Hanger, inc. (HNGR)
CashFlow / TTM
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
Cash flows used in operating activities
Net loss

18,728

27,525

13,238

11,916

14,809

-858

-89,734

-98,264

-109,555

-104,671

-101,386

-104,703

-106,668

-106,471

-341,131

-330,573

-328,658

-327,091

-14,732

-26,613

-24,969

-18,966

-3,505

20,814

28,780

40,511

33,138

34,964

41,152

48,024

60,786

58,854

56,361

54,477

0

0

0

Income from discontinued operations, net of income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,974

-13,545

-24,296

-13,292

-15,946

-12,774

-4,057

-9,000

-5,368

0

0

0

-

-

-

-

-

-

-

-

Loss from continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-107,406

-341,417

-330,481

-321,651

-319,117

-1,187

-2,317

-11,677

-3,020

9,269

24,871

37,780

45,879

0

0

0

-

-

-

-

-

-

-

-

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

35,983

35,925

35,809

35,386

35,898

36,455

37,217

37,899

38,452

39,259

39,754

41,461

43,296

44,887

50,684

49,585

47,841

46,343

40,364

39,942

39,852

38,929

37,438

36,146

35,125

34,185

32,855

33,038

32,671

32,589

33,549

32,704

31,962

30,969

0

0

0

Provision (benefit) for doubtful accounts

3,079

1,131

129

173

-659

-733

1,994

4,303

6,968

9,422

13,031

12,464

11,838

13,727

10,417

11,699

13,407

12,854

12,528

14,111

13,346

11,639

10,706

7,811

6,568

5,053

1,284

-6,797

174

4,423

-1,315

11,430

10,041

9,396

0

0

0

(Gain)/Loss on disposal of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7

0

0

0

Reduction of seller notes and earnouts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,191

-1,130

-461

-541

0

0

0

Share-based compensation expense

13,650

13,414

13,581

13,874

13,745

13,065

13,810

13,756

13,351

12,930

10,904

9,418

8,979

9,763

10,955

11,490

11,582

11,134

10,235

9,559

9,786

9,642

9,480

9,899

9,609

9,346

9,117

8,798

8,335

8,213

8,174

8,228

8,401

8,088

0

0

0

Deferred income taxes

3,999

-3,226

6,843

10,742

6,058

3,452

29,313

25,285

25,943

26,248

0

0

0

-

-

-

-

-48,926

-42,122

-41,423

-39,945

-39,214

0

0

0

-

-

-

-

-

-

-

-

8,439

0

0

0

Amortization of debt discounts and issuance costs

1,657

1,623

1,586

1,448

1,511

2,837

4,981

7,188

8,625

8,876

8,424

7,177

6,107

4,921

4,119

3,662

3,557

3,371

2,773

2,684

2,626

2,663

2,598

2,549

2,797

3,218

3,909

4,140

4,066

3,891

3,453

3,453

3,449

3,334

0

0

0

Loss on extinguishment of debt

-

-

-

-

-

-16,998

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale and disposal of fixed assets

1,544

1,614

1,376

2,156

2,600

2,713

2,932

2,212

1,981

2,059

4,818

5,038

5,023

5,055

2,636

2,821

2,872

2,384

530

449

-44

293

1,301

5,978

6,534

6,258

0

0

0

-

-

-

-

-

-

-

-

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Changes in operating assets and liabilities
Accounts receivable, net

0

-

-

-

0

-

-

-

-

-

-

-

-12,457

-

-17,143

-6,193

4,020

13,625

14,630

20,437

27,401

28,797

26,245

14,678

8,666

8,855

4,477

-1,403

7,053

15,534

13,298

29,994

31,215

26,583

0

0

0

Inventories

0

-

-

-

0

-

-

-

-

-

-

-

3,715

-

-124

-1,949

-3,950

-2,520

-5,440

-10,771

-7,095

-6,917

1,965

7,132

4,337

3,493

-10,577

-10,117

-6,741

-322

16,483

21,944

19,663

14,072

0

0

0

Other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-2,943

-

-3,711

-2,496

-3,109

-3,913

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-28,214

-

-1,937

27,927

34,047

40,152

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other current assets and other assets

