Ingevity reports third quarter 2019 financial results
- Net sales of $359.9 million were up 15.6% versus the prior year quarter’s sales of $311.2 million
- Net income of $59.9 million was up 15.9% versus net income in the prior year quarter of $51.7 million; net income as a percentage of sales of 16.6% was level with the prior year quarter; diluted earnings per share were $1.41 compared to $1.16
- Adjusted earnings of $62.2 million were up 26.2% versus adjusted earnings in the prior year quarter of $49.3 million; diluted adjusted earnings per share were $1.46 versus $1.15 in the prior year quarter
- Adjusted EBITDA of $114.0 million were up 25.7% compared to third quarter 2018 adjusted EBITDA of $90.7 million; adjusted EBITDA margin of 31.7% increased 260 basis points versus third quarter 2018
- Operating cash flow increased 25% to $118.7 million versus the prior year quarter; free cash flow in the quarter increased 40% to $97 million versus the prior year quarter
- Total debt to last twelve months’ net income ratio is 7.3x; net debt to last twelve months’ adjusted EBITDA ratio is 2.9x
- Company revises fiscal year 2019 guidance to sales from between $1.28 billion and $1.30 billion and adjusted EBITDA from between $390 million and $400 million
The results and guidance in this release include Non-GAAP financial measures. Refer to the section entitled “Use of Non-GAAP Financial Measures” within this release.
NORTH CHARLESTON, S.C.–(BUSINESS WIRE)–$NGVT #earnings–Ingevity Corporation (NYSE: NGVT) today reported third quarter net sales of $359.9 million, representing an increase of 15.6% versus $311.2 million in the prior year’s third quarter. Net income of $59.9 million, increased 15.9% versus $51.7 million in the previous year’s quarter. Ingevity’s third quarter net income margin of 16.6% was level to prior year. The third quarter diluted earnings per share were $1.41 compared to $1.16 in the prior year period.
Adjusted earnings of $62.2 million were up 26.2% versus prior year quarter of $49.3 million. Diluted adjusted earnings per share were $1.46, which exclude, net of tax, $0.05 related to both restructuring charges and costs associated with the acquisition of the Capa® caprolactone business. This compares to adjusted earnings per share of $1.15 in the prior year quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $114.0 million were up 25.7% versus third quarter 2018 adjusted EBITDA of $90.7 million. Adjusted EBITDA margin of 31.7% was up 260 basis points from the prior year’s third quarter adjusted EBITDA margin of 29.1%.
“In the face of challenging global economic conditions, we delivered a strong third quarter performance in line with our expectations,” said Michael Wilson, Ingevity’s president and CEO. “We posted earnings that were 26% higher on revenues that were up 16%. What’s more, we generated outstanding free cash flow of $97 million, up 40% versus the prior year’s quarter that reduced our leverage and brought our net debt to adjusted EBITDA down to 2.9 times.”
Performance Chemicals
Third quarter 2019 sales in the Performance Chemicals segment were $229.7 million, up $14.8 million, or 6.9%, versus the third quarter 2018. Segment EBITDA were $59.8 million, up $10.7 million, or 21.8%, versus the prior year quarter segment EBITDA. Segment EBITDA margin rose 320 basis points to 26.0%.
“Sales in most areas of the Performance Chemicals segment were negatively impacted by weak market fundamentals, especially in Europe and Asia,” said Wilson. “Against this backdrop, we benefitted from the acquisition of the Capa caprolactone business – which we refer to as engineered polymers – and continued margin improvement.”
Sales decreased in industrial specialties applications due to demand weakness, deliberately lower sales to low-margin ink applications, and oversupply of alternate materials. Oilfield applications sales decreased based on slowing North American drilling and production. Sales to pavement technologies applications were up slightly as improved weather conditions strengthened paving activity in North America; this was partially offset by reductions in overseas markets. “Sales for the engineered polymers product line were notably below the prior year’s period due primarily to weak market demand in Europe,” Wilson said. “However, our margins for these products are strong and have remained consistent quarter to quarter.”
Segment EBITDA benefitted from increases in volumes and price and mix, but were partially offset by slightly higher production costs.
