Fourth Quarter Financial Highlights
- Revenue increased 3% to
$239 million - Operating cash flow increased 68% to
$59 million - Free cash flow increased 114% to
$49 million - Net income increased 5% to
$27 million - GAAP EPS increased 4% to
$2.33 - Adjusted EPS increased 3% to
$2.41 - Adjusted EBITDA decreased 2% to
$48 million and represented 20.3% of revenue - Bookings increased 1% to
$218 million
Fiscal Year Financial Highlights
- Revenue increased 6% to a record
$958 million - Operating cash flow increased 61% to a record
$166 million - Free cash flow increased 80% to
$134 million - Net income decreased 4% to
$116 million - GAAP EPS decreased 4% to
$9.90 compared to 2022 which included a$1.30 gain on sale of a facility - Adjusted EPS increased 9% to a record
$10.04 - Adjusted EBITDA increased 6% to a record
$201 million and represented a record 21.0% of revenue - Bookings decreased 4% to
$917 million - Ending backlog was
$310 million
Note: Percent changes above are based on comparison to the prior year period. All references to earnings per share (EPS) are to our EPS as calculated on a diluted basis. Free cash flow, adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, and changes in organic revenue are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.”
Management Commentary
“The fourth quarter was a solid finish to a record-setting year,” said
“Strong capital project activity in the first half of the year and sustained high aftermarket demand led to the record-setting revenue for the year. For the full year 2023, our adjusted EPS reached a record
Fourth Quarter 2023 Compared to 2022
Revenue increased three percent to
Net income increased five percent to
Adjusted EBITDA decreased two percent to
Bookings increased one percent to
Fiscal Year 2023 Compared to 2022
Revenue increased six percent to a record
Net income was
Adjusted EBITDA increased six percent to a record
Bookings decreased four percent to
Summary and Outlook
“While still facing economic uncertainties around the world, we expect to achieve record revenue, cash flow, and adjusted EBITDA in 2024,” continued
Conference Call
Prior to the call, our earnings release and the slides used in the webcast presentation will be filed with the
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation (organic revenue), adjusted operating income, adjusted net income, adjusted EPS, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, and free cash flow.
We use organic revenue to understand our trends and to forecast and evaluate our financial performance and compare revenue to prior periods. Organic revenue excludes revenue from acquisitions for the four quarterly reporting periods following the date of the acquisition and the effect of foreign currency translation. Revenue in the fourth quarter of 2023 included a favorable foreign currency translation effect of
We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them an additional measure of our performance.
The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.
Fourth Quarter
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:
- Pre-tax other income of
$0.8 million in 2023. - Pre-tax acquisition costs of
$1.4 million in 2023 and$0.2 million in 2022. - Pre-tax indemnification asset reversal of
$0.7 million in 2022. - Pre-tax relocation costs of
$0.2 million in 2023. - Pre-tax restructuring and impairment costs of
$0.3 million in 2023 and$1.1 million in 2022.
Adjusted net income and adjusted EPS exclude:
- After-tax other income of
$0.6 million ($0.8 million net of tax of$0.2 million ) in 2023. - After-tax acquisition costs of
$1.2 million ($1.4 million net of tax of$0.2 million ) in 2023 and$0.2 million in 2022. - After-tax relocation costs of
$0.1 million ($0.2 million net of tax of$0.1 million ) in 2023. - After-tax restructuring and impairment costs of
$0.2 million ($0.3 million net of tax of$0.1 million ) in 2023 and$1.1 million in 2022.
Free cash flow is calculated as operating cash flow less:
- Capital expenditures of
$9.8 million in 2023 and$12.0 million in 2022.
Fiscal Year
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:
- Pre-tax other income of
$0.8 million in 2023. - Pre-tax gain on the sale of a facility of
$20.2 million in 2022. - Pre-tax acquisition-related costs of
$1.4 million in 2023 and$1.2 million in 2022. - Pre-tax indemnification asset reversals of
$0.1 million in 2023 and$1.3 million in 2022. - Pre-tax relocation costs of
$0.8 million in 2023. - Pre-tax restructuring and impairment costs of
$0.8 million in 2023 and$1.3 million in 2022.
