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    Interface Reports First Quarter 2025 Results

    5/2/25 5:30:00 AM ET
    $TILE
    Home Furnishings
    Consumer Discretionary
    Get the next $TILE alert in real time by email

    Delivered strong quarter; One Interface strategy continues to drive results

    Interface, Inc. (NASDAQ:TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the first quarter ended March 30, 2025.

    First quarter highlights:

    • Net sales totaled $297 million, up 2.6% year-over-year and up 4.1% currency-neutral.
    • GAAP earnings per diluted share of $0.22; Adjusted earnings per diluted share of $0.25.
    • Momentum continues with One Interface strategy.

    "We delivered a solid start to the year, with currency-neutral net sales growth of 4% year-over-year. Strong momentum continued in the Americas, where net sales grew 6% and currency-neutral orders were up 10%, partially offset by a softer macro environment in EAAA. Global billings in both Healthcare and Education grew double digits demonstrating the power of our strategy that continues to diversify and strengthen our business," commented Laurel Hurd, CEO of Interface.

    "Our first quarter performance highlights the ongoing success of our One Interface strategy, which aims to accelerate growth, expand margins, and lead in design, performance, and sustainability. To further these goals, we recently named our first Vice President of Global Product Category Management to accelerate and optimize our product innovation pipeline, ensuring we continue to deliver world-class products that meet the evolving needs of the market while embodying the essence of Interface," continued Hurd.

    "First quarter results exceeded our expectations, reflecting our team's disciplined execution amid a dynamic macroeconomic backdrop. We are navigating the current environment from a position of strength, as our One Interface strategy continues to yield tangible results, and our strong balance sheet provides optionality and flexibility. We remain focused on delivering long-term value for our shareholders," added Bruce Hausmann, CFO of Interface.

    Consolidated Results Summary (Unaudited)

    Three Months Ended

     

    (in millions, except percentages and per share data)

    3/30/2025

    3/31/2024

    Change

     

     

     

     

     

     

    GAAP

     

     

     

     

    Net Sales

    $

    297.4

     

    $

    289.7

     

    2.6

     %

     

    Gross Profit Margin % of Net Sales

     

    37.3

     %

     

    38.1

     %

    (80) bps

     

    SG&A Expenses

    $

    87.7

     

    $

    86.0

     

    2.1

     %

     

    SG&A Expenses % of Net Sales

     

    29.5

     %

     

    29.7

     %

    (17) bps

     

    Operating Income

    $

    23.2

     

    $

    24.4

     

    (5.0

    )%

     

    Net Income

    $

    13.0

     

    $

    14.2

     

    (8.3

    )%

     

    Earnings per Diluted Share

    $

    0.22

     

    $

    0.24

     

    (8.3

    )%

     

     

     

     

     

     

    Non-GAAP

     

     

     

     

    Currency-Neutral Net Sales

    $

    301.7

     

    $

    289.7

     

    4.1

     %

     

    Adjusted Gross Profit Margin % of Net Sales

     

    37.7

     %

     

    38.6

     %

    (82) bps

     

    Adjusted SG&A Expenses

    $

    86.8

     

    $

    86.2

     

    0.7

     %

     

    Adjusted SG&A Expenses % of Net Sales

     

    29.2

     %

     

    29.7

     %

    (57) bps

     

    Adjusted Operating Income

    $

    25.5

     

    $

    25.5

     

    (0.3

    )%

     

    Adjusted Net Income

    $

    14.6

     

    $

    14.2

     

    3.0

     %

     

    Adjusted Earnings per Diluted Share

    $

    0.25

     

    $

    0.24

     

    4.2

     %

     

    Adjusted EBITDA

    $

    37.0

     

    $

    38.8

     

    (4.5

    )%

     

    Currency-Neutral Orders Increase Year-Over-Year

     

    3.3

     %

     

     

     

     

     

     

     

     

    • First quarter 2025 adjusted gross profit margin declined 82 basis points year-over-year, as expected, due to higher manufacturing costs in EAAA and higher freight costs partially offset by higher pricing.

