-time 28,603 4,625 $ 654,143 $ 498,468 b) Contract balances Contract assets: Year ended December 31, 2021 2020 Note 22 Balance, beginning of year $ 7,008 $ 19,094 Transferred to receivables from contract assets recognized at the beginning of the period (7,008) (19,094) Increases as a result of changes to the estimate of the stage of completion, excluding amounts transferred in the period 8,838 5,805 Increases as a result of work completed, but not yet an unconditional right to consideration 921 1,203 Balance, end of year $ 9,759 $ 7,008 Contract liabilities: Year ended December 31, 2021 2020 Note 22 Balance, beginning of year $ 1,512 $ 23 Revenue recognized that was included in the contract liability balance at the beginning of the period (899) (23) Increases due to cash received, excluding amounts recognized as revenue during the period 2,736 1,512 Balance, end of year $ 3,349 $ 1,512 The following table provides information about revenue recognized from performance obligations that were satisfied (or partially satisfied) in previous periods: Year ended December 31, 2021 2020 Revenue recognized $ 3,572 $ 1,403 These amounts relate to cumulative catch-up adjustments arising from changes in estimated project costs on cost-to-cost percent complete jobs and final settlement of constrained variable consideration. c) Transaction price allocated to the remaining performance obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Included is all consideration from contracts with customers, excluding amounts that are recognized using the as-invoiced method and any constrained amounts of revenue. For the year ended December 31, 2022 $ 116,352 2023 10,500 2024 8,362 2025 6,226 $ 141,440 d) Contract costs The following table summarizes contract costs included within other assets on the Consolidated Balance Sheets. December 31, December 31, 2020 Fulfillment costs $ 2,673 $ 1,432 Reimbursable bid costs — 537 $ 2,673 $ 1,969 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory The following table summarizes the Company's major classes of inventory: December 31, December 31, 2020 Note 22 Repair parts $ 19,519 $ 14,684 Parts, equipment and components held for resale 15,858 — Tires and track frames 2,617 2,546 Fuel and lubricants 1,832 1,921 Customer rebuild work in process 4,718 — $ 44,544 $ 19,151 |
Long term debt
Long term debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long term debt | Long-term debt Note December 31, 2021 December 31, 2020 Note 22 Credit Facility 8(a) $ 110,000 $ 220,000 Convertible debentures 8(b) 129,750 55,000 Mortgages 8(e) 30,000 21,206 Financing obligations 8(c) 47,945 50,923 Promissory notes 8(d) 13,210 12,726 Unamortized deferred financing costs 8(f) (5,178) (2,196) $ 325,727 $ 357,659 Less: current portion of long-term debt (19,693) (16,263) $ 306,034 $ 341,396 The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2021 are: $19.7 million in 2022, $20.3 million in 2023, $128.4 million in 2024, $5.9 million in 2025 and $156.6 million in 2026 and thereafter. a) Credit Facility On September 29, 2021, the Company entered into an Amended and Restated Credit Agreement (the "Credit Facility") with a banking syndicate that allows borrowing under the revolving loan to $325.0 million with the ability to increase the maximum borrowings by $50.0 million, subject to certain conditions. The amended agreement extended the facility maturity from October 8, 2023 to October 8, 2024, with an option to extend on an annual basis, subject to certain conditions. The Credit Facility permits finance lease obligations to a limit of $150.0 million and certain other borrowings outstanding to a limit of $20.0 million. In the amended agreement, the permitted amount of $150.0 million was expanded to include guarantees provided by the Company to a permitted joint venture, provided that value of such obligations shall not exceed the permitted amount. As at December 31, 2021, there was $33.9 million (December 31, 2020 - $0.9 million) in issued letters of credit under the Credit Facility and the unused borrowing availability was $181.1 million (December 31, 2020 - $104.1 million). As at December 31, 2021, there was an additional $28.6 million in borrowing availability under finance lease obligations (December 31, 2020 - $29.6 million). Borrowing availability under finance lease obligations considers the current and long-term portion of finance lease obligations and financing obligations, including the finance lease obligations for the joint venture that the Company guarantees. The Credit Facility has two financial covenants that must be tested quarterly on a trailing four-quarter basis. As at December 31, 2021, the Company was in compliance with its financial covenants. • The first covenant is the Senior Leverage Ratio which is Bank Senior Debt plus outstanding letters of credit compared to Bank EBITDA less NACG Acheson Ltd. rental revenue. ◦ "Bank Senior Debt" is defined as the Company's long-term debt, finance leases and outstanding letters of credit, excluding Convertible Debentures, deferred financing costs, mortgages related to NACG Acheson Ltd. and debt related to investment in affiliates and joint ventures. ◦ "Bank EBITDA" is defined as earnings before interest, taxes, depreciation and amortization, excluding the effects of unrealized foreign exchange gain or loss, realized and unrealized gain or loss on derivative financial instruments, cash and non-cash stock-based compensation expense, gain or loss on disposal of property, plant and equipment, and certain other non-cash items included in the calculation of net income. ◦ The Senior Leverage Ratio must be less than or equal to 3.0:1. In the event the Company enters into a material acquisition, the maximum allowable Senior Leverage Ratio would include a step up of 0.50x for four quarters following the acquisition. • The second covenant is the Fixed Charge Coverage Ratio which is defined as Bank EBITDA less cash taxes compared to Fixed Charges. ◦ "Fixed Charges" is defined as cash interest, scheduled payments on debt, unfunded cash distributions by the Company and unfunded capital expenditures. ◦ The Fixed Charge Coverage Ratio is to be maintained at a ratio greater than 1.15:1. The Credit Facility bears interest at Canadian prime rate, U.S. Dollar Base Rate, Canadian bankers’ acceptance rate or London interbank offered rate ("LIBOR") (all such terms as used or defined in the Credit Facility), plus applicable margins. Effective December 31, 2021, LIBOR will be discontinued for future contracts; however, it will be available and published until June 2023 for contracts entered before 2022. During the transition, the Company will either have the option to use LIBOR until June 2023 or to choose an alternative rate like Secured Overnight Financing Rate ("SOFR"). The Company is also subject to non-refundable standby fees, 0.40% to 0.75% depending on the Company's Total Debt to Bank EBITDA Ratio. Total debt ("Total Debt") is defined in the Credit Facility as long-term debt including finance leases and letters of credit, excluding convertible debentures, deferred financing costs, the mortgage related to NACG Acheson Ltd., and other non-recourse debt. The Credit Facility is secured by a first priority lien on all of the Company's existing and after-acquired property excluding the Company's first securities interests on the Business Development Bank of Canada ("BDC") mortgage. On December 3, 2021, the Company entered into an agreement with a financial institution to provide guarantee on a revolving equipment lease credit facility of $45.0 million for Mikisew North American Limited Partnership, an affiliate of the Company. This equipment lease credit facility will allow MNALP to avail the credit through a lease agreement and/or equipment finance contract with appropriate supporting documents. As at December 31, 2021, the available balance on this facility was $28.1 million. At this time, there have been no instances or indication that payments will not be made by MNALP. Therefore, no liability has been recorded. b) Convertible debentures December 31, December 31, 2020 5.50% convertible debentures $ 74,750 $ — 5.00% convertible debentures 55,000 55,000 $ 129,750 $ 55,000 On June 1, 2021, the Company issued $65,000 aggregate principal amount of 5.50% convertible unsecured subordinated debentures. On June 4, 2021, the underwriters exercised the over-allotment option, in full, purchasing an additional $9,750 aggregate principal amount of 5.50% convertible unsecured subordinated debentures. The terms of the convertible debentures are summarized as follows: Date of issuance Maturity Conversion price Share equivalence per $1000 debenture Debt issuance costs 5.50% convertible debentures June 1, 2021 June 30, 2028 $ 24.75 $ 40.4040 $ 3,531 5.00% convertible debentures March 20, 2019 March 31, 2026 $ 26.25 $ 38.0952 $ 2,691 Interest on the 5.50% convertible debentures is payable semi-annually in arrears on June 30 and December 31 of each year, commencing on December 31, 2021. Interest on the 5.00% convertible debentures is payable semi-annually on March 31 and September 30 of each year. The 5.50% convertible debentures are not redeemable prior to June 30, 2024, except under certain exceptional circumstances. The 5.50% convertible debentures may be redeemed at the option of the Company, in whole or in part, at any time on or after June 30, 2024 at a redemption price equal to the principal amount provided that the market price of the common shares is at least 125% of the conversion price; and on or after June 30, 2026 at a redemption price equal to the principal amount. In each case, the Company will pay accrued and unpaid interest on the debentures redeemed to the redemption date. The 5.00% convertible debentures are redeemable under certain conditions after a change in control has occurred. If a change in control occurs, the Company is required to offer to purchase all of the 5.00% convertible debentures at a price equal to 101% of the principal amount plus accrued and unpaid interest to the date of purchase. During the year ended December 31, 2021, the Company realized a gain of $7,071 (unrealized gain for the year ended December 31, 2020 of $4,334) on the swap agreement related to the 5.50% convertible debentures that were issued in 2017 and redeemed through issuance of 4,583,655 common shares in April 2020. This swap agreement was completed on September 30, 2021 and the derivative financial instrument recorded on the Consolidated Balance Sheet was extinguished at that time. c) Financing obligations During the year ended December 31, 2021, the Company recorded new financing obligations of $11,700. The financing contract expires on February 9, 2026. The Company is required to make monthly payments over the life of the contract with an annual interest rate of 2.23%. The financing obligations are secured by the corresponding property, plant and equipment. d) Promissory note During the year ended December 31, 2021, the Company recorded a new equipment promissory note of $4,300. The contract expires on August 5, 2025. The Company is required to make monthly payments over the life of the contract with an annual interest rate of 4.20%. The promissory note is secured by the corresponding property, plant and equipment. The Company also acquired a new promissory note of $370 upon acquisition of DGI (note 12).The contract expires in November 2023 and bears interest at 2.90%. During the year ended December 31, 2021, the Company made payments of $4,185 towards promissory notes. e) Mortgage On October 28, 2021, the Company entered into an updated mortgage agreement with BDC which increased the mortgage amount from $21.1 million to $30.0 million. The updated mortgage includes additional loan of $7.0 million for a building expansion and a $1.9 million cash advance. The mortgage has a maturity date of November 1, 2046 and bears variable interest at BDC's floating base rate of 5.60% minus a variance of 2.20%, equal to 3.40%. f) Deferred financing costs December 31, 2021 December 31, 2020 Cost $ 6,351 $ 2,784 Accumulated amortization 1,173 588 $ 5,178 $ 2,196 During the year ended December 31, 2021, the Company recognized accelerated amortization of $1,064 due to the early conversion of convertible debentures. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment December 31, 2021 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 353,037 $ 105,686 $ 247,351 Major component parts in use 343,048 131,157 211,891 Other equipment 45,096 30,633 14,463 Licensed motor vehicles 15,113 10,838 4,275 Office and computer equipment 7,002 4,891 2,111 Buildings 29,406 3,748 25,658 Capital inventory 24,605 — 24,605 Land 10,472 — 10,472 827,779 286,953 540,826 Assets under finance lease Heavy equipment 92,690 28,504 64,186 Major component parts in use 52,679 21,996 30,683 Other equipment 4,633 1,281 3,352 Licensed motor vehicles 2,674 771 1,903 152,676 52,552 100,124 Total property, plant and equipment $ 980,455 $ 339,505 $ 640,950 December 31, 2020 Cost Accumulated Net Book Value Note 22 Owned assets Heavy equipment $ 351,842 $ 102,469 $ 249,373 Major component parts in use 304,205 111,583 192,622 Other equipment 41,784 26,918 14,866 Licensed motor vehicles 15,747 10,370 5,377 Office and computer equipment 6,337 4,137 2,200 Buildings 22,582 3,040 19,542 Capital inventory 21,817 — 21,817 Land 10,472 — 10,472 774,786 258,517 516,269 Assets under finance lease Heavy equipment 97,871 25,454 72,417 Major component parts in use 52,798 16,264 36,534 Other equipment 5,287 966 4,321 Licensed motor vehicles 3,629 960 2,669 159,585 43,644 115,941 Total property, plant and equipment $ 934,371 $ 302,161 $ 632,210 |
Finance and operating leases
Finance and operating leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Finance and operating leases | Finance and operating leases As a lessee, the Company has finance and operating leases for heavy equipment, shop facilities, vehicles and office facilities. These leases have terms of 1 to 15 years, with options to extend on certain leases for up to five years. The Company generates operating lease income from the sublease of certain office facilities and heavy equipment rentals. a) Minimum lease payments and receipts The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2021 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2022 $ 26,398 $ 3,845 $ 5,497 2023 18,272 2,581 4,355 2024 9,743 1,371 493 2025 1,448 1,429 — 2026 and thereafter 1,148 8,902 — Total minimum lease payments $ 57,009 $ 18,128 $ 10,345 Less: amount representing interest (2,288) (3,350) Carrying amount of minimum lease payments $ 54,721 $ 14,778 Less: current portion of leases (25,035) (3,317) $ 29,686 $ 11,461 b) Lease expenses and (income) Year ended December 31, 2021 2020 Short-term lease expense $ 27,421 $ 14,654 Operating lease expense 4,556 4,740 Operating lease income (7,074) (8,118) During the year ended December 31, 2021, depreciation of equipment under finance leases was $21,343 (December 31, 2020 - $17,147). c) Supplemental balance sheet information December 31, December 31, 2020 Net book value of property, plant and equipment under finance leases $ 100,124 $ 115,941 Weighted-average remaining lease term (in years): Finance leases 2.5 3.0 Operating leases 8.3 8.1 Weighted-average discount rate: Finance leases 3.22 % 3.66 % Operating leases 4.68 % 4.72 % |
Finance and operating leases | Finance and operating leases As a lessee, the Company has finance and operating leases for heavy equipment, shop facilities, vehicles and office facilities. These leases have terms of 1 to 15 years, with options to extend on certain leases for up to five years. The Company generates operating lease income from the sublease of certain office facilities and heavy equipment rentals. a) Minimum lease payments and receipts The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2021 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2022 $ 26,398 $ 3,845 $ 5,497 2023 18,272 2,581 4,355 2024 9,743 1,371 493 2025 1,448 1,429 — 2026 and thereafter 1,148 8,902 — Total minimum lease payments $ 57,009 $ 18,128 $ 10,345 Less: amount representing interest (2,288) (3,350) Carrying amount of minimum lease payments $ 54,721 $ 14,778 Less: current portion of leases (25,035) (3,317) $ 29,686 $ 11,461 b) Lease expenses and (income) Year ended December 31, 2021 2020 Short-term lease expense $ 27,421 $ 14,654 Operating lease expense 4,556 4,740 Operating lease income (7,074) (8,118) During the year ended December 31, 2021, depreciation of equipment under finance leases was $21,343 (December 31, 2020 - $17,147). c) Supplemental balance sheet information December 31, December 31, 2020 Net book value of property, plant and equipment under finance leases $ 100,124 $ 115,941 Weighted-average remaining lease term (in years): Finance leases 2.5 3.0 Operating leases 8.3 8.1 Weighted-average discount rate: Finance leases 3.22 % 3.66 % Operating leases 4.68 % 4.72 % |
Investments in affiliates and j
Investments in affiliates and joint ventures | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investments in affiliates and joint ventures | Investments in affiliates and joint ventures On October 13, 2021, the Company entered into the Limited Liability Company Agreement with Concessions Fargo Holdings, LLC, S&B USA Concessions – Fargo LP to form Red River Valley Alliance, LLC (“RRVA”). On August 19, 2021, RRVA entered into an agreement with the Metro Flood Diversion Authority to design, construct, finance, operate and maintain a diversion channel and associated infrastructure that will form part of the Fargo-Moorhead Metropolitan Area Flood Risk Management Project. The Company holds 15% interest in the investment and can exercise significant influence over the financial and operational policies of the joint venture through its voting rights, therefore the equity method of accounting is used to account for this investment. On July 20, 2021, the Company entered into a Joint Venture Agreement with Acciona Construction USA Corp. (“Acciona”), and Shikun and Binui – America Inc. (“SBA”), to form ASN Constructors. The joint venture formalizes the relationship in terms of the participation in the Fargo Moorhead Area Diversion Project for which the ASN Constructors entered into a design and build contract with RRVA for the Fargo project agreement. The agreement was effective August 19, 2021. The Company holds 30% proportional share of interest and cost sharing through the joint venture agreement. The Company can exercise influence over the financial and operational policies of the joint venture through its voting rights, therefore the equity method of accounting is used to account for this investment. The following is a summary of the Company's interests in its various affiliates and joint ventures, which it accounts for using the equity method: Affiliate or joint venture name: Interest Nuna Group of Companies 1229181 B.C Ltd. 49 % North American Nuna Joint Venture 50 % Nuna East Ltd. 37 % Nuna Pang Contracting Ltd. 37 % Nuna West Mining Ltd. 49 % NAYL Realty Inc. 49 % BNA Remanufacturing Limited Partnership 50 % Dene North Site Services Partnership 49 % Mikisew North American Limited Partnership 49 % ASN Constructors 30 % Red River Valley Alliance LLC 15 % The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year: December 31, 2021 December 31, 2020 Note 22 Balance, beginning of the year $ 46,263 $ 45,015 Investments in affiliates and joint ventures 2,321 2,790 Share of net income 21,860 7,740 Dividends and advances received from affiliates and joint ventures (11,270) (8,621) Other adjustments (3,200) (661) Balance, end of the year $ 55,974 $ 46,263 During the year ended December 31, 2021, the Company invested $1,959 in cash and $362 in property, plant and equipment for the investments in Mikisew North American Limited Partnership and BNA Remanufacturing Limited Partnership, respectively. The financial information for the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows: Balance Sheets December 31, December 31, Note 22 Assets Current assets $ 118,371 $ 55,887 Non-current assets 42,406 43,020 Total assets $ 160,777 $ 98,907 Liabilities Current liabilities $ 82,926 $ 27,772 Non-current liabilities 21,877 24,872 Total liabilities $ 104,803 $ 52,644 Net investments in affiliates and joint ventures $ 55,974 $ 46,263 Statements of Operations Year ended December 31, 2021 2020 Revenue $ 332,440 $ 159,054 Gross profit 33,641 17,220 Income before taxes 25,064 9,113 Net income 21,860 7,740 Related parties The following table provides the material aggregate outstanding balances with affiliates and joint ventures. Accounts payable and accrued liabilities due to joint ventures and affiliates do not bear interest, are unsecured and without fixed terms of repayment. Accounts receivable from certain joint ventures and affiliates bear interest at various rates, and all other accounts receivable amounts are non-interest bearing. December 31, 2021 December 31, 2020 Note 22 Accounts receivable $ 31,050 $ 3,808 Other assets 2,162 1,432 Accounts payable and accrued liabilities 286 5,296 |
Business acquisition
