SPX Technologies, Inc.

For the period ended Sep 27, 2025. Filed Oct 31, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 27, 2025 · Filed Oct 31, 2025

SPXC$150.12-0.5%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

(Unaudited; in millions)

	Nine months ended
	September 27,2025	September 28,2024
Cash flows from (used in) operating activities:
Net income	$166.1	$143.4
Less: Loss from discontinued operations, net of tax	(1.2)	(1.9)
Income from continuing operations	167.3	145.3
Adjustments to reconcile income from continuing operations to net cash from operating activities:
Special charges, net	0.2	0.9
(Gain) loss on change in fair value of equity security	(4.5)	4.2
Loss on amendment/refinancing of senior credit agreement	1.5	—
Amortization of compensation expense related to acquisition (Refer to Note 3)	17.4	—
Deferred and other income taxes	14.8	(5.5)
Depreciation and amortization	91.9	67.9
Pension and other employee benefits	12.1	9.8
Long-term incentive compensation	11.8	11.0
Other, net	(0.4)	(4.2)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	(94.9)	(44.2)
Contribution related to employee retention agreements from acquisition (Refer to Note 3)	(46.5)	—
Inventories	(26.1)	(14.1)
Accounts payable, accrued expenses and other	(3.2)	(23.8)
Cash spending on restructuring actions	(1.6)	(0.9)
Net cash from continuing operations	139.8	146.4
Net cash used in discontinued operations	(1.7)	(27.0)
Net cash from operating activities	138.1	119.4
Cash flows from (used in) investing activities:
Proceeds/borrowings (repayments) related to company-owned life insurance policies, net	(30.3)	42.9
Business acquisitions, net of cash acquired	(445.3)	(292.0)
Capital expenditures	(23.6)	(28.2)
Net cash used in continuing operations	(499.2)	(277.3)
Net cash used in discontinued operations	—	—
Net cash used in investing activities	(499.2)	(277.3)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	978.0	610.2
Repayments under senior credit facilities	(1,082.6)	(462.0)
Borrowings under trade receivables arrangement	280.0	217.0
Repayments under trade receivables arrangement	(289.0)	(186.0)
Net borrowings (repayments) under other financing arrangements	0.1	(0.8)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	(8.3)	1.1
Proceeds of issuance of common stock in underwritten public offering, net of offering costs of $23.9	551.1	—
Financing fees paid	(4.7)	(2.6)
Net cash from continuing operations	424.6	176.9
Net cash from (used in) discontinued operations	—	—
Net cash from financing activities	424.6	176.9
Change in cash and equivalents due to changes in foreign currency exchange rates	6.5	5.5
Net change in cash and equivalents	70.0	24.5
Consolidated cash and equivalents, beginning of period	161.4	104.9
Consolidated cash and equivalents, end of period	$231.4	$129.4

	Nine months ended
	September 27,2025	September 28,2024
Components of cash and equivalents:
Cash and equivalents	$229.4	$124.8
Cash and equivalents included in assets of DBT and Heat Transfer	2.0	4.6
Total cash and equivalents	$231.4	$129.4

ContentsView on SEC.gov

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