Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Gibraltar Announces Third Quarter 2022 Financial Results

Revenue: GAAP up 5.9%, Adjusted up 6.4%

EPS: GAAP up 28.6%, Adjusted up 19.1%

Raising Lower End and Narrowing Range of GAAP and Adjusted EPS Outlook

Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended September 30, 2022.

“2022 is unfolding in line with our expectations as our focus on simplifying operations and margin recovery pays off. Our operating performance across our businesses was strong in the third quarter, with our Renewables and Agtech businesses showing continuing margin improvement as we anticipated, and the Residential and Infrastructure businesses both generating solid revenue and margin results,” stated Chairman and CEO Bill Bosway.

Third Quarter 2022 Consolidated Results from Continuing Operations

Below are third quarter 2022 consolidated results from continuing operations:

 

 

Three Months Ended September 30, 2022

$Millions, except EPS

 

GAAP

Adjusted

 

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

 

$391.3

 

$369.4

 

5.9%

 

$389.0

 

$365.5

 

6.4%

Net Income

 

$34.3

 

$27.9

 

22.9%

 

$35.7

 

$31.2

 

14.4%

Diluted EPS

 

$1.08

 

$0.84

 

28.6%

 

$1.12

 

$0.94

 

19.1%

Revenue increased 5.9% to $391.3 million and adjusted revenue increased 6.4% to $389.0 million. Approximately half of the increase was organic growth with the remainder from the acquisition of Quality Aluminum Products (QAP). Revenue growth was driven by participation gains, price management, and the acquisition of Quality Aluminum Products in the Residential segment, offset by continuing end market supply chain challenges and project delays in the Renewables and Agtech segments.

GAAP earnings increased 22.9% to $34.3 million, or $1.08 per share, and adjusted earnings increased 14.4% to $35.7 million, or $1.12 per share. EPS growth of 28.6% and 19.1% in the quarter on a GAAP and adjusted basis, respectively, was driven by participation gains, price management, business mix, and 80/20 initiatives and the share repurchase program.

Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, and the results of the Processing business, which was classified as held for sale in the first quarter of 2022, as further described in the appended reconciliation of adjusted financial measures.

Third Quarter Segment Results

Renewables

For the third quarter, the Renewables segment reported:

 

 

Three Months Ended September 30, 2022

$Millions

 

GAAP

Adjusted

 

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

 

$111.1

 

$130.2

 

(14.7)%

 

$111.1

 

$130.2

 

(14.7)%

Operating Income

 

$14.2

 

$12.2

 

16.4%

 

$14.3

 

$14.8

 

(3.4)%

Operating Margin

 

12.8%

 

9.4%

 

340 bps

 

12.9%

 

11.4%

 

150 bps

Segment revenue was down 14.7% and backlog decreased 9%. The timing and progress of solar projects depend upon the supply of solar panels, and solar installations continue to be impacted by supply constraints due to the Uyghur Forced Labor Prevention Act (UFLPA), which was enacted in June, and a three-month delay by the U.S. Department of Commerce for its preliminary ruling on its solar panel anti-dumping / countervailing duties (AD/CVD) anticircumvention investigation.

Despite the effects of this trade environment, adjusted operating margin improved as expected, increasing 150 basis points year-over-year and 590 basis points sequentially, driven by improved project management, price / cost alignment, and field operations efficiencies.

Residential

For the third quarter, the Residential segment reported:

 

 

Three Months Ended September 30, 2022

$Millions

 

GAAP

Adjusted

 

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

 

$215.6

 

$171.5

 

25.7%

 

$215.6

 

$171.5

 

25.7%

Operating Income

 

$35.8

 

$29.5

 

21.4%

 

$36.3

 

$29.6

 

22.6%

Operating Margin

 

16.6%

 

17.2%

 

(60) bps

 

16.8%

 

17.2%

 

(40) bps

Revenue increased 25.7%, the segment’s ninth consecutive quarter of double-digit growth, with organic revenue up 19.0% and the acquisition of Quality Aluminum Products contributing 6.7% of the growth. Organic revenue growth was driven by pricing, participation gains and market demand.

Adjusted operating income grew 22.6% and adjusted operating margin was flat on an organic basis. The recent acquisition of Quality Aluminum Products drove the 40 basis point decrease to 16.8%. We expect QAP margins to improve as 80/20 is implemented.

Agtech

For the third quarter, the Agtech segment reported:

 

 

Three Months Ended September 30, 2022

$Millions

 

GAAP

Adjusted

 

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

 

$44.2

 

$49.0

 

(9.8)%

 

$41.9

 

$45.2

 

(7.3)%

Operating Income

 

$3.8

 

$2.2

 

72.7%

 

$4.5

 

$3.9

 

15.4%

Operating Margin

 

8.5%

 

4.5%

 

400 bps

 

10.7%

 

8.7%

 

200 bps

GAAP revenue decreased 9.8%, with adjusted revenue down 7.3% due to Produce project movement partially offset by strong Commercial business. While quote activity remains robust, backlog decreased 7% on a challenging year-over-year comparison.