     

     

     

     

     

    Additional Metrics

    3/30/2025

    12/29/2024

    Change

     

    Cash

    $

    97.8

     

    $

    99.2

     

    (1.5

    )%

     

    Total Debt

    $

    302.9

     

    $

    302.8

     

    0.0

     %

     

    Total Debt Minus Cash ("Net Debt")

    $

    205.1

     

    $

    203.5

     

    0.8

     %

     

    Last 12-Months Adjusted EBITDA

    $

    187.2

     

     

     

     

    Total Debt divided by Last 12-Months Net Income

    3.5x

     

     

     

    Net Debt divided by Last 12-Months Adjusted EBITDA ("Net Leverage Ratio")

    1.1x

     

     

     

    Segment Results Summary (Unaudited)

    Three Months Ended

     

    (in millions, except percentages)

    3/30/2025

    3/31/2024

    Change

     

     

     

     

     

     

     

    AMS

     

     

     

     

     

    Net Sales

    $

    179.9

     

    $

    169.9

     

    5.9

     %

     

    Currency-Neutral Net Sales

    $

    180.7

     

    $

    169.9

     

    6.3

     %

     

    Operating Income

    $

    19.1

     

    $

    18.2

     

    5.2

     %

     

    Adjusted Operating Income

    $

    19.9

     

    $

    18.1

     

    9.9

     %

     

    Currency-Neutral Orders Increase Year-Over-Year

     

    9.8

     %

     

     

     

     

     

     

     

     

     

     

    EAAA

     

     

     

     

     

    Net Sales

    $

    117.5

     

    $

    119.8

     

    (2.0

    )%

     

    Currency-Neutral Net Sales

    $

    121.1

     

    $

    119.8

     

    1.0

     %

     

    Operating Income

    $

    4.1

     

    $

    6.3

     

    (34.6

    )%

     

    Adjusted Operating Income

    $

    5.6

     

    $

    7.4

     

    (24.9

    )%

     

    Currency-Neutral Orders (Decrease) Year-Over-Year

     

    (5.7

    )%

     

     

     

     

    Outlook

    Interface is forecasting a strong second quarter and remains focused on delivering a strong year amid a dynamic macro environment and increased global macro uncertainty. Order momentum and a healthy backlog support the Company's expectations for a strong second quarter. With that backdrop in mind, Interface anticipates the following:

     

     

    Q2 Fiscal Year 2025 Outlook

     

     

    Net sales

     

    $355 million to $365 million

     

     

    Adjusted gross profit margin

     

    37.2% of net sales

     

     

    Adjusted SG&A expenses

     

    $90 million

     

     

    Adjusted interest & other expenses

     

    $6 million

     

     

    Adjusted effective income tax rate

     

    27.5%

     

     

    Fully diluted weighted average share count

     

    59.3 million shares

     

     

    Note: All figures are approximate

     

     

     

     

     

     

     

     

     

     

     

    Full Fiscal Year 2025 Outlook

     

    Previous Full Fiscal Year 2025 Outlook

    Net sales

     

    $1.340 billion to $1.365 billion

     

    $1.315 billion to $1.365 billion

    Adjusted gross profit margin

     

    37.2% to 37.4% of net sales

     

    37.2% to 37.4% of net sales

    Adjusted SG&A expenses

     

    26% of net sales

     

    26% of net sales

    Adjusted interest & other expenses

     

    $24 million

     

    $24 million

    Adjusted effective income tax rate

     

    27.0%

     

    28.0%

    Capital expenditures

     

    $45 million

     

    $45 million

    Note: All figures are approximate

     

     

     

     

    Webcast and Conference Call Information

    Interface will host a conference call on May 2, 2025, at 8:00 a.m. Eastern Time, to discuss its first quarter 2025 results. The conference call will be simultaneously broadcast live over the Internet.

    Listeners may access the conference call live over the Internet at:

    https://events.q4inc.com/attendee/711411681, or through the Company's website at: https://investors.interface.com.

    The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.

