GrafTech International Ltd. (NYSE: EAF) (GrafTech or the
Company) today announced unaudited financial results for the fiscal
year ended December 31, 2018, including net income of $854
million, or $2.87 per share, and Adjusted EBITDA from continuing
operations of $1.2 billion. Results for the fourth quarter of 2018
were also strong including net income of $230 million, or $0.79 per
share, and Adjusted EBITDA from continuing operations of $326
million.
"2018 was a very successful year for GrafTech including record
net sales of $1.9 billion and net income of $854 million,” said
David Rintoul, President and Chief Executive Officer. “Based on our
strong cash flow from operations of $837 million in 2018 and
consistent with our stated policy to be a shareholder friendly and
responsible company, we returned cash to shareholders and
maintained a strong balance sheet. Looking ahead to 2019, demand
for our products remains solid and we expect to have continued
robust cash flows.”
Key Financial Measures
For the Three Months For the
Year Ended December 31, Ended December 31,
(dollars in thousands, except per share amounts)
2018 2017 2018 2017
Net sales $ 532,789 $ 192,473 $ 1,895,910 $ 550,771
Net income $ 229,632 $ 55,628 $ 854,219 $ 7,983 Earnings per share
(1) $ 0.79 $ 0.18 $ 2.87 $ 0.03 Adjusted EBITDA from continuing
operations (2) $ 325,913 $ 57,150 $ 1,205,021 $ 95,806 (1)
Earnings per share represents diluted earnings per share after
giving effect to the stock split effected on April 12, 2018 for
2018 and 2017 and the share repurchase effected on August 13, 2018,
resulting in weighted average shares outstanding of 290,557,637 and
297,753,770 for the three months and year ended December 31, 2018,
respectively. (2) See below for more information and a
reconciliation of EBITDA from continuing operations and adjusted
EBITDA from continuing operations to net income (loss), the most
directly comparable financial measure calculated and presented in
accordance with GAAP.
Net sales for the year ended December 31, 2018, increased to
$1.9 billion compared to $551 million in 2017. Net sales for the
fourth quarter of 2018 also increased to $533 million, compared to
$192 million in the fourth quarter of 2017. The improvement was
primarily due to an increase in graphite electrode pricing. The
weighted average realized price of graphite electrodes rose to
$9,937 per metric ton (MT) in 2018, including $9,950 per MT in the
fourth quarter. During 2018, graphite electrode demand and pricing
remained positive due to a combination of growth in electric arc
furnace steel manufacturing, long-term reductions in electrode
manufacturing capacity, and limited supply of petroleum needle
coke, the primary raw material for graphite electrodes.
Net income for 2018 increased to $854 million, or $2.87 per
share, compared to $8 million, or $0.03 per share in 2017.
Likewise, fourth quarter 2018 net income increased to $230 million,
or $0.79 per share, compared to $56 million, or $0.18 per share, in
the fourth quarter of 2017.
Adjusted EBITDA from continuing operations also climbed to $1.2
billion in 2018 compared to $96 million in 2017. Fourth quarter
Adjusted EBITDA from continuing operations climbed to $326 million
compared to $57 million in the prior year period. Higher graphite
electrode revenues were the primary driver of higher net income and
Adjusted EBITDA from continuing operations.
Cash flow from operations increased to $837 million in fiscal
year 2018 up from $37 million in 2017. Fourth quarter cash flow
from operations increased to $224 million in the quarter up from $3
million in the prior year period. This increase was primarily due
to higher net income. Full-year 2018 capital expenditures were $68
million, including $21 million in the fourth quarter.
Key operating metrics
For the Three For the Months
Ended Year Ended December 31, December 31,
(in thousands, except price data) 2018
2017 2018 2017 Sales volume (MT)(1) 53
43 185 172 Weighted average realized price(2) $ 9,950
$ 4,137 $ 9,937 $ 2,945 Production volume (MT)(3) 51 44 179 166
Production capacity excluding St. Marys during idle period
(MT)(4)(5) 51 44 180 167 Capacity utilization excluding St. Marys
during idle period(4)(6) 100 % 100 % 99 % 99 % Total production
capacity (MT)(5)(7) 58 51 208 195 Total capacity utilization(6)(7)
88 % 86 % 86 % 85 %
(1)
Sales volume reflects the total volume of graphite
electrodes sold for which revenue has been recognized during the
period. (2) Weighted average realized price reflects the total
revenues from sales of graphite electrodes for the period divided
by the graphite electrode sales volume for that period. (3)
Production volume reflects graphite electrodes produced during the
period. (4) The St. Marys, Pennsylvania facility was temporarily
idled effective the second quarter of 2016 except for the machining
of semi-finished products sourced from other plants. In the first
quarter of 2018, our St. Marys facility began graphitizing a
limited amount of electrodes sourced from our Monterrey, Mexico
facility. (5) Production capacity reflects expected maximum
production volume during the period under normal operating
conditions, standard product mix and expected maintenance outage.
