06 Feb EnerSys Reports Third Quarter Fiscal 2025 Results
Delivers Net Sales up 5% and Operating Cash Flow of $81 Million
Third Quarter Fiscal 2025 Highlights
(All comparisons against the third quarter of fiscal year 2024 unless otherwise noted)
- Delivered net sales of $906M, +5%, driven by strong A&D demand, bolstered by contributions from Bren-Tronics, and improvement in the U.S. Communications market
- Energy Systems net sales +4% with significant margin expansion driven by operational efficiency improvements and cost controls
- Achieved GM of 32.9%, +400 bps, including $75M benefit from IRA / IRC 45X tax credits; ex IRA adjusted GM +80 bps
- Realized diluted EPS of $2.88, +55%, and adjusted diluted EPS(1) of $3.12, +22%, ex IRA +$0.12, +10%
- Net leverage ratio(a) 1.5 X EBITDA on operating cash flow of $81M
- Announced the appointment of Keith Fisher as President, Energy Systems Global effective January 2, 2025
READING, Pa.–(BUSINESS WIRE)–#EnerSys—EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its third quarter of fiscal 2025, which ended on December 29, 2024.
|
Message from the CEO |
Amid improving but still mixed end market conditions, EnerSys delivered solid EPS growth during the third quarter, compared to the prior year, highlighted by pre-IRA earnings growth significantly outpacing revenue growth. This performance was driven by strong price/mix across all lines of business, the accretive contribution of Bren-Tronics, and operational improvements in Energy Systems, which more than offset headwinds from commodity hedge timing and FX pressure. Total EPS, was bolstered by a $75M benefit from IRA, including a $36M retroactive benefit adjustment. Revenue increased 5% year-over-year, supported by contributions from Bren-Tronics and a gradual recovery in the U.S. Communications market. Despite our solid year-over-year improvement, revenue came in below our expectations, primarily due to FX headwinds, a slower than anticipated ramp in U.S. Communications, and the impact of a large Motive Power customer plant disruption in EMEA.
In Energy Systems, we achieved notable gains in volume and margins as U.S. Communications spending continued to recover, and the benefits of our cost reduction initiatives flowed through to the bottom line. We were pleased to announce the appointment of Keith Fisher as President, Energy Systems Global. Keith brings extensive expertise in service transformation and operational excellence, and we look forward to his leadership in our next phase of profitable growth and service excellence. We delivered another impressive Motive Power quarter driven by growth in our higher value TPPL product sales. In Specialty, A&D markets remain robust and we are seeing early signs of recovery in Transportation. Bren-Tronics continues to exceed expectations, with all major integration milestones successfully completed. Additionally, we recognized our first revenue from our Fast Charge and Storage (FC&S) systems, marking an important milestone for the Company.
As we see demand strengthening, particularly in Communications and Transportation, we are increasingly optimistic that we have reached an inflection point. With improving trends across our end markets and disciplined execution of our strategic priorities, we expect to deliver a strong finish to our fiscal year in the fourth quarter and drive sustained value creation for our shareholders.
David M. Shaffer, Chief Executive Officer, EnerSys
|
Key Financial Results and Metrics |
Third quarter ended |
|
Nine months ended |
||||||||||||||||
|
In millions, except per share amounts |
December 29, 2024 |
|
December 31, 2023 |
|
Change |
|
December 29, 2024 |
|
December 31, 2023 |
|
Change |
||||||||
|
Net Sales |
$ |
906.2 |
|
$ |
861.5 |
|
|
5.2 |
% |
|
$ |
2,642.8 |
|
$ |
2,671.1 |
|
|
(1.1 |
)% |
|
Diluted EPS (GAAP) |
$ |
2.88 |
|
$ |
1.86 |
|
$ |
1.02 |
|
|
$ |
6.58 |
|
$ |
5.02 |
|
$ |
1.56 |
|
|
Adjusted Diluted EPS (Non-GAAP)(1) |
$ |
3.12 |
|
$ |
2.56 |
|
$ |
0.56 |
|
|
$ |
7.19 |
|
$ |
6.27 |
|
$ |
0.92 |
|
|
Gross Profit (GAAP) |
$ |
298.2 |
|
$ |
248.6 |
|
$ |
49.6 |
|
|
$ |
788.7 |
|
$ |
728.5 |
|
$ |
60.2 |
|
|
Operating Earnings (GAAP) |