Business acquisition | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business acquisition | Business acquisition On July 1, 2021, the Company acquired all the shares and business of DGI (Aust) Trading Pty Ltd., a supplier of production-critical mining equipment and components based in Kempsey, New South Wales, Australia for total consideration of $18,441, comprised of a cash payment and contingent consideration in the form of an earn-out to be paid based on the earnings of DGI over the next four annual periods. The following table summarizes the total consideration paid for DGI shareholders and the fair value of the assets acquired and liabilities assumed at the acquisition date: July 1, 2021 Cash consideration $ 13,724 Earn-out at estimated fair value 4,717 Total consideration $ 18,441 Purchase price allocation to assets acquired and liabilities assumed: Cash $ 2,329 Accounts receivable 1,910 Inventory 13,713 Prepaid expenses and deposits 971 Property, plant and equipment 1,176 Operating lease right-of-use asset 749 Intangible assets 2,575 Accounts payable (3,560) Accrued liabilities (718) Long-term debt (370) Operating lease liability (749) Deferred tax liability (128) Total identifiable net assets at fair value $ 17,898 Goodwill arising on acquisition $ 543 The fair value of acquired identified intangible assets, consists of $595 in brand with an indefinite useful life and $1,980 in customer relationships with a useful life of four years. The fair value of acquired inventory consists of used mining equipment and related components for resale. During the year ended December 31, 2021, the Company recognized $209 of acquisition related costs associated with professional and legal advisory fees in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. During the year ended December 31, 2021, the Company recognized $12,687 or 2% of revenue and $605 or 1% of net income from DGI recorded in the Consolidated Statement of Operations and Comprehensive Income. The pro forma disclosures related to the effect of the acquisition have been excluded on the basis of immateriality. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Income tax expense differs from the amount that would be computed by applying the federal and provincial statutory income tax rates to income before income taxes. The reasons for the differences are as follows: Year ended December 31, 2021 2020 Income before income taxes $ 60,693 $ 60,472 Equity earnings in affiliates and joint ventures (21,860) (7,740) $ 38,833 $ 52,732 Tax rate 23.00 % 23.00 % Expected expense $ 8,932 $ 12,128 Adjustments related to: Stock-based compensation 1,043 (113) Foreign tax rate differential 233 — Other (923) (751) Total income tax expense $ 9,285 $ 11,264 Current income tax expense $ 1,000 $ — Deferred income tax expense 8,285 11,264 Total income tax expense $ 9,285 $ 11,264 The deferred tax assets and liabilities are summarized below: December 31, 2021 December 31, 2020 Deferred tax assets: Non-capital and net capital loss carryforwards $ 40,367 $ 40,758 Finance lease obligations 24,785 27,736 Stock-based compensation 4,029 2,872 Other 2,093 1,990 Subtotal $ 71,274 $ 73,356 Less: valuation allowance — (391) $ 71,274 $ 72,965 Deferred tax liabilities: Contract assets $ 932 $ 1,524 Property, plant and equipment 124,265 117,768 Other 2,277 1,461 $ 127,474 $ 120,753 Net deferred income tax liability $ 56,200 $ 47,788 Classified as: December 31, 2021 December 31, 2020 Deferred tax asset $ — $ 16,407 Deferred tax liability (56,200) (64,195) $ (56,200) $ (47,788) The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple provincial jurisdictions, the U.S. federal jurisdiction, three U.S state jurisdictions and the Australia federal jurisdiction. At December 31, 2021, the Company has a deferred tax asset of $40,367 resulting from non-capital loss carryforwards of $175,509, which expire as follows: December 31, 2021 2026 3 2027 278 2032 176 2033 9,095 2036 1,213 2037 17,799 2038 86,979 2039 37,798 2040 18,188 2041 3,980 $ 175,509 |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | Accrued liabilities Note December 31, 2021 December 31, 2020 Note 22 Payroll liabilities $ 16,888 $ 11,869 Income and other taxes payable 5,064 3,205 Dividends payable 17(c) 1,137 1,167 Accrued interest payable 1,331 856 Liabilities related to short-term rentals 2,678 730 Funding obligations 3,022 — Obligation related to acquisition earn-out liability 1,571 — Other 1,698 1,555 $ 33,389 $ 19,382 |
Other long term obligations
Other long term obligations | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | Other long-term obligations Note December 31, 2021 December 31, 2020 Note 22 Directors' deferred stock unit plan 19(c) $ 17,515 $ 10,761 Deferred gain on sale-leaseback 15(a) 2,954 4,748 Obligation related to acquisition earn-out liability 12 3,098 — Other 2,833 3,341 $ 26,400 $ 18,850 a) Deferred gain on sale-leaseback Changes in deferred gains on sale-leaseback transactions of heavy equipment are summarized below. December 31, 2021 December 31, 2020 Note 22 Balance, beginning of year $ 4,748 $ 6,593 Amortization of deferred gain on sale-leaseback (1,794) (1,845) Balance, end of year $ 2,954 $ 4,748 The gain on sale was deferred and is being amortized under depreciation in the Consolidated Statements of Operations and Comprehensive Income over the expected useful life of the equipment. |
Financial instruments and risk
Financial instruments and risk management | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial instruments and risk management | Financial instruments and risk management a) Fair value measurements In determining the fair value of financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing on each reporting date. Standard market conventions and techniques, such as discounted cash flow analysis are used to determine the fair value of the Company’s financial instruments. All methods of fair value measurement result in a general approximation of fair value and such value may never actually be realized. The fair values of the Company’s cash, accounts receivable, contract assets, loans to affiliates and joint ventures (included in other assets), acquisition earn-out liability, accounts payable, accrued liabilities and contract liabilities approximate their carrying amounts due to the nature of the instrument or the relatively short periods to maturity for the instruments. The Credit Facility has a carrying value that approximates the fair value due to the floating rate nature of the debt . The promissory notes and mortgages have carrying values that are not materially different than their fair values due to similar instruments bearing similar interest rates. Financial instruments with carrying amounts that differ from their fair values are as follows: December 31, 2021 December 31, 2020 Fair Value Hierarchy Level Carrying Fair Carrying Fair Note 22 Convertible debentures Level 1 129,750 135,963 55,000 52,250 Financing obligations Level 2 47,945 47,010 50,923 49,743 b) Risk management The Company is exposed to liquidity, market and credit risks associated with its financial instruments. The Company will from time to time use various financial instruments to reduce market risk exposures from changes in foreign currency exchange rates and interest rates. Management performs a risk assessment on a continual basis to help ensure that all significant risks related to the Company and its operations have been reviewed and assessed to reflect changes in market conditions and the Company’s operating activities. The Company is also exposed to concentration risk through its revenues which is mitigated by the customers being large investment grade organizations. The credit worthiness of new customers is subject to review by management through consideration of the type of customer and the size of the contract. The Company has further mitigated this risk through diversification of its operations. This diversification has primarily come through investments in joint ventures which are accounted for using the equity method. Revenues from these investments are not included in consolidated revenue. c) Market risk Market risk is the risk that the future revenue or operating expense related cash flows, the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices such as foreign currency exchange rates and interest rates. The level of market risk to which the Company is exposed at any point in time varies depending on market conditions, expectations of future price or market rate movements and composition of the Company’s financial assets and liabilities held, non-trading physical assets and contract portfolios. To manage the exposure related to changes in market risk, the Company has used various risk management techniques. Such instruments may be used to establish a fixed price for a commodity, an interest bearing obligation or a cash flow denominated in a foreign currency. The sensitivities provided below are hypothetical and should not be considered to be predictive of future performance or indicative of earnings on these contracts. i) Foreign exchange risk The Company regularly transacts in foreign currencies when purchasing equipment and spare parts as well as certain general and administrative goods and services. These exposures are generally of a short-term nature and the impact of changes in exchange rates has not been significant in the past. The Company may fix its exposure in either the Canadian Dollar or the US Dollar for these short term transactions, if material. ii) Interest rate risk The Company is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments. Interest expense on borrowings with floating interest rates, including the Company’s Credit Facility, varies as market interest rates change. At December 31, 2021, the Company held $110.0 million of floating rate debt pertaining to its Credit Facility (December 31, 2020 – $220.0 million). As at December 31, 2021, holding all other variables constant, a 100 basis point change to interest rates on the outstanding floating rate debt will result in $1.1 million corresponding change in annual interest expense. The fair value of financial instruments with fixed interest rates fluctuate with changes in market interest rates. However, these fluctuations do not affect earnings, as the Company’s debt is carried at amortized cost and the carrying value does not change as interest rates change. The Company manages its interest rate risk exposure by using a mix of fixed and variable rate debt. d) Credit risk Credit risk is the risk that financial loss to the Company may be incurred if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company manages the credit risk associated with its cash by holding its funds with what it believes to be reputable financial institutions. The Company is also exposed to credit risk through its accounts receivable and contract assets. Credit risk for trade and other accounts receivables and contract assets are managed through established credit monitoring activities. The following customers accounted for 10% or more of total revenues: Year ended December 31, 2021 2020 Note 22 Customer A 38 % 45 % Customer B 27 % 30 % Customer C 17 % 11 % Customer D 10 % 10 % The concentration risk is mitigated primarily by the customers being large investment grade organizations. The credit worthiness of new customers is subject to review by management through consideration of the type of customer and the size of the contract. Where the Company generates revenue under its subcontracting arrangement with MNALP, the final end customer is represented in the table above and in the table below. The following customers represented 10% or more of accounts receivable and contract assets: December 31, 2021 December 31, 2020 Note 22 Customer 1 45 % 39 % Customer 2 15 % 20 % Customer 3 15 % 16 % The Company’s exposure to credit risk for accounts receivable and contract assets is as follows: December 31, 2021 December 31, 2020 Note 22 Trade accounts receivable $ 51,774 $ 23,637 Holdbacks 380 64 Accrued trade receivables 12,266 8,415 Contract receivables, included in accounts receivable $ 64,420 $ 32,116 Other receivables 4,367 4,115 Total accounts receivable $ 68,787 $ 36,231 Contract assets 9,759 7,008 Total $ 78,546 $ 43,239 Payment terms are per the negotiated customer contracts and generally range between net 15 days and net 60 days. As at December 31, 2021 and December 31, 2020, trade receivables and holdbacks are aged as follows: December 31, 2021 December 31, 2020 Note 22 Not past due $ 31,531 $ 21,677 Past due 1-30 days 19,209 1,814 Past due 31-60 days 1,250 85 More than 61 days 164 125 Total $ 52,154 $ 23,701 As at |
Shares
Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shares | Shares a) Common shares Common shares Treasury shares Common shares, net of treasury shares Issued and outstanding at December 31, 2019 27,502,912 (1,725,467) 25,777,445 Issued upon exercise of stock options 109,100 — 109,100 Issued upon conversion of convertible debentures 4,622,916 — 4,622,916 Retired through share purchase program (1,223,097) — (1,223,097) Purchase of treasury shares — (534,834) (534,834) Settlement of certain equity classified stock-based compensation — 415,100 415,100 Issued and outstanding at December 31, 2020 31,011,831 (1,845,201) 29,166,630 Issued upon exercise of stock options 125,000 — 125,000 Retired through share purchase program (1,113,903) — (1,113,903) Purchase of treasury shares — (21,503) (21,503) Settlement of certain equity classified stock-based compensation — 301,891 301,891 Issued and outstanding at December 31, 2021 30,022,928 (1,564,813) 28,458,115 Upon settlement of certain equity classified stock-based compensation during the year ended December 31, 2021, the Company withheld 274,359 shares for $5,134 to satisfy the recipient tax withholding requirements (year ended December 31, 2020 - 372,628 shares for $3,576). b) Net income per share Year ended December 31, 2021 2020 Net income $ 51,408 $ 49,208 Interest from convertible debentures (after tax) 4,410 2,370 Diluted net income available to common shareholders $ 55,818 $ 51,578 Weighted-average number of common shares 28,325,489 28,165,130 Weighted-average effect of dilutive securities Dilutive effect of treasury shares 1,707,718 1,949,717 Dilutive effect of stock options 47,767 90,741 Dilutive effect of 5.00% convertible debentures 2,095,236 2,095,236 Dilutive effect of 5.50% convertible debentures 1,770,747 — Weighted-average number of diluted common shares 33,946,957 32,300,824 Basic net income per share $ 1.81 $ 1.75 Diluted net income per share $ 1.64 $ 1.60 For the year ended December 31, 2021, all securities were dilutive (year ended December 31, 2020, all securities were dilutive). On April 9, 2021, the Company commenced a normal course issuer bid ("NCIB") under which a maximum number of 2,000,000 common shares were authorized to be purchased. During the year ended December 31, 2021, the Company purchased and subsequently cancelled 37,000 shares under this NCIB, which resulted in a decrease of common shares of $300 and an increase to additional paid-in capital of $213. This NCIB will be terminated no later than April 8, 2022. During the year ended December 31, 2021, the Company completed the NCIB commenced on March 12, 2020 upon the purchases and cancellation of 1,076,903 common shares. The purchases resulted in a decrease to common shares of $8,679 and a decrease to additional paid-in capital of $7,327. This completed the NCIB with the maximum number of authorized common shares purchased. c) Dividends Date declared Per share Shareholders on record as of Paid or payable to shareholders Total paid or payable Q1 2020 February 18, 2020 $ 0.04 March 5, 2020 April 3, 2020 $ 1,023 Q2 2020 May 5, 2020 $ 0.04 May 29, 2020 July 3, 2020 $ 1,162 Q3 2020 July 28, 2020 $ 0.04 August 31, 2020 October 2, 2020 $ 1,156 Q4 2020 October 27, 2020 $ 0.04 November 30, 2020 January 8, 2021 $ 1,040 Q1 2021 February 16, 2021 $ 0.04 March 4, 2021 April 9, 2021 $ 1,123 Q2 2021 April 27, 2021 $ 0.04 May 28, 2021 July 9, 2021 $ 1,123 Q3 2021 July 27, 2021 $ 0.04 August 31, 2021 October 8, 2021 $ 1,137 Q4 2021 October 26, 2021 $ 0.04 November 30, 2021 January 7, 2022 $ 1,137 |
Interest expense, net
Interest expense, net | 12 Months Ended |
Dec. 31, 2021 | |
Interest Expense [Abstract] | |
Interest expense, net | Interest expense, net Year ended December 31, 2021 2020 Note 22 Credit Facility $ 6,559 $ 8,189 Convertible debentures 5,148 3,299 Finance lease obligations 2,260 3,176 Mortgage 1,350 999 Promissory notes 450 664 Financing obligations 1,562 1,265 Amortization of deferred financing costs 1,064 1,091 Other interest expense 701 154 Interest expense $ 19,094 $ 18,837 Other interest income (62) (181) $ 19,032 $ 18,656 |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation Stock-based compensation expenses included in general and administrative expenses are as follows: Year ended December 31, Note 2021 2020 Restricted share unit plan 19(a) $ 2,335 $ 1,991 Performance restricted share unit plan 19(b) 2,165 2,031 Deferred stock unit plan 19(c) 7,106 (2,078) $ 11,606 $ 1,944 a) Restricted share unit plan Restricted Share Units (“RSU”) are granted each year to executives and other key employees with respect to services to be provided in that year and the following two years. The majority of RSUs vest at the end of a three-year term. The Company settles RSUs with common shares purchased on the open market through a trust arrangement. Number of units Weighted-average exercise price Outstanding at December 31, 2019 650,077 9.35 Granted 298,142 8.55 Vested (269,484) 6.19 Forfeited (37,264) 8.81 Outstanding at December 31, 2020 641,471 10.34 Granted 144,383 19.97 Vested (220,116) 8.44 Forfeited (12,327) 13.01 Outstanding at December 31, 2021 553,411 13.55 At December 31, 2021, there were approximately $4,339 of unrecognized compensation costs related to non-vested share-based payment arrangements under the RSU plan (December 31, 2020 – $3,290) and these costs are expected to be recognized over the weighted-average remaining contractual life of the RSUs of 1.4 years (December 31, 2020 – 1.6 years). During the year ended December 31, 2021, 220,116 units vested, which were settled with common shares purchased through a trust arrangement (December 31, 2020 - 269,484 units vested and settled). b) Performance restricted share unit plan Performance Restricted Share Units ("PSU") are granted each year to senior management employees with respect to services to be provided in that year and the following two years. The PSUs vest at the end of a three-year term and are subject to performance criteria approved by the Human Resources and Compensation Committee at the grant date. The Company settles PSUs with common shares purchased through a trust arrangement. Number of units Weighted-average exercise price Outstanding at December 31, 2019 481,907 8.85 Granted 211,754 8.55 Vested (201,104) 8.51 Forfeited — — Outstanding at December 31, 2020 492,557 8.86 Granted 112,079 20.04 Vested (178,067) 8.24 Outstanding at December 31, 2021 426,569 12.06 At December 31, 2021, there were approximately $3,702 of total unrecognized compensation costs related to non–vested share–based payment arrangements under the PSU plan (December 31, 2020 - $3,405) and these costs are expected to be recognized over the weighted-average remaining contractual life of the PSUs of 1.5 years (December 31, 2020 - 1.6 years). During the year ended December 31, 2021, 178,067 units vested, which were settled with common shares purchased through a trust arrangement at a factor of 2.0 common shares per PSU based on performance against grant date criteria (December 31, 2020 - 201,104 units at a factor of 2.0 vested and settled). The Company estimated the fair value of the PSUs granted during the years ended December 31, 2021 and 2020 using a Monte Carlo simulation with the following assumptions: 2021 2020 Risk-free interest rate 0.65 % 0.30 % Expected volatility 50.96 % 48.71 % c) Director's deferred stock unit plan Prior to January 1, 2021, under the Company’s shareholding guidelines non-officer directors of the Company were required to receive at least 50% and up to 100% of their annual fixed remuneration in the form of DSUs, at their election. The shareholding guidelines were amended effective January 1, 2021 to require directors to take at least 60% of their annual fixed remuneration in the form of DSUs if they do not meet shareholding guidelines, and to take between 0% and 100% of their annual fixed remuneration in the form of DSUs if they do meet shareholding guidelines. In addition to directors, eligible executives can elect to receive up to 50% of their annual short term incentive plan compensation in the form of DSUs. The DSUs vest immediately upon issuance and are only redeemable upon departure, retirement or death of the participant. DSU holders that are not US taxpayers may elect to defer the redemption date until a date no later than December 1 of the calendar year following the year in which the departure, retirement or death occurred. Number of units Outstanding at December 31, 2019 901,045 Granted 114,020 Redeemed (9,562) Outstanding at December 31, 2020 1,005,503 Granted 66,265 Redeemed (139,124) Outstanding at December 31, 2021 932,644 At December 31, 2021, the fair market value of these units was $18.78 per unit (December 31, 2020 – $12.42 per unit). At December 31, 2021, the current portion of DSU liabilities of $nil was included in accrued liabilities (December 31, 2020 - $1,728) and the long-term portion of DSU liabilities of $17,515 was included in other long-term obligations (December 31, 2020 - $10,761) in the Consolidated Balance Sheets. During the year ended December 31, 2021, there were 139,124 units redeemed and settled in cash for $2,300 (December 31, 2020 - 9,562 units were redeemed and settled in cash for $103). There is no unrecognized compensation expense related to the DSUs since these awards vest immediately upon issuance. d) Share option plan Effective November 17, 2021, the Company terminated 2004 Amended and Restated Share Option Plan, which became effective in 2006. Under this plan, directors, officers, employees and certain service providers to the Company were eligible to receive stock options to acquire voting common shares in the Company. Each stock option provided the right to acquire one common share in the Company and expired ten years from the grant date or on termination of employment. There were no issued or outstanding options as at the date of termination. Number of options Weighted-average Outstanding at December 31, 2019 238,600 4.61 Exercised (i) (109,100) 4.91 Forfeited or expired (4,500) 10.13 Outstanding at December 31, 2020 125,000 4.16 Exercised (i) (125,000) 4.16 Outstanding at December 31, 2021 — — (i) All stock options exercised resulted in new common shares being issued (note 17(a)). Cash received from options exercised for the year ended December 31, 2021 was $519 (2020 - $537). For the year ended December 31, 2021, the total intrinsic value of options exercised, calculated as the market value at the exercise date less exercise price, multiplied by the number of units exercised, was $1,909 (December 31, 2020 - $535). |
