|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit
Number
|
Description
|
Sensient Technologies Corporation Earnings Press Release for the Quarter and Year Ended December 31, 2020.
|
|
Sensient Technologies Corporation Investor Presentation – Q4 2020.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
SENSIENT TECHNOLOGIES CORPORATION
|
|||
By:
|
/s/ John J. Manning
|
||
Name:
|
John J. Manning
|
||
Title:
|
Senior Vice President, General Counsel, and Secretary
|
||
Date:
|
February 12, 2021
|
Contact: |
Amy Agallar
|
Sensient Technologies Corporation
|
Page 2
|
Earnings Release – Quarter Ended December 31, 2020
|
|
February 12, 2021
|
Reported
|
|||
Revenue
|
Quarter
|
Year-to-date
|
|
Flavors & Extracts
|
11.8%
|
6.0%
|
|
Color
|
-4.4%
|
-6.4%
|
|
Asia Pacific
|
5.1%
|
2.5%
|
|
Total Revenue
|
5.0%
|
0.7%
|
|
Adjusted
Local Currency (1)
|
|||
Revenue
|
Quarter
|
|
Year-to-date
|
Flavors & Extracts
|
14.0%
|
8.8%
|
|
Color
|
1.1%
|
-0.7%
|
|
Asia Pacific
|
2.8%
|
3.0%
|
|
Total Revenue
|
7.9%
|
4.3%
|
|
|
|
|
|
(1) Adjusted local currency percentage changes are described in more detail in the “Reconciliation of
Non-GAAP Amounts” at the end of this release.
|
Sensient Technologies Corporation
|
Page 3
|
Earnings Release – Quarter Ended December 31, 2020
|
|
February 12, 2021
|
Sensient Technologies Corporation
|
Page 4
|
Earnings Release – Quarter Ended December 31, 2020
|
|
February 12, 2021
|
(2) |
See “Reconciliation of Non-GAAP Amounts” at the end of this release for more information.
|
Sensient Technologies Corporation
|
Page 5
|
Earnings Release – Quarter Ended December 31, 2020
|
|
February 12, 2021
|
Sensient Technologies Corporation
|
Page 6
|
Earnings Release – Quarter Ended December 31, 2020
|
|
February 12, 2021
|
Sensient Technologies Corporation
|
Page 7
|
(In thousands, except percentages and per share amounts)
|
|
(Unaudited)
|
Consolidated Statements of Earnings
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||||||||||
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
|||||||||||||||||||
Revenue
|
$
|
334,668
|
$
|
318,585
|
5.0%
|
$
|
1,332,001
|
$
|
1,322,934
|
0.7%
|
|
|||||||||||||
Cost of products sold
|
230,674
|
233,105
|
(1.0%)
|
908,254
|
908,061
|
0.0%
|
|
|||||||||||||||||
Selling and administrative expenses
|
69,179
|
99,946
|
(30.8%)
|
271,091
|
293,763
|
(7.7%)
|
|
|||||||||||||||||
Operating income (loss)
|
34,815
|
(14,466
|
)
|
(340.7%)
|
152,656
|
121,110
|
26.0%
|
|
||||||||||||||||
Interest expense
|
3,399
|
4,569
|
14,811
|
20,107
|
||||||||||||||||||||
Earnings (loss) before income taxes
|
31,416
|
(19,035
|
)
|
137,845
|
101,003
|
|||||||||||||||||||
Income taxes (benefit)
|
6,247
|
(2,073
|
)
|
28,373
|
18,956
|
|||||||||||||||||||
Net earnings (loss)
|
$
|
25,169
|
$
|
(16,962
|
)
|
(248.4%)
|
$
|
