0001157523-23-001019.txt : 20230621 0001157523-23-001019.hdr.sgml : 20230621 20230621163042 ACCESSION NUMBER: 0001157523-23-001019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230621 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230621 DATE AS OF CHANGE: 20230621 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERPAC TOOL GROUP CORP CENTRAL INDEX KEY: 0000006955 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] IRS NUMBER: 390168610 STATE OF INCORPORATION: WI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11288 FILM NUMBER: 231030285 BUSINESS ADDRESS: STREET 1: N86 W12500 WESTBROOK CROSSING CITY: MENOMONEE FALLS STATE: WI ZIP: 53051 BUSINESS PHONE: 262-293-1697 MAIL ADDRESS: STREET 1: N86 W12500 WESTBROOK CROSSING CITY: MENOMONEE FALLS STATE: WI ZIP: 53051 FORMER COMPANY: FORMER CONFORMED NAME: ACTUANT CORP DATE OF NAME CHANGE: 20010110 FORMER COMPANY: FORMER CONFORMED NAME: APPLIED POWER INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: APPLIED POWER INDUSTRIES INC DATE OF NAME CHANGE: 19730123 8-K 1 a53426674.htm ENERPAC TOOL GROUP CORP. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (date of earliest event reported): June 21, 2023
 
ENERPAC TOOL GROUP CORP.
(Exact name of Registrant, as specified in its charter)

Wisconsin
001-11288
39-0168610
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

N86 W12500 WESTBROOK CROSSING
MENOMONEE FALLS, Wisconsin 53051

Mailing address: P.O. Box 3241, Milwaukee, Wisconsin 53201
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (262) 293-1500

Former name or address, if changed since last report: 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ 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))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Class A Common Stock, par value $0.20 per share
  
EPAC
  
New York Stock Exchange

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Item 2.02
Results of Operations and Financial Condition.

The information set forth in this Item 2.02 of this Current Report on Form 8-K and in Exhibit 99.1 is intended to be “furnished” under Item 2.02 of Form 8-K.  Such information shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On June 21, 2023, Enerpac Tool Group Corp. (the “Company”) issued a press release announcing its results of operations for the three and nine months ended May 31, 2023, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

2
    
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  June 21, 2023

 
ENERPAC TOOL GROUP CORP.
 
 
 
 
By:
/s/ James Denis
 
 
James Denis
 
 
Executive Vice President, General Counsel and Secretary


3
 EX-99.1 2 a53426674_ex991.htm EXHIBIT 99.1
Exhibit 99.1

Enerpac Tool Group Reports Third Quarter Fiscal 2023 Results, Raises Full-Year Earnings Guidance

Third Quarter of Fiscal 2023 Continuing Operations Highlights*

  • Net sales were $156 million, with a 4% year-over-year increase in core sales**; the strengthening of the US dollar reduced sales by 1% year over year
  • GAAP operating margin was 16.3% and adjusted operating margin was 21.7%
  • Adjusted EBITDA margin was 24.0%, up from 12.0% in the prior-year period
  • Record gross profit margins and adjusted EBITDA margins since the launch of Enerpac Tool Group in 2019
  • GAAP diluted earnings per share (“EPS”) was $0.30 and adjusted diluted EPS was $0.39, an increase of 144% year over year.
  • Leverage (Net Debt to Adjusted EBITDA) was 1.0x at May 31, 2023
  • Repurchased 0.8 million additional shares for approximately $21 million
  • FY23 full-year guidance: Updating revenue to high-end of the range, and raising adjusted EBITDA

*This news release contains financial measures in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) in addition to non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP financial measures can be found in the tables accompanying this release. **Core growth represents organic revenue growth excluding the impact of foreign exchange rates, acquisitions, and dispositions.

MILWAUKEE--(BUSINESS WIRE)--June 21, 2023--Enerpac Tool Group Corp. (NYSE: EPAC) (the “Company” or “Enerpac”) today announced results for its fiscal third quarter ended May 31, 2023.

“We delivered solid performance in the third quarter, driven by the focused execution of our global team. Once again, we saw year-over-year core growth in three out of four regions, highlighted by double digit core growth in Europe and Asia Pacific. For the second consecutive quarter, we achieved record gross profit margins and adjusted EBITDA margins since the launch of Enerpac Tool Group in 2019. In addition, reflecting the Board’s confidence in management and in alignment with our balanced capital allocation strategy, we returned approximately $21 million to shareholders during the quarter through share repurchases under our March 2022 authorization,” said Paul Sternlieb, Enerpac Tool Group’s President & CEO.

Mr. Sternlieb continued, “We continue working towards further developing our culture of continuous improvement. We are driving sustainable improvements to our cost structure, simplifying the business for efficiency and greater productivity, and enhancing how we bring products and services to market. While the global macroeconomic environment remains dynamic, we believe the structural improvements underway at Enerpac coupled with our vertical and geographic diversity have us well positioned to deliver enhanced shareholder value.”

