KEMET Corporation (the “Company”) (NYSE: KEM), a leading global
supplier of electronic components, today reported preliminary
results for the fourth quarter and fiscal year ended March 31,
2019.
Fourth Quarter Highlights (compared to prior year fourth
quarter)
- Net sales of $355.8 million, up 11.9%
- Gross margin of 35.5% versus 27.7%
- Net income per diluted share on a GAAP basis of $1.58
versus $0.04
- Adjusted net income per diluted share on a Non-GAAP
basis of $1.05 versus $0.44
- Net income of $93.4 million versus $2.3
million
- Adjusted EBITDA of $78.9 million versus $48.5
million
Full Year Highlights (compared to prior fiscal
year)
- Net sales of $1.38 billion, up 15.2%
- Gross margin of 33.2% versus 28.3%
- Net income per diluted share on a GAAP basis of $3.50
versus $4.33
- Adjusted net income per diluted share on a Non-GAAP
basis of $3.54 versus $1.74
- Net income of $206.6 million versus $254.1
million
- Adjusted EBITDA of $289.5 million versus $191.7
million
“KEMET's revenue increased 15.2% compared to the prior year,
driven by increases in all of our business segments,” stated
William Lowe, the Company's Chief Executive Officer. “Over the past
five years, our net income (loss) has improved from a net loss of
$14.1 million in fiscal year 2015 to net income of $206.6 million
in fiscal year 2019. In this same time period, our adjusted EBITDA
increased from $91.7 million in fiscal year 2015 to $289.5 million
in fiscal year 2019, representing an average annual growth rate of
37.0%. These improvements in our financial results are clear
evidence that the structural changes we have made to our business
during the past few years have been effective. In Ceramics, we have
segmented the market with a focus on specialty multi-layer large
case sizes and we are closely working with our customers to design
in our products. The vertical integration of our Tantalum product
line, increased focus on polymer technology, and the TOKIN
acquisition have substantially contributed to our success. The
acquisition of TOKIN has created operational synergies and further
diversified our products and geographies. We have transformed KEMET
to a growth company. As we look ahead, we see tremendous
opportunity to build on our positive momentum, drive long-term
growth, and enhance shareholder value,” continued Mr. Lowe.
Overview of Results
For the fiscal year ended March 31, 2019, net sales were
$1.38 billion, up 15.2% compared to $1.20 billion for the fiscal
year ended March 31, 2018. Net sales of $355.8 million for the
quarter ended March 31, 2019 increased 11.9% compared to net
sales of $318.1 million for the quarter ended March 31,
2018.
GAAP net income for the fiscal year ended March 31, 2019
was $206.6 million, or $3.50 per diluted share compared to net
income of $254.1 million, or $4.33 per diluted share for the fiscal
year ended March 31, 2018. GAAP net income for the quarter
ended March 31, 2019 was $93.4 million, or $1.58 per diluted
share compared to net income for the quarter ended March 31,
2018 of $2.3 million or $0.04 per diluted share.
GAAP net income for the fiscal year and quarter ended
March 31, 2019 included a tax benefit of $50.1 million related
to the partial release of valuation allowances in the U.S. and
Japan. The one-time net income benefit of this release is a result
of the significant improvements in our profitability over the last
several years and the expectation of continued profitability in the
future.
For the fiscal year ended March 31, 2019, non-GAAP Adjusted
net income was $209.0 million, or $3.54 per diluted share compared
to non-GAAP adjusted net income of $102.3 million, or $1.74 per
diluted share for the fiscal year ended March 31, 2018.
Non-GAAP Adjusted net income for the quarter ended March 31,
2019 was $62.1 million or $1.05 per diluted share, compared to a
non-GAAP Adjusted net income of $26.2 million or $0.44 per diluted
share for the quarter ended March 31, 2018.
Net income for the fiscal quarters and years ended
March 31, 2019 and 2018 include various items affecting
comparability as denoted in the GAAP to non-GAAP reconciliation
tables included hereafter.
Solid Capacitors Reportable Segment
Revenue for our Tantalum product line was up 8.3% this past
quarter from the same quarter last year. Our full year revenue also
improved year over year as we successfully execute on our strategic
Tantalum Polymer product development and growth initiatives.
Polymer products continue to drive high design and interest across
multiple industry segments and are expected to drive future
growth. Ceramics revenue increased across all channels and
regions due to favorable mix, increased volume, and favorable
pricing. Demand for our larger case size ceramic capacitors
continues to support our capacity expansion plans.
|
|
Quarter Ended March 31, |
|
Fiscal Year Ended March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Tantalum product line net
sales |
|
$ |
137,208 |
|
|
$ |
126,635 |
|
|
$ |
563,255 |
|
|
$ |
495,114 |
|
Ceramic product line net
sales |
|
110,653 |
|
|
76,170 |
|
|
372,583 |
|
|
276,126 |
|
Solid Capacitors net sales |
|
$ |
247,861 |
|
|
$ |
202,805 |
|
|
$ |
935,838 |
|
|
$ |
771,240 |
|
Solid Capacitors operating income |
|
$ |
98,694 |
|
|
$ |
64,056 |
|
|
$ |
348,150 |
|
|
$ |
234,473 |
|
Film and Electrolytic Reportable Segment
Film and Electrolytic revenue was slightly up year over year,
although down for this past quarter compared to the same quarter
last year. The pipeline remains strong for future periods. We
continue to focus on cost reduction initiatives and manufacturing
process improvements to increase our operating margins. Our
recently announced closing of the Granna manufacturing facility in
Sweden is continuing on schedule with expected gross margin
improvements in the coming quarters.
|
|
Quarter Ended March 31, |
|
Fiscal Year Ended March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales (1) |
|
$ |
50,486 |
|
|
55,028 |
|
|
$ |
206,240 |
|
|
$ |
201,977 |
|
Segment operating income
(loss) (1) |
|
(503 |
) |
|
(268 |
) |
|
8,183 |
|
|
3,622 |
|
_________________(1) Fiscal year ending March 31, 2018 adjusted
due to the adoption of ASC 606.
