GrafTech International Ltd. (NYSE: EAF) (GrafTech or the
Company) today announced financial results for the quarter ended
September 30, 2019, including net income of $176 million, or $0.61
per share, and Adjusted EBITDA from continuing operations1 of $245
million.
"GrafTech reported third quarter cash flow from operating
activities of just over $225 million. During the third quarter we
managed production to align with recent sales volumes while also
maintaining cost discipline,” said David Rintoul, President and
Chief Executive Officer. “Continued meaningful cash flow generation
enables us to balance our primary financial objectives - to return
cash to shareholders and repay debt - while also investing
appropriate capital in the business.”
Key Financial Measures
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(dollars in thousands, except per share
amounts)
2019
2018
2019
2018
Net sales
$
420,797
$
454,890
$
1,376,181
$
1,363,121
Net income
$
175,876
$
199,466
$
569,680
$
624,587
Earnings per share (1)
$
0.61
$
0.67
$
1.96
$
2.08
Adjusted EBITDA from continuing operations
(2)
$
245,454
$
276,812
$
813,673
$
879,108
(1)
Earnings per share represents diluted
earnings per share after giving effect to the stock split effected
on April 12, 2018 for all periods and the share repurchase effected
on August 13, 2018 and during the third quarter of 2019, resulting
in weighted average shares outstanding of 290,127,296 and
296,145,453 for the three months ended September 30, 2019 and 2018,
respectively and 290,422,351 and 300,178,704 for the nine months
ended September 30, 2019 and 2018, respectively.
(2)
A non-GAAP financial measure, see below
for more information and a reconciliation of EBITDA from continuing
operations and Adjusted EBITDA from continuing operations to Net
income (loss), the most directly comparable financial measure
calculated and presented in accordance with GAAP.
Net sales for the quarter ended September 30, 2019 were $421
million compared to $455 million in the third quarter of 2018.
Sales volumes of GrafTech manufactured product decreased to 40
thousand metric tons (MT) from 42 thousand metric tons in the prior
year period. The weighted average realized price of these graphite
electrodes was $9,960 per metric ton.
Net income for the third quarter of 2019 was $176 million, or
$0.61 per share, compared to $199 million, or $0.67 per share in
the third quarter of 2018. Adjusted EBITDA from continuing
operations was $245 million in the third quarter of 2019 compared
to $277 million in the third quarter of 2018. Financial results for
the third quarter of 2019 were impacted by lower net sales and
higher raw materials costs related to third party petroleum needle
coke.
Cash flow from operating activities was $226 million in the
third quarter of 2019 compared to $235 million in the comparable
period of 2018. Lower net sales and higher raw materials costs were
partially offset by timing of working capital changes.
Key operating metrics(1)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands, except price
data)
2019
2018
2019
2018
Sales volume (MT) (2)
40
42
130
126
Weighted average realized price (3)
$
9,960
$
9,664
$
9,977
$
9,811
Production volume (MT) (4)
40
39
136
127
Production capacity excluding St. Marys
during idle period (MT) (5)(6)
48
39
150
128
Capacity utilization excluding St. Marys
during idle period (5)(7)
83
%
100
%
91
%
99
%
Total production capacity (MT) (6)(8)
55
46
171
149
Total capacity utilization (7)(8)
73
%
85
%
80
%
85
%
(1)
Effective the first quarter of 2019, we
have recast the key metrics of sales volume and weighted average
price above to include only graphite electrodes manufactured by
GrafTech. This better reflects management's assessment of our
profitability and excludes resales of low grade graphite electrodes
manufactured by third party suppliers. For comparability purposes,
the prior period has been recast to conform to this
presentation.
(2)
Sales volume has been recast to reflect
the total sales volume of GrafTech manufactured electrodes for
which revenue has been recognized during the period.
(3)
Weighted average realized price has been
recast to reflect the total revenues from sales of GrafTech
manufactured electrodes for the period divided by the GrafTech
manufactured sales volume for that period.
(4)
Production volume reflects graphite
electrodes we produced during the period.
(5)
The St. Marys, Pennsylvania facility was
temporarily idled effective the second quarter of 2016 except for
the machining of semi-finished products sourced from other plants.
