HANGER, INC. HNGR Cash Flow

Hanger, inc. (HNGR)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows used in operating activities
Net loss
-15,748	18,750	5,691	10,035	-6,951	4,463	4,369	12,928	-22,618	-84,413	-4,161	1,637	-17,734	-81,128	-7,478	-328	-17,537	-315,788	3,080	1,587	-15,970	-3,429	-8,801	3,231	-9,967	12,032	15,518	11,197	1,764	4,659	17,344	17,385	8,636	17,421	15,412	14,892	6,752
Income from discontinued operations, net of income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-664	0	-6,343	-967	-6,235	-10,751	4,661	-3,621	-3,063	-2,034	-282	11	-	-	-	-	-	-	-	-
Loss from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-81,113	-7,856	-900	-17,537	-315,124	3,080	7,930	-15,003	2,806	1,950	-1,430	-6,346	15,095	17,552	11,479	1,753	-	-	-	-	-	-	-	-
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
8,831	9,019	9,373	8,760	8,773	8,903	8,950	9,272	9,330	9,665	9,632	9,825	10,137	10,160	11,339	11,660	11,728	15,957	10,240	9,916	10,230	9,978	9,818	9,826	9,307	8,487	8,526	8,805	8,367	7,157	8,709	8,438	8,285	8,117	7,864	7,696	7,292
Provision (benefit) for doubtful accounts
1,928	847	-20	324	-20	-155	24	-508	-94	2,572	2,333	2,157	2,360	6,181	1,766	1,531	4,249	2,871	3,048	3,239	3,696	2,545	4,631	2,474	1,989	1,612	1,736	1,231	474	-2,157	-6,345	8,202	4,723	-7,895	6,400	6,813	4,078
(Gain)/Loss on disposal of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13	-39	50	-5
Reduction of seller notes and earnouts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-101	-693	-177	-220	-40	-24	-257
Share-based compensation expense
3,501	3,325	3,374	3,450	3,265	3,492	3,667	3,321	2,585	4,237	3,613	2,916	2,164	2,211	2,127	2,477	2,948	3,403	2,662	2,569	2,500	2,504	1,986	2,796	2,356	2,342	2,405	2,506	2,093	2,113	2,086	2,043	1,971	2,074	2,140	2,216	1,658
Deferred income taxes
3,476	-2,503	-1,502	4,528	-3,749	7,566	2,397	-156	-6,355	33,427	-1,631	502	-6,050	-	-	-	-	-48,553	0	0	-373	-41,749	699	1,478	358	-	-	-	-	-	-	-	-	8,885	-103	0	-343
Amortization of debt discounts and issuance costs
409	421	405	422	375	384	267	485	1,701	2,528	2,474	1,922	1,952	2,076	1,227	852	766	1,274	770	747	580	676	681	689	617	611	632	937	1,038	1,302	863	863	863	864	863	859	748
Loss on extinguishment of debt
-	-	-	-	-	0	0	0	-16,998	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale and disposal of fixed assets
411	414	408	311	481	176	1,188	755	594	395	468	524	672	3,154	688	509	704	735	873	560	216	-1,119	792	67	553	-111	5,469	623	277	-	-	-	-	-	-	-	-
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-120	279	816
Changes in operating assets and liabilities
Accounts receivable, net
-28,229	-	-	-	-10,395	-	-	-	-	-	-	-	-15,367	-	-5,234	-2,580	-20,522	11,193	5,716	7,633	-10,917	12,198	11,523	14,597	-9,521	9,646	-44	8,585	-9,332	5,268	-5,924	17,041	-851	3,032	10,772	18,262	-5,483
Inventories
-949	-	-	-	880	-	-	-	-	-	-	-	4,653	-	3,471	1,929	685	-6,209	1,646	-72	2,115	-9,129	-3,685	3,604	2,293	-247	1,482	809	1,449	-14,317	1,942	4,185	7,868	2,488	7,403	1,904	2,277
Other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-39	-	-1,023	-1,453	2,055	-3,290	192	-2,066	1,251	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-849	-	-30,665	1,031	8,640	19,057	-801	7,151	14,745	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other current assets and other assets
3,989	-	-	-	1,433	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,006	4,594	3,966	-4,879	-3,083	-1,892	2,845	-1,835	1,804	-3,910	2,443	7,819	-3,594	-8,031	3,010
Income taxes
5,303	-	-	-	355	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
-4,757	-	-	-	-6,511	-	-	-	-	-	-	-	6,333	-	-10,349	27,895	-13,287	2,185	610	-1,358	6,647	-26	2,220	1,364	-4,335	-844	-5,201	11,780	-639	594	-1,657	2,849	-522	855	826	-1,244	-6,339
