Total Energy Services Inc. press release
Total Energy Services Inc. Announces Q2 2024 Results
TSX - Toronto Stock Exchange · Oil · Natural Gas · Canada
CALGARY, Alberta, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three and six months ended June 30, 2024.
Financial Highlights ($000’s except per share data)
| | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | | 2024 | | | 2023 | Change | | | 2024 | | | 2023 | Change | | Revenue | $ | 213,334 | | $ | 208,845 | 2% | | $ | 418,020 | | $ | 446,622 | (6%) | | Operating income | | 14,612 | | | 9,401 | 55% | | | 36,642 | | | 37,421 | (2%) | | EBITDA (1) | | 37,447 | | | 30,255 | 24% | | | 80,737 | | | 78,730 | 3% | | Cashflow | | 38,094 | | | 29,408 | 30% | | | 70,931 | | | 78,080 | (9%) | | Net income | | 15,454 | | | 6,180 | 150% | | | 30,917 | | | 30,218 | 2% | | Attributable to shareholders | | 15,472 | | | 6,201 | 150% | | | 30,954 | | | 30,241 | 2% | | | | | | | | | | | | | | | | | Per Share Data (Diluted) | | | | | | | | | | | | | | | EBITDA (1) | $ | 0.93 | | $ | 0.74 | 26% | | $ | 2.00 | | $ | 1.89 | 6% | | Cashflow | $ | 0.95 | | $ | 0.72 | 32% | | $ | 1.75 | | $ | 1.88 | (7%) | | | | | | | | | | | | | | | | | Attributable to shareholders: | | | | | | | | | | | | | | | Net income | $ | 0.39 | | $ | 0.15 | 160% | | $ | 0.77 | | $ | 0.73 | 5% | | | | | | | | | | | | | | | | | Common shares (000’s) ( 4) | | | | | | | | | | | | | | | Basic | | 39,329 | | | 40,325 | (2%) | | | 39,740 | | | 40,821 | (3%) | | Diluted | | 40,060 | | | 41,048 | (2%) | | | 40,453 | | | 41,568 | (3%) | | | | | | | | | | | | | | | | | | | | | | | | | | June 30 | | | December 31 | | | Financial Position at | | | | | | | | | 2024 | | | 2023 | Change | | Total Assets | | $ | 936,356 | | $ | 861,658 | 9% | | | | | | | | Long-Term Debt and Lease Liabilities (excluding current portion) | 100,983 | | | 100,834 | - | | | | | | | | | | Working Capital (2) | | | 71,816 | | | 123,439 | (42%) | | | | | | | | Net Debt (3) | | | 29,167 | | | - | nm | | | | | | | | Shareholders’ Equity | | | 549,999 | | | 530,758 | 4% | | | | | | | | | | | | | | | | | | | | | |
Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.
nm – calculation not meaningful
Total Energy’s results for the three months ended June 30, 2024 represent record second quarter financial results. Relatively stable industry conditions in Canada and Australia, the acquisition of Saxon Energy Services Australia Pty Ltd. (“Saxon”) on March 7, 2024 and continued strong North American demand for compression and process equipment more than offset a year over year decline in drilling and completion activity in the United States.
Contract Drilling Services (“CDS”)
| | | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | 2024 | | | 2023 | Change | | 2024 | | | 2023 | Change | | | Revenue | $ | 67,889 | | $ | 54,282 | 25% | | $ | 149,100 | | $ | 136,818 | 9% | | EBITDA (1) | $ | 14,505 | | $ | 9,891 | 47% | | $ | 36,851 | | $ | 30,160 | 22% | | EBITDA (1) as a % of revenue | | 21 % | | | 18% | 17% | | | 25 % | | | 22% | 14% | | Operating days ( 2) | | 2,075 | | | 1,974 | 5% | | | 4,851 | | | 4,843 | - | | Canada | | 1,082 | | | 1,094 | (1%) | | | 3,093 | | | 3,014 | 3% | | United States | | 346 | | | 571 | (39%) | | | 705 | | | 1,161 | (39%) | | Australia | | 647 | | | 309 | 109% | | | 1,053 | | | 668 | 58% | | Revenue per operating day ( 2) , dollars | $ | 32,718 | | $ | 27,498 | 19% | | $ | 30,736 | | $ | 28,251 | 9% | | Canada | | 25,563 | | | 25,396 | 1% | | | 26,805 | | | 26,431 | 1% | | United States | | 28,905 | | | 27,319 | 6% | | | 28,909 | | | 28,227 | 2% | | Australia | | 46,722 | | | 35,275 | 32% | | | 43,506 | | | 36,500 | 19% | | Utilization | | 22 % | | | 23% | (4%) | | | 26 % | | | 29% | (10%) | | Canada | | 15 % | | | 16% | (6%) | | | 22 % | | | 22% | - | | United States | | 32 % | | | 52% | (38%) | | | 32 % | | | 51% | (37%) | | Australia | | 44 % | | | 68% | (35%) | | | 48 % | | | 74% | (35%) | | Rigs, average for period | | 105 | | | 94 | 12% | | | 101 | | | 94 | 7% | | Canada | | 77 | | | 76 | 1% | | | 77 | | | 76 | 1% | | United States | | 12 | | | 12 | - | | | 12 | | | 13 | (8%) | | Australia | | 16 | | | 5 | 220% | | | 12 | | | 5 | 140% |
(1 ) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. ( 2 ) Operating days includes drilling and paid standby days .
