001-34362 | 16-0547600 | |||||||
(Commission File Number) | (IRS Employer Identification No.) |
13320 Ballantyne Corporate Place, Suite D | Charlotte | NC | 28277 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value per share | CMCO | Nasdaq Global Select Market |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
☐ | Emerging Growth Company |
If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
Item 7.01 | REGULATION FD DISCLOSURE. |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
EXHIBIT NUMBER |
DESCRIPTION | |||||||
Press Release dated November 1, 2023 |
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Earnings call slides dated November 1, 2023 |
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104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
COLUMBUS McKINNON CORPORATION | |||||
By: | /s/ Gregory P. Rustowicz | ||||
Name: | Gregory P. Rustowicz | ||||
Title: | Executive Vice President Finance and Chief Financial Officer | ||||
(Principal Financial Officer) |
($ in millions) | Q2 FY 24 |
Q2 FY 23 |
Change | % Change | |||||||||||||||||||
Net sales | $ | 258.4 | $ | 231.7 | $ | 26.7 | 11.5 | % | |||||||||||||||
U.S. sales | $ | 145.2 | $ | 139.7 | $ | 5.5 | 3.9 | % | |||||||||||||||
% of total | 56 | % | 60 | % | |||||||||||||||||||
Non-U.S. sales | $ | 113.2 | $ | 92.0 | $ | 21.2 | 23.0 | % | |||||||||||||||
% of total | 44 | % | 40 | % |
($ in millions) |
Q2 FY 24 | Q2 FY 23 | Change | % Change | |||||||||||||||||||
Gross profit | $ | 100.0 | $ | 86.3 | $ | 13.7 | 15.8 | % | |||||||||||||||
Gross margin | 38.7 | % | 37.2 | % | 150 bps | ||||||||||||||||||
Adjusted gross profit* | $ | 100.0 | $ | 86.3 | $ | 13.7 | 15.8 | % | |||||||||||||||
Adjusted gross margin* | 38.7 | % | 37.2 | % | 150 bps | ||||||||||||||||||
Income from operations | $ | 33.4 | $ | 27.4 | $ | 6.0 | 21.8 | % | |||||||||||||||
Operating margin | 12.9 | % | 11.8 | % | 110 bps | ||||||||||||||||||
Adjusted income from operations* | $ | 34.1 | $ | 28.6 | $ | 5.5 | 19.2 | % | |||||||||||||||
Adjusted operating margin* | 13.2 | % | 12.4 | % | 80 bps | ||||||||||||||||||
Net income | $ | 15.8 | $ | 14.1 | $ | 1.7 | 12.0 | % | |||||||||||||||
Net income margin | 6.1 | % | 6.1 | % | 0 bps | ||||||||||||||||||
Diluted EPS | $ | 0.55 | $ | 0.49 | $ | 0.06 | 12.2 | % | |||||||||||||||
Adjusted EPS* | $ | 0.76 | $ | 0.73 | $ | 0.03 | 4.1 | % | |||||||||||||||
Adjusted EBITDA* | $ | 45.7 | $ | 39.0 | $ | 6.7 | 17.1 | % | |||||||||||||||
Adjusted EBITDA margin* | 17.7 | % | 16.8 | % | 90 bps |
Gregory P. Rustowicz | Investor Relations: | ||||
Executive Vice President Finance and Chief Financial Officer | Deborah K. Pawlowski | ||||
Columbus McKinnon Corporation | Kei Advisors LLC | ||||
716-689-5442 | 716-843-3908 | ||||
greg.rustowicz@cmco.com | dpawlowski@keiadvisors.com |
Three Months Ended | ||||||||||||||||||||
September 30, 2023 |
September 30, 2022 |
Change | ||||||||||||||||||
Net sales | $ | 258,400 | $ | 231,740 | 11.5 | % | ||||||||||||||
Cost of products sold | 158,424 | 145,430 | 8.9 | % | ||||||||||||||||
Gross profit | 99,976 | 86,310 | 15.8 | % | ||||||||||||||||
Gross profit margin | 38.7 | % | 37.2 | % | ||||||||||||||||
Selling expenses | 26,867 | 25,617 | 4.9 | % | ||||||||||||||||
% of net sales | 10.4 | % | 11.1 | % | ||||||||||||||||
General and administrative expenses | 25,709 | 21,413 | 20.1 | % | ||||||||||||||||
% of net sales | 9.9 | % | 9.2 | % | ||||||||||||||||
Research and development expenses | 6,541 | 5,461 | 19.8 | % | ||||||||||||||||
% of net sales | 2.5 | % | 2.4 | % | ||||||||||||||||
Amortization of intangibles | 7,508 | 6,447 | 16.5 | % | ||||||||||||||||
