33rd Annual Roth Conference
March 17, 2021
Forward Looking Statement and Non-GAAP Information
Any statements contained in this presentation other than statements of historical fact, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "forecast," "anticipate," "expect," "intend," "plan," "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements.
Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or
achievements expressed or implied by such statements. These risks and uncertainties include, but are not limited to: the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO's service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on CECO's infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the
potential for contract delay or cancellation; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges; the substantial amount of debt incurred in connection with our acquisitions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; economic and political conditions generally; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully integrate acquired businesses and realize the synergies from acquisitions; unpredictability and severity of catastrophic events, including cyber-security threats, acts of terrorism or outbreak of war or hostilities or public health crises, such as uncertainties regarding the extent and duration of impacts of matters associated with the novel coronavirus ("COVID-19"), as well as management's response to any of the aforementioned factors. These and other risks and uncertainties are discussed in more detail in CECO's filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. Many of these risks are beyond management's ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect,
actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. All forward-looking statements attributable to CECO or persons acting on behalf of CECO are expressly qualified in their entirety by the cautionary statements and risk factors contained in this presentation and CECO's respective filings with the Securities and Exchange Commission. Furthermore, forward-looking statements speak only
as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, CECO undertakes no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.
While CECO reports its results in accordance with generally accepted accounting principles in the U.S. (GAAP), comments made during this conference call and these materials may include the following "non-GAAP" financial measures; non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, adjusted EBITDA, adjusted free cash flow, adjusted net free cash
flow, non-GAAP gross profit margin; non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA margin and selected measures expressed on a constant currency basis. These measures are included to provide additional useful information regarding CECO's financial results and are not a substitute for their comparable GAAP measures.
Explanations of these non-GAAP measures and reconciliations of these non-GAAP measures to their directly comparable GAAP measures are included in the accompanying "Supplementary Non-GAAP Financial Measures." Descriptions of many of these non-GAAP measures are also included in CECO's SEC reports.
2
CECO Environmental: A leader in Air Quality and Fluid Handling solutions
Macro Drivers…
CECO differentiated position to grow …
Our Customers seek to …
Extend their equipment life
Extract process efficiencies … and Protect the environment
❑ Market leader with distinct competitive advantages including:
• Application engineering expertise
• World renowned Brands
• Reputation for flawless execution & reliability
Our Customers serve growing populations that demand …
More and "Greener" energy a Higher Standard of Living … and Clean Air and Water
❑ Innovative technology & solution provider
❑ Growing aftermarket business with $6B Installed Base
Our Markets will grow from …
Environmental Regulations
Infrastructure Build-out … and Corporate Sustainability
❑ Highly Diversified End Markets and Global Footprint
