Colfax Corporation (NYSE: CFX), a leading diversified technology
company, today announced its financial results for the third
quarter of 2021 and provided other updates.
The Company reported third quarter net income
from continuing operations of $27 million, or $0.17 per share,
compared to $16 million, or $0.12 per share, in the prior year
period. Adjusted earnings of $0.54 per share rose 32% from $0.41 in
the prior year period. Adjustments to US GAAP results are included
in this release.
In the third quarter, sales of $966 million
increased 20%, or 15% on an organic sales-per-day basis versus the
prior year comparable period. The Company also achieved operating
income of $64 million, compared to $62 million in the prior year
quarter. Third quarter adjusted EBITA of $132 million increased 22%
compared to $108 million in the prior year quarter, and adjusted
EBITA margins increased 20 basis points to 13.6%. Excluding recent
acquisitions, adjusted EBITA margins were approximately 70 basis
points higher. Colfax generated operating cash flow of $97 million
and free cash flow of $68 million in the third quarter, compared
with operating cash flow of $80 million and free cash flow of $49
million in the prior year quarter.
“Our businesses performed well and organically
grew faster than the market this quarter in a dynamic business
environment,” said Matt Trerotola, Colfax President and CEO. “ESAB
exceeded our expectations this quarter, as it effectively managed
through the inflationary and supply chain pressures to deliver
strong growth and operating margin expansion. In MedTech, recent
acquisitions drove double-digit growth in the quarter. Organic
sales-per-day growth was positive versus 2020 and 2019 despite the
rise in COVID cases, which temporarily weighed on elective surgery
volumes and further increased supply chain and logistics
challenges. We expect gradual improvement in the fourth quarter,
creating a strong growth trajectory into 2022. Both of our
businesses are operationally and strategically well-positioned for
the planned separation of Colfax into two independent companies in
the first quarter of 2022.”
Colfax has made strong progress integrating its
recent acquisitions. The foot and ankle businesses have been
combined into a unified platform that can be leveraged to
efficiently scale and rapidly grow at double-digit rates to
approximately $100 million of revenue over the next three years.
Our teams are working closely together to secure Mathys’ path to
higher revenue growth and $15 million of cost synergies that was
previously outlined. Acquisitions will continue to be an important
part of the Company’s strategy to shape its medical technology
business for faster growth.
Medical Technology segment sales of $360 million
in the quarter increased 14% overall. Organic sales-per-day
increased 1% which includes approximately 200 basis points of
pressure from prior year non-recurring sales of personal protective
equipment. The Company recently expanded its hip portfolio with the
EMPOWR™ Dual Mobility Hip System, adding another clinically
differentiated product into its fast-growing reconstructive
business. This is the latest addition to the EMPOWR Hip portfolio
that provides surgeons with a solution to treat a large patient
group needing better joint stability.
Fabrication Technology segment (ESAB) third
quarter sales of $606 million increased 24% on an organic
sales-per-day basis and 23% overall. Sales growth was balanced,
with strong growth in both developed and developing regions. New
product innovation continues to accelerate and significantly
contribute to growth, with 67 year-to-date product launches and an
expectation of 100 for the full year.
The Company commented that it expects a higher
projected tax rate and COVID-driven headwinds will lead to results
at the lower end of its $2.10-$2.20 full year adjusted EPS
forecast. Colfax continues to expect approximately $275 million of
free cash flow excluding separation costs in 2021.
Colfax On-Track for Q1 2022 Separation,
Announces New NameThe Company is making meaningful progress on its
expected tax-free spin-off of its ESAB business to Colfax
shareholders in the form of a dividend in the first quarter of
2022. Substantial progress has been made to create two independent
Boards with relevant skills, experiences and diversity, and with
limited overlap. The Company also announced that it will transition
to its new name, Enovis™, at the time of the separation.
