Sign In  |  Register  |  About Corte Madera  |  Contact Us

Corte Madera, CA
September 01, 2020 10:27am
7-Day Forecast | Traffic
  • Search Hotels in Corte Madera

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ESAB Corporation Announces First Quarter 2023 Results

  • Sales grew 6% with core organic growth of 7%
  • Reported net income from continuing operations attributable to ESAB of $33 million and core adjusted EBITDA of $113 million, up 12% versus prior year first quarter
  • Issued inaugural sustainability report
  • Raised full year 2023 outlook 

ESAB Corporation (“ESAB” or the “Company”) (NYSE: ESAB), a world leader in connected fabrication technology and gas control solutions, today announced excellent financial results for the first quarter of 2023.

ESAB Corporation reported first quarter sales of $684 million, an increase of 6% on a reported basis or 7% higher core organic growth before acquisitions and currency translation impacts, as compared to the prior year quarter. ESAB also reported first quarter net income from continuing operations attributable to ESAB of $33 million or $0.54 diluted earnings per share and core adjusted net income of $63 million or $1.04 diluted earnings per share. Core adjusted EBITDA of $113 million rose 12% and margins expanded 80 basis points to 17.4%, both as compared to the prior year quarter.

"I am proud of our team and our great start in 2023,” said Shyam P. Kambeyanda, President and CEO, ESAB Corporation. “We continue to drive innovation, growth, margin expansion, and higher cash flow using ESAB Business Excellence (EBX). Our new product introductions coupled with our recent acquisitions are accelerating our strategy of reshaping ESAB. Following a strong first quarter and continued resilience in our end markets, we are raising our guidance for the full year.”

ESAB Raised Full Year 2023 Outlook

ESAB raised its full year 2023 outlook and expects core organic sales growth of 3.5% to 5.5%, total core sales growth of 4.0% to 6.0%, core adjusted EBITDA of $430 to $450 million, and core adjusted EPS of $3.85 to $4.05, up from our prior guidance of core organic sales growth of 3.0% to 5.0%, total core sales growth of 2.0% to 4.0%, core adjusted EBITDA of $420 to $440 million and core adjusted EPS of $3.80 to $4.00.

Conference Call and Webcast

The Company will hold a conference call to discuss its first quarter 2023 results beginning at 8:00 a.m. Eastern on Tuesday, May 2, 2023, which will be open to the public by calling +1-888-550-5302 (U.S. callers) and +1-646-960-0685 (International callers) and referencing the conference ID number 4669992 and through webcast via ESAB’s website www.ESABcorporation.com under the “Investors” section. Access to a supplemental slide presentation can also be found on ESAB's website under the same heading. Both the audio of this call and the slide presentation will be archived on the website later today and will be available until the next quarterly call. To view this press release and associated financials in a PDF format for 1Q 2023 press release - click here. The Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2023, filed May 2, 2023, is also available on ESAB’s website under the “Investors” section.

About ESAB Corporation

Founded in 1904, ESAB Corporation (NYSE: ESAB) is a world leader in connected fabrication technology and gas control solutions. Our rich history of innovative products and workflow solutions and our business system (EBX) allows us to realize out purpose of Shaping the world we imagine. ESAB Corporation is based in North Bethesda, Maryland and employs approximately 9,000 associates and serves customers in approximately 150 countries. To learn more, visit www.ESABcorporation.com.

Non-GAAP Financial Measures and Other Adjustments

ESAB 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”). ESAB presents some of these non-GAAP financial measures including and excluding Russia due to economic and political volatility caused by the war in Ukraine, which results in enhanced investor interest in this information. Core non-GAAP financial measures excludes Russia for the three months ended March 31, 2023, and April 1, 2022. These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations, Core adjusted net income from continuing operations, adjusted EBITDA (earnings before interest, taxes, Restructuring and other related charges, separation costs, acquisition-amortization and other related charges and depreciation and other amortization), Core adjusted EBITDA, organic sales growth, Core organic sales growth, adjusted free cash flow, and ratios based on the foregoing measures. ESAB also provides adjusted EBITDA and adjusted EBITDA margin on a segment basis, as well as Core adjusted EBITDA and Core adjusted EBITDA margin on a segment basis.

