Trex co inc (TREX)
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'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Operating Activities
Net income

42,402

35,497

41,976

35,710

31,555

25,171

29,471

42,820

37,110

18,299

20,097

28,783

27,949

12,630

7,787

23,724

23,706

8,086

3,744

18,715

17,553

5,153

8,912

15,161

12,295

15,103

-15,298

13,224

21,569

-3,619

-14,312

8,340

12,311

-18,255

-496

2,106

5,057

Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization

3,851

3,554

3,620

3,463

3,394

3,433

3,801

4,598

4,765

4,795

4,552

3,749

3,764

3,605

3,476

3,588

3,829

3,464

3,598

3,686

3,636

3,755

3,789

3,863

3,797

3,811

4,103

4,177

4,164

4,108

4,197

4,309

4,395

3,385

4,946

4,944

4,895

Debt discount amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,725

2,725

3,405

2,488

2,322

2,323

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

352

-9,707

-2,645

-109

-237

-

-

-

-

-26

423

0

-232

Derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

127

Stock-based compensation

2,775

1,086

926

2,125

2,793

1,299

1,400

1,350

2,295

1,274

1,037

911

1,965

982

861

1,669

1,276

840

1,304

1,263

1,454

1,135

1,217

1,285

1,170

1,030

984

902

895

886

890

957

736

756

809

784

797

(Gain) loss on disposal of property, plant and equipment

123

-195

-80

0

-10

3

-79

7

22

-18

-377

-1,085

-258

-4

-15

99

105

-

-

-

-

11

-217

11

37

0

-367

-287

67

0

-1,893

0

-16

-708

24

0

-27

Excess tax benefits from stock compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

