xpedx Holding Co

CIK:0001599489|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,461.0	$ 1,804.1	$ 4,428.5	$ 5,482.9
Cost of products sold (exclusive of depreciation and amortization shown separately below)	1,098.3	1,388.3	3,339.0	4,254.6
Distribution expenses	85.2	93.4	263.6	303.8
Selling and administrative expenses	183.9	194.9	518.8	573.5
Gain on sale of businesses	0.0	(18.6)	0.0	(28.6)
Depreciation and amortization	9.4	10.8	29.1	34.6
Restructuring charges, net	0.0	1.4	0.0	5.5
Operating income	84.2	133.9	278.0	339.5
Interest expense, net	3.4	4.8	12.4	12.3
Other (income) expense, net	(1.9)	0.0	(2.8)	(7.2)
Income before income taxes	82.7	129.1	268.4	334.4
Income tax expense	21.9	32.4	68.2	68.1
Net income	$ 60.8	$ 96.7	$ 200.2	$ 266.3
Earnings per share:
Basic (in dollars per share)	$ 4.49	$ 6.98	$ 14.79	$ 18.49
Diluted (in dollars per share)	$ 4.42	$ 6.86	$ 14.57	$ 18.04
Weighted-average shares outstanding:
Basic (in shares)	13,550	13,850	13,540	14,400
Diluted (in shares)	13,770	14,100	13,740	14,760

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 200.2	$ 266.3
Depreciation and amortization	29.1	34.6
Amortization and write-off of deferred financing fees	1.2	1.2
Net (gains) losses on disposition of assets and sale of businesses	0.1	(33.7)
Provision for expected credit losses	(1.8)	2.6
Deferred income tax provision (benefit)	4.6	(6.7)
Stock-based compensation	9.9	7.7
Other non-cash items, net	(2.7)	(7.5)
Changes in operating assets and liabilities
Accounts receivable	134.9	(66.1)
Inventories	(30.2)	(51.5)
Other current assets	6.7	(5.5)
Accounts payable	12.0	40.5
Accrued payroll and benefits	(57.5)	(19.0)
Other accrued liabilities	18.4	(1.3)
Other	(35.6)	(2.7)
Net cash provided by (used for) operating activities	289.3	158.9
Investing activities
Property and equipment additions	(10.7)	(18.1)
Proceeds from asset sales and sale of businesses, net of cash transferred	0.7	158.2
Proceeds from insurance related to property and equipment	0.1	3.3
Net cash provided by (used for) investing activities	(9.9)	143.4
Financing activities
Change in book overdrafts	(31.9)	12.3
Borrowings of long-term debt	3,946.1	4,713.1
Repayments of long-term debt	(4,153.4)	(4,799.4)
Payments under right-of-use finance leases	(7.3)	(9.1)
Payments under vendor-based financing arrangements	(3.4)	(3.2)
Purchase of treasury stock	0.0	(200.0)
Impact of tax withholding on share-based compensation	(3.6)	(30.0)
Dividends paid to shareholders	(25.6)	0.0
Other	(0.6)	(0.2)
Net cash provided by (used for) financing activities	(279.7)	(316.5)
Effect of exchange rate changes on cash	(0.1)	(1.3)
Net change in cash and cash equivalents	(0.4)	(15.5)
Cash and cash equivalents at beginning of period	40.6	49.3
Cash and cash equivalents at end of period	40.2	33.8
Supplemental cash flow information
Cash paid for income taxes, net of refunds	69.1	78.7
Cash paid for interest	11.0	10.7
Non-cash investing and financing activities
Non-cash additions to property and equipment for right-of-use finance leases and vendor-based financing arrangements	15.2	18.6
Non-cash additions to other non-current assets for right-of-use operating leases	$ 54.2	$ 38.7

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 40.2	$ 40.6
Accounts receivable, less allowances of $21.5 and $26.7, respectively	756.9	889.6
Inventories	455.8	423.9
Other current assets	100.7	103.7
Total current assets	1,353.6	1,457.8
Property and equipment (net of accumulated depreciation and amortization of $332.3 and $325.5, respectively)	127.6	127.5
Goodwill	96.3	96.3
Other intangibles, net	32.4	35.6
Deferred income tax assets	25.4	29.0
Other non-current assets	360.1	343.4
Total assets	1,995.4	2,089.6
Current liabilities:
Accounts payable	434.4	452.9
Accrued payroll and benefits	55.9	106.2
Other accrued liabilities	165.2	154.1
Current portion of debt	13.7	13.4
Total current liabilities	669.2	726.6
Long-term debt, net of current portion	61.2	264.8
Defined benefit pension obligations	0.8	0.4
Other non-current liabilities	326.7	341.7
Total liabilities	1,057.9	1,333.5
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued	0.0	0.0
Common stock, $0.01 par value, 100,000,000 shares authorized; shares issued - 17,547,883 and 17,480,105, respectively; shares outstanding - 13,551,081 and 13,483,303, respectively	0.2	0.2
Additional paid-in capital	619.4	613.1
Accumulated earnings	647.2	472.6
Accumulated other comprehensive loss	(12.2)	(12.7)
Treasury stock at cost - 3,996,802 and 3,996,802 shares, respectively	(317.1)	(317.1)
Total shareholders' equity	937.5	756.1
Total liabilities and shareholders' equity	$ 1,995.4	$ 2,089.6