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, $0.01 par value per share | CMCO | Nasdaq Global Select Market |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
☐ | Emerging Growth Company |
If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
Item 7.01 | REGULATION FD DISCLOSURE. |
Item 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
EXHIBIT NUMBER |
DESCRIPTION | |||||||
Press Release dated May 29, 2024 |
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Earnings call slides dated May 29, 2024 |
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104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
COLUMBUS McKINNON CORPORATION | |||||
By: | /s/ Gregory P. Rustowicz | ||||
Name: | Gregory P. Rustowicz | ||||
Title: | Executive Vice President - Finance and Chief Financial Officer | ||||
(Principal Financial Officer) |
($ in millions) | Q4 FY 24 |
Q4 FY 23 |
Change | % Change | |||||||||||||||||||
Net sales | $ | 265.5 | $ | 253.8 | $ | 11.7 | 4.6 | % | |||||||||||||||
U.S. sales | $ | 155.0 | $ | 149.4 | $ | 5.6 | 3.7 | % | |||||||||||||||
% of total | 58 | % | 59 | % | |||||||||||||||||||
Non-U.S. sales | $ | 110.5 | $ | 104.4 | $ | 6.1 | 5.8 | % | |||||||||||||||
% of total | 42 | % | 41 | % |
($ in millions) |
Q4 FY 24 | Q4 FY 23 | Change | % Change | |||||||||||||||||||
Gross profit | $ | 94.3 | $ | 91.2 | $ | 3.1 | 3.4 | % | |||||||||||||||
Gross margin | 35.5 | % | 35.9 | % | (40) bps | ||||||||||||||||||
Adjusted Gross Profit1 |
$ | 97.1 | $ | 91.2 | $ | 5.9 | 6.5 | % | |||||||||||||||
Adjusted Gross Margin1 |
36.6 | % | 35.9 | % | 70 bps | ||||||||||||||||||
Income from operations | $ | 25.4 | $ | 27.5 | $ | (2.0) | (7.4) | % | |||||||||||||||
Operating margin | 9.6 | % | 10.8 | % | (120) bps | ||||||||||||||||||
Adjusted Operating Income1 |
$ | 31.1 | $ | 29.2 | $ | 1.9 | 6.6 | % | |||||||||||||||
Adjusted Operating Margin1 |
11.7 | % | 11.5 | % | 20 bps | ||||||||||||||||||
Net income | $ | 11.8 | $ | 13.9 | $ | (2.1) | (15.0) | % | |||||||||||||||
Net income margin | 4.4 | % | 5.5 | % | (110) bps | ||||||||||||||||||
Diluted EPS | $ | 0.41 | $ | 0.48 | $ | (0.07) | (14.6) | % | |||||||||||||||
Adjusted EPS1 |
$ | 0.75 | $ | 0.80 | $ | (0.05) | (6.3) | % | |||||||||||||||
Adjusted EBITDA1 |
$ | 43.0 | $ | 39.7 | $ | 3.2 | 8.2 | % | |||||||||||||||
Adjusted EBITDA margin1 |
16.2 | % | 15.7 | % | 50 bps |
Metric | Q1 FY25 | ||||
Net sales | Low-single digit growth year-over-year | ||||
Adjusted EPS3 |
Flat to slightly down year-over-year |
Metric | FY25 | ||||
Net sales | Low-single digit growth year-over-year | ||||
Adjusted EPS3 |
Mid to high-single digit growth year-over-year | ||||
Capital Expenditures | $20 million to $30 million | ||||
Net Leverage Ratio3 |
~2.0x |
Gregory P. Rustowicz | Kristine Moser | |||||||
EVP Finance and CFO | VP IR and Treasurer | |||||||
Columbus McKinnon Corporation |
Columbus McKinnon Corporation |
|||||||
716-689-5442 | 704-322-2488 | |||||||
greg.rustowicz@cmco.com | kristy.moser@cmco.com |
Three Months Ended | ||||||||||||||||||||
March 31, 2024 | March 31, 2023 | Change | ||||||||||||||||||
Net sales | $ | 265,504 | $ | 253,843 | 4.6 | % | ||||||||||||||
Cost of products sold | 171,189 | 162,625 | 5.3 | % | ||||||||||||||||
Gross profit | 94,315 | 91,218 | 3.4 | % | ||||||||||||||||
Gross profit margin | 35.5 | % | 35.9 | % | ||||||||||||||||
Selling expenses | 26,941 | 25,331 | 6.4 | % | ||||||||||||||||
% of net sales | 10.1 | % | 10.0 | % | ||||||||||||||||
