GrafTech International Ltd. (NYSE: EAF) (GrafTech or the
Company) today announced unaudited financial results for the year
ended December 31, 2019, including net income of $745 million, or
$2.58 per share, and Adjusted EBITDA from continuing operations1 of
$1,048 million.
"During the year GrafTech generated over $800 million of cash
flow from operating activities, returned $360 million to
shareholders in the form of dividends and share repurchases and
also repaid $350 million of debt,” said David Rintoul, President
and Chief Executive Officer. “Our long-term contracts and vertical
integration into petroleum needle coke allow us to continue to
generate significant free cash flows and support our primary
objective - to grow shareholder value.”
Key Financial Measures
For the Three Months Ended
December 31,
For the Year Ended December
31,
(dollars in thousands, except per share
amounts)
2019
2018
2019
2018
Net sales
$
414,612
$
532,789
$
1,790,793
$
1,895,910
Net income
$
174,922
$
229,632
$
744,602
$
854,219
Earnings per share (2)
$
0.61
$
0.79
$
2.58
$
2.87
Adjusted EBITDA from continuing operations
(1)
$
234,586
$
325,913
$
1,048,259
$
1,205,021
(1)
A non-GAAP financial measure, 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.
(2)
Earnings per share represents
diluted earnings per share after giving effect to the stock split
effected on April 12, 2018 for all periods and the share
repurchases effected on August 13, 2018 and during the third and
fourth quarters of 2019, resulting in weighted average shares
outstanding of 285,079,866 and 290,557,637 for the three months
ended December 31, 2019 and 2018, respectively and 289,074,601 and
297,753,770 for the year ended December 31, 2019 and 2018,
respectively.
Net sales for the year ended December 31, 2019 totaled $1.8
billion compared to $1.9 billion in the prior year. Net sales for
the quarter ended December 31, 2019 were $415 million compared to
$533 million in the fourth quarter of 2018. Lower net sales were
driven primarily by lower sales volumes, reflecting demand as
influenced by lower crude steel production levels.
Net income for 2019 was $745 million, or $2.58 per share,
compared to $854 million, or $2.87 per share, in the prior year.
Net income for the fourth quarter of 2019 was $175 million, or
$0.61 per share, compared to $230 million, or $0.79 per share in
the fourth quarter of 2018.
Adjusted EBITDA from continuing operations was $1,048 million in
2019 compared to $1,205 million in the prior year. Adjusted EBITDA
from continuing operations was $235 million in the fourth quarter
of 2019 compared to $326 million in the fourth quarter of 2018.
Financial results for the fourth quarter and full year of 2019 were
impacted by lower net sales and higher raw materials costs related
to third party petroleum needle coke.
Cash flow from operating activities was $805 million in 2019
compared to $837 million in 2018. Cash flow from operating
activities was $221 million in the fourth quarter of 2019 compared
to $224 million in the comparable period of 2018. Lower net sales
and higher raw materials costs were offset by timing of working
capital changes.
Key operating metrics(1)
For the Three Months Ended
December 31,
For the Year Ended December
31,
(in thousands, except price
data)
2019
2018
2019
2018
Sales volume (MT) (2)
41
50
171
176
Production volume (MT) (3)
41
51
177
179
Production capacity excluding St. Marys
during idle period (MT) (4)(5)
52
51
202
180
Capacity utilization excluding St. Marys
during idle period (4)(6)
79
%
100
%
88
%
99
%
Total production capacity (MT) (5)(7)
59
58
230
208
Total capacity utilization (6)(7)
69
%
88
%
77
%
86
%
(1)
Effective the first quarter of
2019, we have recast the sales volume above to include only
graphite electrodes manufactured by GrafTech. This better reflects
management's assessment of our profitability and excludes resales
of low grade graphite electrodes manufactured by third party
suppliers. For comparability purposes, the prior period has been
recast to conform to this presentation.
(2)
Sales volume has been recast to
reflect the total sales volume of GrafTech manufactured electrodes
for which revenue has been recognized during the period.
