Delaware | 001-02960 | 72-1123385 | ||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
9320 Lakeside Boulevard, | Suite 100 | |||||||
The Woodlands, | Texas | 77381 | ||||||
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
☐ | 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 240.13a-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value | NR | New York Stock Exchange |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
NEWPARK RESOURCES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | August 5, 2024 | By: | /s/ Gregg S. Piontek | ||||||||
Gregg S. Piontek | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
Second Quarter | ||||||||||||||||||||
(In millions) | 2024 | 2023 | Change | |||||||||||||||||
Revenues | $ | 179.0 | $ | 183.3 | $ | (4.3) | ||||||||||||||
Operating income | $ | 13.3 | $ | 5.9 | $ | 7.4 | ||||||||||||||
Net cash provided by operating activities | $ | 27.6 | $ | 7.4 | $ | 20.2 | ||||||||||||||
Free Cash Flow | $ | 21.9 | $ | 0.6 | $ | 21.3 | ||||||||||||||
Fluids Systems Segment | ||||||||||||||||||||
Revenues | $ | 112.2 | $ | 135.2 | $ | (23.0) | ||||||||||||||
Operating income | $ | 2.3 | $ | 2.0 | $ | 0.3 | ||||||||||||||
Adjusted EBITDA | $ | 5.2 | $ | 8.8 | $ | (3.6) | ||||||||||||||
Operating margin (%) | 2.1% | 1.5% | 60 | bps | ||||||||||||||||
Adjusted EBITDA margin (%) | 4.6% | 6.5% | -190 | bps | ||||||||||||||||
Industrial Solutions Segment | ||||||||||||||||||||
Revenues | $ | 66.8 | $ | 48.1 | $ | 18.7 | ||||||||||||||
Operating income | $ | 19.4 | $ | 12.8 | $ | 6.6 | ||||||||||||||
Adjusted EBITDA | $ | 24.8 | $ | 18.1 | $ | 6.7 | ||||||||||||||
Operating margin (%) | 29.0% | 26.6% | 240 | bps | ||||||||||||||||
Adjusted EBITDA margin (%) | 37.1% | 37.7% | -60 | bps |
Domestic Live: |
800-267-6316 |
||||
International Live: |
203-518-9783 |
||||
Conference ID: |
NRQ224 |
Domestic Replay: |
888-219-1263 |
||||
International Replay: |
402-220-4943 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(In thousands, except per share data) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Revenues | $ | 179,009 | $ | 169,107 | $ | 183,256 | $ | 348,116 | $ | 383,286 | |||||||||||||||||||
Cost of revenues | 140,084 | 134,587 | 150,170 | 274,671 | 314,908 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 26,381 | 24,344 | 25,576 | 50,725 | 50,986 | ||||||||||||||||||||||||
Other operating (income) loss, net | (755) | (1,683) | (1,184) | (2,438) | (1,445) | ||||||||||||||||||||||||
Impairments and other charges | — | — | 2,816 | — | 2,816 | ||||||||||||||||||||||||
Operating income | 13,299 | 11,859 | 5,878 | 25,158 | 16,021 | ||||||||||||||||||||||||
Foreign currency exchange (gain) loss | 128 | (31) | (102) | 97 | 217 | ||||||||||||||||||||||||
Interest expense, net | 1,796 | 1,750 | 2,146 | 3,546 | 4,235 | ||||||||||||||||||||||||
Income before income taxes | 11,375 | 10,140 | 3,834 | 21,515 | 11,569 | ||||||||||||||||||||||||
Provision for income taxes | 3,335 | 2,847 | 2,132 | 6,182 | 4,247 | ||||||||||||||||||||||||
Net income | $ | 8,040 | $ | 7,293 | $ | 1,702 | $ | 15,333 | $ | 7,322 | |||||||||||||||||||
Calculation of EPS: | |||||||||||||||||||||||||||||
Net income - basic and diluted | $ | 8,040 | $ | 7,293 | $ | 1,702 | $ | 15,333 | $ | 7,322 | |||||||||||||||||||
Weighted average common shares outstanding - basic | 85,473 | 85,001 | 85,761 | 85,237 | 87,159 | ||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock awards | 2,153 | 2,244 | 1,712 | 2,198 | 1,853 | ||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 87,626 | 87,245 | 87,473 | 87,435 | 89,012 | ||||||||||||||||||||||||
Net income per common share - basic: | $ | 0.09 | $ | 0.09 | $ | 0.02 | $ | 0.18 | $ | 0.08 | |||||||||||||||||||
