Hayward Holdings Announces Third Quarter Fiscal Year 2022 Financial Results
THIRD QUARTER FISCAL 2022 SUMMARY
- Net Sales decreased 30% year-over-year to $245.3 million
- Net Income decreased 54% year-over-year to $23.1 million
- Adjusted EBITDA decreased 39% year-over-year to $60.4 million
- Adjusted diluted EPS decreased 43% year-over-year to $0.14
CHARLOTTE, N.C.–(BUSINESS WIRE)–Hayward Holdings, Inc. (“Hayward”) (NYSE: HAYW), a global designer, manufacturer and marketer of a broad portfolio of pool equipment and associated automation systems, today announced financial results for the third quarter ended October 1, 2022 of its fiscal year 2022.
CEO COMMENTS
“Our third quarter results were in line with our expectations,” said Kevin Holleran, Hayward’s President and Chief Executive Officer. “We continue to leverage our competitive advantages, increase market share, and capitalize on the sustainable secular trends in our industry. I am particularly pleased with continued solid growth and outperformance in channel sell-through in our core U.S. market for the third quarter, as reported by our primary channel partners. However, consistent with our expectations, we saw a meaningful divergence between this channel sell-through and our net sales into the channel as our partners reduced the level of inventory on hand in response to normalizing lead times and safety stock requirements. We are taking proactive steps to streamline the organization and realign our cost structure to current conditions while prioritizing our strategic growth investments.”
THIRD QUARTER FISCAL 2022 CONSOLIDATED RESULTS
Net sales decreased by 30% to $245.3 million for the third quarter of fiscal 2022. The decline in net sales during the quarter was the result of lower volumes, partially offset by favorable pricing and acquisitions. The decline in volume was primarily driven by distribution channel destocking as supply chain pressure eases, lead times normalize, and the industry starts to return to the pre-pandemic seasonal trend of lower sales activity in the third quarter. Additionally, macroeconomic uncertainty and geopolitical factors in Europe weighed on customer demand and contributed to the decline in volume.
Gross profit decreased by 34% to $107.8 million for the third quarter of fiscal 2022. Gross profit margin decreased 239 basis points to 43.9%. The decrease in gross margin was principally due to the decline in volume resulting in lower operating leverage. Gross profit margin was also negatively impacted by the inventory fair value step-up adjustment recognized as part of purchase accounting related to the second quarter acquisition of J&J Electronics and Sollos (the “Specialty Lighting Business”).
Selling, general, and administrative (“SG&A”) expenses decreased by 27% to $50.5 million for the third quarter of fiscal 2022. The decrease in SG&A was primarily driven by lower incentive compensation, selling and distribution, and warranty expenses as well as the absence of a patent infringement litigation settlement which occurred in the prior year period. As a percentage of net sales, SG&A increased 96 basis points to 21%, compared to the prior year period of 20%. Research, development, and engineering expenses were $6.1 million for the third quarter of fiscal 2022, or 3% of net sales, as compared to $6.4 million for the prior year period, or 2% of net sales.
Operating income decreased by 48% to $40.3 million for the third quarter of fiscal 2022. The decrease in operating income was driven by lower sales.
Interest expense, net, increased by approximately 26% to $13.9 million for the third quarter of fiscal 2022 primarily as a result of variable rate increases on the term loan and utilization of the ABL revolving credit facility.
Income tax expense for the third quarter of fiscal 2022 was $3.5 million for an effective tax rate of 13.3%, compared to $14.3 million at an effective tax rate of 22.2% for the prior-year period. The decrease was primarily due to discrete items resulting from certain state legislation changes and the tax benefit resulting from the exercise of stock options.
Net income decreased by 54% to $23.1 million for the third quarter of fiscal 2022.
Adjusted EBITDA decreased by 39% to $60.4 million for the third quarter of fiscal 2022. Adjusted EBITDA margin decreased 341 basis points to 24.6%.
