Kapstone paper & packaging corp (KS)
CashFlow / Quarterly
Sep'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

72,511

53,183

32,741

187,709

30,026

19,776

5,992

18,338

31,018

20,722

16,174

11,824

34,206

34,256

26,100

34,103

54,254

51,459

32,099

43,474

44,414

20,991

18,459

10,193

18,345

18,404

15,563

74,196

16,495

18,159

15,131

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of plant and equipment

37,385

39,585

38,621

40,193

39,718

38,234

37,758

39,175

37,442

37,098

35,603

38,876

34,351

31,954

31,705

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of intangible assets

7,744

7,744

7,744

7,744

7,744

7,820

7,590

7,510

7,512

8,937

8,936

8,686

8,149

5,042

3,416

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

34,997

33,874

32,709

32,436

28,522

17,253

17,224

17,016

15,605

15,327

15,176

14,507

11,960

12,778

11,791

Stock-based compensation expense

2,011

2,158

3,007

2,234

2,650

4,761

5,265

1,750

1,826

1,941

3,421

1,713

1,585

2,757

3,780

1,326

1,401

1,311

2,918

932

972

954

2,345

920

745

1,264

2,313

759

705

763

1,758

Excess tax deficiency / (benefit) from stock-based compensation

-

-

-

-

-

-

-

-57

0

-10

-140

-

-

-

1,391

-311

348

391

2,221

984

817

1,344

386

6,159

382

1,051

445

151

423

692

66

Amortization of debt issuance costs

1,203

1,174

1,176

1,230

1,199

1,179

1,179

1,179

1,250

1,251

1,124

1,182

1,317

2,040

1,007

1,281

1,482

1,481

1,452

1,485

1,551

727

726

740

936

897

906

1,216

418

438

410

Loss on disposal of assets

-474

-597

-428

-1,587

-2,799

-460

-526

-443

-2,503

-715

62

-946

205

-32

-178

-3,049

-187

-37

-979

-622

-248

-124

-18

-329

-282

-523

-68

-287

-441

-56

-126

Deferred income taxes

207

679

1,747

-151,678

-7,768

7

1,521

-14,660

-484

-360

1,064

4,601

3,990

587

1,864

3,514

-3,238

-1,144

3,323

25,352

21,087

8,520

4,906

549

7,851

8,526

6,202

11,551

15,924

7,156

7,135

Change in fair value of contingent consideration liability

-

-

-

6,134

-3,910

1,054

2,516

-2,979

1,527

1,526

1,526

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity method investments income, net of cash received

-749

-226

520

375

-365

-275

167

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Plant closure costs

0

0

793

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for bad debt expense

322

411

447

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Pension and postretirement

-

-

-2,552

-

-

-

-572

-2,106

-561

-579

-448

-2,803

-2,963

-2,524

-2,892

-1,584

-3,105

-2,754

-4,080

-5,124

507

506

203

-

-

-

-

-

-

-

-

Gain on sale of property

680

0

7,453

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Trade accounts receivable, net

