Fourth quarter sales of
Full year adjusted EBITDA margins increased by 140 bps to 6.8%
Provides outlook and guidance for full year 2024
Fourth Quarter 2023 Highlights (Compared with prior-year period, where comparisons are noted)
- Revenue of
$223.1 million , down 5.0% due primarily to the impacts of a strike-related labor stoppage at a customer facility and reduced demand across Vehicle Solutions, Industrial Automation and Aftermarket segments; however, Electrical Systems segment continues to show strong growth with 19.4% increased revenue. - Operating income of
$5.0 million , up$9.0 million ; adjusted operating income of$6.6 million , down$1.8 million . Lower adjusted operating income was driven primarily by lower volumes and increased SG&A. - Net income of
$23.3 million , or$0.70 per diluted share, compared to net loss of$32.0 , or$(0.98) per diluted share; adjusted net income of$2.9 million , or$0.09 per diluted share, versus$1.4 million , or$0.04 per diluted share. - Adjusted EBITDA of
$10.3 million , down$2.9 million , with an adjusted EBITDA margin of 4.6%, down from 5.7%.
Full Year 2023 Highlights (Compared with prior-year period, where comparisons are noted)
- Revenue of
$994.7 million , driven by pricing and the contribution of new business wins in Electrical Systems, offset by lower sales volume in Industrial Automation, Vehicle Solutions, and Aftermarket segments. - New business wins in excess of
$150 million when fully ramped; these wins were concentrated in our Electrical Systems segment. - Operating income of
$48.1 million , up$27.9 million , and adjusted operating income of$51.1 million , up$14.5 million . The increase in operating income was due to improved pricing and business mix. - Full-year 2023 debt paydown was
$10 .9 million, and net debt declined to$103 .7 million; leverage ratio declined to 1.5x from 2.2x.
Financial Results
(amounts in millions except per share data and percentages)
Fourth Quarter | ||||||||||
2023 | 2022 | Change | ||||||||
Revenues | $ | 223.1 | $ | 234.9 | (5.0)% | |||||
Gross profit | $ | 26.2 | $ | 12.4 | 111.3 | % | ||||
Gross margin | 11.7 | % | 5.3 | % | ||||||
Adjusted gross profit1 | $ | 26.0 | $ | 23.9 | 8.8 | % | ||||
Adjusted gross margin1 | 11.7 | % | 10.2 | % | ||||||
Operating income (loss) | $ | 5.0 | $ | (4.0 | ) | NM2 | ||||
Operating margin | 2.2 | % | (1.7)% | |||||||
Adjusted operating income1 | $ | 6.6 | $ | 8.4 | (21.4)% | |||||
Adjusted operating margin1 | 2.9 | % | 3.6 | % | ||||||
Net income (loss) | $ | 23.3 | $ | (32.0 | ) | NM2 | ||||
Adjusted net income (loss)1 | $ | 2.9 | $ | 1.4 | 107.1 | % | ||||
Earnings (loss) per share, diluted | $ | 0.70 | $ | (0.98 | ) | NM2 | ||||
Adjusted earnings (loss) per share, diluted1 | $ | 0.09 | $ | 0.04 | 125.0 | % | ||||
Adjusted EBITDA1 | $ | 10.3 | $ | 13.3 | (22.6)% | |||||
Adjusted EBITDA margin1 | 4.6 | % | 5.7 | % | ||||||
1See Appendix A for GAAP to Non-GAAP reconciliation | ||||||||||
2Not meaningful |
Consolidated Results
Fourth Quarter 2023 Results
- Fourth quarter 2023 revenues were
$223.1 million compared to$234.9 million in the prior year period, a decline of 5.0%. The decrease in revenues is due primarily to the impact of a strike at a customer facility, previous year benefit from a post-COVID backlog inAsia-Pacific , and reduced demand in Vehicle Solutions, Aftermarket, and Industrial Automation segments, which more than offset an increase in Electrical Systems revenue. Foreign currency translation favorably impacted fourth quarter 2023 revenues by$1.8 million , or by 0.7%. - Operating income for the fourth quarter 2023 was
$5.0 million compared to operating loss of$4.0 million in the prior year period. Foreign currency translation also favorably impacted fourth quarter 2023 operating income by$0.7 million . Excluding special costs, the fourth quarter of 2023 adjusted operating income was$6.6 million , down 21.4%. The decline in adjusted operating income was driven primarily by lower volumes, strike impact, and higher SG&A. - Interest expense was
$2.4 million and$2.9 million for the fourth quarter endedDecember 31, 2023 and 2022, respectively. The decrease in interest expense was due to lower average debt balances, partially offset by higher interest rates on variable debt. - Net income was
$23.3 million , or$0.70 per diluted share, for the fourth quarter 2023 compared to net loss of$32.0 million , or$(0.98) per diluted share, in the prior year period.