    Non-GAAP Financial Measures

    Interface provides adjusted earnings per share, adjusted net income, adjusted operating income ("AOI"), adjusted gross profit, adjusted gross profit margin, adjusted SG&A expenses, currency- neutral sales and currency-neutral sales growth, net debt, and adjusted EBITDA as additional information regarding its operating results in this press release. These non-GAAP measures are not in accordance with – or alternatives to – GAAP measures, and may be different from non-GAAP measures used by other companies. Adjusted EPS, adjusted net income, and AOI exclude nora purchase accounting amortization, restructuring, asset impairment, severance, and other, net, and the cyber event impact. Adjusted EPS and adjusted net income also exclude the property casualty loss impact. Adjusted gross profit and adjusted gross profit margin exclude the nora purchase accounting amortization. Adjusted SG&A expenses exclude restructuring, asset impairment, severance, and other, net and the cyber event impact. Currency-neutral sales and currency-neutral sales growth exclude the impact of foreign currency fluctuations.

    Net debt is total debt less cash on hand. Adjusted EBITDA is GAAP net income excluding interest expense, income tax expense, depreciation and amortization, share-based compensation expense, cyber event impact, property casualty loss impact, restructuring, asset impairment, severance, and other, net, the nora purchase accounting amortization, and the loss on foreign subsidiary liquidation. This news release should be read in conjunction with the Company's Current Report on Form 8-K furnished today to the U.S. Securities & Exchange Commission, which explains why Interface believes presentation of these non-GAAP measures provides useful information to investors, as well as any additional material purposes for which Interface uses these non-GAAP measures.

    About Interface

    Interface, Inc. (NASDAQ:TILE) is a global flooring solutions company and sustainability leader, offering an integrated portfolio of carpet tile and resilient flooring products that includes Interface® carpet tile and LVT, nora® rubber flooring, and FLOR® premium area rugs for commercial and residential spaces. Made with purpose and without compromise, Interface flooring brings more sophisticated design, more performance, more innovation, and more climate progress to interior spaces.

    A decades-long pioneer in sustainability, Interface remains "all in" on becoming a restorative business. Today, the company is focusing on carbon reductions, not offsets, as it works toward achieving its verified science-based targets by 2030 and its goal to become a carbon negative enterprise by 2040.

    Learn more about Interface at interface.com and blog.interface.com, nora by Interface at nora.com, FLOR at FLOR.com, and our sustainability journey at interface.com/sustainability.

    Follow us on Facebook, Instagram, LinkedIn, X, and Pinterest.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

    Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. Forward-looking statements may be identified by words such as "may," "expect," "forecast," "anticipate," "intend," "plan," "believe," "could," "should," "goal," "aim," "objective," "seek," "project," "estimate," "target," "will" and similar expressions. Forward-looking statements in this press release include, without limitation, any projections we make regarding the Company's 2025 second quarter and full year 2025 under "Outlook" above. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including but not limited to the risks under the following subheadings in "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2024: "We compete with a large number of manufacturers in the highly competitive floorcovering products market, and some of these competitors have greater financial resources than we do. We may face challenges competing on price, making investments in our business, or competing on product design or sustainability", "Our earnings could be adversely affected by non-cash adjustments to goodwill, when a test of goodwill assets indicates a material impairment of those assets", "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives, our principal design consultant and other key personnel (including experienced sales and manufacturing personnel), and our loss of any of them could affect us adversely", "Large increases in the cost of our raw materials, shipping costs, duties or tariffs could adversely affect us if we are unable to pass these cost increases through to our customers", "Unanticipated termination or interruption of any of our arrangements with our primary third-party suppliers of synthetic fiber or our primary third-party supplier for luxury vinyl tile ("LVT") or other key raw materials could have a material adverse effect on us", "Changes to our facilities, manufacturing processes, product construction, and product composition could disrupt our operations, increase our manufacturing costs, increase customer complaints, increase warranty claims, negatively affect our reputation, and have a material adverse effect on our financial condition and results of operations", "Our business operations could suffer significant losses from natural disasters, acts of war, terrorism, catastrophes, fire, adverse weather conditions, pandemics, endemics, unstable geopolitical situations or other unexpected events", "The market price of our common stock has been volatile and the value of your investment may decline", "Sales of our principal products have been and may continue to be affected by adverse economic cycles, and effects in the new construction market and renovation market", "Disruptions to or failures of information technology systems we use could adversely affect our business", "The impact of potential changes to environmental laws and regulations and industry standards regarding climate change and other sustainability matters could lead to unforeseen disruptions to our business operations", "Health crisis events, such as epidemics or pandemics, have adversely impacted, and may continue to impact, the economy and disrupt our operations and supply chains, which may have an adverse effect on our results of operations", Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including foreign currency fluctuations, restrictive taxation, custom duties, tariffs, border closings or other adverse government regulations", "The conflicts between Russia and Ukraine and in the Middle East could adversely affect our business, results of operations and financial position", "Fluctuations in foreign currency exchange rates have had, and could continue to have, an adverse impact on our financial condition and results of operations", "The uncertainty surrounding the ongoing implementation and effect of the U.K.'s exit from the European Union, and related negative developments in the European Union, could adversely affect our business, results of operations or financial condition", "We have a substantial amount of debt, which could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under our debt", "Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our operations to pay our indebtedness", "We may incur substantial additional indebtedness, which could further exacerbate the risks associated with our substantial indebtedness", and "We face risks associated with litigation and claims".