$ |
142.7 |
|
$ |
92.6 |
|
$ |
50.1 |
|
|
$ |
333.4 |
|
$ |
270.6 |
|
$ |
62.8 |
|
|
Adjusted Operating Earnings (Non-GAAP)(2) |
$ |
155.3 |
|
$ |
130.3 |
|
$ |
25.0 |
|
|
$ |
375.6 |
|
$ |
341.0 |
|
$ |
34.6 |
|
|
Net Earnings (GAAP) |
$ |
114.8 |
|
$ |
76.2 |
|
$ |
38.6 |
|
|
$ |
267.2 |
|
$ |
208.2 |
|
$ |
59.0 |
|
|
EBITDA (Non-GAAP)(3) |
$ |
167.2 |
|
$ |
113.5 |
|
$ |
53.7 |
|
|
$ |
403.0 |
|
$ |
333.0 |
|
$ |
70.0 |
|
|
Adjusted EBITDA (Non-GAAP)(3) |
$ |
171.4 |
|
$ |
144.3 |
|
$ |
27.1 |
|
|
$ |
421.7 |
|
$ |
382.3 |
|
$ |
39.4 |
|
|
Share Repurchases |
$ |
38.7 |
|
$ |
35.0 |
|
$ |
3.7 |
|
|
$ |
113.9 |
|
$ |
82.3 |
|
$ |
31.6 |
|
|
Dividend per share |
$ |
0.24 |
|
$ |
0.225 |
|
$ |
0.02 |
|
|
$ |
0.705 |
|
$ |
0.63 |
|
$ |
0.08 |
|
|
Total Capital Returned to Stockholders |
$ |
48.2 |
|
$ |
44.1 |
|
$ |
4.1 |
|
|
$ |
142.1 |
|
$ |
107.8 |
|
$ |
34.3 |
|
(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) 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
Third Quarter Fiscal 2025
Net sales for the third quarter of fiscal 2025 were $906.2 million, an increase of 5.2% from the prior year third quarter net sales of $861.5 million, but below the range of the third quarter of fiscal 2025 guidance of $920 million to $960 million given on November 6, 2024. The increase compared to prior year’s quarter was the result of a 2% increase in organic volume, a 2% increase in pricing, and a 3% increase in acquisitions partially offset by a 2% decrease in foreign currency translation.
Net earnings attributable to EnerSys stockholders (“Net earnings”) for the third quarter of fiscal 2025 was $114.8 million, or $2.88 per diluted share, which included an unfavorable highlighted net of tax impact of $9.5 million, or $0.24 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 third quarter of fiscal 2024 was $76.2 million, or $1.86 per diluted share, which included an unfavorable highlighted net of tax impact of $28.8 million, or $0.70 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 third quarter of fiscal 2025, on a non-GAAP basis, were $3.12, compared to the guidance of $3.00 to $3.10 per diluted share for the third quarter given by the Company on December 17, 2024. These earnings compare to the prior year third quarter adjusted Net earnings of $2.56 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 December 29, 2024 and December 31, 2023.
Fiscal Year to Date 2025
Net sales for the nine months of fiscal 2025 were $2,642.8 million, a decrease of 1.1% from the prior year nine months net sales of $2,671.1 million. This decrease was due to a 1% decrease in organic volume, a 1% decrease in pricing, and a 1% decrease in foreign currency translation, partially offset by a 2% increase in acquisitions.
Net earnings for the nine months of fiscal 2025 was $267.2 million, or $6.58 per diluted share, which included an unfavorable highlighted net of tax impact of $24.6 million, or $0.61 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 nine months of fiscal 2024 was $208.2 million, or $5.02 per diluted share, which included an unfavorable highlighted net of tax impact of $51.9 million, or $1.25 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 nine months of fiscal 2025, on a non-GAAP basis, were $7.19. This compares to the prior year nine months adjusted Net earnings of $6.27 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.
Quarterly Dividend
The company announced today that its Board of Directors has declared a quarterly cash dividend of $0.24 per share of common stock payable on March 28, 2025, to holders of record as of March 14, 2025.
Balance Sheet and Cash Flow
As of December 29, 2024, cash and cash equivalents were $463.2 million and net debt was $852.1 million. The net leverage ratio at the end of the third quarter was 1.5 X, up from 1.1 X in the prior year period due to the impact of the Bren-Tronics acquisition. Capital expenditures during the third quarter were $24.3 million, up from $23.1 million in the prior year period, driven by investments in plant improvements. During the third quarter, cash from operating activities was $81.1 million and free cash flow was $56.8 million.