Accrued expenses and other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-683	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued expenses and other current liabilities
-385	-	-	-	492	-	-	-	-	-	-	-	-	-	-7,274	-6,167	6,560	-12,343	4,098	851	1,130	14,687	24,327	-945	2,117	-2,471	3,427	-4,259	3,990	-741	2,991	-3,093	4,294	-3,566	3,996	-3,894	2,040
Accrued compensation related costs
-38,175	-	-	-	-32,970	-	-	-	-	-	-	-	-19,171	-	-1,579	-1,359	-23,037	6,884	13,274	855	-14,136	3,135	11,432	2,729	-17,779	3,386	8,948	4,286	-23,186	8,777	6,592	4,942	-17,504	12,412	-484	6,199	-25,531
Other liabilities
1,153	-	-	-	1,829	-	-	-	-	-	-	-	-1,901	-	-830	-1,007	-223	9,657	685	3,882	-7,284	-1,728	2,261	-1,655	144	-2,179	-1,397	-374	-198	2,811	-371	-2,088	-183	-58	-2,060	-1,900	1,794
Operating lease liabilities, net of amortization of right-of-use assets
-628	-	-	-	921	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
23,956	-37,113	2,797	16,236	34,012	-16,708	-1,765	-794	9,426	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities - continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	27,005	27,375	35,536	-19,395	31,523	30,283	7,661	-4,855	26,137	35,301	-2,226	-9,151	13,294	34,953	33,038	-1,151	14,790	32,004	25,709	1,292	26,654	24,512	22,949	-12,311
Net cash used in operating activities - discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-156	-517	-1,077	-3,348	1,332	-5,256	4,961	-1,479	-841	-34	-2,336	109	-	-	-	-	-	-	-	-
Net cash used in operating activities
-21,970	38,901	23,484	29,261	-32,800	41,368	20,251	25,381	-8,473	31,113	5,325	5,330	-11,663	27,005	26,800	34,686	-19,395	31,367	29,766	6,584	-8,203	27,469	30,045	2,735	-10,630	12,453	34,919	30,702	-1,042	-	-	-	-	-	-	-	-
Cash flows used in investing activities
Purchase of property, plant, and equipment
6,526	6,171	5,456	7,909	6,897	2,549	5,113	6,934	4,388	5,118	4,804	4,085	2,348	7,205	3,980	3,599	6,364	5,487	5,983	7,567	8,583	8,172	4,119	6,279	8,526	6,733	5,433	10,291	3,450	1,064	8,532	10,130	4,777	6,421	5,249	8,193	5,437
Purchase of therapeutic program equipment leased to third parties under operating leases
2,286	1,507	1,635	2,101	1,429	3,445	2,568	1,788	2,034	2,286	2,381	704	629	562	724	582	608	1,308	799	1,518	1,007	1,403	946	1,099	564	1,214	1,040	1,189	660	1,325	375	524	539	-	-	-	-
Acquisitions, net of cash acquired
26	5,000	3,669	237	27,679	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	10,215	1,313	2,850	14,792	19,142	3,674	845	5,711	65	47,135	7,871	3,993	2,402	3,974	4,804	1,123	4,941
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-40	-2,672	-4	1,085	-53	-958	-20	-	-	-	-	-	-	-	-	6,240	0	0	-3,120	-	-	-	-
Purchase of company-owned life insurance investment
250	-	-	-	-	0	0	0	598	0	0	0	555	0	0	0	2,543	0	0	0	2,544	0	0	0	2,294	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property, plant, and equipment
595	417	705	496	980	654	1,901	842	840	724	969	1,037	2,179	3,313	725	786	1,136	994	1,550	323	2,087	187	657	1,079	595	4,349	3,073	981	663	-	-	-	-	552	0	91	3
Other investing activities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	10	7	7	32	4	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities - continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-7,170	-3,939	-723	-8,385	-6,893	-5,186	-7,836	-20,246	-10,701	-7,258	-21,091	-29,931	-7,272	-1,125	-16,210	-3,512	-48,293	-16,778	-14,647	-10,838	-14,342	-11,289	-10,864	-10,375
Net cash provided by investing activities - discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	156	438	1,107	3,286	3,039	-68	-199	-265	-494	-340	-348	-256	-	-	-	-	-	-	-	-
Net cash used in investing activities
-8,493	-12,327	-10,055	-9,751	-35,025	-7,318	-5,780	-7,880	-6,180	10,455	-6,216	-3,752	-1,353	-7,170	-3,364	127	-8,385	-6,737	-4,748	-6,729	-16,960	-7,662	-7,326	-21,290	-30,196	-7,766	-1,465	-16,558	-3,768	-	-	-	-	-	-	-	-
