In addition, adjusted EBITDA highlights true business performance by removing the impact of certain items that management believes do not directly reflect our underlying operations and provides investors with greater visibility into the ongoing organic drivers of our business performance. Certain costs and expenses in connection with various restructuring initiatives, including severance and other employee-related costs, relocation and facility consolidation costs and third-party consultant costs to assist with these initiatives. With respect to forward-looking guidance provided in this press release, we have not presented a quantitative reconciliation of the forward-looking non-GAAP financial measure adjusted EBITDA margin of the Mar Cor business to its most directly comparable GAAP financial measure because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of, and the periods in which, such items, including foreign exchange impact and certain expenses for which we adjust, may be recognized. We do this by using extraordinary people and flexible capital to help companies solve problems. Transaction Details Evoqua shareholders will receive 0.480 shares of Xylem for each Evoqua share, representing a value of $52.89 per share or a 29 percent premium based on Xylem and Evoqua. In addition, other companies in our industry or across different industries may calculate adjusted EBITDA differently. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 150 locations across nine countries. Organic revenue grew 9.2%, or $34.1 million, driven by favorable price realization and higher volume for products and services across most product lines and all regions. DESOTEC's customer base is constantly growing thanks to a strong focus on 24/7 service and a commitment to design and deliver the best solution in close dialogue with the customer. We do this by using extraordinary people and flexible capital to help companies solve problems. 05/02/2023. Due to historically high call volume, the company is offering participants the opportunity to register in advance for the conference through the following . PITTSBURGH, November 11, 2022 -- ( BUSINESS WIRE )--Evoqua Water Technologies (NYSE: AQUA), an industry leader in mission-critical water treatment solutions, today announced that it will. Forward-Looking Information This communication contains forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. See the Use of Non-GAAP Measures section below for a reconciliation of segment adjusted EBITDA to segment operating profit. A total of 3 acquisitions came from private equity firms. News & Events. Adjusted EBITDA on a segment basis is defined as earnings before depreciation and amortization, adjusted for the impact of certain other items that have been reflected at the segment level. For definitions of the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable respective GAAP measures, see the Use of Non-GAAP Measures section below. At Evoqua Water, we promise to treat your data with respect and will not share your information with any third party. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. Dissemination of Company InformationThe Company intends to make future announcements regarding developments and financial performance through the Investor Relations section of its website, https://aqua.evoqua.com, as well as through press releases, filings with the Securities and Exchange Commission (the SEC), conference calls and webcasts. Email Address * Investor Alert Options * News: Events . Divestitures include sales of insignificant portions of our business that did not meet the criteria for classification as a discontinued operation. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Evoqua provides continuous maintenance to help ensure safe operation for your facility. Adjusted net income and adjusted EPS are additional metrics used by management to evaluate the performance of our business. Search resources by selecting an application or browse by type. Management uses adjusted EBITDA to supplement GAAP measures of performance as follows: In addition to the above, our chief operating decision maker uses adjusted EBITDA of each reportable operating segment to evaluate the operating performance of such segments. Ltd. Investor Relations. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Other drivers of the change in net income as compared to the prior year were an increase in operating expenses, including a decrease of $7.7 million in non-cash foreign currency translation gains, primarily related to intercompany loans, and increased employee expenses, which were mostly offset by increased gross profit from higher revenue volume. This event will be webcast. Fourth Quarter 2021 Financial Highlights: PITTSBURGH -- Evoqua Water Technologies (NYSE:AQUA), an industry leader in mission-critical water treatment solutions, today reported results for its fourth quarter and fiscal year ended September30, 2021. Further information is available at www.blackstone.com. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 150 locations across ten countries. Adjusted EPS is defined as adjusted net income on a per share basis, presented as both adjusted basic EPS and adjusted diluted EPS. Further, we believe it is helpful in highlighting trends in our operating results and provides greater clarity and comparability period over period to management and our investors regarding the operational impact of long-term strategic decisions relating to capital structure, the tax jurisdictions in which we operate and capital investments. The following is a reconciliation of net leverage ratio for both net income, as well as adjusted EBITDA, at September30, 2021 and 2020, respectively. Evoqua has two reportable operating segments - Integrated Solutions and Services and Applied Product Technologies. In January 2020, the Company utilized $100 million of the proceeds from the sale of the Memcor product line to repay a