STANDARD DIVERSIFIED INC. SDI Cash Flow

Standard diversified inc. (SDI)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Cash flows from operating activities:
Net (loss) income
-3,779	14,817	17,138	26,913	9,149	-	-	-	-	-	-
Net loss
-	-	-	-	-	-990	-1,271	4,342	-298	-963	-1,651
Less: income from discontinued operations
-	-	-	-	-	250	580	6,280	1,593	5,400	1,728
Loss from continuing operations
-	-	-	-	-	-1,240	-1,851	-1,938	-1,891	-6,363	-3,379
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on extinguishment of debt
-2,267	-2,384	-6,116	-2,824	0	-	-	-	-	-	-
Loss on disposal of property, plant and equipment
-7	0	-150	0	2	-	-	-	-	8	1
Depreciation expense
4,021	3,355	1,642	1,227	1,059	-	-	-	-	-	-
Amortization of deferred financing costs and debt discount
4,870	1,507	1,071	2,143	-	-	-	-	-	-	-
Amortization of deferred financing costs
-	-	-	-	1,448	-	-	-	-	-	-
Amortization of original issue discount
-	-	-	-	1,048	-	-	-	-	-	-
Amortization of other intangible assets
1,749	1,281	702	58	0	-	-	-	-	-	-
Reserve of note receivable
-	-	0	430	0	-	-	-	-	-	-
Deferred income taxes
-4,639	2,565	5,181	-12,719	51	-	-	-	-	15	22
Depreciation and amortization
-	-	-	-	-	-	-	-	-	1,183	1,277
Stock-based compensation expense
4,340	2,152	969	180	234	5	28	-	-	506	591
Amount of loss from the write-down of goodwill and other intangible assets recognized in the income statement.
2,826	0	-	-	-	-	-	-	-	-	-
Turning Point impairment loss
301	0	-	-	-	-	-	-	-	-	-
Noncash lease expense resulting from the change in right-of-use assets of operating leases.
357	0	-	-	-	-	-	-	-	-	-
Turning Point gain on postretirement plan termination
-4,915	0	-	-	-	-	-	-	-	-	-
Turning Point gain on CASH investment
2,000	0	-	-	-	-	-	-	-	-	-
Amortization of bond discount/premium
-	-	0	0	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable
3,906	-679	1,068	-2,072	1,407	-	-	-	-	-	-
Receivables
-	-	-	-	-	-	-	-	-	726	-449
Inventories
-21,036	20,650	-495	12,513	-2,032	-	-	-	-	-381	-176
Other current assets
965	4,687	-1,263	-1,361	-49	-44	-4	-29	-	10	17
Pension asset
-	-	-	-	0	-	-	-	-	-	-
Other assets
-	-	336	100	118	-	-	-	-	-	-
Other assets
2,992	0	-	-	-	-	-	-	-	33	-103
Accounts payable
6,551	2,752	-5,702	3,631	1,784	0	-30	-	-	-80	-120
Accrued pension liabilities
-	-	-	-	163	-	-	-	-	-	-
Accrued postretirement liabilities
-168	-97	-24	-172	-179	-	-	-	-	-	-
Accrued liabilities and other
-20	-888	-2,651	-65	39	-	-	-	-	-	-
Premiums receivable
-3,942	-788	0	0	-	-	-	-	-	-	-
Deferred policy acquisition costs
-1,286	2,279	0	0	-	-	-	-	-	-	-
Accrued liabilities and postretirement liabilities
-	-	-	-	-	-139	-1,233	2	-	211	-474
Reserves for losses and loss adjustment expenses
-1,938	-3,341	0	0	-	-	-	-	-	-	-
Unearned and advance premiums
-7,071	-228	0	0	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-51	11
Net operating activities from discontinued operations
-	-	-	-	-	250	256	-1,073	1,199	-	-
Net cash provided by operating activities
21,160	110	24,946	9,128	24,430	-1,080	-2,826	-2,980	-692	425	366
Cash flows from investing activities:
Acquisitions
8,324	16,243	22	23,625	0	-	-	-	-	-	-
Net proceeds from sale of discontinued operations
-	-	-	-	-	-	10,142	12,075	4,217	-	-
Restricted cash
-	-	-	-	-	1,300	-	-	-	-	-
Capital expenditures
