Kapstone paper & packaging corp (KS)
CashFlow / TTM
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

346,144

303,659

270,252

243,503

74,132

75,124

76,070

86,252

79,738

82,926

96,460

106,386

128,665

148,713

165,916

171,915

181,286

171,446

140,978

127,338

94,057

67,988

65,401

62,505

126,508

124,658

124,413

123,981

0

0

0

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

155,784

158,117

156,766

155,903

154,885

152,609

151,473

149,318

149,019

145,928

140,784

136,886

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of intangible assets

30,976

30,976

31,052

30,898

30,664

30,432

31,549

32,895

34,071

34,708

30,813

25,293

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

134,016

127,541

110,920

95,435

80,015

67,098

65,172

63,124

60,615

56,970

54,421

51,036

0

0

0

Stock-based compensation expense

9,410

10,049

12,652

14,910

14,426

13,602

10,782

8,938

8,901

8,660

9,476

9,835

9,448

9,264

7,818

6,956

6,562

6,133

5,776

5,203

5,191

4,964

5,274

5,242

5,081

5,041

4,540

3,985

0

0

0

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

-

-

-

-

-

-

-

-207

0

0

0

-

-

-

1,819

2,649

3,944

4,413

5,366

3,531

8,706

8,271

7,978

8,037

2,029

2,070

1,711

1,332

0

0

0

Amortization of debt issuance costs

4,783

4,779

4,784

4,787

4,736

4,787

4,859

4,804

4,807

4,874

5,663

5,546

5,645

5,810

5,251

5,696

5,900

5,969

5,215

4,489

3,744

3,129

3,299

3,479

3,955

3,437

2,978

2,482

0

0

0

Loss on disposal of assets

-3,086

-5,411

-5,274

-5,372

-4,228

-3,932

-4,187

-3,599

-4,102

-1,394

-711

-951

-3,054

-3,446

-3,451

-4,252

-1,825

-1,886

-1,973

-1,012

-719

-753

-1,152

-1,202

-1,160

-1,319

-852

-910

0

0

0

Deferred income taxes

-149,045

-157,020

-157,692

-157,918

-20,900

-13,616

-13,983

-14,440

4,821

9,295

10,242

11,042

9,955

2,727

996

2,455

24,293

48,618

58,282

59,865

35,062

21,826

21,832

23,128

34,130

42,203

40,833

41,766

0

0

0

Change in fair value of contingent consideration liability

-

-

-

5,794

-3,319

2,118

2,590

1,600

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity method investments income, net of cash received

-80

304

255

-98

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Plant closure costs

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for bad debt expense

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Pension and postretirement

-

-

-5,272

-

-

-

-3,818

-3,694

-4,391

-6,793

-8,738

-11,182

-9,963

-10,105

-10,335

-11,523

-15,063

-11,451

-8,191

-3,908

0

0

0

-

-

-

-

-

-

-

-

Gain on sale of property

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Trade accounts receivable, net

