GRAFTECH INTERNATIONAL LTD

For the period ended Dec 31, 2023. Filed Feb 14, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 14, 2024

EAF$10.29-3.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(Dollars in thousands)

	Year Ended December 31,
	2023	2022	2021
Cash flow from operating activities:
Net (loss) income	$(255,250)	$382,962	$388,330
Adjustments to reconcile net (loss) income to cash provided by operations:
Depreciation and amortization	56,889	55,496	65,716
Deferred income tax (benefit) provision	(28,123)	17,022	(3,657)
Non-cash stock-based compensation expense	4,433	2,311	16,631
Non-cash interest expense	8,786	(2,428)	12,051
Goodwill impairment charges	171,117	—	—
Lower of cost or market inventory valuation adjustment	12,431	—	—
Other adjustments	5,077	(8,023)	7,107
Net change in working capital*	107,562	(99,575)	(16,377)
Change in related party Tax Receivable Agreement	(4,398)	(3,828)	(21,568)
Change in long-term assets and liabilities	(1,963)	(19,309)	(5,193)
Net cash provided by operating activities	76,561	324,628	443,040
Cash flow from investing activities:
Capital expenditures	(54,040)	(72,165)	(58,257)
Proceeds from the sale of fixed assets	220	195	397
Net cash used in investing activities	(53,820)	(71,970)	(57,860)
Cash flow from financing activities:
Interest rate swap settlements	27,453	6,423	(4,170)
Debt issuance and modification costs	(8,152)	(2,232)	(3,109)
Proceeds from the issuance of long-term debt, net of original issuance discount	438,552	—	—
Principal payments on long-term debt	(433,841)	(110,124)	(400,142)
Repurchase of common stock	—	(60,000)	(50,000)
Payments for taxes related to net share settlement of equity awards	(129)	(230)	(4,077)
Proceeds from exercise of stock options	—	225	351
Dividends paid to non-related party	(3,854)	(7,770)	(7,439)
Dividends paid to related party	(1,280)	(2,559)	(3,206)
Principal payments under finance lease obligations	(36)	—	—
Net cash provided by (used in) financing activities	18,713	(176,267)	(471,792)
Net change in cash and cash equivalents	41,454	76,391	(86,612)
Effect of exchange rate changes on cash and cash equivalents	783	736	(1,316)
Cash and cash equivalents at beginning of period	134,641	57,514	145,442
Cash and cash equivalents at end of period	$176,878	$134,641	$57,514

(Dollars in thousands)

	Year Ended December 31,
	2023	2022	2021
Supplemental disclosures of cash flow information:
Net cash paid during the periods for:
Interest(1)	$34,322	$39,503	$56,333
Income taxes	43,326	67,122	63,791
Non-cash investing activities:
Change in capital expenditures in accounts payable	(9,431)	7,748	6,755
* Net change in working capital due to the following components:
Accounts and notes receivable, net	$45,680	$60,507	$(28,927)
Inventories	107,796	(153,579)	(28,165)
Prepaid expenses and other current assets	3,352	593	(31,921)
Income taxes payable	(27,198)	(15,029)	5,674
Accounts payable and accruals	(23,876)	7,748	66,591
Interest payable	1,808	185	371
Net change in working capital	$107,562	$(99,575)	$(16,377)

(1) Includes cash received/paid from the monthly settlements and the 2023 termination of our interest rate swaps.

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