(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. ☐ |
IDEX CORPORATION | ||||||||
By: | /s/ WILLIAM K. GROGAN | |||||||
William K. Grogan | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
April 28, 2021 |
Exhibit Number | Description | |||||||
“Our first quarter results were strong, with demand improving both sequentially and year over year as an uneven global recovery continues. We booked record first quarter orders of $711 million and built $59 million of additional backlog. Organic orders and sales were solid in the first quarter, both up 6 percent. Our teams have performed well amid a variety of obstacles, meeting the challenges as market conditions improved. Strong execution by our teams continues to be central to maintaining our critical supply chains, staying ahead of inflation and converting orders to cash. This execution delivered robust operating margin, EPS and free cash flow that exceeded our expectations. First quarter adjusted operating margin of 24.3 percent drove adjusted EPS of $1.51, up 14% versus prior year. Cash conversion continued to be outstanding, with record free cash flow of $95 million in the first quarter, which was 32 percent higher compared to the prior year period. | |||||
In addition to delivering strong financial results, we have been able to make significant progress in our capital deployment efforts. Earlier today, we announced our second acquisition for 2021. We have entered into a definitive agreement to acquire Airtech. Airtech is a leading global manufacturer of highly engineered specialty blowers, vacuum pumps and valves. It will be an excellent complement to our existing GAST business in the Health & Science Technologies (HST) segment. The M&A funnel remains robust and we are fully committed to pursuing additional opportunities in 2021 that will create value for our shareholders, customers and employees. | |||||
With the strong start to 2021, combined with improved market conditions, we are raising our full year adjusted EPS guidance to $6.05 to $6.20 with second quarter adjusted EPS of $1.60 to $1.63. We are also increasing our full year organic revenue growth expectations to 9 to 10 percent with 18 to 20 percent growth in the second quarter.” | |||||
Eric D. Ashleman | |||||
Chief Executive Officer and President |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
FMT | HST | FSDP | IDEX | ||||||||||||||||||||
Change in net sales | 7 | % | 12 | % | 11 | % | 10 | % | |||||||||||||||
- Net impact from acquisitions | 3 | % | — | % | — | % | 1 | % | |||||||||||||||
- Impact from FX | 2 | % | 3 | % | 4 | % | 3 | % | |||||||||||||||
Change in organic net sales | 2 | % | 9 | % | 7 | % | 6 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Gross profit | $ | 292,623 | $ | 271,956 | |||||||
+ Fair value inventory step-up charge | 664 | — | |||||||||
Adjusted gross profit | $ | 293,287 | $ | 271,956 | |||||||
Net sales | $ | 652,036 | $ | 594,462 | |||||||
Gross margin | 44.9 | % | 45.7 | % | |||||||
Adjusted gross margin | 45.0 | % | 45.7 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 62,897 | $ | 66,650 | $ | 44,560 | $ | (18,560) | $ | 155,547 | $ | 66,771 | $ | 52,643 | $ | 38,037 | $ | (17,510) | $ | 139,941 | |||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 943 | 625 | 97 | 563 | 2,228 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charge | 664 | — | — | — | 664 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 64,504 | $ | 67,275 | $ | 44,657 | $ | (17,997) | $ | 158,439 | $ | 66,771 | $ | 52,643 | $ | 38,037 | $ | (17,510) | $ | 139,941 | |||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 243,365 | $ | 250,369 | $ | 159,484 | $ | (1,182) | $ | 652,036 | $ | 226,861 | $ | 224,059 | $ | 144,324 | $ | (782) | $ | 594,462 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 25.8 | % | 26.6 | % | 27.9 | % | n/m | 23.9 | % | 29.4 | % | 23.5 | % | 26.4 | % | n/m | 23.5 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 26.5 | % | 26.9 | % | 28.0 | % | n/m | 24.3 | % | 29.4 | % | 23.5 | % | 26.4 | % | n/m | 23.5 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Reported net income attributable to IDEX | $ | 112,708 | $ | 101,998 | |||||||
+ Restructuring expenses and asset impairments | 2,228 | — | |||||||||
