Evoqua Water Technologies Reports Fourth Quarter and Full Year 2021 Results
Fourth Quarter 2021 Financial Highlights:
- Revenue of $426.0 million, an increase of 11.0% compared to the prior year period; organic revenue growth of 9.5%
- Net income of $26.9 million, a decline of 13.5% compared to the prior year period
- Adjusted EBITDA of $81.9 million, an increase of 8.3% compared to the prior year period
Full Year 2021 Financial Highlights:
- Revenue of $1.46 billion, an increase of 2.4% compared to the prior year; organic revenue growth of 1.6%
- Net income of $51.7 million, a decrease of 54.8% compared to the prior year
- Adjusted EBITDA of $250.9 million, an increase of 4.7% compared to the prior year
Sustainability Goals Announced:
- Recycle and reuse more water than withdrawn by 2035
- Net-zero greenhouse gas emissions by 2050
PITTSBURGH–(BUSINESS WIRE)–Evoqua Water Technologies (NYSE:AQUA), an industry leader in mission-critical water treatment solutions, today reported results for its fourth quarter and fiscal year ended September 30, 2021.
Revenue for the fourth quarter of fiscal 2021 was $426.0 million, compared to $383.9 million in the prior year period, an increase of 11.0%, or $42.1 million. Organic revenue grew 9.5%, or $36.4 million, driven by higher volume across multiple product lines and service offerings and enhanced pricing. Foreign currency translation was favorable by 0.8%, or $3.2 million. Net income for the quarter was $26.9 million, resulting in diluted earnings per share (“EPS”) of $0.22, as compared to net income of $31.1 million and diluted EPS of $0.26 in the prior year period. The decline in net income of 13.5% as compared to the prior year period was primarily driven by increased operating expenses, including a decrease of $9.6 million in non-cash foreign currency translation gains on intercompany loans, partially offset by lower tax expense. Adjusted EBITDA for the quarter was $81.9 million, as compared to $75.6 million in the prior year period, an increase of 8.3%. See the “Use of Non-GAAP Measures” section below for additional information regarding adjusted EBITDA and organic revenue.
For fiscal 2021, revenue was $1.46 billion, compared to $1.43 billion in the prior year, an increase of 2.4%, or $34.9 million. Organic revenue grew by 1.6%, or $23.1 million, due to the same factors that influenced organic revenue growth in the quarter. Foreign currency translation was favorable by 1.3%, contributing $18.1 million to the increase in revenue. Inorganic revenue declined by 0.4%, or $6.3 million, as the impact of the divestiture of the Memcor product line, which closed in the first quarter of fiscal 2020, offset revenue generated from fiscal 2021 acquisitions. Net income for the year was $51.7 million, resulting in diluted EPS of $0.42, as compared to net income of $114.4 million and diluted EPS of $0.94 in the prior year, a decline of 54.8%, or $62.7 million. Prior year net income included the net pre-tax benefit from the divestiture of the Memcor product line of $57.7 million. Other drivers of the change in net income as compared to the prior year were an increase in operating expenses, including a decrease of $7.7 million in non-cash foreign currency translation gains, primarily related to intercompany loans, and increased employee expenses, which were mostly offset by increased gross profit from higher revenue volume. Adjusted diluted EPS for fiscal 2021 was $0.69 as compared to $0.67 in the prior year, an increase of $0.02. For fiscal 2021, adjusted EBITDA was $250.9 million as compared to $239.6 million in the prior year, an increase of $11.3 million or 4.7%. The increase in adjusted EBITDA was driven primarily by increased sales volume and related gross profit as the Company has favorably navigated the economic uncertainties presented by COVID-19.
“We completed a solid fiscal year with an outstanding fourth quarter performance. I am very proud of our team’s accomplishments as we navigated an unprecedented two-year period of managing the impacts of the COVID-19 pandemic. During this time, organic revenue growth has been resilient, gross profit margin has improved, price/cost has been positive, cash flow has grown, the balance sheet has strengthened, and investments in the business continued and backlog increased substantially. Our business strategy has proven resilient, and we continue to make great progress on our sustainability journey with improved ESG scores from prominent rating agencies. We are also pleased, at this time, to announce our two new sustainability goals: recycle and reuse more water than we withdraw by 2035 and achieve net-zero greenhouse gas emissions by 2050,” said Mr. Ron Keating, Evoqua’s CEO.