Electro-Magnetic, Sensors, and Actuators (“MSA”)
Reportable Segment
Our full year revenues grew 6.1% over the previous year,
although down slightly in this past quarter compared to the same
quarter last year, driven by the consumer segment. We saw overall
strength in actuator products going into the semiconductor
equipment segment, as well as metal materials related to the
medical segment. Demand for piezo products related to the consumer
and commercial fish finder business was also solid.
|
|
Quarter Ended March 31, |
|
Fiscal Year Ended March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
|
$ |
57,447 |
|
|
$ |
60,258 |
|
|
$ |
240,740 |
|
|
$ |
226,964 |
|
Segment operating income
(loss) |
|
3,585 |
|
|
(2,361 |
) |
|
22,546 |
|
|
15,694 |
|
Outlook
We expect our first quarter revenue to be in the range of $338.0
million to $348.0 million, up approximately 3.2% to 6.2% from last
year same quarter and that non-GAAP adjusted gross margin will
continue to be strong in the range of 33.5% and 35.0%. We
anticipate that non-GAAP Selling, General and Administrative
(“SG&A”) expenses will hold steady between $44.0 million and
$46.0 million, and Research and Development expenses will be
approximately in the range of $12.0 million to $13.0 million. We
also expect that our global effective tax rate will be around 25.0%
to 28.0% for the first quarter. This more normalized rate following
last quarter’s valuation allowances release is due to our improved
profitability resulting in the realization for financial statement
purposes of our income tax net operating losses. For fiscal year
2020, we expect cash taxes to be in the range of $15.0 million to
$20.0 million.
Presentation of Non-GAAP Financial Measures
The Company has presented certain historical financial measures
that have not been prepared in accordance with GAAP, including
adjusted net income, adjusted net income per basic and diluted
share, adjusted EBITDA, adjusted gross margin, and adjusted
SG&A expenses. Definitions of our non-GAAP financial measures
and a reconciliation to the most directly comparable GAAP financial
measure are included in the financial schedules accompanying this
news release.
The Company also has presented certain non-GAAP financial
measures as projected for the first quarter of fiscal year 2020,
including adjusted gross margin and adjusted SG&A expenses. A
reconciliation of GAAP to non-GAAP gross margin and GAAP to
non-GAAP SG&A expenses are not provided. The Company does not
forecast GAAP gross margin and GAAP SG&A expenses as it cannot,
without unreasonable effort, estimate or predict with certainty
various components of each. These components include stock-based
compensation expenses for GAAP gross margin and stock-based
compensation expenses and ERP integration costs/IT transition costs
for GAAP SG&A expenses. Further, in the future, other items
with similar characteristics to those currently included in
adjusted gross margin and adjusted SG&A expenses, that have a
similar impact on the comparability of periods, and which are not
known at this time, may exist and impact adjusted gross margin and
adjusted SG&A expenses.
About KEMET
The Company’s common stock is listed on the NYSE under the
ticker symbol “KEM” (NYSE: KEM). At the Investor Relations
section of our web site at http://www.kemet.com/IR, users may
subscribe to KEMET news releases and find additional information
about our Company. KEMET offers our customers the broadest
selection of capacitor technologies in the industry, along with an
expanding range of sensors, actuators, and electromagnetic
compatibility solutions. KEMET operates manufacturing facilities
and sales and distribution centers around the world. Additional
information about KEMET can be found at http://www.kemet.com.
Cautionary Statement on Forward-Looking
Statements
Certain statements included herein contain
forward-looking statements within the meaning of federal securities
laws about the Company's financial condition and results of
operations that are based on management's current expectations,
estimates and projections about the markets, in which the Company
operates, as well as management's beliefs and assumptions. Words
such as "expects," "anticipates," "believes," "estimates" or other
similar expressions and future or conditional verbs such as “will,”
“should,” “would,” and “could” are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in, or implied by, such forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's judgment
only as of the date hereof. The Company undertakes no obligation to
update publicly any of these forward-looking statements to reflect
new information, future events or otherwise.
Factors that may cause actual outcomes and results to differ
materially from those expressed in, or implied by, these
forward-looking statements include, but are not necessarily limited
to, the following: (i) adverse economic conditions could impact our
ability to realize operating plans if the demand for our products
declines, and such conditions could adversely affect our liquidity
and ability to continue to operate and could cause a write down of
long-lived assets or goodwill; (ii) an increase in the cost or a
decrease in the availability of our principal or single-sourced
purchased raw materials; (iii) changes in the competitive
environment; (iv) uncertainty of the timing of customer product
qualifications in heavily regulated industries; (v) economic,
political, or regulatory changes in the countries in which we
operate; (vi) difficulties, delays, or unexpected costs in
completing the Company’s restructuring plans; (vii) acquisitions
and other strategic transactions expose us to a variety of risks,
including the ability to successfully integrate and maintain
adequate internal controls over financial reporting in compliance
with applicable regulations; (viii) our acquisition of TOKIN
Corporation may not achieve all of the anticipated results; (ix)
our business could be negatively impacted by increased regulatory
scrutiny and litigation; (x) difficulties associated with
retaining, attracting, and training effective employees and
management; (xi) the need to develop innovative products to
maintain customer relationships and offset potential price erosion
in older products; (xii) exposure to claims alleging product
defects; (xiii) the impact of laws and regulations that apply to
our business, including those relating to environmental matters,
data protection, cyber security and privacy; (xiv) the impact of
international laws relating to trade, export controls and foreign
corrupt practices; (xv) changes impacting international trade and
corporate tax provisions related to the global manufacturing and
sales of our products may have an adverse effect on our financial
condition and results of operations; (xvi) volatility of financial
and credit markets affecting our access to capital; (xvii) default
or failure of one or more of our counterparty financial
institutions could cause us to incur significant losses; (xviii)
the need to reduce the total costs of our products to remain
competitive; (xix) potential limitation on the use of net operating
losses to offset possible future taxable income; (xx) restrictions
in our debt agreements that could limit our flexibility in
operating our business; (xxi) service interruption,
misappropriation of data, or breaches of security as it relates to
our information systems could cause a disruption in our operations,
financial losses, and damage to our reputation; (xxii) economic and
demographic experience for pension and other post-retirement
benefit plans could be less favorable than our assumptions; (xxiii)
fluctuation in distributor sales could adversely affect our results
of operations; (xxiv) earthquakes and other natural disasters could
disrupt our operations and have a material adverse effect on our
financial condition and results of operations; and (xxv) volatility
in our stock price.
