(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)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
(a) | Exhibits |
99.1 | Press release dated April 23, 2020 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 | ||
April 24, 2020 |
• | Gross margin was 45.7 percent, up 10 bps |
• | Increased backlog by $50 million |
• | Completed the acquisition of Flow Management Devices, LLC on February 28, 2020 |
“In the first quarter, our teams maintained strong focus and execution in the face of an increasingly challenging macro environment. First quarter organic orders decreased two percent and organic sales decreased five percent. We increased backlog by $50 million, expanded gross margins and delivered an operating margin of 23.5 percent and earnings per share of $1.33. | |
The coronavirus is creating an economic impact the world has not seen before, but we believe IDEX is well positioned to survive and thrive through the crisis. We have the people, the quality of businesses, and the financial wherewithal to endure. | |
IDEX is a diverse company both in the end markets we serve and the locations of our businesses. We expect this diversity will help us navigate through these unprecedented times. We are focused on the safety of our employees, our business continuity, and our liquidity to ensure that all stakeholders are properly prioritized. We also have an eye on the future. We believe our strong balance sheet, with over $1.2 billion of liquidity and gross leverage of 1.5 times, will allow us to capitalize on opportunities as the world emerges from this crisis. | |
As we enter the second quarter, we do see material commercial headwinds and are planning for sales to be down 15 to 25 percent in the second quarter of 2020. This will have a significant impact on earnings, but our teams are focused on cash management and taking action to deliver strong relative operational cash flow. We believe we have ample liquidity to fund operations, make targeted investments and pay our dividend. | |
Due to the uncertain scope and duration of the COVID-19 pandemic, and uncertain timing of a global recovery and economic normalization, we are unable to estimate the overall impacts on our operations and financial results as we move forward. As a result, we are withdrawing all prior financial guidance, which was provided on January 30, 2020, and suspending all future financial guidance for the balance of the year.” | |
Andrew K. Silvernail | |
Chairman and Chief Executive Officer |
• | Sales of $226.9 million reflected a 6 percent decrease compared to the first quarter of 2019 (-5 percent organic and -1 percent foreign currency translation). |
• | Operating income of $66.8 million resulted in an operating margin of 29.4 percent, a 20 basis point decrease compared to the prior year period primarily due to lower volume, partially offset by price and productivity initiatives. |
• | EBITDA of $71.4 million resulted in an EBITDA margin of 31.5 percent, a 40 basis point decrease compared to the prior year period. |
• | Sales of $224.1 million reflected a 1 percent decrease compared to the first quarter of 2019 (-4 percent organic, +4 percent acquisition and -1 percent foreign currency translation). |
• | Operating income of $52.6 million resulted in an operating margin of 23.5 percent, a 50 basis point decrease compared to the prior year period primarily due to the impact of the Velcora acquisition amortization and lower volume, partially offset by price and productivity initiatives. |
• | EBITDA of $63.8 million resulted in an EBITDA margin of 28.5 percent, a 40 basis point increase compared to the prior year period primarily due to the Velcora acquisition. |
• | Sales of $144.3 million reflected an 8 percent decrease compared to the first quarter of 2019 (-7 percent organic and -1 percent foreign currency translation). |
• | Operating income of $38.0 million resulted in an operating margin of 26.4 percent, a 60 basis point increase compared to the prior year period primarily due to business mix, price and productivity initiatives, partially offset by reduced volume. |
• | EBITDA of $42.1 million resulted in an EBITDA margin of 29.2 percent, a 150 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. |