Mr. Keating continued, “Our fourth quarter organic revenue grew 9.5%, driven by strong service, capital and aftermarket volume, as well as pricing actions offsetting cost inflation. Adjusted EBITDA for the fourth quarter grew 8.3% to $81.9 million and our net leverage ratio was reduced to 2.5x adjusted EBITDA, achieving the low end of our target range.”
Mr. Keating stated, “Our book-to-bill ratio for the fiscal year was near 1.1, resulting in a growing backlog, as customer demand continues to be strong across the majority of our end markets. We continue to see significant growth opportunities, both organic and inorganic, as we enter the new year. Supply chain challenges are expected to impact material availability and visibility during the coming year, however, we expect price/cost for fiscal year 2022 to be positive. Skilled labor shortages and inflation pressures are expected to remain through the next six to twelve months, and given this uncertainty, we are providing guidance for fiscal 2022 in a balanced manner. For the full year, we expect revenues to be $1.50 to $1.58 billion and adjusted EBITDA to be in the range of $255 to $275 million, an increase of 2% to 8% and 2% to 10%, respectively.”
Fourth Quarter Segment Results
Evoqua has two reportable operating segments – Integrated Solutions and Services and Applied Product Technologies. The results of our segments for the fourth quarter are as follows:
Integrated Solutions and Services
Segment revenue increased by $31.9 million, or 12.8%, to $281.4 million in the fourth quarter of fiscal 2021, as compared to $249.5 million in the prior year period.
- Service and aftermarket revenue increased by $11.1 million and $8.7 million, respectively, driven by higher volume and enhanced by favorable pricing.
- Capital revenue increased by $12.1 million. Increased volume from projects in the chemical processing industry offset declines from projects in the microelectronics end market.
Operating profit increased by $9.2 million, or 21.3%, to $52.4 million in the fourth quarter of fiscal 2021, as compared to $43.2 million in the prior year period.
- Segment profitability increased by $12.2 million due to higher sales volume, favorable price/cost and productivity improvements.
- Higher employee related expenses driven by higher labor costs, partially offset by subsidies received from the Canadian government related to the COVID-19 pandemic, decreased profitability by $1.5 million. Higher travel and discretionary spending decreased profitability by $0.5 million.
- Depreciation and amortization expense increased by $1.5 million.
- Restructuring and other non-recurring expense decreased by $0.5 million.
Segment adjusted EBITDA increased by $10.2 million, or 16.9%, to $70.5 million in the fourth quarter of fiscal 2021, as compared to $60.3 million in the prior year period. The increase in segment adjusted EBITDA resulted from the same factors that impacted operating profit, other than the change in depreciation and amortization. Segment adjusted EBITDA also excludes restructuring and other non-recurring activity recognized in the period. See the “Use of Non-GAAP Measures” section below for a reconciliation of segment adjusted EBITDA to segment operating profit.
Applied Product Technologies
Segment revenue increased by $10.2 million, or 7.6%, to $144.6 million in the fourth quarter of fiscal 2021, as compared to $134.4 million in the prior year period.
- Revenue increased across multiple product lines and all regions, driven by higher volume and favorable pricing.
- Foreign currency translation favorably impacted revenue by $2.4 million.
Operating profit increased by $4.9 million, or 20.6%, to $28.7 million for the fourth quarter of fiscal 2021, as compared to $23.8 million in the prior year period.
- Segment profitability increased by $3.3 million due to revenue volume, favorable price/cost and product mix, partially offset by unfavorable operational variances, including capital project variances and supply chain challenges.
- Higher employee related expenses reduced segment profitability by $3.7 million, driven by higher labor costs and increased travel spending.
- Lower restructuring and other non-recurring costs increased operating profit by $4.5 million, as well as non-recurrence of activity related to the divestiture of the Memcor product line in the prior year period of $0.3 million.
- Depreciation and amortization expense increased by $0.3 million.
- Foreign currency translation favorably impacted segment profitability by $0.8 million.
Segment adjusted EBITDA increased by $0.4 million, or 1.2%, to $33.1 million in the fourth quarter of fiscal 2021, as compared to $32.7 million in the prior year period. The change in segment adjusted EBITDA was driven by the same factors that impacted segment operating profit, other than the change in depreciation and amortization. Segment adjusted EBITDA also excludes restructuring and other non-recurring activity. See the “Use of Non-GAAP Measures” section below for a reconciliation of segment adjusted EBITDA to segment operating profit.