KEMET CORPORATION AND
SUBSIDIARIESConsolidated Statements of
Operations(Amounts in thousands, except per share
data)(Unaudited)
|
Quarter Ended March 31, |
|
Fiscal Year Ended March 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales (1) |
$ |
355,794 |
|
|
$ |
318,091 |
|
|
$ |
1,382,818 |
|
|
$ |
1,200,181 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of sales (1) |
229,388 |
|
|
229,963 |
|
|
924,276 |
|
|
860,744 |
|
Selling, general and administrative expenses |
53,571 |
|
|
47,821 |
|
|
202,642 |
|
|
173,620 |
|
Research and development (1) |
11,572 |
|
|
10,424 |
|
|
44,612 |
|
|
39,114 |
|
Restructuring charges |
7,157 |
|
|
8,307 |
|
|
8,779 |
|
|
14,843 |
|
Gain (loss) on write down and disposal of long-lived assets |
49 |
|
|
(70 |
) |
|
1,660 |
|
|
(992 |
) |
Total operating costs and expenses (1) |
301,737 |
|
|
296,445 |
|
|
1,181,969 |
|
|
1,087,329 |
|
Operating income (1) |
54,057 |
|
|
21,646 |
|
|
200,849 |
|
|
112,852 |
|
Non-operating (income)
expense: |
|
|
|
|
|
|
|
Interest income |
(710 |
) |
|
(396 |
) |
|
(2,035 |
) |
|
(809 |
) |
Interest expense |
2,436 |
|
|
7,150 |
|
|
21,239 |
|
|
32,882 |
|
Acquisition (gain) loss |
— |
|
|
6,303 |
|
|
— |
|
|
(130,880 |
) |
Other (income) expense, net |
4,568 |
|
|
3,531 |
|
|
11,214 |
|
|
24,592 |
|
Income before income taxes and equity income (loss) from equity
method investments |
47,763 |
|
|
5,058 |
|
|
170,431 |
|
|
187,067 |
|
Income tax expense (benefit)
(1) |
(48,660 |
) |
|
3,091 |
|
|
(39,460 |
) |
|
9,132 |
|
Income before equity income (loss) from equity method investments
(1) |
96,423 |
|
|
1,967 |
|
|
209,891 |
|
|
177,935 |
|
Equity income (loss) from
equity method investments |
(3,003 |
) |
|
313 |
|
|
(3,304 |
) |
|
76,192 |
|
Net income (1) |
$ |
93,420 |
|
|
$ |
2,280 |
|
|
$ |
206,587 |
|
|
$ |
254,127 |
|
|
|
|
|
|
|
|
|
Net income per basic
share |
$ |
1.60 |
|
|
$ |
0.04 |
|
|
$ |
3.57 |
|
|
$ |
4.81 |
|
|
|
|
|
|
|
|
|
Net income per diluted
share |
$ |
1.58 |
|
|
$ |
0.04 |
|
|
$ |
3.50 |
|
|
$ |
4.33 |
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.10 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
58,233 |
|
|
57,025 |
|
|
57,840 |
|
|
52,798 |
|
Diluted |
58,975 |
|
|
59,063 |
|
|
59,082 |
|
|
58,640 |
|
_________________(1) Quarter and fiscal year ended
March 31, 2018 adjusted due to the adoption of ASC 606,
Revenue from Contracts with Customers ("ASC 606").
KEMET CORPORATION AND
SUBSIDIARIESConsolidated Balance
Sheets(Amounts in thousands, except per share
data)(Unaudited)
|
March 31, 2019 |
|
March 31, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
207,918 |
|
|
$ |
286,846 |
|
Accounts receivable, net (1) |
154,059 |
|
|
146,561 |
|
Inventories, net |
241,129 |
|
|
204,386 |
|
Prepaid expenses and other current assets |
38,947 |
|
|
41,160 |
|
Total current assets (1) |
642,053 |
|
|
678,953 |
|
Property, plant and equipment, net |
495,280 |
|
|
405,316 |
|
Goodwill |
40,294 |
|
|
40,294 |
|
Intangible assets, net |
53,749 |
|
|
59,907 |
|
Equity method investments |
12,925 |
|
|
12,016 |
|
Deferred income taxes |
57,024 |
|
|
13,837 |
|
Other assets (1) |
16,770 |
|
|
12,600 |
|
Total assets (1) |
$ |
1,318,095 |
|
|
$ |
1,222,923 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
28,430 |
|
|
$ |
20,540 |
|
Accounts payable |
153,287 |
|
|
139,989 |
|
Accrued expenses (1) |
93,761 |
|
|
125,119 |
|
Income taxes payable |
2,995 |
|
|
2,010 |
|
Total current liabilities (1) |
278,473 |
|
|
287,658 |
|
Long-term debt |
266,041 |
|
|
304,083 |
|
Other non-current obligations (1) |
125,360 |
|
|
152,249 |
|
Deferred income taxes (1) |
8,806 |
|
|
15,058 |
|
Total liabilities (1) |
678,680 |
|
|
759,048 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, par value $0.01, authorized 10,000 shares, none
issued |
— |
|
|
— |
|
Common stock, par value $0.01, authorized 175,000 shares, issued
57,822 and 56,641 shares at March 31, 2019 and 2018,
respectively |
578 |
|
|
566 |
|
Additional paid-in capital |
465,366 |
|
|
462,737 |
|
Retained earnings (1) |
204,195 |
|
|
3,370 |
|
Accumulated other comprehensive income (loss) (1) |
(30,724 |
) |
|
(2,798 |
) |
Total stockholders’ equity (1) |
639,415 |
|
|
463,875 |
|
Total liabilities and
stockholders’ equity (1) |
$ |
1,318,095 |
|
|
$ |
1,222,923 |
|
_________________(1) Fiscal year ended March 31, 2018
adjusted due to the adoption of ASC 606.