In the first quarter of 2018, our St. Marys facility began
graphitizing a limited amount of electrodes sourced from our
Monterrey, Mexico facility.
(6)
Production capacity reflects expected
maximum production volume during the period under normal operating
conditions, standard product mix and expected maintenance outage.
Actual production may vary.
(7)
Capacity utilization reflects production
volume as a percentage of production capacity.
(8)
Includes graphite electrode facilities in
Calais, France; Monterrey, Mexico; Pamplona, Spain and St. Marys,
Pennsylvania.
Operational Update
Production volume of 40 thousand MT in the third quarter of 2019
increased slightly from 39 thousand MT in the third quarter of
2018. Production results include annual planned maintenance outages
in the third quarter of 2018 and 2019.
GrafTech has begun a series of projects at our Monterrey and St.
Marys facilities that will shift graphitization and machining of
additional volume of semi-finished product from Monterrey to St.
Marys. We expect these projects will further optimize our
manufacturing footprint by improving environmental performance and
production flexibility at both facilities and also leverage cost
efficiencies at St. Marys.
Including these and other capital improvement projects, the
company’s total capital expenditures are expected to remain between
$60 and $70 million in 2019 with similar capital spending levels
anticipated in 2020, subject to Board approval.
Commercial Strategy
As previously announced, GrafTech has successfully sold
approximately two-thirds of its cumulative long-term production
capacity through 2022 on fixed-volume, fixed-price, take or pay
contracts. These contracts provide reliability of long-term
graphite electrode supply for customers and stability of future
operating results for shareholders.
Capital Structure
As of September 30, 2019, GrafTech had cash and cash equivalents
of $381 million and total debt of $2.0 billion. The primary use of
cash is expected to be a balance of returns to shareholders and
debt repayment.
During the third quarter of 2019, the Company returned cash to
shareholders in the form of a quarterly dividend of $0.085 per
share. Also during the quarter, the company began open market share
repurchases under the previously announced $100 million repurchase
program.
Distribution
The Board of Directors also declared a dividend of $0.085 per
share to stockholders of record as of the close of business on
November 29, 2019, to be paid on December 31, 2019.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on November 7, 2019 at 10:00
a.m. Eastern Standard Time. The webcast and accompanying slide
presentation will be available at www.GrafTech.com, in the
Investors section. The earnings call dial-in number is +1 (866)
521-4909 toll-free in the U.S. and Canada or +1 (647) 427-2311 for
overseas calls, conference ID: 9087454. A replay of the Conference
Call will be available until February 7, 2019 by dialing +1 (800)
585-8367 toll-free in the U.S. and Canada or +1 (416) 621-4642 for
overseas calls, conference ID: 9087454. A replay of the webcast
will also be available on our website until February 7, 2019, at
www.GrafTech.com, in the Investors section. GrafTech also makes its
complete financial reports that have been filed with the Securities
and Exchange Commission (SEC) and other information available at
www.GrafTech.com. The information in our website is not part of
this release or any report we file or furnish to the SEC.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high
quality graphite electrode products essential to the production of
electric arc furnace steel and other ferrous and non-ferrous
metals. The Company has a competitive portfolio of low-cost
graphite electrode manufacturing facilities, including three of the
highest capacity facilities in the world. GrafTech is also the only
large scale graphite electrode producer that is substantially
vertically integrated into petroleum needle coke, the primary raw
material for graphite electrode manufacturing, which is currently
in limited supply. This unique position provides competitive
advantages in product quality and cost.