Adjusted net income from continuing operations represents Net income from continuing operations, excluding Restructuring and other related charges, acquisition-amortization and other related charges and separation costs. Adjusted net income, includes the tax effect of non-GAAP adjusting items at applicable tax rates. ESAB also presents adjusted net income margin from continuing operations, which is subject to the same adjustments as adjusted net income from continuing operations. Adjusted net income per diluted share from continuing operations is a calculation of adjusted net income from continuing operations over the weighted-average diluted shares outstanding. ESAB also presents Core adjusted net income from continuing operations and Core adjusted net income per share - diluted from continuing operations which are subject to the same adjustments as Adjusted net income from continuing operations and Adjusted net income per diluted share from continuing operations, further removing the impact of Russia for the three months March 31, 2023, and April 1, 2022.

Adjusted EBITDA, excludes from Net income from continuing operations, the effect of Income tax expense, Interest expense (income) and other, net, Restructuring and other related charges, separation costs, acquisition-amortization and other related charges and depreciation and other amortization. ESAB presents adjusted EBITDA margins, which are subject to the same adjustments as adjusted EBITDA. Further, ESAB presents these non-GAAP performance measures on a segment basis, which excludes the impact of Restructuring and other related charges, separation costs, acquisition-amortization and other related charges and depreciation and other amortization from operating income. ESAB also presents Core adjusted EBITDA and Core adjusted EBITDA margins which are subject to the same adjustments as Adjusted EBITDA and Adjusted EBITDA margins, respectively, further removing the impact of Russia for the three months ended March 31, 2023, and April 1, 2022.

ESAB presents organic sales growth which excludes the impact of acquisitions and foreign exchange rate fluctuations and presents core organic sales growth which further excludes the impact of the Russia business for three months ended March 31, 2023, and April 1, 2022 from core organic sales growth.

Adjusted free cash flow represents cash flows from operating activities excluding cash outflows related to the Company’s separation from Enovis Corporation and discontinued operations, less Purchases of property, plant and equipment net proceeds from sale of certain properties. Cash conversion represents Adjusted free cash flow divided by Adjusted net income from continuing operations.

These non-GAAP financial measures assist ESAB 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 unusual events or discrete restructuring plans and other initiatives that are fundamentally different from the ongoing productivity and core business of the Company.

ESAB 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.

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 the Company’s plans, goals, objectives, outlook, expectations, and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on the Company’s 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, including general risks and uncertainties such as market conditions, economic conditions, geopolitical events, changes in laws, regulations or accounting rules, fluctuations in interest rates, terrorism, wars or conflicts, major health concerns, natural disasters or other disruptions of expected business conditions. Factors that could cause the Company’s results to differ materially from current expectations include, but are not limited to, risks related to the war in Ukraine and escalating geopolitical tensions as a result of Russia’s invasion of Ukraine and the related impact on energy supplies and prices; macroeconomic conditions; supply chain disruptions; the impact of the COVID-19 global pandemic, including the rise, prevalence and severity of variants of the virus, actions by governments, businesses and individuals in response to the situation, such as the scope and duration of the outbreak, the nature and effectiveness of government actions and restrictive measures implemented in response; the impact on creditworthiness and financial viability of customers; risks relating to the Company’s separation from Enovis Corporation (the “Separation”), Enovis’ ability to satisfactorily complete steps necessary for the Separation and related transactions to be generally tax-free for U.S. federal income tax purposes, the ability to realize the anticipated benefits of the Separation, and the financial and operating performance of the Company following the Separation; other impacts on the Company’s business and ability to execute business continuity plans; and the other factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 7, 2023 (the “Form 10-K”), as well as other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. The Company disclaims any duty to update the information herein.

ESAB CORPORATION

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share data

(Unaudited)

 

 

Three Months Ended

 

 

March 31, 2023

 

April 1, 2022

 

 

 

 

 

 

Net sales

$

684,000

 

 

$

647,911

 

 

Cost of sales

 

436,611

 

 

 

423,580

 

 

Gross profit

 

247,389

 

 

 

224,331

 

 

Selling, general and administrative expense

 

147,282

 

 

 

135,413

 

 

Restructuring and other related charges

 

9,444

 

 

 

5,304

 

 

Operating income

 

90,663

 

 

 

83,614

 

 

Interest expense (income) and other, net

 

19,510

 

 

 

(556

)

 

Income from continuing operations before income taxes

 

