- Revelyst Q4 Sales Up 1.4% Over Prior Year to $332 Million,
Returning to Organic Growth For First Time In Nine Quarters; The
Kinetic Group Q4 Sales of $362 Million for Total Q4 Sales of $694
Million
- Revelyst Q4 Operating Income Margin Increased 622 Basis
Points Year Over Year and Sequentially, Increased 454 Basis Points,
While Doubling Adjusted EBITDA Dollars; The Kinetic Group Q4
Operating Income Margin Decreased 422 Basis Points Year Over Year;
The Kinetic Group Q4 Adjusted EBITDA of $100 Million
- Strong Q4 Cash Provided by Operating Activities of $161
Million And Adjusted Free Cash Flow of $161 Million, Driven Largely
by Sequential Inventory Reduction of $45 Million, a 6.8% Decrease;
Total Debt Decreased $115 Million Sequentially to $720 Million With
a Net Debt Leverage Ratio of 1.5x
- Positive Fiscal Year 2025 Outlook: Expect FY25 Sales of
$2.665 Billion to $2.775 Billion, Expect Adjusted EBITDA in the
Range of $410 Million to $490 Million, Despite Uncertain
Macroeconomic Backdrop; Remain Confident In Revelyst's Path to
Double Standalone Adjusted EBITDA In FY251
- Revelyst Continues to Build Momentum With GEAR Up
Transformation Program; Expect to Drive $100 Million of Run-Rate
Cost Savings in FY27; Additional Progress Being Made on Portfolio
Optimization Through Sale of RCBS to Hodgdon Powder
- We Have Made Meaningful Progress on Strategic Options:
Stockholder Vote for Sale of The Kinetic Group for $1.91 Billion
Scheduled for June 14, 2024; Company in Alternate Discussions with
MNC on Proposal to Acquire the Company for $37.50 per Share, has
Advised MNC to Increased its Offer Price
Vista Outdoor Inc. (NYSE: VSTO), the parent company of 41
renowned brands that design, manufacture and market sporting and
outdoor lifestyle products to consumers around the globe, today
reported operating results for the fourth quarter and Fiscal Year
2024 (FY24), which ended on March 31, 2024.
“I am proud of the work our teams at Revelyst and The Kinetic
Group have accomplished and our results demonstrate that the
strategic direction of Vista Outdoor is the right one,” said Eric
Nyman, Co-CEO of Vista Outdoor and CEO of Revelyst. “Across
Revelyst, we have undertaken a journey to transform our
organization into the leading, global integrated house of brands in
the Outdoor industry. Our collective efforts during the fiscal year
have enabled us to work through economic uncertainties and
challenges, and we have emerged stronger at each step along the way
as we transform our business to unlock its full potential. Our GEAR
Up transformation strategy has made tremendous progress, providing
confidence that our actions will realize $25 to $30 million of
run-rate cost savings in Fiscal Year 2025 supporting the potential
to double standalone Adjusted EBITDA year-over-year. We are on
track for our long-term goal of realizing $100 million of run-rate
cost savings in Fiscal Year 2027 from the GEAR Up program.
___________________________________
1 Vista Outdoor has not reconciled
adjusted EBITDA guidance (on a segment or consolidated basis) to
GAAP net income guidance because Vista Outdoor does not provide
guidance for net income, which is a reconciling item between GAAP
net income and non-GAAP adjusted EBITDA. Accordingly, a
reconciliation to net income is not available without unreasonable
effort. See page five of this press release for more information.
Revelyst Standalone Adjusted EBITDA includes an estimate for
corporate costs.
“We continue to be confident in our ability to receive CFIUS
clearance with respect to the CSG transaction, and the Board
continues to recommend Vista stockholders vote in favor of the
proposal to adopt the merger agreement with CSG,” concluded
Nyman.
“The Kinetic Group finished the year strong, achieving our
financial guidance and delivering quality EBITDA margins in the
high-twenties,” said Jason Vanderbrink Co-CEO of Vista Outdoor and
CEO of The Kinetic Group. “We have a strong order position going
into the new fiscal year and there are backlogs in several product
categories that strengthen our confidence in delivering on
financial expectations. Some challenges remain related to higher
commodity input costs, including for powder and copper, but pricing
actions taken to offset the increased production costs have not
impacted open orders,” concluded Vanderbrink.
Note that in the results below when referring to "Revelyst", it
comprises three new operating and reportable segments: Revelyst
Adventure Sports, Revelyst Precision Sports Technology and Revelyst
Outdoor Performance. Please see Vista Outdoor's Annual Report on
Form 10-K to be filed later this month for additional
information.
Consolidated results for the three
months ended March 31, 2024 versus the three months ended March 31,
2023:
- Sales decreased $47 million to $694 million, down 6.4 percent
driven by The Kinetic Group, partially offset by an increase in the
Revelyst business.
- Gross profit decreased 6.5 percent to $221 million and gross
profit margin was relatively flat at 31.8 percent.
- Operating expenses were $158 million. The lower operating
expense is primarily due to lower impairment, restructuring, and
selling, general, and administrative expenses related to Revelyst,
partially offset by increased contingent consideration and GEAR Up
restructuring costs.
- Operating income increased to $63 million. Operating income
margin was 9.0%. Adjusted operating income was $85 million, down
9.0 percent. Adjusted operating income margin was relatively flat
at 12.2 percent.
- Net income increased to $40 million. Net income margin
increased to 5.8 percent.
- Adjusted EBITDA decreased 7.5 percent to $109 million. Adjusted
EBITDA margin decreased 20 basis points to 15.7 percent.
- Diluted Earnings per Share (EPS) was $0.69 compared with
$(5.18) in the prior year period. Adjusted EPS decreased to $1.02,
or down 2.9 percent compared with $1.05 in the prior fiscal year
period.
For the three months ended March 31,
2024 versus the three months ended March 31, 2023:
Revelyst
- Sales increased 1.4 percent to $332 million driven by increased
volume as a result of new product introductions in Revelyst
Precision Sports Technology, partially offset by lower volume in
Revelyst Outdoor Performance.
- Gross profit increased to $100 million, up 17.3 percent, driven
primarily by increased efficiencies, volume, and price, partially
offset by increased discounting.
- Operating income (loss) increased 242.7 percent to $12 million
driven by increased gross profit and lower selling, general, and
administrative costs. Operating income (loss) margin increased 622
basis points to 3.6 percent.