(3)
Production volume reflects
graphite electrodes we 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
Production volume of 177 thousand MT in 2019 decreased slightly
from 179 thousand MT in 2018. Production volume of 41 thousand MT
in the fourth quarter of 2019 decreased from 51 thousand MT in the
fourth quarter of 2018. Capacity utilization was reduced to manage
production in-line with reduced shipments.
Capital expenditures totaled $64 million in 2019 and are
expected to remain between $60 and $70 million in 2020.
Commercial Strategy
Approximately two-thirds of GrafTech's cumulative long-term
production capacity for 2020 through 2022 is sold on 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, 2019, GrafTech had cash and cash equivalents
of $81 million and total debt of $1.8 billion. The primary use of
cash is expected to continue to be shareholder returns and debt
repayment.
On December 5, 2019, GrafTech announced two separate
transactions. The first was a Rule 144 secondary block trade in
which our majority shareholder, an affiliate of Brookfield Business
Partners LP, a publicly listed business services and industrials
company of Brookfield Asset Management Inc., sold 11.2 million
shares of GrafTech common stock at a price of $13.125 per share to
a broker-dealer who placed the shares with institutional and other
investors.
Separately, GrafTech entered into a share repurchase agreement
with Brookfield to repurchase $250 million of stock from Brookfield
at the arm's length price set by the competitive bidding process of
the secondary block trade. As a result, GrafTech repurchased 19
million shares of common stock, reducing total shares outstanding
by approximately 7%.
During 2019, the Company also purchased $11 million of common
stock on the open market. As of year end, there was $89 million
remaining under the previously announced $100 million open market
share repurchase program.
Distribution
During the fourth quarter of 2019, the Company also returned
cash to shareholders in the form of a quarterly dividend of $0.085
per share.
The Board of Directors has declared a dividend of $0.085 per
share to stockholders of record as of the close of business on
February 28, 2020, to be paid on March 31, 2020.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on February 6, 2020 at 10:00
a.m. Eastern Standard Time. The webcast and accompanying slide
presentation will be available at www.GrafTech.com, in the
Investors section. The earnings call dial-in number is +1 (866)
521-4909 toll-free in the U.S. and Canada or +1 (647) 427-2311 for
overseas calls, conference ID: 8187837. A replay of the Conference
Call will be available until May 6, 2020 by dialing +1 (800)
585-8367 toll-free in the U.S. and Canada or +1 (416) 621-4642 for
overseas calls, conference ID: 8187837. A replay of the webcast
will also be available on our website until May 6, 2020, at
www.GrafTech.com, in the Investors 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", 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: the cyclical nature of our business and the selling
prices of our products may lead to periods of reduced profitability
and net losses 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 tax legislation could adversely affect
us or our stockholders; pricing for graphite electrodes has
historically been cyclical and the price of graphite electrodes may
decline in the future; the sensitivity of our business and
operating results to economic conditions and the possibility others
may not be able to fulfill their obligations to us in a timely
fashion or at all; 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 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 legal, compliance,
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, regulatory issues,
natural disasters, public health crises, political crises or other
catastrophic events; 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 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
possibility that we may not pay cash dividends on our common stock
in the future; the fact that certain of our stockholders have the
right to engage or invest in the same or similar businesses as us;
the possibility that the market price of our common stock could be
negatively affected by sales of substantial amounts of our common
stock in the public markets, including by Brookfield; 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; and our
status as a "controlled company" within the meaning of the New York
Stock Exchange ("NYSE") corporate governance standards, which
allows us to qualify for exemptions from certain corporate
governance requirements.
