EnerSys Reports Second Quarter Fiscal 2024 Results
Delivers Record Gross Margin of 26.6%, Up 490 Basis Points From Prior Year; EPS of $1.56, Up 86% From Prior Year
Second Quarter Fiscal 2024 Highlights
(All comparisons against the second quarter of fiscal year 2023 unless otherwise noted)
- Delivered net sales of $901M, a record second quarter
- Achieved record GM of 26.6%, +490 bps, including $22M benefit from Inflation Reduction Act IRC 45X tax credits
- Generated operating earnings of $89M, +63%, and adjusted operating earnings(2) of $103M, +58%
- Realized diluted EPS of $1.56, +86%, and adjusted diluted EPS(1) of $1.84, +66%
- Reduced net leverage(a) to 1.4X EBITDA on operating cash flow of $111M
- Received initial order for 50 systems from our Fast Charge and Storage (FC&S) launch customer
- Won Environmental Finance Energy Efficiency Initiative of the Year award for EOS lean management energy and waste reduction achievements
READING, Pa.–(BUSINESS WIRE)–#EnerSys–EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its second quarter of fiscal 2024, which ended on October 1, 2023.
|
Message from the CEO |
EnerSys delivered solid results in the second quarter driven by strength in our Motive Power segment, partially offset by lower performance in our Energy Systems and Specialty lines of business. We saw record second quarter revenue, slightly up from prior year which had been bolstered by COVID recovery. We benefited from robust demand for maintenance-free products within our Motive Power segment and were able to hold pricing, improving gross margin significantly over the prior year and maintaining gross margin sequentially against a record fiscal 2024 first quarter. We saw solid demand trends in our Specialty business and expect improved financial performance in the near-term as we rebalance our production lines. Energy Systems results declined sequentially due to a continued pause in communication networks customer capex spend, which we view as temporary. As such, we are taking advantage of the timing of this demand pause to invest in restructuring and footprint rationalization within the Energy Systems segment. We are pleased with our continued ability to generate robust operating earnings and cash flow. Our healthy and flexible balance sheet allows for reinvestment in our business while returning capital to shareholders.
During the quarter, we progressed planning for our lithium battery gigafactory in the United States. Our new factory will be a key competitive advantage, providing innovative battery solutions for both our commercial and US government customers with independence from over-seas cell suppliers while delivering strong returns for our shareholders. We are advancing our site selection process and look forward to sharing the details of the project as they progress.
We continue to execute our “Innovate, Optimize, Accelerate” strategy. Subsequent to the quarter end, we were very pleased to receive a new order for 50 of our proprietary and revolutionary FC&S energy management systems, which includes applications for demand charge reduction, utility back-up power, and dynamic fast charging for EVs. We expect to deliver our first tranche of 15 units by mid-calendar year 2024 and look forward to accelerating sales in future quarters.
As a global leader in stored energy solutions, we are proud to be a critical player in the global energy transition. We remain confident in medium- and long-term demand supported by megatrends of digitization, automation, electrification and decarbonization. We remain laser-focused on delivering for our customers and achieving our long-term financial targets.
