Masonite International Corporation Reports Third Quarter Sales and Earnings Growth

  • Net sales up 12% year over year on strong execution in North American Residential segment
  • Net income attributable to Masonite up 51% year over year and Adjusted EBITDA* up 7% year over year
  • Accelerating Doors That Do More strategy with pending acquisition of high-performance door system components manufacturer, Endura Products

TAMPA, Fla.–(BUSINESS WIRE)–Masonite International Corporation (“Masonite” or “the Company”) (NYSE: DOOR) today announced results for the three and nine months ended October 2, 2022.

($ in millions, except per share amounts)

3Q22

 

3Q21

 

% Change

 

YTD 2022

 

YTD 2021

 

% Change

Net sales

$728

 

$652

 

+12%

 

$2,216

 

$1,961

 

+13%

Net income attributable to Masonite

$57

 

$38

 

+51%

 

$183

 

$120

 

+53%

Diluted earnings per share

$2.54

 

$1.54

 

+65%

 

$8.01

 

$4.84

 

+65%

Adjusted EPS*

$2.53

 

$1.99

 

+27%

 

$8.00

 

$6.16

 

+30%

Adjusted EBITDA*

$112

 

$105

 

+7%

 

$355

 

$317

 

+12%

Adjusted EBITDA* Margin

15.4%

 

16.1%

 

(70 bps)

 

+16.0%

 

16.2%

 

(20 bps)

 

“Our core North American Residential business continued to deliver outstanding results this quarter, allowing Masonite to achieve double digit net sales growth despite significant macroeconomic headwinds in our European segment,” said Howard Heckes, President and CEO. “The pending acquisition of Endura Products, a U.S. manufacturer of innovative door system components, will drive further momentum and fuel our Doors That Do Morestrategy. As we enter the fourth quarter, our teams remain focused on disciplined execution of our strategy and utilizing our Mvantage operating system to adapt to evolving end markets and deliver another year of revenue and earnings growth.”

* See “Non-GAAP Financial Measures and Related Information” for definition and reconciliation of non-GAAP measures.

Third Quarter 2022 Discussion

Consolidated net sales were $728 million in the third quarter of 2022, a 12% increase from $652 million in the third quarter of 2021. The increase resulted from a 21% increase in average unit price (AUP), partially offset by a 6% decrease in volume, a 2% decrease from unfavorable foreign exchange and a 1% impact from lower component sales.

  • North American Residential net sales were $579 million, a 19% increase compared to the third quarter of 2021, driven by a 23% increase in AUP, partially offset by a 3% decrease in volume and a combined 1% decrease due to unfavorable foreign exchange and lower component sales.
  • Europe net sales were $66 million, a 22% decrease compared to the third quarter of 2021, attributable to a 21% decrease in volume, a 13% decrease due to unfavorable foreign exchange and a 1% impact from lower component sales, partially offset by a 13% increase in AUP.
  • Architectural net sales were $78 million, a 3% increase compared to the third quarter of 2021, driven by a 13% increase in AUP, partially offset by an 8% decrease in volume and a 2% impact from lower component sales.

Total company gross profit was $167 million in the third quarter of 2022, an increase of 8.5% compared to $154 million in the third quarter of 2021. Gross profit margin decreased 60 basis points to 23.0%, as higher AUP was more than offset by the impact of inflation on raw materials and logistics costs, higher manufacturing wages and energy costs and lower volume in our Europe and Architectural segments.

Selling, general and administration (SG&A) expenses were $83 million in the third quarter of 2022, an increase of 8% compared to $77 million in the third quarter of 2021 primarily due to higher personnel costs, which includes increased incentive compensation, wage and benefit inflation and resources to support growth. SG&A as a percentage of net sales was 11.4%, 30 basis points lower as compared to the third quarter of 2021.

Net income attributable to Masonite was $57 million in the third quarter of 2022 compared to $38 million in the third quarter of 2021. The increase was primarily driven by higher gross profit as discussed above, as well as the absence of $11 million in charges related to the loss on extinguishment of debt and actions taken as part of our previously announced restructuring plans, each of which were incurred in the third quarter of 2021.