Fourth Quarter Earnings Call and Webcast
The Company will hold its fourth quarter fiscal 2021 earnings conference call Tuesday, November 16, 2021, at 10:00 a.m. E.T. The live audio webcast and presentation slides for the call will be accessible via Evoqua’s Investor Relations website, http://aqua.evoqua.com/.
Conference telephone number:
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Participant Details |
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Dial-In Numbers: |
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Toll Free US: 877-876-9173 |
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International: +1 785-424-1667 |
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Conference ID: AQUA21 |
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The link to the webcast replay as well as the presentation slides will also be posted on Evoqua’s Investor Relations website. |
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Replay details: |
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US Toll Free Phone #: 800 839 5634 |
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International Phone #: 402 220 2560 |
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(Conference ID is not needed to access replay) |
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Replay available: Beginning 1:00 p.m. E.T. on November 16 until 11:59 p.m. E.T. on November 30, 2021 |
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Webcast Audience URL: |
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https://event.on24.com/wcc/r/3417629/5AFC7FD664BE71BC74038B02EA051585 |
Dissemination of Company Information
The Company intends to make future announcements regarding developments and financial performance through the Investor Relations section of its website, http://aqua.evoqua.com, as well as through press releases, filings with the Securities and Exchange Commission (the “SEC”), conference calls and webcasts. The Company does not incorporate the information contained on, or accessible through, its corporate website into this press release.
About Evoqua Water Technologies
Evoqua Water Technologies is a leading provider of mission critical water and wastewater treatment solutions, offering a broad portfolio of products, services, and expertise to support industrial, municipal and recreational customers who value water. Evoqua has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 150 locations across ten countries. Serving more than 38,000 customers and 200,000 installations worldwide, our employees are united by a common purpose: Transforming Water. Enriching Life.
Non-GAAP Financial Measures
This press release contains financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including adjusted EBITDA, adjusted net income and adjusted EPS, organic revenue and net leverage ratio. These non-GAAP financial measures are provided as additional information for investors. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures. For definitions of the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable respective GAAP measures, see the “Use of Non-GAAP Measures” section below.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by our use of forward-looking terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,” “plan,” “progress,” “potential,” “predict,” “projection,” “seek,” “should,” “will,” or “would” or the negative thereof or other variations thereon or comparable terminology. All of these forward-looking statements are based on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, general global economic and business conditions, including the impacts of the COVID-19 pandemic; our ability to execute projects on budget and on schedule; material, freight, and labor inflation, commodity availability constraints, and disruptions in global supply chains and transportation services; the potential for us to incur liabilities to customers as a result of warranty claims or failure to meet performance guarantees; our ability to meet our own and our customers’ safety standards; failure to effectively treat emerging contaminants; our ability to continue to develop or acquire new products, services and solutions that allow us to compete successfully in our markets; our ability to implement our growth strategy, including acquisitions, and our ability to identify suitable acquisition targets; our ability to operate or integrate any acquired businesses, assets or product lines profitably; our ability to achieve the expected benefits of our restructuring actions; delays in enactment or repeals of environmental laws and regulations; the potential for us to become subject to claims relating to handling, storage, release or disposal of hazardous materials; our ability to retain our senior management, skilled technical, engineering, sales, and other key personnel and to attract and retain key talent in increasingly competitive labor markets; risks associated with international sales and operations; our ability to adequately protect our intellectual property from third-party infringement; risks related to our contracts with federal, state, and local governments, including risk of termination or modification prior to completion; risks associated with product defects and unanticipated or improper use of our products; our ability to accurately predict the timing of contract awards; risks related to our substantial indebtedness; our increasing dependence on the continuous and reliable operation of our information technology systems; risks related to foreign, federal, state and local environmental, health and safety laws and other applicable laws and regulations and the costs associated therewith; and other risks and uncertainties, including those listed under Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, to be filed with the SEC, and in other filings we may make from time to time with the SEC. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, expectations for fiscal year 2022, expectations related to customer demand, growth opportunities, supply chain challenges, material availability, price/cost, labor shortages, inflation, and general macroeconomic conditions, our goals relating to our own greenhouse gas emissions and water reuse, and statements related to the ongoing impact of the COVID-19 pandemic. Any forward-looking statements made in this press release speak only as of the date of this release. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise after the date of this release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this release.