David M. Shaffer, President and Chief Executive Officer, EnerSys
|
Key Financial Results and Metrics |
Second quarter ended |
|
Six months ended |
||||||||||||||||
|
In millions, except per share amounts |
October 1, 2023 |
|
October 2, 2022 |
|
Change |
|
October 1, 2023 |
|
October 2, 2022 |
|
Change |
||||||||
|
Net Sales |
$ |
901.0 |
|
$ |
899.4 |
|
|
0.2 |
% |
|
$ |
1,809.6 |
|
$ |
1,798.4 |
|
|
0.6 |
% |
|
Diluted EPS (GAAP) |
$ |
1.56 |
|
$ |
0.84 |
|
$ |
0.72 |
|
|
$ |
3.17 |
|
$ |
1.59 |
|
$ |
1.58 |
|
|
Adjusted Diluted EPS (Non-GAAP)(1) |
$ |
1.84 |
|
$ |
1.11 |
|
$ |
0.73 |
|
|
$ |
3.72 |
|
$ |
2.26 |
|
$ |
1.46 |
|
|
Gross Profit (GAAP) |
$ |
239.6 |
|
$ |
194.9 |
|
$ |
44.7 |
|
|
$ |
479.9 |
|
$ |
380.4 |
|
$ |
99.5 |
|
|
Operating Earnings (GAAP) |
$ |
88.6 |
|
$ |
54.3 |
|
$ |
34.3 |
|
|
$ |
178.0 |
|
$ |
104.4 |
|
$ |
73.6 |
|
|
Adjusted Operating Earnings (Non-GAAP)(2) |
$ |
103.5 |
|
$ |
65.4 |
|
$ |
38.1 |
|
|
$ |
210.7 |
|
$ |
130.2 |
|
$ |
80.5 |
|
|
Net Earnings (GAAP) |
$ |
65.2 |
|
$ |
34.5 |
|
$ |
30.7 |
|
|
$ |
132.0 |
|
$ |
65.5 |
|
$ |
66.5 |
|
|
EBITDA (Non-GAAP)(3) |
$ |
108.2 |
|
$ |
78.5 |
|
$ |
29.7 |
|
|
$ |
219.5 |
|
$ |
150.5 |
|
$ |
69.0 |
|
|
Adjusted EBITDA (Non-GAAP)(3) |
$ |
116.4 |
|
$ |
85.7 |
|
$ |
30.7 |
|
|
$ |
238.5 |
|
$ |
171.2 |
|
$ |
67.3 |
|
|
Share Repurchases |
$ |
47.3 |
|
$ |
— |
|
$ |
47.3 |
|
|
$ |
47.3 |
|
$ |
22.9 |
|
$ |
24.4 |
|
|
Dividend per share |
$ |
0.225 |
|
$ |
0.175 |
|
$ |
0.05 |
|
|
$ |
0.40 |
|
$ |
0.350 |
|
$ |
0.05 |
|
|
Total Capital Returned to Stockholders |
$ |
56.5 |
|
$ |
7.1 |
|
$ |
49.4 |
|
|
$ |
63.7 |
|
$ |
37.1 |
|
$ |
26.6 |
|
(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.
(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) Net Earnings are adjusted for depreciation, amortization, interest and income taxes to arrive at Non-GAAP EBITDA. 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
Second Quarter 2024
Net sales for the second quarter of fiscal 2024 were $901.0 million, an increase of 0.2% from the prior year second quarter net sales of $899.4 million. The increase compared to prior year quarter was the result of a 6% increase in price/mix, and a 1% increase in foreign currency translation impact, offset by an 7% decrease in organic growth.
Net earnings attributable to EnerSys stockholders (“Net earnings”) for the second quarter of fiscal 2024 was $65.2 million, or $1.56 per diluted share, which included an unfavorable highlighted net of tax impact of $11.3 million, or $0.28 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 second quarter of fiscal 2023 was $34.5 million, or $0.84 per diluted share, which included an unfavorable highlighted net of tax impact of $11.1 million, or $0.27 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 second quarter of fiscal 2024, on a non-GAAP basis, were $1.84, compared to the guidance of $1.77 to $1.87 per diluted share for the second quarter given by the Company on August 9, 2023. These earnings compare to the prior year second quarter adjusted Net earnings of $1.11 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 October 1, 2023 and October 2, 2022.
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 to Date 2024
Net sales for the six months of fiscal 2024 were $1,809.6 million, an increase of 0.6% from the prior year six months net sales of $1,798.4 million. This increase was due to an 8% increase in pricing, and a 1% increase in foreign currency translation impact, partially offset by an 8% decrease in organic growth.
Net earnings for the six months of fiscal 2024 was $132.0 million, or $3.17 per diluted share, which included an unfavorable highlighted net of tax impact of $23.1 million, or $0.55 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 six months of fiscal 2023 was $65.5 million, or $1.59 per diluted share, which included an unfavorable highlighted net of tax impact of $27.6 million, or $0.67 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 six months of fiscal 2024, on a non-GAAP basis, were $3.72. This compares to the prior year six months adjusted Net earnings of $2.26 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.