KEMET CORPORATION AND
SUBSIDIARIESConsolidated Statements of Cash
Flows(Amounts in
thousands)(Unaudited)
|
|
Fiscal Years Ended March 31, |
|
|
2019 |
|
2018 |
Operating activities |
|
|
|
|
Net income (1) |
|
$ |
206,587 |
|
|
$ |
254,127 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities, net of effect of acquisitions: |
|
|
|
|
Depreciation and amortization |
|
52,628 |
|
|
50,661 |
|
Equity (income) loss from equity method investments |
|
3,304 |
|
|
(76,192 |
) |
Acquisition (gain) loss |
|
— |
|
|
(130,880 |
) |
Non-cash debt and financing costs |
|
1,872 |
|
|
2,467 |
|
Loss on early extinguishment of debt |
|
15,946 |
|
|
486 |
|
Stock-based compensation expense |
|
12,866 |
|
|
7,657 |
|
Pension and other post-retirement benefits |
|
4,938 |
|
|
4,717 |
|
Change in deferred income taxes (1) |
|
(49,757 |
) |
|
564 |
|
Net (gain) loss on write down and disposal of long-lived
assets |
|
1,660 |
|
|
(992 |
) |
Rent receivable |
|
— |
|
|
2,645 |
|
Other, net |
|
(285 |
) |
|
(680 |
) |
Changes in assets and liabilities, net of the effect of
acquisitions: |
|
|
|
|
Accounts receivable |
|
(8,910 |
) |
|
30,217 |
|
Inventories |
|
(42,806 |
) |
|
(13,827 |
) |
Prepaid expenses and other assets |
|
(4,381 |
) |
|
4,330 |
|
Accounts payable |
|
7,650 |
|
|
(16,053 |
) |
Accrued income taxes |
|
1,046 |
|
|
1,317 |
|
Other operating liabilities |
|
(70,627 |
) |
|
197 |
|
Net cash provided by (used in) operating activities |
|
131,731 |
|
|
120,761 |
|
Investing activities: |
|
|
|
|
Capital expenditures |
|
(146,056 |
) |
|
(65,004 |
) |
Contributions to equity method investments |
|
(4,000 |
) |
|
(3,000 |
) |
Proceeds from dividend |
|
776 |
|
|
2,745 |
|
Acquisitions, net of cash received |
|
— |
|
|
163,985 |
|
Proceeds from sale of assets |
|
2,268 |
|
|
3,638 |
|
Net cash provided by (used in) investing activities |
|
(147,012 |
) |
|
102,364 |
|
Consolidated Statements of Cash Flows (Unaudited)
(Continued)
|
|
Fiscal Years Ended March 31, |
|
|
2019 |
|
2018 |
Financing activities: |
|
|
|
|
Payments of revolving line of credit |
|
— |
|
|
(33,881 |
) |
Proceeds from issuance of debt |
|
298,336 |
|
|
334,978 |
|
Early extinguishment of debt costs |
|
(3,234 |
) |
|
— |
|
Payment of long-term debt |
|
(344,461 |
) |
|
(365,938 |
) |
Debt issuance costs |
|
(2,021 |
) |
|
(5,002 |
) |
Proceeds from exercise of stock options |
|
485 |
|
|
5,207 |
|
Proceeds from exercise of stock warrants |
|
— |
|
|
8,838 |
|
Payment of dividends |
|
(5,762 |
) |
|
— |
|
Net cash provided by (used in) financing activities |
|
(56,657 |
) |
|
(55,798 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(71,938 |
) |
|
167,327 |
|
Effect of foreign currency
fluctuations on cash |
|
(6,990 |
) |
|
9,745 |
|
Cash, cash equivalents, and
restricted cash at beginning of fiscal year |
|
286,846 |
|
|
109,774 |
|
Cash, cash equivalents, and
restricted cash at end of fiscal year |
|
207,918 |
|
|
286,846 |
|
Less: Restricted cash at end
of year |
|
— |
|
|
— |
|
Cash and cash equivalents at end of year |
|
$ |
207,918 |
|
|
$ |
286,846 |
|
Non GAAP Financial Measures
The Company utilizes certain non-GAAP financial measures,
including "Adjusted gross margin", "Adjusted operating income",
“Adjusted net income”, “Adjusted net income per basic and diluted
share,” “Adjusted EBITDA,” and “Adjusted SG&A expenses."
Management believes that investors may find it useful to review the
Company’s financial results as adjusted to exclude items as
determined by management as further described below.
Adjusted Gross Margin
Adjusted gross margin represents net sales less cost of sales
excluding adjustments which are outlined in the quantitative
reconciliation provided below. Management uses Adjusted gross
margin to facilitate our analysis and understanding of our business
operations by excluding the items outlined in the quantitative
reconciliation provided below which might otherwise make
comparisons of our ongoing business with prior periods more
difficult and obscure trends in ongoing operations.
The Company believes that Adjusted gross margin is useful to
investors because it provides a supplemental way to understand the
underlying operating performance of the Company. Adjusted
gross margin should not be considered as an alternative to gross
margin or any other performance measure derived in accordance with
GAAP.