Adjusted net income and adjusted EPS exclude:
- After-tax other income of
$0.6 million ($0.8 million net of tax of$0.2 million ) in 2023. - After-tax gain on the sale of a facility of
$15.1 million ($20.2 million net of tax of$5.1 million ) in 2022. - After-tax acquisition-related costs of
$1.2 million ($1.4 million net of tax of$0.2 million ) in 2023 and$0.9 million ($1.2 million net of tax of$0.3 million ) in 2022. - After-tax relocation costs of
$0.6 million ($0.8 million net of tax of$0.2 million ) in 2023. - After-tax restructuring and impairment costs of
$0.5 million ($0.8 million net of tax of$0.3 million ) in 2023 and$1.3 million in 2022.
Free cash flow is calculated as operating cash flow less:
- Capital expenditures of
$31.9 million in 2023 and$28.2 million in 2022.
Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in this press release.
Financial Highlights (unaudited) | ||||||||||||||||||
(In thousands, except per share amounts and percentages) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
Consolidated Statement of Income | 2023 | 2022 | 2023 | 2022 | ||||||||||||||
Revenue | $ | 238,679 | $ | 232,100 | $ | 957,672 | $ | 904,739 | ||||||||||
Costs and Operating Expenses: | ||||||||||||||||||
Cost of revenue | 136,695 | 132,150 | 541,366 | 515,184 | ||||||||||||||
Selling, general, and administrative expenses | 59,823 | 56,765 | 236,264 | 224,405 | ||||||||||||||
Research and development expenses | 3,460 | 3,150 | 13,562 | 12,724 | ||||||||||||||
Gain on sale and other (income) costs, net (b) | (320 | ) | 1,080 | 723 | (18,856 | ) | ||||||||||||
199,658 | 193,145 | 791,915 | 733,457 | |||||||||||||||
Operating Income | 39,021 | 38,955 | 165,757 | 171,282 | ||||||||||||||
Interest Income | 705 | 254 | 1,758 | 904 | ||||||||||||||
Interest Expense | (1,676 | ) | (2,157 | ) | (8,398 | ) | (6,478 | ) | ||||||||||
Other Expense, Net | (39 | ) | (12 | ) | (101 | ) | (72 | ) | ||||||||||
Income Before Provision for Income Taxes | 38,011 | 37,040 | 159,016 | 165,636 | ||||||||||||||
Provision for Income Taxes | 10,449 | 10,831 | 42,210 | 43,906 | ||||||||||||||
Net Income | 27,562 | 26,209 | 116,806 | 121,730 | ||||||||||||||
Net Income Attributable to Noncontrolling Interest | (166 | ) | (130 | ) | (737 | ) | (802 | ) | ||||||||||
Net Income Attributable to | $ | 27,396 | $ | 26,079 | $ | 116,069 | $ | 120,928 | ||||||||||
Earnings per Share Attributable to | ||||||||||||||||||
Basic | $ | 2.34 | $ | 2.24 | $ | 9.92 | $ | 10.38 | ||||||||||
Diluted | $ | 2.33 | $ | 2.23 | $ | 9.90 | $ | 10.35 | ||||||||||
Weighted Average Shares: | ||||||||||||||||||
Basic | 11,707 | 11,664 | 11,700 | 11,654 | ||||||||||||||
Diluted | 11,759 | 11,708 | 11,729 | 11,688 | ||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Adjusted Net Income and Adjusted Diluted EPS (a) | 2023 | 2023 | 2022 | 2022 | ||||||||||||||
Net Income and Diluted EPS Attributable to | $ | 27,396 | $ | 2.33 | $ | 26,079 | $ | 2.23 | ||||||||||
Adjustments, Net of Tax: | ||||||||||||||||||
