Delaware | 1-10235 | 36-3555336 | ||
(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
of incorporation) | 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)) |
(a) | Exhibits |
99.1 | Press release dated July 24, 2018 announcing IDEX Corporation’s quarterly operating results |
99.2 | Presentation slides of IDEX Corporation’s quarterly operating results |
IDEX CORPORATION | ||
By: | /s/ WILLIAM K. GROGAN | |
William K. Grogan | ||
Senior Vice President and Chief Financial Officer | ||
July 25, 2018 |
• | Orders were up 9 percent overall and 8 percent organically |
• | Sales were up 11 percent overall and 9 percent organically |
• | Reported operating margin was 23.3 percent with adjusted operating margin of 23.6 percent, up 180 bps |
• | Reported EPS was $1.38 with adjusted EPS of $1.40, up 30 percent |
• | Full year adjusted EPS guidance raised to $5.27 to $5.35 |
“Strength across the board led to record second quarter operating results as we again achieved quarterly all-time highs in orders, sales, operating income and EPS. We delivered strong organic order and sales growth of 8 percent and 9 percent, respectively. Organic revenue growth was strong in all three segments as FMT delivered 10 percent growth, while HST and FSDP both achieved 8 percent growth. Even with robust revenue growth, we still built $5 million of backlog during the quarter, led by organic order growth of 18 percent in FSDP and 7 percent in FMT. Adjusted operating margin increased 180 basis points with margin expansion across all three segments. | |
We continued our commitment to fund our most promising organic opportunities across the Company and our organic growth over the past several quarters has been outstanding. We have now delivered eight consecutive quarters of organic order growth and six consecutive quarters of organic sales growth. M&A remains a priority for the Company and our acquisition funnel is healthy. In June, we purchased the intellectual property assets of Phantom Controls, which will accelerate our water-flow management capabilities within our Fire Suppression businesses. Additionally, just yesterday, we completed the acquisition of Finger Lakes Instrumentation, which will fill an important strategic gap and be a fantastic complement to our existing IDEX Health & Science operations. Over the last several years, IDEX Health & Science has brought together innovative technology companies in fluidics, microfluidics, as well as optical illumination and detection to better serve the fast-growing needs of life science instrument developers. Finally, we distributed $33 million in dividends to shareholders and repurchased 147 thousand shares of common stock for approximately $20 million. | |
Based on our record first half operating results and continued strength across the portfolio, we are raising full year adjusted EPS guidance to $5.27 to $5.35, with third quarter EPS of $1.29 to $1.32. We are also increasing full year organic revenue growth expectations to approximately 7 percent, with 6 to 7 percent expected in the third quarter.” | |
Andrew K. Silvernail | |
Chairman and Chief Executive Officer |
• | Sales of $242.8 million reflected a 10 percent increase compared to the second quarter of 2017 (+10 percent organic, -2 percent divestiture and +2 percent foreign currency translation). |
• | Operating income of $71.2 million resulted in an operating margin of 29.3 percent. Excluding $0.3 million of restructuring expenses, adjusted operating income was $71.5 million with an adjusted operating margin of 29.5 percent, a 240 basis point increase compared to the prior year period primarily due to higher volume and productivity initiatives. |