Performance Materials
Third quarter 2019 sales in the Performance Materials segment were $130.2 million, up $33.9 million, or 35.2%, versus the third quarter 2018. Segment EBITDA were $54.2 million, up $12.6 million, or 30.3%, versus the prior year segment EBITDA. Segment EBITDA margin decreased 160 basis points to 41.6%.
“Once again, the Performance Materials segment turned in outstanding results,” said Wilson. “Because of the regulatory driven growth in this segment, results were not noticeably impacted by current economic conditions. In China, automakers continue to implement the nationwide China 6 gasoline vapor emission control standards at very strong pace. This has led to a step-change increase in sales for the Performance Materials segment in China and overall.”
Wilson said the segment is continuing to see strong growth in sales of its patented ‘honeycomb’ scrubber products used by automotive customers to meet U.S. and Canadian regulatory standards, and is realizing increases in Europe driven primarily by the European Union’s Euro 6d standard.
Segment EBITDA increased due to very strong volume increases, and price and mix, but were partially offset by the consumption of higher cost inventory associated with the Zhuhai, China, plant scale-up; plant spending related to planned maintenance outages at several facilities; and by increased legal expenses associated with protecting intellectual property.
Outlook
Ingevity revised its fiscal year 2019 guidance to sales from between $1.28 billion and $1.30 billion and adjusted EBITDA from between $390 million and $400 million.
“Despite challenging global macroeconomic conditions, we will, nevertheless, deliver strong year-over-year results for 2019,” said Wilson.
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect, and enhance the world around us. Through a team of talented and experienced people, Ingevity develops, manufactures, and brings to market products and processes that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,750 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.
Additional Information
The company will host a live webcast on Thursday, October 24, 2019, at 10 a.m. (Eastern Time) to discuss third quarter fiscal results. The webcast can be accessed through the Investors section of Ingevity’s website (www.ingevity.com), or via this link: Ingevity Q3 2019 webcast. You may also listen to the conference call by dialing 877-407-2991 (inside the U.S.) or 201-389-0925 (outside the U.S.), at least 10 minutes prior to the start of the event. Information on how to access the webcast and conference call, along with a slide deck containing other relevant financial and statistical information, will be posted to the Investors section of Ingevity’s website prior to the call. For those unable to join the live event, a replay of the webcast will be available beginning at approximately 2 p.m. (Eastern Time) on Oct. 24, 2019, through Nov. 24, 2019: Ingevity Q3 2019 webcast replay.
Use of Non-GAAP Financial Measures
Ingevity has presented certain financial measures which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are included in the financial schedules accompanying this news release, under the section entitled “Non-GAAP Financial Measures.”
A reconciliation of net income to adjusted EBITDA as projected for 2019 is not provided. Ingevity does not forecast net income as it cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components, net of tax, include further restructuring and other income (charges), net; additional acquisition and other related costs in connection with the acquisition of Georgia-Pacific’s pine chemical business and Perstorp Holding AB’s Capa caprolactone business; additional pension and postretirement settlement and curtailment (income) charges; and revisions due to future guidance and assessment of U.S. tax reform. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future, other items with similar characteristics to those currently included in adjusted EBITDA, that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact adjusted EBITDA.