| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | ||
|---|---|---|---|---|---|---|
Net earnings | ||||||
76,673 | 54,243 | 38,198 | 26,192 | 18,452 | ||
Items not affecting cash: | ||||||
Depreciation and amortization | ||||||
42,049 | 36,969 | 28,984 | 26,474 | 39,316 | ||
Goodwill, Impairment Loss | ||||||
6,150 | 0 | - | - | - | ||
Deferred income tax | ||||||
-7,110 | 1,304 | -3,535 | -2,479 | -7,838 | ||
Other | ||||||
-5,664 | -2,342 | -1,300 | -2,056 | -2,256 | ||
Incremental tax benefit on stock options exercised | ||||||
0 | 1,605 | 10,017 | - | - | ||
Changes in non-cash working capital: | ||||||
Accounts receivable | ||||||
15,029 | 21,077 | -2,892 | -3,231 | 12,134 | ||
Inventories | ||||||
821 | 4,542 | 6,108 | -72 | 1,124 | ||
Prepaid expenses and other current assets | ||||||
3,656 | 1,793 | 1,045 | 3,327 | 5,243 | ||
Accounts payable | ||||||
5,013 | -72 | -1,166 | -252 | 3,969 | ||
Accrued liabilities | ||||||
-2,854 | 13,352 | 21,130 | -1,743 | 2,425 | ||
Income tax payable | ||||||
-13,460 | 12,929 | 11,402 | -6,169 | -5,373 | ||
Unearned revenues | ||||||
4,611 | 10,194 | 2,395 | 741 | -809 | ||
Other liabilities | ||||||
18,598 | 6,883 | 3,239 | 660 | 528 | ||
Contingent acquisition consideration paid | ||||||
-193 | -122 | -579 | -279 | - | ||
Net cash provided by operating activities | ||||||
115,635 | 109,005 | 87,090 | 45,177 | 34,425 | ||
Investing activities | ||||||
Acquisitions of businesses, net of cash acquired (note 3) | ||||||
39,573 | 90,852 | 12,340 | 16,686 | 6,423 | ||
Purchases of fixed assets | ||||||
36,257 | 29,122 | 19,694 | 22,439 | 16,744 | ||
Changes in restricted cash | ||||||
-3,743 | 9,681 | 112 | 776 | 1,464 | ||
Other investing activities | ||||||
3,831 | 1,188 | 132 | - | -72 | ||
Net cash used in investing activities | ||||||
-75,918 | -130,843 | -32,278 | -39,901 | -24,559 | ||
Financing activities | ||||||
Net increase (repayment) of long-term debt prior to spin-off | ||||||
- | - | -220,953 | 13,492 | 9,055 | ||
Debt allocated under spin-off | ||||||
- | - | 208,690 | - | - | ||
Repayment of long-term debt after spin-off | ||||||
- | - | -25,899 | - | - | ||
Net contributions from Old FSV | ||||||
- | - | 1,995 | -21,272 | -8,495 | ||
Increase in long-term debt | ||||||
61,063 | 101,160 | 0 | - | - | ||
Repayment of long-term debt | ||||||
43,641 | 51,775 | 0 | - | - | ||
Financing fees paid | ||||||
- | - | 1,092 | - | - | ||
Purchases of non-controlling interests | ||||||
7,782 | 3,259 | 18,939 | 11,206 | 4,978 | ||
Sale of interests in subsidiaries to non-controlling interests | ||||||
843 | 2,202 | 1,122 | 142 | 365 | ||
Contingent acquisition consideration paid | ||||||
2,599 | 2,368 | 6,593 | 1,774 | 350 | ||
Proceeds received on exercise of stock options | ||||||
4,518 | 1,906 | 6,780 | - | - | ||
Incremental tax benefit on stock options exercised | ||||||
0 | 1,605 | 10,017 | - | - | ||
Dividends paid to common shareholders | ||||||
17,141 | 15,471 | 7,196 | - | - | ||
Distributions paid to non-controlling interests | ||||||
4,504 | 4,985 | 3,602 | 4,008 | 3,037 | ||
Repurchases of Subordinate Voting Shares | ||||||
17,085 | 9,515 | 19,467 | - | - | ||
Net cash provided by (used) in financing activities | ||||||
-26,328 | 19,500 | -75,137 | -24,626 | -7,440 | ||
Effect of exchange rate changes on cash | ||||||
414 | 162 | -905 | -226 | -530 | ||
Increase (decrease) in cash and cash equivalents | ||||||
13,803 | -2,176 | -21,230 | -19,576 | 1,896 | ||