Income from operations | $ | 33,351 | $ | 27,372 | 21.8 | % | ||||||||||||||
Operating margin | 12.9 | % | 11.8 | % | ||||||||||||||||
Interest and debt expense | 10,211 | 6,768 | 50.9 | % | ||||||||||||||||
Investment (income) loss | 88 | 312 | (71.8) | % | ||||||||||||||||
Foreign currency exchange (gain) loss | 1,746 | 1,003 | 74.1 | % | ||||||||||||||||
Other (income) expense, net | 393 | 222 | 77.0 | % | ||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | 20,913 | 19,067 | 9.7 | % | |||||||||||||||
Income tax expense (benefit) | 5,100 | 4,953 | 3.0 | % | ||||||||||||||||
Net income (loss) | $ | 15,813 | $ | 14,114 | 12.0 | % | ||||||||||||||
Average basic shares outstanding | 28,725 | 28,619 | 0.4 | % | ||||||||||||||||
Basic income (loss) per share | $ | 0.55 | $ | 0.49 | 12.2 | % | ||||||||||||||
Average diluted shares outstanding | 29,001 | 28,748 | 0.9 | % | ||||||||||||||||
Diluted income (loss) per share | $ | 0.55 | $ | 0.49 | 12.2 | % | ||||||||||||||
Dividends declared per common share | $ | 0.07 | $ | 0.07 |
Six Months Ended | ||||||||||||||||||||
September 30, 2023 |
September 30, 2022 |
Change | ||||||||||||||||||
Net sales | $ | 493,892 | $ | 452,027 | 9.3 | % | ||||||||||||||
Cost of products sold | 307,266 | 283,191 | 8.5 | % | ||||||||||||||||
Gross profit | 186,626 | 168,836 | 10.5 | % | ||||||||||||||||
Gross profit margin | 37.8 | % | 37.4 | % | ||||||||||||||||
Selling expenses | 51,848 | 51,773 | 0.1 | % | ||||||||||||||||
% of net sales | 10.5 | % | 11.5 | % | ||||||||||||||||
General and administrative expenses | 53,152 | 43,299 | 22.8 | % | ||||||||||||||||
% of net sales | 10.8 | % | 9.6 | % | ||||||||||||||||
Research and development expenses | 12,442 | 10,591 | 17.5 | % | ||||||||||||||||
% of net sales | 2.5 | % | 2.3 | % | ||||||||||||||||
Amortization of intangibles | 14,385 | 12,982 | 10.8 | % | ||||||||||||||||
Income from operations | 54,799 | 50,191 | 9.2 | % | ||||||||||||||||
Operating margin | 11.1 | % | 11.1 | % | ||||||||||||||||
Interest and debt expense | 18,836 | 12,971 | 45.2 | % | ||||||||||||||||
Investment (income) loss | (454) | 742 | NM | |||||||||||||||||
Foreign currency exchange (gain) loss | 2,230 | 2,206 | 1.1 | % | ||||||||||||||||
Other (income) expense, net | 605 | (2,079) | NM | |||||||||||||||||
Income (loss) before income tax expense (benefit) | 33,582 | 36,351 | (7.6) | % | ||||||||||||||||
Income tax expense (benefit) | 8,494 | 13,846 | (38.7) | % | ||||||||||||||||
Net income (loss) | 25,088 | 22,505 | 11.5 | % | ||||||||||||||||
Average basic shares outstanding | 28,694 | 28,581 | 0.4 | % | ||||||||||||||||
Basic income (loss) per share | $ | 0.87 | $ | 0.79 | 10.1 | % | ||||||||||||||
Average diluted shares outstanding | 28,962 | 28,733 | 0.8 | % | ||||||||||||||||
Diluted income (loss) per share | $ | 0.87 | $ | 0.78 | 11.5 | % | ||||||||||||||
Dividends declared per common share | $ | 0.07 | $ | 0.07 |
September 30, 2023 |
March 31, 2023 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 99,058 | $ | 133,176 | ||||||||||
Trade accounts receivable | $ | 166,390 | $ | 151,451 | ||||||||||
Inventories | $ | 204,997 | $ | 179,359 | ||||||||||
Prepaid expenses and other | $ | 40,749 | $ | 32,254 | ||||||||||
Total current assets | $ | 511,194 | $ | 496,240 | ||||||||||
Property, plant, and equipment, net | $ | 100,602 | $ | 94,360 | ||||||||||
Goodwill | $ | 717,572 | $ | 644,629 | ||||||||||
Other intangibles, net | $ | 397,388 | $ | 362,537 | ||||||||||
Marketable securities | $ | 10,807 | $ | 10,368 | ||||||||||
Deferred taxes on income | $ | 2,206 | $ | 2,035 | ||||||||||
Other assets | $ | 87,632 | $ | 88,286 | ||||||||||