The Company also returned approximately $48.2 million to shareholders through $38.7 million in share repurchases and $9.5 million through its quarterly dividend payment in the third quarter.
Fourth Quarter and Full Year 2025 Outlook
In the fourth quarter of fiscal 2025, EnerSys expects:
- Net sales in the range of $960M to $1,000M
- Adjusted diluted earnings per share in the range of $2.75 to $2.85*
For the full year fiscal 2025, EnerSys expects:
- Net sales in the range of $3,603M to $3,643M, down from prior guidance of $3,675M to $3,765M
- Adjusted diluted earnings per share in the range of $9.97 to $10.07*, up from prior guidance of $9.65 to $9.95*
- Capital expenditures ~$120M
“We expect the fiscal fourth quarter to be one of our strongest quarters on record, driven by improving order rates and favorable demand trends across our core end markets. We are particularly encouraged by steady demand improvement in the U.S. Communications market and early signs of recovery in the Transportation sector. These positive dynamics are tempered by ongoing macroeconomic uncertainty, particularly in EMEA, which we continue to monitor closely.
While our full-year revenue guidance has been revised to reflect the one-off impacts from Q3 and improving but slower than anticipated recovery in the Communications and Transportation markets, we are confident in the strength of our diversified portfolio. Despite mixed market dynamics, we are successfully managing our business to increase profitability and cash flow. Additionally, the results of our margin expansion initiatives in our Energy Systems and Specialty businesses are strengthening our positive outlook with year-over-year earnings growth on our base business.
As we look ahead, we see continued momentum in demand for reliable power solutions, underpinned by accelerating trends in electrification, data-driven infrastructure, and sustainability. EnerSys is well-positioned to capitalize on these opportunities, and we remain focused on delivering long-term value for our stockholders,” said Andrea Funk, EnerSys Chief Financial Officer.
*Inclusive of IRC 45X tax benefits created with the IRA.
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 third quarter results at 9:00 AM (ET) Thursday, February 6, 2025. A live broadcast as well as a replay of the call can be accessed via https://edge.media-server.com/mmc/p/7eobixrc 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-conf.media-server.com/register/BIc570495fd56640c49ad93b4e427f8aae. A dial-in and unique PIN will be provided upon registration.
About EnerSys
EnerSys is a 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, portable power solutions for soldiers in the field, 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. To learn more about EnerSys please visit https://www.enersys.com/en/.
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, development and construction of the Company’s gigafactory in Greenville, South Carolina, 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 and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets 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 |
|
Nine months ended |
||||||||
|
|
December 29, 2024 |
|
December 31, 2023 |
|
December 29, 2024 |
|
December 31, 2023 |
||||
|
Net sales |
$ |
906.2 |
|
$ |
861.5 |
|
$ |
2,642.8 |
|
$ |
2,671.1 |
|
Gross profit |
|
298.2 |
|
$ |
248.6 |
|
$ |
788.7 |
|
$ |
728.5 |
|
Operating expenses |
|
154.3 |
|
$ |
143.9 |
|
$ |
446.0 |
|
$ |
432.3 |
|
Restructuring and other exit charges |
|
1.2 |
|
$ |