109,472
|
$
|
82,047
|
33.4%
|
|
||||||||||||
Earnings per share of common stock:
|
||||||||||||||||||||||||
Basic
|
$
|
0.59
|
$
|
(0.40
|
)
|
$
|
2.59
|
$
|
1.94
|
|||||||||||||||
Diluted
|
$
|
0.59
|
$
|
(0.40
|
)
|
$
|
2.59
|
$
|
1.94
|
|||||||||||||||
Average common shares outstanding:
|
||||||||||||||||||||||||
Basic
|
42,307
|
42,272
|
42,301
|
42,263
|
||||||||||||||||||||
Diluted
|
42,404
|
42,272
|
42,346
|
42,294
|
||||||||||||||||||||
Results by Segment
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||||||||||
Revenue
|
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
||||||||||||||||||
Flavors & Extracts
|
$
|
189,060
|
$
|
169,092
|
11.8%
|
|
$
|
742,035
|
$
|
700,356
|
6.0%
|
|
||||||||||||
Color
|
119,813
|
125,363
|
(4.4%)
|
|
501,018
|
535,159
|
(6.4%)
|
|
||||||||||||||||
Asia Pacific
|
32,165
|
30,602
|
5.1%
|
|
121,227
|
118,248
|
2.5%
|
|
||||||||||||||||
Intersegment elimination
|
(6,370
|
)
|
(6,472
|
)
|
(32,279
|
)
|
(30,829
|
)
|
||||||||||||||||
Consolidated
|
$
|
334,668
|
$
|
318,585
|
5.0%
|
|
$
|
1,332,001
|
$
|
1,322,934
|
0.7%
|
|
||||||||||||
Operating Income
|
||||||||||||||||||||||||
Flavors & Extracts
|
$
|
23,507
|
$
|
14,186
|
65.7%
|
|
$
|
90,974
|
$
|
74,961
|
21.4%
|
|
||||||||||||
Color
|
20,548
|
19,678
|
4.4%
|
|
96,034
|
101,190
|
(5.1%)
|
|
||||||||||||||||
Asia Pacific
|
6,044
|
5,557
|
8.8%
|
|
22,075
|
19,382
|
13.9%
|
|
||||||||||||||||
Corporate & Other
|
(15,284
|
)
|
(53,887
|
)
|
(56,427
|
)
|
(74,423
|
)
|
||||||||||||||||
Consolidated
|
$
|
34,815
|
$
|
(14,466
|
)
|
(340.7%)
|
|
$
|
152,656
|
$
|
121,110
|
26.0%
|
|
Sensient Technologies Corporation
|
Page 8
|
Consolidated Condensed Balance Sheets
|
December 31,
|
December 31,
|
||||||
2020
|
2019
|
|||||||
Cash and cash equivalents
|
$
|
24,770
|
$
|
21,153
|
||||
Trade accounts receivable (net)
|
234,132
|
213,201
|
||||||
Inventories
|
381,346
|
422,517
|
||||||
Prepaid expenses and other current assets
|
48,578
|
40,049
|
||||||
Assets held for sale
|
52,760
|
91,293
|
||||||
Total Current Assets
|
741,586
|
788,213
|
||||||
Goodwill & intangible assets (net)
|
434,220
|
418,844
|
||||||
Property, plant, and equipment (net)
|
445,493
|
437,179
|
||||||
Other assets
|
119,561
|
95,915
|
||||||
Total Assets
|
$
|
1,740,860
|
$
|
1,740,151
|
||||
Trade accounts payable
|
$
|
107,324
|
$
|
94,653
|
||||
Short-term borrowings
|
9,247
|
20,612
|
||||||
Other current liabilities
|
82,045
|
66,925
|
||||||
Liabilities held for sale
|
17,339
|
19,185
|
||||||
Total Current Liabilities
|
215,955
|
201,375
|
||||||
Long-term debt
|
518,004
|
598,499
|
||||||
Accrued employee and retiree benefits
|
28,941
|
25,822
|
||||||
Other liabilities
|
43,624
|
32,866
|
||||||
Shareholders’ Equity
|
934,336
|
881,589
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