GAAP operating margin improved 400 basis points and adjusted operating margin 200 basis points. On a sequential basis, adjusted operating margin improved 400 basis points. Margin performance was driven by good business mix, improving price / cost management, supply chain improvement, and 80/20 initiatives.

Infrastructure

For the third quarter, the Infrastructure segment reported:

 

 

Three Months Ended September 30, 2022

$Millions

 

GAAP

Adjusted

 

 

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

Net Sales

 

$20.4

 

$18.7

 

9.1%

 

$20.4

 

$18.7

 

9.1%

Operating Income

 

$2.6

 

$1.6

 

62.5%

 

$2.6

 

$1.6

 

62.5%

Operating Margin

 

12.6%

 

8.8%

 

380 bps

 

12.6%

 

8.8%

 

380 bps

Revenue increased 9.1% as bidding activity remained very strong and backlog increased 11%. Management expects continued positive impact from increased infrastructure spending related to the Infrastructure Investment and Jobs Act through the end of this year and into 2023.

Operating income increased 62.5% and operating margins improved 380 basis points driven by price material cost alignment, volume leverage, positive mix and improved operating execution.

Business Outlook

Gibraltar is raising the lower end and narrowing the range of its EPS outlook for the full year 2022, with consolidated revenue still expected to range between $1.38 billion and $1.43 billion. GAAP EPS is expected to be between $2.90 and $3.00, and adjusted EPS expected to be between $3.30 and $3.40. Previous GAAP and Adjusted EPS guidance ranges were $2.80 to $3.00 and $3.20 to $3.40, respectively.

“Given our performance to date and our demand profile entering the fourth quarter, we remain confident in delivering our full-year EPS outlook. We remain very focused on simplifying our operations, executing for our customers and controlling the things we can control,” said Mr. Bosway.

Third Quarter 2022 Conference Call Details

Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the third quarter of 2022. Interested parties may access the webcast through the Investors section of the Company’s website at www.gibraltar1.com, where related presentation materials will also be posted prior to the conference call. The call may also be accessed by dialing into the call at (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, availability of labor at our manufacturing and distribution facilities or on our project sites, further impacts of COVID-19 on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, adverse effects of inflation, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to our IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K and Quarterly Report on Form 10-Q which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release, including adjusted revenues, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) each a non-GAAP financial measure. Adjusted revenue reflects the removal of revenue associated with our Processing business, which has been classified as held-for-sale. Adjusted net income, operating income and margin excludes special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs and the operating losses generated by our processing business that has been classified as held-for-sale. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The adjusted measures now exclude the results of the Processing business since it was classified as held for sale as of March 31, 2022. Our adjusted financial measures as of and for the three-month and nine-month periods ending September 30, 2021 have been recast to reflect this additional adjustment as detailed in the appended reconciliation of adjusted financial measures. The results of the Processing business are considered non-recurring due to the Company’s commitment during the first quarter of 2022 to a plan to sell the Processing business. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes depreciation, amortization and stock compensation. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. The Company believes that the presentation of results excluding these items provides meaningful supplemental data to investors that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA is also a useful measure of the Company’s ability to service debt and is one of the measures used for determining the Company’s debt covenant compliance.

Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Reconciliations of non-GAAP measures related to full-year 2022 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

   

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Net sales

 

$

391,291

 

$

369,353

 

 

$

1,076,105

 

$

1,005,334

 

Cost of sales

 

 

296,735

 

 

286,101

 

 

 

826,434

 

 

781,133

 

Gross profit

 

 

94,556

 

 

83,252

 

 

 

249,671

 

 

224,201

 

Selling, general, and administrative expense

 

 

47,160

 

 

45,274

 

 

 

140,941

 

 

141,999

 

Income from operations

 

 

47,396

 

 

37,978

 

 

 

108,730

 

 

82,202

 

Interest expense

 

 

1,048

 

 

491

 

 

 

2,189

 

 

1,180

 

Other expense (income)

 

 

363

 

 

72

 

 

 

797

 

 

(4,279

)

Income before taxes

 

 

45,985

 

 

37,415

 

 

 

105,744

 

 

85,301

 

Provision for income taxes

 

 

11,690

 

 

9,561

 

 

 

26,686

 

 

20,578

 

Income from continuing operations

 

 

34,295

 

 

27,854

 

 

 

79,058

 

 

64,723

 

Discontinued operations:

 

 

 

 

 

 

 

 

(Loss) income before taxes

 

 

 

 

(201

)

 

 

 

 

1,867

 

Provision for income taxes

 

 

 

 

97

 

 

 

 

 

323

 

(Loss) income from discontinued operations

 

 

 

 

(298

)

 

 

 

 

1,544

 

Net income

 

$

34,295

 

$

27,556

 

 

$

79,058

 

$

66,267

 