Third Quarter 2024 Outlook
In the third quarter of fiscal 2024, we expect:
- Adjusted diluted earnings per share in the range of $1.80 to $1.90, inclusive of $0.50 to $0.60 from IRC 45X tax benefits under the IRA. Note that the IRS has not yet issued additional clarification guidance related to section 45X which could materially increase or decrease the quantity of our U.S. produced batteries that qualify for this credit.
- Gross margin in the range of 25.0% to 27.0%, including 150bps to 250bps from IRA credits.
- For the full year of fiscal 2024, we expect capital expenditures to be in the range of $100 million to $120 million.
“We remain very optimistic about the trajectory of our business, and are particularly pleased with our ability to maintain pricing during the quarter. We have officially launched our New Ventures business. We received our initial order for Fast Charge and Storage systems from our launch customer, and our order pipeline is gaining momentum. In the near term, while we are seeing pockets of strong demand, we expect to continue to operate in a dynamic macro environment and we are managing our business prudently to mitigate risk. We are well-positioned to capitalize on market opportunities and benefit from strong growth as the near-term macro headwinds stabilize,” said Andrea Funk, EnerSys Chief Financial Officer.
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 second quarter 2024 financial results at 9:00 AM (EST) Thursday, November 9, 2023. A live broadcast as well as a replay of the call can be accessed through the Investor Relations section of the company’s website at https://investor.enersys.com.
To join the live call, please register through the events section of our Investor Relations webpage at https://register.vevent.com/register/BIee7733f23742443a93be34544c0a6fce. 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, 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 buy back program, judicial or regulatory proceedings, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buy back programs, application of Section 45X of the Internal Revenue Code, future responses to and effects of the COVID-19 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, 2023. 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 |
|
Six months ended |
||||||||
|
|
October 1, 2023 |
|
October 2, 2022 |
|
October 1, 2023 |
|
October 2, 2022 |
||||
|
Net sales |
$ |
901.0 |
|
$ |
899.4 |
|
$ |
1,809.6 |
|
$ |
1,798.4 |
|
Gross profit |
|
239.6 |
|
|
194.9 |
|
|
479.9 |
|
|
380.4 |
|
Operating expenses |
|
143.8 |
|
|
137.3 |
|
|
288.4 |
|
|
264.4 |
|
Restructuring and other exit charges |
|
7.2 |
|
|
3.3 |
|
|
13.5 |
|
|
11.6 |
|
Operating earnings |
|
88.6 |
|
|
54.3 |
|
|
178.0 |
|
|
104.4 |
|
Earnings before income taxes |
|
73.4 |
|
|
40.3 |
|
|
146.9 |
|
|
77.1 |
|
Income tax expense |
|
8.2 |
|
|
5.8 |
|
|
14.9 |
|
|
11.6 |
|
Net earnings attributable to EnerSys stockholders |
$ |
65.2 |
|
$ |
34.5 |
|
$ |
132.0 |
|
$ |
65.5 |
|
|
|
|
|
|
|
|
|
||||
|
Net reported earnings per common share attributable to EnerSys stockholders: |
|
|
|
|
|
|
|
||||
|
Basic |
$ |
1.59 |
|
$ |
0.85 |
|
$ |
3.23 |
|
$ |
1.61 |
|
Diluted |
$ |
1.56 |
|
$ |
0.84 |
|
$ |
3.17 |
|
$ |
1.59 |
|
Dividends per common share |
$ |
0.225 |
|
$ |
