附錄99.1
RBC滾珠軸承公司宣布2025財政第二季度業績
2024年11月1日,紐交所上市的領先國際製造商RBC Bearings Incorporated(紐交所:RBC)今天公布了2025財年第二季度的業績報告,該公司是高精密軸承、元件和工業、軍工、航空航天系統的重要製造商。
第二季財務亮點
● | 總銷售額為$39790萬,較去年增加3.2%,航空太空/軍工股上漲12.5%,工業下降1.4%。 |
● | 毛利率為43.7%,較去年的43.1%高。 |
● | 归属普通股股东的净利润增加了5.6%,在调整基础上增长了6.2%。 |
● | 攤薄後每股收益為1.65美元,較去年增加4.4%;調整後 攤薄後每股收益為2.29美元,較去年增加5.1%。 |
三個月財務亮點
財政2025年 | Fiscal 2023 (即2023財政年度) | 變化 | ||||||||||||||||||||||
(以百萬為單位的美元) | GAAP | 已調整 (1) | GAAP | 已調整 (1) | GAAP | 調整後(1) | ||||||||||||||||||
淨銷售額 | $ | 397.9 | $ | 385.6 | 3.2 | % | ||||||||||||||||||
毛利率 | $ | 173.8 | $ | 173.8 | $ | 166.3 | $ | 166.6 | 4.5 | % | 4.3 | % | ||||||||||||
歸屬於nCino, Inc.的淨虧損 | 43.7 | % | 43.7 | % | 43.1 | % | 43.2 | % | ||||||||||||||||
營收 | $ | 86.1 | $ | 86.6 | $ | 87.8 | $ | 88.4 | (1.9 | )% | (2.0 | )% | ||||||||||||
營業利潤百分比 | 21.6 | % | 21.8 | % | 22.8 | % | 22.9 | % | ||||||||||||||||
凈利潤 | $ | 54.2 | $ | 72.7 | $ | 51.7 | $ | 68.9 | 5.0 | % | 5.5 | % | ||||||||||||
歸屬於普通股股東的淨利潤 | $ | 48.5 | $ | 67.0 | $ | 45.9 | $ | 63.1 | 5.6 | % | 6.2 | % | ||||||||||||
攤薄後每股收益 | $ | 1.65 | $ | 2.29 | $ | 1.58 | $ | 2.17 | 4.4 | % | 5.1 | % |
(1) | 結果 排除在下列對帳項下的項目。 |
六個月財務亮點
財政2025年 | Fiscal 2023 (即2023財政年度) | 變化 | ||||||||||||||||||||||
(以百萬為單位的美元) | GAAP | 調整後(1) | GAAP | 調整後(1) | GAAP | 調整後(1) | ||||||||||||||||||
淨銷售額 | $ | 804.2 | $ | 772.7 | 4.1 | % | ||||||||||||||||||
毛利率 | $ | 357.8 | $ | 357.8 | $ | 334.2 | $ | 334.5 | 7.1 | % | 7.0 | % | ||||||||||||
歸屬於nCino, Inc.的淨虧損 | 44.5 | % | 44.5 | % | 43.2 | % | 43.3 | % | ||||||||||||||||
營收 | $ | 183.6 | $ | 184.1 | $ | 172.8 | $ | 173.7 | 6.3 | % | 6.0 | % | ||||||||||||
營業利潤百分比 | 22.8 | % | 22.9 | % | 22.4 | % | 22.5 | % | ||||||||||||||||
凈利潤 | $ | 115.6 | $ | 152.9 | $ | 101.7 | $ | 136.6 | 13.7 | % | 11.9 | % | ||||||||||||
歸屬於普通股股東的淨利潤 | $ | 104.2 | $ | 141.5 | $ | 90.2 | $ | 125.1 | 15.5 | % | 13.1 | % | ||||||||||||
攤薄後每股收益 | $ | 3.55 | $ | 4.83 | $ | 3.10 | $ | 4.30 | 14.5 | % | 12.3 | % |
(1) | 結果不包括下面對帳單中的項目。 |