Diluted GAAP EPS decreased by 52% to $0.10 for the third quarter of fiscal 2022. Adjusted diluted EPS decreased by 43% to $0.14 for the third quarter of fiscal 2022.
THIRD QUARTER FISCAL 2022 SEGMENT RESULTS
North America
Net sales decreased by 32% to $203.7 million for the third quarter of fiscal 2022. The decrease was primarily the result of a decline in volume, partially offset by increases in price to offset inflationary pressure and the favorable impact of acquisitions. The decline in volume was primarily the result of distribution channel destocking and the seasonal trend of lower sales activity in the third quarter as discussed above.
Segment income decreased by 47% to $48.7 million for the third quarter of fiscal 2022. Adjusted segment income decreased by 42% to $56.9 million.
Europe & Rest of World
Net sales decreased by 21% to $41.6 million for the third quarter of fiscal 2022. The decrease was primarily due to a decline in volume as a result of geopolitical factors and macroeconomic uncertainty, unfavorable impact of foreign currency translation, and channel inventory reductions, partially offset by price increases.
Segment income decreased by 17% to $8.8 million for the third quarter of fiscal 2022. Adjusted segment income decreased by 23% to $8.6 million.
BALANCE SHEET AND CASH FLOW
As of October 1, 2022, Hayward had cash and cash equivalents of $72.9 million and approximately $55.2 million available for future borrowings under its ABL Facility. Cash flow from operations for the nine months ended October 1, 2022, of approximately $144 million was a decrease of approximately $55 million from the prior year comparative period as a result of the increase in cash used for working capital, partially offset by an increase in net income.
COST OPTIMIZATION PROGRAM
During the three months ended October 1, 2022, the Company initiated an enterprise cost reduction program to address the current market dynamics and maintain the Company’s strong financial metrics. The initial focus was on a reduction of variable costs with specific attention to eliminating cost inefficiencies in our supply chain and reducing labor in our production cost base. In addition to these variable cost reductions, the Company identified structural selling, general and administrative cost reduction opportunities totaling $25 million to $30 million in 2023, with initial savings of approximately $8 million to be realized in 2022.
OUTLOOK
Hayward is refining its full fiscal year 2022 guidance to reflect higher than expected inflation impacting the fourth quarter, normalizing channel inventory levels and geopolitical events in Europe. Hayward continues to see increasing consumer demand for pool equipment products in the U.S., specifically, for our suite of SmartPadTM products into the aftermarket. Hayward is confident in the long-term outlook for profitable growth and robust cash flow generation, driven by new product innovation, growing commercial relationships with prominent pool dealers and builders, and agile manufacturing capabilities.
For fiscal year 2022, Hayward now expects net sales to decrease approximately 6% from prior year, and Adjusted EBITDA of $365 million to $370 million.
Please see the Forward-Looking Statements section of this release for a discussion of certain risks relevant to Hayward’s outlook.
SHARE REPURCHASE PROGRAM
For the three and nine months ended October 1, 2022, Hayward repurchased approximately $50.0 million and $343.1 million, respectively, in common stock under its previously approved share repurchase program, leaving approximately $400.0 million remaining under the renewed authorization, which occurred on July 26, 2022. Hayward’s Board of Directors renewed the initial authorization of the existing repurchase program and authorized Hayward to repurchase up to an aggregate of $450 million of its common stock over the next three years. The repurchase program will continue to be funded by cash on hand and cash generated from operations.
CONFERENCE CALL INFORMATION
Hayward will hold a conference call to discuss the results today, November 1, 2022 at 9:00 a.m. (ET).
To access the live conference call, please register for the call in advance by visiting https://www.netroadshow.com/events/login?show=c0ffcc93&confId=42857. Registration will also be available during the call. After registering, a confirmation e-mail will be sent including dial-in details and a unique access code for entry. To ensure you are connected for the full call please register at least 10 minutes before the start of the call.
Interested investors and other parties can also listen to a webcast of the live conference call by logging onto the Investor Relations section of the company’s website at https://investor.hayward.com/events-and-presentations/default.aspx. An earnings presentation will be posted to the Investor Relations section of the company’s website prior to the conference call.