“Enovis captures our vision of combining
innovation with our passion for continuous improvement to deliver
superior patient outcomes,” said Mr. Trerotola. “As we
strategically pivot to a company focused on creating medical
technology that improves lives, the Enovis brand emphasizes the
differentiated value and accretive foresight we will bring
healthcare professionals and their patients around the world.”
Conference Call and Webcast
The Company will hold a conference call to
discuss its third quarter 2021 results beginning at 8:00 a.m.
Eastern on Thursday, November 4, which will be open to the public
by calling +1-888-771-4371 (U.S. callers) and +1-847-585-4405
(International callers) and referencing the conference ID number
50243903 and through webcast via Colfax’s website
www.colfaxcorp.com under the “Investors” section. Access to a
supplemental slide presentation can also be found at the Colfax
website under the same heading. Both the audio of this call and the
slide presentation will be archived on the website later today and
will be available until the next quarterly call.
About Colfax Corporation
Colfax Corporation (NYSE: CFX) is a leading
diversified technology company that provides orthopedic and
fabrication technology products and services to customers around
the world, principally under the DJO and ESAB brands. The Company
uses its Colfax Business System (“CBS”), a comprehensive set of
tools and processes, to create superior value for customers,
shareholders and associates. In March of 2021, Colfax announced its
intention to separate into two independent and public companies,
which is targeted to be completed in the first quarter of 2022 to
accelerate strategic momentum and unlock additional value creation
potential; one business will focus on specialty medical
technologies and the other on fabrication technologies. For more
information about Colfax and our separation activities, please
visit www.colfaxcorp.com.
Non-GAAP Financial Measures and Other
Adjustments
Colfax has provided in this press release
financial information that has not been prepared in accordance with
accounting principles generally accepted in the United States of
America (“non-GAAP”). These non-GAAP financial measures may include
one or more of the following: adjusted net income from continuing
operations, adjusted net income margin from continuing operations,
adjusted net income per diluted share from continuing operations,
adjusted EBITA (earnings before interest, taxes and amortization),
adjusted EBITDA (adjusted EBITA plus depreciation and other
amortization), adjusted EBITA margin, organic sales growth, and
free cash flow. Colfax also provides adjusted EBITA and adjusted
EBITA margin on a segment basis.
Adjusted net income from continuing operations
represents net income (loss) from continuing operations excluding
restructuring and other related charges, European Union Medical
Device Regulation (“MDR”) and other costs, pension settlement gain,
debt extinguishment charges, acquisition-related amortization and
other non-cash charges, and strategic transaction costs. Adjusted
net income includes the tax effect of adjusted pre-tax income at
applicable tax rates and other tax adjustments. Colfax also
presents adjusted net income margin from continuing operations,
which is subject to the same adjustments as adjusted net income
from continuing operations.
Adjusted net income per diluted share from
continuing operations represents adjusted net income from
continuing operations divided by the number of adjusted diluted
weighted average shares. Both GAAP and non-GAAP diluted net income
per share data are computed based on weighted average shares
outstanding and, if there is net income from continuing operations
(rather than net loss) during the period, the dilutive impact of
share equivalents outstanding during the period. Diluted weighted
average shares outstanding and adjusted diluted weighted average
shares outstanding are calculated on the same basis except for the
net income or loss figure used in determining whether to include
such dilutive impact.
Adjusted EBITA represents net income (loss) from
continuing operations excluding restructuring and other related
charges, MDR and other costs, acquisition-related amortization and
other non-cash charges, and strategic transaction costs, as well as
income tax expense (benefit) and interest expense, net. Colfax
presents adjusted EBITA margin, which is subject to the same
adjustments as adjusted EBITA. Further, Colfax presents adjusted
EBITA (and adjusted EBITA margin) on a segment basis, which
excludes the impact of strategic transaction costs and
acquisition-related amortization and other non-cash charges from
segment operating income.
Organic sales growth (decline) excludes the
impact of acquisitions and foreign exchange rate fluctuations.
Organic sales-per-day growth (decline)
represents Organic sales growth (decline) adjusted for additional
or fewer selling days calculated based on the global average
selling days particular to each segment.