❑ Asset light business model delivers robust cash flow
NASDAQ: CECE
Founded in 1966https://www.cecoenviro.com
Executive Summary: Solid results navigating 2020, preparing for significant growth in '22+
• Orders: ~ $280 … Down (27)% Y/Y … Q4 of $77 was +16% Sequentially
• Sales: ~ $316 … Down (8)% Y/Y … executed to customer needs
• Gross Margin: ~ 33% … Flat Y/Y … on par with historical averages
• Adj. EBITDA: $32.8 with 10.4% margins … Up 70bps Y/Y … 12% EBITDA in Q4'20
• Adj. EPS : $0.56 … Down (5)% Y/Y … on lower volume
• End Markets: Improvement in previously down markets … Growth in majority
• Cost Structure: Aggressive actions taken throughout '20 and early '21 to offset backlog declines … efficient structure in place for EBITDA margin expansion
• Strategy/Portfolio: Real progress with "New CECO" strategy … Q2/Q3 Launch
• ESG: Committed to advancing leadership in Environmental Solutions … will produce inaugural Sustainability Report in the next year
4
CECO in position for next "chapter" of high performance
Legacy CECO
1966-2011
Acquisitions
2012-2016
Integration
2017-2020
2020+
CECO breadth of solutions creates value for customers and protects the environment
Solution / Product Examples
Engineered Systems & Solutions
Engineered Wood
Dust Collection
Particulate Matter eliminated
Beverage Can
RTO & Scrubber
VOC's destroyed
Diverse End Markets
Gas Separation
Water Reuse
Pumps
Filter Media
Engineering StudiesParts & ServiceReplacements & Retrofits
• Highly customized & process engineered solution
• Outsourced global production partners… asset light
(a) RTO: Regenerative Thermal Oxidizer
(b) VOC: Volatile Organic Compound
• Environmental protection
• Energy efficiency & product recovery
• High cost of failure … mission critical
• Growing focus
• Customer loyalty
6
Globally diverse, broad reaching organization … serving customers where they are
Global HQ: Dallas, TX
Sales and Engineering
Manufacturing and Assembly
~700 Employees worldwide
(-a)
~60% are Engineers/Solution experts
(-a) employee count less manufacturing
Asset Light: ~75% of production via Partners
7
Q4 Orders by Market … YoY growth in Energy; Industrials with sequential momentum
Refinery
Q4 Orders: TY Orders:
$9 | +157% YoY | +177% Sequential $30 | (46)%
Power Gen: Solid Fuel
Momentum Building
Power Gen: Natural GasMidstream O&G
Q4 Orders: TY Orders:Q4 Orders: TY Orders:
$67 | (32)% 26%
Remains Soft 14%
$16 | +11% YoY | (19)% Sequential
Active Pipeline
$18 | +20% YoY | +70% Sequential 20%
$55 | (33)% 5%
Bottomed
Q4 Orders: TY Orders:
$3 | (31)% YoY | (15)% Sequential $13 | (24)%
Solutions
2020 Revenue Mix
Industrial Air Solutions
($MM)
Solid Pipeline
Q4 Orders: TY Orders:
$22 | +8% YoY | +11% Sequential $80 | (13)%
Industrial Fluid Handling
Optimistic
Q4 Orders: TY Orders:
$9 | 0% YoY | +5% Sequential $35 | (8)%
* Gross Bookings, excludes Cancellations
8
Energy drove revenues higher on strength of backlog execution
($MM)
Revenue
• Energy orders +16% over trailing four quarters' average … Strong project execution drives +13% sequential growth in revenue
• $9 Refinery orders +177% sequentially with December orders highest since May'20 as mandatory replacement capex begins to materialize
• Industrials continues sequential order growth and +4% organically… EV and Food & Bev markets acted as a tailwind for the quarter
• Short cycle revenue totaled $16.9 million in Q4'20 and $71.4 million in 2020, up sequentially in Q4 but down YoY on COVID
(a) Gross Bookings, excludes Cancellations
Book-to-Bill continues sequential increase … Economic environment improving
$250.0
$200.0
$150.0
• 5th consecutive quarter of sequential declines
• Backlog down (3)% sequentially and (15)% Year over Year
$100.0
($MM)
TTM Book to Bill Ratio at 0.89x
$50.0•
• CECO's 12-month Orders Pipeline eclipsing $1.9B… early indicator of Growth
$-
Q4'19
Q1'20
Q2'20
Q3'20
Q4'20
Backlog
Revenue
Gross Orders
Book/Bill
0.76
0.94
0.80
0.86
0.93
** Starting Backlog - Revenue + Gross Orders - Cancellations +/- FX = Ending Backlog. FX typically +/- ~$1-3 per quarter.
