IDEX Reports Fourth Quarter and Full Year 2021 Results
IDEX Corporation (NYSE: IEX) reported record financial results for 2021, with reported EPS of $5.88, a 19% increase, and adjusted EPS of $6.30, up 21%. Full-year sales reached $2.8 billion, reflecting an 18% rise overall and 12% organically. The company also announced a strategic acquisition of Nexsight, LLC for $120 million. Despite strong growth projections for 2022, IDEX anticipates ongoing challenges from supply chain issues and COVID-19 impacting production capacity.
- Record full-year reported EPS increased by 19% to $5.88.
- Record full-year adjusted EPS rose by 21% to $6.30.
- Full-year sales of $2.8 billion surged 18% overall.
- Announced acquisition of Nexsight, LLC for $120 million.
- Supply chain challenges and COVID-19 expected to persist, impacting production.
- Increased operating expenses due to higher amortization and discretionary spending.
Full Year Highlights
-
Record full year reported EPS of
$5.88 19% ; record adjusted EPS of$6.30 21% -
Record full year sales of
$2.8 billion 18% overall and12% organically vs. 2020 -
Full year operating margin of
23.0% ; adjusted operating margin of23.9% -
Invested more than
$650 million
Fourth Quarter Highlights
-
Record fourth quarter reported and adjusted EPS of
$1.55 -
Record fourth quarter orders of
$795.3 million 17% overall and13% organically vs. Q4 2020 -
Record fourth quarter sales of
$714.8 million 16% overall and11% organically vs. Q4 2020 -
Announced upcoming acquisition of
Nexsight, LLC
“IDEX achieved record results in 2021, demonstrating our teams’ continued ability to execute against a challenging landscape," said
“As we move forward into 2022, demand for our differentiated technology remains strong, particularly in the markets served by our Health & Science Technologies businesses," Ashleman said. "However, the difficult supply chain and COVID-19 environment persisted in the fourth quarter. We expect those challenges to continue through the first half of the year, impacting our ability to ramp production levels.
While we continue to navigate the current challenging environment, we remain optimistic in the long-term strength of our businesses. We are actively investing to support our best opportunities for organic growth, and we have ramped up our capital spending to support some exciting initiatives. We will continue to actively seek to deploy additional capital to acquire IDEX-like businesses as well as make some calculated investments in new technologies to bolster our growth potential and to further strengthen our portfolio and enhance our return to shareholders.”
2022 Outlook
Organic sales growth is projected to be 5 to 8 percent for 2022, with a 6 to 7 percent organic sales increase in the first quarter of 2022 versus the prior year period. We expect full year 2022 GAAP EPS of
As previously disclosed, beginning in 2022, we will calculate adjusted net income and adjusted EPS to also exclude the impact of after-tax acquisition-related intangible asset amortization. Under the revised definition, adjusted EPS for full year and fourth quarter 2021 were
Consolidated Results
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||||||
(Dollars in millions, except per share amounts) |
2021 |
|
2020 |
|
Increase
|
|
2021 |
|
2020 |
|
Increase
|
||||||||||||
Net sales |
$ |
714.8 |
|
|
$ |
614.8 |
|
|
$ |
100.0 |
|
|
$ |
2,764.8 |
|
|
$ |
2,351.6 |
|
|
$ |
413.2 |
|
Organic net sales growth* |
|
|
|
|
|
11 |
% |
|
|
|
|
|
|
12 |
% |
||||||||
Gross margin |
|
44.0 |
% |
|
|
43.8 |
% |
|
20 bps |
|
|
44.3 |
% |
|
|
43.7 |
% |
|
60 bps |
||||
Adjusted gross margin* |
|
44.0 |
% |
|
|
43.8 |
% |
|
20 bps |
|
|
44.7 |
% |
|
|
43.9 |
% |
|
80 bps |
||||
Operating income |
$ |
162.0 |
|
|
$ |
139.0 |
|
|
$ |
23.0 |
|
|
$ |
637.0 |
|
|
$ |
520.7 |
|
|
$ |
116.3 |
|
Adjusted operating income* |
|
162.7 |
|
|
|
144.0 |
|
|
|
18.7 |
|
|
|
661.4 |
|
|
|
536.6 |
|
|
|
124.8 |
|
Operating margin |
|
22.7 |
% |
|
|
22.6 |
% |
|
10 bps |
|
|
23.0 |
% |
|
|
22.1 |
% |
|
90 bps |
||||
Adjusted operating margin* |
|
22.8 |
% |
|
|
23.4 |
% |
|
(60) bps |
|
|
23.9 |
% |
|
|
22.8 |
% |
|
110 bps |
||||
Net income attributable to IDEX |
$ |
118.8 |
|
|
$ |
101.1 |
|
|
$ |
17.7 |
|
|
$ |
449.4 |
|
|
$ |
377.8 |
|
|
$ |
71.6 |
|
Adjusted net income attributable to IDEX* |
|
118.5 |
|
|
|
104.9 |
|
|
|
13.6 |
|
|
|
481.6 |
|
|
|
396.5 |
|
|
|
85.1 |
|
Diluted EPS attributable to IDEX |
|
1.55 |
|
|
|
1.32 |
|
|
|
0.23 |
|
|
|
5.88 |
|
|
|
4.94 |
|
|
|
0.94 |
|
Adjusted diluted EPS attributable to IDEX* |
|
1.55 |
|
|
|
1.37 |
|
|
|
0.18 |
|
|
|
6.30 |
|
|
|
5.19 |
|
|
|
1.11 |
|
Adjusted EBITDA* |
|
192.4 |
|
|
|
167.2 |
|
|
|
25.2 |
|
|
|
765.4 |
|
|
|
622.9 |
|
|
|
142.5 |
|
Adjusted EBITDA margin* |
|
26.9 |
% |
|
|
27.2 |
% |
|
(30) bps |
|
|
27.7 |
% |
|
|
26.5 |
% |
|
120 bps |
||||
Cash flow from operating activities |
$ |
163.1 |
|
|
$ |
161.4 |
|
|
$ |
1.7 |
|
|
$ |
565.3 |
|
|
$ |
569.3 |
|
|
$ |
(4.0 |
) |
Free cash flow* |
|
135.9 |
|
|
|
149.2 |
|
|
|
(13.3 |
) |
|
|
492.6 |
|
|
|
517.7 |
|
|
|
(25.1 |
) |
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
|||||||||||||||||||||||
Fourth quarter 2021 sales of
Full year 2021 sales of
Gross Margin
Fourth quarter 2021 gross margin and adjusted gross margin of 44.0 percent both increased 20 basis points compared with the prior year period primarily due to volume leverage.
Full year 2021 gross margin of 44.3 percent increased 60 basis points compared with 2020 primarily due to volume leverage, partially offset by higher step-up charges related to acquisitions. Adjusted gross margin, which excludes the impact of step-up charges, was 44.7 percent, up 80 basis points compared with 2020.
Operating Margin
Fourth quarter 2021 operating margin of 22.7 percent increased 10 basis points compared with the prior year period driven by lower restructuring costs as compared to the prior year period. Excluding restructuring costs, adjusted operating margin was 22.8 percent, down 60 basis points compared with the prior year period due to incremental resource investments, targeted discretionary spending and higher amortization from acquisitions, partially offset by higher volume leverage.
Full year 2021 operating margin of 23.0 percent increased 90 basis points compared with 2020, reflecting higher volume leverage and lower restructuring costs, partially offset by incremental resource investments, targeted discretionary spending, higher amortization and step-up charges from acquisitions and a corporate transaction indemnity charge in 2021. Adjusted operating margin, which excludes the impact of restructuring, step-up and indemnity charges, was 23.9 percent, up 110 basis points compared with 2020.
Net Income and Earnings per Share Attributable to IDEX
Fourth quarter 2021 net income attributable to IDEX increased
Full year 2021 net income attributable to IDEX increased
Cash Flow
Fourth quarter and full year 2021 cash from operations of
Segment Highlights
Fluid & Metering Technologies
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||||
(Dollars in millions) |
2021 |
|
2020 |
|
Increase
|
|
2021 |
|
2020 |
|
Increase
|
||||||||||
Net sales |
$ |
252.8 |
|
|
$ |
229.6 |
|
|
$ |
23.2 |
|
$ |
998.7 |
|
|
$ |
896.3 |
|
|
$ |
102.4 |
Operating income |
|
63.9 |
|
|
|
58.9 |
|
|
|
5.0 |
|
|
259.3 |
|
|
|
235.0 |
|
|
|
24.3 |
Operating margin |
|
25.3 |
% |
|
|
25.7 |
% |
|
(40) bps |
|
|
26.0 |
% |
|
|
26.2 |
% |
|
(20) bps |
||
Adjusted operating income* |
$ |
63.6 |
|
|
$ |
62.0 |
|
|
$ |
1.6 |
|
$ |
266.3 |
|
|
$ |
244.7 |
|
|
$ |
21.6 |
Adjusted operating margin* |
|
25.2 |
% |
|
|
27.0 |
% |
|
(180) bps |
|
|
26.7 |
% |
|
|
27.3 |
% |
|
(60) bps |
||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
|||||||||||||||||||||
-
Fourth quarter 2021 sales of
$252.8 million -
Full year 2021 sales of
$998.7 million - Fourth quarter 2021 operating margin was 25.3 percent, down 40 basis points compared with the prior year period primarily due to incremental resource investments and targeted discretionary spending as well as the dilutive impact of acquisitions driven by higher amortization and lower energy demand, partially offset by lower restructuring costs and favorable price/cost. Adjusted operating margin, which excludes the impact of restructuring costs, was 25.2 percent, a 180 basis point decrease compared with the prior year period.