Free cash flow represents cash flow from
operating activities less purchases of property, plant and
equipment.
These non-GAAP financial measures assist Colfax
management in comparing its operating performance over time because
certain items may obscure underlying business trends and make
comparisons of long-term performance difficult, as they are of a
nature and/or size that occur with inconsistent frequency or relate
to discrete restructuring plans that are fundamentally different
from the ongoing productivity improvements of the Company. Colfax
management also believes that presenting these measures allows
investors to view its performance using the same measures that the
Company uses in evaluating its financial and business performance
and trends.
Non-GAAP financial measures should not be
considered in isolation from, or as a substitute for, financial
information calculated in accordance with GAAP. Investors are
encouraged to review the reconciliation of these non-GAAP measures
to their most directly comparable GAAP financial measures. A
reconciliation of non-GAAP financial measures presented above to
GAAP results has been provided in the financial tables included in
this press release.
In this press release, Colfax presents
forward-looking adjusted EPS and free cash flow guidance. Colfax
does not provide such outlook on a GAAP basis because changes in
the items that Colfax excludes from GAAP to calculate these
measures can be dependent on future events that are less capable of
being controlled or reliably predicted by management and are not
part of Colfax’s routine operating activities. Additionally,
management does not forecast many of the excluded items for
internal use and therefore cannot create or rely on an outlook done
on a GAAP basis. These excluded items could have a significant
impact on the Company’s GAAP financial results.
CAUTIONARY NOTE CONCERNING FORWARD
LOOKING STATEMENTS
This press release includes forward-looking
statements, including forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning Colfax’s plans, objectives, outlook,
expectations and intentions, including the intended separation of
Colfax’s fabrication technology and specialty medical technology
businesses (the “Separation”), and the timing, method and
anticipated benefits of the Separation, the expected benefits and
contributions of the Mathys acquisition and the timing of such
closing, and other statements that are not historical or current
fact. Forward-looking statements are based on Colfax’s current
expectations and involve risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such forward-looking statements. Factors that could cause
Colfax’s results to differ materially from current expectations
include, but are not limited to, risks related to the impact of the
COVID-19 global pandemic, including the rise, prevalence and
severity of variants of the virus, actions by governments,
businesses and individuals in response to the situation, such as
the scope and duration of the outbreak, the nature and
effectiveness of government actions and restrictive measures
implemented in response, material delays and cancellations of
medical procedures, supply chain disruptions, the impact on
creditworthiness and financial viability of customers; risks
relating to the Separation, including the final approval of the
Separation by Colfax’s board of directors, the uncertainty of
obtaining regulatory approvals, and a favorable tax opinion and/or
ruling from the Internal Revenue Service, Colfax’s ability to
satisfactorily complete steps necessary for the Separation and
related transactions to be generally tax-free for U.S. federal
income tax purposes, the ability to satisfy the necessary
conditions to complete the Separation on a timely basis, or at all,
the ability to realize the anticipated benefits of the Separation,
developments related to the impact of the COVID-19 pandemic on the
Separation, and the financial and operating performance of each
company following the Separation; other impacts on Colfax’s
business and ability to execute business continuity plans; and the
other factors detailed in Colfax’s reports filed with the U.S.
Securities and Exchange Commission (the “SEC”), including its most
recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q under the caption “Risk Factors,” as well as the other
risks discussed in Colfax’s filings with the SEC. In addition,
these statements are based on assumptions that are subject to
change. This press release speaks only as of the date hereof.
Colfax disclaims any duty to update the information herein.
The term “Colfax” in reference to the activities
described in this press release may mean one or more of Colfax’s
global operating subsidiaries and/or their internal business
divisions and does not necessarily indicate activities engaged in
by Colfax Corporation.
