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01.11.2017 11:30:00
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SPX FLOW Reports Third Quarter 2017 Results
CHARLOTTE, N.C., Nov. 1, 2017 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW) today reported results for the quarter ended September 30, 2017. Management will discuss the results in more detail on its Q3 2017 earnings webcast this morning at 8:30 am ET.
"Over the past two years, we have transitioned SPX FLOW to an operating company with an improved cost position and a streamlined organization. Our realignment program is nearly complete and we expect to realize the full, annualized benefit of our $140 million savings target in 2018. We have also established a strong foundation for customer engagement, growth and margin expansion," said Marc Michael, President and Chief Executive Officer.
"Our Q3 2017 financial results underscore our progress. As compared to the prior year period, orders grew 12%, revenues grew 5% and segment income margins expanded 80 points. In addition, we generated strong cash flow and further strengthened our financial position."
Michael continued, "Since the end of 2016, our backlog has now increased 23%, net debt has been reduced by 19% and net leverage is down to 3.4x."
"Today we updated our 2017 full year guidance to reflect our results through the first nine months and our outlook for the fourth quarter. We increased our full year adjusted free cash flow guidance to a range of $150 to $160 million, up from our previous guidance range of $130 to $150 million, reflecting the strength of our year-to-date free cash flow performance. We modestly lowered our full year revenue target to a range of $1.920 to $1.940 billion, as compared to our previous target range of $1.925 to $1.975 billion, due primarily to delays on the timing of certain projects in backlog. On this level of revenue, our adjusted EBITDA is now expected to be between $193 and $200 million, compared to our previous guidance range of $195 to $215 million."
"For 2018, we reaffirmed our financial framework, targeting revenue of $2.000 to $2.050 billion, or 4% to 6% growth from the mid-point of our updated 2017 guidance, and EBITDA of $240 to $260 million. As we plan for 2018 and beyond, we are prioritizing investments in our highest value product lines and emphasizing continuous improvement actions across the enterprise to drive margin expansion. We see potential for significant value creation as we continue our journey to transform SPX FLOW into a high-performing operating enterprise," Michael concluded.
Third Quarter 2017 Overview:
- Orders increased 12.3% to $512.4 million, as compared to $456.3 million in the year-ago quarter. Organic orders increased 10.4%, or $47.5 million, with growth across all three segments, including a $28 million dairy processing award in the Food and Beverage segment. The impact of the U.S. Dollar versus foreign currencies increased orders by 1.9%, or $8.6 million.
- Excluding large capital orders(1), orders grew organically by $38.4 million to $484.4 million, up 8.8% from the year-ago quarter, driven by the Power and Energy segment.
- Revenues increased 5.2% to $491.1 million, as compared to $466.8 million in the year-ago quarter. Organic revenues* grew 3.4%, or $16.0 million, driven by the Power and Energy and Industrial segments. The impact of the U.S. dollar versus foreign currencies increased revenues by 1.8%, or $8.3 million.
- Operating income and margin were $37.5 million and 7.6% as compared to $21.4 million and 4.6% in the year-ago quarter.
- The company recorded ($2.3) million of special charges in the third quarter related to its previously announced realignment program.
- Excluding special charges, adjusted operating income* and margin were $39.8 million and 8.1% respectively.
- Diluted net earnings per share were $0.30 including special charges of ($0.04) per share related to the company's global realignment program and ($0.08) per share of discrete and other tax items.
- Excluding special charges and the tax items described above, adjusted earnings per share* were $0.42.
- Net cash from operating activities was $45.3 million in the quarter including ($9.3) million of cash outflows in support of the company's realignment program.
- Free cash flow* was $43.0 million, including the net cash from operating activities described above less ($2.3) million in capital expenditures.
- Adjusted free cash flow* for the quarter was $52.3 million.
- Net income for the quarter was $12.8 million and adjusted net income* was $17.6 million.
- Adjusted EBITDA* was $55.4 million.
Third Quarter 2017 Results by Segment:
Food and Beverage
Revenues for Q3 2017 were $176.4 million, compared to $173.0 million in Q3 2016, an increase of $3.4 million, or 2.0%. Organic revenues* grew modestly during the period, and currency fluctuations increased revenues by 1.9%, or $3.2 million. On an organic basis, growth in component sales was largely offset by lower revenue from systems projects.