Other information
Other information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Other information | Other information a) Supplemental cash flow information Year ended December 31, 2021 2020 Note 22 Cash paid during the year for: Interest $ 17,028 $ 18,518 Cash received during the year for: Interest 69 151 Non-cash transactions: Addition of property, plant and equipment by means of finance leases 19,198 27,882 Decrease to property, plant and equipment upon investment contribution to affiliates and joint ventures (362) (980) Increase in assets held for sale, offset by property, plant and equipment 9,281 6,903 Non-cash working capital exclusions: Net decrease in accounts receivable relating to other adjustments to investments in affiliates and joint ventures — (911) Net increase in inventory due to transfer from property, plant and equipment 437 — Net decrease in accrued liabilities related to conversion of bonus compensation to deferred stock units 223 294 Net decrease (increase) in accrued liabilities related to the current portion of deferred stock unit liability 1,725 (1,727) Net decrease (increase) in accrued liabilities related to dividend payable 33 (137) Non-cash working capital transactions related to acquisition of DGI: (note 12) Increase in accounts receivable 1,910 — Increase in inventory 13,713 — Increase in prepaid expenses 971 — Increase in accounts payable (3,591) — Increase in accrued liabilities (2,307) — b) Net change in non-cash working capital The table below represents the cash (used in) provided by non-cash working capital: Year ended December 31, 2021 2020 Note 22 Operating activities: Accounts receivable $ (30,646) $ 29,162 Contract assets (2,751) 12,086 Inventories (11,243) 2,476 Contract costs (704) (593) Prepaid expenses and deposits (735) (953) Accounts payable 31,232 (47,398) Accrued liabilities 13,681 338 Contract liabilities 1,837 1,489 $ 671 $ (3,393) |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesDuring the normal course of the Company's operations, various disputes, legal and tax matters are pending. In the opinion of management involving the use of significant judgement and estimates, these matters will not have a material effect on the Company's consolidated financial statements. |
Change in significant accountin
Change in significant accounting policy - Basis of presentation | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Change in significant accounting policy - Basis of presentation | Accounting pronouncements recently adopted a) Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations. The accounting standard update was issued to improve the accounting for acquired revenue contracts with customers in a business combination. This update requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 - Revenue from Contract with Customers. The adoption of this new standard did not have an impact to the consolidated financial statements. b) Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance. The accounting standard update was issued to increase the transparency of government assistance including the disclosure of 1) the type of assistance, 2) an entity's accounting for the assistance, and 3) the effect of the assistance on an entity's financial statements. The adoption of this new standard did not have a material impact to the consolidated financial statements. significant accounting policy - Basis of presentation The following tables summarize the effect of the change in accounting policy which updated the consolidation method of DNSS and MNALP from proportionate to equity method (note 2 (a)(i)). Consolidated Balance Sheets at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Assets Current assets 156,963 (9,784) 147,179 119,958 (681) 119,277 Non-current assets 727,175 (5,076) 722,099 718,970 816 719,786 Total assets $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Liabilities and shareholders' equity Current liabilities 168,635 (7,601) 161,034 109,198 286 109,484 Non-current liabilities 437,040 (7,259) 429,781 481,287 (151) 481,136 605,675 (14,860) 590,815 590,485 135 590,620 Shareholders' equity 278,463 — 278,463 248,443 — 248,443 Total liabilities and shareholders' equity $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Consolidated Statements of Operations and Comprehensive Income for December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Revenue $ 658,122 $ (3,979) $ 654,143 $ 500,374 $ (1,906) $ 498,468 Gross profit 93,927 (3,510) 90,417 94,382 (2,164) 92,218 Operating income 58,523 (3,395) 55,128 68,945 (1,823) 67,122 Equity earnings in affiliates and joint ventures (18,475) (3,385) (21,860) (5,942) (1,798) (7,740) Income before income taxes 60,693 — 60,693 60,472 — 60,472 Net income 51,408 — 51,408 49,208 — 49,208 Comprehensive income $ 51,410 $ — $ 51,410 $ 49,208 $ — $ 49,208 Consolidated Statements of Cash Flows for December 31, 2021 and 2020: December 31, 2021 December 30, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Operating activities 168,893 (3,713) 165,180 147,272 (722) 146,550 Investing activities (100,604) 1,335 (99,269) (113,573) 746 (112,827) Financing activities (92,547) (212) (92,759) 4,672 (156) 4,516 Decrease in cash (24,258) (2,590) (26,848) 38,371 (132) 38,239 Effect of exchange rate on changes in cash and cash equivalents 2 — 2 — — Cash, beginning of period 43,915 (468) 43,447 5,544 (336) 5,208 Cash, end of period $ 19,659 $ (3,058) $ 16,601 $ 43,915 $ (468) $ 43,447 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("US GAAP"). These consolidated financial statements include the accounts of the Company and its wholly-owned incorporated subsidiaries in Canada, the United States and Australia. All significant intercompany transactions and balances are eliminated upon consolidation. The Company also holds ownership interests in other corporations, partnerships and joint ventures. The Company consolidates variable interest entities (“VIE”) for which it is considered to be the primary beneficiary as well as voting interest entities in which it has a controlling financial interest as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and related standards. Investees and joint ventures over which the Company exercises significant influence are accounted for using the equity method and are included in “investments in affiliates and joint ventures” within the accompanying Consolidated balance sheets. i) Change in significant accounting policy - Basis of presentation Prior to July 1, 2021, the Company elected to apply the provision available to entities operating within the construction industry to apply proportionate consolidation to unincorporated entities that would otherwise be accounted for using the equity method. The Company elected to change this policy to account for these unincorporated entities using the equity method, resulting in a change to the consolidation method for Dene North Site Services ("DNSS") and Mikisew North American Limited Partnership ("MNALP"). This change allows for consistency in the presentation of the Company's investments in affiliates and joint ventures (note 11). |
Use of estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures reported in these consolidated financial statements and accompanying notes and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates and judgments made by management include: • the assessment of the percentage of completion on time-and-materials, unit-price, lump-sum and cost-plus contracts with defined scope (including estimated total costs and provisions for estimated losses) and the recognition of claims and change orders on revenue contracts; • the determination of whether an acquisition meets the definition of a business combination; • the fair value of the assets acquired and liabilities assumed as part of an acquisition; • the evaluation of whether the Company is a primary beneficiary of an entity or has a controlling interest in an investee and is required to consolidate it; • assumptions used in impairment testing; and • estimates and assumptions used in the determination of the allowance for credit losses, the recoverability of deferred tax assets and the useful lives of property, plant and equipment and intangible assets. The accuracy of the Company’s revenue and profit recognition in a given period is dependent on the accuracy of the estimates of the cost to complete each project. Cost estimates for all significant projects use a detailed “bottom up” approach and the Company believes its experience allows it to provide reasonably dependable estimates. There are a number of factors that can contribute to changes in estimates of contract costs and profitability that are recognized in the period in which such adjustments are determined. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with added scope changes; • extended overhead due to owner, weather and other delays; • subcontractor performance issues; • changes in economic indices used for the determination of escalation or de-escalation for contractual rates on long-term contracts; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid; • contract incentive and penalty provisions; • the availability and skill level of workers in the geographic location of the project; and • a change in the availability and proximity of equipment and materials. The foregoing factors as well as the mix of contracts at different margins may cause fluctuations in gross profit between periods. With many projects of varying levels of complexity and size in process at any given time, changes in estimates can offset each other without materially impacting the Company’s profitability. Major changes in cost estimates, particularly in larger, more complex projects, can have a significant effect on profitability. In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. Governments worldwide, including Canada, enacted emergency measures to combat the spread of the virus, including the implementation of travel bans, quarantine periods and social distancing. These factors created material disruptions to businesses globally, resulting in an economic slowdown. The situation continues to evolve while markets and economies have somewhat stabilized, with governments and industry implementing measures to mitigate the impacts of the pandemic. As populations in Canada and many other countries are being vaccinated, governments have loosened emergency measures. Should the pandemic worsen, the Company could be subject to additional or continued adverse impacts including, but not limited to, restrictions or limitations on the ability of employees, contractors, suppliers and customers to conduct business due to quarantines, closures or travel restrictions, including the potential for deferral or cessation of ongoing or planned projects. The ultimate duration and magnitude of these impacts on the economy and the financial effect on the Company is not known. Estimates and judgments made by management in the preparation of these financial statements are difficult and subject to a higher degree of measurement uncertainty during this period. Management continues to monitor the situation and has taken steps to mitigate the likelihood of occurrence of the events described above. |
Revenue recognition | Revenue recognitionThe Company's revenue source falls into one of three categories: construction services, operations support, or equipment and component sales. Construction services are related to mine development or expansion projects and are generally funded from customers' capital budgets. The Company provides construction services under lump-sum, unit-price, time-and materials and cost-plus contracts. When the commercial terms are lump-sum and unit-price, the contract scope and value is typically defined. Time-and-materials and cost-plus contracts are generally undefined in scope and total price. Operations support services revenue is mainly generated under long-term site-services agreements with the customers (master service agreement and multiple use contracts). These agreements clearly define whether commitment to volume or scope of services over the life of the contract is included or excluded. When excluded, work under the agreement is awarded through shorter-term work authorizations under the general terms of the agreement. The Company generally provides operations support services under either time-and-materials or unit-price contra cts depending on factors such as the degree of complexity, the completeness of engineering and the required schedule. Equipment and component sales revenue is generated from our equipment maintenance and rebuild activities, along with our mining component supplier business. The commercial terms for equipment and component sales are generally lump-sum, unit-price, or time-and-materials . Significant estimates are required in the revenue recognition process including assessment of the percentage of completion, identification of performance obligations, and estimation of variable consideration, including the extent of any constraints. The Company’s invoicing frequency and payment terms are in accordance with negotiated customer contracts. Customer invoicing can range between daily and monthly and payment terms generally range between net 15 and net 60 days. The Company does not typically include extended payment terms in its contracts with customers. Under these payment terms, the customer pays progress payments based on actual work or milestones completed. When payment terms do not align with revenue recognition, the variance is recorded to either contract liabilities or contract assets, as appropriate. Customer contracts do not generally include a significant financing component because the Company does not expect the period between customer payment and transfer of control to exceed one year. The Company does not adjust consideration for the effects of a significant financing component if the period of time between the transfer of control and the customer payment is less than one year. The Company accounts for a contract when it has approval and commitments from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. Each contract is evaluated to determine if it includes more than one performance obligation. This evaluation requires significant judgement and the determination that the contract contains more than one performance obligation could change the amount of revenue and profit recorded in a given period. The majority of the Company's contracts with defined scope include one significant integrated service, where the Company is responsible for ensuring the individual goods and services are incorporated into one combined output. Such contracts are accounted for as one performance obligation. When more than one distinct good or service is contracted, the contract is separated into more than one performance obligation and the total transaction price is allocated to each performance obligation based upon stand-alone selling prices. When a stand-alone selling price is not observable, it is estimated using a suitable method. The total transaction price can be comprised of fixed consideration and variable consideration, such as profit incentives, discounts and performance bonuses or penalties. When a contract includes variable consideration, the amount included in the total transaction price is based on the expected value or the mostly likely amount, constrained to an amount that it is probable a significant reversal will not occur. Significant judgement is involved in determining if a variable consideration amount should be constrained. In applying this constraint, the Company considers both the likelihood of a revenue reversal arising from an uncertain future event and the magnitude of the revenue reversal if the uncertain event were to occur or fail to occur. The following circumstances are considered to be possible indicators of significant revenue reversals: • The amount of consideration is highly susceptible to factors outside the Company’s influence, such as judgement of actions of third parties and weather conditions; • The length of time between the recognition of revenue and the expected resolution; • The Company’s experience with similar circumstances and similar customers, specifically when such items have predictive value; • The Company’s history of resolution and whether that resolution includes price concessions or changing payment terms; and • The range of possible consideration amounts. The Company's performance obligations for construction services and operations support are typically satisfied by transferring control over time, for which revenue is recognized using the percentage of completion method, measured by the ratio of costs incurred to date to estimated total costs. For defined scope contracts, the cost-to-cost method faithfully depicts the Company’s performance because the transfer of the asset to the customer occurs as costs are incurred. The costs of items that do not relate to the performance obligation, particularly in the early stages of the contract, are excluded from costs incurred to date. Pre-construction activities, such as mobilization and site setup, are recognized as contract costs on the Consolidated Balance Sheets and amortized over the life of the project. These costs are excluded from the cost-to- cos t calculation. Equipment and component sales are typically satisfied at a point in time, and revenue is recognized when control of the completed asset has been transferred to the customer, along with the cost of goods sold (project costs). The Company has elected to apply the ‘as-invoiced’ practical expedient to recognize revenue in the amount to which the Company has a right to invoice for all contracts in which the value of the performance completed to date directly corresponds with the right to consideration. This will be applied to all contracts, where applicable, and the majority of undefined scope work is expected to use this practical expedient. The length of the Company’s contracts varies from less than one year for typical contracts to several years for certain larger contracts. Project costs include all direct labour, material, subcontract and equipment costs and those indirect costs related to contract performance such as indirect labour and supplies. General and administrative expenses are charged to expenses as incurred. If a loss is estimated on an uncompleted contract, a provision is made in the period in which such losses are determined. Changes in project performance, project conditions, and estimated profitability, including those arising from profit incentives, penalty provisions and final contract settlements, may result in revisions to costs and revenue that are recognized in the period in which such adjustments are determined. Once a project is underway, the Company will often experience changes in conditions, client requirements, specifications, designs, materials and work schedules. Generally, a “change order” will be negotiated with the customer to modify the original contract to approve both the scope and price of the change. Occasionally, disagreements arise regarding changes, their nature, measurement, timing and other characteristics that impact costs and revenue under the contract. When a change becomes a point of dispute between the Company and a customer, the Company will assess the legal enforceability of the change to determine if a contract modification exists. The Company considers a contract modification to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most contract modifications are for goods and services that are not distinct from the existing contract due to the integrated services provided in the context of the contract and are accounted for as part of the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. If a contract modification is approved in scope and not price, the associated revenue is treated as variable consideration, subject to constraint. This can lead to a situation where costs are recognized in one period and revenue is recognized when customer agreement is obtained or claim resolution occurs, which can be in subsequent periods. In certain instances, the Company’s long-term contracts allow its customers to unilaterally reduce or eliminate scope of work without cause. These instances represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Revenue is measured based on consideration specified in the customer contract, and excludes any amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specified revenue producing transaction, that are collected by the Company for a customer, are excluded from revenue. g) Contract costs The Company occasionally incurs costs to obtain contracts (reimbursable bid costs) and to fulfill contracts (fulfillment costs). If these costs meet certain criteria, they are capitalized as contract costs, included within other assets on the Consolidated Balance Sheets. Capitalized costs are amortized based on the transfer of goods or services to which the assets relate and are included in project costs. Reimbursable bid costs meet the criteria for capitalization when these costs will be reimbursed by the owner regardless of the outcome of the bid. Generally, this occurs when the Company has been selected as the preferred bidder for a project. The Company recognizes reimbursable bid costs an expense when incurred if the amortization period of the asset that the entity would have otherwise recognized is one year or less. Costs to fulfill a contract meet the criteria for capitalization if they relate directly to a specifically identifiable contract, they generate or enhance resources that will be used to satisfy future performance obligations and if the costs are expected to be recovered. The costs that meet this criterion are often mobilization and site set-up costs. Contract costs are recorded within other assets on the Consolidated Balance Sheets. h) Remaining performance obligations Remaining performance obligation represents the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Certain of the Company's long-term contracts can allow customers to unilaterally reduce or eliminate the scope of the contracted work without cause. These long-term contracts represent higher risk due to uncertainty of total contract value and estimated costs to complete; therefore, potentially impacting revenue recognition in future periods. Excluded from this disclosure are amounts where the Company recognizes revenue as-invoiced (note 6(c)). Remaining performance obligations are recorded within contract assets and contract liabilities on the Consolidated Balance Sheets. i) Contract liabilities Contract liabilities consist of advance payments and billings in excess of costs incurred and estimated earnings on uncompleted contracts. |