Net income per common share - diluted: | $ | 0.09 | $ | 0.08 | $ | 0.02 | $ | 0.18 | $ | 0.08 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Fluids Systems | $ | 112,218 | $ | 120,140 | $ | 135,181 | $ | 232,358 | $ | 279,355 | |||||||||||||||||||
Industrial Solutions | 66,791 | 48,967 | 48,075 | 115,758 | 103,931 | ||||||||||||||||||||||||
Total revenues | $ | 179,009 | $ | 169,107 | $ | 183,256 | $ | 348,116 | $ | 383,286 | |||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||||||||||
Fluids Systems | $ | 2,345 | $ | 6,836 | $ | 1,965 | $ | 9,181 | $ | 5,431 | |||||||||||||||||||
Industrial Solutions | 19,392 | 12,936 | 12,774 | 32,328 | 27,257 | ||||||||||||||||||||||||
Corporate office | (8,438) | (7,913) | (8,861) | (16,351) | (16,667) | ||||||||||||||||||||||||
Total operating income | $ | 13,299 | $ | 11,859 | $ | 5,878 | $ | 25,158 | $ | 16,021 | |||||||||||||||||||
Segment operating margin | |||||||||||||||||||||||||||||
Fluids Systems | 2.1 | % | 5.7 | % | 1.5 | % | 4.0 | % | 1.9 | % | |||||||||||||||||||
Industrial Solutions | 29.0 | % | 26.4 | % | 26.6 | % | 27.9 | % | 26.2 | % |
(In thousands, except share data) | June 30, 2024 |
December 31, 2023 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 35,087 | $ | 38,594 | |||||||
Receivables, net | 158,834 | 168,457 | |||||||||
Inventories | 127,421 | 141,079 | |||||||||
Prepaid expenses and other current assets | 10,284 | 9,094 | |||||||||
Total current assets | 331,626 | 357,224 | |||||||||
Property, plant and equipment, net | 205,076 | 195,289 | |||||||||
Operating lease assets | 19,555 | 20,731 | |||||||||
Goodwill | 47,259 | 47,283 | |||||||||
Other intangible assets, net | 15,580 | 17,114 | |||||||||
Deferred tax assets | 3,553 | 2,628 | |||||||||
Other assets | 2,151 | 2,067 | |||||||||
Total assets | $ | 624,800 | $ | 642,336 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current debt | $ | 17,591 | $ | 16,916 | |||||||
Accounts payable | 69,153 | 70,087 | |||||||||
Accrued liabilities | 40,162 | 49,281 | |||||||||
Total current liabilities | 126,906 | 136,284 | |||||||||
Long-term debt, less current portion | 40,392 | 58,117 | |||||||||
Noncurrent operating lease liabilities | 16,587 | 17,404 | |||||||||
Deferred tax liabilities | 6,843 | 8,307 | |||||||||
Other noncurrent liabilities | 7,463 | 6,860 | |||||||||
Total liabilities | 198,191 | 226,972 | |||||||||
Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively) | 1,117 | 1,117 | |||||||||
Paid-in capital | 631,497 | 639,645 | |||||||||
Accumulated other comprehensive loss | (66,084) | (62,839) | |||||||||
Retained earnings | 26,137 | 10,773 | |||||||||
Treasury stock, at cost (25,202,455 and 26,471,738 shares, respectively) | (166,058) | (173,332) | |||||||||
Total stockholders’ equity | 426,609 | 415,364 | |||||||||
Total liabilities and stockholders’ equity | $ | 624,800 | $ | 642,336 |
Six Months Ended June 30, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 15,333 | $ | 7,322 | |||||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
Impairments and other non-cash charges | — | 2,816 | |||||||||
Depreciation and amortization | 14,835 | 15,803 | |||||||||
Stock-based compensation expense | 3,122 | 3,298 | |||||||||
Provision for deferred income taxes | (2,196) | (916) | |||||||||
Credit loss expense | 1,040 | 464 | |||||||||
Gain on sale of assets | (1,049) | (1,649) | |||||||||
Gain on insurance recovery | (874) | — | |||||||||
Amortization of original issue discount and debt issuance costs | 260 | 274 | |||||||||
Change in assets and liabilities: | |||||||||||
Decrease in receivables | 4,369 | 39,324 | |||||||||
(Increase) decrease in inventories | 12,158 | (3,440) | |||||||||
Increase in other assets | (1,524) | (3,187) | |||||||||