For those unable to listen to the live conference call, a replay will be available approximately two hours after the call through the archived webcast on the Hayward website or by dialing (866) 813-9403 or (44) 204-525-0658. The access code for the replay is 480626. The replay will be available until 11:59 p.m. Eastern Time on November 15, 2022.
ABOUT HAYWARD HOLDINGS, INC.
Hayward Holdings, Inc. (NYSE: HAYW) is a leading global designer and manufacturer of pool equipment and technology all key to the SmartPad™ conversion strategy designed to provide superior outdoor living experience. Hayward offers a full line of innovative, energy-efficient and sustainable residential and commercial pool equipment, including a complete line of advanced pumps, filters, heaters, automatic pool cleaners, LED lighting, internet of things (IoT) enabled controls, alternate sanitizers and water features.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (the “Act”) and releases issued by the Securities and Exchange Commission (the “SEC”). Such forward-looking statements relating to Hayward are based on the beliefs of Hayward’s management as well as assumptions made by, and information currently available to it. These forward-looking statements include, but are not limited to, statements about Hayward’s strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements contained in or incorporated by reference in this earnings release that are not historical facts. When used in this document, words such as “guidance,” “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to Hayward are intended to identify forward-looking statements. Hayward believes that it is important to communicate its future expectations to its stockholders, and it therefore makes forward-looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that Hayward is not able to accurately predict or control, and actual results may differ materially from the expectations it describes in its forward-looking statements.
Examples of forward-looking statements include, among others, statements Hayward makes regarding: Hayward’s outlook, financial position; business plans and objectives; general economic and industry trends; business prospects; future product development and acquisition strategies; growth and expansion opportunities; operating results; and working capital and liquidity. The forward-looking statements in this earnings release are only predictions. Hayward may not achieve the plans, intentions or expectations disclosed in Hayward’s forward-looking statements, and you should not place significant reliance on its forward-looking statements. Hayward has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Moreover, neither Hayward nor any other person assumes responsibility for the accuracy and completeness of forward-looking statements taken from third-party industry and market reports.
Important factors that could affect Hayward’s future results and could cause those results or other outcomes to differ materially from those indicated in its forward-looking statements include the following: its ability to execute on its growth strategies and expansion opportunities; uncertainties affecting the pace of distribution channel destocking and its impact on sales volumes; its ability to maintain favorable relationships with suppliers and manage disruptions to its global supply chain and the availability of raw materials, including as a result of the COVID-19 pandemic; its relationships with and the performance of distributors, builders, buying groups, retailers and servicers who sell Hayward’s products to pool owners; competition from national and global companies, as well as lower-cost manufacturers; impacts on Hayward’s business from the sensitivity of its business to seasonality and unfavorable economic business and weather conditions; Hayward’s ability to identify emerging technological and other trends in its target end markets; Hayward’s ability to develop, manufacture and effectively and profitably market and sell its new planned and future products; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; Hayward’s ability to attract and retain senior management and other qualified personnel; regulatory changes and developments affecting Hayward’s current and future products; volatility in currency exchange rates; Hayward’s ability to realize cost savings from restructuring activities; Hayward’s ability to service its existing indebtedness and obtain additional capital to finance operations and its growth opportunities; impacts on Hayward’s business from political, regulatory, economic, trade, and other risks associated with operating foreign businesses, including risks associated with geopolitical conflict; Hayward’s ability to establish and maintain intellectual property protection for its products, as well as its ability to operate its business without infringing, misappropriating or otherwise violating the intellectual property rights of others; the impact of material cost and other inflation; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits, impact trade agreements and tariffs, or address the impacts of climate change; the outcome of litigation and governmental proceedings; impacts on Hayward’s business from the COVID-19 pandemic; and other factors set forth in “Risk Factors” in Hayward’s Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Report on Form 10-Q for the period ended July 2, 2022.
