CABOT MICROELECTRONICS CORP

CIK:0001102934|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 324,127	$ 290,528	$ 641,173	$ 578,391
Cost of sales	195,904	166,782	387,114	331,741
Gross profit	128,223	123,746	254,059	246,650
Operating expenses:
Research, development and technical	12,337	12,925	25,665	25,353
Selling, general and administrative	47,111	58,538	103,594	114,458
Impairment charges	0	208,221	9,435	215,568
Entegris Transaction-related expenses	12,243	0	18,293	0
Total operating expenses	71,691	279,684	156,987	355,379
Operating income (loss)	56,532	(155,938)	97,072	(108,729)
Interest expense, net	9,537	9,495	19,280	19,080
Other (expense) income, net	(1,445)	(484)	(1,597)	968
Income (loss) before income taxes	45,550	(165,917)	76,195	(126,841)
Provision for (benefit from) income taxes	10,979	(16,109)	14,196	(8,563)
Net income (loss)	$ 34,571	$ (149,808)	$ 61,999	$ (118,278)
Basic earnings (loss) per share (in dollars per share)	$ 1.21	$ (5.13)	$ 2.17	$ (4.06)
Diluted earnings (loss) per share (in dollars per share)	$ 1.19	$ (5.13)	$ 2.14	$ (4.06)
Weighted average basic shares outstanding (in shares)	28,609	29,210	28,526	29,164
Weighted average diluted shares outstanding (in shares)	28,999	29,210	28,909	29,164

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 61,999	$ (118,278)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	65,464	64,180
Share-based compensation expense	10,897	11,170
Deferred income tax benefit	(9,546)	(32,771)
Impairment charges	9,435	215,568
Amortization of terminated interest rate swap contract	5,572	3,715
Amortization of debt issuance costs	1,699	1,549
Accretion on Asset Retirement Obligations	300	293
Non-cash foreign exchange loss (gain)	284	(1,392)
Loss on disposal of assets	21	560
Other	(608)	(1,933)
Changes in operating assets and liabilities:
Accounts receivable	(21,454)	(12,352)
Inventories	(12,752)	(1,423)
Prepaid expenses and other assets	(1,645)	(16,137)
Accounts payable	6,097	5,261
Accrued expenses and other liabilities	(5,556)	5,498
Net cash provided by operating activities	110,207	123,508
Cash flows from investing activities:
Additions to property, plant and equipment	(23,310)	(21,119)
Proceeds from the sale of assets	10	363
Net cash used in investing activities	(23,300)	(20,756)
Cash flows from financing activities:
Dividends paid	(26,524)	(26,115)
Proceeds from issuance of stock	16,834	10,279
Repurchases of common stock under Share Repurchase Program	(10,600)	(10,002)
Repayment of long-term debt	(7,987)	(5,325)
Repurchases of common stock withheld for taxes	(3,724)	(5,436)
Other financing activities	(264)	(72)
Net cash used in financing activities	(32,265)	(36,671)
Effect of exchange rate changes on cash	(2,936)	1,401
Increase in cash and cash equivalents	51,706	67,482
Cash and cash equivalents at beginning of period	185,979	257,354
Cash and cash equivalents at end of period	237,685	324,836
Supplemental Cash Flow Information:
Purchases of property, plant and equipment in accrued liabilities and accounts payable at the end of the period	2,177	4,180
Cash paid during the period for lease liabilities	3,730	4,079
Right of use asset obtained in exchange for lease liabilities	$ 294	$ 2,761

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 237,685	$ 185,979
Accounts receivable, less allowance for credit losses of $460 at March 31, 2022 and $527 at September 30, 2021	169,345	150,099
Inventories	184,730	173,464
Prepaid expenses and other current assets	35,460	25,439
Total current assets	627,220	534,981
Property, plant and equipment, net	346,344	354,771
Goodwill	564,279	576,902
Other intangible assets, net	584,657	625,434
Deferred income taxes	6,256	6,813
Other long-term assets	71,850	51,984
Total assets	2,200,606	2,150,885
Current liabilities:
Accounts payable	55,540	52,748
Current portion of long-term debt	10,650	13,313
Accrued expenses and other current liabilities	132,738	139,797
Total current liabilities	198,928	205,858
Long-term debt, net of current portion	899,153	903,031
Deferred income taxes	74,016	74,930
Other long-term liabilities	84,428	88,129
Total liabilities	1,256,525	1,271,948
Commitments and contingencies
Stockholders’ equity:
Common Stock Authorized: 200,000 shares, $0.001 par value; Issued: 40,512 shares at March 31, 2022, and 40,221 shares at September 30, 2021	41	40
Capital in excess of par value of common stock	1,080,599	1,052,869
Retained earnings	467,515	431,968
Accumulated other comprehensive income	20,981	4,791
Treasury stock at cost, 11,900 shares at March 31, 2022, and 11,795 shares at September 30, 2021	(625,055)	(610,731)
Total stockholders’ equity	944,081	878,937
Total liabilities and stockholders’ equity	$ 2,200,606	$ 2,150,885