Delivers Record Full Year Net Sales, up 4%
Fourth Quarter Fiscal 2026 Highlights
(All comparisons against the fourth quarter of fiscal 2025 unless otherwise noted)
- Delivered net sales of $988M, +1%
- Achieved Gross Margin (GM) of 29.4%, (180) bps and GM ex IRC 45X(1) of 24.7%, (200) bps
- Realized diluted EPS of $2.05, (15%), record adjusted diluted EPS(1) of $3.19, +7%, and record adjusted diluted EPS ex IRC 45X(1) of $1.96, +5%
- Net leverage ratio(a) 1.1 X EBITDA
- Generated operating cash flow of $144M
- Advanced new product pipeline, including BESS for warehouse operators and a lithium data center solution, both in customer commissioning
Full Year Fiscal 2026 Highlights
(All comparisons against fiscal 2025 unless otherwise noted)
- Delivered record net sales of $3.75B, +4%
- Achieved GM of 29.3%, down (90) bps and GM ex IRC 45X(1) of 25.1%, roughly flat
- Realized diluted EPS of $7.70, down (14%), record adjusted diluted EPS(1) of $10.56, +4%, and record adjusted diluted EPS ex IRC 45X(1) of $6.41, +15%
- Generated operating cash flow of $548M
- Returned $409M to shareholders through buybacks and dividends
- Launched EnerGize strategic framework and accelerated operational execution
READING, Pa.–(BUSINESS WIRE)–#EnerSys—EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year fiscal 2026, which ended on March 31, 2026.
“The fourth quarter capped a strong year for EnerSys, with our second highest revenue quarter in history and important progress advancing both our new lithium data center solution and BESS for warehouse operators into customer commissioning,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “For the full year, we delivered record net sales, up 4%, and record adjusted diluted EPS excluding 45X, up 15%, reflecting solid execution and the early impact of our EnerGize strategic framework. Our focus on core end markets, where our leading market share positions afford us the right to win, has created a more durable, diversified portfolio that can perform across varied demand conditions.
“Over the past year, we have taken decisive actions to improve our cost structure, optimize our manufacturing footprint, and increase the speed and focus of our organization. These efforts, combined with a continued shift toward higher-value solutions, are strengthening the quality and consistency of our earnings.
“As we enter fiscal 2027, we are encouraged by improving demand trends and the momentum we are building across the business. We look forward to providing additional detail on our strategy, technology roadmap, and growth opportunities at our Investor Day on June 11th at the NYSE,” O’Connell concluded.
|
Key Financial Results and Metrics |
Fourth quarter ended |
|
Twelve months ended |
||||||||||||||||
|
In millions, except per share amounts |
March 31, 2026 |
|
March 31, 2025 |
|
Change |
|
March 31, 2026 |
|
March 31, 2025 |
|
Change |
||||||||
|
Net Sales |
$ |
988.0 |
|
$ |
974.8 |
|
|
1.3 |
% |
|
$ |
3,751.4 |
|
$ |
3,617.6 |
|
|
3.7 |
% |
|
Diluted EPS (GAAP) |
$ |
2.05 |
|
$ |
2.41 |
|
$ |
(0.36 |
) |
|
$ |
7.70 |
|
$ |
8.99 |
|
$ |
(1.29 |
) |
|
Adjusted Diluted EPS (Non-GAAP)(1) |
$ |
3.19 |
|
$ |
2.97 |
|
$ |
0.22 |
|
|
$ |
10.56 |
|
$ |
10.15 |
|
$ |
0.41 |
|
|
Gross Profit (GAAP) |
$ |
290.9 |
|
$ |
303.7 |
|
$ |
(12.8 |
) |
|
$ |
1,097.6 |
|
$ |
1,092.4 |
|
$ |
5.2 |
|
|
Operating Earnings (GAAP) |
$ |
123.7 |
|
$ |
131.3 |
|
$ |
(7.6 |
) |
|
$ |
426.4 |
|
$ |
464.7 |
|
$ |
(38.3 |
) |
|
Adjusted Operating Earnings (Non-GAAP)(2) |
$ |
154.1 |
|
$ |
152.5 |
