FERRO CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS
|
Fourth Quarter Continuing Operations*
| Year to Date Continuing Operations* | |
•Net Sales increased 2.5% to $266.3M, or 4.4% on a constant currency basis
•Gross Profit decreased 9.9% to $71.3M, Gross Profit Margin of 26.8%
•Adjusted Gross Profit Margin of 26.9%
•GAAP diluted EPS of $0.30, Adjusted diluted EPS of $0.30
•Net Income from continuing operationsof $25.7M, Adjusted EBITDA of $39.8M
•Adjusted EBITDA Margin of 14.9%
|
•Net Sales increased 17.4% to $1,126.3M, or 15.4% on a constant currency basis
•Gross Profit increased 17.3% to $344.6M, Gross Profit Margin of 30.6%
•Adjusted Gross Profit Margin of 31.1%
•GAAP diluted EPS of $0.86, Adjusted diluted EPS of $1.28
•Net Income from continuing operations of $73.3M, Adjusted EBITDA increased 30.3% to $200.3M
•Adjusted EBITDA Margin improved 180 bps to 17.8%
|
Key Results from Continuing Operations* (amounts in thousands, except EPS)
|
Sales and Gross Profits |
Q4 2021
| % Change |
YTD 2021
| % Change |
Net Sales |
$266,347
|
2.5%
|
$1,126,264
|
17.4%
|
Net Sales (Constant Currency) |
$266,347
|
4.4%
|
$1,126,264
|
15.4%
|
Gross Profit (GAAP) |
71,303
|
-9.9%
|
344,619
|
17.3%
|
Gross Profit Margin |
26.8%
|
(360) bps
|
30.6%
|
0 bps
|
Adjusted Gross Profit (Constant Currency) |
$71,731
|
-9.3%
|
$350,149
|
14.4%
|
Adjusted Gross Profit Margin |
26.9%
|
(410) bps
|
31.1%
|
30 bps
|
Income from Continuing Operations, Adjusted EBITDA and Adjusted EPS |
Q4 2021
| % Change |
YTD 2021
| % Change |
Income from Continuing Operations |
$25,678
|
294.6%
|
$73,342
|
144.1%
|
Adjusted EBITDA |
$39,781
|
-12.1%
|
$200,309
|
30.3%
|
Adjusted EBITDA Margin |
14.9%
|
(250) bps
|
17.8%
|
180 bps
|
GAAP diluted EPS |
$0.30
| N.M. |
$0.86
|
145.7%
|
Adjusted EPS |
$0.30
|
18.2%
|
$1.28
|
56.6%
|
Fourth Quarter and Full Year 2021 Highlights
|
Segment Results Continuing Operations * (amounts in thousands, except EPS)
| |||||
Functional Coatings |
Q4 2021
| % Change |
YTD 2021
| % Change | |
Net Sales |
$172,764
|
3.5%
|
$732,063
|
20.4%
| |
Net Sales
(Constant Currency)
|
172,764
|
5.7%
|
732,063
|
18.4%
| |
Gross Profit (GAAP) |
46,128
|
-7.3%
|
218,619
|
24.5%
| |
Gross Profit Margin |
26.7%
|
(310) bps
|
29.9%
|
100 bps
| |
Adjusted Gross Profit
(Constant Currency)
|
$46,227
|
-7.6%
|
$222,150
|
20.7%
| |
Adj. Gross Profit Margin
(Constant Currency)
|
26.8%
|
(380) bps
|
30.3%
|
60 bps
| |
Color Solutions |
Q4 2021
| % Change |
YTD 2021
| % Change | |
Net Sales |
$93,583
|
0.5%
|
$394,201
|
12.4%
| |
Net Sales
(Constant Currency)
|
93,583
|
2.1%
|
394,201
|
10.4%
| |
Gross Profit (GAAP) |
$25,206
|
-15.6%
|
128,356
|
7.8%
| |
Gross Profit Margin |
26.9%
|
(520) bps
|
32.6%
|
(130) bps
| |
Adjusted Gross Profit
(Constant Currency)
|
$25,466
|
-13.7%
|
$129,252
|
5.7%
| |
Adj. Gross Profit Margin
(Constant Currency)
|
27.2%
|
(500) bps
|
32.8%
|
(140) bps
|
Transaction Update |
(In thousands, except per share amounts) |
Three Months Ended December 31, (Unaudited) |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Net sales | $ | 266,347 | $ | 259,950 | $ | 1,126,264 | $ | 958,954 |
Cost of sales | 195,044 | 180,842 | 781,645 | 665,198 | ||||
Gross profit | 71,303 | 79,108 | 344,619 | 293,756 | ||||
