Alaris Equity Partners Income Trust (together, as applicable, with
its subsidiaries, “
Alaris” or the
"
Trust") is pleased to announce its results for
the three months ended March 31, 2022. The results are prepared in
accordance with International Accounting Standard 34. All amounts
below are in Canadian dollars unless otherwise noted.
Highlights:
-
Revenue of $39.6 million and cash from operating, prior to changes
in working capital of $35.4 million in the first quarter of 2022
represent 23% and 40% increases, respectively, as compared to the
same period in 2021. On a per unit basis, revenue of $0.88
represents an 11% increase and cash from operating, prior to
changes in working capital of $0.78 represents a 26% increase, both
as compared to Q1 2021;
-
Capital deployment of $82.3 million in the quarter which consisted
of a US$65.0 million follow-on contribution to Body Contour
Centers, LLC (“BCC”) in exchange for preferred
equity with an initial annualized Distribution of US$8.5
million;
-
During Q1 2022, the Trust issued $65.0 million of senior unsecured
subordinated debentures at an interest rate of 6.25% per annum,
maturing March 31, 2027;
-
Subsequent to March 31, 2022, Kimco Holdings, LLC
(“Kimco”) redeemed US$43.6 million of preferred
equity with a cost basis of US$34.2 million, repaid outstanding
promissory notes of US$9.8 million and paid US$13.7 million of
deferred Distributions from prior years for total proceeds to
Alaris on the close of the transaction of US$67.1 million. The
impact of the redemption to the Trust’s first quarter results was
an increase to the fair value of the Kimco units of US$7.9 million.
Along with recognizing the additional US$13.7 million of
Distributions in Q2 2022, the total pre-tax income related to the
Kimco redemption in 2022 will be approximately $0.60 per unit;
-
The weighted average combined Earnings Coverage Ratio (5) for
Alaris’ Partners remains greater than 1.75x with fourteen of
eighteen Partners greater than 1.5x; and
-
Alaris reduced its outstanding senior debt to approximately $263
million as of the date of this release with $137 million of
available capacity based on covenants and credit terms.
“We are pleased to be reporting first quarter
revenue exceeding guidance, as well as the prior year, as a result
of the record deployment over the last year and a half and the
follow-on investment to BCC during the quarter. The redemption of
Kimco was also extremely positive for Alaris as it increases our
capacity for capital deployment in the remainder of the year as
well as crystallizes a positive return and provides an excellent
example demonstrating Alaris’ ability to patiently work through
difficult times with a Partner company and to still provide a
positive result to our unitholders as well as the Partner company’s
employees,” said Steve King, President and CEO.
Per Unit
Results |
Three months ended |
Period ending March 31 |
2022 |
2021 |
% Change |
Revenue |
$0.88 |
$0.79 |
+11.4 |
% |
EBITDA (Note 1) |
$0.91 |
$0.84 |
+8.3 |
% |
Cash from
operating, prior to changes in working capital |
$0.78 |
$0.62 |
+25.8 |
% |
Distributions declared |
$0.33 |
$0.31 |
+6.5 |
% |
Basic earnings |
$0.61 |
$0.56 |
+8.9 |
% |
Fully
diluted earnings |
$0.59 |
$0.54 |
+9.3 |
% |
Weighted average basic units (000’s) |
45,161 |
40,803 |
|
For the three months ended March 31, 2022,
revenue per unit increased by 11.4% compared to the same period in
2021 primarily as a result of new investments during 2021 in Falcon
Master Holdings LLC (“FNC”), Brown & Settle
Investments, LLC and a subsidiary thereof (collectively,
“Brown & Settle”), 3E, LLC
(“3E”) and Vehicle Leasing Holdings, LLC
(“D&M”). There were also incremental
Distributions from current Partners as a result of follow-on
investments to BCC and Fleet Advantage, LLC
(“Fleet”), as well as full Distributions from PF
Growth Partners, LLC (“PFGP”) in Q1 2022 as they
were paying partial Distributions in Q1 2021 as a result of the
impact of COVID-19. The overall positive reset of approximately
2.4% also contributed to the increase in revenue per unit. These
were partially offset by the redemption of Federal Resources Supply
Company and its subsidiaries (“FED”) in Q4
2021.