Consolidated Results from Continuing Operations

 

(US$ in millions, except per share)

 



 

 

Three Months Ended

 

Nine Months Ended


May 31,
2023


May 31,
2022

 

May 31,
2023

 

May 31,
2022

Net Sales

$156.3


$151.9

 

$437.6

 

$419.4

Net Earnings

$17.0

 

$4.1

 

$30.5

 

$9.4

Diluted Earnings Per Share

$0.30


$0.07

 

$0.53

 

$0.15

Adjusted Diluted Earnings Per Share

$0.39


$0.16

 

$1.04

 

$0.47

Consolidated net sales for the third quarter of fiscal 2023 were $156.3 million compared to $151.9 million in the prior-year third quarter. Core sales improved 4% year over year, with product sales up 9% and service revenues down 13%, as the Company continued its implementation of 80/20 and a more selective process for quoting service projects (particularly in the Middle East region) that is focused on more differentiated solutions. We estimate core sales growth was negatively impacted by approximately 200 basis points as a result of the more selective process for quoting in the Middle East in the third quarter. The impact from foreign currency exchange rates reduced net sales by 1% in the quarter compared to the prior year.

Fiscal 2023 third quarter net earnings and diluted earnings per share were $17.0 million and $0.30, respectively, compared to net earnings and diluted EPS of $4.1 million and $0.07, respectively, in the third quarter of fiscal 2022. Fiscal 2023 third quarter net earnings included:

  • Restructuring charges of $2.3 million ($1.8 million, or $0.03 per share, after tax) attributable to ASCEND initiatives;
  • ASCEND transformation program charges (“ASCEND charges”) of $5.9 million ($3.3 million, or $0.06 per share, after tax), including third-party fees for program implementation support;
  • Leadership transition charges of $0.1 million ($0.0 million, or $0.00 per share, after tax); and
  • M&A charges of $0.2 million ($0.1 million, or $0.00 per share, after tax).

Fiscal 2022 third quarter net earnings included:

  • A restructuring charge of $0.5 million ($0.4 million, or $0.01 per share, after tax) attributable to further actions to flatten and simplify the organizational structure;
  • ASCEND charges of $3.9 million ($3.0 million, or $0.05 per share, after tax) primarily related to the use of external services for support in the design and development of the program;
  • Leadership transition charges of $2.8 million ($2.5 million, or $0.04 per share, after tax);
  • Business review charges of $0.5 million ($0.3 million, or $0.01 per share, after tax) related to external support for the deep dive business review prior to the launch of ASCEND; and
  • A gain on the sale of a facility, net of transaction charges, of $0.6 million ($0.5 million, or $0.01 per share, after tax) related to footprint rationalization.
  • Excluding the items detailed above, adjusted diluted EPS was $0.39 for the third quarter of fiscal 2023 compared to $0.16 in the comparable prior-year period. Fiscal 2022 third quarter results reflect a $10.8 million increase in receivable reserves ($0.14 per share, after tax) related to an agent in the MENAC region.

Consolidated net sales for the nine months ended May 31, 2023 were $437.6 million, compared to $419.4 million in the comparable prior-year period. Core sales increased 7% year over year, while the impact of foreign currency decreased net sales by 3%.

Net earnings and diluted EPS for the nine months ended May 31, 2023 were $30.5 million and $0.53, respectively, compared to net earnings and diluted EPS of $9.4 million and $0.15, respectively, in the comparable prior year period.

Industrial Tools & Service (IT&S)

 

(US$ in millions)




 

 

Three Months Ended

 

Nine Months Ended


May 31,
2023


May 31,
2022

 

May 31,
2023

 

May 31,
2022

Net Sales

$144.1


$140.4

 

$402.3

 

$387.6

Operating Profit

$36.2

 

$19.2

 

$93.3

 

$49.9

Operating Profit %

25.1%

 

13.7%

 

23.2%

 

12.9%

Adjusted Op Profit (1)

$39.8


$19.4

 

$103.8

 

$54.7

Adjusted Op Profit % (1)

27.6%


13.8%

 

25.8%

 

14.1%








 

(1) Non-GAAP measure, which excludes approximately $1.1 million of restructuring charges and $2.5 million of ASCEND charges in the third quarter of fiscal 2023 and $0.5 million of restructuring charges, $0.1 million of leadership transition charges, $0.1 million of ASCEND charges and a gain on sale of a facility, net of transaction charges, of $0.6 million in the third quarter of fiscal 2022. The nine months ended May 31, 2023 excludes $4.6 million of restructuring charges and $5.8 million of ASCEND charges compared to $3.7 million of restructuring charges, $1.1 million of impairment & divestiture charges, $0.6 million of leadership transition charges, $0.1 million of ASCEND charges and a gain on sale of a facility, net of transaction charges, of $0.6 million in the prior-year period.

Third quarter fiscal 2023 net sales were $144.1 million, 3% higher than the prior fiscal year’s third quarter net sales. Core sales increased 4% year over year.

Operating profit margin and adjusted operating profit margin increased year over year to 25.1% and 27.6%, respectively, primarily due to the impact of ASCEND initiatives, pricing actions, and savings from cost management and restructuring initiatives implemented in prior periods, despite increased material costs.

Third quarter fiscal 2022 adjusted operating profit margin of 13.8% included an unfavorable impact of 770 basis points due to an additional receivable reserve in the MENAC region.

Corporate Expenses from Continuing Operations

Corporate expenses were $12.7 million and $13.7 million for the third quarter of fiscal 2023 and fiscal 2022, respectively.