1,740,860
|
$
|
1,740,151
|
Sensient Technologies Corporation
|
Page 9
|
2020
|
2019
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$
|
109,472
|
$
|
82,047
|
||||
Adjustments to arrive at net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
49,641
|
55,015
|
||||||
Share-based compensation expense (income)
|
5,608
|
(739
|
)
|
|||||
Net gain on assets
|
(252
|
)
|
(1,122
|
)
|
||||
Net loss on divestitures and other charges
|
6,904
|
44,375
|
||||||
Deferred income taxes
|
(8,705
|
)
|
(19,340
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Trade accounts receivable
|
(11,357
|
)
|
10,930
|
|||||
Inventories
|
46,828
|
25,238
|
||||||
Prepaid expenses and other assets
|
(12,868
|
)
|
3,257
|
|||||
Accounts payable and other accrued expenses
|
15,524
|
(18,251
|
)
|
|||||
Accrued salaries, wages and withholdings from employees
|
15,140
|
(3,039
|
)
|
|||||
Income taxes
|
22
|
(1,836
|
)
|
|||||
Other liabilities
|
2,823
|
647
|
||||||
Net cash provided by operating activities
|
218,780
|
177,182
|
||||||
Cash flows from investing activities:
|
||||||||
Acquisition of property, plant, and equipment
|
(52,162
|
)
|
(39,100
|
)
|
||||
Proceeds from sale of assets
|
1,075
|
2,242
|
||||||
Proceeds from divesture of businesses
|
12,595
|
-
|
||||||
Other investing activity
|
5,071
|
(553
|
)
|
|||||
Net cash used in investing activities
|
(33,421
|
)
|
(37,411
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from additional borrowings
|
36,667
|
47,083
|
||||||
Debt payments
|
(154,348
|
)
|
(134,449
|
)
|
||||
Dividends paid
|
(66,057
|
)
|
(62,190
|
)
|
||||
Other financing activity
|
(415
|
)
|
(1,027
|
)
|
||||
Net cash used in financing activities
|
(184,153
|
)
|
(150,583
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
2,411
|
64
|
||||||
Net increase (decrease) in cash and cash equivalents
|
3,617
|
(10,748
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
21,153
|
31,901
|
||||||
Cash and cash equivalents at end of period
|
$
|
24,770
|
$
|
21,153
|
||||
Supplemental Information
|
||||||||
Twelve Months Ended December 31,
|
2020
|
2019
|
||||||
Dividends paid per share
|
$
|
1.56
|
$
|
1.47
|
Sensient Technologies Corporation
|
Page 10
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
|||||||||||||||||||
Revenue (GAAP)
|
$
|
334,668
|
$
|
318,585
|
5.0%
|
|
$
|
1,332,001
|
$
|
1,322,934
|
0.7%
|
|
||||||||||||
Revenue of the product lines divested or to be divested
|
(25,163
|
)
|
(33,683
|
)
|
(113,553
|
)
|
(143,172
|
)
|
||||||||||||||||
Adjusted revenue
|
$
|
309,505
|
$
|
284,902
|
8.6%
|
|
$
|
1,218,448
|
$
|
1,179,762
|
3.3%
|
|
||||||||||||
Operating income (loss) (GAAP)
|
$
|
34,815
|
$
|
(14,466
|
)
|
(340.7%)
|
|
$
|
152,656
|
$
|
121,110
|
26.0%
|
|
|||||||||||
Divestiture & other related costs – Cost of products sold