As cash from operating, prior to changes in
working capital, excludes primarily all non-cash items in the
Trust’s consolidated statement of comprehensive income, the cash
from operating, prior to changes in working capital per unit and
the changes from period to period is an important tool to use to
summarize the ability for Alaris to generate cash. The per unit
increase in Q1 2022 of 25.8% was a result of the increase in
revenue per unit discussed above as well as a reduction in current
taxes and cash taxes paid as compared to in Q1 2021.
Earnings per unit improved by 8.9% in the three
months ended March 31, 2022 as compared to in Q1 2021, which is
also the result of the improvement in revenue per unit along with
relatively consistent expenses in each period.
Outlook
The Trust deployed approximately $82.3 million
in the three months ended March 31, 2022, consistent with Alaris’
acquisition of investments in its condensed consolidated interim
statement of cash flows. This deployment, along with $357.8 million
in the year ended December 31, 2021, has contributed to Alaris’
revenue in Q1 2022 of $39.6 million, slightly ahead of the expected
$38.6 million. Total revenue for the quarter was higher than
guidance due to revenue generated from a follow-on investment in
BCC in March 2022 and incremental common Distributions from FNC,
Amur Financial Group Inc. (“Amur”) and D&M. As
outlined below, the outlook for the next twelve months remains
positive with Run Rate Revenue (3) expected to be approximately
$154.8 million. This includes current contracted amounts, an
additional US$2.4 million from PFGP related to deferred
Distributions during COVID-19 and an estimated $3.6 million of
common dividends. This Run Rate Revenue of $154.8 million excludes
an additional US$13.7 million of Distributions from Kimco as part
of their redemption subsequent to March 31, 2022. These additional
Distributions were deferred from prior years and will be recorded
as revenue in Q2 2022. Inclusive of these additional Distributions
from Kimco, Alaris expects total revenue from its Partners in Q2
2022 of approximately $56.1 million.
The Run Rate Cash Flow (6) table below outlines
the Trust’s expectation for revenue, general and administrative
expenses, interest expense, tax expense and distributions to
unitholders for the next twelve months. The Run Rate Cash Flow
outlines the net cash from operating activities, net of
distributions paid, that Alaris is expecting to have after the next
twelve months. This measure is comparable to net cash from
operating activities less distributions paid, as outlined in
Alaris’ consolidated statements of cash flows. Annual general and
administrative expenses are currently estimated at $15.0 million
and include all public company costs. The Trust’s Run Rate Payout
Ratio (4) is expected to be within a range of 60% and 65% when
including Run Rate Revenue (3), overhead expenses and its existing
capital structure. The table below sets out our estimated Run Rate
Cash Flow (6) alongside the after-tax impact of positive net
deployment and the impact of every $0.01 change in the USD to CAD
exchange rate.
Run Rate Cash Flow ($ thousands except per
unit) |
Amount ($) |
$ / Unit |
|
Revenue |
$154,800 |
|
$3.42 |
|
|
General
and administrative expenses |
(15,000 |
) |
(0.33 |
) |
|
Interest
and taxes |
(46,000 |
) |
(1.02 |
) |
|
Net cash from operating activities |
$93,800 |
|
$2.07 |
|
|
Distributions paid |
(59,700 |
) |
(1.32 |
) |
|
Run Rate Cash Flow |
$34,100 |
|
$0.75 |
|
|
Other considerations (after taxes and
interest): |
|
|
|
New investments |
Every $50 million deployed @ 14% |
+3,375 |
|
+0.07 |
|
|
USD to CAD |
Every $0.01 change of USD to CAD |
+/- 900 |
|
+/- 0.02 |
|
|
The senior debt facility was drawn to $332.8
million at March 31, 2022 in the Trust’s statement of financial
position. The annual interest rate on that debt, inclusive of
standby charges on available capacity, was approximately 5.0% for
the three months ended March 31, 2022. Subsequent to March 31,
2022, the proceeds from the Kimco redemption in April 2022 of $67.1
million were used to repay senior debt. Following this repayment,
the total drawn as of the date of this release is approximately
$263 million, with the capacity to draw up to an additional $137
million based on covenants and credit terms.
