Long-term debt                       1,080,182            1,018,057 
    Other liabilities                      489,556              542,833 
                                   ---------------       -------------- 
Total liabilities                        2,206,809            2,180,972 
                                   ---------------       -------------- 
Equity: 
    Common stock - $0.001 par 
     value - Authorized 
     600,000,000, 60,442,246 
     and 60,295,634 shares 
     outstanding as of 
     September 27, 2024 and 
     December 31, 2023, 
     respectively                               60                   60 
    Additional paid-in 
     capital                             1,893,665            1,881,054 
    Retained earnings                      548,300              350,557 
    Accumulated other 
     comprehensive loss                   (604,900)            (624,272) 
                                   ---------------       -------------- 
Total ESAB Corporation equity            1,837,125            1,607,399 
Noncontrolling interest                     40,600               40,258 
                                   ---------------       -------------- 
Total equity                             1,877,725            1,647,657 
                                   ---------------       -------------- 
Total liabilities and equity    $        4,084,534    $       3,828,629 
                                   ===============       ============== 
 
 
 
 
                             ESAB CORPORATION 
           CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS 
                           Dollars in thousands 
                               (Unaudited) 
 
                                           Nine Months Ended 
                              -------------------------------------------- 
                               September 27, 2024     September 29, 2023 
                              --------------------  ---------------------- 
 
Cash flows from operating 
activities: 
Net income                     $          215,796    $          159,552 
  Adjustments to reconcile 
  net income to net cash 
  provided by operating 
  activities: 
    Depreciation, 
     amortization and other 
     impairment charges                    50,028                57,090 
    Stock-based compensation 
     expense                               14,473                11,150 
    Deferred income tax                     2,394                   756 
    Non-cash interest 
     expense                                2,259                   896 
    Pension settlement loss                12,155                    -- 
    Changes in operating 
    assets and liabilities: 
        Trade receivables, 
         net                              (39,075)              (15,170) 
        Inventories, net                  (31,651)              (16,212) 
        Accounts payable                   16,895               (17,746) 
        Other operating 
         assets and 
         liabilities                      (14,751)               27,783 
                                  ---------------       --------------- 
Net cash provided by 
 operating activities                     228,523               208,099 
                                  ---------------       --------------- 
Cash flows from investing 
activities: 
    Purchases of property, 
     plant and equipment                  (27,071)              (28,865) 
    Proceeds from sale of 
     property, plant and 
     equipment                              3,452                 5,171 
    Acquisitions, net of 
     cash received                        (86,537)              (18,665) 
    Other investing                        (4,058)                   -- 
                                  ---------------       --------------- 
Net cash used in investing 
 activities                              (114,214)              (42,359) 
                                  ---------------       --------------- 
Cash flows from financing 
activities: 
    Proceeds from borrowings 
    on Senior Notes                       700,000                    -- 
    Proceeds from borrowings 
     on revolving credit 
     facilities and other                 205,000               454,671 
    Repayments of borrowings 
     on Term Loans                       (597,500)               (6,250) 
    Repayments of borrowings 
     on revolving credit 
     facilities and other                (236,623)             (578,623) 
    Payment of debt issuance 
     costs and other                      (15,522)                   -- 
    Payment of dividends                  (12,135)               (9,702) 
    Distributions to 
     noncontrolling interest 
     holders                               (2,644)               (2,279) 
                                  ---------------       --------------- 
Net cash provided by (used 
 in) financing activities                  40,576              (142,183) 
                                  ---------------       --------------- 
Effect of foreign exchange 
 rates on Cash and cash 
 equivalents                               (3,218)              (12,748) 
                                  ---------------       --------------- 
Increase in Cash and cash 
 equivalents                              151,667                10,809 
Cash and cash equivalents, 
 beginning of period                      102,003                72,024 
                                  ---------------       --------------- 
Cash and cash equivalents, 
 end of period                 $          253,670    $           82,833 
                                  ===============       =============== 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241029328363/en/

 
    CONTACT:    Investor Relations Contact: 

Mark Barbalato

Vice President, Investor Relations

E-mail: investorrelations@esab.com

Phone: 1-301-323-9098

Media Contact:

Tilea Coleman

Vice President, Corporate Communications

E-mail: mediarelations@esab.com

Phone: 1-301-323-9092

(END) Dow Jones Newswires

October 29, 2024 06:30 ET (10:30 GMT)