    You should consider any additional or updated information we include under the heading "Risk Factors" in our subsequent quarterly and annual reports.

    Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.

    - TABLES FOLLOW -

    Consolidated Statements of Operations (Unaudited)

    Three Months Ended

     

    (In thousands, except per share data)

    3/30/2025

     

    3/31/2024

     

     

     

     

     

     

     

    Net Sales

    $

    297,413

     

     

    $

    289,743

     

     

    Cost of Sales

     

    186,450

     

     

     

    179,338

     

     

    Gross Profit

     

    110,963

     

     

     

    110,405

     

     

    Selling, General & Administrative Expenses

     

    87,736

     

     

     

    85,959

     

     

    Operating Income

     

    23,227

     

     

     

    24,446

     

     

    Interest Expense

     

    4,415

     

     

     

    6,423

     

     

    Other Expense (Income), net

     

    1,703

     

     

     

    (976

    )

     

    Income Before Income Tax Expense

     

    17,109

     

     

     

    18,999

     

     

    Income Tax Expense

     

    4,107

     

     

     

    4,820

     

     

    Net Income

    $

    13,002

     

     

    $

    14,179

     

     

     

     

     

     

     

     

    Earnings Per Share – Basic

    $

    0.22

     

     

    $

    0.24

     

     

     

     

     

     

     

     

    Earnings Per Share – Diluted

    $

    0.22

     

     

    $

    0.24

     

     

     

     

     

     

     

     

    Common Shares Outstanding – Basic

     

    58,434

     

     

     

    58,238

     

     

    Common Shares Outstanding – Diluted

     

    59,173

     

     

     

    58,714

     

     

     

     

     

     

     

     

    Consolidated Balance Sheets (Unaudited)

     

     

     

     

       

    (In thousands)

    3/30/2025

     

    12/29/2024

     

    Assets

     

     

     

     

       

    Cash and Cash Equivalents

    $

    97,757

     

     

    $

    99,226

       

    Accounts Receivable, net

     

    162,754

     

     

     

    171,135

       

    Inventories, net

     

    281,741

     

     

     

    260,581

       

    Other Current Assets

     

    37,185

     

     

     

    33,355

       

    Total Current Assets

     

    579,437

     

     

     

    564,297

       

    Property, Plant and Equipment, net

     

    283,783

     

     

     

    282,374

       

    Operating Lease Right-of-Use Assets

     

    77,845

     

     

     

    76,815

       

    Goodwill and intangibles assets, net

     

    152,282

     

     

     

    148,160

       

    Other Assets

     

    98,451

     

     

     

    99,170

       

    Total Assets

    $

    1,191,798

     

     

    $

    1,170,816

       

