First Quarter Highlights
- Strong liquidity position with over $780 million in
available cash and borrowing capacity
- Gross Margin improved 20 basis points
- Record first quarter sales in UPS segment of $448.9 million,
up 4.4%, organic sales growth of 4.4%
Anixter International Inc. (NYSE: AXE) today announced its
results for the first quarter of 2020.
CEO Commentary
"Through this challenging time, Anixter continues to serve its
customer and supplier partners by operating as an essential
business in markets such as utility, healthcare, public safety,
government, telecommunications, and cloud computing services. The
value of those relationships is now more important than ever as we
navigate this period of economic uncertainty. While the business
was consistent with our outlook through February, Anixter was not
immune to the slowdown in March. In looking toward the future, our
backlog remains near record levels and we look forward to
continuing to provide our customers with the essential products and
services they need," commented Bill Galvin, President and Chief
Executive Officer.
Financial Results
Three Months Ended
(In millions, except per share
amounts)
April 3, 2020
March 29, 2019
Percent Change
Select Reported Measures
Net Sales
$
2,071.7
$
2,108.5
(2)
%
Operating Income
$
71.4
$
74.6
(4)
%
Net Income
$
35.7
$
39.1
(9)
%
Diluted Earnings Per Share
$
1.03
$
1.14
(10)
%
Diluted Weighted Shares
34.6
34.2
1
%
Select Non-GAAP Measures
Adjusted EBITDA
$
96.0
$
96.5
(1)
%
Adjusted Net Income
$
44.4
$
45.4
(2)
%
Adjusted Diluted Earnings Per Share
$
1.28
$
1.33
(4)
%
Reported (GAAP) Results
The following results are for the 13 weeks ended April 3, 2020,
compared to the 13 weeks ended March 29, 2019. Unless otherwise
noted, all comparisons are versus the prior year quarter. The
current quarter had 65 billing days compared to 64 billing days in
the prior year quarter.
- Sales decreased 1.7% to $2.1 billion. Current quarter sales
include the unfavorable impacts of lower average copper prices and
weaker foreign currencies. Adjusting for these impacts, organic
sales decreased 1.3%, as detailed in the table on page 9 of this
release.
- Gross profit decreased 0.6% to $416.4 million. Gross margin of
20.1% increased by 20 basis points for the sixth consecutive
quarter of year over year margin improvement.
- Operating expense increased by 0.2% to $345.0 million.
Operating expense ratio of 16.7% compares to 16.3%.
- Operating income decreased 4.3% to $71.4 million. Operating
margin of 3.4% compares to 3.5%.
- Interest expense decreased 17.6% to $16.8 million which
compares to $20.4 million.
- Other, net expense of $6.6 million compares to other, net
income of $1.8 million.
- The effective tax rate decreased to 25.7% which compares to
30.3%.
- Net income of $35.7 million compares to $39.1 million.
- Earnings per diluted share of $1.03 compares to $1.14.
- Working capital as a percentage of sales of 21.3% compares to
20.1%.
- Cash flow improved by $63.3 million with cash used in
operations of $50.9 million which compares to a usage of $114.2
million.
- Capital expenditures of $6.9 million compares to $5.9
million.
Adjusted (Non-GAAP) Measures
Please refer to the tables on pages 9 - 12 for the
reconciliations of our reported results prepared in accordance with
U.S. GAAP to the non-GAAP measures. Unless otherwise noted, all
non-GAAP financial metrics that follow exclude the expense items
detailed on page 10 of this release.
- Adjusted operating expense of $333.5 million compares to $335.8
million, down 0.7%. Adjusted operating expense ratio of 16.1%
compares to 15.9%.
- Adjusted operating income of $82.9 million decreased 0.2%
compared to $83.1 million. Adjusted operating margin of 4.0%
compares to 3.9%, increasing by 10 bps and reflecting the fifth
consecutive quarter of margin improvement, especially notable
considering the pandemic-driven weaker revenue combined with
pandemic-driven incremental expenses.