The Condensed Consolidated Interim Statements of
Financial Position, Condensed Consolidated Interim Statements of
Comprehensive Income, and Condensed Consolidated Interim Statements
of Cash Flows are attached to this news release. Alaris’ financial
statements and MD&A are available on SEDAR at www.sedar.com and
on our website at www.alarisequitypartners.com.
Earnings Release Date and Conference
Call Details
Alaris management will host a conference call at
9am MT (11am ET), Friday, May 6, 2022 to discuss the financial
results and outlook for the Trust.
Participants in North America can access the
conference call by dialing toll free 1-866-475-5449. Alternatively,
to listen to this event online, please click the webcast link and
follow the prompts given: Q1 Webcast. Please connect to the call or
log into the webcast at least 10 minutes prior to the beginning of
the event.
For those unable to participate in the
conference call at the scheduled time, it will be archived for
instant replay for a week. You can access the replay by dialing
toll free 1-855-859-2056 and entering the Conference ID:
5881757. The webcast will be archived and is available for
replay by using the same link as above or by finding the link we’ll
have stored under the “Investor” section – “Presentation and
Events”, on our website at www.alarisequitypartners.com.
An updated corporate presentation will be posted
to the Trust’s website within 24 hours at
www.alarisequitypartners.com.
About the Trust:
Alaris, through its subsidiaries, provides
alternative financing to private companies
(“Partners”) in exchange for distributions,
dividends or interest (collectively,
“Distributions”) with the principal objective of
generating stable and predictable cash flows for distribution
payments to its unitholders. Distributions from the Partners
are adjusted annually based on the percentage change of a
“top-line” financial performance measure such as gross margin or
same store sales and rank in priority to the owner’s common equity
position.
Non-GAAP and Other Financial
MeasuresThe terms EBITDA, Actual Payout Ratio, Run Rate
Revenue, Run Rate Payout Ratio, Earnings Coverage Ratio, Run Rate
Cash Flow and Per Unit amounts (collectively, the “Non-GAAP
and Other Financial Measures”) are financial measures used
in this news release that are not standard measures under
International Financial Reporting Standards
(“IFRS”). The Trust’s method of calculating
EBITDA, Actual Payout Ratio, Run Rate Revenue, Run Rate Payout
Ratio, Earnings Coverage Ratio, Run Rate Cash Flow and Per Unit
amounts may differ from the methods used by other issuers.
Therefore, the Trust’s EBITDA, Actual Payout Ratio, Run Rate
Revenue, Run Rate Payout Ratio, Earnings Coverage Ratio, Run Rate
Cash Flow and Per Unit amounts may not be comparable to similar
measures presented by other issuers.
(1) “EBITDA” and
“EBITDA per unit” are Non-GAAP financial measures
and refer to earnings determined in accordance with IFRS, before
depreciation and amortization, interest expense (finance costs) and
income tax expense and the same amount divided by weighted average
basic units outstanding. EBITDA and EBITDA per unit are used by
management and many investors to determine the ability of an issuer
to generate cash from operations, aside from still including
fluctuations due to changes in exchange rates and changes in the
Trust’s investments at fair value. Management believes EBITDA and
EBITDA per unit are useful supplemental measures from which to
determine the Trust’s ability to generate cash available for
servicing its loans and borrowings, income taxes and distributions
to unitholders. Refer to the reconciliation of EBITDA and
calculation of EBITDA per unit in the table below.