Actual production may vary. (6) Capacity utilization reflects
production volume as a percentage of production capacity. (7)
Includes graphite electrode facilities in Calais, France;
Monterrey, Mexico; Pamplona, Spain and St. Marys, Pennsylvania.
Operational Update
Our graphite electrode manufacturing plants operated at high
levels throughout 2018. Annual production was 179 thousand MT
compared to 166 thousand MT for 2017. Fourth quarter 2018
production of 51 thousand MT was also up from 44 thousand MT in the
prior year period due to progress on the debottlenecking projects
at our graphite electrode plants.
Commercial Strategy
GrafTech has successfully sold approximately two-thirds of its
cumulative long-term production capacity through three- to
five-year, fixed-volume, fixed-price take or pay contracts. These
contracts provide reliability of long-term graphite electrode
supply for customers and stability of future operating results for
shareholders.
Capital Structure
As of December 31, 2018, GrafTech has cash and equivalents
of $50 million and total debt of $2.2 billion. During the fourth
quarter, the Company returned $228 million cash to shareholders in
the form of a special dividend of $0.70 per share and a regular
quarterly dividend of $0.085 per share.
Distribution
The Board of Directors has declared a dividend of $.085 per
share to stockholders of record as of the close of business on
February 28, 2019, to be paid on March 29, 2019.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on February 8, 2019 at 10:00
a.m. Eastern Standard Time. The webcast and accompanying slide
presentation will be available at www.GrafTech.com, in the Investor
Relations section. The earnings call dial-in number is +1 (866)
521-4909 in the U.S. and Canada or +1 (647) 427-2311 for
international. A rebroadcast of the webcast will be available
following the call until May 8, 2019, at www.GrafTech.com, in the
Investor Relations section. GrafTech also makes its complete
financial reports that have been filed with the Securities and
Exchange Commission (SEC) and other information available at
www.GrafTech.com. The information in our website is not part of
this release or any report we file or furnish to the SEC.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high
quality graphite electrode products essential to the production of
electric arc furnace steel and other ferrous and non-ferrous
metals. The Company has a competitive portfolio of low-cost
graphite electrode manufacturing facilities, including three of the
highest capacity facilities in the world. GrafTech is also the only
large scale graphite electrode producer that is substantially
vertically integrated into petroleum needle coke, the primary raw
material for graphite electrode manufacturing, which is currently
in limited supply. This unique position provides competitive
advantages in product quality and cost.
Special note regarding forward-looking
statements
This news release and related discussions may contain
forward-looking statements that reflect our current views with
respect to, among other things, future events and financial
performance. You can identify these forward-looking statements by
the use of forward-looking words such as “will,” “may,” “plan,”
“estimate,” “project,” “believe,” “anticipate,” “expect,” “intend,”
“should,” “would,” “could,” “target,” “goal,” “continue to,”
“positioned to,” "are confident", "remain solid", "remain
positive", "remain optimistic" or the negative version of those
words or other comparable words. Any forward-looking statements
contained in this news release are based upon our historical
performance and on our current plans, estimates and expectations in
light of information currently available to us. The inclusion of
this forward-looking information should not be regarded as a
representation by us that the future plans, estimates or
expectations contemplated by us will be achieved. Our expectations
and targets are not predictions of actual performance and
historically our performance has deviated, often significantly,
from our expectations and targets. These forward-looking statements
are subject to various risks and uncertainties and assumptions
relating to our operations, financial results, financial condition,
business, prospects, growth strategy and liquidity. Accordingly,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
statements. We believe that these factors include, but are not
limited to: our history of net losses and the possibility that we
may not maintain profitability in the future; the possibility that
we may be unable to implement our business strategies, including
our initiative to secure and maintain longer-term customer
contracts, in an effective manner; the possibility that recent tax
legislation could adversely affect us or our stockholders; the fact
that pricing for graphite electrodes has historically been cyclical
and, in the future, the price of graphite electrodes will likely
decline from recent highs; the sensitivity of our business and
operating results to economic conditions; our dependence on the
global steel industry generally and the electric arc furnace (EAF)
steel industry in particular; the possibility that global graphite
electrode overcapacity may adversely affect graphite electrode
prices; the competitiveness of the graphite electrode industry; our