General and administrative expenses | 27,353 | 26,353 | 3.8 | % | ||||||||||||||||
% of net sales | 10.3 | % | 10.4 | % | ||||||||||||||||
Research and development expenses | 7,059 | 5,506 | 28.2 | % | ||||||||||||||||
% of net sales | 2.7 | % | 2.2 | % | ||||||||||||||||
Amortization of intangibles | 7,525 | 6,559 | 14.7 | % | ||||||||||||||||
Income from operations | 25,437 | 27,469 | (7.4) | % | ||||||||||||||||
Operating margin | 9.6 | % | 10.8 | % | ||||||||||||||||
Interest and debt expense | 9,169 | 7,668 | 19.6 | % | ||||||||||||||||
Investment (income) loss, net | (547) | (483) | 13.3 | % | ||||||||||||||||
Foreign currency exchange loss (gain), net | 752 | (1,037) | NM | |||||||||||||||||
Other (income) expense, net | 1,757 | (73) | NM | |||||||||||||||||
Income before income tax expense | 14,306 | 21,394 | (33.1) | % | ||||||||||||||||
Income tax expense | 2,497 | 7,499 | (66.7) | % | ||||||||||||||||
Net income | $ | 11,809 | $ | 13,895 | (15.0) | % | ||||||||||||||
Average basic shares outstanding | 28,780 | 28,609 | 0.6 | % | ||||||||||||||||
Basic income per share | $ | 0.41 | $ | 0.49 | (16.3) | % | ||||||||||||||
Average diluted shares outstanding | 29,129 | 28,869 | 0.9 | % | ||||||||||||||||
Diluted income per share | $ | 0.41 | $ | 0.48 | (14.6) | % | ||||||||||||||
Dividends declared per common share | $ | 0.14 | $ | 0.14 |
Year Ended | ||||||||||||||||||||
March 31, 2024 | March 31, 2023 | Change | ||||||||||||||||||
Net sales | $ | 1,013,540 | $ | 936,240 | 8.3 | % | ||||||||||||||
Cost of products sold | 638,702 | 594,141 | 7.5 | % | ||||||||||||||||
Gross profit | 374,838 | 342,099 | 9.6 | % | ||||||||||||||||
Gross profit margin | 37.0 | % | 36.5 | % | ||||||||||||||||
Selling expenses | 105,341 | 102,528 | 2.7 | % | ||||||||||||||||
% of net sales | 10.4 | % | 11.0 | % | ||||||||||||||||
General and administrative expenses | 106,760 | 94,794 | 12.6 | % | ||||||||||||||||
% of net sales | 10.5 | % | 10.1 | % | ||||||||||||||||
Research and development expenses | 26,193 | 20,935 | 25.1 | % | ||||||||||||||||
% of net sales | 2.6 | % | 2.2 | % | ||||||||||||||||
Amortization of intangibles | 29,396 | 26,001 | 13.1 | % | ||||||||||||||||
Income from operations | 107,148 | 97,841 | 9.5 | % | ||||||||||||||||
Operating margin | 10.6 | % | 10.5 | % | ||||||||||||||||
Interest and debt expense | 37,957 | 27,942 | 35.8 | % | ||||||||||||||||
Investment (income) loss, net | (1,759) | (315) | 458.4 | % | ||||||||||||||||
Foreign currency exchange loss (gain), net | 1,826 | (2,189) | NM | |||||||||||||||||
Other (income) expense, net | 7,597 | (2,072) | NM | |||||||||||||||||
Income before income tax expense | 61,527 | 74,475 | (17.4) | % | ||||||||||||||||
Income tax expense | 14,902 | 26,046 | (42.8) | % | ||||||||||||||||
Net income | $ | 46,625 | $ | 48,429 | (3.7) | % | ||||||||||||||
Average basic shares outstanding | 28,728 | 28,600 | 0.4 | % | ||||||||||||||||
Basic income per share | $ | 1.62 | $ | 1.69 | (4.1) | % | ||||||||||||||
Average diluted shares outstanding | 29,026 | 28,818 | 0.7 | % | ||||||||||||||||
Diluted income per share | $ | 1.61 | $ | 1.68 | (4.2) | % | ||||||||||||||
Dividends declared per common share | $ | 0.28 | $ | 0.28 |
March 31, 2024 | March 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 114,126 | $ | 133,176 | ||||||||||
Trade accounts receivable | 171,186 | 151,451 | ||||||||||||
Inventories | 186,091 | 179,359 | ||||||||||||