|
Three months endedMarch 31 |
$ thousands
except per unit amounts |
2022 |
2021 |
% Change |
Earnings |
$27,405 |
$22,646 |
+21.0 |
% |
Depreciation and amortization |
53 |
75 |
-29.3 |
% |
Finance
costs |
6,466 |
5,621 |
+15.0 |
% |
Total
income tax expense |
7,287 |
5,771 |
+26.3 |
% |
EBITDA |
$41,211 |
$34,113 |
+20.8 |
% |
Weighted
average basic units (000's) |
45,161 |
40,803 |
|
EBITDA per unit |
$0.91 |
$0.84 |
+8.3 |
% |
(2) “Actual Payout Ratio” is a
supplementary financial measure and refers to Alaris’ total
distributions paid during the period (annually or quarterly)
divided by the actual net cash from operating activities Alaris
generated for the period. It represents the net cash from operating
activities after distributions paid to unitholders available for
either repayments of senior debt and/or to be used in investing
activities.
(3) “Run Rate Revenue” is a
supplementary financial measure and refers to Alaris’ total revenue
expected to be generated over the next twelve months based on
contracted distributions from current Partners as well as an
estimate for common dividends or distributions based on past
practices, where applicable. Run Rate Revenue is a useful metric as
it provides an expectation for the amount of revenue Alaris can
expect to generate in the next twelve months based on information
known.
(4) “Run Rate Payout Ratio” is
a Non-GAAP financial ratio that refers to Alaris’ distributions per
unit expected to be paid over the next twelve months divided by the
net cash from operating activities per unit calculated in the Run
Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for
Alaris to track and to outline as it provides a summary of the
percentage of the net cash from operating activities that can be
used to either repay senior debt during the next twelve months
and/or be used for additional investment purposes. Run Rate Payout
Ratio is comparable to Actual Payout Ratio as defined above.
(5) “Earnings Coverage Ratio
(“ECR”)” is a supplementary financial measure and refers
to the EBITDA of a Partner divided by such Partner’s sum of debt
servicing (interest and principal), unfunded capital expenditures
and distributions to Alaris. Management believes the earnings
coverage ratio is a useful metric in assessing our partners
continued ability to make their contracted distributions.
(6) “Run Rate Cash Flow” is a
Non-GAAP financial measure and outlines the net cash from operating
activities, net of distributions paid, that Alaris is expecting to
have after the next twelve months. This measure is comparable to
net cash from operating activities less distributions paid, as
outlined in Alaris’ consolidated statements of cash flows.
(7) “Per Unit” values,
other than earnings per unit, refer to the related financial
statement caption as defined under IFRS or related term as defined
herein, divided by the weighted average basic units outstanding for
the period.
The terms EBITDA, Actual Payout Ratio, Run Rate
Revenue, Run Rate Payout Ratio, Earnings Coverage Ratio, Run Rate
Cash Flow and Per Unit amounts should only be used in conjunction
with the Trust’s annual audited financial statements, complete
versions of which available on SEDAR at www.sedar.com.
Forward-Looking Statements
This news release contains forward-looking
information and forward-looking statements (collectively,
“forward-looking statements”) under applicable securities laws,
including any applicable “safe harbor” provisions. Statements other
than statements of historical fact contained in this news release
are forward‑looking statements, including, without limitation,
management's expectations, intentions and beliefs concerning the
growth, results of operations, performance of the Trust and the
Partners, the future financial position or results of the Trust,
business strategy and plans and objectives of or involving the
Trust or the Partners. Many of these statements can be
identified by looking for words such as "believe", "expects",
"will", "intends", "projects", "anticipates", "estimates",
"continues" or similar words or the negative thereof. In
particular, this news release contains forward‑looking statements
regarding: the anticipated financial and operating performance of
the Partners; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow
and Run Rate Revenue; the impact of recent new investments and
follow-on investments; the Trust’s consolidated expenses;
expectations regarding receipt (and amount of) any common equity
distributions or dividends from Partners in which Alaris holds
common equity, including the impact on the Trust’s net cash from
operating activities, Run Rate Revenue, Run Rate Cash Flow and Run
Rate Payout Ratio; the use of proceeds from the senior credit
facility; the Trust’s ability to deploy capital and expectations
regarding the same; the yield on the Trust’s investments; the
Trust’s return on its investments; potential Partner redemptions,
including the timing, if at all, thereof and the amounts to be
received by the Trust; Q2 2022 revenue; and the Trust’s expenses
for the remainder of 2022. To the extent any forward-looking
statements herein constitute a financial outlook or future oriented
financial information (collectively, “FOFI”),
including estimates regarding revenues, Distributions from Partners
(including expected resets, restarting full or partial
Distributions and common equity distributions), Run Rate Payout
Ratio, Run Rate Cash Flow, net cash from operating activities,
expenses and impact of capital deployment, they were approved by
management as of the date hereof and have been included to provide
an understanding with respect to Alaris' financial performance and
are subject to the same risks and assumptions disclosed herein.
