Distribution Solutions Group Announces 2024 First Quarter Results
First Quarter Revenue Up 19.5% to
Announced Acquisition of
"As demonstrated in the first quarter, our acquisition strategy contributes to DSG's inorganic growth by expanding our scale, customer base and geographic reach by enhancing our enterprise-wide product offerings. During the first quarter Lawson completed the acquisition of Emergent Safety Supply to help accelerate our expansion into the safety category. We are also excited about Lawson's acquisition of
"We are actively working our pipeline of acquisition targets, incremental margin enhancement initiatives, and cost savings -- and expect sequential margin improvements as 2024 develops. Our asset-light business model, combined with our focus on growing operating cash flows and accelerating returns on invested capital, positions us well to maximize long-term shareholder value," concluded
The following represents a summary of certain operating results (unaudited). See the reconciliations of GAAP to non-GAAP measures in Tables 2, 3 and 4.
|
Three Months Ended |
||||||||||||||||
|
|
|
|
||||||||||||||
(Dollars in thousands) |
2024 |
|
2023 |
|
% Change |
|
2023 |
|
% Change |
||||||||
Revenue |
$ |
416,086 |
|
|
$ |
348,270 |
|
|
19.5 |
% |
|
$ |
405,239 |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
$ |
2,783 |
|
|
$ |
16,721 |
|
|
(83.4 |
)% |
|
$ |
(289 |
) |
|
N/A |
|
Non-GAAP adjusted operating income |
$ |
29,761 |
|
|
$ |
32,783 |
|
|
(9.2 |
)% |
|
$ |
28,006 |
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP adjusted EBITDA |
$ |
36,067 |
|
|
$ |
39,353 |
|
|
(8.4 |
)% |
|
$ |
33,880 |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) as a percent of revenue |
|
0.7 |
% |
|
|
4.8 |
% |
|
|
|
|
(0.1 |
)% |
|
74bps |
||
Adjusted EBITDA as a percent of revenue |
|
8.7 |
% |
|
|
11.3 |
% |
|
|
|
|
8.4 |
% |
|
30bps |
2024 First Quarter Summary(1)
-
Revenue increased
$67.8 million , or 19.5%, to$416.1 million including$99.2 million of incremental revenue from 2023 and 2024 acquisitions. Two-year stacked organic revenue grew by 4.7% despite organic revenue softness in the current quarter being down 8.6% on comparable days. The revenue headwinds were isolated to the technology and renewables end markets and our industrial Test & Measurement business, which are more sensitive to higher interest rates connected to capital spending. Organic revenue grew by 2.1% from the fourth quarter of 2023. -
Operating income was
$2.8 million , which included$10.7 million of non-cash acquired intangible amortization and$16.2 million of non-recurring severance and acquisition-related retention costs, stock-based compensation, acquisition-related costs and other non-recurring items as compared to operating income of$16.7 million in the prior year quarter. Adjusted operating income, excluding these non-cash and non-recurring items, was$29.8 million compared to$32.8 million in the year-ago quarter and$28.0 million in the fourth quarter of 2023. -
Diluted loss per share was
$0.11 for the quarter compared to diluted income per share of$0.14 in the year-ago quarter based on higher depreciation and amortization expenses and non-recurring severance and acquisition-related retention costs. Non-GAAP adjusted diluted earnings per share was$0.25 compared to$0.42 for the same period a year ago and$0.22 from the fourth quarter of 2023. -
Adjusted EBITDA was
$36.1 million or 8.7% compared to$39.4 million in the prior year quarter. Sequentially, adjusted EBITDA grew$2.2 million or 6.5% from the fourth quarter of 2023; and increased as a percent of sales by 30bps from 8.4%. -
The Company ended the first quarter with total liquidity of
$283.9 million , consisting of$85.6 million of cash (restricted and unrestricted) and$198.3 million of availability under its credit facility with net debt leverage of 3.0x. Uses of cash in the first quarter included net capital expenditures of$2.9 million . -
Completed the acquisition of Emergent Safety Supply in
January 2024 to expand and accelerate our safety product category. Subsequent to quarter end, announced the accretive acquisition ofS&S Automotive with annual revenues of approximately$40 million to expand our product offering and automotive market reach.