Other Income | (631 | ) | (0.05 | ) | — | — | ||||||||||||
Acquisition Costs | 1,194 | 0.10 | 159 | 0.01 | ||||||||||||||
Relocation Costs | 142 | 0.01 | — | — | ||||||||||||||
Restructuring and Impairment Costs | 226 | 0.02 | 1,080 | 0.09 | ||||||||||||||
Adjusted Net Income and Adjusted Diluted EPS (a) | $ | 28,327 | $ | 2.41 | $ | 27,318 | $ | 2.33 | ||||||||||
Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
2023 | 2023 | 2022 | 2022 | |||||||||||||||
Net Income and Diluted EPS Attributable to | $ | 116,069 | $ | 9.90 | $ | 120,928 | $ | 10.35 | ||||||||||
Adjustments, Net of Tax: | ||||||||||||||||||
Gain on Sale and Other Income (b) | (631 | ) | (0.05 | ) | (15,143 | ) | (1.30 | ) | ||||||||||
Acquisition-Related Costs | 1,194 | 0.10 | 881 | 0.08 | ||||||||||||||
Relocation Costs | 599 | 0.05 | — | — | ||||||||||||||
Restructuring and Impairment Costs | 521 | 0.04 | 1,287 | 0.11 | ||||||||||||||
Adjusted Net Income and Adjusted Diluted EPS (a) | $ | 117,752 | $ | 10.04 | $ | 107,953 | $ | 9.24 |
Three Months Ended | Increase (Decrease) Excluding Acquisition and FX (a,e) | ||||||||||||||||||||||||||
Revenue by Segment | 2023 | 2022 | Increase (Decrease) | ||||||||||||||||||||||||
Flow Control | $ | 87,403 | $ | 91,181 | $ | (3,778 | ) | $ | (5,806 | ) | |||||||||||||||||
Industrial Processing | 86,974 | 90,126 | (3,152 | ) | (3,894 | ) | |||||||||||||||||||||
Material Handling | 64,302 | 50,793 | 13,509 | 12,539 | |||||||||||||||||||||||
$ | 238,679 | $ | 232,100 | $ | 6,579 | $ | 2,839 | ||||||||||||||||||||
Percentage of Parts and Consumables Revenue | 60 | % | 60 | % | |||||||||||||||||||||||
Twelve Months Ended | Increase | Increase Excluding Acquisition and FX (a,e) | |||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||
Flow Control | $ | 363,451 | $ | 349,107 | $ | 14,344 | $ | 12,375 | |||||||||||||||||||
Industrial Processing | 354,703 | 353,698 | 1,005 | 6,419 | |||||||||||||||||||||||
Material Handling | 239,518 | 201,934 | 37,584 | 36,173 | |||||||||||||||||||||||
$ | 957,672 | $ | 904,739 | $ | 52,933 | $ | 54,967 | ||||||||||||||||||||
Percentage of Parts and Consumables Revenue | 62 | % | 63 | % | |||||||||||||||||||||||
Three Months Ended | Increase (Decrease) | Increase (Decrease) Excluding Acquisition and FX (e) | |||||||||||||||||||||||||
Bookings by Segment | 2023 | 2022 | |||||||||||||||||||||||||
Flow Control | $ | 85,354 | $ | 78,753 | $ | 6,601 | $ | 4,785 | |||||||||||||||||||
Industrial Processing | 84,130 | 84,081 | 49 | (419 | ) | ||||||||||||||||||||||
Material Handling | 48,535 | 52,507 | (3,972 | ) | (4,656 | ) | |||||||||||||||||||||
$ | 218,019 | $ | 215,341 | $ | 2,678 | $ | (290 | ) | |||||||||||||||||||
Percentage of Parts and Consumables Bookings | 64 | % | 62 | % | |||||||||||||||||||||||
Twelve Months Ended | Increase (Decrease) | Increase (Decrease) Excluding Acquisition and FX (e) | |||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||
Flow Control | $ | 361,216 | $ | 361,113 | $ | 103 | $ | (685 | ) | ||||||||||||||||||
