Mercer international inc. (MERC)
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'13
Cash flows from (used in) operating activities
Net income (loss)

-3,392

-72,721

1,207

10,259

51,616

45,009

41,176

16,755

25,649

41,718

21,143

-2,104

9,726

18,489

11,926

-4,241

8,769

21,696

23,760

16,412

13,634

3,205

91,819

2,765

23,177

-11,591

-2,326

-12,225

374

Adjustments to reconcile net income (loss) to cash flows from operating activities
Unrealized (gain) loss on derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-524

2,277

3,447

2,549

3,228

4,664

3,200

7,431

6,199

Depreciation and amortization

32,946

31,947

32,052

32,148

30,247

27,086

23,310

23,014

23,319

22,775

22,673

20,625

19,221

18,772

18,031

17,962

17,219

17,377

17,086

16,483

17,387

18,977

19,397

19,851

19,787

20,282

19,476

19,354

19,533

Deferred income tax provision (benefit)

-1,331

-10,232

-1,706

426

3,639

9,266

1,314

1,204

4,812

9,467

4,184

4,196

4,209

4,519

3,343

4,501

4,446

5,034

3,790

2,778

5,913

3,408

-30,305

3,153

1,728

5,611

-133

540

5,464

Inventory impairment

5,734

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on settlement of debt

-

-

0

0

-

0

0

0

-21,515

0

0

0

-10,696

0

0

0

-454

-

-

-

-

-

31,851

-

-

-

0

-

-

Defined benefit pension plans and other post-retirement benefit plan expense

762

867

866

860

856

574

423

432

439

564

549

540

526

635

446

398

476

535

533

385

709

398

629

628

820

-

-

-

-

Stock compensation recovery

-46

1,000

1,179

1,202

-345

1,018

970

1,759

193

1,365

774

912

-161

2,032

972

764

891

624

427

728

630

663

592

600

-269

2,001

821

396

356

Foreign exchange transaction gains

6,144

-6,747

8,873

-9,505

263

-

-40

-347

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Foreign exchange gain on intercompany debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

555

-

-20

2,198

-6,610

-8,142

3,178

118

69

-

-

-

-

Pension and other post-retirement expense, net of funding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

165

277

160

Other

497

5,397

-2,887

-7,640

-704

209

-844

-964

-820

-2,064

-783

153

-678

-1,928

-1,577

-305

-772

-6,782

-1,109

-288

-456

5,101

-2,308

-929

-583

-629

-616

-1,266

-1,562

Defined benefit pension plans and other post-retirement benefit plan contributions

915

1,839

1,200

270

1,158

1,009

19

60

45

722

458

319

532

1,011

421

458

426

1,005

431

438

475

4,901

-724

-617

-609

-

-

-

-

Changes in working capital
Accounts receivable

20,926

-24,137

-41,381

-32,204

56,353

18,563

150

-13,475

5,132

22,819

-1,584

37,426

6,288

-498

3,533

-8,548

-3,953

-803

-10,623

13,061

9,621

7,859

14,439

-14,517

17,332

959

870

-28,635

12,813

Inventories

18,120

-2,069

-9,242

7,769

-21,141

-2,045

41,084

12,221

6,822

10,082

14,043

5,294

-9,425

-3,551

7,695

3,648

-14,636

5,533

2,054

727

4,921

-1,259

147

13,390

-18,723

4,873

20,058

-2,781

-7,587

Accounts payable and accrued expenses

-57,660

57,923

-16,691

4,197

-173

-6,171

-10,803

36,906

18,027

-4,759

-1,906

36,954

6,881

-22,151

11,980

-13,313

13,210

-26,928

18,522

-9,702

27,773

-19,581

19

-8,062

22,242

-35,400

11,973

-2,134

13,992

Other

253

-8,064

3,483

1,681

7,725

-4,372

5,252

-3,170

6,398

27

1,496

1,846

996

-1,786

190

-459

379

-2,822

1,695

514

-1,226

10,607

172

-3,338

-6,012

-6,657

-76

7,492

1,033

Net cash from (used in) operating activities

-69,842

56,515

56,861

88,721

42,186

63,777

10,769

85,745

76,377

38,669

33,787

16,085

53,385

29,603

36,436

11,277

63,466

17,251

71,690

10,434

59,845

26,771

36,857

21,281

59,679

-23,165

6,540

23,967

28,983

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

23,018

50,617

37,049

24,979

19,389

15,429

26,744

28,655

16,184

15,666

14,342

19,743

8,164

13,549

8,562

13,479

6,936

18,352

9,413

11,707

7,064

12,477

9,418

6,151

6,566

7,015

9,298

14,349

15,045

Purchase of amortizable intangible assets

438

-87

215

179

316

117

163

153

167

978

394

165

240

700

208

416

520

914

1,005

1,017

873

1,186

1,135

715

1,740

0

0

0

0

Acquisitions (Note 2)