Canadian drilling activity during the second quarter of 2024 was consistent with 2023. The decline in United States drilling activity that began in the third quarter of 2023 continued into the second quarter of 2024. In Australia, Saxon contributed $19.2 million of revenue during the second quarter of 2024. The substantial year over year increase in second quarter Australian revenue per operating day reflects the addition of Saxon’s deeper drilling rig fleet which receives higher day rates.
Rentals and Transportation Services (“RTS”)
| | | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | 2024 | | | 2023 | Change | | 2024 | | | 2023 | Change | | | Revenue | $ | 17,798 | | $ | 19,812 | (10%) | | $ | 40,177 | | $ | 44,225 | (9%) | | EBITDA (1) | $ | 6,064 | | $ | 7,064 | (14%) | | $ | 15,779 | | $ | 16,714 | (6%) | | EBITDA (1) as a % of revenue | | 34 % | | | 36% | (6%) | | | 39 % | | | 38% | 3% | | Revenue per utilized piece of equipment, dollars | $ | 16,257 | | $ | 15,428 | 5% | | $ | 28,543 | | $ | 22,291 | 28% | | Pieces of rental equipment | | 7,940 | | | 7,667 | 4% | | | 7,940 | | | 7,667 | 4% | | Canada | | 7,030 | | | 6,779 | 4% | | | 7,030 | | | 6,779 | 4% | | United States | | 910 | | | 888 | 2% | | | 910 | | | 888 | 2% | | Rental equipment utilization | | 14 % | | | 15% | (7%) | | | 18 % | | | 21% | (14%) | | Canada | | 12 % | | | 14% | (14%) | | | 15 % | | | 18% | (17%) | | United States | | 32 % | | | 34% | (6%) | | | 35 % | | | 40% | (13%) | | Heavy trucks | | 66 | | | 69 | (4%) | | | 66 | | | 69 | (4%) | | Canada | | 45 | | | 48 | (6%) | | | 45 | | | 48 | (6%) | | United States | | 21 | | | 21 | - | | | 21 | | | 21 | - |
(1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
Second quarter revenue in the RTS segment decreased as compared to 2023 due to lower industry activity in the United States. The year-over-year decline in second-quarter EBITDA and EBITDA margin was a result of lower equipment utilization given this segment’s relatively high fixed cost structure. Partially offsetting the impact of lower equipment utilization on revenue and EBITDA was a modest increase in revenue per utilized piece of equipment.
Compression and Process Services (“CPS”)
| | | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | 2024 | | | 2023 | Change | | 2024 | | | 2023 | Change | | | Revenue | $ | 109,454 | | $ | 113,130 | (3%) | | $ | 186,980 | | $ | 211,248 | (11%) | | EBITDA (1) | $ | 17,559 | | $ | 12,399 | 42% | | $ | 28,459 | | $ | 24,998 | 14% | | EBITDA (1) as a % of revenue | | 16 % | | | 11% | 45% | | | 15 % | | | 12% | 25% | | Horsepower of equipment on rent at period end | | 54,476 | | | 41,842 | 30% | | | 54,476 | | | 41,842 | 30% | | Canada | | 16,156 | | | 19,202 | (16%) | | | 16,156 | | | 19,202 | (16%) | | United States | | 38,320 | | | 22,640 | 69% | | | 38,320 | | | 22,640 | 69% | | Rental equipment utilization during the period (HP) ( 2) | | 80 % | | | 78% | 3% | | | 77 % | | | 78% | (1%) | | Canada | | 70 % | | | 84% | (17%) | | | 69 % | | | 78% | (12%) | | United States | | 84 % | | | 73% | 15% | | | 80 % | | | 77% | 4% | | Sales backlog at period end, $ million | $ | 204.6 | | $ | 185.6 | 10% | | $ | 204.6 | | $ | 185.6 | 10% |
(1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. (2) Rental equipment utilization is measured on a horsepower basis .
