Date of Report (Date of earliest event reported) | May 3, 2023 | |||||||||||||||||||||||||
Harsco Corporation | ||||||||||||||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||
Delaware | 001-03970 | 23-1483991 | ||||||||||||||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
||||||||||||||||||||||||
Two Logan Square 100-120 North 18th Street, 17th Floor, |
Philadelphia, | Pennsylvania | 19103 | |||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||
Registrant’s telephone number, including area code | (267) | 857-8715 | ||||||||||||||||||||||||
(Former name or former address, if changed since last report.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $1.25 per share | HSC | New York Stock Exchange |
Exhibit 99.1 |
Harsco Corporation | |||||||||||
Date: | May 3, 2023 |
/s/ PETER F. MINAN | |||||||||
Peter F. Minan | |||||||||||
Senior Vice President and Chief Financial Officer |
Investor Contact
David Martin
267.946.1407
damartin@harsco.com
|
Media Contact
Jay Cooney
267.857.8017
jcooney@harsco.com
|
($ in millions, except per share amounts) | Q1 2023 | Q1 2022 | ||||||||||||
Revenues | $ | 496 | $ | 453 | ||||||||||
Operating income from continuing operations - GAAP | $ | 29 | $ | 8 | ||||||||||
Diluted EPS from continuing operations - GAAP | $ | (0.12) | $ | (0.09) | ||||||||||
Adjusted EBITDA - Non GAAP | $ | 63 | $ | 49 | ||||||||||
Adjusted EBITDA margin - Non GAAP | 12.7 | % | 10.8 | % | ||||||||||
Adjusted diluted EPS from continuing operations - Non GAAP | $ | (0.11) | $ | (0.01) | ||||||||||
($ in millions) | Q1 2023 | Q1 2022 | ||||||||||||
Revenues | $ | 273 | $ | 262 | ||||||||||
Operating income - GAAP | $ | 22 | $ | 18 | ||||||||||
Adjusted EBITDA - Non GAAP | $ | 44 | $ | 48 | ||||||||||
Adjusted EBITDA margin - Non GAAP | 16.1 | % | 18.4 | % | ||||||||||
($ in millions) | Q1 2023 | Q1 2022 | ||||||||||||
Revenues | $ | 222 | $ | 191 | ||||||||||
Operating income (loss) - GAAP | $ | 16 | $ | (1) | ||||||||||
Adjusted EBITDA - Non GAAP | $ | 27 | $ | 10 | ||||||||||
Adjusted EBITDA margin - Non GAAP | 12.3 | % | 5.3 | % |
2023 Full Year Outlook (Continuing Operations) |
Current | Prior | ||||||
GAAP Operating Income/(Loss) | $101 - $116 million | $74 - $94 million | ||||||
Adjusted EBITDA | $260 - $275 million | $240 - $260 million | ||||||
GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations | $(0.33) - $(0.54) | $(0.50) - $(0.80) | ||||||
Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations | $(0.12) - $(0.33) | $(0.23) - $(0.52) | ||||||
Free Cash Flow | $25 - $45 million | $20 - $40 million | ||||||
Net Interest Expense | $92 - $95 million | $91 - $95 million | ||||||
Account Receivable Securitization Fees | $10 million | $9 - $10 million | ||||||
Pension Expense (Non-Operating) | $20 - $22 million | $20 - $22 million | ||||||
Tax Expense, Excluding Any Unusual Items | $12 - $15 million | $8 - $11 million | ||||||
Net Capital Expenditures | $125 - $135 million | $125 - $135 million | ||||||
Q2 2023 Outlook (Continuing Operations) |
||||||||
GAAP Operating Income | $24 - $31 million | |||||||
Adjusted EBITDA | $65 - $72 million | |||||||
GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations | $(0.07) - $(0.16) | |||||||
Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations | $(0.01) - $(0.09) |
HARSCO CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | ||||||||||||||
(In thousands, except per share amounts) | 2023 | 2022 | ||||||||||||
Revenues from continuing operations: | ||||||||||||||
Revenues | $ | 495,653 | $ | 452,797 | ||||||||||
Costs and expenses from continuing operations: | ||||||||||||||
Cost of sales | 400,688 | 377,019 | ||||||||||||
Selling, general and administrative expenses | 71,935 | 69,153 | ||||||||||||
Research and development expenses | 176 | 56 | ||||||||||||
Other (income) expenses, net | (6,151) | (1,179) | ||||||||||||
Total costs and expenses | 466,648 | 445,049 | ||||||||||||
Operating income (loss) from continuing operations | 29,005 | 7,748 | ||||||||||||
Interest income | 1,455 | 644 | ||||||||||||