dependence on the supply of petroleum needle coke; our dependence
on supplies of raw materials (in addition to petroleum needle coke)
and energy; the legal, economic, social and political risks
associated with our substantial operations in multiple countries;
the possibility that fluctuation of foreign currency exchange rates
could materially harm our financial results; the possibility that
our results of operations could deteriorate if our manufacturing
operations were substantially disrupted for an extended period,
including as a result of equipment failure, climate change, natural
disasters, public health crises, political crises or other
catastrophic events; the possibility that plant capacity expansions
may be delayed or may not achieve the expected benefits; our
dependence on third parties for certain construction, maintenance,
engineering, transportation, warehousing and logistics services;
the possibility that we are unable to recruit or retain key
management and plant operating personnel or successfully negotiate
with the representatives of our employees, including labor unions;
the possibility that we may divest or acquire businesses, which
could require significant management attention or disrupt our
business; the sensitivity of goodwill on our balance sheet to
changes in the market; the possibility that we are subject to
information technology systems failures, cybersecurity attacks,
network disruptions and breaches of data security; our dependence
on protecting our intellectual property; the possibility that third
parties may claim that our products or processes infringe their
intellectual property rights; the possibility that our
manufacturing operations are subject to hazards; changes in, or
more stringent enforcement of, health, safety and environmental
regulations applicable to our manufacturing operations and
facilities; the possibility that significant changes in our
jurisdictional earnings mix or in the tax laws of those
jurisdictions could adversely affect our business; the possibility
that our indebtedness could limit our financial and operating
activities or that our cash flows may not be sufficient to service
our indebtedness; the possibility that restrictive covenants in our
financing agreements could restrict or limit our operations; the
fact that borrowings under certain of our existing financing
agreements subjects us to interest rate risk; the possibility of a
lowering or withdrawal of the ratings assigned to our debt; the
possibility that disruptions in the capital and credit markets
could adversely affect our results of operations, cash flows and
financial condition, or those of our customers and suppliers; the
possibility that highly concentrated ownership of our common stock
may prevent minority stockholders from influencing significant
corporate decisions; the fact that certain of our stockholders have
the right to engage or invest in the same or similar businesses as
us; the fact that certain provisions of our Amended and Restated
Certificate of Incorporation and our Amended and Restated By-Laws
could hinder, delay or prevent a change of control; the fact that
the Court of Chancery of the State of Delaware will be the
exclusive forum for substantially all disputes between us and our
stockholders; our status as a “controlled company” within the
meaning of the NYSE corporate governance standards, which allows us
to qualify for exemptions from certain corporate governance
requirements; and other risks described in the “Risk Factors”
section of our quarterly reports on Form 10-Q and other filings
with the SEC.
These factors should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements that
are included in our quarterly reports on Form 10-Q and other
filings with the SEC. The forward-looking statements made in this
press release relate only to events as of the date on which the
statements are made. We do not undertake any obligation to publicly
update or review any forward-looking statement, except as required
by law, whether as a result of new information, future developments
or otherwise.
Non-GAAP financial measures
In addition to providing results that are determined in
accordance with GAAP, we have provided certain financial measures
that are not in accordance with GAAP. EBITDA from continuing
operations and adjusted EBITDA from continuing operations are
non-GAAP financial measures. We define EBITDA from continuing
operations, a non-GAAP financial measure, as net income or loss
plus interest expense, minus interest income, plus income taxes,
discontinued operations and depreciation and amortization from
continuing operations. We define adjusted EBITDA from continuing
operations as EBITDA from continuing operations plus any pension
and other post-employment benefit ("OPEB") plan expenses,
impairments, rationalization-related charges, initial public
offering expenses, acquisition and proxy contest costs, non-cash
gains or losses from foreign currency remeasurement of
non-operating liabilities in our foreign subsidiaries where the
functional currency is the U.S. dollar, related party Tax
Receivable Agreement expense, stock-based compensation and non-cash
fixed asset write-offs. Adjusted EBITDA from continuing operations
is the primary metric used by our management and our board of
directors to establish budgets and operational goals for managing
our business and evaluating our performance.
