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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
OR
☐ Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission File Number. 001-33794
HILLENBRAND, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Indiana | | | 26-1342272 |
(State of incorporation) | | | (I.R.S. Employer Identification No.) |
| | | |
One Batesville Boulevard | | | |
Batesville | IN | | 47006 |
(Address of principal executive offices) | | | (Zip Code) |
(812) 934-7500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, without par value | | HI | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | | ☒ | | Accelerated filer | | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 74,731,178 shares of common stock, no par value per share, outstanding as of July 31, 2020.
HILLENBRAND, INC.
INDEX TO FORM 10-Q
PART I — FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Hillenbrand, Inc.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Nine Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
Net revenue | $ | 607.5 | | | $ | 446.6 | | | $ | 1,823.3 | | | $ | 1,321.5 | |
Cost of goods sold | 400.2 | | | 298.2 | | | 1,250.5 | | | 865.2 | |
Gross profit | 207.3 | | | 148.4 | | | 572.8 | | | 456.3 | |
Operating expenses | 118.5 | | | 90.8 | | | 411.9 | | | 275.2 | |
Amortization expense | 16.4 | | | 8.6 | | | 55.2 | | | 25.0 | |
Impairment charges | — | | | — | | | 82.5 | | | — | |
Interest expense | 19.7 | | | 5.2 | | | 55.3 | | | 16.1 | |
Other income (expense), net | 0.6 | | | (0.5) | | | 1.8 | | | 0.1 | |
Income (loss) before income taxes | 53.3 | | | 43.3 | | | (30.3) | | | 140.1 | |
Income tax expense | 28.3 | | | 11.6 | | | 17.7 | | | 39.9 | |
Consolidated net income (loss) | 25.0 | | | 31.7 | | | (48.0) | | | 100.2 | |
Less: Net income attributable to noncontrolling interests | 1.0 | | | 1.3 | | | 5.1 | | | 3.5 | |
Net income (loss) attributable to Hillenbrand | $ | 24.0 | | | $ | 30.4 | | | $ | (53.1) | | | $ | 96.7 | |
| | | | | | | |
Net income (loss) attributable to Hillenbrand — per share of common stock: | | | | | | | |
Basic earnings (loss) per share | $ | 0.32 | | | $ | 0.48 | | | $ | (0.73) | | | $ | 1.54 | |
Diluted earnings (loss) per share | $ | 0.32 | | | $ | 0.48 | | | $ | (0.73) | | | $ | 1.52 | |
Weighted average shares outstanding (basic) | 75.1 | | | 63.0 | | | 72.8 | | | 62.9 | |
Weighted average shares outstanding (diluted) | 75.1 | | | 63.4 | | | 72.8 | | | 63.4 | |
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Nine Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
Consolidated net income (loss) | $ | 25.0 | | | $ | 31.7 | | | $ | (48.0) | | | $ | 100.2 | |
Changes in other comprehensive income (loss), net of tax: | | | | | | | |
Currency translation adjustment | 11.9 | | | 6.1 | | | (1.0) | | | (3.4) | |
Pension and postretirement (net of quarter-to-date tax of $0.4 and $0.5 and year-to-date tax of $1.3 and $0.7) | 1.3 | | | 1.5 | | | 3.8 | | | 2.0 | |
Change in net unrealized gain (loss) on derivative instruments (net of quarter-to-date tax of $0.3 and $1.2 and year-to-date tax of $0.3 and $3.8) | 2.4 | | | (4.3) | | | 0.5 | | | (12.7) | |
| | | | | | | |
Total changes in other comprehensive income (loss), net of tax | 15.6 | | | 3.3 | | | 3.3 | | | (14.1) | |
Consolidated comprehensive income (loss) | 40.6 | | | 35.0 | | | (44.7) | | | 86.1 | |
Less: Comprehensive income attributable to noncontrolling interests | 0.9 | | | 1.3 | | | 4.4 | | | 3.7 | |
Comprehensive income (loss) attributable to Hillenbrand | $ | 39.7 | | | $ | 33.7 | | | $ | (49.1) | | | $ | 82.4 | |
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Balance Sheets
(in millions)
| | | | | | | | | | | |
| June 30, 2020 (unaudited) | | September 30, 2019 |
ASSETS | | | |
Current Assets | | | |
Cash and cash equivalents | $ | 263.1 | | | $ | 399.0 | |
Trade receivables, net | 297.2 | | | 217.4 | |
Receivables from long-term manufacturing contracts | 166.2 | | | 181.1 | |
Inventories, net | 424.3 | | | 176.6 | |
| | | |
Prepaid expenses and other current assets | 93.7 | | | 49.1 | |
| | | |
Total current assets | 1,244.5 | | | 1,023.2 | |
