QUARTER HIGHLIGHTS (Compared to the Third Quarter of 2020):
- Consolidated sales of
$426 .1 million, up 7.8%, driven by organic growth(1) of 3.9% primarily resulting from increased demand and prices as global markets continue to recover from the COVID-19 pandemic; - EBITDA(1) increased 14.8% to
$35 .3 million or 8.3% of sales from$30 .8 million or 7.8% of sales in 2020, as a result of improvements in gross margin and a reduction in operating costs; Adjusted EBITDA(1) increased 25.1% to$42 .3 million or 9.9% of sales; - Basic EPS of
$0.28 , up$0.17 ; Basic adjusted EPS(1) of$0.40 , up$0.21 due to disciplined operational performance and lower interest costs as a result of the credit facility amendment completed during the second quarter of 2021; and - Total net debt to adjusted EBITDA(1) ratio of 2.34x, driven by strong operating results, continued focus on working capital management and capital discipline.
"We are very pleased with our third–quarter results which reflect ongoing operational improvement and continued sequential recovery in our business. While revenues increased 7.8% to
"This strong profitability combined with active cash management translated into free cash flows(1) of
Our near-term focus remains to align the three businesses with our vision for the future while identifying growth opportunities. We expect 2021 to be a good year overall but remain cautiously optimistic for the fourth quarter and next year as we manage through the ongoing challenges related to supply chain shortages and labour costs. With our new leadership team firmly in place, we are positioning the business for the long term and see many opportunities ahead in all three businesses," concluded Mr. McManus.
___________________________ | |
(1) | This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section for further details. |
INTERIM CONSOLIDATED FINANCIAL RESULTS
During the quarter, the Corporation updated its definition of adjusted EBITDA, adjusted EBT, adjusted earnings and basic adjusted earnings (loss), and is now excluding stock–based compensation. Management believes this new definition better reflects its core operational performance. Accordingly, comparative figures were adjusted to reflect this change, including certain ratios such as total net debt to adjusted EBITDA. (Refer to the "Non-GAAP Financial Measures" section for further details.)
The following table presents selected consolidated information:
Third Quarters Ended | Nine-month Periods | ||||||||||
(in thousands of US dollars, except per share amounts, percentages and otherwise specified) | 2021 | 2020 | 2021 | 2020 | |||||||
$ | $ | % | $ | $ | % | ||||||
OPERATING RESULTS | |||||||||||
Sales | 426,094 | 395,352 | 7.8 | 1,212,625 | 1,105,570 | 9.7 | |||||
EBITDA(1) | 35,326 | 30,780 | 14.8 | 60,570 | 43,186 | 40.3 | |||||
EBITDA margin(1) | 8.3% | 7.8% | 5.0% | 3.9% | |||||||
Adjusted EBITDA(1) | 42,294 | 33,799 | 25.1 | 109,265 | 67,367 | 62.2 | |||||
Adjusted EBITDA margin(1) | 9.9% | 8.5% | 9.0% | 6.1% | |||||||
EBT(1) | 14,682 | 6,800 | 115.9 | (8,508) | (32,783) | 74.0 | |||||
EBT margin(1) | 3.4% | 1.7% | (0.7%) | (3.0%) | |||||||
Adjusted EBT(1) | 22,763 | 10,861 | 109.6 | 43,542 | (5,522) | 888.5 | |||||
Adjusted EBT margin (1) | 5.3% | 2.7% | 3.6% | (0.5%) | |||||||
Change in estimates related to inventory obsolescence | - | - | 20,600 | - | |||||||
Stock-based compensation | 1,554 | 515 | 6,206 | 2,456 | |||||||
Special items | 5,414 | 2,504 | 21,889 | 21,725 | |||||||
Net earnings (loss) | 11,927 | 4,454 | 167.8 | (8,113) | (26,456) | 69.3 | |||||
Adjusted earnings (loss)(1) | 17,248 | 7,916 | 117.9 | 33,210 | (4,604) | 821.3 | |||||
Free cash flows(1) | 36,955 | 61,084 | (39.5) | 71,828 | 76,215 | (5.8) | |||||
COMMON SHARE DATA | |||||||||||
Basic earnings (loss) per share | 154.5 | 69.4 | |||||||||
Diluted earnings (loss) per share | 127.3 | 69.4 | |||||||||
Basic adjusted earnings (loss) per share | 110.5 | 809.1 | |||||||||
Number of shares outstanding (in thousands) | 43,793 | 42,387 | 43,793 | 42,387 | |||||||
Weighted average number of outstanding shares | |||||||||||
Basic (in thousands) | 43,042 | 42,387 | 42,608 | 42,387 | |||||||
Diluted (in thousands) | 51,988 | 42,387 | 42,608 | 42,387 |
As at
| As at | ||||||||
$ | $ | ||||||||
FINANCIAL POSITION | |||||||||
Total net debt(1) | 314,933 | 370,252 | |||||||
Credit facilities (including revolving and term loans) at nominal value | 237,053 | 318,379 | |||||||
Convertible debentures | 78,181 | 87,728 |
(1) | This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section for further details. |
THIRD Quarter Results
Compared to the Third Quarter of 2020:
Consolidated sales of
The Corporation generated EBITDA of
