GrafTech International(EAF)2024-11-12 17:27Financial Position - As of September 30, 2024, the company had liquidity of $253.8 million, consisting of $112.4 million available under the 2018 Revolving Credit Facility and cash and cash equivalents of $141.4 million[151]. - Long-term debt stood at $950.0 million and short-term debt at $0.1 million as of September 30, 2024[151]. - As of September 30, 2024, $51.5 million of cash and cash equivalents were located outside of the U.S.[152]. - The company is subject to covenants that limit its ability to incur additional indebtedness, including a senior secured first lien net leverage ratio not greater than 4.00 to 1.00[160]. - The company may need to seek other sources of funding if additional debt financing is not available on commercially reasonable terms[153]. Stock Repurchase and Dividends - The company had $99.0 million remaining under its stock repurchase authorization as of September 30, 2024, with no shares repurchased in the first nine months of 2024[170]. - The company suspended its quarterly cash dividend of $0.01 per share on August 2, 2023, with no assurance of future resumption[171]. Capital Expenditures - Capital expenditures totaled $21.5 million in the nine months ended September 30, 2024, with full-year expectations in the range of $35.0 million to $40.0 million for 2024[174]. Debt Instruments - The 2023 Senior Secured Notes bear interest at a rate of 9.875% per annum, maturing on December 15, 2028[167]. - The 2020 Senior Secured Notes bear interest at a rate of 4.625% per annum, maturing on December 15, 2028[164]. Cash Flow and Operating Activities - Net cash used in operating activities was $13.7 million in the first nine months of 2024, a decrease from a cash source of $67.3 million in the same period of 2023, primarily due to a $43.8 million increase in net loss[177]. - Cash flow provided by accounts receivable decreased by $36.8 million in the first nine months of 2024, primarily due to reduced sales[177]. - Cash flow used for income taxes decreased by $28.7 million in the first nine months of 2024, driven by reduced federal tax payments[177]. Investing and Financing Activities - Net cash used in investing activities decreased to $21.4 million in the nine months ended September 30, 2024, compared to $48.1 million in the prior year, mainly due to reduced capital expenditures[178]. - Financing activities resulted in a cash use of $0.1 million in the first nine months of 2024, down from a cash source of $18.9 million in the same period of 2023, which included $27.5 million from interest rate swap settlements[179]. Performance Metrics - The net loss for the three months ended September 30, 2024, was $36.1 million, compared to a net loss of $22.6 million in the same period of 2023, with a diluted loss per share of $0.14 versus $0.09[191]. - Adjusted net loss for the nine months ended September 30, 2024, was $73.0 million, compared to $32.2 million in the same period of 2023[191]. - Cash cost of goods sold per metric ton (MT) for the nine months ended September 30, 2024, was $4,363, down from $5,567 in the same period of 2023[198]. - Cash cost of goods sold for the nine months ended September 30, 2024, was $331.6 million, compared to $375.8 million in the same period of 2023[198]. - Sales volume for the nine months ended September 30, 2024, was 76.0 thousand MT, an increase from 67.5 thousand MT in the same period of 2023[198].