• | 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. |
• | Free cash flow is calculated as cash flow from operating activities less capital expenditures. |
Three Months Ended March 31, 2020 | |||||||||||
FMT | HST | FSDP | IDEX | ||||||||
Change in net sales | (6 | )% | (1 | )% | (8 | )% | (4 | )% | |||
- Net impact from acquisitions | — | % | 4 | % | — | % | 2 | % | |||
- Impact from FX | (1 | )% | (1 | )% | (1 | )% | (1 | )% | |||
Change in organic net sales | (5 | )% | (4 | )% | (7 | )% | (5 | )% |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 66,771 | $ | 52,643 | $ | 38,037 | $ | (17,510 | ) | $ | 139,941 | $ | 71,866 | $ | 54,154 | $ | 40,328 | $ | (18,566 | ) | $ | 147,782 | ||||||||||||||||||||
- Other (income) expense - net | 766 | (531 | ) | (315 | ) | 1,645 | 1,565 | 78 | 284 | 505 | (1,007 | ) | (140 | ) | ||||||||||||||||||||||||||||
+ Depreciation and amortization | 5,398 | 10,659 | 3,759 | 181 | 19,997 | 5,506 | 9,507 | 3,462 | 184 | 18,659 | ||||||||||||||||||||||||||||||||
EBITDA | 71,403 | 63,833 | 1,000 | 42,111 | 2,000 | (18,974 | ) | 3,000 | 158,373 | 77,294 | 63,377 | 43,285 | (17,375 | ) | 166,581 | |||||||||||||||||||||||||||
- Interest expense | 10,877 | 10,921 | ||||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 25,501 | 26,733 | ||||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 19,997 | 18,659 | ||||||||||||||||||||||||||||||||||||||||
Reported net income | $ | 101,998 | $ | 110,268 | ||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 226,861 | $ | 224,059 | $ | 144,324 | $ | (782 | ) | $ | 594,462 | $ | 242,522 | $ | 225,290 | $ | 156,159 | $ | (1,740 | ) | $ | 622,231 | ||||||||||||||||||||
Reported operating margin | 29.4 | % | 23.5 | % | 26.4 | % | n/m | 23.5 | % | 29.6 | % | 24.0 | % | 25.8 | % | n/m | 23.8 | % | ||||||||||||||||||||||||
EBITDA margin | 31.5 | % | 28.5 | % | 29.2 | % | n/m | 26.6 | % | 31.9 | % | 28.1 | % | 27.7 | % | n/m | 26.8 | % |
Three Months Ended | |||||||||||
March 31, | December 31, | ||||||||||
2020 | 2019 | 2019 | |||||||||
Cash flows from operating activities | $ | 84,760 | $ | 88,663 | $ | 151,160 | |||||
- Capital expenditures | 12,762 | 12,875 | 14,139 | ||||||||
Free cash flow | $ | 71,998 | $ | 75,788 | $ | 137,021 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net sales | $ | 594,462 | $ | 622,231 | ||||
Cost of sales | 322,506 | 338,397 | ||||||
Gross profit | 271,956 | 283,834 | ||||||
Selling, general and administrative expenses | 132,015 | 136,052 | ||||||
Operating income | 139,941 | 147,782 | ||||||
Other (income) expense - net | 1,565 | (140 | ) | |||||
Interest expense | 10,877 | 10,921 | ||||||
Income before income taxes | 127,499 | 137,001 | ||||||
Provision for income taxes | 25,501 | 26,733 | ||||||
Net income | $ | 101,998 | $ | 110,268 | ||||
Earnings per Common Share: | ||||||||
Basic earnings per common share | $ | 1.35 | $ | 1.46 | ||||
Diluted earnings per common share | $ | 1.33 | $ | 1.44 | ||||
Share Data: | ||||||||
Basic weighted average common shares outstanding | 75,740 | 75,442 | ||||||
Diluted weighted average common shares outstanding | 76,452 | 76,284 |
March 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 569,219 | $ | 632,581 | |||
Receivables - net | 327,835 | 298,186 | |||||
Inventories | 340,581 | 293,467 | |||||
Other current assets | 51,437 | 37,211 | |||||
Total current assets | 1,289,072 | 1,261,445 | |||||
Property, plant and equipment - net | 283,276 | 280,316 | |||||
Goodwill and intangible assets - net | 2,258,178 | 2,167,776 | |||||
Other noncurrent assets | 113,151 | 104,375 | |||||
Total assets | $ | 3,943,677 | $ | 3,813,912 | |||
Liabilities and shareholders' equity | |||||||
Current liabilities | |||||||
Trade accounts payable | $ | 157,724 | $ | 138,463 | |||
Accrued expenses | 208,847 | 180,290 | |||||
Short-term borrowings | 319 | 388 | |||||
Dividends payable | — | 38,736 | |||||
Total current liabilities | 366,890 | 357,877 | |||||
Long-term borrowings | 999,020 | 848,864 | |||||
Other noncurrent liabilities | 347,980 | 343,942 | |||||
Total liabilities | 1,713,890 | 1,550,683 | |||||
Total shareholders' equity | 2,229,787 | 2,263,229 | |||||
