99.1
Supplemental Historical Financial Information in U.S. Dollars by Quarter
The amounts presented herein are derived from the Company’s interim financial information previously reported in Canadian dollars and have been translated into U.S. dollars. This information supplements the earnings press release previously issued.
(unaudited) - (in thousands of U.S. dollars, except per share data) |
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| Q4’20 |
| Q3’20 |
| Q2’20 |
| Q1’20 |
| Q4’19* |
| Q3’19* |
| Q2’19* |
| Q1’19* |
Revenue |
| 1,048,147 |
| 866,951 |
| 740,106 |
| 829,099 |
| 883,717 |
| 883,142 |
| 885,186 |
| 825,531 |
Fuel surcharge |
| 73,859 |
| 69,173 |
| 58,389 |
| 95,410 |
| 105,315 |
| 105,267 |
| 115,064 |
| 100,323 |
Total revenue |
| 1,122,006 |
| 936,124 |
| 798,495 |
| 924,509 |
| 989,032 |
| 988,409 |
| 1,000,250 |
| 925,854 |
Operating expenses |
| 1,004,884 |
| 819,085 |
| 703,417 |
| 837,181 |
| 896,248 |
| 888,506 |
| 888,930 |
| 846,993 |
Operating Income |
| 117,122 |
| 117,039 |
| 95,078 |
| 87,328 |
| 92,784 |
| 99,903 |
| 111,320 |
| 78,861 |
Finance costs |
| 15,382 |
| 11,532 |
| 12,654 |
| 14,342 |
| 15,552 |
| 16,075 |
| 16,069 |
| 14,411 |
Income before income taxes |
| 101,740 |
| 105,507 |
| 82,424 |
| 72,986 |
| 77,232 |
| 83,828 |
| 95,251 |
| 64,450 |
Income Taxes |
| 15,412 |
| 22,406 |
| 31,966 |
| 17,198 |
| 19,277 |
| 21,282 |
| 20,421 |
| 15,556 |
Net income from continuing operations |
| 86,328 |
| 83,101 |
| 50,458 |
| 55,788 |
| 57,955 |
| 62,546 |
| 74,830 |
| 48,894 |
Net income from discontinued operations |
| - |
| - |
| - |
| - |
| (1,275) |
| - |
| (9,273) |
| - |
Net income attributable to owners |
| 86,328 |
| 83,101 |
| 50,458 |
| 55,788 |
| 56,680 |
| 62,546 |
| 65,557 |
| 48,894 |
EPS – basic |
| 0.92 |
| 0.91 |
| 0.58 |
| 0.66 |
| 0.70 |
| 0.75 |
| 0.78 |
| 0.57 |
EPS – diluted |
| 0.91 |
| 0.90 |
| 0.57 |
| 0.65 |
| 0.68 |
| 0.74 |
| 0.76 |
| 0.56 |
EPS from continuing operations – basic |
| 0.92 |
| 0.91 |
| 0.58 |
| 0.66 |
| 0.71 |
| 0.76 |
| 0.89 |
| 0.57 |
EPS from continuing operations – diluted |
| 0.91 |
| 0.90 |
| 0.57 |
| 0.65 |
| 0.70 |
| 0.74 |
| 0.87 |
| 0.56 |
Adjusted EPS - diluted1 |
| 0.98 |
| 0.94 |
| 0.76 |
| 0.61 |
| 0.72 |
| 0.79 |
| 0.88 |
| 0.58 |
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Current assets |
| 652,772 |
| 797,938 |
| 486,298 |
| 566,746 |
| 526,584 |
| 546,040 |
| 565,842 |
| 529,903 |
Non-current assets |
| 3,196,592 |
| 2,896,131 |
| 2,876,232 |
| 2,797,373 |
| 2,982,236 |
| 2,928,595 |
| 2,932,219 |
| 2,850,008 |
Total Assets |
| 3,849,364 |
| 3,694,069 |
| 3,362,530 |
| 3,364,119 |
| 3,508,820 |
| 3,474,635 |
| 3,498,061 |
| 3,379,911 |
Current Liabilities |
| 654,460 |
| 682,184 |
| 651,848 |
| 449,267 |
| 487,615 |
| 495,680 |
| 506,223 |
| 484,840 |
Non current liabilities |
| 1,404,727 |
| 1,321,978 |
| 1,313,693 |
| 1,586,913 |
| 1,861,913 |
| 1,856,172 |
| 1,865,738 |
| 1,784,683 |
Total Liabilities |
| 2,059,187 |
| 2,004,162 |
| 1,965,541 |
| 2,036,180 |
| 2,349,528 |
| 2,351,852 |
| 2,371,961 |
| 2,269,523 |
Equity |
| 1,790,177 |
| 1,689,907 |
| 1,396,989 |
| 1,327,939 |
| 1,159,292 |
| 1,122,783 |
| 1,126,100 |
| 1,110,388 |
Total liabilities and equity |
| 3,849,364 |
| 3,694,069 |
| 3,362,530 |
| 3,364,119 |
| 3,508,820 |
| 3,474,635 |
| 3,498,061 |
| 3,379,911 |
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Net cash from continuing operating activities |
| 164,928 |
| 140,649 |
| 168,108 |
| 137,177 |
| 133,262 |
| 141,262 |
| 105,505 |
| 120,467 |
Net cash used in discontinued operating activities |
| - |
| - |
| - |
| - |
| (1,275) |
| - |
| (10,747) |
| - |
Net cash from operating activities |
| 164,928 |
| 140,649 |
| 168,108 |
| 137,177 |
| 131,987 |
| 141,262 |
| 94,758 |
| 120,467 |
* Recasted for changes of mark-to-market gain (loss) on deferred share units’ presentation to personnel expenses from finance (income) costs. |
The change of the presentation currency to U.S. dollars required the translation of the reported Canadian dollar amounts to U.S. dollars. This translation was performed as follows:
• Income Statement and Statement of Cash Flows have been translated into U.S. dollars using average foreign currency rates prevailing for the relevant period.