Adjusted corporate expenses(2) of $7.9 million for the third quarter of fiscal 2023 were $1.2 million higher than the comparable prior-year period expense of $6.7 million, primarily due to increased incentive compensation, partially offset by favorable health benefit claims and restructuring savings.

(2) Non-GAAP measure which excludes approximately $1.1 million of restructuring charges, $3.5 million of ASCEND charges, $0.1 million of leadership transition charges and $0.2 million of M&A charges in the third quarter of fiscal 2023 compared to $2.7 million of leadership transition charges, $0.5 million of business review charges and $3.8 million of ASCEND charges in the third quarter of fiscal 2022.

Balance Sheet and Leverage

 






(US$ in millions)

 







 

Period Ended


 

May 31, 2023


February 28, 2023


May 31, 2022

Cash Balance

 

$142.0


$124.7


$123.7

Debt Balance

 

$234.7


$209.3


$205.0

Net Debt to Adjusted EBITDA**

 

1.0


0.9


1.1

Net debt as of May 31, 2023 was approximately $93 million (total debt of $235 million less $142 million of cash), which increased approximately $8 million from February 28, 2023. Net Debt to Adjusted EBITDA from continuing operations was 1.0x as of May 31, 2023.

**Periods as of and subsequent to August 31, 2022 calculated in accordance with the terms of the Company’s September 2022 Senior Credit Facility. Prior periods calculated in accordance with the terms of the Company’s March 2019 Senior Credit Facility.

Outlook

Mr. Sternlieb concluded, “Taking into consideration our solid year-to-date performance, the success of our ASCEND transformation program, and our view on the remainder of the fiscal year, we are updating our expectations for full-year net sales to the high end of the previously disclosed range at $590-600 million, and we are increasing our expected adjusted EBITDA range to $123 to $130 million. Our guidance is based on current foreign exchange rates and assumes that there is not a broad-based recession.”

Conference Call Information

An investor conference call is scheduled for 7:30 am CT on June 22, 2023. Webcast information and conference call materials, including an earnings presentation, are available on the Enerpac Tool Group company website (www.enerpactoolgroup.com).

Safe Harbor Statement

Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. In addition to statements with respect to guidance, the terms “may,” “should,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to inherent risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements. In addition to the assumptions and other factors referred to specifically in connection with such statements, risks and uncertainties that may cause actual results or events to differ materially from those contemplated by such forward-looking statements include, without limitation, general economic uncertainty, market conditions in the industrial, oil & gas, energy, power generation, infrastructure, commercial construction, truck and automotive industries, the impact of geopolitical activity, including the invasion of Ukraine by Russia and international sanctions imposed in response thereto, the ability of the Company to achieve its plans or objectives related to its growth strategy, market acceptance of existing and new products, market acceptance of price increases, successful integration of acquisitions, the impact of dispositions and restructurings, the ability of the Company to achieve its plans or objectives related to the ASCEND program, including any assumptions underlying its calculation of expected incremental EBITDA or program investment, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material, labor, or overhead cost increases, tax law changes, foreign currency risk, interest rate risk, commodity risk, tariffs, litigation matters, impairment of goodwill or other intangible assets, the Company’s ability to access capital markets and other risks and uncertainties that may be referred to or noted in the Company’s reports filed with the Securities and Exchange Commission from time to time, including those described in the Company’s Form 10-K for the fiscal year ended August 31, 2022 and most recent report on Form 10-Q. Enerpac Tool Group disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

Non-GAAP Financial Information

This press release contains financial measures that are not measures presented in conformity with GAAP. These non-GAAP measures include EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, adjusted operating profit from continuing operations, segment adjusted operating profit and adjusted EBITDA, free cash flow and net debt. This press release includes reconciliations of non-GAAP measures to the most comparable GAAP measure, including in the tables attached to this press release. Management believes the non-GAAP measures presented in this press release are commonly used financial measures for investors to evaluate Enerpac Tool Group’s operating performance and financial position with respect to the periods presented and, when read in conjunction with the condensed consolidated financial statements, present a useful tool to evaluate ongoing operations and provide investors with metrics they can use to evaluate aspects of the Company’s performance from period to period. In addition, these are some of the financial metrics management uses in internal evaluations of the overall performance of the Company’s business. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

About Enerpac Tool Group

Enerpac Tool Group Corp. is a premier industrial tools, services, technology and solutions provider serving a broad and diverse set of customers in more than 100 countries. The Company makes complex, often hazardous jobs possible safely and efficiently. Enerpac Tool Group’s businesses are global leaders in high pressure hydraulic tools, controlled force products, and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group common stock trades on the NYSE under the symbol EPAC. For further information on Enerpac Tool Group and its businesses, visit the Company's website at www.enerpactoolgroup.com.