• | EBITDA of $76.4 million resulted in an EBITDA margin of 31.5 percent. Excluding $0.3 million of restructuring expenses, adjusted EBITDA of $76.7 million resulted in an adjusted EBITDA margin of 31.6 percent, a 200 basis point increase compared to the prior year period. |
• | Sales of $227.4 million reflected an 11 percent increase compared to the second quarter of 2017 (+8 percent organic, +1 percent acquisition and +2 percent foreign currency translation). |
• | Operating income of $52.6 million resulted in an operating margin of 23.1 percent. Excluding $1.1 million of restructuring expenses, adjusted operating income was $53.7 million with an adjusted operating margin of 23.6 percent, a 100 basis point increase compared to the prior year period primarily due to higher volume and productivity initiatives. |
• | EBITDA of $63.1 million resulted in an EBITDA margin of 27.8 percent. Excluding $1.1 million of restructuring expenses, adjusted EBITDA of $64.2 million resulted in an adjusted EBITDA margin of 28.3 percent, a 20 basis point increase compared to the prior year period. |
• | Sales of $164.3 million reflected an 11 percent increase compared to the second quarter of 2017 (+8 percent organic and +3 percent foreign currency translation). |
• | Operating income of $45.9 million resulted in an operating margin of 27.9 percent. Excluding $0.3 million of restructuring expenses, adjusted operating income was $46.2 million with an adjusted operating margin of 28.1 percent, a 300 basis point increase compared to the prior year period primarily due to higher volume and productivity initiatives. |
• | EBITDA of $49.5 million resulted in an EBITDA margin of 30.1 percent. Excluding $0.3 million of restructuring expenses, adjusted EBITDA of $49.8 million resulted in an adjusted EBITDA margin of 30.3 percent, a 310 basis point increase compared to the prior year period. |
• | Organic orders and sales are calculated excluding amounts from acquired or divested businesses during the first twelve months of ownership or divestiture and the impact of foreign currency translation. |
• | Adjusted operating income is calculated as operating income plus restructuring expenses. |
• | Adjusted operating margin is calculated as adjusted operating income divided by net sales. |
• | Adjusted net income is calculated as net income plus restructuring expenses, net of the statutory tax expense or benefit. |
• | EBITDA is calculated as net income plus interest expense plus provision for income taxes plus depreciation and amortization. We reconciled EBITDA to net income on a consolidated basis as we do not allocate consolidated interest expense or consolidated provision for income taxes to our segments. |
• | Adjusted EBITDA is calculated as EBITDA plus restructuring expenses. |
• | Free cash flow is calculated as cash flow from operating activities less capital expenditures. |
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||||||||||||||||||||
FMT | HST | FSDP | IDEX | FMT | HST | FSDP | IDEX | ||||||||||||||||
Change in net sales | 10 | % | 11 | % | 11 | % | 11 | % | 8 | % | 11 | % | 13 | % | 11 | % | |||||||
- Net impact from acquisitions/divestitures | (2 | )% | 1 | % | — | % | — | % | (2 | )% | 1 | % | — | % | — | % | |||||||
- Impact from FX | 2 | % | 2 | % | 3 | % | 2 | % | 3 | % | 3 | % | 4 | % | 3 | % | |||||||