Adjusted EBITDA* of $112 million in the third quarter of 2022 increased 7% from $105 million in the third quarter of 2021. Diluted earnings per share were $2.54 in the third quarter of 2022, an increase of 65% compared to $1.54 in the comparable 2021 period. Diluted adjusted earnings per share* were $2.53 in the third quarter of 2022 compared to $1.99 in the comparable 2021 period, which excludes $11 million in charges related to the loss on extinguishment of debt as discussed above.

* See “Non-GAAP Financial Measures and Related Information” for definition and reconciliation of non-GAAP measures.

Balance Sheet, Cash Flow and Capital Allocation

At the end of the quarter, total available liquidity was $504 million, inclusive of $251 million in unrestricted cash and $253 million of availability under our ABL Facility and our AR Sales Program.

Cash provided by operations was $83 million for the nine months ended October 2, 2022, as compared to $100 million in the prior year period. Capital expenditures were $66 million for the nine months ended October 2, 2022, an increase from $47 million in the comparable period of 2021.

Pending Acquisition of Endura Products

On November 3, 2022, the Company announced that it had signed a definitive agreement to acquire Endura Products, a leading innovator and manufacturer of high-performance door frames and door system components. The acquisition is expected to enable the combined organization to accelerate innovation across the entire door system, unlock the value of fully integrated products and propel growth into new and existing markets in line with the Masonite Doors That Do More strategy. The Company expects the transaction to close near the end of 2022 pending regulatory approval and the satisfaction of customary closing conditions.

Masonite Earnings Conference Call

The Company will hold a live conference call and webcast on November 8, 2022. The live audio webcast will begin at 9:00 a.m. Eastern Time and can be accessed, together with the presentation, on the Masonite website www.masonite.com.

Telephone access to the live call will be available at 877-407-8289 (in the U.S.) or by dialing 201-689-8341 (outside the U.S.).

A telephone replay will be available approximately one hour following completion of the call through November 22, 2022. To access the replay, please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.). Enter Conference ID #13733399.

About Masonite

Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers globally. Additional information about Masonite can be found at www.masonite.com.

* See “Non-GAAP Financial Measures and Related Information” for definition and reconciliation of non-GAAP measures.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of federal securities laws, including our discussion of our 2022 outlook, the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, the consummation of and expected benefits related to, pending transactions, statements relating to our business and growth strategy and product development efforts. When used in this press release, such forward-looking statements may be identified by the use of such words as “may,” “might,” “could,” “will,” “would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,” “targeting,” or the negative of these terms or other similar terminology.

Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, downward trends in our end markets and in economic conditions; reduced levels of residential new construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competition; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; our ability to accurately anticipate demand for our products; impacts on our business including seasonality, weather and climate change; scale and scope of the ongoing coronavirus (“COVID-19”) pandemic and its impact on our operations, customer demand and supply chain; increases in prices of raw materials and fuel; tariffs and evolving trade policy and friction between the United States and other countries, including China, and the impact of anti-dumping and countervailing duties; increases in labor costs, the availability of labor, or labor relations (i.e., disruptions, strikes or work stoppages); our ability to manage our operations including potential disruptions, manufacturing realignments (including related restructuring charges) and customer credit risk; product liability claims and product recalls; our ability to generate sufficient cash flows to fund our capital expenditure requirements, to meet our pension obligations and to meet our debt service obligations, including our obligations under our senior notes and our asset-based revolving credit facility (“ABL Facility”); limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes and ABL Facility; fluctuating foreign exchange and interest rates; our ability to replace our expiring patents and to innovate, keep pace with technological developments and successfully consummate and integrate acquisitions; the continuous operation of our information technology and enterprise resource planning systems and management of potential cyber security threats and attacks; political, economic and other risks that arise from operating a multinational business; uncertainty relating to the United Kingdom’s exit from the European Union; retention of key management personnel; and environmental and other government regulations, including the United States Foreign Corrupt Practices Act (“FCPA”), and any changes in such regulations. For a more detailed discussion of these factors, see the information under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward Looking Statements” in our most recent annual report on Form 10-K filed with the SEC on February 24, 2022, in each case as updated by our subsequent filings with the SEC. Masonite undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Measures and Related Information

Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not include certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA is defined as net income attributable to Masonite adjusted to exclude the following items: depreciation; amortization; share based compensation expense; loss (gain) on disposal of property, plant and equipment; registration and listing fees; restructuring costs; asset impairment; loss (gain) on disposal of subsidiaries; interest expense (income), net; loss on extinguishment of debt; other expense (income), net; income tax expense (benefit); other items; loss (income) from discontinued operations, net of tax; and net income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2028 and 2030 Notes and the credit agreement governing the ABL Facility. Adjusted EBITDA, as calculated under our ABL Facility or senior notes would also include, among other things, additional add-backs for amounts related to: cost savings projected by us in good faith to be realized as a result of actions taken or expected to be taken prior to or during the relevant period; fees and expenses in connection with certain plant closures and layoffs; and the amount of any restructuring charges, integration costs or other business optimization expenses or reserve deducted in the relevant period in computing consolidated net income, including any one-time costs incurred in connection with acquisitions. Adjusted EBITDA is used to evaluate and compare the performance of the segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment sales are recorded using market prices. We believe that Adjusted EBITDA, from an operations standpoint, provides an appropriate way to measure and assess segment performance. Our management team has established the practice of reviewing the performance of each segment based on the measures of net sales and Adjusted EBITDA. We believe that Adjusted EBITDA is useful to users of the consolidated financial statements because it provides the same information that we use internally to evaluate and compare the performance of the segments and it is one of the primary measures used to determine employee incentive compensation.

The tables below set forth a reconciliation of net income (loss) attributable to Masonite to Adjusted EBITDA for the periods indicated.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net Sales. Management believes this measure provides supplemental information on how successfully we operate our business.

Adjusted EPS is diluted earnings per common share attributable to Masonite (EPS) less restructuring costs, asset impairment charges, loss (gain) on disposal of subsidiaries, loss on extinguishment of debt and other items, if any, that do not relate to Masonite’s underlying business performance (each net of related tax expense (benefit)). Management uses this measure to evaluate the overall performance of the Company and believes this measure provides investors with helpful supplemental information regarding the underlying performance of the Company from period to period. This measure may be inconsistent with similar measures presented by other companies.

Certain amounts in the Condensed Consolidated Financial Statements and associated tables may not foot due to rounding. All percentages have been calculated using unrounded amounts.

 
 
 

MASONITE INTERNATIONAL CORPORATION

SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT

(In millions of U.S. dollars)

(Unaudited)
 

 

 

North

American

Residential

 

Europe

 

Architectural

 

Corporate

and Other

 

Total

 

% Change

Third quarter 2021 net sales

$

         488.5

 

 

$

            84.4

 

 

$

            75.3

 

 

$

              4.0

 

 

$

         652.2

 

 

 

Volume

 

             (15.7

)   

 

 

             (18.0

)   

 

 

               (5.8

)   

 

 

                  —

 

 

 

             (39.5

)   

 

(6.1

%)

Average unit price

 

           112.5

 

 

 

             11.3

 

 

 

             10.0

 

 

 

                2.2

 

 

 

           136.0

 

 

20.9

Components

 

               (2.5

)   

 

 

               (0.8

)   

 

 

               (1.3

)   

 

 

               (1.6

)   

 

 

               (6.1

)   

 

(0.9

%)

Foreign exchange

 

              (3.4

)   

 

 

            (11.2

)   

 

 

              (0.4

)   

 

 

                 —

 

 

 

            (15.0

)   

 

(2.3

%)

Third quarter 2022 net sales

$

         579.4

 

 

$

           65.7

 

 

$

           77.8

 

 