(1) See reconciliation of GAAP to non-GAAP measures in tables 2, 3 and 4. |
Share and per share data for all periods presented reflect two-for-one stock split. |
Conference Call
About
Through its collective businesses, DSG is dedicated to helping customers lower their total cost of operation by increasing productivity and efficiency with the right products, expert technical support and fast, reliable delivery to be a one-stop solution provider. DSG serves approximately 180,000 customers in several diverse end markets supported by approximately 3,700 dedicated employees and strong vendor partnerships. DSG ships from strategically located distribution and service centers to customers in
For more information on
This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. Terms such as "aim," "anticipate," "believe," "contemplates," "continues," "could," "ensure," "estimate," "expect," "forecasts," "if," "intend," "likely," "may," "might," "objective," "outlook," "plan," "positioned," "potential," "predict," "probable," "project," "shall," "should," "strategy," "will," "would," and variations of them and other words and terms of similar meaning and expression (and the negatives of such words and terms) are intended to identify forward-looking statements. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on current expectations and involve inherent risks, uncertainties and assumptions, including factors that could delay, divert or change any of them, and could cause actual outcomes to differ materially from current expectations. DSG can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and DSG cautions readers not to place undue reliance on such statements, which speak only as of the date made. DSG undertakes no obligation to release publicly any revisions to forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those projected as a result of certain risks and uncertainties. Certain risks associated with DSG's business are also discussed from time to time in the reports DSG files with the
-TABLES FOLLOW-
Condensed Consolidated Balance Sheets (Dollars in thousands, except share data) (Unaudited) |
|||||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
73,097 |
|
|
$ |
83,931 |
|
Restricted cash |
|
12,505 |
|
|
|
15,695 |
|
Accounts receivable, less allowances |
|
221,253 |
|
|
|
213,448 |
|
Inventories |
|
313,820 |
|
|
|
315,984 |
|
Prepaid expenses and other current assets |
|
34,382 |
|
|
|
28,272 |
|
Total current assets |
|
655,057 |
|
|
|
657,330 |
|
Property, plant and equipment, net |
|
111,371 |
|
|
|
113,811 |
|
Rental equipment, net |
|
23,709 |
|
|
|
24,575 |
|
|
|
402,009 |
|
|
|
399,925 |
|
Deferred tax asset, net |
|
78 |
|
|
|
95 |
|
Intangible assets, net |
|
246,761 |
|
|
|
253,834 |
|
Cash value of life insurance |
|
19,150 |
|
|
|
18,493 |
|
Right of use operating lease assets |
|
79,024 |
|
|
|
76,340 |
|
Other assets |
|
5,964 |
|
|
|
5,928 |
|
Total assets |
$ |
1,543,123 |
|
|
$ |
1,550,331 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
101,719 |
|
|
$ |
98,674 |
|
Current portion of long-term debt |
|
30,250 |
|
|
|
32,551 |
|
Current portion of lease liabilities |
|
14,638 |
|
|
|
13,549 |
|
