(State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||
of incorporation) | File Number) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Date: | November 4, 2021 | Colfax Corporation | ||||||||||||
By: | /s/ Douglas J. Pitts | |||||||||||||
Name: | Douglas J. Pitts | |||||||||||||
Title: | Vice President | |||||||||||||
Controller and Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2021 | October 2, 2020 | October 1, 2021 | October 2, 2020 | ||||||||||||||||||||
Net sales | $ | 965,891 | $ | 805,931 | $ | 2,831,030 | $ | 2,242,647 | |||||||||||||||
Cost of sales | 561,020 | 461,811 | 1,636,098 | 1,309,227 | |||||||||||||||||||
Gross profit | 404,871 | 344,120 | 1,194,932 | 933,420 | |||||||||||||||||||
Selling, general and administrative expense | 334,424 | 278,060 | 977,711 | 805,984 | |||||||||||||||||||
Restructuring and other related charges | 6,457 | 4,129 | 15,983 | 23,589 | |||||||||||||||||||
Operating income | 63,990 | 61,931 | 201,238 | 103,847 | |||||||||||||||||||
Pension settlement gain | — | — | (11,208) | — | |||||||||||||||||||
Interest expense, net | 13,540 | 25,567 | 57,005 | 78,647 | |||||||||||||||||||
Debt extinguishment charges | — | — | 29,870 | — | |||||||||||||||||||
Income from continuing operations before income taxes | 50,450 | 36,364 | 125,571 | 25,200 | |||||||||||||||||||
Income tax expense | 22,349 | 19,528 | 38,421 | 2,638 | |||||||||||||||||||
Net income from continuing operations | 28,101 | 16,836 | 87,150 | 22,562 | |||||||||||||||||||
Loss from discontinued operations, net of taxes | (1,244) | (2,641) | (10,351) | (10,906) | |||||||||||||||||||
Net income | 26,857 | 14,195 | 76,799 | 11,656 | |||||||||||||||||||
Less: income attributable to noncontrolling interest, net of taxes | 1,009 | 789 | 3,235 | 2,243 | |||||||||||||||||||
Net income attributable to Colfax Corporation | $ | 25,848 | $ | 13,406 | $ | 73,564 | $ | 9,413 | |||||||||||||||
Net income (loss) per share - basic | |||||||||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.12 | $ | 0.56 | $ | 0.15 | |||||||||||||||
Discontinued operations | $ | (0.01) | $ | (0.02) | $ | (0.07) | $ | (0.08) | |||||||||||||||
Consolidated operations | $ | 0.16 | $ | 0.10 | $ | 0.49 | $ | 0.07 | |||||||||||||||
Net income (loss) per share - diluted | |||||||||||||||||||||||
Continuing operations | $ | 0.17 | $ | 0.12 | $ | 0.55 | $ | 0.15 | |||||||||||||||
Discontinued operations | $ | (0.01) | $ | (0.02) | $ | (0.07) | $ | (0.08) | |||||||||||||||
Consolidated operations | $ | 0.16 | $ | 0.10 | $ | 0.48 | $ | 0.07 | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2021 | October 2, 2020 | October 1, 2021 | October 2, 2020 | ||||||||||||||||||||
Adjusted Net Income and Adjusted Net Income Per Share | |||||||||||||||||||||||
Net income from continuing operations attributable to Colfax Corporation (1) (GAAP) | $ | 27.1 | $ | 16.0 | $ | 83.9 | $ | 20.3 | |||||||||||||||
Restructuring and other related charges - pretax (2) | 6.5 | 6.3 | 16.0 | 28.5 | |||||||||||||||||||
MDR and other costs - pretax (3) | 1.9 | 2.6 | 5.6 | 4.5 | |||||||||||||||||||
Debt extinguishment charges - pretax | — | — | 29.9 | — | |||||||||||||||||||
Acquisition-related amortization and other non-cash charges - pretax (4) | 41.3 | 36.2 | 118.8 | 108.1 | |||||||||||||||||||
Strategic transaction costs - pretax (5) | 17.9 | 0.6 | 27.3 | 3.2 | |||||||||||||||||||
Pension settlement gain - pretax | — | — | (11.2) | — | |||||||||||||||||||
Tax adjustment (6) | (8.1) | (5.2) | (34.0) | (41.5) | |||||||||||||||||||
Adjusted net income from continuing operations (non-GAAP) | $ | 86.5 | $ | 56.6 | $ | 236.3 | $ | 123.2 | |||||||||||||||
Adjusted net income margin from continuing operations | 9.0 | % | 7.0 | % | 8.3 | % | 5.5 | % | |||||||||||||||