Special note regarding forward-looking statements
This news release and related discussions may contain
forward-looking statements that reflect our current views with
respect to, among other things, future events and financial
performance. You can identify these forward-looking statements by
the use of forward-looking words such as “will,” “may,” “plan,”
“estimate,” “project,” “believe,” “anticipate,” “expect,” “intend,”
“should,” “would,” “could,” “target,” “goal,” “continue to,”
“positioned to,” "are confident", or the negative version of those
words or other comparable words. Any forward-looking statements
contained in this news release are based upon our historical
performance and on our current plans, estimates and expectations in
light of information currently available to us. The inclusion of
this forward-looking information should not be regarded as a
representation by us that the future plans, estimates or
expectations contemplated by us will be achieved. Our expectations
and targets are not predictions of actual performance and
historically our performance has deviated, often significantly,
from our expectations and targets. These forward-looking statements
are subject to various risks and uncertainties and assumptions
relating to our operations, financial results, financial condition,
business, prospects, growth strategy and liquidity. Accordingly,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
statements. We believe that these factors include, but are not
limited to: the cyclical nature of our business and the selling
prices of our products may lead to periods of reduced profitability
and net losses in the future; the possibility that we may be unable
to implement our business strategies, including our initiative to
secure and maintain longer-term customer contracts, in an effective
manner; the possibility that tax legislation could adversely affect
us or our stockholders; pricing for graphite electrodes has
historically been cyclical and the price of graphite electrodes may
decline in the future; the sensitivity of our business and
operating results to economic conditions and the possibility others
may not be able to fulfill their obligations to us in a timely
fashion or at all; our dependence on the global steel industry
generally and the electric arc furnace ("EAF") steel industry in
particular; the possibility that global graphite electrode
overcapacity may adversely affect graphite electrode prices; the
competitiveness of the graphite electrode industry; our dependence
on the supply of petroleum needle coke; our dependence on supplies
of raw materials (in addition to petroleum needle coke) and energy;
the possibility that our manufacturing operations are subject to
hazards; changes in, or more stringent enforcement of, health,
safety and environmental regulations applicable to our
manufacturing operations and facilities; the legal, compliance,
economic, social and political risks associated with our
substantial operations in multiple countries; the possibility that
fluctuation of foreign currency exchange rates could materially
harm our financial results; the possibility that our results of
operations could deteriorate if our manufacturing operations were
substantially disrupted for an extended period, including as a
result of equipment failure, climate change, regulatory issues,
natural disasters, public health crises, political crises or other
catastrophic events; our dependence on third parties for certain
construction, maintenance, engineering, transportation, warehousing
and logistics services; the possibility that we are unable to
recruit or retain key management and plant operating personnel or
successfully negotiate with the representatives of our employees,
including labor unions; the possibility that we may divest or
acquire businesses, which could require significant management
attention or disrupt our business; the sensitivity of goodwill on
our balance sheet to changes in the market; the possibility that we
are subject to information technology systems failures,
cybersecurity attacks, network disruptions and breaches of data
security; our dependence on protecting our intellectual property;
the possibility that third parties may claim that our products or
processes infringe their intellectual property rights; the
possibility that significant changes in our jurisdictional earnings
mix or in the tax laws of those jurisdictions could adversely
affect our business; the possibility that our indebtedness could
limit our financial and operating activities or that our cash flows
may not be sufficient to service our indebtedness; the possibility
that restrictive covenants in our financing agreements could
restrict or limit our operations; the fact that borrowings under
certain of our existing financing agreements subjects us to
interest rate risk; the possibility of a lowering or withdrawal of
the ratings assigned to our debt; the possibility that disruptions
in the capital and credit markets could adversely affect our
results of operations, cash flows and financial condition, or those
of our customers and suppliers; the possibility that highly
concentrated ownership of our common stock may prevent minority
stockholders from influencing significant corporate decisions; the
possibility that we may not pay cash dividends on our common stock
in the future; the fact that certain of our stockholders have the
right to engage or invest in the same or similar businesses as us;
the possibility that the market price of our common stock could be
negatively affected by sales of substantial amounts of our common
stock in the public markets, including by Brookfield; the fact that
certain provisions of our Amended and Restated Certificate of
Incorporation and our Amended and Restated By-Laws could hinder,
delay or prevent a change of control; the fact that the Court of
Chancery of the State of Delaware will be the exclusive forum for
substantially all disputes between us and our stockholders; and our
status as a "controlled company" within the meaning of the New York
Stock Exchange ("NYSE") corporate governance standards, which
allows us to qualify for exemptions from certain corporate
governance requirements.
These factors should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements,
including the Risk Factors section included in our Annual Report on
Form 10-K and other filings with the SEC. The forward-looking
statements made in this press release relate only to events as of
the date on which the statements are made. We do not undertake any
obligation to publicly update or review any forward-looking
statement, except as required by law, whether as a result of new
information, future developments or otherwise.