Accrued expenses and other current liabilities |
|
93,883 |
|
|
|
97,241 |
|
Total current liabilities |
|
240,490 |
|
|
|
242,015 |
|
Long-term debt, less current portion, net |
|
535,736 |
|
|
|
535,881 |
|
Lease liabilities |
|
69,323 |
|
|
|
67,065 |
|
Deferred tax liability, net |
|
17,150 |
|
|
|
18,326 |
|
Other liabilities |
|
25,766 |
|
|
|
25,443 |
|
Total liabilities |
|
888,465 |
|
|
|
888,730 |
|
Stockholders' equity: |
|
|
|
||||
Preferred stock, |
|
|
|
||||
Authorized - 500,000 shares, issued and outstanding — None |
|
— |
|
|
|
— |
|
Common stock, |
|
|
|
||||
Authorized - 70,000,000 shares Issued - 47,597,864 and 47,535,618 shares, respectively Outstanding - 46,806,573 and 46,758,359 shares, respectively |
|
46,806 |
|
|
|
46,758 |
|
Capital in excess of par value |
|
672,974 |
|
|
|
671,154 |
|
Retained deficit |
|
(39,931 |
) |
|
|
(34,707 |
) |
|
|
(16,883 |
) |
|
|
(16,434 |
) |
Accumulated other comprehensive income (loss) |
|
(8,308 |
) |
|
|
(5,170 |
) |
Total stockholders' equity |
|
654,658 |
|
|
|
661,601 |
|
Total liabilities and stockholders' equity |
$ |
1,543,123 |
|
|
$ |
1,550,331 |
|
Condensed Consolidated Statements of Operations (Dollars in thousands, except per share data) (Unaudited) |
|||||||
|
Three Months Ended |
||||||
|
|
||||||
|
2024 |
|
2023 |
||||
|
|
|
|
||||
Revenue |
$ |
416,086 |
|
|
$ |
348,270 |
|
Cost of goods sold |
|
272,677 |
|
|
|
215,399 |
|
Gross profit |
|
143,409 |
|
|
|
132,871 |
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
140,626 |
|
|
|
116,150 |
|
|
|
|
|
||||
Operating income (loss) |
|
2,783 |
|
|
|
16,721 |
|
|
|
|
|
||||
Interest expense |
|
(11,827 |
) |
|
|
(7,670 |
) |
Change in fair value of earnout liabilities |
|
5 |
|
|
|
(57 |
) |
Other income (expense), net |
|
(262 |
) |
|
|
(975 |
) |
|
|
|
|
||||
Income (loss) before income taxes |
|
(9,301 |
) |
|
|
8,019 |
|
Income tax expense (benefit) |
|
(4,077 |
) |
|
|
2,112 |
|
|
|
|
|
||||
Net income (loss) |
$ |
(5,224 |
) |
|
$ |
5,907 |
|
|
|
|
|
||||
Basic income (loss) per share of common stock |
$ |
(0.11 |
) |
|
$ |
0.14 |
|
|
|
|
|
||||
Diluted income (loss) per share of common stock |
$ |
(0.11 |
) |
|
$ |
0.14 |
|
|
|
|
|
||||
Basic weighted average shares outstanding |
|
46,777,178 |
|
|
|
42,241,540 |
|
|
|
|
|
||||
Diluted weighted average shares outstanding |
|
46,777,178 |
|
|
|
42,608,408 |
|
Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited) |
|||||||
|
Three Months Ended |
||||||
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
||||
Net income (loss) |
$ |
(5,224 |
) |
|
$ |
5,907 |
|
Adjustments to reconcile to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
17,052 |
|
|
|
15,722 |
|
Amortization of debt issuance costs |
|
660 |
|
|
|
469 |
|
Stock-based compensation |
|
2,198 |
|
|
|
2,204 |
|
Deferred income taxes |
|
1,159 |
|
|
|
612 |
|
Change in fair value of earnout liabilities |
|
(5 |
) |
|
|
57 |
|
Gain on sale of rental equipment |
|
(432 |
) |
|
|
(889 |
) |
Loss on sale of property, plant and equipment |
|
(5 |
) |
|
|
151 |
|
Net realizable value adjustment and write-offs for obsolete and excess inventory |
|
1,605 |
|
|
|
2,158 |
|
Bad debt expense |
|
(333 |
) |
|
|