|
4
|
10,567
|
1,795
|
10,567
|
||||||||||||||||||||
Divestiture & other related costs – Selling and administrative expenses
|
1,671
|
35,313
|
10,360
|
35,313
|
||||||||||||||||||||
Operating income of the product lines divested or to be divested
|
(3,415
|
)
|
(745
|
)
|
(7,580
|
)
|
(1,978
|
)
|
||||||||||||||||
Operational improvement plan - Cost of products sold
|
-
|
-
|
35
|
-
|
||||||||||||||||||||
Operational improvement plan - Selling and administrative expenses
|
698
|
-
|
3,304
|
-
|
||||||||||||||||||||
COVID-19 employee payment - Cost of products sold
|
1,036
|
-
|
1,036
|
-
|
||||||||||||||||||||
COVID-19 employee payment - Selling and administrative expenses
|
1,986
|
-
|
1,986
|
-
|
||||||||||||||||||||
Adjusted operating income
|
$
|
36,795
|
$
|
30,669
|
20.0%
|
|
$
|
163,592
|
$
|
165,012
|
(0.9%)
|
|
||||||||||||
Net earnings (loss) (GAAP)
|
$
|
25,169
|
$
|
(16,962
|
)
|
(248.4%)
|
|
$
|
109,472
|
$
|
82,047
|
33.4%
|
|
|||||||||||
Divestiture & other related costs, before tax
|
1,675
|
45,880
|
12,155
|
45,880
|
||||||||||||||||||||
Tax impact of divestiture & other related costs
|
(1,393
|
)
|
(2,671
|
)
|
(2,605
|
)
|
(2,671
|
)
|
||||||||||||||||
Net earnings of the product lines divested or to be divested, before tax
|
(3,415
|
)
|
(745
|
)
|
(7,580
|
)
|
(1,978
|
)
|
||||||||||||||||
Tax impact of the product lines divested or to be divested
|
790
|
196
|
1,945
|
399
|
||||||||||||||||||||
Operational improvement plan costs, before tax
|
698
|
-
|
3,339
|
-
|
||||||||||||||||||||
Tax impact of operational improvement plan
|
(170
|
)
|
-
|
(826
|
)
|
-
|
||||||||||||||||||
COVID-19 employee payment, before tax
|
3,022
|
-
|
3,022
|
-
|
||||||||||||||||||||
Tax impact of COVID-19 employee payment
|
(675
|
)
|
-
|
(675
|
)
|
-
|
||||||||||||||||||
Adjusted net earnings
|
$
|
25,701
|
$
|
25,698
|
0.0%
|
|
$
|
118,247
|
$
|
123,677
|
(4.4%)
|
|
||||||||||||
Diluted earnings (loss) per share (GAAP)
|
$
|
0.59
|
$
|
(0.40
|
)
|
(247.5%)
|
|
$
|
2.59
|
$
|
1.94
|
33.5%
|
|
|||||||||||
Divestiture & other related costs, net of tax
|
0.01
|
1.02
|
0.23
|
1.02
|
||||||||||||||||||||
Results of operations of the product lines divested or to be divested, net of tax
|
(0.06
|
)
|
(0.01
|
)
|
(0.13
|
)
|
(0.04
|
)
|
||||||||||||||||
Operational improvement plan costs, net of tax
|
0.01
|
-
|
0.06
|
-
|
||||||||||||||||||||
COVID-19 employee payment, net of tax
|
0.06
|
-
|
0.06
|
-
|
||||||||||||||||||||
Adjusted diluted earnings per share
|
$
|
0.61
|
$
|
0.61
|
0.0%
|
|
$
|
2.79
|
$
|
2.92
|
(4.5%)
|
|
||||||||||||
Note: Earnings per share calculations may not foot due to rounding differences.
|
||||||||||||||||||||||||
Results by Segment
|
Three Months Ended December 31,
|
|||||||||||||||||||||||
Adjusted
|
Adjusted
|
