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February 2020
February 2020
February 2020
January 2020
January 2020
December 2019
October 2019
October 2019
July 2019
July 2019
· |
Revenues of $665 million increased 15% over the prior year, supported by strong double-digit order growth across all three segments
|
· |
Reported net income of $143.8 million compared to a prior year net loss of $4.3 million
|
· |
Adjusted EBITDA of $172.6 million grew 16% over the prior year, reflecting a margin of 26.0%, an improvement of 30 basis points
|
· |
Free cash flow of $96.2 million increased 213% over the prior year
|
· |
Acquired Runtech Systems in February 2018 for approximately $93 million, strengthening the Industrials segment product offering
|
· |
Revenues of $2.375 billion increased 22% over the prior year driven by market growth and penetration of new products, most notably in the Industrials and Energy segments
|
· |
Reported net income of $18.5 million compared to a prior year net loss of $31.3 million
|
· |
Adjusted EBITDA of $561.5 million grew 40% over the prior year, reflecting a margin of 23.6%, an improvement of 290 basis points
|
· |
Free cash flow of $143.7 million increased 58% over the prior year
|
· |
Net debt to Adjusted EBITDA leverage ratio of 2.9x, a decline of 130 basis points from the time of the IPO
|
· |
Full year 2018 Adjusted EBITDA expected to be $650 to $670 million
|
- |
Orders of $319.2 million, up 25% compared to the prior year, and up 20% excluding the impact of FX
|
- |
Revenues of $311.7 million, up 12% compared to the prior year, and up 7% excluding the impact of FX
|
- |
Segment Adjusted EBITDA of $69.0 million, up 12% from $61.4 million in the prior year
|
- |
Segment Adjusted EBITDA margin of 22.1%, up 10 basis points from 22.0% in the prior year
|
- |
Orders of $281.2 million, up 62% compared to the prior year, and up 58% excluding the impact of FX
|
- |
Revenues of $295.1 million, up 22% compared to the prior year, and up 18% excluding the impact of FX
|
- |
Segment Adjusted EBITDA of $96.9 million, up 32% from $73.5 million in the prior year
|
- |
Segment Adjusted EBITDA margin of 32.8%, up 250 basis points from 30.3% in the prior year
|
- |
Orders of $66.8 million, up 29% compared to the prior year, and up 23% excluding the impact of FX
|
- |
Revenues of $58.2 million, up 3% compared to the prior year, and down 1% excluding the impact of FX
|
- |
Segment Adjusted EBITDA of $15.5 million, down 10% from $17.2 million in the prior year
|
- |
Segment Adjusted EBITDA margin of 26.6%, down 380 basis points from 30.4% in the prior year
|
For the Three Month period ended
|
For the Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues
|
$
|
665.0
|
$
|
577.7
|
$
|
2,375.4
|
$
|
1,939.4
|
||||||||
Cost of sales
|
411.5
|
355.6
|
1,477.5
|
1,222.7
|
||||||||||||
Gross Profit
|
253.5
|
222.1
|
897.9
|
716.7
|
||||||||||||
Selling and administrative expenses
|
107.5
|
104.0
|
446.6
|
414.3
|
||||||||||||
Amortization of intangible assets
|
31.3
|
33.4
|
118.9
|
124.2
|
||||||||||||
Impairment of other intangible assets
|
1.6
|
23.8
|
1.6
|
25.3
|
||||||||||||
Other operating expense, net
|
35.4
|
22.4
|
222.1
|
48.6
|
||||||||||||
Operating Income
|
77.7
|
38.5
|
108.7
|
104.3
|
||||||||||||
Interest expense
|
25.2
|
41.6
|
140.7
|
170.3
|
||||||||||||
Loss on extinguishment of debt
|
-
|
-
|
84.5
|
-
|
||||||||||||
Other income, net
|
(1.2
|
)
|
(0.1
|
)
|
(3.8
|
)
|
(2.8
|
)
|
||||||||
Income (Loss) Before Income Taxes
|
53.7
|
(3.0
|
)
|
(112.7
|
)
|
(63.2
|
)
|
|||||||||
(Benefit) provision for income taxes
|
(90.1
|
)
|
1.3
|
(131.2
|
)
|
(31.9
|
)
|
|||||||||
Net Income (Loss)
|
143.8
|
(4.3
|
)
|
18.5
|
(31.3
|
)
|
||||||||||
Less: Net income attributable to noncontrolling interests
|
-
|
5.9
|
0.1
|
5.3
|
||||||||||||
Net Income (Loss) Attributable to Gardner Denver Holdings, Inc.