The year-over-year decrease in the CPS segment’s second quarter revenue was due primarily to lower fabrication sales resulting from a shift in customer preference towards renting compression units in the United States. The resulting increase in horsepower on rent contributed to improved second quarter EBITDA and EBITDA margins for 2024 as compared to 2023. The fabrication sales backlog strengthened during the second quarter of 2024, increasing by $18.9 million from the $185.7 million sales backlog at March 31, 2024.
Well Servicing (“WS”)
| | | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | 2024 | | | 2023 | Change | | 2024 | | | 2023 | Change | | | Revenue | $ | 18,193 | | $ | 21,621 | (16%) | | $ | 41,763 | | $ | 54,331 | (23%) | | EBITDA (1) | $ | 2,087 | | $ | 2,854 | (27%) | | $ | 6,401 | | $ | 11,133 | (43%) | | EBITDA (1) as a % of revenue | | 11 % | | | 13% | (15%) | | | 15 % | | | 20% | (25%) | | Service hours ( 2) | | 18,063 | | | 22,630 | (20%) | | | 42,627 | | | 55,876 | (24%) | | Canada | | 8,410 | | | 9,357 | (10%) | | | 23,817 | | | 26,848 | (11%) | | United States | | 3,115 | | | 5,767 | (46%) | | | 6,630 | | | 12,411 | (47%) | | Australia | | 6,538 | | | 7,506 | (13%) | | | 12,180 | | | 16,617 | (27%) | | Revenue per service hour ( 2) , dollars | $ | 1,007 | | $ | 955 | 5% | | $ | 980 | | $ | 972 | 1% | | Canada | | 945 | | | 941 | - | | | 963 | | | 969 | (1%) | | United States | | 937 | | | 993 | (6%) | | | 891 | | | 998 | (11%) | | Australia | | 1,121 | | | 945 | 19% | | | 1,060 | | | 959 | 11% | | Utilization ( 3) | | 20 % | | | 25% | (20%) | | | 25 % | | | 32% | (22%) | | Canada | | 17 % | | | 18% | (6%) | | | 24 % | | | 26% | (8%) | | United States | | 29 % | | | 58% | (50%) | | | 30 % | | | 62% | (52%) | | Australia | | 25 % | | | 29% | (14%) | | | 23 % | | | 32% | (28%) | | Rigs, average for period | | 79 | | | 79 | - | | | 79 | | | 79 | - | | Canada | | 55 | | | 56 | (2%) | | | 55 | | | 56 | (2%) | | United States | | 12 | | | 11 | 9% | | | 12 | | | 11 | 9% | | Australia | | 12 | | | 12 | - | | | 12 | | | 12 | - |
(1) See Note 1 of the Notes to the Financial Highlights set forth at the end of this release. (2) Service hours is defined as well servicing hours of service provided to customers and includes paid rig move and standby. (3) T he Company reports its service rig utilization for its operational service rigs in North America based on service hours of 3,650 per rig per year to reflect standard 10 hour operations per day. Utilization for the Company’s service rigs in Australia is calculated based on service hours of 8,760 per rig per year to reflect standard 24 hour operations.
Second quarter WS segment revenue and EBITDA decreased as compared to 2024 due to lower activity in all jurisdictions. Canadian activity was negatively impacted by lower well abandonment activity. Activity levels in the United States were significantly lower due to reduced industry activity levels, due in part to significant customer consolidation. Field activity in Australia was somewhat restricted during the second quarter of 2024 due to periods of wet weather although price increases following certain rig upgrades mitigated the impact of lower service hours on revenue.