At
Segment Results
Fourth Quarter 2023 Results (Compared with prior-year period, where comparisons are noted)
Vehicle Solutions Segment
- Revenues were
$128.4 million , a decrease of 10.1% primarily resulting from lower volumes and the impact of a strike at a customer facility during the quarter. - Operating income for the fourth quarter 2023 was
$3.6 million , a decrease of 1.8%. Excluding special costs, the fourth quarter of 2023 adjusted operating income was$4.0 million , a decrease of 3.9%, as compared to the fourth quarter 2022, primarily due to the impact of lower sales volumes partially offset by pricing improvement and cost controls.
Electrical Systems Segment
- Revenues were
$56.2 million , an increase of 19.4%, primarily resulting from increased pricing and sales volume. - Operating income was
$6.7 million , an increase of 25.0% primarily attributable to pricing and volume leverage.
Aftermarket and Accessories Segment
- Revenues were
$31.4 million , a decrease of 8.1%, primarily resulting from decreased sales volume. - Operating income was
$3.4 million , an increase of 7.3%. Excluding special costs, the fourth quarter of 2023 adjusted operating income decreased 6.4%, as compared to the fourth quarter 2022, primarily due to the lower sales volume, partially offset by increased pricing.
Industrial Automation Segment
- Revenues were
$7.1 million , a decrease of 35.0%, due to lower sales volume from decreased customer demand. - Operating income was
$0.9 million , compared to operating loss of$11.9 million in the prior year. Fourth quarter of 2023 adjusted operating income increased to$0.3 million , compared to an adjusted operating loss of$0.5 million in the fourth quarter 2022, primarily due to cost controls.
Outlook
CVG is providing the following outlook for the full year 2024:
Metric | 2024 Outlook ($ millions) |
Adjusted EBITDA |
This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to
We expect to benefit from growth in Electrical Systems, partially offsetting the projected 16% decline in Class 8 truck builds.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.
Conference Call
A conference call to discuss this press release is scheduled for
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (877) 674-7070 using access code 986985 and international callers can dial (416) 764-8692 using access code 986985.
Company Contact
Chief Financial Officer
CVG
IR@cvgrp.com
Investor Relations Contact
CVGI@alpha-ir.com
About CVG
At CVG we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, global supply chain constraints, changes in the Class 8 and Class 5-7
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
Three and Twelve Months Ended December 31, 2023 and 2022 | |||||||||||||||
(Unaudited) | |||||||||||||||
(Amounts in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenues | $ | 223,089 | $ | 234,918 | $ | 994,679 | $ | 981,553 | |||||||
Cost of revenues | 196,900 | 222,517 | 860,956 | 895,048 | |||||||||||
Gross profit | 26,189 | 12,401 | 133,723 | 86,505 | |||||||||||
Selling, general and administrative expenses | 21,165 | 16,406 | 85,663 | 66,361 | |||||||||||
Operating income | 5,024 | (4,005 | ) | 48,060 | 20,144 | ||||||||||
Other (income) expense | 707 | 7,665 | 1,195 | 10,463 | |||||||||||
Interest expense | 2,383 | 2,935 | 10,691 | 9,827 | |||||||||||
Loss on extinguishment of debt | — | — | — | 921 | |||||||||||
Income (loss) before provision for income taxes | 1,934 | (14,605 | ) | 36,174 | (1,067 | ) | |||||||||
Provision (benefit) for income taxes | (21,347 | ) | 17,384 | (13,237 | ) | 20,904 | |||||||||
Net income (loss) | $ | 23,281 | $ | (31,989 | ) | $ | 49,411 | $ | (21,971 | ) | |||||