Change in organic net sales | 10 | % | 8 | % | 8 | % | 9 | % | 7 | % | 7 | % | 9 | % | 8 | % |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 71,228 | $ | 52,569 | $ | 45,882 | $ | (21,848 | ) | $147,831 | $ | 60,029 | $ | 46,294 | $ | 37,197 | $ | (18,387 | ) | $125,133 | |||||||||||||||||||
+ Restructuring expenses | 343 | 1,123 | 267 | 255 | 1,988 | — | — | — | — | — | |||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 71,571 | $ | 53,692 | $ | 46,149 | $ | (21,593 | ) | $ | 149,819 | $ | 60,029 | $ | 46,294 | $ | 37,197 | $ | (18,387 | ) | $ | 125,133 | |||||||||||||||||
Net sales (eliminations) | $ | 242,800 | $ | 227,403 | $ | 164,300 | $ | (143 | ) | $ | 634,360 | $ | 221,182 | $ | 204,409 | $ | 147,983 | $ | (208 | ) | $ | 573,366 | |||||||||||||||||
Reported operating margin | 29.3 | % | 23.1 | % | 27.9 | % | n/m | 23.3 | % | 27.1 | % | 22.6 | % | 25.1 | % | n/m | 21.8 | % | |||||||||||||||||||||
Adjusted operating margin | 29.5 | % | 23.6 | % | 28.1 | % | n/m | 23.6 | % | 27.1 | % | 22.6 | % | 25.1 | % | n/m | 21.8 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 137,394 | $ | 104,375 | $ | 85,436 | $ | (42,691 | ) | $ | 284,514 | $ | 117,842 | $ | 88,532 | $ | 69,823 | $ | (35,393 | ) | $ | 240,804 | |||||||||||||||||
+ Restructuring expenses | 486 | 2,182 | 367 | 595 | 3,630 | 1,566 | 3,028 | 73 | 130 | 4,797 | |||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 137,880 | $ | 106,557 | $ | 85,803 | $ | (42,096 | ) | $ | 288,144 | $ | 119,408 | $ | 91,560 | $ | 69,896 | $ | (35,263 | ) | $ | 245,601 | |||||||||||||||||
Net sales (eliminations) | $ | 475,133 | $ | 448,478 | $ | 323,473 | $ | (400 | ) | $ | 1,246,684 | $ | 437,952 | $ | 404,088 | $ | 285,430 | $ | (552 | ) | $ | 1,126,918 | |||||||||||||||||
Reported operating margin | 28.9 | % | 23.3 | % | 26.4 | % | n/m | 22.8 | % | 26.9 | % | 21.9 | % | 24.5 | % | n/m | 21.4 | % | |||||||||||||||||||||
Adjusted operating margin | 29.0 | % | 23.8 | % | 26.5 | % | n/m | 23.1 | % | 27.3 | % | 22.7 | % | 24.5 | % | n/m | 21.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Reported net income | $ | 107,126 | $ | 83,844 | $ | 206,084 | $ | 159,743 | |||||||
+ Restructuring expenses | 1,988 | — | 3,630 | 4,797 | |||||||||||
+ Tax impact on restructuring expenses | (494 | ) | — | (873 | ) | (1,529 | ) | ||||||||
Adjusted net income | $ | 108,620 | $ | 83,844 | $ | 208,841 | $ | 163,011 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Reported diluted EPS | $ | 1.38 | $ | 1.08 | $ | 2.65 | $ | 2.07 | |||||||
+ Restructuring expenses | 0.03 | — | 0.05 | 0.06 | |||||||||||
+ Tax impact on restructuring expenses | (0.01 | ) | — | (0.01 | ) | (0.02 | ) | ||||||||
Adjusted diluted EPS | $ | 1.40 | $ | 1.08 | $ | 2.69 | $ | 2.11 | |||||||
Diluted weighted average shares | 77,704 | 77,320 | 77,722 | 77,107 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 71,228 | $ | 52,569 | $ | 45,882 | $ | (21,848 | ) | $ | 147,831 | $ | 60,029 | $ | 46,294 | $ | 37,197 | $ | (18,387 | ) | $ | 125,133 | |||||||||||||||||
- Other (income) expense - net | 511 | (463 | ) | (45 | ) | (53 | ) | (50 | ) | 447 | 924 | 583 | (1,582 | ) | 372 | ||||||||||||||||||||||||
+ Depreciation and amortization | 5,707 | 10,090 | 3,597 | 176 | 19,570 | 5,987 | 11,994 | 3,652 | 201 | 21,834 | |||||||||||||||||||||||||||||
EBITDA | 76,424 | 63,122 | 49,524 | (21,619 | ) | 167,451 | 65,569 | 57,364 | 40,266 | (16,604 | ) | 146,595 | |||||||||||||||||||||||||||
- Interest expense | 11,140 | 11,304 | |||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 29,615 | 29,613 | |||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 19,570 | 21,834 | |||||||||||||||||||||||||||||||||||||