- Adjusted EBITDA increased 209.5 percent to $29 million.
Adjusted EBITDA margin increased 590 basis points to 8.8
percent.
The Kinetic Group
- Sales decreased to $362 million, down 12.5 percent, due to
lower volume across nearly all categories and lower pricing.
- Gross profit decreased to $121 million, down 20.7 percent
driven by decreased volume and price, unfavorable mix, and
increased input costs due to inflation.
- Operating income (loss) decreased 24.8 percent to $94 million
due to lower gross profit, partially offset by lower selling,
general, and administrative costs. Operating income (loss) margin
decreased 422 basis points to 25.9 percent.
- Adjusted EBITDA decreased 23.3 percent to $100 million.
Adjusted EBITDA margin decreased 392 basis points to 27.7
percent.
Consolidated results for the twelve
months ended March 31, 2024 versus the twelve months ended March
31, 2023:
- Sales decreased 10.8 percent to $2.7 billion and organic sales
were $2.6 billion, down 14.5 percent, driven primarily by lower
volume at The Kinetic Group and Revelyst.
- Gross profit decreased 16.7 percent to $859 million due to
lower volume and price at The Kinetic Group and lower organic
volume at Revelyst. These decreases were partially offset by lower
discounting at The Kinetic Group and increased volume from
inorganic business and efficiencies at Revelyst.
- Operating expenses decreased 12.4 percent driven primarily by
lower impairment, selling, general, and administrative expenses
related to organic business, restructuring, and transaction costs,
partially offset by increased selling, general, and administrative
expenses related to inorganic business, contingent consideration,
planned separation, and GEAR Up restructuring costs.
- Operating income (loss) declined 53.2 percent to $50 million
and operating income (loss) margin decreased 166 basis points to
1.8 percent. Adjusted operating income (loss) was $343 million,
down 34.1 percent. Adjusted operating income (loss) margin
decreased 441 basis points to 12.5 percent.
- Net income (loss) improved to $(6) million. Net income (loss)
margin increased to (0.2) percent
- Adjusted EBITDA declined 27.8 percent to $442 million. Adjusted
EBITDA margin decreased 378 basis points to 16.1 percent.
- Diluted EPS was $(0.10), up 41.2 percent, compared with $(0.17)
in the prior fiscal year. Adjusted EPS declined to $3.86, or down
38.3 percent, compared with $6.26 in the prior fiscal year.
- Cash provided by operating activities was $401 million,
compared to $486 million in the prior fiscal year. Adjusted free
cash flow was $432 million.
For the twelve months ended March 31,
2024 versus the twelve months ended March 31, 2023:
Revelyst
- Sales declined 2.2 percent to $1.3 billion and organic sales
were $1.2 billion, down 10.7 percent, driven by lower volume,
increased discounting, and unfavorable mix in Revelyst Adventure
Sports and Revelyst Outdoor Performance.
- Gross profit decreased 3.5 percent to $373 million due largely
to lower organic volume, increased discounting, and unfavorable
mix, partially offset by volume from inorganic business and
increased efficiencies.
- Operating income (loss) declined 54.2 percent to $29 million
primarily caused by increased selling, general and administrative
costs related to prior year acquisitions and lower gross profit,
partially offset by lower selling, general, and administrative
costs related to organic business. Operating income (loss) margin
decreased 251 basis points to 2.2 percent.
- Adjusted EBITDA decreased 21.5 percent to $98 million. Adjusted
EBITDA margin decreased 188 basis points to 7.6 percent.
The Kinetic Group
- Sales decreased 17.4 percent to $1.5 billion, driven by lower
volume across nearly all categories as channel inventory has
normalized, the termination of the Lake City contract at the
beginning of the third fiscal quarter in the prior fiscal year, and
lower pricing. These decreases were partially offset by increased
shipments and lower discounting.
- Gross profit declined 25.7 percent to $486 million driven
primarily by decreased volume and price, unfavorable mix, and
increased input costs due to inflation. These decreases were
partially offset by lower discounting.
- Operating income (loss) decreased 29.4 percent to $390 million,
due to lower gross profit, partially offset by decreased selling
costs. Operating income (loss) margin decreased 457 basis points to
26.8 percent.
- Adjusted EBITDA decreased 28.0 percent to $416 million.
Adjusted EBITDA margin decreased 422 basis points to 28.6
percent.
Fiscal Year 2025 Outlook
"Fiscal Year 2024 was a transformative year for our company with
the signing of a definitive agreement with CSG to sell the Kinetic
Group for $1.91 Billion, the hiring of key management at Revelyst
and the kick-off of the GEAR Up transformation program all while
navigating an uncertain macroeconomic backdrop. Sales for Fiscal
Year 2024 were $2.7 billion with Adjusted EBITDA of $442 million,"
said Andrew Keegan, CFO of Vista Outdoor.
"We remained disciplined during the year and prioritized the
health of our balance sheet, driving a $100 million reduction in
inventory. Additionally, our robust fourth quarter cash provided by
operating activities of $161 million and adjusted free cash flow of
$161 million allowed us to pay down $115 million of debt during the
quarter and improve our net debt leverage ratio to 1.5x.
"Our Fiscal Year 2025 guidance reflects headwinds that include a
global powder shortage, increasing input costs, including for
copper and powder, and competitive market pricing at The Kinetic
Group pressuring the bottom line during the year. At Revelyst, our
guidance takes into consideration our expectation that consumers do
not meaningfully change their purchasing patterns due to ongoing
economic uncertainties and challenges. Sales guidance also excludes
a combined approximately $30 million from the divested RCBS brand
and the Fiber Energy brand, which suffered a fire at its main
production facility. We expect to double our Revelyst standalone
adjusted EBITDA during the year primarily driven by the GEAR Up
transformation program, contributions from our previously announced
April 2023 cost restructuring program, improvements in supply and
freight cost and lower expected promotions as compared to Fiscal
Year 2024," concluded Keegan.
Vista Outdoor Establishes Fiscal Year 2025 Financial
Guidance
Vista Outdoor has not reconciled adjusted EBITDA guidance (on a
segment or consolidated basis) to GAAP net income guidance because
Vista Outdoor does not provide guidance for net income, which is a
reconciling item between GAAP net income and non-GAAP adjusted
EBITDA. Accordingly, a reconciliation to net income is not
available without unreasonable effort. A reconciliation of adjusted
free cash flow guidance to cash provided by operating activities
guidance is available on page nine of this press release.