-13,689

64,540

-5,126

-25,070

18,236

36,729

21,145

4,442

-28,252

43,093

8,169

-35,982

-31,985

32,312

26,695

-27,918

-6,582

25,471

5,380

-9,948

-6,599

2,520

25,160

-12,417

8,186

261

5,766

-6,258

-2,726

7,534

7,228

Other receivables

1,797

-2,834

-2,230

6,435

635

216

659

-736

4,188

-4,348

-1,789

4,340

4,742

-8,432

946

2,433

1,571

-2,934

364

-6,174

3,672

-74

-3,798

2,273

1,067

-455

-4,071

1,390

1,085

286

-39

Inventories

6,364

8,337

18,156

-18,081

-14,105

7,412

17,870

-24,786

15,347

-3,414

-847

7,447

-4,555

-6,984

17,178

5,751

7,558

-3,794

13,458

-6,703

3,215

3,366

-2,812

5,812

-4,801

-2,971

3,208

-972

2,340

1,045

1,115

Prepaid expenses and other current assets

-4,685

2,107

10,903

-4,831

-1,061

-6,953

12,549

-2,664

-2,218

-4,174

-8,007

10,780

-2,942

-4,105

9,642

-1,695

-537

-2,045

5,044

-5,365

-1,676

-2,227

-220

2,935

-106

-611

3,383

-401

-35

-1,464

2,139

Other assets

139

126

715

172

243

220

208

-

-

-

-

-631

900

-963

216

717

606

-1,168

1,278

-1,459

1,676

29

136

-23

516

-266

225

290

96

222

31

Accounts payable

12,159

-14,944

9,048

-14,767

11,804

-28,774

41,413

-29,708

23,291

-14,301

7,936

-2,347

-19,770

8,816

-51

-2,195

-2,872

-6,135

5,497

10,145

-8,168

-563

-7,605

12,252

-6,711

4,577

-955

-10,624

4,736

-2,413

-678

Accrued expenses and other liabilities

1,004

2,711

-12,847

-7,872

15,920

1,940

964

12,456

4,645

1,008

-6,303

9,810

2,778

5,409

-1,842

-3,155

4,083

839

4,305

-9,887

-906

5,575

1,854

4,097

5,257

3,644

-2,426

-65,906

-1,460

4,551

-6,056

Accrued compensation costs

14,494

23,964

-31,107

15,630

9,312

8,272

-3,139

160

-3,590

3,386

-15,320

-8,032

8,964

8,427

-16,479

3,563

12,032

9,620

-17,595

5,892

8,720

4,540

-4,087

-2,469

3,386

3,331

-10,375

2,373

3,339

4,778

-7,066

Accrued income taxes

-2,182

-15,016

-13,732

21,475

9,656

102

-15,746

8,344

5,764

823

2,340

-599

-4,302

-8,902

5,370

8,602

-1,825

-2,964

5,089

-

2,369

1,366

446

-

-

-

2,275

-

-423

2,687

443

Net cash provided by operating activities

155,881

27,892

5,123

149,549

126,422

16,828

32,669

69,533

122,762

31,020

58,605

85,809

104,061

76,499

-3,912

107,149

97,395

69,703

38,951

129,811

98,211

55,035

15,637

40,377

40,452

57,209

19,791

32,332

50,952

40,638

12,454

Investing activities
Purchase of intangible assets

-

-

-

-

-

-

-

500

500

1,025

500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

KPB acquisition earn-out payment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

49,700

Capital expenditures

33,334

41,380

37,025

30,346

34,234

35,109

38,669

27,619

26,873

36,210

36,163

31,861

31,184

34,949

28,762

24,865

38,691

41,256

32,420

40,435

23,558

15,881

16,832

25,838

13,945

16,549

10,905

16,269

13,348

8,236

4,678

Acquisition, net of cash acquired

-

-

-

0

0

0

33,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

314

-

-

-

-

Proceeds from the sale of property

1,039

0

14,681

-

-

-

-

0

25

0

4,856

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-32,295

-41,380

-22,344

-29,874

-34,234

-35,109

-72,169

-28,176

-53,286

-38,485

-31,807

-31,861

-31,666

-651,513

-28,762

-24,865

-38,691

-41,256

-32,420

-41,209

-561,023

-15,881

-16,832

-25,838

-13,945

-16,549

-11,219

-332,901

-28,348

-8,236

-54,378

Financing activities
Proceeds from revolving credit facility

28,000

131,500

110,500

74,500

79,000

145,512

122,988

97,800

89,500

129,100

134,600

81,800

2,000

179,800

86,400

0

0

41,400

56,500

32,500

197,713

41,900

49,500

63,500

40,000

1,400

38,000

0

0

0

7,600

Repayments on revolving credit facility

53,000

126,500

90,500

77,000

98,500

149,500

97,000

109,300

94,000

123,100

131,000

77,400

15,000

174,800

76,400

0

0

41,400

56,500

69,000

174,913

80,400

60,800

0

40,000

1,400

38,000

0

0

0

7,600

Proceeds from receivables credit facility

9,873

12,452

23,274

14,666

24,854

33,363

17,031

6,445

15,462

14,424

6,670

21,740

9,226

90,773

12,962

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on receivables credit facility

10,014

1,733

27,714

23,662

5,055

0

21,621

6,675

5,497

2,470

24,700

17,639

13,487

0

4,962

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

150,000

176,175

1,175

1,175

-

-

-

-

-

-

-

-

120,455

4,709

4,709

4,709

Payment of loan amendment fee

-

-

-

-

-

-

-

0

-138

138

2,250

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from other current borrowings

0

0

6,767

0

0

0

6,214

-

-

-

-

0

0

0

6,615

0

0

0

6,300

0

1,384

0

3,731

0

0

0

3,398

0

0

0

2,273

Repayments on other current borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,162

1,736

1,729

1,673

1,376

1,711

1,016

1,012

622

930

925

921

623

415

618

617

Repayments on long-term financing obligations

266

263

256

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on capital lease obligation

9

9

9

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash dividends paid

9,781

9,749

9,723

9,696

9,683

9,679

9,664

9,735

9,653

9,652

9,696

9,631

9,634

9,626

9,838

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of withholding taxes on vested stock awards

52

122

1,783

13

996

19

856

-31

55

94

692

48

12

126

2,322

0

114

0

1,641

0

0

848

12

-

-

-

-

-

-

-

-

Proceeds from exercises of stock options

1,759

778

6,390

645

188

402

451

70

368

211

209

118

0

287

491

230

250

175

214

307

613

652

362

272

598

55

420

247

396

443

178

Proceeds from shares issued to ESPP

442

0

494

-25

485

0

487

0

507

0

464

-1

429

0

415

0

395

0

205

0

179

0

170

0

151

0

90

0

95

0

97

Loan amendment costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

244

Excess tax (deficiency)/ benefit from stock-based compensation

-

-

-

-

-

-

-

-57

0

-10

-140

-

-

-

1,391

-311

348

391

2,221

984

817

1,344

386

6,159

382

1,051

445

151

423

692

66

Payment of Victory contingent consideration

0

0

9,600

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-110,304

3,953

7,840

-102,904

-88,350

17,822

18,030

-21,421

-67,917

8,271

-26,535

-54,894

-93,365

593,206

14,752

-159,466

-2,407

-3,044

4,451

-87,822

466,595

-38,368

-7,675

-34,355

114

-51,043

3,432

241,289

-5,084

-5,058

-2,956

Net decrease in cash and cash equivalents

13,282

-9,535

-9,381

16,771

3,838

-459

-21,470

19,936

1,559

806

263

-946

-20,970

18,192

-17,922

-77,182

56,297

25,403

10,982

780

3,783

786

-8,870

-19,816

26,621

-10,383

12,004

-59,280

17,520

27,344

-44,880