Selling, general and administrative expenses | 50,425 | 48,006 | 217,809 | 202,413 | ||||
Restructuring and impairment charges | 6,654 | 5,194 | 14,410 | 17,425 | ||||
Other expense (income): | ||||||||
Interest expense | 8,287 | 5,406 | 28,166 | 21,880 | ||||
Interest earned | (101) | (960) | (838) | (1,995) | ||||
Foreign currency losses (gains), net | 687 | 2,349 | 5,480 | 3,627 | ||||
Loss on extinguishment of debt | 321 | - | 2,302 | - | ||||
Miscellaneous income, net | (29,917) | 8,109 | (35,267) | 5,505 | ||||
Income before income taxes | 34,947 | 11,004 | 112,557 | 44,901 | ||||
Income tax expense | 9,269 | 4,497 | 39,215 | 14,861 | ||||
Income from continuing operations | 25,678 | 6,507 | 73,342 | 30,040 | ||||
Income (loss) from discontinued operations, net of income taxes | (10,285) | 11,653 | 77,199 | 14,003 | ||||
Net income | 15,393 | 18,160 | 150,541 | 44,043 | ||||
Less: Net income attributable to noncontrolling interests | 409 | 418 | 1,710 | 1,244 | ||||
Net income attributable to Ferro Corporation common shareholders | $ | 14,984 | $ | 17,742 | $ | 148,831 | $ | 42,799 |
Earnings (loss) per share attributable to Ferro Corporation common shareholders: | ||||||||
Basic earnings: | ||||||||
Continuing operations | $ | 0.30 | $ | 0.08 | $ | 0.86 | $ | 0.35 |
Discontinued operations | (0.13) | 0.14 | 0.93 | 0.17 | ||||
Diluted earnings: | ||||||||
Continuing operations | $ | 0.30 | $ | 0.08 | $ | 0.86 | $ | 0.35 |
Discontinued operations | (0.13) | 0.14 | 0.92 | 0.17 | ||||
Shares outstanding: | ||||||||
Weighted-average basic shares | 82,963 | 82,325 | 82,711 | 82,232 | ||||
Weighted-average diluted shares | 83,848 | 82,938 | 83,597 | 83,024 | ||||
End-of-period basic shares | 83,623 | 82,365 | 83,623 | 82,365 |
(Dollars in thousands) |
Three Months Ended December 31, (Unaudited) |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Segment Net Sales | ||||||||
Functional Coatings | $ | 172,764 | $ | 166,867 | $ | 732,063 | $ | 608,192 |
Color Solutions | 93,583 | 93,083 | 394,201 | 350,762 | ||||
Total segment net sales | $ | 266,347 | $ | 259,950 | $ | 1,126,264 | $ | 958,954 |
Segment Gross Profit | ||||||||
Functional Coatings | $ | 46,128 | $ | 49,759 | $ | 218,619 | $ | 175,601 |
Color Solutions | 25,206 | 29,849 | 128,356 | 119,071 | ||||
Other costs of sales | (31) | (500) | (2,356) | (916) | ||||
Total gross profit | $ | 71,303 | $ | 79,108 | $ | 344,619 | $ | 293,756 |
Selling, general and administrative expenses | ||||||||
Strategic services | $ | 30,231 | $ | 24,883 | $ | 101,847 | $ | 94,357 |
Functional services | 18,119 | 20,405 | 95,349 | 92,679 | ||||
Incentive compensation | 3,424 | 1,270 | 15,828 | 7,379 | ||||
Stock-based compensation | (1,349) | 1,448 | 4,785 | 7,998 | ||||
Total selling, general and administrative expenses | $ | 50,425 | $ | 48,006 | $ | 217,809 | $ | 202,413 |
(Dollars in thousands) |
December 31, 2021 |
December 31, 2020 | ||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 71,493 | $ | 174,077 |
Accounts receivable, net | 130,954 | 137,008 | ||
Inventories | 262,669 | 260,332 | ||
Other receivables | 61,188 | 72,272 | ||
Other current assets | 13,478 | 18,261 | ||
Current assets held-for-sale | - | 307,854 | ||
Total current assets | 539,782 | 969,804 | ||
