Slide 1: September 18, 2024 8-K Supplement Exhibit 99.1
September 18, 2024 8-K Supplement Exhibit 99.1
Slide 2: Safe Harbor
Safe Harbor This report contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, statements regarding the expecte
Slide 3: Finance Organization Update: Change of Accounting Treatment of Cancellation Fee
Finance Organization Update Change of Accounting Treatment of a Specific COVID-Related Cancellation Fee A $17.3M cancellation fee agreed with a key customer and recognized as revenue in Q1 2023 should have been recognized as $10.7M in Q4 2023, $1.8M in Q1 2024 and $4.8M in Q2 2024. Overall revenue r
Slide 4: Updates to Key Revenue Metrics (GAAP and Non-GAAP)
Preliminary Updates to Key Revenue Metrics (GAAP and Non-GAAP) Previously Reported / Outlook Post Restatement Reported Base1 Reported Base1 vs 1H’24 Reported vs 2H’23 Non-COVID1 Last 12 Months 2023 Sales 2024 Sales 2023 Sales Growth (vs 2022) 2024 Sales Growth (vs 2023, Guidance) 2H 2024 Sales Growt
Slide 5: Financial Summary - GAAP
Preliminary Financial Summary1 - GAAP (in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 1H24 Total revenue – as reported $ 182.7 $ 159.2 $ 141.2 $ 155.7 $ 638.8 $ 151.3 $ 154.1 $ 305.4 Adjustment (17.3) -- -- 10.7 (6.6) 1.8 4.8 6.6 Restated Total revenue $ 165.4 $ 159.2 $ 141.2 $ 166.4 $ 632.2 $ 153.
Slide 6: Financial Summary – Non-GAAP
Preliminary Financial Summary1 – Non-GAAP (in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 1H24 Total revenue – as reported $ 182.7 $ 159.2 $ 141.2 $ 155.7 $ 638.8 $ 151.3 $ 154.1 $ 305.4 Adjustment (17.3) -- -- 10.7 (6.6) 1.8 4.8 6.6 Restated Total revenue $ 165.4 $ 159.2 $ 141.2 $ 166.4 $ 632.2 $
Slide 7: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation
Slide 8: Reconciliation of Restated Income from Operations (GAAP) to Adjusted (Non-GAAP)
Reconciliation of Restated Income from Operations (GAAP) to Restated Adjusted Income from Operations (Non-GAAP) (in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 1H24 Restated Income from operations (GAAP) $ 14.0 $ 19.4 $ 4.8 $ 9.8 $ 48.0 $ 3.8 $ 6.3 $ 10.1 Inventory step-up charges - - - 1.2 1.2 - -