The following table provides a reconciliation from GAAP gross
margin to non-GAAP Adjusted gross margin (amounts in thousands,
except percentages):
|
Quarters Ended |
|
Fiscal Years Ended |
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
March 31, 2019 |
|
March 31, 2018 |
|
(Unaudited) |
Net sales (1) |
$ |
355,794 |
|
|
$ |
350,175 |
|
|
$ |
318,091 |
|
|
$ |
1,382,818 |
|
|
$ |
1,200,181 |
|
Cost of sales (1) |
229,388 |
|
|
226,425 |
|
|
229,963 |
|
|
924,276 |
|
|
860,744 |
|
Gross Margin (GAAP) (1) |
126,406 |
|
|
123,750 |
|
|
88,128 |
|
|
458,542 |
|
|
339,437 |
|
Gross margin as a % of net
sales |
35.5 |
% |
|
35.3 |
% |
|
27.7 |
% |
|
33.2 |
% |
|
28.3 |
% |
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
Plant start-up costs (2) |
(3,346 |
) |
|
305 |
|
|
929 |
|
|
(927 |
) |
|
929 |
|
Stock-based compensation expense |
815 |
|
|
666 |
|
|
465 |
|
|
2,756 |
|
|
1,519 |
|
Adjusted gross margin
(non-GAAP) (1) |
$ |
123,875 |
|
|
$ |
124,721 |
|
|
$ |
89,522 |
|
|
$ |
460,371 |
|
|
$ |
341,885 |
|
Adjusted gross margin as a %
of net sales |
34.8 |
% |
|
35.6 |
% |
|
28.1 |
% |
|
33.3 |
% |
|
28.5 |
% |
_________________(1) Quarter and fiscal year ended
March 31, 2018 adjusted due to the adoption of ASC 606.(2)
$0.9 million in costs incurred during fiscal year 2018 related to
the relocation of the Company's tantalum powder facility equipment
from Carson City, Nevada to its existing Matamoros, Mexico plant
were reclassified from “Plant start-up costs” to “Restructuring
charges” during the quarter ended March 31, 2019. Additionally,
$2.4 million in costs incurred during the first three quarters of
fiscal year 2019 were reclassified from “Plant start-up costs” to
“Restructuring charges” during the fourth quarter of fiscal year
2019.
Adjusted SG&A Expenses
Adjusted SG&A expenses represents SG&A expenses
excluding adjustments which are outlined in the quantitative
reconciliation provided below. Management uses Adjusted SG&A
expenses to facilitate our analysis and understanding of our
business operations by excluding these item which might otherwise
make comparisons of our ongoing business with prior periods more
difficult and obscure trends in ongoing operations. The Company
believes that Adjusted SG&A expenses is useful to investors
because it provides a supplemental way to understand the underlying
operating performance of the Company. Adjusted SG&A
expenses should not be considered as an alternative to SG&A
expenses or any other performance measure derived in accordance
with GAAP.
|
Quarters Ended |
|
Fiscal Years Ended |
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
March 31, 2019 |
|
March 31, 2018 |
|
(Unaudited) |
SG&A expenses (GAAP) |
$ |
53,571 |
|
|
$ |
48,271 |
|
|
$ |
47,821 |
|
|
$ |
202,642 |
|
|
$ |
173,620 |
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
ERP integration costs/IT transition costs |
3,117 |
|
|
2,453 |
|
|
80 |
|
|
8,813 |
|
|
80 |
|
Stock-based compensation expense |
1,935 |
|
|
767 |
|
|
2,251 |
|
|
9,751 |
|
|
5,890 |
|
Legal expenses/fines related to antitrust class actions |
901 |
|
|
1,268 |
|
|
1,738 |
|
|
5,195 |
|
|
6,736 |
|
Adjusted SG&A expenses
(non-GAAP) |
$ |
47,618 |
|
|
$ |
43,783 |
|
|
$ |
43,752 |
|
|
$ |
178,883 |
|
|
$ |
160,914 |
|
Adjusted Operating Income
Adjusted operating income represents operating income (loss),
excluding adjustments which are outlined in the quantitative
reconciliation provided below. Management uses Adjusted operating
income (loss) to facilitate our analysis and understanding of our
business operations by excluding the items outlined in the
quantitative reconciliation provided below which might otherwise
make comparisons of our ongoing business with prior periods more
difficult and obscure trends in ongoing operations. The Company
believes that Adjusted operating income is useful to investors
because it provides a supplemental way to understand our underlying
operating performance and allows investors to monitor and
understand changes in our ability to generate income from ongoing
business operations. Adjusted operating income should not be
considered as an alternative to operating income or any other
performance measure derived in accordance with GAAP.
Adjusted operating income is calculated as follows (amounts in
thousands):
|
|
Quarters Ended |
|
Fiscal Year Ended |
|
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
March 31, 2019 |
|
March 31, 2018 |
|
|
(Unaudited) |
Operating income (GAAP) (1) |
|
$ |
54,057 |
|
|
$ |
61,616 |
|
|
$ |
21,646 |
|
|
$ |
200,849 |
|
|
$ |
112,852 |
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
(Gain) loss on write down and disposal of long-lived assets |
|
49 |
|
|
788 |
|
|
(70 |
) |
|
1,660 |
|
|
(992 |
) |
ERP integration costs/IT transition costs |
|
3,117 |
|
|
2,453 |
|
|
80 |
|
|
8,813 |
|
|
80 |
|
Stock-based compensation expense |
|
2,855 |
|
|
1,534 |
|
|
2,820 |
|
|
12,866 |
|
|
7,657 |
|
Restructuring charges (2) |
|
7,157 |
|
|
1,718 |
|
|
8,307 |
|
|
8,779 |
|
|
14,843 |
|
Legal expenses/fines related to antitrust class actions |
|
901 |
|
|
1,268 |
|
|
1,738 |
|
|
5,195 |
|
|
6,736 |
|
Plant start-up costs (2) |
|
(3,346 |
) |
|
305 |
|
|
929 |
|
|
(927 |
) |
|
929 |
|
Adjusted operating income
(non-GAAP) (1) |
|
$ |
64,790 |
|
|
$ |
69,682 |
|
|
$ |
35,450 |
|
|
$ |
237,235 |
|
|
$ |
142,105 |
|
_________________(1) Quarter and fiscal year ended
March 31, 2018 adjusted due to the adoption of ASC 606.(2)
$0.9 million in costs incurred during fiscal year 2018 related to
the relocation of the Company's tantalum powder facility equipment
from Carson City, Nevada to its existing Matamoros, Mexico plant
were reclassified from “Plant start-up costs” to “Restructuring
charges” during the quarter ended March 31, 2019. Additionally,
$2.4 million in costs incurred during the first three quarters of
fiscal year 2019 were reclassified from “Plant start-up costs” to
“Restructuring charges” during the fourth quarter of fiscal year
2019.
