GrafTech International Ltd. (NYSE: EAF) (GrafTech or the
Company) today announced financial results for the quarter ended
March 31, 2020, including net income of $122 million, or $0.45 per
share, and Adjusted EBITDA1 of $179 million.
First Quarter Results and Key Financial Measures
For the Three Months Ended
March 31,
(dollars in thousands, except per share
amounts)
2020
2019
Net sales
$
318,646
$
474,994
Net income
$
122,268
$
197,436
Earnings per share (2)
$
0.45
$
0.68
Adjusted EBITDA(1)
$
179,178
$
283,815
(1) A non-GAAP financial measure, see below for more information
and a reconciliation of EBITDA and Adjusted EBITDA 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.
Net sales for the quarter ended March 31, 2020 were $319 million
compared to $475 million in the first quarter of 2019. Lower net
sales were driven primarily by lower sales volumes, reflecting
continued customer inventory destocking, lower steel production
levels, and the preliminary impact of the COVID-19 virus on the
economy.
Net income for the first quarter of 2020 was $122 million, or
$0.45 per share, compared to $197 million, or $0.68 per share in
the first quarter of 2019. Adjusted EBITDA was $179 million in the
first quarter of 2020 compared to $284 million in the first quarter
of 2019. Net income and adjusted EBITDA both decreased as a result
of lower net sales.
Cash flow from operating activities was $139 million in the
first quarter of 2020 compared to $157 million in the comparable
period of 2019. We ended the first quarter of 2020 with a strong
liquidity position of approximately $400 million, consisting of
cash and cash equivalents of $152 million and availability of $247
million under our revolving credit facility.
Key operating metrics
For the Three Months Ended
March 31,
(in thousands)
2020
2019
Sales volume (MT) (1)
34
45
Production volume (MT) (2)
33
48
Production capacity excluding St. Marys
(MT) (3)(4)
51
51
Capacity utilization excluding St. Marys
(3)(5)
65
%
94
%
Total production capacity (MT) (4)(6)
58
58
Total capacity utilization (5)(6)
57
%
83
%
(1)
Sales volume reflects only graphite electrodes manufactured by
GrafTech.
(2)
Production volume reflects graphite electrodes we produced during
the period.
(3)
In the first quarter of 2018, our St. Marys facility began
graphitizing a limited amount of electrodes sourced from our
Monterrey, Mexico facility.
(4)
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.
(5)
Capacity utilization reflects production volume as a percentage of
production capacity.
(6)
Includes graphite electrode facilities in Calais, France;
Monterrey, Mexico; Pamplona, Spain and St. Marys, Pennsylvania.
Sales volume was 34 thousand metric tons (MT) in the first
quarter of 2020 and consisted of 29 thousand MT shipped under our
long-term agreements and 5 thousand MT of spot sales. Production
volume was 33 thousand MT in the first quarter of 2020 compared to
48 thousand MT in the same period of 2019.
COVID-19
GrafTech has been proactive from the onset of the COVID-19
crisis. We created a COVID-19 response team composed of senior
management that meets three to five times per week to monitor
conditions and formulate appropriate action plans. These initial
meetings resulted in early actions to cancel travel and eliminate
in-person meetings. Our team members are working from home where
possible, and we have established a "Safe-Work Playbook" for our
sites. Our plant procedures include temperature measurements where
permitted, personal protective equipment, mandatory use of gloves,
social distancing, frequent cleaning and disinfecting, and the use
of daily check sheets to keep team members highly focused on these
new procedures. These actions have been very successful, as over
99% of our workforce has remained healthy through this crisis. In
addition, we have developed return to work protocols so when the
time is right, we may have team members currently working from home
safely return to the office.
We have worked hard during this COVID-19 crisis to minimize the
impact on our employees, our customers, and our operations. We have
navigated and implemented eight different sets of government
controls and guidelines to keep all of our plants open and
operating safely. Despite this challenging environment, we met all
customer orders and achieved a 96% on-time delivery rate for the
first quarter of 2020. At the same time, we achieved record levels
of safety and environmental performance.