|
$ |
1.6 |
|
|
$ |
540.2 |
|
$ |
528.1 |
|
$ |
12.1 |
|
|
Net Earnings (GAAP) |
$ |
77.3 |
|
$ |
96.5 |
|
$ |
(19.2 |
) |
|
$ |
293.6 |
|
$ |
363.7 |
|
$ |
(70.1 |
) |
|
EBITDA (Non-GAAP)(3) |
$ |
141.0 |
|
$ |
155.6 |
|
$ |
(14.6 |
) |
|
$ |
511.5 |
|
$ |
558.6 |
|
$ |
(47.1 |
) |
|
Adjusted EBITDA (Non-GAAP)(3) |
$ |
172.6 |
|
$ |
166.9 |
|
$ |
5.7 |
|
|
$ |
601.6 |
|
$ |
588.6 |
|
$ |
13.0 |
|
|
Share Repurchases |
$ |
69.3 |
|
$ |
40.0 |
|
$ |
29.3 |
|
|
$ |
370.7 |
|
$ |
154.0 |
|
$ |
216.7 |
|
|
Dividend per share |
$ |
0.26 |
|
$ |
0.24 |
|
$ |
0.02 |
|
|
$ |
1.03 |
|
$ |
0.945 |
|
$ |
0.08 |
|
|
Total Capital Returned to Stockholders |
$ |
78.9 |
|
$ |
49.5 |
|
$ |
29.4 |
|
|
$ |
408.8 |
|
$ |
192.4 |
|
$ |
216.4 |
|
|
(a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. |
|||||||||||||||||||
|
(1) GM (Gross Margin) excluding IRC 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. |
|||||||||||||||||||
|
(2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results. |
|||||||||||||||||||
|
(3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. |
|||||||||||||||||||
Summary of Results
Fourth Quarter Fiscal 2026
Net sales for the fourth quarter of fiscal 2026 were $988.0 million, an increase of 1.3% from the prior year fourth quarter net sales of $974.8 million and at the low end of the range of the fourth quarter of fiscal 2026 guidance of $960 million to $1,000 million. The increase compared to prior year quarter was the result of a 4% increase in pricing and a 3% increase in foreign currency translation, partially offset by a 6% decrease in organic volume.
Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2026 were $77.3 million, or $2.05 per diluted share, which included an unfavorable highlighted net of tax impact of $42.8 million, or $1.14 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.
Net earnings for the fourth quarter of fiscal 2025 were $96.5 million, or $2.41 per diluted share, which included an unfavorable highlighted net of tax impact of $22.0 million, or $0.55 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.
Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2026, on a non-GAAP basis, were $3.19, compared to the guidance of $2.95 to $3.05 per diluted share for the fourth quarter given by the Company on February 4, 2026. These earnings compare to the prior year fourth quarter adjusted Net earnings of $2.97 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025.
Fiscal Year 2026
Net sales for the twelve months of fiscal 2026 were $3,751.4 million, an increase of 3.7% from the prior year twelve months net sales of $3,617.6 million. This increase was due to a 3% increase in pricing, a 2% increase in foreign currency translation, and a 1% increase in acquisitions, partially offset by a 2% decrease in organic volume.
Net earnings for the twelve months of fiscal 2026 were $293.6 million, or $7.70 per diluted share, which included an unfavorable highlighted net of tax impact of $109.4 million, or $2.86 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.
Net earnings for the twelve months of fiscal 2025 were $363.7 million, or $8.99 per diluted share, which included an unfavorable highlighted net of tax impact of $46.7 million, or $1.16 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.
Adjusted Net earnings per diluted share for the twelve months of fiscal 2026, on a non-GAAP basis, were $10.56. This compares to the prior year twelve months adjusted Net earnings of $10.15 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.