|
$
|
143.8
|
$
|
(10.2
|
)
|
$
|
18.4
|
$
|
(36.6
|
)
|
||||||
Basic earnings (loss) per share
|
$
|
0.71
|
$
|
(0.07
|
)
|
$
|
0.10
|
$
|
(0.25
|
)
|
||||||
Diluted earnings (loss) per share
|
$
|
0.69
|
$
|
(0.07
|
)
|
$
|
0.10
|
$
|
(0.25
|
)
|
December 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
393.3
|
$
|
255.8
|
||||
Accounts receivable, net of allowance for doubtful accounts of $18.7 and $18.7, respectively
|
536.3
|
441.6
|
||||||
Inventories
|
494.5
|
443.9
|
||||||
Other current assets
|
39.5
|
47.2
|
||||||
Total current assets
|
1,463.6
|
1,188.5
|
||||||
Property, plant and equipment, net of accumulated depreciation of $203.8 and $146.1, respectively
|
363.2
|
358.4
|
||||||
Goodwill
|
1,227.6
|
1,154.7
|
||||||
Other intangible assets, net
|
1,431.2
|
1,469.9
|
||||||
Deferred tax assets
|
1.0
|
1.4
|
||||||
Other assets
|
134.6
|
143.1
|
||||||
Total assets
|
$
|
4,621.2
|
$
|
4,316.0
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Short-term borrowings and current maturities of long-term debt
|
$
|
20.9
|
$
|
24.5
|
||||
Accounts payable
|
269.7
|
214.9
|
||||||
Accrued liabilities
|
271.2
|
258.5
|
||||||
Total current liabilities
|
561.8
|
497.9
|
||||||
Long-term debt, less current maturities
|
2,019.3
|
2,753.8
|
||||||
Pensions and other postretirement benefits
|
99.8
|
122.7
|
||||||
Deferred income taxes
|
237.5
|
487.6
|
||||||
Other liabilities
|
226.0
|
182.2
|
||||||
Total liabilities
|
3,144.4
|
4,044.2
|
||||||
Stockholders' equity:
|
||||||||
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 198,377,237 and 150,552,360 shares issued at December 31, 2017 and December 31, 2016, respectively
|
2.0
|
1.5
|
||||||
Capital in excess of par value
|
2,275.4
|
1,222.4
|
||||||
Accumulated deficit
|
(577.8
|
)
|
(596.2
|
)
|
||||
Accumulated other comprehensive loss
|
(199.8
|
)
|
(342.4
|
)
|
||||
Treasury stock at cost; 2,159,266 and 1,897,454 shares at December 31, 2017 and 2016, respectively
|
(23.0
|
)
|
(19.4
|
)
|
||||
Total Gardner Denver Holdings, Inc. stockholders' equity
|
1,476.8
|
265.9
|
||||||
Noncontrolling interests
|
-
|
5.9
|
||||||
Total stockholders' equity
|
1,476.8
|
271.8
|
||||||
Total liabilities and stockholders' equity
|
$
|
4,621.2
|
$
|
4,316.0
|
For the
|
For the
|
|||||||
Year Ended
|
Year Ended
|
|||||||
December 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income (loss)
|
$
|
18.5
|
$
|
(31.3
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Amortization of intangible assets
|
118.9
|
124.2
|
||||||
Depreciation in cost of sales
|
46.6
|
41.1
|
||||||
Depreciation in selling and administrative expenses
|
8.3
|
7.4
|
||||||
Impairment of goodwill and other intangible assets
|
1.6
|
25.3
|
||||||
Stock-based compensation expense
|
175.0
|
-
|
||||||
Foreign currency transaction losses (gains), net
|
9.3
|
(5.9