Increase (decrease) in accounts payable | 647 | (14,453) | |||||||||
Decrease in accrued liabilities and other | (6,590) | (8,808) | |||||||||
Net cash provided by operating activities | 39,531 | 36,848 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (20,468) | (15,347) | |||||||||
Proceeds from divestitures | — | 18,086 | |||||||||
Proceeds from sale of property, plant and equipment | 2,042 | 2,304 | |||||||||
Proceeds from insurance property claim | 1,385 | — | |||||||||
Net cash provided by (used in) investing activities | (17,041) | 5,043 | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on lines of credit | 87,444 | 149,253 | |||||||||
Payments on lines of credit | (101,077) | (167,435) | |||||||||
Purchases of treasury stock | (4,332) | (21,966) | |||||||||
Proceeds from employee stock plans | 17 | — | |||||||||
Other financing activities | (7,040) | (2,864) | |||||||||
Net cash used in financing activities | (24,988) | (43,012) | |||||||||
Effect of exchange rate changes on cash | (961) | 332 | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (3,459) | (789) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 38,901 | 25,061 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 35,442 | $ | 24,272 |
Consolidated | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Net income (loss) (GAAP) | $ | 8,040 | $ | 7,293 | $ | 1,702 | $ | 15,333 | $ | 7,322 | |||||||||||||||||||
Fluids Systems sale process transaction expenses | 1,859 | 2,256 | — | 4,115 | — | ||||||||||||||||||||||||
Impairments and other charges | — | — | 2,816 | — | 2,816 | ||||||||||||||||||||||||
Gain on insurance recovery | — | (874) | — | (874) | — | ||||||||||||||||||||||||
Gain on legal settlement | — | (550) | — | (550) | — | ||||||||||||||||||||||||
Facility exit costs and other, net | 741 | — | 2,107 | 741 | 4,399 | ||||||||||||||||||||||||
Severance costs | 212 | 1,147 | 1,169 | 1,359 | 2,124 | ||||||||||||||||||||||||
Tax on adjustments | (435) | (416) | (1,019) | (851) | (1,701) | ||||||||||||||||||||||||
Adjusted Net Income (non-GAAP) | $ | 10,417 | $ | 8,856 | $ | 6,775 | $ | 19,273 | $ | 14,960 |
Adjusted Net Income (non-GAAP) | $ | 10,417 | $ | 8,856 | $ | 6,775 | $ | 19,273 | $ | 14,960 | |||||||||||||||||||
Weighted average common shares outstanding - basic | 85,473 | 85,001 | 85,761 | 85,237 | 87,159 | ||||||||||||||||||||||||
Dilutive effect of stock options and restricted stock awards | 2,153 | 2,244 | 1,712 | 2,198 | 1,853 | ||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 87,626 | 87,245 | 87,473 | 87,435 | 89,012 | ||||||||||||||||||||||||
Adjusted Net Income Per Common Share - Diluted (non-GAAP): | $ | 0.12 | $ | 0.10 | $ | 0.08 | $ | 0.22 | $ | 0.17 |
Consolidated | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Revenues | $ | 179,009 | $ | 169,107 | $ | 183,256 | $ | 348,116 | $ | 383,286 | |||||||||||||||||||
Net income (GAAP) | $ | 8,040 | $ | 7,293 | $ | 1,702 | $ | 15,333 | $ | 7,322 | |||||||||||||||||||
Interest expense, net | 1,796 | 1,750 | 2,146 | 3,546 | 4,235 | ||||||||||||||||||||||||
Provision for income taxes | 3,335 | 2,847 | 2,132 | 6,182 | 4,247 | ||||||||||||||||||||||||
Depreciation and amortization | 7,424 | 7,411 | 7,908 | 14,835 | 15,803 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 20,595 | 19,301 | 13,888 | 39,896 | 31,607 | ||||||||||||||||||||||||
Fluids Systems sale process transaction expenses | 1,859 | 2,256 | — | 4,115 | — | ||||||||||||||||||||||||
Impairments and other charges | — | — | 2,816 | — | 2,816 | ||||||||||||||||||||||||
Gain on insurance recovery | — | (874) | — | (874) | — | ||||||||||||||||||||||||
Gain on legal settlement | — | (550) | — | (550) | — | ||||||||||||||||||||||||