Earnings (loss) per common share | |||||||||||||||
Basic | $ | 0.70 | $ | (0.98 | ) | $ | 1.50 | $ | (0.68 | ) | |||||
Diluted | $ | 0.70 | $ | (0.98 | ) | $ | 1.47 | $ | (0.68 | ) | |||||
Weighted average shares outstanding | |||||||||||||||
Basic | 33,132 | 32,567 | 33,040 | 32,334 | |||||||||||
Diluted | 33,443 | 32,567 | 33,581 | 32,334 |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
December 31, 2023 and 2022 | |||||||
(Unaudited) | |||||||
(Amounts in thousands, except per share amounts) | |||||||
ASSETS | 2023 | 2022 | |||||
Current Assets: | |||||||
Cash | $ | 37,848 | $ | 31,825 | |||
Accounts receivable, net | 133,949 | 152,626 | |||||
Inventories | 128,082 | 142,542 | |||||
Other current assets | 27,863 | 12,582 | |||||
Total current assets | 327,742 | 339,575 | |||||
Property, plant and equipment, net | 73,468 | 67,805 | |||||
Operating lease right-of-use asset, net | 31,165 | 26,372 | |||||
Intangible assets, net | 11,222 | 14,620 | |||||
Deferred income taxes, net | 33,568 | 12,275 | |||||
Other assets | 6,049 | 9,621 | |||||
TOTAL ASSETS | $ | 483,214 | $ | 470,268 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 77,314 | $ | 122,091 | |||
Current operating lease liabilities | 7,502 | 7,421 | |||||
Accrued liabilities and other | 45,060 | 35,388 | |||||
Current portion of long-term debt | 15,313 | 10,938 | |||||
Total current liabilities | 145,189 | 175,838 | |||||
Long-term debt | 126,201 | 141,499 | |||||
Long-term operating lease liabilities | 24,417 | 19,422 | |||||
Pension and other post-retirement liabilities | 9,196 | 8,428 | |||||
Other long-term liabilities | 5,279 | 5,041 | |||||
Total liabilities | 310,282 | 350,228 | |||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | 333 | 328 | |||||
(16,150 | ) | (14,514 | ) | ||||
Additional paid-in capital | 265,217 | 261,371 | |||||
Retained deficit | (46,184 | ) | (95,595 | ) | |||
Accumulated other comprehensive loss | (30,284 | ) | (31,550 | ) | |||
Total stockholders’ equity | 172,932 | 120,040 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 483,214 | $ | 470,268 |
BUSINESS SEGMENT FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||||||||||||
Three and Twelve Months Ended December 31, 2023 and 2022 | ||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate / Other | Total | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Revenues | $ | 128,411 | $ | 142,765 | $ | 56,188 | $ | 47,054 | $ | 31,367 | $ | 34,141 | $ | 7,123 | $ | 10,958 | $ | — | $ | — | $ | 223,089 | $ | 234,918 | ||||||||||||||||
Gross profit | 10,095 | 10,322 | 8,873 | 7,136 | 5,566 | 5,494 | 1,655 | (10,551 | ) | — | — | 26,189 | 12,401 | |||||||||||||||||||||||||||
Selling, general & administrative expenses | 6,501 | 6,661 | 2,176 | 1,778 | 2,127 | 2,289 | 804 | 1,322 | 9,557 | 4,356 | 21,165 | 16,406 | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 3,594 | $ | 3,661 | $ | 6,697 | $ | 5,358 | $ | 3,439 | $ | 3,205 | $ | 851 | $ | (11,873 | ) | $ | (9,557 | ) | $ | (4,356 | ) | $ | 5,024 | $ | (4,005 | ) |
Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate / Other | Total | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Revenues | $ | 587,119 | $ | 579,731 | $ | 228,424 | $ | 180,404 | $ | 140,236 | $ | 133,671 | $ | 38,900 | $ | 87,747 | $ | — | $ | — | $ | 994,679 | $ | 981,553 | ||||||||||||||||
Gross profit | 68,129 | 45,979 | 35,397 | 23,993 | 27,187 | 18,836 | 3,010 | (2,303 | ) | — | — | 133,723 | 86,505 | |||||||||||||||||||||||||||
Selling, general & administrative expenses | 26,109 | 24,930 | 9,107 | 5,775 | 8,144 | 6,925 | 4,392 | 5,564 | 37,911 | 23,167 | 85,663 | 66,361 | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 42,020 | $ | 21,049 | $ | 26,290 | $ | 18,218 | $ | 19,043 | $ | 11,911 | $ | (1,382 | ) | $ | (7,867 | ) | $ | (37,911 | ) | $ | (23,167 | ) | $ | 48,060 | $ | 20,144 |
