Enovis Announces Fourth Quarter and Full Year 2023 Results
- Enovis achieved 11% sales growth in the fourth quarter, with 8% organic growth.
- The company reported net income of $0.05 per share and adjusted earnings per diluted share of $0.79.
- Full-year 2023 net sales reached $1.7 billion, showing a 9% year-over-year growth, including 8% organic growth.
- Enovis expects revenue of $2.05-2.15 billion for 2024, with adjusted EBITDA forecasted at $365-$380 million.
- The acquisition of LimaCorporate S.p.A. for approximately €800 million transformed Enovis' Recon segment.
- None.
Insights
Enovis Corporation's report of an 11% increase in fourth-quarter sales and 8% organic growth indicates robust performance, particularly in light of the global medical technology market's competitive landscape. The 18% sales growth in the Recon division, which is significantly higher than the industry average, suggests that Enovis is effectively capturing market share. However, adjusted EBITDA margin's slight decline could raise concerns about the company's ability to maintain profitability amidst its recent acquisitions, such as LimaCorporate S.p.A. The projected revenue for 2024, which includes contributions from Lima, points to a strategic expansion that could enhance Enovis' market positioning. Investors should monitor how the integration of Lima and the execution of new product launches impact operating margins and whether these initiatives can offset the R&D and capability-building investments.
The medical technology sector is experiencing a wave of innovation and consolidation, with Enovis' acquisition of LimaCorporate S.p.A. representing a significant transformation of their Recon segment. The acquisition's strategic alignment with Enovis' growth objectives is evident in the expected revenue contribution from Lima in 2024. With double-digit Recon sales growth across all major categories and geographies, Enovis demonstrates strong market demand for its products. However, the integration process will be critical to watch, as successful mergers can lead to synergies and market expansion, while poorly managed ones can result in financial strain. The focus on new product introductions and enabling technology suggests a forward-looking approach that could further solidify Enovis' competitive edge in the industry.
Enovis' emphasis on organic growth in the Prosthetics & Reconstruction (P&R) sector, along with the strategic acquisition of Lima, illustrates a commitment to strengthening its core competencies in orthopedics. The organic growth figures exceed typical industry benchmarks, indicating effective market penetration and customer retention strategies. It's imperative to consider the potential operational challenges and integration risks associated with such a sizable acquisition. The long-term success of this merger will depend on Enovis' ability to leverage Lima's assets, harmonize product lines and realize cost efficiencies. Additionally, the focus on R&D and new product development is a positive sign of Enovis' dedication to innovation, which is a critical driver of growth in the medical device industry.
- Continued strong momentum with fourth-quarter sales growth of
11% , organic growth of8% - Reported fourth-quarter net income from continuing operations of
$0.05 per share with adjusted earnings per diluted share of$0.79 - Entering 2024 with strong operating momentum and an exciting slate of new product launches
Wilmington, DE, Feb. 22, 2024 (GLOBE NEWSWIRE) -- —Enovis™ Corporation (NYSE: ENOV), an innovation-driven medical technology growth company, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2023. The Company will host an investor conference call and live webcast to discuss these results today at 8:30 am ET.
Fourth Quarter and Fiscal Year 2023 Financial Results
Enovis’ fourth-quarter net sales of
Enovis also reported a fourth-quarter net income from continuing operations of
The Company reported a fourth-quarter 2023 net income from continuing operations of
Enovis’ full year 2023 net sales of
“We are very pleased with our results in 2023 with both revenues and operating margins exceeding expectations while continuing to make investments in key growth initiatives and M&A,” said Matt Trerotola, Chief Executive Officer of Enovis. “We look forward to carrying this momentum into 2024, which is setting up to be a transformative year as we integrate Lima and kick off a multi-year cadence of new product introductions across Recon and P&R.”
