EnerSys Reports Fourth Quarter and Full Year Fiscal 2024 Results

Delivers Gross Margin of 27.9%, up 300 Basis Points From Prior Year




Fourth Quarter Fiscal 2024 Highlights

(All comparisons against the fourth quarter of fiscal year 2023 unless otherwise noted)

  • Delivered net sales of $911M, down 8%, primarily driven by temporary spending pauses in telecom and broadband
  • Achieved GM of 27.9%, +300 bps, and adjusted GM(b) of 28.0%, +310 bps, including $36M benefit from Inflation Reduction Act / IRC 45X tax credits
  • Realized diluted EPS of $1.48, down 7%, and adjusted diluted EPS(1) of $2.08, +14%
  • Reduced net leverage ratio(a) to 1.0 X EBITDA on operating cash flow of $137M
  • In May, published 2023 Sustainability Report
  • In May, announced agreement to acquire Bren-Tronics, a leading U.S. manufacturer of portable power solutions

Full Year Fiscal 2024 Highlights

(All comparisons against 2023 unless otherwise noted)

  • Delivered net sales of $3.6B, down 3%
  • Achieved GM of 27.4%, +470 bps, and adjusted GM (b) of 28.0%, +530 bps, including $136M benefit from Inflation Reduction Act / IRC 45X tax credits
  • Realized record diluted EPS of $6.50, +53% and adjusted diluted EPS of $8.35 +56%
  • Reported operating cash flow of $457M, +$177M
  • Returned $130M to shareholders through share repurchases and dividends

READING, Pa.–(BUSINESS WIRE)–#EnerSysEnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year fiscal 2024, which ended on March 31, 2024.

Message from the CEO

We delivered a strong finish to the fiscal year with our balanced business portfolio delivering solid results, highlighted by adjusted earnings per share at the high end of our guidance range. In the fourth quarter, net sales were down versus prior year, in line with our expectations, as positive momentum in the majority of our end markets continued to be muted by spending pauses in telecom and broadband. We generated gross margin improvement and adjusted operating earnings growth in our base business, which were bolstered by IRC 45X tax credits. In addition, we are realizing the benefits of our cost improvement actions in Energy Systems, and we are positioning the business to benefit from future growth opportunities. Our Motive Power revenue increased with higher demand offsetting some of the decline in our Energy Systems business. We continue to see increasing customer conversions as maintenance-free sales, including lithium solutions, reached a record 25% of Motive Power sales in the quarter. Data Center growth was a bright spot, up 10% sequentially, bringing data center revenue to 10% of total company revenue, up from 8% in prior year fourth quarter. In our Specialty business, performance was supported by productivity improvements in our Missouri factory. We continue to progress toward full commercialization of our Fast Charge and Storage (FC&S) solution and are on track for our first system installations in late summer 2024.

We are advancing on the development of our lithium-ion cell gigafactory. During the quarter, we selected Greenville, South Carolina, as the location and we secured state and local funding totaling $200 million. EnerSys has applied to the Department of Energy for additional funding with awards expected to be announced in August. We intend to use the IRC 45X tax credits to increase our investments in domestic manufacturing of energy dense batteries, as the law intended.

Subsequent to the end of the quarter, we were very pleased to announce our agreement to acquire Bren-Tronics, a leading U.S. manufacturer of portable power solutions, which will expand our presence in critical defense applications, broaden our product offerings, and strengthen our product development capabilities. The acquisition will be immediately accretive to our earnings upon closing, which is expected near the end of our fiscal first quarter.

Fiscal 2024 was a year of several achievements toward our long-term strategic goals, as we navigated through a challenging environment. We are confident that the foundation we put in place this year, coupled with the investments we have made in our transformation, will yield accelerating results in the coming years. Energy scarcity will continue to be a global concern as megatrends are driving rapid growth in demand for reliable power. As a critical supplier of energy systems and energy storage solutions, EnerSys is strategically positioned to capitalize on this growth. Looking to fiscal 2025 and beyond, we remain focused on achieving the long-term targets we set at our Investor Day and delivering long-term value to our stockholders.