Reported net income | $ | 107,126 | $ | 83,844 | |||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 242,800 | $ | 227,403 | $ | 164,300 | $ | (143 | ) | $ | 634,360 | $ | 221,182 | $ | 204,409 | $ | 147,983 | $ | (208 | ) | $ | 573,366 | |||||||||||||||||
Reported operating margin | 29.3 | % | 23.1 | % | 27.9 | % | n/m | 23.3 | % | 27.1 | % | 22.6 | % | 25.1 | % | n/m | 21.8 | % | |||||||||||||||||||||
EBITDA margin | 31.5 | % | 27.8 | % | 30.1 | % | n/m | 26.4 | % | 29.6 | % | 28.1 | % | 27.2 | % | n/m | 25.6 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 137,394 | $ | 104,375 | $ | 85,436 | $ | (42,691 | ) | $ | 284,514 | $ | 117,842 | $ | 88,532 | $ | 69,823 | $ | (35,393 | ) | $ | 240,804 | |||||||||||||||||
- Other (income) expense - net | 645 | (1,060 | ) | (3,666 | ) | (418 | ) | (4,499 | ) | 477 | 1,067 | 619 | (2,099 | ) | 64 | ||||||||||||||||||||||||
+ Depreciation and amortization | 11,401 | 21,479 | 7,371 | 373 | 40,624 | 11,631 | 23,258 | 7,229 | 408 | 42,526 | |||||||||||||||||||||||||||||
EBITDA | 148,150 | 126,914 | 96,473 | (41,900 | ) | 329,637 | 128,996 | 110,723 | 76,433 | (32,886 | ) | 283,266 | |||||||||||||||||||||||||||
- Interest expense | 22,140 | 22,856 | |||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 60,789 | 58,141 | |||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 40,624 | 42,526 | |||||||||||||||||||||||||||||||||||||
Reported net income | $ | 206,084 | $ | 159,743 | |||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 475,133 | $ | 448,478 | $ | 323,473 | $ | (400 | ) | $ | 1,246,684 | $ | 437,952 | $ | 404,088 | $ | 285,430 | $ | (552 | ) | $ | 1,126,918 | |||||||||||||||||
Reported operating margin | 28.9 | % | 23.3 | % | 26.4 | % | n/m | 22.8 | % | 26.9 | % | 21.9 | % | 24.5 | % | n/m | 21.4 | % | |||||||||||||||||||||
EBITDA margin | 31.2 | % | 28.3 | % | 29.8 | % | n/m | 26.4 | % | 29.5 | % | 27.4 | % | 26.8 | % | n/m | 25.1 | % |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||
EBITDA | $ | 76,424 | $ | 63,122 | $ | 49,524 | $ | (21,619 | ) | $ | 167,451 | $ | 65,569 | $ | 57,364 | $ | 40,266 | $ | (16,604 | ) | $ | 146,595 | |||||||||||||||||
+ Restructuring expenses | 343 | 1,123 | 267 | 255 | 1,988 | — | — | — | — | — | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 76,767 | $ | 64,245 | $ | 49,791 | $ | (21,364 | ) | $ | 169,439 | $ | 65,569 | $ | 57,364 | $ | 40,266 | $ | (16,604 | ) | $ | 146,595 | |||||||||||||||||
Adjusted EBITDA margin | 31.6 | % | 28.3 | % | 30.3 | % | n/m | 26.7 | % | 29.6 | % | 28.1 | % | 27.2 | % | n/m | 25.6 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||
EBITDA | $ | 148,150 | $ | 126,914 | $ | 96,473 | $ | (41,900 | ) | $ | 329,637 | $ | 128,996 | $ | 110,723 | $ | 76,433 | $ | (32,886 | ) | $ | 283,266 | |||||||||||||||||
+ Restructuring expenses | 486 | 2,182 | 367 | 595 | 3,630 | 1,566 | 3,028 | 73 | 130 | 4,797 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 148,636 | $ | 129,096 | $ | 96,840 | $ | (41,305 | ) | $ | 333,267 | $ | 130,562 | $ | 113,751 | $ | 76,506 | $ | (32,756 | ) | $ | 288,063 | |||||||||||||||||
Adjusted EBITDA margin | 31.3 | % | 28.8 | % | 29.9 | % | n/m | 26.7 | % | 29.8 | % | 28.2 | % | 26.8 | % | n/m | 25.6 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||
2018 | 2017 | 2018 | 2018 | 2017 | |||||||||||||||
Cash flows from operating activities | $ | 120,697 | $ | 87,601 | $ | 71,729 | 192,426 | $ | 172,580 | ||||||||||
- Capital expenditures | 10,959 | 9,377 | 10,009 | 20,968 | 19,539 | ||||||||||||||
