| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||
Net earnings from continuing operations | ||||||||
- | - | 39,915 | 53,909 | 22,881 | - | - | - | - |
Net earnings | ||||||||
92,132 | 91,571 | - | - | - | 40,722 | 99,803 | 47,900 | -7,855 |
NCI share of earnings from discontinued operations | ||||||||
- | - | - | - | - | 211 | 1,940 | - | - |
Net loss from discontinued operations | ||||||||
- | - | - | - | - | - | - | - | -576 |
Depreciation and amortization | ||||||||
52,992 | 44,924 | 38,624 | 36,033 | 32,671 | 53,502 | 50,926 | 47,886 | 46,383 |
Spin-off Stock Based Compensation Costs | ||||||||
- | - | 35,400 | 0 | - | - | - | - | - |
Deferred income tax | ||||||||
19,723 | 9,998 | 2,752 | 1,488 | -16,030 | - | - | - | - |
Goodwill impairment charge | ||||||||
- | - | - | - | - | - | - | - | 29,583 |
Deferred income tax | ||||||||
- | - | - | - | - | -18,660 | -64,512 | -7,440 | -3,178 |
Earnings from equity method investments | ||||||||
923 | 894 | 729 | 589 | 1,107 | 1,230 | -3,475 | - | - |
(Earnings) loss from equity method investments | ||||||||
- | - | - | - | - | - | - | -4,046 | 1,548 |
Stock option expense | ||||||||
4,425 | 3,279 | 4,253 | 2,358 | 2,307 | 3,169 | 2,335 | 2,761 | 2,649 |
Allowance for uncollectible accounts | ||||||||
4,695 | 4,783 | - | - | - | - | - | - | - |
Amortization of advisor loans | ||||||||
14,353 | 8,020 | - | - | - | - | - | - | - |
Other | ||||||||
-9,828 | 308 | -2,983 | 1,226 | -4,500 | -3,323 | -4,278 | 7,099 | -1,635 |
Net changes from operating assets / liabilities | ||||||||
Incremental tax benefit on stock options exercised | ||||||||
- | - | 0 | 4,597 | 2,360 | 200 | 465 | 63 | 188 |
Accounts receivable | ||||||||
40,045 | 16,737 | 5,574 | 25,285 | 21,479 | 19,889 | 22,452 | 39,078 | 38,301 |
Unbilled revenues | ||||||||
1,824 | 16,479 | 12,738 | 3,487 | 102 | - | - | - | - |
Inventories | ||||||||
- | - | - | - | - | 3,046 | 2,359 | -299 | -1,114 |
Prepaid expenses and other current assets | ||||||||
2,888 | -3,010 | 5,880 | 1,377 | -2,261 | 3,897 | 1,796 | -1,348 | 2,614 |
Accounts payable | ||||||||
9,238 | 6,228 | -7,868 | 19,539 | -6,422 | -963 | 10,956 | 4,603 | 3,383 |
Accrued liabilities | ||||||||
49,865 | 16,508 | 41,376 | 48,512 | 42,022 | 28,979 | -7,325 | 66,184 | 49,063 |
Income tax payable | ||||||||
-985 | 419 | 4,785 | -4,095 | 4,952 | 11,842 | -1,383 | -3,331 | 3,271 |
Unearned revenues | ||||||||
6,654 | -945 | -2,570 | 2,884 | 1,710 | 48 | -2,946 | 764 | -6,203 |
Other liabilities | ||||||||
2,097 | 3,476 | -6,634 | -1,557 | 12,373 | 9,080 | 9,739 | -3,729 | 5,527 |
Contingent acquisition consideration paid | ||||||||
-6,487 | -591 | -1,421 | -19,785 | - | - | - | - | - |
Discontinued operations | ||||||||
- | - | 30,564 | 56,343 | 38,100 | - | - | - | -2,248 |
Net cash provided by operating activities | ||||||||
212,850 | 156,262 | 157,238 | 159,068 | 116,277 | 102,991 | 80,214 | 115,051 | 81,049 |
Investing activities | ||||||||
Acquisitions of businesses, net of cash acquired (note 3) | ||||||||