Industrial Processing | 330,136 | 378,186 | (48,050 | ) | (41,564 | ) | |||||||||||||||||||||
Material Handling | 226,017 | 218,915 | 7,102 | 6,194 | |||||||||||||||||||||||
$ | 917,369 | $ | 958,214 | $ | (40,845 | ) | $ | (36,055 | ) | ||||||||||||||||||
Percentage of Parts and Consumables Bookings | 64 | % | 62 | % | |||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
Business Segment Information | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Gross Profit Margin: | |||||||||||||||||||||||||||
Flow Control | 50.4 | % | 51.3 | % | 51.8 | % | 52.0 | % | |||||||||||||||||||
Industrial Processing | 41.2 | % | 40.3 | % | 40.2 | % | 39.2 | % | |||||||||||||||||||
Material Handling | 34.4 | % | 33.1 | % | 35.7 | % | 34.4 | % | |||||||||||||||||||
Consolidated | 42.7 | % | 43.1 | % | 43.5 | % | 43.1 | % | |||||||||||||||||||
Operating Income: | |||||||||||||||||||||||||||
Flow Control | $ | 20,993 | $ | 22,636 | $ | 95,249 | $ | 89,942 | |||||||||||||||||||
Industrial Processing (b) | 17,313 | 18,760 | 69,281 | 89,754 | |||||||||||||||||||||||
Material Handling | 10,686 | 6,154 | 40,692 | 27,644 | |||||||||||||||||||||||
Corporate | (9,971 | ) | (8,595 | ) | (39,465 | ) | (36,058 | ) | |||||||||||||||||||
$ | 39,021 | $ | 38,955 | $ | 165,757 | $ | 171,282 | ||||||||||||||||||||
Adjusted Operating Income (a,f): | |||||||||||||||||||||||||||
Flow Control | $ | 21,301 | $ | 23,873 | $ | 95,991 | $ | 91,505 | |||||||||||||||||||
Industrial Processing | 17,727 | 19,344 | 70,304 | 70,905 | |||||||||||||||||||||||
Material Handling | 11,061 | 6,336 | 41,194 | 28,543 | |||||||||||||||||||||||
Corporate | (9,971 | ) | (8,595 | ) | (39,465 | ) | (36,058 | ) | |||||||||||||||||||
$ | 40,118 | $ | 40,958 | $ | 168,024 | $ | 154,895 | ||||||||||||||||||||
Capital Expenditures: | |||||||||||||||||||||||||||
Flow Control | $ | 2,031 | $ | 2,001 | $ | 5,920 | $ | 4,425 | |||||||||||||||||||
Industrial Processing (h) | 6,061 | 8,458 | 22,068 | 20,137 | |||||||||||||||||||||||
Material Handling | 1,664 | 1,494 | 3,834 | 3,575 | |||||||||||||||||||||||
Corporate | — | 55 | 28 | 62 | |||||||||||||||||||||||
$ | 9,756 | $ | 12,008 | $ | 31,850 | $ | 28,199 | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
Cash Flow and Other Data | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating Cash Flow | $ | 59,234 | $ | 35,163 | $ | 165,545 | $ | 102,625 | |||||||||||||||||||
Less: Capital Expenditures (h) | (9,756 | ) | (12,008 | ) | (31,850 | ) | (28,199 | ) | |||||||||||||||||||
Free Cash Flow (a) | $ | 49,478 | $ | 23,155 | $ | 133,695 | $ | 74,426 | |||||||||||||||||||
Depreciation and Amortization Expense | $ | 8,380 | $ | 8,549 | $ | 33,297 | $ | 34,936 | |||||||||||||||||||
Balance Sheet Data | 2023 | 2022 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash | $ | 106,453 | $ | 79,725 | |||||||||||||||||||||||
Accounts Receivable, net | 133,929 | 130,297 | |||||||||||||||||||||||||
Inventories | 152,677 | 163,672 | |||||||||||||||||||||||||