Net earnings for the quarter increased by
Segmented Third Quarter Results
The FinishMaster
The Parts Alliance
NINE-MONTH PERIOD Results
Compared to the Nine–Month Period of 2020:
Consolidated sales increased by
The Corporation reported EBITDA of
The Corporation reported a net loss of
Segmented Nine-Month Period Results
The FinishMaster
The Parts Alliance
PARTIAL REPAYMENT OF TERM LOAN
In
PARTIAL CONVERSION OF DEBENTURES
In
REBRANDING ACCROSS THE PARTS ALLIANCE
The Parts Alliance
CONFERENCE CALL
A recording of the conference call will be available from 11:30 AM Eastern on
A webcast of the quarterly results conference call will also be accessible through the "Investors" section of our website at uniselect.com where a replay will also be archived. Listeners should allow ample time to access the webcast and supporting slides.
ABOUT
With over 4,800 employees in
In
In
In the
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain information made in this press release is forward-looking information within the meaning of Canadian securities laws. All such forward-looking information is made and disclosed in reliance upon the "safe harbour" provisions of applicable Canadian securities laws.
Forward-looking information includes all information regarding
Forward-looking information is based on
These risks and uncertainties include, but are not restricted to: risks associated with the effects and duration of the COVID-19 pandemic; risks associated with the economy; risks associated with
Unless otherwise stated, the forward-looking information contained in this press release is made as of the date hereof and
Furthermore, readers are reminded that forward-looking information is presented for the sole purpose of assisting investors and others in understanding
Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled "Risk Management" of
We also caution readers that the above-mentioned risks and the risks disclosed in
NON-GAAP FINANCIAL MEASURES
The information included in this Press release contains certain financial measures that are inconsistent with GAAP. Non‑GAAP financial measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other entities. The Corporation is of the opinion that users of its Press release may analyze its results based on these measurements. The following presents performance measures used by the Corporation which are not defined by GAAP.
Organic growth – This measure consists of quantifying the increase in consolidated sales between two given periods, excluding the impact of acquisitions, the loss of sales from the consolidation of company‑operated stores, exchange-rate fluctuations and when necessary, the variance in the number of billing days. This measure enables
EBITDA and adjusted EBITDA – EBITDA represents net earnings (loss) excluding depreciation and amortization, net financing costs and income tax expense (recovery). This measure is a financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to sales or net earnings, as an indicator of operating performance or cash flows, or as a measure of liquidity, but as additional information.
Adjusted EBITDA contains certain adjustments, which may affect the comparability of the Corporation's financial results. These adjustments include, among other things, restructuring and other charges, stock-based compensation expenses as well as change in estimate related to inventory obsolescence.
EBITDA margin and adjusted EBITDA margin – EBITDA margin is a percentage corresponding to the ratio of EBITDA to sales. Adjusted EBITDA margin is a percentage corresponding to the ratio of adjusted EBITDA to sales.
EBT, adjusted EBT, adjusted earnings and adjusted earnings per share – Management uses adjusted earnings before taxes "EBT", adjusted earnings and adjusted earnings per share to assess earnings before taxes, net earnings and net earnings per share from core operating activities, containing certain adjustments, net of income taxes for adjusted earnings and adjusted earnings per share, which may affect the comparability of the Corporation's financial results. Management considers that these measures facilitate the analysis and provide the best understanding of the Corporation's operational performance. The intent of these measures is to provide additional information.
These adjustments include, among other things, restructuring and other charges, stock-based compensation expenses, change in estimate related to inventory obsolescence as well as amortization of intangible assets related to
EBT margin and adjusted EBT margin – EBT margin is a percentage corresponding to the ratio of EBT to sales. Adjusted EBT margin is a percentage corresponding to the ratio of adjusted EBT to sales.