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements generally include the words “may,” “could,” “should,” “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” “forecast,” “prospect,” “potential” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; synergies and the potential benefits of the acquisition of Georgia-Pacific’s pine chemicals business and the acquisition of Perstorp Holding AB’s Capa caprolactone business (the “acquisitions”); capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost-reduction initiatives, plans and objectives; markets for securities and expected future repurchase of shares, including statements about the manner, amount and timing of repurchases. Like other businesses, Ingevity is subject to risks and uncertainties that could cause its actual results to differ materially from its expectations or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, risks that the expected benefits from the acquisitions will not be realized or will not be realized in the expected time period; the risk that the acquired businesses will not be integrated successfully; significant transaction costs; unknown or understated liabilities; general economic and financial conditions; international sales and operations; currency exchange rates and currency devaluation; compliance with U.S. and foreign regulations; competition from infringing intellectual property activity; attracting and retaining key personnel; the impact of Brexit; conditions in the automotive market or adoption of alternative technologies; worldwide air quality standards; a decrease in government infrastructure spending; declining volumes and downward pricing in the printing inks market; the limited supply of crude tall oil (“CTO”); lack of access to sufficient CTO; access to and pricing of raw materials; competition from producers of alternative products and new technologies, and new or emerging competitors; a prolonged period of low energy prices; the provision of services by third parties at several facilities; natural disasters, such as hurricanes, winter or tropical storms, earthquakes, floods, fires; other unanticipated problems such as labor difficulties including renewal of collective bargaining agreements, equipment failure or unscheduled maintenance and repair; protection of intellectual property and proprietary information; information technology security breaches and other disruptions; government policies and regulations, including, but not limited to, those affecting the environment, climate change, tax policies, tariffs and the chemicals industry; and lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes. These and other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are and will be more particularly described in our filings with the U.S. Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2018 and our other periodic filings. Readers are cautioned not to place undue reliance on Ingevity’s projections and forward-looking statements, which speak only as the date thereof. Ingevity undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
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INGEVITY CORPORATION |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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In millions, except per share data |
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||
|
Net sales |
$ |
359.9 |
|
$ |
311.2 |
|
$ |
989.5 |
|
|
$ |
855.0 |
|
|
Cost of sales |
220.4 |
|
192.6 |
|
618.5 |
|
|
535.8 |
|
||||
|
Gross profit |
139.5 |
|
118.6 |
|
371.0 |
|
|
319.2 |
|
||||
|
Selling, general and administrative expenses |
40.7 |
|
34.5 |
|
122.3 |
|
|
96.5 |
|
||||
|
Research and technical expenses |
4.9 |
|
5.6 |
|
15.0 |
|
|
16.3 |
|
||||
|
Restructuring and other (income) charges, net |
1.7 |
|
— |
|
2.0 |
|
|
(0.6 |
) |
||||
|
Acquisition-related costs |
1.3 |
|
— |
|
24.9 |
|
|
4.3 |
|
||||
|
Other (income) expense, net |
1.4 |
|
2.5 |
|
(2.3 |
) |
|
2.7 |
|
||||
|
Interest expense, net |
12.1 |