The Company expects:
- Sales in the range of $2.665 billion to $2.775 billion – The
Kinetic Group Sales expected to be approximately $1.425 billion to
$1.475 billion – Revelyst Sales expected to be approximately $1.240
billion to $1.300 billion
- Adjusted EBITDA in the range of $410 million to $490 million –
The Kinetic Group adjusted EBITDA expected to be approximately $350
million to $400 million – Revelyst adjusted EBITDA expected to be
approximately $130 million to $160 million
- Earnings Per Share (EPS) in the range of $3.60 to $4.50
- Cash provided by operating activities in the range of $280
million to $362 million; adjusted Free Cash Flow in the range of
$240 million to $320 million
- Effective tax rate of approximately 25.0 percent
- Interest expense in the range of $30 million to $40
million
- Capital expenditures as a percent of sales of approximately 1.5
percent
Earnings Conference Call Webcast Information
Vista Outdoor will hold an investor conference call to discuss
its business operations, Fourth Quarter and Fiscal Year 2024
financial results, and provide an update on its business outlook on
May 9, 2024, at 9 a.m. ET. The conference call will be accessible
through a live webcast. Interested investors and other individuals
can access the webcast and view and/or download the earnings press
release, including a reconciliation of non-GAAP financial measures,
and the related earnings release presentation slides, which will
also include detailed segment information, via Vista Outdoor’s
website (www.vistaoutdoor.com). Choose "Investors" then "Events and
Presentations". For those who cannot participate in the live
webcast, a telephone recording of the conference call will be
available until June 8, 2024. The telephone number is (866)
813-9403 and the access code is 695314.
Non-GAAP Financial Measures
Non-GAAP financial measures such as adjusted EBITDA, adjusted
EBITDA margin, adjusted operating income, adjusted operating income
margin, adjusted EPS, adjusted free cash flow, net debt and net
debt leverage ratio as included in this press release are
supplemental measures that are not calculated in accordance with
Generally Accepted Accounting Principles (“GAAP”). These non-GAAP
measures should be considered in addition to, and not as
substitutes for, GAAP measures. Please see the tables below for
reconciliations of these non-GAAP measures to the most directly
comparable GAAP measures.
Beginning with the second quarter of fiscal year 2024, we
modified our presentation of non-GAAP results and no longer exclude
from adjusted results expenses related to retention payments in
connection with our acquisitions. These specified expenses that
were previously excluded from adjusted results under the line items
of transition costs, planned separation costs, and post-acquisition
compensation are included in “operating expenses” in our as
reported results. The Company made these changes to its
presentation of non-GAAP financial measures following comments
from, and discussions with, staff members of the U.S. Securities
and Exchange Commission (the “SEC”). Prior period adjusted results
have been revised for comparability. Revised adjusted EPS includes
the negative impact of this change of approximately $0.03 and $0.14
for the three and twelve months ending March 31, 2023. The revised
presentation of the reconciliation to previously reported adjusted
EPS, and the revised reconciliation to adjusted results for the
three and twelve months ended March 31, 2023, is reported
below.
Reconciliation of previously reported
adjusted EPS
(Unaudited, dollars in thousands, except
per share data)
Three months ended March 31,
2023
Twelve months ended March 31,
2023
Transition costs previously specified
$
235
$
742
Planned separation costs previously
specified
—
444
Post-acquisition compensation previously
specified
1,497
7,880
Income tax impact
(122
)
(1,023
)
Decrease in as adjusted net income
$
1,610
$
8,043
Decrease in adjusted EPS
$
0.03
$
0.14
Adjusted EPS previously reported
1.08
6.40
Revised adjusted EPS
$
1.05
$
6.26
Reconciliation of Non-GAAP and Supplemental Financial
Measures
In addition to the results prepared in accordance with GAAP, we
are providing the information below on a non-GAAP basis, including,
adjusted gross profit, adjusted operating expenses, adjusted
operating income (loss), adjusted other operating income margin,
adjusted interest expense, adjusted taxes, adjusted tax rate,
adjusted net income, and adjusted diluted earnings (loss) per share
(EPS). Vista Outdoor defines these measures as gross profit,
operating expenses, operating income (loss), operating income
margin, other income (expense), net, interest expense, taxes, tax
rate, net income (loss), and EPS excluding, where applicable, the
impact of costs incurred for inventory step-up, transaction and
transition costs, executive transition costs, planned separation
costs, impairment, restructuring, GEAR Up restructuring,
post-acquisition compensation, contingent consideration, debt
extinguishment and debt acquisition costs. Vista Outdoor management
is presenting these measures so a reader may compare gross profit,
operating expenses, operating income (loss), operating income
margin, interest expense, taxes, tax rate, net income (loss), and
EPS excluding these items, as the measures provide investors with
an important perspective on the operating results of the Company.
Vista Outdoor management uses these measurements internally to
assess business performance, and Vista Outdoor’s definitions may
differ from those used by other companies.
Three months
ended March 31, 2024
(in thousands except per share amounts and
percentages)
Gross profit
Operating expenses
Operating income
Operating income
margin
Other expense, net
Interest expense
Taxes
Tax rate
Net income
EPS (1)
As reported
$
220,507
$
157,976
$
62,531
9.0
%
$
(359
)
$
(14,861
)
$
(7,143
)
15.1
%
$
40,168
$
0.69
Post acquisition compensation
—
(848
)
848
—
—
—
848
Transaction costs
—
(756
)
756
—
—
(182
)
574
Contingent consideration
—
(2,742
)
2,742
—
—
—
2,742
Impairment
—
(1,258
)
1,258
—
—
(302
)
956
Debt extinguishment
—
—
—
—
2,423
(582
)
1,841
Restructuring
—
(450
)
450
—
—
(108
)
342
Gear Up restructuring
—
(7,478
)
7,478
—
—
(1,795
)
5,683
Transition costs
—
(542
)
542
—
—
(130
)
412
Planned separation costs
—
(8,131
)
8,131
—
—
(1,951
)
6,180
As adjusted
$
220,507
$
135,771
$
84,736
12.2
%
$
(359
)
$
(12,438
)
$
(12,193
)
16.9
%
$
59,746
$
1.02
(1) As reported net earnings per share and
adjusted net earnings per share are both calculated based on 58,517
diluted weighted average shares of common stock.