Free cash flows – This measure corresponds to the cash flows from operating activities according to the consolidated statements of cash flows adjusted for the following items: net acquisitions of property and equipment, net advances to merchant members and incentives granted to customers, as well as net acquisitions and development of intangible assets.
The free cash flows exclude certain other funds generated and used according to the consolidated statements of cash flows. Therefore, it should not be considered as an alternative to the consolidated statements of cash flows, or as a measure of liquidity, but as additional information.
Total net debt – This measure corresponds to the sum of the revolving credit facility, term facilities, lease obligations (including the portion due within a year), net of deferred financing costs and cash.
Total net debt to adjusted EBITDA ratio – This ratio corresponds to total net debt (as defined above) divided by adjusted EBITDa.
The following is a reconciliation of organic growth.
Third Quarters Ended | Nine-Month Periods Ended | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
$ | $ | $ | $ | ||||||
FinishMaster | 174,872 | 163,490 | 504,336 | 499,063 | |||||
144,489 | 137,240 | 404,918 | 360,480 | ||||||
The Parts Alliance | 106,733 | 94,622 | 303,371 | 246,027 | |||||
Sales | 426,094 | 395,352 | 1,212,625 | 1,105,570 | |||||
% | % | ||||||||
Sales variance | 30,742 | 7.8 | 107,055 | 9.7 | |||||
Translation effect of the Canadian dollar and the British pound | (14,741) | (3.7) | (53,987) | (4.9) | |||||
Impact of number of billing days
| - | - | 7,939 | 0.7 | |||||
Erosion of sales from the consolidation of company‑operated stores | - | - | 1,175 | 0.5 | |||||
Acquisitions | (663) | (0.2) | (2,138) | (0.6) | |||||
Consolidated organic growth | 15,338 | 3.9 | 60,044 | 5.4 |
The following is a reconciliation of EBITDA and adjusted EBITDA.
Third Quarters Ended | Nine-Month Periods | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
$ | $ | % | $ | $ | % | |||||||
Net earnings (loss) | 11,927 | 4,454 | (8,113) | (26,456) | ||||||||
Income tax expense (recovery) | 2,755 | 2,346 | (395) | (6,327) | ||||||||
Net financing costs | 5,867 | 8,763 | 23,629 | 28,263 | ||||||||
Depreciation and amortization | 14,777 | 15,217 | 45,449 | 47,706 | ||||||||
EBITDA | 35,326 | 30,780 | 14.8 | 60,570 | 43,186 | 40.3 | ||||||
EBITDA margin | 8.3% | 7.8% | 5.0% | 3.9% | ||||||||
Change in estimate related to inventory obsolescence | - | - | 20,600 | - | ||||||||
Stock-based compensation | 1,554 | 515 | 6,206 | 2,456 | ||||||||
Special items | 5,414 | 2,504 | 21,889 | 21,725 | ||||||||
Adjusted EBITDA | 42,294 | 33,799 | 25.1 | 109,265 | 67,367 | 62.2 | ||||||
Adjusted EBITDA margin | 9.9% | 8.5% | 9.0% | 6.1% | ||||||||
The following is a reconciliation of EBT and adjusted EBT.
Third Quarters Ended | Nine-Month Periods | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
$ | $ | % | $ | $ | % | |||||||
Net earnings (loss) | 11,927 | 4,454 | (8,113) | (26,456) | ||||||||
Income tax expense (recovery) | 2,755 | 2,346 | (395) | (6,327) | ||||||||
EBT | 14,682 | 6,800 | 115.9 | (8,508) | (32,783) | 74.0 | ||||||
EBT margin | 3.4% | 1.7% | (0.7%) | (3.0%) | ||||||||
Change in estimate related to inventory obsolescence | - | - | 20,600 | - | ||||||||
Stock-based compensation | 1,554 | 515 | 6,206 | 2,456 | ||||||||
Special items | 5,414 | 2,504 | 21,889 | 21,725 | ||||||||
Amortization of intangible assets related to the acquisition of The Parts Alliance | 1,113 | 1,042 | 3,355 | 3,080 | ||||||||
Adjusted EBT | 22,763 | 10,861 | 109.6 | 43,542 | (5,522) | 888.5 | ||||||
Adjusted EBT margin | 5.3% | 2.7% | 3.6% | (0.5%) |
The following is a reconciliation of adjusted earnings (loss).