Corporate
During the second quarter of 2024, Total Energy remained focused on the safe and efficient operation of its business, execution of its 2024 capital expenditure program and the integration of the Saxon acquisition. $20.7 million of capital expenditures were made during the second quarter of 2024.
Total Energy exited the second quarter of 2024 with $71.8 million of positive working capital, including $24.8 million of cash, and $85 million of available credit under its $175 million of revolving bank credit facilities. Included in working capital at June 30, 2024 is a $42.0 million mortgage loan that became current debt as it matures in April of 2025. Total Energy expects to repay this debt (which bears interest at a fixed rate of 3.10%) at maturity when approximately $40.2 million of principal will be outstanding. The weighted average interest rate on the Company’s outstanding debt at June 30, 2024 was 5.62%.
Outlook
Industry conditions remain stable. While North American natural gas spot market price weakness has negatively impacted North American gas drilling activity, particularly in the United States, relatively strong oil prices and the pending completion of several LNG export facilities have provided tailwinds for the North American energy services industry, particularly in Canada.
The significant investment in Total Energy’s Australian business, including the acquisition of Saxon in March, began to pay dividends in the second quarter of 2024. Synergies arising from the ongoing integration of Saxon with Savanna Australia and the completion of several capital projects during the third quarter of 2024 will see this momentum continue. In late July, a Saxon drilling rig was reactivated and in early August a service rig returned to service following its recertification and upgrade. Both rigs are operating under long term contracts. In addition, a newly constructed drilling rig is scheduled to commence operations by September under a long term contract.
Despite weak near term North American natural gas prices, demand for compression and processing equipment remains steady, driven by continued infrastructure investment to support expansion of North American LNG export capacity. The Company’s significant investment in growing the CPS segment’s compression rental fleet during the first half of 2024 was reflected in that segment’s second quarter results. This investment will continue to benefit the CPS segment going forward as it was supported by long term contracts.
Conference Call
At 9:00 a.m. (Mountain Time) on August 9, 2024 Total Energy will conduct a conference call and webcast to discuss its second quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. A live webcast of the conference call will be accessible on Total Energy’s website at www.totalenergy.ca by selecting “Webcasts”. Persons wishing to participate in the conference call may do so by calling (844) 763-8274 or (647) 484-8814. Those who are unable to listen to the call live may listen to a recording of it on Total Energy’s website. A recording of the conference call will also be available until September 9, 2024 by dialing (855) 669-9658 (passcode 7163493).
Selected Financial Information
Selected financial information relating to the three and six months ended June 30, 2024 and 2023 is included in this news release. This information should be read in conjunction with the condensed interim consolidated financial statements of Total Energy and the notes thereto as well as management’s discussion and analysis to be issued in due course and in the Company’s 2023 Annual Report.
Consolidated Statements of Financial Position (in thousands of Canadian dollars)