Free cash flow | $ | 109,738 | $ | 78,224 | $ | 61,720 | $ | 171,458 | $ | 153,041 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net sales | $ | 634,360 | $ | 573,366 | $ | 1,246,684 | $ | 1,126,918 | |||||||
Cost of sales | 346,993 | 316,441 | 682,665 | 619,052 | |||||||||||
Gross profit | 287,367 | 256,925 | 564,019 | 507,866 | |||||||||||
Selling, general and administrative expenses | 137,548 | 131,792 | 275,875 | 262,265 | |||||||||||
Restructuring expenses | 1,988 | — | 3,630 | 4,797 | |||||||||||
Operating income | 147,831 | 125,133 | 284,514 | 240,804 | |||||||||||
Other (income) expense - net | (50 | ) | 372 | (4,499 | ) | 64 | |||||||||
Interest expense | 11,140 | 11,304 | 22,140 | 22,856 | |||||||||||
Income before income taxes | 136,741 | 113,457 | 266,873 | 217,884 | |||||||||||
Provision for income taxes | 29,615 | 29,613 | 60,789 | 58,141 | |||||||||||
Net income | $ | 107,126 | $ | 83,844 | $ | 206,084 | $ | 159,743 | |||||||
Earnings per Common Share: | |||||||||||||||
Basic earnings per common share | $ | 1.40 | $ | 1.10 | $ | 2.69 | $ | 2.09 | |||||||
Diluted earnings per common share | $ | 1.38 | $ | 1.08 | $ | 2.65 | $ | 2.07 | |||||||
Share Data: | |||||||||||||||
Basic weighted average common shares outstanding | 76,539 | 76,220 | 76,479 | 76,167 | |||||||||||
Diluted weighted average common shares outstanding | 77,704 | 77,320 | 77,722 | 77,107 |
June 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 458,751 | $ | 375,950 | |||
Receivables - net | 329,692 | 294,166 | |||||
Inventories | 283,854 | 259,724 | |||||
Other current assets | 41,448 | 74,203 | |||||
Total current assets | 1,113,745 | 1,004,043 | |||||
Property, plant and equipment - net | 267,828 | 258,350 | |||||
Goodwill and intangible assets | 2,083,659 | 2,118,904 | |||||
Other noncurrent assets | 18,226 | 18,331 | |||||
Total assets | $ | 3,483,458 | $ | 3,399,628 | |||
Liabilities and shareholders' equity | |||||||
Current liabilities | |||||||
Trade accounts payable | $ | 150,532 | $ | 147,067 | |||
Accrued expenses | 162,962 | 184,705 | |||||
Short-term borrowings | 496 | 258 | |||||
Dividends payable | 33,040 | 28,945 | |||||
Total current liabilities | 347,030 | 360,975 | |||||
Long-term borrowings | 858,661 | 858,788 | |||||
Other noncurrent liabilities | 288,616 | 293,323 | |||||
Total liabilities | 1,494,307 | 1,513,086 | |||||
Shareholders' equity | 1,989,151 | 1,886,542 | |||||
Total liabilities and shareholders' equity | $ | 3,483,458 | $ | 3,399,628 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 206,084 | $ | 159,743 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 19,957 | 18,633 | |||||
Amortization of intangible assets | 20,667 | 23,893 | |||||
Amortization of debt issuance expenses | 664 | 659 | |||||
Share-based compensation expense | 13,252 | 12,398 | |||||
Deferred income taxes | (3,021 | ) | 2,414 | ||||
Non-cash interest expense associated with forward starting swaps | 3,259 | 3,323 | |||||
Changes in (net of the effect from acquisitions): | |||||||
Receivables | (40,044 | ) | (31,110 | ) | |||
Inventories | (28,011 | ) | (4,796 | ) | |||
Other current assets | 17,798 | (8,446 | ) | ||||
Trade accounts payable | 5,432 | 6,469 | |||||
Accrued expenses | (21,131 | ) | (9,799 | ) | |||
Other - net | (2,480 | ) | (801 | ) | |||
Net cash flows provided by operating activities | 192,426 | 172,580 | |||||
Cash flows from investing activities | |||||||
Purchases of property, plant and equipment | (20,968 | ) | (19,539 | ) | |||
Purchase of intellectual property | (4,000 | ) | — | ||||
Other - net | (861 | ) | 96 | ||||
Net cash flows used in investing activities | (25,829 | ) | (19,443 | ) | |||