Prepaid expenses and other | 42,752 | 32,254 | ||||||||||||
Total current assets | 514,155 | 496,240 | ||||||||||||
Net property, plant, and equipment | 106,395 | 94,360 | ||||||||||||
Goodwill | 710,334 | 644,629 | ||||||||||||
Other intangibles, net | 385,634 | 362,537 | ||||||||||||
Marketable securities | 11,447 | 10,368 | ||||||||||||
Deferred taxes on income | 1,797 | 2,035 | ||||||||||||
Other assets | 96,183 | 88,286 | ||||||||||||
Total assets | $ | 1,825,945 | $ | 1,698,455 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Trade accounts payable | $ | 83,118 | $ | 76,736 | ||||||||||
Accrued liabilities | 127,973 | 124,317 | ||||||||||||
Current portion of long-term debt and finance lease obligations | 50,670 | 40,604 | ||||||||||||
Total current liabilities | 261,761 | 241,657 | ||||||||||||
Term loan, AR securitization facility and finance lease obligations | 479,566 | 430,988 | ||||||||||||
Other non-current liabilities | 202,555 | 192,013 | ||||||||||||
Total liabilities | 943,882 | 864,658 | ||||||||||||
Shareholders’ equity: | ||||||||||||||
Common stock | 288 | 286 | ||||||||||||
Treasury Stock | (1,001) | (1,001) | ||||||||||||
Additional paid-in capital | 527,125 | 515,797 | ||||||||||||
Retained earnings | 395,328 | 356,758 | ||||||||||||
Accumulated other comprehensive loss | (39,677) | (38,043) | ||||||||||||
Total shareholders’ equity | 882,063 | 833,797 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,825,945 | $ | 1,698,455 |
Year Ended | ||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||
Operating activities: | ||||||||||||||
Net income | $ | 46,625 | $ | 48,429 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||||||||
Depreciation and amortization | 45,945 | 41,947 | ||||||||||||
Deferred income taxes and related valuation allowance | (15,285) | (300) | ||||||||||||
Net loss (gain) on sale of real estate, investments and other | (1,431) | (54) | ||||||||||||
Stock-based compensation | 12,039 | 10,425 | ||||||||||||
Amortization of deferred financing costs | 2,349 | 1,721 | ||||||||||||
Loss (gain) on hedging instruments | (1,366) | (438) | ||||||||||||
Cost of debt repricing | 958 | — | ||||||||||||
Loss on retirement of fixed asset | — | 175 | ||||||||||||
Non-cash pension settlement | 4,984 | — | ||||||||||||
Gain on sale of building | — | (232) | ||||||||||||
Non-cash lease expense | 9,735 | 7,867 | ||||||||||||
Changes in operating assets and liabilities, net of effects of business acquisitions: | ||||||||||||||
Trade accounts receivable | (14,428) | (4,858) | ||||||||||||
Inventories | (1,314) | (9,087) | ||||||||||||
Prepaid expenses and other | (8,555) | 6,667 | ||||||||||||
Other assets | 537 | (123) | ||||||||||||
Trade accounts payable | 4,748 | (13,964) | ||||||||||||
Accrued liabilities | (9,583) | 9,150 | ||||||||||||
Non-current liabilities | (8,760) | (13,689) | ||||||||||||
Net cash provided by (used for) operating activities | 67,198 | 83,636 | ||||||||||||
Investing activities: | ||||||||||||||
Proceeds from sales of marketable securities | 3,526 | 3,651 | ||||||||||||
Purchases of marketable securities | (4,076) | (4,021) | ||||||||||||
Capital expenditures | (24,813) | (12,632) | ||||||||||||
Proceeds from sale of building, net of transaction costs | — | 373 | ||||||||||||
Purchases 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 | (133,364) | (13,932) | ||||||||||||
Financing activities: | ||||||||||||||
Proceeds from issuance of common stock | 1,600 | 713 | ||||||||||||