Third Quarters Ended | Nine-Month Periods Ended | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
$ | $ | % | $ | $ | % | |||||
Net earnings (loss) | 11,927 | 4,454 | 167.8 | (8,113) | (26,456) | 69.3 | ||||
Change in estimate related to inventory obsolescence, net of taxes | (659) | - | 15,615 | - | ||||||
Stock-based compensation, net of taxes | 1,159 | 382 | 4,601 | 1,818 | ||||||
Special items, net of taxes | 3,919 | 1,911 | 16,365 | 16,572 | ||||||
Amortization of intangible assets related to the acquisition of The Parts Alliance, net of taxes | 902 | 1,169 | 2,748 | 3,462 | ||||||
Net tax impact of changes in rates and reversal of a contingency provision | - | - | 1,994 | - | ||||||
Adjusted earnings (loss) | 17,248 | 7,916 | 117.9 | 33,210 | (4,604) | 821.3 | ||||
Earnings (loss) per share | 0.28 | 0.11 | 154.5 | (0.19) | (0.62) | 69.4 | ||||
Change in estimate related to inventory obsolescence, net of taxes | (0.02) | - | 0.37 | - | ||||||
Stock-based compensation, net of taxes | 0.03 | 0.01 | 0.11 | 0.04 | ||||||
Special items, net of taxes | 0.09 | 0.04 | 0.38 | 0.39 | ||||||
Amortization of intangible assets related to the acquisition of The Parts Alliance, net of taxes | 0.02 | 0.03 | 0.06 | 0.08 | ||||||
Net tax impact of changes in rates and reversal of a contingency provision | - | - | 0.05 | - | ||||||
Adjusted earnings (loss) per share | 0.40 | 0.19 | 110.5 | 0.78 | (0.11) | 809.1 |
The following table presents a reconciliation of free cash flows.
In
Third Quarters Ended | Nine-Month Periods Ended | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
$ | $ | $ | $ | ||||||
Cash flows from operating activities | 42,865 | 62,074 | 85,607 | 84,272 | |||||
Advances to merchant members and incentives granted to customers
| (2,408) | (1,246) | (9,560) | (5,568) | |||||
Reimbursement of advances to merchant members | 621 | 1,140 | 4,377 | 2,532 | |||||
Acquisitions of property and equipment | (2,573) | (647) | (5,959) | (4,453) | |||||
Proceeds from disposal of property and equipment | 304 | 349 | 869 | 769 | |||||
Acquisitions and development of intangible assets | (1,854) | (586) | (3,506) | (1,337) | |||||
Free cash flows | 36,955 | 61,084 | 71,828 | 76,215 |
INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS)
(In thousands of US dollars, except per share amounts, unaudited) | Third Quarters Ended | Nine-Month Periods Ended | ||||||||
2021 | 2020 | 2021 | 2020 | |||||||
$ | $ | $ | $ | |||||||
Sales | 426,094 | 395,352 | 1,212,625 | 1,105,570 | ||||||
Purchases, net of changes in inventories | 289,144 | 280,396 | 847,984 | 781,882 | ||||||
Gross margin | 136,950 | 114,956 | 364,641 | 323,688 | ||||||
Salaries and employee benefits | 67,258 | 56,779 | 199,113 | 174,097 | ||||||
Other operating expenses | 28,952 | 24,893 | 83,069 | 84,680 | ||||||
Special items | 5,414 | 2,504 | 21,889 | 21,725 | ||||||
Earnings before net financing costs, depreciation and amortization and income taxes | 35,326 | 30,780 | 60,570 | 43,186 | ||||||
Depreciation and amortization | 14,777 | 15,217 | 45,449 | 47,706 | ||||||
Net financing costs | 5,867 | 8,763 | 23,629 | 28,263 | ||||||
Earnings (loss) before income taxes | 14,682 | 6,800 | (8,508) | (32,783) | ||||||
Income tax expense (recovery) | 2,755 | 2,346 | (395) | (6,327) | ||||||
Net earnings (loss) | 11,927 | 4,454 | (8,113) | (26,456) | ||||||
Earnings (loss) per share | ||||||||||
Basic | ||||||||||
Diluted | ||||||||||
Weighted average number of common shares outstanding (in thousands) | ||||||||||
Basic | 43,042 | 42,387 | 42,608 | 42,387 | ||||||
Diluted | 51,988 | 42,387 | 42,608 | 42,387 | ||||||
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of US dollars, unaudited) | Third Quarters Ended | Nine-Month Periods Ended | ||||||||