「RBC交出了另一個業績強勁的季度,總A&D銷售同比增長12.5%,而工業銷售同比僅下降1.4%,」公司董事長兼首席執行官Michael J. Hartnett博士說。「在A&D方面,我們的產能需求仍然強勁,我很自豪地說,RBC團隊能夠通過來自其他客戶強勁需求有效地減輕商用航空航天的OEm罷工帶來的阻力,我們預計在第三季度將繼續這樣做。在工業方面,我們有信心我們的業績持續優於同行和更廣泛的行業趨勢,並且該板塊今年有望恢復增長。」
第二季度業績
2025財政第二季度淨銷售額為39790萬美元,較2024財政第二季度的38560萬美元增長了3.2%。 工業部門的淨銷售額下降了1.4%,而航太/軍工股部門的淨銷售額增加了12.5%。 2025財政第二季度的毛利率為17380萬美元,而去年同期為16630萬美元。
2025財年第二季度SG&A為6950萬美元,比去年同期的6050萬美元增加了900萬美元。作為營業額的百分比,2025財年第二季度的SG&A為17.5%,而去年同期為15.7%。
2025財年第二季度的其他營業費用總額為1820萬美元,較去年同期的1800萬美元略有增加。2025財年第二季度的其他營業費用包括1790萬美元的無形資產攤銷和50萬美元的重組成本,抵銷了0.2百萬其他項目的支出。2024財年第二季度的其他營業費用包括1760萬美元的無形資產攤銷,30萬美元的重組成本和10萬美元的其他項目。
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2025財年第二季的營業利潤為8610萬美元,相比去年同期的8780萬美元。經調整後,2025財年第二季的營業利潤為8660萬美元,相比去年同期的8840萬美元。詳細調整資料如下表所示,以取得經調整後的營收。
截至2025財年第二季,淨利息費用為1560萬美元,較去年同期的2010萬美元下降。
二零二五會計年度第二季度所得稅費用為1520萬美元,與去年同期相比相同。二零二五會計年度第二季度有效所得稅率為21.9%,與去年同期的22.7%相比。
2025財年第二季的凈利潤為5420萬美元,較去年同期的5170萬美元增加。根據調整,2025財年第二季的凈利潤為7270萬美元,較去年同期的6890萬美元增加。請參考下表,了解導致調整後凈利潤的調整細節。2025財年第二季歸屬於普通股股東的凈利潤為4850萬美元,較去年同期的4590萬美元增加。根據調整,2025財年第二季歸屬於普通股股東的凈利潤為6700萬美元,較去年同期的6310萬美元增加。
截至2025財年第二季,攤薄後每股收益歸屬於普通股股東為1.65美元,較去年同期的1.58美元有所增加。 按照調整後計算,攤薄後每股收益歸屬於普通股股東為2.29美元,較去年同期的2.17美元增長。
2024年9月28日的積壓金額為86400萬美元,相較於2024年6月29日的82580萬美元和2023年9月30日的76240萬美元。
2025年財政中首選股票轉換
公司的A股強制可換股優先股於2024年10月15日強制轉換為普通股, 公司於該時點支付了優先股的最後一期季度5.0%的股息,約為570萬美元。不支付未來的優先股股息將導致未來時期每年節省現金2300萬美元。
The October 15, 2024 conversion will result in $1.0 million being deducted from the numerator and approximately 1.8 million shares being added to the denominator for the calculation of diluted and adjusted diluted EPS for the third quarter of fiscal 2025.
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Outlook for the Third Quarter Fiscal 2025
The Company expects net sales to be approximately $390.0 million to $400.0 million in the third quarter of fiscal 2025, compared to $373.9 million last year, a growth rate of 4.3% to 7.0%. Gross margin is expected to be in the range of 42.50% to 43.50% and SG&A as a percentage of net sales is expected to be in the range of 17.00% to 17.50%.