Segment income was $19.9 million, or 11.3% of revenues, compared to $19.6 million, or 11.3% of revenues, in Q3 2016. Segment income increased primarily due to the revenue growth, improved productivity in the Bydgoszcz, Poland facility and savings from restructuring actions and cost reduction initiatives. These items were largely offset by increased variable incentive compensation.
Power and Energy
Revenues for Q3 2017 were $141.0 million, compared to $127.3 million in Q3 2016, an increase of $13.7 million, or 10.8%. Organic revenues* grew 9.4%, or $12.0 million, and currency fluctuations increased revenues by 1.4%, or $1.7 million. On an organic basis, aftermarket sales grew double-digits year-over-year. Original equipment revenues also grew organically, driven by an increase in revenue related to valves and pumps used in midstream oil applications, partially offset by a decrease in shipments of valve closure and filtration products.
Segment income was $12.8 million, or 9.1% of revenues, compared to $5.5 million, or 4.3% of revenues, in Q3 2016. The increase in segment income and margin was driven by the organic revenue growth described above, particularly in higher-margin aftermarket sales, and savings from restructuring actions and cost reduction initiatives.
Industrial
Revenues for Q3 2017 were $173.7 million, compared to $166.5 million in Q3 2016, an increase of $7.2 million, or 4.3%. Organic revenues* grew 2.3%, or $3.8 million, and currency fluctuations increased revenues by 2.0%, or $3.4 million. The organic growth was driven by higher sales of heat exchangers and hydraulic tools.
Segment income was $22.0 million, or 12.7% of revenues, compared to $23.0 million, or 13.8% of revenues, in Q3 2016. The decrease in segment income and margin was due primarily to increased variable incentive compensation, which was partially offset by savings from restructuring actions and cost reduction initiatives.
2017 Updated Full Year Financial Guidance
2017 Updated Full Year Financial Guidance | ||
($ millions, except per share data) | Pre-Adjusted Basis | Adjusted Basis (2) |
Revenue | $1,920 to $1,940 | $1,920 to $1,940 |
Segment Income | $193 to $200 | $193 to $200 |
Special Charges | ~$22 | $0 |
Net Income | $29 to $34 | $48 to $53 |
Earnings Per Share | $0.70 to $0.82 | $1.14 to $1.26 |
EBITDA* | $171 to $178 | $193 to $200 |
Free Cash Flow* | $115 to $125 | $150 to $160 |
OTHER ITEMS
Global Realignment Program: As previously disclosed, the company is optimizing its global footprint, streamlining business processes and reducing selling, general and administrative expense through a global realignment program. The realignment program is intended to reduce costs across operating sites and corporate and global functions, in part by making structural changes and process enhancements to help the company operate more efficiently. The realignment program was initiated in 2015 and the vast majority of the planned actions are expected to be complete by the end of 2017. The total cost of the program is now expected to be approximately $145.0 million with annualized savings of approximately $140.0 million, fully realized by the end of 2018.
Debt Repayment: On October 31, 2017 the company made a voluntary prepayment of $80.0 million on its term loan, reducing the outstanding principal balance of the term loan to $295.0. This payment was partially funded with 20 million dollars of borrowings on our AR securitization facility.
Form 10-Q: The company expects to file its quarterly report on Form 10-Q for the quarter ended September 30, 2017 with the Securities and Exchange Commission on November 1, 2017. This press release should be read in conjunction with that filing, which will be available on the company's website at www.spxflow.com, in the Investor Relations section.
About SPX FLOW, Inc.: Based in Charlotte, North Carolina, SPX FLOW is a global supplier of highly engineered solutions, process equipment and turn-key systems, along with the related aftermarket parts and services, into the food and beverage, power and energy and industrial end markets. SPX FLOW has approximately $2 billion in annual revenues with operations in over 30 countries and sales in over 150 countries around the world. To learn more about SPX FLOW, please visit www.spxflow.com.
*Non-GAAP number. See attached schedules for reconciliation from most comparable GAAP number. Management believes these Non-GAAP metrics are commonly used financial measures for investors to evaluate our operating performance for the periods presented, and when read in conjunction with our condensed consolidated financial statements, present a useful tool to evaluate our ongoing operations and provide investors with metrics they can use to evaluate our management of the business from period to period. In addition, these are some of the factors we use in internal evaluations of the overall performance of our business.