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16,687

598

-5,888

-7,009

-3,965

922

-1,096

-1,498

8,156

2,758

-1,363

-796

0

0

0

Income taxes

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

0

-

-

-

0

-

-

-

-

-

-

-

16,487

-

6,444

17,403

-11,850

8,084

5,873

7,483

10,205

-777

-1,595

-9,016

1,400

5,096

6,534

10,078

1,147

1,264

1,525

4,008

-85

-5,902

0

0

0

Accrued expenses and other current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses and other current liabilities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-19,224

-7,852

-834

-6,264

20,766

40,995

39,199

40,186

23,028

2,128

-1,186

687

2,417

1,981

3,147

3,451

626

1,631

830

-1,424

0

0

0

Accrued compensation related costs

0

-

-

-

0

-

-

-

-

-

-

-

-8,140

-

-19,091

-4,238

-2,024

6,877

3,128

1,286

3,160

-483

-232

-2,716

-1,159

-6,566

-1,175

-3,531

-2,875

2,807

6,442

-634

623

-7,404

0

0

0

Other liabilities

0

-

-

-

0

-

-

-

-

-

-

-

-7,475

-

7,597

9,112

14,001

6,940

-4,445

-2,869

-8,406

-978

-1,429

-5,087

-3,806

-4,148

842

1,868

154

169

-2,700

-4,389

-4,201

-2,224

0

0

0

Operating lease liabilities, net of amortization of right-of-use assets

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:

5,876

15,932

36,337

31,775

14,745

-9,841

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

70,521

75,039

77,947

50,072

64,612

59,226

64,244

54,357

50,061

37,218

36,870

72,134

80,134

81,630

78,681

71,352

73,795

85,659

78,167

75,407

61,804

0

0

0

Net cash used in operating activities - discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,098

-3,610

-8,349

-2,311

-442

-2,615

2,607

-4,690

-3,102

0

0

0

-

-

-

-

-

-

-

-

Net cash used in operating activities

69,676

58,846

61,313

58,080

54,200

78,527

68,272

53,346

33,295

30,105

25,997

47,472

76,828

69,096

73,458

76,424

48,322

59,514

55,616

55,895

52,046

49,619

34,603

39,477

67,444

77,032

0

0

0

-

-

-

-

-

-

-

-

Cash flows used in investing activities
Purchase of property, plant, and equipment

26,062

26,433

22,811

22,468

21,493

18,984

21,553

21,244

18,395

16,355

18,442

17,618

17,132

21,148

19,430

21,433

25,401

27,620

30,305

28,441

27,153

27,096

25,657

26,971

30,983

25,907

20,238

23,337

23,176

24,503

29,860

26,577

24,640

25,300

0

0

0

Purchase of therapeutic program equipment leased to third parties under operating leases

7,529

6,672

8,610

9,543

9,230

9,835

8,676

8,489

7,405

6,000

4,276

2,619

2,497

2,476

3,222

3,297

4,233

4,632

4,727

4,874

4,455

4,012

3,823

3,917

4,007

4,103

4,214

3,549

2,884

2,763

0

0

0

-

-

-

-

Acquisitions, net of cash acquired

8,932

36,585

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

10,215

11,528

14,378

29,170

38,097

40,458

38,453

29,372

10,295

53,756

60,782

59,064

61,401

18,240

15,173

12,303

14,842

0

0

0

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,631

-1,644

70

54

0

0

0

-

-

-

-

-

-

-

-

3,120

0

0

0

-

-

-

-

Purchase of company-owned life insurance investment

0

-

-

-

-

598

598

598

598

555

555

555

555

2,543

2,543

2,543

2,543

2,544

2,544

2,544

2,544

2,294

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of property, plant, and equipment

2,213

2,598

2,835

4,031

4,377

4,237

4,307

3,375

3,570

4,909

7,498

7,254

7,003

5,960

3,641

4,466

4,003

4,954

4,147

3,254

4,010

2,518

6,680

9,096

8,998

9,066

0

0

0

-

-

-

-

646

0

0

0

Other investing activities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

10

17

24

56

50

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-20,217

-19,940

-21,187

-28,300

-40,161

-43,969

-46,041

-59,296

-68,981

-65,552

-59,419

-54,538

-28,119

-69,140

-84,793

-83,230

-90,556

-56,605

-51,116

-47,333

-46,870

0

0

0

Net cash provided by investing activities - discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,987