Live Webcast
RBC Bearings Incorporated will host a webcast on Friday, November 1, 2024, at 11:00 a.m. ET to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company’s website, www.rbcbearings.com, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 877-407-4019 (international callers dial +1 201-689-8337) and provide conference ID # 13749510. Investors are advised to dial into the call at least ten minutes prior to the call to register. An audio replay of the call will be available from 2:00 p.m. ET on the day of the call and will remain available to two weeks following the call. The replay can be accessed by dialing 877-660-6853 (international callers dial +1 201-612-7415) and providing conference ID # 13749510.
Non-GAAP Financial Measures
In addition to disclosing results of operations that are determined in accordance with U.S. generally accepted accounting principles (GAAP), this press release also discloses non-GAAP results of operations that exclude certain items. These non-GAAP measures adjust for items that management believes are unusual, as well as other non-cash items including but not limited to depreciation, amortization, and equity-based incentive compensation. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company’s results of operations as these non-GAAP measures allow investors to better evaluate ongoing business performance. Investors should consider non-GAAP measures in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial table attached to this press release.
Free Cash Flow Conversion
Free cash flow conversion measures our ability to convert operating profits into free cash flow and is calculated as free cash flow (cash provided by operating activities less capital expenditures) divided by net income.
Adjusted Gross Margin and Adjusted Operating Income
Adjusted gross margin excludes the impact of restructuring costs associated with the closing of a plant. Adjusted operating income excludes acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, and other non-operational, non-cash or non-recurring losses. We believe that adjusted operating income is useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations.
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Adjusted Net Income Attributable to Common Stockholders and Adjusted Earnings Per Share Attributable to Common Stockholders
Adjusted net income attributable to common stockholders and adjusted earnings per share attributable to common stockholders (calculated on a diluted basis) exclude non-cash expenses for amortization related to acquired intangible assets, stock-based compensation, amortization of deferred finance fees, acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, and other non-operational, non-cash or non-recurring losses, net of their income tax impact. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations.
Adjusted EBITDA
We use the term “Adjusted EBITDA” to describe net income adjusted for the items summarized in the “Reconciliation of GAAP to Non-GAAP Financial Measures” table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. In view of our debt level, Adjusted EBITDA aids our investors in understanding our compliance with our debt covenants. Management and various investors use the ratio of total debt less cash to Adjusted EBITDA, or “net debt leverage,” as a measure of our financial strength and ability to incur incremental indebtedness when making investment decisions and evaluating us against peers. Lastly, management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as “incremental margin” in the case of an increase in net sales or “decremental margin” in the case of a decrease in net sales) as an additional measure of our financial performance and some investors utilize it when making investment decisions and evaluating us against peers.
Adjusted EBITDA is not a presentation made in accordance with GAAP, and our definition of Adjusted EBITDA may vary from the definition used by others in our industry. Adjusted EBITDA should not be considered as an alternative to net income, income from operations, or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA adds back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur or vary greatly, are difficult to predict, and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times (i) include estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions to restructurings and/or (ii) exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred.
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About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in Oxford, Connecticut.
Safe Harbor for Forward Looking Statements
Certain statements in this press release contain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including the following: the section of this press release entitled “Outlook”; any projections of earnings, revenue or other financial items relating to the Company, any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future growth rates in the markets we serve; any statements of belief; any characterization of and the Company’s ability to control contingent liabilities; anticipated trends in the Company’s businesses; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “would,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate,” and other similar words. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to general economic conditions, geopolitical factors, future levels of aerospace/defense and industrial market activity, future financial performance, our use of information technology systems, our disclosure controls and procedures and internal control over financial reporting, our debt level, our level of goodwill, market acceptance of new or enhanced versions of the Company’s products, the pricing of raw materials, changes in the competitive environments in which the Company’s businesses operate, increases in interest rates, the Company’s ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in our reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading “Risk Factors” set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statements.
