Zurn Elkay Water Solutions Corporation (ZWS) · 10+ Years of Financial statements

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	1,510	1,700	1,970	2,005	2,082	2,050	1,924	1,918	2,066	2,051	2,068	563	911	1,282	1,530
+ Sales & Services Revenue	1,510	1,700	1,970	2,005	2,082	2,050	1,924	1,918	2,066	2,051	2,068	563	911	1,282	1,530
- Cost of Revenue	994	1,103	1,276	1,274	1,318	1,304	1,259	1,250	1,309	1,266	1,250	309	538	816	882
+ Cost of Goods & Services	994	1,103	1,276	1,274	1,318	1,304	1,259	1,250	1,309	1,266	1,250	309	538	816	882
Gross Profit	516	597	694	731	764	746	665	668	757	785	818	253	373	466	648
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	347	378	440	457	475	470	443	455	483	467	468	171	262	343	430
+ Selling, General & Admin	298	329	389	406	424	415	386	413	450	433	433	154	239	309	371
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	50	49	51	51	51	55	57	42	34	34	35	17	24	34	59
Operating Income (Loss)	168	219	253	274	288	276	222	213	274	318	350	83	111	122	218
- Non-Operating (Income) Loss	50	280	212	199	266	167	136	131	217	79	114	37	58	39	71
+ Interest Expense, Net	194	-181	176	153	109	88	91	89	76	70	59	33	35	27	38
+ Interest Expense	194	-181	176	153	109	88	91	89	76	70	59	33	35	27	38
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-145	461	36	46	157	80	45	42	142	9	55	4	24	12	33
Pretax Income	119	-61	41	75	22	109	86	82	56	239	236	46	52	84	147
- Income Tax Expense (Benefit)	30	-10	12	20	-7	17	17	8	-20	53	54	10	3	27	43
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	88	-51	30	55	30	92	69	74	76	189	182	35	50	57	104
- Net Extraordinary Losses (Gains)	- -	- -	- -	5	-1	8	1	- -	- -	155	2	-83	-71	-5	-8
+ Discontinued Operations	- -	2	-6	-5	5	-8	-1	-18	-131	-155	-2	83	71	5	8
+ Extraord. & Accounting Changes	- -	-2	6	10	-6	16	2	18	131	309	4	-166	-142	-9	-17
Income (Loss) Incl. MI	88	-51	30	50	31	84	68	74	76	34	180	118	121	62	113
- Minority Interest	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	88	-51	30	50	30	84	68	74	76	34	180	118	121	62	113
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	7	23	23	14	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	88	-51	30	50	30	84	68	67	53	11	166	118	121	62	113
Basic Weighted Avg Shares	67	67	67	96	98	102	101	103	104	105	112	- -	121	152	174
Basic EPS, GAAP	1.32	-0.77	0.45	0.52	0.31	0.83	0.67	0.65	0.51	0.11	1.48	- -	1	0.41	0.65
Basic EPS from Cont Ops	1.32	-0.77	0.45	0.57	0.3	0.9	0.68	0.72	0.73	1.81	1.63	- -	0.41	0.38	0.6
Diluted Weighted Avg Shares	72	72	72	100	101	105	103	105	122	123	114	- -	125	154	177
Diluted EPS, GAAP	1.22	-0.71	0.41	0.5	0.3	0.8	0.66	0.64	0.43	0.09	1.45	- -	0.97	0.4	0.64
Diluted EPS from Cont Ops	1.22	-0.71	0.41	0.55	0.29	0.88	0.67	0.71	0.62	1.53	1.59	- -	0.4	0.37	0.59
EBITDA	278	325	368	386	397	388	338	318	364	410	436	150	188	177	306
EBITDA Margin (%)	18.38	19.13	18.66	19.28	19.06	18.93	17.54	16.58	17.59	19.99	21.1	26.6	20.66	13.81	19.99
EBITA	168	219	253	274	288	276	222	213	274	318	350	83	111	122	218
EBIT	168	219	253	274	288	276	222	213	274	318	350	83	111	122	218
Gross Margin (%)	34.15	35.11	35.21	36.48	36.68	36.4	34.58	34.82	36.64	38.27	39.55	45.02	40.97	36.32	42.35
Operating Margin (%)	11.14	12.89	12.86	13.67	13.85	13.46	11.54	11.09	13.25	15.49	16.91	14.7	12.15	9.56	14.25
Profit Margin (%)	5.83	-3.02	1.52	2.5	1.45	4.09	3.53	3.86	3.67	1.67	8.71	21.01	13.27	4.81	7.36
Sales per Employee	9,617,834	10,825,478	266,162	274,671	281,351	256,275	249,844	239,775	248,916	306,104	304,162	- -	700,692	474,741	637,708
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	0.04	0.22	0.22	0.24	- -	0.3	0.21	0.29
Depreciation Expense	109	106	114	112	108	112	115	105	90	92	87	67	78	54	88