- Adjusted EBITDA of $96.0 million compares to $96.5 million,
down 0.5%. Adjusted EBITDA margin of 4.6% is the same as the prior
quarter.
- Adjusted effective tax rate decreased to 25.5% which compares
to 29.8%.
- Adjusted net income decreased 2.2% to $44.4 million.
- Adjusted diluted earnings per share decreased 3.8% to $1.28.
The extreme volatility in the financial markets resulted in a $5
million unfavorable FX impact. Excluding this impact, adjusted EPS
would have been $1.40, an improvement of 5%, to $1.33 in the prior
year.
Segment Update
Network & Security Solutions ("NSS") reported first quarter
sales of $1.1 billion, a decrease of 2.9%, or a decrease of 2.3% on
an organic basis. Adjusted EBITDA decreased 9.7% to $70.4 million.
Adjusted EBITDA margin of 6.5% compares to 7.0%.
Electrical & Electronic Solutions (“EES”) reported first
quarter sales of $542.2 million, a decrease of 4.2%, or a decrease
of 3.5% on an organic basis. Adjusted EBITDA decreased 1.5% to
$32.1 million. Adjusted EBITDA margin of 5.9% compares to 5.8%.
Utility Power Solutions (“UPS”) reported record first quarter
sales of $448.9 million, an increase of 4.4%, or 4.4% on an organic
basis. Adjusted EBITDA increased 17.2% to $26.6 million. Adjusted
EBITDA margin of 5.9% compares to 5.3%.
Cash Flow and Credit Metrics
We used $50.9 million of cash flow from operations in the first
quarter, which compares to $114.2 million used in the prior year
period. Working capital as a percentage of sales was 21.3%, which
compares to 20.1% in the prior year quarter. We invested $6.9
million in capital expenditures year-to-date, which compares to
$5.9 million in the prior year period.
Key capital structure and credit-related statistics for the
quarter:
- Over $280 million in cash and over $500 million in borrowing
availability under secured accounts receivable, inventory
facilities and revolving lines of credit
- Debt-to-total capital ratio of 41.8%, compares to 36.3% at the
end of 2019
- Debt-to-adjusted EBITDA ratio of 2.8 times compares to 2.2
times at the end of 2019
- Weighted average cost of borrowed capital was 5.5% which
compares to 5.3% in the prior year quarter
Ted Dosch, EVP and Chief Financial Officer, commented, "Anixter
proactively increased its cash levels to provide additional
flexibility during the disruption in the financial markets in
March. We believe that our cash on hand, covenant-light debt, and
current borrowing availability provide sufficient resources and
liquidity to manage the challenges caused by the current market
conditions. In addition, we have scaled back our capital
expenditure spending projections by approximately 40% and expect
lower levels of working capital which will further improve cash
flow in these uncertain times."
Outlook
Despite a drop in shipments in the last three weeks of the first
quarter, our order book continued to grow, reaching an all-time
high at the end of the quarter, with our backlog up over the prior
year’s quarter and above year end 2019 levels. We believe that the
work from home environment has already and will continue to spur
higher levels of data center and connectivity related spending
which will be positive for our NSS segment later in the year. In
addition, our utility and service provider businesses are expected
to benefit from remote working. While we have seen a large number
of capital projects across all segments delayed, we have not
experienced any cancellations of major projects by our customers.
Finally, in order to manage through this unpredictable demand
environment, we are aggressively reducing our operating expenses
while still supporting our customers and their specific needs. Due
to the uncertainty caused by the COVID-19 pandemic, Anixter is
withdrawing its previously communicated outlook for 2020. We
believe that once current restrictions around the globe are lifted,
we will see activity pick up once again based on our backlog levels
mentioned above.
On January 10, 2020, Anixter entered into a merger agreement
with WESCO International Inc. ("WESCO"). The transaction is
currently subject to receipt of regulatory approval in Canada and
Mexico, as well as other customary closing conditions. The
transaction is expected to be completed in the second or third
quarter of 2020. Anixter will not be hosting a conference call with
investors to discuss these results due to the merger agreement.