Interest expense | (24,328) | (15,092) | ||||||||||||
Facility fees and debt-related income (expense) | (2,363) | (532) | ||||||||||||
Defined benefit pension income (expense) | (5,335) | 2,410 | ||||||||||||
Income (loss) from continuing operations before income taxes and equity income | (1,566) | (4,822) | ||||||||||||
Income tax benefit (expense) from continuing operations | (6,923) | (1,221) | ||||||||||||
Equity income (loss) of unconsolidated entities, net | (133) | (131) | ||||||||||||
Income (loss) from continuing operations | (8,622) | (6,174) | ||||||||||||
Discontinued operations: | ||||||||||||||
Income (loss) from discontinued businesses | 619 | (39,097) | ||||||||||||
Income tax benefit (expense) from discontinued businesses | (587) | 6,591 | ||||||||||||
Income (loss) from discontinued operations, net of tax | 32 | (32,506) | ||||||||||||
Net income (loss) | (8,590) | (38,680) | ||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (935) | (1,159) | ||||||||||||
Net income (loss) attributable to Harsco Corporation | $ | (9,525) | $ | (39,839) | ||||||||||
Amounts attributable to Harsco Corporation common stockholders: | ||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (9,557) | $ | (7,333) | ||||||||||
Income (loss) from discontinued operations, net of tax | 32 | (32,506) | ||||||||||||
Net income (loss) attributable to Harsco Corporation common stockholders |
$ | (9,525) | $ | (39,839) | ||||||||||
Weighted-average shares of common stock outstanding | 79,633 | 79,363 | ||||||||||||
Basic earnings (loss) per common share attributable to Harsco Corporation common stockholders: | ||||||||||||||
Continuing operations | $ | (0.12) | $ | (0.09) | ||||||||||
Discontinued operations | 0.00 | (0.41) | ||||||||||||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders | $ | (0.12) | $ | (0.50) | ||||||||||
Diluted weighted-average shares of common stock outstanding | 79,633 | 79,363 | ||||||||||||
Diluted earnings (loss) per common share attributable to Harsco Corporation common stockholders: | ||||||||||||||
Continuing operations | $ | (0.12) | $ | (0.09) | ||||||||||
Discontinued operations | 0.00 | (0.41) | ||||||||||||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders | $ | (0.12) | $ | (0.50) |
HARSCO CORPORATION
CONSOLIDATED BALANCE SHEETS
|
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(In thousands) |
March 31 2023 |
December 31 2022 |
||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 91,759 | $ | 81,332 | ||||||||||
Restricted cash | 4,477 | 3,762 | ||||||||||||
Trade accounts receivable, net | 281,777 | 264,428 | ||||||||||||
Other receivables | 25,832 | 25,379 | ||||||||||||
Inventories | 84,705 | 81,375 | ||||||||||||
Prepaid expenses |
24,878 | 30,583 | ||||||||||||
Current portion of assets held-for-sale | 264,051 | 266,335 | ||||||||||||
Other current assets | 15,181 | 14,541 | ||||||||||||
Total current assets | 792,660 | 767,735 | ||||||||||||
Property, plant and equipment, net | 665,191 | 656,875 | ||||||||||||
Right-of-use assets, net |
100,199 | 101,253 | ||||||||||||
Goodwill | 763,013 | 759,253 | ||||||||||||
Intangible assets, net | 345,595 | 352,160 | ||||||||||||
Deferred income tax assets | 18,422 | 17,489 | ||||||||||||
Assets held-for-sale |
69,554 | 70,105 | ||||||||||||
Other assets | 70,360 | 65,984 | ||||||||||||
Total assets | $ | 2,824,994 | $ | 2,790,854 | ||||||||||
LIABILITIES | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term borrowings | $ | 2,142 | $ | 7,751 | ||||||||||
Current maturities of long-term debt | 13,245 | 11,994 | ||||||||||||
Accounts payable | 225,314 | 205,577 | ||||||||||||
Accrued compensation | 50,193 | 43,595 | ||||||||||||
Income taxes payable | 3,987 | 3,640 | ||||||||||||
Current portion of operating lease liabilities |
26,104 | 25,521 | ||||||||||||
Current portion of liabilities of assets held-for-sale |
159,069 | 159,004 | ||||||||||||
Other current liabilities | 138,224 | 140,199 | ||||||||||||
Total current liabilities | 618,278 | 597,281 | ||||||||||||
Long-term debt | 1,346,206 | 1,336,995 | ||||||||||||