Net earnings per share – Basic:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1.08

 

$

0.85

 

 

$

2.44

 

$

1.97

 

(Loss) income from discontinued operations

 

 

 

 

(0.01

)

 

 

 

 

0.05

 

Net income

 

$

1.08

 

$

0.84

 

 

$

2.44

 

$

2.02

 

Weighted average shares outstanding – Basic

 

 

31,707

 

 

32,802

 

 

 

32,396

 

 

32,791

 

Net earnings per share – Diluted:

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1.08

 

$

0.84

 

 

$

2.43

 

$

1.96

 

(Loss) income from discontinued operations

 

 

 

 

(0.01

)

 

 

 

 

0.05

 

Net income

 

$

1.08

 

$

0.83

 

 

$

2.43

 

$

2.01

 

Weighted average shares outstanding – Diluted

 

 

31,812

 

 

33,050

 

 

 

32,503

 

 

33,055

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

   

 

 

September 30,

2022

 

December 31,

2021

 

 

(unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

21,919

 

 

$

12,849

 

Accounts receivable, net of allowance of $3,847 and $3,738, respectively

 

 

275,704

 

 

 

236,444

 

Inventories, net

 

 

204,000

 

 

 

176,207

 

Prepaid expenses and other current assets

 

 

37,578

 

 

 

21,467

 

Total current assets

 

 

539,201

 

 

 

446,967

 

Property, plant, and equipment, net

 

 

105,097

 

 

 

96,885

 

Operating lease assets

 

 

24,850

 

 

 

18,120

 

Goodwill

 

 

510,866

 

 

 

510,942

 

Acquired intangibles

 

 

145,374

 

 

 

141,504

 

Other assets

 

 

875

 

 

 

483

 

 

 

$

1,326,263

 

 

$

1,214,901

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

157,167

 

 

$

172,286

 

Accrued expenses and other current liabilities

 

 

82,789

 

 

 

67,993

 

Billings in excess of cost

 

 

42,412

 

 

 

46,711

 

Total current liabilities

 

 

282,368

 

 

 

286,990

 

Long-term debt

 

 

121,840

 

 

 

23,781

 

Deferred income taxes

 

 

40,257

 

 

 

40,278

 

Non-current operating lease liabilities

 

 

17,956

 

 

 

11,390

 

Other non-current liabilities

 

 

20,351

 

 

 

27,204

 

Stockholders’ equity:

 

 

 

 

Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; authorized 100,000 shares in 2022 and 2021;

34,034 shares and 33,799 shares issued and outstanding in 2022 and 2021

 

 

340

 

 

 

338

 

Additional paid-in capital

 

 

320,428

 

 

 

314,541

 

Retained earnings

 

 

624,630

 

 

 

545,572

 

Accumulated other comprehensive (loss) income

 

 

(6,769

)

 

 

187

 

Treasury stock, at cost, 2,530 and 1,107 shares in 2022 and 2021

 

 

(95,138

)

 

 

(35,380

)

Total stockholders’ equity

 

 

843,491

 

 

 

825,258

 

 

 

$

1,326,263

 

 

$

1,214,901

 

GIBRALTAR INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

   

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

 

2021

 

Cash Flows from Operating Activities

 

 

 

 

Net income

 

$

79,058

 

 

$

66,267

 

Income from discontinued operations

 

 

 

 

 

1,544

 

Income from continuing operations

 

 

79,058

 

 

 

64,723

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

19,192

 

 

 

23,958

 

Stock compensation expense

 

 

5,889

 

 

 

6,769

 

Exit activity costs, non-cash

 

 

1,427

 

 

 

1,193

 

Provision for (benefit of) deferred income taxes

 

 

181

 

 

 

(689

)

Other, net

 

 

3,620

 

 

 

1,274

 

Changes in operating assets and liabilities, excluding the effects of acquisitions:

 

 

 

 

Accounts receivable

 

 

(25,538

)

 

 

(65,297

)

Inventories

 

 

(19,840

)

 

 

(65,906

)

Other current assets and other assets

 

 

393

 

 

 

(316

)

Accounts payable

 

 

(24,756

)

 

 

32,029

 

Accrued expenses and other non-current liabilities

 

 

(1,065

)

 

 

(12,261

)

Net cash provided by (used in) operating activities of continuing operations

 

 

38,561

 

 

 

(14,523

)

Net cash used in operating activities of discontinued operations

 

 

 

 

 

(2,002

)

Net cash provided by (used in) operating activities

 

 

38,561

 

 

 

(16,525

)

Cash Flows from Investing Activities

 

 

 

 

Acquisitions, net of cash acquired

 

 

(51,621

)

 

 

4,143

 

Purchases of property, plant, and equipment

 

 

(15,704

)

 

 

(13,251

)

Net proceeds from sale of business

 

 

 

 

 

38,062

 

Net cash (used in) provided by investing activities of continuing operations

 

 

(67,325

)

 

 

28,954

 