Purchases of treasury stock | — | (1,001) | ||||||||||||
Fees paid for debt repricing | (958) | — | ||||||||||||
Repayment of debt | (60,604) | (40,550) | ||||||||||||
Proceeds from issuance of long-term debt | 120,000 | — | ||||||||||||
Cash inflows from hedging activities | 24,057 | 24,495 | ||||||||||||
Cash outflows from hedging activities | (22,687) | (24,221) | ||||||||||||
Fees paid for borrowing on long-term debt | (2,859) | — | ||||||||||||
Payment of dividends | (8,044) | (8,008) | ||||||||||||
Other | (2,304) | (1,415) | ||||||||||||
Net cash provided by (used for) financing activities | 48,201 | (49,987) | ||||||||||||
Effect of exchange rate changes on cash | (1,085) | (1,931) | ||||||||||||
Net change in cash and cash equivalents | (19,050) | 17,786 | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 133,426 | 115,640 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 114,376 | $ | 133,426 |
Quarter | Year | |||||||||||||||||||||||||
($ in millions) | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||
Fiscal 2023 Sales |
$ | 253.8 | $ | 936.2 | ||||||||||||||||||||||
Acquisition | 4.9 | 1.9 | % | 32.6 | 3.5 | % | ||||||||||||||||||||
Volume | (0.2) | (0.1) | % | (0.4) | — | % | ||||||||||||||||||||
Pricing | 5.7 | 2.3 | % | 33.8 | 3.6 | % | ||||||||||||||||||||
Foreign currency translation | 1.3 | 0.5 | % | 11.3 | 1.2 | % | ||||||||||||||||||||
Total change | $ | 11.7 | 4.6 | % | $ | 77.3 | 8.3 | % | ||||||||||||||||||
Fiscal 2024 Sales |
$ | 265.5 | $ | 1,013.5 |
($ in millions) | Quarter | Year | |||||||||
Fiscal 2023 Gross Profit |
$ | 91.2 | $ | 342.1 | |||||||
Acquisition | 0.8 | 13.8 | |||||||||
Price, net of manufacturing cost changes (incl. inflation) | 1.0 | 16.9 | |||||||||
Foreign currency translation | 0.4 | 3.8 | |||||||||
Current year business realignment costs | — | (0.4) | |||||||||
Monterrey, MX new factory start-up costs | (2.6) | (3.0) | |||||||||
Factory and warehouse consolidation costs | (0.2) | (0.2) | |||||||||
Sales volume & mix | 3.7 | 0.9 | |||||||||
Product liability | — | 0.9 | |||||||||
Total change | 3.1 | 32.7 | |||||||||
Fiscal 2024 Gross Profit |
$ | 94.3 | $ | 374.8 |
U.S. Shipping Days by Quarter | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||||||||||||||||||
FY 25 | 64 | 63 | 60 | 62 | 249 | |||||||||||||||||||||||||||
FY 24 | 63 | 62 | 61 | 62 | 248 | |||||||||||||||||||||||||||
FY 23 | 63 | 64 | 60 | 63 | 250 |
Period Ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Backlog | $ | 280.8 | $ | 298.4 | $ | 308.7 | |||||||||||||||||||||||
Long-term backlog | |||||||||||||||||||||||||||||
Expected to ship beyond 3 months | $ | 144.6 | $ | 151.3 | $ | 142.0 | |||||||||||||||||||||||
Long-term backlog as % of total backlog | 51.5 | % | 50.7 | % | 46.0 | % | |||||||||||||||||||||||
Debt to total capitalization percentage | 37.5 | % | 38.5 | % | 36.1 | % | |||||||||||||||||||||||
Debt, net of cash, to net total capitalization | 32.0 | % | 33.7 | % | 28.9 | % | |||||||||||||||||||||||
Working capital as a % of sales 2 |
19.1 | % | 20.6 | % | 17.3 | % | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Trade accounts receivable | |||||||||||||||||||||||||||||
Days sales outstanding | 58.7 | days | 62.1 | days | 54.3 | days | |||||||||||||||||||||||
Inventory turns per year | |||||||||||||||||||||||||||||
(based on cost of products sold) | 3.7 | turns | 3.1 | turns | 3.6 | turns | |||||||||||||||||||||||