We monitor adjusted EBITDA from continuing operations as a
supplement to our GAAP measures, and believe it is useful to
present to investors, because we believe that it facilitates
evaluation of our period-to-period operating performance by
eliminating items that are not operational in nature, allowing
comparison of our recurring core business operating results over
multiple periods unaffected by differences in capital structure,
capital investment cycles and fixed asset base. In addition, we
believe adjusted EBITDA from continuing operations and similar
measures are widely used by investors, securities analysts, ratings
agencies, and other parties in evaluating companies in our industry
as a measure of financial performance and debt-service
capabilities. We also monitor, and present to investors, the ratio
of total debt to adjusted EBITDA from continuing operations,
because we believe it is a useful and widely used way to assess our
leverage.
Our use of adjusted EBITDA from continuing operations has
limitations as an analytical tool, and you should not consider it
in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
- adjusted EBITDA from continuing
operations does not reflect changes in, or cash requirements for,
our working capital needs;
- adjusted EBITDA from continuing
operations does not reflect our cash expenditures for capital
equipment or other contractual commitments, including any capital
expenditures to augment or replace our capital assets;
- adjusted EBITDA from continuing
operations does not reflect the interest expense or the cash
requirements necessary to service interest or principal payments on
our indebtedness;
- adjusted EBITDA from continuing
operations does not reflect tax payments that may represent a
reduction in cash available to us;
- adjusted EBITDA from continuing
operations does not reflect expenses relating to our pension and
OPEB plans;
- adjusted EBITDA from continuing
operations does not reflect impairment of long-lived assets and
goodwill;
- adjusted EBITDA from continuing
operations does not reflect the non-cash gains or losses from
foreign currency remeasurement of non-operating liabilities in our
foreign subsidiaries where the functional currency is the U.S.
dollar;
- adjusted EBITDA from continuing
operations does not reflect initial public offering expenses or
acquisition and proxy contest costs;
- adjusted EBITDA from continuing
operations does not reflect related party Tax Receivable Agreement
expenses;
- adjusted EBITDA from continuing
operations does not reflect rationalization-related charges,
stock-based compensation or the non-cash write-off of fixed assets;
and
- other companies, including companies in
our industry, may calculate EBITDA from continuing operations and
adjusted EBITDA from continuing operations differently, which
reduces its usefulness as a comparative measure.
In evaluating EBITDA from continuing operations and adjusted
EBITDA from continuing operations, you should be aware that in the
future, we will incur expenses similar to the adjustments in the
reconciliation presented below. Our presentations of EBITDA from
continuing operations and adjusted EBITDA from continuing
operations should not be construed as suggesting that our future
results will be unaffected by these expenses or any unusual or
non-recurring items. When evaluating our performance, you should
consider EBITDA from continuing operations and adjusted EBITDA from
continuing operations alongside other financial performance
measures, including our net income (loss) and other GAAP
measures.
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Unaudited
As of As of December 31, December
31, 2018 2017 ASSETS Current assets: Cash
and cash equivalents $ 49,880 $ 13,365 Accounts and notes
receivable, net of allowance for doubtful accounts of $1,129 as of
December 31, 2018 and $1,097 as of December 31, 2017 248,286
116,841 Inventories 293,717 174,151 Prepaid expenses and other
current assets 46,168 44,872 Current assets of discontinued
operations — 5,313 Total current assets 638,051
354,542 Property, plant and equipment 688,842 642,651
Less: accumulated depreciation 175,137 129,810 Net
property, plant and equipment 513,705 512,841 Deferred income taxes
71,707 30,768 Goodwill 171,117 171,117 Other assets 110,911
129,835 Total assets $ 1,505,491 $ 1,199,103
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 88,097 $ 69,110 Short-term debt 106,323 16,474
Accrued income and other taxes 82,255 9,737 Other accrued
liabilities 50,452 53,226 Current liabilities of discontinued
operations — 3,412 Total current liabilities 327,127
151,959 Long-term debt 2,050,311 322,900 Other long-term
obligations 72,519 68,907 Deferred income taxes 45,825 41,746
Related party payable 86,478 — Long-term liabilities of
discontinued operations — 376 Stockholders’ equity
(deficit): Preferred stock, par value $0.01, 300,000,000 shares
authorized, none issued — — Common stock, par value $.01,
3,000,000,000 shares authorized, 290,537,612 and 302,225,923 shares
issued and outstanding as of December 31, 2018 and December 31,
2017*, respectively 2,905 3,022 Additional paid – in capital
819,622 851,315 Accumulated other comprehensive (loss) income
(5,800 ) 20,289 Accumulated deficit (1,893,496 ) (261,411 ) Total
stockholders’ equity (deficit) (1,076,769 ) 613,215
Total liabilities and stockholders’ equity (deficit) $ 1,505,491
$ 1,199,103 * Based on the number of common
shares outstanding after giving effect to the stock split that
became effective on April 12, 2018 and the share repurchase
effected on August 13, 2018.
