Welbilt, Inc.

CIK:0001650962|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 333.0	$ 253.3
Cost of sales	223.3	163.3
Gross profit	109.7	90.0
Selling, general and administrative expenses	76.9	72.5
Amortization expense	9.7	10.1
Restructuring and other expense	0.0	0.2
Earnings from continuing operations	23.1	7.2
Interest expense	10.5	10.5
Other expense — net	13.2	2.9
Loss from continuing operations before income taxes	(0.6)	(6.2)
Income tax expense (benefit) on continuing operations	0.3	(1.7)
Net loss from continuing operations	(0.9)	(4.5)
Earnings from discontinued operations, net of income tax expense of $0.7 and $3.5, respectively	3.8	12.4
Net earnings	$ 2.9	$ 7.9
Diluted
Continuing operations (in dollars per share)	$ (0.01)	$ (0.03)
Discontinued operations (in dollars per share)	0.03	0.09
Net earnings (in dollars per share)	0.02	0.06
Basic
Continuing operations (in dollars per share)	(0.01)	(0.03)
Discontinued operations (in dollars per share)	0.03	0.09
Net earnings (in dollars per share)	$ 0.02	$ 0.06
Weighted average shares outstanding — Basic (in shares)	143,065,161	141,622,281
Weighted average shares outstanding — Diluted (in shares)	143,988,763	142,189,112

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities of continuing operations
Net earnings	$ 2.9	$ 7.9
Earnings from discontinued operations, net of income tax expense of $0.7 and $3.5, respectively	3.8	12.4
Net loss from continuing operations	(0.9)	(4.5)
Adjustments to reconcile net earnings from continuing operations to cash provided by (used in) operating activities:
Depreciation expense	5.1	4.6
Amortization of intangible assets	9.9	10.7
Amortization of deferred financing fees	0.2	0.2
Deferred income taxes	(0.4)	(0.2)
Stock-based compensation expense	2.9	3.2
Changes in operating assets and liabilities:
Accounts receivable	(0.7)	(6.8)
Inventories	(46.3)	(20.8)
Other assets	(14.5)	2.4
Trade accounts payable	23.4	15.0
Other current and long-term liabilities	(28.6)	(24.2)
Net cash used in operating activities of continuing operations	(49.9)	(20.4)
Cash flows from investing activities of continuing operations
Capital expenditures	(3.1)	(4.0)
Net cash used in investing activities of continuing operations	(3.1)	(4.0)
Cash flows from financing activities of continuing operations
Proceeds from long-term debt	80.3	58.0
Repayments on long-term debt and finance leases	(10.5)	(21.3)
Exercises of stock options	0.8	0.5
Payments on tax withholdings for equity awards	0.0	(0.1)
Net cash provided by financing activities of continuing operations	70.6	37.1
Cash flows from discontinued operations
Cash used in (provided by) operating activities	(11.3)	4.0
Cash used in investing activities	(0.8)	(0.7)
Cash provided by (used in) financing activities	0.0	0.0
Net cash (used in) provided by discontinued operations	(12.1)	3.3
Effect of exchange rate changes on cash	(0.8)	(0.6)
Net increase in cash and cash equivalents and restricted cash	4.7	15.4
Balance at beginning of period	134.7	125.4
Balance at end of period	139.4	140.8
Balance at end of period - continuing operations	108.8	94.1
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	6.5	5.3
Cash paid for interest	20.4	27.6
Supplemental disclosures of non-cash activities:
Non-cash financing activity: Lease liabilities and assets obtained through leasing arrangements and reassessments and modifications of right-of-use assets	$ 0.0	$ 1.6

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 108.3	$ 91.6
Restricted cash	0.5	0.4
Accounts receivable, less allowance of $6.0 and $6.2, respectively	184.5	185.3
Inventories — net	289.9	244.7
Prepaids and other current assets	75.0	55.8
Total assets	552.8	555.0
Total current assets	1,211.0	1,132.8
Property, plant and equipment — net	112.6	113.0
Operating lease right-of-use assets	31.9	34.0
Goodwill	548.9	551.3
Other intangible assets — net	407.6	420.8
Other non-current assets	25.9	25.7
Total assets	2,337.9	2,277.6
Current liabilities:
Trade accounts payable	128.4	104.4
Accrued expenses and other liabilities	146.8	170.5
Current portion of long-term debt and finance leases	0.7	0.9
Product warranties	26.6	24.7
Total liabilities	76.7	93.5
Total current liabilities	379.2	394.0
Long-term debt and finance leases	1,459.0	1,388.0
Deferred income taxes	63.6	64.2
Pension and postretirement health liabilities	21.1	21.7
Operating lease liabilities	24.6	26.3
Other long-term liabilities	21.2	25.0
Total non-current liabilities	1,589.5	1,525.2
Commitments and contingencies (Note 12)
Total equity:
Common stock ($0.01 par value, 300,000,000 shares authorized, 143,175,392 shares and 142,961,244 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)	1.4	1.4
Additional paid-in capital (deficit)	(1.8)	(5.4)
Retained earnings	389.9	387.0
Accumulated other comprehensive loss	(20.3)	(24.6)
Total equity	369.2	358.4
Total liabilities and equity	$ 2,337.9	$ 2,277.6