(tables follow)

Enerpac Tool Group Corp.
Condensed Consolidated Balance Sheets
(In thousands)



 

(Unaudited)




May 31,


August 31,


2023


2022

Assets


Current assets


Cash and cash equivalents

$

142,001

 


$

120,699

 

Accounts receivable, net

 

103,565

 


 

106,747

 

Inventories, net

 

93,037

 


 

83,672

 

Other current assets

 

34,838

 


 

31,262

 

Total current assets

 

373,441

 


 

342,380

 




 
Property, plant and equipment, net

 

41,783

 


 

41,372

 

Goodwill

 

264,686

 


 

257,949

 

Other intangible assets, net

 

39,084

 


 

41,507

 

Other long-term assets

 

74,080

 


 

74,104

 




 
Total assets

$

793,074

 


$

757,312

 




 
Liabilities and Shareholders' Equity


Current liabilities


Trade accounts payable

$

47,151

 


$

72,524

 

Accrued compensation and benefits

 

28,567

 


 

21,390

 

Current maturities of debt

 

3,125

 


 

-

 

Short-term debt

 

-

 


 

4,000

 

Income taxes payable

 

5,982

 


 

4,594

 

Other current liabilities

 

55,398

 


 

50,680

 

Total current liabilities

 

140,223

 


 

153,188

 




 
Long-term debt, net

 

231,545

 


 

200,000

 

Deferred income taxes

 

8,226

 


 

7,355

 

Pension and postretirement benefit liabilities

 

11,492

 


 

11,941

 

Other long-term liabilities

 

64,969

 


 

66,217

 

Total liabilities

 

456,455

 


 

438,701

 




 
Shareholders' equity


Capital stock

 

16,750

 


 

16,679

 

Additional paid-in capital

 

218,164

 


 

212,986

 

Treasury stock

 

(763,675

)


 

(742,844

)

Retained earnings

 

991,081

 


 

966,751

 

Accumulated other comprehensive loss

 

(125,701

)


 

(134,961

)

Stock held in trust

 

(3,405

)


 

(3,209

)

Deferred compensation liability

 

3,405

 


 

3,209

 

Total shareholders' equity

 

336,619

 


 

318,611

 




 
Total liabilities and shareholders' equity

$

793,074

 


$

757,312

 

Enerpac Tool Group Corp.
Condensed Consolidated Statements of Earnings
(In thousands, except per share amounts)
(Unaudited)







 

Three Months Ended


Nine Months Ended


May 31,


May 31,


May 31,


May 31,


2023


2022


2023


2022

Net sales

$

156,253

 


$

151,894

 


$

437,595

 


$

419,395

 

Cost of products sold

 

78,395

 


 

79,847

 


 

221,464

 


 

227,741

 

Gross profit

 

77,858

 


 

72,047

 


 

216,131

 


 

191,654

 








 
Selling, general and administrative expenses

 

48,810

 


 

63,095

 


 

154,116

 


 

162,240

 

Amortization of intangible assets

 

1,357

 


 

1,792

 


 

4,075

 


 

5,678

 

Restructuring charges

 

2,252

 


 

517

 


 

6,220

 


 

5,086

 

Impairment & divestiture charges

 

-

 


 

-

 


 

-

 


 

1,116

 

Operating profit

 

25,439

 


 

6,643

 


 

51,720

 


 

17,534

 








 
Financing costs, net

 

3,250

 


 

951

 


 

9,170

 


 

2,668

 

Other expense, net

 

525

 


 

254

 


 

1,948

 


 

1,004

 

Earnings before income tax expense

 

21,664

 


 

5,438

 


 

40,602

 


 

13,862

 








 
Income tax expense

 

4,688

 


 

1,377

 


 

10,058

 


 

4,495

 

Net earnings from continuing operations

 

16,976

 


 

4,061

 


 

30,544

 


 

9,367

 

Loss from discontinued operations, net of income taxes

 

(4,596

)


 

(2,418

)


 

(6,214

)


 

(3,715

)

Net earnings

$

12,380

 


$

1,643

 


$

24,330

 


$

5,652

 








 
Earnings per share from continuing operations






Basic

$

0.30

 


$

0.07

 


$

0.54

 


$

0.16

 

Diluted

 

0.30

 


 

0.07

 


 

0.53

 


 

0.15

 








 
Loss per share from discontinued operations






Basic

$

(0.08

)


$

(0.04

)


$

(0.11

)


$

(0.06

)

Diluted

 

(0.08

)


 

(0.04

)


 

(0.11

)


 

(0.06

)








 
Earnings per share*






Basic

$

0.22

 


$

0.03

 


$

0.43

 


$

0.09

 

Diluted

 

0.22

 


 

0.03

 


 

0.42

 


 

0.09

 








 
Weighted average common shares outstanding






Basic

 

57,052

 


 

60,227

 


 

56,993

 


 

60,292

 

Diluted

 

57,432

 


 

60,610

 


 

57,417

 


 

60,640

 








 

*The total of earnings per share from continuing operations and loss per share from discontinued operations may not equal earnings per share due to rounding.