71,153

 

 

 

84,170

 

 

Income tax expense

 

37,024

 

 

 

25,746

 

 

Net income from continuing operations

 

34,129

 

 

 

58,424

 

 

Loss from discontinued operations, net of taxes

 

(913

)

 

 

(2,021

)

 

Net income

 

33,216

 

 

 

56,403

 

 

Less: Income attributable to noncontrolling interest, net of taxes

 

1,313

 

 

 

966

 

 

Net income attributable to ESAB Corporation

$

31,903

 

 

$

55,437

 

 

Earnings (loss) per share – basic

 

 

 

 

Income from continuing operations

$

0.54

 

 

$

0.96

 

 

Loss on discontinued operations

$

(0.02

)

 

$

(0.03

)

 

Net income per share

$

0.52

 

 

$

0.93

 

 

Earnings (loss) per share – diluted

 

 

 

 

Income from continuing operations

$

0.54

 

 

$

0.96

 

 

Loss on discontinued operations

$

(0.02

)

 

$

(0.03

)

 

Net income per share – diluted

$

0.52

 

 

$

0.93

 

 

ESAB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Dollars in millions, except per share data

(Unaudited)

 

 

Three Months Ended

 

March 31, 2023

 

April 1, 2022

Adjusted Net Income and Adjusted Net Income Per Share

(Dollars in millions)(1)

Net income from continuing operations

 

34.1

 

 

 

58.4

 

Less: Income attributable to noncontrolling interest, net of taxes

 

1.3

 

 

 

1.0

 

Net income from continuing operations attributable to ESAB Corporation (GAAP)

 

32.8

 

 

 

57.4

 

Restructuring and other related charges – pretax(2)

 

9.4

 

 

 

5.3

 

Acquisition-amortization and other related charges – pretax(3)

 

9.3

 

 

 

7.7

 

Separation costs – pretax(4)

 

 

 

 

3.6

 

Tax effect on above items(5)

 

(4.2

)

 

 

(3.8

)

Discrete tax adjustments(6)

 

19.6

 

 

 

 

Adjusted net income from continuing operations (non-GAAP)

$

66.9

 

 

$

70.2

 

Adjusted net income from continuing operations attributable to Russia (non-GAAP)(7)

 

3.6

 

 

 

5.6

 

Core adjusted net income from continuing operations (non-GAAP)

$

63.3

 

 

$

64.6

 

Adjusted net income margin from continuing operations

 

9.8

%

 

 

10.8

%

Adjusted net income per share – diluted from continuing operations (non-GAAP)

$

1.10

 

 

$

1.17

 

Adjusted net income per share – diluted from continuing operations attributable to Russia (non-GAAP)(7)

$

0.06

 

 

$

0.09

 

Core adjusted net income per share – diluted from continuing operations (non-GAAP)

$

1.04

 

 

$

1.08

 

Net income per share – diluted from continuing operations (GAAP)

$

0.54

 

 

$

0.96

 

__________

(1)

Numbers may not sum due to rounding.

(2)

Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines.

(3)

Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.

(4)

Includes non-recurring professional fees and employee costs related to the planning and execution of the separation from Enovis.

(5)

This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the proceeding line items of the table. ESAB estimates the tax effect of each adjustment item by applying ESAB’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

(6)

Discrete tax adjustments for ESAB include the impact of net discrete tax expenses related to dividend withholding tax and the impact of unrecognized tax benefits due to adverse court ruling in a foreign jurisdiction.

(7)

Represents Russia contribution for the three months ended March 31, 2023, and April 1, 2022, respectively.

ESAB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Dollars in millions

(Unaudited)

 

 

Three Months Ended March 31, 2023

 

Americas

 

EMEA & APAC

 

Total

 

(Dollars in millions)(1)

Net income from continuing operations (GAAP)

 

 

 

 

$

34.1

 

Income tax expense

 

 

 

 

 

37.0

 

Interest expense (income) and other, net

 

 

 

 

 

19.5

 

Operating income (GAAP)

 

39.9

 

 

 

50.8

 

 

 

90.7

 

Adjusted to add (deduct)

 

 

 

 

 

Restructuring and other related charges(2)

 

0.9

 

 

 

8.5

 

 

 

9.4

 

Acquisition-amortization and other related charges(3)

 