Other assets | ||||
Property, plant and equipment, net | 321,756 | 330,045 | ||
Goodwill | 171,844 | 175,351 | ||
Intangible assets, net | 106,677 | 119,500 | ||
Deferred income taxes | 98,199 | 115,962 | ||
Operating leased assets | 13,186 | 15,446 | ||
Other non-current assets | 38,580 | 80,618 | ||
Non-current assets held-for-sale | - | 154,207 | ||
Total assets | $ | 1,290,024 | $ | 1,960,933 |
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Loans payable and current portion of long-term debt | $ | 8,964 | $ | 8,839 |
Accounts payable | 136,599 | 135,296 | ||
Accrued payrolls | 31,416 | 27,166 | ||
Accrued expenses and other current liabilities | 127,170 | 124,770 | ||
Current liabilities held-for-sale | - | 107,545 | ||
Total current liabilities | 304,149 | 403,616 | ||
Other liabilities | ||||
Long-term debt, less current portion | 251,310 | 791,509 | ||
Postretirement and pension liabilities | 133,116 | 181,610 | ||
Operating leased non-current liabilities | 8,849 | 10,064 | ||
Other non-current liabilities | 44,497 | 62,050 | ||
Non-current liabilities held-for-sale | - | 71,149 | ||
Total liabilities | 741,921 | 1,519,998 | ||
Equity | ||||
Total Ferro Corporation shareholders' equity | 538,384 | 429,967 | ||
Noncontrolling interests | 9,719 | 10,968 | ||
Total liabilities and equity | $ | 1,290,024 | $ | 1,960,933 |
(Dollars in thousands) |
Three Months Ended December 31, (Unaudited) |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows from operating activities | ||||||||
Net income | $ | 15,393 | $ | 18,160 | $ | 150,541 | $ | 44,043 |
Loss (gain) on sale of assets | 4,772 | 168 | (93,974) | 246 | ||||
Depreciation and amortization | 10,116 | 9,636 | 40,214 | 40,289 | ||||
Interest amortization | 489 | 1,108 | 2,090 | 3,974 | ||||
Restructuring and impairment | 2,903 | 2,843 | 3,027 | 9,787 | ||||
Loss on extinguishment of debt | 321 | - | 2,302 | - | ||||
Changes in current assets and liabilities: | ||||||||
Accounts receivable | (4,926) | (33,779) | (127,473) | (141,330) | ||||
Inventories | 2,981 | 26,463 | (18,076) | 36,485 | ||||
Accounts payable | 10,084 | 51,905 | 10,859 | (26,671) | ||||
Other current assets and liabilities, net | (46,789) | 7,701 | (16,806) | 18,451 | ||||
Other adjustments, net | (3,998) | 9,084 | (26,307) | 1,534 | ||||
Net cash provided by (used in) operating activities | 3,646 | 93,289 | (61,303) | (13,192) | ||||
Cash flows from investing activities | ||||||||
Capital expenditures for property, plant and equipment and other long-lived assets | (4,275) | (10,102) | (29,959) | (31,783) | ||||
Collections of financing receivables | 27,433 | 32,670 | 118,095 | 129,969 | ||||
Proceeds from sale of businesses, net | (13,143) | - | 402,087 | - | ||||
Business acquisitions, net of cash acquired | 2,200 | - | - | - | ||||
Other investing activities | - | 4 | 436 | 807 | ||||
Net cash provided by investing activities | 12,215 | 22,572 | 490,659 | 98,993 | ||||
Cash flows from financing activities | ||||||||
Net borrowings (payments) under loans payable | 125 | (26) | 94 | (709) | ||||
Principal payments on term loan facility - Amended Credit Facility | (102,050) | (2,050) | (543,200) | (8,200) | ||||
Proceeds from revolving credit facility - Amended Credit Facility | - | 774 | 50,000 | 399,110 | ||||