Non-GAAP financial measures
In addition to providing results that are determined in
accordance with GAAP, we have provided certain financial measures
that are not in accordance with GAAP. EBITDA from continuing
operations and Adjusted EBITDA from continuing operations are
non-GAAP financial measures. We define EBITDA from continuing
operations, a non-GAAP financial measure, as net income or loss
plus interest expense, minus interest income, plus income taxes,
discontinued operations and depreciation and amortization from
continuing operations. We define adjusted EBITDA from continuing
operations as EBITDA from continuing operations plus any pension
and other post-employment benefit ("OPEB") plan expenses, initial
and follow-on public offering expenses, non-cash gains or losses
from foreign currency remeasurement of non-operating liabilities in
our foreign subsidiaries where the functional currency is the U.S.
dollar, related party Tax Receivable Agreement expense, stock-based
compensation and non-cash fixed asset write-offs. Adjusted EBITDA
from continuing operations is the primary metric used by our
management and our board of directors to establish budgets and
operational goals for managing our business and evaluating our
performance.
We monitor adjusted EBITDA from continuing operations as a
supplement to our GAAP measures, and believe it is useful to
present to investors, because we believe that it facilitates
evaluation of our period-to-period operating performance by
eliminating items that are not operational in nature, allowing
comparison of our recurring core business operating results over
multiple periods unaffected by differences in capital structure,
capital investment cycles and fixed asset base. In addition, we
believe adjusted EBITDA from continuing operations and similar
measures are widely used by investors, securities analysts, ratings
agencies, and other parties in evaluating companies in our industry
as a measure of financial performance and debt-service
capabilities. We also monitor the ratio of total debt to adjusted
EBITDA from continuing operations, because we believe it is a
useful and widely used way to assess our leverage.
Our use of adjusted EBITDA from continuing operations has
limitations as an analytical tool, and you should not consider it
in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
- adjusted EBITDA from continuing operations does not reflect
changes in, or cash requirements for, our working capital
needs;
- adjusted EBITDA from continuing operations does not reflect our
cash expenditures for capital equipment or other contractual
commitments, including any capital expenditure requirements to
augment or replace our capital assets;
- adjusted EBITDA from continuing operations does not reflect the
interest expense or the cash requirements necessary to service
interest or principal payments on our indebtedness;
- adjusted EBITDA from continuing operations does not reflect tax
payments that may represent a reduction in cash available to
us;
- adjusted EBITDA from continuing operations does not reflect
expenses relating to our pension and OPEB plans;
- adjusted EBITDA from continuing operations does not reflect the
non-cash gains or losses from foreign currency remeasurement of
non-operating liabilities in our foreign subsidiaries where the
functional currency is the U.S. dollar;
- adjusted EBITDA from continuing operations does not reflect
initial and follow-on public offering expenses;
- adjusted EBITDA from continuing operations does not reflect
related party Tax Receivable Agreement expense;
- adjusted EBITDA from continuing operations does not reflect
stock-based compensation or the non-cash write-off of fixed assets;
and
- other companies, including companies in our industry, may
calculate EBITDA from continuing operations and adjusted EBITDA
from continuing operations differently, which reduces its
usefulness as a comparative measure.
In evaluating EBITDA from continuing operations and adjusted
EBITDA from continuing operations, you should be aware that in the
future, we will incur expenses similar to the adjustments in the
reconciliation presented below. Our presentations of EBITDA from
continuing operations and adjusted EBITDA from continuing
operations should not be construed as suggesting that our future
results will be unaffected by these expenses or any unusual or
non-recurring items. When evaluating our performance, you should
consider EBITDA from continuing operations and adjusted EBITDA from
continuing operations alongside other financial performance
measures, including our net income (loss) and other GAAP
measures.
