P. h. glatfelter company (GLT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Operating activities
Net income

7,406

-44,882

12,224

5,831

5,286

-80,092

-95,829

-7,399

5,716

-10,080

12,105

-5,714

11,603

-16,180

19,601

1,965

16,168

34,298

13,504

2,848

13,925

19,557

30,372

4,669

14,648

16,477

34,119

933

15,629

6,970

20,099

13,432

18,878

9,741

13,026

2,501

17,426

Income from discontinued operations, net of taxes

-

-132

3,581

-462

683

-76,803

-95,126

-8,679

3,452

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adjustments to reconcile to net cash provided (used) by continuing operations:
Depreciation, depletion and amortization

15,402

12,700

12,600

12,712

12,788

12,800

11,500

11,864

11,336

11,824

-4,691

17,685

17,282

-10,438

16,314

16,765

16,646

15,813

15,821

15,627

15,975

17,008

16,654

18,278

18,615

18,168

18,004

16,666

15,358

18,377

17,070

16,967

17,086

17,534

17,522

17,380

16,877

Amortization of debt issue costs and original issue discount

147

147

145

144

1,236

289

290

290

290

289

290

289

289

289

290

284

290

291

294

284

315

-

-

-

328

328

328

322

327

2,264

305

304

304

6,837

670

667

664

Pension expense, net of unfunded benefits paid

-

-

-

-

-

-

-

-

-

-

-

1,584

928

-

944

1,197

767

1,842

1,842

1,236

2,463

598

1,245

2,151

1,179

3,141

3,213

2,856

3,577

2,716

2,570

2,354

2,787

-5,544

3,938

1,491

2,242

Deferred income tax benefit

-2,612

-23,412

584

1,097

-1,240

-2,238

-2,029

-186

-3,251

13,236

-3,057

120

1,704

-33,894

-1,594

-5,108

2,436

141

-4,544

1,415

1,086

-4,985

-1,710

-540

-2,184

-609

-9,905

-1,877

906

8,663

15,168

-25,085

-955

-12,778

3,195

7,482

2,434

Gains on dispositions of plant, equipment and timberlands, net

-

800

200

431

669

1,400

200

584

1,116

32

142

58

-32

-85

-5

-2

-24

18,225

123

111

2,654

980

1,590

1,482

809

1,352

282

19

73

1,344

1,473

6,961

37

48

698

29

3,175

Share-based compensation

1,085

900

1,045

1,161

477

1,694

1,089

1,664

1,841

1,163

1,375

1,308

1,648

1,264

1,415

1,586

1,217

1,742

1,839

1,916

1,747

2,048

2,194

1,773

1,844

1,814

1,936

1,709

1,878

1,516

1,668

1,704

1,632

1,461

1,441

1,415

1,445

Change in operating assets and liabilities
Accounts receivable

7,203

42

-11,573

6,640

10,364

-9,800

-4,370

9,077

5,714

-11,977

3,614

1,049

11,462

-10,772

4,456

10,847

-2,376

-8,260

789

6,815

13,968

-30,124

11,723

12,578

11,227

-22,719

3,488

533

19,475

-22,584

13,184

-554

13,333

-20,063

-2,134

-6,210

24,636

Inventories

3,688

-6,341

4,215

6,280

13,233

-8,176

11,274

13,980

15,060

-5,573

-699

-5,157

9,907

-12,905

5,602

6,407

5,888

2,340

-2,895

3,877

4,732

1,474

-1,801

10,104

11,679

4,521

-5,154

-4,171

2,100

-1,545

-7,006

11,440

9,726

144

-9,511

12,342

4,305

Prepaid and other current assets

2,315

-1,679

-2,081

2,444

4,149

437

2,175

-2,503

3,263

-2,370

1,569

3,381

-1,670

-2,933

4,042

-1,817

1,980

-5,086

-2,098

-591

2,269

1,154

-4,570

4,607

2,330

-3,306

-590

4,816

-8,885

10,563

6,847

252

-2,710

-11,769

969

7,800

885

Accounts payable

-11,605

15,684

-1,882

-5,531

2,066

15,793

-3,843

-1,437

3,261

14,262

-945

4,141

2,903

9,118

-6,635

12,732

-15,759

20,481

6,550

7,078

-8,067

21,401

-8,706

-10,880

-5,990

19,757

-2,292

5,026

2,331

3,924

-6,796

11,810

-1,985

8,674

-13,331

7,997

10,266

Environmental liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

66

13

13

-

-

-

13

Accruals and other current liabilities

-2,931

-13,645

6,367

3,698

-15,956

-27,752

10,239

-8,129

1,658

-13,934

3,643

2,475

-8,874

29,988

5,005

10,149

-4,897

-7,366

2,445

6,227

-3,492

-6,588

4,933

667

-11,814

922

8,695

4,274

-10,751

-6,104

14,965

14,056

-14,511

5,114

-2,702

4,100

-9,028

Cellulosic biofuel and alternative fuel mixture credits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-16,790

0

7,403

0

0

0

17,833

Other

-711

-3,639

1,821

-1,053

-296

3,253

-410

937

-605

-723

938

1,354

255

-3,438

-1,552

-1,064

-41

-3,197

-1,978

3,061

-1,826

-2,273

-1,154

-1,169

791

2,208

8,606

-3,720

697

-4,354

13,762

-1,359

497

3,451

914

8,385

-468

Net cash (used) provided by operating activities from continuing operations

-5,603

87,241

34,879

4,860

-24,145

10,260

7,661

-16,724

-7,149

32,733

-8,263

21,203

7,561

-28,359

22,797

25,199

11,441

63,220

45,010

23,358

2,155

78,197

42,746

-11,156

-10,210

77,942

47,466

32,432

15,795

64,381

19,933

18,789

9,743

59,171

32,823

20,700

27,613

Investing activities
Expenditures for purchases of plant, equipment and timberlands