Gross profit challenged on mix… Other profitability measures show sequential improvement
Non-GAAP Gross Profit
Non-GAAP Operating Income
Adjusted EBITDA
($MM)
$35.0
$30.0
$25.0
$20.0
$15.0
$10.0
60%
$30.0
Q4'19
Q1'20
Q2'20
Q3'20
Q4'20
• Q4 GM at 31.6%... (0.4)pts sequentially and (2) pts Y/Y on project mix
• Non-GAAP OI +46% sequentially on volume and SG&A cuts. (10)% Y/Y on volume, offset by $4 SG&A cuts
• Adjusted EBITDA +34% sequentially on volume and SG&A cuts. (3)% Y/Y on volume, offset by $4 SG&A cuts
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Balance sheet in solid position… FCF lower on fewer "upfront" payments
Disciplined reduction in debt load
FCF negatively impacted by lower backlog
($MM)
9/3/2015 YE'15
FCF $:
YE'16
YE'17
YE'18
YE'19
YE'20
FCF/NI %:
2017
2018
2019
141%
212%
22%
Peerless Acquisition
• Gross Leverage ratio @ 1.9x following EIS acquisition and 1.0x Net Leverage…
• Healthy Balance Sheet… ~$60 of capacity remains under credit facility
• Target Free Cash Flow % of Net Income greater than 100%
(-a) non-GAAP net income
2020
5%
With cost actions taken early in '20, CECO is scalable and positioned for growth
Orders
Revenues & Gross Margins
($MM)
EBITDA
$383.6
2017
2018
2019
2020
• As Orders & Revenues declined on customer COVID fears… CECO cut costs and improved profitability
(a)All metrics exclude Divestitures
Driving For More in 2021 and Beyond… building on strengths & momentum
• 300+ engineers and application specialists (approximately 40% of total headcount)
CECO Strength
• Asset-light businesses and improved cost structure will yield superior margin conversion
• Healthy balance sheet … ready to bolster growth, diversify markets, add predictable sales
• Deliver on Outlook: Orders Much Higher, Revenue "Flattish", EBITDA =/-, FCF Solidly Up
2021• Enterprise Strategy: Technology-based Platforms oriented for Growth & Capital-Allocation Focus• Portfolio Transformation: Invest in key platforms, short-cycle revenue, & M&A
• Environmentally focused diversified Industrial: Elevate awareness of leadership position
In better position today than previous downturn… ready to capitalize on market recovery
Slide from Q3'20 Earnings Release
Slide Take-Aways …
• In '17… CECO experienced Power-Gen bubble burst and backlog declined significantly.
• In '20-21… CECO in better financial & operational position to deliver > margins/cash flows post COVID
• Sustainable/Structural cost actions provide new baseline for strong EBITDA margin conversion as growth rebounds
• Unlike 2017, CECO Balance Sheet in solid position to provide ammunition for additive transactions
• Will continue to advance adjacent market expansion … both organically and inorganically
• 1H'20 market declines driven by COVID impact … market recovery underway and gaining strength
CECO: Committed to deliver increased and sustainable value
Long-term Growth & Profitability
~ 5% Topline Growth Target: Expand "Core" Platforms + Modest M&A
% $
13%+ EBITDA Margin Target: Streamlined G&A + Ops Excellence
100%+ Free Cash Flow Conversion of Net Income: Historically Achieved
"Up Our Game"
Significant Opportunity To
Increased focus on new markets, short-cycle revenue, partnerships …