|
)
|
|||||
Net loss (gain) on asset dispositions
|
0.8
|
0.1
|
||||||
Loss on extinguishment of debt
|
84.5
|
-
|
||||||
Non-cash change in LIFO reserve
|
2.6
|
(2.2
|
)
|
|||||
Deferred income taxes
|
(249.0
|
)
|
(84.4
|
)
|
||||
Changes in assets and liabilities:
|
||||||||
Receivables
|
(65.7
|
)
|
(48.8
|
)
|
||||
Inventories
|
(22.7
|
)
|
23.5
|
|||||
Accounts payable
|
39.9
|
58.1
|
||||||
Accrued liabilities
|
(24.8
|
)
|
21.2
|
|||||
Other assets and liabilities, net
|
56.7
|
37.3
|
||||||
Net cash provided by operating activities
|
200.5
|
165.6
|
||||||
Cash Flows From Investing Activities:
|
||||||||
Capital expenditures
|
(56.8
|
)
|
(74.4
|
)
|
||||
Net cash paid in business combinations
|
(18.8
|
)
|
(18.8
|
)
|
||||
Net cash received in business divestitures
|
-
|
4.9
|
||||||
Proceeds from the termination of derivatives
|
6.2
|
-
|
||||||
Disposals of property, plant and equipment
|
8.6
|
6.2
|
||||||
Net cash used in investing activities
|
(60.8
|
)
|
(82.1
|
)
|
||||
Cash Flows From Financing Activities:
|
||||||||
Principal payments on long-term debt
|
(2,879.3
|
)
|
(26.5
|
)
|
||||
Premium paid on extinguishment of senior notes
|
(29.7
|
)
|
-
|
|||||
Proceeds from long-term debt
|
2,010.7
|
1.0
|
||||||
Proceeds from the issuance of common stock, net of share issuance costs
|
893.6
|
3.3
|
||||||
Purchases of treasury stock
|
(3.6
|
)
|
(14.1
|
)
|
||||
Payments of contingent consideration
|
-
|
(4.7
|
)
|
|||||
Payments of debt issuance costs
|
(4.1
|
)
|
(1.1
|
)
|
||||
Purchase of shares from noncontrolling interests
|
(5.2
|
)
|
-
|
|||||
Other
|
0.2
|
(0.9
|
)
|
|||||
Net cash used in financing activities
|
(17.4
|
)
|
(43.0
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
15.2
|
(13.0
|
)
|
|||||
Increase in cash and cash equivalents
|
137.5
|
27.5
|
||||||
Cash and cash equivalents, beginning of year
|
255.8
|
228.3
|
||||||
Cash and cash equivalents, end of year
|
$
|
393.3
|
$
|
255.8
|
For the Three
|
For the
|
|||||||||||||||
Month Period Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net Income (Loss)
|
$
|
143.8
|
$
|
(4.3
|
)
|
$
|
18.5
|
$
|
(31.3
|
)
|
||||||
Basic Earnings (Loss) Per Share (As Reported)1,2
|
$
|
0.71
|
$
|
(0.07
|
)
|
$
|
0.10
|
$
|
(0.25
|
)
|
||||||
Diluted Earnings (Loss) Per Share (As Reported)1,2
|
$
|
0.69
|
$
|
(0.07
|
)
|
$
|
0.10
|
$
|
(0.25
|
)
|
||||||
Plus:
|
||||||||||||||||
(Benefit) provision for income taxes
|
(90.1
|
)
|
1.3
|
(131.2
|
)
|
(31.9
|
)
|
|||||||||
Amortization of acquisition related intangible assets
|
27.3
|
27.4
|
107.7
|
110.6
|
||||||||||||
Impairment of goodwill and other intangible assets
|
1.6
|
23.8
|
1.6
|
25.3
|
||||||||||||
Sponsor fees and expenses
|
-
|
1.0
|
17.3
|
4.8
|
||||||||||||
Restructuring and related business transformation costs
|
4.2
|
32.5
|
24.7
|
78.7
|
||||||||||||