710

666

736

1,035

221

144

6,026

6,507

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash adjustments

-32

-154

-1

404

-31

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

162,780

-38,926

-521

-101,436

128,182

3,247

-83,216

-35,393

139,643

-3,921

-67,435

-41,407

123,249

2,233

-49,848

-60,671

108,939

-33,010

-44,069

-12,528

100,602

-8,565

-15,096

-56,358

79,152

13,387

-26,954

-66,429

90,840

-6,257

-16,057

-54,537

74,191

14,930

-32,512

-5,980

-369

Inventories

2,610

12,183

1,004

-7,237

-7,645

22,349

-737

-6,264

7,928

8,495

-3,256

-3,167

1,563

12,039

-2,249

-6,904

2,556

6,149

-1,671

-4,294

-827

9,108

-6,416

-9,158

7,785

11,250

-3,786

-70

-2,487

8,920

-4,837

-5,228

-10,231

-4,097

-6,043

-570

10,585

Prepaid expenses and other assets

-1,059

3,781

-1,919

1,004

-1,214

-2,542

539

2,734

-118

3,993

1,902

-1,397

-2,304

3,485

704

-1,510

1,577

-1,215

1,289

-91

-888

209

209

124

82

660

35

368

-850

491

99

25

-210

-190

-999

1,193

15

Accounts payable

8,865

-10,223

-2,666

3,779

-7,556

12,886

-6,618

1,093

13,770

-6,007

-3,167

1,494

2,876

-205

-6,600

505

-666

7,587

-9,800

7,161

-7,265

7,186

-6,610

8,475

-3,892

8,219

-8,347

1,985

1,874

1,457

-3,880

1,676

16

1,938

-5,057

-2,221

2,125

Accrued expenses and other liabilities

-14,089

-561

6,286

10,784

-27,332

4,421

6,324

13,267

-18,972

4,926

3,242

8,259

-13,939

4,398

12,906

3,426

-11,327

3,928

4,482

4,810

-5,666

-3,845

2,317

3,061

-9,068

-1,602

20,855

2,924

-7,004

225

14,430

4,080

-1,951

11,365

-4,681

-616

-14,453

Income taxes receivable/payable

11,850

-3,004

4,269

-10,078

6,438

-2,440

-826

-5,204

10,399

-5,903

-2,209

-3,284

13,191

-7,377

-2,701

-1,051

12,239

-2,880

-7,234

2,194

9,166

-2,657

2,866

2,880

6,884

-1,115

2,368

-91

356

-454

416

-177

113

-76

-225

-106

54

Net cash used in operating activities

-108,768

57,366

55,928

153,048

-109,990

22,752

117,043

96,434

-98,108

9,028

92,718

86,563

-86,444

1,714

67,137

100,562

-84,120

50,483

40,051

53,144

-81,044

13,317

33,867

93,483

-82,025

-8,457

30,525

89,093

-65,953

67

24,429

81,336

-45,389

-7,316

37,894

12,678

-9,409

Investing Activities
Expenditures for property, plant and equipment

22,733

30,339

17,865

10,414

8,647

12,205

3,914

12,262

5,435

3,932

3,983

2,813

4,312

6,017

3,352

2,743

2,439

5,054

4,191

5,028

9,060

4,180

3,867

1,739

3,188

4,089

3,861

3,200

1,910

1,951

2,704

1,754

1,184

1,259

1,296

2,598

2,266

Proceeds from sales of property, plant and equipment

2,136

-

-

-

-

0

0

59

24

-

-

-

-

0

0

100

4,249

-

-

-

-

18

0

11

37

0

2

107

67

-

-

-

-

-

-

-

-

Acquisition of business, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

1

0

31

0

0

0

44

-

-

-

-

0

0

0

11

65

8

2,002

0

Notes receivable, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20

20

20

19

109

15

32

31

30

30

29

28

27

36

18

18

Net cash used in investing activities

-20,597

-30,339

-17,844

-10,414

-8,647

-12,205

-3,914

-12,203

-5,411

-4,158

-75,506

-2,813

-4,312

-6,017

-3,352

-2,643

1,810

-5,053

-4,160

-5,025

-9,091

-4,142

-3,847

-1,708

-3,176

-3,980

-3,844

-3,061

-1,812

-1,921

-2,671

-1,725

-1,167

-1,297

-1,240

-4,582

-2,248

Financing Activities
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

45,938

-20,938

12,000

-

-

0

0

Borrowings under line of credit

36,500

0

0

54,500

35,000

0

4,500

75,250

92,500

0

38,000

70,000

93,000

0

48,700

45,500

148,500

26,500

81,000

34,000

84,000

4,000

19,000

35,000

85,000

0

0

7,500

67,000

13,000

3,000

41,000

36,700

-

-

0

0

Principal payments under line of credit

8,000

-

-

-

-

0

13,000

151,250

8,000

0

38,000

147,000

16,000

0

91,700

144,000

14,000

-

-

-

-

7,000

51,000

80,000

5,000

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments under mortgages and notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,542

Repurchases of common stock

42,929

11,329

11,044

9,715

14,457

12,362

493

8,237

8,993

0

346

27

3,244

31

482

735

53,968

1,232

49,234

832

2,015

297

0

51,459

1,433

2,832

25,292

1,157

1,996

1,737

1,001

1,262

1,522

24

31

1,143

1,894

Proceeds from employee stock purchase and option plans

300

371

158

258

302

201

276

208

197

103

99

86

103

61

81

65

72

58

60

70

127

57

105

501

84

605

44

806

2,577

250

109

50

412

82

59

449

837

Financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

485

-

-

-

-

-

-

-

-

46

0

0

73

0

0

21

729

-

-

0

0

Excess tax benefits from stock compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

710

666

736

1,035

221

144

6,026

6,507

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

-14,129

-11,476

-10,886

-44,457

20,845

-12,161

-8,717

-84,029

75,704

103

-247

-76,941

73,859

30

-43,401

-99,170

80,119

-41,967

-37,508

-46,526

83,147

-3,472

-31,751

-89,932

85,158

-3,374

-22,681

-72,351

67,508

1,513

-69,829

-33,871

46,861

-37,077

-5,854

-694

-3,599

Net decrease in cash and cash equivalents

-143,494

15,551

27,198

98,177

-97,792

-1,614

104,412

202

-27,815

4,973

16,965

6,809

-16,897

-4,273

20,384

-1,251

-2,191

3,463

-1,617

1,593

-6,988

5,703

-1,731

1,843

-43

-15,811

4,000

13,681

-257

-341

-48,071

45,740

305

-45,690

30,800

7,402

-15,256

Supplemental Disclosure:
Cash paid for interest

1

0

0

310

11

0

277

323

62

2

52

300

64

3

153

448

248

235

106

225

59

22

114

285

99

0

4

248

96

21

2,840

136

2,795

2

2,973

107

3,267

Cash paid for income taxes, net

1,405

6,740

9,501

22,109

1,262

9,068

19,552

19,639

-21

12,786

12,416

19,044

556

9,191

5,453

13,484

498

6,163

9,822

9,543

799

2,577

2,559

6,692

91

-24

321

296

79

206

91

287

6

9

289

268

92