Cash flows provided by (used in) financing activities
Borrowings under term loan, net of discount
-	-	-	-	-	-	-	-	501,467	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of term loan
1,263	-	-	-	1,263	-	-	-	431,875	-	8,438	5,625	5,625	5,625	5,625	4,219	4,219	4,218	4,219	2,813	2,813	2,813	2,812	1,407	1,406	1,407	1,406	292,550	750	-	-	750	1,450	750	750	750	750
Borrowings under revolving credit agreement
79,000	-	-	-	-	0	0	0	3,000	16,000	30,965	60,500	49,500	-	-	-	-	35,000	25,000	23,000	72,000	79,000	24,000	103,000	125,000	86,000	43,000	70,000	50,000	-	-	-	-	0	0	0	10,000
Repayments under revolving credit agreement
-	-	-	-	-	0	0	0	8,000	46,000	20,965	53,500	31,500	-	-	-	-	10,000	35,000	25,000	23,000	83,000	40,000	125,000	38,000	87,000	72,000	15,000	50,000	-	-	-	-	-	-	-	-
Payment of employee taxes on share-based compensation
4,146	427	56	28	3,626	338	105	313	2,150	110	28	1	1,338	17	12	0	259	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment on seller notes
-1,446	-	-	-	-1,773	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of financing lease obligations
-152	-	-	-	-116	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment on seller notes
-	-	-	-	-	483	351	16	1,749	564	825	310	3,498	1,377	1,934	1,281	4,536	2,247	3,462	2,555	5,297	3,415	3,276	1,938	1,631	2,207	3,332	1,706	1,411	-	-	-	488	-	-	-	406
Payment of financing lease obligations
-	-	-	-	-	265	260	318	364	337	301	294	278	277	208	264	230	-	-	-	-	196	625	440	426	370	339	334	324	-	-	-	-	-	-	-	-
Payment of contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	74	251	375	625	1,040	250	675	-	-	-	-	-	-	-	-
Payment of debt issuance costs
-	-	-	-	-	0	270	-270	6,757	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt extinguishment costs
-	-	-	-	-	0	0	0	8,436	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	41	4,189
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	52	6	388	1,803	1,290	53	951	1,054	804	237	239	209	1,487	-120	279	816
Proceeds from issuance of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	87	808	1	1,566	62	1,354	634	945	627	2,107	0	0	573
Payment of debt issuance costs and fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,065	0	1,767	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities - continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-9,672	-22,781	-25,648	85,052	-4,318	-35,063	-17,555	-2,044	-4,904	-1,221	-1,697	-1,102	-853	-1,312	-12,225	6,044
Net cash used in financing activities - discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	-3	-3	-3	-2	-3	-4	-3	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
71,993	-2,102	-1,711	-1,792	-6,778	-2,282	-2,248	-1,640	45,136	-39,448	408	-2,093	7,261	-15,296	-71,444	-5,764	-11,011	9,491	-18,564	-8,080	39,867	-9,673	-22,784	-25,651	85,049	-4,320	-35,066	-17,559	-2,047	-	-	-	-	-	-	-	-
Increase (decrease) in cash and cash equivalents
41,530	-	-	-	-74,603	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Decrease) increase in cash, cash equivalents, and restricted cash
-	-	-	-	-	31,768	12,223	15,861	30,483	2,120	-483	-515	-5,755	4,539	-48,008	29,049	-38,791	34,121	6,454	-8,225	14,704	10,134	-65	-44,206	44,223	367	-1,612	-3,415	-6,857	-42,915	14,005	9,365	-10,648	11,459	11,911	-140	-16,642
SUPPLEMENTAL CASH FLOW FINANCIAL INFORMATION:
Non-cash financing and investing activities:
Purchase of property, plant, and equipment in accounts payable at period end
6,244	-	-	-	4,443	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use assets obtained in exchange for finance lease obligations
730	-	-	-	76	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of seller notes in connection with acquisitions
36	-	-	-	4,451	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-