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SEC Filings

10-Q
NEXEO SOLUTIONS, INC. filed this Form 10-Q on 05/10/2018
Entire Document
 

Nexeo Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in millions)
 
Six Months Ended March 31,
 
2018
 
2017
Cash flows from operations
 

 
 
Net income (loss)
$
26.9

 
$
(9.4
)
Adjustments to reconcile to cash flows from operations:
 

 
 
Depreciation and amortization
39.1

 
34.6

Debt issuance costs amortization, debt issuance costs write-offs and original issue discount amortization
2.2

 
2.0

Provision for bad debt
0.9

 
(0.1
)
Deferred income taxes
(6.1
)
 
(5.6
)
Equity-based compensation expense
3.5

 
2.7

Change in fair value of contingent consideration obligations
(6.0
)
 
20.6

(Gain) loss from sales of property and equipment
(0.4
)
 
0.1

Gain related to reimbursements of certain capital expenditures incurred

 
(2.7
)
Changes in assets and liabilities:
 

 
 
Accounts and notes receivable
(28.6
)
 
(70.4
)
Inventories
(55.3
)
 
(23.7
)
Other current assets
(1.5
)
 
1.9

Accounts payable
2.3

 
33.8

Accrued expenses and other liabilities
(6.6
)
 
(10.6
)
Changes in other operating assets and liabilities, net
4.6

 
0.9

Net cash used in operating activities
(25.0
)
 
(25.9
)
Cash flows from investing activities
 

 
 
Additions to property and equipment
(8.0
)
 
(14.5
)
Proceeds from the disposal of property and equipment
2.6

 
0.1

Proceeds from reimbursement of certain capital expenditures incurred

 
2.9

Cash paid for asset acquisitions
(7.7
)
 
(5.1
)
Net cash used in investing activities
(13.1
)
 
(16.6
)
Cash flows from financing activities
 
 
 
Cash paid to TPG related to TRA
(4.2
)
 

Proceeds from short-term debt
32.7

 
19.5

Repayments of short-term debt
(36.2
)
 
(19.1
)
Proceeds from issuance of long-term debt
374.8

 
385.5

Repayments of long-term debt and capital lease obligations
(339.9
)
 
(293.6
)
Payment of debt issuance costs
(0.8
)
 
(1.3
)
Net cash provided by financing activities
26.4

 
91.0

Effect of exchange rate changes on cash and cash equivalents
0.2

 
(0.7
)
Increase (decrease) in cash and cash equivalents
(11.5
)
 
47.8

Cash and cash equivalents at the beginning of the period
53.9

 
47.5

Cash and cash equivalents at the end of the period
$
42.4

 
$
95.3

Supplemental disclosure of cash flow information:
 

 
 
Cash paid during the period for interest
$
23.6

 
$
24.7

Cash paid during the period for taxes (net of refunds)
$
5.3

 
$
2.6

Supplemental disclosure of non-cash investing activities:
 
 
 
Non-cash capital expenditures
$
1.0

 
$
15.8

Non-cash intangible assets acquired
$
3.0

 
$
3.4

Supplemental disclosure of non-cash financing activities:
 
 
 
Non-cash capital lease obligations, net
$
0.2

 
$
13.4


 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

11