Contact:
Mike MacekVice President, FinanceColfax
Corporation+1-302-252-9129investorrelations@colfaxcorp.com
Colfax
CorporationCondensed Consolidated Statements of
OperationsDollars in thousands, except per share
data(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
|
|
|
|
|
|
|
|
Net sales |
$ |
965,891 |
|
|
|
$ |
805,931 |
|
|
|
$ |
2,831,030 |
|
|
|
$ |
2,242,647 |
|
|
Cost of sales |
561,020 |
|
|
|
461,811 |
|
|
|
1,636,098 |
|
|
|
1,309,227 |
|
|
Gross profit |
404,871 |
|
|
|
344,120 |
|
|
|
1,194,932 |
|
|
|
933,420 |
|
|
Selling, general and
administrative expense |
334,424 |
|
|
|
278,060 |
|
|
|
977,711 |
|
|
|
805,984 |
|
|
Restructuring and other
related charges |
6,457 |
|
|
|
4,129 |
|
|
|
15,983 |
|
|
|
23,589 |
|
|
Operating income |
63,990 |
|
|
|
61,931 |
|
|
|
201,238 |
|
|
|
103,847 |
|
|
Pension settlement gain |
— |
|
|
|
— |
|
|
|
(11,208) |
|
|
|
— |
|
|
Interest expense, net |
13,540 |
|
|
|
25,567 |
|
|
|
57,005 |
|
|
|
78,647 |
|
|
Debt extinguishment
charges |
— |
|
|
|
— |
|
|
|
29,870 |
|
|
|
— |
|
|
Income from continuing
operations before income taxes |
50,450 |
|
|
|
36,364 |
|
|
|
125,571 |
|
|
|
25,200 |
|
|
Income tax expense |
22,349 |
|
|
|
19,528 |
|
|
|
38,421 |
|
|
|
2,638 |
|
|
Net income from continuing
operations |
28,101 |
|
|
|
16,836 |
|
|
|
87,150 |
|
|
|
22,562 |
|
|
Loss from discontinued
operations, net of taxes |
(1,244) |
|
|
|
(2,641) |
|
|
|
(10,351) |
|
|
|
(10,906) |
|
|
Net income |
26,857 |
|
|
|
14,195 |
|
|
|
76,799 |
|
|
|
11,656 |
|
|
Less: income attributable to
noncontrolling interest, net of taxes |
1,009 |
|
|
|
789 |
|
|
|
3,235 |
|
|
|
2,243 |
|
|
Net income attributable to
Colfax Corporation |
$ |
25,848 |
|
|
|
$ |
13,406 |
|
|
|
$ |
73,564 |
|
|
|
$ |
9,413 |
|
|
Net income (loss) per share -
basic |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.17 |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.56 |
|
|
|
$ |
0.15 |
|
|
Discontinued operations |
$ |
(0.01) |
|
|
|
$ |
(0.02) |
|
|
|
$ |
(0.07) |
|
|
|
$ |
(0.08) |
|
|
Consolidated operations |
$ |
0.16 |
|
|
|
$ |
0.10 |
|
|
|
$ |
0.49 |
|
|
|
$ |
0.07 |
|
|
Net income (loss) per share -
diluted |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.17 |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.55 |
|
|
|
$ |
0.15 |
|
|
Discontinued operations |
$ |
(0.01) |
|
|
|
$ |
(0.02) |
|
|
|
$ |
(0.07) |
|
|
|
$ |
(0.08) |
|
|
Consolidated operations |
$ |
0.16 |
|
|
|
$ |
0.10 |
|
|
|
$ |
0.48 |
|
|
|
$ |
0.07 |
|
|
Colfax
CorporationReconciliation of GAAP to Non-GAAP
Financial MeasuresDollars in millions, except per
share data(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
Adjusted Net Income
and Adjusted Net Income Per Share |
|
|
|
|
|
Net income from continuing
operations attributable to Colfax Corporation (1) (GAAP) |
$ |
27.1 |
|
|
|
$ |
16.0 |
|
|
|
$ |
83.9 |
|
|
|
$ |
20.3 |
|
|
Restructuring and other
related charges - pretax (2) |
6.5 |
|
|
|
6.3 |
|
|
|
16.0 |
|
|
|
28.5 |
|
|
MDR and other costs - pretax
(3) |