7,870

7,364

6,058

2,507

-1,026

-1,298

-1,447

-1,438

0

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

-40,626

-67,158

-62,149

-57,874

-56,003

-27,158

-9,385

-9,821

-5,693

-866

-18,491

-15,639

-11,760

-18,792

-18,359

-19,743

-26,599

-35,174

-36,099

-38,677

-53,238

-66,474

-66,578

-60,717

-55,985

-29,557

0

0

0

-

-

-

-

-

-

-

-

Cash flows provided by (used in) financing activities
Borrowings under term loan, net of discount

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of term loan

0

-

-

-

0

-

-

-

454,795

-

25,313

22,500

21,094

19,688

18,281

16,875

15,469

14,063

12,658

11,251

9,845

8,438

7,032

5,626

296,769

296,113

0

0

0

-

-

3,700

3,700

3,000

0

0

0

Borrowings under revolving credit agreement

0

-

-

-

-

3,000

19,000

49,965

110,465

156,965

0

0

0

-

-

-

-

155,000

199,000

198,000

278,000

331,000

338,000

357,000

324,000

249,000

0

0

0

-

-

-

-

10,000

0

0

0

Repayments under revolving credit agreement

-

-

-

-

-

8,000

54,000

74,965

128,465

151,965

0

0

0

-

-

-

-

93,000

166,000

171,000

271,000

286,000

290,000

322,000

212,000

224,000

0

0

0

-

-

-

-

-

-

-

-

Payment of employee taxes on share-based compensation

4,657

4,137

4,048

4,097

4,382

2,906

2,678

2,601

2,289

1,477

1,384

1,368

1,367

288

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment on seller notes

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of financing lease obligations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment on seller notes

-

-

-

-

-

2,599

2,680

3,154

3,448

5,197

6,010

7,119

8,090

9,128

9,998

11,526

12,800

13,561

14,729

14,543

13,926

10,260

9,052

9,108

8,876

8,656

0

0

0

-

-

-

0

-

-

-

0

Payment of financing lease obligations

-

-

-

-

-

1,207

1,279

1,320

1,296

1,210

1,150

1,057

1,027

979

0

0

0

-

-

-

-

1,687

1,861

1,575

1,469

1,367

0

0

0

-

-

-

-

-

-

-

-

Payment of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,325

2,291

2,290

2,590

0

0

0

-

-

-

-

-

-

-

-

Payment of debt issuance costs

-

-

-

-

-

6,757

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of debt extinguishment costs

-

-

-

-

-

8,436

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,230

0

0

0

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,249

3,487

3,534

4,097

3,348

2,862

3,046

2,334

1,489

2,172

1,815

1,855

2,462

0

0

0

Proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

87

895

896

2,462

2,437

2,983

3,616

2,995

3,560

4,313

3,679

2,734

2,680

0

0

0

Payment of debt issuance costs and fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26,951

32,305

20,023

28,116

-58,980

-59,566

-25,724

-9,866

-8,924

-4,873

-4,964

-15,492

-8,346

0

0

0

Net cash used in financing activities - discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-10

-11

-11

-12

-12

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

66,388

-12,383

-12,563

-13,100

-12,948

38,966

1,800

4,456

4,003

-33,872

-9,720

-81,572

-85,243

-103,515

-78,728

-25,848

-28,164

22,714

3,550

-670

-18,241

26,941

32,294

20,012

28,104

-58,992

0

0

0

-

-

-

-

-

-

-

-

Increase (decrease) in cash and cash equivalents

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) increase in cash, cash equivalents, and restricted cash

-

-

-

-

-

90,335

60,687

47,981

31,605

-4,633

-2,214

-49,739

-20,175

-53,211

-23,629

30,833

-6,441

47,054

23,067

16,548

-19,433

10,086

319

-1,228

39,563

-11,517

-54,799

-39,182

-26,402

-30,193

24,181

22,087

12,582

6,588

0

0

0

SUPPLEMENTAL CASH FLOW FINANCIAL INFORMATION:
Non-cash financing and investing activities:
Purchase of property, plant, and equipment in accounts payable at period end

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Right-of-use assets obtained in exchange for finance lease obligations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of seller notes in connection with acquisitions

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-