     

     

     

     

     

       

    Liabilities

     

     

     

     

       

    Accounts Payable

    $

    82,958

     

     

    $

    68,943

       

    Accrued Expenses

     

    114,009

     

     

     

    134,996

       

    Current Portion of Operating Lease Liabilities

     

    12,718

     

     

     

    12,296

       

    Current Portion of Long-Term Debt

     

    487

     

     

     

    482

       

    Total Current Liabilities

     

    210,172

     

     

     

    216,717

       

    Long-Term Debt

     

    302,390

     

     

     

    302,275

       

    Operating Lease Liabilities

     

    69,160

     

     

     

    68,092

       

    Other Long-Term Liabilities

     

    97,009

     

     

     

    94,584

       

    Total Liabilities

     

    678,731

     

     

     

    681,668

       

    Shareholders' Equity

     

    513,067

     

     

     

    489,148

       

    Total Liabilities and Shareholders' Equity

    $

    1,191,798

     

     

    $

    1,170,816

       

    Consolidated Statements of Cash Flows (Unaudited)

    Three Months Ended

     

    (In thousands)

    3/30/2025

     

    3/31/2024

     

    OPERATING ACTIVITIES

     

     

     

     

    Net Income

    $

    13,002

     

     

    $

    14,179

     

     

    Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:

     

     

     

     

    Depreciation and Amortization

     

    9,401

     

     

     

    9,616

     

     

    Share-Based Compensation Expense

     

    4,145

     

     

     

    3,915

     

     

    Amortization of Acquired Intangible Assets

     

    1,255

     

     

     

    1,297

     

     

    Deferred Taxes

     

    (837

    )

     

     

    (678

    )

     

    Other

     

    3,070

     

     

     

    (3,708

    )

     

    Change in Working Capital

     

     

     

     

    Accounts Receivable

     

    10,675

     

     

     

    13,837

     

     

    Inventories

     

    (16,339

    )

     

     

    (20,477

    )

     

    Prepaid Expenses and Other Current Assets

     

    (3,438

    )

     

     

    (2,193

    )

     

    Accounts Payable and Accrued Expenses

     

    (9,195

    )

     

     

    (3,169

    )

     

    Cash Provided by Operating Activities

     

    11,739

     

     

     

    12,619

     

     

    INVESTING ACTIVITIES

     

     

     

     

    Capital Expenditures

     

    (7,467

    )

     

     

    (4,033

    )

     

    Proceeds from Sale of Property, Plant and Equipment

     

    —

     

     

     

    1,040

     

     

    Insurance Proceeds from Property Casualty Loss

     

    —

     

     

     

    1,000

     

     

    Cash Used in Investing Activities

     

    (7,467

    )

     

     

    (1,993

    )

     

    FINANCING ACTIVITIES

     

     

     

     

    Repayments of Long-term Debt

     

    (122

    )

     

     

    (34,783

    )

     

    Borrowing of Long-term Debt

     

    —

     

     

     

    10,000

     

     

    Tax Withholding Payments for Share-Based Compensation

     

    (7,730

    )

     

     

    (4,271

    )

     

    Dividends Paid

     

    (54

    )

     

     

    (6

    )

     

    Finance Lease Payments

     

    (762

    )

     

     

    (716

    )

     

    Cash Used in Financing Activities

     

    (8,668

    )

     

     

    (29,776

    )

     

    Net Cash Used in Operating, Investing and Financing Activities

     

    (4,396

    )

     

     

    (19,150

    )

     

    Effect of Exchange Rate Changes on Cash

     

    2,927

     

     

     

    (1,574

    )

     

    CASH AND CASH EQUIVALENTS

     

     

     

     

    Net Change During the Period

     

    (1,469

    )

     

     

    (20,724

    )

     

    Balance at Beginning of Period

     

    99,226

     

     

     

    110,498

     

     

    Balance at End of Period

    $

    97,757

     

     

    $

    89,774

     

     

    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)

    (In millions, except per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    First Quarter 2025

     

    First Quarter 2024

     

     

     

     

     

