(State or Other Jurisdiction of | (Commission File Number) | (IRS Employer | ||||||||||||
Incorporation) | Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
GATES INDUSTRIAL CORPORATION PLC (Registrant) | ||||||||||||||
By: | /s/ L. Brooks Mallard | |||||||||||||
Name: | L. Brooks Mallard | |||||||||||||
Title: | Chief Financial Officer |
Gates Industrial Reports Third-Quarter 2022 Results |
For the three months ended | |||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | % Change | % Core Change | |||||||||||||||||||
Net sales | $522.5 | $549.4 | (4.9%) | 5.0% | |||||||||||||||||||
Adjusted EBITDA | $101.9 | $123.2 | (17.3%) | ||||||||||||||||||||
Adjusted EBITDA margin | 19.5% | 22.4% | (290 bps) |
For the nine months ended | |||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | % Change | % Core Change | |||||||||||||||||||
Net sales | $1,621.1 | $1,697.5 | (4.5%) | 1.7% | |||||||||||||||||||
Adjusted EBITDA | $302.1 | $405.5 | (25.5%) | ||||||||||||||||||||
Adjusted EBITDA margin | 18.6% | 23.9% | (530 bps) |
For the three months ended | |||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | % Change | % Core Change | |||||||||||||||||||
Net sales | $338.2 | $313.0 | 8.1% | 12.1% | |||||||||||||||||||
Adjusted EBITDA | $75.8 | $60.7 | 24.9% | ||||||||||||||||||||
Adjusted EBITDA margin | 22.4% | 19.4% | 300 bps |
For the nine months ended | |||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | % Change | % Core Change | |||||||||||||||||||
Net sales | $1,039.8 | $961.3 | 8.2% | 10.9% | |||||||||||||||||||
Adjusted EBITDA | $212.5 | $190.7 | 11.4% | ||||||||||||||||||||
Adjusted EBITDA margin | 20.4% | 19.8% | 60 bps | ||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(USD in millions, except per share amounts) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | |||||||||||||||||||
Net sales | $ | 860.7 | $ | 862.4 | $ | 2,660.9 | $ | 2,658.8 | |||||||||||||||
Cost of sales | 551.2 | 521.7 | 1,720.3 | 1,605.9 | |||||||||||||||||||
Gross profit | 309.5 | 340.7 | 940.6 | 1,052.9 | |||||||||||||||||||
Selling, general and administrative expenses | 199.7 | 217.4 | 644.0 | 643.2 | |||||||||||||||||||
Transaction-related expenses | 0.7 | 0.2 | 2.0 | 2.8 | |||||||||||||||||||
Asset impairments | 0.5 | — | 1.1 | — | |||||||||||||||||||
Restructuring expenses | 4.7 | 1.9 | 8.4 | 8.5 | |||||||||||||||||||
Other operating expenses (income) | 0.1 | (9.3) | 0.2 | (9.8) | |||||||||||||||||||
Operating income from continuing operations | 103.8 | 130.5 | 284.9 | 408.2 | |||||||||||||||||||
Interest expense | 33.3 | 33.1 | 98.9 | 100.8 | |||||||||||||||||||
Other expenses (income) | 3.1 | 1.9 | 11.8 | (0.5) | |||||||||||||||||||
Income from continuing operations before taxes | 67.4 | 95.5 | 174.2 | 307.9 | |||||||||||||||||||
Income tax expense | 11.4 | 17.3 | 21.5 | 47.8 | |||||||||||||||||||
Net income from continuing operations | 56.0 | 78.2 | 152.7 | 260.1 | |||||||||||||||||||
Loss (gain) on disposal of discontinued operations | — | 0.2 | 0.3 | (0.1) | |||||||||||||||||||
Net income | 56.0 | 78.0 | 152.4 | 260.2 | |||||||||||||||||||
Less: non-controlling interests | 4.1 | 7.8 | 16.5 | 25.8 | |||||||||||||||||||
Net income attributable to shareholders | $ | 51.9 | $ | 70.2 | $ | 135.9 | $ | 234.4 | |||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Earnings per share from continuing operations | $ | 0.18 | $ | 0.24 | $ | 0.48 | $ | 0.80 | |||||||||||||||
