GRAFTECH INTERNATIONAL LTD

For the period ended Dec 31, 2024. Filed Feb 14, 2025.

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.

FY2024 · Filed Feb 14, 2025

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,
	2024	2023	2022
Cash flow from operating activities:
Net (loss) income	$(131,165)	$(255,250)	$382,962
Adjustments to reconcile net (loss) income to cash (used in) provided by operations:
Depreciation and amortization	62,245	56,889	55,496
Deferred income tax (benefit) provision	(27,634)	(28,123)	17,022
Non-cash stock-based compensation expense	6,035	4,433	2,311
Non-cash interest expense	(2,028)	8,786	(2,428)
Goodwill impairment charges	—	171,117	—
Lower of cost or market inventory valuation adjustment	24,878	12,431	—
Other adjustments	6,283	5,077	(8,023)
Net change in working capital*	40,254	107,562	(99,575)
Change in Tax Receivable Agreement	(5,330)	(4,398)	(3,828)
Change in long-term assets and liabilities	(13,631)	(1,963)	(19,309)
Net cash (used in) provided by operating activities	(40,093)	76,561	324,628
Cash flow from investing activities:
Capital expenditures	(34,309)	(54,040)	(72,165)
Proceeds from the sale of fixed assets	100	220	195
Net cash used in investing activities	(34,209)	(53,820)	(71,970)
Cash flow from financing activities:
Proceeds from Initial First Lien Term Loan due 2029	175,000	—	—
Proceeds from issuance of long-term debt, net of original issuance discount	—	438,552	—
Principal payments on long-term debt	(137)	(433,841)	(110,124)
Debt issuance and modification costs	(18,945)	(8,152)	(2,232)
Interest rate swap settlements	—	27,453	6,423
Repurchase of common stock	—	—	(60,000)
Payments for taxes related to net share settlement of equity awards	(118)	(129)	(230)
Proceeds from exercise of stock options	—	—	225
Dividends paid	—	(5,134)	(10,329)
Principal payments under finance lease obligations	(82)	(36)	—
Net cash provided by (used in) financing activities	155,718	18,713	(176,267)
Net change in cash and cash equivalents	81,416	41,454	76,391
Effect of exchange rate changes on cash and cash equivalents	(2,046)	783	736
Cash and cash equivalents at beginning of period	176,878	134,641	57,514
Cash and cash equivalents at end of period	$256,248	$176,878	$134,641

(Dollars in thousands)

	Year Ended December 31,
	2024	2023	2022
Supplemental disclosures of cash flow information:
Net cash paid during the periods for:
Interest(1)	$88,496	$34,322	$39,503
Income taxes	4,910	43,326	67,122
Non-cash investing activities:
Change in capital expenditures in accounts payable	(4,006)	(9,431)	7,748
Non-cash financing activities:
Exchange Existing 9.875% Notes	(446,167)	—	—
Exchange Existing 4.625% Notes	(498,245)	—	—
New 9.875% Notes	446,167	—	—
New 4.625% Notes	498,245	—	—
* Net change in working capital due to the following components:
Accounts and notes receivable, net	$4,519	$45,680	$60,507
Inventories	68,832	107,796	(153,579)
Prepaid expenses and other current assets	9,106	3,352	593
Income taxes payable	(1,549)	(27,198)	(15,029)
Accounts payable and accruals	(39,501)	(23,876)	7,748
Interest payable	(1,153)	1,808	185
Net change in working capital	$40,254	$107,562	$(99,575)

(1) Includes cash received/paid from the monthly settlements and the 2023 termination of our interest rate swaps in the years ended December 31, 2023 and 2022.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.