These factors should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements,
including the Risk Factors section included in our Annual Report on
Form 10-K 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, initial
and follow-on public offering expenses, 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 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 expenditure requirements 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 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 and follow-on public offering expenses;
- adjusted EBITDA from continuing operations does not reflect
related party Tax Receivable Agreement expense;
- adjusted EBITDA from continuing operations does not reflect
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 December 31,
2019
As of December 31,
2018
ASSETS
Current assets:
Cash and cash equivalents
$
80,935
$
49,880
Accounts and notes receivable, net of
allowance for doubtful accounts of $5,474 as of December 31, 2019
and $1,129 as of December 31, 2018
247,051
248,286
Inventories
313,648
293,717
Prepaid expenses and other current
assets
40,946
46,168
Total current assets
682,580
638,051
Property, plant and equipment
733,417
688,842
Less: accumulated depreciation
220,397
175,137
Net property, plant and equipment
513,020
513,705
Deferred income taxes
55,217
71,707
Goodwill
171,117
171,117
Other assets
104,230
110,911
Total assets
$
1,526,164
$
1,505,491
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
78,697
$
88,097
Short-term debt
141
106,323
Accrued income and other taxes
65,176
82,255
Other accrued liabilities
48,335
50,452
Related party payable - tax receivable
agreement
27,857
—
Total current liabilities
220,206
327,127
Long-term debt
1,812,682
2,050,311
Other long-term obligations
72,562
72,519
Deferred income taxes
49,773
45,825
Related party payable - tax receivable
agreement
62,014
86,478
Long-term liabilities of discontinued
operations
—
—
Stockholders’ equity:
Preferred stock, par value $0.01,
300,000,000 shares authorized, none issued
—
—
Common stock, par value $0.01,
3,000,000,000 shares authorized, 270,485,308 and 290,537,612 shares
issued and outstanding as of December 31, 2019 and December 31,
2018, respectively
2,705
2,905
Additional paid-in capital
765,419
819,622
Accumulated other comprehensive loss
(7,361
)
(5,800
)
Accumulated deficit
(1,451,836
)
(1,893,496
)
Total stockholders’ deficit
(691,073
)
(1,076,769
)
Total liabilities and stockholders’
equity
$
1,526,164
$
1,505,491
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in thousands)
Unaudited
For the Three Months Ended
December 31,
For the Year Ended December
31,
2019
2018
2019
2018
CONSOLIDATED
STATEMENTS OF OPERATIONS
Net sales
$
414,612
$
532,789
$
1,790,793
$
1,895,910
Cost of sales
179,322
214,359
750,390
705,698
Gross profit
235,290
318,430
1,040,403
1,190,212
Research and development
723
601
2,684
2,129
Selling and administrative expenses
17,346
15,683
63,674
62,032
Operating profit
217,221
302,146
974,045
1,126,051
Other expense (income), net
4,561
828
5,203
3,361
Related party Tax Receivable Agreement
expense
3,393
24,677
3,393
86,478
Interest expense
28,859
34,674
127,331
135,061
Interest income
(1,799
)
(589
)
(4,709
)
(1,657
)
Income from continuing operations before
provision for income taxes
182,207
242,556
842,827
902,808
Provision for income taxes
7,285
12,670
98,225
48,920
Net income from continuing operations
174,922
229,886
744,602
853,888
(Loss) income from discontinued
operations, net of tax
—
(254
)
—
331
Net income
$
174,922
$
229,632
$
744,602
$
854,219
Basic income per common share:
Net income per share
$
0.61
$
0.79
$
2.58
$
2.87
Net income from continuing operations per
share
$
0.61
$
0.79
$
2.58
$
2.87
Weighted average common shares
outstanding
285,040,356
290,550,907
289,057,356
297,748,327
Diluted income per common share:
Income per share
$
0.61
$
0.79
$
2.58
$
2.87
Diluted income from continuing operations
per share
$
0.61
$
0.79
$
2.58
$
2.87
Weighted average common shares
outstanding
285,079,866
290,557,637
289,074,601
297,753,770
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Unaudited