Earnings per share from discontinued operations | — | — | — | — | |||||||||||||||||||
Earnings per share | $ | 0.18 | $ | 0.24 | $ | 0.48 | $ | 0.80 | |||||||||||||||
Diluted | |||||||||||||||||||||||
Earnings per share from continuing operations | $ | 0.18 | $ | 0.23 | $ | 0.47 | $ | 0.79 | |||||||||||||||
Earnings per share from discontinued operations | — | — | — | — | |||||||||||||||||||
Earnings per share | $ | 0.18 | $ | 0.23 | $ | 0.47 | $ | 0.79 |
(USD in millions, except share numbers and per share amounts) | As of October 1, 2022 | As of January 1, 2022 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 395.3 | $ | 658.2 | |||||||
Trade accounts receivable, net | 805.4 | 708.1 | |||||||||
Inventories | 686.6 | 682.6 | |||||||||
Taxes receivable | 62.8 | 19.1 | |||||||||
Prepaid expenses and other assets | 266.8 | 210.7 | |||||||||
Total current assets | 2,216.9 | 2,278.7 | |||||||||
Non-current assets | |||||||||||
Property, plant and equipment, net | 618.2 | 670.3 | |||||||||
Goodwill | 1,905.3 | 2,063.0 | |||||||||
Pension surplus | 64.4 | 75.5 | |||||||||
Intangible assets, net | 1,491.6 | 1,642.2 | |||||||||
Right-of-use assets | 130.2 | 124.2 | |||||||||
Taxes receivable | 14.7 | 15.7 | |||||||||
Deferred income taxes | 531.2 | 639.3 | |||||||||
Other non-current assets | 66.2 | 24.1 | |||||||||
Total assets | $ | 7,038.7 | $ | 7,533.0 | |||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Debt, current portion | $ | 28.2 | $ | 38.1 | |||||||
Trade accounts payable | 453.2 | 506.6 | |||||||||
Taxes payable | 47.9 | 34.1 | |||||||||
Accrued expenses and other current liabilities | 217.4 | 277.1 | |||||||||
Total current liabilities | 746.7 | 855.9 | |||||||||
Non-current liabilities | |||||||||||
Debt, less current portion | 2,467.1 | 2,526.5 | |||||||||
Post-retirement benefit obligations | 91.3 | 106.2 | |||||||||
Lease liabilities | 122.6 | 116.4 | |||||||||
Taxes payable | 105.9 | 103.7 | |||||||||
Deferred income taxes | 210.5 | 283.7 | |||||||||
Other non-current liabilities | 51.1 | 59.2 | |||||||||
Total liabilities | 3,795.2 | 4,051.6 | |||||||||
Shareholders’ equity | |||||||||||
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 282,440,724 (January 1, 2022: authorized shares: 3,000,000,000; outstanding shares: 291,282,137) | 2.8 | 2.9 | |||||||||
—Additional paid-in capital | 2,533.0 | 2,484.1 | |||||||||
—Accumulated other comprehensive loss | (997.8) | (825.2) | |||||||||
—Retained earnings | 1,398.0 | 1,437.9 | |||||||||
Total shareholders’ equity | 2,936.0 | 3,099.7 | |||||||||
Non-controlling interests | 307.5 | 381.7 | |||||||||
Total equity | 3,243.5 | 3,481.4 | |||||||||
Total liabilities and equity | $ | 7,038.7 | $ | 7,533.0 |
Nine months ended | |||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 152.4 | $ | 260.2 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 164.1 | 167.4 | |||||||||
Foreign exchange and other non-cash financing expenses | 31.0 | 23.7 | |||||||||
Share-based compensation expense | 34.8 | 18.5 | |||||||||
Decrease in post-employment benefit obligations, net | (11.5) | (11.9) | |||||||||
Deferred income taxes | (53.2) | (46.0) | |||||||||
Asset impairments | 1.4 | 0.1 | |||||||||