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EVOQUA WATER TECHNOLOGIES CORP. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
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(In thousands, except per share amounts) |
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Three Months Ended |
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Year Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue from product sales and services |
$ |
425,991 |
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|
$ |
383,861 |
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$ |
1,464,429 |
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$ |
1,429,456 |
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Cost of product sales and services |
(286,932 |
) |
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(261,213 |
) |
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(1,007,077 |
) |
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(979,653 |
) |
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Gross profit |
$ |
139,059 |
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$ |
122,648 |
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$ |
457,352 |
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$ |
449,803 |
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General and administrative expense |
(60,407 |
) |
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(39,830 |
) |
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(206,455 |
) |
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(192,597 |
) |
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Sales and marketing expense |
(39,481 |
) |
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(34,322 |
) |
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(143,110 |
) |
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(136,167 |
) |
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Research and development expense |
(3,516 |
) |
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(3,543 |
) |
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(13,445 |
) |
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(13,198 |
) |
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Total operating expenses |
$ |
(103,404 |
) |
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$ |
(77,695 |
) |
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$ |
(363,010 |
) |
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$ |
(341,962 |
) |
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Other operating income (expense), net |
2,940 |
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(418 |
) |
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4,975 |
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|
60,607 |
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Income before interest expense and income taxes |
$ |
38,595 |
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$ |
44,535 |
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$ |
99,317 |
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$ |
168,448 |
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Interest expense |
(9,283 |
) |
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(9,362 |
) |
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(37,575 |
) |
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(46,682 |
) |
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Income before income taxes |
$ |
29,312 |
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$ |
35,173 |
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$ |
61,742 |
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$ |
121,766 |
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Income tax expense |
(2,408 |
) |
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(4,035 |
) |
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(10,080 |
) |
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(7,371 |
) |
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Net income |
$ |
26,904 |
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$ |
31,138 |
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$ |
51,662 |
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$ |
114,395 |
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Net income (loss) attributable to non‑controlling interest |
46 |
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(170 |
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180 |
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|
746 |
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Net income attributable to Evoqua Water Technologies Corp. |
$ |
26,858 |
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$ |
31,308 |
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$ |
51,482 |
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$ |
113,649 |
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Basic income per common share |
$ |
0.22 |
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$ |
0.26 |
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$ |
0.43 |
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$ |
0.97 |
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Diluted income per common share |
$ |
0.22 |
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$ |
0.26 |
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$ |
0.42 |
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$ |
0.94 |
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EVOQUA WATER TECHNOLOGIES CORP. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except per share amounts) |
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(Unaudited) |
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September 30, |
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September 30, |
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ASSETS |
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Current assets |
$ |
678,458 |
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$ |
695,712 |
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Cash and cash equivalents |
146,244 |
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193,001 |
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Receivables, net |
277,995 |
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260,479 |
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Inventories, net |
158,503 |
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142,379 |
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Contract assets |
72,746 |
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80,759 |
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Other current assets |
22,970 |
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19,094 |
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Property, plant, and equipment, net |
374,988 |
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364,461 |
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Goodwill |
407,376 |
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397,205 |
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Intangible assets, net |
290,075 |
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309,967 |
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Operating lease right-of-use assets, net |
45,521 |
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45,965 |
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Other non-current assets |
72,473 |
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31,148 |
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Total assets |
$ |
1,868,891 |
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$ |
1,844,458 |
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LIABILITIES AND EQUITY |
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Current liabilities |
$ |
405,989 |
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$ |
349,555 |
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Accounts payable |
164,535 |
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|
153,890 |
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Current portion of debt, net of deferred financing fees and discounts |
12,775 |
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|
14,339 |
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Contract liabilities |
55,883 |
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|
26,259 |
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Accrued expenses and other liabilities |
160,367 |
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|
143,389 |
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Other current liabilities |
12,429 |
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|
11,678 |
