Washington, D.C. 20549







Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 27, 2018



Colfax Corporation

(Exact name of registrant as specified in its charter)




Delaware   001-34045   54-1887631
(State or other jurisdiction
of incorporation)
File Number)
  (I.R.S. Employer
Identification No.)

420 National Business Parkway, 5th Floor

Annapolis Junction, MD 20701

(Address of Principal Executive Offices) (Zip Code)

(301) 323-9090

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.02.

Results of Operations and Financial Condition.

Colfax Corporation is providing the following information with respect to its segments:

For the twelve months ended September 28, 2018 (in thousands):


     Air & Gas
    Corporate     Consolidated  

Operating income

   $ (103,687   $ 220,595     $ (104,812   $ 12,096  

Restructuring and other related charges

     64,057       21,936       18       86,011  

Pension settlement loss

     —         —         46,933       46,933  

Goodwill and intangible asset impairment charge

     152,700       —         —         152,700  













Adjusted operating income

     113,070       242,531       (57,861     297,740  

Stock-based compensation

     3,821       5,179       15,414       24,414  

Depreciation, amortization & other impairment charges

     90,762       79,806       1,384       171,952  

Inventory step-up

     1,868       2,144       —         4,012  













Adjusted EBITDA

   $ 209,521       329,660       (41,063     498,118  

Capital expenditures

     (21,218     (41,578     (973     (63,769













Free cash flow

   $ 188,303     $ 288,082     $ (42,036   $ 434,349  













Fabrication Technology Segment


(in thousands)    Year Ended December 31,  
     2015      2016      2017  

Operating income

   $ 168,687      $ 163,509      $ 208,205  

Restructuring and other related charges

     29,650        31,688        16,157  

Goodwill and intangible asset impairment charge

     1,486        238        —    










Adjusted operating income

     199,823        195,435        224,362  

Stock-based compensation

     4,446        2,507        3,888  

Depreciation, amortization & other impairment charges

     83,427        74,901        71,372  

Inventory step-up

     475        1,493        643  










Adjusted EBITDA

   $ 288,171      $ 274,336      $ 300,265  










Non-GAAP Financial Measures

Colfax has provided in this Form 8-K financial information that has not been prepared in accordance with generally accepted accounting principles, or GAAP. These non-GAAP financial measures are adjusted operating income, adjusted EBITDA and free cash flow. Adjusted operating income excludes restructuring and other related items, goodwill and intangible asset impairment charge and pension settlement loss. Adjusted EBITDA excludes restructuring and other related items, goodwill and intangible asset impairment charge and pension settlement loss, stock-based compensation, depreciation, amortization and other impairment charges and inventory step-up. These non-GAAP financial measures assist Colfax management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements of the Company. Colfax management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP.




Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Colfax Corporation
By:   /s/ Christopher M. Hix
Name:   Christopher M. Hix
Title:   Senior Vice President, Finance, and Chief Financial Officer and Treasurer

Date: November 27, 2018