Days' inventory | 98.6 | days | 117.7 | days | 101.4 | days | |||||||||||||||||||||||
Trade accounts payable | |||||||||||||||||||||||||||||
Days payables outstanding | 50.9 | days | 50.1 | days | 53.3 | days | |||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 38.6 | $ | 29.1 | $ | 66.7 | |||||||||||||||||||||||
Capital expenditures | $ | 8.5 | $ | 6.0 | $ | 3.1 | |||||||||||||||||||||||
Free Cash Flow 3 |
$ | 30.1 | $ | 23.1 | $ | 63.6 | |||||||||||||||||||||||
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
GAAP gross profit | $ | 94,315 | $ | 91,218 | $ | 374,838 | $ | 342,099 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Business realignment costs | — | — | 346 | — | |||||||||||||||||||
Monterrey, MX new factory start-up costs | 2,552 | — | 2,987 | — | |||||||||||||||||||
Factory and warehouse consolidation costs | 262 | — | 262 | — | |||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 97,129 | $ | 91,218 | $ | 378,433 | $ | 342,099 | |||||||||||||||
Net Sales | $ | 265,504 | $ | 253,843 | $ | 1,013,540 | $ | 936,240 | |||||||||||||||
Gross margin | 35.5 | % | 35.9 | % | 37.0 | % | 36.5 | % | |||||||||||||||
Adjusted Gross Margin | 36.6 | % | 35.9 | % | 37.3 | % | 36.5 | % |
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Income from operations | $ | 25,437 | $ | 27,469 | $ | 107,148 | $ | 97,841 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Acquisition deal and integration costs | 3 | 173 | 3,211 | 616 | |||||||||||||||||||
Business realignment costs | — | 848 | 1,867 | 5,140 | |||||||||||||||||||
Factory and warehouse consolidation costs | 545 | — | 744 | — | |||||||||||||||||||
Garvey contingent consideration | — | — | — | 1,230 | |||||||||||||||||||
Headquarter relocation costs | 175 | 681 | 2,059 | 996 | |||||||||||||||||||
Monterrey, MX new factory start-up costs | 3,734 | — | 4,489 | — | |||||||||||||||||||
Cost of debt repricing | 1,190 | — | 1,190 | — | |||||||||||||||||||
Adjusted Operating Income | $ | 31,084 | $ | 29,171 | $ | 120,708 | $ | 105,823 | |||||||||||||||
Net Sales | $ | 265,504 | $ | 253,843 | $ | 1,013,540 | $ | 936,240 | |||||||||||||||
Operating margin | 9.6 | % | 10.8 | % | 10.6 | % | 10.5 | % | |||||||||||||||
Adjusted Operating Margin | 11.7 | % | 11.5 | % | 11.9 | % | 11.3 | % |
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income | $ | 11,809 | $ | 13,895 | $ | 46,625 | $ | 48,429 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Amortization of intangibles | 7,525 | 6,559 | 29,396 | 26,001 | |||||||||||||||||||
Acquisition deal and integration costs | 3 | 173 | 3,211 | 616 | |||||||||||||||||||
Business realignment costs | — | 848 | 1,867 | 5,140 | |||||||||||||||||||
Factory and warehouse consolidation costs | 545 | — | 744 | — | |||||||||||||||||||
Garvey contingent consideration | — | — | — | 1,230 | |||||||||||||||||||
Headquarter relocation costs | 175 | 681 | 2,059 | 996 | |||||||||||||||||||
Monterrey, MX new factory start-up costs | 3,734 | — | 4,489 | — | |||||||||||||||||||
Cost of debt repricing | 1,190 | — | 1,190 | — | |||||||||||||||||||
Non-cash pension settlement expense | 385 | — | 4,984 | — | |||||||||||||||||||
Tax indemnification payment owed1 |
1,192 | — | 1,192 | — | |||||||||||||||||||
Normalize tax rate2 |
(4,767) | 975 | (12,763) | 2,185 | |||||||||||||||||||
Adjusted Net Income | $ | 21,791 | $ | 23,131 | $ | 82,994 | $ | 84,597 | |||||||||||||||
Average diluted shares outstanding | 29,129 | 28,869 | 29,026 | 28,818 | |||||||||||||||||||