2023 Business Highlights
- Delivered double-digit Recon sales across all major categories and geographies
- Adjusted EBITDA margin improved 70 basis points year over year driven by product and geographic mix, new product introductions and execution on key EGX initiatives offset by increased investments in research and development and building capabilities in enabling technology and foot & ankle
- Transformed our Recon segment with the acquisition of LimaCorporate S.p.A. (“Lima”) for an enterprise value of approximately
€800 million
2024 Financial Outlook
Enovis also announced financial expectations for 2024. Revenue is expected to approximate
Conference call and Webcast
Investors can access the webcast via a link on the Enovis website, www.enovis.com. For those planning to participate on the call, please dial (833) 685-0901 (U.S. callers) or +1 (412) 317-5715 (International callers) and ask to join the Enovis call. A link to a replay of the call will also be available on the Enovis website later in the day.
ABOUT ENOVIS
Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV. For more information about Enovis, please visit www.enovis.com.
Forward-Looking Statements
This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, including the potential benefits of the recently completed acquisition of Lima, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to, risks related to Enovis’ recently completed acquisition of Lima; the impact of public health emergencies and global pandemics (including COVID-19); the war in Ukraine and escalating geopolitical tensions including in connection with Russia’s invasion of Ukraine; macroeconomic conditions, including the impact of increasing inflationary pressures; supply chain disruptions; increasing energy costs and availability concerns, particularly in the European market; the impacts of the completed spin-off of ESAB Corporation into an independent publicly traded company (the “Separation”); the potential to incur significant liability if the Separation is determined to be a taxable transaction; the ability to realize the anticipated benefits of the Separation, the financial and operating performance of the Company following the Separation; other impacts on Enovis’ business and ability to execute business continuity plans; and the other factors detailed in Enovis’ reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption “Risk Factors,” as well as the other risks discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein.
Non-GAAP Financial Measures
Enovis has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations, adjusted net income per diluted share from continuing operations, adjusted EBITDA, adjusted EBITDA margin and organic sales growth.
Adjusted net income from continuing operations attributable to Enovis (“Adjusted net income”) and Adjusted net income per diluted share excludes restructuring and other charges, European Union Medical Device Regulation (“MDR”) and other costs, amortization of acquired intangibles, inventory step up costs, strategic transaction costs, debt extinguishment costs, insurance settlement gain, gains and losses on the Company’s investments, stock compensation costs, and other income/expense. Adjusted net income adjusts interest expense for periods prior to 2023 to reflect pro forma interest of the Company’s capital structure after giving effect to the completing of the refinancing transactions in connection with the Separation, and it includes the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments. Enovis also presents adjusted net income margin from continuing operations, which is subject to the same adjustments as adjusted net income from continuing operations.
Adjusted EBITDA represents Adjusted net income with the adjustments noted above, includes minority interest, and excludes taxes, interest, depreciation, and other amortization. Enovis presents adjusted EBITDA margin, which is subject to the same adjustments as adjusted EBITDA.
Adjusted gross profit represents gross profit excluding the fair value charges of acquired inventory and the impact of restructuring and other charges. Adjusted gross profit margin is subject to the same adjustments as adjusted gross profit.
Organic sales growth calculates sales growth period over period, after excluding the impact of acquisitions and foreign exchange rate fluctuations.