Retirement plan liabilities | 48,013 | 46,601 | ||||||||||||
Operating lease liabilities |
74,149 | 75,246 | ||||||||||||
Liabilities of assets held-for-sale |
8,942 | 9,463 | ||||||||||||
Environmental liabilities | 26,481 | 26,880 | ||||||||||||
Deferred tax liabilities | 28,426 | 30,069 | ||||||||||||
Other liabilities | 50,547 | 45,277 | ||||||||||||
Total liabilities | 2,201,042 | 2,167,812 | ||||||||||||
HARSCO CORPORATION STOCKHOLDERS’ EQUITY | ||||||||||||||
Common stock | 145,843 | 145,448 | ||||||||||||
Additional paid-in capital | 229,218 | 225,759 | ||||||||||||
Accumulated other comprehensive loss | (560,842) | (567,636) | ||||||||||||
Retained earnings | 1,604,916 | 1,614,441 | ||||||||||||
Treasury stock | (849,678) | (848,570) | ||||||||||||
Total Harsco Corporation stockholders’ equity | 569,457 | 569,442 | ||||||||||||
Noncontrolling interests | 54,495 | 53,600 | ||||||||||||
Total equity | 623,952 | 623,042 | ||||||||||||
Total liabilities and equity | $ | 2,824,994 | $ | 2,790,854 |
HARSCO CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| ||||||||||||||
Three Months Ended March 31 |
||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | (8,590) | $ | (38,680) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation | 33,039 | 33,604 | ||||||||||||
Amortization | 7,965 | 8,586 | ||||||||||||
Deferred income tax (benefit) expense |
(56) | (4,275) | ||||||||||||
Equity (income) loss of unconsolidated entities, net | 133 | 131 | ||||||||||||
Dividends from unconsolidated entities | — | 178 | ||||||||||||
Other, net | 1,009 | 259 | ||||||||||||
Changes in assets and liabilities, net of acquisitions and dispositions of businesses: | ||||||||||||||
Accounts receivable | (14,533) | (15,364) | ||||||||||||
Income tax refunds receivable, reimbursable to seller | — | 7,687 | ||||||||||||
Inventories | (8,534) | (4,610) | ||||||||||||
Contract assets | 11,698 | 4,843 | ||||||||||||
Right-of-use assets | 7,842 | 7,076 | ||||||||||||
Accounts payable | 17,735 | 1,655 | ||||||||||||
Accrued interest payable | (6,998) | (7,393) | ||||||||||||
Accrued compensation | 7,343 | (5,692) | ||||||||||||
Advances on contracts | (5,591) | (7,808) | ||||||||||||
Operating lease liabilities | (7,202) | (7,063) | ||||||||||||
Retirement plan liabilities, net | 814 | (14,519) | ||||||||||||
Other assets and liabilities | 838 | 7,070 | ||||||||||||
Net cash provided (used) by operating activities | 36,912 | (34,315) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment | (22,146) | (32,958) | ||||||||||||
Proceeds from sales of assets | 823 | 5,976 | ||||||||||||
Expenditures for intangible assets | (36) | (54) | ||||||||||||
Net proceeds from settlement of foreign currency forward exchange contracts | (1,212) | 1,061 | ||||||||||||
Payments for settlements of interest rate swaps | — | (1,062) | ||||||||||||
Other investing activities, net | 32 | 124 | ||||||||||||
Net cash used by investing activities | (22,539) | (26,913) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Short-term borrowings, net | (3,029) | 2,051 | ||||||||||||
Current maturities and long-term debt: | ||||||||||||||
Additions | 59,000 | 72,005 | ||||||||||||
Reductions | (57,200) | (2,566) | ||||||||||||
Stock-based compensation - Employee taxes paid | (930) | (1,377) | ||||||||||||
Payment of contingent consideration | — | (6,915) | ||||||||||||
Net cash (used) provided by financing activities | (2,159) | 63,198 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents, including restricted cash | (1,072) | 455 | ||||||||||||
Net increase (decrease) in cash and cash equivalents, including restricted cash | 11,142 | 2,425 | ||||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | 85,094 | 87,128 | ||||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 96,236 | $ | 89,553 |
HARSCO CORPORATION
REVIEW OF OPERATIONS BY SEGMENT (Unaudited)
| ||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||||
(In thousands) | Revenues | Operating Income (Loss) |
Revenues | Operating Income (Loss) | ||||||||||||||||||||||