Other operating activities | 4.7 | 5.6 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
—Increase in accounts receivable | (147.2) | (123.9) | |||||||||
—Increase in inventories | (50.8) | (154.8) | |||||||||
—(Decrease) increase in accounts payable | (17.3) | 49.8 | |||||||||
—Increase in prepaid expenses and other assets | (15.6) | (18.3) | |||||||||
—(Decrease) increase in taxes payable | (23.0) | 35.1 | |||||||||
—(Decrease) increase in other liabilities | (51.0) | 8.0 | |||||||||
Net cash provided by operating activities | 18.8 | 213.5 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property, plant and equipment | (59.0) | (56.4) | |||||||||
Purchases of intangible assets | (6.7) | (7.6) | |||||||||
Cash paid under corporate-owned life insurance policies | (11.6) | (11.2) | |||||||||
Cash received under corporate-owned life insurance policies | 4.6 | 2.4 | |||||||||
Other investing activities | 1.2 | 2.2 | |||||||||
Net cash used in investing activities | (71.5) | (70.6) | |||||||||
Cash flows from financing activities | |||||||||||
Issuance of shares | 15.1 | 4.3 | |||||||||
Buy-back of shares | (175.8) | — | |||||||||
Proceeds from long-term debt | 70.0 | — | |||||||||
Payments of long-term debt | (45.5) | (85.7) | |||||||||
Debt issuance costs paid | (0.3) | (8.6) | |||||||||
Dividends paid to non-controlling interests | (28.7) | (13.5) | |||||||||
Other financing activities | (11.8) | (10.5) | |||||||||
Net cash used in financing activities | (177.0) | (114.0) | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (32.8) | (9.7) | |||||||||
Net (decrease) increase in cash and cash equivalents | (262.5) | 19.2 | |||||||||
Cash and cash equivalents and restricted cash at the beginning of the period | 660.9 | 524.1 | |||||||||
Cash and cash equivalents and restricted cash at the end of the period | $ | 398.4 | $ | 543.3 | |||||||
Supplemental schedule of cash flow information | |||||||||||
Interest paid | $ | 95.2 | $ | 100.7 | |||||||
Income taxes paid | $ | 97.7 | $ | 58.7 | |||||||
Accrued capital expenditures | $ | 1.9 | $ | 0.5 | |||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | |||||||||||||||||||
Net income from continuing operations | $ | 56.0 | $ | 78.2 | $ | 152.7 | $ | 260.1 | |||||||||||||||
Adjusted for: | |||||||||||||||||||||||
Income tax expense | 11.4 | 17.3 | 21.5 | 47.8 | |||||||||||||||||||
Net interest and other expenses | 36.4 | 35.0 | 110.7 | 100.3 | |||||||||||||||||||
Depreciation and amortization | 53.2 | 54.7 | 164.1 | 167.4 | |||||||||||||||||||
Transaction-related expenses (1) | 0.7 | 0.2 | 2.0 | 2.8 | |||||||||||||||||||
Asset impairments | 0.5 | — | 1.1 | — | |||||||||||||||||||
Restructuring expenses (2) | 4.7 | 1.9 | 8.4 | 8.5 | |||||||||||||||||||
Share-based compensation expense | 7.2 | 5.7 | 34.8 | 18.5 | |||||||||||||||||||
Inventory impairments and adjustments (3) (included in cost of sales) | 7.5 | — | 18.7 | 0.1 | |||||||||||||||||||
Severance expenses (included in SG&A) | — | 0.2 | 0.4 | 0.5 | |||||||||||||||||||
Other items not directly related to current operations | 0.1 | (9.3) | 0.2 | (9.8) | |||||||||||||||||||
Adjusted EBITDA | $ | 177.7 | $ | 183.9 | $ | 514.6 | $ | 596.2 | |||||||||||||||
Net Sales | $ | 860.7 | $ | 862.4 | $ | 2,660.9 | $ | 2,658.8 | |||||||||||||||
Adjusted EBITDA Margin | 20.6 | % | 21.3 | % | 19.3 | % | 22.4 | % |