4,875	2,564	2,021	3,207	1,602	-	-	-	-	532	500
Proceeds from sale and maturity of fixed maturity securities, available-for-sale
21,629	6,746	0	0	-	-	-	-	-	-	-
Payments for purchases of fixed maturity securities, available-for-sale
9,408	13,910	0	0	0	-	-	-	-	-	-
Amount of cash outflow to acquire investment security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
1,421	2,000	179	0	-	-	-	-	-	-	-
Payments for purchases of equity securities
306	1,593	0	0	-	-	-	-	-	-	-
Restricted cash, MSA escrow deposits
-29,718	1,241	-816	29,056	-	-	-	-	-	-	-
Proceeds from sale of property, plant, and equipment
123	0	-	-	-	-	-	-	-	-	-
Proceeds from sale of property, plant and equipment
-	-	-	-	2	-	-	-	-	-	-
Issuance of notes receivable
0	6,500	0	0	430	-	-	-	-	-	-
Cash acquired, net of debt assumed
-	-	20,253	0	0	-	-	-	-	-	-
Repayment of note receivable
0	6,500	0	0	-	-	-	-	-	-	-
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	10	1
Net cash provided by (used in) investing activities of discontinued operations
-	-	-	-	-	-	-569	-1,628	-991	-	-
Net cash (used in) provided by investing activities
27,136	-30,805	18,847	-55,888	-2,030	1,300	9,573	10,447	3,226	-522	-499
Cash flows from financing activities:
(Payments of) proceeds from revolving credit facility
-	-	-15,083	15,016	-7,335	-	-	-	-	-	-
Payments of Standard Outdoor promissory note
1,502	0	1,867	0	0	-	-	-	-	-	-
Proceeds from revolving credit facility
-	-	-	-	0	-	-	-	-	-	-
Payments of financing costs
8,019	3,286	4,783	450	0	-	-	-	-	-	-
Prepaid Turning Point Brands equity issuance costs
-	-	453	0	2,049	-	-	-	-	-	-
The cash outflow paid to terminate acquired capital lease obligation.
0	170	0	0	-	-	-	-	-	-	-
The cash outflow to reacquire options to buy Common Units, net of payroll taxes, during the period.
-	-	0	661	0	-	-	-	-	-	-
Redemption of subsidiary warrants by Turning Point Brands
-	-	0	5,500	0	-	-	-	-	-	-
Proceeds from employee stock purchase plan
-	-	-	-	-	-	9	13	16	22	17
Proceeds from employee restricted share purchase
-	-	-	-	-	-	4	-	-	-	-
Restricted cash requirement
-	-	-	-	-	-	-	300	400	550	-1,250
Purchase of employee restricted shares for withholding taxes
-	-	-	-	-	-	213	-	-	-	-
Turning Point exercise of stock options
738	833	1,431	169	0	-	-	-	64	64	-
Turning Point payments for call options
20,528	0	-	-	-	-	-	-	-	-	-
Turning Point Brands exercise of warrants
-	-	0	4	1	-	-	-	-	-	-
The cash outflow associated with the redemption of stock options during the period.
12	623	1,740	85	0	-	-	-	-	-	-
The cash outflow associated with the surrender of expiring stock options during the period.
84	0	1,000	0	0	-	-	-	-	-	-
Turning Point dividend to noncontrolling interests
1,759	1,137	375	0	0	-	-	-	-	-	-
Proceeds from issuance of SDI stock
0	6,810	0	0	0	-	-	-	-	-	-
SDI repurchase of common shares
4,310	631	0	0	-	-	-	-	-	-	-
The cash outflow for the payment of debt obligations of an acquiree prior to the acquisition.
0	2,000	-	-	-	-	-	-	-	-	-
The cash inflow from the release of cash and cash items that were not available for withdrawal or usage.
0	1,107	0	0	-	-	-	-	-	-	-
Share repurchase for tax withholdings on vesting of restricted stock
336	0	-	-	-	-	-	-	-	-	-
The cash outflow for the payment of debt obligations of an acquiree prior to the acquisition.