    Adjustments

     

     

     

     

     

     

     

     

     

    Adjustments

     

     

     

    Gross

    Profit

    SG&A

    Expenses

    Operating

    Income

    (Loss)

    Pre-tax

    Tax

    Effect

    Net

    Income

    (Loss)

    Diluted

    EPS

     

    Gross

    Profit

    SG&A

    Expenses

    Operating

    Income

    (Loss)

    Pre-tax

    Tax

    Effect

    Net

    Income

    (Loss)

    Diluted

    EPS

    GAAP As Reported

    $

    111.0

     

    $

    87.7

     

    $

    23.2

     

     

     

     

    $

    13.0

     

    $

    0.22

     

     

    $

    110.4

     

    $

    86.0

     

    $

    24.4

     

     

     

    $

    14.2

     

    $

    0.24

     

    Non-GAAP Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Purchase Accounting Amortization

     

    1.3

     

     

    —

     

     

    1.3

     

    1.3

     

    (0.4

    )

     

    0.9

     

     

    0.02

     

     

     

    1.3

     

     

    —

     

     

    1.3

     

    1.3

     

    (0.4

    )

     

    0.9

     

     

    0.02

     

    Restructuring, Asset Impairment, Severance, and Other, net

     

    —

     

     

    (1.0

    )

     

    1.0

     

    1.0

     

    (0.2

    )

     

    0.7

     

     

    0.01

     

     

     

    —

     

     

    (0.2

    )

     

    0.2

     

    0.2

     

    0.0

     

     

    0.2

     

     

    —

     

    Cyber Event Impact

     

    —

     

     

    —

     

     

    —

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    0.4

     

     

    (0.4

    )

    (0.4

    )

    0.1

     

     

    (0.3

    )

     

    (0.01

    )

    Property Casualty Loss (1)

     

    —

     

     

    —

     

     

    —

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

    (1.0

    )

    0.2

     

     

    (0.7

    )

     

    (0.01

    )

    Adjustments Subtotal *

     

    1.3

     

     

    (1.0

    )

     

    2.2

     

    2.2

     

    (0.6

    )

     

    1.6

     

     

    0.03

     

     

     

    1.3

     

     

    0.2

     

     

    1.1

     

    0.1

     

    (0.1

    )

     

    —

     

     

    —

     

    Adjusted (non-GAAP) *

    $

    112.2

     

    $

    86.8

     

    $

    25.5

     

     

     

     

    $

    14.6

     

    $

    0.25

     

     

    $

    111.7

     

    $

    86.2

     

    $

    25.5

     

     

     

    $

    14.2

     

    $

    0.24

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Represents property insurance (recovery) / loss

    * Note: Sum of reconciling items may differ from total due to rounding of individual components

    Reconciliation of Segment GAAP Financial Measures to Non-GAAP Financial Measures ("Currency-Neutral Net Sales", and "AOI")

    (In millions)

     

    First Quarter 2025

     

    First Quarter 2024

     

    AMS Segment

    EAAA Segment

    Consolidated *

     

    AMS Segment

    EAAA Segment

    Consolidated *

    Net Sales as Reported (GAAP)

    $

    179.9

     

    $

    117.5

     

    $

    297.4

     

     

    $

    169.9

     

    $

    119.8

     

    $

    289.7

     

    Impact of Changes in Currency

     

    0.7

     

     

    3.6

     

     

    4.3

     

     

     

    —

     

     

    —

     

     

    —

     

    Currency-Neutral Net Sales *

    $

    180.7

     

    $

    121.1

     

    $

    301.7

     

     

    $

    169.9

     

    $

    119.8

     

    $

    289.7

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    * Note: Sum of reconciling items may differ from total due to rounding of individual components

     

     

    First Quarter 2025

     

    First Quarter 2024

     

    AMS Segment

    EAAA Segment

    Consolidated *

     

    AMS Segment

    EAAA Segment

    Consolidated *

    GAAP Operating Income (Loss)

    $

    19.1

     

    $

    4.1

     

    $

    23.2

     

     

    $

    18.2

     