ESG: 1 "Get in the Game" … 2 Leadership Examples, Metrics & Targets
Conclusion
• Thank you Team CECO … Commitment to our customers and health & safety!
• Navigating challenging markets with strong project execution and cost management
• Energy markets improving and 1H 2021 expected to continue orders momentum
• Revamping CECO strategy to aggressively evaluate and prioritize opportunities
• Continue to focus on new markets, technologies and expanding awareness of CECO Environmental leadership and ESG story
Questions?
Supplemental Materials
Non-GAAP Reconciliation
Revenue excluding Acquisitions & Divestitures
(dollars in millions) Annual 2017 Annual 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Annual 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Annual 2020 |
Revenue as reported in accordance with GAAP Less revenue attributable to divestitures
$ - $ 328.0 $ $ - - 86.0 $ $ $ - - 81.2 $ $ $ - - 85.3 $ $ $ - - 89.4
$ $ $ - - 80.5
(2.6) $ (9.0) $ 74.7 $ 71.5 $ 80.3
|
Non-GAAP Gross Profit and Margin
(dollars in millions) | |||||
Gross profit as reported in accordance with GAAP | $ | 113.2 | $ | 111.5 | $ |
Gross profit margin in accordance with GAAP | 32.8% | 33.1% | |||
Legacy design repairs | $ | 2.0 | $ | - | $ |
Inventory valuation adjustment | $ | - | $ | - | $ |
Plant, property and equipment valuation adjustment | $ | 0.6 | $ | - | $ |
Non-GAAP gross profit | $ | 115.8 | $ | 111.5 | $ |
Non- GAAP Gross profit margin | 33.6% | 33.1% |
Annual | Annual | Q1 | Q2 | Q3 | Q4 | ||||
2017 | 2018 | 2019 | 2019 | 2019 | 2019 | ||||
28.4 | $ | 26.8 | $ | 28.8 | $ | 30.0 | $ | 114.0 | $ |
33.0% | 33.0% | 33.8% | 33.6% | 33.3% | |||||
- | $ | - | $ | - | $ | - | $ | - | $ |
- | $ | - | $ | - | $ | - | $ | - | $ |
- | $ | - | $ | - | $ | - | $ | - | $ |
28.4 | $ | 26.8 | $ | 28.8 | $ | 30.0 | $ | 114.0 | $ |
33.0% | 33.0% | 33.8% | 33.6% | 33.3% |
Annual | Q1 | Q2 | Q3 | Q4 | ||||
2019 | 2020 | 2020 | 2020 | 2020 | ||||
28.3 | $ | 25.8 | $ | 24.8 | $ | 26.2 | $ | 105.1 |
35.2% | 34.3% | 32.0% | 31.6% | 33.3% | ||||
- | $ | - | $ | - | $ | - | $ | - |
- | $ | - | $ | - | $ | - | $ | - |
- | $ | - | $ | - | $ | - | $ | - |
28.3 | $ | 25.8 | $ | 24.8 | $ | 26.2 | $ | 105.1 |
35.2% | 34.3% | 32.0% | 31.6% | 33.3% |
Annual 2020
Non-GAAP Operating Income and Margin
Annual Annual
2017
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Annual 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Annual 2020
(dollars in millions) |
Operating income as reported in accordance with GAAP |
Operating margin in accordance with GAAP |
Legacy design repairs |
Inventory valuation adjustment |
Plant, property and equipment valuation adjustment |
Gain on insurance settlement |
Acquisition and integration expenses |
Amortization |
Earn-out and retention expenses |
Intangible asset impairment |
(Gain) Loss on divestitures, net of selling costs |
Restructuring expense (income) |
Executive transition expenses |
Facility exit expenses |
Legal reserves |
Non-GAAP operating income |
Non-GAAP Operating margin |
$ | - | ||
$ | - | ||
$ | - | ||
$ | - | ||
$ | - | ||
$ | 9.7 | ||
$ | - | ||
$ | 7.2 | $ | - |