253 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable |
|
(6,560 |
) |
|
|
(6,015 |
) |
Inventories |
|
1,048 |
|
|
|
(7,243 |
) |
Prepaid expenses and other current assets |
|
(6,813 |
) |
|
|
(2,941 |
) |
Accounts payable |
|
3,454 |
|
|
|
11,183 |
|
Accrued expenses and other current liabilities |
|
(1,488 |
) |
|
|
(8,698 |
) |
Other changes in operating assets and liabilities |
|
299 |
|
|
|
928 |
|
Net cash provided by (used in) operating activities |
|
6,615 |
|
|
|
13,858 |
|
Investing activities |
|
|
|
||||
Purchases of property, plant and equipment |
|
(2,454 |
) |
|
|
(4,490 |
) |
Business acquisitions, net of cash acquired |
|
(13,145 |
) |
|
|
— |
|
Purchases of rental equipment |
|
(1,221 |
) |
|
|
(2,420 |
) |
Proceeds from sale of rental equipment |
|
812 |
|
|
|
1,816 |
|
Net cash provided by (used in) investing activities |
|
(16,008 |
) |
|
|
(5,094 |
) |
Financing activities |
|
|
|
||||
Proceeds from revolving lines of credit |
|
8,858 |
|
|
|
93,953 |
|
Payments on revolving lines of credit |
|
(11,611 |
) |
|
|
(87,607 |
) |
Payments on term loans |
|
(625 |
) |
|
|
(7,500 |
) |
Shares repurchased held in treasury |
|
(449 |
) |
|
|
(117 |
) |
Payment of financing lease principal |
|
(124 |
) |
|
|
(123 |
) |
Payment of earnout |
|
— |
|
|
|
(1,000 |
) |
Net cash provided by (used in) financing activities |
|
(3,951 |
) |
|
|
(2,394 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(680 |
) |
|
|
222 |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
|
(14,024 |
) |
|
|
6,592 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
99,626 |
|
|
|
24,740 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
85,602 |
|
|
$ |
31,332 |
|
Cash and cash equivalents |
$ |
73,097 |
|
|
$ |
31,144 |
|
Restricted cash |
|
12,505 |
|
|
|
188 |
|
Total cash, cash equivalents and restricted cash |
$ |
85,602 |
|
|
$ |
31,332 |
|
|
||||||
Table 1 - Selected Segment Financial Data |
||||||
(Dollars in thousands) |
||||||
(Unaudited) |
||||||
|
|
|
|
|||
|
Three Months Ended |
|||||
|
|
|||||
|
2024 |
|
2023 |
|||
Revenue: |
|
|
|
|||
|
$ |
118,186 |
|
|
$ |
125,280 |
Gexpro Services |
|
98,651 |
|
|
|
101,016 |
|
|
187,149 |
|
|
|
107,359 |
Other |
|
12,495 |
|
|
|
14,615 |
Intersegment revenue elimination |
|
(395 |
) |
|
|
— |
Total |
$ |
416,086 |
|
|
$ |
348,270 |
|
|
|
|
|||
Operating income (loss): |
|
|
|
|||
|
$ |
4,107 |
|
|
$ |
8,245 |
Gexpro Services |
|
5,462 |
|
|
|
7,374 |
|
|
(6,094 |
) |
|
|
26 |
Other |
|
(692 |
) |
|
|
1,076 |
Total |
$ |
2,783 |
|
|
$ |
16,721 |
SEC REGULATION G GAAP RECONCILIATIONS
The Company reports its financial results in accordance with
|
||||||||||
Table 2 - Reconciliation of GAAP Net Income (Loss) and GAAP Operating Income (Loss) to Non-GAAP Adjusted EBITDA |
||||||||||
Q1 2024, Q1 2023 and Q4 2023 |
||||||||||
(Dollars in thousands) |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
|||||
|
Three Months Ended |
|||||||||
|
|
|
|
|
|
|||||
Net income (loss) |
$ |
(5,224 |
) |
|
$ |
5,907 |
|
$ |
(16,330 |
) |
Income tax expense (benefit) |
|
(4,077 |
) |
|
|
2,112 |
|
|
3,323 |
|
Other income (expense), net |
|
262 |
|
|
|
975 |
|
|
113 |
|
Change in fair value of earnout liabilities |
|
(5 |