|
7.9 |
|
36.3 |
|
|
21.8 |
|
||||
|
Income (loss) before income taxes |
77.4 |
|
68.1 |
|
172.8 |
|
|
178.2 |
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||||
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Provision (benefit) for income taxes |
17.5 |
|
16.4 |
|
33.4 |
|
|
38.5 |
|
||||
|
Net income (loss) |
59.9 |
|
51.7 |
|
139.4 |
|
|
139.7 |
|
||||
|
Less: Net income (loss) attributable to noncontrolling interests |
— |
|
2.2 |
|
— |
|
12.7 |
|
|||||
|
Net income (loss) attributable to Ingevity stockholders |
$ |
59.9 |
|
$ |
49.5 |
|
$ |
139.4 |
|
|
$ |
127.0 |
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Per share data |
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Basic earnings (loss) per share attributable to Ingevity stockholders |
$ |
1.42 |
|
$ |
1.18 |
|
$ |
3.33 |
|
|
$ |
3.02 |
|
|
Diluted earnings (loss) per share attributable to Ingevity stockholders |
$ |
1.41 |
|
$ |
1.16 |
|
$ |
3.30 |
|
|
$ |
2.98 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||
|
Basic |
42.3 |
|
42.0 |
|
41.8 |
|
|
42.1 |
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||||
|
Diluted |
42.6 |
|
42.7 |
|
42.2 |
|
|
42.6 |
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INGEVITY CORPORATION |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
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In millions |
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
Net sales |
|
|
|
|
|
|
|
||||||||
|
Performance Materials |
$ |
130.2 |
|
|
$ |
96.3 |
|
|
$ |
362.4 |
|
|
$ |
287.9 |
|
|
Automotive Technologies product line |
120.5 |
|
|
86.6 |
|
|
334.1 |
|
|
258.6 |
|
||||
|
Process Purification product line |
9.7 |
|
|
9.7 |
|
|
28.3 |
|
|
29.3 |
|
||||
|
Performance Chemicals |
$ |
229.7 |
|
|
$ |
214.9 |
|
|
$ |
627.1 |
|
|
$ |
567.1 |
|
|
Oilfield Technologies product line |
27.6 |
|
|
32.5 |
|
|
86.5 |
|
|
84.0 |
|
||||
|
Pavement Technologies product line |
69.8 |
|
|
68.1 |
|
|
152.9 |
|
|
152.2 |
|
||||
|
Industrial Specialties product line |
99.9 |
|
|
114.3 |
|
|
296.8 |
|
|
330.9 |
|
||||
|
Engineered Polymers product line(1) |
32.4 |
|
|
— |
|
90.9 |
|
|
— |
||||||
|
Total net sales |
$ |
359.9 |
|
|
$ |
311.2 |
|
|
$ |
989.5 |
|
|
$ |
855.0 |
|
|
|
|
|
|
|
|
|
|
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Segment EBITDA (2) |
|
|
|
|
|
|
|
||||||||
|
Performance Materials |
$ |
54.2 |
|
|
$ |
41.6 |
|
|
$ |
154.7 |
|
|
$ |
126.5 |
|
|
Performance Chemicals |
59.8 |
|
|
49.1 |
|
|
151.1 |
|
|
120.7 |
|
||||
|
Total segment EBITDA (2) |
$ |
114.0 |
|
|
$ |
90.7 |
|
|
$ |
305.8 |
|
|
$ |
247.2 |
|
|
|
|
|
|
|
|
|
|
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Interest expense, net |
(12.1 |
) |
|
(7.9 |
) |
|
(36.3 |
) |
|
(21.8 |
) |
||||
|
(Provision) benefit for income taxes |
(17.5 |
) |
|
(16.4 |
) |
|
(33.4 |
) |
|
(38.5 |
) |
||||
|
Depreciation and amortization – Performance Materials |
(6.0 |
) |
|
(5.3 |
) |
|
(17.6 |
) |
|
(16.7 |
) |
||||
|
Depreciation and amortization – Performance Chemicals |
(15.5 |
) |
|
(9.4 |
) |
|
(43.8 |
) |
|
(25.4 |
) |
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Restructuring and other income (charges), net (3) |
(1.7 |
) |
|
— |
|
(2.0 |
) |
|
0.6 |
|
|||||
|
Acquisition and other related costs (4) |
(1.3 |
) |
|
— |
|
(33.3 |
) |
|
(5.7 |
) |
|||||
|
Net (income) loss attributable to noncontrolling interests |
— |
|
(2.2 |
) |
|
— |
|
(12.7 |
) |
||||||
|
Net income (loss) attributable to the Ingevity stockholders |
$ |
59.9 |
|
|
$ |
49.5 |
|
|
$ |
139.4 |
|
|
$ |
127.0 |
|
|
|
|
|
|
|
|
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_________________ |
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(1) Engineered Polymers product line was acquired on February 13, 2019; see Note 4 for more information. |