Enerpac Tool Group Corp.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)







 

Three Months Ended


Nine Months Ended


May 31,


May 31,


May 31,


May 31,


2023


2022


2023


2022

Operating Activities






Cash provided by operating activities - continuing operations

$

16,602

 


$

2,274

 


$

24,561

 


$

7,515

 

Cash provided by (used in) operating activities - discontinued operations

 

652

 


 

245

 


 

2,470

 


 

(319

)

Cash provided by operating activities

$

17,254

 


$

2,519

 


$

27,031

 


$

7,196

 








 
Investing Activities






Capital expenditures

 

(2,926

)


 

(2,140

)


 

(8,391

)


 

(6,970

)

Proceeds from sale of property, plant and equipment

 

11

 


 

995

 


 

595

 


 

1,158

 

Cash used in investing activities - continuing operations

$

(2,915

)


$

(1,145

)


$

(7,796

)


$

(5,812

)

Cash used in investing activities

$

(2,915

)


$

(1,145

)


$

(7,796

)


$

(5,812

)








 
Financing Activities






Borrowings on revolving credit facility

 

26,000

 


 

30,000

 


 

60,000

 


 

45,000

 

Principal repayments on revolving credit facility

 

-

 


 

-

 


 

(24,000

)


 

(15,000

)

Principal repayments on term loan

 

(625

)


 

-

 


 

(625

)


 

-

 

Proceeds from issuance of term loan

 

-

 


 

-

 


 

200,000

 


 

-

 

Payment for redemption of revolver

 

-

 


 

-

 


 

(200,000

)


 

-

 

Swingline borrowings/repayments, net

 

-

 


 

-

 


 

(4,000

)


 

-

 

Payment of debt issuance costs

 

-

 


 

-

 


 

(2,486

)


 

-

 

Purchase of treasury shares

 

(20,831

)


 

(36,295

)


 

(20,831

)


 

(36,295

)

Stock options, taxes paid related to the net share settlement of equity awards & other

 

(8

)


 

62

 


 

(1,461

)


 

(3,161

)

Payment of cash dividend

 

-

 


 

-

 


 

(2,274

)


 

(2,409

)

Cash provided by (used in) financing activities - continuing operations

$

4,536

 


$

(6,233

)


$

4,323

 


$

(11,865

)

Cash provided by (used in) financing activities

$

4,536

 


$

(6,233

)


$

4,323

 


$

(11,865

)








 
Effect of exchange rate changes on cash

 

(1,537

)


 

(4,866

)


 

(2,256

)


 

(6,166

)








 
Net increase (decrease) from cash and cash equivalents

$

17,338

 


$

(9,725

)


$

21,302

 


$

(16,647

)

Cash and cash equivalents - beginning of period

 

124,663

 


 

133,430

 


 

120,699

 


 

140,352

 

Cash and cash equivalents - end of period

$

142,001

 


$

123,705

 


$

142,001

 


$

123,705

 








 
Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures
(In thousands)

Fiscal 2022


Fiscal 2023


Q1

Q2

Q3

Q4

TOTAL


Q1

Q2

Q3

Q4

TOTAL

Sales









 
Industrial Tools & Services Segment

$

121,313

 

$

125,940

 

$

140,395

 

$

139,694

 

$

527,342

 


$

127,297

 

$

130,904

 

$

144,126

 

$

-

 

$

402,327

 

Other

 

9,590

 

 

10,659

 

 

11,499

 

 

12,133

 

 

43,881

 


 

12,085

 

 

11,056

 

 

12,127

 

 

-

 

 

35,268

 

Total

$

130,903

 

$

136,599

 

$

151,894

 

$

151,827

 

$

571,223

 


$

139,382

 

$

141,960

 

$

156,253

 

$

-

 

$

437,595

 












   
% Sales Growth









 
Industrial Tools & Services Segment

 

8

%

 

12

%

 

5

%

 

4

%

 

7

%


 

5

%

 

4

%

 

3

%

 

-

 

 

4

%

Other

 

32

%

 

35

%

 

18

%

 

14

%

 

23

%


 

26

%

 

4

%

 

5

%

 

-

 

 

11

%

Total

 

10

%

 

13

%

 

6

%

 

4

%

 

8

%


 

6

%

 

4

%

 

3

%

 

-

 

 

4

%












   
Adjusted Operating Profit from Continuing Operations









 
Operating profit

$

6,407

 

$

4,484

 

$

6,643

 

$

13,125

 

$

30,660

 


$

12,309

 

$

13,972

 

$

25,439

 

$

-

 

$

51,720

 

Impairment & divestiture charges

 

-

 

 

1,116

 

 

-

 

 

1,297

 

 

2,413

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Restructuring charges

 

2,737

 

 

1,832

 

 

517

 

 

3,049

 

 

8,135

 


 

982

 

 

2,987

 

 

2,252

 

 

-

 

 

6,220

 

Gain on sale of facility, net of transaction charges

 

-

 

 

-

 

 

(585

)

 

-

 

 

(585

)


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Leadership transition charges (benefit) (1)

 

3,759

 

 

1,747

 

 

2,800

 

 

(37

)

 

8,269

 


 

400

 

 

202

 

 

90

 

 

-

 

 

693

 

Business review charges

 

-

 

 

2,500

 

 

502

 

 

-

 

 

3,002

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

M&A charges

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 


 

-

 

 

196

 

 

166

 

 

-

 

 

362

 

ASCEND transformation program charges

 

-

 

 

-

 

 

3,856

 

 

9,760

 

 

13,616

 


 

9,419

 

 

11,372

 

 

5,947

 

 

-

 

 

26,738

 

Adjusted operating profit

$

12,903

 

$

11,679

 

$

13,733

 

$

27,194

 

$

65,510

 


$

23,110

 

$

28,729

 

$

33,894

 

$

-

 

$

85,733

 