Weighted-average shares outstanding - diluted (in millions) | 161.2 | 138.1 | 152.9 | 139.1 | |||||||||||||||||||
Adjusted net income per share - diluted from continuing operations (non-GAAP) | $ | 0.54 | $ | 0.41 | $ | 1.55 | $ | 0.89 | |||||||||||||||
Net income per share - diluted from continuing operations (GAAP) | $ | 0.17 | $ | 0.12 | $ | 0.55 | $ | 0.15 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2021 | October 2, 2020 | October 1, 2021 | October 2, 2020 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net income from continuing operations (GAAP) | $ | 28.1 | $ | 16.8 | $ | 87.2 | $ | 22.6 | |||||||||||||||
Income tax expense | 22.3 | 19.5 | 38.4 | 2.6 | |||||||||||||||||||
Pension settlement gain | — | — | (11.2) | — | |||||||||||||||||||
Interest expense, net | 13.5 | 25.6 | 57.0 | 78.6 | |||||||||||||||||||
Debt extinguishment charges | — | — | 29.9 | — | |||||||||||||||||||
Restructuring and other related charges(1) | 6.5 | 6.3 | 16.0 | 28.5 | |||||||||||||||||||
MDR and other costs(2) | 1.9 | 2.6 | 5.6 | 4.5 | |||||||||||||||||||
Strategic transaction costs(3) | 17.9 | 0.6 | 27.3 | 3.2 | |||||||||||||||||||
Acquisition-related amortization and other non-cash charges(4) | 41.3 | 36.2 | 118.8 | 108.1 | |||||||||||||||||||
Adjusted EBITA (non-GAAP) | $ | 131.6 | $ | 107.7 | $ | 368.9 | $ | 248.2 | |||||||||||||||
Net income margin from continuing operations (GAAP) | 2.9 | % | 2.1 | % | 3.1 | % | 1.0 | % | |||||||||||||||
Adjusted EBITA margin (non-GAAP) | 13.6 | % | 13.4 | % | 13.0 | % | 11.1 | % |
Net Sales | |||||||||||||||||||||||||||||||||||
Fabrication Technology | Medical Technology | Total Colfax | |||||||||||||||||||||||||||||||||
$ | Change % | $ | Change % | $ | Change % | ||||||||||||||||||||||||||||||
For the three months ended October 2, 2020 | $ | 491.5 | $ | 314.4 | $ | 805.9 | |||||||||||||||||||||||||||||
Components of Change: | |||||||||||||||||||||||||||||||||||
Existing businesses(1) | 111.5 | 22.7 | % | (1.3) | (0.4) | % | 110.2 | 13.7 | % | ||||||||||||||||||||||||||
Acquisitions(2) | 0.5 | 0.1 | % | 45.5 | 14.5 | % | 46.0 | 5.7 | % | ||||||||||||||||||||||||||
Foreign currency translation(3) | 2.5 | 0.5 | % | 1.4 | 0.4 | % | 3.9 | 0.5 | % | ||||||||||||||||||||||||||
114.5 | 23.3 | % | 45.5 | 14.5 | % | 160.0 | 19.9 | % | |||||||||||||||||||||||||||
For the three months ended October 1, 2021 | $ | 606.0 | $ | 359.9 | $ | 965.9 |
Net Sales | |||||||||||||||||||||||||||||||||||
Fabrication Technology | Medical Technology | Total Colfax | |||||||||||||||||||||||||||||||||
$ | Change % | $ | Change % | $ | Change % | ||||||||||||||||||||||||||||||
For the nine months ended October 2, 2020 | $ | 1,431.4 | $ | 811.2 | $ | 2,242.6 | |||||||||||||||||||||||||||||
Components of Change: | |||||||||||||||||||||||||||||||||||
Existing businesses(1) | 342.5 | 23.9 | % | 119.8 | 14.8 | % | 462.3 | 20.6 | % | ||||||||||||||||||||||||||
Acquisitions(2) | 1.6 | 0.1 | % | 82.4 | 10.2 | % | 84.0 | 3.7 | % | ||||||||||||||||||||||||||
Foreign currency translation(3) | 28.4 | 2.0 | % | 13.7 | 1.7 | % | 42.1 | 1.9 | % | ||||||||||||||||||||||||||
372.5 | 26.0 | % | 215.9 | 26.7 | % | 588.4 | 26.2 | % | |||||||||||||||||||||||||||
For the nine months ended October 1, 2021 | $ | 1,803.9 | $ | 1,027.1 | $ | 2,831.0 |
October 1, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 177,482 | $ | 97,068 | |||||||
Trade receivables, less allowance for credit losses of $34,677 and $37,666 | 603,214 | 517,006 | |||||||||
Inventories, net | 780,984 | 564,822 | |||||||||
Prepaid expenses | 85,540 | 69,515 | |||||||||
Other current assets | 78,467 | 113,418 | |||||||||
Total current assets | 1,725,687 | 1,361,829 | |||||||||
Property, plant and equipment, net | 510,828 | 486,960 | |||||||||
Goodwill | 3,497,355 | 3,314,541 | |||||||||