portion of the Companys First Lien Term Loans. For definitions of the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable respective GAAP measures, see the Use of Non-GAAP Measures section below. Refer to adjustments on the adjusted EBITDA reconciliation above. Legal settlement costs and intellectual property related fees, including fees and settlement costs associated with legacy matters related to product warranty litigation on MEMCOR. However, management believes that certain non-GAAP financial measures provide users of the Company's financial information with additional useful information in evaluating operating performance. This includes: amounts related to the Companys restructuring initiatives to reduce the cost structure and rationalize location footprint following the sale of the Memcor product line; amounts related to the Companys transition from a three-segment structure to a two-segment operating model designed to better serve the needs of customers worldwide; and. Xylem receives Frost & Sullivan award for innovative smart water system management solutions enhancing production uptime. Adjusted EBITDA for the quarter was $81.9 million, as compared to $75.6 million in the prior year period, an increase of 8.3%. Obligation under operating leases.. Other non-current liabilities.. Total liabilities.. Common stock, par value $0.01: authorized 1,000,000 shares; issued 122,173 shares, outstanding 120,509 at September30, 2021; issued 119,486 shares, outstanding 117,291 at September30, 2020 Treasury stock: 1,664 shares at September30, 2021 and 2,195 shares at September30, 2020. Dan Brailer, Investor Contact Telephone: 724-720-1605 Email: dan.brailer@evoqua.com MEDIA CONTACT Evoqua Water Technologies Corp. Sarah Brown, Media Telephone: 506-454-5495 Email: sarah.brown@evoqua.com Non-GAAP Financial MeasuresThis press release contains financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP), including adjusted EBITDA and organic revenue. Revenue for the third quarter of fiscal year 2022 was $439.3 million, compared to $369.7 million in the prior year period, an increase of 18.8%, or $69.6 million. This conference will be webcast. Further, we believe it is helpful in highlighting trends in our operating results and provides greater clarity and comparability period over period to management and our investors regarding the operational impact of long-term strategic decisions relating to capital structure, the tax jurisdictions in which we operate and capital investments. Restructuring and Related Business Transformation Costs(2), Net income attributable to noncontrolling interest. In September 2021, the Company recorded an increase in the fair value of the Purchase Right liability for Frontier for $2.1 million. Evoqua has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Darling Ingredients Inc. will host a conference call to discuss the Company's third quarter 2022 financial results at 9 am Eastern Time ( 8 am Central Time) on Wednesday, November 9, 2022. After submitting your request, you will receive an activation email to the requested email address. Our business strategy has proven resilient, and we continue to make great progress on our sustainability journey with improved ESG scores from prominent rating agencies. The following is a reconciliation of total revenue to organic revenue for the three and nine months ended June30, 2022 and 2021. We are also pleased, at this time, to announce our two new sustainability goals: recycle and reuse more water than we withdraw by 2035 and achieve net-zero greenhouse gas emissions by 2050, said Mr. Ron Keating, Evoquas CEO. 2020. The financial results prepared in accordance with GAAP and the reconciliations from these results included below should be carefully evaluated. Depreciation and amortization expense increased by $0.3 million. Applied Product Technologies. Evoqua Water Technologies Corp.Dan Brailer, Investor ContactTelephone: 724-720-1605Email:dan.brailer@evoqua.com, Evoqua Water Technologies Corp.Sarah Brown, MediaTelephone: 506-454-5495Email: sarah.brown@evoqua.com, {{currencySymbol}}{{item.pricing.totalPrice | intlNumber('en-EN','USD')}}, {{currencySymbol}}{{cartSummary.total | intlNumber('en-EN','USD')}}, Evoqua Water Technologies Reports Third Quarter 2022 Results, Revenue of $439.3 million, an increase of 18.8% compared to the prior year period; organic revenue growth of 9.2%, Net income of $17.6 million, an increase of 33.3% compared to the prior year period, Adjusted EBITDA of $77.0 million, an increase of 16.3% compared to the prior year period. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We present adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate and compare operating performance and value companies within our industry. In addition, adjusted EBITDA highlights true business performance by removing the impact of certain items that management believes do not directly reflect our underlying operations and provides investors with greater visibility into the ongoing organic drivers of our business performance. Investor Relations. Adjusted diluted EPS for fiscal 2021 was $0.69 as compared to $0.67 in the prior year, an increase of $0.02. These non-GAAP financial measures are provided as additional information for investors. Mr. Stas will participate in a virtual presentation at the J.P. Morgan Global Industrials Conference, beginning at 4:30 p.m. EST on Monday, March 15, 2021. Two water leaders are now one. Segment adjusted EBITDA increased by $0.4 million, or 1.2%, to $33.1 million in the fourth quarter of fiscal 2021, as compared to $32.7 million in the prior year period. We exclude the effect of acquisitions and divestitures during the first 12 months following the closing of the acquisition or divestiture because they can obscure underlying business trends and make comparisons of long-term performance difficult between the Company and its peers due to the varying nature, size and number