Glatfelter Corp

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

MAGN$13.05+0.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31,
In thousands	2023	2022	2021
Operating activities
Net income (loss)	$(79,053)	$(194,208)	$6,937
Income (loss) from discontinued operations, net of tax	950	91	(216)
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation, depletion and amortization	63,247	66,724	61,421
Amortization of debt issue costs and original issue discount	5,316	1,915	865
Loss on sale of Ober-Schmitten and other non-strategic operation	18,365	—	—
Pension settlement charge	633	—	—
Goodwill and other asset impairment charges	—	190,556	—
Russia/Ukraine conflict charges/(recovery)	(1,441)	3,207	—
Deferred income tax benefit	(12,176)	(24,022)	(13,619)
Gains on dispositions of plant, equipment and timberlands, net	(1,111)	(2,804)	(5,069)
Share-based compensation	2,797	831	5,063
Non-cash inventory charge	3,262	—	—
Change in operating assets and liabilities
Accounts receivable	21,634	(35,294)	(14,794)
Inventories	9,605	(44,430)	(40,019)
Prepaid and other current assets	165	(3,234)	5,770
Accounts payable	(62,686)	16,398	65,828
Accruals and other current liabilities	5,240	(14,342)	(4,165)
Other	(363)	(2,208)	2,975
Net cash provided (used) by operating activities	(25,616)	(40,820)	70,977
Investing activities
Expenditures for purchases of plant, equipment and timberlands	(33,770)	(37,740)	(30,037)
Proceeds from disposals of plant, equipment and timberlands, net	1,676	3,199	5,567
Payments related to sale of Ober-Schmitten and other non-strategic operation	(5,851)	—	—
Acquisitions, net of cash acquired	—	1,413	(464,856)
Other	844	30	(440)
Net cash used by investing activities	(37,101)	(33,098)	(489,766)
Financing activities
Proceeds from note offerings	—	—	500,000
Proceeds from term loans	262,273	—	46,849
Repayment of term loans	(228,413)	(35,287)	(26,088)
Net borrowings (repayments) under revolving credit facility	(22,884)	103,519	(23,481)
Payments of borrowing costs	(11,645)	(1,285)	(10,132)
Payments of dividends	—	(18,766)	(24,458)
Proceeds from government grants	—	—	479
Payments related to share-based compensation awards and other	(280)	(1,262)	(817)
Net cash provided (used) by financing activities	(949)	46,919	462,352
Effect of exchange rate changes on cash	1,033	(2,341)	(5,418)
Net increase (decrease) in cash, cash equivalents and restricted cash	(62,633)	(29,340)	38,145
Change in cash and cash equivalents from discontinued operations	(1,169)	(312)	(996)
Cash, cash equivalents and restricted cash at the beginning of period	119,162	148,814	111,665
Cash, cash equivalents and restricted cash at the end of period	55,360	119,162	148,814
Less: restricted cash in Prepaid and other current assets	(4,300)	(3,600)	(2,000)
Less: restricted cash in Other assets	(795)	(4,902)	(8,378)
Cash and cash equivalents at the end of period	$50,265	$110,660	$138,436
Supplemental cash flow information
Cash paid for:
Interest, net of amounts capitalized	$59,182	$33,203	$6,957
Income taxes, net	$9,424	$24,445	$15,500

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