   
Adjusted Operating Profit by Segment









 
Industrial Tools & Services Segment

$

19,646

 

$

15,654

 

$

19,421

 

$

31,878

 

$

86,600

 


$

29,099

 

$

34,836

 

$

39,814

 

$

-

 

$

103,749

 

Other

 

(1,257

)

 

334

 

 

1,017

 

 

1,853

 

 

1,947

 


 

1,424

 

 

1,156

 

 

1,965

 

 

-

 

 

4,545

 

Corporate / General

 

(5,486

)

 

(4,309

)

 

(6,705

)

 

(6,537

)

 

(23,037

)


 

(7,413

)

 

(7,263

)

 

(7,885

)

 

-

 

 

(22,561

)

Adjusted operating profit

$

12,903

 

$

11,679

 

$

13,733

 

$

27,194

 

$

65,510

 


$

23,110

 

$

28,729

 

$

33,894

 

$

-

 

$

85,733

 












   
Adjusted Operating Profit %









 
Industrial Tools & Services Segment

 

16.2

%

 

12.4

%

 

13.8

%

 

22.8

%

 

16.4

%


 

22.9

%

 

26.6

%

 

27.6

%

 

-

 

 

25.8

%

Other

 

-13.1

%

 

3.1

%

 

8.8

%

 

15.3

%

 

4.4

%


 

11.8

%

 

10.5

%

 

16.2

%

 

-

 

 

12.9

%

Adjusted Operating Profit %

 

9.9

%

 

8.5

%

 

9.0

%

 

17.9

%

 

11.5

%


 

16.6

%

 

20.2

%

 

21.7

%

 

-

 

 

19.6

%












   
EBITDA from Continuing Operations (2)









 
Earnings from continuing operations

$

3,185

 

$

2,121

 

$

4,061

 

$

10,224

 

$

19,591

 


$

6,409

 

$

7,158

 

$

16,976

 

$

-

 

$

30,544

 

Financing costs, net

 

961

 

 

755

 

 

951

 

 

1,719

 

 

4,386

 


 

2,815

 

 

3,105

 

 

3,250

 

 

-

 

 

9,170

 

Income tax expense (benefit)

 

1,781

 

 

1,337

 

 

1,377

 

 

(95

)

 

4,401

 


 

2,383

 

 

2,988

 

 

4,688

 

 

-

 

 

10,058

 

Depreciation & amortization

 

5,175

 

 

4,986

 

 

4,822

 

 

4,617

 

 

19,600

 


 

4,193

 

 

4,226

 

 

4,084

 

 

-

 

 

12,503

 

EBITDA

$

11,102

 

$

9,199

 

$

11,211

 

$

16,465

 

$

47,978

 


$

15,800

 

$

17,477

 

$

28,998

 

$

-

 

$

62,275

 












   
Adjusted EBITDA from Continuing Operations (2)









 
EBITDA

$

11,102

 

$

9,199

 

$

11,211

 

$

16,465

 

$

47,978

 


$

15,800

 

$

17,477

 

$

28,998

 

$

-

 

$

62,275

 

Impairment & divestiture charges

 

-

 

 

1,116

 

 

-

 

 

1,297

 

 

2,413

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Restructuring charges

 

2,737

 

 

1,832

 

 

517

 

 

3,049

 

 

8,135

 


 

982

 

 

2,987

 

 

2,252

 

 

-

 

 

6,220

 

Gain on sale of facility, net of transaction charges

 

-

 

 

-

 

 

(585

)

 

-

 

 

(585

)


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Leadership transition charges (benefit) (1)

 

3,759

 

 

1,747

 

 

2,800

 

 

(37

)

 

8,269

 


 

400

 

 

202

 

 

90

 

 

-

 

 

693

 

Business review charges

 

-

 

 

2,500

 

 

502

 

 

-

 

 

3,002

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

M&A charges

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 


 

-

 

 

196

 

 

166

 

 

-

 

 

362

 

ASCEND transformation program charges

 

-

 

 

-

 

 

3,856

 

 

9,760

 

 

13,616

 


 

9,419

 

 

11,372

 

 

5,947

 

 

-

 

 

26,738

 

Adjusted EBITDA

$

17,598

 

$

16,394

 

$

18,301

 

$

30,534

 

$

82,828

 


$

26,601

 

$

32,234

 

$

37,453

 

$

-

 

$

96,288

 












   
Adjusted EBITDA by Segment









 
Industrial Tools & Services Segment

$

22,996

 

$

19,260

 

$

22,853

 

$

34,154

 

$

99,263

 


$

31,698

 

$

37,458

 

$

42,525

 

$

-

 

$

111,681

 

Other

 

(263

)

 

1,225

 

 

1,912

 

 

2,741

 

 

5,615

 


 

2,316

 

 

2,050

 

 

2,855

 

 

-

 

 

7,222

 

Corporate / General

 

(5,135

)

 

(4,091

)

 

(6,464

)

 

(6,361

)

 

(22,050

)


 

(7,413

)

 

(7,274

)

 

(7,927

)

 

-

 

 

(22,615

)

Adjusted EBITDA

$

17,598

 

$

16,394

 

$

18,301

 

$

30,534

 

$

82,828

 


$

26,601

 

$

32,234

 

$

37,453

 

$

-

 