-
Full year 2021 operating margin was 26.0 percent, down 20 basis points compared with 2020 primarily due to higher amortization related to the
ABEL Pumps, L.P. ("ABEL Pumps") andFlow Management Devices LLC ("Flow MD") acquisitions and lower volume from the Flow MD business, as well as costs associated with COVID-19 related new product development that did not materialize. These unfavorable impacts to margin were partially offset by overall higher volume leverage, favorable price/cost and lower restructuring and step-up charges. Adjusted operating margin, which excludes the impact of restructuring and step-up charges, was 26.7 percent, a 60 basis point decrease compared with 2020.
Health & Science Technologies
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||||
(Dollars in millions) |
2021 |
|
2020 |
|
Increase
|
|
2021 |
|
2020 |
|
Increase
|
||||||||||
Net sales |
$ |
294.1 |
|
|
$ |
235.9 |
|
|
$ |
58.2 |
|
$ |
1,121.8 |
|
|
$ |
896.0 |
|
|
$ |
225.8 |
Operating income |
|
75.9 |
|
|
|
55.8 |
|
|
|
20.1 |
|
|
288.9 |
|
|
|
206.4 |
|
|
|
82.5 |
Operating margin |
|
25.8 |
% |
|
|
23.7 |
% |
|
210 bps |
|
|
25.8 |
% |
|
|
23.0 |
% |
|
280 bps |
||
Adjusted operating income* |
$ |
75.9 |
|
|
$ |
56.4 |
|
|
$ |
19.5 |
|
$ |
299.7 |
|
|
$ |
209.1 |
|
|
$ |
90.6 |
Adjusted operating margin* |
|
25.8 |
% |
|
|
23.9 |
% |
|
190 bps |
|
|
26.7 |
% |
|
|
23.3 |
% |
|
340 bps |
||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
|||||||||||||||||||||
-
Fourth quarter 2021 sales of
$294.1 million -
Full year 2021 sales of
$1.1 billion -
Fourth quarter 2021 operating margin was 25.8 percent, up 210 basis points compared with the prior year period, primarily driven by volume leverage and favorable price/cost, partially offset by resource investments and amortization related to the
Airtech Group, Inc. ("Airtech") acquisition. Fourth quarter 2021 adjusted operating margin, which excludes restructuring costs, was 25.8 percent, a 190 basis point increase compared with the prior year period. - Full year 2021 operating margin was 25.8 percent, up 280 basis points compared with 2020, driven by volume leverage and favorable price/cost, partially offset by targeted reinvestment and acquisition-related amortization and step-up charges. Full year 2021 adjusted operating margin, which excludes restructuring and step-up charges, was 26.7 percent, a 340 basis point increase compared with 2020.
Fire & Safety/Diversified Products
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||||
(Dollars in millions) |
2021 |
|
2020 |
|
Increase
|
|
2021 |
|
2020 |
|
Increase
|
||||||||||
Net sales |
$ |
168.5 |
|
|
$ |
150.6 |
|
|
$ |
17.9 |
|
$ |
647.9 |
|
|
$ |
562.9 |
|
|
$ |
85.0 |
Operating income |
|
42.8 |
|
|
|
40.2 |
|
|
|
2.6 |
|
|
169.3 |
|
|
|
144.2 |
|
|
|
25.1 |
Operating margin |
|
25.4 |
% |
|
|
26.7 |
% |
|
(130) bps |
|
|
26.1 |
% |
|
|
25.6 |
% |
|
50 bps |
||
Adjusted operating income* |
$ |
43.2 |
|
|
$ |
40.8 |
|
|
$ |
2.4 |
|
$ |
169.8 |
|
|
$ |
146.7 |
|
|
$ |
23.1 |
Adjusted operating margin* |
|
25.6 |
% |
|
|
27.1 |
% |
|
(150) bps |
|
|
26.2 |
% |
|
|
26.1 |
% |
|
10 bps |
||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
|||||||||||||||||||||
-
Fourth quarter 2021 sales of
$168.5 million -
Full year 2021 sales of
$647.9 million - Fourth quarter 2021 operating margin was 25.4 percent, down 130 basis points compared with the prior year period primarily due to unfavorable price/cost and incremental targeted discretionary spending, partially offset by volume leverage and lower restructuring charges. Adjusted operating margin, which excludes the impact of restructuring costs, was 25.6 percent, a 150 basis point decrease compared with the prior year period.
- Full year 2021 operating margin was 26.1 percent, up 50 basis points compared with 2020 primarily due to higher volume and lower restructuring costs, partially offset by unfavorable price/cost and mix. Adjusted operating margin, which excludes the impact of restructuring costs, was 26.2 percent, a 10 basis point increase compared with 2020.
Corporate Costs
Corporate costs included in operating income were
Debt Offering and Redemption
On
Termination of
On
Acquisition
On
Restructuring Expenses and Asset Impairments
The Company recorded
Conference Call to be Broadcast over the Internet
IDEX will broadcast its fourth quarter earnings conference call over the Internet on
Forward-Looking Statements
This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s expected organic sales growth and expected earnings per share, and the assumptions underlying these expectations, plant and equipment capacity for future growth, the duration of supply chain challenges, anticipated future acquisition behavior, availability of cash and financing alternatives, the anticipated timing of the closing of the Company's acquisition of Nexsight and the anticipated benefits of the Company’s acquisitions of ABEL Pumps, Airtech and Nexsight, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” "guidance," “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: the duration of the COVID-19 pandemic and the continuing effects of the COVID-19 pandemic (including the emergence of variant strains) on our ability to operate our business and facilities, on our customers, on supply chains and on the
About IDEX
For further information on
(Financial reports follow)
Condensed Consolidated Statements of Income (in millions except per share amounts) (unaudited) |
|||||||||||||
|
|||||||||||||
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||
|
2021 |
|
2020 |
|
2021 |
2020 |
|||||||
Net sales |
$ |
714.8 |
|
|
$ |
614.8 |
|
|
$ |
2,764.8 |
|
$ |
2,351.6 |
Cost of sales |
|
400.6 |
|
|
|
345.7 |
|
|
|
1,540.3 |
|
|
1,324.2 |
Gross profit |
|
314.2 |
|
|
|
269.1 |
|
|
|
1,224.5 |
|
|
1,027.4 |
Selling, general and administrative expenses |
|
151.5 |
|
|
|
125.1 |
|
|
|
578.2 |
|
|
494.9 |
Restructuring expenses and asset impairments |
|
0.7 |
|
|
|
5.0 |
|
|
|
9.3 |
|
|
11.8 |
Operating income |
|
162.0 |
|
|
|
139.0 |
|
|
|
637.0 |
|
|
520.7 |
Other (income) expense - net |
|
(0.8 |
) |
|
|
(1.7 |
) |
|
|
16.2 |
|
|
5.6 |
Interest expense |
|
9.6 |
|
|
|
10.9 |
|
|
|
41.0 |
|
|
44.8 |
Income before income taxes |
|
153.2 |
|
|
|
129.8 |
|
|
|
579.8 |
|
|
470.3 |
Provision for income taxes |
|
34.5 |
|
|
|
28.7 |
|
|
|
130.5 |
|
|
92.5 |
Net income |
$ |
118.7 |
|
|
$ |
101.1 |
|
|
$ |
449.3 |
|
$ |
377.8 |
Net loss attributable to noncontrolling interest |
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
— |
Net income attributable to IDEX |
$ |
118.8 |
|
|
$ |
101.1 |
|
|
$ |
449.4 |
|
$ |
377.8 |
|
|
|
|
|
|
|
|
||||||
Earnings per Common Share: |
|
|
|
|
|
|
|
||||||
Basic earnings per common share attributable to IDEX |
$ |
1.56 |
|
|
$ |
1.33 |
|
|
$ |
5.91 |
|
$ |