58,674 | 82,073 | 44,108 | 91,559 | 31,314 | 19,153 | 22,975 | 34,710 | 16,831 |
Disposal of business, net of cash disposed (note 4) | ||||||||
- | - | 0 | -8,373 | -49,460 | -844 | 156 | -702 | -5,201 |
Investment in equity securities (note 8) | ||||||||
- | - | - | - | - | - | - | - | 13,955 |
Purchases of fixed assets | ||||||||
39,472 | 25,046 | 22,515 | 30,067 | 18,080 | 44,395 | 37,400 | 32,460 | 24,234 |
Advisor loans issued | ||||||||
38,266 | 26,059 | 7,239 | 8,239 | - | - | - | - | - |
Other investing activities | ||||||||
4,835 | 511 | 680 | -5,221 | -5,690 | -850 | -1,685 | -343 | -2,925 |
Discontinued operations | ||||||||
- | - | -10,871 | -39,906 | -33,053 | - | - | - | 1,343 |
Net cash used in investing activities | ||||||||
-141,247 | -133,689 | -85,413 | -156,177 | -27,297 | -61,854 | -58,846 | -66,125 | -45,551 |
Financing activities | ||||||||
Increase in long-term debt | ||||||||
314,925 | 218,056 | 644,963 | 307,715 | 551,932 | 395,584 | 207,816 | 86,540 | 110,162 |
Repayment of long-term debt | ||||||||
336,514 | 201,103 | 707,284 | 193,033 | 516,479 | 376,349 | 133,854 | 84,793 | 143,965 |
Purchases of subsidiary shares from NCI | ||||||||
40,915 | 14,074 | 9,039 | 36,025 | 6,937 | 8,040 | 56,621 | 39,058 | 42,602 |
Sale of interests in subsidiaries to non-controlling interests | ||||||||
3,937 | 800 | 2,134 | 424 | 1,233 | 1,608 | 1,014 | 848 | 356 |
Contingent acquisition consideration paid | ||||||||
4,700 | 1,427 | 4,662 | 5,750 | 1,994 | 7,133 | 1,623 | 318 | - |
Proceeds received on exercise of stock options | ||||||||
5,640 | 2,859 | 14,529 | 10,718 | 7,467 | 6,933 | 5,190 | 4,551 | 2,526 |
Incremental tax benefit on stock options exercised | ||||||||
- | - | 0 | 4,597 | 2,360 | 200 | 465 | 63 | 188 |
Dividends paid to preferred shareholders | ||||||||
- | - | - | - | 2,537 | 9,603 | 9,971 | 10,101 | 10,101 |
Dividends paid to common shareholders | ||||||||
3,875 | 3,471 | 7,178 | 14,361 | 6,890 | - | - | - | - |
Distributions paid to non-controlling interests | ||||||||
20,797 | 16,495 | 19,065 | 25,956 | 22,001 | 16,321 | 10,617 | 8,654 | 13,293 |
Repurchases of Subordinate Voting Shares | ||||||||
- | - | - | - | - | 7,314 | 20,308 | - | - |
Repurchases of Subordinate Voting Shares | ||||||||
- | - | 0 | 28,868 | 14,554 | 9,896 | 3,746 | - | - |
Redemption of Preferred Shares | ||||||||
- | - | - | - | 39,232 | - | - | - | - |
Issuance of convertible debentures | ||||||||
- | - | - | - | - | - | - | - | 77,000 |
Financing fees paid | ||||||||
1,634 | 0 | 3,029 | 358 | 546 | 1,808 | - | 128 | 3,801 |
Net cash used in financing activities | ||||||||
-83,933 | -14,855 | -88,631 | 19,103 | -48,178 | -32,139 | -22,255 | -51,050 | -23,530 |
Effect of exchange rate changes on cash | ||||||||
7,705 | -10,720 | -23,837 | -7,905 | -6,782 | 1,887 | -1,673 | 2,705 | 7,761 |
Decrease in cash and cash equivalents | ||||||||
-4,625 | -3,002 | -40,643 | 14,089 | 34,020 | 10,885 | -2,560 | 581 | 19,729 |