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	801	981	1,018	1,247	1,121	1,126	1,176	1,178	998	983	1,264	- -	475	758	668
+ Cash, Cash Equivalents & STI	264	391	298	524	339	370	485	490	218	292	573	- -	97	125	137
+ Cash & Cash Equivalents	264	391	298	524	339	370	485	490	218	292	573	- -	97	125	137
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	234	270	342	350	368	336	318	323	392	338	335	- -	177	238	227
+ Accounts Receivable, Net	- -	270	342	350	368	336	318	323	373	334	335	- -	144	220	210
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	234	- -	- -	- -	- -	- -	- -	- -	19	3	- -	- -	33	18	17
+ Inventories	274	284	323	326	360	368	327	315	345	316	318	- -	184	367	278
+ Raw Materials	31	31	42	43	58	146	117	122	151	131	125	- -	15	106	49
+ Work In Process	51	54	66	74	72	70	55	44	42	40	44	- -	5	28	12
+ Finished Goods	172	184	202	203	227	146	148	140	146	147	146	- -	169	247	225
+ Inventory Adjustments	- -	15	12	7	2	6	7	9	6	-1	3	- -	-4	-14	-8
+ Other Inventory	20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	29	36	56	46	54	52	47	50	43	36	39	- -	16	28	26
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,215	2,118	2,273	2,227	2,263	2,286	2,179	2,361	2,426	2,277	2,363	- -	603	2,106	1,999
+ Property, Plant & Equip, Net	376	358	419	411	441	418	397	401	456	383	379	- -	64	184	180
+ Property, Plant & Equip	547	580	660	697	757	727	746	751	840	696	698	- -	124	264	283
- Accumulated Depreciation	170	222	241	286	316	309	349	350	383	313	320	- -	60	80	103
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,839	1,760	1,853	1,816	1,822	1,869	1,782	1,960	1,970	1,894	1,984	- -	538	1,923	1,819
+ Total Intangible Assets	1,701	1,661	1,762	1,732	1,743	1,790	1,715	1,877	1,854	1,811	1,836	- -	433	1,787	1,748
+ Goodwill	1,012	1,016	1,115	1,118	1,151	1,202	1,194	1,318	1,276	1,300	1,322	- -	254	777	796
+ Other Intangible Assets	688	645	647	614	593	588	521	559	578	512	514	- -	179	1,010	952
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	138	99	92	84	78	79	67	84	116	83	148	- -	105	136	70
Total Assets	3,016	3,100	3,291	3,474	3,384	3,412	3,355	3,539	3,424	3,260	3,627	- -	1,078	2,864	2,667
+ Payables & Accruals	212	283	279	273	262	266	228	232	226	192	186	- -	105	117	77
+ Accounts Payable	135	182	221	208	241	234	201	198	226	192	186	- -	105	117	56
+ Accrued Taxes	5	6	8	16	21	26	22	28	25	28	18	- -	26	24	21
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	72	95	50	48	- -	6	6	6	-25	-28	-18	- -	-26	-24	- -
+ ST Debt	5	104	10	169	29	24	20	16	4	1	76	- -	6	6	12
+ ST Borrowings	5	104	10	169	29	24	20	16	4	1	76	- -	6	6	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	- -	6	10	12
+ Other ST Liabilities	102	111	178	166	159	155	156	152	224	204	194	- -	130	167	132