$ | - | $ | 4.4 |
$ | 1.9 | $ | - |
$ | 1.3 | $ | - |
$ | 0.2 | $ | - |
$ | - | $ | - |
$ | 28.3 | ||
8.2% |
2018 $ 10.0
$ | 4.9 | $ | 2.0 | $ | 4.1 | $ | 7.0 | $ | 18.0 | $ | 4.2 | $ | 4.4 | $ | 1.0 | $ | 3.7 | $ | 13.3 | |
5.7% | 2.5% | 4.8% | 7.8% | 5.3% | 5.2% | 5.9% | 1.3% | 4.5% | 4.2% | |||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ | - | $ | - | $ | - | $ | 0.5 | $ | 0.5 | $ | - | $ | 0.7 | $ | 0.4 | $ | 0.3 | $ | 1.4 | |
$ | 2.2 | $ | 2.2 | $ | 2.2 | $ | 2.0 | $ | 8.6 | $ | 1.7 | $ | 1.8 | $ | 2.0 | $ | 2.0 | $ | 7.5 | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.1 | $ | 1.3 | $ | 1.4 | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.9 | $ | 0.9 | |
$ | 0.1 | $ | - | $ | - | $ | - | $ | 0.1 | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ | - | $ | 0.2 | $ | 0.7 | $ | 0.1 | $ | 1.0 | $ | 0.4 | $ | 0.5 | $ | 0.9 | $ | 0.6 | $ | 2.2 | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1.5 | $ | - | $ | 1.5 | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |
$ 24.1 | $ | 7.2 | $ | 4.4 | $ | 7.0 | $ | 9.6 | $ | 28.2 | $ | 6.3 | $ | 7.4 | $ | 5.9 | $ | 8.8 | $ | 28.2 |
7.1% | 8.4% | 5.4% | 8.2% | 8.2% | 7.8% | 9.8% | 7.6% | 8.9% |
$ | 8.0 |
2.3% | |
$ | 2.0 |
$ | - |
$ | 0.6 |
$ | - |
$ | - |
$ | 11.5 |
3.0%
$ (4.4)
10.7%
10.6%
Non-GAAP Net Income, Adjusted EBITDA and Margin
(dollars in millions)
Annual 2017
Annual 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Annual 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Annual 2020
Net income (loss) as reported in accordance with GAAP Legacy design repairs
$ (3.0) $
(7.1) $
1.9
$ 5.5
$ 1.9
$ 8.4
$ 17.7
$ 3.4
$ 3.3
$ (0.2) $
1.8
$ 8.3
$ 2.0 $
Inventory valuation adjustment
$ -
Plant, property and equipment valuation adjustment Gain on insurance settlement
$ 0.6
Acquisition and integration expenses Amortization
Earn-out and retention expenses Intangible asset impairment
$ $ $ $ $
- - 11.5 (4.4) 7.2
$ $ $ $
- - - - -$ $ $ $ $
- - - - -$ $ $ $ $
- - - - -$ $ $ $ $
- - - - -
$ 9.7
$ 2.2
$ 2.2
$ 2.2
$ $
- -$ $
- -
(Gain) Loss on divestitures, net of selling costs Restructuring expense (income)
$ -
$ 4.4
$ 0.1
$ $ $
- - -$ $ $
- - -$ $ $ $ $ $ $ $ $
- - - - 0.5 2.0
- - -
Executive transition expenses Facility exit expenses
Legal reserves
Deferred financing fee adjustment Foreign currency remeasurement Tax benefit of expenses
$ $ $ $ $ $ $
1.9
1.3
0.2
- -
(2.1)
(5.7)
$ $ $ $ $ $ $
- - - - - 0.8 2.4
$ $ $ $ $
- - - - -
$ 0.2
$ 0.7
$ 0.1
$ $ $
- - -$ $ $
$ 0.4 $
- - - -$ $ $ $
- - - -$ $ $ $ $ $ $ $ $ $ $ $ $
- - - - 0.5 8.6
$ $ $ $ $
- - - - -
$ 1.7
- - 0.1 1.0
$ $ $
- - -$ $ $ $ $ $ $ $ $
- - - - 0.7 1.8
- - -
$ 0.4
$ 0.5
- - -$ $ $
$ 0.4 $
- - - -$ $ $ $
- - - -$ $ $ $ $ $ $ $ $ $ $ $ $ $
- - - - 0.4 2.0 0.1
- - 0.9 1.5
$ $ $ $ $ $ $ $
- - - - 0.3 2.0 1.3 0.9
$ $ $ $
- - - -
$ 1.4
$ 7.5
$ 1.4
$ 0.9
$ -
$ -
$ 0.6
$ 2.4
$ 0.6 $
$ (0.7) $
Zhongli Tax benefit Non-GAAP net income
$ -
$ -
$ -$
(0.3) $ (0.6) $ (4.4) $
0.2 $ (0.8) $
(1.0) $ (0.4) $
-$
-$
(0.5) $ (2.5) $ (4.4) $
0.5 $ (0.7) $
(0.6) $ (0.6) $
-$
-$
- - - 0.4 (1.3) -
$ $ $ $ $
- - - - -
$ 1.5
$ $ $
- - -
$ 0.3
$ (1.3) $
$ -$
(3.9) -
Depreciation