David M. Shaffer, President and Chief Executive Officer, EnerSys

Key Financial Results and Metrics

Fourth quarter ended

 

Twelve months ended

In millions, except per share amounts

March 31, 2024

 

March 31, 2023

 

Change

 

March 31, 2024

 

March 31, 2023

 

Change

Net Sales

$

910.7

 

$

989.9

 

 

(8.0

)%

 

$

3,581.8

 

$

3,708.5

 

 

(3.4

)%

Diluted EPS (GAAP)

$

1.48

 

$

1.59

 

$

(0.11

)

 

$

6.50

 

$

4.25

 

$

2.25

 

Adjusted Diluted EPS (Non-GAAP)(1)

$

2.08

 

$

1.82

 

$

0.26

 

 

$

8.35

 

$

5.34

 

$

3.01

 

Gross Profit (GAAP)

$

254.3

 

$

246.0

 

$

8.3

 

 

$

982.8

 

$

840.1

 

$

142.7

 

Operating Earnings (GAAP)

$

80.9

 

$

95.4

 

$

(14.5

)

 

$

351.5

 

$

278.3

 

$

73.2

 

Adjusted Operating Earnings (Non-GAAP)(2)

$

109.2

 

$

107.1

 

$

2.1

 

 

$

450.2

 

$

322.2

 

$

128.0

 

Net Earnings (GAAP)

$

60.9

 

$

65.9

 

$

(5.0

)

 

$

269.1

 

$

175.8

 

$

93.3

 

EBITDA (Non-GAAP)(3)

$

101.1

 

$

112.9

 

$

(11.8

)

 

$

434.1

 

$

361.3

 

$

72.8

 

Adjusted EBITDA (Non-GAAP)(3)

$

124.5

 

$

118.2

 

$

6.3

 

 

$

506.8

 

$

387.5

 

$

119.3

 

Share Repurchases

$

13.4

 

$

 

$

13.4

 

 

$

95.7

 

$

22.9

 

$

72.8

 

Dividend per share

$

0.225

 

$

0.175

 

$

0.05

 

 

$

0.850

 

$

0.700

 

$

0.15

 

Total Capital Returned to Stockholders

$

22.5

 

$

7.1

 

$

15.4

 

 

$

130.3

 

$

51.3

 

$

79.0

 

(a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(b) Adjusted gross margin, and adjusted free cash flow conversion are non-GAAP financial measures defined and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(1) Adjusted Diluted EPS is a non-GAAP financial measure and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results.

(3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

Summary of Results

Fourth Quarter 2024

Net sales for the fourth quarter of fiscal 2024 were $910.7 million, a decrease of 8.0% from the prior year fourth quarter net sales of $989.9 million. The decrease compared to prior year quarter was the result of a 7% decrease in organic volume and a 1% decrease in foreign currency translation impact.

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2024 was $60.9 million, or $1.48 per diluted share, which included an unfavorable highlighted net of tax impact of $24.3 million, or $0.60 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the fourth quarter of fiscal 2023 was $65.9 million, or $1.59 per diluted share, which included an unfavorable highlighted net of tax impact of $9.5 million, or $0.23 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2024, on a non-GAAP basis, were $2.08, compared to the guidance of $1.98 to $2.08 per diluted share for the fourth quarter given by the Company on February 7, 2024. These earnings compare to the prior year fourth quarter adjusted Net earnings of $1.82 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2024 and March 31, 2023.

In the first quarter of fiscal 2024, we introduced a new line of business, New Ventures, that includes energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. The financial results of the New Ventures segment includes start up operating expenses and is included in the Corporate and other line in our operating earnings.

Fiscal Year 2024

Net sales for the twelve months of fiscal 2024 were $3,581.8 million, a decrease of 3.4% from the prior year twelve months net sales of $3,708.5 million. This decrease was due to a 7% decrease in organic volume, partially offset by a 4% increase in pricing.

Net earnings for the twelve months of fiscal 2024 was $269.1 million, or $6.50 per diluted share, which included an unfavorable highlighted net of tax impact of $76.2 million, or $1.85 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the twelve months of fiscal 2023 was $175.8 million, or $4.25 per diluted share, which included an unfavorable highlighted net of tax impact of $45.0 million, or $1.09 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Adjusted Net earnings per diluted share for the twelve months of fiscal 2024, on a non-GAAP basis, were $8.35. This compares to the prior year twelve months adjusted Net earnings of $5.34 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

First Quarter and Full Year 2025 Outlook

Beginning with the first quarter of 2025, EnerSys is making changes to its quarterly guidance metrics. The Company will now provide guidance on net sales and adjusted diluted earnings per share on a quarterly and fiscal year basis. The Company believes this information will provide a clearer view of its anticipated financial performance.