Three months
ended March 31, 2023
(in thousands except per share amounts and
percentages)
Gross profit
Operating expenses
Operating income
(loss)
Operating income
margin
Other income, net
Interest expense
Taxes
Tax rate
Net income (loss)
EPS (1)
As reported
$
235,747
$
528,170
$
(292,423
)
(39.5
)%
$
744
$
(20,120
)
$
17,464
5.6
%
$
(294,335
)
$
(5.18
)
Post acquisition compensation
—
5,765
(5,765
)
—
—
1,346
(4,419
)
Transaction costs
—
(60
)
60
—
—
(16
)
44
Contingent consideration
—
11,105
(11,105
)
—
—
981
(10,124
)
Inventory step-up
1,449
—
1,449
—
—
(362
)
1,087
Executive transition costs
—
(5,631
)
5,631
—
—
(706
)
4,925
Impairment
—
(374,355
)
374,355
—
—
(25,896
)
348,459
Restructuring
—
(13,111
)
13,111
—
—
(3,278
)
9,833
Transition costs
—
(3,318
)
3,318
—
—
(830
)
2,488
Planned separation costs
—
(4,448
)
4,448
—
—
(1,112
)
3,336
As adjusted
$
237,196
$
144,117
$
93,079
$
12.6
%
$
744
$
(20,120
)
$
(12,409
)
16.8
%
$
61,294
$
1.05
(1) Potential common stock equivalents
were excluded from the computation of as reported net loss per
share, as their effect was antidilutive. As reported net loss per
share is calculated based on 56,776 basic and diluted weighted
average shares of common stock. Adjusted net income per share is
calculated based on 58,342 diluted shares of common stock.
Year ended March
31, 2024
(in thousands except per share amounts and
percentages)
Gross profit
Operating expenses
Operating income
Operating income
margin
Other expense, net
Interest expense
Taxes
Tax rate
Net income (loss)
EPS (1)
As reported
$
858,985
$
808,532
$
50,453
1.8
%
$
(1,988
)
$
(62,949
)
$
8,979
62.0
%
$
(5,505
)
$
(0.10
)
Post acquisition compensation
—
(1,328
)
1,328
—
—
—
1,328
Transaction costs
—
(755
)
755
—
—
(181
)
574
Contingent consideration
—
(5,888
)
5,888
—
—
—
5,888
Executive transition costs
—
(1,342
)
1,342
—
—
(437
)
905
Impairment
—
(220,070
)
220,070
—
—
(47,620
)
172,450
Debt extinguishment
—
—
—
—
2,423
(582
)
1,841
Restructuring
—
(5,604
)
5,604
—
—
(1,345
)
4,259
Gear Up restructuring
—
(8,279
)
8,279
—
—
(1,987
)
6,292
Transition costs
—
(7,310
)
7,310
—
—
(1,754
)
5,556
Planned separation costs
—
(42,179
)
42,179
—
—
(10,123
)
32,056
As adjusted
$
858,985
$
515,777
$
343,208
12.5
%
$
(1,988
)
$
(60,526
)
$
(55,050
)
19.6
%
$
225,644
$
3.86
(1) Potential common stock equivalents
were excluded from the computation of as reported net loss per
share, as their effect was antidilutive. As reported net loss per
share is calculated based on 57,946 basic and diluted weighted
average shares of common stock. As adjusted net income per share is
calculated based on 58,445 diluted shares of common stock.
Year ended March
31, 2023
(in thousands except per share amounts and
percentages)
Gross profit
Operating expenses
Operating income
(loss)
Operating income
margin
Other income, net
Interest expense
Taxes
Tax rate
Net income (loss)
EPS (1)
As reported
$
1,030,897
$
923,042
$
107,855
3.5
%
$
2,124
$
(59,317
)
$
(60,380
)
119.2
%
$
(9,718
)
$
(0.17
)
Post acquisition compensation
—
1,017
(1,017
)
—
—
375
(642
)
Transaction costs
—
(8,105
)
8,105
—
—
(1,497
)
6,608
Contingent consideration
—
27,508
(27,508
)
—
—
1,003
(26,505
)
Inventory step-up
9,528
—
9,528
—
—
(2,382
)
7,146
Executive transition costs
—
(5,631
)
5,631
—
—
(706
)
4,925
Impairment
—
(374,355
)
374,355
—
—
(25,896
)
348,459
Debt issuance
—
—
—
—
785
(196
)
589
Restructuring
—
(13,111
)
13,111
—
—
(3,278
)
9,833
Transition costs
—
(4,315
)
4,315
—
—
(1,079
)
3,236
Planned separation costs
—
(26,237
)
26,237
—
—
(6,559
)
19,678
As adjusted
$
1,040,425
$
519,813
$
520,612
16.9
%
$
2,124
$
(58,532
)
$
(100,595
)
21.7
%
$
363,609
$
6.26
(1) Potential common stock equivalents
were excluded from the computation of as reported net loss per
share, as their effect was antidilutive. As reported net loss per
share is calculated based on 56,600 basic and diluted weighted
average shares of common stock. As adjusted net income per share is
calculated based on 58,104 diluted shares of common stock.
During the three months and fiscal year ended March 31, 2024, we
incurred costs that we feel are not indicative of ongoing
operations as follows:
- post-acquisition compensation expense related to the Stone
Glacier acquisition;
- transaction costs associated with possible and actual
transactions, including advisor and legal fees and other
costs;
- transition costs for prior acquisitions to integrate into the
Company such as professional fees and travel costs;
- executive transition costs for executive search fees and
related costs for the transition of our CEO and General Counsel
executives;
- costs associated with the planned separation of our Revelyst
and The Kinetic Group businesses into two separate companies,
including restructuring, and advisory and legal fees;
- impairment expense related to goodwill, indefinite-lived,
amortizing intangibles, and long-lived assets;
- restructuring costs related to an over $50 million cost
reduction and earnings improvement program, announced during our
fourth fiscal quarter of 2023, which includes severance and asset
impairments related to product line reassessments, office closures,
and headcount reductions across our brands and corporate
teams;
- restructuring costs related to our GEAR Up transformation
Program, including severance costs and asset impairments related to
location closures;
- change in the estimated fair value of the contingent
consideration payable related to our acquisitions; and
- costs incurred to write off unamortized debt issuance costs
related to our term loan that was paid off during the fourth fiscal
quarter.
During the three months ended March 31, 2024, our reported tax
(expense) benefit of $(7,143) results in a tax rate of 15.1 percent
and our adjusted tax (expense) benefit of $(12,193) results in an
adjusted tax rate of 16.9 percent.