| | | June 30 | December 31 | | | | | | | | | 2024 | | | 2023 | | | | | (unaudited) | (audited) | | | | | | Assets | | | | | | | | | Current assets: | | | | | | | | | Cash and cash equivalents | | $ | 24,764 | | $ | 47,935 | | | Accounts receivable | | | 146,184 | | | 137,604 | | | Inventory | | | 119,886 | | | 98,179 | | | Prepaid expenses and deposits | | | 14,126 | | | 16,735 | | | | | | 304,960 | | | 300,453 | | | | | | | | | | | | Property, plant and equipment | | | 624,058 | | | 557,152 | | | Deferred income tax asset | | | 3,285 | | | - | | | Goodwill | | | 4,053 | | | 4,053 | | | | | $ | 936,356 | | $ | 861,658 | | | | | | | | | | | | Liabilities & Shareholders' Equity | | | | | | | | | Current liabilities: | | | | | | | | | Accounts payable and accrued liabilities | | $ | 124,314 | | $ | 116,794 | | | Deferred revenue | | | 50,025 | | | 39,321 | | | Contingent consideration on business acquisition | | | 2,738 | | | - | | | Income taxes payable | | | 3,898 | | | 9,771 | | | Dividends payable | | | 3,496 | | | 3,198 | | | Current portion of lease liabilities | | | 6,697 | | | 5,880 | | | Current portion of long-term debt | | | 41,976 | | | 2,050 | | | | | | 233,144 | | | 177,014 | | | | | | | | | | | | Long-term debt | | | 90,000 | | | 90,947 | | | | | | | | | | | | Lease liabilities | | | 10,983 | | | 9,887 | | | | | | | | | | | | Deferred income tax liability | | | 52,230 | | | 53,052 | | | | | | | | | | | | Shareholders' equity: | | | | | | | | | Share capital | | | 244,223 | | | 251,283 | | | Contributed surplus | | | 4,755 | | | 4,805 | | | Accumulated other comprehensive loss | | | (18,204 ) | | | (25,506) | | | Non-controlling interest | | | 284 | | | 521 | | | Retained earnings | | | 318,941 | | | 299,655 | | | | | | 549,999 | | | 530,758 | | | | | | | | | | | | | | $ | 936,356 | | $ | 861,658 | | | | | | | | | | |
Consolidated Statements of Income (in thousands of Canadian dollars except per share amounts) (unaudited)
| | | | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | | | | | | | | | | | | | | | | Revenue | | $ | 213,334 | | $ | 208,845 | | $ | 418,020 | | $ | 446,622 | | | | | | | | | | | | | | | | | | Cost of services | | | 164,333 | | | 169,049 | | | 312,562 | | | 347,035 | | | Selling, general and administration | | | 11,441 | | | 10,126 | | | 24,175 | | | 21,559 | | | Other (income) expense | | | (196 ) | | | (440) | | | 124 | | | (446) | | | Share-based compensation | | | 713 | | | 367 | | | 1,422 | | | 756 | | | Depreciation | | | 22,431 | | | 20,342 | | | 43,095 | | | 40,297 | | | Operating income | | | 14,612 | | | 9,401 | | | 36,642 | | | 37,421 | | | | | | | | | | | | | | | | | | Gain on sale of property, plant and equipment | | | 404 | | | 512 | | | 1,000 | | | 1,012 | | | Finance costs, net | | | (2,156 ) | | | (1,796) | | | (3,988 ) | | | (3,499) | | | Net income before income taxes | | | 12,860 | | | 8,117 | | | 33,654 | | | 34,934 | | | | | | | | | | | | | | | | | | Current income tax expense | | | 1,046 | | | 47 | | | 5,018 | | | 371 | | | Deferred income tax (recovery) expense | | | (3,640 ) | | | 1,890 | | | (2,281 ) | | | 4,345 | | | Total income tax (recovery) expense | | | (2,594 ) | | | 1,937 | | | 2,737 | | | 4,716 | | | | | | | | | | | | | | | | | | Net income | | $ | 15,454 | | $ | 6,180 | | $ | 30,917 | | $ | 30,218 | | | | | | | | | | | | | | | | | | Net income (loss) attributable to: | | | | | | | | | | | | | | | Shareholders of the Company | | $ | 15,472 | | $ | 6,201 | | $ | 30,954 | | $ | 30,241 | | | Non-controlling interest | | | (18 ) | | | (21) | | | (37 ) | | | (23) | | | | | | | | | | | | | | | | | | Income per share | | | | | | | | | | | | | | | Basic | | $ | 0.39 | | $ | 0.15 | | $ | 0.78 | | $ | 0.74 | | | Diluted | | $ | 0.39 | | $ | 0.15 | | $ | 0.77 | | $ | 0.73 | | | | | | | | | | | | | | | | |
Consolidated Statements of Comprehensive Income
| | | | Three months ended June 30 | | Six months ended June 30 | | | | | | | | | | | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | | | | | | | | | | | | | | | | Net income | | $ | 15,454 | | $ | 6,180 | | $ | 30,917 | | $ | 30,218 | | | | | | | | | | | | | | | | | | Foreign currency translation | | | 5,667 | | | (4,682) | | | 7,302 | | | (5,300) | | | | | | | | | | | | | | | | | | Total other comprehensive income (loss) for the period | | 5,667 | | | (4,682) | | | 7,302 | | | (5,300) | | | | | | | | | | | | | | | | | | | Total comprehensive income | | $ | 21,121 | | $ | 1,498 | | $ | 38,219 | | $ | 24,918 | | | | | | | | | | | | | | | | | | Total comprehensive income (loss) attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shareholders of the Company | | $ | 21,139 | | $ | 1,519 | | $ | 38,256 | | $ | 24,941 | | | Non-controlling interest | | | (18 ) | | | (21) | | | (37 ) | | | (23) | | | | | | | | | | | | | | | | |