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands)
Unaudited
As of September 30,
2019
As of December 31,
2018
ASSETS
Current assets:
Cash and cash equivalents
$
381,164
$
49,880
Accounts and notes receivable, net of
allowance for doubtful accounts of $4,163 as of September 30, 2019
and $1,129 as of December 31, 2018
264,157
248,286
Inventories
314,955
293,717
Prepaid expenses and other current
assets
40,481
46,168
Total current assets
1,000,757
638,051
Property, plant and equipment
708,267
688,842
Less: accumulated depreciation
207,444
175,137
Net property, plant and equipment
500,823
513,705
Deferred income taxes
48,237
71,707
Goodwill
171,117
171,117
Other assets
104,735
110,911
Total assets
$
1,825,669
$
1,505,491
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
73,856
$
88,097
Short-term debt
70,861
106,323
Accrued income and other taxes
58,916
82,255
Other accrued liabilities
48,707
50,452
Related party payable - tax receivable
agreement
23,852
—
Total current liabilities
276,192
327,127
Long-term debt
1,965,501
2,050,311
Other long-term obligations
77,759
72,519
Deferred income taxes
50,484
45,825
Related party payable - tax receivable
agreement
62,625
86,478
Long-term liabilities of discontinued
operations
—
—
Stockholders’ equity:
Preferred stock, par value $0.01,
300,000,000 shares authorized, none issued
—
—
Common stock, par value $0.01,
3,000,000,000 shares authorized, 289,658,478 shares issued and
outstanding as of September 30, 2019 and 290,537,612 as of December
31, 2018
2,897
2,905
Additional paid-in capital
818,720
819,622
Accumulated other comprehensive loss
(23,677
)
(5,800
)
Accumulated deficit
(1,404,832
)
(1,893,496
)
Total stockholders’ deficit
(606,892
)
(1,076,769
)
Total liabilities and stockholders’
equity
$
1,825,669
$
1,505,491
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in thousands)
Unaudited
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2019
2018
2019
2018
CONSOLIDATED
STATEMENTS OF OPERATIONS
Net sales
$
420,797
$
454,890
$
1,376,181
$
1,363,121
Cost of sales
178,497
180,280
571,068
491,339
Gross profit
242,300
274,610
805,113
871,782
Research and development
611
518
1,961
1,528
Selling and administrative expenses
15,708
14,234
46,328
46,349
Operating profit
225,981
259,858
756,824
823,905
Other expense (income), net
(688
)
1,502
642
2,533
Related party Tax Receivable Agreement
expense
—
—
—
61,801
Interest expense
31,803
33,855
98,472
100,387
Interest income
(1,765
)
(562
)
(2,910
)
(1,068
)
Income from continuing operations before
provision for income taxes
196,631
225,063
660,620
660,252
Provision for income taxes
20,755
24,871
90,940
36,250
Net income from continuing operations
175,876
200,192
569,680
624,002
(Loss) income from discontinued
operations, net of tax
—
(726
)
—
585
Net income
$
175,876
$
199,466
$
569,680
$
624,587
Basic income per common share:
Net income per share
$
0.61
$
0.67
$
1.96
$
2.08
Net income from continuing operations per
share
$
0.61
$
0.68
$
1.96
$
2.08
Weighted average common shares
outstanding
290,112,233
296,136,564
290,410,859
300,173,831
Diluted income per common share:
Income per share
$
0.61
$
0.67
$
1.96
$
2.08
Diluted income from continuing operations
per share
$
0.61
$
0.68
$
1.96
$
2.08
Weighted average common shares
outstanding
290,127,296
296,145,453
290,422,351
300,178,704
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Unaudited
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2019
2018
2019
2018
Cash flow from operating activities:
Net income
$
175,876
$
199,466
$
569,680
$
624,587
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
15,357
16,050
46,387
47,746
Related party Tax Receivable Agreement
expense
—
—
—
61,801
Deferred income tax provision
(benefit)
7,413
3,827
28,696
(18,184
)
Loss on extinguishment of debt
—
—
—
23,827
Interest expense
1,588
1,586
4,764
3,747
Other charges, net
6,531
2,773
17,689
9,652