During the full year ended March 31, 2024, our reported tax
(expense) benefit of $8,979 results in a tax rate of 62.0 percent
and our adjusted tax (expense) benefit of $(55,050) results in an
adjusted tax rate of 19.6 percent.
During the three months and fiscal year ended March 31, 2023, we
incurred costs that we feel are not indicative of ongoing
operations as follows:
- inventory step-up costs associated with our acquisitions of Fox
and Simms, expensed over their inventory cycles;
- transaction costs associated with possible and actual
transactions, including advisor and legal fees and other
costs;
- transition costs for prior acquisitions to integrate into the
Company such as professional fees and travel costs;
- executive transition costs for severance, executive search fees
and related costs for the transition of our CEO and General Counsel
executives, who departed the Company during our fourth
quarter;
- costs associated with the planned separation of our Revelyst
and The Kinetic Group businesses into two separate companies,
including restructuring, severance and advisory and legal
fees;
- impairment expense related to goodwill and indefinite-lived
intangibles;
- restructuring costs related to an over $50 million cost
reduction and earnings improvement program, announced during our
fourth fiscal quarter of 2023, which includes severance and asset
impairments related to product line reassessments, office closures,
and headcount reductions across our brands and corporate
teams;
- change in the estimated fair value of the contingent
consideration payable related to our acquisitions; and
- costs incurred to write off unamortized debt issuance costs
related to our 2021 ABL Revolving Credit Facility refinance.
During the three months ended March 31, 2023, our reported tax
(expense) benefit of $17,464 results in a tax rate of 5.6 percent
and our adjusted tax (expense) benefit of $(12,409) results in an
adjusted tax rate of 16.8 percent.
During the full year ended March 31, 2023, our reported tax
(expense) benefit of $(60,380) results in a tax rate of 119.2
percent and our adjusted tax (expense) benefit of $(100,595)
results in an adjusted tax rate of 21.7 percent.
Free Cash Flow
Free cash flow is defined as cash provided by operating
activities less capital expenditures. Vista Outdoor management
believes that free cash flow provides investors with an important
indication of the cash generated by our business for debt
repayment, share repurchases and acquisitions after making the
capital investments required to support ongoing business
operations. Vista Outdoor management uses free cash flow to assess
overall liquidity. Vista Outdoor’s definition of free cash flow may
differ from those used by other companies.
Adjusted free cash flow is defined as free cash flow eliminating
the cash impact of the following items that are adjusted in our
presentation of adjusted net income: transaction costs, transition
costs, planned separation costs, post-acquisition compensation,
restructuring, GEAR Up restructuring, and executive transition
costs. Vista Outdoor management believes that adjusted free cash
flow enhances investors’ understanding of the liquidity of our
ongoing operations. Adjusted free cash flow is also used by Vista
Outdoor to assess employees’ performance and determine their annual
incentive payments. Vista Outdoor’s definition of adjusted free
cash flow may differ from those used by other companies. During the
fourth quarter of fiscal year 2023, we modified our definition of
adjusted free cash flow to no longer adjust for applicable tax
amounts. Beginning with the second quarter of fiscal year 2024, we
modified our presentation of non-GAAP results and no longer exclude
from adjusted free cash flow, cash payments related to retention
payments in connection with our acquisitions, restructurings, and
planned separation. All periods presented have been adjusted for
this modification.
(in thousands)
Three months ended March 31,
2024
Year ended March 31,
2024
Year ended March 31,
2023
Projected year ending March
31, 2025
Cash provided by operating activities (as
reported)
$
160,618
$
400,887
$
486,185
$279,975 - 361,625
Capital expenditures
(11,116
)
(30,534
)
(38,810
)
~(39,975 - 41,625)
Free cash flow
149,502
370,353
447,375
$240,000 - 320,000
Post acquisition compensation
1,603
1,853
2,984
—
Transaction costs
25
25
9,235
—
Executive transition costs
(418
)
3,724
893
—
Restructuring
1,424
6,201
7,140
—
Gear Up restructuring
906
3,406
—
—
Transition costs
328
11,027
1,949
—
Planned separation costs
7,751
34,977
22,504
—
Adjusted free cash flow
$
161,121
$
431,566
$
492,080
$240,000 - 320,000
Organic Sales Reconciliation
Organic sales is a non-GAAP measure of sales growth excluding
the material impacts of acquisitions from year-over-year
comparisons. Sales are considered inorganic for the twelve months
after acquisition. We believe this measure provides investors with
a supplemental understanding of underlying sales trends by
providing sales growth on a consistent basis. This measure is used
in assessing achievement of management goals for at-risk
compensation. Vista Outdoor's definition of organic sales may
differ from those used by other companies. When referring to
"Revelyst" in the Non-GAAP reconciliations below, we are referring
to the Revelyst business which comprises three new operating and
reportable segments: Revelyst Adventure Sports, Revelyst Precision
Sports Technology, and Revelyst Outdoor Performance. Please see
Vista Outdoor's Annual Report on Form 10-K to be filed later this
month for additional information.
Three months ended
Years ended
(in thousands)
March 31, 2024
March 31, 2023
March 31, 2024
March 31, 2023
The Kinetic Group
$
361,586
$
413,311
$
1,452,627
$
1,757,932
Revelyst
332,083
327,431
1,293,436
1,321,875
Sales, net
$
693,669
$
740,742
$
2,746,063
$
3,079,807
Less Revelyst acquisitions
—
—
(113,431
)
—
The Kinetic Group organic sales, net
$
361,586
$
413,311
$
1,452,627
$
1,757,932
Revelyst organic sales, net
332,083
327,431
1,180,005
1,321,875
Organic sales, net
$
693,669
$
740,742
$
2,632,632
$
3,079,807
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is defined as net income before other income
(expense), interest, taxes, and depreciation and amortization,
excluding the non-recurring and non-cash items referenced above. We
calculate “Adjusted EBITDA margins” as Adjusted EBITDA divided by
net sales. Vista Outdoor management believes adjusted EBITDA and
adjusted EBITDA margin provide investors with an important
perspective on the Company’s core profitability and help investors
analyze underlying trends in the Company’s business and evaluate
its performance on an absolute basis and relative to its peers.
Adjusted EBITDA and adjusted EBITDA margin should be considered in
addition to, and not as a substitute for, GAAP net income and GAAP
net income margin. Vista Outdoor’s definitions may differ from
those used by other companies.