(1) | Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. | ||||
(2) | Restructuring expenses represent items qualifying for recognition as such under U.S. GAAP and include costs related to the closure of lines of business, facility closures and consolidations, fundamental organizational rationalizations and non-recurring employee severance related to such actions. | ||||
(3) | Inventory impairments and adjustments include the reversal of the adjustment to remeasure certain inventories on a Last-in First-out (“LIFO”) basis. The recent inflationary environment has caused LIFO values to drop below First-in, First-out (“FIFO”) values because LIFO measurement results in the more recent inflated costs being matched against current sales while historical, lower costs are retained in inventories. | ||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(USD in millions, except share numbers and per share amounts) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | |||||||||||||||||||
Net income attributable to shareholders | $ | 51.9 | $ | 70.2 | $ | 135.9 | $ | 234.4 | |||||||||||||||
Adjusted for: | |||||||||||||||||||||||
Loss (gain) on disposal of discontinued operations | — | 0.2 | 0.3 | (0.1) | |||||||||||||||||||
Amortization of intangible assets arising from the 2014 acquisition of Gates | 28.4 | 29.9 | 87.1 | 90.5 | |||||||||||||||||||
Transaction-related expenses (1) | 0.7 | 0.2 | 2.0 | 2.8 | |||||||||||||||||||
Asset impairments | 0.5 | — | 1.1 | — | |||||||||||||||||||
Restructuring expenses (2) | 4.7 | 1.9 | 8.4 | 8.5 | |||||||||||||||||||
Share-based compensation expense | 7.2 | 5.7 | 34.8 | 18.5 | |||||||||||||||||||
Inventory impairments and adjustments (3) (included in cost of sales) | 7.5 | — | 18.7 | 0.1 | |||||||||||||||||||
Adjustments relating to post-retirement benefits | (1.6) | (1.2) | (4.8) | (3.5) | |||||||||||||||||||
Financing and other FX related losses | 4.0 | 3.6 | 16.1 | 5.1 | |||||||||||||||||||
Other adjustments | (2.2) | (11.6) | (5.9) | (16.8) | |||||||||||||||||||
Estimated tax effect of the above adjustments | (11.7) | (6.9) | (35.9) | (24.1) | |||||||||||||||||||
Adjusted Net Income | $ | 89.4 | $ | 92.0 | $ | 257.8 | $ | 315.4 | |||||||||||||||
Diluted weighted-average number of shares outstanding | 285,174,344 | 299,683,289 | 288,359,685 | 297,200,083 | |||||||||||||||||||
Adjusted Net Income per diluted share | $ | 0.31 | $ | 0.31 | $ | 0.89 | $ | 1.06 |
(1) | Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. | ||||
(2) | Restructuring expenses represent items qualifying for recognition as such under U.S. GAAP and include costs related to the closure of lines of business, facility closures and consolidations, fundamental organizational rationalizations and non-recurring employee severance related to such actions. | ||||
(3) | Inventory impairments and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis. The recent inflationary environment has caused LIFO values to drop below FIFO values because LIFO measurement results in the more recent inflated costs being matched against current sales while historical, lower costs are retained in inventories. | ||||
Three months ended October 1, 2022 | |||||||||||||||||
(USD in millions) | Power Transmission | Fluid Power | Total | ||||||||||||||
Net sales for the three months ended October 1, 2022 (1) | $ | 522.5 | $ | 338.2 | $ | 860.7 | |||||||||||