+ Deferred Revenue	12	11	16	19	8	7	8	11	12	5	7	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	2	3	8	11	11	13	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	87	96	154	136	140	135	148	141	213	199	186	- -	130	167	132
Total Current Liabilities	319	498	467	608	450	445	404	400	454	397	456	- -	240	289	221
+ LT Debt	2,210	2,210	2,413	1,962	1,943	1,926	1,900	1,606	1,352	1,237	1,397	- -	534	564	532
+ LT Borrowings	2,210	2,210	2,413	1,962	1,943	1,926	1,900	1,606	1,352	1,237	1,397	- -	534	530	474
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	34	58
+ Other LT Liabilities	544	480	491	475	429	489	462	462	405	395	461	- -	177	395	312
+ Accrued Liabilities	273	255	246	225	207	184	186	209	157	126	121	- -	3	221	210
+ Pension Liabilities	138	113	160	171	148	203	196	174	169	158	190	- -	57	50	37
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	134	112	85	79	74	102	81	79	79	111	150	- -	117	123	65
Total Noncurrent Liabilities	2,755	2,690	2,904	2,437	2,372	2,415	2,362	2,068	1,757	1,632	1,858	- -	711	960	843
Total Liabilities	3,074	3,188	3,372	3,045	2,821	2,860	2,767	2,469	2,211	2,029	2,313	- -	951	1,249	1,064
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	286	294	299	785	874	887	857	1,263	1,279	1,294	1,350	- -	1,438	2,855	2,849
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	- -	1	2	2
+ Additional Paid in Capital	285	293	299	784	873	886	856	1,262	1,278	1,294	1,348	- -	1,437	2,853	2,847
- Treasury Stock	2	6	6	6	6	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-340	-392	-362	-312	-281	-198	-130	-56	8	31	86	- -	-1,237	-1,165	-1,178
+ Other Equity	-1	16	-11	-39	-24	-130	-139	-137	-74	-97	-124	- -	-75	-75	-68
Equity Before Minority Interest	-58	-88	-80	428	562	553	589	1,071	1,213	1,229	1,311	- -	126	1,615	1,603
+ Minority/Non Controlling Interest	- -	- -	-1	- -	- -	- -	-1	- -	- -	2	3	- -	- -	- -	- -
Total Equity	-58	-88	-81	428	562	553	588	1,071	1,213	1,231	1,314	- -	126	1,615	1,603
Total Liabilities & Equity	3,016	3,100	3,291	3,474	3,384	3,412	3,355	3,539	3,424	3,260	3,627	- -	1,078	2,864	2,667
Shares Outstanding	72	72	67	97	101	102	101	104	104	105	120	- -	126	177	172
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	- -	15	44	70
Net Debt	1,952	1,923	2,126	1,608	1,633	1,580	1,436	1,133	1,138	946	900	- -	443	411	337
Net Debt to Equity	-3,394.09	-2,180.39	-2,630.82	375.15	290.52	285.91	244.13	105.79	93.87	76.81	68.51	- -	350.4	25.46	21.02
Tangible Common Equity Ratio	-133.62	-121.57	-120.5	-74.83	-72.02	-76.26	-68.7	-48.49	-40.81	-40.06	-29.17	- -	-47.6	-15.94	-15.85
Current Ratio	2.51	1.97	2.18	2.05	2.49	2.53	2.91	2.94	2.2	2.48	2.78	- -	1.98	2.62	3.02
Cash Conversion Cycle	30.53	69.29	87.64	94.72	97.28	98.4	97.61	95.91	95.7	96.69	96.54	4,477.56	64.93	134.45	144.65
Number of Employees	157	157	7,400	7,300	7,400	8,000	7,700	8,000	8,300	6,700	6,800	- -	1,300	2,700	2,400