GRAFTECH
INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in thousands)
Unaudited
For the Three Months For the Year Ended
Ended December 31, December 31, 2018
2017 2018 2017
CONSOLIDATED
STATEMENTS OF OPERATIONS
Net sales $ 532,789 $ 192,473 $ 1,895,910 $ 550,771 Cost of sales
214,359 132,684 705,698 461,545 Additions to lower of cost or
market inventory reserve — — — 1,509
Gross profit 318,430 59,789 1,190,212 87,717 Research and
development 601 373 2,129 3,456 Selling and administrative expenses
15,683 15,389 62,032 52,506 Operating
profit 302,146 44,027 1,126,051 31,755 Other expense
(income), net 828 (6,426 ) 3,361 (2,104 ) Related party Tax
Receivable Agreement expense 24,677 — 86,478 — Interest expense
34,674 7,583 135,061 30,823 Interest income (589 ) (75 ) (1,657 )
(395 )
Income from continuing operations before
provision for income taxes
242,556 42,945 902,808 3,431 Provision (benefit) for income
taxes 12,670 (14,030 ) 48,920 (10,781 ) Net income
from continuing operations 229,886 56,975 853,888 14,212
(Loss) income from discontinued
operations, net of tax
(254 ) (1,347 ) 331 (6,229 ) Net income
$ 229,632 $ 55,628 $ 854,219 $ 7,983
Basic income per common share: Net income per share $ 0.79 $
0.18 $ 2.87 $ 0.03 Net income from continuing operations per share
$ 0.79 $ 0.19 $ 2.87 $ 0.05 Weighted average common shares
outstanding 290,550,907 302,225,923 297,748,327 302,225,923 Diluted
income per common share: Income per share $ 0.79 $ 0.18 $ 2.87 $
0.03 Diluted income from continuing operations per share $ 0.79 $
0.19 $ 2.87 $ 0.05 Weighted average common shares outstanding
290,557,637 302,225,923 297,753,770 302,225,923 * Based on
the number of common shares outstanding after giving effect to the
stock split that became effective on April 12, 2018 and the share
repurchase effected on August 13, 2018.
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Unaudited
For the Three Months For the Year Ended
December 31, Ended December 31, 2018
2017 2018 2017 Cash flow from operating
activities: Net income $ 229,632 $ 55,628 $ 854,219 $ 7,983
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization 18,667 15,461 66,413 66,443
Impairments — — — 5,300 Related party Tax Receivable Agreement
expense 24,677 — 86,478 — Deferred income tax provision (18,894 )
(12,645 ) (37,078 ) (15,695 ) Loss on extinguishment of debt — —
23,827 — Interest expense 1,573 1,716 5,320 6,805 Other charges,
net 6,109 (11,455 ) 15,761 (9,607 ) Net change in working capital*
(34,059 ) (42,201 ) (177,754 ) (20,004 ) Change in long-term assets
and liabilities (3,346 ) (3,511 ) (583 ) (4,652 )
Net cash provided by operating
activities
224,359 2,993 836,603 36,573 Cash flow from investing activities:
Capital expenditures (20,589 ) (11,637 ) (68,221 ) (34,664 )
Proceeds from the sale of assets 60 1,173 926 5,211 Proceeds from
divestitures — 436 — 27,254
Net cash (used in) provided by investing
activities
(20,529 ) (10,028 ) (67,295 ) (2,199 ) Cash flow from financing
activities: Short-term debt, net — (835 ) (12,607 ) 5,110 Revolving
Facility borrowings — 42,000 — 77,000 Revolving Facility reductions
— (37,084 ) (45,692 ) (114,839 ) Debt issuance costs — — (27,326 )
—
Proceeds from the issuance of long-term
debt, net of original issuance discount
— — 2,235,000 — Repayment of Senior Notes — — (304,782 ) — Related
party Promissory Note repayment — — (750,000 ) — Principal
repayments on long-term debt (28,247 ) (159 ) (56,372 ) (266 )