Balance sheet classifications | Balance sheet classificationsA one-year time period is typically used as the basis for classifying current assets and liabilities. However, there is a possibility that amounts receivable and payable under construction contracts (principally holdbacks) may extend beyond one year. |
Cash | CashCash includes cash on hand and bank balances net of outstanding cheques. |
Accounts receivable and contract assets | Accounts receivable and contract assets Accounts receivable are recorded when the Company has an unconditional right to consideration arising from performance of contracts with customers. Accounts receivable may be comprised of amounts billed to customers and amounts that have been earned but have not yet been billed. Such unbilled but earned amounts generally arise when a billing period ends subsequent to the end of the reporting period. When this occurs, revenue equal to the earned and unbilled amount is accrued. Such accruals are classified as accounts receivable on the balance sheet, even though they are not yet billed, as they represent consideration for work that has been completed prior to the period end where the Company has an unconditional right to consideration. Contract assets include unbilled amounts representing revenue recognized from work performed where the Company does not yet have an unconditional right to compensation. These balances generally relate to (i) revenue accruals on contracts where the percentage of completion method of revenue recognition requires an accrual over what has been billed and (ii) revenue recognized from variable consideration related to unpriced contract modifications. The Company records allowance for credit losses using the expected credit loss model upon the initial recognition of financial assets. The estimate of expected credit loss considers historical credit loss information that is adjusted for current economic and credit conditions. Bad debt expense is charged to project costs in the Consolidated Statements of Operations and Comprehensive Income in the period the allowance is recognized. The counterparties to the majority of the Company's financial assets are major oil producers with a long history of no credit losses. |
Inventories | InventoriesInventories are carried at the lower of cost and net realizable value, and consist primarily of repair parts, parts and components held for resale, tires and track frames, fuel and lubricants, and customer rebuild work in progress. Cost is determined using the weighted-average method. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are recorded at cost. Equipment under finance lease is recorded at the present value of minimum lease payments at the inception of the lease. Major components of heavy construction equipment in use such as engines and drive trains are recorded separately. The capitalized interest is amortized at the same rate as the respective asset. Depreciation is not recorded until an asset is available for use. Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 70,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation The costs for periodic repairs and maintenance are expensed to the extent the expenditures serve only to restore the assets to their normal operating condition without enhancing their service potential or extending their useful lives. |
Goodwill | Goodwill Goodwill represents the excess of consideration over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in a business combination. Goodwill is reviewed annually on October 1 st for impairment or more frequently when there is an indication of potential impairment. Impairment is tested at the reporting unit level by comparing the reporting unit's carrying amount to its fair value. The process of determining fair values is subjective and requires management to exercise judgment in making assumptions about future results, including revenue and cash flow projections and discount rates. The annual test was performed on the acquired goodwill with no impairment identified. |
Intangible assets | Intangible assets Acquired intangible assets with finite lives are recorded at historical cost net of accumulated amortization and accumulated impairment losses, if any. The cost of intangible assets acquired in an asset acquisition are recorded at cost based upon relative fair value as at the acquisition date. Costs incurred to increase the future benefit of intangible assets are capitalized. Intangible assets are recorded with goodwill on the Consolidated Balance Sheets. Intangible assets with definite lives are amortized over their estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at the end of each reporting period. Estimated useful lives of definite lived intangible assets and corresponding amortization method are: Assets Basis Rate Internal-use software Straight-line 4 years Customer relationship Straight-line 4 years |
Impairment of long-lived assets | Impairment of long-lived assetsLong-lived assets or asset groups held and used including property, plant and equipment and identifiable intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of an asset or group of assets is less than its carrying amount, it is considered to be impaired. The Company measures the impairment loss as the amount by which the carrying amount of the asset or group of assets exceeds its fair value, which is charged to the Consolidated Statements of Operations and Comprehensive Income. In determining whether an impairment exists, the Company makes assumptions about the future cash flows expected from the use of its long-lived assets, such as: applicable industry performance and prospects; general business and economic conditions that prevail and are expected to prevail; expected growth; maintaining its customer base; and, achieving cost reductions. There can be no assurance that expected future cash flows will be realized, or will be sufficient to recover the carrying amount of long-lived assets. Furthermore, the process of determining fair values is subjective and requires management to exercise judgment in making assumptions about future results, including revenue and cash flow projections and discount rates.At each reporting period, the Company reviews the carrying value of its long-lived assets for indications of impairment. |
Assets held for sale | Assets held for sale Long-lived assets are classified as held for sale when certain criteria are met, which include: • management, having the authority to approve the action, commits to a plan to sell the assets; • the assets are available for immediate sale in their present condition; • an active program to locate buyers and other actions to sell the assets have been initiated; • the sale of the assets is probable and their transfer is expected to qualify for recognition as a completed sale within one year; • the assets are being actively marketed at reasonable prices in relation to their fair value; and • it is unlikely that significant changes will be made to the plan to sell the assets or that the plan will be withdrawn. Assets to be disposed of by sale are reported at the lower of their carrying amount or estimated fair value less costs to sell and are disclosed separately on the Consolidated Balance Sheets. These assets are not depreciated. |
Foreign currency translation | Foreign currency translation The functional currency of the Company and the majority of its subsidiaries is Canadian Dollars. Transactions recorded within these subsidiaries that are denominated in foreign currencies are recorded at the rate of exchange on the transaction date. Monetary assets and liabilities within these subsidiaries denominated in foreign currencies are translated into Canadian Dollars at the rate of exchange prevailing at the balance sheet date. The resulting foreign exchange gains and losses are included in the determination of earnings and included within general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Accounts of the Company's Australia-based subsidiary, which has an Australian Dollar functional currency and US- based subsidiaries, which have US Dollar functional currency are translated into Canadian Dollars using the current rate method. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date, and revenue and expense items are translated at the average rate of exchange for the period. The resulting unrealized exchange gains and losses from these translation adjustments are included as a separate component of shareholders’ equity in Accumulated Other Comprehensive Income. The effect of exchange rate changes on cash |
Fair value measurement | Fair value measurementFair value measurements are categorized using a valuation hierarchy for disclosure of the inputs used to measure fair value, which prioritizes the inputs into three broad levels. Fair values included in Level 1 are determined by reference to quoted prices in active markets for identical assets and liabilities. Fair values included in Level 2 include valuations using inputs based on observable market data, either directly or indirectly other than the quoted prices. Level 3 valuations are based on inputs that are not based on observable market data. The classification of a fair value within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. |
Income taxes | Income taxesThe Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period of enactment. A valuation allowance is recorded against any deferred tax asset if it is more likely than not that the asset will not be realized.The Company recognizes the effect of income tax positions only if those positions are more likely than not (greater than 50%) of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgement occurs. The Company accrues interest and penalties for uncertain tax positions in the period in which these uncertainties are identified. Interest and penalties are included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. |
Stock-based compensation | Stock-based compensation The Company has a Restricted Share Unit (“RSU”) Plan which is described in note 19(a). RSUs are generally granted effective July 1 of each fiscal year with respect to services to be provided in that fiscal year and the following two The Company has a Performance Restricted Share Unit ("PSU") plan which is described in note 19(b). The PSUs vest at the end of a three-year term and are subject to the performance criteria approved by the Human Resources and Compensation Committee at the date of the grant. Such performance criterion includes the passage of time and is based upon the improvement of total shareholder return ("TSR") as compared to a defined company Canadian peer group. TSR is calculated using the fair market values of voting common shares at the grant date, the fair market value of voting common shares at the vesting date and the total dividends declared and paid throughout the vesting period. The grants are measured at fair value on the grant date using a Monte Carlo model. At the maturity date, the Human Resources and Compensation Committee will assess actual performance against the performance criteria and determine the number of PSUs that have been earned. The Company intends to settle all PSUs with common shares purchased on the open market through a trust arrangement. The Company recognizes compensation cost over the three-year term of the PSU in the Consolidated Statements of Operations and Comprehensive Income, with a corresponding increase to additional paid-in capital. The Company has a Deferred Stock Unit (“DSU”) Plan which is described in note 19(c). The DSU plan enables directors and executives to receive all or a portion of their annual fee or annual executive bonus compensation in the form of DSUs and are settled in cash. Compensation expense is calculated based on the number of DSUs multiplied by the fair market value of each DSU as determined by the volume weighted-average trading price of the Company’s common shares for the 5 trading days immediately preceding the day on which the fair market value is to be determined, with any changes in fair value recognized in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Compensation costs related to DSUs are recognized in full upon the grant date as the units vest immediately. When dividends are paid on common shares, additional dividend equivalent DSUs are granted to all DSU holders as of the dividend payment date. The number of additional DSUs to be granted is determined by multiplying the dividend payment per common share by the number of outstanding DSUs, divided by the fair market value of the Company's common shares on the dividend payment date. Such additional DSUs are granted subject to the same service criteria as the underlying DSUs. The Company had a Share Option Plan which is described in note 19(d). Effective November 17, 2021, this plan was terminated. The Company accounts for all stock-based compensation payments that are settled by the issuance of equity instruments at fair value. Compensation cost is measured using the Black-Scholes model at the grant date and is expensed on a straight-line basis over the award’s vesting period, with a corresponding increase to additional paid-in capital. Upon exercise of a stock option, share capital is recorded at the sum of proceeds received and the related amount of additional paid-in capital. As stock-based compensation expense recognized in the Consolidated Statements of Operations and Comprehensive Income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimated. |
Net income per share | Net income per share Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period (see note 17(b)). Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the year, adjusted for dilutive share amounts. The diluted per share amounts are calculated using the treasury stock method and the if-converted method. |
Leases | Leases For lessee accounting, the Company determines whether a contract is or contains a lease at inception of the contract. At the lease commencement date, the Company recognizes a right-of-use ("ROU") asset and a lease liability. The ROU asset for operating and finance leases are included in operating lease right-of-use assets and property, plant and equipment, respectively, on the Consolidated Balance Sheets. The lease liability for operating and finance leases are included in operating lease liabilities and finance lease obligations, respectively. Operating and finance lease assets and liabilities are initially measured at the present value of lease payments at the commencement date. Subsequently, finance lease liabilities are measured at amortized cost using the effective interest rate method and operating lease liabilities are measured at the present value of unpaid lease payments. As most of the Company’s operating lease contracts do not provide the implicit interest rate, nor can the implicit interest rate be readily determined, the Company uses its incremental borrowing rate as the discount rate for determining the present value of lease payments. The Company's incremental borrowing rate for a lease is the rate that the Company would pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the lease implicit interest rate when it is determinable. The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any period covered by options to extend (or not to terminate) the lease term when it is reasonably certain that the Company will exercise that option. Lease payments are comprised of fixed payments owed over the lease term and the exercise price of a purchase option if the Company is reasonably certain to exercise the option. The ROU assets for both operating and finance leases are initially measured at cost, which consists of the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. Subsequently, the ROU assets for finance leases are amortized on a straight-line basis from the lease commencement date to the earlier of the end of its useful life or the end of the lease term. For finance leases, ROU asset depreciation expense is recognized and presented separately from interest expense on the lease liability through depreciation and interest expense, net, respectively. The ROU asset for operating leases is measured at the amortized value of the ROU asset. For operating leases, amortization of the ROU asset is calculated as the current-period lease cost adjusted by the lease liability accretion to the then outstanding lease balance. Lease expense of the operating lease ROU asset is recognized on a straight-line basis over the remaining lease term through general and administrative expenses. ROU assets for operating and finance leases are reduced by any accumulated impairment losses. The Company's existing accounting policy for impairment of long-lived assets is applied to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to be recognized. The Company monitors for events or changes in circumstances that require a reassessment of one or more of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset. The Company generally accounts for contracts with lease and non-lease components separately. This involves allocating the consideration in the contract to the lease and non-lease components based on each component’s relative standalone price. For certain leases, the Company has elected to apply the practical expedient to account for the lease and non-lease components together as a single lease component. Non-lease components include common area maintenance and machine maintenance. For those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. ROU assets and lease liabilities for all leases that have a lease term of 12 months or less ("short-term leases") are not recognized. The Company recognizes its short-term lease payments as an expense on a straight-line basis over the lease term. Short-term lease variable payments are recognized in the period in which the payment is assessed. For lessor accounting, the Company entered into contracts to sublease certain operating property leases to third parties and generally accounts for lease and non-lease components of subleases separately. The Company also entered into agreements as a lessor for equipment leases. If any of the following criteria are met, the Company classifies the lease as a sales-type lease: • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease; • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. • The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of these criteria are met, the Company classifies the lease as an operating lease unless both of the following criteria are met, in which case the Company records the lease as a direct financing lease: • The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments and/or any other third party unrelated to the lessor equals or exceeds substantially all of the fair value of the underlying asset. • It is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. For sales-type leases, the Company recognizes the net investment in the lease, and derecognizes the underlying asset on the Consolidated Balance Sheets. The interest income over the lease term is recognized in the Consolidated Statements of Operations and Comprehensive Income, with cash received from leases classified as operating cash flows in the Consolidated Statements of Cash Flows. The difference between the cash received from leases and the interest income is the reduction of the initial net investment. The net investment at the end of the lease term will equate to the estimated residual value at lease inception. For operating leases, the Company |
