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Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 157,762 $ 245,578 $ 187,198
Adjustments to reconcile net income to cash flows from operating activities      
Depreciation 203,772 216,885 242,966
Amortization 16,141 17,195 23,277
Tax expense (recovery) 78,377 (4,353) 15,122
Interest expense 187,994 203,760 258,261
Interest income (4,392) (7,668) (20,268)
Gain on foreign exchange (27,539) (47,605) (163,840)
Loss on changes in fair value of financial instruments 18,684 13,115 49,672
Share-based compensation 73,723 12,500 16,035
Loss on disposal of assets 848 215 862
Loss on refinancing 151,919
Deferred revenue amortization (64,998) (74,091) (106,558)
Pension expenses 8,133 7,333 6,314
C-band clearing proceeds (42,860)
Other (1,953) 7,974 166
Income taxes paid, net of income taxes received (94,242) (53,443) (95,455)
Interest paid, net of interest received (154,433) (179,972) (176,112)
Operating assets and liabilities (58,625) 15,018 (13,942)
Net cash from operating activities 296,392 372,441 375,617
Cash flows used in investing activities      
Satellite programs (279,941) (75,902) (3,668)
Purchase of property and other equipment (34,620) (17,060) (8,345)
Purchase of intangible assets (1,162) (30) (27,597)
C-band clearing proceeds 42,860
Net cash used in investing activities (272,863) (92,992) (39,610)
Repayment of indebtedness (453,592) (3,743,465)
Proceeds from indebtedness 619,900   3,786,082
Payment of early redemption premium (43,940)
Payment of debt issue costs (6,834)   (28,082)
Payments of principal on lease liabilities (2,178) (1,793) (1,252)
Satellite performance incentive payments (6,914) (9,031) (9,644)
Proceeds from exercise of stock options 16  
Government grant received 14,185  
Initial costs from Transaction 1,260
Dividends paid on Director Voting Preferred shares (10) (10) (20)
Net cash generated from (used in) financing activities 605,240 (450,241) (40,321)
Effect of changes in exchange rates on cash and cash equivalents 2,446 (38,052) (36,897)
Increase (decrease) in cash and cash equivalents 631,215 (208,844) 258,789
Cash and cash equivalents, beginning of year 818,378 1,027,222 768,433
Cash and cash equivalents, end of year $ 1,449,593 $ 818,378 $ 1,027,222