Contact: | Rob Moffatt |
Director of Corporate Development & IR | |
investors@rbcbearings.com |
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RBC Bearings Incorporated
Consolidated Statements of Operations
(dollars in millions, except per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
September 28, | September 30, | September 28, | September 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net sales | $ | 397.9 | $ | 385.6 | $ | 804.2 | $ | 772.7 | ||||||||
Cost of sales | 224.1 | 219.3 | 446.4 | 438.5 | ||||||||||||
Gross margin | 173.8 | 166.3 | 357.8 | 334.2 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 69.5 | 60.5 | 137.1 | 125.2 | ||||||||||||
Other, net | 18.2 | 18.0 | 37.1 | 36.2 | ||||||||||||
Total operating expenses | 87.7 | 78.5 | 174.2 | 161.4 | ||||||||||||
Operating income | 86.1 | 87.8 | 183.6 | 172.8 | ||||||||||||
Interest expense, net | 15.6 | 20.1 | 32.8 | 40.6 | ||||||||||||
Other non-operating expense | 1.1 | 0.8 | 1.5 | 1.3 | ||||||||||||
Income before income taxes | 69.4 | 66.9 | 149.3 | 130.9 | ||||||||||||
Provision for income taxes | 15.2 | 15.2 | 33.7 | 29.2 | ||||||||||||
Net income | 54.2 | 51.7 | 115.6 | 101.7 | ||||||||||||
Preferred stock dividends | 5.7 | 5.8 | 11.4 | 11.5 | ||||||||||||
Net income attributable to common stockholders | $ | 48.5 | $ | 45.9 | $ | 104.2 | $ | 90.2 | ||||||||
Net income per common share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 1.67 | $ | 1.59 | $ | 3.58 | $ | 3.13 | ||||||||
Diluted | $ | 1.65 | $ | 1.58 | $ | 3.55 | $ | 3.10 | ||||||||
Weighted average common shares: | ||||||||||||||||
Basic | 29,124,564 | 28,885,411 | 29,089,692 | 28,866,142 | ||||||||||||
Diluted | 29,336,466 | 29,138,596 | 29,316,493 | 29,126,670 |
7
Segment Data:
Three Months Ended | Six Months Ended | |||||||||||||||
September 28, | September 30, | September 28, | September 30, | |||||||||||||
Net External Sales: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Aerospace and defense segment | $ | 143.2 | $ | 127.3 | $ | 292.3 | $ | 247.8 | ||||||||
Industrial segment | 254.7 | 258.3 | 511.9 | 524.9 | ||||||||||||
Total net external sales | $ | 397.9 | $ | 385.6 | $ | 804.2 | $ | 772.7 |
Three Months Ended | Six Months Ended | |||||||||||||||
Reconciliation of Reported Gross Margin to | September 28, | September 30, | September 28, | September 30, | ||||||||||||
Adjusted Gross Margin: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Reported gross margin | $ | 173.8 | $ | 166.3 | $ | 357.8 | $ | 334.2 | ||||||||
Restructuring and consolidation | - | 0.3 | - | 0.3 | ||||||||||||
Adjusted gross margin | $ | 173.8 | $ | 166.6 | $ | 357.8 | $ | 334.5 |
Three Months Ended | Six Months Ended | |||||||||||||||
Reconciliation of Reported Operating Income to | September 28, | September 30, | September 28, | September 30, | ||||||||||||
Adjusted Operating Income: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Reported operating income | $ | 86.1 | $ | 87.8 | $ | 183.6 | $ | 172.8 | ||||||||
Transaction and related costs | - | 0.0 | - | 0.0 | ||||||||||||
Restructuring and consolidation | 0.5 | 0.6 | 0.5 | 0.9 | ||||||||||||
Adjusted operating income | $ | 86.6 | $ | 88.4 | $ | 184.1 | $ | 173.7 |
Three Months Ended | Six Months Ended | |||||||||||||||
Reconciliation of Reported Net Income to Adjusted Net | September 28, | September 30, | September 28, | September 30, | ||||||||||||