Deferred financing costs | Deferred financing costsUnderwriting, legal and other direct costs incurred in connection with the issuance of debt are presented as deferred financing costs. Deferred financing costs related to the mortgage and the issuance of Convertible Debentures are included within liabilities on the Consolidated Balance Sheets and are amortized using the effective interest rate method over the term to maturity. Deferred financing costs related to revolving facilities under the credit facilities are included within other assets on the Consolidated Balance Sheets and are amortized ratably over the term of the Credit Facility. |
Investments in affiliates and joint ventures | Investments in affiliates and joint ventures Upon inception or acquisition of a contractual agreement, the Company performs an assessment to determine whether the arrangement contains a variable interest in a legal entity and whether that legal entity is a variable interest entity ("VIE"). Where it is concluded that the Company is the primary beneficiary of a VIE, the Company will consolidate the accounts of that VIE. Other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties. The Company assesses the primary beneficiary determination for a VIE on an ongoing basis as changes occur in the facts and circumstances related to a VIE. If an entity is determined not to be a VIE, the voting interest entity model will be applied. The maximum exposure to loss as a result of involvement with the VIE is the Company’s share of the investee’s net assets. The Company utilizes the equity method to account for its interests in affiliates and joint ventures that the Company does not control but over which it exerts significant influence. The equity method is typically used when it has an ownership interest of between 15% and 50% in an entity, provided the Company is able to exercise significant influence over the investee’s operations. Significant influence is the power to participate in the financial and operating policy decisions of the investee. Under the equity method, the investment in an affiliate or a joint venture is initially recognized at cost. Transaction costs that are incremental and directly attributable to the investment in the affiliate or joint venture are included in the cost. The total initial cost of the investment is attributable to the net assets in the equity investee at fair value and additional assets acquired including intangible assets. The carrying amount of investment is adjusted to recognize changes in the Company’s share of net assets of the affiliate or joint venture since the acquisition date. The aggregate of the Company’s share of profit or loss of affiliates and joint ventures is shown on the face of the Consolidated Statements of Operations and Comprehensive Income, representing profit or loss after in the subsidiaries of the affiliate or joint venture. Transactions between the Company and the affiliate or joint venture are eliminated to the extent of the interest in the affiliate or joint venture. When the Company earns revenue on downstream sales to affiliate or joint ventures, it eliminates its proportionate share of profit through revenue and project or equipment costs. After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its affiliate or joint venture. At each reporting date, the Company determines whether there is objective evidence that the investment in the affiliate or joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within "equity earnings in affiliates and joint ventures" in the Consolidated Statements of Operations and Comprehensive Income. Upon loss of significant influence over the associate or joint control over the joint venture, the Company measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in the Consolidated Statements of Operations and Comprehensive Income. |
Government assistance | Government assistanceThe Company may receive compensation from government-funded assistance, which provides compensation for expenses incurred. These amounts are recognized in the Consolidated Statements of Operations and Comprehensive Income on a systematic basis in the periods in which the expenses are recognized. These amounts are presented as a reduction to the related expense. |
Derivative instruments | Derivative instrumentsThe Company may periodically use derivative financial instruments to manage financial risks from fluctuations in share prices. These instruments included swap agreements related to the conversion of convertible debentures. Such instruments were only used for risk management purposes. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. Derivative financial instruments are subject to standard terms and conditions, financial controls, management and risk monitoring procedures including Board approval for all significant transactions. These derivative financial instruments were not designated as hedges for accounting purposes and were recorded at fair value with realized and unrealized gains and losses recognized in the Consolidated Statements of Operations and Comprehensive Income. |
Business combinations | Business combinationsBusiness combinations are accounted for using the acquisition method. Assets acquired and liabilities assumed are recorded at the acquisition date at their fair values. The Company measures goodwill as the excess of the total cost of acquisition over the fair value of identifiable net assets of an acquired business at the acquisition date. Any contingent consideration payable is recognized at fair value at the acquisition date. The current portion of the consideration payable is recorded in accrued liabilities and long-term portion is recorded in other long-term obligations on the Consolidated Balance Sheets, with any subsequent changes to fair value recorded in other income in Consolidated Statement of Operations and Comprehensive Income. Acquisition-related costs are expensed when incurred in general and administrative charges. |
Accounting pronouncements recently adopted and not yet adopted | Accounting pronouncements recently adopted a) Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations. The accounting standard update was issued to improve the accounting for acquired revenue contracts with customers in a business combination. This update requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 - Revenue from Contract with Customers. The adoption of this new standard did not have an impact to the consolidated financial statements. b) Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance. The accounting standard update was issued to increase the transparency of government assistance including the disclosure of 1) the type of assistance, 2) an entity's accounting for the assistance, and 3) the effect of the assistance on an entity's financial statements. The adoption of this new standard did not have a material impact to the consolidated financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of depreciation of property, plant and equipment | Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 70,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation December 31, 2021 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 353,037 $ 105,686 $ 247,351 Major component parts in use 343,048 131,157 211,891 Other equipment 45,096 30,633 14,463 Licensed motor vehicles 15,113 10,838 4,275 Office and computer equipment 7,002 4,891 2,111 Buildings 29,406 3,748 25,658 Capital inventory 24,605 — 24,605 Land 10,472 — 10,472 827,779 286,953 540,826 Assets under finance lease Heavy equipment 92,690 28,504 64,186 Major component parts in use 52,679 21,996 30,683 Other equipment 4,633 1,281 3,352 Licensed motor vehicles 2,674 771 1,903 152,676 52,552 100,124 Total property, plant and equipment $ 980,455 $ 339,505 $ 640,950 December 31, 2020 Cost Accumulated Net Book Value Note 22 Owned assets Heavy equipment $ 351,842 $ 102,469 $ 249,373 Major component parts in use 304,205 111,583 192,622 Other equipment 41,784 26,918 14,866 Licensed motor vehicles 15,747 10,370 5,377 Office and computer equipment 6,337 4,137 2,200 Buildings 22,582 3,040 19,542 Capital inventory 21,817 — 21,817 Land 10,472 — 10,472 774,786 258,517 516,269 Assets under finance lease Heavy equipment 97,871 25,454 72,417 Major component parts in use 52,798 16,264 36,534 Other equipment 5,287 966 4,321 Licensed motor vehicles 3,629 960 2,669 159,585 43,644 115,941 Total property, plant and equipment $ 934,371 $ 302,161 $ 632,210 |
Schedule of useful lives of definite lived intangible assets | Estimated useful lives of definite lived intangible assets and corresponding amortization method are: Assets Basis Rate Internal-use software Straight-line 4 years Customer relationship Straight-line 4 years |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of accounts receivable | Note December 31, 2021 December 31, 2020 Note 22 Trade 11 $ 51,774 $ 23,637 Holdbacks 380 64 Accrued trade receivables 12,266 8,415 Contract receivables $ 64,420 $ 32,116 Other 4,367 4,115 $ 68,787 $ 36,231 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of revenue | Year ended December 31, 2021 2020 Note 22 Revenue by source Operations support services $ 600,308 $ 486,926 Equipment and component sales 28,603 4,625 Construction services 25,232 6,917 $ 654,143 $ 498,468 By commercial terms Time-and-materials $ 388,998 $ 262,429 Unit-price 253,840 225,186 Lump-sum 11,305 10,853 $ 654,143 $ 498,468 Revenue recognition method As-invoiced $ 407,496 $ 335,927 Cost-to-cost percent complete 218,044 157,916 Point-in-time 28,603 4,625 $ 654,143 $ 498,468 |
Schedule of Contract balances | Contract assets: Year ended December 31, 2021 2020 Note 22 Balance, beginning of year $ 7,008 $ 19,094 Transferred to receivables from contract assets recognized at the beginning of the period (7,008) (19,094) Increases as a result of changes to the estimate of the stage of completion, excluding amounts transferred in the period 8,838 5,805 Increases as a result of work completed, but not yet an unconditional right to consideration 921 1,203 Balance, end of year $ 9,759 $ 7,008 Contract liabilities: Year ended December 31, 2021 2020 Note 22 Balance, beginning of year $ 1,512 $ 23 Revenue recognized that was included in the contract liability balance at the beginning of the period (899) (23) Increases due to cash received, excluding amounts recognized as revenue during the period 2,736 1,512 Balance, end of year $ 3,349 $ 1,512 The following table provides information about revenue recognized from performance obligations that were satisfied (or partially satisfied) in previous periods: Year ended December 31, 2021 2020 Revenue recognized $ 3,572 $ 1,403 |
Schedule remaining performance obligations | For the year ended December 31, 2022 $ 116,352 2023 10,500 2024 8,362 2025 6,226 $ 141,440 |
Schedule of contract costs | The following table summarizes contract costs included within other assets on the Consolidated Balance Sheets. December 31, December 31, 2020 Fulfillment costs $ 2,673 $ 1,432 Reimbursable bid costs — 537 $ 2,673 $ 1,969 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of major classes of inventory | The following table summarizes the Company's major classes of inventory: December 31, December 31, 2020 Note 22 Repair parts $ 19,519 $ 14,684 Parts, equipment and components held for resale 15,858 — Tires and track frames 2,617 2,546 Fuel and lubricants 1,832 1,921 Customer rebuild work in process 4,718 — $ 44,544 $ 19,151 |
Long term debt (Tables)
Long term debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | Note December 31, 2021 December 31, 2020 Note 22 Credit Facility 8(a) $ 110,000 $ 220,000 Convertible debentures 8(b) 129,750 55,000 Mortgages 8(e) 30,000 21,206 Financing obligations 8(c) 47,945 50,923 Promissory notes 8(d) 13,210 12,726 Unamortized deferred financing costs 8(f) (5,178) (2,196) $ 325,727 $ 357,659 Less: current portion of long-term debt (19,693) (16,263) $ 306,034 $ 341,396 December 31, 2021 December 31, 2020 Cost $ 6,351 $ 2,784 Accumulated amortization 1,173 588 $ 5,178 $ 2,196 |
Schedule of convertible debt | b) Convertible debentures December 31, December 31, 2020 5.50% convertible debentures $ 74,750 $ — 5.00% convertible debentures 55,000 55,000 $ 129,750 $ 55,000 The terms of the convertible debentures are summarized as follows: Date of issuance Maturity Conversion price Share equivalence per $1000 debenture Debt issuance costs 5.50% convertible debentures June 1, 2021 June 30, 2028 $ 24.75 $ 40.4040 $ 3,531 5.00% convertible debentures March 20, 2019 March 31, 2026 $ 26.25 $ 38.0952 $ 2,691 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Depreciation is calculated based on the cost, net of the estimated residual value, over the estimated useful life of the assets on the following bases and rates: Assets Basis Rate Heavy equipment Units of production 3,000 - 120,000 hours Major component parts in use Units of production 2,500 - 70,000 hours Other equipment Straight-line 5 - 10 years Licensed motor vehicles Straight-line 5 - 10 years Office and computer equipment Straight-line 4 - 10 years Furnishings, fixtures and facilities Straight-line 10 - 30 years Buildings Straight-line 10 - 50 years Leasehold improvements Straight-line Over shorter of estimated useful life and lease term Land No depreciation No depreciation December 31, 2021 Cost Accumulated Net Book Value Owned assets Heavy equipment $ 353,037 $ 105,686 $ 247,351 Major component parts in use 343,048 131,157 211,891 Other equipment 45,096 30,633 14,463 Licensed motor vehicles 15,113 10,838 4,275 Office and computer equipment 7,002 4,891 2,111 Buildings 29,406 3,748 25,658 Capital inventory 24,605 — 24,605 Land 10,472 — 10,472 827,779 286,953 540,826 Assets under finance lease Heavy equipment 92,690 28,504 64,186 Major component parts in use 52,679 21,996 30,683 Other equipment 4,633 1,281 3,352 Licensed motor vehicles 2,674 771 1,903 152,676 52,552 100,124 Total property, plant and equipment $ 980,455 $ 339,505 $ 640,950 December 31, 2020 Cost Accumulated Net Book Value Note 22 Owned assets Heavy equipment $ 351,842 $ 102,469 $ 249,373 Major component parts in use 304,205 111,583 192,622 Other equipment 41,784 26,918 14,866 Licensed motor vehicles 15,747 10,370 5,377 Office and computer equipment 6,337 4,137 2,200 Buildings 22,582 3,040 19,542 Capital inventory 21,817 — 21,817 Land 10,472 — 10,472 774,786 258,517 516,269 Assets under finance lease Heavy equipment 97,871 25,454 72,417 Major component parts in use 52,798 16,264 36,534 Other equipment 5,287 966 4,321 Licensed motor vehicles 3,629 960 2,669 159,585 43,644 115,941 Total property, plant and equipment $ 934,371 $ 302,161 $ 632,210 |
Finance and operating leases (T
Finance and operating leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of future minimum lease payments for operating leases | The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2021 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2022 $ 26,398 $ 3,845 $ 5,497 2023 18,272 2,581 4,355 2024 9,743 1,371 493 2025 1,448 1,429 — 2026 and thereafter 1,148 8,902 — Total minimum lease payments $ 57,009 $ 18,128 $ 10,345 Less: amount representing interest (2,288) (3,350) Carrying amount of minimum lease payments $ 54,721 $ 14,778 Less: current portion of leases (25,035) (3,317) $ 29,686 $ 11,461 |
Schedule of future minimum lease payments for finance leases | The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2021 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2022 $ 26,398 $ 3,845 $ 5,497 2023 18,272 2,581 4,355 2024 9,743 1,371 493 2025 1,448 1,429 — 2026 and thereafter 1,148 8,902 — Total minimum lease payments $ 57,009 $ 18,128 $ 10,345 Less: amount representing interest (2,288) (3,350) Carrying amount of minimum lease payments $ 54,721 $ 14,778 Less: current portion of leases (25,035) (3,317) $ 29,686 $ 11,461 |
Schedule of future minimum lease payments for lessor operating leases | The future minimum lease payments and receipts from non-cancellable operating leases as at December 31, 2021 for the periods shown are as follows: Payments Receipts For the year ending December 31, Finance Leases Operating Leases Operating leases 2022 $ 26,398 $ 3,845 $ 5,497 2023 18,272 2,581 4,355 2024 9,743 1,371 493 2025 1,448 1,429 — 2026 and thereafter 1,148 8,902 — Total minimum lease payments $ 57,009 $ 18,128 $ 10,345 Less: amount representing interest (2,288) (3,350) Carrying amount of minimum lease payments $ 54,721 $ 14,778 Less: current portion of leases (25,035) (3,317) $ 29,686 $ 11,461 |
Schedule of lease expenses and income | Year ended December 31, 2021 2020 Short-term lease expense $ 27,421 $ 14,654 Operating lease expense 4,556 4,740 Operating lease income (7,074) (8,118) |
Schedule of operating lease income | December 31, December 31, 2020 Net book value of property, plant and equipment under finance leases $ 100,124 $ 115,941 Weighted-average remaining lease term (in years): Finance leases 2.5 3.0 Operating leases 8.3 8.1 Weighted-average discount rate: Finance leases 3.22 % 3.66 % Operating leases 4.68 % 4.72 % |
Investments in affiliates and_2
Investments in affiliates and joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of variable interest entities | The following is a summary of the Company's interests in its various affiliates and joint ventures, which it accounts for using the equity method: Affiliate or joint venture name: Interest Nuna Group of Companies 1229181 B.C Ltd. 49 % North American Nuna Joint Venture 50 % Nuna East Ltd. 37 % Nuna Pang Contracting Ltd. 37 % Nuna West Mining Ltd. 49 % NAYL Realty Inc. 49 % BNA Remanufacturing Limited Partnership 50 % Dene North Site Services Partnership 49 % Mikisew North American Limited Partnership 49 % ASN Constructors 30 % Red River Valley Alliance LLC 15 % |
Schedule of investments in affiliates and joint ventures | The following is a summary of the Company's interests in its various affiliates and joint ventures, which it accounts for using the equity method: Affiliate or joint venture name: Interest Nuna Group of Companies 1229181 B.C Ltd. 49 % North American Nuna Joint Venture 50 % Nuna East Ltd. 37 % Nuna Pang Contracting Ltd. 37 % Nuna West Mining Ltd. 49 % NAYL Realty Inc. 49 % BNA Remanufacturing Limited Partnership 50 % Dene North Site Services Partnership 49 % Mikisew North American Limited Partnership 49 % ASN Constructors 30 % Red River Valley Alliance LLC 15 % The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year: December 31, 2021 December 31, 2020 Note 22 Balance, beginning of the year $ 46,263 $ 45,015 Investments in affiliates and joint ventures 2,321 2,790 Share of net income 21,860 7,740 Dividends and advances received from affiliates and joint ventures (11,270) (8,621) Other adjustments (3,200) (661) Balance, end of the year $ 55,974 $ 46,263 The financial information for the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows: Balance Sheets December 31, December 31, Note 22 Assets Current assets $ 118,371 $ 55,887 Non-current assets 42,406 43,020 Total assets $ 160,777 $ 98,907 Liabilities Current liabilities $ 82,926 $ 27,772 Non-current liabilities 21,877 24,872 Total liabilities $ 104,803 $ 52,644 Net investments in affiliates and joint ventures $ 55,974 $ 46,263 Statements of Operations Year ended December 31, 2021 2020 Revenue $ 332,440 $ 159,054 Gross profit 33,641 17,220 Income before taxes 25,064 9,113 Net income 21,860 7,740 The following table provides the material aggregate outstanding balances with affiliates and joint ventures. Accounts payable and accrued liabilities due to joint ventures and affiliates do not bear interest, are unsecured and without fixed terms of repayment. Accounts receivable from certain joint ventures and affiliates bear interest at various rates, and all other accounts receivable amounts are non-interest bearing. December 31, 2021 December 31, 2020 Note 22 Accounts receivable $ 31,050 $ 3,808 Other assets 2,162 1,432 Accounts payable and accrued liabilities 286 5,296 |
Business acquisition (Tables)