About Anixter
Anixter International is a leading global distributor of Network
& Security Solutions, Electrical & Electronic Solutions and
Utility Power Solutions. We help build, connect, protect, and power
valuable assets and critical infrastructures. From enterprise
networks to industrial MRO supply to video surveillance
applications to electric power distribution, we offer full-line
solutions, and intelligence, that create reliable, resilient
systems that sustain businesses and communities. Through our
unmatched global distribution network along with our supply chain
and technical expertise, we help lower the cost, risk and
complexity of our customers’ supply chains.
Anixter adds value to the distribution process by providing over
100,000 customers access to 1) innovative supply chain solutions,
2) nearly 600,000 products and over $1.0 billion in inventory, 3)
over 300 warehouses/branch locations with approximately 9 million
square feet of space and 4) locations in over 300 cities in
approximately 50 countries. Founded in 1957 and headquartered near
Chicago, Anixter trades on the New York Stock Exchange under the
symbol AXE.
Safe Harbor Statement
The statements in this release other than historical facts are
forward-looking statements made in reliance upon the safe harbor of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to a number of factors that
could cause our actual results to differ materially from what is
indicated here. These factors include but are not limited to the
impact of the COVID-19 pandemic, general economic conditions, the
level of customer demand particularly for capital projects in the
markets we serve, changes in supplier relationships or in supplier
sales strategies or financial viability, risks associated with the
sale of nonconforming products and services, political, economic or
currency risks related to foreign operations, inventory
obsolescence, copper price fluctuations, customer viability, risks
associated with accounts receivable, risks associated with pension
expense and funding, compliance with laws and regulations, the
impact of investigative and legal proceedings and legal compliance
risks, information security risks, disruption or failure of
information systems, disruptions to logistics capability or supply
chain, risks associated with substantial debt and restrictions
contained in financial and operating covenants in our debt
agreements, the impact and the uncertainty concerning the timing
and terms of the withdrawal by the United Kingdom from the European
Union, unanticipated change in our tax provision and tax
liabilities related to the enactment of the Tax Cuts and Jobs Act
and risks associated with integration of acquired companies,
including, but not limited to, the risk that the acquisitions may
not provide us with the synergies or other benefits that were
anticipated. These uncertainties may cause our actual results to be
materially different than those expressed in any forward looking
statements. We do not undertake to update any forward looking
statements. Please see our Securities and Exchange Commission
(“SEC”) filings for more information.
Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S.
Generally Accepted Accounting Principles (“U.S. GAAP”) above, this
release includes certain financial measures computed using non-GAAP
components as defined by the SEC. Specifically, net sales
comparisons to the prior corresponding period, both worldwide and
in relevant segments, are discussed in this release both on an U.S.
GAAP and non-GAAP basis. We believe that by providing non-GAAP
organic growth, which adjusts for the impact of acquisitions (when
applicable), foreign exchange fluctuations, copper prices and the
number of billing days (when applicable), both management and
investors are provided with meaningful supplemental sales
information to understand and analyze our underlying trends and
other aspects of our financial performance. Historically and from
time to time, we may also exclude other items from reported
financial results (e.g., impairment charges, inventory adjustments,
restructuring charges, tax items, currency devaluations, pension
settlements, etc.) in presenting adjusted operating expense,
adjusted operating income, adjusted income taxes and adjusted net
income so that both management and financial statement users can
use these non-GAAP financial measures to better understand and
evaluate our performance period over period and to analyze the
underlying trends of our business. We have also excluded
amortization of intangible assets associated with purchase
accounting from acquisitions from the adjusted amounts for
comparison of the non-GAAP financial measures period over
period.