0.175 |
|
$ |
0.40 |
|
$ |
0.35 |
|
Weighted-average number of common shares used in reported earnings per share calculations: |
|
|
|
|
|
|
|
||||
|
Basic |
|
40,922,959 |
|
|
40,740,989 |
|
|
40,930,146 |
|
|
40,763,663 |
|
Diluted |
|
41,684,634 |
|
|
41,167,622 |
|
|
41,691,479 |
|
|
41,260,134 |
|
EnerSys Consolidated Condensed Balance Sheets (Unaudited) (In Thousands, Except Share and Per Share Data) |
||||||||
|
|
|
October 1, 2023 |
|
March 31, 2023 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
327,751 |
|
|
$ |
346,665 |
|
|
Accounts receivable, net of allowance for doubtful accounts: October 1, 2023 – $9,688; March 31, 2023 – $8,775 |
|
|
536,501 |
|
|
|
637,817 |
|
|
Inventories, net |
|
|
776,503 |
|
|
|
797,798 |
|
|
Prepaid and other current assets |
|
|
145,497 |
|
|
|
113,601 |
|
|
Total current assets |
|
|
1,786,252 |
|
|
|
1,895,881 |
|
|
Property, plant, and equipment, net |
|
|
510,524 |
|
|
|
513,283 |
|
|
Goodwill |
|
|
677,349 |
|
|
|
676,715 |
|
|
Other intangible assets, net |
|
|
346,324 |
|
|
|
360,412 |
|
|
Deferred taxes |
|
|
47,416 |
|
|
|
49,152 |
|
|
Other assets |
|
|
125,128 |
|
|
|
121,231 |
|
|
Total assets |
|
$ |
3,492,993 |
|
|
$ |
3,616,674 |
|
|
Liabilities and Equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Short-term debt |
|
$ |
30,544 |
|
|
$ |
30,642 |
|
|
Accounts payable |
|
|
322,805 |
|
|
|
378,641 |
|
|
Accrued expenses |
|
|
311,918 |
|
|
|
309,037 |
|
|
Total current liabilities |
|
|
665,267 |
|
|
|
718,320 |
|
|
Long-term debt, net of unamortized debt issuance costs |
|
|
949,934 |
|
|
|
1,041,989 |
|
|
Deferred taxes |
|
|
60,547 |
|
|
|
61,118 |
|
|
Other liabilities |
|
|
153,864 |
|
|
|
191,366 |
|
|
Total liabilities |
|
|
1,829,612 |
|
|
|
2,012,793 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Equity: |
|
|
|
|
||||
|
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at October 1, 2023 and at March 31, 2023 |
|
|
— |
|
|
|
— |
|
|
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 56,347,317 shares issued and 40,771,015 shares outstanding at October 1, 2023; 56,004,613 shares issued and 40,901,059 shares outstanding at March 31, 2023 |
|
|
563 |
|
|
|
560 |
|
|
Additional paid-in capital |
|
|
612,490 |
|
|
|
596,464 |
|
|
Treasury stock at cost, 15,576,302 shares held as of October 1, 2023 and 15,103,554 shares held as of March 31, 2023 |
|
|
(787,888 |
) |
|
|
(740,956 |
) |
|
Retained earnings |
|
|
2,045,416 |
|
|
|
1,930,148 |
|
|
Contra equity – indemnification receivable |
|
|
(1,988 |
) |
|
|
(2,463 |
) |
|
Accumulated other comprehensive loss |
|
|
(208,607 |
) |
|
|
(183,474 |
) |
|
Total EnerSys stockholders’ equity |
|
|
1,659,986 |
|
|
|
1,600,279 |
|
|
Nonredeemable noncontrolling interests |
|
|
3,395 |
|
|
|
3,602 |
|
|
Total equity |
|
|
1,663,381 |
|
|
|
1,603,881 |
|
|
Total liabilities and equity |
|
$ |
3,492,993 |
|
|
$ |
3,616,674 |
|
|
Nonredeemable noncontrolling interests |
|
|
3,395 |
|
|
|
3,602 |
|
|
Total equity |
|
|
1,663,381 |
|
|
|
1,603,881 |
|
|
Total liabilities and equity |
|
$ |
3,492,993 |
|
|
$ |
3,616,674 |
|
|
EnerSys Consolidated Condensed Statements of Cash Flows (Unaudited) (In Thousands) |
||||||||
|
|
|
Six months ended |
||||||
|
|
|
October 1, 2023 |
|
October 2, 2022 |
||||