1.9 |
|
|
|
2.6 |
|
|
|
5.6 |
|
|
|
4.5 |
|
|
Debt extinguishment charges -
pretax |
— |
|
|
|
— |
|
|
|
29.9 |
|
|
|
— |
|
|
Acquisition-related
amortization and other non-cash charges - pretax (4) |
41.3 |
|
|
|
36.2 |
|
|
|
118.8 |
|
|
|
108.1 |
|
|
Strategic transaction costs -
pretax (5) |
17.9 |
|
|
|
0.6 |
|
|
|
27.3 |
|
|
|
3.2 |
|
|
Pension settlement gain -
pretax |
— |
|
|
|
— |
|
|
|
(11.2) |
|
|
|
— |
|
|
Tax adjustment (6) |
(8.1) |
|
|
|
(5.2) |
|
|
|
(34.0) |
|
|
|
(41.5) |
|
|
Adjusted net income from
continuing operations (non-GAAP) |
$ |
86.5 |
|
|
|
$ |
56.6 |
|
|
|
$ |
236.3 |
|
|
|
$ |
123.2 |
|
|
Adjusted net income margin
from continuing operations |
9.0 |
|
% |
|
7.0 |
|
% |
|
8.3 |
|
% |
|
5.5 |
|
% |
Weighted-average shares
outstanding - diluted (in millions) |
161.2 |
|
|
|
138.1 |
|
|
|
152.9 |
|
|
|
139.1 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income per share
- diluted from continuing operations (non-GAAP) |
$ |
0.54 |
|
|
|
$ |
0.41 |
|
|
|
$ |
1.55 |
|
|
|
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
Net income per share - diluted
from continuing operations (GAAP) |
$ |
0.17 |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.55 |
|
|
|
$ |
0.15 |
|
|
__________(1) Net income from continuing
operations attributable to Colfax Corporation for the respective
periods is calculated using Net income from continuing operations
less the continuing operations component of the income attributable
to noncontrolling interest, net of taxes, of $1.0 million and $3.2
million for the three and nine months ended October 1, 2021 and
$0.8 million and $2.2 million for the three and nine months ended
October 2, 2020, respectively.(2) Restructuring and other related
charges includes $2.2 million and $4.9 million of expense
classified as Cost of sales on our Condensed Consolidated
Statements of Operations for the three and nine months ended
October 2, 2020, respectively.(3) Primarily related to costs
specific to compliance with medical device reporting regulations
and other requirements of the European Union Medical Device
Regulation of 2017. These costs are classified as Selling, general
and administrative expense on our Condensed Consolidated Statements
of Operations for all periods presented.(4) Includes amortization
of acquired intangibles and fair value charges on acquired
inventory.(5) For the three and nine months ended October 1, 2021,
Strategic transaction costs includes costs related to the proposed
separation of our fabrication technology and medical technology
businesses, and certain transaction and integration costs related
to recent acquisitions. For the three and nine months ended October
2, 2020, Strategic transaction costs includes costs incurred for
the acquisition of DJO.(6) The effective tax rates used to
calculate adjusted net income and adjusted net income per share
were 25.8% and 23.2% for the three and nine months ended October 1,
2021 and 30.1% and 26.0% for the three and nine months ended
October 2, 2020, respectively.