Property, plant, and equipment, net | 331.6 | | | 140.3 | |
Operating lease right-of-use assets | 161.4 | | | — | |
Intangible assets, net | 1,093.6 | | | 454.9 | |
Goodwill | 1,143.1 | | | 578.0 | |
Other long-term assets | 55.7 | | | 32.2 | |
Total Assets | $ | 4,029.9 | | | $ | 2,228.6 | |
| | | |
LIABILITIES | | | |
Current Liabilities | | | |
Trade accounts payable | $ | 264.9 | | | $ | 236.2 | |
Liabilities from long-term manufacturing contracts and advances | 168.4 | | | 158.2 | |
Current portion of long-term debt | 36.3 | | | — | |
Accrued compensation | 87.8 | | | 73.2 | |
| | | |
Other current liabilities | 211.6 | | | 121.7 | |
Total current liabilities | 769.0 | | | 589.3 | |
Long-term debt | 1,674.8 | | | 619.5 | |
Accrued pension and postretirement healthcare | 159.3 | | | 131.3 | |
Operating lease liabilities | 126.2 | | | — | |
Deferred income taxes | 187.6 | | | 73.6 | |
Other long-term liabilities | 57.9 | | | 45.1 | |
Total Liabilities | 2,974.8 | | | 1,458.8 | |
| | | |
Commitments and contingencies (Note 15) | | | |
| | | |
SHAREHOLDERS’ EQUITY | | | |
Common stock, no par value (75.8 and 63.9 shares issued, 74.7 and 62.7 shares outstanding) | — | | | — | |
Additional paid-in capital | 719.7 | | | 345.3 | |
Retained earnings | 504.4 | | | 599.5 | |
Treasury stock (1.1 and 1.2 shares) | (44.9) | | | (50.1) | |
Accumulated other comprehensive loss | (142.6) | | | (140.6) | |
Hillenbrand Shareholders’ Equity | 1,036.6 | | | 754.1 | |
Noncontrolling interests | 18.5 | | | 15.7 | |
Total Shareholders’ Equity | 1,055.1 | | | 769.8 | |
| | | |
Total Liabilities and Shareholders’ Equity | $ | 4,029.9 | | | $ | 2,228.6 | |
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| | | | | | | | | | | |
| Nine Months Ended June 30, | | |
| 2020 | | 2019 |
Operating Activities | | | |
Consolidated net (loss) income | $ | (48.0) | | | $ | 100.2 | |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | | | |
Depreciation and amortization | 98.4 | | | 44.3 | |
Impairment charges | 82.5 | | | — | |
Deferred income taxes | (23.4) | | | 0.2 | |
Amortization of deferred financing costs | 2.5 | | | 0.9 | |
Share-based compensation | 9.4 | | | 8.7 | |
Settlement of Milacron share-based equity awards | 5.9 | | | — | |
Net loss on divestiture | 3.0 | | | — | |
Trade accounts receivable and receivables from long-term manufacturing contracts | 59.6 | | | (15.5) | |
Inventories | 35.9 | | | (15.0) | |
Prepaid expenses and other current assets | 6.5 | | | (6.0) | |
Trade accounts payable | (76.4) | | | 28.3 | |
Liabilities from long-term manufacturing contracts and advances, | | | |
accrued compensation, and other current liabilities | (46.7) | | | (29.8) | |
Income taxes payable | 15.5 | | | (5.3) | |
Defined benefit plan and postretirement funding | (7.5) | | | (6.8) | |
Defined benefit plan and postretirement expense | 4.6 | | | 2.6 | |
Other, net | (1.7) | | | 2.8 | |
Net cash provided by operating activities | 120.1 | | | 109.6 | |
| | | |
Investing Activities | | | |
Capital expenditures | (20.3) | | | (12.6) | |
Proceeds from sales of property, plant, and equipment | 14.2 | | | — | |
| | | |
Acquisition of businesses, net of cash acquired | (1,503.1) | | | (25.9) | |
Proceeds from divestiture, net of cash divested | 222.4 | | | — | |
Other, net | — | | | 0.1 | |
Net cash used in investing activities | (1,286.8) | | | (38.4) | |
| | | |
Financing Activities | | | |
Proceeds from issuance of long-term debt | 1,125.2 | | | — | |
Repayments on long-term debt | (27.2) | | | — | |
Proceeds from revolving credit facilities | 1,157.8 | | | 449.7 | |
Repayments on revolving credit facilities | (1,158.9) | | | (470.1) | |
Payment of deferred financing costs | (13.7) | | | — | |
Payments of dividends on common stock | (47.6) | | | (39.4) | |
| | | |
Proceeds from stock option exercises | 0.4 | | | 2.4 | |
Payments for employee taxes on net settlement equity awards | (1.9) | | | (4.2) | |
Other, net | (3.0) | | | (0.9) | |
Net cash provided by (used in) financing activities | 1,031.1 | | | (62.5) | |
| | | |
Effect of exchange rates on cash and cash equivalents | 1.1 | | | (0.2) | |
| | | |