• Assets and liabilities in the Statement of Financial Position have been translated into U.S. dollars at the closing foreign currency rates on the relevant balance sheet dates.
• Equity in the Statement of Financial Position, including foreign currency translation reserve, retained earnings, share capital and other reserves, have been translated into U.S. dollars using historical rates.
To provide greater clarity, the income statement and cashflow are translated on a monthly basis using the monthly rate prevailing for the period. The reported quarter and annual income statement and cashflow are the cumulation of the months there within. As a result, depending on the timing of the revenues, expenses, receipts and payments each amount disclosed, the weighted average rate for each caption may differ.
Adjusted EPS Reconciliation |
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(unaudited) - (in thousands of U.S. dollars, except per share data) |
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| Q4’20 |
| Q3’20 |
| Q2’20 |
| Q1’20 |
| Q4’19* |
| Q3’19* |
| Q2’19* |
| Q1’19* |
Net income for the period |
| 86,328 |
| 83,101 |
| 50,458 |
| 55,788 |
| 56,680 |
| 62,546 |
| 65,557 |
| 48,894 |
Amortization of intangible assets related to business acquisitions, net of tax |
| 10,221 |
| 8,822 |
| 8,306 |
| 7,937 |
| 9,263 |
| 9,136 |
| 8,938 |
| 8,419 |
Net change in fair value and accretion expense of contingent considerations, net of tax |
| 104 |
| 3 |
| 21 |
| 37 |
| 40 |
| 31 |
| 30 |
| 45 |
Net change in fair value of derivatives, net of tax |
| (373) |
| (172) |
| (180) |
| 352 |
| — |
| — |
| (10) |
| 10 |
Net foreign exchange (gain) loss, net of tax |
| 227 |
| (207) |
| 3 |
| (918) |
| (328) |
| 335 |
| 560 |
| (406) |
Gain on sale of business, net of tax |
| (230) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
Bargain purchase gain |
| — |
| — |
| — |
| (4,008) |
| — |
| — |
| (8,014) |
| — |
Gain on sale of land and buildings and assets held for sale, net of tax |
| (1,848) |
| (1,691) |
| (144) |
| (6,625) |
| (6,872) |
| (5,273) |
| (1) |
| (6,545) |
Net loss from discontinued operations |
| — |
| — |
| — |
| — |
| 1,302 |
| — |
| 9,246 |
| — |
U.S. Tax Reform |
| (1,072) |
| (2,398) |
| 8,767 |
| — |
| — |
| — |
| — |
| — |
Adjusted net income |
| 93,357 |
| 87,458 |
| 67,231 |
| 52,563 |
| 60,085 |
| 66,775 |
| 76,306 |
| 50,417 |
Adjusted EPS – basic |
| 1.00 |
| 0.96 |
| 0.77 |
| 0.62 |
| 0.74 |
| 0.79 |
| 0.91 |
| 0.59 |
Adjusted EPS – diluted |
| 0.98 |
| 0.94 |
| 0.76 |
| 0.61 |
| 0.72 |
| 0.79 |
| 0.88 |
| 0.58 |
* Recasted for changes of mark-to-market gain (loss) on deferred share units presentation to personnel expenses from finance (income) costs. |
Refer to the unaudited Q4 earnings press release for the definition of adjusted EPS.