Total liabilities and shareholders' equity | $ | 3,943,677 | $ | 3,813,912 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 101,998 | $ | 110,268 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 10,453 | 9,660 | |||||
Amortization of intangible assets | 9,544 | 8,999 | |||||
Amortization of debt issuance expenses | 343 | 335 | |||||
Share-based compensation expense | 6,730 | 7,560 | |||||
Deferred income taxes | 2,012 | 3,027 | |||||
Non-cash interest expense associated with forward starting swaps | 1,545 | 1,588 | |||||
Changes in (net of the effect from acquisitions): | |||||||
Receivables | (24,190 | ) | (21,402 | ) | |||
Inventories | (23,717 | ) | (18,548 | ) | |||
Other current assets | (14,267 | ) | (7,119 | ) | |||
Trade accounts payable | 14,146 | 17,488 | |||||
Accrued expenses | 2,060 | (24,606 | ) | ||||
Other - net | (1,897 | ) | 1,413 | ||||
Net cash flows provided by operating activities | 84,760 | 88,663 | |||||
Cash flows from investing activities | |||||||
Purchases of property, plant and equipment | (12,762 | ) | (12,875 | ) | |||
Acquisition of businesses, net of cash acquired | (120,839 | ) | — | ||||
Proceeds from disposal of fixed assets | 41 | 629 | |||||
Other - net | (160 | ) | (195 | ) | |||
Net cash flows used in investing activities | (133,720 | ) | (12,441 | ) | |||
Cash flows from financing activities | |||||||
Borrowings under revolving credit facilities | 150,000 | — | |||||
Dividends paid | (38,736 | ) | (33,446 | ) | |||
Proceeds from stock option exercises | 2,089 | 8,870 | |||||
Repurchases of common stock | (108,907 | ) | (50,797 | ) | |||
Shares surrendered for tax withholding | (12,119 | ) | (11,479 | ) | |||
Other - net | (129 | ) | (129 | ) | |||
Net cash flows used in financing activities | (7,802 | ) | (86,981 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (6,600 | ) | 482 | ||||
Net decrease in cash | (63,362 | ) | (10,277 | ) | |||
Cash and cash equivalents at beginning of year | 632,581 | 466,407 | |||||
Cash and cash equivalents at end of period | $ | 569,219 | $ | 456,130 |
Three Months Ended March 31, (a) | |||||||||
2020 | 2019 | ||||||||
Fluid & Metering Technologies | |||||||||
Net sales | $ | 226,861 | $ | 242,522 | |||||
Operating income (b) | 66,771 | 71,866 | |||||||
Operating margin | 29.4 | % | 29.6 | % | |||||
EBITDA | $ | 71,403 | $ | 77,294 | |||||
EBITDA margin | 31.5 | % | 31.9 | % | |||||
Depreciation and amortization | $ | 5,398 | $ | 5,506 | |||||
Capital expenditures | 4,528 | 3,230 | |||||||
Health & Science Technologies | |||||||||
Net sales | $ | 224,059 | $ | 225,290 | |||||
Operating income (b) | 52,643 | 54,154 | |||||||
Operating margin | 23.5 | % | 24.0 | % | |||||
EBITDA | $ | 63,833 | $ | 63,377 | |||||
EBITDA margin | 28.5 | % | 28.1 | % | |||||
Depreciation and amortization | $ | 10,659 | $ | 9,507 | |||||
Capital expenditures | 5,329 | 5,304 | |||||||
Fire & Safety/Diversified Products | |||||||||
Net sales | $ | 144,324 | $ | 156,159 | |||||
Operating income (b) | 38,037 | 40,328 | |||||||
Operating margin | 26.4 | % | 25.8 | % | |||||
EBITDA | $ | 42,111 | $ | 43,285 | |||||
EBITDA margin | 29.2 | % | 27.7 | % | |||||
Depreciation and amortization | $ | 3,759 | $ | 3,462 | |||||
Capital expenditures | 2,884 | 2,953 | |||||||
Corporate Office and Eliminations | |||||||||
Intersegment sales eliminations | $ | (782 | ) | $ | (1,740 | ) | |||
Operating income (b) | (17,510 | ) | (18,566 | ) | |||||
EBITDA | (18,974 | ) | (17,375 | ) | |||||
Depreciation and amortization (c) | 181 | 184 | |||||||
Capital expenditures | 21 | 1,388 | |||||||
Company | |||||||||
Net sales | $ | 594,462 | $ | 622,231 | |||||
Operating income | 139,941 | 147,782 | |||||||
Operating margin | 23.5 | % | 23.8 | % | |||||
EBITDA | $ | 158,373 | $ | 166,581 | |||||
EBITDA margin | 26.6 | % | 26.8 | % | |||||
Depreciation and amortization (c) | $ | 19,997 | $ | 18,659 | |||||
Capital expenditures | 12,762 | 12,875 | |||||||
(a) | Three month data includes the results of the Velcora acquisition in the Health & Science Technologies segment from the date of acquisition (July 2019). | ||||||||
(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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