Adjusted Net Income and Adjusted Net Income Per Basic
and Diluted Share
“Adjusted net income” and “Adjusted net income per basic and
diluted share” represent net income and net income per basic and
diluted share excluding adjustments which are outlined in the
quantitative reconciliation provided below. The Company believes
that these non-GAAP financial measures are useful to investors
because they provide a supplemental way to possibly better
understand the underlying operating performance of the Company and
allows investors to monitor and understand changes in our ability
to generate income from ongoing business
operations. Management uses these non-GAAP financial measures
to evaluate operating performance by excluding the items outlined
in the quantitative reconciliation provided earlier in this
presentation which might otherwise make comparisons of our ongoing
business with prior periods more difficult and obscure trends in
ongoing operations. Non-GAAP financial measures should not be
considered as an alternative to net income, operating income or any
other performance measures derived in accordance with GAAP.
The following table provides reconciliation from GAAP net income
to non-GAAP adjusted net income:
|
|
Quarters Ended |
|
Fiscal Year Ended |
|
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
March 31, 2019 |
|
March 31, 2018 |
|
|
(Unaudited,
Amounts in thousands, except per share data) |
GAAP |
|
|
|
|
|
|
|
|
|
|
Net sales (1) |
|
$ |
355,794 |
|
|
$ |
350,175 |
|
|
$ |
318,091 |
|
|
$ |
1,382,818 |
|
|
$ |
1,200,181 |
|
Net income (1) |
|
$ |
93,420 |
|
|
$ |
40,806 |
|
|
$ |
2,280 |
|
|
$ |
206,587 |
|
|
$ |
254,127 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per basic
share |
|
$ |
1.60 |
|
|
$ |
0.70 |
|
|
$ |
0.04 |
|
|
$ |
3.57 |
|
|
$ |
4.81 |
|
Net income per diluted
share |
|
$ |
1.58 |
|
|
$ |
0.69 |
|
|
$ |
0.04 |
|
|
$ |
3.50 |
|
|
$ |
4.33 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
93,420 |
|
|
40,806 |
|
|
2,280 |
|
|
206,587 |
|
|
254,127 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
Equity (income) loss from equity method investments |
|
3,003 |
|
|
296 |
|
|
(313 |
) |
|
3,304 |
|
|
(76,192 |
) |
Acquisition (gain) loss |
|
— |
|
|
— |
|
|
6,303 |
|
|
— |
|
|
(130,880 |
) |
Restructuring charges (2) |
|
7,157 |
|
|
1,718 |
|
|
8,307 |
|
|
8,779 |
|
|
14,843 |
|
R&D grant reimbursements and grant income |
|
(2 |
) |
|
(470 |
) |
|
— |
|
|
(4,559 |
) |
|
— |
|
ERP integration costs/IT transition costs |
|
3,117 |
|
|
2,453 |
|
|
80 |
|
|
8,813 |
|
|
80 |
|
Stock-based compensation |
|
2,855 |
|
|
1,534 |
|
|
2,820 |
|
|
12,866 |
|
|
7,657 |
|
Legal expenses/fines related to antitrust class actions |
|
3,039 |
|
|
1,549 |
|
|
1,095 |
|
|
11,896 |
|
|
16,636 |
|
Net foreign exchange (gain) loss |
|
2,316 |
|
|
(2,218 |
) |
|
3,972 |
|
|
(7,230 |
) |
|
13,145 |
|
Plant start-up costs (2) |
|
(3,346 |
) |
|
305 |
|
|
929 |
|
|
(927 |
) |
|
929 |
|
Amortization included in interest expense |
|
787 |
|
|
450 |
|
|
647 |
|
|
1,872 |
|
|
2,467 |
|
(Gain) loss on write down and disposals of long-lived assets |
|
49 |
|
|
788 |
|
|
(70 |
) |
|
1,660 |
|
|
(992 |
) |
Income tax effect of non-GAAP adjustments (3) |
|
(50,208 |
) |
|
(91 |
) |
|
156 |
|
|
(50,012 |
) |
|
(30 |
) |
(Gain) loss on early extinguishment of debt |
|
(42 |
) |
|
15,988 |
|
|
— |
|
|
15,946 |
|
|
486 |
|
Adjusted net income
(non-GAAP) |
|
$ |
62,145 |
|
|
$ |
63,108 |
|
|
$ |
26,206 |
|
|
$ |
208,995 |
|
|
$ |
102,276 |
|
Adjusted net income per basic
share (non-GAAP) |
|
$ |
1.07 |
|
|
$ |
1.09 |
|
|
$ |
0.46 |
|
|
$ |
3.61 |
|
|
$ |
1.94 |
|
Adjusted net income per
diluted share (non-GAAP) (4) |
|
$ |
1.05 |
|
|
$ |
1.07 |
|
|
$ |
0.44 |
|
|
$ |
3.54 |
|
|
$ |
1.74 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
58,233 |
|
|
58,010 |
|
|
57,025 |
|
|
57,840 |
|
|
52,798 |
|
Diluted |
|
58,975 |
|
|
59,111 |
|
|
59,063 |
|
|
59,082 |
|
|
58,640 |
|
_________________(1) Quarter and fiscal year ended
March 31, 2018 adjusted due to the adoption of ASC 606.(2)
$0.9 million in costs incurred during fiscal year 2018 related to
the relocation of the Company's tantalum powder facility equipment
from Carson City, Nevada to its existing Matamoros, Mexico plant
were reclassified from “Plant start-up costs” to “Restructuring
charges” during the quarter ended March 31, 2019. Additionally,
$2.4 million in costs incurred during the first three quarters of
fiscal year 2019 were reclassified from “Plant start-up costs” to
“Restructuring charges” during the fourth quarter of fiscal year
2019.(3) The income tax effect of the excluded items is calculated
by applying the applicable jurisdictional income tax rate,
considering the deferred tax valuation for each applicable
jurisdiction.(4) Fiscal year ended March 31, 2018 adjusted due
to the adoption of ASC 606.