Segment Adjusted EBITDA Reconciliation
Three months ended March 31,
2024
Year ended March 31,
2024
(in thousands except percentages)
The Kinetic Group
Revelyst
Total
The Kinetic Group
Revelyst
Total
Segment operating income (1)
$
93,801
$
12,082
$
105,883
$
389,960
$
28,607
$
418,567
Depreciation and amortization
6,465
17,052
23,517
25,813
69,677
95,490
Adjusted segment EBITDA
$
100,266
$
29,134
$
129,400
$
415,773
$
98,284
$
514,057
Adjusted segment EBITDA margin
27.7
%
8.8
%
28.6
%
7.6
%
Three months ended March 31,
2023
Year ended March 31,
2023
(in thousands except percentages)
The Kinetic Group
Revelyst
Total
The Kinetic Group
Revelyst
Total
Segment operating income (loss) (1)
$
124,659
$
(8,468
)
$
116,191
$
552,232
$
62,423
$
614,655
Depreciation and amortization
6,136
17,881
24,017
25,087
62,829
87,916
Adjusted segment EBITDA
$
130,795
$
9,413
$
140,208
$
577,319
$
125,252
$
702,571
Adjusted segment EBITDA margin
31.6
%
2.9
%
32.8
%
9.5
%
(1) We do not calculate GAAP net income at
the segment level, but have provided segment operating income as a
relevant measurement of profitability. Segment operating income
does not include interest expense and taxes as well as other
non-cash and non-recurring items. Segment operating income is
reconciled to our consolidated net income in the segment income to
consolidated net income reconciliation table included in this press
release.
Consolidated Adjusted EBITDA Reconciliation
Three months ended
Years ended
(in thousands except percentages)
March 31, 2024
March 31, 2023
March 31, 2024
March 31, 2023
Net income (loss)
$
40,168
$
(294,335
)
$
(5,505
)
$
(9,718
)
Other expense (income), net
359
(744
)
1,988
(2,124
)
Interest expense, net
14,861
20,120
62,949
59,317
Income tax provision (benefit)
7,143
(17,464
)
(8,979
)
60,380
Depreciation and amortization
24,484
24,998
99,291
92,089
Post acquisition compensation
848
(5,765
)
1,328
(1,017
)
Transaction costs
756
60
755
8,105
Contingent consideration
2,742
(11,105
)
5,888
(27,508
)
Inventory step-up
—
1,449
—
9,528
Executive transition costs
—
5,631
1,342
5,631
Impairment
1,258
374,355
220,070
374,355
Restructuring
450
13,111
5,604
13,111
Gear Up restructuring
7,478
—
8,279
—
Transition costs
542
3,318
7,310
4,315
Planned separation costs
8,131
4,448
42,179
26,237
Adjusted EBITDA
$
109,220
$
118,077
$
442,499
$
612,701
Adjusted EBITDA margin
15.7
%
15.9
%
16.1
%
19.9
%
Segment Income to Consolidated Net Income
Reconciliation
Three months ended
Years ended
(in thousands)
March 31, 2024
March 31, 2023
March 31, 2024
March 31, 2023
Segment income
$
105,883
$
116,191
$
418,567
$
614,655
Corporate costs and expenses (1)
(43,352
)
(408,614
)
(368,114
)
(506,800
)
Operating income
$
62,531
$
(292,423
)
$
50,453
$
107,855
Other income, net
(359
)
744
(1,988
)
2,124
Interest expense, net
(14,861
)
(20,120
)
(62,949
)
(59,317
)
Income tax (provision) benefit
(7,143
)
17,464
8,979
(60,380
)
Net Income
$
40,168
$
(294,335
)
$
(5,505
)
$
(9,718
)
(1) Includes corporate overhead and
certain non-recurring items as described in the schedules to this
release
Net Debt and Net Debt Leverage Ratio
Net debt is defined as total debt less cash and cash
equivalents. Net debt leverage ratio is defined as net debt as of
the balance sheet date divided by adjusted EBITDA for the twelve
months then ended. We believe that using net debt is useful to
investors in determining our leverage ratio since we could choose
to use cash and cash equivalents to retire debt. Vista Outdoor’s
definitions may differ from those used by other companies.
Net Debt and Net Debt Leverage Ratio Reconciliation
(in thousands)
As of March 31, 2024
Total Debt Outstanding
$
720,000
Less: Cash
(60,271
)
Net Debt
$
659,729
(in thousands except ratio)
Twelve months ended March 31,
2024
Net loss
$
(5,505
)
Other expense, net
1,988
Interest expense, net
62,949
Income tax benefit
(8,979
)
Depreciation and amortization
99,291
Post acquisition compensation
1,328
Transaction costs
755
Contingent consideration
5,888
Executive transition costs
1,342
Impairment
220,070
Restructuring
5,604
Gear Up restructuring
8,279
Transition costs
7,310
Planned separation costs
42,179
Adjusted EBITDA
$
442,499
Net debt leverage ratio
1.5
About Vista Outdoor Inc.
Vista Outdoor (NYSE: VSTO) is the parent company of more than
three dozen renowned brands that design, manufacture and market
sporting and outdoor products. Brands include Bushnell, CamelBak,
Bushnell Golf, Foresight Sports, Fox Racing, Bell Helmets, Camp
Chef, Giro, Simms Fishing, QuietKat, Stone Glacier, Federal
Ammunition, Remington Ammunition and more. Our Revelyst and The
Kinetic Group businesses provide consumers with a wide range of
performance-driven, high-quality and innovative outdoor and
sporting products. For news and information, visit our website at
www.VistaOutdoor.com.