) |
|
|
57 |
|
|
(112 |
) |
Interest expense |
|
11,827 |
|
|
|
7,670 |
|
|
12,717 |
|
Operating income (loss) |
|
2,783 |
|
|
|
16,721 |
|
|
(289 |
) |
Depreciation and amortization |
|
17,052 |
|
|
|
15,722 |
|
|
16,272 |
|
Stock-based compensation(1) |
|
2,198 |
|
|
|
2,204 |
|
|
2,499 |
|
Severance and acquisition related retention expenses(2) |
|
10,716 |
|
|
|
351 |
|
|
11,400 |
|
Acquisition related costs(3) |
|
1,954 |
|
|
|
4,099 |
|
|
2,498 |
|
Inventory step-up(4) |
|
— |
|
|
|
— |
|
|
716 |
|
Other non-recurring(5) |
|
1,364 |
|
|
|
256 |
|
|
784 |
|
Non-GAAP adjusted EBITDA |
$ |
36,067 |
|
|
$ |
39,353 |
|
$ |
33,880 |
|
(1) |
Expense (benefit) primarily for stock-based compensation, of which a portion varies with the Company's stock price |
(2) |
Includes severance expense for actions taken in 2024 and 2023 not related to a formal restructuring plan and acquisition related retention expenses for the Hisco acquisition |
(3) |
Transaction and integration costs related to acquisitions |
(4) |
Inventory fair value step-up adjustment for acquisition accounting |
(5) |
Other non-recurring costs consist of certain non-recurring strategic projects and other non-recurring items |
|
|||||||||||||||||||||||
Table 3 - Reconciliation of GAAP Net Income (Loss) and GAAP Diluted EPS to Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Diluted EPS |
|||||||||||||||||||||||
(Dollars in thousands, except per share data) |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
Amount |
|
Diluted EPS(2) |
|
Amount |
|
Diluted EPS(2) |
|
Amount |
|
Diluted EPS(2) |
||||||||||||
Net income (loss) |
$ |
(5,224 |
) |
|
$ |
(0.11 |
) |
|
$ |
5,907 |
|
|
$ |
0.14 |
|
|
$ |
(16,330 |
) |
|
$ |
(0.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pretax adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock-based compensation |
|
2,198 |
|
|
|
0.05 |
|
|
|
2,204 |
|
|
|
0.05 |
|
|
|
2,499 |
|
|
|
0.05 |
|
Acquisition related costs |
|
1,954 |
|
|
|
0.04 |
|
|
|
4,099 |
|
|
|
0.10 |
|
|
|
2,498 |
|
|
|
0.05 |
|
Amortization of intangible assets |
|
10,746 |
|
|
|
0.23 |
|
|
|
9,152 |
|
|
|
0.21 |
|
|
|
10,398 |
|
|
|
0.22 |
|
Severance and acquisition related retention expenses |
|
10,716 |
|
|
|
0.23 |
|
|
|
351 |
|
|
|
0.01 |
|
|
|
11,400 |
|
|
|
0.24 |
|
Change in fair value of earnout liabilities |
|
(5 |
) |
|
|
— |
|
|
|
57 |
|
|
|
— |
|
|
|
(112 |
) |
|
|
— |
|
Inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
716 |
|
|
|
0.02 |
|
Other non-recurring |
|
1,364 |
|
|
|
0.03 |
|
|
|
256 |
|
|
|
0.01 |
|
|
|
784 |
|
|
|
0.02 |
|
Total pretax adjustments |
|
26,973 |
|
|
|
0.58 |
|
|
|
16,119 |
|
|
|
0.38 |
|
|
|
28,183 |
|
|
|
0.60 |
|
Tax effect on adjustments(1) |
|
(7,334 |
) |
|
|
(0.16 |
) |
|
|
(4,239 |
) |
|
|
(0.10 |
) |
|
|
(7,412 |
) |
|
|
(0.16 |
) |
Deferred tax asset valuation allowance(5) |
|
(2,696 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,144 |
|
|
|
0.13 |
|
Non-GAAP adjusted net income |
$ |
11,719 |
|
|
$ |
0.25 |
|
|
$ |
17,787 |
|
|
$ |
0.42 |
|
|
$ |
10,585 |
|
|
$ |
0.22 |
|
(1) |
The estimated tax effect on the adjustments is determined by applying the jurisdictional rate of the originating territory of the non-GAAP adjustments. |