Colfax
CorporationReconciliation of GAAP to Non-GAAP
Financial MeasuresDollars in
millions(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
October 1, 2021 |
|
October 2, 2020 |
|
October 1, 2021 |
|
October 2, 2020 |
|
(Dollars in millions) |
Net income from continuing
operations (GAAP) |
$ |
28.1 |
|
|
$ |
16.8 |
|
|
$ |
87.2 |
|
|
|
$ |
22.6 |
|
Income tax expense |
22.3 |
|
|
19.5 |
|
|
38.4 |
|
|
|
2.6 |
|
Pension settlement gain |
— |
|
|
— |
|
|
(11.2) |
|
|
|
— |
|
Interest expense, net |
13.5 |
|
|
25.6 |
|
|
57.0 |
|
|
|
78.6 |
|
Debt extinguishment
charges |
— |
|
|
— |
|
|
29.9 |
|
|
|
— |
|
Restructuring and other
related charges(1) |
6.5 |
|
|
6.3 |
|
|
16.0 |
|
|
|
28.5 |
|
MDR and other costs(2) |
1.9 |
|
|
2.6 |
|
|
5.6 |
|
|
|
4.5 |
|
Strategic transaction
costs(3) |
17.9 |
|
|
0.6 |
|
|
27.3 |
|
|
|
3.2 |
|
Acquisition-related
amortization and other non-cash charges(4) |
41.3 |
|
|
36.2 |
|
|
118.8 |
|
|
|
108.1 |
|
Adjusted EBITA (non-GAAP) |
$ |
131.6 |
|
|
$ |
107.7 |
|
|
$ |
368.9 |
|
|
|
$ |
248.2 |
|
Net income margin from
continuing operations (GAAP) |
2.9 |
% |
|
2.1 |
% |
|
3.1 |
|
% |
|
1.0 |
% |
Adjusted EBITA margin
(non-GAAP) |
13.6 |
% |
|
13.4 |
% |
|
13.0 |
|
% |
|
11.1 |
% |
__________(1) Restructuring and other related
charges includes $2.2 million and $4.9 million of expense
classified as Cost of sales on our Condensed Consolidated
Statements of Operations for the three and nine months ended
October 2, 2020, respectively.(2) Primarily related to costs
specific to compliance with medical device reporting regulations
and other requirements of the European Union Medical Device
Regulation of 2017. These costs are classified as Selling, general
and administrative expense on our Condensed Consolidated Statements
of Operations for all periods presented.(3) For the three and nine
months ended October 1, 2021, Strategic transaction costs includes
costs related to the proposed separation of our fabrication
technology and medical technology businesses, and certain
transaction and integration costs related to recent acquisitions.
For the three and nine months ended October 2, 2020, Strategic
transaction costs includes costs incurred for the acquisition of
DJO.(4) Includes amortization of acquired intangibles and fair
value charges on acquired inventory.
Colfax
CorporationReconciliation of GAAP to non-GAAP
Financial MeasuresChange in
SalesDollars in
millions(Unaudited)
|
Net Sales |
|
Fabrication Technology |
|
Medical Technology |
|
Total Colfax |
|
$ |
|
Change % |
|
$ |
|
Change % |
|
$ |
|
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
October 2, 2020 |
$ |
491.5 |
|
|
|
|
$ |
314.4 |
|
|
|
|
|
$ |
805.9 |
|
|
|
Components of Change: |
|
|
|
|
|
|
|
|
|
|
|
Existing businesses(1) |
111.5 |
|
|
22.7 |
% |
|
(1.3) |
|
|
|
(0.4) |
|
% |
|
110.2 |
|
|
13.7 |
% |
Acquisitions(2) |
0.5 |
|
|
0.1 |
% |
|
45.5 |
|
|
|
14.5 |
|
% |
|
46.0 |
|
|
5.7 |
% |
Foreign currency translation(3) |
2.5 |
|
|
0.5 |
% |
|
1.4 |
|
|
|
0.4 |
|
% |
|
3.9 |
|
|
0.5 |
% |
|
114.5 |
|
|
23.3 |
% |
|
45.5 |
|
|
|
14.5 |
|
% |
|
160.0 |
|
|
19.9 |
% |
For the three months ended
October 1, 2021 |
$ |
606.0 |
|
|
|
|
$ |
359.9 |
|
|
|
|
|
$ |
965.9 |
|
|
|
(1) Excludes the impact of foreign exchange rate fluctuations and
acquisitions, thus providing a measure of change due to factors
such as price, product mix and volume. Includes the unfavorable
sales impact of approximately 1% in both the Fabrication Technology
and Medical Technology segments due to fewer selling days,
calculated based on the global average selling days particular to
each segment.(2) Represents the incremental sales as a result of
acquisitions closed subsequent to the beginning of the prior year
respective period.(3) Represents the difference between prior year
sales valued at the actual prior year foreign exchange rates and
prior year sales valued at current year foreign exchange rates.
