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

-64,647

-9,639

108,091

148,060

154,556

128,589

125,298

105,265

86,406

70,483

47,254

38,037

35,900

34,943

38,150

49,984

70,637

75,502

57,011

125,070

111,423

120,966

106,170

12,025

-2,965

-25,768

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,749

11,501

13,888

13,641

18,523

21,494

0

0

0

Depreciation and amortization

129,093

126,394

121,533

112,791

103,657

96,729

92,418

91,781

89,392

85,294

81,291

76,649

73,986

71,984

70,589

69,644

68,165

68,333

69,933

72,244

75,612

78,012

79,317

79,396

78,899

78,645

0

0

0

Deferred income tax provision (benefit)

-12,843

-7,873

11,625

14,645

15,423

16,596

16,797

19,667

22,659

22,056

17,108

16,267

16,572

16,809

17,324

17,771

16,048

17,515

15,889

-18,206

-17,831

-22,016

-19,813

10,359

7,746

11,482

0

0

0

Inventory impairment

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on settlement of debt

-

-

0

0

-

-21,515

-21,515

-21,515

-21,515

-10,696

-10,696

-10,696

-10,696

-454

0

0

0

-

-

-

-

-

0

-

-

-

0

-

-

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

3,355

3,449

3,156

2,713

2,285

1,868

1,858

1,984

2,092

2,179

2,250

2,147

2,005

1,955

1,855

1,942

1,929

2,162

2,025

2,121

2,364

2,475

0

0

0

-

-

-

-

Stock compensation recovery

3,335

3,036

3,054

2,845

3,402

3,940

4,287

4,091

3,244

2,890

3,557

3,755

3,607

4,659

3,251

2,706

2,670

2,409

2,448

2,613

2,485

1,586

2,924

3,153

2,949

3,574

0

0

0

Foreign exchange transaction gains

-1,235

-7,116

-409

-9,629

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Foreign exchange gain on intercompany debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,859

-

-12,574

-9,376

-11,456

-4,777

0

0

0

-

-

-

-

Pension and other post-retirement expense, net of funding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Other

-4,633

-5,834

-11,022

-8,979

-2,303

-2,419

-4,692

-4,631

-3,514

-3,372

-3,236

-4,030

-4,488

-4,582

-9,436

-8,968

-8,951

-8,635

3,248

2,049

1,408

1,281

-4,449

-2,757

-3,094

-4,073

0

0

0

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

4,224

4,467

3,637

2,456

2,246

1,133

846

1,285

1,544

2,031

2,320

2,283

2,422

2,316

2,310

2,320

2,300

2,349

6,245

5,090

4,035

2,951

0

0

0

-

-

-

-

Changes in working capital
Accounts receivable

-76,796

-41,369

1,331

42,862

61,591

10,370

14,626

12,892

63,793

64,949

41,632

46,749

775

-9,466

-9,771

-23,927

-2,318

11,256

19,918

44,980

17,402

25,113

18,213

4,644

-9,474

-13,993

0

0

0

Inventories

14,578

-24,683

-24,659

25,667

30,119

58,082

70,209

43,168

36,241

19,994

6,361

13

-1,633

-6,844

2,240

-3,401

-6,322

13,235

6,443

4,536

17,199

-6,445

-313

19,598

3,427

14,563

0

0

0

Accounts payable and accrued expenses

-12,231

45,256

-18,838

-12,950

19,759

37,959

39,371

48,268

48,316

37,170

19,778

33,664

-16,603

-10,274

-15,051

-8,509

-4,898

9,665

17,012

-1,491

149

-5,382

-21,201

-9,247

-3,319

-11,569

0

0

0

Other

-2,647

4,825

8,517

10,286

5,435

4,108

8,507

4,751

9,767

4,365

2,552

1,246

-1,059

-1,676

-2,712

-1,207

-234

-1,839

11,590

10,067

6,215

1,429

-15,835

-16,083

-5,253

1,792

0

0

0

Net cash from (used in) operating activities

132,255

244,283

251,545

205,453

202,477

236,668

211,560

234,578

164,918

141,926

132,860

135,509

130,701

140,782

128,430

163,684

162,841

159,220

168,740

133,907

144,754

144,588

94,652

64,335

67,021

36,325

0

0

0

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

135,663

132,034

96,846

86,541

90,217

87,012

87,249

74,847

65,935

57,915

55,798

50,018

43,754

42,526

47,329

48,180

46,408

46,536

40,661

40,666

35,110

34,612

29,150

29,030

37,228

45,707

0

0

0

Purchase of amortizable intangible assets

745

623

827

775

749

600

1,461

1,692

1,704

1,777

1,499

1,313

1,564

1,844

2,058

2,855

3,456

3,809

4,081

4,211

3,909

4,776

3,590

2,455

1,740

0

0

0

0

Acquisitions (Note 2)