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||
Three and Twelve Months Ended December 31, 2023 and 2022 | |||||||||||||||
(Unaudited) | |||||||||||||||
(Amounts in thousands, except per share amounts and percentages) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
Gross profit | $ | 26,189 | $ | 12,401 | $ | 133,723 | $ | 86,505 | |||||||
Inventory adjustment | — | 10,421 | — | 10,421 | |||||||||||
Restructuring | (198 | ) | 1,077 | 1,245 | 4,035 | ||||||||||
Adjusted gross profit | $ | 25,991 | $ | 23,899 | $ | 134,968 | $ | 100,961 | |||||||
% of revenues | 11.7 | % | 10.2 | % | 13.6 | % | 10.3 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||
Operating income (loss) | $ | 5,024 | $ | (4,005 | ) | $ | 48,060 | $ | 20,144 | ||||||
Restructuring | 785 | 1,978 | 2,286 | 5,365 | |||||||||||
Inventory adjustment | — | 10,421 | — | 10,421 | |||||||||||
Deferred consideration purchase accounting | — | — | — | 341 | |||||||||||
Executive transition | 770 | — | 770 | 329 | |||||||||||
Total operating income adjustments | 1,555 | 12,399 | 3,056 | 16,456 | |||||||||||
Adjusted operating income (loss) | $ | 6,579 | $ | 8,394 | $ | 51,116 | $ | 36,600 | |||||||
% of revenues | 2.9 | % | 3.6 | % | 5.1 | % | 3.7 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||
Net income (loss) | $ | 23,281 | $ | (31,989 | ) | $ | 49,411 | $ | (21,971 | ) | |||||
Pre-tax adjusting items: | |||||||||||||||
Operating income (loss) adjustments | 1,555 | 12,399 | 3,056 | 16,456 | |||||||||||
Hryvnia fair value adjustments on forward exchange contracts | — | (134 | ) | — | (36 | ) | |||||||||
Loss on early extinguishment of debt | — | — | — | 921 | |||||||||||
Other adjusting items: | |||||||||||||||
Non-cash pension settlement | — | 8,086 | — | 9,202 | |||||||||||
Pension settlement - tax adjustment | — | 1,462 | — | 1,462 | |||||||||||
Tax Valuation Allowance | (21,521 | ) | 14,666 | (21,521 | ) | 14,666 | |||||||||
Adjusted (benefit) provision for income taxes1 | (389 | ) | (3,066 | ) | (764 | ) | (4,335 | ) | |||||||
Adjusted net income (loss) | $ | 2,926 | $ | 1,424 | $ | 30,182 | $ | 16,365 | |||||||
Diluted EPS | $ | 0.70 | $ | (0.98 | ) | $ | 1.47 | $ | (0.68 | ) | |||||
Adjustments to diluted EPS | $ | (0.61 | ) | $ | 1.02 | $ | (0.57 | ) | $ | 1.19 | |||||
Adjusted diluted EPS | $ | 0.09 | $ | 0.04 | $ | 0.90 | $ | 0.51 |
- Reported Tax (Benefit) Provision adjusted for tax effect of at 25% of pre-tax adjusting items.
Three Months Ended | Twelve Months Ended | ||||||||||||||
Net income (loss) | $ | 23,281 | $ | (31,989 | ) | $ | 49,411 | $ | (21,971 | ) | |||||
Interest expense | 2,383 | 2,935 | 10,691 | 9,827 | |||||||||||
Provision (benefit) for income taxes | (21,347 | ) | 17,384 | (13,237 | ) | 20,904 | |||||||||
Depreciation expense | 3,625 | 3,727 | 14,240 | 14,770 | |||||||||||
Amortization expense | 847 | 848 | 3,390 | 3,411 | |||||||||||
EBITDA | $ | 8,789 | $ | (7,095 | ) | $ | 64,495 | $ | 26,941 | ||||||
% of revenues | 3.9 | % | (3.0)% | 6.5 | % | 2.7 | % | ||||||||
EBITDA adjustments | |||||||||||||||
Restructuring | 785 | 1,978 | 2,286 | 5,365 | |||||||||||
Inventory adjustment | — | 10,421 | — | 10,421 | |||||||||||
Pension settlement | — | 8,086 | — | 9,202 | |||||||||||
Deferred consideration purchase accounting | — | — | — | 341 | |||||||||||
Hryvnia fair value adjustments on forward exchange contracts | — | (134 | ) | — | (36 | ) | |||||||||
Executive transition | 770 | — | 770 | 329 | |||||||||||
Loss on early extinguishment of debt | — | — | — | 921 | |||||||||||