(1) Large capital orders defined as individual orders greater than $15 million in value.
(2) On an adjusted basis, 2017 guidance assumes an effective tax rate of 30% and 42 million shares outstanding. It excludes ~$22 million of special charges and ~$35 million of cash outflows related to the company's realignment program. See attached schedules for reconciliations of pre-adjusted guidance to adjusted guidance figures.
Management acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these Non-GAAP metrics are not intended to present all items that may have impacted these results. In addition, these Non-GAAP metrics are not necessarily comparable to similarly-titled measures used by other companies.
Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "expect", "anticipate", "plan", "target", "project", "believe" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and SPX FLOW disclaims any responsibility to update or revise such statements.
Investor and Media Contact:
Ryan Taylor, Vice President, Communications and Investor Relations
Phone: 704-752-4486
E-mail: investor@spxflow.com
SPX FLOW, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited; in millions, except per share amounts) | |||||||
Three months ended | Nine months ended | ||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | ||||
Revenues | $ 491.1 | $ 466.8 | $ 1,422.3 | $ 1,500.6 | |||
Costs and expenses: | |||||||
Cost of products sold | 332.0 | 320.7 | 971.1 | 1,028.5 | |||
Selling, general and administrative | 114.9 | 107.8 | 343.2 | 359.1 | |||
Intangible amortization | 4.4 | 4.4 | 13.3 | 15.8 | |||
Impairment of goodwill and intangible assets | — | — | — | 426.4 | |||
Special charges | 2.3 | 12.5 | 17.6 | 64.3 | |||
Operating income (loss) | 37.5 | 21.4 | 77.1 | (393.5) | |||
Other income (expense), net | 0.6 | 0.6 | (1.8) | (3.1) | |||
Interest expense, net | (15.5) | (14.2) | (47.2) | (42.9) | |||
Loss on early extinguishment of debt | — | (38.9) | — | (38.9) | |||
Income (loss) before income taxes | 22.6 | (31.1) | 28.1 | (478.4) | |||
Income tax benefit (provision) | (9.6) | 26.9 | (12.2) | 89.8 | |||
Net income (loss) | 13.0 | (4.2) | 15.9 | (388.6) | |||
Less: Net income attributable to noncontrolling interests | 0.2 | 0.5 | 0.2 | — | |||
Net income (loss) attributable to SPX FLOW, Inc. | $ 12.8 | $ (4.7) | $ 15.7 | $ (388.6) | |||
Basic income (loss) per share of common stock | $ 0.31 | $ (0.11) | $ 0.38 | $ (9.41) | |||
Diluted income (loss) per share of common stock | $ 0.30 | $ (0.11) | $ 0.37 | $ (9.41) | |||
Weighted average number of common shares outstanding - basic | 41.884 | 41.383 | 41.765 | 41.307 | |||
Weighted average number of common shares outstanding - diluted | 42.332 | 41.383 | 42.126 | 41.307 | |||
SPX FLOW, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(Unaudited; in millions) | |||
September 30, | December 31, | ||
2017 | 2016 | ||
ASSETS | |||
Current assets: | |||
Cash and equivalents | $ 281.1 | $ 215.1 | |
Accounts receivable, net | 450.7 | 446.9 | |
Inventories, net | 317.9 | 272.4 | |
Other current assets | 52.7 | 72.8 | |
Total current assets | 1,102.4 | 1,007.2 | |
Property, plant and equipment: | |||
Land | 34.9 | 36.1 | |
Buildings and leasehold improvements | 245.7 | 242.4 | |
Machinery and equipment | 455.1 | 420.8 | |
735.7 | 699.3 | ||
Accumulated depreciation | (368.5) | (322.0) | |
