WORTHINGTON ENTERPRISES INC
For the period ended May 31, 2024. Filed Jul 30, 2024.
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FY2024 · Filed Jul 30, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Fiscal Years Ended May 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net earnings | $117,821 | $269,170 | $399,264 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 80,704 | 112,800 | 98,827 |
| Impairment of goodwill and long-lived assets | 34,377 | 2,596 | 3,076 |
| Provision for (benefit from) deferred income taxes | 2,762 | (15,528) | 19,175 |
| Impairment of investment in note receivable | 11,170 | - | - |
| Loss on extinguishment of debt | 1,534 | - | - |
| Bad debt expense (income) | (450) | 2,108 | 959 |
| Equity in net income of unconsolidated affiliates, net of distributions | 5,722 | 79,870 | (113,583) |
| Net (gain) loss on sale of assets | 28,980 | (4,458) | (16,150) |
| Stock-based compensation | 16,688 | 19,178 | 16,100 |
| Changes in assets and liabilities, net of impact of acquisitions: | |||
| Receivables | 50,078 | 143,089 | (151,328) |
| Inventories | 63,596 | 160,116 | (118,490) |
| Accounts payable | (65,401) | (150,400) | 12,230 |
| Accrued compensation and employee benefits | 468 | (23,226) | (29,348) |
| Other operating items, net | (58,073) | 30,049 | (50,620) |
| Net cash provided by operating activities | 289,976 | 625,364 | 70,112 |
| Investing activities: | |||
| Investment in property, plant and equipment | (83,527) | (86,366) | (94,600) |
| Acquisitions, net of cash acquired | (42,035) | (56,088) | (376,713) |
| Proceeds from sale of assets, net of selling costs | 865 | 35,653 | 39,936 |
| Investment in note receivable | (14,900) | - | - |
| Investment in non-marketable equity securities | (2,296) | (770) | - |
| Purchase of noncontrolling interest in Worthington Taylor, LLC | - | - | (6,811) |
| Net proceeds from sale of investment in ArtiFlex | - | 35,795 | - |
| Excess distributions from unconsolidated affiliate | 1,085 | - | - |
| Net cash used by investing activities | (140,808) | (71,776) | (438,188) |
| Financing activities: | |||
| Dividend from Worthington Steel at Separation | 150,000 | - | - |
| Distribution to Worthington Steel at Separation | (218,048) | - | - |
| Net proceeds from (repayments of) short-term borrowings, net of issuance costs (1) | 172,187 | (45,183) | 41,726 |
| Principal payments on long-term obligations | (393,890) | (6,685) | (565) |
| Proceeds from issuance of common shares, net of tax withholdings | (11,399) | (1,780) | (6,280) |
| Payments to noncontrolling interests | (1,920) | (20,235) | (35,160) |
| Repurchase of common shares | - | - | (180,248) |
| Dividends paid | (56,819) | (59,244) | (57,223) |
| Net cash used by financing activities | (359,889) | (133,127) | (237,750) |
| Increase (decrease) in cash and cash equivalents | (210,721) | 420,461 | (605,826) |
| Cash and cash equivalents at beginning of year | 454,946 | 34,485 | 640,311 |
| Cash and cash equivalents at end of year | $244,225 | $454,946 | $34,485 |
(1)
Net proceeds in fiscal 2024 consisted of borrowings under short-term credit facilities assumed by Worthington Steel in conjunction with the Separation.
The cash flows related to discontinued operations have not been segregated. Accordingly, the consolidated statements of cash flows include the results from continuing and discontinued operations. See “Note B – Discontinued Operations” for a summarization of significant non-cash items related to discontinued operations.
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