20,655

52,580

24,769

51,040

80,552

34,064

40,428

27,452

-12,972

-16,705

-27,486

-8,960

-896

24,507

17,666

-3,649

14,321

14,304

-8,647

11,133

8,664

23,449

21,190

1,796

7,955

-2,957

4,316

5,778

0

0

0

Other receivables

3,168

2,006

5,056

7,945

774

4,327

-237

-2,685

2,391

2,945

-1,139

1,596

-311

-3,482

2,016

1,434

-7,173

-5,072

-2,212

-6,374

2,073

-532

-913

-1,186

-2,069

-2,051

-1,310

2,722

0

0

0

Inventories

14,776

-5,693

-6,618

-6,904

-13,609

15,843

5,017

-13,700

18,533

-1,369

-4,939

13,086

11,390

23,503

26,693

22,973

10,519

6,176

13,336

-2,934

9,581

1,565

-4,772

1,248

-5,536

1,605

5,621

3,528

0

0

0

Prepaid expenses and other current assets

3,494

7,118

-1,942

-296

1,871

714

3,493

-17,063

-3,619

-4,343

-4,274

13,375

900

3,305

5,365

767

-2,903

-4,042

-4,224

-9,488

-1,188

382

1,998

5,601

2,265

2,336

1,483

239

0

0

0

Other assets

1,152

1,256

1,350

843

0

0

0

-

-

-

-

-478

870

576

371

1,433

-743

327

1,524

382

1,818

658

363

452

765

345

833

639

0

0

0

Accounts payable

-8,504

-8,859

-22,689

9,676

-5,265

6,222

20,695

-12,782

14,579

-28,482

-5,365

-13,352

-13,200

3,698

-11,253

-5,705

6,635

1,339

6,911

-6,191

-4,084

-2,627

2,513

9,163

-13,713

-2,266

-9,256

-8,979

0

0

0

Accrued expenses and other liabilities

-17,004

-2,088

-2,859

10,952

31,280

20,005

19,073

11,806

9,160

7,293

11,694

16,155

3,190

4,495

-75

6,072

-660

-5,649

-913

-3,364

10,620

16,783

14,852

10,572

-59,431

-66,148

-65,241

-68,871

0

0

0

Accrued compensation costs

22,981

17,799

2,107

30,075

14,605

1,703

-3,183

-15,364

-23,556

-11,002

-5,961

-7,120

4,475

7,543

8,736

7,620

9,949

6,637

1,557

15,065

6,704

1,370

161

-6,127

-1,285

-1,332

115

3,424

0

0

0

Accrued income taxes

-9,455

2,383

17,501

15,487

2,356

-1,536

-815

17,271

8,328

-1,738

-11,463

-8,433

768

3,245

9,183

8,902

0

0

0

-

0

0

0

-

-

-

0

-

0

0

0

Net cash provided by operating activities

338,445

308,986

297,922

325,468

245,452

241,792

255,984

281,920

298,196

279,495

324,974

262,457

283,797

277,131

270,335

313,198

335,860

336,676

322,008

298,694

209,260

151,501

153,675

157,829

149,784

160,284

143,713

136,376

0

0

0

Investing activities
Purchase of intangible assets

-

-

-

-

-

-

-

2,525

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

KPB acquisition earn-out payment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

49,700

0

0

0

Capital expenditures

142,085

142,985

136,714

138,358

135,631

128,270

129,371

126,865

131,107

135,418

134,157

126,756

119,760

127,267

133,574

137,232

152,802

137,669

112,294

96,706

82,109

72,496

73,164

67,237

57,668

57,071

48,758

42,531

0

0

0

Acquisition, net of cash acquired

-

-

-

33,500

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

314

0

0

0

-

-

-

-

Proceeds from the sale of property

0

0

0

-

-

-

-

4,881

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-125,893

-127,832

-121,561

-171,386

-169,688

-188,740

-192,116

-151,754

-155,439

-133,819

-746,847

-743,802

-736,806

-743,831

-133,574

-137,232

-153,576

-675,908

-650,533

-634,945

-619,574

-72,496

-73,164

-67,551

-374,614

-389,017

-380,704

-423,863

0

0

0

Financing activities
Proceeds from revolving credit facility

344,500

395,500

409,512

422,000

445,300

455,800

439,388

451,000

435,000

347,500

398,200

350,000

268,200

266,200

127,800

97,900

130,400

328,113

328,613

321,613

352,613

194,900

154,400

142,900

79,400

39,400

38,000

7,600

0

0

0

Repayments on revolving credit facility

347,000

392,500

415,500

422,000

454,300

449,800

423,400

457,400

425,500

346,500

398,200

343,600

266,200

251,200

117,800

97,900

166,900

341,813

380,813

385,113

316,113

181,200

102,200

79,400

79,400

39,400

38,000

7,600

0

0

0

Proceeds from receivables credit facility

60,265

75,246

96,157

89,914

81,693

72,301

53,362

43,001

58,296

52,060

128,409

134,701

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on receivables credit facility

63,123

58,164

56,431

50,338

33,351

33,793

36,263

39,342

50,306

58,296

55,826

36,088

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

328,525

0

0

0

-

-

-

-

-

-

-

-

134,582

0

0

0

Payment of loan amendment fee

-

-

-

-

-

-

-

2,250

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from other current borrowings

6,767

6,767

6,767

6,214

0

0

0

-

-

-

-

6,615

6,615

6,615

6,615

6,300

6,300

7,684

7,684

5,115

5,115

3,731

3,731

3,398

3,398

3,398

3,398

2,273

0

0

0

Repayments on other current borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,300

6,514

6,489

5,776

5,115

4,361

3,580

3,489

3,398

3,399

2,884

2,577

2,273

0

0

0

Repayments on long-term financing obligations

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on capital lease obligation

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash dividends paid

38,949

38,851

38,781

38,722

38,761

38,731

38,704

38,736

38,632

38,613

38,587

38,729

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of withholding taxes on vested stock awards

1,970

2,914

2,811

1,884

1,840

899

974

810

889

846

878

2,508

2,460

2,562

2,436

1,755

1,755

1,641

2,489

860

0

0

0

-

-

-

-

-

-

-

-

Proceeds from exercises of stock options

9,572

8,001

7,625

1,686

1,111

1,291

1,100

858

906

538

614

896

1,008

1,258

1,146

869

946

1,309

1,786

1,934

1,899

1,884

1,287

1,345

1,320

1,118

1,506

1,264

0

0

0

Proceeds from shares issued to ESPP

911

954

954

947

972

994

994

971

970

892

892

843

844

810

810

600

600

384

384

349

349

321

321

241

241

185

185

192

0

0

0

Loan amendment costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

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

-

-

-

-

-

-

-

-207

0

0

0

-

-

-

1,819

2,649

3,944

4,413

5,366

3,531

8,706

8,271

7,978

8,037

2,029

2,070

1,711

1,332

0

0

0

Payment of Victory contingent consideration

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-201,415

-179,461

-165,592

-155,402

-73,919

-53,486

-63,037

-107,602

-141,075

-166,523

418,412

459,699

355,127

446,085

-150,165

-160,466

-88,822

380,180

344,856

332,730

386,197

-80,284

-92,959

-81,852

193,792

188,594

234,579

228,191

0

0

0

Net decrease in cash and cash equivalents

11,137

1,693

10,769

-1,320

1,845

-434

831

22,564

1,682

-20,847

-3,461

-21,646

-97,882

-20,615

-13,404

15,500

93,462

40,948

16,331

-3,521

-24,117

-1,279

-12,448

8,426

-31,038

-40,139

-2,412

-59,296

0

0

0