Many of these factors are macroeconomic in nature and are, therefore, beyond Hayward’s control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, Hayward’s actual results, performance or achievements may vary materially from those described in this earnings release as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements included in this earnings release are made only as of the date of this earnings release. Unless required by United States federal securities laws, Hayward neither intends nor assumes any obligation to update these forward-looking statements for any reason after the date of this earnings release to conform these statements to actual results or to changes in Hayward’s expectations.
NON-GAAP FINANCIAL MEASURES
This earnings release includes certain financial measures not presented in accordance with the generally accepted accounting principles in the United States (“GAAP”) including adjusted net income, adjusted basic EPS, adjusted diluted EPS, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit margin, adjusted segment income, adjusted segment income margin, net debt and free cash flow. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income (loss), segment income or other measures of profitability or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of historical non-GAAP measures to the most directly comparable GAAP measures.
Reconciliation for the forward-looking full year fiscal 2022 net sales and adjusted EBITDA outlook is not being provided, as Hayward does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation.
Hayward Holdings, Inc.
Unaudited Condensed Consolidated Balance Sheets
(Dollars in thousands, except per share data)
|
|
|
October 1, 2022 |
|
December 31, 2021 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
72,907 |
|
|
$ |
265,796 |
|
|
Accounts receivable, net of allowances of $2,872 and $2,003, respectively |
|
|
108,543 |
|
|
|
208,112 |
|
|
Inventories, net |
|
|
313,379 |
|
|
|
233,449 |
|
|
Prepaid expenses |
|
|
16,051 |
|
|
|
12,459 |
|
|
Other current assets |
|
|
51,368 |
|
|
|
30,705 |
|
|
Total current assets |
|
|
562,248 |
|
|
|
750,521 |
|
|
Property, plant, and equipment, net of accumulated depreciation of $76,600 and $67,366, respectively |
|
|
148,428 |
|
|
|
146,754 |
|
|
Goodwill |
|
|
927,055 |
|
|
|
924,264 |
|
|
Trademark |
|
|
736,000 |
|
|
|
736,000 |
|
|
Customer relationships, net |
|
|
236,321 |
|
|
|
242,854 |
|
|
Other intangibles, net |
|
|
108,983 |
|
|
|
103,192 |
|
|
Other non-current assets |
|
|
111,363 |
|
|
|
74,885 |
|
|
Total assets |
|
$ |
2,830,398 |
|
|
$ |
2,978,470 |
|
|
|
|
|
|
|
||||
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
|
Current liabilities |
|
|
|
|
||||
|
Current portion of the long-term debt |
|
$ |
11,957 |
|
|
$ |
12,155 |
|
|
Accounts payable |
|
|
65,354 |
|
|
|
87,445 |
|
|
Accrued expenses and other liabilities |
|
|
152,011 |
|
|
|
190,378 |
|
|
Income taxes payable |
|
|
— |
|
|
|
13,886 |
|
|
Total current liabilities |
|
|
229,322 |
|
|
|
303,864 |
|
|
Long-term debt, net |
|
|
1,067,002 |
|
|
|
973,124 |
|
|
Deferred tax liabilities, net |
|
|
266,290 |
|
|
|
262,378 |
|
|
Other non-current liabilities |
|
|
71,523 |
|
|
|
69,591 |
|
|
Total liabilities |