Repurchase of common stock — — (225,000 ) — Dividends paid to
non-related-party (47,966 ) — (55,616 ) — Dividends paid to
related-party (180,110 ) — (1,488,649 ) — Net cash
(used in) provided by financing activities (256,323 ) 3,922
(731,044 ) (32,995 ) Net change in cash and cash equivalents
(52,493 ) (3,113 ) 38,264 1,379 Effect of exchange rate changes on
cash and cash equivalents (134 ) 102 (1,749 ) 376 Cash and cash
equivalents at beginning of period 102,507 16,376
13,365 11,610 Cash and cash equivalents at end of
period $ 49,880 $ 13,365 $ 49,880 $ 13,365
* Net change in working capital due to changes in the
following components: Accounts and notes receivable, net $ (43,135
) $ (31,716 ) $ (139,180 ) $ (29,755 ) Inventories (32,600 )
(24,237 ) (126,355 ) (15,649 ) Prepaid expenses and other current
assets (712 ) (10,379 ) 7,116 (10,565 ) Income taxes payable 31,696
— 67,054 2,762 Accounts payable and accruals 11,388 28,946 15,724
33,317 Interest payable (696 ) (4,815 ) (2,113 ) (114 ) Net change
in working capital $ (34,059 ) $ (42,201 ) $ (177,754 ) $ (20,004 )
NON-GAAP RECONCILIATION
The following table reconciles our
non-GAAP key financial measures to the most directly comparable
GAAP measures:
For the Three Months For the Year Ended
Ended December 31, December 31, (in thousands)
2018 2017 2018
2017 Net income (loss) 229,632 55,628
854,219 7,983 Add: Discontinued operations 254 1,347 (331 ) 6,229
Depreciation and amortization 18,667 15,460 66,413 64,025 Interest
expense 34,674 7,583 135,061 30,823 Interest income (589 ) (75 )
(1,657 ) (395 ) Income taxes 12,670 (14,030 ) 48,920
(10,781 )
EBITDA from continuing operations
295,308 65,913 1,102,625 97,884 Adjustments: Pension and OPEB plan
(gain) expenses(1) 2,415 (3,904 ) 3,893 (1,611 )
Rationalization-related (gains)/charges(2) — (3,191 ) — (3,970 )
Initial public offering ("IPO")
expenses(3)
8 — 5,173 — Acquisition and proxy contests costs(4) — — — 886
Non-cash loss (gain) on foreign currency remeasurement(5) (809 )
(1,668 ) 818 1,731 Stock-based compensation(6) 495 — 1,152 —
Non-cash fixed asset write-off(7) 3,819 — 4,882 886 Related party
Tax Receivable Agreement expense(8) 24,677 —
86,478 —
Adjusted EBITDA from continuing
operations 325,913 57,150 1,205,021
95,806 (1) Service and interest cost of our
OPEB plans. Also includes a mark-to-market loss (gain) for plan
assets as of December of each year. (2) Costs associated with
rationalizations in our graphite electrode manufacturing operations
and in the corporate structure. They include severance charges,
contract termination charges, write-off of equipment and
(gain)/loss on sale of manufacturing sites. (3)
Legal, Accounting, printing and
registration fees associated with the initial public offering.
(4) Costs associated with the merger transaction with Brookfield,
resulting in change in control compensation expenses. (5) Non-cash
(gain) loss from foreign currency remeasurement of non-operating
liabilities of our non-U.S. subsidiaries where the functional
currency is the U.S. dollar. (6)
Non-cash expense for stock based
compensation grants.
(7) Non-cash fixed asset write-off recorded for obsolete
manufacturing equipment. (8) Non-cash expense for future payment to
our sole pre-IPO stockholder for tax assets that are expected to be
utilized.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190208005179/en/
Meredith BandyVice President, Investor Relations216-676-2699
GrafTech (NYSE:EAF)
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