In the first quarter of fiscal 2025, EnerSys expects:

  • Net sales in the range of $860M to $900M
  • Adjusted diluted earnings per share in the range of $1.93 to $2.03*

For the full year fiscal 2025, EnerSys expects:

  • Net sales in the range of $3,675M to $3,825M
  • Adjusted diluted earnings per share in the range of $8.55 to $8.95*
  • Capital expenditures in the range of $100M to $120M

We remain optimistic about the trajectory of our business and are on track to achieve the aggregate fiscal year 2027 targets we set at our Investor Day in June 2023. While we are seeing healthy demand trends in the majority of our end markets, we are managing our business prudently to navigate the temporary spending pauses by our telecom and broadband customers. In the first quarter, we expect seasonally lower volume in Motive Power and continued telecom and broadband spending pauses in Energy Systems. We expect to see some cost improvements and benefits from operational efficiencies flowing through to our bottom line. For fiscal year 2025, we expect volume growth driven by maintenance-free products in Motive Power, an increase in transportation aftermarket sales, and our first revenues from Fast Charge and Storage, with only moderate recovery in telecom and broadband markets to begin to occur towards the end of the fiscal year. The need for intelligent energy storage and management systems will only increase as the demand for electricity is significantly outpacing the capacity of the global grid infrastructure. EnerSys is well-positioned to capitalize on market opportunities as we deliver innovative products that are strategically aligned with these secular trends,” said Andrea Funk, EnerSys Chief Financial Officer.

*Inclusive of IRC 45X tax benefits under the IRA. Note that the IRS has not yet finalized guidance related to section 45X, which could materially increase or decrease the quantity of our U.S. produced batteries that qualify for this credit.

Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Conference Call and Webcast Details

The Company will host a conference call to discuss its fourth quarter and full year 2024 financial results at 9:00 AM (EST) Thursday, May 23, 2024. A live broadcast as well as a replay of the call can be accessed via https://edge.media-server.com/mmc/p/xu2zf64r/ or the Investor Relations section of the company’s website at https://investor.enersys.com.

To join the live call, please register at https://register.vevent.com/register/BI78f078f5018241cf976352875e14708b. A dial-in and unique PIN will be provided upon registration.

About EnerSys

EnerSys is the global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. More information regarding EnerSys can be found at www.enersys.com.

Sustainability

Sustainability at EnerSys is about more than just the benefits and impacts of our products. Our commitment to sustainability encompasses many important environmental, social and governance issues. Sustainability is a fundamental part of how we manage our own operations. Minimizing our environmental footprint is a priority. Sustainability is our commitment to our employees, our customers and the communities we serve. Our products facilitate positive environmental, social, and economic impacts around the world. To learn more visit: https://www.enersys.com/en/about-us/sustainability/.

Caution Concerning Forward-Looking Statements

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, future responses to and effects of the pandemic, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2024. No undue reliance should be placed on any forward-looking statements.

EnerSys

Consolidated Condensed Statements of Income (Unaudited)

(In millions, except share and per share data)

 

 

Quarter ended

 

Twelve months ended

 

March 31, 2024

 

March 31, 2023

 

March 31, 2024

 

March 31, 2023

Net sales

$

910.7

 

$

989.9

 

$

3,581.8

 

$

3,708.5

Gross profit

 

254.3

 

$

246.0

 

$

982.8

 

$

840.1

Operating expenses

 

157.3

 

$

146.1

 

$

589.6

 

$

544.9

Restructuring and other exit charges

 

8.5

 

$

4.0

 

$

28.1

 

$

16.4

Impairment of indefinite-lived intangibles

 

7.6

 

$

0.5

 

$

13.6

 

$

0.5

Operating earnings

 

80.9

 

$

95.4

 

$

351.5

 

$

278.3

Earnings before income taxes

 

66.6

 

$

75.7

 

$

292.2

 

$

210.6

Income tax expense

 

5.7

 

$

9.8

 

$

23.1

 

$

34.8

Net earnings attributable to EnerSys stockholders

$

60.9

 

$

65.9

 

$

269.1

 

$

175.8

 

 

 

 

 

 

 

 

Net reported earnings per common share attributable to EnerSys stockholders:

 

 

 

 

 

 

 

Basic

$

1.51

 

$

1.61

 

$

6.62

 

$

4.31

Diluted

$

1.48

 

$

1.59

 

$

6.50

 

$

4.25

Dividends per common share

$

0.225

 

$

0.175

 

$

0.850

 

$

0.70

Weighted-average number of common shares used in reported earnings per share calculations:

 

 

 

 

 

 

 

Basic

 

40,365,995

 

 

40,873,977

 

 

40,669,392

 

 

40,809,235

Diluted

 

41,054,904

 

 

41,505,060

 

 

41,371,439

 

 

41,326,755

EnerSys

Consolidated Condensed Balance Sheets (Unaudited)

(In Thousands, Except Share and Per Share Data)

 

 

 

March 31,

 

 

 

2024

 

 

 

2023

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

333,324

 

 

$

346,665

 

Accounts receivable, net of allowance for doubtful accounts

(2024–$8,107; 2023–$8,775)

 

 

524,725

 

 

 

637,817

 

Inventories, net

 

 

697,698

 

 

 

797,798

 

Prepaid and other current assets

 

 

226,949

 

 

 

113,601

 

Total current assets

 

 

1,782,696

 

 

 

1,895,881

 

Property, plant, and equipment, net

 

 

532,450

 

 

 

513,283

 

Goodwill

 

 

682,934

 

 

 

676,715

 

Other intangible assets, net

 

 

319,407

 

 

 

360,412

 

Deferred taxes

 

 

49,798

 

 

 

49,152

 

Other assets

 

 

98,721

 

 

 

121,231

 

Total assets

 

$

3,466,006

 

 

$

3,616,674

 

Liabilities and Equity

 

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

 

$

30,444

 

 

$

30,642

 

Current portion of finance leases

 

 

237

 

 

 

90

 

Accounts payable

 

 

369,456

 

 

 

378,641

 

Accrued expenses

 

 

323,720

 

 

 

308,947

 

Total current liabilities

 

 

723,857

 

 

 

718,320

 

Long-term debt, net of unamortized debt issuance costs

 

 

801,965

 

 

 

1,041,989

 

Finance leases

 

 

647

 

 

 

254

 

Deferred taxes

 

 

30,583

 

 

 

61,118

 

Other liabilities

 

 

151,882

 

 

 

191,112

 

Total liabilities

 

 

1,708,934

 

 

 

2,012,793

 

Commitments and contingencies

 

 

 

 

Equity:

 

 

 

 

Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and at March 31, 2023

 

 

 

 

 

 

Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 56,363,924 shares issued and 40,271,936 shares outstanding at March 31, 2024; 56,004,613 shares issued and 40,901,059 shares outstanding at March 31, 2023

 

 

564

 

 

 

560

 

Additional paid-in capital

 

 

629,879

 

 

 

596,464

 

Treasury stock at cost, 16,091,988 shares held as of March 31, 2024 and 15,103,554 shares held as of March 31, 2023

 

 

(835,827

)

 

 

(740,956

)

Retained earnings

 

 

2,163,880

 

 

 

1,930,148

 

Contra equity – indemnification receivable

 

 

 

 

 

(2,463

)

Accumulated other comprehensive loss

 

 

(204,851

)

 

 

(183,474

)

Total EnerSys stockholders’ equity

 

 

1,753,645

 

 

 

1,600,279

 

Nonredeemable noncontrolling interests

 

 

3,427

 

 

 

3,602

 

Total equity

 

 

1,757,072

 

 

 

1,603,881

 

Total liabilities and equity

 

$

3,466,006

 

 

$

3,616,674

 

EnerSys

Consolidated Condensed Statements of Cash Flows (Unaudited)

(In Thousands)

 

 

 

Fiscal year ended March 31,

 

 

 

2024

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

Net earnings

 

$

269,096

 

 

$

175,810

 

 

$

143,911

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

92,021

 

 

 

91,153

 

 

 

95,878

 

Write-off of assets relating to restructuring and other exit charges

 

 

24,229

 

 

 

8,920

 

 

 

6,503

 

Loss on assets held for sale

 

 

 

 

 

 

 

 

2,973

 

Impairment of indefinite-lived intangibles

 

 

13,619

 

 

 

480

 

 

 

1,178

 

Derivatives not designated in hedging relationships:

 

 

 

 

 

 

Net losses (gains)

 

 

846

 

 

 

(1,182

)

 

 

157

 

Cash proceeds (settlements)

 

 

(255

)

 

 

470

 

 

 

255

 

Provision for doubtful accounts

 

 

1,873

 

 

 

(431

)

 

 

2,621

 

Deferred income taxes

 

 

(29,344

)

 

 

(15,236

)

 

 

1,115

 

Non-cash interest expense

 

 

2,450

 

 

 

1,964

 

 

 

2,107

 

Stock-based compensation

 

 

30,607

 

 

 

26,371

 

 

 

24,289

 

Gain on disposal of property, plant, and equipment

 

 

908

 

 

 

(113

)

 

 

(490

)

Changes in assets and liabilities, net of effects of acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

108,631

 

 

 

67,553

 

 

 

(128,956

)

Inventories

 

 

75,633

 

 

 

(96,413

)

 

 

(212,839

)

Prepaid and other current assets

 

 

(112,701

)

 

 

23,689

 

 

 

(32,044

)

Other assets

 

 

6,027

 

 

 

(6,298

)

 

 

270

 

Accounts payable

 

 

(15,131

)

 

 

(4,236

)

 

 

65,316

 

Accrued expenses

 

 

(8,254

)

 

 

5,747

 

 

 

(38,578

)

Other liabilities

 

 

(3,226

)

 

 

1,690

 

 

 

749

 

Net cash provided by (used in) operating activities

 

 

457,029

 

 

 

279,938

 

 

 

(65,585

)

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Capital expenditures

 

 

(86,437

)

 

 

(88,772

)

 

 

(74,041

)

Purchase of businesses

 

 

(8,270

)

 

 

 

 

 

 

Proceeds from disposal of facility

 

 

 

 

 

 

 

 

3,268

 

Proceeds from disposal of property, plant, and equipment

 

 

2,228

 

 

 

586

 

 

 

1,540

 

Proceeds from termination of net investment hedges

 

 

 

 

 

43,384

 

 

 

 

Net cash used in investing activities

 

 

(92,479

)

 

 

(44,802

)

 

 

(69,233

)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowings (repayments) on short-term debt

 

 

(231

)

 

 

(21,719

)

 

 

20,556

 

Proceeds from Second Amended Revolver borrowings

 

 

182,500

 

 

 

310,500

 

 

 

523,400

 

Repayments of Second Amended Revolver borrowings

 

 

(427,500

)

 

 

(500,500

)

 

 

(88,400

)

Proceeds from Amended 2017 Term Loan

 

 

 

 

 

300,000

 

 

 

 

Proceeds from 2027 Bonds

 

 

300,000

 

 

 

 

 

 

 

Repayments of 2023 Senior Notes

 

 

 

 

 

(300,000

)

 

 

 

Repayments of Second and Third Amended Term Loan

 

 

(293,889

)

 

 

(5,215

)

 

 

(161,447

)

Debt issuance costs

 

 

(4,061

)

 

 

(1,121

)

 

 

(2,952

)

Finance lease obligations and other

 

 

1,169

 

 

 

1,110

 

 

 

810

 

Option proceeds, net

 

 

10,786

 

 

 

4,392

 

 

 

1,336

 

Payment of taxes related to net share settlement of equity awards

 

 

(9,166

)

 

 

(6,453

)

 

 

(9,150

)

Purchase of treasury stock

 

 

(95,688

)

 

 

(22,907

)

 

 

(156,366

)

Dividends paid to stockholders

 

 

(34,480

)

 

 

(28,537

)

 

 

(29,353

)

Net cash (used in) provided by financing activities

 

 

(370,560

)

 

 

(270,450

)

 

 

98,434

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(7,331

)

 

 

(20,509

)

 

 

(12,936

)

Net (decrease) increase in cash and cash equivalents

 

 

(13,341

)

 

 

(55,823

)

 

 

(49,320

)

Cash and cash equivalents at beginning of year

 

 

346,665

 

 

 

402,488

 

 

 

451,808

 

Cash and cash equivalents at end of year

 

$

333,324

 

 

$

346,665

 

 

$

402,488

 

Contacts

Lisa Hartman
Vice President, Investor Relations and Corporate Communications

EnerSys

610-236-4040

E-mail: investorrelations@enersys.com

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