There can be no assurance that the plans, intentions or
expectations upon which these forward-looking statements are based
will occur.
By their nature, forward-looking statements
require Alaris to make assumptions and are subject to inherent
risks and uncertainties. Assumptions about the performance of
the Canadian and U.S. economies over the next 24 months and how
that will affect Alaris’ business and that of its Partners
(including, without limitation, any ongoing impact of COVID-19) are
material factors considered by Alaris management when setting the
outlook for Alaris. Key assumptions include, but are not
limited to, assumptions that: the Canadian and U.S. economies will
continue to stabilize from the economic downturn created by
COVID-19 and will not be detrimentally impacted over the next
twelve months, interest rates will not rise in a material way from
market expectations over the next 12 months, that those Alaris
Partners previously affected by COVID-19 will not see a detrimental
impact from COVID-19 over the next 12 months; that those Partners
detrimentally affected by COVID-19 will recover from the pandemic’s
impact and return to their pre-pandemic operating environments; the
businesses of the majority of our Partners will continue to grow;
more private companies will require access to alternative sources
of capital; the businesses of new Partners and those of existing
Partners will perform in line with Alaris’ expectations and
diligence; and that Alaris will have the ability to raise required
equity and/or debt financing on acceptable terms. Management
of Alaris has also assumed that the Canadian and U.S. dollar
trading pair will remain in a range of approximately plus or minus
15% of the current rate over the next 6 months. In determining
expectations for economic growth, management of Alaris primarily
considers historical economic data provided by the Canadian and
U.S. governments and their agencies as well as prevailing economic
conditions at the time of such determinations.
There can be no assurance that the assumptions,
plans, intentions or expectations upon which these forward‑looking
statements are based will occur. Forward‑looking statements
are subject to risks, uncertainties and assumptions and should not
be read as guarantees or assurances of future performance. The
actual results of the Trust and the Partners could materially
differ from those anticipated in the forward‑looking statements
contained herein as a result of certain risk factors, including,
but not limited to, the following: the ongoing impact of the
COVID-19 pandemic on the Trust and the Partners (including how many
Partners will experience a slowdown or closure of their business
and the length of time of such slowdown or closure); the dependence
of Alaris on the Partners; leverage and restrictive covenants under
credit facilities; reliance on key personnel; general economic
conditions, including any ongoing impact of COVID-19 on the
Canadian, U.S. and global economies; failure to complete or realize
the anticipated benefit of Alaris’ financing arrangements with the
Partners; a failure to obtain required regulatory approvals on a
timely basis or at all; changes in legislation and regulations and
the interpretations thereof; risks relating to the Partners and
their businesses, including, without limitation, a material change
in the operations of a Partner or the industries they operate in;
inability to close additional Partner contributions or collect
proceeds from any redemptions in a timely fashion on anticipated
terms, or at all; a change in the ability of the Partners to
continue to pay Alaris at expected Distribution levels or restart
distributions (in full or in part); a failure to collect material
deferred Distributions; a change in the unaudited information
provided to the Trust; and a failure to realize the benefits of any
concessions or relief measures provided by Alaris to any Partner or
to successfully execute an exit strategy for a Partner where
desired. Additional risks that may cause actual results to vary
from those indicated are discussed under the heading “Risk Factors”
and “Forward Looking Statements” in Alaris’ Management Discussion
and Analysis and Annual Information Form for the year ended
December 31, 2021, which is filed under Alaris’ profile at
www.sedar.com and on its website at
www.alarisequitypartners.com.