Facility exit costs and other, net | 741 | — | 1,944 | 741 | 4,236 | ||||||||||||||||||||||||
Severance costs | 212 | 1,147 | 1,169 | 1,359 | 2,124 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 23,407 | $ | 21,280 | $ | 19,817 | $ | 44,687 | $ | 40,783 | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 13.1 | % | 12.6 | % | 10.8 | % | 12.8 | % | 10.6 | % |
Consolidated | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Net cash provided by operating activities (GAAP) | 27,581 | 11,950 | 7,404 | 39,531 | 36,848 | ||||||||||||||||||||||||
Capital expenditures | (6,586) | (13,882) | (8,375) | (20,468) | (15,347) | ||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 899 | 1,143 | 1,564 | 2,042 | 2,304 | ||||||||||||||||||||||||
Free Cash Flow (non-GAAP) | $ | 21,894 | $ | (789) | $ | 593 | $ | 21,105 | $ | 23,805 |
Fluids Systems | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Revenues | $ | 112,218 | $ | 120,140 | $ | 135,181 | $ | 232,358 | $ | 279,355 | |||||||||||||||||||
Operating income (loss) (GAAP) | $ | 2,345 | $ | 6,836 | $ | 1,965 | $ | 9,181 | $ | 5,431 | |||||||||||||||||||
Depreciation and amortization | 1,750 | 1,745 | 1,961 | 3,495 | 3,936 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 4,095 | 8,581 | 3,926 | 12,676 | 9,367 | ||||||||||||||||||||||||
Fluids Systems sale process transaction expenses | 304 | 313 | — | 617 | — | ||||||||||||||||||||||||
Impairments and other charges | — | — | 2,816 | — | 2,816 | ||||||||||||||||||||||||
Gain on insurance recovery | — | (807) | — | (807) | — | ||||||||||||||||||||||||
Facility exit costs and other, net | 741 | — | 1,944 | 741 | 4,236 | ||||||||||||||||||||||||
Severance costs | 36 | 515 | 148 | 551 | 1,103 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 5,176 | $ | 8,602 | $ | 8,834 | $ | 13,778 | $ | 17,522 | |||||||||||||||||||
Operating Margin (GAAP) | 2.1 | % | 5.7 | % | 1.5 | % | 4.0 | % | 1.9 | % | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 4.6 | % | 7.2 | % | 6.5 | % | 5.9 | % | 6.3 | % |
Industrial Solutions | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
||||||||||||||||||||||||
Revenues | $ | 66,791 | $ | 48,967 | $ | 48,075 | $ | 115,758 | $ | 103,931 | |||||||||||||||||||
Operating income (GAAP) | $ | 19,392 | $ | 12,936 | $ | 12,774 | $ | 32,328 | $ | 27,257 | |||||||||||||||||||
Depreciation and amortization | 5,215 | 5,181 | 5,277 | 10,396 | 10,534 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 24,607 | 18,117 | 18,051 | 42,724 | 37,791 | ||||||||||||||||||||||||
Gain on insurance recovery | — | (67) | — | (67) | — | ||||||||||||||||||||||||
Gain on legal settlement | — | (550) | — | (550) | — | ||||||||||||||||||||||||
Severance costs | 175 | 518 | 92 | 693 | 92 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 24,782 | $ | 18,018 | $ | 18,143 | $ | 42,800 | $ | 37,883 | |||||||||||||||||||
Operating Margin (GAAP) | 29.0 | % | 26.4 | % | 26.6 | % | 27.9 | % | 26.2 | % | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 37.1 | % | 36.8 | % | 37.7 | % | 37.0 | % | 36.5 | % |
Consolidated | Three Months Ended | TTM | |||||||||||||||||||||||||||
(In thousands) | September 30, 2023 |
December 31, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2024 |
||||||||||||||||||||||||
Revenues | $ | 198,498 | $ | 167,816 | $ | 169,107 | $ | 179,009 | $ | 714,430 | |||||||||||||||||||
Net income (loss) (GAAP) | $ | 7,670 | $ | (476) | $ | 7,293 | $ | 8,040 | $ | 22,527 | |||||||||||||||||||
Interest expense, net | 2,027 | 1,919 | 1,750 | 1,796 | 7,492 | ||||||||||||||||||||||||
Provision for income taxes | 3,995 | 2,424 | 2,847 | 3,335 | 12,601 | ||||||||||||||||||||||||
Depreciation and amortization | 7,704 | 7,865 | 7,411 | 7,424 | 30,404 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 21,396 | 11,732 | 19,301 | 20,595 | 73,024 | ||||||||||||||||||||||||