Principal payments on revolving credit facility - Amended Credit Facility | - | (6,514) | (50,000) | (399,110) | ||||
Proceeds from exercise of stock options | 11,575 | 756 | 11,575 | 756 | ||||
Other financing activities | (2,499) | (1,167) | (6,521) | (1,895) | ||||
Net cash used in financing activities | (92,849) | (8,227) | (538,052) | (10,048) | ||||
Effect of exchange rate changes on cash and cash equivalents | (273) | 1,948 | (2,088) | 2,122 | ||||
Increase (decrease) in cash and cash equivalents | (77,261) | 109,582 | (110,784) | 77,875 | ||||
Cash and cash equivalents at beginning of period | 148,754 | 72,695 | 182,277 | 104,402 | ||||
Cash and cash equivalents at end of period | 71,493 | 182,277 | 71,493 | 182,277 | ||||
Less: Cash and cash equivalents of discontinued operations at end of period | - | 8,200 | - | 8,200 | ||||
Cash and cash equivalents of continuing operations at end of period | $ | 71,493 | $ | 174,077 | $ | 71,493 | $ | 174,077 |
Cash paid during the period for: | ||||||||
Interest | $ | 7,313 | $ | 11,109 | $ | 29,256 | $ | 31,285 |
Income taxes | 7,445 | 6,643 | 24,082 | 19,648 |
(Dollars in thousands, except per share amounts) | Cost of sales |
Selling general and administrative expenses |
Restructuring and impairment charges | Other expense, net |
Income tax expense6
|
Net income attributable to common shareholders |
Diluted earnings per share | |||||||
2021 | ||||||||||||||
As reported | $ | 195,044 | $ | 50,425 | $ | 6,654 | $ | (20,723) | $ | 9,269 | $ | 25,269 | $ | 0.30 |
Adjustments: | ||||||||||||||
Restructuring | - | - | (6,654) | - | - | 6,654 | 0.08 | |||||||
Pension1
| - | - | - | 25,563 | - | (25,563) | (0.31) | |||||||
Acquisition related costs2
| - | (4,872) | - | 1,352 | - | 3,520 | 0.04 | |||||||
Costs related to optimization projects4
| (428) | (1,820) | - | (7,601) | - | 9,849 | 0.12 | |||||||
Costs related to divested businesses and assets | - | (1,675) | - | (4,000) | - | 5,675 | 0.07 | |||||||
Tax on adjustments | - | - | - | - | (142) | 142 | - | |||||||
Total adjustments7
| (428) | (8,367) | (6,654) | 15,314 | (142) | 277 | - | |||||||
As adjusted | $ | 194,616 | $ | 42,058 | $ | - | $ | (5,409) | $ | 9,127 | $ | 25,546 | $ | 0.30 |
2020 | ||||||||||||||
As reported | $ | 180,842 | $ | 48,006 | $ | 5,194 | $ | 14,904 | $ | 4,497 | $ | 6,226 | $ | 0.08 |
Adjustments: | ||||||||||||||
Restructuring | - | - | (5,194) | - | - | 5,194 | 0.06 | |||||||
Pension1
| - | - | - | (10,029) | - | 10,029 | 0.12 | |||||||
Acquisition related costs3
| - | (146) | - | 653 | - | (507) | (0.01) | |||||||
Costs related to optimization projects5
| (1,494) | (2,068) | - | - | - | 3,562 | 0.04 | |||||||
Costs related to divested businesses and assets | - | (799) | - | (172) | - | 971 | 0.01 | |||||||
Tax on adjustments | - | - | - | - | 4,583 | (4,583) | (0.06) | |||||||
Total adjustments7
| (1,494) | (3,013) | (5,194) | (9,548) | 4,583 | 14,666 | 0.18 | |||||||
As adjusted | $ | 179,348 | $ | 44,993 | $ | - | $ | 5,356 | $ | 9,080 | $ | 20,892 | $ | 0.26 |
(Dollars in thousands, except per share amounts) | Cost of sales |
Selling general and administrative expenses |
Restructuring and impairment charges | Other expense, net |
Income tax expense6
|
Net income attributable to common shareholders |
Diluted earnings per share | |||||||
2021 | ||||||||||||||
As reported | $ | 781,645 | $ | 217,809 | $ | 14,410 | $ | (157) | $ | 39,215 | $ | 71,696 | $ | 0.86 |
Adjustments: | ||||||||||||||
Restructuring | - | - | (14,410) | - | - | 14,410 | 0.17 | |||||||
Pension1
| - | - | - | 25,563 | - | (25,563) | (0.31) | |||||||
Acquisition related costs2
| - | (17,830) | - | (5,623) | - | 23,453 | 0.28 | |||||||
Costs related to optimization projects4
| (5,530) | (6,218) | - | (7,601) | - | 19,349 | 0.23 | |||||||
Costs related to divested businesses and assets | - | (3,717) | - | (4,086) | - | 7,803 | 0.09 | |||||||
Tax on adjustments | - | - | - | - | 4,728 | (4,728) | (0.06) | |||||||
Total adjustments7
| (5,530) | (27,765) | (14,410) | 8,253 | 4,728 | 34,724 | 0.42 | |||||||
As adjusted | $ | 776,115 | $ | 190,044 | $ | - | $ | 8,096 | $ | 43,943 | $ | 106,420 | $ | 1.28 |
2020 | ||||||||||||||
As reported | $ | 665,198 | $ | 202,413 | $ | 17,425 | $ | 29,017 | $ | 14,861 | $ | 28,967 | $ | 0.35 |
Adjustments: | ||||||||||||||
Restructuring | - | - | (17,425) | - | - | 17,425 | 0.21 | |||||||
Pension1
| - | - | - | (10,029) | - | 10,029 | 0.12 | |||||||
Acquisition related costs3
| (9) | (1,369) | - | 653 | - | 725 | 0.01 | |||||||
Costs related to optimization projects5
| (6,156) | (9,296) | - | - | - | 15,452 | 0.19 | |||||||
Costs related to divested businesses and assets | - | (4,805) | - | (479) | - | 5,284 | 0.06 | |||||||
Other | (453) | - | - | (1,044) | - | 1,497 | 0.02 | |||||||
Tax on adjustments | - | - | - | - | 11,842 | (11,842) | (0.14) | |||||||
Total adjustments7
| $ | (6,618) | $ | (15,470) | $ | (17,425) | $ | (10,899) | $ | 11,842 | $ | 38,570 | $ | 0.46 |
As adjusted | $ | 658,580 | $ | 186,943 | $ | - | $ | 18,118 | $ | 26,703 | $ | 67,537 | $ | 0.81 |
(Dollars in thousands) |
Three Months Ended December 31, | |||||||
2020 |
Adjusted 20201
| 2021 |
2021 vs Adjusted 2020
| |||||
Segment net sales | ||||||||
Functional Coatings | $ | 166,867 | $ | 163,403 | $ | 172,764 | $ | 9,361 |
Color Solutions | 93,083 | 91,619 | 93,583 | 1,964 | ||||
Total segment net sales | $ | 259,950 | $ | 255,022 | $ | 266,347 | $ | 11,325 |
Segment adjusted gross profit | ||||||||
Functional Coatings | $ | 51,157 | $ | 50,014 | $ | 46,227 | $ | (3,787) |
Color Solutions | 29,851 | 29,502 | 25,466 | (4,036) | ||||
Other costs of sales | (407) | (398) | 41 | 439 | ||||
Total adjusted gross profit2
| $ | 80,601 | $ | 79,118 | $ | 71,734 | $ | (7,384) |
Adjusted selling, general and administrative expenses | ||||||||
Strategic services | $ | 22,643 | $ | 22,215 | $ | 23,310 | $ | 1,095 |
Functional services | 19,647 | 19,406 | 16,667 | (2,739) | ||||
Incentive compensation | 1,244 | 1,143 | 3,424 | 2,281 | ||||
Stock-based compensation | 1,448 | 1,448 | (1,349) | (2,797) | ||||
Total adjusted selling, general and administrative expenses3
| $ | 44,982 | $ | 44,212 | $ | 42,052 | $ | (2,160) |
Adjusted operating profit | $ | 35,619 | $ | 34,906 | $ | 29,682 | $ | 26,707 |
Adjusted operating profit as a % of net sales | 13.7 | % | 13.7 | % | 11.1 | % |
(Dollars in thousands) |
Twelve Months Ended December 31, | |||||||
2020
|
Adjusted 20201
|
2021
|
2021 vs Adjusted 2020
| |||||
Segment net sales | ||||||||
Functional Coatings | $ | 608,192 | $ | 618,504 | $ | 732,063 | $ | 113,559 |
Color Solutions | 350,762 | 357,044 | 394,201 | 37,157 | ||||
Total segment net sales | $ | 958,954 | $ | 975,548 | $ | 1,126,264 | $ | 150,716 |
Segment adjusted gross profit | ||||||||
Functional Coatings | $ | 181,059 | $ | 183,989 | $ | 222,150 | $ | 38,161 |
Color Solutions | 119,550 | 122,267 | 129,252 | 6,985 | ||||
Other costs of sales | (237) | (233) | (1,251) | (1,018) | ||||
Total adjusted gross profit2
| $ | 300,372 | $ | 306,023 | $ | 350,151 | $ | 44,128 |
Adjusted selling, general and administrative expenses | ||||||||
Strategic services | $ | 91,862 | $ | 93,739 | $ | 94,359 | $ | 620 |
Functional services | 79,699 | 81,106 | 75,071 | (6,035) | ||||
Incentive compensation | 7,380 | 7,303 | 15,825 | 8,522 | ||||
Stock-based compensation | 7,998 | 7,998 | 4,785 | (3,213) | ||||
Total adjusted selling, general and administrative expenses3
| $ | 186,939 | $ | 190,146 | $ | 190,040 | $ | (106) |
Adjusted operating profit | $ | 113,433 | $ | 115,877 | $ | 160,111 | $ | 44,234 |
Adjusted operating profit as a % of net sales | 11.8 | % | 11.9 | % | 14.2 | % |
(Dollars in thousands) |
Three Months Ended December 31, (Unaudited) |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income attributable to Ferro Corporation common shareholders | $ | 25,269 | $ | 6,089 | $ | 71,632 | $ | 28,796 |
Net income attributable to noncontrolling interests | 409 | 418 | 1,710 | 1,244 | ||||
Restructuring and impairment charges | 6,654 | 5,194 | 14,410 | 17,425 | ||||
Other (income) expense, net | (29,010) | 9,498 | (28,323) | 7,137 | ||||
Interest expense | 8,287 | 5,406 | 28,166 | 21,880 | ||||
Income tax expense | 9,269 | 4,497 | 39,215 | 14,861 | ||||
Depreciation and amortization | 10,597 | 10,744 | 42,294 | 44,263 | ||||
Less: interest amortization expense and other | (489) | (1,108) | (2,090) | (3,974) | ||||
Cost of sales adjustments1
| 428 | 1,494 | 5,530 | 6,618 | ||||
SG&A adjustments1
| 8,367 | 3,013 | 27,765 | 15,470 | ||||
Adjusted EBITDA | $ | 39,781 | $ | 45,245 | $ | 200,309 | $ | 153,720 |
Net sales | $ | 266,347 | $ | 259,950 | $ | 1,126,264 | $ | 958,954 |
Adjusted EBITDA as a % of net sales | 14.9 | % | 17.4 | % | 17.8 | % | 16.0 | % |
(Dollars in thousands) |
Three Months Ended December 31, (Unaudited) |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Beginning of period | ||||||||
Gross debt | $ | 362,825 | $ | 811,556 | $ | 804,067 | $ | 811,450 |
Cash | 148,754 | 64,495 | 174,077 | 96,202 | ||||
Debt, net of cash | 214,071 | 747,061 | 629,990 | 715,248 | ||||
Unamortized debt issuance costs | 1,242 | 4,017 | 3,719 | 3,885 | ||||
Debt, net of cash and unamortized debt issuance costs | 212,829 | 743,044 | 626,271 | 711,363 | ||||
End of period | ||||||||
Gross debt | 243,146 | 800,348 | 243,146 | 800,348 | ||||
Cash | 71,493 | 174,077 | 71,493 | 174,077 | ||||
Debt, net of cash | 171,653 | 626,271 | 171,653 | 626,271 | ||||
Unamortized debt issuance costs | 800 | 3,719 | 800 | 3,719 | ||||
Debt, net of cash and unamortized debt issuance costs | 170,853 | 622,552 | 170,853 | 622,552 | ||||
Unamortized debt issuance costs | (442) | (298) | (2,919) | (166) | ||||