6.1 |
|
$ |
9.3 |
|
$ |
19.6 |
|
Impairment of indefinite-lived intangibles |
|
0.0 |
|
$ |
6.0 |
|
$ |
0.0 |
|
$ |
6.0 |
|
Operating earnings |
|
142.7 |
|
$ |
92.6 |
|
$ |
333.4 |
|
$ |
270.6 |
|
Earnings before income taxes |
|
126.7 |
|
$ |
78.7 |
|
$ |
290.2 |
|
$ |
225.6 |
|
Income tax expense |
|
11.9 |
|
$ |
2.5 |
|
$ |
23.0 |
|
$ |
17.4 |
|
Net earnings attributable to EnerSys stockholders |
$ |
114.8 |
|
$ |
76.2 |
|
$ |
267.2 |
|
$ |
208.2 |
|
|
|
|
|
|
|
|
|
||||
|
Net reported earnings per common share attributable to EnerSys stockholders: |
|
|
|
|
|
|
|
||||
|
Basic |
$ |
2.92 |
|
$ |
1.88 |
|
$ |
6.70 |
|
$ |
5.11 |
|
Diluted |
$ |
2.88 |
|
$ |
1.86 |
|
$ |
6.58 |
|
$ |
5.02 |
|
Dividends per common share |
$ |
0.24 |
|
$ |
0.225 |
|
$ |
0.705 |
|
$ |
0.625 |
|
Weighted-average number of common shares used in reported earnings per share calculations: |
|
|
|
|
|
|
|
||||
|
Basic |
|
39,305,035 |
|
|
40,451,279 |
|
|
39,891,376 |
|
|
40,770,524 |
|
Diluted |
|
39,922,913 |
|
|
41,047,893 |
|
|
40,590,745 |
|
|
41,476,950 |
|
EnerSys |
||||||||
|
Consolidated Condensed Balance Sheets (Unaudited) |
||||||||
|
(In Thousands, Except Share and Per Share Data) |
||||||||
|
|
|
December 29, 2024 |
|
March 31, 2024 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
463,164 |
|
|
$ |
333,324 |
|
|
Accounts receivable, net of allowance for doubtful accounts: December 29, 2024 – $8,674; March 31, 2024 – $8,107 |
|
|
545,223 |
|
|
|
524,725 |
|
|
Inventories, net |
|
|
753,380 |
|
|
|
697,698 |
|
|
Prepaid and other current assets |
|
|
411,222 |
|
|
|
226,949 |
|
|
Total current assets |
|
|
2,172,989 |
|
|
|
1,782,696 |
|
|
Property, plant, and equipment, net |
|
|
583,477 |
|
|
|
532,450 |
|
|
Goodwill |
|
|
715,574 |
|
|
|
682,934 |
|
|
Other intangible assets, net |
|
|
384,453 |
|
|
|
319,407 |
|
|
Deferred taxes |
|
|
52,103 |
|
|
|
49,798 |
|
|
Other assets |
|
|
119,064 |
|
|
|
98,721 |
|
|
Total assets |
|
$ |
4,027,660 |
|
|
$ |
3,466,006 |
|
|
Liabilities and Equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Short-term debt |
|
$ |
29,596 |
|
|
$ |
30,444 |
|
|
Accounts payable |
|
|
351,152 |
|
|
|
369,456 |
|
|
Accrued expenses |
|
|
329,653 |
|
|
|
323,957 |
|
|
Total current liabilities |
|
|
710,401 |
|
|
|
723,857 |
|
|
Long-term debt, net of unamortized debt issuance costs |
|
|
1,273,062 |
|
|
|
801,965 |
|
|
Deferred taxes |
|
|
37,326 |
|
|
|
30,583 |
|
|
Other liabilities |
|
|
158,613 |
|
|
|
152,529 |
|
|
Total liabilities |
|
|
2,179,402 |
|
|
|
1,708,934 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Equity: |
|
|
|
|
||||
|
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at December 29, 2024 and at March 31, 2024 |
|
|
— |
|
|
|
— |
|
|
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 56,683,964 shares issued and 39,424,672 shares outstanding at December 29, 2024; 56,363,924 shares issued and 40,271,936 shares outstanding at March 31, 2024 |
|
|
567 |
|
|
|
564 |
|
|
Additional paid-in capital |
|
|
653,022 |
|
|
|
629,879 |
|
|
Treasury stock at cost, 17,259,292 shares held as of December 29, 2024 and 16,091,988 shares held as of March 31, 2024 |
|
|
(949,167 |
) |
|
|
(835,827 |
) |
|
Retained earnings |
|
|
2,402,284 |
|
|
|
2,163,880 |
|
|
Accumulated other comprehensive loss |
|
|
(261,839 |
) |
|
|
(204,851 |
) |
|
Total EnerSys stockholders’ equity |
|
|
1,844,867 |
|
|
|
1,753,645 |
|
|
Nonredeemable noncontrolling interests |
|
|
3,391 |
|
|
|
3,427 |
|
|
Total equity |
|
|
1,848,258 |
|
|
|
1,757,072 |
|
|