Property, plant and equipment, net | 367.2 | 377.3 | |
Goodwill | 767.9 | 722.5 | |
Intangibles, net | 353.5 | 344.3 | |
Other assets | 152.6 | 151.9 | |
TOTAL ASSETS | $ 2,743.6 | $ 2,603.2 | |
LIABILITIES, MEZZANINE EQUITY AND EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 218.8 | $ 203.8 | |
Accrued expenses | 382.7 | 329.9 | |
Income taxes payable | 15.0 | 10.8 | |
Short-term debt | 24.8 | 27.7 | |
Current maturities of long-term debt | 20.4 | 20.2 | |
Total current liabilities | 661.7 | 592.4 | |
Long-term debt | 959.2 | 1,060.9 | |
Deferred and other income taxes | 70.5 | 62.2 | |
Other long-term liabilities | 126.6 | 125.5 | |
Total long-term liabilities | 1,156.3 | 1,248.6 | |
Mezzanine equity | 21.1 | 20.1 | |
Equity: | |||
SPX FLOW, Inc. shareholders' equity: | |||
Common stock | 0.4 | 0.4 | |
Paid-in capital | 1,657.3 | 1,640.4 | |
Accumulated deficit | (358.2) | (373.9) | |
Accumulated other comprehensive loss | (387.3) | (521.4) | |
Common stock in treasury | (8.4) | (4.9) | |
Total SPX FLOW, Inc. shareholders' equity | 903.8 | 740.6 | |
Noncontrolling interests | 0.7 | 1.5 | |
Total equity | 904.5 | 742.1 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 2,743.6 | $ 2,603.2 | |
SPX FLOW, INC. AND SUBSIDIARIES | |||||||||||||||
RESULTS OF REPORTABLE SEGMENTS | |||||||||||||||
(Unaudited; in millions) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | October 1, 2016 | Δ | %/bps | September 30, 2017 | October 1, 2016 | Δ | %/bps | ||||||||
Food and Beverage | |||||||||||||||
Revenues | $ 176.4 | $ 173.0 | $ 3.4 | 2.0% | $ 518.8 | $ 545.8 | $ (27.0) | (4.9)% | |||||||
Gross profit | 56.5 | 51.8 | 4.7 | 161.8 | 162.6 | (0.8) | |||||||||
Selling, general and administrative expense | 34.7 | 30.3 | 4.4 | 103.1 | 100.1 | 3.0 | |||||||||
Intangible amortization expense | 1.9 | 1.9 | — | 6.0 | 5.6 | 0.4 | |||||||||
Income | $ 19.9 | $ 19.6 | $ 0.3 | 1.5 % | $ 52.7 | $ 56.9 | $ (4.2) | (7.4)% | |||||||
as a percent of revenues | 11.3% | 11.3% | 0bps | 10.2% | 10.4% | -20bps | |||||||||
Power and Energy | |||||||||||||||
Revenues | $ 141.0 | $ 127.3 | $ 13.7 | 10.8% | $ 391.9 | $ 432.8 | $ (40.9) | (9.5)% | |||||||
Gross profit | 43.7 | 36.2 | 7.5 | 113.8 | 125.0 | (11.2) | |||||||||
Selling, general and administrative expense | 29.8 | 29.6 | 0.2 | 89.2 | 101.2 | (12.0) | |||||||||
Intangible amortization expense | 1.1 | 1.1 | — | 3.3 | 6.1 | (2.8) | |||||||||
Income | $ 12.8 | $ 5.5 | $ 7.3 | 132.7 % | $ 21.3 | $ 17.7 | $ 3.6 | 20.3 % | |||||||
as a percent of revenues | 9.1% | 4.3% | 480bps | 5.4% | 4.1% | 130bps | |||||||||
Industrial | |||||||||||||||
Revenues | $ 173.7 | $ 166.5 | $ 7.2 | 4.3% | $ 511.6 | $ 522.0 | $ (10.4) | (2.0)% | |||||||
Gross profit | 58.9 | 58.1 | 0.8 | 175.6 | 184.5 | (8.9) | |||||||||
Selling, general and administrative expense | 35.5 | 33.7 | 1.8 | 107.7 | 111.1 | (3.4) | |||||||||
Intangible amortization expense | 1.4 | 1.4 | — | 4.0 | 4.1 | (0.1) | |||||||||
Income | $ 22.0 | $ 23.0 | $ (1.0) | (4.3)% | $ 63.9 | $ 69.3 | $ (5.4) | (7.8)% | |||||||
as a percent of revenues | 12.7% | 13.8% | -110bps | 12.5% | 13.3% | -80bps | |||||||||
Consolidated Revenues | $ 491.1 | $ 466.8 | $ 24.3 | 5.2 % | $ 1,422.3 | $ 1,500.6 | $ (78.3) | (5.2)% | |||||||
Consolidated Segment Income | 54.7 | 48.1 | $ 6.6 | 13.7 % | 137.9 | 143.9 | $ (6.0) | (4.2)% | |||||||