FX on cash | (273) | 1,948 | (2,088) | 2,122 | ||||
Period decrease in debt, net of cash, unamortized debt issuance costs and FX | $ | 42,691 | $ | 118,842 | $ | 460,425 | $ | 86,855 |
Period decrease in debt, net of cash and unamortized debt issuance costs | $ | 41,976 | $ | 120,492 | $ | 455,418 | $ | 88,811 |
(Dollars in thousands) |
Three Months Ended December 31, (Unaudited) |
Twelve Months Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows from operating activities | ||||||||
Net income | $ | 15,393 | $ | 18,160 | $ | 150,541 | $ | 44,043 |
Loss (gain) on sale of assets | 4,772 | 168 | (93,974) | 246 | ||||
Depreciation and amortization | 10,116 | 9,636 | 40,214 | 40,289 | ||||
Interest amortization | 489 | 1,108 | 2,090 | 3,974 | ||||
Restructuring and impairment | 2,903 | 2,843 | 3,027 | 9,787 | ||||
Loss on extinguishment of debt | 321 | - | 2,302 | - | ||||
Accounts receivable | (4,926) | (33,779) | (127,473) | (141,330) | ||||
Inventories | 2,981 | 26,463 | (18,076) | 36,485 | ||||
Accounts payable | 10,084 | 51,905 | 10,859 | (26,671) | ||||
Other current assets and liabilities, net | (46,789) | 7,701 | (16,806) | 18,451 | ||||
Other adjustments, net | (3,998) | 9,084 | (26,307) | 1,534 | ||||
Net cash provided by (used in) operating activities (GAAP) | (8,654) | 93,289 | (73,603) | (13,192) | ||||
Less: Capital Expenditures | (4,275) | (10,102) | (29,959) | (31,783) | ||||
Plus: Cash collected for AR securitization | 27,433 | 32,670 | 118,095 | 129,969 | ||||
Adjusted Free Cash Flow (Non-GAAP) | $ | 14,504 | $ | 115,857 | $ | 14,533 | $ | 84,994 |
Net Income Attributable to Ferro Corporation Common Shareholders | $ | 14,984 | $ | 17,742 | $ | 148,831 | $ | 42,799 |
Adjusted Free Cash Flow Conversion of Net Income Attributable to Ferro Corporation Common Shareholders | 96.8 | % | 653.0 | % | 9.8 | % | 198.6 | % |
Net Sales | Gross Profit | |||
2021 | ||||
As Reported (GAAP) | $ | 1,126,264 | $ | 344,619 |
Non-GAAP Adjustments1
| - | 5,530 | ||
Constant Currency FX Impact2
| - | - | ||
As Adjusted from Continuing Operations (Non-GAAP measure) | $ | 1,126,264 | $ | 350,149 |
2020 | ||||
As Reported (GAAP) | $ | 958,954 | $ | 293,756 |
Non-GAAP Adjustments1
| - | 6,618 | ||
Constant Currency FX Impact2
| 16,593 | 5,649 | ||
As Adjusted from Continuing Operations (Non-GAAP measure) | $ | 975,547 | $ | 306,023 |
2019 | ||||
As Reported (GAAP) | $ | 1,014,457 | $ | 307,976 |
Non-GAAP Adjustments1
| - | 7,197 | ||
Constant Currency FX Impact2
| (15,002) | (4,565) | ||
As Adjusted from Continuing Operations (Non-GAAP measure) | $ | 999,455 | $ | 310,608 |
2018 | ||||
As Reported (GAAP) | $ | 1,074,696 | $ | 338,389 |
Non-GAAP Adjustments1
| - | 6,347 | ||
Constant Currency FX Impact2
| 13,971 | 3,910 | ||
As Adjusted from Continuing Operations (Non-GAAP measure) | $ | 1,088,667 | $ | 348,646 |
2017 | ||||
As Reported (GAAP) | $ | 996,382 | $ | 326,719 |
Non-GAAP Adjustments1
| - | 8,774 | ||
Constant Currency FX Impact2
| 2,289 | (583) | ||
As Adjusted from Continuing Operations (Non-GAAP measure) | $ | 998,671 | $ | 334,910 |
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Ferro Corporation published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 22:20:30 UTC.