EBITDA is defined as net income before interest, income taxes,
depreciation and amortization. Adjusted EBITDA is defined as EBITDA
before foreign exchange and other non-operating expense and
non-cash stock-based compensation, excluding the other items from
reported financial results, as defined above. Adjusted EBITDA
leverage is defined as the percentage change in Adjusted EBITDA
divided by the percentage change in net sales. We believe that
adjusted operating income, EBITDA, Adjusted EBITDA and Adjusted
EBITDA leverage provide relevant and useful information, which is
widely used by analysts, investors and competitors in our industry
as well as by our management in assessing both consolidated and
business segment performance. Adjusted operating income provides an
understanding of the results from the primary operations of our
business by excluding the effects of certain items that do not
reflect the ordinary earnings of our operations. We use adjusted
operating income to evaluate our period-over-period operating
performance because we believe this provides a more comparable
measure of our continuing business excluding certain items that are
not reflective of expected ongoing operations. This measure may be
useful to an investor in evaluating the underlying performance of
our business. EBITDA provides us with an understanding of earnings
before the impact of investing and financing charges and income
taxes. Adjusted EBITDA further excludes the effects of foreign
exchange and other non-cash stock-based compensation, and certain
items that do not reflect the ordinary earnings of our operations
and that are also excluded for purposes of calculating adjusted net
income, adjusted earnings per share and adjusted operating income.
EBITDA and Adjusted EBITDA are used by our management for various
purposes including as measures of performance of our operating
segments and as a basis for strategic planning and forecasting.
Adjusted EBITDA and Adjusted EBITDA leverage may be useful to an
investor because this measure is widely used to evaluate a
company’s operating performance without regard to items excluded
from the calculation of such measure, which can vary substantially
from company to company depending on the accounting methods, book
value of assets, capital structure and the method by which the
assets were acquired, among other factors. They are not, however,
intended as an alternative measure of operating results or cash
flow from operations as determined in accordance with U.S.
GAAP.
Non-GAAP financial measures provide insight into selected
financial information and should be evaluated in the context in
which they are presented. These non-GAAP financial measures have
limitations as analytical tools, and should not be considered in
isolation from, or as a substitute for, financial information
presented in compliance with U.S. GAAP, and non-GAAP financial
measures as reported by us may not be comparable to similarly
titled amounts reported by other companies. The non-GAAP financial
measures should be considered in conjunction with the Condensed
Consolidated Financial Statements, including the related notes, and
Management’s Discussion and Analysis of Financial Condition and
Results of Operations. Management does not use these non-GAAP
financial measures for any purpose other than the reasons stated
above.
Additional information about Anixter is
available at www.anixter.com
ANIXTER INTERNATIONAL INC.
Condensed Consolidated Statements of
Operations (Unaudited)
Three Months Ended
April 3, 2020
March 29, 2019
(In millions, except per share
amounts)
Net sales
$
2,071.7
$
2,108.5
Cost of goods sold
1,655.3
1,689.6
Gross profit
416.4
418.9
Operating expenses
345.0
344.3
Operating income
71.4
74.6
Other expense:
Interest expense
(16.8)
(20.4)
Other, net
(6.6)
1.8
Income before income taxes
48.0
56.0
Income tax expense
12.3
16.9
Net income
$
35.7
$
39.1
Income per share:
Basic
$
1.04
$
1.15
Diluted
$
1.03
$
1.14
Weighted-average common shares
outstanding:
Basic
34.3
33.9
Diluted
34.6
34.2
Reportable Segments
Net sales:
Network & Security Solutions
$
1,080.6
$
1,112.5
Electrical & Electronic Solutions
542.2
566.0
Utility Power Solutions
448.9
430.0
$
2,071.7
$
2,108.5
Operating income:
Network & Security Solutions
$
63.2
$
70.9
Electrical & Electronic Solutions
28.7
29.1
Utility Power Solutions
22.0
18.5
Corporate
(42.5)
(43.9)
$
71.4
$
74.6
ANIXTER INTERNATIONAL INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
(In millions)
April 3, 2020
January 3, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
282.0
$
79.6
Accounts receivable, net
1,533.0
1,540.3
Inventories
1,365.2
1,354.7
Other current assets
52.3
63.3
Total current assets
3,232.5
3,037.9
Property and equipment, net
174.8
174.9
Operating leases
263.5
273.3
Goodwill
810.0
828.7
Intangible assets, net
342.9
361.2
Other assets
126.8
132.9
Total assets
$
4,950.5
$
4,808.9
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
1,104.8
$
1,100.3
Accrued expenses
253.0
330.3
Current operating lease obligations
63.1
62.9
Total current liabilities
1,420.9
1,493.5
Long-term debt
1,316.8
1,059.7
Operating lease obligations
209.2
219.1
Other liabilities
170.3
175.7
Total liabilities
3,117.2
2,948.0
Total stockholders' equity
1,833.3
1,860.9
Total liabilities and stockholders'
equity
$
4,950.5
$
4,808.9
ANIXTER INTERNATIONAL INC.