|
Net Sales |
|
Fabrication Technology |
|
Medical Technology |
|
Total Colfax |
|
$ |
|
Change % |
|
$ |
|
Change % |
|
$ |
|
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended
October 2, 2020 |
$ |
1,431.4 |
|
|
|
|
$ |
811.2 |
|
|
|
|
$ |
2,242.6 |
|
|
|
Components of Change: |
|
|
|
|
|
|
|
|
|
|
|
Existing businesses(1) |
342.5 |
|
|
23.9 |
% |
|
119.8 |
|
|
14.8 |
% |
|
462.3 |
|
|
20.6 |
% |
Acquisitions(2) |
1.6 |
|
|
0.1 |
% |
|
82.4 |
|
|
10.2 |
% |
|
84.0 |
|
|
3.7 |
% |
Foreign currency translation(3) |
28.4 |
|
|
2.0 |
% |
|
13.7 |
|
|
1.7 |
% |
|
42.1 |
|
|
1.9 |
% |
|
372.5 |
|
|
26.0 |
% |
|
215.9 |
|
|
26.7 |
% |
|
588.4 |
|
|
26.2 |
% |
For the nine months ended
October 1, 2021 |
$ |
1,803.9 |
|
|
|
|
$ |
1,027.1 |
|
|
|
|
$ |
2,831.0 |
|
|
|
(1) Excludes the impact of foreign exchange rate fluctuations and
acquisitions, thus providing a measure of change due to factors
such as price, product mix and volume.(2) Represents the
incremental sales as a result of acquisitions closed subsequent to
the beginning of the prior year respective period.(3) Represents
the difference between prior year sales valued at the actual prior
year foreign exchange rates and prior year sales valued at current
year foreign exchange rates.
Colfax
CorporationCondensed Consolidated Balance
SheetsDollars in thousands, except share
amounts(Unaudited)
|
October 1, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
177,482 |
|
|
|
$ |
97,068 |
|
|
Trade receivables, less allowance for credit losses of $34,677 and
$37,666 |
603,214 |
|
|
|
517,006 |
|
|
Inventories, net |
780,984 |
|
|
|
564,822 |
|
|
Prepaid expenses |
85,540 |
|
|
|
69,515 |
|
|
Other current assets |
78,467 |
|
|
|
113,418 |
|
|
Total current assets |
1,725,687 |
|
|
|
1,361,829 |
|
|
Property, plant and equipment, net |
510,828 |
|
|
|
486,960 |
|
|
Goodwill |
3,497,355 |
|
|
|
3,314,541 |
|
|
Intangible assets, net |
1,726,955 |
|
|
|
1,663,446 |
|
|
Lease asset - right of use |
159,118 |
|
|
|
173,942 |
|
|
Other assets |
352,368 |
|
|
|
350,831 |
|
|
Total assets |
$ |
7,972,311 |
|
|
|
$ |
7,351,549 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Current portion of long-term debt |
$ |
14,340 |
|
|
|
$ |
27,074 |
|
|
Accounts payable |
472,499 |
|
|
|
330,251 |
|
|
Accrued liabilities |
488,632 |
|
|
|
454,333 |
|
|
Total current liabilities |
975,471 |
|
|
|
811,658 |
|
|
Long-term debt, less current portion |
1,611,690 |
|
|
|
2,204,169 |
|
|
Non-current lease liability |
127,259 |
|
|
|
139,230 |
|
|
Other liabilities |
627,367 |
|
|
|
608,618 |
|
|
Total liabilities |
3,341,787 |
|
|
|
3,763,675 |
|
|
Equity: |
|
|
|
Common stock, $0.001 par value; 400,000,000 shares authorized;
154,781,842 and 118,496,687 shares issued and outstanding as of
October 1, 2021 and December 31, 2020, respectively |
155 |
|
|
|
118 |
|
|
Additional paid-in capital |
4,528,097 |
|
|
|
3,478,008 |
|
|
Retained earnings |