Harsco Environmental | $ | 273,189 | $ | 22,285 | $ | 262,051 | $ | 18,267 | ||||||||||||||||||
Harsco Clean Earth | 222,464 | 16,471 | 190,746 | (1,297) | ||||||||||||||||||||||
Corporate | — | (9,751) | — | (9,222) | ||||||||||||||||||||||
Consolidated Totals | $ | 495,653 | $ | 29,005 | $ | 452,797 | $ | 7,748 |
HARSCO CORPORATION
RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS TO DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)
|
||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | ||||||||||||||
2023 | 2022 | |||||||||||||
Diluted earnings (loss) per share from continuing operations, as reported | $ | (0.12) | $ | (0.09) | ||||||||||
Facility fees and debt-related expense (income) (a) | — | 0.01 | ||||||||||||
Corporate strategic costs (b) | 0.01 | (0.01) | ||||||||||||
Harsco Environmental net gain on lease incentive (c) | (0.09) | — | ||||||||||||
Taxes on above unusual items (d) | 0.02 | — | ||||||||||||
Adjusted diluted earnings (loss) per share from continuing operations, including acquisition amortization expense | (0.18) | (0.09) | ||||||||||||
Acquisition amortization expense, net of tax (e) | 0.07 | 0.08 | ||||||||||||
Adjusted diluted earnings (loss) per share from continuing operations | $ | (0.11) | $ | (0.01) | ||||||||||
HARSCO CORPORATION
RECONCILIATION OF PROJECTED ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS TO DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (a) (Unaudited)
|
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Projected | Projected | |||||||||||||||||||||||||
Three Months Ending | Twelve Months Ending | |||||||||||||||||||||||||
June 30 | December 31 | |||||||||||||||||||||||||
2023 | 2023 | |||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||
Diluted earnings (loss) per share from continuing operations | $ | (0.16) | $ | (0.07) | $ | (0.54) | $ | (0.33) | ||||||||||||||||||
Corporate strategic costs | — | — | 0.01 | 0.01 | ||||||||||||||||||||||
Harsco Environmental segment net gain on lease incentive | — | — | (0.09) | (0.09) | ||||||||||||||||||||||
Taxes on above unusual items | — | — | 0.02 | 0.02 | ||||||||||||||||||||||
Adjusted diluted earnings (loss) per share from continuing operations, including acquisition amortization expense | (0.16) | (0.07) | (0.60) | (0.39) | ||||||||||||||||||||||
Estimated acquisition amortization expense, net of tax | 0.07 | 0.07 | 0.27 | 0.27 | ||||||||||||||||||||||
Adjusted diluted earnings (loss) per share from continuing operations | $ | (0.09) | $ | (0.01) | (b) | $ | (0.33) | $ | (0.12) |
HARSCO CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS) AS REPORTED BY SEGMENT (Unaudited)
|
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(In thousands) | Harsco Environmental |
Harsco Clean Earth | Corporate | Consolidated Totals | ||||||||||||||||||||||
Three Months Ended March 31, 2023: | ||||||||||||||||||||||||||
Operating income (loss), as reported | $ | 22,285 | $ | 16,471 | $ | (9,751) | $ | 29,005 | ||||||||||||||||||
Corporate strategic costs | — | — | 569 | 569 | ||||||||||||||||||||||
Harsco Environmental segment net gain on lease incentive | (6,782) | — | — | (6,782) | ||||||||||||||||||||||
Operating income (loss) excluding unusual items | 15,503 | 16,471 | (9,182) | 22,792 | ||||||||||||||||||||||
Depreciation | 27,560 | 4,927 | 552 | 33,039 | ||||||||||||||||||||||
Amortization | 999 | 6,029 | — | 7,028 | ||||||||||||||||||||||
Adjusted EBITDA | 44,062 | 27,427 | (8,630) | 62,859 | ||||||||||||||||||||||
Revenues as reported | $ | 273,189 | $ | 222,464 | $ | 495,653 | ||||||||||||||||||||
Adjusted EBITDA margin (%) | 16.1 | % | 12.3 | % | 12.7 | % | ||||||||||||||||||||
Three Months Ended March 31, 2022: | ||||||||||||||||||||||||||
Operating income (loss), as reported | $ | 18,267 | $ | (1,297) | $ | (9,222) | $ | 7,748 | ||||||||||||||||||
Corporate strategic costs | — | — | (448) | (448) | ||||||||||||||||||||||
Harsco Clean Earth segment severance costs | — | 300 | — | 300 | ||||||||||||||||||||||
Operating income (loss) excluding unusual items | 18,267 | (997) | (9,670) | 7,600 | ||||||||||||||||||||||