Readers are cautioned that the assumptions used
in the preparation of forward-looking statements, including FOFI,
although considered reasonable at the time of preparation, based on
information in Alaris’ possession as of the date hereof, may prove
to be imprecise. In addition, there are a number of factors that
could cause Alaris’ actual results, performance or achievement to
differ materially from those expressed in, or implied by, forward
looking statements and FOFI, or if any of them do so occur, what
benefits the Trust will derive therefrom. As such, undue reliance
should not be placed on any forward-looking statements, including
FOFI.
The Trust has included the forward-looking
statements and FOFI in order to provide readers with a more
complete perspective on Alaris’ future operations and such
information may not be appropriate for other purposes. The
forward-looking statements, including FOFI, contained herein are
expressly qualified in their entirety by this cautionary statement.
Alaris disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
For more information please
contact:Investor Relations Alaris Equity Partners
Income Trust403-260-1457 ir@alarisequity.com
Alaris Equity Partners Income Trust |
|
|
Condensed
consolidated interim statements of financial position |
|
|
|
|
|
|
31-Mar |
31-Dec |
$ thousands |
2022 |
2021 |
Assets |
|
|
Cash and cash equivalents |
$23,389 |
$18,447 |
Derivative contracts |
2,129 |
71 |
Accounts receivable and prepayments |
4,961 |
3,181 |
Income taxes receivable |
27,176 |
28,991 |
Promissory notes and other assets |
13,238 |
13,555 |
Current Assets |
$70,893 |
$64,245 |
Deposits |
25,011 |
24,979 |
Property and equipment |
617 |
658 |
Investments |
1,250,850 |
1,185,327 |
Non-current assets |
$1,276,478 |
$1,210,964 |
Total Assets |
$1,347,371 |
$1,275,209 |
|
|
|
Liabilities |
|
|
Accounts payable and accrued liabilities |
$5,439 |
$8,214 |
Distributions payable |
14,937 |
14,899 |
Office Lease |
462 |
500 |
Income tax payable |
771 |
740 |
Current Liabilities |
$21,609 |
$24,353 |
Deferred income taxes |
48,581 |
43,903 |
Loans and borrowings |
332,848 |
326,569 |
Convertible debenture |
90,524 |
89,592 |
Senior unsecured debenture |
62,256 |
- |
Other long-term liabilities |
1,181 |
1,933 |
Non-current liabilities |
$535,390 |
$461,997 |
Total Liabilities |
$556,999 |
$486,350 |
|
|
|
Equity |
|
|
Unitholders' capital |
$756,892 |
$754,622 |
Translation reserve |
1,827 |
15,052 |
Retained earnings |
31,653 |
19,185 |
Total Equity |
$790,372 |
$788,859 |
|
|
|
Total
Liabilities and Equity |
$1,347,371 |
$1,275,209 |
Alaris Equity Partners Income Trust |
Condensed consolidated interim statements of comprehensive
income |
|
|
Three months endedMarch 31 |
$ thousands except per
unit amounts |
2022 |
2021 |
|
|
|
Revenues,
including realized foreign exchange gain |
$39,564 |
|
$32,234 |
|
Net unrealized gain of investments at fair value |
10,028 |
|
5,534 |
|
Bad debt recovery |
- |
|
4,030 |
|
Total revenue and other operating income |
$49,592 |
|
$41,798 |
|
|
|
|
General and administrative |
3,487 |
|
2,408 |
|
Transaction diligence costs |
908 |
|
1,902 |
|
Unit-based compensation |
1,877 |
|
1,530 |
|
Depreciation and amortization |
53 |
|
75 |
|
Total operating expenses |
6,325 |
|
5,915 |
|
Earnings from operations |
$43,267 |
|
$35,883 |