as a percent of revenues | 11.1% | 10.3% | 80bps | 9.7% | 9.6% | 10bps | |||||||||
Total income for reportable segments | $ 54.7 | $ 48.1 | $ 6.6 | $ 137.9 | $ 143.9 | $ (6.0) | |||||||||
Corporate expense | 14.5 | 13.8 | 0.7 | 42.1 | 45.3 | (3.2) | |||||||||
Pension and postretirement service costs | 0.4 | 0.4 | — | 1.1 | 1.4 | (0.3) | |||||||||
Impairment of goodwill and intangible assets | — | — | — | — | 426.4 | (426.4) | |||||||||
Special charges | 2.3 | 12.5 | (10.2) | 17.6 | 64.3 | (46.7) | |||||||||
Consolidated Operating Income (Loss) | $ 37.5 | $ 21.4 | $ 16.1 | 75.2 % | $ 77.1 | $ (393.5) | $ 470.6 | (119.6)% | |||||||
as a percent of revenues | 7.6% | 4.6% | 300bps | 5.4% | -26.2% | * | |||||||||
*Not meaningful for comparison purposes. | |||||||||||||||
SPX FLOW, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited; in millions) | |||||||
Three months ended | Nine months ended | ||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | ||||
Cash flows from (used in) operating activities: | |||||||
Net income (loss) | $ 13.0 | $ (4.2) | $ 15.9 | $ (388.6) | |||
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: | |||||||
Special charges | 2.3 | 12.5 | 17.6 | 64.3 | |||
Impairment of goodwill and intangible assets | — | — | — | 426.4 | |||
Deferred income taxes | 3.0 | (35.9) | (0.9) | (100.2) | |||
Depreciation and amortization | 15.2 | 15.6 | 45.9 | 49.7 | |||
Stock-based compensation | 4.2 | 3.0 | 12.1 | 14.2 | |||
Pension and other employee benefits | 2.2 | 1.7 | 5.5 | 7.3 | |||
Gain on asset sales and other, net | (1.4) | (0.1) | (2.9) | (1.4) | |||
Loss on early extinguishment of debt | — | 38.9 | — | 38.9 | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable and other assets | 5.5 | 43.9 | 32.7 | 30.7 | |||
Inventories | (5.0) | (1.3) | (23.4) | (5.0) | |||
Accounts payable, accrued expenses and other | 15.6 | (21.3) | 42.5 | (77.2) | |||
Domestic pension payments | — | (53.9) | — | (65.9) | |||
Cash spending on restructuring actions | (9.3) | (20.3) | (27.8) | (43.2) | |||
Net cash from (used in) operating activities | 45.3 | (21.4) | 117.2 | (50.0) | |||
Cash flows from (used in) investing activities: | |||||||
Proceeds from asset sales and other, net | 6.3 | 0.3 | 37.4 | 2.4 | |||
Increase in restricted cash | — | — | — | (0.2) | |||
Capital expenditures | (2.3) | (7.2) | (13.7) | (37.3) | |||
Net cash from (used in) investing activities | 4.0 | (6.9) | 23.7 | (35.1) | |||
Cash flows from (used in) financing activities: | |||||||
Proceeds from issuance of senior notes | — | 600.0 | — | 600.0 | |||
Repurchases of senior notes (includes premiums paid of $36.4) | — | (636.4) | — | (636.4) | |||
Borrowings under senior credit facilities | — | 304.0 | 125.5 | 328.0 | |||
Repayments of senior credit facilities | (6.0) | (238.0) | (208.5) | (260.0) | |||
Borrowings under trade receivables financing arrangement | 12.0 | 46.9 | 89.1 | 79.9 | |||
Repayments of trade receivables financing arrangement | (12.0) | (31.7) | (110.3) | (53.7) | |||
Borrowings under other financing arrangements | 3.6 | 0.1 | 9.4 | 1.2 | |||
Repayments of other financing arrangements | (3.0) | (4.0) | (12.6) | (12.8) | |||
Minimum withholdings paid on behalf of employees for net share settlements, net | (0.2) | (0.1) | (3.5) | (3.2) | |||
