| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income (loss) | ||||||
8,212 | 13,015 | 19,175 | 16,076 | |||
Adjustments for: | ||||||
Depreciation of property, equipment and intangibles | ||||||
35,009 | 31,486 | 23,834 | - | |||
Stock-based compensation | ||||||
976 | 2,800 | - | - | |||
Stock-based compensation | ||||||
- | - | 4,036 | - | |||
Unrealized foreign exchange | ||||||
-8 | 4 | -73 | - | |||
Deferred income tax recovery | ||||||
-3,440 | -2,407 | 2,755 | - | |||
Change in fair value of contingent consideration | ||||||
2,861 | 971 | -11,825 | - | |||
Accretion on contingent consideration and deferred consideration | ||||||
133 | 166 | 600 | - | |||
Amortization of deferred financing fees | ||||||
276 | 260 | 204 | - | |||
(Gain) loss from equity investment | ||||||
1,766 | - | - | - | |||
Loss on extinguishment of debt | ||||||
- | - | -1,408 | - | |||
Change in current tax receivable (payable) | ||||||
-939 | 1,936 | 1,106 | - | |||
Change in trade and other receivables | ||||||
-1,376 | 3,981 | 5,649 | - | |||
Change in prepaid expenses | ||||||
-132 | -171 | 339 | - | |||
Change in inventories | ||||||
-53 | -20 | 122 | - | |||
Change in trade and other payables | ||||||
121 | 101 | 2,432 | - | |||
Change in employee benefits | ||||||
110 | 326 | 273 | - | |||
Net cash provided by operating activities | ||||||
45,005 | 40,992 | 35,750 | - | |||
Financing activities | ||||||
Proceeds from member loans | ||||||
19 | 303 | - | - | |||
Repayment of member loans | ||||||
- | 662 | - | - | |||
Payment of deferred consideration | ||||||
1,100 | 1,000 | 900 | - | |||
Repayment of short-term advances | ||||||
26 | - | - | - | |||
Repayment of notes payable and bank indebtedness | ||||||
82,550 | 14,250 | - | - | |||
Proceeds from bank indebtedness | ||||||
- | - | 566 | - | |||
Repayment of member loans | ||||||
- | - | 131 | - | |||
Repayment of notes payable and bank indebtedness | ||||||
- | - | 52,543 | - | |||
Depreciation of property, equipment and intangibles | ||||||
- | - | - | 14,932 | |||
Stock-based compensation | ||||||
- | - | - | 1,376 | |||
Unrealized foreign exchange | ||||||
- | - | - | -1,104 | |||
Finance (income) expense | ||||||
- | - | - | 5,431 | |||
Income tax expense | ||||||
- | - | - | -4,255 | |||
Operating activity before changes in operating assets and liabilities | ||||||
- | - | - | 40,966 | |||
Taxes paid | ||||||
- | - | - | 5,466 | |||
Change in trade and other receivables | ||||||
- | - | - | -2,745 | |||
Change in prepaid expenses | ||||||
- | - | - | -66 | |||
Change in inventories | ||||||
- | - | - | -45 | |||
Change in trade and other payables | ||||||
- | - | - | 195 | |||
Change in employee benefits | ||||||
- | - | - | 84 | |||
Cash provided by operating activities | ||||||
- | - | - | 32,922 | |||
Repayment of loans | ||||||
- | - | - | 266 | |||
Payment of interest on notes payable and bank indebtedness | ||||||
- | - | - | 3,135 | |||
Repayment of notes payable and bank indebtedness | ||||||
- | - | - | 14,000 | |||
Payment of financing fees | ||||||
- | - | - | -579 | |||
Proceeds on bank indebtedness | ||||||
81,641 | 22,800 | 68,200 | 26,000 | |||
Payment of deferred financing fees | ||||||
839 | - | - | - | |||
Payment of earn-out obligation | ||||||
4,795 | - | - | - | |||
Distributions to non-controlling interest | ||||||
15,825 | 19,289 | 12,899 | - | |||
Proceeds on settlement of derivative asset | ||||||
- | - | 1,313 | - | |||
Proceeds from the issuance of shares relating to stock-based compensation | ||||||
426 | - | -6 | - | |||
Distributions to non-controlling interest | ||||||
- | - | - | 5,685 | |||
Proceeds from the exercise of broker warrants | ||||||
- | - | - | 263 | |||
Proceeds from the issuance of shares relating to stock-based compensation | ||||||
- | - | - | 586 | |||
Repurchase of shares for cancellation | ||||||
-4,742 | -3,774 | -2,863 | - | |||
Net cash used in financing activities | ||||||
-27,793 | -15,873 | 735 | - | |||
Investing activities | ||||||
Acquisition of property and equipment | ||||||
59 | 35 | 125 | - | |||
Deferred asset acquisition costs | ||||||
59 | 116 | - | - | |||
Acquisition of equity interest from non-controlling interest | ||||||
9,924 | - | - | - | |||
Acquisition of anesthesia services providers | ||||||
15,052 | 27,509 | - | - | |||
Distribution received from equity investment | ||||||
136 | - | - | - | |||
Purchase adjustment relating to anesthesia service providers acquired in prior periods | ||||||
4,366 | - | - | - | |||
Acquisition of anesthesia services providers | ||||||
- | - | 33,376 | - | |||
Net cash used in investing activities | ||||||
-20,592 | -27,660 | -33,502 | - | |||
Effects of foreign exchange on cash and cash equivalents | ||||||
2 | 2 | -4 | - | |||
Increase (decrease) in cash and cash equivalents | ||||||
-3,378 | -2,539 | 2,979 | - | |||
Supplemental disclosures: | ||||||
Cash interest paid | ||||||
3,055 | 3,180 | 3,563 | - | |||
Non-cash acquisition financing | ||||||
800 | - | - | - | |||
Taxes paid | ||||||
4,127 | 7,055 | 5,509 | - | |||
Operating lease payments | ||||||
369 | 292 | - | - | |||
Cash (used in) provided by financing activities | ||||||
- | - | - | 3,182 | |||
Acquisition of property and equipment | ||||||
- | - | - | 113 | |||
Acquisition of anesthesia services providers | ||||||
- | - | - | 30,062 | |||
Cash used in investing activities | ||||||
- | - | - | -30,175 | |||
Effects of foreign exchange on cash and cash equivalents | ||||||
- | - | - | 5 | |||
Increase in cash and cash equivalents | ||||||
- | - | - | 5,934 | |||