Net cash used in investing activities of discontinued operations

 

 

 

 

 

(176

)

Net cash (used in) provided by investing activities

 

 

(67,325

)

 

 

28,778

 

Cash Flows from Financing Activities

 

 

 

 

Proceeds from long-term debt

 

 

197,800

 

 

 

58,500

 

Long-term debt payments

 

 

(100,000

)

 

 

(83,636

)

Purchase of common stock at market prices

 

 

(58,125

)

 

 

(6,161

)

Net proceeds from issuance of common stock

 

 

 

 

 

1,021

 

Net cash provided by (used in) financing activities

 

 

39,675

 

 

 

(30,276

)

Effect of exchange rate changes on cash

 

 

(1,841

)

 

 

(97

)

Net increase (decrease) in cash and cash equivalents

 

 

9,070

 

 

 

(18,120

)

Cash and cash equivalents at beginning of year

 

 

12,849

 

 

 

32,054

 

Cash and cash equivalents at end of period

 

$

21,919

 

 

$

13,934

 

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

September 30,2022

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

111,119

 

 

$

 

 

$

 

 

$

 

 

$

111,119

 

Residential

 

 

215,592

 

 

 

 

 

 

 

 

 

 

 

 

215,592

 

Agtech

 

 

44,217

 

 

 

 

 

 

 

 

 

(2,326

)

 

 

41,891

 

Infrastructure

 

 

20,363

 

 

 

 

 

 

 

 

 

 

 

 

20,363

 

Consolidated sales

 

 

391,291

 

 

 

 

 

 

 

 

 

(2,326

)

 

 

388,965

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

14,216

 

 

 

(42

)

 

 

126

 

 

 

 

 

 

14,300

 

Residential

 

 

35,802

 

 

 

12

 

 

 

476

 

 

 

 

 

 

36,290

 

Agtech

 

 

3,777

 

 

 

232

 

 

 

 

 

 

481

 

 

 

4,490

 

Infrastructure

 

 

2,572

 

 

 

 

 

 

 

 

 

 

 

 

2,572

 

Segments Income

 

 

56,367

 

 

 

202

 

 

 

602

 

 

 

481

 

 

 

57,652

 

Unallocated corporate expense

 

 

(8,971

)

 

 

82

 

 

 

522

 

 

 

 

 

 

(8,367

)

Consolidated income from operations

 

 

47,396

 

 

 

284

 

 

 

1,124

 

 

 

481

 

 

 

49,285

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,048

 

 

 

 

 

 

 

 

 

 

 

 

1,048

 

Other expense

 

 

363

 

 

 

 

 

 

 

 

 

 

 

 

363

 

Income before income taxes

 

 

45,985

 

 

 

284

 

 

 

1,124

 

 

 

481

 

 

 

47,874

 

Provision for income taxes

 

 

11,690

 

 

 

74

 

 

 

285

 

 

 

124

 

 

 

12,173

 

Income from continuing operations

 

$

34,295

 

 

$

210

 

 

$

839

 

 

$

357

 

 

$

35,701

 

Income from continuing operations per share - diluted

 

$

1.08

 

 

$

0.01

 

 

$

0.02

 

 

$

0.01

 

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

12.8

%

 

 

%

 

 

0.1

%

 

 

%

 

 

12.9

%

Residential

 

 

16.6

%

 

 

%

 

 

0.2

%

 

 

%

 

 

16.8

%

Agtech

 

 

8.5

%

 

 

0.5

%

 

 

%

 

 

1.1

%

 

 

10.7

%

Infrastructure

 

 

12.6

%

 

 

%

 

 

%

 

 

%

 

 

12.6

%

Segments Margin

 

 

14.4

%

 

 

0.1

%

 

 

0.1

%

 

 

0.1

%

 

 

14.8

%

Consolidated

 

 

12.1

%

 

 

0.1

%

 

 

0.3

%

 

 

0.1

%

 

 

12.7

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

September 30, 2021

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

 

Portfolio

Management*

 

Adjusted

Financial

Measures *

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

130,162

 

 

$

 

 

$

 

 

$

130,162

 

 

$

 

 

$

130,162

 

Residential

 

 

171,545

 

 

 

 

 

 

 

 

 

171,545

 

 

 

 

 

 

171,545

 

Agtech

 

 

48,975

 

 

 

 

 

 

 

 

 

48,975

 

 

 

(3,825

)

 

 

45,150

 

Infrastructure

 

 

18,671

 

 

 

 

 

 

 

 

 

18,671

 

 

 

 

 

 

18,671

 

Consolidated sales

 

 

369,353

 

 

 

 

 

 

 

 

 

369,353

 

 

 

(3,825

)

 

 

365,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

12,206

 

 

 

523

 

 

 

2,064

 

 

 

14,793

 

 

 

 

 

 

14,793

 

Residential

 

 

29,482

 

 

 

83

 

 

 

 

 

 

29,565

 

 

 

 

 

 