Non-cash stock compensation Other (income)/expense Gain on insurance settlement Interest expense
$ $ $ $
9.5 3.9 2.3 2.0
$ 10.3 $
4.1
$ 3.0 $
$ 3.5 $
0.6
$ 0.6 $
$ 3.1 $
0.8
$ 1.0 $
4.2 $ 0.5 $ 1.0 $
$ (0.4) $
$ -
$ -
Income tax expense (benefit)
Adjusted EBITDA
$ $ $
Adjusted EBITDA margin
6.7 10.1 34.5 10.0%
$ $ $
7.1 6.6
$ $ $
- -
$ (0.5) $
(0.1) $
9.6 0.5 - 0.3
$ 20.9 $
5.3 $
$ 2.2 $
0.5 $
$ 2.8 $
0.6 $
$ (0.3) $
(1.5) $
5.1 0.6 0.2 0.2
$ 3.8 $
5.6 $ 19.8
$ 0.6 $
0.6 $ 2.3
$ 0.7 $
0.5 $ 2.0
$ (0.1) $
(1.0) $ (2.4)
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
1.5
1.5
$ $
1.1 0.8
$ $
1.3 1.5
$ 1.1 $
$ (1.4) $
5.0 2.4
$ $
1.0 1.5
$ $
0.9 1.2
$ $
0.8 1.5
$ $
0.8 3.4
$ 3.5
$ 7.6
30.2 $ 8.9%
8.5 $ 9.9%
6.0 $ 7.4%
8.4 9.8%
$
10.1 11.3%
$
33.0 $ 9.7%
7.4 $ 9.2%
8.2 $ 10.9%
7.3 $ 9.4%
9.9 11.9%
$
32.8 10.4%
Basic Shares Outstanding Diluted Shares Outstanding
Earnings (loss) per share: Basic
Diluted
Non-GAAP earnings per share: Basic
Diluted
34,445,256 | 34,714,395 | 34,835,550 | 34,923,587 | 35,070,449 | 35,117,916 | 34,987,878 | 35,155,377 | 35,275,729 | 35,358,913 | 35,366,837 | 35,289,616 |
34,697,744 | 34,988,461 | 35,360,042 | 35,582,727 | 35,624,590 | 35,352,957 | 35,484,273 | 35,394,865 | 35,410,182 | 35,358,913 | 35,655,014 | 35,520,670 |
$ | (0.09) | $ | (0.20) | $ | 0.05 | $ | 0.16 | $ | 0.06 | $ | 0.24 | $ | 0.51 | $ | 0.10 | $ | 0.09 | $ | (0.01) | $ | 0.05 | $ | 0.24 |
$ | (0.09) | $ | (0.20) | $ | 0.05 | $ | 0.15 | $ | 0.05 | $ | 0.24 | $ | 0.50 | $ | 0.10 | $ | 0.09 | $ | (0.01) | $ | 0.05 | $ | 0.23 |
$ | 0.28 | $ | 0.30 | $ | 0.12 | $ | 0.09 | $ | 0.12 | $ | 0.27 | $ | 0.60 | $ | 0.15 | $ | 0.14 | $ | 0.11 | $ | 0.16 | $ | 0.56 |
$ | 0.27 | $ | 0.29 | $ | 0.12 | $ | 0.08 | $ | 0.12 | $ | 0.27 | $ | 0.59 | $ | 0.15 | $ | 0.14 | $ | 0.11 | $ | 0.16 | $ | 0.56 |
Adjusted Free Cash Flow |
Annual |
1Q | 2Q | 3Q | 4Q | Annual | 1Q | Q2 | Q3 | Q4 | Annual | 1Q | Q2 | Q3 | Q4 | Annual | ||
(dollars in millions) | 2017 | 2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | 2020 | 2020 | 2020 | 2020 |
Net cash provided by operating activities | 6.6 | 3.2 | 6.7 | (6.2) | 18.3 | 22.0 | (13.8) | 2.5 | 10.7 | 10.8 | 10.2 | 7.0 | (4.9) | 7.0 | (4.7) | 4.4 |
Add: earn-outs classified as operating | 7.8 | 0.2 | 1.9 | 0.8 | (0.0) | 2.9 | - | - | - | - | - | - | - | - | - | - |
Capital expenditures | (1.0) | (0.5) | (0.1) | (1.3) | (1.2) | (3.1) | (0.4) | (0.8) | (2.5) | (1.9) | (5.6) | (1.0) | (1.0) | (0.9) | (1.0) | (3.9) |
Adjusted free cash flow | 13.4 | 2.9 | 8.5 | (6.7) | 17.1 | 21.8 | (14.2) | 1.7 | 8.2 | 8.9 | 4.6 | 6.0 | (5.9) | 6.1 | (5.7) | 0.5 |
TTM Adjusted free cash flow | 13.4 | 9.8 | 15.9 | 12.2 | 21.8 | 21.8 | 4.7 | (2.1) | 12.8 | 4.6 | 4.6 | 24.8 | 17.2 | 15.1 | 0.5 | 0.5 |
TTM EBITDA | 34.5 | 28.3 | 24.2 | 25.7 | 30.2 | 30.2 | 33.2 | 32.3 | 32.3 | 33.0 | 33.0 | 31.9 | 34.1 | 33.0 | 32.8 | 32.8 |
TTM FCF / EBITDA Conversion | 38.8% | 34.6% | 65.7% | 47.6% | 72.3% | 72.3% | 14.2% | -6.5% | 39.6% | 13.9% | 13.9% | 77.7% | 50.4% | 45.8% | 1.5% | 1.5% |
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CECO Environmental Corporation published this content on 12 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 03:35:00 UTC.