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(2) Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources among our operating segments. Segment EBITDA is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales, selling, general and administrative expenses, other (income) expense, net, excluding depreciation and amortization). We have excluded the following items from segment EBITDA: interest expense associated with corporate debt facilities, income taxes, depreciation, amortization, restructuring and other (income) charges, acquisition and other related costs, pension and postretirement settlement and curtailment (income) charge. |
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(3) The restructuring activity relates to Performance Chemicals for all periods presented. |
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(4) Costs incurred to complete and integrate the acquisitions noted above into our Performance Chemicals segment are expensed as incurred on our condensed consolidated statement of operations. The following table summarizes the costs incurred associated with these combined activities. |
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Three Months Ended |
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Nine Months Ended |
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|
September 30, |
|
September 30, |
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|
In millions |
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
Legal and professional service fees |
$ |
1.3 |
|
|
$ |
— |
|
$ |
12.2 |
|
|
$ |
4.3 |
|
|
|
Loss on hedging purchase price |
— |
|
— |
|
12.7 |
|
|
— |
|||||||
|
Acquisition-related costs |
$ |
1.3 |
|
|
$ |
— |
|
$ |
24.9 |
|
|
$ |
4.3 |
|
|
|
Inventory fair value step-up amortization (1) |
— |
|
— |
|
8.4 |
|
|
1.4 |
|
||||||
|
Acquisition and other-related costs |
$ |
1.3 |
|
|
$ |
— |
|
$ |
33.3 |
|
|
$ |
5.7 |
|
|
|
|
|
|
|
|
|
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_________________ |
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(1) Included within “Cost of sales” on the condensed consolidated statement of operations. |
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INGEVITY CORPORATION |
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In millions |
September 30, 2019 |
|
December 31, 2018 |
||
|
Assets |
(Unaudited) |
|
|
||
|
Cash and cash equivalents |
$ |
75.6 |
|
$ |
77.5 |
|
Accounts receivable, net |
167.2 |
|
118.9 |
||
|
Inventories, net |
210.2 |
|
191.4 |
||
|
Prepaid and other current assets |
46.0 |
|
34.9 |
||
|
Current assets |
499.0 |
|
422.7 |
||
|
Property, plant and equipment, net |
641.9 |
|
523.8 |
||
|
Goodwill |
416.1 |
|
130.7 |
||
|
Other intangibles, net |
383.5 |
|
125.6 |
||
|
Restricted investment |
72.7 |
|
71.2 |
||
|
Other assets |
105.6 |
|
41.2 |
||
|
Total Assets |
2,118.8 |
|
1,315.2 |
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|
|
|
|
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|
|
|
|
||
|
Liabilities |
|
|
|
||
|
Accounts payable |
$ |
107.5 |
|
$ |
92.9 |
|
Accrued expenses |
34.8 |
|
36.7 |
||
|
Other current liabilities |
66.5 |
|
53.7 |
||
|
Current liabilities |
208.8 |
|
183.3 |
||
|
Long-term debt including finance lease obligations |
1,294.4 |
|
741.2 |
||
|
Deferred income taxes |
107.8 |
|
36.9 |
||
|
Other liabilities |
64.5 |
|
15.1 |
||
|
Total Liabilities |
1,675.5 |
|
976.5 |
||
|
Equity |
443.3 |
|
338.7 |
||
|
Total Liabilities and Equity |
$ |
2,118.8 |
|
$ |
1,315.2 |
|
INGEVITY CORPORATION |
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Nine Months Ended September 30, |
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|
In millions |
2019 |
|
2018 |
||||
|
Cash provided by (used in) operating activities: |
|
|
|
||||
|
Net income (loss) |
$ |
139.4 |
|
|
$ |
139.7 |
|
|
Adjustments to reconcile net income (loss) to cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
61.4 |
|
|
42.1 |
|
||
|
Deferred income taxes |
26.7 |
|
|
3.2 |
|
||
|
Restructuring and other (income) charges, net |
2.0 |
|
|
(0.6 |
) |
||
|
Share-based compensation |
11.0 |
|
|
10.1 |
|
||
|
Pension and other postretirement (benefit) costs |
1.0 |
|
|
1.4 |
|
||
|
Other non-cash items |
8.7 |
|
|
7.9 |
|
||
|
Changes in operating assets and liabilities, net of effect of acquisitions: |