Consolidated Statements of Cash Flows (in thousands of Canadian dollars) (unaudited)
| | | Three months ended June 30 | Six months ended June 30 | | | | | | | | | | | | | | 2024 | 2023 | 2024 | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | Cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operations: | | | | | | | | | | | | | | | Net income for the period | | $ | 15,454 | | $ | 6,180 | | $ | 30,917 | | $ | 30,218 | | | Add (deduct) items not affecting cash: | | | | | | | | | | | | | | | Depreciation | | | 22,431 | | | 20,342 | | | 43,095 | | | 40,297 | | | Share-based compensation | | | 713 | | | 367 | | | 1,422 | | | 756 | | | Gain on sale of property, plant and equipment | | | (404 ) | | | (512) | | | (1,000 ) | | | (1,012) | | | Finance costs, net | | | 2,156 | | | 1,796 | | | 3,988 | | | 3,499 | | | Foreign currency translation | | | 933 | | | (702) | | | 663 | | | (350) | | | Current income tax expense | | | 1,046 | | | 47 | | | 5,018 | | | 371 | | | Deferred income tax (recovery) expense | | | (3,640 ) | | | 1,890 | | | (2,281 ) | | | 4,345 | | | Income taxes paid | | | (595 ) | | | - | | | (10,891 ) | | | (44) | | | Cashflow | | | 38,094 | | | 29,408 | | | 70,931 | | | 78,080 | | | Changes in non-cash working capital items: | | | | | | | | | | | | | | | Accounts receivable | | | (18 ) | | | 22,124 | | | (8,580 ) | | | 5,120 | | | Inventory | | | (6,960 ) | | | (9,241) | | | (21,707 ) | | | (20,044) | | | Prepaid expenses and deposits | | | (1,103 ) | | | (491) | | | 2,609 | | | 146 | | | Accounts payable and accrued liabilities | | | (4,465 ) | | | 14,534 | | | 12,867 | | | 18,546 | | | Deferred revenue | | | 3,639 | | | (12,432) | | | 10,704 | | | (8,205) | | | Cash provided by operating activities | | | 29,187 | | | 43,902 | | | 66,824 | | | 73,643 | | | Investing: | | | | | | | | | | | | | | | Purchase of property, plant and equipment | | | (20,703 ) | | | (12,665) | | | (50,338 ) | | | (42,454) | | | Cash paid on acquisition | | | - | | | - | | | (47,350 ) | | | - | | | Proceeds on disposal of property, plant and equipment | | | 922 | | | 741 | | | 1,549 | | | 1,504 | | | Changes in non-cash working capital items | | | (305 ) | | | (10,229) | | | 3,701 | | | 2,504 | | | Cash used in investing activities | | | (20,086 ) | | | (22,153) | | | (92,438 ) | | | (38,446) | | | Financing: | | | | | | | | | | | | | | | Advancements of long-term debt | | | - | | | - | | | 60,000 | | | - | | | Repayment of long-term debt | | | (10,513 ) | | | (10,496) | | | (21,021 ) | | | (15,993) | | | Repayment of lease liabilities | | | (1,763 ) | | | (1,539) | | | (3,392 ) | | | (3,156) | | | Dividends to shareholders | | | (3,596 ) | | | (3,242) | | | (6,794 ) | | | (5,732) | | | Repurchase of common shares | | | (11,946 ) | | | (3,275) | | | (12,670 ) | | | (11,289) | | | Shares issued on exercise of stock options | | | 64 | | | - | | | 64 | | | - | | | Partnership distributions | | | - | | | - | | | (200 ) | | | - | | | Interest paid | | | (1,622 ) | | | (1,559) | | | (13,544 ) | | | (3,222) | | | | | | | | | | | | | | | | | | Cash (used in) from financing activities | | | (29,376 ) | | | (20,111) | | | 2,443 | | | (39,392) | | | | | | | | | | | | | | | | | | Change in cash and cash equivalents | | | (20,275 ) | | | 1,638 | | | (23,171 ) | | | (4,195) | | | | | | | | | | | | | | | | | | Cash and cash equivalents, beginning of period | | | 45,039 | | | 28,228 | | | 47,935 | | | 34,061 | | | | | | | | | | | | | | | | | | Cash and cash equivalents, end of period | | $ | 24,764 | | $ | 29,866 | | $ | 24,764 | | $ | 29,866 | | | | | | | | | | | | | | | | |