|
|
1,634,137 |
|
|
|
1,608,957 |
|
|
|
|
|
|
|
||||
|
Stockholders’ equity |
|
|
|
|
||||
|
Preferred stock, $0.001 par value, 100,000,000 authorized, no shares issued or outstanding as of October 1, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
|
Common stock $0.001 par value, 750,000,000 authorized; 239,942,927 issued and 211,276,558 outstanding at October 1, 2022; 238,432,216 issued and 233,056,799 outstanding at December 31, 2021 |
|
|
240 |
|
|
|
238 |
|
|
Additional paid-in capital |
|
|
1,067,148 |
|
|
|
1,058,724 |
|
|
Common stock in treasury; 28,666,369 and 5,375,417 at October 1, 2022 and December 31, 2021, respectively |
|
|
(357,408 |
) |
|
|
(14,066 |
) |
|
Retained earnings |
|
|
484,254 |
|
|
|
320,875 |
|
|
Accumulated other comprehensive income |
|
|
2,027 |
|
|
|
3,742 |
|
|
Total stockholders’ equity |
|
|
1,196,261 |
|
|
|
1,369,513 |
|
|
Total liabilities, redeemable stock, and stockholders’ equity |
|
$ |
2,830,398 |
|
|
$ |
2,978,470 |
|
Hayward Holdings, Inc.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share data)
|
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
|
October 1, 2022 |
|
October 2, 2021 |
|
October 1, 2022 |
|
October 2, 2021 |
|||||
|
Net sales |
|
$ |
245,267 |
|
|
$ |
350,624 |
|
$ |
1,055,169 |
|
$ |
1,049,409 |
|
Cost of sales |
|
|
137,483 |
|
|
|
188,170 |
|
|
567,626 |
|
|
559,033 |
|
Gross profit |
|
|
107,784 |
|
|
|
162,454 |
|
|
487,543 |
|
|
490,376 |
|
Selling, general, and administrative expense |
|
|
50,493 |
|
|
|
68,807 |
|
|
188,297 |
|
|
207,129 |
|
Research, development, and engineering expense |
|
|
6,142 |
|
|
|
6,370 |
|
|
16,411 |
|
|
16,187 |
|
Acquisition and restructuring related expense |
|
|
2,288 |
|
|
|
783 |
|
|
9,499 |
|
|
2,452 |
|
Amortization of intangible assets |
|
|
8,521 |
|
|
|
8,700 |
|
|
23,828 |
|
|
26,162 |
|
Operating income |
|
|
40,340 |
|
|
|
77,794 |
|
|
249,508 |
|
|
238,446 |
|
Interest expense, net |
|
|
13,938 |
|
|
|
11,050 |
|
|
35,105 |
|
|
42,297 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
— |
|
|
9,418 |
|
Other (income) expense, net |
|
|
(234 |
) |
|
|
2,087 |
|
|
3,056 |
|
|
4,655 |
|
Total other expense |
|
|
13,704 |
|
|
|
13,137 |
|
|
38,161 |
|
|
56,370 |
|
Income from operations before income taxes |
|
|
26,636 |
|
|
|
64,657 |
|
|
211,347 |
|
|
182,076 |
|
Provision for income taxes |
|
|
3,549 |
|
|
|
14,336 |
|
|
47,968 |
|
|
42,072 |
|
Net income |
|
$ |
23,087 |
|
|
$ |
50,321 |
|
$ |
163,379 |
|
$ |
140,004 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings per share |
|
|
|
|
|
|
|
|
|||||
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.22 |
|
$ |
0.74 |
|
$ |
0.24 |
|
Diluted |
|
$ |
0.10 |
|
|
$ |
0.21 |
|
$ |
0.70 |
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|||||
|
Basic |
|
|
212,905,429 |
|
|
|
231,339,007 |
|
|
222,009,824 |
|
|
172,820,430 |
|
Diluted |
|
|
222,006,615 |
|
|
|
243,783,501 |
|
|
232,131,395 |
|
185,673,814 |
|
|
Hayward Holdings, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands) |
|
Nine Months Ended |
||||||
|
|
October 1, 2022 |
|
October 2, 2021 |
|||||
|
Cash flows from operating activities |
|
|
|
|
||||
|
Net income |
|
$ |
163,379 |
|
|
$ |
140,004 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