Acquisition related expenses and non-cash charges
|
1.0
|
0.6
|
4.1
|
4.3
|
||||||||||||
Environmental remediation loss reserve
|
-
|
5.6
|
0.9
|
5.6
|
||||||||||||
Expenses related to public stock offerings
|
0.5
|
-
|
4.1
|
-
|
||||||||||||
Establish public company financial reporting compliance
|
0.9
|
0.1
|
8.1
|
0.2
|
||||||||||||
Stock-based compensation
|
28.2
|
-
|
194.2
|
-
|
||||||||||||
Loss on extinguishment of debt
|
-
|
-
|
84.5
|
-
|
||||||||||||
Foreign currency transaction losses (gains), net
|
3.0
|
(3.3
|
)
|
9.3
|
(5.9
|
)
|
||||||||||
Other adjustments
|
7.5
|
3.5
|
10.9
|
7.9
|
||||||||||||
Minus:
|
||||||||||||||||
Income tax provision, as adjusted
|
27.8
|
21.8
|
105.4
|
34.7
|
||||||||||||
Adjusted Net Income
|
$
|
100.1
|
$
|
66.4
|
$
|
249.3
|
$
|
133.6
|
||||||||
Adjusted Basic Earnings Per Share2
|
$
|
0.50
|
$
|
0.45
|
$
|
1.37
|
$
|
0.90
|
||||||||
Adjusted Diluted Earnings Per Share2,4
|
$
|
0.48
|
$
|
0.44
|
$
|
1.32
|
$
|
0.88
|
||||||||
Average shares outstanding:
|
||||||||||||||||
Basic, as reported
|
201.4
|
148.7
|
182.2
|
149.2
|
||||||||||||
Diluted, as reported3
|
209.3
|
148.7
|
188.4
|
149.2
|
||||||||||||
Adjusted diluted4
|
209.3
|
151.9
|
188.4
|
151.0
|
For the Three
|
For the
|
|||||||||||||||
Month Period Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net Income (Loss)
|
$
|
143.8
|
$
|
(4.3
|
)
|
$
|
18.5
|
$
|
(31.3
|
)
|
||||||
Plus:
|
||||||||||||||||
Interest expense
|
25.2
|
41.6
|
140.7
|
170.3
|
||||||||||||
(Benefit) provision for income taxes
|
(90.1
|
)
|
1.3
|
(131.2
|
)
|
(31.9
|
)
|
|||||||||
Depreciation expense
|
15.5
|
12.5
|
54.9
|
48.5
|
||||||||||||
Amortization expense
|
31.3
|
33.4
|
118.9
|
124.2
|
||||||||||||
Impairment of goodwill and other intangible assets
|
1.6
|
23.8
|
1.6
|
25.3
|
||||||||||||
Sponsor fees and expenses
|
-
|
1.0
|
17.3
|
4.8
|
||||||||||||
Restructuring and related business transformation costs
|
4.2
|
32.5
|
24.7
|
78.7
|
||||||||||||
Acquisition related expenses and non-cash charges
|
1.0
|
0.6
|
4.1
|
4.3
|
||||||||||||
Environmental remediation loss reserve
|
-
|
5.6
|
0.9
|
5.6
|
||||||||||||
Expenses related to public stock offerings
|
0.5
|
-
|
4.1
|
-
|
||||||||||||
Establish public company financial reporting compliance
|
0.9
|
0.1
|
8.1
|
0.2
|
||||||||||||
Stock-based compensation
|
28.2
|
-
|
194.2
|
-
|
||||||||||||
Loss on extinguishment of debt
|
-
|
-
|
84.5
|
-
|
||||||||||||
Foreign currency transaction losses (gains), net
|
3.0
|
(3.3
|
)
|
9.3
|
(5.9
|
)
|
||||||||||
Other adjustments
|
7.5
|
3.5
|
10.9
|
7.9
|
||||||||||||
Adjusted EBITDA
|
$
|
172.6
|
$
|
148.3
|
$
|
561.5
|
$
|
400.7
|
||||||||
Minus:
|
||||||||||||||||
Interest expense
|
25.2
|
41.6
|
140.7
|
170.3
|
||||||||||||
Income tax provision, as adjusted
|
27.8
|
21.8
|
105.4
|
34.7
|
||||||||||||
Depreciation expense