Dividends paid to noncontrolling interests in subsidiary | — | — | (1.5) | (1.2) | |||
Financing fees paid | — | (12.6) | — | (12.6) | |||
Net cash from (used in) financing activities | (5.6) | 28.2 | (112.4) | 29.2 | |||
Change in cash and equivalents due to changes in foreign currency exchange rates | 11.3 | (1.0) | 37.5 | (12.1) | |||
Net change in cash and equivalents | 55.0 | (1.1) | 66.0 | (68.0) | |||
Consolidated cash and equivalents, beginning of period | 226.1 | 229.0 | 215.1 | 295.9 | |||
Consolidated cash and equivalents, end of period | $ 281.1 | $ 227.9 | $ 281.1 | $ 227.9 | |||
SPX FLOW, INC. AND SUBSIDIARIES | |||||
ORGANIC REVENUE RECONCILIATION | |||||
(Unaudited) | |||||
Three months ended September 30, 2017 | |||||
Net Revenue Growth | Foreign Currency | Organic Revenue Growth | |||
Food and Beverage | 2.0 % | 1.9 % | 0.1 % | ||
Power and Energy | 10.8 % | 1.4 % | 9.4 % | ||
Industrial | 4.3 % | 2.0 % | 2.3 % | ||
Consolidated | 5.2 % | 1.8 % | 3.4 % | ||
Nine months ended September 30, 2017 | |||||
Net Revenue Decline | Foreign Currency | Organic Revenue Decline | |||
Food and Beverage | (4.9)% | (0.1)% | (4.8)% | ||
Power and Energy | (9.5)% | (1.7)% | (7.8)% | ||
Industrial | (2.0)% | (0.1)% | (1.9)% | ||
Consolidated | (5.2)% | (0.5)% | (4.7)% | ||
SPX FLOW, INC. AND SUBSIDIARIES | |||
CASH, DEBT AND NET DEBT RECONCILIATION | |||
(Unaudited; in millions) | |||
Nine months ended | |||
September 30, 2017 | |||
Beginning cash and equivalents | $ 215.1 | ||
Net cash from operating activities | 117.2 | ||
Proceeds from asset sales and other, net | 37.4 | ||
Capital expenditures | (13.7) | ||
Borrowings under senior credit facilities | 125.5 | ||
Repayments of senior credit facilities | (208.5) | ||
Borrowings under trade receivables financing arrangement | 89.1 | ||
Repayments of trade receivables financing arrangement | (110.3) | ||
Borrowings under other financing arrangements | 9.4 | ||
Repayments of other financing arrangements | (12.6) | ||
Minimum withholdings paid on behalf of employees for net share settlements, net | (3.5) | ||
Dividends paid to noncontrolling interests in subsidiary | (1.5) | ||
Change in cash and equivalents due to changes in foreign currency exchange rates | 37.5 | ||
Ending cash and equivalents | $ 281.1 | ||
Debt and Net Debt at | |||
September 30, 2017 | December 31, 2016 | ||
Domestic revolving loan facility | $ — | $ 68.0 | |
Term loan | 375.0 | 390.0 | |
5.625% senior notes, due in August 2024 | 300.0 | 300.0 | |
5.875% senior notes, due in August 2026 | 300.0 | 300.0 | |
Trade receivables financing arrangement | — | 21.2 | |
Other indebtedness | 40.7 | 42.4 | |
Less: deferred financing fees | (11.3) | (12.8) | |
Total debt | $ 1,004.4 | $ 1,108.8 | |
Total debt | $ 1,004.4 | $ 1,108.8 | |
Less: debt balances under purchase card program | (21.3) | (17.9) | |
Less: cash and equivalents in excess of $50.0 | (231.1) | (165.1) | |
Net debt(1) | $ 752.0 | $ 925.8 | |
(1)Represents net debt calculated in a manner consistent with the definition of certain related defined terms within our senior credit facilities. | |||
SPX FLOW, INC. AND SUBSIDIARIES | |||||||||
FREE CASH FLOW AND ADJUSTED FREE CASH FLOW RECONCILIATION | |||||||||
(Unaudited; in millions) | |||||||||
Three months ended | Nine months ended | 2017 | |||||||
September 30, 2017 | October 1, 2016 | September 30, 2017 | October 1, 2016 | Mid-Point Guidance | |||||