Diluted income per share | $ | 0.41 | $ | 0.48 | $ | 1.61 | $ | 1.68 | |||||||||||||||
Adjusted EPS per diluted share | $ | 0.75 | $ | 0.80 | $ | 2.86 | $ | 2.94 |
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income | $ | 11,809 | $ | 13,895 | $ | 46,625 | $ | 48,429 | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Income tax expense | 2,497 | 7,499 | 14,902 | 26,046 | |||||||||||||||||||
Interest and debt expense | 9,169 | 7,668 | 37,957 | 27,942 | |||||||||||||||||||
Investment (income) loss, net | (547) | (483) | (1,759) | (315) | |||||||||||||||||||
Foreign currency exchange loss (gain), net | 752 | (1,037) | 1,826 | (2,189) | |||||||||||||||||||
Other (income) expense, net | 1,757 | (73) | 7,597 | (2,072) | |||||||||||||||||||
Depreciation and amortization expense |
11,893 | 10,567 | 45,945 | 41,947 | |||||||||||||||||||
Acquisition deal and integration costs | 3 | 173 | 3,211 | 616 | |||||||||||||||||||
Business realignment costs | — | 848 | 1,867 | 5,140 | |||||||||||||||||||
Factory and warehouse consolidation costs | 545 | — | 744 | — | |||||||||||||||||||
Garvey contingent consideration | — | — | — | 1,230 | |||||||||||||||||||
Headquarter relocation costs | 175 | 681 | 2,059 | 996 | |||||||||||||||||||
Monterrey, MX new factory start-up costs | 3,734 | — | 4,489 | — | |||||||||||||||||||
Cost of debt repricing | 1,190 | — | 1,190 | — | |||||||||||||||||||
Adjusted EBITDA | $ | 42,977 | $ | 39,738 | $ | 166,653 | $ | 147,770 | |||||||||||||||
Net Sales | $ | 265,504 | $ | 253,843 | $ | 1,013,540 | $ | 936,240 | |||||||||||||||
Net income margin | 4.4 | % | 5.5 | % | 4.6 | % | 5.2 | % | |||||||||||||||
Adjusted EBITDA Margin | 16.2 | % | 15.7 | % | 16.4 | % | 15.8 | % |
Year Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net income | $ | 46,625 | $ | 48,429 | ||||||||||
Add back (deduct): | ||||||||||||||
Annualize EBITDA for the montratec acquisition1 |
1,331 | |||||||||||||
Annualize synergies for the montratec acquisition1 |
73 | |||||||||||||
Income tax expense | 14,902 | 26,046 | ||||||||||||
Interest and debt expense | 37,957 | 27,942 | ||||||||||||
Non-Cash Pension Settlement2 |
4,984 | — | ||||||||||||
Amortization of deferred financing costs | 2,349 | 1,721 | ||||||||||||
Stock Compensation Expense | 12,039 | 10,425 | ||||||||||||
Depreciation and amortization expense |
45,945 | 41,947 | ||||||||||||
Acquisition deal and integration costs | 3,211 | 616 | ||||||||||||
Business realignment costs | 1,867 | 5,140 | ||||||||||||
Factory and warehouse consolidation costs | 744 | — | ||||||||||||
Garvey contingent consideration | — | 1,230 | ||||||||||||
Headquarter relocation costs | 2,059 | 996 | ||||||||||||
Monterrey, MX new factory start-up costs | 4,489 | — | ||||||||||||
Cost of debt repricing | 1,190 | — | ||||||||||||
Non-Cash loss related to asset retirement | — | 175 | ||||||||||||
Gain on Sale of Facility | — | (232) | ||||||||||||
Credit Agreement Trailing Twelve Month Adjusted EBITDA | $ | 179,765 | $ | 164,435 | ||||||||||
Current portion of long-term debt and finance lease obligations | $ | 50,670 | $ | 40,604 | ||||||||||
Term loan, AR securitization facility and finance lease obligations | 479,566 | 430,988 | ||||||||||||
Total debt | $ | 530,236 | $ | 471,592 | ||||||||||
Standby Letters of Credit | 15,368 | 14,921 | ||||||||||||
Cash and cash equivalents | (114,126) | (133,176) | ||||||||||||
Net Debt | $ | 431,478 | $ | 353,337 | ||||||||||
Net Leverage Ratio | 2.40x | 2.15x |