Business acquisition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of fair value of the assets acquired and liabilities assumed at the acquisition date | The following table summarizes the total consideration paid for DGI shareholders and the fair value of the assets acquired and liabilities assumed at the acquisition date: July 1, 2021 Cash consideration $ 13,724 Earn-out at estimated fair value 4,717 Total consideration $ 18,441 Purchase price allocation to assets acquired and liabilities assumed: Cash $ 2,329 Accounts receivable 1,910 Inventory 13,713 Prepaid expenses and deposits 971 Property, plant and equipment 1,176 Operating lease right-of-use asset 749 Intangible assets 2,575 Accounts payable (3,560) Accrued liabilities (718) Long-term debt (370) Operating lease liability (749) Deferred tax liability (128) Total identifiable net assets at fair value $ 17,898 Goodwill arising on acquisition $ 543 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of differences between tax provision and Federal and Provincial statutory income taxes | The reasons for the differences are as follows: Year ended December 31, 2021 2020 Income before income taxes $ 60,693 $ 60,472 Equity earnings in affiliates and joint ventures (21,860) (7,740) $ 38,833 $ 52,732 Tax rate 23.00 % 23.00 % Expected expense $ 8,932 $ 12,128 Adjustments related to: Stock-based compensation 1,043 (113) Foreign tax rate differential 233 — Other (923) (751) Total income tax expense $ 9,285 $ 11,264 Current income tax expense $ 1,000 $ — Deferred income tax expense 8,285 11,264 Total income tax expense $ 9,285 $ 11,264 |
Schedule of deferred tax assets and liabilities | The deferred tax assets and liabilities are summarized below: December 31, 2021 December 31, 2020 Deferred tax assets: Non-capital and net capital loss carryforwards $ 40,367 $ 40,758 Finance lease obligations 24,785 27,736 Stock-based compensation 4,029 2,872 Other 2,093 1,990 Subtotal $ 71,274 $ 73,356 Less: valuation allowance — (391) $ 71,274 $ 72,965 Deferred tax liabilities: Contract assets $ 932 $ 1,524 Property, plant and equipment 124,265 117,768 Other 2,277 1,461 $ 127,474 $ 120,753 Net deferred income tax liability $ 56,200 $ 47,788 Classified as: December 31, 2021 December 31, 2020 Deferred tax asset $ — $ 16,407 Deferred tax liability (56,200) (64,195) $ (56,200) $ (47,788) |
Schedule of non-capital losses for income tax purposes | At December 31, 2021, the Company has a deferred tax asset of $40,367 resulting from non-capital loss carryforwards of $175,509, which expire as follows: December 31, 2021 2026 3 2027 278 2032 176 2033 9,095 2036 1,213 2037 17,799 2038 86,979 2039 37,798 2040 18,188 2041 3,980 $ 175,509 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Note December 31, 2021 December 31, 2020 Note 22 Payroll liabilities $ 16,888 $ 11,869 Income and other taxes payable 5,064 3,205 Dividends payable 17(c) 1,137 1,167 Accrued interest payable 1,331 856 Liabilities related to short-term rentals 2,678 730 Funding obligations 3,022 — Obligation related to acquisition earn-out liability 1,571 — Other 1,698 1,555 $ 33,389 $ 19,382 |
Other long term obligations (Ta
Other long term obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long term obligations | Note December 31, 2021 December 31, 2020 Note 22 Directors' deferred stock unit plan 19(c) $ 17,515 $ 10,761 Deferred gain on sale-leaseback 15(a) 2,954 4,748 Obligation related to acquisition earn-out liability 12 3,098 — Other 2,833 3,341 $ 26,400 $ 18,850 |
Schedule of deferred gain on sale-leaseback | December 31, 2021 December 31, 2020 Note 22 Balance, beginning of year $ 4,748 $ 6,593 Amortization of deferred gain on sale-leaseback (1,794) (1,845) Balance, end of year $ 2,954 $ 4,748 |
Financial instruments and ris_2
Financial instruments and risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments with carrying amounts that differ from fair values | Financial instruments with carrying amounts that differ from their fair values are as follows: December 31, 2021 December 31, 2020 Fair Value Hierarchy Level Carrying Fair Carrying Fair Note 22 Convertible debentures Level 1 129,750 135,963 55,000 52,250 Financing obligations Level 2 47,945 47,010 50,923 49,743 |
Schedule of major customers | The following customers accounted for 10% or more of total revenues: Year ended December 31, 2021 2020 Note 22 Customer A 38 % 45 % Customer B 27 % 30 % Customer C 17 % 11 % Customer D 10 % 10 % The following customers represented 10% or more of accounts receivable and contract assets: December 31, 2021 December 31, 2020 Note 22 Customer 1 45 % 39 % Customer 2 15 % 20 % Customer 3 15 % 16 % |
Schedule of maximum exposure to credit risk for accounts receivable and unbilled revenue | The Company’s exposure to credit risk for accounts receivable and contract assets is as follows: December 31, 2021 December 31, 2020 Note 22 Trade accounts receivable $ 51,774 $ 23,637 Holdbacks 380 64 Accrued trade receivables 12,266 8,415 Contract receivables, included in accounts receivable $ 64,420 $ 32,116 Other receivables 4,367 4,115 Total accounts receivable $ 68,787 $ 36,231 Contract assets 9,759 7,008 Total $ 78,546 $ 43,239 |
Schedule of trade receivables aging | As at December 31, 2021 and December 31, 2020, trade receivables and holdbacks are aged as follows: December 31, 2021 December 31, 2020 Note 22 Not past due $ 31,531 $ 21,677 Past due 1-30 days 19,209 1,814 Past due 31-60 days 1,250 85 More than 61 days 164 125 Total $ 52,154 $ 23,701 |
Shares (Tables)
Shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of common shares | Common shares Treasury shares Common shares, net of treasury shares Issued and outstanding at December 31, 2019 27,502,912 (1,725,467) 25,777,445 Issued upon exercise of stock options 109,100 — 109,100 Issued upon conversion of convertible debentures 4,622,916 — 4,622,916 Retired through share purchase program (1,223,097) — (1,223,097) Purchase of treasury shares — (534,834) (534,834) Settlement of certain equity classified stock-based compensation — 415,100 415,100 Issued and outstanding at December 31, 2020 31,011,831 (1,845,201) 29,166,630 Issued upon exercise of stock options 125,000 — 125,000 Retired through share purchase program (1,113,903) — (1,113,903) Purchase of treasury shares — (21,503) (21,503) Settlement of certain equity classified stock-based compensation — 301,891 301,891 Issued and outstanding at December 31, 2021 30,022,928 (1,564,813) 28,458,115 |
Schedule of net income per share | Year ended December 31, 2021 2020 Net income $ 51,408 $ 49,208 Interest from convertible debentures (after tax) 4,410 2,370 Diluted net income available to common shareholders $ 55,818 $ 51,578 Weighted-average number of common shares 28,325,489 28,165,130 Weighted-average effect of dilutive securities Dilutive effect of treasury shares 1,707,718 1,949,717 Dilutive effect of stock options 47,767 90,741 Dilutive effect of 5.00% convertible debentures 2,095,236 2,095,236 Dilutive effect of 5.50% convertible debentures 1,770,747 — Weighted-average number of diluted common shares 33,946,957 32,300,824 Basic net income per share $ 1.81 $ 1.75 Diluted net income per share $ 1.64 $ 1.60 |
Schedule of dividends | Date declared Per share Shareholders on record as of Paid or payable to shareholders Total paid or payable Q1 2020 February 18, 2020 $ 0.04 March 5, 2020 April 3, 2020 $ 1,023 Q2 2020 May 5, 2020 $ 0.04 May 29, 2020 July 3, 2020 $ 1,162 Q3 2020 July 28, 2020 $ 0.04 August 31, 2020 October 2, 2020 $ 1,156 Q4 2020 October 27, 2020 $ 0.04 November 30, 2020 January 8, 2021 $ 1,040 Q1 2021 February 16, 2021 $ 0.04 March 4, 2021 April 9, 2021 $ 1,123 Q2 2021 April 27, 2021 $ 0.04 May 28, 2021 July 9, 2021 $ 1,123 Q3 2021 July 27, 2021 $ 0.04 August 31, 2021 October 8, 2021 $ 1,137 Q4 2021 October 26, 2021 $ 0.04 November 30, 2021 January 7, 2022 $ 1,137 |
Interest expense net (Tables)
Interest expense net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest Expense [Abstract] | |
Schedule of interest expense | Year ended December 31, 2021 2020 Note 22 Credit Facility $ 6,559 $ 8,189 Convertible debentures 5,148 3,299 Finance lease obligations 2,260 3,176 Mortgage 1,350 999 Promissory notes 450 664 Financing obligations 1,562 1,265 Amortization of deferred financing costs 1,064 1,091 Other interest expense 701 154 Interest expense $ 19,094 $ 18,837 Other interest income (62) (181) $ 19,032 $ 18,656 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expenses included in general and administrative expenses | Stock-based compensation expenses included in general and administrative expenses are as follows: Year ended December 31, Note 2021 2020 Restricted share unit plan 19(a) $ 2,335 $ 1,991 Performance restricted share unit plan 19(b) 2,165 2,031 Deferred stock unit plan 19(c) 7,106 (2,078) $ 11,606 $ 1,944 |
Schedule of performance restricted share units | Number of units Weighted-average exercise price Outstanding at December 31, 2019 481,907 8.85 Granted 211,754 8.55 Vested (201,104) 8.51 Forfeited — — Outstanding at December 31, 2020 492,557 8.86 Granted 112,079 20.04 Vested (178,067) 8.24 Outstanding at December 31, 2021 426,569 12.06 |
Schedule of assumptions used in estimate of fair value | The Company estimated the fair value of the PSUs granted during the years ended December 31, 2021 and 2020 using a Monte Carlo simulation with the following assumptions: 2021 2020 Risk-free interest rate 0.65 % 0.30 % Expected volatility 50.96 % 48.71 % |
Schedule of stock plan activity | Number of units Outstanding at December 31, 2019 901,045 Granted 114,020 Redeemed (9,562) Outstanding at December 31, 2020 1,005,503 Granted 66,265 Redeemed (139,124) Outstanding at December 31, 2021 932,644 |
Schedule of stock options activity | Number of options Weighted-average Outstanding at December 31, 2019 238,600 4.61 Exercised (i) (109,100) 4.91 Forfeited or expired (4,500) 10.13 Outstanding at December 31, 2020 125,000 4.16 Exercised (i) (125,000) 4.16 Outstanding at December 31, 2021 — — (i) All stock options exercised resulted in new common shares being issued (note 17(a)). |
Restricted share unit plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted share unit plan activity | Number of units Weighted-average exercise price Outstanding at December 31, 2019 650,077 9.35 Granted 298,142 8.55 Vested (269,484) 6.19 Forfeited (37,264) 8.81 Outstanding at December 31, 2020 641,471 10.34 Granted 144,383 19.97 Vested (220,116) 8.44 Forfeited (12,327) 13.01 Outstanding at December 31, 2021 553,411 13.55 |
Other information (Tables)
Other information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of net change in non-cash working capital | Year ended December 31, 2021 2020 Note 22 Cash paid during the year for: Interest $ 17,028 $ 18,518 Cash received during the year for: Interest 69 151 Non-cash transactions: Addition of property, plant and equipment by means of finance leases 19,198 27,882 Decrease to property, plant and equipment upon investment contribution to affiliates and joint ventures (362) (980) Increase in assets held for sale, offset by property, plant and equipment 9,281 6,903 Non-cash working capital exclusions: Net decrease in accounts receivable relating to other adjustments to investments in affiliates and joint ventures — (911) Net increase in inventory due to transfer from property, plant and equipment 437 — Net decrease in accrued liabilities related to conversion of bonus compensation to deferred stock units 223 294 Net decrease (increase) in accrued liabilities related to the current portion of deferred stock unit liability 1,725 (1,727) Net decrease (increase) in accrued liabilities related to dividend payable 33 (137) Non-cash working capital transactions related to acquisition of DGI: (note 12) Increase in accounts receivable 1,910 — Increase in inventory 13,713 — Increase in prepaid expenses 971 — Increase in accounts payable (3,591) — Increase in accrued liabilities (2,307) — |
Schedule of non-cash transactions | The table below represents the cash (used in) provided by non-cash working capital: Year ended December 31, 2021 2020 Note 22 Operating activities: Accounts receivable $ (30,646) $ 29,162 Contract assets (2,751) 12,086 Inventories (11,243) 2,476 Contract costs (704) (593) Prepaid expenses and deposits (735) (953) Accounts payable 31,232 (47,398) Accrued liabilities 13,681 338 Contract liabilities 1,837 1,489 $ 671 $ (3,393) |
Change in significant account_2
Change in significant accounting policy - Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Consolidated Financial Statements | Consolidated Balance Sheets at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Assets Current assets 156,963 (9,784) 147,179 119,958 (681) 119,277 Non-current assets 727,175 (5,076) 722,099 718,970 816 719,786 Total assets $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Liabilities and shareholders' equity Current liabilities 168,635 (7,601) 161,034 109,198 286 109,484 Non-current liabilities 437,040 (7,259) 429,781 481,287 (151) 481,136 605,675 (14,860) 590,815 590,485 135 590,620 Shareholders' equity 278,463 — 278,463 248,443 — 248,443 Total liabilities and shareholders' equity $ 884,138 $ (14,860) $ 869,278 $ 838,928 $ 135 $ 839,063 Consolidated Statements of Operations and Comprehensive Income for December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Revenue $ 658,122 $ (3,979) $ 654,143 $ 500,374 $ (1,906) $ 498,468 Gross profit 93,927 (3,510) 90,417 94,382 (2,164) 92,218 Operating income 58,523 (3,395) 55,128 68,945 (1,823) 67,122 Equity earnings in affiliates and joint ventures (18,475) (3,385) (21,860) (5,942) (1,798) (7,740) Income before income taxes 60,693 — 60,693 60,472 — 60,472 Net income 51,408 — 51,408 49,208 — 49,208 Comprehensive income $ 51,410 $ — $ 51,410 $ 49,208 $ — $ 49,208 Consolidated Statements of Cash Flows for December 31, 2021 and 2020: December 31, 2021 December 30, 2020 (in thousands) Without change Adjustments As reported As originally reported Adjustments As reported Operating activities 168,893 (3,713) 165,180 147,272 (722) 146,550 Investing activities (100,604) 1,335 (99,269) (113,573) 746 (112,827) Financing activities (92,547) (212) (92,759) 4,672 (156) 4,516 Decrease in cash (24,258) (2,590) (26,848) 38,371 (132) 38,239 Effect of exchange rate on changes in cash and cash equivalents 2 — 2 — — Cash, beginning of period 43,915 (468) 43,447 5,544 (336) 5,208 Cash, end of period $ 19,659 $ (3,058) $ 16,601 $ 43,915 $ (468) $ 43,447 |
Significant accounting polici_4
Significant accounting policies - Narrative (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Goodwill impairment | $ 0 | |
COVID-19 | ||
Concentration Risk [Line Items] | ||
Salary and wage subsidies | 13,244,000 | $ 28,041,000 |
Reduction in project costs | 8,309,000 | 16,050,000 |
Reduction in equipment expense | 4,180,000 | 9,107,000 |
Reduction in general and administrative costs | $ 755,000 | $ 2,884,000 |
Significant accounting polici_5
Significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Heavy equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3000 hours |
Heavy equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 120000 hours |
Major component parts in use | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2500 hours |
Major component parts in use | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 70000 hours |
Other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Licensed motor vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Licensed motor vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office and computer equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 4 years |
Office and computer equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Furnishings, fixtures and facilities | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Furnishings, fixtures and facilities | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 50 years |
Significant accounting polici_6
Significant accounting policies - Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Internal-use software | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 4 years |
Customer relationship | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 4 years |
Significant accounting polici_7
Significant accounting policies - Stock-based compensation (Details) | Dec. 31, 2021CAD ($) | Dec. 31, 2021d |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Impairment of long-lived assets | $ | $ 0 | |
Number of trading days used to determine weighted average trading price of common shares | d | 5 | |
Ownership percentage | 15.00% | 15.00% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Ownership percentage | 50.00% | 50.00% |
Restricted Share Unit (RSU) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award service period | 2 years | |
Award vesting period | 3 years | |
Compensation expense recognition period | 3 years | |
Phantom Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Compensation expense recognition period | 3 years |
Accounts receivable (Details)
Accounts receivable (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Trade | $ 51,774 | $ 23,637 |
Holdbacks | 380 | 64 |
Accrued trade receivables | 12,266 | 8,415 |
Contract receivables | 64,420 | 32,116 |
Other | 4,367 | 4,115 |
Total accounts receivable | $ 68,787 | $ 36,231 |
Accounts receivable – holdback percentage | 10.00% |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 654,143 | $ 498,468 |
As-invoiced | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 407,496 | 335,927 |
Cost-to-cost percent complete | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 218,044 | 157,916 |
Point-in-time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28,603 | 4,625 |
Time-and-materials | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 388,998 | 262,429 |
Unit-price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 253,840 | 225,186 |
Lump-sum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,305 | 10,853 |
Operations support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 600,308 | 486,926 |
Equipment and component sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28,603 | 4,625 |
Construction services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 25,232 | $ 6,917 |
Revenue - Contract balances (De
Revenue - Contract balances (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract Assets [Roll Forward] | ||
Balance, beginning of year | $ 7,008 | $ 19,094 |
Transferred to receivables from contract assets recognized at the beginning of the period | (7,008) | (19,094) |
Increases as a result of changes to the estimate of the stage of completion, excluding amounts transferred in the period | 8,838 | 5,805 |
Increases as a result of work completed, but not yet an unconditional right to consideration | 921 | 1,203 |
Balance, end of year | 9,759 | 7,008 |
Contract Liabilities [Roll Forward] | ||
Balance, beginning of year | 1,512 | 23 |
Revenue recognized that was included in the contract liability balance at the beginning of the period | (899) | (23) |
Increases due to cash received, excluding amounts recognized as revenue during the period | 2,736 | 1,512 |
Balance, end of year | 3,349 | 1,512 |
Performance Obligation | ||
Revenue recognized | $ 3,572 | $ 1,403 |
Revenue - Remaining performance
Revenue - Remaining performance obligations (Details) $ in Thousands | Dec. 31, 2021CAD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 141,440 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 116,352 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 10,500 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 8,362 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 6,226 |
Remaining performance obligation, period | 1 year |
Revenue - Contract costs (Detai
Revenue - Contract costs (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Contract costs | $ 2,673 | $ 1,969 |
Fulfillment costs | ||
Capitalized Contract Cost [Line Items] | ||
Contract costs | 2,673 | 1,432 |
Contract costs capitalized during the period | 2,909 | 2,256 |
Capitalized contract costs, recognized | 1,668 | 1,841 |
Reimbursable bid costs | ||
Capitalized Contract Cost [Line Items] | ||
Contract costs | 0 | 537 |
Contract costs capitalized during the period | 1,464 | 537 |
Capitalized contract costs, recognized | $ 2,001 | $ 0 |
Inventory (Details)
Inventory (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Public Utilities, Inventory [Line Items] | ||
Inventory, net | $ 44,544 | $ 19,151 |
Repair parts | ||
Public Utilities, Inventory [Line Items] | ||
Inventory, net | 19,519 | 14,684 |
Parts, equipment and components held for resale | ||
Public Utilities, Inventory [Line Items] | ||
Inventory, net | 15,858 | 0 |
Tires and track frames | ||
Public Utilities, Inventory [Line Items] | ||
Inventory, net | 2,617 | 2,546 |
Fuel and lubricants | ||
Public Utilities, Inventory [Line Items] | ||
Inventory, net | 1,832 | 1,921 |
Customer rebuild work in process | ||
Public Utilities, Inventory [Line Items] | ||
Inventory, net | $ 4,718 | $ 0 |
Long term debt - Schedule of Lo
Long term debt - Schedule of Long Term Debt (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | $ 325,727 | $ 357,659 |
Unamortized deferred financing costs | (5,178) | (2,196) |
Less: current portion of long-term debt | (19,693) | (16,263) |
Long-term portion of debt | 306,034 | 341,396 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 19,700 | |
2023 | 20,300 | |
2024 | 128,400 | |
2025 | 5,900 | |
2026 and thereafter | 156,600 | |
Credit Facility | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 110,000 | 220,000 |
Convertible debentures | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 129,750 | 55,000 |
Mortgages | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 30,000 | 21,206 |
Financing obligations | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | 47,945 | 50,923 |
Promissory notes | ||
Long-term Debt, Excluding Current Maturities [Abstract] | ||
Long-term debt, gross | $ 13,210 | $ 12,726 |
Long term debt - Credit Facilit
Long term debt - Credit Facility Narrative (Details) - Credit facility | 12 Months Ended | |||
Dec. 31, 2021CAD ($)covenant | Dec. 03, 2021CAD ($) | Sep. 29, 2021CAD ($) | Dec. 31, 2020CAD ($) | |