Intangible assets, net | 1,726,955 | 1,663,446 | |||||||||
Lease asset - right of use | 159,118 | 173,942 | |||||||||
Other assets | 352,368 | 350,831 | |||||||||
Total assets | $ | 7,972,311 | $ | 7,351,549 | |||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Current portion of long-term debt | $ | 14,340 | $ | 27,074 | |||||||
Accounts payable | 472,499 | 330,251 | |||||||||
Accrued liabilities | 488,632 | 454,333 | |||||||||
Total current liabilities | 975,471 | 811,658 | |||||||||
Long-term debt, less current portion | 1,611,690 | 2,204,169 | |||||||||
Non-current lease liability | 127,259 | 139,230 | |||||||||
Other liabilities | 627,367 | 608,618 | |||||||||
Total liabilities | 3,341,787 | 3,763,675 | |||||||||
Equity: | |||||||||||
Common stock, $0.001 par value; 400,000,000 shares authorized; 154,781,842 and 118,496,687 shares issued and outstanding as of October 1, 2021 and December 31, 2020, respectively | 155 | 118 | |||||||||
Additional paid-in capital | 4,528,097 | 3,478,008 | |||||||||
Retained earnings | 590,931 | 517,367 | |||||||||
Accumulated other comprehensive loss | (532,642) | (452,106) | |||||||||
Total Colfax Corporation equity | 4,586,541 | 3,543,387 | |||||||||
Noncontrolling interest | 43,983 | 44,487 | |||||||||
Total equity | 4,630,524 | 3,587,874 | |||||||||
Total liabilities and equity | $ | 7,972,311 | $ | 7,351,549 |
Nine Months Ended | |||||||||||
October 1, 2021 | October 2, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 76,799 | $ | 11,656 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and other impairment charges | 197,641 | 181,114 | |||||||||
Stock-based compensation expense | 26,235 | 21,642 | |||||||||
Non-cash interest expense | 3,757 | 4,253 | |||||||||
Deferred income tax benefit | (5,904) | (30,946) | |||||||||
(Gain) loss on sale of property, plant and equipment | (1,483) | 523 | |||||||||
Loss on debt extinguishment | 29,870 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade receivables, net | (70,407) | 44,592 | |||||||||
Inventories, net | (130,348) | 28,556 | |||||||||
Accounts payable | 143,694 | (42,869) | |||||||||
Other operating assets and liabilities | (9,971) | (45,388) | |||||||||
Net cash provided by operating activities | 259,883 | 173,133 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (73,595) | (81,583) | |||||||||
Proceeds from sale of property, plant and equipment | 2,908 | 4,929 | |||||||||
Acquisitions, net of cash received, and investments | (222,961) | (7,477) | |||||||||
Net cash used in investing activities | (293,648) | (84,131) | |||||||||
Cash flows from financing activities: | |||||||||||
Payments under term credit facility | — | (40,000) | |||||||||
Proceeds from borrowings on revolving credit facilities and other | 515,696 | 794,678 | |||||||||
Repayments of borrowings on revolving credit facilities and other | (409,961) | (866,215) | |||||||||
Repayments of borrowings on senior notes | (700,000) | — | |||||||||
Payment of debt issuance costs | — | (4,560) | |||||||||
Proceeds from issuance of common stock, net | 738,177 | 2,930 | |||||||||
Payment of debt extinguishment costs | (24,375) | — | |||||||||
Deferred consideration payments and other | (7,700) | (12,411) | |||||||||
Net cash provided by (used in) financing activities | 111,837 | (125,578) | |||||||||
Effect of foreign exchange rates on Cash and cash equivalents and Restricted cash | (1,659) | (6,633) | |||||||||
Increase (decrease) in Cash and cash equivalents and Restricted cash | 76,413 | (43,209) | |||||||||
Cash and cash equivalents and Restricted Cash, beginning of period | 101,069 | 109,632 | |||||||||
Cash and cash equivalents, end of period | $ | 177,482 | $ | 66,423 | |||||||
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