These non-GAAP financial measures assist Enovis management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements of the Company. Enovis management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. Enovis does not provide reconciliations of adjusted EBITDA or adjusted earnings per share on a forward-looking basis to the closest GAAP financial measures, as such information is not available without unreasonable efforts on a forward-looking basis due to uncertainties regarding, and the potential variability of, reconciling items excluded from these measures. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
Kyle Rose
Vice President, Investor Relations
Enovis Corporation
+1-917-734-7450
investorrelations@enovis.com
Enovis Corporation
Condensed Consolidated Statements of Operations
Dollars in thousands, except per share data
(Unaudited)
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||
| Net sales | $ 455,020 | $ 408,713 | $ 1,707,197 | $ 1,563,101 | |||
| Cost of sales | 190,631 | 176,960 | 716,418 | 693,718 | |||
| Gross profit | 264,389 | 231,753 | 990,779 | 869,383 | |||
| Gross profit margin | 58.1 % | 56.7 % | 58.0 % | 55.6 % | |||
| Selling, general and administrative expense | 211,011 | 208,589 | 830,305 | 772,913 | |||
| Research and development expense | 18,319 | 14,725 | 75,331 | 60,827 | |||
| Amortization of acquired intangibles | 35,261 | 31,698 | 133,517 | 126,301 | |||
| Insurance settlement gain | — | (4,646) | — | (36,705) | |||
| Restructuring and other charges | 5,553 | 9,572 | 17,335 | 17,225 | |||
| Operating loss | (5,755) | (28,185) | (65,709) | (71,178) | |||
| Operating loss margin | (1.3) % | (6.9) % | (3.8) % | (4.6) % | |||
| Interest expense, net | 4,253 | 6,108 | 19,749 | 24,052 | |||
| Debt extinguishment charges | 7,333 | 292 | 7,333 | 20,396 | |||
| Gain on investment in ESAB Corporation | — | (30,257) | — | (102,669) | |||
| Gain on cost basis investment | — | — | — | (8,800) | |||
| Other income, net | (24,998) | (1,788) | (25,663) | (2,088) | |||
| Income (loss) from continuing operations before income taxes | 7,657 | (2,540) | (67,128) | (2,069) | |||
| Income tax expense (benefit) | 4,589 | 52,296 | (13,289) | 36,120 | |||
| Net income (loss) from continuing operations | 3,068 | (54,836) | (53,839) | (38,189) | |||
| Income from discontinued operations, net of taxes | 12 | 16,267 | 21,108 | 26,430 | |||
| Net income (loss) | 3,080 | (38,569) | (32,731) | (11,759) | |||
| Less: net income attributable to noncontrolling interest from continuing operations - net of taxes | 116 | 34 | 530 | 567 | |||
| Less: net income attributable to noncontrolling interest from discontinued operations - net of taxes | — | — | — | 966 | |||
| Net income (loss) attributable to Enovis Corporation | $ 2,964 | $ (38,603) | $ (33,261) | $ (13,292) | |||
| Net income (loss) per share - basic and diluted | |||||||
| Continuing operations | $ 0.05 | $ (1.01) | $ (1.00) | $ (0.72) | |||
| Discontinued operations | $ — | $ 0.30 | $ 0.39 | $ 0.47 | |||
| Consolidated operations | $ 0.05 | $ (0.71) | $ (0.61) | $ (0.25) | |||
Enovis Corporation
Reconciliation of GAAP to non-GAAP Financial Measures
Change in Sales
Dollars in millions
(Unaudited)
| Net Sales | |||||||||||
| Prevention and Recovery | Reconstructive | Total Enovis | |||||||||
| $ | Change % | $ | Change % | $ | Change % | ||||||
| For the three months ended December 31, 2022 | $ 262.5 | $ 146.2 | $ 408.7 | ||||||||
| Components of Change: | |||||||||||
| Existing businesses(1) | 16.9 | 6.4 % | 16.7 | 11.4 % | 33.6 | 8.2 % | |||||
| Acquisitions(2) | — | — % | 7.7 | 5.3 % | 7.7 | 1.9 % | |||||
| Foreign currency translation(3) | 2.8 | 1.1 % | 2.2 | 1.5 % | 5.0 | 1.2 % | |||||
| 19.7 | 7.5 % | 26.6 | 18.2 % | 46.3 | 11.3 % | ||||||
| For the three months ended December 31, 2023 | $ 282.2 | $ 172.8 | $ 455.0 | ||||||||
| Net Sales | |||||||||||
| Prevention and Recovery | Reconstructive | Total Enovis | |||||||||
| $ | Change % | $ | Change % | $ | Change % | ||||||
| For the year ended December 31, 2022 | $ 1,027.6 | $ 535.5 | $ 1,563.1 | ||||||||
| Components of Change: | |||||||||||
| Existing businesses(1) | 47.1 | 4.6 % | 76.7 | 14.3 % | 123.8 | 7.9 % | |||||
| Acquisitions(2) | — | — % | 14.3 | 2.7 % | 14.3 | 0.9 % | |||||
| Foreign currency translation(3) | 2.1 | 0.2 % | 4.0 | 0.7 % | 6.1 | 0.4 % | |||||
| 49.1 | 4.8 % | 94.9 | 17.7 % | 144.1 | 9.2 % | ||||||
| For the year ended December 31, 2023 | $ 1,076.8 | $ 630.4 | $ 1,707.2 | ||||||||
(1) Excludes the impact of foreign exchange rate fluctuations and acquisitions, thus providing a measure of growth due to factors such as price, product mix and volume.
(2) Represents the incremental sales as a result of acquisitions closed subsequent to the beginning of the prior year period.
(3) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates.
Enovis Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Dollars in millions, except per share data
(Unaudited)
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||
| Adjusted Net Income and Adjusted Net Income Per Share | |||||||
| Net income (loss) from continuing operations attributable to Enovis Corporation(1) (GAAP) | $ 3.0 | $ (54.9) | $ (54.4) | $ (38.8) | |||
| Restructuring and other charges - pretax(2) | 7.9 | 10.5 | 20.0 | 19.0 | |||
| MDR and related costs - pretax(3) | 4.4 | 6.1 | 27.4 | 16.7 | |||
| Debt extinguishment charges - pretax | 7.3 | 0.3 | 7.3 | 20.4 | |||
| Amortization of acquired intangibles - pretax | 35.3 | 31.7 | 133.5 | 126.3 | |||
| Inventory step-up - pretax | — | 0.8 | 0.1 | 12.8 | |||
| Strategic transaction costs - pretax(4) | 10.7 | 28.5 | 38.3 | 61.0 | |||
| Pro forma interest expense adjustment(5) | — | 1.5 | — | 12.5 | |||
| Insurance settlement gain(6) | — | (4.6) | — | (36.7) | |||
| Stock-based compensation | 7.9 | 9.8 | 32.1 | 31.5 | |||
| Gain on investment in ESAB Corporation | — | (30.3) | — | (102.7) | |||
| Gain on cost basis investment | — | — | — | (8.8) | |||
| Other income | (25.0) | (1.8) | (25.7) | (2.1) | |||
| Tax adjustment(7) | (7.9) | 41.6 | (46.6) | 12.6 | |||
| Adjusted net income from continuing operations (non-GAAP) | $ 43.5 | $ 39.1 | $ 132.1 | $ 123.7 | |||
| Adjusted net income margin from continuing operations | 9.6 % | 9.6 % | 7.7 % | 7.9 % | |||
| Weighted-average shares outstanding - diluted | 55,085 | 54,630 | 54,981 | 54,503 | |||
| Adjusted net income per share - diluted from continuing operations (non-GAAP) | $ 0.79 | $ 0.72 | $ 2.40 | $ 2.27 | |||
| Net income (loss) per share - diluted from continuing operations (GAAP) | $ 0.05 | $ (1.01) | $ (1.00) | $ (0.72) | |||
__________
(1) Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss) from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.
(2) Restructuring and other charges includes
(3) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.
(4) Strategic transaction costs includes costs related to the Separation and certain transaction and integration costs related to recent acquisitions.
(5) Adjusts interest expense in 2022 to reflect pro forma interest from the Company’s term loan facility after giving effect to the completion of the refinancing transactions in connection with the Separation.
(6) Insurance settlement gain relates to the Company’s 2019 acquisition of DJO.
(7) The effective tax rates used to calculate adjusted net income and adjusted net income per share were
Enovis Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Dollars in millions
(Unaudited)
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||
| (Dollars in millions) | |||||||
| Net income (loss) from continuing operations (GAAP) | $ 3.1 | $ (54.8) | $ (53.8) | $ (38.2) | |||
| Income tax expense (benefit) | 4.6 | 52.3 | (13.3) | 36.1 | |||
| Other income, net | (25.0) | (1.8) | (25.7) | (2.1) | |||
| Gain on cost basis investment | — | — | — | (8.8) | |||
| Gain on investment in ESAB Corporation | — | (30.3) | — | (102.7) | |||
| Debt extinguishment charges | 7.3 | 0.3 | 7.3 | 20.4 | |||
| Interest expense, net | 4.3 | 6.1 | 19.7 | 24.1 | |||
| Operating loss (GAAP) | (5.8) | (28.2) | (65.7) | (71.2) | |||
| Adjusted to add (deduct): | |||||||
| Restructuring and other charges(1) | 7.9 | 10.5 | 20.0 | 19.0 | |||
| MDR and other costs(2) | 4.4 | 6.1 | 27.4 | 16.7 | |||
| Strategic transaction costs(3) | 10.7 | 28.5 | 38.3 | 61.0 | |||
| Stock-based compensation | 7.9 | 9.8 | 32.1 | 31.5 | |||
| Depreciation and other amortization | 21.4 | 20.6 | 83.6 | 76.7 | |||
| Amortization of acquired intangibles | 35.3 | 31.7 | 133.5 | 126.3 | |||
| Insurance settlement loss | — | (4.6) | — | (36.7) | |||
| Inventory step-up | — | 0.8 | 0.1 | 12.8 | |||
| Adjusted EBITDA (non-GAAP) | $ 81.7 | $ 74.9 | $ 269.2 | $ 236.1 | |||
| Adjusted EBITDA margin (non-GAAP) | 18.0 % | 18.3 % | 15.8 % | 15.1 % | |||
__________
(1) Restructuring and other charges includes
(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.
(3) Strategic transaction costs includes costs related to the Separation and certain transaction and integration costs related to recent acquisitions.
Enovis Corporation
Reconciliation of Gross Margin (GAAP) to Adjusted Gross Margin (non-GAAP)
Dollars in millions
(Unaudited)
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||
| Net sales | $ 455.0 | $ 408.7 | $ 1,707.2 | $ 1,563.1 | |||
| Gross profit | $ 264.4 | $ 231.8 | $ 990.8 | $ 869.4 | |||
| Gross Margin (GAAP) | 58.1 % | 56.7 % | 58.0 % | 55.6 % | |||
| Gross profit (GAAP) | $ 264.4 | $ 231.8 | $ 990.8 | $ 869.4 | |||
| Inventory step-up | — | $ 0.8 | 0.1 | $ 12.8 | |||
| Restructuring & other charges | 2.3 | $ 0.9 | 2.6 | $ 1.7 | |||
| Adjusted gross profit (Non-GAAP) | $ 266.7 | $ 233.4 | $ 993.5 | $ 883.9 | |||
| Adjusted Gross Margin (Non-GAAP) | 58.6 % | 57.1 % | 58.2 % | 56.5 % | |||
Enovis Corporation
Consolidated Balance Sheets
Dollars in thousands, except share amounts
(Unaudited)
| December 31, | |||
| 2023 | 2022 | ||
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $ 36,191 | $ 24,295 | |
| Trade receivables, less allowance for credit losses of | 291,483 | 267,380 | |
| Inventories, net | 468,832 | 426,643 | |
| Prepaid expenses | 28,901 | 28,550 | |
| Other current assets | 71,112 | 48,155 | |
| Total current assets | 896,519 | 795,023 | |
| Property, plant and equipment, net | 270,798 | 236,741 | |
| Goodwill | 2,060,893 | 1,983,588 | |
| Intangible assets, net | 1,127,363 | 1,110,727 | |
| Lease asset - right of use | 63,506 | 66,881 | |
| Other assets | 90,255 | 80,288 | |
| Total assets | $ 4,509,334 | 4,273,248 | |
| LIABILITIES AND EQUITY | |||
| CURRENT LIABILITIES: | |||
| Current portion of long-term debt | $ — | $ 219,279 | |
| Accounts payable | 132,475 | 135,628 | |
| Accrued liabilities | 237,132 | 210,292 | |
| Total current liabilities | 369,607 | 565,199 | |
| Long-term debt, less current portion | 466,164 | 40,000 | |
| Non-current lease liability | 48,684 | 51,259 | |
| Other liabilities | 204,178 | 166,989 | |
| Total liabilities | 1,088,633 | 823,447 | |
| Equity: | |||
| Common stock, | 55 | 54 | |
| Additional paid-in capital | 2,900,747 | 2,925,729 | |
| Retained earnings | 542,471 | 575,732 | |
| Accumulated other comprehensive loss | (24,881) | (53,430) | |
| Total Enovis Corporation equity | 3,418,392 | 3,448,085 | |
| Noncontrolling interest | 2,309 | 1,716 | |
| Total equity | 3,420,701 | 3,449,801 | |
| Total liabilities and equity | $ 4,509,334 | $ 4,273,248 | |
Enovis Corporation
Consolidated Statements of Cash Flows
Dollars in thousands
(Unaudited)
| Year Ended December 31, | |||
| 2023 | 2022 | ||
| Cash flows from operating activities: | |||
| Net loss | $ (32,731) | $ (11,759) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation, amortization and other impairment charges | 217,109 | 219,710 | |
| Stock-based compensation expense | 34,065 | 38,955 | |
| Non-cash interest expense | 2,742 | 3,921 | |
| Gain on investment in ESAB Corporation | — | (102,669) | |
| Gain on cost basis investments | — | (8,800) | |
| Unrealized gain on currency hedges | (24,311) | — | |
| Debt extinguishment charges | 7,333 | 20,396 | |
| Deferred income tax expense (benefit) | (27,412) | 6,320 | |
| (Gain) loss on sale of property, plant and equipment | (14,539) | 352 | |
| Changes in operating assets and liabilities: | |||
| Trade receivables, net | (16,316) | (45,189) | |
| Inventories, net | (24,737) | (118,791) | |
| Accounts payable | (6,638) | (11,843) | |
| Other operating assets and liabilities | 20,423 | (46,464) | |
| Net cash provided by (used in) operating activities | 134,988 | (55,861) | |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment and intangibles | (122,223) | (105,450) | |
| Proceeds from sale of property, plant and equipment | 32,571 | 2,746 | |
| Payments for acquisitions, net of cash received, and investments | (152,815) | (73,684) | |
| Net cash used in investing activities | (242,467) | (176,388) | |
| Cash flows from financing activities: | |||
| Proceeds from borrowings on term credit facility | — | 450,000 | |
| Repayments of borrowings under term credit facility | (219,468) | (785,000) | |
| Proceeds from borrowings on revolving credit facilities and other | 455,000 | 65,000 | |
| Repayments of borrowings on revolving credit facilities and other | (478,337) | (634,883) | |
| Repayments of borrowings on senior notes | — | (686,278) | |
| Proceeds from borrowings on senior unsecured convertible notes | 460,000 | — | |
| Distribution from ESAB Corporation, net | — | 1,143,369 | |
| Payment of debt issuance costs | (25,676) | (2,938) | |
| Proceeds from issuance of common stock, net | 1,776 | 5,814 | |
| Payment of debt extinguishment costs | — | (12,704) | |
| Payment of capped call transactions | (61,962) | — | |
| Deferred consideration payments and other | (3,536) | (7,507) | |
| Net cash provided by (used in) financing activities | 127,797 | (465,127) | |
| Effect of foreign exchange rates on Cash and cash equivalents | 219 | 2,301 | |
| Increase (decrease) in Cash and cash equivalents and restricted cash | 20,537 | (695,075) | |
| Cash, cash equivalents and restricted cash, beginning of period | 24,295 | 719,370 | |
| Cash, cash equivalents and restricted cash, end of period | $ 44,832 | $ 24,295 | |
FAQ
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