$

96,288

 












   
Adjusted EBITDA %









 
Industrial Tools & Services Segment

 

19.0

%

 

15.3

%

 

16.3

%

 

24.4

%

 

18.8

%


 

24.9

%

 

28.6

%

 

29.5

%

 

-

 

 

27.8

%

Other

 

-2.7

%

 

11.5

%

 

16.6

%

 

22.6

%

 

12.8

%


 

19.2

%

 

18.5

%

 

23.5

%

 

-

 

 

20.5

%

Adjusted EBITDA %

 

13.4

%

 

12.0

%

 

12.0

%

 

20.1

%

 

14.5

%


 

19.1

%

 

22.7

%

 

24.0

%

 

-

 

 

22.0

%












   
Notes:









 
(1) Caption updated from "Leadership transition & board search charges (benefit)" used during Fiscal 2022, costs included have not been altered.
(2) EBITDA represents net earnings from continuing operations before financing costs, net, income tax expense (benefit), and depreciation & amortization. Neither EBITDA nor adjusted EBITDA are calculated based upon generally accepted accounting principles ("GAAP"). The amounts included in the EBITDA and adjusted EBITDA calculation, however, are derived from amounts included in the Condensed Consolidated Statements of Earnings. EBITDA and adjusted EBITDA should not be considered as alternatives to net earnings, operating profit or operating cash flows. The Company has presented EBITDA and adjusted EBITDA because it regularly reviews these performance measures. In addition, EBITDA and adjusted EBITDA are used by many of our investors and lenders, and are presented as a convenience to them. The EBITDA and adjusted EBITDA measures presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.
Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP Measures to Non-GAAP Measures (Continued)
(In thousands, except for per share amounts)

Fiscal 2022
Fiscal 2023

Q1 Q2 Q3 Q4 TOTAL
Q1 Q2 Q3

Q4

TOTAL
Adjusted Earnings (3)









 
Net Earnings

$

2,788

 

$

1,221

 

$

1,643

 

$

10,034

 

$

15,686

 


$

7,453

 

$

4,497

 

$

12,380

 

$

-

 

$

24,330

 

Loss from Discontinued Operations, net of income tax

 

(397

)

 

(900

)

 

(2,418

)

 

(190

)

 

(3,905

)


 

1,044

 

 

(2,661

)

 

(4,596

)

 

-

 

 

(6,214

)

Earnings from Continuing Operations

$

3,185

 

$

2,121

 

$

4,061

 

$

10,224

 

$

19,591

 


$

6,409

 

$

7,158

 

$

16,976

 

$

-

 

$

30,544

 

Impairment & divestiture charges

 

-

 

 

1,116

 

 

-

 

 

1,297

 

 

2,413

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Restructuring charges

 

2,737

 

 

1,832

 

 

517

 

 

3,049

 

 

8,135

 


 

982

 

 

2,987

 

 

2,252

 

 

-

 

 

6,220

 

Gain on sale of facility, net of transaction charges

 

-

 

 

-

 

 

(585

)

 

-

 

 

(585

)


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Leadership transition charges (benefit) (1)

 

3,759

 

 

1,747

 

 

2,800

 

 

(37

)

 

8,269

 


 

400

 

 

202

 

 

90

 

 

-

 

 

693

 

Business review charges

 

-

 

 

2,500

 

 

502

 

 

-

 

 

3,002

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

ASCEND transformation program charges

 

-

 

 

-

 

 

3,856

 

 

9,760

 

 

13,616

 


 

9,419

 

 

11,372

 

 

5,947

 

 

-

 

 

26,738

 

M&A charges

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 


 

-

 

 

196

 

 

166

 

 

-

 

 

362

 

Accelerated debt issuance costs

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 


 

317

 

 

-

 

 

-

 

 

-

 

 

317

 

Net tax effect of reconciling items above

 

42

 

 

(805

)

 

(1,366

)

 

(4,162

)

 

(6,291

)


 

(719

)

 

(1,652

)

 

(3,197

)

 

-

 

 

(5,568

)

Other income tax (benefit) expense

 

-

 

 

210

 

 

-

 

 

-

 

 

210

 


 

-

 

 

144

 

 

-

 

 

-

 

 

144

 

Adjusted Earnings from Continuing Operations

$

9,723

 

$

8,721

 

$

9,785

 

$

20,131

 

$

48,360

 


$

16,808

 

$

20,407

 

$

22,234

 

$

-

 

$

59,450

 












   
Adjusted Diluted Earnings per share (3)









 
Net Earnings

$

0.05

 

$

0.02

 

$

0.03

 

$

0.17

 

$

0.26

 


$

0.13

 

$

0.08

 

$

0.22

 

$

-

 

$

0.42

 

Loss from Discontinued Operations, net of income tax

 

(0.01

)

 

(0.01

)

 

(0.04

)

 

(0.00

)

 

(0.07

)


 

0.02

 

 

(0.05

)

 

(0.08

)

 

-

 

 

(0.11

)

Earnings from Continuing Operations

$

0.05

 

$

0.03

 

$

0.07

 

$

0.18

 

$

0.33

 


$

0.11

 

$

0.12

 

$

0.30

 

$

-

 

$

0.53

 

Impairment & divestiture charges, net of tax effect

 