|
15.5
|
12.5
|
54.9
|
48.5
|
||||||||||||
Amortization of non-acquisition related intangible assets
|
4.0
|
6.0
|
11.2
|
13.6
|
||||||||||||
Adjusted Net Income
|
$
|
100.1
|
$
|
66.4
|
$
|
249.3
|
$
|
133.6
|
||||||||
Free Cash Flow
|
||||||||||||||||
Cash flows - operating activities
|
116.6
|
58.8
|
200.5
|
165.6
|
||||||||||||
Minus:
|
||||||||||||||||
Capital expenditures
|
20.4
|
28.1
|
56.8
|
74.4
|
||||||||||||
Free Cash Flow
|
$
|
96.2
|
$
|
30.7
|
$
|
143.7
|
$
|
91.2
|
For the Three
|
For the
|
|||||||||||||||
Month Period Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenue
|
||||||||||||||||
Industrials
|
$
|
311.7
|
$
|
278.7
|
$
|
1,130.7
|
$
|
1,082.3
|
||||||||
Energy
|
295.1
|
242.6
|
1,014.5
|
628.4
|
||||||||||||
Medical
|
58.2
|
56.4
|
230.2
|
228.7
|
||||||||||||
Total Revenue
|
$
|
665.0
|
$
|
577.7
|
$
|
2,375.4
|
$
|
1,939.4
|
||||||||
Segment Adjusted EBITDA
|
||||||||||||||||
Industrials
|
$
|
69.0
|
$
|
61.4
|
$
|
242.7
|
$
|
217.6
|
||||||||
Energy
|
96.9
|
73.6
|
296.1
|
143.8
|
||||||||||||
Medical
|
15.5
|
17.2
|
62.4
|
61.9
|
||||||||||||
Total Segment Adjusted EBITDA
|
$
|
181.4
|
$
|
152.2
|
$
|
601.2
|
$
|
423.3
|
||||||||
Less items to reconcile Segment Adjusted EBITDA to
|
||||||||||||||||
Income (Loss) Before Income Taxes:
|
||||||||||||||||
Corporate expenses not allocated to segments
|
$
|
8.8
|
$
|
3.9
|
$
|
39.7
|
$
|
22.6
|
||||||||
Interest expense
|
25.2
|
41.6
|
140.7
|
170.3
|
||||||||||||
Depreciation and amortization expense
|
46.8
|
45.9
|
173.8
|
172.7
|
||||||||||||
Impairment of goodwill and other intangible assets
|
1.6
|
23.8
|
1.6
|
25.3
|
||||||||||||
Sponsor fees and expenses
|
-
|
1.0
|
17.3
|
4.8
|
||||||||||||
Restructuring and related business transformation costs
|
4.2
|
32.5
|
24.7
|
78.7
|
||||||||||||
Acquisition related expenses and non-cash charges
|
1.0
|
0.6
|
4.1
|
4.3
|
||||||||||||
Environmental remediation loss reserve
|
-
|
5.6
|
0.9
|
5.6
|
||||||||||||
Expenses related to public stock offerings
|
0.5
|
-
|
4.1
|
-
|
||||||||||||
Establish public company financial reporting compliance
|
0.9
|
0.1
|
8.1
|
0.2
|
||||||||||||
Stock-based compensation
|
28.2
|
-
|
194.2
|
-
|
||||||||||||
Loss on extinguishment of debt
|
-
|
-
|
84.5
|
-
|
||||||||||||
Foreign currency transaction losses (gains), net
|
3.0
|
(3.3
|
)
|
9.3
|
(5.9
|
)
|
||||||||||
Other adjustments
|
7.5
|
3.5
|
10.9
|
7.9
|
||||||||||||
Income (Loss) Before Income Taxes
|
$
|
53.7
|
$
|
(3.0
|
)
|
$
|
(112.7
|
)
|
$
|
(63.2
|
)
|
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Ticker: GDI
CIK: 1699150
Form Type: 10-K Annual Report
Accession Number: 0001140361-18-008833
Submitted to the SEC: Fri Feb 16 2018 4:48:42 PM EST
Accepted by the SEC: Fri Feb 16 2018
Period: Sunday, December 31, 2017
Industry: General Industrial Machinery And Equipment