4.98 |
Diluted earnings per common share attributable to IDEX |
$ |
1.55 |
|
|
$ |
1.32 |
|
|
$ |
5.88 |
|
$ |
4.94 |
|
|
|
|
|
|
|
|
||||||
Share Data: |
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding |
|
76.1 |
|
|
|
75.8 |
|
|
|
76.0 |
|
|
75.7 |
Diluted weighted average common shares outstanding |
|
76.5 |
|
|
|
76.4 |
|
|
|
76.4 |
|
|
76.4 |
Condensed Consolidated Balance Sheets (in millions) (unaudited) |
|||||
|
|
|
|
||
Assets |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
855.4 |
|
$ |
1,025.9 |
Receivables - net |
|
356.4 |
|
|
293.1 |
Inventories |
|
370.4 |
|
|
289.9 |
Other current assets |
|
95.8 |
|
|
48.3 |
Total current assets |
|
1,678.0 |
|
|
1,657.2 |
Property, plant and equipment - net |
|
327.3 |
|
|
298.3 |
|
|
2,765.0 |
|
|
2,311.2 |
Other noncurrent assets |
|
146.9 |
|
|
147.7 |
Total assets |
$ |
4,917.2 |
|
$ |
4,414.4 |
|
|
|
|
||
Liabilities and equity |
|
|
|
||
Current liabilities |
|
|
|
||
Trade accounts payable |
$ |
178.8 |
|
$ |
152.0 |
Accrued expenses |
|
259.8 |
|
|
208.8 |
Short-term borrowings |
|
— |
|
|
0.1 |
Dividends payable |
|
41.4 |
|
|
38.1 |
Total current liabilities |
|
480.0 |
|
|
399.0 |
Long-term borrowings |
|
1,190.3 |
|
|
1,044.4 |
Other noncurrent liabilities |
|
443.8 |
|
|
430.7 |
Total liabilities |
|
2,114.1 |
|
|
1,874.1 |
Shareholders' equity |
|
2,803.1 |
|
|
2,540.2 |
Noncontrolling interest |
|
— |
|
|
0.1 |
Total equity |
|
2,803.1 |
|
|
2,540.3 |
Total liabilities and equity |
$ |
4,917.2 |
|
$ |
4,414.4 |
Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) |
|||||||
|
For the Year Ended
|
||||||
|
2021 |
|
2020 |
||||
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
449.3 |
|
|
$ |
377.8 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Asset impairments |
|
0.8 |
|
|
|
3.1 |
|
Depreciation and amortization |
|
46.6 |
|
|
|
41.7 |
|
Amortization of intangible assets |
|
56.4 |
|
|
|
41.8 |
|
Amortization of debt issuance expenses |
|
1.7 |
|
|
|
1.7 |
|
Share-based compensation expense |
|
25.4 |
|
|
|
19.4 |
|
Deferred income taxes |
|
(6.1 |
) |
|
|
8.2 |
|
Non-cash interest expense associated with forward starting swaps |
|
3.3 |
|
|
|
6.0 |
|
Termination of the |
|
8.6 |
|
|
|
— |
|
Changes in (net of the effect from acquisitions/divestitures): |
|
|
|
||||
Receivables |
|
(49.4 |
) |
|
|
20.9 |
|
Inventories |
|
(46.1 |
) |
|
|
36.5 |
|
Other current assets |
|
9.0 |
|
|
|
(10.3 |
) |
Trade accounts payable |
|
22.9 |
|
|
|
2.7 |
|
Deferred revenue |
|
19.8 |
|
|
|
39.0 |
|
Accrued expenses |
|
23.7 |
|
|
|
(15.3 |
) |
Other - net |
|
(0.6 |
) |
|
|
(3.9 |
) |
Net cash flows provided by operating activities |
|
565.3 |
|
|
|
569.3 |
|
Cash flows from investing activities |
|
|
|
||||
Purchases of property, plant and equipment |
|
(72.7 |
) |
|
|
(51.6 |
) |
Acquisition of businesses, net of cash acquired |
|
(577.4 |
) |
|
|
(123.1 |
) |
Note receivable from collaborative partner |
|
(4.2 |
) |
|
|
— |
|
Purchase of available-for-sale securities |
|
(45.2 |
) |
|
|
— |
|
Other - net |
|
1.4 |
|
|
|
2.1 |
|
Net cash flows used in investing activities |
|
(698.1 |
) |
|
|
(172.6 |
) |
Cash flows from financing activities |
|
|
|
||||
Borrowings under revolving credit facilities |
|
— |
|
|
|
150.0 |
|
Payments under revolving credit facilities |
|
— |
|
|
|
(150.0 |
) |
Proceeds from issuance of long-term borrowings |
|
499.4 |
|
|
|
499.1 |
|
Payment of long-term borrowings |
|
(350.1 |
) |
|
|
(300.4 |
) |
Payment of make-whole redemption premium |
|
(6.7 |
) |
|
|
(6.8 |
) |
Debt issuance costs |
|
(4.6 |
) |
|
|
(4.7 |
) |
Dividends paid |
|
(161.1 |
) |
|
|
(151.8 |
) |
Proceeds from stock option exercises |
|
19.7 |
|
|
|
44.6 |
|
Repurchases of common stock |
|
— |
|
|
|
(110.3 |
) |
Shares surrendered for tax withholding |
|
(6.1 |
) |
|
|
(12.3 |
) |
Net cash flows used in financing activities |
|
(9.5 |
) |
|
|
(42.6 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(28.2 |
) |
|
|
39.2 |
|
Net (decrease) increase in cash |
|
(170.5 |
) |
|
|
393.3 |
|
Cash and cash equivalents at beginning of year |
|
1,025.9 |
|
|
|
632.6 |
|
Cash and cash equivalents at end of year |
$ |
855.4 |
|
|
$ |
1,025.9 |
|
Company and Segment Financial Information - Reported (dollars in millions) (unaudited) |
||||||||||||||||
|
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Fluid & Metering Technologies |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
252.8 |
|
|
$ |
229.6 |
|
|
$ |
998.7 |
|
|
$ |
896.3 |
|
|
Operating income (b) |
|
63.9 |
|
|
|
58.9 |
|
|
|
259.3 |
|
|
|
235.0 |
|
|
Operating margin |
|
25.3 |
% |
|
|
25.7 |
% |
|
|
26.0 |
% |
|
|
26.2 |
% |
|
EBITDA(c) |
$ |
71.5 |
|
|
$ |
66.3 |
|
|
$ |
283.7 |
|
|
$ |
261.8 |
|
|
EBITDA margin(c) |
|
28.3 |
% |
|
|
28.9 |
% |
|
|
28.4 |
% |
|
|
29.2 |
% |
|
Depreciation and amortization |
$ |
7.7 |
|
|
$ |
6.5 |
|
|
$ |
30.5 |
|
|
$ |
25.9 |
|
|
Capital expenditures |
|
8.1 |
|
|
|
3.1 |
|
|
|
21.0 |
|
|
|
11.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Health & Science Technologies |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
294.1 |
|
|
$ |
235.9 |
|
|
$ |
1,121.8 |
|
|
$ |
896.0 |
|
|
Operating income (b) |
|
75.9 |
|
|
|
55.8 |
|
|
|
288.9 |
|
|
|
206.4 |
|
|
Operating margin |
|
25.8 |
% |
|
|
23.7 |
% |
|
|
25.8 |
% |
|
|
23.0 |
% |
|
EBITDA(c) |
$ |
93.4 |
|
|
$ |
66.7 |
|
|
$ |
345.1 |
|
|
$ |
248.2 |
|
|
EBITDA margin(c) |
|
31.8 |
% |
|
|
28.3 |
% |
|
|
30.8 |
% |
|
|
27.7 |
% |
|
Depreciation and amortization |
$ |
18.3 |
|
|
$ |
11.0 |
|
|
$ |
56.7 |
|
|
$ |
41.8 |
|
|
Capital expenditures |
|
14.2 |
|
|
|
6.9 |
|
|
|
41.5 |
|
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fire & Safety/Diversified Products |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
168.5 |
|
|
$ |
150.6 |
|
|
$ |
647.9 |
|
|
$ |
562.9 |
|
|
Operating income (b) |
|
42.8 |
|
|
|
40.2 |
|
|
|
169.3 |
|
|
|
144.2 |
|
|
Operating margin |
|
25.4 |
% |
|
|
26.7 |
% |
|
|
26.1 |
% |
|
|
25.6 |
% |
|
EBITDA(c) |
$ |
47.2 |
|
|
$ |
43.8 |
|
|
$ |
183.4 |
|
|
$ |
159.0 |
|
|
EBITDA margin(c) |
|
28.0 |
% |
|
|
29.1 |
% |
|
|
28.3 |
% |
|
|
28.3 |
% |
|
Depreciation and amortization |
$ |
3.8 |
|
|
$ |
3.9 |
|
|
$ |
15.3 |
|
|
$ |
15.2 |
|
|
Capital expenditures |
|
4.9 |
|
|
|
2.4 |
|
|
|
9.5 |
|
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Office and Eliminations |
|
|
|
|
|
|
|
||||||||
|
Intersegment sales eliminations |
$ |
(0.6 |
) |
|
$ |
(1.3 |
) |
|
$ |
(3.6 |
) |
|
$ |
(3.6 |
) |
|
Operating income (b) |
|
(20.6 |
) |
|
|
(15.9 |
) |
|
|
(80.5 |
) |
|
|
(64.9 |
) |
|
EBITDA(c) |
|
(19.3 |
) |
|
|
(14.6 |
) |
|
|
(88.4 |
) |
|
|
(70.4 |
) |
|
Depreciation and amortization (d) |
|
0.2 |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
Capital expenditures |
|
— |
|
|
|
(0.2 |
) |
|
|
0.7 |
|