Total assets | $ | 1,827,401 | $ | 1,698,455 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Trade accounts payable | $ | 71,446 | $ | 76,736 | ||||||||||
Accrued liabilities | $ | 141,532 | $ | 124,317 | ||||||||||
Current portion of long-term debt and finance lease obligations | $ | 50,636 | $ | 40,604 | ||||||||||
Total current liabilities | $ | 263,614 | $ | 241,657 | ||||||||||
Term loan, AR securitization facility and finance lease obligations | $ | 514,205 | $ | 430,988 | ||||||||||
Other non current liabilities | $ | 195,584 | $ | 192,013 | ||||||||||
Total liabilities | $ | 973,403 | $ | 864,658 | ||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock | $ | 287 | $ | 286 | ||||||||||
Treasury stock | $ | (1,001) | $ | (1,001) | ||||||||||
Additional paid in capital | $ | 519,593 | $ | 515,797 | ||||||||||
Retained earnings | $ | 379,834 | $ | 356,758 | ||||||||||
Accumulated other comprehensive loss | $ | (44,715) | $ | (38,043) | ||||||||||
Total shareholders’ equity | $ | 853,998 | $ | 833,797 | ||||||||||
Total liabilities and shareholders’ equity | $ | 1,827,401 | $ | 1,698,455 |
Six Months Ended | ||||||||||||||
September 30, 2023 |
September 30, 2022 |
|||||||||||||
Operating activities: | ||||||||||||||
Net income (loss) | $ | 25,088 | $ | 22,505 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||
Depreciation and amortization | $ | 22,482 | $ | 20,893 | ||||||||||
Deferred income taxes and related valuation allowance | $ | (6,097) | $ | (698) | ||||||||||
Net loss (gain) on sale of real estate, investments and other | $ | (302) | $ | 852 | ||||||||||
Stock-based compensation | $ | 5,264 | $ | 3,629 | ||||||||||
Amortization of deferred financing costs | $ | 1,106 | $ | 860 | ||||||||||
Loss (gain) on hedging instruments | $ | 554 | $ | (714) | ||||||||||
Gain on sale of building | $ | — | $ | (232) | ||||||||||
Loss on retirement of fixed asset | $ | — | $ | 175 | ||||||||||
Non-cash lease expense | $ | 4,684 | $ | 3,843 | ||||||||||
Changes in operating assets and liabilities, net of effects of business acquisitions: | ||||||||||||||
Trade accounts receivable | $ | (11,409) | $ | 381 | ||||||||||
Inventories | $ | (22,415) | $ | (30,754) | ||||||||||
Prepaid expenses and other | $ | (5,868) | $ | 2,321 | ||||||||||
Other assets | $ | 357 | $ | 24 | ||||||||||
Trade accounts payable | $ | (5,996) | $ | (11,267) | ||||||||||
Accrued liabilities | $ | (3,085) | $ | (3,124) | ||||||||||
Non-current liabilities | $ | (4,921) | $ | (2,545) | ||||||||||
Net cash provided by (used for) operating activities | $ | (558) | $ | 6,149 | ||||||||||
Investing activities: | ||||||||||||||
Proceeds from sales of marketable securities | $ | 1,100 | $ | 1,900 | ||||||||||
Purchases of marketable securities | $ | (1,809) | $ | (2,709) | ||||||||||
Capital expenditures | $ | (10,319) | $ | (5,288) | ||||||||||
Proceeds from sale of building, net of transaction costs | $ | — | $ | 373 | ||||||||||
Purchase of businesses, net of cash acquired | $ | (108,145) | $ | (1,616) | ||||||||||
Dividend received from equity method investment | $ | 144 | $ | 313 | ||||||||||
Net cash provided by (used for) investing activities | $ | (119,029) | $ | (7,027) | ||||||||||
Financing activities: | ||||||||||||||
Proceeds from the issuance of common stock | $ | 492 | $ | 621 | ||||||||||
Repayment of debt | $ | (25,294) | $ | (20,264) | ||||||||||
Proceeds from issuance of long-term debt | $ | 120,000 | $ | — | ||||||||||
Fees paid for borrowings on long-term debt | $ | (2,859) | $ | — | ||||||||||
Cash inflows from hedging activities | $ | 12,084 | $ | 12,306 | ||||||||||
Cash outflows from hedging activities | $ | (12,660) | $ | (11,689) | ||||||||||