|
|
|
||||
|
Accounts receivable, net |
(34.5 |
) |
|
(24.6 |
) |
||
|
Inventories, net |
0.4 |
|
|
(30.3 |
) |
||
|
Prepaid and other current assets |
(2.8 |
) |
|
(4.7 |
) |
||
|
Planned major maintenance outage |
(5.5 |
) |
|
(5.1 |
) |
||
|
Accounts payable |
2.2 |
|
|
21.6 |
|
||
|
Accrued expenses |
(5.8 |
) |
|
6.6 |
|
||
|
Accrued payroll and employee benefits |
(18.8 |
) |
|
(6.5 |
) |
||
|
Income taxes payable |
(5.1 |
) |
|
7.5 |
|
||
|
Changes in other operating assets and liabilities, net |
9.9 |
|
|
(1.9 |
) |
||
|
Net cash provided by (used in) operating activities |
190.2 |
|
|
166.4 |
|
||
|
Cash provided by (used in) investing activities: |
|
|
|
||||
|
Capital expenditures |
(79.8 |
) |
|
(56.6 |
) |
||
|
Payments for acquired businesses, net of cash acquired |
(537.9 |
) |
|
(315.5 |
) |
||
|
Other investing activities, net |
(4.7 |
) |
|
(4.2 |
) |
||
|
Net cash provided by (used in) investing activities |
(622.4 |
) |
|
(376.3 |
) |
||
|
Cash provided by (used in) financing activities: |
|
|
|
||||
|
Proceeds from revolving credit facility |
789.0 |
|
|
— |
|||
|
Proceeds from long-term borrowings |
375.0 |
|
|
300.0 |
|
||
|
Payments on revolving credit facility |
(596.0 |
) |
|
— |
|||
|
Payments on long-term borrowings |
(117.8 |
) |
|
— |
|||
|
Debt issuance costs |
(1.8 |
) |
|
(7.1 |
) |
||
|
Borrowings (repayments) of notes payable and other short-term borrowings, net |
2.2 |
|
|
0.7 |
|
||
|
Tax payments related to withholdings on vested equity awards |
(14.3 |
) |
|
(2.1 |
) |
||
|
Proceeds and withholdings from share-based compensation plans, net |
3.7 |
|
|
1.8 |
|
||
|
Repurchases of common stock under publicly announced plan |
(6.4 |
) |
|
(18.1 |
) |
||
|
Acquisition of noncontrolling interest |
— |
|
(80.0 |
) |
|||
|
Noncontrolling interest distributions |
— |
|
(15.3 |
) |
|||
|
Net cash provided by (used in) financing activities |
433.6 |
|
|
179.9 |
|
||
|
Increase (decrease) in cash, cash equivalents and restricted cash |
1.4 |
|
|
(30.0 |
) |
||
|
Effect of exchange rate changes on cash |
(2.3 |
) |
|
(0.1 |
) |
||
|
Change in cash, cash equivalents, and restricted cash(1) |
(0.9 |
) |
|
(30.1 |
) |
||
|
Cash, cash equivalents, and restricted cash at beginning of period |
77.5 |
|
|
87.9 |
|
||
|
Cash, cash equivalents, and restricted cash at end of period (1) |
$ |
76.6 |
|
|
$ |
57.8 |
|
|
|
|
|
|
||||
|
(1) Includes restricted cash of $1.0 million and $0.3 million and cash and cash equivalents of $75.6 million and $57.5 million as of September 30, 2019 and 2018, respectively. Restricted cash is included within “Prepaid and Other Current Assets” within the condensed consolidated balance sheets. |
|||||||
|
|
|
|
|
||||
|
Supplemental cash flow information: |
|
|
|
||||
|
Cash paid for interest, net of capitalized interest |
$ |
40.1 |
|
|
$ |
22.6 |
|
|
Cash paid for income taxes, net of refunds |
$ |
12.6 |
|
|
$ |
27.6 |
|
|
Purchases of property, plant and equipment in accounts payable |
$ |
8.3 |
|
|
$ |
8.7 |
|
|
Leased assets obtained in exchange for new finance lease liabilities |
$ |
— |
|
$ |
— |
||
|
Leased assets obtained in exchange for new operating lease liabilities |
$ |
3.2 |
|
|
$ |
— |
|
Ingevity Corporation
Non-GAAP Financial Measures
Ingevity has presented certain financial measures, defined below, which have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has provided a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP. These financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable financial measure calculated in accordance with GAAP.
We believe these non-GAAP financial measures provide management as well as investors, potential investors, securities analysts and others with useful information to evaluate the performance of the business, because such measures, when viewed together with our financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.
Contacts
Contact:
Jack Maurer
843-746-8242
[email protected]
Investors:
Dan Gallagher
843-740-2126
[email protected]