Quarterly Dividend
The Company announced today that its Board of Directors has approved a quarterly cash dividend $0.2625 per share of common stock. The dividend is payable on July 2, 2026, to holders of record as of June 19, 2026.
Balance Sheet and Cash Flow
As of March 31, 2026, cash and cash equivalents were $438.7 million and net debt as defined by our credit facility was $684.1 million. The net leverage ratio at the end of the fourth quarter was 1.1 X, down from 1.3 X in the prior year period due to the impact of lower debt and increased earnings. Capital expenditures during the fourth quarter were $12.8 million, down from $30.2 million in the prior year period. During the fourth quarter, cash from operating activities was $144.0 million, up from $135.2 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $131.2 million, as compared to $105.0 million in the prior year period. The increase in cash from operating activities and the increase in free cash flow were both bolstered by improved primary operating capital during the quarter. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025.
The Company also returned approximately $78.9 million to shareholders through $69.3 million in share repurchases and $9.6 million through its quarterly dividend payment in the fourth quarter.
First Quarter and Fiscal Year 2027 Outlook
In the first quarter of fiscal 2027, EnerSys expects:
- Net sales: $915M to $955M
- IRC 45X benefits to cost of sales: $42M to $47M
- Adjusted diluted EPS: $2.70 to $2.90*
- Adjusted diluted EPS, ex 45X benefits: $1.61 to $1.71
For the full year fiscal 2027, EnerSys expects:
- Capital expenditures ~$70M
“We closed fiscal year 2026 with strong financial performance, supported by disciplined execution and the benefits of our diversified portfolio,” said Andrea Funk, EnerSys Chief Financial Officer. “Strength in our Data Center, Communications and Aerospace and Defense businesses drove favorable price/mix that eclipsed inflationary cost increases and, along with realignment cost savings, supported our ability to deliver record full-year results. The breadth of our end markets helped offset the ongoing softness in our Motive Power and Transportation markets, where order trends improved sequentially during our fourth quarter.”
“We entered fiscal year 2027 with encouraging demand signals. Our first quarter fiscal 2027 outlook reflects typical seasonality, with expected net sales of $915 million to $955 million and adjusted diluted EPS excluding 45X of $1.61 to $1.71. We anticipate continued price/mix strength and benefits from our EnerGize strategic initiatives, as well as strong cash flow generation and disciplined capital allocation, including returning capital to shareholders, which position us to drive earnings growth as demand continues to normalize,” concluded Funk.
*Inclusive of IRC 45X Advanced Manufacturing Production Credits.
Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.
Conference Call and Webcast Details
The Company will host a conference call to discuss its fourth quarter and full year results at 9:00 AM (ET) Thursday, May 21, 2026. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com.
If you cannot join via webcast, please reach out to investorrelations@enersys.com for dial-in details.
About EnerSys
EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.
Caution Concerning Forward-Looking Statements
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company’s gigafactory in Greenville, South Carolina, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2026. No undue reliance should be placed on any forward-looking statements.