29,565

 

Agtech

 

 

2,227

 

 

 

293

 

 

 

 

 

 

2,520

 

 

 

1,387

 

 

 

3,907

 

Infrastructure

 

 

1,640

 

 

 

 

 

 

 

 

 

1,640

 

 

 

 

 

 

1,640

 

Segments Income

 

 

45,555

 

 

 

899

 

 

 

2,064

 

 

 

48,518

 

 

 

1,387

 

 

 

49,905

 

Unallocated corporate expense

 

 

(7,577

)

 

 

41

 

 

 

53

 

 

 

(7,483

)

 

 

 

 

 

(7,483

)

Consolidated income from operations

 

 

37,978

 

 

 

940

 

 

 

2,117

 

 

 

41,035

 

 

 

1,387

 

 

 

42,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

491

 

 

 

 

 

 

 

 

 

491

 

 

 

 

 

 

491

 

Other expense

 

 

72

 

 

 

 

 

 

 

 

 

72

 

 

 

 

 

 

72

 

Income before income taxes

 

 

37,415

 

 

 

940

 

 

 

2,117

 

 

 

40,472

 

 

 

1,387

 

 

 

41,859

 

Provision for income taxes

 

 

9,561

 

 

 

198

 

 

 

515

 

 

 

10,274

 

 

 

355

 

 

 

10,629

 

Income from continuing operations

 

$

27,854

 

 

$

742

 

 

$

1,602

 

 

$

30,198

 

 

$

1,032

 

 

$

31,230

 

Income from continuing operations per share - diluted

 

$

0.84

 

 

$

0.02

 

 

$

0.05

 

 

$

0.91

 

 

$

0.03

 

 

$

0.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

9.4

%

 

 

0.4

%

 

 

1.6

%

 

 

11.4

%

 

 

%

 

 

11.4

%

Residential

 

 

17.2

%

 

 

%

 

 

%

 

 

17.2

%

 

 

%

 

 

17.2

%

Agtech

 

 

4.5

%

 

 

0.6

%

 

 

%

 

 

5.1

%

 

 

3.6

%

 

 

8.7

%

Infrastructure

 

 

8.8

%

 

 

%

 

 

%

 

 

8.8

%

 

 

%

 

 

8.8

%

Segments Margin

 

 

12.3

%

 

 

0.2

%

 

 

0.5

%

 

 

13.1

%

 

 

0.6

%

 

 

13.7

%

Consolidated

 

 

10.3

%

 

 

0.2

%

 

 

0.5

%

 

 

11.1

%

 

 

0.5

%

 

 

11.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

*Recast to exclude processing equipment business which was reclassified as held for sale as of March 31, 2022.

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Nine Months Ended

September 30, 2022

 

 

As Reported

In GAAP

Statements

 

Restructuring &

Senior

Leadership

Transition

Charges

 

Acquisition

Related

Items

 

Portfolio

Management

 

Adjusted

Financial

Measures

Net Sales

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

291,451

 

 

$

 

 

$

 

 

$

 

 

$

291,451

 

Residential

 

 

595,322

 

 

 

 

 

 

 

 

 

 

 

 

595,322

 

Agtech

 

 

130,325

 

 

 

 

 

 

 

 

 

(6,897

)

 

 

123,428

 

Infrastructure

 

 

59,007

 

 

 

 

 

 

 

 

 

 

 

 

59,007

 

Consolidated sales

 

 

1,076,105

 

 

 

 

 

 

 

 

 

(6,897

)

 

 

1,069,208

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

14,061

 

 

 

2,343

 

 

 

731

 

 

 

 

 

 

17,135

 

Residential

 

 

104,901

 

 

 

1,594

 

 

 

476

 

 

 

 

 

 

106,971

 

Agtech

 

 

5,350

 

 

 

320

 

 

 

 

 

 

4,115

 

 

 

9,785

 

Infrastructure

 

 

6,640

 

 

 

(63

)

 

 

 

 

 

 

 

 

6,577

 

Segments Income

 

 

130,952

 

 

 

4,194

 

 

 

1,207

 

 

 

4,115

 

 

 

140,468

 

Unallocated corporate expense

 

 

(22,222

)

 

 

531

 

 

 

529

 

 

 

 

 

 

(21,162

)

Consolidated income from operations

 

 

108,730

 

 

 

4,725

 

 

 

1,736

 

 

 

4,115

 

 

 

119,306

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

2,189

 

 

 

 

 

 

 

 

 

 

 

 

2,189

 

Other expense

 

 

797

 

 

 

 

 

 

 

 

 

100

 

 

 

897

 

Income before income taxes

 

 

105,744

 

 

 

4,725

 

 

 

1,736

 

 

 

4,015

 

 

 

116,220

 

Provision for income taxes

 

 

26,686

 

 

 

1,177

 

 

 

437

 

 

 

1,003

 

 

 

29,303

 

Income from continuing operations

 

$

79,058

 

 

