INTERTAPE POLYMER GROUP INC

CIK:0000880224|SEC Filings

Consolidated Earnings - USD ($) $ in Thousands	12 Months Ended
Consolidated Earnings - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit or loss [abstract]
Revenue (Note 21)	$ 1,531,469	$ 1,213,028	$ 1,158,519
Cost of sales	1,191,495	924,244	911,644
Gross profit	339,974	288,784	246,875
Selling, general and administrative expenses	177,139	157,486	136,674
Research expenses	11,882	11,196	12,527
Operating expenses	189,021	168,682	149,201
Operating profit before manufacturing facility closures, restructuring and other related charges	150,953	120,102	97,674
Manufacturing facility closures, restructuring and other related charges (Note 4)	0	4,328	5,136
Operating profit	150,953	115,774	92,538
Finance costs (income) (Note 3)
Interest	27,676	29,436	31,690
Other expense (income), net	29,208	(6,238)	3,314
Finance costs (income)	56,884	23,198	35,004
Earnings before income tax expense	94,069	92,576	57,534
Income tax expense (benefit) (Note 5)
Current	22,113	25,595	17,195
Deferred	1,951	(6,474)	(885)
Income tax expense (benefit)	24,064	19,121	16,310
Net earnings	70,005	73,455	41,224
Net earnings attributable to:
Company shareholders	67,813	72,670	41,216
Non-controlling interests	2,192	785	8
Net earnings	$ 70,005	$ 73,455	$ 41,224
Earnings per share attributable to Company shareholders (Note 6)
Basic (in dollars per share)	$ 1.15	$ 1.23	$ 0.70
Diluted (in dollars per share)	$ 1.12	$ 1.22	$ 0.70

Consolidated Cash Flows - USD ($) $ in Thousands	12 Months Ended
Consolidated Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net earnings	$ 70,005	$ 73,455	$ 41,224
Adjustments to net earnings
Depreciation and amortization	65,547	63,840	61,415
Income tax expense	24,064	19,121	16,310
Interest expense	27,676	29,436	31,690
Early redemption premium and other costs (Note 14)	14,412	0	0
Non-cash charges in connection with manufacturing facility closures, restructuring and other related charges (Note 4)	0	596	799
Impairment of inventories (Note 7)	5,240	1,179	2,877
Share-based compensation expense (Note 18)	21,655	22,879	501
Pension and other post-retirement expense related to defined benefit plans	1,944	2,057	2,073
Contingent consideration liability fair value adjustment (Note 24)	0	(11,005)	0
Valuation adjustment to non-controlling interest put options (Note 24)	12,007	2,470	3,339
(Gain) loss on foreign exchange	(48)	38	(790)
Other adjustments for non-cash items	573	868	1,484
Income taxes paid, net	(25,846)	(24,610)	(11,995)
Contributions to defined benefit plans	(1,178)	(1,129)	(1,261)
Cash flows from operating activities before changes in working capital items	216,051	179,195	147,666
Changes in working capital items
Trade receivables	(40,726)	(25,947)	(3,893)
Inventories	(86,759)	(4,742)	4,341
Other current assets	(3,471)	383	127
Accounts payable and accrued liabilities	91,440	29,014	(11,571)
Share-based compensation settlements	(13,205)	0	0
Provisions	(2,923)	1,682	(1,658)
Increase (decrease) in working capital items	(55,644)	390	(12,654)
Cash flows from operating activities	160,407	179,585	135,012
INVESTING ACTIVITIES
Acquisition of subsidiaries, net of cash acquired (Note 19)	(34,660)	(35,704)	0
Purchases of property, plant and equipment	(81,268)	(45,828)	(48,165)
Purchase of intangible assets	(5,627)	(1,854)	(2,259)
Other investing activities	192	579	1,508
Cash flows from investing activities	(121,363)	(82,807)	(48,916)
FINANCING ACTIVITIES
Proceeds from borrowings (Note 14)	797,429	302,031	190,673
Repayment of borrowings and lease liabilities (Note 14)	(739,127)	(325,881)	(225,902)
Payments of debt issue costs (Note 14)	(8,279)	0	(70)
Payments of early redemption premium and other costs (Note 14)	(14,444)	0	0
Interest paid	(27,907)	(28,764)	(32,934)
Proceeds from exercise of stock options (Note 18)	2,664	271	3,278
Dividends paid (Note 18)	(38,641)	(35,386)	(33,992)
Dividends paid to non-controlling interest in GPCP Inc.	0	(100)	0
Other financing activities	1,223	0	82
Cash flows from financing activities	(27,082)	(87,829)	(98,865)
Net increase in cash	11,962	8,949	(12,769)
Effect of foreign exchange differences on cash	(2,137)	471	1,165
Cash, beginning of year	16,467	7,047	18,651
Cash, end of year	$ 26,292	$ 16,467	$ 7,047

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 26,292	$ 16,467
Trade receivables (Note 24)	203,984	162,235
Inventories (Note 7)	280,323	194,516
Other current assets (Note 8)	32,110	21,048
Current assets	542,709	394,266
Property, plant and equipment (Note 9)	459,356	415,214
Goodwill (Note 11)	151,834	132,894
Intangible assets (Note 12)	138,725	124,274
Deferred tax assets (Note 5)	24,579	29,677
Other assets (Note 10)	16,549	13,310
Total assets	1,333,752	1,109,635
Current liabilities
Accounts payable and accrued liabilities	280,353	180,446
Share-based compensation liabilities, current (Note 18)	19,089	17,769
Non-controlling interest put options, current (Note 24)	27,523	0
Provisions and contingent consideration, current (Note 16)	4,504	4,222
Borrowings and lease liabilities, current (Notes 14 and 15)	18,119	26,219
Current liabilities	349,588	228,656
Borrowings and lease liabilities, non-current (Notes 14 and 15)	537,142	463,745
Pension, post-retirement and other long-term employee benefits (Note 20)	15,807	19,826
Share-based compensation liabilities, non-current (Note 18)	19,850	13,664
Non-controlling interest put options, non-current (Note 24)	0	15,758
Deferred tax liabilities (Note 5)	38,925	34,108
Provisions and contingent consideration, non-current (Note 16)	7,645	2,430
Other liabilities (Note 17)	12,547	14,766
Total liabilities	981,504	792,953
EQUITY
Capital stock (Note 18)	358,953	354,880
Contributed surplus (Note 18)	23,070	22,776
Deficit	(18,113)	(51,114)
Accumulated other comprehensive loss	(25,749)	(21,886)
Total equity attributable to Company shareholders	338,161	304,656
Non-controlling interests	14,087	12,026
Total equity	352,248	316,682
Total liabilities and equity	$ 1,333,752	$ 1,109,635