+ Tax impact on restructuring expenses and asset impairments | (533) | — | |||||||||
+ Fair value inventory step-up charge | 664 | — | |||||||||
+ Tax impact on fair value inventory step-up charge | (199) | — | |||||||||
Adjusted net income attributable to IDEX | $ | 114,868 | $ | 101,998 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Reported diluted EPS attributable to IDEX | $ | 1.48 | $ | 1.33 | |||||||
+ Restructuring expenses and asset impairments | 0.03 | — | |||||||||
+ Tax impact on restructuring expenses and asset impairments | (0.01) | — | |||||||||
+ Fair value inventory step-up charge | 0.01 | — | |||||||||
+ Tax impact on fair value inventory step-up charge | — | — | |||||||||
Adjusted diluted EPS attributable to IDEX | $ | 1.51 | $ | 1.33 | |||||||
Diluted weighted average shares outstanding | 76,341 | 76,452 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 62,897 | $ | 66,650 | $ | 44,560 | $ | (18,560) | $ | 155,547 | $ | 66,771 | $ | 52,643 | $ | 38,037 | $ | (17,510) | $ | 139,941 | |||||||||||||||||||||||||||||||||||||||
- Other (income) expense - net | 9 | (345) | (271) | (241) | (848) | 766 | (531) | (315) | 1,645 | 1,565 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Depreciation and amortization | 7,053 | 10,513 | 3,872 | 106 | 21,544 | 5,398 | 10,659 | 3,759 | 181 | 19,997 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 69,941 | 77,508 | 48,703 | (18,213) | 177,939 | 71,403 | 63,833 | 42,111 | (18,974) | 158,373 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Interest expense | 10,776 | 10,877 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 32,947 | 25,501 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 21,544 | 19,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income | $ | 112,672 | $ | 101,998 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 243,365 | $ | 250,369 | $ | 159,484 | $ | (1,182) | $ | 652,036 | $ | 226,861 | $ | 224,059 | $ | 144,324 | $ | (782) | $ | 594,462 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 25.8 | % | 26.6 | % | 27.9 | % | n/m | 23.9 | % | 29.4 | % | 23.5 | % | 26.4 | % | n/m | 23.5 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA margin | 28.7 | % | 31.0 | % | 30.5 | % | n/m | 27.3 | % | 31.5 | % | 28.5 | % | 29.2 | % | n/m | 26.6 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA interest coverage | 16.5 | 14.6 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA(1) | $ | 69,941 | $ | 77,508 | $ | 48,703 | $ | (18,213) | $ | 177,939 | $ | 71,403 | $ | 63,833 | $ | 42,111 | $ | (18,974) | $ | 158,373 | |||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 943 | 625 | 97 | 563 | 2,228 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charge | 664 | — | — | — | 664 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 71,548 | $ | 78,133 | $ | 48,800 | $ | (17,650) | $ | 180,831 | $ | 71,403 | $ | 63,833 | $ | 42,111 | $ | (18,974) | $ | 158,373 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 29.4 | % | 31.2 | % | 30.6 | % | n/m | 27.7 | % | 31.5 | % | 28.5 | % | 29.2 | % | n/m | 26.6 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA interest coverage | 16.8 | 14.6 |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||
Cash flows from operating activities | $ | 109,324 | $ | 84,760 | $ | 161,374 | |||||||||||
- Capital expenditures | 14,609 | 12,762 | 12,107 | ||||||||||||||
Free cash flow | $ | 94,715 | $ | 71,998 | $ | 149,267 | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 652,036 | $ | 594,462 | |||||||
Cost of sales | 359,413 | 322,506 | |||||||||
Gross profit | 292,623 | 271,956 | |||||||||
Selling, general and administrative expenses | 134,848 | 132,015 | |||||||||
Restructuring expenses and asset impairments | 2,228 | — | |||||||||
Operating income | 155,547 | 139,941 | |||||||||
Other (income) expense - net | (848) | 1,565 | |||||||||
Interest expense | 10,776 | 10,877 | |||||||||
Income before income taxes | 145,619 | 127,499 | |||||||||
Provision for income taxes | 32,947 | 25,501 | |||||||||
Net income | $ | 112,672 | $ | 101,998 | |||||||
Net (income) loss attributable to noncontrolling interest | 36 | — | |||||||||
Net income attributable to IDEX | $ | 112,708 | $ | 101,998 | |||||||
Earnings per Common Share: | |||||||||||
Basic earnings per common share attributable to IDEX | $ | 1.48 | $ | 1.35 | |||||||