$

3,548

 

 

$

1,299

 

 

$

3,012

 

 

$

86,917

 

Income from continuing operations per share - diluted

 

$

2.43

 

 

$

0.11

 

 

$

0.04

 

 

$

0.09

 

 

$

2.67

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

4.8

%

 

 

0.8

%

 

 

0.3

%

 

 

%

 

 

5.9

%

Residential

 

 

17.6

%

 

 

0.2

%

 

 

0.1

%

 

 

%

 

 

18.0

%

Agtech

 

 

4.1

%

 

 

0.2

%

 

 

%

 

 

3.2

%

 

 

7.9

%

Infrastructure

 

 

11.3

%

 

 

(0.1

) %

 

 

%

 

 

%

 

 

11.1

%

Segments Margin

 

 

12.2

%

 

 

0.4

%

 

 

0.1

%

 

 

0.4

%

 

 

13.1

%

Consolidated

 

 

10.1

%

 

 

0.4

%

 

 

0.2

%

 

 

0.4

%

 

 

11.2

%

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Adjusted Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

Nine Months Ended

September 30, 2021

 

 

As Reported

In GAAP

Statements

 

Restructuring

& Senior

Leadership

Transition

Costs

 

Acquisition

Related

Items

 

Adjusted

Financial

Measures

 

Portfolio

Management*

 

Adjusted

Financial

Measures *

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

$

323,425

 

 

$

 

 

$

 

 

$

323,425

 

 

$

 

 

$

323,425

 

Residential

 

 

475,971

 

 

 

 

 

 

 

 

 

475,971

 

 

 

 

 

 

475,971

 

Agtech

 

 

149,410

 

 

 

 

 

 

 

 

 

149,410

 

 

 

(16,062

)

 

 

133,348

 

Infrastructure

 

 

56,528

 

 

 

 

 

 

 

 

 

56,528

 

 

 

 

 

 

56,528

 

Consolidated sales

 

 

1,005,334

 

 

 

 

 

 

 

 

 

1,005,334

 

 

 

(16,062

)

 

 

989,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

21,195

 

 

 

6,280

 

 

 

5,822

 

 

 

33,297

 

 

 

 

 

 

33,297

 

Residential

 

 

79,571

 

 

 

177

 

 

 

 

 

 

79,748

 

 

 

 

 

 

79,748

 

Agtech

 

 

4,133

 

 

 

1,784

 

 

 

 

 

 

5,917

 

 

 

2,689

 

 

 

8,606

 

Infrastructure

 

 

7,863

 

 

 

 

 

 

 

 

 

7,863

 

 

 

 

 

 

7,863

 

Segments Income

 

 

112,762

 

 

 

8,241

 

 

 

5,822

 

 

 

126,825

 

 

 

2,689

 

 

 

129,514

 

Unallocated corporate expense

 

 

(30,560

)

 

 

1,407

 

 

 

968

 

 

 

(28,185

)

 

 

 

 

 

(28,185

)

Consolidated income from operations

 

 

82,202

 

 

 

9,648

 

 

 

6,790

 

 

 

98,640

 

 

 

2,689

 

 

 

101,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,180

 

 

 

 

 

 

 

 

 

1,180

 

 

 

 

 

 

1,180

 

Other (income) expense

 

 

(4,279

)

 

 

 

 

 

4,747

 

 

 

468

 

 

 

 

 

 

468

 

Income before income taxes

 

 

85,301

 

 

 

9,648

 

 

 

2,043

 

 

 

96,992

 

 

 

2,689

 

 

 

99,681

 

Provision for income taxes

 

 

20,578

 

 

 

2,389

 

 

 

73

 

 

 

23,040

 

 

 

700

 

 

 

23,740

 

Income from continuing operations

 

$

64,723

 

 

$

7,259

 

 

$

1,970

 

 

$

73,952

 

 

$

1,989

 

 

$

75,941

 

Income from continuing operations per share - diluted

 

$

1.96

 

 

$

0.22

 

 

$

0.06

 

 

$

2.24

 

 

$

0.06

 

 

$

2.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

 

 

 

 

 

 

 

 

 

 

 

Renewables

 

 

6.6

%

 

 

1.9

%

 

 

1.8

%

 

 

10.3

%

 

 

%

 

 

10.3

%

Residential

 

 

16.7

%

 

 

%

 

 

%

 

 

16.8

%

 

 

%

 

 

16.8

%

Agtech

 

 

2.8

%

 

 

1.2

%

 

 

%

 

 

4.0

%

 

 

2.5

%

 

 

6.5

%

Infrastructure

 

 

13.9

%

 

 

%

 

 

%

 

 

13.9

%

 

 

%

 

 

13.9

%

Segments Margin

 

 

11.2

%

 

 

0.8

%

 

 

0.6

%

 

 

12.6

%

 

 

0.5

%

 

 

13.1

%

Consolidated

 

 

8.2

%

 

 

1.0

%

 

 

0.7

%

 

 

9.8

%

 

 

0.4

%

 

 

10.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

*Recast to exclude processing equipment business which was reclassified as held for sale as of March 31, 2022.