|
Finance costs |
6,466 |
|
5,621 |
|
Unrealized gain on derivative contracts |
(2,060 |
) |
(177 |
) |
Unrealized foreign exchange loss |
4,169 |
|
2,022 |
|
Earnings before taxes |
$34,692 |
|
$28,417 |
|
Current income tax expense |
1,554 |
|
4,490 |
|
Deferred income tax expense |
5,733 |
|
1,281 |
|
Total income tax expense |
7,287 |
|
5,771 |
|
Earnings |
$27,405 |
|
$22,646 |
|
|
|
|
Other comprehensive income |
|
|
Foreign currency translation differences |
(13,225 |
) |
(5,092 |
) |
Total
comprehensive income |
$14,180 |
|
$17,554 |
|
|
|
|
Earnings per unit |
|
|
Basic |
$0.61 |
|
$0.56 |
|
Fully diluted |
$0.59 |
|
$0.54 |
|
Weighted average units outstanding |
|
|
Basic |
45,161 |
|
40,803 |
|
Fully Diluted |
49,657 |
|
45,400 |
|
Alaris
Equity Partners Income Trust |
Condensed
consolidated interim statements of cash flows |
|
|
Three months ended March 31 |
$ thousands |
2022 |
2021 |
Cash flows from operating activities |
|
|
Earnings for
the period |
$27,405 |
|
$22,646 |
|
Adjustments for: |
|
|
Finance costs |
6,466 |
|
5,621 |
|
Deferred income tax expense |
5,733 |
|
1,281 |
|
Depreciation and amortization |
53 |
|
75 |
|
Bad debt recovery |
- |
|
(4,030 |
) |
Net unrealized gain of investments at fair value |
(10,028 |
) |
(5,534 |
) |
Unrealized gain on derivative contracts |
(2,060 |
) |
(177 |
) |
Unrealized foreign exchange loss |
5,019 |
|
2,022 |
|
Transaction diligence costs |
908 |
|
1,902 |
|
Unit-based compensation |
1,877 |
|
1,530 |
|
Cash from operating, prior to changes in working capital |
35,373 |
|
25,336 |
|
Changes in working capital: |
|
|
- accounts receivable and prepayments |
(1,780 |
) |
179 |
|
- income tax receivable / payable |
791 |
|
1,456 |
|
- accounts payable, accrued liabilities |
(2,775 |
) |
2,860 |
|
Cash generated from operating activities |
31,609 |
|
29,831 |
|
Cash interest paid |
(3,865 |
) |
(3,076 |
) |
Net cash from operating activities |
$27,744 |
|
$26,755 |
|
|
|
|
Cash flows from investing activities |
|
|
Acquisition of investments |
$(82,316 |
) |
$(174,062 |
) |
Transaction diligence costs |
(908 |
) |
(1,902 |
) |
Proceeds from partner redemptions |
1,263 |
|
- |
|
Promissory notes and other assets issued |
- |
|
(9,556 |
) |
Net cash used in investing activities |
$(81,961 |
) |
$(185,520 |
) |
|
|
|
Cash flows from financing activities |
|
|
Repayment of loans and borrowings |
$(58,912 |
) |
$(99,939 |
) |
Proceeds from loans and borrowings |
73,473 |
|
185,453 |
|
Debt amendment and extension fees |
- |
|
(552 |
) |
Issuance of unitholders' capital, net of unit issue costs |
- |
|
90,287 |
|
Proceeds from senior unsecured debenture, net of fees |
62,192 |
|
- |
|
Distributions paid |
(14,899 |
) |
(12,089 |
) |
Office lease payments |
(38 |
) |
(40 |
) |
Net cash from financing activities |
$61,816 |
|
$163,120 |
|
|
|
|
Net increase in cash and cash equivalents |
$7,599 |
|
$4,355 |
|
Impact of foreign exchange on cash balances |
(2,657 |
) |
(1,799 |
) |
Cash and cash equivalents, Beginning of period |
18,447 |
|
16,498 |
|
Cash and cash
equivalents, End of period |
$23,389 |
|
$19,054 |
|
|
|
|
Cash taxes paid |
$352 |
|
$3,049 |
|
Alaris Equity Partners I... (TSX:AD.UN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alaris Equity Partners I... (TSX:AD.UN)
Historical Stock Chart
From Apr 2023 to Apr 2024