0	2,000	0	0	-	-	-	-	-	-	-
Distribution to noncontrolling interest of Turning Point Brands
-	-	4	0	0	-	-	-	-	-	-
Net financing activities from discontinued operations
-	-	-	-	-	-	-37	-333	-400	-	-
Repayments on financing obligations
-	-	-	-	-	-	-	-	-	400	558
Net cash used in financing activities
72,688	31,329	-27,623	15,734	-26,032	-	-237	-20	80	236	-1,791
Net decrease in cash
120,984	634	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on cash
-	-	-	-	-	0	-57	33	-5	-20	-119
Net increase (decrease) in cash
-	-	16,170	-31,026	-3,632	220	6,453	7,480	2,609	119	-2,043
Supplemental schedule of cash flow information:
Cash paid during the period for interest
14,047	15,664	15,828	34,553	23,157	-	15	30	46	69	84
Noncash investing activity, restricted cash proceeds from sale of discontinued operations
-	-	-	-	-	-	1,300	-	-	-	-
Noncash investing activity, from discontinued operations
-	-	-	-	-	-	254	271	-	-	-
Cash paid during the period for income taxes, net
11,332	3,215	1,811	623	1,027	29	48	35	14	-105	-54
Supplemental Schedule of Noncash Investing Activities: [Abstract]
Turning Point investment in General Wireless
0	421	-	-	-	-	-	-	-	-	-
Issuance of Turning Point Brands restricted stock
-	-	0	279	-	-	-	-	-	-	-
Supplemental Schedule of Noncash Financing Activities: [Abstract]
SDI shares withheld on restricted stock vesting to cover income taxes
117	216	0	0	-	-	-	-	-	-	-
Amount of unsettled share repurchases included in accounts payable.
0	809	0	0	-	-	-	-	-	-	-
Accrued expenses incurred for prepaid equity issuance costs
-	-	-	-	1,129	-	-	-	-	-	-
The fair value of stock issued in connection with reverse acquisition.
-	-	16,917	0	0	-	-	-	-	-	-
Issuance of SDOI shares in business combination
-	-	-	-	0	-	-	-	-	-	-
Issuance of SDI and Turning Point shares in acquisition
5,792	5,792	39	0	0	-	-	-	-	-	-
Issuance of promissory notes in asset purchases
8,810	8,810	0	0	-	-	-	-	-	-	-
Term loan agreement with Crystal Financial LLC (Crystal Term Loan) entered into on February 2, 2018. The Crystal Term Loan provided for an initial term loan and a commitment to provide additional term loans to the Company.
Loss on extinguishment of debt
-1,000	-	-	-	-	-	-	-	-	-	-
(Payments of) proceeds from term loans, net
-15,000	14,039	-	-	-	-	-	-	-	-	-
On January 13, 2014, the Company entered into a PIK Toggle Notes (PIK Toggle Notes) with Standard General Master Fund, L.P. for a principal amount of $45 million and warrants to purchase 42,424 of the Company's common stock at $.01 per share, as adjusted for stock splits and other events specified in the agreement.
Interest incurred but not paid on notes
-	-	0	3,422	-	-	-	-	-	-	-
The amount of cash paid for interest on Payment-in-Kind (PIK) Notes during the period.
-	-	0	9,893	-	-	-	-	-	-	-
Payment of PIK toggle notes
-	-	0	24,107	-	-	-	-	-	-	-
In January 2014, the Company entered into 7% Senior Notes with various stockholders for a principal amount of $11 million and warrants to purchase 11,000,000 units of membership interests in a subsidiary of the Company, Intrepid Brands LLC.
Interest incurred but not paid on notes
-	-	0	329	-	-	-	-	-	-	-
The first lien term loan is part of the First Lien Credit Facility with Fifth Third Bank, as administrative agent, and other lenders (the "2018 First Lien Credit Facility"). The 2018 First Lien Credit Facility is part of a secured credit facility (the "2018 Credit Facility") entered into on March 7, 2018 by the Company.
Payment of term loan
8,000	6,000	0	0	-	-	-	-	-	-	-
Proceeds from term loans
0	160,000	0	0	-	-	-	-	-	-	-
In January 2014, North Atlantic Trading Company, Inc., a wholly-owned subsidiary of the Company, entered into the First Lien Credit Agreement with Wells Fargo Securities, LLC and Jefferies Finance LLC, as Joint Lead Arrangers and Joint Bookrunners, and Wells Fargo Bank, National Association as Administrative Agent. The first lien term loan matures on January 13, 2020 and is guaranteed by the Company and the Guarantors under the asset-based lending (ABL) facility.
Payment of term loans
-	-	147,362	4,388	-	-	-	-	-	-	-
In January 2014, North Atlantic Trading Company, Inc., a wholly-owned subsidiary of the Company, entered into the Second Lien Credit Agreement with Wells Fargo Securities, LLC and Jefferies Finance LLC, as Joint Lead Arrangers and Joint Bookrunners, and Wells Fargo Bank, National Association as Administrative Agent. The second lien term loan matures on July 13, 2020 and is guaranteed by the Company and the Guarantors under the asset-based lending (ABL) facility.