$

              4.6

 

 

$

         727.6

 

 

 

Year over year change, net sales

 

18.6

 

 

(22.2

%)

 

 

3.3

 

 

15.0

 

 

11.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third quarter 2021 Adjusted EBITDA

$

            91.5

 

 

$

            16.7

 

 

$

              1.0

 

 

$

             (4.4

)   

 

$

         104.8

 

 

 

Third quarter 2022 Adjusted EBITDA

 

            115.1

 

 

 

                3.9

 

 

 

               (0.2

)   

 

 

              (6.8

)   

 

 

            111.9

 

 

 

Year over year change, Adjusted EBITDA

 

25.8

 

 

(76.6

%)

 

 

(121.1

%)

 

nm

 

 

6.8

 

 

 
 

 

North

American

Residential

 

Europe

 

Architectural

 

Corporate

and Other

 

Total

 

% Change

Year to date 2021 net sales

$

      1,458.4

 

 

$

         260.7

 

 

$

         226.1

 

 

$

            15.8

 

 

$

      1,961.0

 

 

 

Acquisitions, net of divestitures

 

                  —

 

 

 

            (11.7

)   

 

 

                  —

 

 

 

                  —

 

 

 

            (11.7

)   

 

(0.6

%)

Volume

 

              12.8

 

 

 

            (45.8

)   

 

 

            (23.0

)   

 

 

                  —

 

 

 

            (56.0

)   

 

(2.9

%)

Average unit price

 

            294.2

 

 

 

              39.3

 

 

 

              26.3

 

 

 

                3.5

 

 

 

            363.3

 

 

18.5

Components

 

              (2.2

)   

 

 

                  —

 

 

 

              (4.4

)   

 

 

              (3.5

)   

 

 

            (10.1

)   

 

(0.5

%)

Foreign exchange

 

              (7.4

)   

 

 

            (22.5

)   

 

 

              (0.7

)   

 

 

              (0.2

)   

 

 

            (30.8

)   

 

(1.6

%)

Year to date 2022 net sales

$

      1,755.8

 

 

$

         220.0

 

 

$

         224.3

 

 

$

            15.6

 

 

$

      2,215.7

 

 

 

Year over year growth, net sales

 

20.4

 

 

(15.6

%)

 

 

(0.8

%)

 

 

(1.3

%)

 

 

13.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to date 2021 Adjusted EBITDA

$

         286.0

 

 

$

            50.0

 

 

$

              3.5

 

 

$

          (22.2

)   

 

$

         317.4

 

 

 

Year to date 2022 Adjusted EBITDA

 

            367.7

 

 

 

              24.3

 

 

 

              (3.0

)   

 

 

            (34.2

)   

 

 

            354.8

 

 

 

Year over year growth, Adjusted EBITDA

 

28.6

 

 

(51.4

%)

 

 

(186.5

%)

 

nm

 

 

11.8

 

 

 
 
 
 

MASONITE INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share and per share amounts)

(Unaudited)
 

 

 

Three Months Ended

 

Nine Months Ended

 

October 2,

2022

 

October 3,

2021

 

October 2,

2022

 

October 3,

2021

Net sales

$

727,626

 

 

$

652,208

 

 

$

2,215,717

 

 

$

1,960,955

 

Cost of goods sold

 

560,442

 

 

 

498,103

 

 

 

1,684,799

 

 

 

1,483,870

 

Gross profit

 

167,184

 

 

 

154,105

 

 

 

530,918

 

 

 

477,085

 

Gross profit as a % of net sales

 

23.0

%

 

 

23.6

%

 

 

24.0

%

 

 

24.3

%

 

 

 

 

 

 

 

 

Selling, general and administration expenses

 

82,690

 

 

 

76,632

 

 

 

256,266

 

 

 

242,774

 

Selling, general and administration expenses as a % of net sales

 

11.4

%

 

 

11.7

%

 

 

11.6

%

 

 

12.4

%

 

 

 

 

 

 

 

 

Restructuring (benefit) costs

 