|
EnerSys Consolidated Condensed Statements of Income (Unaudited) (In millions, except share and per share data) |
|||||||||||||
|
|
Quarter ended |
|
Twelve months ended |
||||||||||
|
|
March 31, 2026 |
|
March 31, 2025 |
|
March 31, 2026 |
|
March 31, 2025 |
||||||
|
Net sales |
$ |
988.0 |
|
|
$ |
974.8 |
|
$ |
3,751.4 |
|
|
$ |
3,617.6 |
|
Gross profit |
|
290.9 |
|
|
$ |
303.7 |
|
$ |
1,097.6 |
|
|
$ |
1,092.4 |
|
Operating expenses |
|
148.3 |
|
|
$ |
162.7 |
|
$ |
621.0 |
|
|
$ |
608.7 |
|
Restructuring and other exit charges |
|
19.7 |
|
|
$ |
5.1 |
|
$ |
51.0 |
|
|
$ |
14.4 |
|
Intangibles Impairment |
|
0.4 |
|
|
$ |
0.0 |
|
$ |
0.4 |
|
|
$ |
0.0 |
|
(Gain)Loss on assets held for sale |
|
(1.2 |
) |
|
$ |
4.6 |
|
$ |
(1.2 |
) |
|
$ |
4.6 |
|
Operating earnings |
|
123.7 |
|
|
$ |
131.3 |
|
$ |
426.4 |
|
|
$ |
464.7 |
|
Earnings before income taxes |
|
99.1 |
|
|
$ |
116.3 |
|
$ |
347.4 |
|
|
$ |
406.5 |
|
Income tax expense |
|
21.8 |
|
|
$ |
19.8 |
|
$ |
53.8 |
|
|
$ |
42.8 |
|
Net earnings attributable to EnerSys stockholders |
$ |
77.3 |
|
|
$ |
96.5 |
|
$ |
293.6 |
|
|
$ |
363.7 |
|
|
|
|
|
|
|
|
|
||||||
|
Net reported earnings per common share attributable to EnerSys stockholders: |
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
2.11 |
|
|
$ |
2.45 |
|
$ |
7.84 |
|
|
$ |
9.15 |
|
Diluted |
$ |
2.05 |
|
|
$ |
2.41 |
|
$ |
7.70 |
|
|
$ |
8.99 |
|
Dividends per common share |
$ |
0.2625 |
|
|
$ |
0.240 |
|
$ |
1.0275 |
|
|
$ |
0.945 |
|
Weighted-average number of common shares used in reported earnings per share calculations: |
|
|
|
|
|
|
|
||||||
|
Basic |
|
36,691,484 |
|
|
|
39,369,190 |
|
|
37,439,727 |
|
|
|
39,760,829 |
|
Diluted |
|
37,673,890 |
|
|
|
39,982,082 |
|
|
38,144,210 |
|
|
|
40,438,579 |
|
EnerSys Consolidated Condensed Balance Sheets (Unaudited) (In Thousands, Except Share and Per Share Data) |
||||||||
|
|
|
March 31, |
||||||
|
|
|
|
2026 |
|
|
|
2025 |
|
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
438,675 |
|
|
$ |
343,131 |
|
|
Accounts receivable, net of allowance for doubtful accounts (2026–$8,583; 2025–$8,675) |
|
|
506,072 |
|
|
|
597,942 |
|
|
Inventories, net |
|
|
724,690 |
|
|
|
739,994 |
|
|
Prepaid and other current assets |
|
|
472,373 |
|
|
|
408,747 |
|
|
Total current assets |
|
|
2,141,810 |
|
|
|
2,089,814 |
|
|
Property, plant, and equipment, net |
|
|
593,002 |
|
|
|
592,433 |
|
|
Goodwill |
|
|
752,424 |
|
|
|
721,073 |
|
|
Other intangible assets, net |
|
|
342,898 |
|
|
|
375,430 |
|
|
Deferred taxes |
|
|
69,008 |
|
|
|
74,793 |
|
|
Other assets |
|
|
104,182 |
|
|
|
117,705 |
|
|
Total assets |
|
$ |
4,003,324 |
|
|
$ |
3,971,248 |
|
|
Liabilities and Equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Short-term debt |
|
$ |
29,201 |
|
|
$ |
28,502 |
|
|
Current portion of finance leases |
|
|
998 |
|
|
|
265 |
|
|
Accounts payable |
|
|