Payment of dividends | $ | (4,015) | $ | (4,001) | ||||||||||
Other | $ | (1,954) | $ | (1,375) | ||||||||||
Net cash provided by (used for) financing activities | $ | 85,794 | $ | (24,402) | ||||||||||
Effect of exchange rate changes on cash | $ | (325) | $ | (1,245) | ||||||||||
Net change in cash and cash equivalents | $ | (34,118) | $ | (26,525) | ||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | $ | 133,426 | $ | 115,640 | ||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 99,308 | $ | 89,115 |
Quarter | Year To Date | |||||||||||||||||||||||||
($ in millions) | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||
Fiscal 2023 Sales |
$ | 231.7 | $ | 452.0 | ||||||||||||||||||||||
Acquisition | 9.5 | 4.1 | % | 12.2 | 2.7 | % | ||||||||||||||||||||
Volume | 1.0 | 0.4 | % | 2.2 | 0.5 | % | ||||||||||||||||||||
Pricing | 10.6 | 4.6 | % | 21.6 | 4.8 | % | ||||||||||||||||||||
Foreign currency translation | 5.6 | 2.4 | % | 5.9 | 1.3 | % | ||||||||||||||||||||
Total change | $ | 26.7 | 11.5 | % | $ | 41.9 | 9.3 | % | ||||||||||||||||||
Fiscal 2024 Sales |
$ | 258.4 | $ | 493.9 |
($ in millions) | Quarter | Year To Date | |||||||||
Fiscal 2023 Gross Profit |
$ | 86.3 | $ | 168.8 | |||||||
Price, net of manufacturing costs changes (incl. inflation) | 5.7 | 11.2 | |||||||||
Sales volume and mix | 0.6 | (1.5) | |||||||||
Acquisition | 5.5 | 6.3 | |||||||||
Current year business realignment costs | — | (0.2) | |||||||||
Foreign currency translation | 1.9 | 2.0 | |||||||||
Total change | 13.7 | 17.8 | |||||||||
Fiscal 2024 Gross Profit |
$ | 100.0 | $ | 186.6 |
U.S. Shipping Days by Quarter | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||||||
FY 24 | 63 | 62 | 61 | 62 | 248 | |||||||||||||||||||||||||||
FY 23 | 63 | 64 | 60 | 63 | 250 | |||||||||||||||||||||||||||
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
September 30, 2022 |
|||||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Backlog | $ | 317.7 | $ | 355.3 | $ | 308.7 | $ | 327.8 | ||||||||||||||||||||||||||||||
Long-term backlog | ||||||||||||||||||||||||||||||||||||||
Expected to ship beyond 3 months | $ | 148.3 | $ | 177.3 | $ | 142.0 | $ | 161.2 | ||||||||||||||||||||||||||||||
Long-term backlog as % of total backlog | 46.7 | % | 49.9 | % | 46.0 | % | 49.2 | % | ||||||||||||||||||||||||||||||
Trade accounts receivable | ||||||||||||||||||||||||||||||||||||||
Days sales outstanding(2) |
58.6 | days | 62.9 | days | 54.3 | days | 55.1 | days | ||||||||||||||||||||||||||||||
Inventory turns per year(2) |
||||||||||||||||||||||||||||||||||||||
(based on cost of products sold) | 3.1 | turns | 2.9 | turns | 3.6 | turns | 3.0 | turns | ||||||||||||||||||||||||||||||
Days' inventory | 117.7 | days | 125.9 | days | 101.4 | days | 121.0 | days | ||||||||||||||||||||||||||||||
Trade accounts payable | ||||||||||||||||||||||||||||||||||||||
Days payables outstanding(2) |
48.3 | days | 53.3 | days | 53.3 | days | 59.4 | days | ||||||||||||||||||||||||||||||
Working capital as a % of sales (3)(4) |
21.8 | % | 21.4 | % | 17.3 | % | 20.8 | % | ||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 16.7 | $ | (17.2) | $ | 66.7 | $ | 17.3 | ||||||||||||||||||||||||||||||
Capital expenditures | $ | 5.0 | $ | 5.3 | $ | 3.1 | $ | 2.3 | ||||||||||||||||||||||||||||||
Free cash flow (5) |
$ | 11.7 | $ | (22.5) | $ | 63.6 | $ | 15.0 | ||||||||||||||||||||||||||||||
Debt to total capitalization percentage | 39.8 | % | 40.6 | % | 36.1 | % | 38.5 | % | ||||||||||||||||||||||||||||||
Debt, net of cash, to net total capitalization | 35.3 | % | 35.8 | % | 28.9 | % | 33.9 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