(141

)

 

 

1,311

 

 

 

(221

)

 

 

5,146

 

Asset impairment

 

 

 

 

 

 

 

 

 

 

10,374

 

Loss on disposal of subsidiaries

 

 

 

 

 

 

 

 

 

 

8,590

 

Operating income

 

84,635

 

 

 

76,162

 

 

 

274,873

 

 

 

210,201

 

Interest expense, net

 

10,266

 

 

 

11,349

 

 

 

31,098

 

 

 

35,213

 

Loss on extinguishment of debt

 

 

 

 

13,583

 

 

 

 

 

 

13,583

 

Other (income) expense, net

 

211

 

 

 

(1,471

)

 

 

(1,604

)

 

 

(4,400

)

Income before income tax expense

 

74,158

 

 

 

52,701

 

 

 

245,379

 

 

 

165,805

 

Income tax expense

 

16,376

 

 

 

13,854

 

 

 

59,502

 

 

 

42,713

 

Net income

 

57,782

 

 

 

38,847

 

 

 

185,877

 

 

 

123,092

 

Less: net income attributable to non-controlling interests

 

745

 

 

 

1,156

 

 

 

2,743

 

 

 

3,374

 

Net income attributable to Masonite

$

57,037

 

 

$

37,691

 

 

$

183,134

 

 

$

119,718

 

 

 

 

 

 

 

 

 

Basic earnings per common share attributable to Masonite

$

2.56

 

 

$

1.57

 

 

$

8.09

 

 

$

4.92

 

Diluted earnings per common share attributable to Masonite

$

2.54

 

 

$

1.54

 

 

$

8.01

 

 

$

4.84

 

 

 

 

 

 

 

 

 

Shares used in computing basic earnings per share

 

22,267,684

 

 

 

24,068,744

 

 

 

22,624,830

 

 

 

24,329,647

 

Shares used in computing diluted earnings per share

 

22,491,874

 

 

 

24,426,393

 

 

 

22,873,027

 

 

 

24,719,618

 

 
 
 
 

MASONITE INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share amounts)

(Unaudited)

 

ASSETS

October 2, 2022

 

January 2, 2022

Current assets:

 

 

 

Cash and cash equivalents

$

250,705

 

 

$

381,395

 

Restricted cash

 

11,999

 

 

 

10,110

 

Accounts receivable, net

 

401,664

 

 

 

343,414

 

Inventories, net

 

437,202

 

 

 

347,476

 

Prepaid expenses and other assets

 

49,214

 

 

 

50,399

 

Income taxes receivable

 

5,260

 

 

 

1,332

 

Total current assets

 

1,156,044

 

 

 

1,134,126

 

Property, plant and equipment, net

 

618,240

 

 

 

626,797

 

Operating lease right-of-use assets

 

161,589

 

 

 

176,445

 

Investment in equity investees

 

14,789

 

 

 

14,994

 

Goodwill

 

64,987

 

 

 

77,102

 

Intangible assets, net

 

128,678

 

 

 

150,487

 

Deferred income taxes

 

30,461

 

 

 

20,764

 

Other assets

 

45,652

 

 

 

45,903

 

Total assets

$

2,220,440

 

 

$

2,246,618

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

135,461

 

 

$

138,788

 

Accrued expenses

 

228,257

 

 

 

237,300

 

Income taxes payable

 

11,156

 

 

 

8,551

 

Total current liabilities

 

374,874

 

 

 

384,639

 

Long-term debt

 

866,699

 

 

 

865,721

 

Long-term operating lease liabilities

 

150,467

 

 

 

165,670

 

Deferred income taxes

 

81,934

 

 

 

77,936

 

Other liabilities

 

49,827

 

 

 

52,874

 

Total liabilities

 

1,523,801

 

 

 

1,546,840

 

Commitments and Contingencies

 

 

 

Equity:

 

 

 

Share capital: unlimited shares authorized, no par value, 22,275,612 and 23,623,887 shares issued and outstanding as of October 2, 2022, and January 2, 2022, respectively