5.3

 

 

 

4.0

 

 

 

9.3

 

Depreciation and other amortization

 

3.3

 

 

 

5.3

 

 

 

8.6

 

Adjusted EBITDA (non-GAAP)

$

49.4

 

 

$

68.6

 

 

$

118.0

 

Adjusted EBITDA attributable to Russia (non-GAAP)(4)

 

 

 

 

5.3

 

 

 

5.3

 

Core adjusted EBITDA (non-GAAP)

$

49.4

 

 

$

63.3

 

 

$

112.7

 

Adjusted EBITDA margin (non-GAAP)

 

17.0

%

 

 

17.5

%

 

 

17.2

%

Core adjusted EBITDA margin (non-GAAP)(5)

 

17.0

%

 

 

17.8

%

 

 

17.4

%

__________

(1)

Numbers may not sum due to rounding.

(2)

Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines.

(3)

Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.

(4)

Adjusted EBITDA relating to Russia for the three months ended March 31, 2023.

(5)

Net sales were $37.1 million relating to Russia for the three months ended March 31, 2023.

ESAB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Dollars in millions

(Unaudited)

 

 

Three months ended April, 1 2022

 

Americas

 

EMEA & APAC

 

Total

 

(Dollars in millions)

Net income from continuing operations (GAAP)

 

 

 

 

$

58.4

 

Income tax expense

 

 

 

 

 

25.7

 

Interest expense (income) and other, net

 

 

 

 

 

(0.5

)

Operating income (GAAP)

 

30.2

 

 

 

53.4

 

 

 

83.6

 

Adjusted to add (deduct):

 

 

 

 

 

Restructuring and other related charges(1)

 

3.6

 

 

 

1.7

 

 

 

5.3

 

Separation costs(2)(3)

 

2.3

 

 

 

1.3

 

 

 

3.6

 

Acquisition-amortization and other related charges(4)

 

4.1

 

 

 

3.6

 

 

 

7.7

 

Depreciation and other amortization

 

3.5

 

 

 

5.5

 

 

 

9.0

 

Other(5)

 

0.3

 

 

 

(0.2

)

 

 

0.1

 

Adjusted EBITDA (non-GAAP)

$

44.0

 

 

$

65.3

 

 

$

109.3

 

Adjusted EBITDA attributable to Russia (non-GAAP)(6)

 

 

 

 

8.4

 

 

 

8.4

 

Core adjusted EBITDA (non-GAAP)

$

44.0

 

 

$

56.9

 

 

$

100.9

 

Adjusted EBITDA margin (non-GAAP)

 

16.2

%

 

 

17.4

%

 

 

16.9

%

Core adjusted EBITDA margin (non-GAAP)(7)

 

16.2

%

 

 

17.0

%

 

 

16.6

%

__________

(1)

Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines.

 

(2)

Includes non-recurring charges and employee costs related to the planning and execution of the Separation from Enovis within the Selling, general and administrative expense line within the Consolidated and Combined Condensed Statements of Operations.

(3)

Amounts are allocated to the segments as a percentage of revenue as the costs or gain are not discrete to either segment.

(4)

Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.

(5)

Relates to the adjustment for certain items included within the Interest expense (income) and other, net line within the Consolidated and Combined Statements of Operations.

(6)

Adjusted EBITDA relating to Russia for the three months ended April 1, 2022.

(7)

Net sales were $40.9 million relating to Russia for the three months ended April 1, 2022.

ESAB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Change in Sales

Dollars in millions

(Unaudited)

 

 

Sales Growth

 

Americas

 

EMEA & APAC

 

Total ESAB

 

$

 

Change %

 

$

 

Change %

 

$

 

Change %

For the three months ended April 1, 2022

$

272.3

 

 

 

 

$

375.6

 

 

 

 

$

647.9

 

 

 

Components of Change:

 

 

 

 

 

 

 

 

 

 

 

Existing businesses (organic sales growth)(1)

 

12.2

 

 

4.5

%

 

 

18.3

 

 

4.9

%

 

 

30.5

 

 

4.7

%

Acquisitions(2)

 

13.0

 

 

4.8

%

 

 

6.3

 

 

1.7

%

 

 

19.3

 

 

3.0

%

Foreign Currency translation(3)

 

(5.9

)

 

(2.2

)%

 

 

(7.8

)

 

(2.1

)%

 

 

(13.7

)

 

(2.1

)%

Total sales growth

$

19.3

 

 

7.1

%

 

$

16.8

 

 

4.5

%

 

$

36.1

 

 

5.6

%

For the three months ended March 31, 2023

 

291.6

 

 

 

 

 

392.4

 

 

 

 

 

684.0

 

 

 

__________

(1)

Excludes the impact of acquisitions and foreign exchange rate fluctuations, thus providing a measure of change due to organic growth factors such as price, product mix and volume.