Net cash flows | (134.5) | | | 8.5 | |
| | | |
Cash, cash equivalents, and restricted cash: | | | |
At beginning of period | 399.4 | | | 56.5 | |
At end of period | $ | 264.9 | | | $ | 65.0 | |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:
| | | | | | | | | | | |
| June 30, 2020 | | June 30, 2019 |
Cash and cash equivalents | $ | 263.1 | | | $ | 64.4 | |
Short-term restricted cash included in other current assets | 1.8 | | | 0.6 | |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 264.9 | | | $ | 65.0 | |
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2020 | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | | | Shares | | Amount | | | | | | |
Balance at March 31, 2020 | 75.8 | | | $ | 716.3 | | | $ | 496.4 | | | 1.1 | | | $ | (45.4) | | | $ | (158.3) | | | $ | 18.0 | | | $ | 1,027.0 | |
Total other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | 15.7 | | | (0.1) | | | 15.6 | |
Net income | — | | | — | | | 24.0 | | | — | | | — | | | — | | | 1.0 | | | 25.0 | |
Issuance/retirement of stock for stock awards/options | — | | | (0.4) | | | — | | | — | | | 0.5 | | | — | | | — | | | 0.1 | |
Share-based compensation | — | | | 3.7 | | | — | | | — | | | — | | | — | | | — | | | 3.7 | |
Dividends ($0.2125 per share) | — | | | 0.1 | | | (16.0) | | | — | | | — | | | — | | | (0.4) | | | (16.3) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Balance at June 30, 2020 | 75.8 | | | $ | 719.7 | | | $ | 504.4 | | | 1.1 | | | $ | (44.9) | | | $ | (142.6) | | | $ | 18.5 | | | $ | 1,055.1 | |
| | | | | | | | | | | | | | | |
| Nine Months Ended June 30, 2020 | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | | | Shares | | Amount | | | | | | |
Balance at September 30, 2019 | 63.9 | | | $ | 345.3 | | | $ | 599.5 | | | 1.2 | | | $ | (50.1) | | | $ | (140.6) | | | $ | 15.7 | | | $ | 769.8 | |
Total other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | 4.0 | | | (0.7) | | | 3.3 | |
Net (loss) income | — | | | — | | | (53.1) | | | — | | | — | | | — | | | 5.1 | | | (48.0) | |
Issuance/retirement of stock for stock awards/options | — | | | (6.7) | | | — | | | (0.1) | | | 5.2 | | | — | | | — | | | (1.5) | |
Share-based compensation | — | | | 9.4 | | | — | | | — | | | — | | | — | | | — | | | 9.4 | |
Dividends ($0.6375 per share) | — | | | 0.4 | | | (48.0) | | | — | | | — | | | — | | | (1.6) | | | (49.2) | |
Common stock issued to acquire Milacron (see Note 4) | 11.9 | | | 371.3 | | | — | | | — | | | — | | | — | | | — | | | 371.3 | |
Reclassification of certain income tax effects (1) | — | | | — | | | 6.0 | | | — | | | — | | | (6.0) | | | — | | | — | |
Balance at June 30, 2020 | 75.8 | | | $ | 719.7 | | | $ | 504.4 | | | 1.1 | | | $ | (44.9) | | | $ | (142.6) | | | $ | 18.5 | | | $ | 1,055.1 | |
(1)Income tax effects of the Tax Act (as defined in Note 2) were reclassified from accumulated other comprehensive loss to retained earnings due to the adoption of ASU 2018-02. See Note 2 for more information.
See Condensed Notes to Consolidated Financial Statements
Hillenbrand, Inc.
Consolidated Statements of Shareholders’ Equity (Unaudited)
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2019 | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | | | Accumulated Other Comprehensive Loss | | Noncontrolling Interests | | Total |
| Shares | | | | | | Shares | | Amount | | | | | | |
Balance at March 31, 2019 | 63.9 | | | $ | 343.1 | | | $ | 571.1 | | | 1.3 | | | $ | (55.6) | | | $ | (101.8) | | | $ | 13.3 | | | $ | 770.1 | |
Total other comprehensive income, net of tax | — | | | — | | | — | | | — | | | — | | | 3.3 | | | — | | | 3.3 | |
Net income | — | | | — | | | 30.4 | | | — | | | — | | | — | | | 1.3 | | | 31.7 | |
Issuance/retirement of stock for stock awards/options | — | | | (0.9) | | | — | | | — | | | 1.9 | | | — | | | — | | | 1.0 | |
Share-based compensation | — | | | 2.9 | | | — | | | — | | | — | | | — | | | — | | | 2.9 | |
Dividends ($0.2100 per share) | — | | | 0.2 | | | (13.4) | | | — | | | — | | | — | | | — | | | (13.2) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Balance at June 30, 2019 | 63.9 | | | $ | 345.3 | | | $ | 588.1 | | | 1.3 | | | $ | (53.7 |