Depreciation | 28,072 | 5,101 | 431 | 33,604 | ||||||||||||||||||||||
Amortization | 1,828 | 6,075 | — | 7,903 | ||||||||||||||||||||||
Adjusted EBITDA | 48,167 | 10,179 | (9,239) | 49,107 | ||||||||||||||||||||||
Revenues as reported | $ | 262,051 | $ | 190,746 | $ | 452,797 | ||||||||||||||||||||
Adjusted EBITDA margin (%) | 18.4 | % | 5.3 | % | 10.8 | % | ||||||||||||||||||||
HARSCO CORPORATION
RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)
|
||||||||||||||
Three Months Ended
March 31
|
||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
Consolidated income (loss) from continuing operations | $ | (8,622) | $ | (6,174) | ||||||||||
Add back (deduct): | ||||||||||||||
Equity in (income) loss of unconsolidated entities, net | 133 | 131 | ||||||||||||
Income tax (benefit) expense | 6,923 | 1,221 | ||||||||||||
Defined benefit pension income | 5,335 | (2,410) | ||||||||||||
Facility fees and debt-related expense (income) | 2,363 | 532 | ||||||||||||
Interest expense | 24,328 | 15,092 | ||||||||||||
Interest income | (1,455) | (644) | ||||||||||||
Depreciation | 33,039 | 33,604 | ||||||||||||
Amortization | 7,028 | 7,903 | ||||||||||||
Unusual items: | ||||||||||||||
Corporate strategic costs | 569 | (448) | ||||||||||||
Harsco Environmental segment net gain on lease incentive | (6,782) | — | ||||||||||||
Harsco Clean Earth segment severance costs | — | 300 | ||||||||||||
Adjusted EBITDA | $ | 62,859 | $ | 49,107 |
HARSCO CORPORATION
RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS (a) (Unaudited)
|
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Projected | Projected | |||||||||||||||||||||||||
Three Months Ending | Twelve Months Ending | |||||||||||||||||||||||||
June 30 | December 31 | |||||||||||||||||||||||||
2023 | 2023 | |||||||||||||||||||||||||
(In millions) | Low | High | Low | High | ||||||||||||||||||||||
Consolidated loss from continuing operations | $ | (12) | $ | (5) | $ | (40) | $ | (22) | ||||||||||||||||||
Add back (deduct): | ||||||||||||||||||||||||||
Income tax (income) expense | 4 | 5 | 14 | 16 | ||||||||||||||||||||||
Facility fees and debt-related (income) expense | 3 | 2 | 10 | 10 | ||||||||||||||||||||||
Net interest | 24 | 23 | 95 | 92 | ||||||||||||||||||||||
Defined benefit pension (income) expense | 5 | 5 | 22 | 20 | ||||||||||||||||||||||
Depreciation and amortization | 41 | 41 | 165 | 165 | ||||||||||||||||||||||
Unusual items: | ||||||||||||||||||||||||||
Corporate strategic costs | — | — | 1 | 1 | ||||||||||||||||||||||
Harsco Environmental net gain on lease incentive | — | — | (7) | (7) | ||||||||||||||||||||||
Consolidated Adjusted EBITDA | $ | 65 | $ | 72 | (b) | $ | 260 | $ | 275 | |||||||||||||||||
HARSCO CORPORATION
RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited)
| ||||||||||||||
Three Months Ended | ||||||||||||||
March 31 | ||||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
Net cash provided by operating activities | 36,912 | $ | (34,315) | |||||||||||
Less capital expenditures | (22,146) | (32,958) | ||||||||||||
Less expenditures for intangible assets | (36) | (54) | ||||||||||||
Plus capital expenditures for strategic ventures (a) | 486 | 328 | ||||||||||||
Plus total proceeds from sales of assets (b) | 823 | 5,976 | ||||||||||||
Plus transaction-related expenditures (c) | — | 878 | ||||||||||||
Harsco Rail free cash flow deficit/(benefit) | (3,945) | 31,321 | ||||||||||||
Free cash flow | $ | 12,094 | $ | (28,824) | ||||||||||
HARSCO CORPORATION RECONCILIATION OF PROJECTED FREE CASH FLOW TO PROJECTED NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) (a) | ||||||||||||||
Projected Twelve Months Ending December 31 |
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2023 | ||||||||||||||
(In millions) | Low | High | ||||||||||||
Net cash provided by operating activities | $ | 145 | $ | 175 | ||||||||||
Less net capital / intangible asset expenditures | (125) | (135) | ||||||||||||
Plus capital expenditures for strategic ventures | 5 | 5 | ||||||||||||
Free cash flow | $ | 25 | $ | 45 | ||||||||||