Forward-Looking Statements
Some of the statements made and information contained in this
press release, excluding historical information, are
“forward-looking statements,” including those that discuss, among
other things: Vista Outdoor Inc.'s ("Vista Outdoor", "we", "us", or
"our") plans, objectives, expectations, intentions, strategies,
goals, outlook or other non-historical matters; projections with
respect to future revenues, income, earnings per share or other
financial measures for Vista Outdoor; and the assumptions that
underlie these matters. The words “believe,” “expect,”
“anticipate,” “intend,” “aim,” “should” and similar expressions are
intended to identify such forward-looking statements. To the extent
that any such information is forward-looking, it is intended to fit
within the safe harbor for forward-looking information provided by
the Private Securities Litigation Reform Act of 1995. Numerous
risks, uncertainties and other factors could cause our actual
results to differ materially from the expectations described in
such forward-looking statements, including the following: risks
related to the previously announced transaction among Vista Outdoor
Inc, Revelyst, Inc. (“Revelyst”), CSG Elevate II Inc., CSG Elevate
III Inc. and CZECHOSLOVAK GROUP a.s. (the “Transaction”), including
(i) the failure to receive, on a timely basis or otherwise, the
required approval of the Transaction by our stockholders, (ii) the
possibility that any or all of the various conditions to the
consummation of the Transaction may not be satisfied or waived,
including the failure to receive any required regulatory approvals
from any applicable governmental entities (or any conditions,
limitations or restrictions placed on such approvals), (iii) the
possibility that competing offers or acquisition proposals may be
made, (iv) the occurrence of any event, change or other
circumstance that could give rise to the termination of the merger
agreement relating to the Transaction, including in circumstances
which would require Vista Outdoor to pay a termination fee, (v) the
effect of the announcement or pendency of the Transaction on our
ability to attract, motivate or retain key executives and
employees, our ability to maintain relationships with our
customers, vendors, service providers and others with whom we do
business, or our operating results and business generally, (vi)
risks related to the Transaction diverting management’s attention
from our ongoing business operations and (vii) that the Transaction
may not achieve some or all of any anticipated benefits with
respect to either business segment and that the Transaction may not
be completed in accordance with our expected plans or anticipated
timelines, or at all; impacts from the COVID-19 pandemic on our
operations, the operations of our customers and suppliers and
general economic conditions; supplier capacity constraints,
production or shipping disruptions or quality or price issues
affecting our operating costs; the supply, availability and costs
of raw materials and components; increases in commodity, energy,
and production costs; seasonality and weather conditions; our
ability to complete acquisitions, realize expected benefits from
acquisitions and integrate acquired businesses; reductions in or
unexpected changes in or our inability to accurately forecast
demand for ammunition, accessories, or other outdoor sports and
recreation products; disruption in the service or significant
increase in the cost of our primary delivery and shipping services
for our products and components or a significant disruption at
shipping ports; risks associated with diversification into new
international and commercial markets, including regulatory
compliance; our ability to take advantage of growth opportunities
in international and commercial markets; our ability to obtain and
maintain licenses to third-party technology; our ability to attract
and retain key personnel; disruptions caused by catastrophic
events; risks associated with our sales to significant retail
customers, including unexpected cancellations, delays, and other
changes to purchase orders; our competitive environment; our
ability to adapt our products to changes in technology, the
marketplace and customer preferences, including our ability to
respond to shifting preferences of the end consumer from brick and
mortar retail to online retail; our ability to maintain and enhance
brand recognition and reputation; others’ use of social media to
disseminate negative commentary about us, our products, and
boycotts; the outcome of contingencies, including with respect to
litigation and other proceedings relating to intellectual property,
product liability, warranty liability, personal injury, and
environmental remediation; our ability to comply with extensive
federal, state and international laws, rules and regulations;
changes in laws, rules and regulations relating to our business,
such as federal and state ammunition regulations; risks associated
with cybersecurity and other industrial and physical security
threats; interest rate risk; changes in the current tariff
structures; changes in tax rules or pronouncements; capital market
volatility and the availability of financing; foreign currency
exchange rates and fluctuations in those rates; general economic
and business conditions in the United States and our markets
outside the United States, including as a result of the war in
Ukraine and the imposition of sanctions on Russia, the COVID-19
pandemic, conditions affecting employment levels, consumer
confidence and spending, conditions in the retail environment, and
other economic conditions affecting demand for our products and the
financial health of our customers. All fourth quarter and full year
2024 financial information in this press release is preliminary,
based on our estimates and subject to completion of our financial
closing procedures. Final results for the full year, which will be
reported in our Annual Report on Form 10-K for the fiscal year
2024, might vary from the information in this press release. In
particular, until our financial statements are issued in our Annual
Report on Form 10-K, we might be required to recognize certain
subsequent events (such as in connection with contingencies or the
realization of assets) which could affect our final results.
You are cautioned not to place undue reliance on any
forward-looking statements we make, which are based only on
information currently available to us and speak only as of the date
hereof. A more detailed description of risk factors that may affect
our operating results can be found in Part 1, Item 1A, Risk
Factors, of our Annual Report on Form 10-K for fiscal year 2023, in
Part II, Item 1A, Risk Factors, of our Quarterly Report on Form
10-Q for the third quarter of fiscal year 2024, and in the filings
we make with the SEC from time to time. We undertake no obligation
to update any forward-looking statements, except as otherwise
required by law.
No Offer or Solicitation
This communication is neither an offer to sell, nor a
solicitation of an offer to buy any securities, the solicitation of
any vote, consent or approval in any jurisdiction pursuant to or in
connection with the Transaction or otherwise, nor shall there be
any sale, issuance or transfer of securities in any jurisdiction in
contravention of applicable law. No offer of securities shall be
made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended, and otherwise
in accordance with applicable law.
Additional Information and Where to Find It
These materials may be deemed to be solicitation material in
respect of the Transaction. In connection with the Transaction,
Revelyst, a subsidiary of Vista Outdoor, filed with the SEC on
January 16, 2024 a registration statement on Form S-4 in connection
with the proposed issuance of shares of common stock of Revelyst to
Vista Outdoor stockholders pursuant to the Transaction, which Form
S-4 includes a proxy statement of Vista Outdoor that also
constitutes a prospectus of Revelyst (the “proxy
statement/prospectus”). INVESTORS AND STOCKHOLDERS ARE URGED TO
READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING OUR PROXY
STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION
ABOUT THE TRANSACTION AND THE PARTIES TO THE TRANSACTION. The
registration statement was declared effective by the SEC on March
22, 2024, and we have mailed the definitive proxy
statement/prospectus to each of our stockholders entitled to vote
at the meeting relating to the approval of the Transaction.
Investors and stockholders may obtain the proxy
statement/prospectus and any other documents free of charge through
the SEC’s website at www.sec.gov. Copies of the documents filed
with the SEC by Vista Outdoor are available free of charge on our
website at www.vistaoutdoor.com.
