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SEC Filings

10-Q
NEXEO SOLUTIONS, INC. filed this Form 10-Q on 05/10/2018
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Accounts and notes receivable increased $70.4 million primarily driven by higher sales volumes and rising average selling prices experienced during the period as well as timing of collections at period end. There were no significant changes in billing terms or collection processes during the six months ended March 31, 2017.

Accounts payable increased $33.8 million. The increase in accounts payable was driven by higher volumes and purchase prices during the six months ended March 31, 2017.

There was an increase in inventories of $23.7 million during the six months ended March 31, 2017 largely driven by overall increased sales and volumes.

Accrued expenses and other liabilities decreased $10.6 million which included the payment of the annual employee incentive compensation.

Other current assets decreased $1.9 million primarily driven by amortization of prepaid expenses.

Other assets and liabilities contributed $0.9 million.

Cash flows from investing activities

Investing activities used $13.1 million of cash during the six months ended March 31, 2018, primarily due to the additions of property and equipment of $8.0 million mainly related to facility improvements and additional information technology investments and the cash paid for asset acquisitions of $7.7 million, partially offset by $2.6 million of proceeds from the disposal of property and equipment.

Investing activities used $16.6 million of cash during the six months ended March 31, 2017, primarily due to $5.1 million paid to effect asset acquisitions, and the additions of property and equipment of $14.5 million mainly related to facility improvements and additional information technology investments, partially offset by $2.9 million of cash proceeds related to the reimbursement for certain capital expenditures incurred in connection with the relocation of certain operations.

Cash flows from financing activities

Financing activities provided $26.4 million of cash during the six months ended March 31, 2018, primarily as a result of net borrowings on the ABL Facility of $39.7 million partially offset by net payments on short-term debt of $3.5 million, payments on the Term Loan Facility of $3.3 million, capital lease payments of $1.5 million, and the payment of debt issuance costs of $0.8 million related to TLB Amendment No. 2. In addition, $4.2 million was paid to TPG related to the TRA liability.

Financing activities provided $91.0 million of cash during the six months ended March 31, 2017, primarily as a result of net borrowings on the ABL Facility of $96.7 million and net borrowings on short-term debt of $0.4 million, partially offset by payments on the Term Loan Facility of $3.3 million, capital lease payments of $1.5 million, and the payment of debt issuance costs of $1.3 million related to TLB Amendment No. 1. Net borrowings on the ABL Facility included approximately $58.0 million drawn in anticipation of the closing of the Ultra Chem Acquisition.


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