Bruker(US:BRKR)2024-05-10 19:29Financial Performance - For the three months ended March 31, 2024, total operating income was $64.8 million, a decrease of 47% compared to $122.7 million for the same period in 2023[242]. - Net cash provided by operating activities for the three months ended March 31, 2024, was $21.8 million, a decrease from $87.5 million in the same period of 2023[277]. - Net cash used in investing activities during the three months ended March 31, 2024, was $304.2 million, compared to $108.2 million in the same period of 2023, primarily due to acquisitions[278]. - Net cash provided by financing activities for the three months ended March 31, 2024, was $151.7 million, compared to a net cash used of $30.7 million in the same period of 2023[277]. Cash and Liquidity - Cash and cash equivalents as of March 31, 2024, totaled $340.1 million, down from $488.3 million as of December 31, 2023[255]. - The company anticipates that existing cash and credit facilities will be sufficient to support operating and investing needs for at least the next twelve months[254]. - The company had $369.9 million remaining for future purchases under the 2023 Repurchase Program as of March 31, 2024[279]. - The company was compliant with the financial covenants of its debt agreements as of March 31, 2024[262]. Debt and Financing - As of March 31, 2024, total outstanding debt was $1.4 billion, with $805 million drawn from a revolving credit facility[282]. - The total outstanding debt as of March 31, 2024, was $1.4 billion, with $805 million drawn from a revolving credit facility[282]. Restructuring and Operational Changes - The restructuring plan announced in October 2023 is expected to be completed during 2024, involving headcount reduction and consolidation of leased facilities[235]. - The restructuring charges for the three months ended March 31, 2024, amounted to $7.2 million[234]. - The increase in working capital requirements was primarily due to newly acquired businesses and strategic inventory management to handle supply chain challenges[277]. Foreign Exchange and Currency Risks - The company reported exchange gains of $8.9 million on foreign currency transactions for the three months ended March 31, 2024, compared to losses of $3.3 million in the same period of 2023[236]. - The company recorded an unrealized foreign exchange gain of $11.1 million related to a forward contract as of March 31, 2024[266]. - As of March 31, 2024, the company had foreign exchange contracts with notional amounts aggregating $1,365.9 million, up from $489.5 million as of December 31, 2023[268]. - The company expects to continue evaluating currency risks and may utilize foreign currency contracts more frequently in the future[268]. Stock-Based Compensation and Repurchase Program - Total stock-based compensation expense for the three months ended March 31, 2024, was $4.8 million, an increase from $4.3 million in the same period of 2023[231]. - The company did not purchase any shares under the 2023 Repurchase Program during the three months ended March 31, 2024[258]. - The estimated excise tax on stock repurchases under the Inflation Reduction Act is not material and has been recorded in other current liabilities[281]. Contingencies and Off-Balance Sheet Arrangements - The company has not recorded any material accruals for potential contingencies as of March 31, 2024[240]. - The company had no off-balance sheet arrangements as of March 31, 2024[283].