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended

September 30,2022

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

391,291

 

 

$

111,119

 

 

$

215,592

 

 

$

44,217

 

 

$

20,363

 

Less: Processing Revenues*

 

 

(2,326

)

 

 

 

 

 

 

 

 

(2,326

)

 

 

 

Adjusted Net Sales

 

$

388,965

 

 

$

111,119

 

 

$

215,592

 

 

$

41,891

 

 

$

20,363

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

34,295

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

11,690

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

1,048

 

 

 

 

 

 

 

 

 

Other Expense

 

 

363

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

47,396

 

 

 

14,216

 

 

 

35,802

 

 

 

3,777

 

 

 

2,572

 

Adjusted Measures**

 

 

1,889

 

 

 

84

 

 

 

488

 

 

 

713

 

 

 

 

Adjusted Operating Profit

 

 

49,285

 

 

 

14,300

 

 

 

36,290

 

 

 

4,490

 

 

 

2,572

 

Adjusted Operating Margin

 

 

12.7

%

 

 

12.9

%

 

 

16.8

%

 

 

10.7

%

 

 

12.6

%

Adjusted Other Expense & Loss on Sale of PPE

 

 

364

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

6,515

 

 

 

2,088

 

 

 

2,296

 

 

 

1,015

 

 

 

789

 

Less: Held for Sale Depreciation & Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

6,515

 

 

 

2,088

 

 

 

2,296

 

 

 

1,015

 

 

 

789

 

Stock Compensation Expense

 

 

1,764

 

 

 

296

 

 

 

313

 

 

 

142

 

 

 

55

 

Less: Senior Leadership Transition Related Stock Compensation Recovery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

1,764

 

 

 

296

 

 

 

313

 

 

 

142

 

 

 

55

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

57,200

 

 

 

16,684

 

 

 

38,899

 

 

 

5,647

 

 

 

3,416

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

14.7

%

 

 

15.0

%

 

 

18.0

%

 

 

13.5

%

 

 

16.8

%

*To remove revenues of processing equipment business classified as held for sale

**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended

September 30, 2021

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

369,353

 

 

$

130,162

 

 

$

171,545

 

 

$

48,975

 

 

$

18,671

 

Less: Processing Revenues*

 

 

(3,825

)

 

 

 

 

 

 

 

 

(3,825

)

 

 

 

Adjusted Net Sales

 

$

365,528

 

 

$

130,162

 

 

$

171,545

 

 

$

45,150

 

 

$

18,671

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

27,854

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

9,561

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

491

 

 

 

 

 

 

 

 

 

Other Expense

 

 

72

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

37,978

 

 

 

12,206

 

 

 

29,482

 

 

 

2,227

 

 

 

1,640

 

Adjusted Measures**

 

 

4,444

 

 

 

2,587

 

 

 

83

 

 

 

1,680

 

 

 

 

Adjusted Operating Profit

 

 

42,422

 

 

 

14,793

 

 

 

29,565

 

 

 

3,907

 

 

 

1,640

 

Adjusted Operating Margin

 

 

11.6

%

 

 

11.4

%

 

 

17.2

%

 

 

8.7

%

 

 

8.8

%

Adjusted Other Expense

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

7,944

 

 

 

3,625

 

 

 

2,150

 

 

 

1,337

 

 

 

775

 

Less: Held for Sale Depreciation & Amortization

 

 

(331

)

 

 

 

 

 

 

 

 

(331

)

 

 

 

Less: Acquisition-Related Amortization

 

 

(1,568

)

 

 

(1,568

)

 

 

 

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

6,045

 

 

 

2,057

 

 

 

2,150

 

 

 

1,006

 

 

 

775

 

Stock Compensation Expense

 

 

1,834

 

 

 

224

 

 

 

264

 

 

 

175

 

 

 

27

 

Less: Senior Leadership Transition Related Stock Compensation Expense

 

 

(125

)

 

 

 

 

 

 

 

 

(36

)

 

 

 

Adjusted Stock Compensation Expense

 

 

1,709

 

 

 

224

 

 

 

264

 

 

 

139

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

50,104

 

 

 

17,074

 

 

 

31,979

 

 

 

5,052

 

 

 

2,442

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

13.7

%

 

 

13.1

%

 

 

18.6

%

 

 

11.2

%

 

 

13.1

%

*To remove revenues of processing equipment business classified as held for sale

**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Nine Months Ended

September 30, 2022

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,076,105

 

 

$

291,451

 

 

$

595,322

 

 

$

130,325

 

 

$

59,007

 

Less: Processing Revenues*

 

 

(6,897

)

 

 

 

 

 

 

 

 

(6,897

)

 

 

 

Adjusted Net Sales

 

$

1,069,208

 

 

$

291,451

 

 