|||||||||||||||||||||||
Revenue
|
2020
|
Adjustments (1)
|
2020
|
2019
|
Adjustments (1)
|
2019
|
||||||||||||||||||
Flavors & Extracts
|
$
|
189,060
|
$
|
(24,378
|
)
|
$
|
164,682
|
$
|
169,092
|
$
|
(25,308
|
)
|
$
|
143,784
|
||||||||||
Color
|
119,813
|
(766
|
)
|
119,047
|
125,363
|
(8,412
|
)
|
116,951
|
||||||||||||||||
Asia Pacific
|
32,165
|
(116
|
)
|
32,049
|
30,602
|
(149
|
)
|
30,453
|
||||||||||||||||
Intersegment elimination
|
(6,370
|
)
|
97
|
(6,273
|
)
|
(6,472
|
)
|
186
|
(6,286
|
)
|
||||||||||||||
Consolidated
|
$
|
334,668
|
$
|
(25,163
|
)
|
$
|
309,505
|
$
|
318,585
|
$
|
(33,683
|
)
|
$
|
284,902
|
||||||||||
Operating Income
|
||||||||||||||||||||||||
Flavors & Extracts
|
$
|
23,507
|
$
|
(3,214
|
)
|
$
|
20,293
|
$
|
14,186
|
$
|
(1,039
|
)
|
$
|
13,147
|
||||||||||
Color
|
20,548
|
(158
|
)
|
20,390
|
19,678
|
332
|
20,010
|
|||||||||||||||||
Asia Pacific
|
6,044
|
(43
|
)
|
6,001
|
5,557
|
(38
|
)
|
5,519
|
||||||||||||||||
Corporate & Other
|
(15,284
|
)
|
5,395
|
(9,889
|
)
|
(53,887
|
)
|
45,880
|
(8,007
|
)
|
||||||||||||||
Consolidated
|
$
|
34,815
|
$
|
1,980
|
$
|
36,795
|
$
|
(14,466
|
)
|
$
|
45,135
|
$
|
30,669
|
|||||||||||
Results by Segment
|
Twelve Months Ended December 31,
|
|||||||||||||||||||||||
Adjusted
|
Adjusted
|
|||||||||||||||||||||||
Revenue
|
2020
|
Adjustments (1)
|
2020
|
2019
|
Adjustments (1)
|
2019
|
||||||||||||||||||
Flavors & Extracts
|
$
|
742,035
|
$
|
(99,543
|
)
|
$
|
642,492
|
$
|
700,356
|
$
|
(107,363
|
)
|
$
|
592,993
|
||||||||||
Color
|
501,018
|
(14,008
|
)
|
487,010
|
535,159
|
(36,002
|
)
|
499,157
|
||||||||||||||||
Asia Pacific
|
121,227
|
(518
|
)
|
120,709
|
118,248
|
(712
|
)
|
117,536
|
||||||||||||||||
Intersegment elimination
|
(32,279
|
)
|
516
|
(31,763
|
)
|
(30,829
|
)
|
905
|
(29,924
|
)
|
||||||||||||||
Consolidated
|
$
|
1,332,001
|
$
|
(113,553
|
)
|
$
|
1,218,448
|
$
|
1,322,934
|
$
|
(143,172
|
)
|
$
|
1,179,762
|
||||||||||
Operating Income
|
||||||||||||||||||||||||
Flavors & Extracts
|
$
|
90,974
|
$
|
(8,292
|
)
|
$
|
82,682
|
$
|
74,961
|
$
|
(1,236
|
)
|
$
|
73,725
|
||||||||||
Color
|
96,034
|
871
|
96,905
|
101,190
|
(562
|
)
|
100,628
|
|||||||||||||||||
Asia Pacific
|
22,075
|
(159
|
)
|
21,916
|
19,382
|
(180
|
)
|
19,202
|
||||||||||||||||
Corporate & Other
|
(56,427
|
)
|
18,516
|
(37,911
|
)
|
(74,423
|
)
|
45,880
|
(28,543
|
)
|
||||||||||||||
Consolidated
|
$
|
152,656
|
$
|
10,936
|
$
|
163,592
|
$
|
121,110
|
$
|
43,902
|
$
|
165,012
|
Sensient Technologies Corporation
|
Page 11
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||
Revenue
|
Total
|
Foreign Exchange Rates
|
Adjustments (2)
|
Adjusted Local Currency
|
Total
|
Foreign Exchange Rates
|
Adjustments (2)
|
Adjusted Local Currency
|
||||||||
Flavors & Extracts
|
11.8%
|
|
1.1%
|
|
(3.3%)
|
|
14.0%