7,014

9,748

7,384

4,768

5,865

9,974

6,218

5,869

20,068

22,805

-13,069

34,264

36,783

-55,786

36,557

37,097

43,294

25,609

29,705

22,826

21,749

19,010

16,880

15,721

14,435

16,958

25,266

29,432

31,391

13,725

14,440

16,435

14,152

19,849

16,765

19,789

8,088

Proceeds from disposals of plant, equipment and timberlands, net

-

835

247

427

689

1,389

269

647

1,157

-

-

-

-

-26

2

20

33

21,278

130

325

2,726

1,021

1,691

1,521

839

1,568

287

19

73

1,397

1,686

7,140

49

49

1,002

35

3,405

Acquisition, net of cash acquired

-

-591

0

0

1,974

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

0

73

0

90

0

0

40

28

-

-

-

-

400

100

0

300

0

0

0

1,600

-

-

-

-

100

100

50

175

-

-

-

-

-

-

-

-

Net cash used by investing activities from continuing operations

-7,014

-8,322

-7,210

-4,341

-7,240

-187,490

-5,949

-5,262

-18,939

-22,939

13,095

-34,181

-36,783

55,360

-36,655

-37,077

-43,561

-4,331

-29,799

-22,501

-20,623

-26,004

-15,689

-14,300

-13,596

-15,490

-25,079

-240,374

-31,493

-12,403

-12,904

-9,295

-14,103

23,370

-15,763

-19,754

-4,683

Financing activities
Net (repayments) borrowings under revolving credit facility

2,452

2,121

-10,889

-7,806

-11,488

-230,207

128,101

21,272

25,388

12,902

28,298

30,000

38,236

-

-

-

-

-

-

-

-

0

-5,295

-7,492

-17,933

-

-

-

-

-19,000

1,000

-4,000

-5,000

-

-

-

-

Repayment of 5.375% Notes

-

0

0

0

-250,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from term loans

-

0

0

0

248,644

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of borrowing costs

-

34

0

413

1,757

-

-

-

-

-

-

-

-

-

-

85

51

0

0

321

1,008

-

-

-

-

0

0

311

108

-

-

-

-

-

-

-

-

Repayment of term loans

3,089

5,640

5,694

2,680

2,646

2,696

2,726

2,745

2,902

2,824

2,419

2,338

2,190

4,402

0

1,877

1,926

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net repayments of other short term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-691

-107

Repurchases of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3,022

7,907

1,251

-

-

-

-

1,615

495

2,361

1,204

-

-

-

-

Payments of dividends

5,752

5,742

5,742

5,732

5,720

5,696

5,696

5,689

5,679

5,675

5,675

5,675

5,455

5,455

5,455

5,448

5,231

5,228

5,223

5,218

4,774

4,761

4,771

4,801

4,363

4,362

4,358

4,340

3,905

3,912

3,896

3,902

3,898

4,033

4,182

4,190

4,206

Proceeds from government grants

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,251

808

582

3,861

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments related to share-based compensation awards and other

-458

-801

0

-111

-644

-1,143

-28

-15

-965

-344

-16

0

-112

0

-14

-225

-751

0

-15

-592

-1,408

-113

52

-1,035

-781

661

0

-1,746

-586

1,212

832

0

629

364

-15

-111

-6

Net cash provided by financing activities from continuing operations

-6,847

-10,096

-22,325

-16,742

-23,611

-239,742

119,651

12,823

15,842

4,059

20,188

21,987

30,479

-9,575

6,100

972

-4,098

-26,070

-7,133

-7,623

-7,190

-4,874

-444

-21,235

-24,328

-3,701

-4,358

175,833

-4,599

16,908

-2,661

-10,263

-9,473

-140,645

-26,049

-9,139

-4,307

Effect of exchange rate changes on cash

-937

1,525

-1,503

367

-658

-1,633

-701

-5,688

2,458

1,796

1,716

3,206

526

-2,393

-22

-824

1,176

-1,180

-175

958

-2,609

-1,137

-974

-78

37

496

851

424

-942

471

517

-693

455

-1,870

-1,056

552

1,526

Net decrease in cash, cash equivalents and restricted cash

-20,401

70,348

3,841

-15,856

-55,654

-418,605

120,662

-14,851

-7,788

15,649

26,736

12,215

1,783

15,033

-7,780

-11,730

-35,042

31,639

7,903

-5,808

-28,267

46,182

25,639

-46,769

-48,097

59,247

18,880

-31,685

-21,239

69,357

4,885

-1,462

-13,378

-59,974

-10,045

-7,641

20,149

Change in cash, cash equivalents and restricted cash from discontinued operations

-316

-

-

-

-10,365

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Less: restricted cash included in "Prepaid expenses and other current assets"

-1,259

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash and cash equivalents from discontinued operations

-

-

-

-

-

327,220

6,219

4,763

8,846

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental cash flow information
Interest

1,443

963

1,503

1,753

5,989

-

-

-

-

7,413

-1,289

7,517

293

5,859

-133

7,035

474

7,313

662

7,463

818

7,684

948

7,762

1,249

7,843

1,552

7,691

145

6,527

248

7,393

232

12,373

267

11,266

285

Income taxes, net

3,446

3,501

3,584

4,201

2,956

4,170

4,197

3,848

2,956

1,769

3,374

1,999

2,194

2,411

3,123

3,298

5,188

1,283

4,332

4,913

5,321

4,211

3,605

10,695

5,628

4,754

5,368

9,208

-3,742

18,560

3,883

16,598

5,616

1,103

1,459

4,361

-15,267