(2) |
Pretax adjustments to diluted EPS calculated on 46.777 million, 42.608 million and 46.805 million diluted shares for the first quarter of 2024 and 2023, and the fourth quarter of 2023, respectively. |
(3) |
In the fourth quarter of 2023, the Company changed the treatment of amortization of intangible assets and the deferred tax asset valuation allowance to be included in the calculation of Non-GAAP adjusted net income and Non-GAAP adjusted diluted EPS. The calculation of the tax effect on adjustments was revised to consider the jurisdictional rate of the originating territory of the non-GAAP adjustments. Prior periods have been adjusted to conform to current period presentation. |
(4) |
Share and per share data for all periods presented reflect two-for-one stock split. |
(5) |
Represents expense related to the deferred tax asset valuation allowance from interest expense limitations under Section 163(j). |
|
|||||||||
Table 4 - Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Adjusted Operating Income |
|||||||||
|
|||||||||
(Dollars in thousands) |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
||||
|
Three Months Ended |
||||||||
|
|
|
|
||||||
|
2024 |
|
2023 |
|
2023 |
||||
Operating income (loss) |
$ |
2,783 |
|
$ |
16,721 |
|
$ |
(289 |
) |
|
|
|
|
|
|
||||
Gross profit adjustments: |
|
|
|
|
|
||||
Inventory step-up(1) |
|
— |
|
|
— |
|
|
716 |
|
Total gross profit adjustments |
|
— |
|
|
— |
|
|
716 |
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses adjustments: |
|
|
|
|
|
||||
Acquisition related costs(2) |
|
1,954 |
|
|
4,099 |
|
|
2,498 |
|
Amortization of intangible assets(3) |
|
10,746 |
|
|
9,152 |
|
|
10,398 |
|
Stock-based compensation(4) |
|
2,198 |
|
|
2,204 |
|
|
2,499 |
|
Severance and acquisition related retention expenses(5) |
|
10,716 |
|
|
351 |
|
|
11,400 |
|
Other non-recurring(6) |
|
1,364 |
|
|
256 |
|
|
784 |
|
Total selling, general and administrative adjustments |
|
26,978 |
|
|
16,062 |
|
|
27,579 |
|
|
|
|
|
|
|
||||
Total adjustments |
|
26,978 |
|
|
16,062 |
|
|
28,295 |
|
Non-GAAP adjusted operating income |
$ |
29,761 |
|
$ |
32,783 |
|
$ |
28,006 |
|
(1) |
Inventory fair value step-up adjustment for acquisition accounting |
(2) |
Transaction and integration costs related to acquisitions |
(3) |
In the first quarter of 2024, the Company changed the treatment of amortization of intangible assets to be included in the calculation of Non-GAAP adjusted operating income. Prior periods have been adjusted to conform to current period presentation. |
(4) |
Expense (benefit) primarily for stock-based compensation, of which a portion varies with the Company's stock price |
(5) |
Includes severance expense for actions taken in 2024 and 2023 not related to a formal restructuring plan and acquisition related retention expenses for the Hisco acquisition |
(6) |
Other non-recurring costs consist of certain non-recurring strategic projects and other non-recurring items |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501438400/en/
Company:
Executive Vice President, Chief Financial Officer and Treasurer
1-888-611-9888
Investor Relations:
Three
214-872-2710 / 214-616-2207
Source: