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)
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