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Non-current liabilities |
880,683 |
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1,012,840 |
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Long-term debt, net of deferred financing fees and discounts |
730,430 |
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|
861,695 |
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Obligation under operating leases |
37,935 |
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37,796 |
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Other non-current liabilities |
112,318 |
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|
113,349 |
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Total liabilities |
$ |
1,286,672 |
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$ |
1,362,395 |
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Shareholders’ equity |
|
|
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Common stock, par value $0.01: authorized 1,000,000 shares; issued 122,173 shares, outstanding 120,509 at September 30, 2021; issued 119,486 shares, outstanding 117,291 at September 30, 2020 |
$ |
1,223 |
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$ |
1,189 |
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Treasury stock: 1,664 shares at September 30, 2021 and 2,195 shares at September 30, 2020 |
(2,837 |
) |
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(2,837 |
) |
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Additional paid-in capital |
582,052 |
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|
564,928 |
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Retained deficit |
(11,182 |
) |
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(62,664 |
) |
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Accumulated other comprehensive income (loss), net of tax |
11,415 |
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(20,472 |
) |
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Total Evoqua Water Technologies Corp. equity |
$ |
580,671 |
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$ |
480,144 |
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Non-controlling interest |
1,548 |
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|
1,919 |
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Total shareholders’ equity |
$ |
582,219 |
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|
$ |
482,063 |
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Total liabilities and shareholders’ equity |
$ |
1,868,891 |
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$ |
1,844,458 |
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EVOQUA WATER TECHNOLOGIES CORP. |
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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CASH FLOWS (Unaudited) |
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(In thousands) |
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Year Ended September 30, |
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2021 |
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2020 |
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Operating activities |
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Net income |
$ |
51,662 |
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|
$ |
114,395 |
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Reconciliation of net income to cash flows provided by operating activities: |
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Depreciation and amortization |
113,664 |
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|
107,268 |
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Amortization of deferred financing fees (includes $1,333 and $1,795 write off of deferred financing fees) |
3,280 |
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|
4,026 |
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Deferred income taxes |
(2,363 |
) |
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(1,234 |
) |
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Share-based compensation |
15,524 |
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|
10,509 |
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Loss on sale of property, plant and equipment |
1,287 |
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|
950 |
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Loss (gain) on sale of business |
193 |
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(68,051 |
) |
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Foreign currency exchange gains on intercompany loans and other non-cash items |
(1,094 |
) |
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(8,202 |
) |
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Changes in assets and liabilities |
(3,448 |
) |
|
17,365 |
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Net cash provided by operating activities |
178,705 |
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|
177,026 |
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Investing activities |
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Purchase of property, plant, and equipment |
(75,293 |
) |
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(88,456 |
) |
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Purchase of intangibles |
(3,780 |
) |
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(6,529 |
) |
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Proceeds from sale of property, plant, and equipment |
2,041 |
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|
1,191 |
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Proceeds from sale of business, net of cash of $0 and $12,117 |
897 |
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|
118,894 |
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Acquisitions, net of cash received $0 and $0 |
(21,037 |
) |
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(13,108 |
) |
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Net cash (used in) provided by investing activities |
(97,172 |
) |
|
11,992 |
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Financing activities |
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Issuance of debt, net of deferred issuance costs |
761,915 |
|
|
21,959 |
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Borrowings under credit facility |
— |
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|
2,597 |
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Repayment of debt |
(898,024 |
) |
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(117,131 |
) |
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Repayment of finance lease obligation |
(13,396 |
) |
|
(13,441 |
) |
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Payment of earn-out related to previous acquisitions |
(170 |
) |
|
(470 |
) |
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Proceeds from issuance of common stock |
21,205 |
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|
10,091 |
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Taxes paid related to net share settlements of share-based compensation awards |
(1,323 |
) |
|
(9,832 |
) |
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Distribution to non‑controlling interest |
(551 |
) |
|
(1,890 |
) |
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Net cash used in financing activities |
(130,344 |
) |
|
(108,117 |
) |
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Effect of exchange rate changes on cash |
2,054 |
|
|
2,219 |
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Change in cash and cash equivalents |
(46,757 |
) |
|
83,120 |
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Cash and cash equivalents |
|
|
|
||||
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Beginning of period |
193,001 |
|
|
109,881 |
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End of period |
$ |
146,244 |
|
|
$ |
193,001 |
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Use of Non-GAAP Measures
The Company reports its financial results in accordance with GAAP. However, management believes that certain non-GAAP financial measures provide users of the Company’s financial information with additional useful information in evaluating operating performance. We use the non-GAAP financial measures adjusted EBITDA, adjusted net income and adjusted EPS, organic revenue and net leverage ratio in evaluating the strength and financial performance of our core business.
Contacts
Investors
Dan Brailer
Vice President, Investor Relations
Evoqua Water Technologies
Telephone: 724-720-1605
Email: dan.brailer@evoqua.com
Media
Sarah Brown
Director of Corporate Communications
Evoqua Water Technologies
Telephone: 506-454-5495
Email: sarah.brown@evoqua.com