Contract Assets | 8,366 | 14,898 | |||||||||||||||||||||||||
Property, Plant, and Equipment, net | 140,504 | 118,855 | |||||||||||||||||||||||||
Intangible Assets | 159,286 | 175,645 | |||||||||||||||||||||||||
392,084 | 385,455 | ||||||||||||||||||||||||||
Other Assets | 82,366 | 81,334 | |||||||||||||||||||||||||
$ | 1,175,665 | $ | 1,149,881 | ||||||||||||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||||
Accounts Payable | $ | 42,104 | $ | 58,060 | |||||||||||||||||||||||
Debt Obligations | 109,086 | 199,219 | |||||||||||||||||||||||||
Other Borrowings | 1,789 | 1,942 | |||||||||||||||||||||||||
Other Liabilities | 246,446 | 235,089 | |||||||||||||||||||||||||
Total Liabilities | 399,425 | 494,310 | |||||||||||||||||||||||||
Stockholders' Equity | 776,240 | 655,571 | |||||||||||||||||||||||||
$ | 1,175,665 | $ | 1,149,881 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
Adjusted Operating Income and Adjusted EBITDA Reconciliation (a) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Consolidated | |||||||||||||||||||
Net Income Attributable to | $ | 27,396 | $ | 26,079 | $ | 116,069 | $ | 120,928 | |||||||||||
Net Income Attributable to Noncontrolling Interest | 166 | 130 | 737 | 802 | |||||||||||||||
Provision for Income Taxes | 10,449 | 10,831 | 42,210 | 43,906 | |||||||||||||||
Interest Expense, Net | 971 | 1,903 | 6,640 | 5,574 | |||||||||||||||
Other Expense, Net | 39 | 12 | 101 | 72 | |||||||||||||||
Operating Income | 39,021 | 38,955 | 165,757 | 171,282 | |||||||||||||||
Gain on Sale and Other Income (b) | (841 | ) | — | (841 | ) | (20,190 | ) | ||||||||||||
Acquisition Costs | 1,442 | 182 | 1,442 | 668 | |||||||||||||||
Indemnification Asset (Provision) Reversal (g) | (25 | ) | 741 | 102 | 1,316 | ||||||||||||||
Relocation Costs | 189 | — | 798 | — | |||||||||||||||
Restructuring and Impairment Costs | 332 | 1,080 | 766 | 1,334 | |||||||||||||||
Acquired Backlog Amortization (c) | — | — | — | 703 | |||||||||||||||
Acquired Profit in Inventory Amortization (d) | — | — | — | (218 | ) | ||||||||||||||
Adjusted Operating Income (a) | 40,118 | 40,958 | 168,024 | 154,895 | |||||||||||||||
Depreciation and Amortization | 8,380 | 8,549 | 33,297 | 34,233 | |||||||||||||||
Adjusted EBITDA (a) | $ | 48,498 | $ | 49,507 | $ | 201,321 | $ | 189,128 | |||||||||||
Adjusted EBITDA Margin (a,i) | 20.3 | % | 21.3 | % | 21.0 | % | 20.9 | % | |||||||||||
Flow Control | |||||||||||||||||||
Operating Income | $ | 20,993 | $ | 22,636 | $ | 95,249 | $ | 89,942 | |||||||||||
Acquisition Costs | — | — | — | 472 | |||||||||||||||
Indemnification Asset (Provision) Reversal (g) | (24 | ) | 741 | (24 | ) | 741 | |||||||||||||
Restructuring and Impairment Costs | 332 | 496 | 766 | 568 | |||||||||||||||
Acquired Profit in Inventory Amortization (d) | — | — | — | (218 | ) | ||||||||||||||
Adjusted Operating Income (a) | 21,301 | 23,873 | 95,991 | 91,505 | |||||||||||||||
Depreciation and Amortization | 2,262 | 2,306 | 9,047 | 9,179 | |||||||||||||||