of transactions from period to period. We present adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate and compare operating performance and value companies within our industry. I am very proud of our teams performance during these turbulent market conditions. Revenue increased across multiple product lines and all regions, driven by higher volume and favorable pricing. impact of foreign exchange gains and losses; charges incurred by the Company related to product rationalization in its electro-chlorination business; amounts related to the sale of the Memcor product line; expenses incurred by the Company as a result of the COVID-19 pandemic, including additional charges for personal protective equipment, increased costs for facility sanitization and one-time payments to certain employees; legal fees incurred in excess of amounts covered by the Companys insurance related to securities litigation and an SEC investigation; and. By uniting our complementary approaches, products, and expertise, we enable our customers to . Email Alerts; Contacts; RSS News Feed Webcast registration and audio replay for the events that will be webcast, as noted above, will be available on Evoquas Investor Relations website, https://aqua.evoqua.com. . Registration and audio replay for this event will be available on Evoqua's Investor Relations website: https://aqua.evoqua.com. Evoqua Water Technologies is a leading provider of mission critical water and wastewater treatment solutions, offering a broad portfolio of products, services and expertise to support industrial, municipal and recreational customers who value water. to assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance; in our management incentive compensation, which is based in part on components of adjusted EBITDA; in certain calculations under our senior secured credit facilities, which use components of adjusted EBITDA; to evaluate the effectiveness of our business strategies; to compare our performance against that of other peer companies using similar measures. 2003 Read More Press Release Evoqua Water Technologies Names Silfex and Zhen Ding Tech. Investors. 210 Sixth Avenue, Suite 3300 An anaerobic system can be used for pretreatment prior to discharging to a municipal wastewater treatment plant or before polishing in an aerobic process. News & Events. 01/31/2023. Service and aftermarket revenue increased by $11.1 million and $8.7 million, respectively, driven by higher volume and enhanced by favorable pricing. amounts related to various other initiatives implemented to restructure and reorganize our business with the appropriate management team and cost structure. AST Financial 800-937-5449 help@astfinancial.com. This includes: amounts related to the Companys restructuring initiatives to reduce the cost structure and rationalize location footprint following the sale of the Memcor product line; amounts related to the Companys transition from a three-segment structure to a two-segment operating model designed to better serve the needs of customers worldwide; and. Integration and restructuring costs associated with a business combination may occur over several years and include, but are not limited to, consulting fees, legal fees, certain employee-related costs, facility consolidation and product rationalization costs and fair value changes associated with contingent consideration. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Segment adjusted EBITDA increased by $10.2 million, or 16.9%, to $70.5 million in the fourth quarter of fiscal 2021, as compared to $60.3 million in the prior year period. Serving more than 38,000 customers and 200,000 installations worldwide, our employees are united by a common purpose: Transforming Water. Vice President, Investor Relations Evoqua Water Technologies Telephone: 724-720-1605 Email: dan.brailer@evoqua.com Media Sarah Brown Media Evoqua Water Technologies Telephone:. helpful to management and investors in highlighting trends in our operating results and provide greater clarity and comparability period over period to management and our investors regarding the operational impact of long-term strategic decisions as to capital structure, the tax jurisdictions in which we operate and capital investments. Ron Keating, President and Chief Executive Officer, and Ben Stas, Executive Vice President and Chief Financial Officer, will participate in a virtual presentation at the Raymond James 42nd Annual Institutional Investors Conference, beginning at 12:30 p.m. EST on Monday, March 1, 2021. Foreign currency translation was favorable by 0.8%, or $3.2 million. These forward-looking statements should not be relied upon as representing the Companys views as of any date subsequent to the date of this release. Adjusted EBITDA should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Dan Brailer, Vice President of Investor Relations, and Michael . Evoqua has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Management believes that reporting organic revenue provides useful information to investors by helping identify underlying growth trends in our core business and facilitating easier comparisons of our revenue performance with prior and future periods and to our peers. Skilled labor shortages and inflation pressures are expected to remain through the next six to twelve months, and given this uncertainty, we are providing guidance for fiscal 2022 in a balanced manner. Archived Events & Presentations. Segment profitability increased by $12.2 million due to higher sales volume, favorable price/cost and productivity improvements. Capital revenue increased by $12.1 million. The Logan Township Municipal Utility Authority expands Water Reclamation Facility with Evoqua's OMNIFLO SBR system. This includes: Adjusted EBITDA is calculated prior to considering certain other significant losses, (gains) and expenses. About Evoqua Water TechnologiesEvoqua Water Technologies is a leading provider of