Diluted earnings per common share attributable to IDEX | $ | 1.48 | $ | 1.33 | |||||||
Share Data: | |||||||||||
Basic weighted average common shares outstanding | 75,892 | 75,740 | |||||||||
Diluted weighted average common shares outstanding | 76,341 | 76,452 |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 958,142 | $ | 1,025,851 | |||||||
Receivables - net | 341,793 | 293,146 | |||||||||
Inventories | 304,636 | 289,910 | |||||||||
Other current assets | 46,573 | 48,324 | |||||||||
Total current assets | 1,651,144 | 1,657,231 | |||||||||
Property, plant and equipment - net | 302,805 | 298,273 | |||||||||
Goodwill and intangible assets | 2,370,305 | 2,311,137 | |||||||||
Other noncurrent assets | 136,477 | 147,757 | |||||||||
Total assets | $ | 4,460,731 | $ | 4,414,398 | |||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Trade accounts payable | $ | 171,379 | $ | 151,993 | |||||||
Accrued expenses | 206,088 | 208,828 | |||||||||
Short-term borrowings | 46 | 88 | |||||||||
Dividends payable | — | 38,149 | |||||||||
Total current liabilities | 377,513 | 399,058 | |||||||||
Long-term borrowings | 1,044,589 | 1,044,354 | |||||||||
Other noncurrent liabilities | 428,614 | 430,660 | |||||||||
Total liabilities | 1,850,716 | 1,874,072 | |||||||||
Shareholders' equity | 2,609,926 | 2,540,203 | |||||||||
Noncontrolling interest | 89 | 123 | |||||||||
Total equity | 2,610,015 | 2,540,326 | |||||||||
Total liabilities and equity | $ | 4,460,731 | $ | 4,414,398 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 112,672 | $ | 101,998 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Asset impairments | 136 | — | |||||||||
Depreciation and amortization | 10,554 | 10,453 | |||||||||
Amortization of intangible assets | 10,990 | 9,544 | |||||||||
Amortization of debt issuance expenses | 366 | 343 | |||||||||
Share-based compensation expense | 7,752 | 6,730 | |||||||||
Deferred income taxes | 561 | 2,012 | |||||||||
Non-cash interest expense associated with forward starting swaps | 859 | 1,545 | |||||||||
Changes in (net of the effect from acquisitions): | |||||||||||
Receivables | (46,289) | (24,190) | |||||||||
Inventories | (7,539) | (23,717) | |||||||||
Other current assets | 3,350 | (14,267) | |||||||||
Trade accounts payable | 20,042 | 14,146 | |||||||||
Deferred revenue | 11,089 | 25,651 | |||||||||
Accrued expenses | (11,592) | (23,870) | |||||||||
Other - net | (3,627) | (1,618) | |||||||||
Net cash flows provided by operating activities | 109,324 | 84,760 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property, plant and equipment | (14,609) | (12,762) | |||||||||
Acquisition of businesses, net of cash acquired | (106,236) | (120,839) | |||||||||
Proceeds from disposal of fixed assets | 211 | 41 | |||||||||
Other - net | 1,100 | (160) | |||||||||
Net cash flows used in investing activities | (119,534) | (133,720) | |||||||||
Cash flows from financing activities | |||||||||||
Borrowings under revolving credit facilities | — | 150,000 | |||||||||
Dividends paid | (38,149) | (38,736) | |||||||||
Proceeds from stock option exercises | 3,231 | 2,089 | |||||||||
Repurchases of common stock | — | (108,907) | |||||||||
Shares surrendered for tax withholding | (5,460) | (12,119) | |||||||||
Other - net | (46) | (129) | |||||||||
Net cash flows used in financing activities | (40,424) | (7,802) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (17,075) | (6,600) | |||||||||
Net decrease in cash | (67,709) | (63,362) | |||||||||
Cash and cash equivalents at beginning of year | 1,025,851 | 632,581 | |||||||||
Cash and cash equivalents at end of period | $ | 958,142 | $ | 569,219 |
Three Months Ended March 31, (a) | ||||||||||||||
2021 | 2020 | |||||||||||||
Fluid & Metering Technologies | ||||||||||||||
Net sales | $ | 243,365 | $ | 226,861 | ||||||||||
Operating income (b) | 62,897 | 66,771 | ||||||||||||
Operating margin | 25.8 | % | 29.4 | % | ||||||||||
EBITDA(c) | $ | 69,941 | $ | 71,403 | ||||||||||
EBITDA margin(c) | 28.7 | % | 31.5 | % | ||||||||||
Depreciation and amortization | $ | 7,053 | $ | 5,398 | ||||||||||
Capital expenditures | 3,280 | 4,528 | ||||||||||||
Health & Science Technologies | ||||||||||||||
Net sales | $ | 250,369 | $ | 224,059 | ||||||||||