    $

    6.3

     

    $

    24.4

     

    Non-GAAP Adjustments:

     

     

     

     

     

     

     

     

     

     

    Purchase Accounting Amortization

     

    —

     

     

    1.3

     

     

    1.3

     

     

     

    —

     

     

    1.3

     

     

    1.3

     

    Cyber Event Impact

     

    —

     

     

    —

     

     

    —

     

     

     

    (0.2

    )

     

    (0.2

    )

     

    (0.4

    )

    Restructuring, Asset Impairment, Severance, and Other, net

     

    0.7

     

     

    0.2

     

     

    1.0

     

     

     

    0.1

     

     

    0.1

     

     

    0.2

     

    Adjustments Subtotal *

     

    0.7

     

     

    1.5

     

     

    2.2

     

     

     

    (0.1

    )

     

    1.2

     

     

    1.1

     

    AOI *

    $

    19.9

     

    $

    5.6

     

    $

    25.5

     

     

    $

    18.1

     

    $

    7.4

     

    $

    25.5

     

     

     

     

     

     

     

     

     

     

     

     

    * Note: Sum of reconciling items may differ from total due to rounding of individual components

     

     

     

     

     

    (in millions)

    First Quarter

    2025

     

    First Quarter

    2024

     

    Last Twelve

    Months (LTM)

    Ended

    3/30/2025

     

    Fiscal Year

    2024

    Net Income as Reported (GAAP)

    $

    13.0

     

     

    $

    14.2

     

     

    $

    85.8

     

     

    $

    86.9

     

    Income Tax Expense

     

    4.1

     

     

     

    4.8

     

     

     

    25.9

     

     

     

    26.6

     

    Interest Expense (including debt issuance cost amortization)

     

    4.4

     

     

     

    6.4

     

     

     

    21.2

     

     

     

    23.2

     

    Depreciation and Amortization (excluding debt issuance cost amortization)

     

    9.1

     

     

     

    9.3

     

     

     

    37.2

     

     

     

    37.3

     

    Share-based Compensation Expense

     

    4.1

     

     

     

    3.9

     

     

     

    13.1

     

     

     

    12.9

     

    Purchase Accounting Amortization

     

    1.3

     

     

     

    1.3

     

     

     

    5.1

     

     

     

    5.2

     

    Restructuring, Asset Impairment, Severance, and Other, net

     

    1.0

     

     

     

    0.2

     

     

     

    3.3

     

     

     

    2.5

     

    Cyber Event Impact

     

    —

     

     

     

    (0.4

    )

     

     

    (5.1

    )

     

     

    (5.5

    )

    Property Casualty Loss(1)

     

    —

     

     

     

    (1.0

    )

     

     

    (1.4

    )

     

     

    (2.3

    )

    Loss on Foreign Subsidiary Liquidation (2)

     

    —

     

     

     

    —

     

     

     

    2.2

     

     

     

    2.2

     

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (AEBITDA)*

    $

    37.0

     

     

    $

    38.8

     

     

    $

    187.2

     

     

    $

    189.0

     

     

     

     

     

     

     

     

     

     

    (1) Represents insurance recovery.

    (2) In 2024 our Thailand subsidiary was substantially liquidated and the related cumulative translation adjustment was recognized in other expense.

     

     

     

     

     

     

     

     

     

    * Note: Sum of reconciling items may differ from total due to rounding of individual components

     

    The impacts of changes in foreign currency presented in the tables are calculated based on applying the prior year period's average foreign currency exchange rates to the current year period.

    The Company believes that the above non-GAAP performance measures, which management uses in managing and evaluating the Company's business, may provide users of the Company's financial information with additional meaningful basis for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States. Tax effects identified above (when applicable) are calculated using the statutory tax rate for the jurisdictions in which the charge or income occurred.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250502818058/en/

    Media Contact:

    Christine Needles

    Global Corporate Communications

    [email protected]

    +1 404-491-4660

    Investor Contact:

    Bruce Hausmann

    Chief Financial Officer

    [email protected]

    +1 770-437-6802

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