Commercial Update
We service customers at over 300 locations across the globe and
most of them have been impacted as a result of this pandemic. In
spite of the steel industry being deemed an essential business in
many countries, a number of our customers have temporarily
suspended or otherwise reduced operations. This is having a
significant impact on demand, which we expect to last through the
remainder of this year, and into 2021.
The impact of the virus has induced over 20 of our long-term
contract customers to submit force majeure notices. The long-term
contracts provide for force majeure volumes to be deferred to the
end of the contract period by extending the term of the agreement
for the duration of the force majeure event.
Other long-term contract customers have been impacted by plant
closures and lower steel demand, and are struggling to take their
committed electrode volumes. We have had no additional customer
bankruptcies at this point, but as a result of the above factors we
are experiencing some delays and non-performance from certain
customers on their long-term agreements. As a result of this macro
environment spot pricing is now below the long-term contract price,
and some customers are attempting to renegotiate their contracts or
delay shipments.
We will continue to work with our valued customers who have
benefited from these long-term contracts in recent years while
contract prices have been below spot prices, but we will take every
measure to ensure that our customers fulfill their legal
obligations and commitments under these contracts.
In our previous disclosures, we estimated that long-term
contract volumes in 2020 would be approximately 130,000 MT. Given
the current pandemic and the factors noted above, we now estimate
that our long-term contract volume in 2020 will be in the range of
100,000 - 115,000 MT. We expect that some of this decrease in 2020
long-term contract volume will be recovered in future years.
Electrode spot prices continue to trend lower. Our average price
for non-LTA business in the first quarter of 2020 was approximately
$6,500. As a result of the COVID-19 pandemic and the reduction in
overall demand, we expect the spot price for graphite electrodes
will decrease further.
Operational Update
Due to the COVID-19 impact and the resulting decrease in
customer demand, we have reduced the operating level of our
graphite electrode plants. We will operate our electrode plants to
match customer demand while meeting customer requirements with
continued high levels of on-time delivery performance.
We have been successful at continuing to operate our Seadrift
needle coke plant at full capacity during this COVID-19 crisis. We
have scheduled our planned biannual Seadrift maintenance outage for
later in the second quarter this year. This outage will last about
four weeks. We have adequate needle coke inventory to cover this
outage.
Steel production levels are down significantly as a result of
this pandemic and the associated impact on all manufacturing supply
chains. Our customers' graphite electrode destocking initiatives
were progressing as expected in the first quarter prior to the
COVID-19 outbreak. We had expected this process to complete in the
second half of 2020 but now expect destocking to continue through
the end of the year, and depending on levels of activity across
metal based manufacturing supply chains, potentially into 2021.
Cost Reduction Initiatives
In response to the challenging environment created by the global
pandemic, we have proactively taken concrete actions to reduce
costs and preserve cash. We have eliminated all discretionary
spending and have reduced our full-time workforce and adjusted
production to our expected sales. We have also eliminated our
temporary workforce and substantially eliminated contractors. In
total, our headcount at electrode plants is being reduced by 15%.
We are also reducing our fixed costs at our electrode plants by
15%, and variable costs will be lower in 2020 as a result of the
lower utilization rates.
Capital expenditures totaled $14 million in the first quarter of
2020, and we are reducing our planned capital expenditures for the
full year by approximately one-half to a level of $30-$35 million.
Due to timing of purchases, inventory levels increased during the
first quarter, but we are managing to reduce levels to match demand
moving forward and expect overall inventory levels to come down
over the course of the year.
Capital Structure and Capital Allocation
In addition to the cost reduction initiatives outlined above, we
are actively taking steps to further strengthen our balance sheet
and increase our financial flexibility. Given the extent and
duration of the impact of the pandemic on the macro environment,
our quarterly dividend is being reduced to $0.01 per share. The
Board will revisit the dividend level as conditions improve and the
business environment becomes clearer.
We are also reprioritizing our capital allocation to focus on
liquidity and balance sheet flexibility. In the first quarter of
2020, we returned over $50 million to shareholders in the form of
share repurchases and dividends. We now expect to use the majority
of our incremental free cash flow in 2020 to reduce debt, but will
continue to examine opportunities to repurchase stock.