Participants in Solicitation
Vista Outdoor, Revelyst, CSG Elevate II Inc., CSG Elevate III
Inc. and CZECHOSLOVAK GROUP a.s. and their respective directors,
executive officers and certain other members of management and
employees, under SEC rules, may be deemed to be “participants” in
the solicitation of proxies from our stockholders in respect of the
Transaction. Information about our directors and executive officers
is set forth in our proxy statement on Schedule 14A for our 2023
Annual Meeting of Stockholders, which was filed with the SEC on
June 12, 2023 and subsequent statements of changes in beneficial
ownership on file with the SEC. These documents are available free
of charge through the SEC’s website at www.sec.gov. Additional
information regarding the interests of potential participants in
the solicitation of proxies in connection with the Transaction,
which may, in some cases, be different than those of our
stockholders generally, is also included in the proxy
statement/prospectus relating to the Transaction.
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (preliminary and unaudited)
Three months ended
Years ended
(Amounts in thousands except per share
data)
March 31, 2024
March 31, 2023
March 31, 2024
March 31, 2023
Sales, net
$
693,669
$
740,742
$
2,746,063
$
3,079,807
Cost of sales
473,162
504,995
1,887,078
2,048,910
Gross profit
220,507
235,747
858,985
1,030,897
Operating expenses:
Research and development
13,094
12,776
49,644
44,209
Selling, general, and administrative
144,882
141,039
540,076
504,478
Impairment of goodwill and intangibles
—
374,355
218,812
374,355
Operating income (loss)
62,531
(292,423
)
50,453
107,855
Other (expense) income, net
(359
)
744
(1,988
)
2,124
Interest expense, net
(14,861
)
(20,120
)
(62,949
)
(59,317
)
Income (loss) before income taxes
47,311
(311,799
)
(14,484
)
50,662
Income tax (provision) benefit
(7,143
)
17,464
8,979
(60,380
)
Net income (loss)
$
40,168
$
(294,335
)
$
(5,505
)
$
(9,718
)
Earnings (loss) per common share:
Basic
$
0.69
$
(5.18
)
$
(0.10
)
$
(0.17
)
Diluted
$
0.69
$
(5.18
)
$
(0.10
)
$
(0.17
)
Weighted-average number of common shares
outstanding:
Basic
58,165
56,776
57,946
56,600
Diluted
58,517
56,776
57,946
56,600
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(preliminary and
unaudited)
March 31,
(Amounts in thousands except share
data)
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
60,271
$
86,208
Net receivables
355,903
339,373
Net inventories
609,999
709,897
Income tax receivable
9,113
—
Other current assets
39,836
60,636
Total current assets
1,075,122
1,196,114
Net property, plant, and equipment
201,864
228,247
Operating lease assets
107,007
106,828
Goodwill
318,251
465,709
Net intangible assets
627,636
733,176
Deferred income tax assets
12,895
—
Deferred charges and other non-current
assets, net
59,605
68,808
Total assets
$
2,402,380
$
2,798,882
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Current portion of long-term debt
$
—
$
65,000
Accounts payable
163,411
136,556
Accrued compensation
56,983
60,719
Accrued income taxes
—
6,676
Federal excise, use, and other taxes
35,552
38,543
Other current liabilities
129,352
146,377
Total current liabilities
385,298
453,871
Long-term debt
717,238
984,658
Deferred income tax liabilities
—
40,749
Long-term operating lease liabilities
105,699
103,313
Accrued pension and postemployment
benefits
22,866
25,114
Other long-term liabilities
44,982
59,384
Total liabilities
1,276,083
1,667,089
Commitments and contingencies
Common stock—$.01 par value:
Authorized—500,000,000 shares
Issued and outstanding—58,238,276 shares
as of March 31, 2024 and 57,085,756 shares as of March 31, 2023
582
570
Additional paid-in-capital
1,653,089
1,711,155
Accumulated deficit
(236,033
)
(230,528
)
Accumulated other comprehensive loss
(74,348
)
(80,802
)
Common stock in treasury, at
cost—5,726,163 shares held as of March 31, 2024 and 6,878,683
shares held as of March 31, 2023
(216,993
)
(268,602
)
Total stockholders' equity
1,126,297
1,131,793
Total liabilities and stockholders'
equity
$
2,402,380
$
2,798,882
VISTA OUTDOOR INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(preliminary and
unaudited)
Years Ended March 31
(Amounts in thousands)
2024
2023
Operating Activities
Net income
$
(5,505
)
$
(9,718
)
Adjustments to net income to arrive at
cash provided by operating activities:
Depreciation
49,145
48,126
Amortization of intangible assets
50,146
43,963
Amortization of deferred financing
costs
10,098
6,702
Impairment of goodwill and intangibles
218,812
374,355
Impairment of long-lived assets
4,462
—
Change in fair value of contingent
consideration
5,855
(27,510
)
Deferred income taxes
(54,988
)
(43,177
)
Gain on foreign exchange
(624
)
(1,249
)
Loss on disposal of property, plant, and
equipment
1,326
1,719
Share-based compensation
11,450
28,119
Changes in assets and liabilities:
Net receivables
(13,480
)
66,860
Net inventories
105,884
18,537
Accounts payable
29,500
(33,596
)
Accrued compensation
(3,847
)
(25,803
)
Accrued income taxes
(19,627
)
59,679
Federal excise, use, and other taxes
(2,991
)
(3,311
)
Pension and other postretirement
benefits
1,333
1,988
Other assets and liabilities
13,938
(19,499
)
Cash provided by operating activities
400,887
486,185
Investing Activities
Capital expenditures
(30,534
)
(38,810
)
Proceeds from note receivable
—
10,683
Acquisition of businesses, net of cash
received
(16,478
)
(761,589
)
Proceeds from the disposition of property,
plant, and equipment
328
47
Cash used for investing activities
(46,684
)
(789,669
)
Financing Activities
Proceeds from credit facility
204,000
468,000
Repayments of credit facility
(339,000
)
(283,000
)
Proceeds from issuance of long-term
debt
—
350,000
Payments on long-term debt
(205,000
)
(145,000
)
Payments made for debt issue costs and
prepayment premiums
(63
)
(17,209
)
Proceeds from exercise of stock
options
162
4,213
Payments made for contingent
consideration
(22,573
)
(706
)
Payment of employee taxes related to
vested stock awards
(17,967
)
(9,090
)
Cash (used for) provided by financing
activities
(380,441
)
367,208
Effect of foreign currency exchange rate
fluctuations on cash
301
(100
)
Increase (decrease) in cash and cash
equivalents
(25,937
)
63,624
Cash and cash equivalents at beginning of
year
86,208
22,584
Cash and cash equivalents at end of
year
$
60,271
$
86,208
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508098445/en/
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