mission critical water and wastewater treatment solutions, offering a broad portfolio of products, services, and expertise to support industrial, municipal and recreational customers who value water. You are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis. Revenue for the third quarter of fiscal year 2022 was $439.3 million, compared to $369.7 million in the prior year period, an increase of 18.8%, or $69.6 million. The increase was partially offset by increased expenses primarily related to foreign currency translation losses in the current period, compared to foreign currency translation gains in the prior period, mostly related to intercompany loans, as well as increased costs associated with recent acquisitions and inflation. We exclude the effect of acquisitions and divestitures because they can obscure underlying business trends and make comparisons of long-term performance difficult between the Company and its peers due to the varying nature, size and number of transactions from period to period. Adjusted EBITDA of the reportable operating segments do not include certain charges that are presented within corporate activities. The increase in segment adjusted EBITDA resulted from the same factors that impacted operating profit, other than the change in depreciation and amortization. However, management believes that certain non-GAAP financial measures provide users of the Company's financial information with additional useful information in evaluating operating performance. Try us for 1 week free today! See the Use of Non-GAAP Measures section below for additional information regarding adjusted EBITDA and organic revenue. Annual Reports and Proxy Statements. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, expectations for the remainder of fiscal year 2022, expectations related to customer demand, our book to bill ratio, pricing initiatives, supply chain challenges, inflation, material and labor availability, and general macroeconomic conditions, and expectations with respect to the integration and performance of our recent acquisitions, including the realization of expected synergies. Evoqua Water Technologies Corp.Dan Brailer, Investor ContactTelephone: 724-720-1605Email:dan.brailer@evoqua.com, Evoqua Water Technologies Corp.Sarah Brown, MediaTelephone: 506-454-5495Email: sarah.brown@evoqua.com, {{currencySymbol}}{{item.pricing.totalPrice | intlNumber('en-EN','USD')}}, {{currencySymbol}}{{cartSummary.total | intlNumber('en-EN','USD')}}, Private equity funds managed by Blackstone acquired DESOTEC in 2021. This press release contains financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP), including adjusted EBITDA, adjusted net income and adjusted EPS, organic revenue and net leverage ratio. All of these forward-looking statements are based on our current expectations, assumptions, estimates and projections. . Enriching Life. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax benefit (expense), and depreciation and amortization, adjusted for the impact of certain other items, including restructuring and related business transformation costs, share-based compensation, transaction costs, and other gains, losses and expenses that we believe do not directly reflect our underlying business operations. Blackstone is the worlds largest alternative asset manager. We exclude the effect of foreign currency translation from organic sales because foreign currency translation is not under managements control, is subject to volatility and can obscure underlying business trends. Evoqua has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Mr. Stas and Herve Fages, Executive Vice President, Applied Product Technologies Segment President, will participate in the NYSE Energy & Utilities Virtual Investor Access Day, beginning at 9:00 a.m. EST on Thursday, March 4, 2021. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. The live audio webcast and presentation slides for the call will be accessible via Evoquas Investor Relations website, https://aqua.evoqua.com/. Evoqua has now joined Xylem. Dan Brailer NEW YORK, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Evoqua Water . Evoqua Water Technologies Releases 2022 Sustainability Report Monday, April 24. dan.brailer@evoqua.com. . Price/cost was positive for the quarter and year-to-date, as we continue to actively manage challenges in our supply chain and inflationary costs. See the Use of Non-GAAP Measures section below for a reconciliation of segment adjusted EBITDA to segment operating profit. Foreign currency translation favorably impacted revenue by $2.4 million. Inorganic revenue contributed $40.8 million related to our acquisition of the Mar Cor business on January 3, 2022. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 150 locations across nine countries. Adjusted EBITDA on a segment basis is defined as earnings before interest expense, income tax benefit (expense) and depreciation and amortization, adjusted for the impact of certain other items that have been reflected at the segment level. As a result of the refinancing, the Company wrote off $1.3 million of deferred financing fees and expensed $3.1 million of additional fees incurred during the nine months ended June 30, 2021. These forward-looking statements should not be relied upon as representing the Companys views as of any date subsequent to the date of this release. Adjusted EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business. The report provides a comprehensive review of the company's strategy and performance with respect to key environmental, social, and governance (ESG) initiatives. Further information is available at www.desotec.com. Mergr, the Easiest-to-Use PE and M&A DB. Investors and shareholders will be able to obtain free copies of these documents (if and when available), and other documents containing important information about Xylem and Evoqua, once such .
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