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	88	-51	30	50	30	94	69	74	76	34	180	118	121	62	113
+ Depreciation & Amortization	109	106	114	112	108	112	115	105	90	92	87	67	78	54	88
+ Non-Cash Items	-98	97	26	23	120	24	36	3	69	147	63	30	50	29	33
+ Stock-Based Compensation	6	6	4	7	7	6	8	13	20	23	27	37	51	25	40
+ Deferred Income Taxes	33	-23	-22	-15	-25	-37	-14	-18	-78	-28	-3	-7	-12	- -	-4
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	18	2	112	- -	- -	- -	- -	- -	2
+ Other Non-Cash Adj	-137	114	44	32	138	55	25	7	14	152	39	1	10	3	-6
+ Chg in Non-Cash Work Cap	56	13	-30	-41	-67	16	-2	12	-6	-16	-31	-19	-24	-48	21
+ (Inc) Dec in Accts Receiv	30	-30	-34	-20	-11	6	2	-6	-31	-30	-20	65	-67	16	10
+ (Inc) Dec in Inventories	58	-3	-2	-13	-11	-15	38	22	12	-25	- -	- -	-80	-18	65
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-36	50	18	-16	-38	25	-48	5	30	35	-14	-87	129	-82	-57
+ Inc (Dec) in Other	5	-4	-12	8	-7	- -	8	-9	-17	4	3	2	-8	36	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	156	164	139	144	191	246	219	195	228	258	299	196	224	97	254
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	4	6	5	4	8	14	1	8
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	4	6	5	4	8	14	1	8
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-22	-38	-58	-60	-52	-49	-52	-54	-41	-45	-41	- -	-23	-8	-21
+ Acq of Fixed Prod Assets	-22	-38	-58	-60	-52	-49	-52	-54	-41	-45	-41	- -	-23	-8	-21
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	2	-253	-19	-112	-129	1	-214	-174	-23	-84	-102	-17	-45	- -
+ Cash from Divestitures	- -	2	3	2	- -	9	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	-257	-21	-112	-138	- -	-214	-174	-23	-84	-102	-17	-45	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	-12	-3	- -	- -	6	- -	- -	10	-1	-28	4	44	9
+ Net Cash From Disc Ops	- -	- -	6	7	- -	- -	6	4	6	9	-1	- -	4	35	- -
Cash from Investing Activities	-22	-36	-324	-82	-164	-177	-45	-264	-209	-53	-123	-122	-22	-7	-5
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	-4	-23	-23	-27	-29	-36	-32	-50
+ Net Cash From Debt	-155	73	104	-311	-275	-24	-24	-299	-281	-98	214	-330	-577	-6	-65
+ Cash From Debt	- -	1,147	971	28	1,949	12	1	1,606	1,536	271	1,050	6	550	102	13
+ Repayments of Debt	-155	-1,074	-867	-339	-2,224	-36	-25	-1,905	-1,816	-369	-836	-336	-1,127	-108	-78
+ Cash (Repurchase) of Equity	- -	-2	2	458	74	- -	-40	- -	- -	- -	-101	-59	-1	-25	-125
+ Increase in Capital Stock	- -	-1	2	458	74	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	-1	- -	- -	- -	- -	-40	- -	- -	- -	-101	-59	-1	-25	-125
+ Other Financing Activities	-6	-78	-13	18	-9	7	8	383	-5	5	28	9	258	2	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-162	-7	93	166	-210	-17	-56	80	-309	-117	115	-410	-356	-61	-239
Effect of Foreign Exchange Rates	4	5	-1	-2	-2	-20	-3	-6	17	-13	-10	18	-4	-1	2
Net Changes in Cash	-28	122	-92	228	-183	51	118	11	-289	88	290	-336	-154	29	10
EBITDA	278	325	368	386	397	388	338	318	364	410	436	150	188	177	306
EBITDA Margin (%)	18.38	19.13	18.66	19.28	19.06	18.93	17.54	16.58	17.59	19.99	21.1	26.6	20.66	13.81	19.99
Net Cash Paid for Acquisitions	- -	-2	253	19	112	129	-1	214	174	23	84	102	17	45	- -
Free Cash Flow	134	127	81	84	139	197	167	141	188	213	257	196	200	89	233
Free Cash Flow to Firm	278	- -	208	196	- -	271	240	221	- -	267	302	222	233	108	260
Free Cash Flow to Equity	-21	200	185	-227	-137	173	142	-161	-110	96	461	-126	-362	85	175
Free Cash Flow per Basic Share	2	1.9	1.21	0.88	1.41	1.94	1.66	1.37	1.81	2.04	2.3	- -	1.65	0.59	1.33
Price/Free Cash Flow	- -	- -	3.54	5.05	5.79	4.53	3.72	4.65	6.43	4.88	3.55	- -	18.3	31.87	19.08
Cash Flow to Net Income	1.77	-3.21	4.66	2.88	6.32	2.93	3.23	2.63	3.01	7.52	1.66	1.66	1.85	1.57	2.25

Zurn Elkay Water Solutions Corporation

ZWS US

31.18

31.18