Cash flows from financing activities | |||||||
Borrowings under revolving credit facilities | — | 33,000 | |||||
Payments under revolving credit facilities | — | (166,297 | ) | ||||
Dividends paid | (61,916 | ) | (54,572 | ) | |||
Proceeds from stock option exercises | 13,616 | 12,984 | |||||
Purchases of common stock | (19,499 | ) | (9,799 | ) | |||
Shares surrendered for tax withholding | (10,750 | ) | (5,814 | ) | |||
Settlement of foreign exchange contracts | 6,593 | 4,406 | |||||
Net cash flows used in financing activities | (71,956 | ) | (186,092 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (11,840 | ) | 15,352 | ||||
Net increase (decrease) in cash | 82,801 | (17,603 | ) | ||||
Cash and cash equivalents at beginning of year | 375,950 | 235,964 | |||||
Cash and cash equivalents at end of period | $ | 458,751 | $ | 218,361 |
Three Months Ended June 30, (a) | Six Months Ended June 30, (a) | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Fluid & Metering Technologies | ||||||||||||||||
Net sales | $ | 242,800 | $ | 221,182 | $ | 475,133 | $ | 437,952 | ||||||||
Operating income (b) | 71,228 | 60,029 | 137,394 | 117,842 | ||||||||||||
Operating margin | 29.3 | % | 27.1 | % | 28.9 | % | 26.9 | % | ||||||||
EBITDA | $ | 76,424 | $ | 65,569 | $ | 148,150 | $ | 128,996 | ||||||||
EBITDA margin | 31.5 | % | 29.6 | % | 31.2 | % | 29.5 | % | ||||||||
Depreciation and amortization | $ | 5,707 | $ | 5,987 | $ | 11,401 | $ | 11,631 | ||||||||
Capital expenditures | 3,981 | 2,829 | 8,655 | 8,215 | ||||||||||||
Health & Science Technologies | ||||||||||||||||
Net sales | $ | 227,403 | $ | 204,409 | $ | 448,478 | $ | 404,088 | ||||||||
Operating income (b) | 52,569 | 46,294 | 104,375 | 88,532 | ||||||||||||
Operating margin | 23.1 | % | 22.6 | % | 23.3 | % | 21.9 | % | ||||||||
EBITDA | $ | 63,122 | $ | 57,364 | $ | 126,914 | $ | 110,723 | ||||||||
EBITDA margin | 27.8 | % | 28.1 | % | 28.3 | % | 27.4 | % | ||||||||
Depreciation and amortization | $ | 10,090 | $ | 11,994 | $ | 21,479 | $ | 23,258 | ||||||||
Capital expenditures | 5,351 | 4,901 | 8,682 | 8,474 | ||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||
Net sales | $ | 164,300 | $ | 147,983 | $ | 323,473 | $ | 285,430 | ||||||||
Operating income (b) | 45,882 | 37,197 | 85,436 | 69,823 | ||||||||||||
Operating margin | 27.9 | % | 25.1 | % | 26.4 | % | 24.5 | % | ||||||||
EBITDA | $ | 49,524 | $ | 40,266 | $ | 96,473 | $ | 76,433 | ||||||||
EBITDA margin | 30.1 | % | 27.2 | % | 29.8 | % | 26.8 | % | ||||||||
Depreciation and amortization | $ | 3,597 | $ | 3,652 | $ | 7,371 | $ | 7,229 | ||||||||
Capital expenditures | 1,627 | 1,477 | 3,445 | 2,672 | ||||||||||||
Corporate Office and Eliminations | ||||||||||||||||
Intersegment sales eliminations | $ | (143 | ) | $ | (208 | ) | $ | (400 | ) | $ | (552 | ) | ||||
Operating income (b) | (21,848 | ) | (18,387 | ) | (42,691 | ) | (35,393 | ) | ||||||||
EBITDA | (21,619 | ) | (16,604 | ) | (41,900 | ) | (32,886 | ) | ||||||||
Depreciation and amortization | 176 | 201 | 373 | 408 | ||||||||||||
Capital expenditures | — | 170 | 186 | 178 | ||||||||||||
Company | ||||||||||||||||
Net sales | $ | 634,360 | $ | 573,366 | $ | 1,246,684 | $ | 1,126,918 | ||||||||
Operating income | 147,831 | 125,133 | 284,514 | 240,804 | ||||||||||||
Operating margin | 23.3 | % | 21.8 | % | 22.8 | % | 21.4 | % | ||||||||
EBITDA | $ | 167,451 | $ | 146,595 | $ | 329,637 | $ | 283,266 | ||||||||
EBITDA margin | 26.4 | % | 25.6 | % | 26.4 | % | 25.1 | % | ||||||||
Depreciation and amortization (c) | $ | 19,570 | $ | 21,834 | $ | 40,624 | $ | 42,526 | ||||||||