GAAP gross profit | $ | 99,976 | $ | 86,310 | $ | 186,626 | $ | 168,836 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Business realignment costs | — | — | 196 | — | |||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 99,976 | $ | 86,310 | $ | 186,822 | $ | 168,836 | |||||||||||||||
Net sales | $ | 258,400 | $ | 231,740 | $ | 493,892 | $ | 452,027 | |||||||||||||||
Gross margin - GAAP | 38.7 | % | 37.2 | % | 37.8 | % | 37.4 | % | |||||||||||||||
Adjusted gross margin - Non-GAAP | 38.7 | % | 37.2 | % | 37.8 | % | 37.4 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
GAAP income from operations | $ | 33,351 | $ | 27,372 | $ | 54,799 | $ | 50,191 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Acquisition deal and integration costs | 508 | 19 | 3,095 | 105 | |||||||||||||||||||
Business realignment costs | 40 | 1,233 | 415 | 2,890 | |||||||||||||||||||
North American warehouse consolidation | 82 | — | 199 | — | |||||||||||||||||||
Headquarter relocation costs | 146 | — | 1,374 | — | |||||||||||||||||||
Non-GAAP adjusted income from operations | $ | 34,127 | $ | 28,624 | $ | 59,882 | $ | 53,186 | |||||||||||||||
Net sales | $ | 258,400 | $ | 231,740 | $ | 493,892 | $ | 452,027 | |||||||||||||||
Operating margin - GAAP | 12.9 | % | 11.8 | % | 11.1 | % | 11.1 | % | |||||||||||||||
Adjusted operating margin - Non-GAAP | 13.2 | % | 12.4 | % | 12.1 | % | 11.8 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
GAAP net income | 15,813 | 14,114 | 25,088 | 22,505 | |||||||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Amortization of intangibles | 7,508 | 6,447 | 14,385 | 12,982 | |||||||||||||||||||
Acquisition deal and integration costs | 508 | 19 | 3,095 | 105 | |||||||||||||||||||
Business realignment costs | 40 | 1,233 | 415 | 2,890 | |||||||||||||||||||
North American warehouse consolidation | 82 | — | 199 | — | |||||||||||||||||||
Headquarter relocation costs | 146 | — | 1,374 | — | |||||||||||||||||||
Normalize tax rate (1) |
(2,199) | (938) | (4,768) | 2,333 | |||||||||||||||||||
Non-GAAP adjusted net income | 21,898 | 20,875 | 39,788 | 40,815 | |||||||||||||||||||
Average diluted shares outstanding | 29,001 | 28,748 | 28,962 | 28,733 | |||||||||||||||||||
Diluted income per share - GAAP | $ | 0.55 | $ | 0.49 | $ | 0.87 | $ | 0.78 | |||||||||||||||
Adjusted diluted income per share - Non-GAAP | $ | 0.76 | $ | 0.73 | $ | 1.37 | $ | 1.42 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
GAAP net income | $ | 15,813 | $ | 14,114 | $ | 25,088 | $ | 22,505 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Income tax expense (benefit) | 5,100 | 4,953 | 8,494 | 13,846 | |||||||||||||||||||
Interest and debt expense | 10,211 | 6,768 | 18,836 | 12,971 | |||||||||||||||||||
Investment (income) loss | 88 | 312 | (454) | 742 | |||||||||||||||||||
Foreign currency exchange (gain) loss | 1,746 | 1,003 | 2,230 | 2,206 | |||||||||||||||||||
Other (income) expense, net | 393 | 222 | 605 | (2,079) | |||||||||||||||||||
Depreciation and amortization expense |
11,592 | 10,424 | 22,482 | 20,893 | |||||||||||||||||||
Acquisition deal and integration costs | 508 | 19 | 3,095 | 105 | |||||||||||||||||||
Business realignment costs | 40 | 1,233 | 415 | 2,890 | |||||||||||||||||||
North American warehouse consolidation | 82 | — | 199 | — | |||||||||||||||||||
Headquarter relocation costs | 146 | — | 1,374 | — | |||||||||||||||||||
Non-GAAP adjusted EBITDA | $ | 45,719 | $ | 39,048 | $ | 82,364 | $ | 74,079 | |||||||||||||||
Net sales | $ | 258,400 | $ | 231,740 | $ | 493,892 | $ | 452,027 | |||||||||||||||
Net income margin - GAAP | 6.1 | % | 6.1 | % | 5.1 | % | 5.0 | % | |||||||||||||||
Adjusted EBITDA margin - Non-GAAP | 17.7 | % | 16.8 | % | 16.7 | % | 16.4 | % |