(2)

Represents the incremental sales in comparison to the portion of the prior period during which we did not own the business.

(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.

 

Core Sales Growth(4)

 

Americas

 

EMEA & APAC

 

ESAB

 

$

 

Change %

 

$

 

Change %

 

$

 

Change %

For the three months ended April 1, 2022

$

272.3

 

 

 

 

$

334.7

 

 

 

 

$

607.0

 

 

 

Components of Change:

 

 

 

 

 

 

 

 

 

 

 

Existing businesses (core organic sales growth)(1)

 

12.2

 

 

4.5

%

 

 

31.6

 

 

9.4

%

 

 

43.8

 

 

7.2

%

Acquisitions(2)

 

13.0

 

 

4.8

%

 

 

6.3

 

 

1.9

%

 

 

19.3

 

 

3.2

%

Foreign Currency translation(3)

 

(5.9

)

 

(2.2

)%

 

 

(17.3

)

 

(5.2

)%

 

 

(23.2

)

 

(3.8

)%

Total core sales growth

$

19.3

 

 

7.1

%

 

$

20.6

 

 

6.2

%

 

$

39.9

 

 

6.6

%

For the three months ended March 31, 2023

$

291.6

 

 

 

 

$

355.3

 

 

 

 

$

646.9

 

 

 

__________

(1)

Excludes the impact of acquisitions and foreign exchange rate fluctuations, thus providing a measure of change due to organic growth factors such as price, product mix and volume.

(2)

Represents the incremental sales in comparison to the portion of the prior period during which we did not own the business.

(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.

(4)

Represents sales excluding Russia for the three months ended March 31, 2023 and April 1, 2022, respectively.

ESAB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Adjusted Free Cash Flow

Dollars in millions

(Unaudited)

 

 

Three Months Ended

 

March 31, 2023

 

April 1, 2022

 

 

 

 

Net cash provided by operating activities (GAAP)

$

38.1

 

 

$

16.1

 

Purchases of property, plant and equipment (GAAP)

 

(7.7

)

 

 

(5.9

)

Proceeds from the sale of certain properties(1)

 

 

 

 

2.5

 

Payments related to the Separation(2)

 

4.4

 

 

 

5.0

 

Payments related to discontinued operations

 

5.3

 

 

 

4.6

 

Adjusted free cash flow (non-GAAP)

$

40.1

 

 

$

22.3

 

__________

(1)

Includes proceeds from the sale of certain properties related to restructuring efforts for which previous cash outlays were included in Net cash used in investing activities.

(2)

Separation payments relate to one-time non-recurring professional fees and employee costs incurred in the planning and execution of the Separation from Enovis.

ESAB CORPORATION

2023 Outlook

Dollars in millions

(Unaudited)

 

ESAB 2023 Outlook

 

 

Previous

Guidance

 

New

Guidance

2022 Core net sales

 

$

2,429.9

 

$

2,429.9

Organic growth

 

3%-5%

 

3.5%-5.5%

Acquisitions

 

2.5%

 

2.5%

Currency

 

(3.5)%

 

(2.0)%

2023 Core net sales growth range

 

2%-4%

 

4%-6%

 

 

 

 

 

 

 

2022 Core adjusted EBITDA

 

$

408.4

 

$

408.4

2023 Core adjusted EBITDA range

 

$

420-$ 440

 

$

430-$ 450

ESAB CORPORATION

CONSOLIDATED AND CONDENSED BALANCE SHEETS

Dollars in thousands

(Unaudited)

 

 

March 31,

2023

 

December 31,

2022

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

82,064

 

 

$

72,024

 

Trade receivables, less allowance for credit losses of $24,587 and $23,471

 

404,128

 

 

 

374,329

 

Inventories, net

 

448,342

 

 

 

416,829

 