-

-

-

-

-

-

-

-

-

-

0

61,627

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

Other

-51

140

-162

82

261

-167

-211

-67

0

-

381

-77

-

2

678

-849

102

-204

-27

-75

-222

-1,055

418

-94

-179

-

-307

-

-

Proceeds on sale of property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

17

Net cash from (used in) investing activities

-23,405

-57,050

-37,102

-25,240

-19,966

-395,691

-26,696

-28,741

-16,351

-16,572

-15,117

-81,458

-8,404

-14,251

-9,448

-13,046

-7,558

-19,062

-10,391

-12,649

-7,715

-12,608

-10,971

-6,772

-8,127

-6,603

-8,991

-14,346

-15,028

Cash flows from (used in) financing activities
Redemption of senior notes

-

-

0

0

-

0

0

0

317,439

0

0

0

234,945

0

0

0

23,079

0

0

10,763

0

845,795

14,683

0

30,541

2

29,994

0

26,420

Proceeds from issuance of senior notes

-

-

-

-

-

-

-

-

-

300,000

0

0

250,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from (repayment of) revolving credit facilities, net

51,260

0

0

-24,732

-33,672

2,267

-3,443

17,665

20,071

-4,244

0

26,525

0

-

7,662

0

-

-19,700

-12,881

8,570

953

26,254

0

0

0

-6,606

-16,094

9,112

7,948

Proceeds from issuance of notes and borrowings of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

52,250

-

-

Proceeds from borrowings of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,090

13,133

Proceeds from issuance of shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-84

53,942

-

-

0

0

-

Dividend payments

9,047

18,048

9,025

8,206

0

16,300

8,150

8,147

8,127

7,477

7,477

7,472

7,440

7,440

7,440

7,435

7,418

7,418

0

0

0

-

-

-

-

-

-

-

-

Payment of interest rate derivative liability

-

-

-

-

-

-

-

-

-

-

0

3,789

-

-

0

5,852

-

-

0

7,015

-

-

0

0

-

-

-

-

-

Repurchase of common shares

162

0

0

754

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

580

532

660

621

526

522

924

Proceeds from sale and lease-back transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,047

0

0

0

0

Payment of debt issuance costs

0

3,087

369

248

509

8,684

0

0

1,390

5,488

0

1,008

5,124

0

0

0

0

-

-

-

-

-

-

-

-

-

2,364

-

-

Proceeds from government grants

0

0

147

0

6,320

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

613

2,028

761

3,297

-

-

-

-

Other

-9,801

5,320

-1,735

-6,067

-862

-899

-944

-771

-848

-1,381

-389

1,879

-921

1,901

420

-517

-486

-370

-578

-403

-218

-784

-592

0

0

-5,413

0

4,441

972

Net cash from (used in) financing activities

32,250

85,810

-10,982

-40,007

-28,723

326,384

-12,537

8,747

-307,733

278,912

-7,866

16,135

1,570

-18,232

642

-13,804

-30,983

-34,329

-13,459

-9,611

735

-189,155

-13,911

54,171

-26,857

-4,869

3,272

22,121

-5,291

Effect of exchange rate changes on cash and cash equivalents

-3,562

911

-1,200

614

-754

3,836

1,167

-9,835

535

387

3,895

5,916

518

-5,604

1,265

-3,493

5,767

-2,575

-1,419

2,850

-6,194

-1,473

-13,075

234

-314

782

5,865

1,040

-3,988

Net decrease in cash and cash equivalents

-64,559

86,186

7,577

24,088

-7,257

-1,694

-27,297

55,916

-247,172

301,396

14,699

-43,322

47,069

-8,484

28,895

-19,066

30,692

-38,715

46,421

-8,976

46,671

-176,465

-1,100

68,914

24,381

-33,855

6,686

32,782

4,676

Supplemental cash flow disclosure
Cash paid for interest

37,278

3,965

32,857

5,902

16,983

4,991

19,591

4,424

11,272

16,597

8,430

16,425

4,456

24,128

1,396

24,036

599

24,932

1,138

25,779

126

29,221

2,903

29,653

3,236

30,395

3,217

28,504

3,631

Cash paid for income taxes

12,974

10,803

3,337

15,124

23,613

9,737

2,192

2,742

1,478

2,865

2,797

2,677

2,527

1,087

2,954

4,681

4,630

7,557

412

402

413

1,402

498

1,020

798

2,696

2,604

1,129

878

Supplemental schedule of non-cash investing and financing activities:
Payment-in-kind note issued to acquire noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,101

-

-

-

-

-

-

Leased production equipment

8,994

8,739

0

0

0

-

0

12,126

-

-

4

0

-

-

-

-

-

-

-

-

-

-

-7

0

618

-

1,060

321

224

Increase (decrease) in accounts payable and accrued purchases for property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,040

1,904

-4,198

-

-1,878

620

-3,828

Increase (decrease) in receivables of government grants for long-term assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

33

-148

-2,814

-

0

0

0