2021 | 2020 | 2021 | 2020 | |||||||
$ | $ | $ | $ | |||||||
Net earnings (loss) | 11,927 | 4,454 | (8,113) | (26,456) | ||||||
Other comprehensive income (loss) | ||||||||||
Items that will subsequently be reclassified to net earnings (loss): | ||||||||||
Effective portion of changes in the fair value of cash flow hedges (net of income tax of nil and | - | (62) | 8 | (492) | ||||||
Net change in the fair value of derivative financial instruments designated as cash flow hedges transferred to net earnings (loss) (net of income tax of nil and | 11 | 138 | 327 | 282 | ||||||
Unrealized exchange gains (losses) on the translation of financial statements to the presentation currency | (3,885) | 8,055 | (2,754) | (3,799) | ||||||
Unrealized exchange gains (losses) on the translation of debt designated | (3,744) | (257) | 1,036 | (3,105) | ||||||
(7,618) | 7,874 | (1,383) | (7,114) | |||||||
Items that will not subsequently be reclassified to net earnings (loss): | ||||||||||
Remeasurements of long-term employee benefit obligations (net of income tax of | 3,381 | 1,411 | 10,731 | (6,563) | ||||||
Total other comprehensive income (loss) | (4,237) | 9,285 | 9,348 | (13,677) | ||||||
Comprehensive income (loss) | 7,690 | 13,739 | 1,235 | (40,133) | ||||||
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(In thousands of US dollars, unaudited) | Share | Contributed surplus | Equity | Retained | Accumulated | Total equity | |||||||
$ | $ | $ | $ | $ | $ | ||||||||
Balance as at | 100,244 | 6,724 | 8,232 | 418,624 | (26,830) | 506,994 | |||||||
Net loss | - | - | - | (26,456) | - | (26,456) | |||||||
Other comprehensive loss | - | - | - | (6,563) | (7,114) | (13,677) | |||||||
Comprehensive loss | - | - | - | (33,019) | (7,114) | (40,133) | |||||||
Contributions by and distributions to shareholders: | |||||||||||||
Dividends | - | - | - | (2,923) | - | (2,923) | |||||||
Stock-based compensation | - | 1,534 | - | - | - | 1,534 | |||||||
- | 1,534 | - | (2,923) | - | (1,389) | ||||||||
Balance as at | 100,244 | 8,258 | 8,232 | 382,682 | (33,944) | 465,472 | |||||||
Balance as at | 100,244 | 8,404 | 8,232 | 378,196 | (21,021) | 474,055 | |||||||
Net loss | - | - | - | (8,113) | - | (8,113) | |||||||
Other comprehensive income (loss) | - | - | - | 10,731 | (1,383) | 9,348 | |||||||
Comprehensive income (loss) | - | - | - | 2,618 | (1,383) | 1,235 | |||||||
Contributions by and distributions to shareholders: | |||||||||||||
Conversion of convertible debentures into common shares | 12,202 | - | (988) | - | - | 11,214 | |||||||
Issuance of common shares | 2,993 | - | - | - | - | 2,993 | |||||||
Transfer upon exercise of stock options | 612 | (612) | - | - | - | - | |||||||
Stock-based compensation | - | 256 | - | - | - | 256 | |||||||
15,807 | (356) | (988) | - | - | 14,463 | ||||||||
Balance as at | 116,051 | 8,048 | 7,244 | 380,814 | (22,404) | 489,753 | |||||||
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars, unaudited) | Third Quarters Ended | Nine-Month Periods Ended | ||||||||
2021 | 2020 | 2021 | 2020 | |||||||
$ | $ | $ | $ | |||||||
OPERATING ACTIVITIES | ||||||||||
Net earnings (loss) | 11,927 | 4,454 | (8,113) | (26,456) | ||||||
Adjustment for: | ||||||||||
Special items and others | 5,414 | 2,504 | 42,489 | 21,725 | ||||||
Depreciation and amortization | 14,777 | 15,217 | 45,449 | 47,706 | ||||||
Net financing costs | 5,867 | 8,763 | 23,629 | 28,263 | ||||||
Income tax expense (recovery) | 2,755 | 2,346 | (395) | (6,327) | ||||||
Amortization and reserves related to incentives granted to customers | 3,894 | 4,426 | 12,495 | 14,161 | ||||||
Other items | (4,851) | 275 | (2,959) | 2,074 | ||||||
Changes in working capital items | 8,879 | 29,392 | (3,002) | 23,175 | ||||||
Interest paid | (4,693) | (5,148) | (21,210) | (18,709) | ||||||