354,190 |
|
|
|
405,694 |
|
|
Accrued expenses |
|
|
419,649 |
|
|
|
340,607 |
|
|
Total current liabilities |
|
|
804,038 |
|
|
|
775,068 |
|
|
Long-term debt, net of unamortized debt issuance costs |
|
|
1,079,782 |
|
|
|
1,083,541 |
|
|
Finance leases |
|
|
2,350 |
|
|
|
592 |
|
|
Deferred taxes |
|
|
13,909 |
|
|
|
17,641 |
|
|
Other liabilities |
|
|
194,373 |
|
|
|
174,918 |
|
|
Total liabilities |
|
|
2,094,452 |
|
|
|
2,051,760 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Equity: |
|
|
|
|
||||
|
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and at March 31, 2025 |
|
|
— |
|
|
|
— |
|
|
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 57,551,440 shares issued and 36,462,211 shares outstanding at March 31, 2026; 56,839,590 shares issued and 39,192,061 shares outstanding at March 31, 2025 |
|
|
576 |
|
|
|
568 |
|
|
Additional paid-in capital |
|
|
734,922 |
|
|
|
662,725 |
|
|
Treasury stock at cost, 21,089,229 shares held as of March 31, 2026 and 17,647,529 shares held as of March 31, 2025 |
|
|
(1,361,585 |
) |
|
|
(988,936 |
) |
|
Retained earnings |
|
|
2,743,635 |
|
|
|
2,489,200 |
|
|
Accumulated other comprehensive loss |
|
|
(212,264 |
) |
|
|
(247,479 |
) |
|
Total EnerSys stockholders’ equity |
|
|
1,905,284 |
|
|
|
1,916,078 |
|
|
Nonredeemable noncontrolling interests |
|
|
3,588 |
|
|
|
3,410 |
|
|
Total equity |
|
|
1,908,872 |
|
|
|
1,919,488 |
|
|
Total liabilities and equity |
|
$ |
4,003,324 |
|
|
$ |
3,971,248 |
|
|
EnerSys Consolidated Condensed Statements of Cash Flows (Unaudited) (In Thousands) |
||||||||||||
|
|
|
Fiscal year ended March 31, |
||||||||||
|
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities |
|
|
|
|
|
|
||||||
|
Net earnings |
|
$ |
293,557 |
|
|
$ |
363,735 |
|
|
$ |
269,096 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
|
113,558 |
|
|
|
100,876 |
|
|
|
92,021 |
|
|
Write-off of assets relating to restructuring and other exit charges |
|
|
5,535 |
|
|
|
1,973 |
|
|
|
24,229 |
|
|
(Gain) loss on assets held for sale |
|
|
(1,187 |
) |
|
|
4,634 |
|
|
|
— |
|
|
Impairment or disposal of intangible assets |
|
|
402 |
|
|
|
880 |
|
|
|
13,619 |
|
|
Derivatives not designated in hedging relationships: |
|
|
|
|
|
|
||||||
|
Net losses (gains) |
|
|
409 |
|
|
|
(3,136 |
) |
|
|
846 |
|
|
Cash proceeds (settlements) |
|
|
673 |
|
|
|
826 |
|
|
|
(255 |
) |
|
Provision for doubtful accounts |
|
|
1,441 |
|
|
|
3,239 |
|
|
|
1,873 |
|
|
Deferred income taxes |
|
|
14,411 |
|
|
|
(31,925 |
) |
|
|
(29,344 |
) |
|
Non-cash interest expense |
|
|
2,180 |
|
|
|
1,927 |
|
|
|
2,450 |
|
|
Stock-based compensation |
|
|
37,594 |
|
|
|
27,825 |
|
|
|
30,607 |
|
|
Gain on disposal of property, plant, and equipment |
|
|
644 |
|
|
|
791 |
|
|
|
908 |
|
|
Losses (gain) on pension settlement |
|
|
9,711 |
|
|
|
(1,548 |
) |
|
|
— |
|
|