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net earnings |
|
$ |
132,026 |
|
|
$ |
65,450 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
45,214 |
|
|
|
46,405 |
|
|
Write-off of assets relating to exit activities |
|
|
4,146 |
|
|
|
9,081 |
|
|
Derivatives not designated in hedging relationships: |
|
|
|
|
||||
|
Net (losses) gains |
|
|
1,204 |
|
|
|
472 |
|
|
Cash (settlements) proceeds |
|
|
695 |
|
|
|
(2,015 |
) |
|
Provision for doubtful accounts |
|
|
1,456 |
|
|
|
206 |
|
|
Deferred income taxes |
|
|
46 |
|
|
|
(126 |
) |
|
Non-cash interest expense |
|
|
820 |
|
|
|
974 |
|
|
Stock-based compensation |
|
|
13,077 |
|
|
|
11,864 |
|
|
(Gain) loss on disposal of property, plant, and equipment |
|
|
158 |
|
|
|
(135 |
) |
|
Changes in assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
93,368 |
|
|
|
(18,409 |
) |
|
Inventories |
|
|
10,529 |
|
|
|
(138,327 |
) |
|
Prepaid and other current assets |
|
|
(13,891 |
) |
|
|
(17,544 |
) |
|
Other assets |
|
|
(1,306 |
) |
|
|
(266 |
) |
|
Accounts payable |
|
|
(57,233 |
) |
|
|
(21,417 |
) |
|
Accrued expenses |
|
|
(44,803 |
) |
|
|
(9,443 |
) |
|
Other liabilities |
|
|
217 |
|
|
|
2,929 |
|
|
Net cash provided by (used in) operating activities |
|
|
185,723 |
|
|
|
(70,301 |
) |
|
|
|
|
|
|
||||
|
Cash flows from investing activities |
|
|
|
|
||||
|
Capital expenditures |
|
|
(35,854 |
) |
|
|
(39,653 |
) |
|
Purchase of business |
|
|
(8,270 |
) |
|
|
— |
|
|
Proceeds from termination of net investment hedges |
|
|
— |
|
|
|
43,384 |
|
|
Proceeds from disposal of property, plant, and equipment |
|
|
2,007 |
|
|
|
376 |
|
|
Net cash (used in) investing activities |
|
|
(42,117 |
) |
|
|
4,107 |
|
|
|
|
|
|
|
||||
|
Cash flows from financing activities |
|
|
|
|
||||
|
Net (repayments) borrowings on short-term debt |
|
|
(61 |
) |
|
|
(17,067 |
) |
|
Proceeds from Second Amended Revolver borrowings |
|
|
172,500 |
|
|
|
244,100 |
|
|
Repayments of Second Amended Revolver borrowings |
|
|
(252,500 |
) |
|
|
(184,100 |
) |
|
Repayments of Second and Third Amended Term Loans |
|
|
(12,736 |
) |
|
|
— |
|
|
Financing costs for debt modification |
|
|
— |
|
|
|
(1,096 |
) |
|
Option proceeds, net |
|
|
9,668 |
|
|
|
114 |
|
|
Payment of taxes related to net share settlement of equity awards |
|
|
(7,348 |
) |
|
|
(6,257 |
) |
|
Purchase of treasury stock |
|
|
(47,340 |
) |
|
|
(22,907 |
) |
|
Dividends paid to stockholders |
|
|
(16,341 |
) |
|
|
(14,246 |
) |
|
Other |
|
|
690 |
|
|
|
568 |
|
|
Net cash (used in) provided by financing activities |
|
|
(153,468 |
) |
|
|
(891 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(9,052 |
) |
|
|
(40,980 |
) |
|
Net decrease in cash and cash equivalents |
|
|
(18,914 |
) |
|
|
(108,065 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
346,665 |
|
|
|
402,488 |
|
|
Cash and cash equivalents at end of period |
|
$ |
327,751 |
|
|
$ |
294,423 |
|
Reconciliations of GAAP to Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, (“GAAP”). EnerSys’ management uses the non-GAAP measures “adjusted Net earnings”, “adjusted Diluted EPS”, “adjusted operating earnings”, “adjusted EBITDA”, “adjusted EBITDA per credit agreement”, “net
Contacts
Lisa Hartman
Investor Relations and Financial Media
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com