Adjusted EBITDA (a) | $ | 23,563 | $ | 26,179 | $ | 105,038 | $ | 100,684 | |||||||||||
Adjusted EBITDA Margin (a,i) | 27.0 | % | 28.7 | % | 28.9 | % | 28.8 | % | |||||||||||
Industrial Processing | |||||||||||||||||||
Operating Income | $ | 17,313 | $ | 18,760 | $ | 69,281 | $ | 89,754 | |||||||||||
Gain on Sale and Other Income (b) | (841 | ) | — | (841 | ) | (20,190 | ) | ||||||||||||
Acquisition Costs | 1,066 | — | 1,066 | — | |||||||||||||||
Indemnification Asset Reversal (g) | — | — | — | 575 | |||||||||||||||
Relocation Costs | 189 | — | 798 | — | |||||||||||||||
Restructuring and Impairment Costs | — | 584 | — | 766 | |||||||||||||||
Adjusted Operating Income (a) | 17,727 | 19,344 | 70,304 | 70,905 | |||||||||||||||
Depreciation and Amortization | 2,975 | 3,099 | 11,798 | 12,575 | |||||||||||||||
Adjusted EBITDA (a) | $ | 20,702 | $ | 22,443 | $ | 82,102 | $ | 83,480 | |||||||||||
Adjusted EBITDA Margin (a,i) | 23.8 | % | 24.9 | % | 23.1 | % | 23.6 | % | |||||||||||
Material Handling | |||||||||||||||||||
Operating Income | $ | 10,686 | $ | 6,154 | $ | 40,692 | $ | 27,644 | |||||||||||
Acquisition Costs | 376 | 182 | 376 | 196 | |||||||||||||||
Indemnification Asset (Provision) Reversal (g) | (1 | ) | — | 126 | — | ||||||||||||||
Acquired Backlog Amortization (c) | — | — | — | 703 | |||||||||||||||
Adjusted Operating Income (a) | 11,061 | 6,336 | 41,194 | 28,543 | |||||||||||||||
Depreciation and Amortization | 3,125 | 3,120 | 12,379 | 12,382 | |||||||||||||||
Adjusted EBITDA (a) | $ | 14,186 | $ | 9,456 | $ | 53,573 | $ | 40,925 | |||||||||||
Adjusted EBITDA Margin (a,i) | 22.1 | % | 18.6 | % | 22.4 | % | 20.3 | % | |||||||||||
Corporate | |||||||||||||||||||
Operating Loss | $ | (9,971 | ) | $ | (8,595 | ) | $ | (39,465 | ) | $ | (36,058 | ) | |||||||
Depreciation and Amortization | 18 | 24 | 73 | 97 | |||||||||||||||
EBITDA (a) | $ | (9,953 | ) | $ | (8,571 | ) | $ | (39,392 | ) | $ | (35,961 | ) | |||||||
(a) | Represents a non-GAAP financial measure. | ||||||||||||||||||
(b) | Includes a | ||||||||||||||||||
(c) | Represents intangible amortization expense associated with acquired backlog. | ||||||||||||||||||
(d) | Represents income within cost of revenue associated with amortization of acquired profit in inventory. | ||||||||||||||||||
(e) | Represents the increase (decrease) excluding an acquisition and resulting from the conversion of current period amounts reported in local currencies into | ||||||||||||||||||
(f) | See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation." | ||||||||||||||||||
(g) | Represents the provision for or reversal of indemnification assets related to tax reserves associated with uncertain tax positions. | ||||||||||||||||||
(h) | Includes | ||||||||||||||||||
(i) | Calculated as adjusted EBITDA divided by revenue in each period. |
About
Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading "Risk Factors" in Kadant’s annual report on Form 10-K for the fiscal year ended
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