Prepaid expenses

 

55,833

 

 

 

56,637

 

Other current assets

 

70,330

 

 

 

68,851

 

Total current assets

 

1,060,697

 

 

 

988,670

 

Property, plant and equipment, net

 

283,808

 

 

 

284,226

 

Goodwill

 

1,564,317

 

 

 

1,529,767

 

Intangible assets, net

 

518,365

 

 

 

517,167

 

Lease assets - right of use

 

97,306

 

 

 

92,033

 

Other assets

 

324,652

 

 

 

342,152

 

Total assets

$

3,849,145

 

 

$

3,754,015

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

355,333

 

 

$

316,265

 

Accrued liabilities

 

275,089

 

 

 

285,310

 

Total current liabilities

 

630,422

 

 

 

601,575

 

Long-term debt

 

1,216,872

 

 

 

1,218,643

 

Other liabilities

 

543,560

 

 

 

545,339

 

Total liabilities

 

2,390,854

 

 

 

2,365,557

 

Equity:

 

 

 

Common stock - $0.001 par value - Authorized 600,000,000, 60222263 and 60,094,725 shares outstanding as of March 31, 2022 and December 31, 2022, respectively

 

60

 

 

 

60

 

Additional paid-in capital

 

1,868,133

 

 

 

1,865,904

 

Retained earnings

 

188,101

 

 

 

159,231

 

Accumulated other comprehensive loss

 

(636,709

)

 

 

(674,988

)

Total ESAB Corporation equity

 

1,419,585

 

 

 

1,350,207

 

Noncontrolling interest

 

38,706

 

 

 

38,251

 

Total equity

 

1,458,291

 

 

 

1,388,458

 

Total liabilities and equity

$

3,849,145

 

 

$

3,754,015

 

ESAB CORPORATION

CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS

Dollars in thousands

(Unaudited)

 

 

Three Months Ended

 

March 31, 2023

 

April 1, 2022

 

 

 

 

Cash flows from operating activities:

 

 

 

Net income

$

33,216

 

 

$

56,403

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation, amortization, and other impairment charges

 

21,871

 

 

 

16,689

 

Stock-based compensation expense

 

2,994

 

 

 

1,728

 

Deferred income tax

 

2,290

 

 

 

3,509

 

Non-cash interest expense

 

299

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Trade receivables, net

 

(21,048

)

 

 

(29,833

)

Inventories, net

 

(21,611

)

 

 

(41,925

)

Accounts payable

 

28,480

 

 

 

11,975

 

Other operating assets and liabilities

 

(8,424

)

 

 

(2,457

)

Net cash provided by operating activities

 

38,067

 

 

 

16,089

 

Cash flows from investing activities:

 

 

 

Purchases of property, plant and equipment

 

(7,709

)

 

 

(5,903

)

Proceeds from sale of property, plant and equipment

 

681

 

 

 

2,746

 

Acquisition, net of cash received

 

(18,721

)

 

 

 

Net cash used in investing activities

 

(25,749

)

 

 

(3,157

)

Cash flows from financing activities:

 

 

 

Proceeds from borrowings on revolving credit facility

 

187,000

 

 

 

 

Repayments of borrowings on revolving credit facility and other

 

(189,765

)

 

 

(511

)

Payment of deferred consideration

 

 

 

 

(1,500

)

Payment of dividends

 

(3,033

)

 

 

 

Distributions to noncontrolling interest holders

 

(1,249

)

 

 

(941

)

Transfers from Former Parent, net

 

 

 

 

2,847

 

Net cash (used in) financing activities

 

(7,047

)

 

 

(105

)

Effect of foreign exchange rates on Cash and cash equivalents

 

4,769

 

 

 

2,595

 

Increase (decrease) in Cash and cash equivalents

 

10,040

 

 

 

15,422

 

Cash and cash equivalents, beginning of period

 

72,024

 

 

 

41,209

 

Cash and cash equivalents, end of period

$

82,064

 

 

$

56,631

 

 

"I am proud of our team and our great start in 2023,” said Shyam P. Kambeyanda, President and CEO, ESAB Corporation. “We continue to drive innovation, growth, margin expansion, and higher cash flow using ESAB Business Excellence (EBX)."

Contacts

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

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 CorteMadera.com & California Media Partners, LLC. All rights reserved.