Outlook
We remain fully confident in the long-term growth trajectory of
Electric Arc Furnace (EAF) steel production. Global warming and
other environmental concerns are critical issues facing society and
global companies, and the EAF steelmakers are among the largest
recycling industries in the world. EAF steel making produces 75%
less carbon emissions than traditional blast oxygen furnace steel
making. EAF growth is continuing with significant capacity
additions having been announced.
GrafTech is one of the largest graphite electrode producers in
the world and a mission critical supplier to the EAF industry. We
have three of the most efficient and largest graphite electrode
plants in the world and are the only substantially vertically
integrated producer. With this backdrop, and the decisive actions
we have taken to manage through the COVID-19 pandemic, we are well
positioned to weather this downturn.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on May 6, 2020 at 10:00 a.m.
Eastern Daylight 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: 5548947. A replay of the Conference
Call will be available until August 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: 5548947. A replay of the webcast
will also be available on our website until August 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, a primary raw
material for graphite electrode manufacturing. 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 ultimate impact that the COVID-19 pandemic has on
our business, results of operations, financial condition and cash
flows; 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; 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, such as the COVID-19 pandemic, 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 tax legislation could
adversely affect us or our stockholders; 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 and Adjusted EBITDA
are non‑GAAP financial measures. We define EBITDA, a non‑GAAP
financial measure, as net income or loss plus interest expense,
minus interest income, plus income taxes, and depreciation and
amortization. We define adjusted EBITDA as EBITDA plus any pension
and other post-employment benefit ("OPEB") plan expenses, initial
and follow-on public offering and related 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 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 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 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, because we believe it is a useful and widely used way to
assess our leverage.
Our use of adjusted EBITDA 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 does not reflect changes in, or cash
requirements for, our working capital needs;
- adjusted EBITDA 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 does not reflect the interest expense or the
cash requirements necessary to service interest or principal
payments on our indebtedness;
- adjusted EBITDA does not reflect tax payments that may
represent a reduction in cash available to us;
- adjusted EBITDA does not reflect expenses relating to our
pension and OPEB plans;
- adjusted EBITDA 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 does not reflect initial and follow-on public
offering and related expenses;
- adjusted EBITDA does not reflect related party Tax Receivable
Agreement expense;
- adjusted EBITDA 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 and adjusted EBITDA differently, which reduces its
usefulness as a comparative measure.
In evaluating EBITDA and adjusted EBITDA, 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 and adjusted EBITDA 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 and adjusted EBITDA
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 March 31,
2020
As of December 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
152,109
$
80,935
Accounts and notes receivable, net of
allowance for doubtful accounts of $7,385 as of March 31, 2020 and
$5,474 as of December 31, 2019
198,943
247,051
Inventories
322,623
313,648
Prepaid expenses and other current
assets
32,517
40,946
Total current assets
706,192
682,580
Property, plant and equipment
734,118
733,417
Less: accumulated depreciation
231,244
220,397
Net property, plant and equipment
502,874
513,020
Deferred income taxes
56,900
55,217
Goodwill
171,117
171,117
Other assets
97,133
104,230
Total assets
$
1,534,216
$
1,526,164
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
52,067
$
78,697
Short-term debt
138
141
Accrued income and other taxes
80,626
65,176
Other accrued liabilities
73,597
