WORTHINGTON ENTERPRISES INC
For the period ended Nov 30, 2024. Filed Jan 10, 2025.
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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.
Nov 30, 2024 · Filed Jan 10, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows –
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| November 30, | November 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Operating activities: | ||||
| Net earnings | $28,009 | $28,167 | $52,017 | $127,870 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
| Depreciation and amortization | 11,927 | 28,007 | 23,757 | 56,332 |
| Impairment of long-lived assets | - | - | - | 1,401 |
| Provision for (benefit from) deferred income taxes | 2,682 | 1,968 | (2,855) | (3,485) |
| Loss on extinguishment of debt | - | - | - | 1,534 |
| Bad debt (expense) income | 2,069 | 345 | 2,061 | (454) |
| Equity in net income of unconsolidated affiliates, net of distributions | 4,268 | (4,129) | 7,721 | 6,096 |
| Net gain on sale of assets | (508) | (439) | (526) | (334) |
| Stock-based compensation | 5,937 | 6,175 | 9,862 | 10,691 |
| Changes in assets and liabilities, net of impact of acquisitions: | ||||
| Receivables | (18,636) | 76,704 | 9,530 | 67,861 |
| Inventories | 7,836 | 103,150 | 1,430 | 38,823 |
| Accounts payable | 447 | (75,373) | (12,646) | (75,095) |
| Accrued compensation and employee benefits | (2,021) | 2,794 | (13,466) | (9,220) |
| Other operating items, net | 7,043 | (32,379) | 13,314 | (27,334) |
| Net cash provided by operating activities | 49,053 | 134,990 | 90,199 | 194,686 |
| Investing activities: | ||||
| Investment in property, plant and equipment | (15,161) | (32,876) | (24,790) | (62,174) |
| Acquisitions, net of cash acquired | 731 | (21,013) | (88,156) | (21,013) |
| Proceeds from sale of assets, net of selling costs | 1,616 | 751 | 13,385 | 802 |
| Investment in non-marketable equity securities | (40) | (1,500) | (2,040) | (1,540) |
| Investment in note receivable | - | - | - | (15,000) |
| Excess distributions from unconsolidated affiliate | - | 1,085 | - | 1,085 |
| Net cash used by investing activities | (12,854) | (53,553) | (101,601) | (97,840) |
| Financing activities: | ||||
| Dividends paid | (8,969) | (17,333) | (17,085) | (33,058) |
| Repurchase of common shares | (8,079) | - | (14,882) | - |
| Proceeds from issuance of common shares, net of tax withholdings | (3,893) | (9,207) | (7,051) | (14,337) |
| Net proceeds from short-term borrowings (1) | - | 175,000 | - | 172,187 |
| Principal payments on long-term obligations | - | - | - | (243,757) |
| Payments to noncontrolling interests | - | - | - | (1,921) |
| Net cash provided (used) by financing activities | (20,941) | 148,460 | (39,018) | (120,886) |
| Increase (decrease) in cash and cash equivalents | 15,258 | 229,897 | (50,420) | (24,040) |
| Cash and cash equivalents at beginning of period | 178,547 | 201,009 | 244,225 | 454,946 |
| Cash and cash equivalents at end of period (2) | $193,805 | $430,906 | $193,805 | $430,906 |
(1)
Net proceeds in fiscal 2024 consisted of borrowings under Worthington Steel’s short-term credit facilities assumed by Worthington Steel in conjunction with the Separation.
(2)
The cash flows related to discontinued operations have not been segregated in our consolidated statements of cash flows. See “Note B – Discontinued Operations” for a summarization of significant non-cash items related to discontinued operations.
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