Adjusted EBITDA
Adjusted EBITDA represents net income before net interest
expense, income tax expense (benefit), and depreciation and
amortization expense, adjusted to exclude certain items which are
outlined in the quantitative reconciliation provided herein.
Management uses Adjusted EBITDA to monitor and evaluate our
operating performance and to facilitate internal and external
comparisons of the historical operating performance of our
business. We present Adjusted EBITDA as a supplemental measure
of our performance and ability to service debt. We also
present Adjusted EBITDA because we believe such measure is
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
We believe Adjusted EBITDA is an appropriate supplemental
measure of debt service capacity because cash expenditures on
interest are, by definition, available to pay interest, and tax
expense is inversely correlated to interest expense because tax
expense goes down as deductible interest expense goes up;
depreciation and amortization are non-cash charges. The other
adjustments to arrive at Adjusted EBITDA are excluded in order to
better reflect our continuing operations.
In evaluating adjusted EBITDA, you should be aware that in the
future we may incur expenses similar to the adjustments noted
below. Our presentation of Adjusted EBITDA should not be
construed as an inference that our future results will be
unaffected by these types of adjustments. Adjusted EBITDA is not a
measurement of our financial performance under GAAP and should not
be considered as an alternative to net income, operating income or
any other performance measures derived in accordance with GAAP or
as an alternative to cash flow from operating activities as a
measure of our liquidity.
Our Adjusted EBITDA measure has limitations as an analytical
tool, and should not be considered in isolation or as a substitute
for analysis of our results as reported under GAAP. Some of
these limitations are:
- it does not reflect our cash expenditures, future requirements
for capital expenditures or contractual commitments;
- it does not reflect changes in, or cash requirements for, our
working capital needs;
- it does not reflect any income tax expense or benefit,
including any changes to income taxes resulting from The Tax Cuts
and Jobs Act enacted on December 22, 2017;
- it does not reflect the significant interest expense or the
cash requirements necessary to service interest or principal
payment on our debt;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and our Adjusted EBITDA measure does not
reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items
that are reflected in our statements of cash flows;
- it does not reflect the impact of earnings or charges resulting
from matters we consider not to be indicative of our ongoing
operations;
- it does not reflect limitations on or costs related to
transferring earnings from our subsidiaries to us; and
- other companies in our industry may calculate this measure
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, Adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business or as a measure of cash that
will be available to us to meet our obligations. You should
compensate for these limitations by relying primarily on our GAAP
results and using Adjusted EBITDA as supplementary information.
The following table provides a reconciliation from GAAP net
income to Adjusted EBITDA (amounts in thousands):
|
Fiscal Year 2019 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Total |
|
(Unaudited) |
Net income (GAAP) |
$ |
35,220 |
|
|
$ |
37,141 |
|
|
$ |
40,806 |
|
|
$ |
93,420 |
|
|
$ |
206,587 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
4,600 |
|
|
2,000 |
|
|
2,600 |
|
|
(48,660 |
) |
|
(39,460 |
) |
Interest expense, net |
6,658 |
|
|
6,912 |
|
|
3,908 |
|
|
1,726 |
|
|
19,204 |
|
Depreciation and amortization |
13,097 |
|
|
12,545 |
|
|
12,763 |
|
|
14,223 |
|
|
52,628 |
|
EBITDA (non-GAAP) |
59,575 |
|
|
58,598 |
|
|
60,077 |
|
|
60,709 |
|
|
238,959 |
|
Excluding the following
items: |
|
|
|
|
|
|
|
|
|
Equity (income) loss from equity method investments |
69 |
|
|
(64 |
) |
|
296 |
|
|
3,003 |
|
|
3,304 |
|
(Gain) loss on write down and disposals of long-lived assets |
511 |
|
|
312 |
|
|
788 |
|
|
49 |
|
|
1,660 |
|
ERP integration costs/IT transition costs |
1,650 |
|
|
1,593 |
|
|
2,453 |
|
|
3,117 |
|
|
8,813 |
|
Stock-based compensation |
4,060 |
|
|
4,417 |
|
|
1,534 |
|
|
2,855 |
|
|
12,866 |
|
Restructuring charges |
(96 |
) |
|
— |
|
|
1,718 |
|
|
7,157 |
|
|
8,779 |
|
R&D grant reimbursements and grant income |
(4,087 |
) |
|
— |
|
|
(470 |
) |
|
(2 |
) |
|
(4,559 |
