AZZ INC
For the period ended May 31, 2024. Filed Jul 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 31, 2024 · Filed Jul 10, 2024
AZZ$130.81-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three Months Ended May 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income (loss) available to common shareholders | $(36,796) | $24,922 |
| Plus: Dividends on Series A Preferred Stock | 1,200 | 3,600 |
| Plus: Redemption premium on Series A Preferred Stock | 75,198 | — |
| Net income | 39,602 | 28,522 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Bad debt expense | 330 | 18 |
| Depreciation and amortization | 20,323 | 18,524 |
| Deferred income taxes | 3,164 | (2,022) |
| Equity in earnings of unconsolidated entities | (3,824) | (1,420) |
| Distribution on investment in AVAIL joint venture | 539 | — |
| Net loss (gain) on sale of property, plant and equipment | (16) | (2) |
| Amortization of debt financing costs | 3,109 | 3,029 |
| Share-based compensation expense | 2,535 | 1,904 |
| Changes in current assets and current liabilities | 7,610 | (1,002) |
| Changes in other long-term assets and long-term liabilities | (1,428) | (658) |
| Net cash provided by operating activities | 71,944 | 46,893 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (27,396) | (17,036) |
| Other investing activities | 17 | 9 |
| Net cash used in investing activities | (27,379) | (17,027) |
| Cash flows from financing activities | ||
| Proceeds from secondary public offering and issuance of additional common stock | 308,723 | — |
| Redemption of Series A Preferred Stock | (308,920) | — |
| Payments for taxes related to net share settlement of equity awards | (4,567) | (1,710) |
| Proceeds from revolving loan | 75,000 | 92,000 |
| Payments on revolving loan | (70,000) | (112,000) |
| Payments of debt financing costs | (715) | — |
| Payments on long term debt and finance lease liabilities | (30,196) | — |
| Payments of dividends | (7,867) | (7,835) |
| Net cash used in financing activities | (38,542) | (29,545) |
| Effect of exchange rate changes on cash | 174 | 737 |
| Net increase in cash and cash equivalents | 6,197 | 1,058 |
| Cash and cash equivalents at beginning of period | 4,349 | 2,820 |
| Cash and cash equivalents at end of period | $10,546 | $3,878 |
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