|
|
6.0%
|
|
(0.3%)
|
|
(2.5%)
|
|
8.8%
|
|
Color
|
(4.4%)
|
|
0.9%
|
|
(6.4%)
|
|
1.1%
|
|
(6.4%)
|
|
(1.8%)
|
|
(3.9%)
|
|
(0.7%)
|
|
Asia Pacific
|
5.1%
|
|
2.5%
|
|
(0.2%)
|
|
2.8%
|
|
2.5%
|
|
(0.3%)
|
|
(0.2%)
|
|
3.0%
|
|
Total Revenue
|
5.0%
|
|
1.1%
|
|
(4.0%)
|
|
7.9%
|
|
0.7%
|
|
(0.9%)
|
|
(2.7%)
|
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flavors & Extracts
|
65.7%
|
|
0.0%
|
|
10.8%
|
|
54.9%
|
|
21.4%
|
|
(0.7%)
|
|
9.0%
|
|
13.1%
|
|
Color
|
4.4%
|
|
0.9%
|
|
3.0%
|
|
0.5%
|
|
(5.1%)
|
|
(1.6%)
|
|
(1.1%)
|
|
(2.4%)
|
|
Asia Pacific
|
8.8%
|
|
0.9%
|
|
0.1%
|
|
7.8%
|
|
13.9%
|
|
(0.2%)
|
|
(0.2%)
|
|
14.3%
|
|
Corporate & Other
|
(71.6%)
|
|
0.0%
|
|
(95.0%)
|
|
23.4%
|
|
(24.2%)
|
|
0.0%
|
|
(57.0%)
|
|
32.8%
|
|
Total Operating Income
|
(340.7%)
|
|
(1.6%)
|
|
(358.3%)
|
|
19.2%
|
|
26.0%
|
|
(1.9%)
|
|
27.5%
|
|
0.4%
|
|
Diluted Earnings Per Share
|
(247.5%)
|
|
0.0%
|
|
(247.5%)
|
|
0.0%
|
|
33.5%
|
|
(2.1%)
|
|
39.0%
|
|
(3.4%)
|
|
Adjusted EBITDA
|
17.6%
|
|
0.7%
|
|
N/A
|
|
16.9%
|
|
2.1%
|
|
(1.1%)
|
|
N/A
|
|
3.2%
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
|||||||||||||||||||
Operating income (loss) (GAAP)
|
$
|
34,815
|
$
|
(14,466
|
)
|
(340.7%)
|
|
$
|
152,656
|
$
|
121,110
|
26.0%
|
|
|||||||||||
Depreciation and amortization
|
12,810
|
13,309
|
49,641
|
55,015
|
||||||||||||||||||||
Depreciation and amortization, product lines divested or to be divested
|
(48
|
)
|
(570
|
)
|
(193
|
)
|
(5,065
|
)
|
||||||||||||||||
Share-based compensation expense (income)
|
1,591
|
77
|
5,608
|
(739
|
)
|
|||||||||||||||||||
Divestiture & other related costs, before tax
|
1,675
|
45,880
|
12,155
|
45,880
|
||||||||||||||||||||
Results of operations of the product lines divested or to be divested, before tax
|
(3,415
|
)
|
(745
|
)
|
(7,580
|
)
|
(1,978
|
)
|
||||||||||||||||
Operational improvement plan costs, before tax
|
698
|
-
|
3,339
|
-
|
||||||||||||||||||||
COVID-19 employee payment
|
3,022
|
-
|
3,022
|
-
|
||||||||||||||||||||
Adjusted EBITDA
|
$
|
51,148
|
$
|
43,485
|
17.6%
|
|
$
|
218,648
|
$
|
214,223
|
2.1%
|
|
||||||||||||
|
||||||||||||||||||||||||
The following table summarizes the reconciliation between Net cash provided by operating activities (GAAP) and Free Cash Flow for the three and twelve months ended December 31, 2020
and 2019.
|
||||||||||||||||||||||||
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
|||||||||||||||||||
Net cash provided by operating activities (GAAP)
|
$
|
75,853
|
$
|
49,601
|
52.9%
|
|
$
|
218,780
|
$
|
177,182
|
23.5%
|
|
||||||||||||
Capital expenditures
|
(18,153
|
)
|
(13,027
|
)
|
(52,162
|
)
|
(39,100
|
)
|
||||||||||||||||
Free Cash Flow
|
$
|
57,700
|
$
|
36,574
|
57.8%
|
|
$
|
166,618
|
$
|
138,082
|
20.7%
|
|
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