Total liabilities and equity |
|
$ |
4,027,660 |
|
|
$ |
3,466,006 |
|
|
EnerSys |
||||||||
|
Consolidated Condensed Statements of Cash Flows (Unaudited) |
||||||||
|
(In Thousands) |
||||||||
|
|
|
Nine months ended |
||||||
|
|
|
December 29, 2024 |
|
December 31, 2023 |
||||
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net earnings |
|
$ |
267,189 |
|
|
$ |
208,184 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
74,377 |
|
|
|
68,304 |
|
|
Write-off of assets relating to exit activities |
|
|
342 |
|
|
|
21,506 |
|
|
Impairment of indefinite-lived intangibles |
|
|
— |
|
|
|
6,020 |
|
|
Derivatives not designated in hedging relationships: |
|
|
|
|
||||
|
Net losses (gains) |
|
|
(1,765 |
) |
|
|
666 |
|
|
Cash (settlements) proceeds |
|
|
763 |
|
|
|
(203 |
) |
|
Provision for doubtful accounts |
|
|
1,914 |
|
|
|
1,912 |
|
|
Deferred income taxes |
|
|
68 |
|
|
|
(258 |
) |
|
Non-cash interest expense |
|
|
1,448 |
|
|
|
1,229 |
|
|
Stock-based compensation |
|
|
20,263 |
|
|
|
22,894 |
|
|
(Gain) loss on disposal of property, plant, and equipment |
|
|
69 |
|
|
|
644 |
|
|
Changes in assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
(24,206 |
) |
|
|
139,508 |
|
|
Inventories |
|
|
(19,567 |
) |
|
|
27,401 |
|
|
Prepaid and other current assets |
|
|
(145,466 |
) |
|
|
(3,602 |
) |
|
Other assets |
|
|
1,054 |
|
|
|
(1,343 |
) |
|
Accounts payable |
|
|
(17,739 |
) |
|
|
(45,650 |
) |
|
Accrued expenses |
|
|
(34,786 |
) |
|
|
(126,857 |
) |
|
Other liabilities |
|
|
1,152 |
|
|
|
(108 |
) |
|
Net cash provided by (used in) operating activities |
|
|
125,110 |
|
|
|
320,247 |
|
|
|
|
|
|
|
||||
|
Cash flows from investing activities |
|
|
|
|
||||
|
Capital expenditures |
|
|
(90,765 |
) |
|
|
(59,005 |
) |
|
Purchase of business |
|
|
(206,024 |
) |
|
|
(8,270 |
) |
|
Proceeds from disposal of property, plant, and equipment |
|
|
94 |
|
|
|
2,037 |
|
|
Investment in Equity Securities |
|
|
(10,852 |
) |
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
|
(307,547 |
) |
|
|
(65,238 |
) |
|
|
|
|
|
|
||||
|
Cash flows from financing activities |
|
|
|
|
||||
|
Net (repayments) borrowings on short-term debt |
|
|
951 |
|
|
|
(440 |
) |
|
Proceeds from Second Amended Revolver borrowings |
|
|
650,000 |
|
|
|
182,500 |
|
|
Proceeds from 2027 Notes |
|
|
— |
|
|
|
— |
|
|
Repayments of Second Amended Revolver borrowings |
|
|
(180,000 |
) |
|
|
(327,500 |
) |
|
Repayments of Second and Third Amended Term Loans |
|
|
— |
|
|
|
(19,116 |
) |
|
Finance lease obligations |
|
|
(101 |
) |
|
|
— |
|
|
Option proceeds, net |
|
|
7,641 |
|
|
|
9,668 |
|
|
Payment of taxes related to net share settlement of equity awards |
|
|
(7,984 |
) |
|
|
(9,492 |
) |
|
Purchase of treasury stock |
|
|
(113,928 |
) |
|
|
(82,331 |
) |
|
Issuance of treasury stock- ESPP |
|
|
851 |
|
|
|
— |
|
|
Dividends paid to stockholders |
|
|
(28,060 |
) |
|
|
(25,423 |
) |
|
PPD Deferred Financing on Bond Issue-Legal Fees |
|
|
(351 |
) |
|
|
— |
|
|
Other |
|
|
(166 |
) |
|
|
910 |
|
|
Net cash (used in) financing activities |
|
|
328,853 |
|
|
|
(271,224 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(16,576 |
) |
|
|
2,264 |
|
|
Net increase in cash and cash equivalents |
|
|
129,840 |
|
|
|
(13,951 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
333,324 |
|
|
|
346,665 |
|
|
Cash and cash equivalents at end of period |
|
$ |
463,164 |
|
|
$ |
332,714 |
|
Contacts
Lisa Hartman
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com
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