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

Other

9

321

14

-35

-184

-445

103

237

0

-

0

0

-

-67

-273

-978

-204

-528

-1,379

-934

-953

-910

-162

0

0

-

0

-

-

Proceeds on sale of property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Net cash from (used in) investing activities

-142,797

-139,358

-477,999

-467,593

-471,094

-467,479

-88,360

-76,781

-129,498

-121,551

-119,230

-113,561

-45,149

-44,303

-49,114

-50,057

-49,660

-49,817

-43,363

-43,943

-38,066

-38,478

-32,473

-30,493

-38,067

-44,968

0

0

0

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

-

-

0

0

-

317,439

317,439

317,439

317,439

234,945

234,945

234,945

234,945

23,079

23,079

23,079

33,842

10,763

856,558

871,241

860,478

891,019

45,226

60,537

60,537

56,416

0

0

0

Proceeds from issuance of senior notes

-

-

-

-

-

-

-

-

-

550,000

250,000

250,000

250,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from (repayment of) revolving credit facilities, net

26,528

-58,404

-56,137

-59,580

-17,183

36,560

30,049

33,492

42,352

22,281

34,187

34,187

0

-

0

0

-

-23,058

22,896

35,777

27,207

26,254

-6,606

-22,700

-13,588

-5,640

0

0

0

Proceeds from issuance of notes and borrowings of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

Proceeds from borrowings of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Proceeds from issuance of shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

-

Dividend payments

44,326

35,279

33,531

32,656

32,597

40,724

31,901

31,228

30,553

29,866

29,829

29,792

29,755

29,733

29,711

22,271

14,836

7,418

0

0

0

-

-

-

-

-

-

-

-

Payment of interest rate derivative liability

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

-

-

0

0

-

-

0

0

-

-

-

-

-

Repurchase of common shares

916

754

0

0

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,393

2,339

2,329

2,593

0

0

0

Proceeds from sale and lease-back transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,047

1,047

1,047

0

0

0

0

Payment of debt issuance costs

3,704

4,213

9,810

9,441

9,193

10,074

6,878

6,878

7,886

11,620

6,132

6,132

5,124

0

0

0

0

-

-

-

-

-

-

-

-

-

0

-

-

Proceeds from government grants

147

6,467

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

6,699

0

0

0

-

-

-

-

Other

-12,283

-3,344

-9,563

-8,772

-3,476

-3,462

-3,944

-3,389

-739

-812

2,470

3,279

883

1,318

-953

-1,951

-1,837

-1,569

-1,983

-1,997

-1,594

-1,376

-6,005

-5,413

-972

0

0

0

0

Net cash from (used in) financing activities

67,071

6,098

246,672

245,117

293,871

14,861

-32,611

-27,940

-20,552

288,751

-8,393

115

-29,824

-62,377

-78,474

-92,575

-88,382

-56,664

-211,490

-211,942

-148,160

-175,752

8,534

25,717

-6,333

15,233

0

0

0

Effect of exchange rate changes on cash and cash equivalents

-3,237

-429

2,496

4,863

-5,586

-4,297

-7,746

-5,018

10,733

10,716

4,725

2,095

-7,314

-2,065

964

-1,720

4,623

-7,338

-6,236

-17,892

-20,508

-14,628

-12,373

6,567

7,373

3,699

0

0

0

Net decrease in cash and cash equivalents

53,292

110,594

22,714

-12,160

19,668

-220,247

82,843

124,839

25,601

319,842

9,962

24,158

48,414

32,037

1,806

19,332

29,422

45,401

-92,349

-139,870

-61,980

-84,270

58,340

66,126

29,994

10,289

0

0

0

Supplemental cash flow disclosure
Cash paid for interest

80,002

59,707

60,733

47,467

45,989

40,278

51,884

40,723

52,724

45,908

53,439

46,405

54,016

50,159

50,963

50,705

52,448

51,975

56,264

58,029

61,903

65,013

66,187

66,501

65,352

65,747

0

0

0

Cash paid for income taxes

42,238

52,877

51,811

50,666

38,284

16,149

9,277

9,882

9,817

10,866

9,088

9,245

11,249

13,352

19,822

17,280

13,001

8,784

2,629

2,715

3,333

3,718

5,012

7,118

7,227

7,307

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

Leased production equipment

17,733

8,739

0

12,126

0

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0