Income Attributable to Common Stockholders: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Reported net income | $ | 54.2 | $ | 51.7 | $ | 115.6 | $ | 101.7 | ||||||||
Transaction and related costs | - | 0.0 | - | 0.0 | ||||||||||||
Restructuring and consolidation | 0.5 | 0.6 | 0.5 | 0.9 | ||||||||||||
M&A related amortization | 16.4 | 16.4 | 32.8 | 32.7 | ||||||||||||
Stock compensation expense | 6.6 | 3.7 | 13.1 | 9.1 | ||||||||||||
Amortization of deferred finance fees | 0.4 | 0.7 | 1.0 | 1.6 | ||||||||||||
Tax impact of adjustments and other tax matters | (5.4 | ) | (4.2 | ) | (10.1 | ) | (9.4 | ) | ||||||||
Adjusted net income | $ | 72.7 | $ | 68.9 | $ | 152.9 | $ | 136.6 | ||||||||
Preferred stock dividends | 5.7 | 5.8 | 11.4 | 11.5 | ||||||||||||
Adjusted net income attributable to common stockholders | $ | 67.0 | $ | 63.1 | $ | 141.5 | $ | 125.1 | ||||||||
Adjusted net income per common share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 2.30 | $ | 2.19 | $ | 4.86 | $ | 4.34 | ||||||||
Diluted | $ | 2.29 | $ | 2.17 | $ | 4.83 | $ | 4.30 | ||||||||
Weighted average common shares: | ||||||||||||||||
Basic | 29,124,564 | 28,885,411 | 29,089,692 | 28,866,142 | ||||||||||||
Diluted | 29,336,466 | 29,138,596 | 29,316,493 | 29,126,670 |
Three Months Ended | Six Months Ended | |||||||||||||||
Reconciliation of Reported Net Income to | September 28, | September 30, | September 28, | September 30, | ||||||||||||
Adjusted EBITDA: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Reported net income | $ | 54.2 | $ | 51.7 | $ | 115.6 | $ | 101.7 | ||||||||
Interest expense, net | 15.6 | 20.1 | 32.8 | 40.6 | ||||||||||||
Provision for income taxes | 15.2 | 15.2 | 33.7 | 29.2 | ||||||||||||
Stock compensation expense | 6.6 | 3.7 | 13.1 | 9.1 | ||||||||||||
Depreciation and amortization | 30.2 | 30.0 | 60.2 | 59.7 | ||||||||||||
Other non-operating expense | 1.1 | 0.8 | 1.5 | 1.3 | ||||||||||||
Restructuring and consolidation | 0.5 | 0.6 | 0.5 | 0.9 | ||||||||||||
Adjusted EBITDA | $ | 123.4 | $ | 122.1 | $ | 257.4 | $ | 242.5 |
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Consolidated Balance Sheets
(dollars in millions, except per share data)
September 28, | March 30, | |||||||
2024 | 2024 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 89.1 | $ | 63.5 | ||||
Accounts receivable, net of allowance for doubtful accounts | 255.4 | 255.2 | ||||||
Inventory | 646.7 | 622.8 | ||||||
Prepaid expenses and other current assets | 31.0 | 24.0 | ||||||
Total current assets | 1,022.2 | 965.5 | ||||||
Property, plant and equipment, net | 362.5 | 361.0 | ||||||
Operating lease assets, net | 47.9 | 41.4 | ||||||
Goodwill | 1,875.9 | 1,874.9 | ||||||
Intangible assets, net | 1,359.5 | 1,391.9 | ||||||
Other noncurrent assets | 44.8 | 43.9 | ||||||
Total assets | $ | 4,712.8 | $ | 4,678.6 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 127.4 | $ | 116.2 | ||||
Accrued expenses and other current liabilities | 156.7 | 167.3 | ||||||
Current operating lease liabilities | 8.0 | 7.0 | ||||||
Current portion of long-term debt | 1.8 | 3.8 | ||||||
Total current liabilities | 293.9 | 294.3 | ||||||
Long-term debt, less current portion | 1,099.7 | 1,188.1 | ||||||
Noncurrent operating lease liabilities | 40.5 | 35.3 | ||||||
Deferred income taxes | 274.3 | 284.2 | ||||||
Other noncurrent liabilities | 121.1 | 124.8 | ||||||
Total liabilities | 1,829.5 | 1,926.7 | ||||||
Stockholders' equity | ||||||||
Preferred stock, $.01 par value | 0.0 | 0.0 | ||||||
Common stock, $.01 par value | 0.3 | 0.3 | ||||||
Additional paid-in capital | 1,658.6 | 1,625.2 | ||||||
Accumulated other comprehensive income/(loss) | 2.9 | 0.7 | ||||||
Retained earnings | 1,321.0 | 1,216.8 | ||||||
Treasury stock, at cost | (99.5 | ) | (91.1 | ) | ||||
Total stockholders' equity | 2,883.3 | 2,751.9 | ||||||
Total liabilities and stockholders' equity | $ | 4,712.8 | $ | 4,678.6 |
9
Consolidated Statements of Cash Flows
(dollars in millions)
(Unaudited)
Six Months Ended | ||||||||
September 28, | September 30, | |||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 115.6 | $ | 101.7 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 60.2 | 59.7 | ||||||
Deferred income taxes | (10.2 | ) | (6.5 | ) | ||||
Amortization of deferred financing costs | 1.0 | 1.6 | ||||||
Stock-based compensation | 13.1 | 9.1 | ||||||
Noncash operating lease expense | 3.2 | 3.5 | ||||||
Loss on disposition of assets | 0.1 | 0.4 | ||||||
Consolidation, restructuring, and other noncash charges | - | 0.6 | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||
Accounts receivable | 0.8 | (3.7 | ) | |||||
Inventory | (20.7 | ) | (24.8 | ) | ||||
Prepaid expenses and other current assets | (7.0 | ) | (0.7 | ) | ||||
Other noncurrent assets | (2.0 | ) | (2.0 | ) | ||||
Accounts payable | 11.0 | (16.0 | ) | |||||
Accrued expenses and other current liabilities | (16.2 | ) | (7.7 | ) | ||||
Other noncurrent liabilities | (8.5 | ) | (0.4 | ) | ||||
Net cash provided by operating activities | 140.4 | 114.8 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (25.2 | ) | (14.2 | ) | ||||
Proceeds from sale of assets | - | 0.4 | ||||||
Acquisition of business/purchase price adjustments for acquisition | - | (18.7 | ) | |||||
Net cash used in investing activities | (25.2 | ) | (32.5 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds received from revolving credit facility | - | 18.0 | ||||||
Repayments of revolving credit facilities | (20.4 | ) | - | |||||
Repayments of term loans | (75.0 | ) | (90.0 | ) | ||||
Repayments of notes payable | (1.3 | ) | (1.3 | ) | ||||
Proceeds from mortgage | 4.5 | - | ||||||
Principal payments on finance lease obligations | (2.1 | ) | (1.6 | ) | ||||
Preferred stock dividends paid | (11.5 | ) | (11.5 | ) | ||||
Exercise of stock options | 25.2 | 3.0 | ||||||
Repurchase of common stock | (8.4 | ) | (7.0 | ) | ||||
Net cash used in financing activities | (89.0 | ) | (90.4 | ) | ||||
Effect of exchange rate changes on cash | (0.6 | ) | (0.7 | ) | ||||
Cash and cash equivalents: | ||||||||
Increase / (decrease) during the period | 25.6 | (8.8 | ) | |||||
Cash and cash equivalents, at beginning of period | 63.5 | 65.4 | ||||||
Cash and cash equivalents, at end of period | $ | 89.1 | $ | 56.6 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for: | ||||||||
Income taxes | $ | 57.9 | $ | 42.4 | ||||
Interest | 28.8 | 39.1 | ||||||
FY2025 Q3 Outlook - Modeling Items: | ||||||||
Net sales | $ | 390.0 - $400.0 | ||||||
Gross margin (as a percentage of net sales) | 42.50% - 43.50% | |||||||
SG&A (as a percentage of net sales) | 17.00% - 17.50% |
10