||||
|
Depreciation |
|
|
13,931 |
|
|
|
14,096 |
|
|
Amortization of intangible assets |
|
|
28,437 |
|
|
|
30,903 |
|
|
Amortization of deferred debt issuance fees |
|
|
2,312 |
|
|
|
2,771 |
|
|
Stock-based compensation |
|
|
5,787 |
|
|
|
13,308 |
|
|
Deferred income taxes |
|
|
(4,221 |
) |
|
|
(3,014 |
) |
|
Allowance for bad debts |
|
|
869 |
|
|
|
584 |
|
|
Loss on debt extinguishment |
|
|
— |
|
|
|
9,418 |
|
|
Loss on disposal of property, plant and equipment |
|
|
5,550 |
|
|
|
3,743 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
||||
|
Accounts receivable |
|
|
96,874 |
|
|
|
(9,115 |
) |
|
Inventories |
|
|
(70,469 |
) |
|
|
(66,027 |
) |
|
Other current and non-current assets |
|
|
(16,902 |
) |
|
|
(10,699 |
) |
|
Accounts payable |
|
|
(24,472 |
) |
|
|
9,671 |
|
|
Accrued expenses and other liabilities |
|
|
(57,411 |
) |
|
|
63,520 |
|
|
Net cash provided by operating activities |
|
|
143,664 |
|
|
|
199,163 |
|
|
|
|
|
|
|
||||
|
Cash flows from investing activities |
|
|
|
|
||||
|
Purchases of property, plant, and equipment |
|
|
(23,533 |
) |
|
|
(19,098 |
) |
|
Purchases of intangibles |
|
|
— |
|
|
|
(818 |
) |
|
Acquisitions, net of cash acquired |
|
|
(61,337 |
) |
|
|
— |
|
|
Proceeds from sale of property, plant, and equipment |
|
|
4 |
|
|
|
25 |
|
|
Proceeds from settlements of investment currency hedge |
|
|
— |
|
|
|
719 |
|
|
Net cash used in investing activities |
|
|
(84,866 |
) |
|
|
(19,172 |
) |
|
|
|
|
|
|
||||
|
Cash flows from financing activities |
|
|
|
|
||||
|
Proceeds from issuance of common stock – Initial Public Offering |
|
|
— |
|
|
|
377,400 |
|
|
Costs associated with Initial Public Offering |
|
|
— |
|
|
|
(26,124 |
) |
|
Purchase of common stock for treasury |
|
|
(343,319 |
) |
|
|
(10,530 |
) |
|
Cash paid for taxes from share withholdings |
|
|
(871 |
) |
|
|
(10,174 |
) |
|
Proceeds from issuance of long-term debt |
|
|
— |
|
|
|
51,659 |
|
|
Debt issuance costs |
|
|
— |
|
|
|
(12,422 |
) |
|
Payments of long-term debt |
|
|
(7,500 |
) |
|
|
(367,144 |
) |
|
Proceeds from revolving credit facility |
|
|
150,000 |
|
|
|
68,000 |
|
|
Payments on revolving credit facility |
|
|
(50,000 |
) |
|
|
(68,000 |
) |
|
Proceeds from issuance of short term debt |
|
|
8,119 |
|
|
|
— |
|
|
Payments of short term debt |
|
|
(2,849 |
) |
|
|
— |
|
|
Other, net |
|
|
473 |
|
|
|
522 |
|
|
Net cash (used in) provided by financing activities |
|
|
(245,947 |
) |
|
|
3,187 |
|
|
|
|
|
|
|
||||
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
|
(5,740 |
) |
|
|
(1,505 |
) |
|
Change in cash and cash equivalents and restricted cash |
|
|
(192,889 |
) |
|
|
181,673 |
|
|
Cash and cash equivalents and restricted cash, beginning of period |
|
|
265,796 |
|
|
|
115,294 |
|
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
72,907 |
|
|
$ |
296,967 |
|
|
|
|
|
|
|
||||
|
Supplemental disclosures of cash flow information |
|
|
|
|
||||
|
Cash paid-interest |
|
|
32,725 |
|
|
|
53,686 |
|
|
Cash paid-income taxes |
|
|
93,503 |
|
|
|
39,242 |
|
|
Equipment financed under finance leases |
|
|
1,603 |
|
|
|
— |
|
Contacts
Investor Relations:
Kevin Maczka
[email protected]
Media Relations:
Tanya McNabb
[email protected]