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Company |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
714.8 |
|
|
$ |
614.8 |
|
|
$ |
2,764.8 |
|
|
$ |
2,351.6 |
|
|
Operating income |
|
162.0 |
|
|
|
139.0 |
|
|
|
637.0 |
|
|
|
520.7 |
|
|
Operating margin |
|
22.7 |
% |
|
|
22.6 |
% |
|
|
23.0 |
% |
|
|
22.1 |
% |
|
EBITDA(c) |
$ |
192.8 |
|
|
$ |
162.2 |
|
|
$ |
723.8 |
|
|
$ |
598.6 |
|
|
EBITDA margin(c) |
|
27.0 |
% |
|
|
26.4 |
% |
|
|
26.2 |
% |
|
|
25.5 |
% |
|
Depreciation and amortization (d) |
$ |
30.0 |
|
|
$ |
21.5 |
|
|
$ |
103.0 |
|
|
$ |
83.5 |
|
|
Capital expenditures |
|
27.2 |
|
|
|
12.2 |
|
|
|
72.7 |
|
|
|
51.6 |
|
Company and Segment Financial Information - Adjusted (dollars in millions) (unaudited) |
||||||||||||||||
|
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
Fluid & Metering Technologies |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
252.8 |
|
|
$ |
229.6 |
|
|
$ |
998.7 |
|
|
$ |
896.3 |
|
|
Adjusted operating income (b)(c) |
|
63.6 |
|
|
|
62.0 |
|
|
|
266.3 |
|
|
|
244.7 |
|
|
Adjusted operating margin(c) |
|
25.2 |
% |
|
|
27.0 |
% |
|
|
26.7 |
% |
|
|
27.3 |
% |
|
Adjusted EBITDA(c) |
$ |
71.2 |
|
|
$ |
69.4 |
|
|
$ |
297.0 |
|
|
$ |
271.5 |
|
|
Adjusted EBITDA margin(c) |
|
28.2 |
% |
|
|
30.2 |
% |
|
|
29.7 |
% |
|
|
30.3 |
% |
|
Depreciation and amortization |
$ |
7.7 |
|
|
$ |
6.5 |
|
|
$ |
30.5 |
|
|
$ |
25.9 |
|
|
Capital expenditures |
|
8.1 |
|
|
|
3.1 |
|
|
|
21.0 |
|
|
|
11.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Health & Science Technologies |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
294.1 |
|
|
$ |
235.9 |
|
|
$ |
1,121.8 |
|
|
$ |
896.0 |
|
|
Adjusted operating income (b)(c) |
|
75.9 |
|
|
|
56.4 |
|
|
|
299.7 |
|
|
|
209.1 |
|
|
Adjusted operating margin(c) |
|
25.8 |
% |
|
|
23.9 |
% |
|
|
26.7 |
% |
|
|
23.3 |
% |
|
Adjusted EBITDA(c) |
$ |
93.4 |
|
|
$ |
67.3 |
|
|
$ |
355.9 |
|
|
$ |
250.9 |
|
|
Adjusted EBITDA margin(c) |
|
31.8 |
% |
|
|
28.5 |
% |
|
|
31.7 |
% |
|
|
28.0 |
% |
|
Depreciation and amortization |
$ |
18.3 |
|
|
$ |
11.0 |
|
|
$ |
56.7 |
|
|
$ |
41.8 |
|
|
Capital expenditures |
|
14.2 |
|
|
|
6.9 |
|
|
|
41.5 |
|
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fire & Safety/Diversified Products |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
168.5 |
|
|
$ |
150.6 |
|
|
$ |
647.9 |
|
|
$ |
562.9 |
|
|
Adjusted operating income (b)(c) |
|
43.2 |
|
|
|
40.8 |
|
|
|
169.8 |
|
|
|
146.7 |
|
|
Adjusted operating margin(c) |
|
25.6 |
% |
|
|
27.1 |
% |
|
|
26.2 |
% |
|
|
26.1 |
% |
|
Adjusted EBITDA(c) |
$ |
47.6 |
|
|
$ |
44.4 |
|
|
$ |
185.7 |
|
|
$ |
161.5 |
|
|
Adjusted EBITDA margin(c) |
|
28.2 |
% |
|
|
29.5 |
% |
|
|
28.7 |
% |
|
|
28.7 |
% |
|
Depreciation and amortization |
$ |
3.8 |
|
|
$ |
3.9 |
|
|
$ |
15.3 |
|
|
$ |
15.2 |
|
|
Capital expenditures |
|
4.9 |
|
|
|
2.4 |
|
|
|
9.5 |
|
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Corporate Office and Eliminations |
|
|
|
|
|
|
|
||||||||
|
Intersegment sales eliminations |
$ |
(0.6 |
) |
|
$ |
(1.3 |
) |
|
$ |
(3.6 |
) |
|
$ |
(3.6 |
) |
|
Adjusted operating income (b)(c) |
|
(20.0 |
) |
|
|
(15.2 |
) |
|
|
(74.4 |
) |
|
|
(63.9 |
) |
|
Adjusted EBITDA(c) |
|
(19.8 |
) |
|
|
(13.9 |
) |
|
|
(73.2 |
) |
|
|
(61.0 |
) |
|
Depreciation and amortization(d) |
|
0.2 |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
Capital expenditures |
|
— |
|
|
|
(0.2 |
) |
|
|
0.7 |
|
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Company |
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
714.8 |
|
|
$ |
614.8 |
|
|
$ |
2,764.8 |
|
|
$ |
2,351.6 |
|
|
Adjusted operating income(c) |
|
162.7 |
|
|
|
144.0 |
|
|
|
661.4 |
|
|
|
536.6 |
|
|
Adjusted operating margin(c) |
|
22.8 |
% |
|
|
23.4 |
% |
|
|
23.9 |
% |
|
|
22.8 |
% |
|
Adjusted EBITDA(c) |
$ |
192.4 |
|
|
$ |
167.2 |
|
|
$ |
765.4 |
|
|
$ |
622.9 |
|
|
Adjusted EBITDA margin(c) |
|
26.9 |
% |
|
|
27.2 |
% |
|
|
27.7 |
% |
|
|
26.5 |
% |
|
Depreciation and amortization (d) |
$ |
30.0 |
|
|
$ |
21.5 |
|
|
$ |
103.0 |
|
|
$ |
83.5 |
|
|
Capital expenditures |
|
27.2 |
|
|
|
12.2 |
|
|
|
72.7 |
|
|
|
51.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
(a) |
Three and twelve month data includes the results of both the ABEL Pumps acquisition ( |
|||||||||||||||
(b) |
Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. |
|||||||||||||||
(c) |
These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the reconciliation tables below. |
|||||||||||||||
(d) |
Depreciation and amortization excludes amortization of debt issuance costs. |
|||||||||||||||
Non-GAAP Measures of Financial Performance
The Company prepares its public financial statements in conformity with accounting principles generally accepted in
- Organic orders and sales are calculated excluding amounts from acquired or divested businesses during the first twelve months of ownership or prior to divestiture and the impact of foreign currency translation.
- Adjusted gross profit is calculated as gross profit plus fair value inventory step-up charges.
- Adjusted gross margin is calculated as adjusted gross profit divided by net sales.
- Adjusted operating income is calculated as operating income plus fair value inventory step-up charges plus restructuring expenses and asset impairments plus the impact of the settlement for a corporate transaction indemnity.
- Adjusted operating margin is calculated as adjusted operating income divided by net sales.
-
Adjusted net income attributable to IDEX is calculated as net income attributable to IDEX plus fair value inventory step-up charges plus restructuring expenses and asset impairments plus the impact of the settlement for a corporate transaction indemnity plus the loss on early debt redemption plus the noncash loss related to the termination of the
U.S. pension plan, net of curtailment, all net of the statutory tax expense or benefit. - Adjusted EPS attributable to IDEX is calculated as adjusted net income attributable to IDEX divided by the diluted weighted average shares outstanding.
- EBITDA is calculated as net income plus interest expense plus provision for income taxes plus depreciation and amortization. We reconcile EBITDA to net income on a consolidated basis as we do not allocate consolidated interest expense or consolidated provision for income taxes to our segments.
- EBITDA interest coverage is calculated as EBITDA divided by consolidated interest expense.
-
Adjusted EBITDA is calculated as EBITDA plus fair value inventory step-up charges plus restructuring expenses and asset impairments plus the impact of the settlement for a corporate transaction indemnity plus the loss on early debt redemption plus the noncash loss related to the termination of the
U.S. pension plan, net of curtailment. - Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net sales.