Condensed Consolidated Statements of
Cash Flows (Unaudited)
Three Months Ended
(In millions)
April 3, 2020
March 29, 2019
Operating activities:
Net income
$
35.7
$
39.1
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation
8.5
9.3
Amortization of intangible assets
8.6
8.8
Stock-based compensation
4.6
4.1
Deferred income taxes
0.5
0.1
Pension plan contributions
(2.5)
(2.1)
Pension plan expenses
1.3
1.4
Changes in current assets and liabilities,
net
(115.1)
(175.8)
Other, net
7.5
0.9
Net cash used in operating
activities
(50.9)
(114.2)
Investing activities:
Capital expenditures, net
(6.9)
(5.9)
Net cash used in investing
activities
(6.9)
(5.9)
Financing activities:
Proceeds from borrowings
648.7
1,241.5
Repayments of borrowings
(393.6)
(1,127.4)
Proceeds from stock options exercised
—
1.0
Other, net
(0.6)
(0.2)
Net cash provided by financing
activities
254.5
114.9
Increase (decrease) in cash and cash
equivalents
196.7
(5.2)
Effect of exchange rate changes on cash
balances
5.7
1.2
Cash and cash equivalents at beginning of
period
79.6
81.0
Cash and cash equivalents at end of
period
$
282.0
$
77.0
ANIXTER INTERNATIONAL INC.
Financial Measures That Supplement U.S.
GAAP (Unaudited)
First Quarter 2020 Sales
Growth
Q1 2020
Q1 2019
Growth/(Decline)
(In millions)
As Reported
Foreign Exchange
Impact
Copper Impact
As Adjusted
As Reported
Actual
Organic
(1) Adjusted for Billing
Days
Adjusted Daily Sales
Network & Security
Solutions
North America
$
805.2
$
0.3
$
—
$
805.5
$
824.8
(2.4)
%
(2.3)
%
837.7
(3.8)
%
EMEA
85.5
1.4
—
86.9
93.6
(8.7)
%
(7.2)
%
95.1
(8.6)
%
Emerging Markets
189.9
4.8
—
194.7
194.1
(2.2)
%
0.3
%
197.1
(1.3)
%
NSS
$
1,080.6
$
6.5
$
—
$
1,087.1
$
1,112.5
(2.9)
%
(2.3)
%
$
1,129.9
(3.8)
%
Electrical & Electronic
Solutions
North America
$
432.0
$
0.2
$
1.3
$
433.5
$
443.0
(2.5)
%
(2.1)
%
449.9
(3.7)
%
EMEA
62.7
0.6
0.5
63.8
58.9
6.4
%
8.3
%
59.8
6.6
%
Emerging Markets
47.5
0.6
0.6
48.7
64.1
(25.9)
%
(24.0)
%
65.1
(25.2)
%
EES
$
542.2
$
1.4
$
2.4
$
546.0
$
566.0
(4.2)
%
(3.5)
%
$
574.8
(5.0)
%
Utility Power Solutions
North America
$
448.9
$
0.2
$
(0.2)
$
448.9
$
430.0
4.4
%
4.4
%
436.7
2.8
%
UPS
$
448.9
$
0.2
$
(0.2)
$
448.9
$
430.0
4.4
%
4.4
%
$
436.7
2.8
%
Total
$
2,071.7
$
8.1
$
2.2
$
2,082.0
$
2,108.5
(1.7)
%
(1.3)
%
$
2,141.4
(2.8)
%
Geographic Sales
North America
$
1,686.1
$
0.7
$
1.1
$
1,687.9
$
1,697.8
(0.7)
%
(0.6)
%
$
1,724.3
(2.1)
%
EMEA
148.2
2.0
0.5
150.7
152.5
(2.8)
%
(1.2)
%
154.9
(2.7)
%
Emerging Markets
237.4
5.4
0.6
243.4
258.2
(8.1)
%
(5.8)
%
262.2
(7.2)
%
Total
$
2,071.7
$
8.1
$
2.2
$
2,082.0
$
2,108.5
(1.7)
%
(1.3)
%
$
2,141.4
(2.8)
%
(1) There were 65 and 64 billing
days in Qtr1 of 2020 and 2019, respectively.