Net cash from (used in) operating activities | $ 45.3 | $ (21.4) | $ 117.2 | $ (50.0) | $ 140 | ||||
Capital expenditures | (2.3) | (7.2) | (13.7) | (37.3) | (20) | ||||
Free cash flow from (used in) operations | $ 43.0 | $ (28.6) | $ 103.5 | $ (87.3) | $ 120 | ||||
Free cash flow from (used in) operations | $ 43.0 | $ (28.6) | $ 103.5 | $ (87.3) | $ 120 | ||||
Cash spending on restructuring actions | 9.3 | 20.3 | 27.8 | 43.2 | 35 | ||||
Capital expenditures related to manufacturing expansion in Poland | — | 1.7 | — | 17.9 | — | ||||
Domestic pension payments, net of tax benefit | — | 33.0 | — | 41.0 | — | ||||
Adjusted free cash flow from operations | $ 52.3 | $ 26.4 | $ 131.3 | $ 14.8 | $ 155 | ||||
SPX FLOW, INC. AND SUBSIDIARIES | |||||
ADJUSTED OPERATING INCOME RECONCILIATION | |||||
(Unaudited; in millions) | |||||
Three months ended | 2017 | ||||
September 30, 2017 | October 1, 2016 | Mid-Point Guidance | |||
Operating income | $ 37.5 | $ 21.4 | $ 116 | ||
Special charges | 2.3 | 12.5 | 22 | ||
Adjusted operating income | $ 39.8 | $ 33.9 | $ 138 | ||
SPX FLOW, INC. AND SUBSIDIARIES | |||||
ADJUSTED NET INCOME RECONCILIATION | |||||
(Unaudited; in millions) | |||||
Three months ended | 2017 | ||||
September 30, 2017 | October 1, 2016 | Mid-Point Guidance | |||
Net income (loss) attributable to SPX FLOW, Inc. | $ 12.8 | $ (4.7) | $ 32 | ||
Loss on early extinguishment of debt, net of tax benefit | — | 24.3 | — | ||
Special charges, net of tax benefit | 1.8 | 8.5 | 17 | ||
Net discrete tax items and other | 3.0 | (14.0) | 3 | ||
Adjusted net income attributable to SPX FLOW, Inc. | $ 17.6 | $ 14.1 | $ 51 | ||
SPX FLOW, INC. AND SUBSIDIARIES | |||||
EBITDA AND ADJUSTED EBITDA RECONCILIATION | |||||
(Unaudited; in millions) | |||||
Three months ended | 2017 | ||||
September 30, 2017 | October 1, 2016 | Mid-Point Guidance | |||
Net income (loss) attributable to SPX FLOW, Inc. | $ 12.8 | $ (4.7) | $ 32 | ||
Income tax provision (benefit) | 9.6 | (26.9) | 19 | ||
Interest expense, net | 15.5 | 14.2 | 63 | ||
Depreciation and amortization | 15.2 | 15.6 | 61 | ||
EBITDA | 53.1 | (1.8) | 175 | ||
Special charges | 2.3 | 12.5 | 22 | ||
Loss on early extinguishment of debt | — | 38.9 | — | ||
Adjusted EBITDA | 55.4 | 49.6 | 197 | ||
Non-cash compensation expense | 5.7 | 4.7 | 22 | ||
Non-service pension costs (benefits) | 0.3 | (0.4) | — | ||
Interest income | 1.2 | 0.9 | 5 | ||
Gain on asset sales and other, net | (1.4) | (0.1) | (3) | ||
Other | 0.2 | 0.2 | 1 | ||
Bank consolidated EBITDA | $ 61.4 | $ 54.9 | $ 222 | ||
SPX FLOW, INC. AND SUBSIDIARIES | |||||
ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION | |||||
(Unaudited) | |||||
Three months ended | 2017 | ||||
September 30, 2017 | October 1, 2016 | Mid-Point Guidance | |||
Diluted earnings (loss) per share | $ 0.30 | $ (0.11) | $ 0.76 | ||
Loss on early extinguishment of debt, net of tax benefit | — | 0.59 | — | ||
Special charges, net of tax benefit | 0.04 | 0.21 | 0.36 | ||
Net discrete tax items and other | 0.08 | (0.35) | 0.08 | ||
Adjusted diluted earnings per share | $ 0.42 | $ 0.34 | $ 1.20 | ||
View original content:http://www.prnewswire.com/news-releases/spx-flow-reports-third-quarter-2017-results-300546988.html
SOURCE SPX FLOW, Inc.
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