) |
Legal expenses/fines related to antitrust class actions |
1,248 |
|
|
6,060 |
|
|
1,549 |
|
|
3,039 |
|
|
11,896 |
|
Net foreign exchange (gain) loss |
(7,521 |
) |
|
193 |
|
|
(2,218 |
) |
|
2,316 |
|
|
(7,230 |
) |
Plant start-up costs |
753 |
|
|
1,361 |
|
|
305 |
|
|
(3,346 |
) |
|
(927 |
) |
(Gain) loss on early extinguishment of debt |
— |
|
|
— |
|
|
15,988 |
|
|
(42 |
) |
|
15,946 |
|
Adjusted EBITDA (non-GAAP) |
$ |
56,162 |
|
|
$ |
72,470 |
|
|
$ |
82,020 |
|
|
$ |
78,855 |
|
|
$ |
289,507 |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2018 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Total |
|
(Unaudited) |
Net income (GAAP) (2) |
$ |
220,439 |
|
|
$ |
12,819 |
|
|
$ |
18,589 |
|
|
$ |
2,280 |
|
|
$ |
254,127 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP-adjustments: |
|
|
|
|
|
|
|
|
|
Income tax expense (2) |
1,140 |
|
|
2,864 |
|
|
2,037 |
|
|
3,091 |
|
|
9,132 |
|
Interest expense, net |
10,894 |
|
|
7,270 |
|
|
7,155 |
|
|
6,754 |
|
|
32,073 |
|
Depreciation and amortization (2) |
12,459 |
|
|
13,554 |
|
|
11,353 |
|
|
13,295 |
|
|
50,661 |
|
EBITDA (non-GAAP) (2) |
244,932 |
|
|
36,507 |
|
|
39,134 |
|
|
25,420 |
|
|
345,993 |
|
Excluding the following
items: |
|
|
|
|
|
|
|
|
|
Equity (income) loss from equity method investments |
(75,417 |
) |
|
(224 |
) |
|
(238 |
) |
|
(313 |
) |
|
(76,192 |
) |
(Gain) loss on write down and disposals of long-lived assets |
19 |
|
|
(39 |
) |
|
(902 |
) |
|
(70 |
) |
|
(992 |
) |
Acquisition (gain) loss |
(135,588 |
) |
|
(1,285 |
) |
|
(310 |
) |
|
6,303 |
|
|
(130,880 |
) |
ERP integration costs/IT transition costs |
— |
|
|
— |
|
|
— |
|
|
80 |
|
|
80 |
|
Stock-based compensation |
1,101 |
|
|
1,530 |
|
|
2,206 |
|
|
2,820 |
|
|
7,657 |
|
Restructuring charges |
1,613 |
|
|
1,393 |
|
|
3,530 |
|
|
8,307 |
|
|
14,843 |
|
Legal expenses/fines related to antitrust class actions |
1,141 |
|
|
10,327 |
|
|
4,073 |
|
|
1,095 |
|
|
16,636 |
|
Net foreign exchange (gain) loss |
5,043 |
|
|
1,891 |
|
|
2,239 |
|
|
3,972 |
|
|
13,145 |
|
Plant start-up costs |
— |
|
|
— |
|
|
— |
|
|
929 |
|
|
929 |
|
(Gain) loss on early extinguishment of debt |
486 |
|
|
— |
|
|
— |
|
|
— |
|
|
486 |
|
Adjusted EBITDA (non-GAAP) (2) |
$ |
43,330 |
|
|
$ |
50,100 |
|
|
$ |
49,732 |
|
|
$ |
48,543 |
|
|
$ |
191,705 |
|
_________________(1) $0.9 million in costs incurred during
fiscal year 2018 related to the relocation of the Company's
tantalum powder facility equipment from Carson City, Nevada to its
existing Matamoros, Mexico plant were reclassified from “Plant
start-up costs” to “Restructuring charges” during the quarter ended
March 31, 2019. Additionally, $2.4 million in costs incurred during
the first three quarters of fiscal year 2019 were reclassified from
“Plant start-up costs” to “Restructuring Charges” during the fourth
quarter of fiscal year 2019.(2) Quarter and fiscal year ended
March 31, 2018 adjusted due to the adoption of ASC 606.
|
Fiscal Year |
|
2017 |
|
2016 |
|
2015 |
|
(Unaudited) |
Net income (loss) (GAAP) |
$ |
47,157 |
|
|
$ |
(53,629 |
) |
|
$ |
(14,143 |
) |
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
Income tax expense |
4,294 |
|
|
6,006 |
|
|
5,227 |
|
Interest expense, net |
39,731 |
|
|
39,591 |
|
|
40,686 |
|
Depreciation and amortization |
38,151 |
|
|
39,016 |
|
|
40,768 |
|
EBITDA (non-GAAP) |
129,333 |
|
|
30,984 |
|
|
72,538 |
|
Excluding the following
items: |
|
|
|
|
|
Change in value of TOKIN options |
(10,700 |
) |
|
26,300 |
|
|
(2,100 |
) |
Equity (income) loss from equity method investments |
(41,643 |
) |
|
16,406 |
|
|
2,169 |
|
(Gain) loss on write down and disposals of long-lived assets |
10,671 |
|
|
375 |
|
|
(221 |
) |
ERP integration costs/IT transition costs |
7,045 |
|
|
5,677 |
|
|
3,248 |
|
Stock-based compensation |
4,720 |
|
|
4,774 |
|
|
4,512 |
|
Restructuring charges |
5,404 |
|
|
4,178 |
|
|
13,017 |
|
Legal expenses/fines related to antitrust class actions |
2,640 |
|
|
3,041 |
|
|
844 |
|
Net foreign exchange (gain) loss |
(3,758 |
) |
|
(3,036 |
) |
|
(4,249 |
) |
TOKIN investment-related expenses |
1,101 |
|
|
900 |
|
|
1,778 |
|
Plant start-up costs |
427 |
|
|
861 |
|
|
4,556 |
|
Plant shut-down costs |
— |
|
|
372 |
|
|
889 |
|
Pension plan adjustment |
— |
|
|
312 |
|
|
— |
|
(Income) loss from discontinued operations |
— |
|
|
— |
|
|
(5,379 |
) |
(Gain) loss on early extinguishment of debt |
— |
|
|
— |
|
|
(1,003 |
) |
Professional fees related to financing activities |
— |
|
|
— |
|
|
1,142 |
|
Adjusted EBITDA (non-GAAP) |
$ |
105,240 |
|
|
$ |
91,144 |
|
|
$ |
91,741 |
|
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