ANIXTER INTERNATIONAL INC.
Financial Measures That Supplement U.S.
GAAP (Unaudited) - continued
(In millions, except per share
amounts)
Favorable (Unfavorable)
Impact
Three Months Ended
April 3, 2020
March 29, 2019
Items impacting comparability of
results:
Items impacting operating expense and
operating income:
Amortization of intangible assets
$
(8.6)
$
(8.8)
Merger costs
(2.9)
—
Acquisition and integration costs
—
0.3
Total of items impacting operating
expense and operating income
$
(11.5)
$
(8.5)
Total of items impacting pre-tax
income
$
(11.5)
$
(8.5)
Items impacting income taxes:
Tax impact of items impacting pre-tax
income above
$
2.8
$
2.2
Total of items impacting income
taxes
$
2.8
$
2.2
Net income impact of these
items
$
(8.7)
$
(6.3)
Diluted EPS impact of these
items
$
(0.25)
$
(0.19)
U.S. GAAP to Non-GAAP Net Income and
EPS Reconciliation:
Net income – U.S. GAAP
$
35.7
$
39.1
Items impacting net income
8.7
6.3
Net income – Non-GAAP
$
44.4
$
45.4
Diluted EPS – U.S. GAAP
$
1.03
$
1.14
Diluted EPS impact of these items
0.25
0.19
Diluted EPS – Non-GAAP
$
1.28
$
1.33
ANIXTER INTERNATIONAL INC.
Financial Measures That Supplement U.S.
GAAP (Unaudited) - continued
Items Impacting Comparability of
Operating Income by Segment
Three Months Ended April 3,
2020
(In millions)
NSS
EES
UPS
Corporate
Total
Operating income - U.S. GAAP
$
63.2
$
28.7
$
22.0
$
(42.5)
$
71.4
Operating margin - U.S. GAAP
5.8
%
5.3
%
4.9
%
nm
3.4
%
Total of items impacting operating
income
$
3.9
$
1.4
$
3.3
$
2.9
$
11.5
Adjusted operating income - Non-GAAP
$
67.1
$
30.1
$
25.3
$
(39.6)
$
82.9
Adjusted operating margin - Non-GAAP
6.2
%
5.5
%
5.6
%
nm
4.0
%
nm - not meaningful
Items Impacting Comparability of
Operating Income by Segment
Three Months Ended March 30,
2019
(In millions)
NSS
EES
UPS
Corporate
Total
Operating income - U.S. GAAP
$
70.9
$
29.1
$
18.5
$
(43.9)
$
74.6
Operating margin - U.S. GAAP
6.4
%
5.1
%
4.3
%
nm
3.5
%
Total of items impacting operating
income
$
4.1
$
1.4
$
3.2
$
(0.2)
$
8.5
Adjusted operating income - Non-GAAP
$
75.0
$
30.5
$
21.7
$
(44.1)
$
83.1
Adjusted operating margin - Non-GAAP
6.7
%
5.4
%
5.1
%
nm
3.9
%
nm - not meaningful
2020 and 2019 Effective Tax Rate – U.S.