$

595,322

 

 

$

123,428

 

 

$

59,007

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

79,058

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

26,686

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

2,189

 

 

 

 

 

 

 

 

 

Other Expense

 

 

797

 

 

 

 

 

 

 

 

 

Operating Profit

 

 

108,730

 

 

 

14,061

 

 

 

104,901

 

 

 

5,350

 

 

 

6,640

 

Adjusted Measures**

 

 

10,576

 

 

 

3,074

 

 

 

2,070

 

 

 

4,435

 

 

 

(63

)

Adjusted Operating Profit

 

 

119,306

 

 

 

17,135

 

 

 

106,971

 

 

 

9,785

 

 

 

6,577

 

Adjusted Operating Margin

 

 

11.2

%

 

 

5.9

%

 

 

18.0

%

 

 

7.9

%

 

 

11.1

%

Adjusted Other Expense & Loss on Sale of PPE

 

 

888

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

19,192

 

 

 

6,344

 

 

 

6,374

 

 

 

3,347

 

 

 

2,364

 

Less: Held for Sale Depreciation & Amortization

 

 

(332

)

 

 

 

 

 

 

 

 

(332

)

 

 

 

Adjusted Depreciation & Amortization

 

 

18,860

 

 

 

6,344

 

 

 

6,374

 

 

 

3,015

 

 

 

2,364

 

Stock Compensation Expense

 

 

5,889

 

 

 

744

 

 

 

745

 

 

 

319

 

 

 

129

 

Less: Senior Leadership Transition Related Stock Compensation Recovery

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stock Compensation Expense

 

 

6,044

 

 

 

744

 

 

 

745

 

 

 

319

 

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

143,322

 

 

 

24,223

 

 

 

114,090

 

 

 

13,119

 

 

 

9,070

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

13.4

%

 

 

8.3

%

 

 

19.2

%

 

 

10.6

%

 

 

15.4

%

*To remove revenues of processing equipment business classified as held for sale

**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

GIBRALTAR INDUSTRIES, INC.

Reconciliation of Income From Continuing Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

 

 

Nine Months Ended

September 30, 2021

 

 

Consolidated

 

Renewables

 

Residential

 

Agtech

 

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,005,334

 

 

$

323,425

 

 

$

475,971

 

 

$

149,410

 

 

$

56,528

 

Less: Processing Revenues*

 

 

(16,062

)

 

 

 

 

 

 

 

 

(16,062

)

 

 

 

Adjusted Net Sales

 

$

989,272

 

 

$

323,425

 

 

$

475,971

 

 

$

133,348

 

 

$

56,528

 

 

 

 

 

 

 

 

 

 

 

 

Income From Continuing Operations

 

 

64,723

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

20,578

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

1,180

 

 

 

 

 

 

 

 

 

Other Income

 

 

(4,279

)

 

 

 

 

 

 

 

 

Operating Profit

 

 

82,202

 

 

 

21,195

 

 

 

79,571

 

 

 

4,133

 

 

 

7,863

 

Adjusted Measures**

 

 

19,127

 

 

 

12,102

 

 

 

177

 

 

 

4,473

 

 

 

 

Adjusted Operating Profit

 

 

101,329

 

 

 

33,297

 

 

 

79,748

 

 

 

8,606

 

 

 

7,863

 

Adjusted Operating Margin

 

 

10.2

%

 

 

10.3

%

 

 

16.8

%

 

 

6.5

%

 

 

13.9

%

Adjusted Other Expense

 

 

468

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation & Amortization

 

 

23,958

 

 

 

10,933

 

 

 

6,568

 

 

 

3,984

 

 

 

2,310

 

Less: Held for Sale Depreciation & Amortization

 

 

(992

)

 

 

 

 

 

 

 

 

(992

)

 

 

 

Less: Acquisition-Related Amortization

 

 

(4,706

)

 

 

(4,706

)

 

 

 

 

 

 

 

 

 

Adjusted Depreciation & Amortization

 

 

18,260

 

 

 

6,227

 

 

 

6,568

 

 

 

2,992

 

 

 

2,310

 

Stock Compensation Expense

 

 

6,769

 

 

 

610

 

 

 

766

 

 

 

549

 

 

 

71

 

Less: Senior Leadership Transition Related Stock Compensation Expense

 

 

(629

)

 

 

 

 

 

 

 

 

(36

)

 

 

 

Adjusted Stock Compensation Expense

 

 

6,140

 

 

 

610

 

 

 

766

 

 

 

513

 

 

 

71

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

125,261

 

 

 

40,134

 

 

 

87,082

 

 

 

12,111

 

 

 

10,244

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

 

12.7

%

 

 

12.4

%

 

 

18.3

%

 

 

9.1

%

 

 

18.1

%

*To remove revenues of processing equipment business classified as held for sale

**Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

 

Contacts

LHA Investor Relations

Jody Burfening/Carolyn Capaccio

(212) 838-3777

rock@lhai.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.