590,931 |
|
|
|
517,367 |
|
|
Accumulated other comprehensive loss |
(532,642) |
|
|
|
(452,106) |
|
|
Total Colfax Corporation
equity |
4,586,541 |
|
|
|
3,543,387 |
|
|
Noncontrolling interest |
43,983 |
|
|
|
44,487 |
|
|
Total equity |
4,630,524 |
|
|
|
3,587,874 |
|
|
Total liabilities and
equity |
$ |
7,972,311 |
|
|
|
$ |
7,351,549 |
|
|
Colfax
CorporationCondensed Consolidated Statements of
Cash FlowsDollars
in thousands(Unaudited)
|
Nine Months Ended |
|
October 1, 2021 |
|
October 2, 2020 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
76,799 |
|
|
|
$ |
11,656 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation, amortization and other impairment charges |
197,641 |
|
|
|
181,114 |
|
|
Stock-based compensation expense |
26,235 |
|
|
|
21,642 |
|
|
Non-cash interest expense |
3,757 |
|
|
|
4,253 |
|
|
Deferred income tax benefit |
(5,904) |
|
|
|
(30,946) |
|
|
(Gain) loss on sale of property, plant and equipment |
(1,483) |
|
|
|
523 |
|
|
Loss on debt extinguishment |
29,870 |
|
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
Trade receivables, net |
(70,407) |
|
|
|
44,592 |
|
|
Inventories, net |
(130,348) |
|
|
|
28,556 |
|
|
Accounts payable |
143,694 |
|
|
|
(42,869) |
|
|
Other operating assets and liabilities |
(9,971) |
|
|
|
(45,388) |
|
|
Net cash provided by
operating activities |
259,883 |
|
|
|
173,133 |
|
|
Cash flows from
investing activities: |
|
|
|
Purchases of property, plant and equipment |
(73,595) |
|
|
|
(81,583) |
|
|
Proceeds from sale of property, plant and equipment |
2,908 |
|
|
|
4,929 |
|
|
Acquisitions, net of cash received, and investments |
(222,961) |
|
|
|
(7,477) |
|
|
Net cash used in
investing activities |
(293,648) |
|
|
|
(84,131) |
|
|
Cash flows from
financing activities: |
|
|
|
Payments under term credit facility |
— |
|
|
|
(40,000) |
|
|
Proceeds from borrowings on revolving credit facilities and
other |
515,696 |
|
|
|
794,678 |
|
|
Repayments of borrowings on revolving credit facilities and
other |
(409,961) |
|
|
|
(866,215) |
|
|
Repayments of borrowings on senior notes |
(700,000) |
|
|
|
— |
|
|
Payment of debt issuance costs |
— |
|
|
|
(4,560) |
|
|
Proceeds from issuance of common stock, net |
738,177 |
|
|
|
2,930 |
|
|
Payment of debt extinguishment costs |
(24,375) |
|
|
|
— |
|
|
Deferred consideration payments and other |
(7,700) |
|
|
|
(12,411) |
|
|
Net cash provided by
(used in) financing activities |
111,837 |
|
|
|
(125,578) |
|
|
Effect of foreign
exchange rates on Cash and cash equivalents and Restricted
cash |
(1,659) |
|
|
|
(6,633) |
|
|
Increase (decrease) in Cash
and cash equivalents and Restricted cash |
76,413 |
|
|
|
(43,209) |
|
|
Cash and cash equivalents and
Restricted Cash, beginning of period |
101,069 |
|
|
|
109,632 |
|
|
Cash and cash
equivalents, end of period |
$ |
177,482 |
|
|
|
$ |
66,423 |
|
|
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