Impact on net sales of movements in currency rates | 54.3 | 12.6 | 66.9 | ||||||||||||||
Core revenue for the three months ended October 1, 2022 | $ | 576.8 | $ | 350.8 | $ | 927.6 | |||||||||||
Net sales for the three months ended October 2, 2021 | 549.4 | 313.0 | 862.4 | ||||||||||||||
Increase in net sales on a core basis (core revenue) | $ | 27.4 | $ | 37.8 | $ | 65.2 | |||||||||||
Core revenue growth | 5.0 | % | 12.1 | % | 7.6 | % |
Nine months ended October 1, 2022 | |||||||||||||||||
(USD in millions) | Power Transmission | Fluid Power | Total | ||||||||||||||
Net sales for the year ended October 1, 2022 | $ | 1,621.1 | $ | 1,039.8 | $ | 2,660.9 | |||||||||||
Impact on net sales of movements in currency rates | 105.9 | 26.4 | 132.3 | ||||||||||||||
Core revenue for the year ended October 1, 2022 | $ | 1,727.0 | $ | 1,066.2 | $ | 2,793.2 | |||||||||||
Net sales for the year ended October 2, 2021 | 1,697.5 | 961.3 | 2,658.8 | ||||||||||||||
Increase in net sales on a core basis (core revenue) | $ | 29.5 | $ | 104.9 | $ | 134.4 | |||||||||||
Core revenue growth | 1.7 | % | 10.9 | % | 5.1 | % |
(1) | Throughout this document the terms "net sales" and "revenue" are used interchangeably in reference to the GAAP measure "net sales." |
Nine months ended | Twelve months ended | ||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | |||||||||||||||||||
Net cash provided by operating activities | $ | 18.8 | $ | 213.5 | $ | 187.7 | $ | 395.0 | |||||||||||||||
Capital expenditures (1) | (65.7) | (64.0) | (88.7) | (85.8) | |||||||||||||||||||
Free Cash Flow | $ | (46.9) | $ | 149.5 | $ | 99.0 | $ | 309.2 |
(1) | Capital expenditures represent purchases of property, plant and equipment and purchases of intangible assets. |
Twelve months ended | |||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | |||||||||
Free Cash Flow | $ | 99.0 | $ | 309.2 | |||||||
Adjusted Net Income | $ | 350.5 | $ | 373.1 | |||||||
Free Cash Flow Conversion | 28.2 | % | 82.9 | % |
Twelve months ended | |||||||||||||||||||||||
(USD in millions) | October 1, 2022 | October 2, 2021 | |||||||||||||||||||||
Total principal amount of debt | $ | 2,513.7 | $ | 2,596.7 | |||||||||||||||||||
Less: Cash and cash equivalents | (395.3) | (540.6) | |||||||||||||||||||||
Net Debt | $ | 2,118.4 | $ | 2,056.1 | |||||||||||||||||||
Adjusted EBITDA | $ | 654.2 | $ | 758.8 | |||||||||||||||||||
Net Leverage | 3.2 x | 2.7 x |
Cover |
Nov. 04, 2022 |
Aug. 05, 2022 |
---|---|---|
Cover [Abstract] | ||
Document Period End Date | Nov. 04, 2022 | |
Entity Registrant Name | Gates Industrial Corporation plc | |
Entity Incorporation, Country Code | X0 | |
Entity File Number | 001-38366 | |
Entity Tax Identification Number | 98-1395184 | |
Entity Address, Street Address | 1144 Fifteenth Street | |
Entity Address, City | Denver | |
Entity Address, State | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | 303 | |
Local Phone Number | 744-1911 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Title of each class | Ordinary Shares, $0.01 par value per share | |
Trading Symbol(s) | GTES | |
Name of each exchange on which registered | NYSE | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001718512 | |
Amendment Flag | false | |
Document Type | 8-K |
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