Adjusted EBITDA | $ | 10,344 | $ | 13,256 | $ | 67,551 | $ | 53,484 | |||||||
% of revenues | 4.6 | % | 5.7 | % | 6.8 | % | 5.4 | % |
Appendix B: Segment Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||||||||
Three and Twelve Months Ended December 31, 2023 and 2022 | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(Amounts in thousands, except percentages) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Vehicle Solutions | Electric Systems | Aftermarket | Industrial Automation | Corporate | Total | ||||||||||||||||||
Operating income (loss) | $ | 3,594 | $ | 6,697 | $ | 3,439 | $ | 851 | $ | (9,557 | ) | $ | 5,024 | ||||||||||
Restructuring | 386 | — | — | (584 | ) | 983 | 785 | ||||||||||||||||
Executive transition | — | — | — | — | 770 | 770 | |||||||||||||||||
Adjusted operating income (loss) | $ | 3,980 | $ | 6,697 | $ | 3,439 | $ | 267 | $ | (7,804 | ) | $ | 6,579 | ||||||||||
% of revenues | 3.1 | % | 11.9 | % | 11.0 | % | 3.7 | % | 2.9 | % |
Twelve Months Ended | |||||||||||||||||||||||
Vehicle Solutions | Electric Systems | Aftermarket | Industrial Automation | Corporate | Total | ||||||||||||||||||
Operating income (loss) | $ | 42,020 | $ | 26,290 | $ | 19,043 | $ | (1,382 | ) | $ | (37,911 | ) | $ | 48,060 | |||||||||
Restructuring | 809 | 8 | — | 486 | 983 | 2,286 | |||||||||||||||||
Executive transition | — | — | — | — | 770 | 770 | |||||||||||||||||
Adjusted operating income (loss) | $ | 42,829 | $ | 26,298 | $ | 19,043 | $ | (896 | ) | $ | (36,158 | ) | $ | 51,116 | |||||||||
% of revenues | 7.3 | % | 11.5 | % | 13.6 | % | (2.3)% | 5.1 | % |
Three Months Ended | |||||||||||||||||||||||
Vehicle Solutions | Electric Systems | Aftermarket | Industrial Automation | Corporate | Total | ||||||||||||||||||
Operating income (loss) | $ | 3,661 | $ | 5,358 | $ | 3,205 | $ | (11,873 | ) | $ | (4,356 | ) | $ | (4,005 | ) | ||||||||
Restructuring | 481 | 103 | 469 | 925 | — | 1,978 | |||||||||||||||||
Inventory adjustment | — | — | — | 10,421 | — | 10,421 | |||||||||||||||||
Adjusted operating income (loss) | $ | 4,142 | $ | 5,461 | $ | 3,674 | $ | (527 | ) | $ | (4,356 | ) | $ | 8,394 | |||||||||
% of revenues | 2.9 | % | 11.6 | % | 10.8 | % | (4.8)% | 3.6 | % |
Twelve Months Ended | |||||||||||||||||||||||
Vehicle Solutions | Electric Systems | Aftermarket | Industrial Automation | Corporate | Total | ||||||||||||||||||
Operating income (loss) | $ | 21,049 | $ | 18,218 | $ | 11,911 | $ | (7,867 | ) | $ | (23,167 | ) | $ | 20,144 | |||||||||
Restructuring | 751 | 674 | 1,909 | 1,725 | 306 | 5,365 | |||||||||||||||||
Inventory adjustment | — | — | 10,421 | — | 10,421 | ||||||||||||||||||
Deferred consideration purchase accounting | — | — | — | 341 | — | 341 | |||||||||||||||||
Executive transition | — | — | — | — | 329 | 329 | |||||||||||||||||
Adjusted operating income (loss) | $ | 21,800 | $ | 18,892 | $ | 13,820 | $ | 4,620 | $ | (22,532 | ) | $ | 36,600 | ||||||||||
% of revenues | 3.8 | % | 10.5 | % | 10.3 | % | 5.3 | % | 3.7 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Cash flow from operating activities | $ | 8,286 | $ | 35,153 | $ | 38,276 | $ | 68,947 | |||||||
Purchases of property, plant and equipment | (4,500 | ) | (7,169 | ) | (19,696 | ) | (19,710 | ) | |||||||
Free cash flow | $ | 3,786 | $ | 27,984 | $ | 18,580 | $ | 49,237 |
2023 | 2022 | ||||
Current portion of long-term debt | $ | 15,313 | $ | 10,938 | |
Long-term debt | 126,201 | 141,499 | |||
Less Cash | $ | 37,848 | $ | 31,825 | |
Total net debt | $ | 103,666 | $ | 120,612 |
Use of Non-GAAP Measures
This earnings release contains financial measures that are not calculated in accordance with
Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.
Source:
2024 GlobeNewswire, Inc., source