Operating income (b) | 66,650 | 52,643 | ||||||||||||
Operating margin | 26.6 | % | 23.5 | % | ||||||||||
EBITDA(c) | $ | 77,508 | $ | 63,833 | ||||||||||
EBITDA margin(c) | 31.0 | % | 28.5 | % | ||||||||||
Depreciation and amortization | $ | 10,513 | $ | 10,659 | ||||||||||
Capital expenditures | 9,129 | 5,329 | ||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||
Net sales | $ | 159,484 | $ | 144,324 | ||||||||||
Operating income (b) | 44,560 | 38,037 | ||||||||||||
Operating margin | 27.9 | % | 26.4 | % | ||||||||||
EBITDA(c) | $ | 48,703 | $ | 42,111 | ||||||||||
EBITDA margin(c) | 30.5 | % | 29.2 | % | ||||||||||
Depreciation and amortization | $ | 3,872 | $ | 3,759 | ||||||||||
Capital expenditures | 1,769 | 2,884 | ||||||||||||
Corporate Office and Eliminations | ||||||||||||||
Intersegment sales eliminations | $ | (1,182) | $ | (782) | ||||||||||
Operating income (b) | (18,560) | (17,510) | ||||||||||||
EBITDA(c) | (18,213) | (18,974) | ||||||||||||
Depreciation and amortization (d) | 106 | 181 | ||||||||||||
Capital expenditures | 431 | 21 | ||||||||||||
Company | ||||||||||||||
Net sales | $ | 652,036 | $ | 594,462 | ||||||||||
Operating income | 155,547 | 139,941 | ||||||||||||
Operating margin | 23.9 | % | 23.5 | % | ||||||||||
EBITDA(c) | $ | 177,939 | $ | 158,373 | ||||||||||
EBITDA margin(c) | 27.3 | % | 26.6 | % | ||||||||||
Depreciation and amortization (d) | $ | 21,544 | $ | 19,997 | ||||||||||
Capital expenditures | 14,609 | 12,762 | ||||||||||||
Three Months Ended March 31, (a) | ||||||||||||||
2021 | 2020 | |||||||||||||
Fluid & Metering Technologies | ||||||||||||||
Net sales | $ | 243,365 | $ | 226,861 | ||||||||||
Adjusted operating income (b)(c) | 64,504 | 66,771 | ||||||||||||
Adjusted operating margin(c) | 26.5 | % | 29.4 | % | ||||||||||
Adjusted EBITDA(c) | $ | 71,548 | $ | 71,403 | ||||||||||
Adjusted EBITDA margin(c) | 29.4 | % | 31.5 | % | ||||||||||
Depreciation and amortization | $ | 7,053 | $ | 5,398 | ||||||||||
Capital expenditures | 3,280 | 4,528 | ||||||||||||
Health & Science Technologies | ||||||||||||||
Net sales | $ | 250,369 | $ | 224,059 | ||||||||||
Adjusted operating income (b)(c) | 67,275 | 52,643 | ||||||||||||
Adjusted operating margin(c) | 26.9 | % | 23.5 | % | ||||||||||
Adjusted EBITDA(c) | $ | 78,133 | $ | 63,833 | ||||||||||
Adjusted EBITDA margin(c) | 31.2 | % | 28.5 | % | ||||||||||
Depreciation and amortization | $ | 10,513 | $ | 10,659 | ||||||||||
Capital expenditures | 9,129 | 5,329 | ||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||
Net sales | $ | 159,484 | $ | 144,324 | ||||||||||
Adjusted operating income (b)(c) | 44,657 | 38,037 | ||||||||||||
Adjusted operating margin(c) | 28.0 | % | 26.4 | % | ||||||||||
Adjusted EBITDA(c) | $ | 48,800 | $ | 42,111 | ||||||||||
Adjusted EBITDA margin(c) | 30.6 | % | 29.2 | % | ||||||||||
Depreciation and amortization | $ | 3,872 | $ | 3,759 | ||||||||||
Capital expenditures | 1,769 | 2,884 | ||||||||||||
Corporate Office and Eliminations | ||||||||||||||
Intersegment sales eliminations | $ | (1,182) | $ | (782) | ||||||||||
Adjusted operating income (b)(c) | (17,997) | (17,510) | ||||||||||||
Adjusted EBITDA(c) | (17,650) | (18,974) | ||||||||||||
Depreciation and amortization(d) | 106 | 181 | ||||||||||||
Capital expenditures | 431 | 21 | ||||||||||||
Company | ||||||||||||||
Net sales | $ | 652,036 | $ | 594,462 | ||||||||||
Adjusted operating income(c) | 158,439 | 139,941 | ||||||||||||
Adjusted operating margin(c) | 24.3 | % | 23.5 | % | ||||||||||
Adjusted EBITDA(c) | $ | 180,831 | $ | 158,373 | ||||||||||
Adjusted EBITDA margin(c) | 27.7 | % | 26.6 | % | ||||||||||
Depreciation and amortization (d) | $ | 21,544 | $ | 19,997 | ||||||||||
Capital expenditures | 14,609 | 12,762 | ||||||||||||
(a) | Three month data includes the results of both the ABEL acquisition (March 2021) and the Flow MD acquisition (February 2020) in the Fluid & Metering Technologies segment. | |||||||||||||
(b) | Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. | |||||||||||||
(c) | These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the reconciliation tables above. | |||||||||||||
(d) | Depreciation and amortization excludes amortization of debt issuance costs. |
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