Income taxes paid | (1,104) | (155) | (2,776) | (1,340) | ||||||
Cash flows from operating activities | 42,865 | 62,074 | 85,607 | 84,272 | ||||||
INVESTING ACTIVITIES | ||||||||||
Business acquisition | (1,501) | (193) | (1,501) | (4,675) | ||||||
Business disposal | - | - | - | 258 | ||||||
Net balance of purchase price | (555) | (41) | (613) | - | ||||||
Cash held in escrow | (214) | - | (214) | 747 | ||||||
Proceeds from sale of investment | 396 | - | 396 | - | ||||||
Advances to merchant members and incentives granted to customers | (2,408) | (1,246) | (9,560) | (5,568) | ||||||
Reimbursement of advances to merchant members | 621 | 1,140 | 4,377 | 2,532 | ||||||
Acquisitions of property and equipment | (2,573) | (647) | (5,959) | (4,453) | ||||||
Proceeds from disposal of property and equipment | 304 | 349 | 869 | 769 | ||||||
Acquisitions and development of intangible assets | (1,854) | (586) | (3,506) | (1,337) | ||||||
Other provisions paid | (330) | (143) | (582) | (331) | ||||||
Cash flows used in investing activities | (8,114) | (1,367) | (16,293) | (12,058) | ||||||
FINANCING ACTIVITIES | ||||||||||
Increase in long-term debt | 38,454 | 162 | 77,468 | 543,122 | ||||||
Repayment of long-term debt | (84,718) | (84,164) | (180,335) | (626,417) | ||||||
Net increase (decrease) in merchant members' deposits in the guarantee fund | (216) | 162 | (562) | 213 | ||||||
Issuance of common shares | 2,993 | - | 2,993 | - | ||||||
Dividends paid | - | - | - | (5,803) | ||||||
Cash flows used in financing activities | (43,487) | (83,840) | (100,436) | (88,885) | ||||||
Effects of fluctuations in exchange rates on cash | (453) | 795 | (35) | (435) | ||||||
Net decrease in cash | (9,189) | (22,338) | (31,157) | (17,106) | ||||||
Cash, beginning of period | 32,411 | 40,940 | 54,379 | 35,708 | ||||||
Cash, end of period | 23,222 | 18,602 | 23,222 | 18,602 | ||||||
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In thousands of US dollars, unaudited) | As at | As at | ||||||
2021 | 2020 | |||||||
ASSETS | $ | $ | ||||||
Current assets: | ||||||||
Cash | 23,222 | 54,379 | ||||||
Cash held in escrow | 1,242 | 1,475 | ||||||
Trade and other receivables | 206,060 | 188,808 | ||||||
Income taxes receivable | 1,656 | 2,025 | ||||||
Inventory | 338,957 | 368,992 | ||||||
Prepaid expenses | 7,176 | 9,520 | ||||||
Derivative financial instruments | 159 | - | ||||||
Total current assets | 578,472 | 625,199 | ||||||
Investments and advances to merchant members
| 21,261 | 27,106 | ||||||
Property and equipment | 143,640 | 155,071 | ||||||
Intangible assets | 175,227 | 186,863 | ||||||
339,606 | 340,328 | |||||||
Deferred tax assets | 38,268 | 40,705 | ||||||
TOTAL ASSETS | 1,296,474 | 1,375,272 | ||||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Trade and other payables | 336,990 | 313,600 | ||||||
Balance of purchase price, net | 1,016 | 1,796 | ||||||
Provision for restructuring charges | 1,942 | 3,246 | ||||||
Income taxes payable | 4,607 | 8,359 | ||||||
Current portion of long-term debt and merchant members' deposits in the guarantee fund | 27,077 | 28,406 | ||||||
Derivative financial instruments | - | 4,579 | ||||||
Total current liabilities | 371,632 | 359,986 | ||||||
Long-term employee benefit obligations | 16,451 | 28,337 | ||||||
Long-term debt | 311,155 | 396,289 | ||||||
Convertible debentures | 78,181 | 87,728 | ||||||
Merchant members' deposits in the guarantee fund | 5,474 | 6,041 | ||||||
Other provisions | 1,080 | 1,395 | ||||||
Deferred tax liabilities | 22,748 | 21,441 | ||||||
TOTAL LIABILITIES | 806,721 | 901,217 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 489,753 | 474,055 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,296,474 | 1,375,272 | ||||||
SOURCE
© Canada Newswire, source