For the Three Months Ended
December 31,
For the Year Ended December
31,
2019
2018
2019
2018
Cash flow from operating activities:
Net income
$
174,922
$
229,632
$
744,602
$
854,219
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
15,432
18,667
61,819
66,413
Related party Tax Receivable Agreement
expense
3,393
24,677
3,393
86,478
Deferred income tax (benefit)
provision
(11,193
)
(18,894
)
17,503
(37,078
)
Loss on extinguishment of debt
—
—
—
23,827
Non-cash interest expense
1,580
1,573
6,344
5,320
Other charges, net
4,142
6,109
21,831
15,761
Net change in working capital*
32,624
(34,059
)
(47,687
)
(177,754
)
Change in long-term assets and
liabilities
(356
)
(3,346
)
(2,489
)
(583
)
Net cash provided by operating
activities
220,544
224,359
805,316
836,603
Cash flow from investing activities:
Capital expenditures
(20,050
)
(20,589
)
(64,103
)
(68,221
)
Proceeds from the sale of assets
121
60
219
926
Net cash used in investing activities
(19,929
)
(20,529
)
(63,884
)
(67,295
)
Cash flow from financing activities:
Short-term debt reductions, net
—
—
—
(12,607
)
Credit Facility reductions
—
—
—
(45,692
)
Refinancing fees and 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
(225,140
)
(28,247
)
(350,140
)
(56,372
)
Repurchase of common stock - related
party
(250,000
)
—
(250,000
)
(225,000
)
Repurchase of common stock - non-related
party
(1,384
)
—
(10,868
)
—
Dividends paid to non-related-party
(5,108
)
(47,966
)
(20,613
)
(55,616
)
Dividends paid to related-party
(19,503
)
(180,110
)
(78,010
)
(1,488,649
)
Net cash used in financing activities
(501,135
)
(256,323
)
(709,631
)
(731,044
)
Net change in cash and cash
equivalents
(300,520
)
(52,493
)
31,801
38,264
Effect of exchange rate changes on cash
and cash equivalents
291
(134
)
(746
)
(1,749
)
Cash and cash equivalents at beginning of
period
381,164
102,507
49,880
13,365
Cash and cash equivalents at end of
period
$
80,935
$
49,880
$
80,935
$
49,880
* Net change in working capital due to
changes in the following components:
Accounts and notes receivable, net
$
20,323
$
(43,135
)
$
(404
)
$
(139,180
)
Inventories
(1,641
)
(32,600
)
(21,549
)
(126,355
)
Prepaid expenses and other current
assets
(1,774
)
(712
)
3,929
7,116
Income taxes payable
9,978
31,696
(18,174
)
67,054
Accounts payable and accruals
5,785
11,388
(11,551
)
15,724
Interest payable
(47
)
(696
)
62
(2,113
)
Net change in working capital
$
32,624
$
(34,059
)
$
(47,687
)
$
(177,754
)
NON-GAAP
RECONCILIATION
(Dollars in thousands)
The following table reconciles our
non‑GAAP key financial measures to the most directly comparable
GAAP measures:
For the Three Months Ended
December 31,
For the Year Ended December
31,
2019
2018
2019
2018
Net income (loss)
174,922
229,632
744,602
854,219
Add:
Discontinued operations
—
254
—
(331
)
Depreciation and amortization
15,432
18,667
61,819
66,413
Interest expense
28,859
34,674
127,331
135,061
Interest income
(1,799
)
(589
)
(4,709
)
(1,657
)
Income taxes
7,285
12,670
98,225
48,920
EBITDA from continuing
operations
224,699
295,308
1,027,268
1,102,625
Adjustments:
Pension and OPEB plan expenses(1)
4,330
2,415
6,727
3,893
Initial and follow-on public offering
expenses(2)
647
8
2,056
5,173
Non-cash loss (gain) on foreign currency
remeasurement(3)
942
(809
)
1,784
818
Stock-based compensation(4)
575
495
2,143
1,152
Non-cash fixed asset write-off(5)
—
3,819
4,888
4,882
Related party Tax Receivable Agreement
expense(6)
3,393
24,677
3,393
86,478
Adjusted EBITDA from continuing
operations
234,586
325,913
1,048,259
1,205,021
(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)
Legal, accounting, printing and
registration fees associated with the initial and follow-on public
offerings.
(3)
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.
(4)
Non-cash expense for stock-based
compensation grants.
(5)
Non-cash fixed asset write-off
recorded for obsolete assets.
(6)
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/20200206005166/en/
Meredith Bandy Vice President, Investor Relations
216-676-2699
GrafTech (NYSE:EAF)
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