Zurn Elkay Water Solutions Corp
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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FY2024 · Filed Feb 10, 2025
ZWS$45.48+0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended | |||
|---|---|---|---|
| December 31, 2024 | December 31, 2023 | December 31, 2022 | |
| Operating activities | |||
| Net income | $160.2 | $112.7 | $61.7 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation | 29.2 | 29.2 | 20.5 |
| Amortization of intangible assets | 59.1 | 58.7 | 34.0 |
| Non-cash restructuring charges | 8.0 | 2.5 | — |
| Loss on divestiture of asbestos liabilities and certain assets | — | 9.3 | — |
| Divestiture of asbestos liabilities and certain assets | — | (13.0) | — |
| Loss (gain) on dispositions of long-lived assets | 0.6 | (2.7) | 0.3 |
| Deferred income taxes | (14.8) | (4.2) | 0.5 |
| Other non-cash expenses | 5.1 | 1.9 | 4.8 |
| Actuarial gain on pension and other postretirement benefit obligations | (1.4) | (2.0) | (1.9) |
| Loss on the extinguishment of debt | — | 0.9 | — |
| Stock-based compensation expense | 37.9 | 40.0 | 25.0 |
| Changes in operating assets and liabilities: | |||
| Receivables, net | 6.3 | 10.1 | 15.5 |
| Inventories, net | 2.7 | 65.0 | (17.6) |
| Other assets | 1.4 | 2.5 | 36.5 |
| Accounts payable | 15.8 | (60.8) | (18.3) |
| Accruals and other | (16.6) | 3.8 | (64.0) |
| Cash provided by operating activities | 293.5 | 253.9 | 97.0 |
| Investing activities | |||
| Expenditures for property, plant and equipment | (21.8) | (21.3) | (7.6) |
| Acquisitions, net of cash acquired | — | — | (44.8) |
| Proceeds from dispositions of long-lived assets | 1.6 | 7.7 | 1.3 |
| Proceeds from insurance claims | — | 9.0 | 9.5 |
| Proceeds associated with divestiture of discontinued operations | — | — | 35.0 |
| Cash used for investing activities | (20.2) | (4.6) | (6.6) |
| Financing activities | |||
| Proceeds from borrowings of debt | — | 13.0 | 102.0 |
| Repayments of debt | (0.8) | (77.9) | (107.7) |
| Proceeds from exercise of stock options and ESPP contributions | 8.7 | 4.3 | 2.5 |
| Taxes withheld and paid on employees' share-based payment awards | (8.6) | (3.1) | (0.7) |
| Repurchase of common stock | (150.2) | (125.1) | (24.7) |
| Payment of common stock dividends | (56.6) | (50.4) | (32.5) |
| Cash used for financing activities | (207.5) | (239.2) | (61.1) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4.5) | 1.8 | (1.1) |
| Increase in cash, cash equivalents and restricted cash | 61.3 | 11.9 | 28.2 |
| Cash, cash equivalents and restricted cash at beginning of period (1) | 136.7 | 124.8 | 96.6 |
| Cash, cash equivalents and restricted cash at end of period (1) | $198.0 | $136.7 | $124.8 |
(1)The Company has combined cash flows from discontinued operations with cash flows from continuing operations within operating, investing and financing categories.
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