Net change in working capital*
22,238
14,893
(80,311
)
(143,695
)
Change in long-term assets and
liabilities
(3,254
)
(4,026
)
(2,133
)
2,763
Net cash provided by operating
activities
225,749
234,569
584,772
612,244
Cash flow from investing activities:
Capital expenditures
(14,854
)
(18,897
)
(44,053
)
(47,632
)
Proceeds from the sale of assets
16
25
98
866
Net cash used in investing activities
(14,838
)
(18,872
)
(43,955
)
(46,766
)
Cash flow from financing activities:
Short-term debt, net
—
(36
)
—
(12,607
)
Revolving Facility reductions
—
—
—
(45,692
)
Debt issuance costs
—
(1,043
)
—
(27,326
)
Proceeds from the issuance of long-term
debt, net of original issuance discount
—
—
—
2,235,000
Repayment of Senior Notes
—
—
—
(304,782
)
Related party Promissory Note
repayment
—
—
—
(750,000
)
Principal repayments on long-term debt
—
(28,125
)
(125,000
)
(28,125
)
Repurchase of common stock
(9,484
)
(225,000
)
(9,484
)
(225,000
)
Dividends paid to non-related-party
(5,118
)
(5,194
)
(15,505
)
(7,651
)
Dividends paid to related-party
(19,502
)
(19,501
)
(58,507
)
(1,308,538
)
Net cash used in financing activities
(34,104
)
(278,899
)
(208,496
)
(474,721
)
Net change in cash and cash
equivalents
176,807
(63,202
)
332,321
90,757
Effect of exchange rate changes on cash
and cash equivalents
(898
)
(431
)
(1,037
)
(1,615
)
Cash and cash equivalents at beginning of
period
205,255
166,140
49,880
13,365
Cash and cash equivalents at end of
period
$
381,164
$
102,507
$
381,164
$
102,507
* Net change in working capital due to
changes in the following components:
Accounts and notes receivable, net
$
44,410
$
14,655
$
(20,727
)
$
(96,045
)
Inventories
(3,809
)
(11,190
)
(19,908
)
(93,755
)
Prepaid expenses and other current
assets
2,395
(456
)
5,703
7,828
Income taxes payable
(513
)
14,830
(28,152
)
35,358
Accounts payable and accruals
(19,548
)
3,789
(17,336
)
4,336
Interest payable
(697
)
(6,735
)
109
(1,417
)
Net change in working capital
$
22,238
$
14,893
$
(80,311
)
$
(143,695
)
NON-GAAP
RECONCILIATION
(Dollars in thousands)
The following table reconciles our
non-GAAP key financial measures to the most directly comparable
GAAP measures:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2019
2018
2019
2018
Net income
175,876
199,466
569,680
624,587
Add:
Discontinued operations
—
726
—
(585
)
Depreciation and amortization
15,357
16,050
46,387
47,746
Interest expense
31,803
33,855
98,472
100,387
Interest income
(1,765
)
(562
)
(2,910
)
(1,068
)
Income taxes
20,755
24,871
90,940
36,250
EBITDA from continuing
operations
242,026
274,406
802,569
807,317
Adjustments:
Pension and OPEB plan expenses (1)
800
483
2,397
1,478
Initial and follow-on public offering
expenses (2)
160
43
1,409
5,164
Non-cash loss on foreign currency
remeasurement (3)
(185
)
1,404
842
1,629
Stock-based compensation (4)
706
476
1,568
657
Non-cash fixed asset write-off (5)
1,947
—
4,888
1,062
Related party Tax Receivable Agreement
expense (6)
—
—
—
61,801
Adjusted EBITDA from continuing
operations
245,454
276,812
813,673
879,108
(1)
Service and interest cost of our OPEB
plans. Also includes a mark-to-market loss (gain) for plan assets
as of December of each year.
(2)
Legal, accounting, printing and
registration fees associated with the initial and follow-on public
offerings.
(3)
Non-cash (gain) loss from foreign currency
remeasurement of non-operating liabilities of our non-U.S.
subsidiaries where the functional currency is the U.S. dollar.
(4)
Non-cash expense for stock-based
compensation grants.
(5)
Non-cash fixed asset write-off recorded
for obsolete assets.
(6)
Non-cash expense for future payment to our
sole pre-IPO stockholder for tax assets that are expected to be
utilized.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191107005161/en/
Meredith Bandy Vice President, Investor Relations
216-676-2699
GrafTech (NYSE:EAF)
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