-

 

 

0.01

 

 

-

 

 

0.02

 

 

0.04

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Restructuring charges, net of tax effect

 

0.04

 

 

0.03

 

 

0.01

 

 

0.04

 

 

0.11

 


 

0.02

 

 

0.05

 

 

0.03

 

 

-

 

 

0.10

 

Gain on sale of facility, net of transaction charges, net of tax effect

 

-

 

 

-

 

 

(0.01

)

 

0.00

 

 

(0.01

)


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Leadership transition charges (benefit) (1), net of tax effect

 

0.06

 

 

0.03

 

 

0.04

 

 

(0.01

)

 

0.12

 


 

0.01

 

 

0.00

 

 

0.00

 

 

-

 

 

0.01

 

Business review charges, net of tax effect

 

-

 

 

0.04

 

 

0.01

 

 

(0.01

)

 

0.04

 


 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

ASCEND transformation program charges, net of tax effect

 

-

 

 

-

 

 

0.05

 

 

0.13

 

 

0.17

 


 

0.15

 

 

0.17

 

 

0.06

 

 

-

 

 

0.38

 

M&A charges, net of tax effect

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 


 

-

 

 

0.00

 

 

0.00

 

 

-

 

 

0.01

 

Accelerated debt issuance costs, net of tax effect

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 


 

0.01

 

 

0.00

 

 

0.00

 

 

-

 

 

0.00

 

Other income tax (benefit) expense

 

-

 

 

0.00

 

 

-

 

 

-

 

 

-

 


 

-

 

 

0.00

 

 

-

 

 

-

 

 

-

 

Adjusted Diluted Earnings per share from Continuing Operations

$

0.16

 

$

0.14

 

$

0.16

 

$

0.35

 

$

0.81

 


$

0.29

 

$

0.35

 

$

0.39

 

$

-

 

$

1.04

 












   
Free Cash Flow (4)









 
Cash (used in) provided by operating activities

$

(4,726

)

$

9,403

 

$

2,519

 

$

44,540

 

$

51,736

 


$

17,533

 

$

(7,756

)

$

17,254

 

$

-

 

$

27,031

 

Capital expenditures

 

(3,293

)

 

(1,537

)

 

(2,140

)

 

(1,447

)

 

(8,417

)


 

(3,028

)

 

(2,437

)

 

(2,926

)

 

-

 

 

(8,391

)

Proceeds from sale of property, plant and equipment

 

133

 

 

30

 

 

995

 

 

18

 

 

1,176

 


 

493

 

 

91

 

 

11

 

 

-

 

 

595

 

Other

 

-

 

 

1

 

 

(1

)

 

-

 

 

-

 


 

930

 

 

-

 

 

43

 

 

-

 

 

973

 

Free Cash Flow

$

(7,886

)

$

7,897

 

$

1,373

 

$

43,111

 

$

44,495

 


$

15,928

 

$

(10,102

)

$

14,382

 

$

-

 

$

20,208

 












   
Notes continued:
(3) Adjusted earnings from continuing operations and adjusted diluted earnings per share represent net earnings and diluted earnings per share per the Condensed Consolidated Statements of Earnings net of charges or credits for items to be highlighted for comparability purposes. These measures are not calculated based upon GAAP and should not be considered as an alternative to net earnings or diluted earnings per share or as an indicator of the Company's operating performance. However, this presentation is important to investors for understanding the operating results of the current portfolio of Enerpac Tool Group companies.
(4) Free cash flow primarily represents the operating cash flow, proceeds from the sale of property, plant and equipment less capital expenditures.











   
For all reconciliations of GAAP measures to Non-GAAP measures, the summation of the individual components may not equal the total due to rounding. With respect to the earnings per share reconciliations the impact of share dilution on the calculation of the net earnings or loss per share and discontinued operations per share may result in the summation of these components not equaling the total earnings per share from continuing operations.
Enerpac Tool Group Corp.
Supplemental Unaudited Data
Reconciliation of GAAP To Non-GAAP Guidance
(In millions)

Fiscal 2023


Low

High

Reconciliation of Continued Operations GAAP Operating Profit

To Adjusted EBITDA (5)

GAAP Operating profit

$

60

 

$

74

 

ASCEND transformation program charges

 

38

 

 

33

 

Restructuring charges

 

9

 

 

7

 

Adjusted operating profit

$

107

 

$

114

 

Other expense, net

 

(1

)

 

(1

)

Depreciation & amortization

 

17

 

 

17

 

Adjusted EBITDA

$

123

 

$

130

 



 
Reconciliation of GAAP Cash Flow From Operations to Free Cash Flow (5)

Cash provided by operating activities

$

65

 

$

90

 

Capital expenditures

 

(10

)

 

(15

)

Other

 

-

 

 

-

 

Free Cash Flow Guidance

$

55

 

$

75

 



 
Notes continued:

(5) Management does not provide guidance on GAAP financial measures as we are unable to predict and estimate with certainty items such as potential impairments, refinancing costs, business divestiture gains/losses, discrete tax adjustments, or other items impacting GAAP financial metrics. As a result, we have included above only those items about which we are aware and are reasonably likely to occur during the guidance period covered.

 

Contacts

Travis Williams
Director of Investor Relations
262.293.1913

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