GAAP and Non-GAAP
Three Months Ended
(In millions)
April 3, 2020
March 29, 2019
Income before income taxes – U.S. GAAP
$
48.0
$
56.0
Income tax expense – U.S. GAAP
$
12.3
$
16.9
Effective income tax rate
25.7
%
30.3
%
Total of items impacting pre-tax income
above
$
11.5
$
8.5
Total of items impacting income taxes
above
$
2.8
$
2.2
Income before income taxes – Non-GAAP
$
59.5
$
64.5
Income tax expense – Non-GAAP
$
15.1
$
19.1
Adjusted effective income tax rate
25.5
%
29.8
%
ANIXTER INTERNATIONAL INC.
Financial Measures That Supplement U.S.
GAAP (Unaudited) - continued
2020 EBITDA and Adjusted EBITDA by
Segment
Three Months Ended April 3,
2020
(In millions)
NSS
EES
UPS
Corporate
Total
Net income (loss)
$
63.2
$
28.7
$
22.0
$
(78.2)
$
35.7
Interest expense
—
—
—
16.8
16.8
Income taxes
—
—
—
12.3
12.3
Depreciation
2.5
1.6
1.1
3.3
8.5
Amortization of intangible assets
3.9
1.4
3.3
—
8.6
EBITDA
$
69.6
$
31.7
$
26.4
$
(45.8)
$
81.9
EBITDA leverage
nm
nm
3.7x
nm
nm
EBITDA as a % of sales
6.4
%
5.8
%
5.9
%
nm
4.0
%
Foreign exchange and other non-operating
expense
$
—
$
—
$
—
$
6.6
$
6.6
Stock-based compensation
0.8
0.4
0.2
3.2
4.6
Merger costs
—
—
—
2.9
2.9
Adjusted EBITDA
$
70.4
$
32.1
$
26.6
$
(33.1)
$
96.0
Adjusted EBITDA leverage
nm
nm
3.9x
nm
nm
Adjusted EBITDA as a % of sales
6.5
%
5.9
%
5.9
%
nm
4.6
%
nm - not meaningful
2019 EBITDA and Adjusted EBITDA by
Segment
Three Months Ended March 29,
2019
(In millions)
NSS
EES
UPS
Corporate
Total
Net income (loss)
$
70.9
$
29.1
$
18.5
$
(79.4)
$
39.1
Interest expense
—
—
—
20.4
20.4
Income taxes
—
—
—
16.9
16.9
Depreciation
2.4
1.8
0.9
4.2
9.3
Amortization of intangible assets
4.1
1.4
3.3
—
8.8
EBITDA
$
77.4
$
32.3
$
22.7
$
(37.9)
$
94.5
EBITDA leverage
2.8x
nm
1.4x
0.7x
2.3x
EBITDA as a % of sales
7.0
%
5.7
%
5.3
%
nm
4.5
%
Foreign exchange and other non-operating
(income)
$
—
$
—
$
—
$
(1.8)
$
(1.8)
Stock-based compensation
0.6
0.3
0.1
3.1
4.1
Restructuring charge
—
—
(0.1)
0.1
—
Acquisition and integration costs
—
—
—
(0.3)
(0.3)
Adjusted EBITDA
$
78.0
$
32.6
$
22.7
$
(36.8)
$
96.5
Adjusted EBITDA leverage
2.8x
nm
1.2x
0.8x
2.1x
Adjusted EBITDA as a % of sales
7.0
%
5.8
%
5.3
%
nm
4.6
%
nm - not meaningful
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200428005275/en/
Ted Dosch EVP - Finance & CFO (224) 521-4281
Kevin Burns SVP - IR & Treasurer (224) 521-8258
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