Financial Guarantee | Mikisew North American Limited Partnership | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 45,000,000 | |||
Unused borrowing availability under the revolving facility | $ 28,100,000 | |||
Revolver | Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 325,000,000 | |||
Additional borrowing limit | 50,000,000 | |||
Finance lease borrowing limit | 150,000,000 | |||
Other outstanding debt limit | $ 20,000,000 | |||
Amount outstanding during period | 33,900,000 | $ 900,000 | ||
Unused borrowing availability under the revolving facility | 181,100,000 | 104,100,000 | ||
Unused borrowing availability under finance lease obligations | $ 28,600,000 | $ 29,600,000 | ||
Number of financial covenants | covenant | 2 | |||
Senior leverage ratio, step-up | 0.50 | |||
Fixed charge ratio | 1.15 | |||
Revolver | Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Standby fees percentage | 0.40% | |||
Revolver | Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Standby fees percentage | 0.75% | |||
Revolver | Credit Facility | Debt covenant period, tranche two | ||||
Line of Credit Facility [Line Items] | ||||
Senior leverage ratio | 3 |
Long term debt - Convertible De
Long term debt - Convertible Debentures (Details) | Oct. 28, 2021CAD ($) | Jun. 01, 2021CAD ($) | Apr. 30, 2020shares | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Oct. 27, 2021CAD ($) | Jun. 04, 2021CAD ($) | Jun. 01, 2021$ / shares | Mar. 20, 2019CAD ($) | Mar. 20, 2019$ / shares |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 325,727,000 | $ 357,659,000 | ||||||||
Debt issuance costs | 5,178,000 | 2,196,000 | ||||||||
Net realized gain (loss) | 2,737,000 | 4,266,000 | ||||||||
Settled promissory notes | 4,185,000 | |||||||||
Cash advance | 135,049,000 | 145,227,000 | ||||||||
Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net realized gain (loss) | 7,071,000 | |||||||||
Unrealized gain | 4,334,000 | |||||||||
Convertible debentures | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 129,750,000 | 55,000,000 | ||||||||
Redemption price as a percentage of the principal amount | 101.00% | |||||||||
Accelerated amortization | $ 1,064,000 | |||||||||
Convertible debentures | 5.50% convertible debentures | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 74,750,000 | 0 | ||||||||
Debt instrument, face amount | $ 65,000,000 | |||||||||
Interest rate | 5.50% | 5.50% | 5.50% | |||||||
Conversion price (in CAD per share) | $ / shares | $ 24.75 | |||||||||
Share equivalence per $1000 debenture | $ 40.4040 | |||||||||
Debt issuance costs | $ 3,531,000 | |||||||||
Redemption price as a percentage of the principal amount | 125.00% | |||||||||
Issuance of common shares | shares | 4,583,655 | |||||||||
Convertible debentures | 5.00% convertible debentures | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 55,000,000 | 55,000,000 | ||||||||
Interest rate | 5.00% | 5.00% | ||||||||
Conversion price (in CAD per share) | $ / shares | $ 26.25 | |||||||||
Share equivalence per $1000 debenture | $ 38.0952 | |||||||||
Debt issuance costs | $ 2,691,000 | |||||||||
Convertible debentures | 5.00% convertible debentures over-allotment option | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 9,750,000 | |||||||||
Financing obligations | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 47,945,000 | 50,923,000 | ||||||||
Interest rate | 2.23% | |||||||||
Debt instrument related obligations | $ 11,700,000 | |||||||||
Secured debt | Equipment Promissory Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 4,300,000 | |||||||||
Interest rate | 4.20% | |||||||||
Secured debt | Promissory Note | DGI | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 370,000 | |||||||||
Interest rate | 2.90% | |||||||||
Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 30,000,000 | $ 21,206,000 | ||||||||
Mortgages | BDC | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 30,000,000 | $ 21,100,000 | ||||||||
Debt instrument additional loan | 7,000,000 | |||||||||
Cash advance | $ 1,900,000 | |||||||||
Mortgages | Base Rate | BDC | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate prior to variable rate | 5.60% | |||||||||
Variable interest rate | 2.20% | |||||||||
Debt instrument, interest rate, effective percentage | 3.40% |
Long term debt - Deferred Finan
Long term debt - Deferred Financing (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Cost | $ 6,351 | $ 2,784 |
Accumulated amortization | 1,173 | 588 |
Net Book Value | $ 5,178 | $ 2,196 |
Property. plant and equipment (
Property. plant and equipment (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | $ 827,779 | $ 774,786 |
Owned assets, accumulated depreciation | 286,953 | 258,517 |
Owned assets, net book value | 540,826 | 516,269 |
Assets under finance lease, cost | 152,676 | 159,585 |
Assets under finance least, accumulated depreciation | 52,552 | 43,644 |
Net book value of property, plant and equipment under finance leases | 100,124 | 115,941 |
Total plant and equipment, cost | 980,455 | 934,371 |
Property, plant and equipment, accumulated depreciation | 339,505 | 302,161 |
Property, plant and equipment, net of accumulated depreciation | 640,950 | 632,210 |
Heavy equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 353,037 | 351,842 |
Owned assets, accumulated depreciation | 105,686 | 102,469 |
Owned assets, net book value | 247,351 | 249,373 |
Assets under finance lease, cost | 92,690 | 97,871 |
Assets under finance least, accumulated depreciation | 28,504 | 25,454 |
Net book value of property, plant and equipment under finance leases | 64,186 | 72,417 |
Major component parts in use | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 343,048 | 304,205 |
Owned assets, accumulated depreciation | 131,157 | 111,583 |
Owned assets, net book value | 211,891 | 192,622 |
Assets under finance lease, cost | 52,679 | 52,798 |
Assets under finance least, accumulated depreciation | 21,996 | 16,264 |
Net book value of property, plant and equipment under finance leases | 30,683 | 36,534 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 45,096 | 41,784 |
Owned assets, accumulated depreciation | 30,633 | 26,918 |
Owned assets, net book value | 14,463 | 14,866 |
Assets under finance lease, cost | 4,633 | 5,287 |
Assets under finance least, accumulated depreciation | 1,281 | 966 |
Net book value of property, plant and equipment under finance leases | 3,352 | 4,321 |
Licensed motor vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 15,113 | 15,747 |
Owned assets, accumulated depreciation | 10,838 | 10,370 |
Owned assets, net book value | 4,275 | 5,377 |
Assets under finance lease, cost | 2,674 | 3,629 |
Assets under finance least, accumulated depreciation | 771 | 960 |
Net book value of property, plant and equipment under finance leases | 1,903 | 2,669 |
Office and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 7,002 | 6,337 |
Owned assets, accumulated depreciation | 4,891 | 4,137 |
Owned assets, net book value | 2,111 | 2,200 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 29,406 | 22,582 |
Owned assets, accumulated depreciation | 3,748 | 3,040 |
Owned assets, net book value | 25,658 | 19,542 |
Capital inventory | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 24,605 | 21,817 |
Owned assets, accumulated depreciation | 0 | 0 |
Owned assets, net book value | 24,605 | 21,817 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Owned assets, cost | 10,472 | 10,472 |
Owned assets, accumulated depreciation | 0 | 0 |
Owned assets, net book value | $ 10,472 | $ 10,472 |
Finance and operating leases -
Finance and operating leases - Narrative (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Leases for terms | 5 years | |
Depreciation of equipment under finance leases | $ 21,343 | $ 17,147 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Finance and operating leases, term of contract | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Finance and operating leases, term of contract | 15 years |
Finance and operating leases _2
Finance and operating leases - Maturity analysis (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payments Finance Leases | ||
2022 | $ 26,398 | |
2023 | 18,272 | |
2024 | 9,743 | |
2025 | 1,448 | |
2026 and thereafter | 1,148 | |
Total minimum lease payments | 57,009 | |
Less: amount representing interest | (2,288) | |
Carrying amount of minimum lease payments | 54,721 | |
Less: current portion of leases | (25,035) | $ (26,895) |
Finance lease obligations | 29,686 | 42,577 |
Payments Operating Leases | ||
2022 | 3,845 | |
2023 | 2,581 | |
2024 | 1,371 | |
2025 | 1,429 | |
2026 and thereafter | 8,902 | |
Total minimum lease payments | 18,128 | |
Less: amount representing interest | (3,350) | |
Carrying amount of minimum lease payments | 14,778 | |
Less: current portion of leases | (3,317) | (4,004) |
Operating lease liabilities | 11,461 | $ 14,118 |
Receipts Operating Leases | ||
2022 | 5,497 | |
2023 | 4,355 | |
2024 | 493 | |
2025 | 0 | |
2026 and thereafter | 0 | |
Total minimum lease payments | $ 10,345 |
Finance and operating leases _3
Finance and operating leases - Lease expenses and (income) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Short-term lease expense | $ 27,421 | $ 14,654 |
Operating lease expense | 4,556 | 4,740 |
Operating lease income | $ (7,074) | $ (8,118) |
Finance and operating leases _4
Finance and operating leases - Supplemental balance sheet information (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Net book value of property, plant and equipment under finance leases | $ 100,124 | $ 115,941 |
Weighted-average remaining lease term (in years): | ||
Finance leases | 2 years 6 months | 3 years |
Operating leases | 8 years 3 months 18 days | 8 years 1 month 6 days |
Weighted-average discount rate: | ||
Finance leases | 3.22% | 3.66% |
Operating leases | 4.68% | 4.72% |
Investments in affiliates and_3
Investments in affiliates and joint ventures - Narrative (Details) - CAD ($) $ in Thousands | Aug. 19, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | |||
Property, plant and equipment | $ 540,826 | $ 516,269 | |
Revenue | 654,143 | 498,468 | |
Equity method investments | |||
Variable Interest Entity [Line Items] | |||
Revenue | $ 332,440 | 159,054 | |
Red River Valley Alliance LLC | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
NL partnership interest in VIEs | 15.00% | 0.15% | |
ASN Constructors | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
NL partnership interest in VIEs | 30.00% | 0.30% | |
Mikisew North American Limited Partnership | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
NL partnership interest in VIEs | 0.49% | ||
Mikisew North American Limited Partnership | Equity method investments | |||
Variable Interest Entity [Line Items] | |||
Cash | $ 1,959 | ||
Revenue | 356,592 | $ 191,104 | |
BNA Remanufacturing Limited Partnership | Equity method investments | |||
Variable Interest Entity [Line Items] | |||
Property, plant and equipment | $ 362 |
Investments in affiliates and_4
Investments in affiliates and joint ventures - Ownership Percentages (Details) | Aug. 19, 2021 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 15.00% | |
1229181 B.C Ltd. | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.49% | |
North American Nuna Joint Venture | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.50% | |
Nuna East Ltd. | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.37% | |
Nuna Pang Contracting Ltd. | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.37% | |
Nuna West Mining Ltd. | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.49% | |
NAYL Realty Inc. | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.49% | |
BNA Remanufacturing Limited Partnership | ||
Variable Interest Entity [Line Items] | ||
NL Partnership Interest in equity method investments | 0.50% | |
Dene North Site Services Partnership | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
NL partnership interest in VIEs | 0.49% | |
Mikisew North American Limited Partnership | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
NL partnership interest in VIEs | 0.49% | |
ASN Constructors | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
NL partnership interest in VIEs | 30.00% | 0.30% |
Red River Valley Alliance LLC | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
NL partnership interest in VIEs | 15.00% | 0.15% |
Investments in affiliates and_5
Investments in affiliates and joint ventures - Summary of Movement in Investments In Affiliates and Joint Ventures (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward] | ||
Dividends and advances received from affiliates and joint ventures | $ (11,270) | $ (8,621) |
Equity method investments | ||
Equity Method Investment, Financial Statement, Reported Amounts [Roll Forward] | ||
Balance, beginning of the year | 46,263 | 45,015 |
Investments in affiliates and joint ventures | 2,321 | 2,790 |
Share of net income | 21,860 | 7,740 |
Dividends and advances received from affiliates and joint ventures | (11,270) | (8,621) |
Other adjustments | (3,200) | (661) |
Balance, end of the year | $ 55,974 | $ 46,263 |
Investments in affiliates and_6
Investments in affiliates and joint ventures - Balance Sheets (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Current assets | $ 147,179 | $ 119,277 |
Non-current assets | 722,099 | 719,786 |
Total assets | 869,278 | 839,063 |
Liabilities | ||
Current liabilities | 161,034 | 109,484 |
Non-current liabilities | 429,781 | 481,136 |
Total liabilities | 590,815 | 590,620 |
Investments in affiliates and joint ventures | 55,974 | 46,263 |
Equity method investments | ||
Assets | ||
Current assets | 118,371 | 55,887 |
Non-current assets | 42,406 | 43,020 |
Total assets | 160,777 | 98,907 |
Liabilities | ||
Current liabilities | 82,926 | 27,772 |
Non-current liabilities | 21,877 | 24,872 |
Total liabilities | 104,803 | 52,644 |
Investments in affiliates and joint ventures | $ 55,974 | $ 46,263 |
Investments in affiliates and_7
Investments in affiliates and joint ventures - Statements of Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenue | $ 654,143 | $ 498,468 |
Gross profit | 90,417 | 92,218 |
Income before income taxes | 60,693 | 60,472 |
Equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenue | 332,440 | 159,054 |
Gross profit | 33,641 | 17,220 |
Income before income taxes | 25,064 | 9,113 |
Net income | $ 21,860 | $ 7,740 |
Investments in affiliates and_8
Investments in affiliates and joint ventures - Amounts Payable and Receivables from Joint Ventures and Affiliates (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Accounts receivable | $ 68,787 | $ 36,231 |
Other assets | 6,000 | 6,336 |
Equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Accounts receivable | 31,050 | 3,808 |
Other assets | 2,162 | 1,432 |
Accounts payable and accrued liabilities | $ 286 | $ 5,296 |
Business acquisition - Narrativ
Business acquisition - Narrative (Details) - CAD ($) $ in Thousands | Jul. 01, 2021 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Revenue percentage | 2.00% | |
Net income percentage | 1.00% | |
DGI | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total consideration | $ 18,441 | |
Acquisition related costs | $ 209 | |
Revenue | 12,687 | |
Net income | $ 605 | |
DGI | Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Fair value of acquired identified finite lived intangible assets | $ 1,980 | |
Intangible assets indefinite useful life | 4 years | |
DGI | Brand | ||
Finite-Lived Intangible Assets [Line Items] | ||
Fair value of acquired identified indefinite lived intangible assets | $ 595 |
Business acquisition - Total co
Business acquisition - Total consideration and Fair value of Assets and Liabilities (Details) - DGI $ in Thousands | Jul. 01, 2021CAD ($) |
Business Combination, Consideration Transferred [Abstract] | |
Cash consideration | $ 13,724 |
Earn-out at estimated fair value | 4,717 |
Total consideration | 18,441 |
Purchase price allocation to assets acquired and liabilities assumed: | |
Cash | 2,329 |
Accounts receivable | 1,910 |
Inventory | 13,713 |
Prepaid expenses and deposits | 971 |
Property, plant and equipment | 1,176 |
Operating lease right-of-use asset | 749 |
Intangible assets | 2,575 |
Accounts payable | (3,560) |
Accrued liabilities | (718) |
Long-term debt | (370) |
Operating lease liability | (749) |
Deferred tax liability | (128) |
Total identifiable net assets at fair value | 17,898 |
Goodwill arising on acquisition | $ 543 |
Income taxes - Expense (benefit
Income taxes - Expense (benefit) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income before income taxes | $ 60,693 | $ 60,472 |
Equity earnings in affiliates and joint ventures | (21,860) | (7,740) |
Income (loss) from continuing operations | $ 38,833 | $ 52,732 |
Tax rate | 23.00% | 23.00% |
Expected expense | $ 8,932 | $ 12,128 |
Adjustments related to: | ||
Stock-based compensation | 1,043 | (113) |
Foreign tax rate differential | 233 | 0 |
Other | (923) | (751) |
Total income tax expense | 9,285 | 11,264 |
Current income tax expense | 1,000 | 0 |
Deferred income tax expense | $ 8,285 | $ 11,264 |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Non-capital and net capital loss carryforwards | $ 40,367 | $ 40,758 |
Finance lease obligations | 24,785 | 27,736 |
Stock-based compensation | 4,029 | 2,872 |
Other | 2,093 | 1,990 |
Subtotal | 71,274 | 73,356 |
Less: valuation allowance | 0 | (391) |
Deferred tax assets, net of valuation allowance | 71,274 | 72,965 |
Deferred tax liabilities: | ||
Contract assets | 932 | 1,524 |
Property, plant and equipment | 124,265 | 117,768 |
Other | 2,277 | 1,461 |
Deferred tax liabilities, gross | 127,474 | 120,753 |
Net deferred income tax liability | 56,200 | 47,788 |
Classified as: | ||
Deferred tax asset | 0 | 16,407 |
Deferred tax liability | (56,200) | (64,195) |
Net deferred income tax liability | $ (56,200) | $ (47,788) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) $ in Thousands | Dec. 31, 2021CAD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax assets, non-capital operating loss carryforwards | $ 40,367 |
Non-capital losses for income tax purposes | $ 175,509 |
Income taxes - Expiration of no
Income taxes - Expiration of non-capital losses for income tax purposes (Details) $ in Thousands | Dec. 31, 2021CAD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 175,509 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 3 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 278 |
2032 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 176 |
2033 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 9,095 |
2036 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 1,213 |
2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 17,799 |
2038 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 86,979 |
2039 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 37,798 |
2040 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 18,188 |
2041 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 3,980 |
Accrued liabilities (Details)
Accrued liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Payroll liabilities | $ 16,888 | $ 11,869 |
Income and other taxes payable | 5,064 | 3,205 |
Dividends payable | 1,137 | 1,167 |
Accrued interest payable | 1,331 | 856 |
Liabilities related to short-term rentals | 2,678 | 730 |
Funding obligations | 3,022 | 0 |
Earn-out at estimated fair value | 1,571 | 0 |
Other | 1,698 | 1,555 |
Accrued liabilities | $ 33,389 | $ 19,382 |
Other long-term obligations - S
Other long-term obligations - Schedule of other long term obligations (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities, Noncurrent [Abstract] | |||
Directors' deferred stock unit plan | $ 17,515 | $ 10,761 | |
Deferred gain on sale-leaseback | 2,954 | 4,748 | $ 6,593 |
Obligation related to acquisition earn-out liability | 3,098 | 0 | |
Other | 2,833 | 3,341 | |
Other long term obligations | $ 26,400 | $ 18,850 |
Other long-term obligations - O
Other long-term obligations - Other liabilities and obligations (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred gain on sale-leaseback [Roll Forward] | ||
Balance, beginning of year | $ 4,748 | $ 6,593 |
Amortization of deferred gain on sale-leaseback | (1,794) | (1,845) |
Balance, end of year | $ 2,954 | $ 4,748 |
Financial instruments and ris_3
Financial instruments and risk management - Financial instruments (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Level 1 | Carrying Amount | Convertible debentures | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | $ 129,750 | $ 55,000 |
Level 1 | Fair Value | Convertible debentures | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | 135,963 | 52,250 |
Level 2 | Carrying Amount | Financing obligations | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | 47,945 | 50,923 |
Level 2 | Fair Value | Financing obligations | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt | $ 47,010 | $ 49,743 |
Financial instruments and ris_4
Financial instruments and risk management - Market risk and Credit risk (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customer A | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 38.00% | 45.00% |
Customer B | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 27.00% | 30.00% |
Customer C | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 17.00% | 11.00% |
Customer D | Revenues | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.00% |
Customer 1 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 45.00% | 39.00% |
Customer 2 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 20.00% |