48,335
Related party payable - tax receivable
agreement
16,115
27,857
Total current liabilities
222,543
220,206
Long-term debt
1,814,266
1,812,682
Other long-term obligations
90,522
72,562
Deferred income taxes
44,785
49,773
Related party payable - tax receivable
agreement long-term
42,479
62,014
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, 267,178,663 and 270,485,308 shares
issued and outstanding as of March 31, 2020 and December 31, 2019,
respectively
2,672
2,705
Additional paid-in capital
756,103
765,419
Accumulated other comprehensive loss
(64,310
)
(7,361
)
Accumulated deficit
(1,374,844
)
(1,451,836
)
Total stockholders’ deficit
(680,379
)
(691,073
)
Total liabilities and stockholders’
equity
$
1,534,216
$
1,526,164
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in thousands)
Unaudited
For the Three Months Ended
March 31,
2020
2019
CONSOLIDATED STATEMENTS OF
OPERATIONS
Net sales
$
318,646
$
474,994
Cost of sales
138,917
195,524
Gross profit
179,729
279,470
Research and development
712
637
Selling and administrative expenses
14,932
15,226
Operating profit
164,085
263,607
Other (income) expense, net
(3,314
)
467
Related party Tax Receivable Agreement
benefit
(3,346
)
—
Interest expense
25,672
33,700
Interest income
(1,141
)
(414
)
Income before provision for income
taxes
146,214
229,854
Provision for income taxes
23,946
32,418
Net income
$
122,268
$
197,436
Basic income per common share:
Net income per share
$
0.45
$
0.68
Weighted average common shares
outstanding
269,216,820
290,559,025
Diluted income per common share:
Income per share
$
0.45
$
0.68
Weighted average common shares
outstanding
269,236,562
290,566,163
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Unaudited
For the Three Months Ended
March 31,
2020
2019
Cash flow from operating activities:
Net income
$
122,268
$
197,436
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
14,284
15,585
Related party Tax Receivable Agreement
benefit
(3,346
)
—
Deferred income tax provision
6,348
6,427
Non-cash interest expense
1,594
1,588
Other charges, net
(838
)
3,268
Net change in working capital*
(130
)
(71,443
)
Change in long-term assets and
liabilities
(897
)
3,956
Net cash provided by operating
activities
139,283
156,817
Cash flow from investing activities:
Capital expenditures
(13,901
)
(14,569
)
Proceeds from the sale of assets
62
74
Net cash used in investing activities
(13,839
)
(14,495
)
Cash flow from financing activities:
Principal repayments on long-term debt
—
(125,000
)
Repurchase of common stock - non-related
party
(30,099
)
—
Payment of tax withholdings related to net
share settlement of equity awards
(46
)
—
Dividends paid to non-related-party
(5,926
)
(5,194
)
Dividends paid to related-party
(16,933
)
(19,502
)
Net cash used in financing activities
(53,004
)
(149,696
)
Net change in cash and cash
equivalents
72,440
(7,374
)
Effect of exchange rate changes on cash
and cash equivalents
(1,266
)
(217
)
Cash and cash equivalents at beginning of
period
80,935
49,880
Cash and cash equivalents at end of
period
$
152,109
$
42,289
* Net change in working capital due to
changes in the following components:
Accounts and notes receivable, net
$
40,743
$
(31,389
)
Inventories
(17,236
)
(4,705
)
Prepaid expenses and other current
assets
7,411
7,425
Income taxes payable
14,238
(38,333
)
Accounts payable and accruals
(45,245
)
(5,305
)
Interest payable
(41
)
864
Net change in working capital
$
(130
)
$
(71,443
)
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
March 31,
2020
2019
Net income
122,268
197,436
Add:
Depreciation and amortization
14,284
15,585
Interest expense
25,672
33,700
Interest income
(1,141
)
(414
)
Income taxes
23,946
32,418
EBITDA
185,029
278,725
Adjustments:
Pension and OPEB plan expenses(1)
542
770
Initial and follow-on public offering and
related expenses(2)
4
685
Non‑cash (gain) loss on foreign currency
remeasurement(3)
(3,461
)
411
Stock-based compensation(4)
410
292
Non‑cash fixed asset write‑off(5)
—
2,932
Related party Tax Receivable Agreement
benefit(6)
(3,346
)
—
Adjusted EBITDA
179,178
283,815
(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
offering and related expenses.
(3)
Non‑cash gains and losses 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 adjustment for
future payment to our sole pre-IPO stockholder for tax assets that
are expected to be utilized.
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version on businesswire.com: https://www.businesswire.com/news/home/20200506005225/en/
Adam Dible 216-676-2444
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