Capital expenditures | 10,959 | 9,377 | 20,968 | 19,539 | ||||||||||||
Three Months Ended June 30, (a) | Six Months Ended June 30, (a) | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Fluid & Metering Technologies | ||||||||||||||||
Net sales | $ | 242,800 | $ | 221,182 | $ | 475,133 | $ | 437,952 | ||||||||
Adjusted operating income (b) | 71,571 | 60,029 | 137,880 | 119,408 | ||||||||||||
Adjusted operating margin | 29.5 | % | 27.1 | % | 29.0 | % | 27.3 | % | ||||||||
Adjusted EBITDA | $ | 76,767 | $ | 65,569 | $ | 148,636 | $ | 130,562 | ||||||||
Adjusted EBITDA margin | 31.6 | % | 29.6 | % | 31.3 | % | 29.8 | % | ||||||||
Depreciation and amortization | $ | 5,707 | $ | 5,987 | $ | 11,401 | $ | 11,631 | ||||||||
Capital expenditures | 3,981 | 2,829 | 8,655 | 8,215 | ||||||||||||
Health & Science Technologies | ||||||||||||||||
Net sales | $ | 227,403 | $ | 204,409 | $ | 448,478 | $ | 404,088 | ||||||||
Adjusted operating income (b) | 53,692 | 46,294 | 106,557 | 91,560 | ||||||||||||
Adjusted operating margin | 23.6 | % | 22.6 | % | 23.8 | % | 22.7 | % | ||||||||
Adjusted EBITDA | $ | 64,245 | $ | 57,364 | $ | 129,096 | $ | 113,751 | ||||||||
Adjusted EBITDA margin | 28.3 | % | 28.1 | % | 28.8 | % | 28.2 | % | ||||||||
Depreciation and amortization | $ | 10,090 | $ | 11,994 | $ | 21,479 | $ | 23,258 | ||||||||
Capital expenditures | 5,351 | 4,901 | 8,682 | 8,474 | ||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||
Net sales | $ | 164,300 | $ | 147,983 | $ | 323,473 | $ | 285,430 | ||||||||
Adjusted operating income (b) | 46,149 | 37,197 | 85,803 | 69,896 | ||||||||||||
Adjusted operating margin | 28.1 | % | 25.1 | % | 26.5 | % | 24.5 | % | ||||||||
Adjusted EBITDA | $ | 49,791 | $ | 40,266 | $ | 96,840 | $ | 76,506 | ||||||||
Adjusted EBITDA margin | 30.3 | % | 27.2 | % | 29.9 | % | 26.8 | % | ||||||||
Depreciation and amortization | $ | 3,597 | $ | 3,652 | $ | 7,371 | $ | 7,229 | ||||||||
Capital expenditures | 1,627 | 1,477 | 3,445 | 2,672 | ||||||||||||
Corporate Office and Eliminations | ||||||||||||||||
Intersegment sales eliminations | $ | (143 | ) | $ | (208 | ) | $ | (400 | ) | $ | (552 | ) | ||||
Adjusted operating income (b) | (21,593 | ) | (18,387 | ) | (42,096 | ) | (35,263 | ) | ||||||||
Adjusted EBITDA | (21,364 | ) | (16,604 | ) | (41,305 | ) | (32,756 | ) | ||||||||
Depreciation and amortization | 176 | 201 | 373 | 408 | ||||||||||||
Capital expenditures | — | 170 | 186 | 178 | ||||||||||||
Company | ||||||||||||||||
Net sales | $ | 634,360 | $ | 573,366 | $ | 1,246,684 | $ | 1,126,918 | ||||||||
Adjusted operating income | 149,819 | 125,133 | 288,144 | 245,601 | ||||||||||||
Adjusted operating margin | 23.6 | % | 21.8 | % | 23.1 | % | 21.8 | % | ||||||||
Adjusted EBITDA | $ | 169,439 | $ | 146,595 | $ | 333,267 | $ | 288,063 | ||||||||
Adjusted EBITDA margin | 26.7 | % | 25.6 | % | 26.7 | % | 25.6 | % | ||||||||
Depreciation and amortization (c) | $ | 19,570 | $ | 21,834 | $ | 40,624 | $ | 42,526 | ||||||||
Capital expenditures | 10,959 | 9,377 | 20,968 | 19,539 | ||||||||||||
(a) | Three and six month data include the results of thinXXS (December 2017) in the Health & Science Technologies segment from the date of acquisition and the results of Faure Herman (October 2017) in the Fluid & Metering Technologies segment through the date of disposition. | |||||||||||||||
(b) | Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. | |||||||||||||||
(c) | Depreciation and amortization excludes amortization of debt issuance costs. |
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