Customer 3 | Accounts receivable and contract assets | Major customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 16.00% |
Credit Facility | ||
Concentration Risk [Line Items] | ||
Outstanding balance, long-term debt | $ 110 | $ 220 |
Basis on variable rate, adjustment | 1.00% | |
Corresponding change in annual interest expense | $ 1.1 |
Financial instruments and ris_5
Financial instruments and risk management - Maximum credit exposure (Details) - CAD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | |||
Trade accounts receivable | $ 51,774 | $ 23,637 | |
Holdbacks | 380 | 64 | |
Accrued trade receivables | 12,266 | 8,415 | |
Contract receivables, included in accounts receivable | 64,420 | 32,116 | |
Other receivables | 4,367 | 4,115 | |
Total accounts receivable | 68,787 | 36,231 | |
Contract assets | 9,759 | 7,008 | $ 19,094 |
Total | $ 78,546 | $ 43,239 |
Financial instruments and ris_6
Financial instruments and risk management - Trade receivables (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Not past due | $ 31,531,000 | $ 21,677,000 |
Past due 1-30 days | 19,209,000 | 1,814,000 |
Past due 31-60 days | 1,250,000 | 85,000 |
More than 61 days | 164,000 | 125,000 |
Total | 52,154,000 | 23,701,000 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment terms | 15 days | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment terms | 60 days |
Shares - Common shares (Details
Shares - Common shares (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, outstanding (in shares) | 29,166,630 | 25,777,445 |
Issued upon exercise of stock options (in shares) | 125,000 | 109,100 |
Issued upon conversion of convertible debentures (in shares) | 4,622,916 | |
Retired through share purchase programs (in shares) | (1,113,903) | (1,223,097) |
Purchase of treasury shares (in shares) | (21,503) | (534,834) |
Settlement of certain equity classified stock-based compensation (in shares) | 301,891 | 415,100 |
Ending balance, outstanding (in shares) | 28,458,115 | 29,166,630 |
Shares to satisfy recipient tax withholding requirements (in shares) | 274,359,000 | 372,628,000 |
Satisfaction of recipient tax withholding | $ 5,134 | $ 3,576 |
Common shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, outstanding (in shares) | 31,011,831 | 27,502,912 |
Issued upon exercise of stock options (in shares) | 125,000 | 109,100 |
Issued upon conversion of convertible debentures (in shares) | 4,622,916 | |
Retired through share purchase programs (in shares) | (1,113,903) | (1,223,097) |
Purchase of treasury shares (in shares) | 0 | 0 |
Settlement of certain equity classified stock-based compensation (in shares) | 0 | 0 |
Ending balance, outstanding (in shares) | 30,022,928 | 31,011,831 |
Treasury shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, outstanding (in shares) | (1,845,201) | (1,725,467) |
Issued upon exercise of stock options (in shares) | 0 | 0 |
Issued upon conversion of convertible debentures (in shares) | 0 | |
Retired through share purchase programs (in shares) | 0 | 0 |
Purchase of treasury shares (in shares) | (21,503) | (534,834) |
Settlement of certain equity classified stock-based compensation (in shares) | 301,891 | 415,100 |
Ending balance, outstanding (in shares) | (1,564,813) | (1,845,201) |
Shares - Net income per share (
Shares - Net income per share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 04, 2021 | Jun. 01, 2021 | Mar. 20, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income | $ 51,408 | $ 49,208 | |||
Interest from convertible debentures (after tax) | 4,410 | 2,370 | |||
Diluted net income available to common shareholders | $ 55,818 | $ 51,578 | |||
Weighted average number of common shares (in shares) | 28,325,489 | 28,165,130 | |||
Weighted-average effect of dilutive securities | |||||
Dilutive effect of treasury shares (in shares) | 1,707,718 | 1,949,717 | |||
Dilutive effect of stock options (in shares) | 47,767 | 90,741 | |||
Weighted average number of diluted common shares (in shares) | 33,946,957 | 32,300,824 | |||
Basic net income per share (in CAD per share) | $ 1.81 | $ 1.75 | |||
Diluted net income per share (in CAD per share) | $ 1.64 | $ 1.60 | |||
5.00% convertible debentures | |||||
Weighted-average effect of dilutive securities | |||||
Dilutive effect of convertible debentures (in shares) | 2,095,236 | 2,095,236 | |||
5.50% convertible debentures | |||||
Weighted-average effect of dilutive securities | |||||
Dilutive effect of convertible debentures (in shares) | 1,770,747 | 0 | |||
Convertible Subordinated Debt | 5.00% convertible debentures | |||||
Weighted-average effect of dilutive securities | |||||
Interest rate | 5.00% | 5.00% | |||
Convertible Subordinated Debt | 5.50% convertible debentures | |||||
Weighted-average effect of dilutive securities | |||||
Interest rate | 5.50% | 5.50% | 5.50% |
Shares - Share purchase program
Shares - Share purchase program (Details) - CAD ($) $ in Thousands | Mar. 12, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 09, 2021 |
Equity, Class of Treasury Stock [Line Items] | ||||
Shares purchased and subsequently cancelled during period (in shares) | 1,113,903 | 1,223,097 | ||
2021 NCIB | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Maximum number of shares to be purchased (in shares) | 2,000,000,000 | |||
Common shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares purchased and subsequently cancelled during period (in shares) | 1,113,903 | 1,223,097 | ||
Common shares | 2021 NCIB | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares purchased and subsequently cancelled during period (in shares) | 37,000,000 | |||
Increase (decrease) as a result of the retirement of shares | $ 300 | |||
Common shares | 2020 NCIB | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares purchased and subsequently cancelled during period (in shares) | 1,076,903 | |||
Increase (decrease) as a result of the retirement of shares | $ 8,679 | |||
Additional paid-in capital | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Increase (decrease) as a result of the retirement of shares | $ 7,327 | |||
Additional paid-in capital | 2021 NCIB | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Increase (decrease) as a result of the retirement of shares | $ 213 |
Shares - Dividends (Details)
Shares - Dividends (Details) $ in Thousands | 3 Months Ended | |||||||||||||||
Dec. 31, 2021$ / shares | Dec. 31, 2021CAD ($) | Sep. 30, 2021$ / shares | Sep. 30, 2021CAD ($) | Jun. 30, 2021$ / shares | Jun. 30, 2021CAD ($) | Mar. 31, 2021$ / shares | Mar. 31, 2021CAD ($) | Dec. 31, 2020$ / shares | Dec. 31, 2020CAD ($) | Sep. 30, 2020$ / shares | Sep. 30, 2020CAD ($) | Jun. 30, 2020$ / shares | Jun. 30, 2020CAD ($) | Mar. 31, 2020$ / shares | Mar. 31, 2020CAD ($) | |
Equity [Abstract] | ||||||||||||||||
Per share | $ / shares | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||||||||
Total paid or payable | $ | $ 1,137 | $ 1,137 | $ 1,123 | $ 1,123 | $ 1,040 | $ 1,156 | $ 1,162 | $ 1,023 |
Interest expense net (Details)
Interest expense net (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Interest Expense [Line Items] | ||
Amortization of deferred financing costs | $ 1,064 | $ 1,091 |
Other interest expense | 701 | 154 |
Interest expense | 19,094 | 18,837 |
Other interest income | (62) | (181) |
Total interest expense, net | 19,032 | 18,656 |
Credit Facility | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 6,559 | 8,189 |
Convertible debentures | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 5,148 | 3,299 |
Finance lease obligations | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 2,260 | 3,176 |
Mortgages | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 1,350 | 999 |
Promissory notes | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | 450 | 664 |
Financing obligations | ||
Schedule of Interest Expense [Line Items] | ||
Interest on long term debt | $ 1,562 | $ 1,265 |
Stock-based compensation - Stoc
Stock-based compensation - Stock-based compensation expenses (Details) - General and administrative expenses - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | $ 11,606 | $ 1,944 |
Restricted share unit plan | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | 2,335 | 1,991 |
Performance restricted share unit plan | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | 2,165 | 2,031 |
Deferred stock unit plan | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | $ 7,106 | $ (2,078) |
Stock-based compensation - Rest
Stock-based compensation - Restricted share unit plan (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | |
Performance restricted share units (PSUs) | |||
Number of units | |||
Beginning balance (in shares) | 492,557 | 481,907 | 481,907 |
Granted (in shares) | 112,079 | 211,754 | 211,754 |
Vested (in shares) | (178,067) | (201,104) | (201,104) |
Forfeited (in shares) | 0 | 0 | |
Ending balance (in shares) | 426,569 | 492,557 | 492,557 |
Weighted-average exercise price $ per share | |||
Outstanding, beginning of period (CAD per unit) | $ / shares | $ 8.86 | $ 8.85 | |
Granted, Weighted average exercise price (CAD per unit) | $ / shares | 20.04 | 8.55 | |
Vested, Weighted average exercise price (CAD per unit) | $ / shares | 8.24 | 8.51 | |
Forfeited, Weighted average exercise price (CAD per unit) | $ / shares | $ 0 | ||
Outstanding, end of period (CAD per unit) | $ / shares | $ 12.06 | $ 8.86 | |
Vested (in shares) | 178,067 | 201,104 | 201,104 |
Liability classified restricted share unit plan | Restricted share units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period for recognition in years following grant | 2 years | ||
Award vesting period | 3 years | ||
Restricted share unit plan | Restricted share units (RSUs) | |||
Number of units | |||
Beginning balance (in shares) | 641,471 | 650,077 | 650,077 |
Granted (in shares) | 144,383 | 298,142 | 298,142 |
Vested (in shares) | (220,116) | (269,484) | (269,484) |
Forfeited (in shares) | (12,327) | (37,264) | (37,264) |
Ending balance (in shares) | 553,411 | 641,471 | 641,471 |
Weighted-average exercise price $ per share | |||
Outstanding, beginning of period (CAD per unit) | $ / shares | $ 10.34 | $ 9.35 | |
Granted, Weighted average exercise price (CAD per unit) | $ / shares | 19.97 | 8.55 | |
Vested, Weighted average exercise price (CAD per unit) | $ / shares | 8.44 | 6.19 | |
Forfeited, Weighted average exercise price (CAD per unit) | $ / shares | 13.01 | 8.81 | |
Outstanding, end of period (CAD per unit) | $ / shares | $ 13.55 | $ 10.34 | |
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 4,339 | $ 3,290 | $ 3,290 |
Period for award recognition | 1 year 4 months 24 days | 1 year 7 months 6 days | 1 year 7 months 6 days |
Vested (in shares) | 220,116 | 269,484 | 269,484 |
Restricted share unit plan | Performance restricted share units (PSUs) | |||
Number of units | |||
Vested (in shares) | (178,067) | (201,104) | (201,104) |
Weighted-average exercise price $ per share | |||
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 3,702 | $ 3,405 | $ 3,405 |
Period for award recognition | 1 year 6 months | 1 year 7 months 6 days | 1 year 7 months 6 days |
Vested (in shares) | 178,067 | 201,104 | 201,104 |
Stock-based compensation - Perf
Stock-based compensation - Performance and deferred stock unit plan (Details) | 12 Months Ended | ||
Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / shares$ / shares | |
Performance restricted share units (PSUs) | |||
Number of units | |||
Beginning balance (in shares) | 492,557 | 481,907 | |
Granted (in shares) | 112,079 | 211,754 | |
Vested/redeemed (in shares) | (178,067) | (201,104) | |
Forfeited (in shares) | 0 | ||
Ending balance (in shares) | 426,569 | 492,557 | |
Weighted-average exercise price $ per share | |||
Outstanding, beginning of period (CAD per unit) | $ / shares | $ 8.86 | $ 8.85 | |
Granted, Weighted average exercise price (CAD per unit) | $ / shares | 20.04 | 8.55 | |
Vested/redeemed, Weighted average exercise price (CAD per unit) | $ / shares | 8.24 | 8.51 | |
Forfeited, Weighted average exercise price (CAD per unit) | $ / shares | $ 0 | ||
Outstanding, end of period (CAD per unit) | $ / shares | $ 12.06 | $ 8.86 | |
Vested (in shares) | 178,067 | 201,104 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate | 0.65% | 0.30% | |
Expected volatility | 50.96% | 48.71% | |
Performance restricted share unit plan | Performance restricted share units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance restricted share unit plan granted to the services to be provided | 2 years | ||
Award vesting period | 3 years | ||
Restricted share unit plan | Performance restricted share units (PSUs) | |||
Number of units | |||
Vested/redeemed (in shares) | (178,067) | (201,104) | |
Weighted-average exercise price $ per share | |||
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 3,702,000 | $ 3,405,000 | $ 3,405,000 |
Period for award recognition | 1 year 6 months | 1 year 7 months 6 days | |
Vested (in shares) | 178,067 | 201,104 | |
Settlement ratio, per PSU (in shares) | 2 | ||
Deferred share unit plan | Deferred stock units (DSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Percentage of annual bonus eligible for deferred stock units | 50.00% | ||
Deferred stock unit plan | Deferred stock units (DSUs) | |||
Number of units | |||
Beginning balance (in shares) | 1,005,503 | 901,045 | |
Granted (in shares) | 66,265 | 114,020 | |
Vested/redeemed (in shares) | (139,124) | (9,562) | |
Ending balance (in shares) | 932,644 | 1,005,503 | |
Weighted-average exercise price $ per share | |||
Total unrecognized compensation costs related to non-vested non-option share-based payment arrangements | $ | $ 0 | ||
Vested (in shares) | 139,124 | 9,562 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Fair market value (CAD per share) | $ / shares | $ 18.78 | $ 12.42 | $ 12.42 |
Award units settled during the period | $ | $ 2,300,000 | $ 103,000 | |
Deferred stock unit plan | Deferred stock units (DSUs) | Accrued liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Current portion of award obligation | $ | 0 | 1,728,000 | $ 1,728,000 |
Deferred stock unit plan | Deferred stock units (DSUs) | Other liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Non-current portion of award obligation | $ | $ 17,515,000 | $ 10,761,000 | $ 10,761,000 |
Stock-based compensation - Shar
Stock-based compensation - Share options plan (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CAD ($)shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2020$ / sharesshares | Nov. 17, 2021shares | |
Number of options | |||||
Exercised (in shares)) | (125,000) | (109,100) | |||
Weighted average exercise price $ per share | |||||
Proceeds from options exercised | $ | $ 519 | $ 537 | |||
Share option plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Number of shares received per stock option (in shares) | 1 | ||||
Shares issued or outstanding (in shares) | 0 | 0 | 125,000 | 125,000 | 0 |
Number of options | |||||
Beginning balance (in shares) | 125,000 | 238,600 | |||
Exercised (in shares)) | (125,000) | (109,100) | |||
Forfeited or expired (in shares) | (4,500) | ||||
Ending balance (in shares) | 0 | 125,000 | |||
Weighted average exercise price $ per share | |||||
Beginning balance (CAD per share) | $ / shares | $ 4.16 | $ 4.61 | |||
Exercised (CAD per share) | $ / shares | 4.16 | 4.91 | |||
Forfeited or expired (CAD per share) | $ / shares | 10.13 | ||||
Ending balance (CAD per share) | $ / shares | $ 0 | $ 4.16 | |||
Proceeds from options exercised | $ | $ 519 | $ 537 | |||
Total intrinsic value of options exercised | $ | $ 1,909 | $ 535 | |||
Total options exercisable (in shares) | 0 | 0 | 125,000 | 125,000 |
Stock-based compensation - Opti
Stock-based compensation - Options by exercise price range (Details) - Share option plan - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Total options exercisable (in shares) | 125,000 | 0 |
Options outstanding, Weighted average remaining life | 1 year 10 months 24 days | |
Options exercisable, Weighted average exercise price (in CAD per share) | $ 4.16 |
Other information - Non-cash (D
Other information - Non-cash (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid during the year for: | ||
Interest | $ 17,028 | $ 18,518 |
Cash received during the year for: | ||
Interest | 69 | 151 |
Non-cash transactions: | ||
Addition of property, plant and equipment by means of finance leases | 19,198 | 27,882 |
Decrease to property, plant and equipment upon investment contribution to affiliates and joint ventures | (362) | (980) |
Increase in assets held for sale, offset by property, plant and equipment | 9,281 | 6,903 |
Non-cash working capital exclusions: | ||
Net decrease in accounts receivable relating to other adjustments to investments in affiliates and joint ventures | 0 | (911) |
Net increase in inventory due to transfer from property, plant and equipment | 437 | 0 |
Net decrease in accrued liabilities related to conversion of bonus compensation to deferred stock units | 223 | 294 |
Net decrease (increase) in accrued liabilities related to the current portion of deferred stock unit liability | 1,725 | (1,727) |
Net decrease (increase) in accrued liabilities related to dividend payable | 33 | (137) |
Non-cash working capital transactions related to acquisition of DGI: (note 12) | ||
Increase in accounts receivable | 1,910 | 0 |
Increase in inventory | 13,713 | 0 |
Increase in prepaid expenses | 971 | 0 |
Increase in accounts payable | (3,591) | 0 |
Increase in accrued liabilities | (2,307) | 0 |
Operating activities: | ||
Accounts receivable | (30,646) | 29,162 |
Contract assets | (2,751) | 12,086 |
Inventories | (11,243) | 2,476 |
Contract costs | (704) | (593) |
Prepaid expenses and deposits | (735) | (953) |
Accounts payable | 31,232 | (47,398) |
Accrued liabilities | 13,681 | 338 |
Contract liabilities | 1,837 | 1,489 |
Net changes in non-cash working capital | $ 671 | $ (3,393) |
Change in significant account_3
Change in significant accounting policy - Basis of presentation (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Current assets | $ 147,179 | $ 119,277 | |
Non-current assets | 722,099 | 719,786 | |
Total assets | 869,278 | 839,063 | |
Liabilities and shareholders' equity | |||
Current liabilities | 161,034 | 109,484 | |
Non-current liabilities | 429,781 | 481,136 | |
Total liabilities | 590,815 | 590,620 | |
Shareholders' equity | 278,463 | 248,443 | $ 180,119 |
Total liabilities and shareholders' equity | 869,278 | 839,063 | |
Income Statement [Abstract] | |||
Revenue | 654,143 | 498,468 | |
Gross profit | 90,417 | 92,218 | |
Operating income | 55,128 | 67,122 | |
Equity earnings in affiliates and joint ventures | (21,860) | (7,740) | |
Income before income taxes | 60,693 | 60,472 | |
Net income | 51,408 | 49,208 | |
Comprehensive income | 51,410 | 49,208 | |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | |||
Operating activities | 165,180 | 146,550 | |
Investing activities | (99,269) | (112,827) | |
Financing activities | (92,759) | 4,516 | |
(Decrease) increase in cash | (26,848) | 38,239 | |
Effect of exchange rate on changes in cash and cash equivalents | 2 | 0 | |
Cash, beginning of year | 43,447 | 5,208 | |
Cash, end of year | 16,601 | 43,447 | |
Without change/As originally reported | |||
Assets | |||
Current assets | 156,963 | 119,958 | |
Non-current assets | 727,175 | 718,970 | |
Total assets | 884,138 | 838,928 | |
Liabilities and shareholders' equity | |||
Current liabilities | 168,635 | 109,198 | |
Non-current liabilities | 437,040 | 481,287 | |
Total liabilities | 605,675 | 590,485 | |
Shareholders' equity | 278,463 | 248,443 | |
Total liabilities and shareholders' equity | 884,138 | 838,928 | |
Income Statement [Abstract] | |||
Revenue | 658,122 | 500,374 | |
Gross profit | 93,927 | 94,382 | |
Operating income | 58,523 | 68,945 | |
Equity earnings in affiliates and joint ventures | (18,475) | (5,942) | |
Income before income taxes | 60,693 | 60,472 | |
Net income | 51,408 | 49,208 | |
Comprehensive income | 51,410 | 49,208 | |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | |||
Operating activities | 168,893 | 147,272 | |
Investing activities | (100,604) | (113,573) | |
Financing activities | (92,547) | 4,672 | |
(Decrease) increase in cash | (24,258) | 38,371 | |
Effect of exchange rate on changes in cash and cash equivalents | 2 | ||
Cash, beginning of year | 43,915 | 5,544 | |
Cash, end of year | 19,659 | 43,915 | |
Adjustments | |||
Assets | |||
Current assets | (9,784) | (681) | |
Non-current assets | (5,076) | 816 | |
Total assets | (14,860) | 135 | |
Liabilities and shareholders' equity | |||
Current liabilities | (7,601) | 286 | |
Non-current liabilities | (7,259) | (151) | |
Total liabilities | (14,860) | 135 | |
Shareholders' equity | 0 | 0 | |
Total liabilities and shareholders' equity | (14,860) | 135 | |
Income Statement [Abstract] | |||
Revenue | (3,979) | (1,906) | |
Gross profit | (3,510) | (2,164) | |
Operating income | (3,395) | (1,823) | |
Equity earnings in affiliates and joint ventures | (3,385) | (1,798) | |
Income before income taxes | 0 | 0 | |
Net income | 0 | 0 | |
Comprehensive income | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract] | |||
Operating activities | (3,713) | (722) | |
Investing activities | 1,335 | 746 | |
Financing activities | (212) | (156) | |
(Decrease) increase in cash | (2,590) | (132) | |
Effect of exchange rate on changes in cash and cash equivalents | 0 | 0 | |
Cash, beginning of year | (468) | (336) | |
Cash, end of year | $ (3,058) | $ (468) |