Payment of term loans
-	-	60,000	20,000	-	-	-	-	-	-	-
The second lien term loan (the "2018 Second Lien Term Loan") is part of the Second Lien Credit Facility with Prospect Capital Corporation, as administrative agent, and other lenders (the "2018 Second Lien Credit Facility"). The 2018 Second Lien Credit Facility is part of a secured credit facility (the "2018 Credit Facility") entered into on March 7, 2018 by the Company and North Atlantic Trading Company, Inc. (NATC), a wholly-owned subsidiary of the Company.
(Payments of) proceeds from term loans, net
-40,000	40,000	-	-	-	-	-	-	-	-	-
Proceeds from term loan
-	-	0	0	-	-	-	-	-	-	-
The second lien term loan (the "2017 Second Lien Term Loan") is part of the Second Lien Credit Facility with Prospect Capital Corporation, as administrative agent, and other lenders (the "2017 Second Lien Credit Facility"). The 2017 Second Lien Credit Facility is part of a secured credit facility (the "2017 Credit Facility") entered into on February 17, 2017 by the Company and North Atlantic Trading Company, Inc. (NATC), a wholly-owned subsidiary of the Company.
(Payments of) proceeds from term loans, net
0	-55,000	55,000	0	-	-	-	-	-	-	-
The first out term loan facility (the "2017 First Out Term Loan") and the second out term loan facility (the "2017 Second Out Term Loan"), collectively the 2017 First Lien Term Loans, are part of the First Lien Credit Facility with Fifth Third Bank, as administrative agent, and other lenders (the "2017 First Lien Credit Facility"). The 2017 First Lien Credit Facility is part of a secured credit facility (the "2017 Credit Facility") entered into on February 17, 2017 by the Company and North Atlantic Trading
(Payments of) proceeds from term loans, net
0	-140,613	140,613	0	-	-	-	-	-	-	-
The revolving credit facility (the "2018 Revolving Credit Facility") is part of the First Lien Credit Facility with Fifth Third Bank, as administrative agent, and other lenders (the "2018 First Lien Credit Facility"). The 2018 First Lien Credit Facility is part of a secured credit facility (the "2018 Credit Facility") entered into on March 7, 2018 by the Company.
(Payments of) proceeds from revolving credit facility
-26,000	26,000	-	-	-	-	-	-	-	-	-
Proceeds from revolving credit facility
-	-	0	0	-	-	-	-	-	-	-
The revolving credit facility (the "2017 Revolving Credit Facility") is part of the First Lien Credit Facility with Fifth Third Bank, as administrative agent, and other lenders (the "2017 First Lien Credit Facility"). The 2017 First Lien Credit Facility is part of a secured credit facility (the "2017 Credit Facility") entered into on February 17, 2017 by the Company and North Atlantic Trading Company, Inc. (NATC), a wholly-owned subsidiary of the Company.
(Payments of) proceeds from revolving credit facility
0	-8,000	8,000	0	-	-	-	-	-	-	-
Term loan agreement with GACP II, L.P. (GACP Term Loan), a Delaware limited partnership (the "Agent"), as administrative agent and collateral agent for the financial institutions (the "Lenders") entered into on September 18, 2019.
Proceeds from term loans
25,000	0	-	-	-	-	-	-	-	-	-
Refers to term loan agreement with Crystal Financial LLC (Crystal Term Loan).
Proceeds from term loans
-	-	0	0	-	-	-	-	-	-	-
Borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock, entered into in July 2019 by the Company.
Proceeds from Convertible Senior Notes
172,500	0	-	-	-	-	-	-	-	-	-
Turning Point Brands, Inc. (Turning Point) is a leading independent provider of Other Tobacco Products (OTP) in the United States. It sells a wide range of products across the OTP spectrum, including moist snuff, loose leaf chewing tobacco, premium cigarette papers, make-your-own (MYO), cigar wraps and cigar smoking tobacco, cigars, liquid vapor products and tobacco vaporizer products. It does not sell cigarettes. Its portfolio of brands includes widely recognized names in the OTP industry, such as Zig-Zag,
Proceeds from issuance of stock
-	-	0	55,736	-	-	-	-	-	-	-
Voting common stock exchanged to redeem remaining outstanding PIK Toggle Notes in connection with the Initial Public Offering.
Conversion of Notes to equity
-	-	0	29,014	-	-	-	-	-	-	-
Voting common stock exchanged to redeem remaining outstanding 7% Senior Notes in connection with the Initial Public Offering.
Conversion of Notes to equity
-	-	0	10,074	-	-	-	-	-	-	-