Fluids Systems sale process transaction expenses | 892 | 894 | 2,256 | 1,859 | 5,901 | ||||||||||||||||||||||||
Impairments and other charges | — | 3,540 | — | — | 3,540 | ||||||||||||||||||||||||
Gain on insurance recovery | — | — | (874) | — | (874) | ||||||||||||||||||||||||
Gain on legal settlement | — | — | (550) | — | (550) | ||||||||||||||||||||||||
Facility exit costs and other, net | 358 | — | — | 741 | 1,099 | ||||||||||||||||||||||||
Severance costs | 506 | 29 | 1,147 | 212 | 1,894 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 23,152 | $ | 16,195 | $ | 21,280 | $ | 23,407 | $ | 84,034 | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 11.7 | % | 9.7 | % | 12.6 | % | 13.1 | % | 11.8 | % |
Fluids Systems | Three Months Ended | TTM | |||||||||||||||||||||||||||
(In thousands) | September 30, 2023 |
December 31, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2024 |
||||||||||||||||||||||||
Revenues | $ | 141,236 | $ | 121,361 | $ | 120,140 | $ | 112,218 | $ | 494,955 | |||||||||||||||||||
Operating income (loss) (GAAP) | $ | 7,573 | $ | (1,147) | $ | 6,836 | $ | 2,345 | $ | 15,607 | |||||||||||||||||||
Depreciation and amortization | 1,883 | 1,957 | 1,745 | 1,750 | 7,335 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 9,456 | 810 | 8,581 | 4,095 | 22,942 | ||||||||||||||||||||||||
Fluids Systems sale process transaction expenses | 293 | 326 | 313 | 304 | 1,236 | ||||||||||||||||||||||||
Impairments and other charges | — | 3,540 | — | — | 3,540 | ||||||||||||||||||||||||
Gain on insurance recovery | — | — | (807) | — | (807) | ||||||||||||||||||||||||
Facility exit costs and other, net | 358 | — | — | 741 | 1,099 | ||||||||||||||||||||||||
Severance costs | 40 | 29 | 515 | 36 | 620 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 10,147 | $ | 4,705 | $ | 8,602 | $ | 5,176 | $ | 28,630 | |||||||||||||||||||
Operating Margin (GAAP) | 5.4 | % | (0.9) | % | 5.7 | % | 2.1 | % | 3.2 | % | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 7.2 | % | 3.9 | % | 7.2 | % | 4.6 | % | 5.8 | % |
Industrial Solutions | Three Months Ended | TTM | |||||||||||||||||||||||||||
(In thousands) | September 30, 2023 |
December 31, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2024 |
||||||||||||||||||||||||
Revenues | $ | 57,262 | $ | 46,455 | $ | 48,967 | $ | 66,791 | $ | 219,475 | |||||||||||||||||||
Operating income (GAAP) | $ | 14,336 | $ | 11,415 | $ | 12,936 | $ | 19,392 | $ | 58,079 | |||||||||||||||||||
Depreciation and amortization | 5,224 | 5,350 | 5,181 | 5,215 | 20,970 | ||||||||||||||||||||||||
EBITDA (non-GAAP) | 19,560 | 16,765 | 18,117 | 24,607 | 79,049 | ||||||||||||||||||||||||
Gain on insurance recovery | — | — | (67) | — | (67) | ||||||||||||||||||||||||
Gain on legal settlement | — | — | (550) | — | (550) | ||||||||||||||||||||||||
Severance costs | 162 | — | 518 | 175 | 855 | ||||||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 19,722 | $ | 16,765 | $ | 18,018 | $ | 24,782 | $ | 79,287 | |||||||||||||||||||
Operating Margin (GAAP) | 25.0 | % | 24.6 | % | 26.4 | % | 29.0 | % | 26.5 | % | |||||||||||||||||||
Adjusted EBITDA Margin (non-GAAP) | 34.4 | % | 36.1 | % | 36.8 | % | 37.1 | % | 36.1 | % |
(In thousands) | June 30, 2024 |
December 31, 2023 |
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Current debt | $ | 17,591 | $ | 16,916 | |||||||
Long-term debt, less current portion | 40,392 | 58,117 | |||||||||
Total Debt | 57,983 | 75,033 | |||||||||
Less: cash and cash equivalents | (35,087) | (38,594) | |||||||||
Net Debt | $ | 22,896 | $ | 36,439 | |||||||
Adjusted EBITDA (non-GAAP) - TTM | $ | 84,034 | $ | 80,130 | |||||||
Net Leverage | 0.3x | 0.5x |