- Adjusted EBITDA interest coverage is calculated as Adjusted EBITDA divided by consolidated interest expense.
- Free cash flow is calculated as cash flow from operating activities less capital expenditures.
- Adjusted net income attributable to IDEX - restated is calculated as adjusted net income attributable to IDEX - as reported plus after-tax acquisition-related intangible asset amortization.
- Adjusted EPS attributable to IDEX - restated is calculated as adjusted net income attributable to IDEX - restated divided by the diluted weighted average shares outstanding.
Table 1: Reconciliations of the Change in
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
IDEX |
||||||||
Change in net sales |
10 |
% |
|
25 |
% |
|
12 |
% |
|
16 |
% |
|
11 |
% |
|
25 |
% |
|
15 |
% |
|
18 |
% |
- Net impact from acquisitions/divestitures |
4 |
% |
|
9 |
% |
|
— |
% |
|
5 |
% |
|
4 |
% |
|
5 |
% |
|
— |
% |
|
4 |
% |
- Impact from foreign currency |
(1 |
%) |
|
— |
% |
|
(1 |
%) |
|
— |
% |
|
1 |
% |
|
2 |
% |
|
2 |
% |
|
2 |
% |
Change in organic net sales |
7 |
% |
|
16 |
% |
|
13 |
% |
|
11 |
% |
|
6 |
% |
|
18 |
% |
|
13 |
% |
|
12 |
% |
Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Margin (dollars in millions)
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Gross profit |
$ |
314.2 |
|
|
$ |
269.1 |
|
|
$ |
1,224.5 |
|
|
$ |
1,027.4 |
|
+ Fair value inventory step-up charges |
|
— |
|
|
|
— |
|
|
|
11.6 |
|
|
|
4.1 |
|
Adjusted gross profit |
$ |
314.2 |
|
|
$ |
269.1 |
|
|
$ |
1,236.1 |
|
|
$ |
1,031.5 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
714.8 |
|
|
$ |
614.8 |
|
|
$ |
2,764.8 |
|
|
$ |
2,351.6 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
|
44.0 |
% |
|
|
43.8 |
% |
|
|
44.3 |
% |
|
|
43.7 |
% |
Adjusted gross margin |
|
44.0 |
% |
|
|
43.8 |
% |
|
|
44.7 |
% |
|
|
43.9 |
% |
Table 3: Reconciliations of Reported-to-Adjusted Operating Income and Margin (dollars in millions)
|
For the Quarter Ended |
||||||||||||||||||||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
||||||||||||||||||||
Reported operating income (loss) |
$ |
63.9 |
|
|
$ |
75.9 |
|
|
$ |
42.8 |
|
|
$ |
(20.6 |
) |
|
$ |
162.0 |
|
|
$ |
58.9 |
|
|
$ |
55.8 |
|
|
$ |
40.2 |
|
|
$ |
(15.9 |
) |
|
$ |
139.0 |
|
+ Restructuring expenses and asset impairments |
|
(0.3 |
) |
|
|
— |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
3.1 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
5.0 |
|
+ Fair value inventory step-up charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted operating income (loss) |
$ |
63.6 |
|
|
$ |
75.9 |
|
|
$ |
43.2 |
|
|
$ |
(20.0 |
) |
|
$ |
162.7 |
|
|
$ |
62.0 |
|
|
$ |
56.4 |
|
|
$ |
40.8 |
|
|
$ |
(15.2 |
) |
|
$ |
144.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales (eliminations) |
$ |
252.8 |
|
|
$ |
294.1 |
|
|
$ |
168.5 |
|
|
$ |
(0.6 |
) |
|
$ |
714.8 |
|
|
$ |
229.6 |
|
|
$ |
235.9 |
|
|
$ |
150.6 |
|
|
$ |
(1.3 |
) |
|
$ |
614.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Reported operating margin |
|
25.3 |
% |
|
|
25.8 |
% |
|
|
25.4 |
% |
|
|
n/m |
|
|
|
22.7 |
% |
|
|
25.7 |
% |
|
|
23.7 |
% |
|
|
26.7 |
% |
|
|
n/m |
|
|
|
22.6 |
% |
Adjusted operating margin |
|
25.2 |
% |
|
|
25.8 |
% |
|
|
25.6 |
% |
|
|
n/m |
|
|
|
22.8 |
% |
|
|
27.0 |
% |
|
|
23.9 |
% |
|
|
27.1 |
% |
|
|
n/m |
|
|
|
23.4 |
% |
|
For the Year Ended |
||||||||||||||||||||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
||||||||||||||||||||
Reported operating income (loss) |
$ |
259.3 |
|
|
$ |
288.9 |
|
|
$ |
169.3 |
|
|
$ |
(80.5 |
) |
|
$ |
637.0 |
|
|
$ |
235.0 |
|
|
$ |
206.4 |
|
|
$ |
144.2 |
|
|
$ |
(64.9 |
) |
|
$ |
520.7 |
|
+ Restructuring expenses and asset impairments |
|
4.5 |
|
|
|
1.7 |
|
|
|
0.5 |
|
|
|
2.6 |
|
|
|
9.3 |
|
|
|
5.6 |
|
|
|
2.7 |
|
|
|
2.5 |
|
|
|
1.0 |
|
|
|
11.8 |
|
+ Fair value inventory step-up charges |
|
2.5 |
|
|
|
9.1 |
|
|
|
— |
|
|
|
— |
|
|
|
11.6 |
|
|
|
4.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.1 |
|
+ Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.5 |
|
|
|
3.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted operating income (loss) |
$ |
266.3 |
|
|
$ |
299.7 |
|
|
$ |
169.8 |
|
|
$ |
(74.4 |
) |
|
$ |
661.4 |
|
|
$ |
244.7 |
|
|
$ |
209.1 |
|
|
$ |
146.7 |
|
|
$ |
(63.9 |
) |
|
$ |
536.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales (eliminations) |
$ |
998.7 |
|
|
$ |
1,121.8 |
|
|
$ |
647.9 |
|
|
$ |
(3.6 |
) |
|
$ |
2,764.8 |
|
|
$ |
896.3 |
|
|
$ |
896.0 |
|
|
$ |
562.9 |
|
|
$ |
(3.6 |
) |
|
$ |
2,351.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Reported operating margin |
|
26.0 |
% |
|
|
25.8 |
% |
|
|
26.1 |
% |
|
|
n/m |
|
|
|
23.0 |
% |
|
|
26.2 |
% |
|
|
23.0 |
% |
|
|
25.6 |
% |
|
|
n/m |
|
|
|
22.1 |
% |
Adjusted operating margin |
|
26.7 |
% |
|
|
26.7 |
% |
|
|
26.2 |
% |
|
|
n/m |
|
|
|
23.9 |
% |
|
|
27.3 |
% |
|
|
23.3 |
% |
|
|
26.1 |
% |
|
|
n/m |
|
|
|
22.8 |
% |
Table 4: Reconciliations of Reported-to-Adjusted Net Income and EPS (in millions, except per share amounts)
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Reported net income attributable to IDEX |
$ |
118.8 |
|
|
$ |
101.1 |
|
|
$ |
449.4 |
|
|
$ |
377.8 |
|
+ Restructuring expenses and asset impairments |
|
0.7 |
|
|
|
5.0 |
|
|
|
9.3 |
|
|
|
11.8 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
(0.1 |
) |
|
|
(1.2 |
) |
|
|
(2.2 |
) |
|
|
(2.8 |
) |
+ Fair value inventory step-up charges |
|
— |
|
|
|
— |
|
|
|
11.6 |
|
|
|
4.1 |
|
+ Tax impact on fair value inventory step-up charges |
|
— |
|
|
|
— |
|
|
|
(2.7 |
) |
|
|
(0.9 |
) |
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
8.6 |
|
|
|
8.4 |
|
+ Tax impact on loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
(1.8 |
) |
|
|
(1.9 |
) |
+ Termination of the |
|
(1.1 |
) |
|
|
— |
|
|
|
8.6 |
|
|
|
— |
|
+ Tax impact on termination of the |
|
0.2 |
|
|
|
— |
|
|
|
(1.9 |
) |
|
|
— |
|
+ Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
3.5 |
|
|
|
— |
|
+ Tax impact on Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
(0.8 |
) |
|
|
— |
|
Adjusted net income attributable to IDEX |
$ |
118.5 |
|
|
$ |
104.9 |
|
|
$ |
481.6 |
|
|
$ |
396.5 |
|
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Reported diluted EPS attributable to IDEX |
$ |
1.55 |
|
|
$ |
1.32 |
|
|
$ |
5.88 |
|
|
$ |
4.94 |
|
+ Restructuring expenses and asset impairments |
|
0.01 |
|
|
|
0.06 |
|
|
|
0.12 |
|
|
|
0.15 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
— |
|
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
+ Fair value inventory step-up charges |
|
— |
|
|
|
— |
|
|
|
0.15 |
|
|
|
0.05 |
|
+ Tax impact on fair value inventory step-up charges |
|
— |
|
|
|
— |
|
|
|
(0.04 |
) |
|
|
(0.01 |
) |
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
0.11 |
|
+ Tax impact on loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
+ Termination of the |
|
(0.01 |
) |
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
+ Tax impact on termination of the |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
+ Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
+ Tax impact on Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
Adjusted diluted EPS attributable to IDEX |
$ |
1.55 |
|
|
$ |
1.37 |
|
|
$ |
6.30 |
|
|
$ |
5.19 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding |
|
76.5 |
|
|
|
76.4 |
|
|
|
76.4 |
|
|
|
76.4 |
|
Table 5: Reconciliations of EBITDA to Net Income (dollars in millions)
|
For the Quarter Ended |
||||||||||||||||||||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
||||||||||||||||||||
Reported operating income (loss) |
$ |
63.9 |
|
|
$ |
75.9 |
|
|
$ |
42.8 |
|
|
$ |
(20.6 |
) |
|
$ |
162.0 |
|
|
$ |
58.9 |
|
|
$ |
55.8 |
|
|
$ |
40.2 |
|
|
$ |
(15.9 |
) |
|
$ |
139.0 |
|
- Other expense (income) - net |
|
0.1 |
|
|
|
0.8 |
|
|
|
(0.6 |
) |
|
|
(1.1 |
) |
|
|
(0.8 |
) |
|
|
(0.9 |
) |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
(1.2 |
) |
|
|
(1.7 |
) |
+ Depreciation and amortization |
|
7.7 |
|
|
|
18.3 |
|
|
|
3.8 |
|
|
|
0.2 |
|
|
|
30.0 |
|
|
|
6.5 |
|
|
|
11.0 |
|
|
|
3.9 |
|
|
|
0.1 |
|
|
|
21.5 |
|
EBITDA |
|
71.5 |
|
|
|
93.4 |
|
|
|
47.2 |
|
|
|
(19.3 |
) |
|
|
192.8 |
|
|
|
66.3 |
|
|
|
66.7 |
|
|
|
43.8 |
|
|
|
(14.6 |
) |
|
|
162.2 |
|
- Interest expense |
|
|
|
|
|
|
|
|
|
9.6 |
|
|
|
|
|
|
|
|
|
|
|
10.9 |
|
||||||||||||||||
- Provision for income taxes |
|
|
|
|
|
|
|
|
|
34.5 |
|
|
|
|
|
|
|
|
|
|
|
28.7 |
|
||||||||||||||||
- Depreciation and amortization |
|
|
|
|
|
|
|
|
|
30.0 |
|
|
|
|
|
|
|
|
|
|
|
21.5 |
|
||||||||||||||||
Reported net income |
|
|
|
|
|
|
|
|
$ |
118.7 |
|
|
|
|
|
|
|
|
|
|
$ |
101.1 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales (eliminations) |
$ |
252.8 |
|
|
$ |
294.1 |
|
|
$ |
168.5 |
|
|
$ |
(0.6 |
) |
|
$ |
714.8 |
|
|
$ |
229.6 |
|
|
$ |
235.9 |
|
|
$ |
150.6 |
|
|
$ |
(1.3 |
) |
|
$ |
614.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Reported operating margin |
|
25.3 |
% |
|
|
25.8 |
% |
|
|
25.4 |
% |
|
|
n/m |
|
|
|
22.7 |
% |
|
|
25.7 |
% |
|
|
23.7 |
% |
|
|
26.7 |
% |
|
|
n/m |
|
|
|
22.6 |
% |
EBITDA margin |
|
28.3 |
% |
|
|
31.8 |
% |
|
|
28.0 |
% |
|
|
n/m |
|
|
|
27.0 |
% |
|
|
28.9 |
% |
|
|
28.3 |
% |
|
|
29.1 |
% |
|
|
n/m |
|
|
|
26.4 |
% |
EBITDA interest coverage |
|
|
|
|
|
|
|
|
|
20.2 |
|
|
|
|
|
|
|
|
|
|
|
15.0 |
|
||||||||||||||||
|
For the Year Ended |
||||||||||||||||||||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
||||||||||||||||||||
Reported operating income (loss) |
$ |
259.3 |
|
|
$ |
288.9 |
|
|
$ |
169.3 |
|
|
$ |
(80.5 |
) |
|
$ |
637.0 |
|
|
$ |
235.0 |
|
|
$ |
206.4 |
|
|
$ |
144.2 |
|
|
$ |
(64.9 |
) |
|
$ |
520.7 |
|
- Other expense (income) - net |
|
6.1 |
|
|
|
0.5 |
|
|
|
1.2 |
|
|
|
8.4 |
|
|
|
16.2 |
|
|
|
(0.9 |
) |
|
|
— |
|
|
|
0.4 |
|
|
|
6.1 |
|
|
|
5.6 |
|
+ Depreciation and amortization |
|
30.5 |
|
|
|
56.7 |
|
|
|
15.3 |
|
|
|
0.5 |
|
|
|
103.0 |
|
|
|
25.9 |
|
|
|
41.8 |
|
|
|
15.2 |
|
|
|
0.6 |
|
|
|
83.5 |
|
EBITDA |
|
283.7 |
|
|
|
345.1 |
|
|
|
183.4 |
|
|
|
(88.4 |
) |
|
|
723.8 |
|
|
|
261.8 |
|
|
|
248.2 |
|
|
|
159.0 |
|
|
|
(70.4 |
) |
|
|
598.6 |
|
- Interest expense |
|
|
|
|
|
|
|
|
|
41.0 |
|
|
|
|
|
|
|
|
|
|
|
44.8 |
|
||||||||||||||||
- Provision for income taxes |
|
|
|
|
|
|
|
|
|
130.5 |
|
|
|
|
|
|
|
|
|
|
|
92.5 |
|
||||||||||||||||
- Depreciation and amortization |
|
|
|
|
|
|
|
|
|
103.0 |
|
|
|
|
|
|
|
|
|
|
|
83.5 |
|
||||||||||||||||
Reported net income |
|
|
|
|
|
|
|
|
$ |
449.3 |
|
|
|
|
|
|
|
|
|
|
$ |
377.8 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales (eliminations) |
$ |
998.7 |
|
|
$ |
1,121.8 |
|
|
$ |
647.9 |
|
|
$ |
(3.6 |
) |
|
$ |
2,764.8 |
|
|
$ |
896.3 |
|
|
$ |
896.0 |
|
|
$ |
562.9 |
|
|
$ |
(3.6 |
) |
|
$ |
2,351.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Reported operating margin |
|
26.0 |
% |
|
|
25.8 |
% |
|
|
26.1 |
% |
|
|
n/m |
|
|
|
23.0 |
% |
|
|
26.2 |
% |
|
|
23.0 |
% |
|
|
25.6 |
% |
|
|
n/m |
|
|
|
22.1 |
% |
EBITDA margin |
|
28.4 |
% |
|
|
30.8 |
% |
|
|
28.3 |
% |
|
|
n/m |
|
|
|
26.2 |
% |
|
|
29.2 |
% |
|
|
27.7 |
% |
|
|
28.3 |
% |
|
|
n/m |
|
|
|
25.5 |
% |
EBITDA interest coverage |
|
|
|
|
|
|
|
|
|
17.6 |
|
|
|
|
|
|
|
|
|
|
|
13.4 |
|
||||||||||||||||
Table 6: Reconciliations of EBITDA to Adjusted EBITDA (dollars in millions)
|
For the Quarter Ended |
||||||||||||||||||||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
||||||||||||||||||||
EBITDA(1) |
$ |
71.5 |
|
|
$ |
93.4 |
|
|
$ |
47.2 |
|
|
$ |
(19.3 |
) |
|
$ |
192.8 |
|
|
$ |
66.3 |
|
|
$ |
66.7 |
|
|
$ |
43.8 |
|
|
$ |
(14.6 |
) |
|
$ |
162.2 |
|
+ Restructuring expenses and asset impairments |
|
(0.3 |
) |
|
|
— |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
3.1 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
5.0 |
|
+ Termination of the |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
$ |
71.2 |
|
|
$ |
93.4 |
|
|
$ |
47.6 |
|
|
$ |
(19.8 |
) |
|
$ |
192.4 |
|
|
$ |
69.4 |
|
|
$ |
67.3 |
|
|
$ |
44.4 |
|
|
$ |
(13.9 |
) |
|
$ |
167.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Adjusted EBITDA margin |
|
28.2 |
% |
|
|
31.8 |
% |
|
|
28.2 |
% |
|
|
n/m |
|
|
|
26.9 |
% |
|
|
30.2 |
% |
|
|
28.5 |
% |
|
|
29.5 |
% |
|
|
n/m |
|
|
|
27.2 |
% |
Adjusted EBITDA interest coverage |
|
|
|
|
|
|
|
|
|
20.1 |
|
|
|
|
|
|
|
|
|
|
|
15.5 |
|
||||||||||||||||
|
For the Year Ended |
||||||||||||||||||||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
|
FMT |
|
HST |
|
FSDP |
|
Corporate |
|
IDEX |
||||||||||||||||||||
EBITDA(1) |
$ |
283.7 |
|
|
$ |
345.1 |
|
|
$ |
183.4 |
|
|
$ |
(88.4 |
) |
|
$ |
723.8 |
|
|
$ |
261.8 |
|
|
$ |
248.2 |
|
|
$ |
159.0 |
|
|
$ |
(70.4 |
) |
|
$ |
598.6 |
|
+ Restructuring expenses and asset impairments |
|
4.5 |
|
|
|
1.7 |
|
|
|
0.5 |
|
|
|
2.6 |
|
|
|
9.3 |
|
|
|
5.6 |
|
|
|
2.7 |
|
|
|
2.5 |
|
|
|
1.0 |
|
|
|
11.8 |
|
+ Fair value inventory step-up charges |
|
2.5 |
|
|
|
9.1 |
|
|
|
— |
|
|
|
— |
|
|
|
11.6 |
|
|
|
4.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.1 |
|
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.6 |
|
|
|
8.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.4 |
|
|
|
8.4 |
|
+ Termination of |
|
6.3 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
0.5 |
|
|
|
8.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.5 |
|
|
|
3.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
$ |
297.0 |
|
|
$ |
355.9 |
|
|
$ |
185.7 |
|
|
$ |
(73.2 |
) |
|
$ |
765.4 |
|
|
$ |
271.5 |
|
|
$ |
250.9 |
|
|
$ |
161.5 |
|
|
$ |
(61.0 |
) |
|
$ |
622.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Adjusted EBITDA margin |
|
29.7 |
% |
|
|
31.7 |
% |
|
|
28.7 |
% |
|
|
n/m |
|
|
|
27.7 |
% |
|
|
30.3 |
% |
|
|
28.0 |
% |
|
|
28.7 |
% |
|
|
n/m |
|
|
|
26.5 |
% |
Adjusted EBITDA interest coverage |
|
|
|
|
|
|
|
|
|
18.7 |
|
|
|
|
|
|
|
|
|
|
|
13.9 |
|||||||||||||||||
(1) |
EBITDA, a non-GAAP financial measure, is reconciled to net income, its most directly comparable GAAP financial measure, immediately above in Table 5. |
Table 7: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions)
|
For the Quarter Ended
|
|
For the Year Ended
|
||||||||
|
|
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Cash flow from operating activities |
$ |
163.1 |
|
$ |
161.4 |
|
$ |
565.3 |
|
$ |
569.3 |
- Capital expenditures |
|
27.2 |
|
|
12.2 |
|
|
72.7 |
|
|
51.6 |
Free cash flow |
$ |
135.9 |
|
$ |
149.2 |
|
$ |
492.6 |
|
$ |
517.7 |
Table 8: Reconciliation of Estimated 2022 EPS to Adjusted EPS Attributable to IDEX
|
|
Guidance |
||
|
|
First Quarter 2022 |
|
Full Year 2022 |
Estimated EPS attributable to IDEX |
|
|
|
|
+ Acquisition-related intangible asset amortization |
|
|
|
|
+ Tax impact on acquisition-related intangible asset amortization |
|
|
|
|
Estimated adjusted EPS attributable to IDEX |
|
|
|
|
Table 9: Recast Adjusted Net Income and Adjusted EPS Attributable to IDEX (in millions, except per share amounts)
As discussed herein, starting in 2022, IDEX will revise adjusted net income attributable to IDEX and adjusted EPS attributable to IDEX to exclude the impact of after-tax acquisition-related intangible asset amortization. We exclude after-tax acquisition-related intangible asset amortization because the amount and timing of such charges are impacted by the timing, size, number and nature of the acquisitions the Company consummates. To facilitate investor understanding and comparison, the Company is providing historical adjusted net income attributable to IDEX and adjusted EPS attributable to IDEX on this new basis.
|
2021 |
||||||||||||||||||
|
For the Quarter Ended |
|
For the Year
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported net income attributable to IDEX |
$ |
118.8 |
|
|
$ |
115.7 |
|
|
$ |
102.2 |
|
|
$ |
112.7 |
|
|
$ |
449.4 |
|
+ Restructuring expenses and asset impairments |
|
0.7 |
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
2.2 |
|
|
|
9.3 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(2.2 |
) |
+ Fair value inventory step-up charges |
|
— |
|
|
|
9.1 |
|
|
|
1.8 |
|
|
|
0.7 |
|
|
|
11.6 |
|
+ Tax impact on fair value inventory step-up charges |
|
— |
|
|
|
(2.0 |
) |
|
|
(0.5 |
) |
|
|
(0.2 |
) |
|
|
(2.7 |
) |
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
8.6 |
|
|
|
— |
|
|
|
8.6 |
|
+ Tax impact on loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
(1.8 |
) |
|
|
— |
|
|
|
(1.8 |
) |
+ Termination of the |
|
(1.1 |
) |
|
|
— |
|
|
|
9.7 |
|
|
|
— |
|
|
|
8.6 |
|
+ Tax impact on termination of the |
|
0.2 |
|
|
|
— |
|
|
|
(2.1 |
) |
|
|
— |
|
|
|
(1.9 |
) |
+ Corporate transaction indemnity |
|
— |
|
|
|
(0.4 |
) |
|
|
3.9 |
|
|
|
— |
|
|
|
3.5 |
|
+ Tax impact on Corporate transaction indemnity |
|
— |
|
|
|
0.1 |
|
|
|
(0.9 |
) |
|
|
— |
|
|
|
(0.8 |
) |
Adjusted net income attributable to IDEX - as reported |
|
118.5 |
|
|
|
125.0 |
|
|
|
123.2 |
|
|
|
114.9 |
|
|
|
481.6 |
|
+ Acquisition-related intangible asset amortization |
|
15.7 |
|
|
|
16.2 |
|
|
|
13.5 |
|
|
|
11.0 |
|
|
|
56.4 |
|
+ Tax impact on acquisition-related intangible asset amortization |
|
(3.6 |
) |
|
|
(3.7 |
) |
|
|
(3.1 |
) |
|
|
(2.5 |
) |
|
|
(12.9 |
) |
Adjusted net income attributable to IDEX - restated |
$ |
130.6 |
|
|
$ |
137.5 |
|
|
$ |
133.6 |
|
|
$ |
123.4 |
|
|
$ |
525.1 |
|
|
2021 |
||||||||||||||||||
|
For the Quarter Ended |
|
For the Year
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported diluted EPS attributable to IDEX |
$ |
1.55 |
|
|
$ |
1.51 |
|
|
$ |
1.34 |
|
|
$ |
1.48 |
|
|
$ |
5.88 |
|
+ Restructuring expenses and asset impairments |
|
0.01 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.12 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
+ Fair value inventory step-up charges |
|
— |
|
|
|
0.12 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.15 |
|
+ Tax impact on fair value inventory step-up charges |
|
— |
|
|
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.04 |
) |
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
|
|
0.11 |
|
+ Tax impact on loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.02 |
) |
+ Termination of the |
|
(0.01 |
) |
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
|
|
0.11 |
|
+ Tax impact on termination of the |
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.02 |
) |
+ Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.05 |
|
+ Tax impact on Corporate transaction indemnity |
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
Adjusted diluted EPS attributable to IDEX - as reported |
|
1.55 |
|
|
|
1.63 |
|
|
|
1.61 |
|
|
|
1.51 |
|
|
|
6.30 |
|
+ Acquisition-related intangible asset amortization |
|
0.21 |
|
|
|
0.21 |
|
|
|
0.18 |
|
|
|
0.14 |
|
|
|
0.74 |
|
+ Tax impact on acquisition-related intangible asset amortization |
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
(0.03 |
) |
|
|
(0.17 |
) |
Adjusted diluted EPS attributable to IDEX - restated |
$ |
1.71 |
|
|
$ |
1.79 |
|
|
$ |
1.75 |
|
|
$ |
1.62 |
|
|
$ |
6.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
76.5 |
|
|
|
76.5 |
|
|
|
76.4 |
|
|
|
76.3 |
|
|
|
76.4 |
|
|
2020 |
||||||||||||||||||
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported net income attributable to IDEX |
$ |
101.1 |
|
|
$ |
103.8 |
|
|
$ |
70.9 |
|
|
$ |
102.0 |
|
|
$ |
377.8 |
|
+ Restructuring expenses and asset impairments |
|
5.0 |
|
|
|
2.9 |
|
|
|
3.9 |
|
|
|
— |
|
|
|
11.8 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
(1.2 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
— |
|
|
|
(2.8 |
) |
+ Fair value inventory step-up charge |
|
— |
|
|
|
— |
|
|
|
4.1 |
|
|
|
— |
|
|
|
4.1 |
|
+ Tax impact on fair value inventory step-up charge |
|
— |
|
|
|
— |
|
|
|
(0.9 |
) |
|
|
— |
|
|
|
(0.9 |
) |
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
8.4 |
|
|
|
— |
|
|
|
8.4 |
|
+ Tax impact on loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
(1.9 |
) |
|
|
— |
|
|
|
(1.9 |
) |
Adjusted net income attributable to IDEX - as reported |
|
104.9 |
|
|
|
106.0 |
|
|
|
83.6 |
|
|
|
102.0 |
|
|
|
396.5 |
|
+ Acquisition-related intangible asset amortization |
|
10.7 |
|
|
|
11.1 |
|
|
|
10.5 |
|
|
|
9.5 |
|
|
|
41.8 |
|
+ Tax impact on acquisition-related intangible asset amortization |
|
(2.5 |
) |
|
|
(2.3 |
) |
|
|
(2.6 |
) |
|
|
(2.2 |
) |
|
|
(9.6 |
) |
Adjusted net income attributable to IDEX - restated |
$ |
113.1 |
|
|
$ |
114.8 |
|
|
$ |
91.5 |
|
|
$ |
109.3 |
|
|
$ |
428.7 |
|
|
2020 |
||||||||||||||||||
|
For the Quarter Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported diluted EPS attributable to IDEX |
$ |
1.32 |
|
|
$ |
1.37 |
|
|
$ |
0.93 |
|
|
$ |
1.33 |
|
|
$ |
4.94 |
|
+ Restructuring expenses and asset impairments |
|
0.06 |
|
|
|
0.04 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.15 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.03 |
) |
+ Fair value inventory step-up charge |
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.05 |
|
+ Tax impact on fair value inventory step-up charge |
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
+ Loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
|
|
0.11 |
|
+ Tax impact on loss on early debt redemption |
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.02 |
) |
Adjusted diluted EPS attributable to IDEX- as reported |
|
1.37 |
|
|
|
1.40 |
|
|
|
1.10 |
|
|
|
1.33 |
|
|
|
5.19 |
|
+ Acquisition-related intangible asset amortization |
|
0.14 |
|
|
|
0.14 |
|
|
|
0.14 |
|
|
|
0.13 |
|
|
|
0.55 |
|
+ Tax impact on acquisition-related intangible asset amortization |
|
(0.04 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.13 |
) |
Adjusted diluted EPS attributable to IDEX - restated |
$ |
1.47 |
|
|
$ |
1.51 |
|
|
$ |
1.21 |
|
|
$ |
1.43 |
|
|
$ |
5.61 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average shares outstanding |
|
76.4 |
|
|
|
76.0 |
|
|
|
75.9 |
|
|
|
76.5 |
|
|
|
76.4 |
|
|
For the Year Ended |
||||||||||||||||||||||||||||||||||
|
|
2019 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
2012 |
|
|
|
2011 |
|
Reported net income attributable to IDEX |
$ |
425.5 |
|
|
$ |
410.6 |
|
|
$ |
337.3 |
|
|
$ |
271.1 |
|
|
$ |
282.8 |
|
|
$ |
279.4 |
|
|
$ |
255.2 |
|
|
$ |
37.6 |
|
|
$ |
193.9 |
|
+ Restructuring expenses and asset impairments |
|
21.0 |
|
|
|
12.1 |
|
|
|
8.5 |
|
|
|
3.7 |
|
|
|
11.2 |
|
|
|
13.7 |
|
|
|
— |
|
|
|
231.0 |
|
|
|
12.3 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
(4.9 |
) |
|
|
(3.1 |
) |
|
|
(2.8 |
) |
|
|
(1.3 |
) |
|
|
(3.5 |
) |
|
|
(4.3 |
) |
|
|
— |
|
|
|
(44.5 |
) |
|
|
(3.6 |
) |
+ Fair value inventory step-up charge |
|
3.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15.8 |
|
+ Tax impact on fair value inventory step-up charge |
|
(0.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.6 |
) |
+ Loss (gain) on sale of businesses |
|
— |
|
|
|
— |
|
|
|
(9.3 |
) |
|
|
22.3 |
|
|
|
(18.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Tax impact on loss (gain) on sale of businesses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9.7 |
) |
|
|
4.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Pension settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Tax impact on pension settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted net income attributable to IDEX - as reported |
|
444.2 |
|
|
|
419.6 |
|
|
|
333.7 |
|
|
|
288.4 |
|
|
|
277.2 |
|
|
|
288.8 |
|
|
|
255.2 |
|
|
|
224.1 |
|
|
|
213.8 |
|
+ Acquisition-related intangible asset amortization |
|
37.3 |
|
|
|
38.5 |
|
|
|
45.9 |
|
|
|
49.0 |
|
|
|
42.4 |
|
|
|
43.2 |
|
|
|
44.3 |
|
|
|
41.5 |
|
|
|
35.5 |
|
+ Tax impact on acquisition-related intangible asset amortization |
|
(8.5 |
) |
|
|
(8.9 |
) |
|
|
(13.7 |
) |
|
|
(14.3 |
) |
|
|
(12.4 |
) |
|
|
(12.8 |
) |
|
|
(12.9 |
) |
|
|
(12.5 |
) |
|
|
(10.8 |
) |
Adjusted net income attributable to IDEX - restated |
$ |
473.0 |
|
|
$ |
449.2 |
|
|
$ |
365.9 |
|
|
$ |
323.1 |
|
|
$ |
307.2 |
|
|
$ |
319.2 |
|
|
$ |
286.6 |
|
|
$ |
253.1 |
|
|
$ |
238.5 |
|
|
For the Year Ended |
||||||||||||||||||||||||||||||||||
|
|
2019 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
2012 |
|
|
|
2011 |
|
Reported diluted EPS attributable to IDEX |
$ |
5.56 |
|
|
$ |
5.29 |
|
|
$ |
4.36 |
|
|
$ |
3.53 |
|
|
$ |
3.62 |
|
|
$ |
3.45 |
|
|
$ |
3.09 |
|
|
$ |
0.45 |
|
|
$ |
2.32 |
|
+ Restructuring expenses and asset impairments |
|
0.28 |
|
|
|
0.16 |
|
|
|
0.11 |
|
|
|
0.05 |
|
|
|
0.14 |
|
|
|
0.17 |
|
|
|
— |
|
|
|
2.76 |
|
|
|
0.15 |
|
+ Tax impact on restructuring expenses and asset impairments |
|
(0.07 |
) |
|
|
(0.04 |
) |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
|
|
— |
|
|
|
(0.53 |
) |
|
|
(0.05 |
) |
+ Fair value inventory step-up charge |
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.19 |
|
+ Tax impact on fair value inventory step-up charge |
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
+ Loss (gain) on sale of businesses |
|
— |
|
|
|
— |
|
|
|
(0.12 |
) |
|
|
0.29 |
|
|
|
(0.23 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Tax impact on loss (gain) on sale of businesses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.13 |
) |
|
|
0.06 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Pension settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
+ Tax impact on pension settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted diluted EPS attributable to IDEX - as reported |
|
5.80 |
|
|
|
5.41 |
|
|
|
4.31 |
|
|
|
3.75 |
|
|
|
3.55 |
|
|
|
3.57 |
|
|
|
3.09 |
|
|
|
2.68 |
|
|
|
2.56 |
|
+ Acquisition-related intangible asset amortization |
|
0.49 |
|
|
|
0.50 |
|
|
|
0.59 |
|
|
|
0.64 |
|
|
|
0.54 |
|
|
|
0.53 |
|
|
|
0.54 |
|
|
|
0.50 |
|
|
|
0.42 |
|
+ Tax impact on acquisition-related intangible asset amortization |
|
(0.11 |
) |
|
|
(0.12 |
) |
|
|
(0.17 |
) |
|
|
(0.19 |
) |
|
|
(0.16 |
) |
|
|
(0.16 |
) |
|
|
(0.16 |
) |
|
|
(0.15 |
) |
|
|
(0.13 |
) |
Adjusted diluted EPS attributable to IDEX - restated |
$ |
6.18 |
|
|
$ |
5.79 |
|
|
$ |
4.73 |
|
|
$ |
4.20 |
|
|
$ |
3.93 |
|
|
$ |
3.94 |
|
|
$ |
3.47 |
|
|
$ |
3.03 |
|
|
$ |
2.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted weighted average shares outstanding |
|
76.5 |
|
|
|
77.6 |
|
|
|
77.3 |
|
|
|
76.8 |
|
|
|
78.0 |
|
|
|
80.7 |
|
|
|
82.5 |
|
|
|
83.6 |
|
|
|
83.5 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220201006115/en/
Investor Contact:
Vice President and Chief Accounting Officer
(847) 498-7070
Source:
FAQ
What were IDEX Corporation's earnings per share for 2021?
What was the sales growth for IDEX Corporation in 2021?
What challenges does IDEX expect in 2022?
What is the acquisition announced by IDEX Corporation?
What is the adjusted EPS for IDEX Corporation in 2021?