Changes in assets and liabilities, net of effects of acquisitions: |
|
|
|
|
|
|
||||||
|
Accounts receivable |
|
|
104,705 |
|
|
|
(81,795 |
) |
|
|
108,631 |
|
|
Inventories |
|
|
25,888 |
|
|
|
1,343 |
|
|
|
75,633 |
|
|
Prepaid and other current assets |
|
|
(65,244 |
) |
|
|
(220,003 |
) |
|
|
(112,701 |
) |
|
Other assets |
|
|
726 |
|
|
|
(334 |
) |
|
|
6,027 |
|
|
Accounts payable |
|
|
(52,627 |
) |
|
|
36,569 |
|
|
|
(15,131 |
) |
|
Accrued expenses |
|
|
54,961 |
|
|
|
54,388 |
|
|
|
(8,254 |
) |
|
Other liabilities |
|
|
259 |
|
|
|
32 |
|
|
|
(3,226 |
) |
|
Net cash provided by (used in) operating activities |
|
|
547,596 |
|
|
|
260,298 |
|
|
|
457,029 |
|
|
|
|
|
|
|
|
|
||||||
|
Cash flows from investing activities |
|
|
|
|
|
|
||||||
|
Capital expenditures |
|
|
(80,074 |
) |
|
|
(121,038 |
) |
|
|
(86,437 |
) |
|
Purchase of businesses |
|
|
(12,667 |
) |
|
|
(206,374 |
) |
|
|
(8,270 |
) |
|
Proceeds from disposal of property, plant, and equipment |
|
|
4,859 |
|
|
|
1,870 |
|
|
|
2,228 |
|
|
Investment in Equity Securities |
|
|
— |
|
|
|
(10,852 |
) |
|
|
— |
|
|
Net cash used in investing activities |
|
|
(87,882 |
) |
|
|
(336,394 |
) |
|
|
(92,479 |
) |
|
|
|
|
|
|
|
|
||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
||||||
|
Net borrowings (repayments) on short-term debt |
|
|
(192 |
) |
|
|
(259 |
) |
|
|
(231 |
) |
|
Proceeds from Revolver borrowings |
|
|
619,563 |
|
|
|
650,000 |
|
|
|
182,500 |
|
|
Repayments of Revolver borrowings |
|
|
(412,000 |
) |
|
|
(370,000 |
) |
|
|
(427,500 |
) |
|
Proceeds from 2032 Bonds |
|
|
— |
|
|
|
— |
|
|
|
300,000 |
|
|
Repayments of Term Loans |
|
|
(210,000 |
) |
|
|
— |
|
|
|
(293,889 |
) |
|
Debt issuance costs |
|
|
(3,502 |
) |
|
|
— |
|
|
|
(4,061 |
) |
|
Finance lease obligations and other |
|
|
(71 |
) |
|
|
483 |
|
|
|
1,169 |
|
|
Option proceeds, net |
|
|
41,977 |
|
|
|
9,458 |
|
|
|
10,786 |
|
|
Payment of taxes related to net share settlement of equity awards |
|
|
(8,842 |
) |
|
|
(7,985 |
) |
|
|
(9,166 |
) |
|
Purchase of treasury stock |
|
|
(370,685 |
) |
|
|
(153,961 |
) |
|
|
(95,688 |
) |
|
Dividends paid to stockholders |
|
|
(38,142 |
) |
|
|
(37,466 |
) |
|
|
(34,480 |
) |
|
Other |
|
|
1,191 |
|
|
|
— |
|
|
|
— |
|
|
Net cash (used in) provided by financing activities |
|
|
(380,703 |
) |
|
|
90,270 |
|
|
|
(370,560 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
16,533 |
|
|
|
(4,367 |
) |
|
|
(7,331 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
95,544 |
|
|
|
9,807 |
|
|
|
(13,341 |
) |
|
Cash and cash equivalents at beginning of year |
|
|
343,131 |
|
|
|
333,324 |
|
|
|
346,665 |
|
|
Cash and cash equivalents at end of year |
|
$ |
438,675 |
|
|
$ |
343,131 |
|
|
$ |
333,324 |
|
|
|
|
|
|
|
|
|
||||||
Contacts
Lisa Hartman Langell
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com
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