 

522,575

 

 

 

543,400

 

Additional paid-in capital

 

221,358

 

 

 

222,177

 

Retained earnings

 

103,308

 

 

 

24,244

 

Accumulated other comprehensive loss

 

(161,736

)

 

 

(101,582

)

Total equity attributable to Masonite

 

685,505

 

 

 

688,239

 

Equity attributable to non-controlling interests

 

11,134

 

 

 

11,539

 

Total equity

 

696,639

 

 

 

699,778

 

Total liabilities and equity

$

2,220,440

 

 

$

2,246,618

 

 
 
 
 

MASONITE INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars, except share amounts)

(Unaudited)
 

 

 

Nine Months Ended

Cash flows from operating activities:

October 2, 2022

 

October 3, 2021

Net income

$

185,877

 

 

$

123,092

 

Adjustments to reconcile net income to net cash flow provided by operating activities:

 

 

 

Loss on disposal of subsidiaries

 

 

 

 

8,590

 

Loss on extinguishment of debt

 

 

 

 

13,583

 

Depreciation

 

51,977

 

 

 

52,876

 

Amortization

 

13,164

 

 

 

16,749

 

Share based compensation expense

 

16,251

 

 

 

11,460

 

Deferred income taxes

 

(4,675

)

 

 

11,989

 

Unrealized foreign exchange loss (gain)

 

859

 

 

 

(490

)

Share of income from equity investees, net of tax

 

(3,944

)

 

 

(2,404

)

Dividend from equity investee

 

4,500

 

 

 

4,500

 

Pension and post-retirement funding, net of expense

 

140

 

 

 

(3,708

)

Non-cash accruals and interest

 

199

 

 

 

1,268

 

Gain on sale of property, plant and equipment

 

(1,245

)

 

 

1,954

 

Asset impairment

 

 

 

 

10,374

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

 

(70,530

)

 

 

(65,448

)

Inventories

 

(101,305

)

 

 

(54,425

)

Prepaid expenses and other assets

 

85

 

 

 

1,261

 

Accounts payable and accrued expenses

 

(3,307

)

 

 

(28,587

)

Other assets and liabilities

 

(5,127

)

 

 

(2,615

)

Net cash flow provided by operating activities

 

82,919

 

 

 

100,019

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

 

(65,792

)

 

 

(46,626

)

Acquisition of businesses, net of cash acquired

 

 

 

 

(160

)

Proceeds from sale of subsidiaries, net of cash disposed

 

 

 

 

7,001

 

Proceeds from sale of property, plant and equipment

 

6,393

 

 

 

3,377

 

Other investing activities

 

(2,068

)

 

 

(1,782

)

Net cash flow used in investing activities

 

(61,467

)

 

 

(38,190

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt

 

 

 

 

375,000

 

Repayments of long-term debt

 

 

 

 

(300,945

)

Payment of debt extinguishment costs

 

 

 

 

(10,810

)

Payment of debt issuance costs

 

 

 

 

(4,672

)

Tax withholding on share based awards

 

(3,332

)

 

 

(4,834

)

Distributions to non-controlling interests

 

(2,500

)

 

 

(2,397

)

Repurchases of common shares

 

(140,000

)

 

 

(83,135

)

Net cash flow used in financing activities

 

(145,832

)

 

 

(31,793

)

Net foreign currency translation adjustment on cash

 

(4,421

)

 

 

(1,294

)

(Decrease) Increase in cash, cash equivalents and restricted cash

 

(128,801

)

 

 

28,742

 

Cash, cash equivalents and restricted cash, beginning of period

 

391,505

 

 

 

375,234

 

Cash, cash equivalents and restricted cash, at end of period

$

262,704

 

 

$

403,976

 

Contacts

Richard Leland
VP, FINANCE AND TREASURER

[email protected]
813.739.1808

Marcus Devlin
DIRECTOR, INVESTOR RELATIONS

[email protected]
813.371.5839

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