Slide 1: 8-K Supplement
8-K Supplement September 18, 2024 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: Non-GAAP Measures of Financial Performance
Non-GAAP Measures of Financial Performance To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in these slides: adjusted income from operations. The Com
Slide 4: Change of Accounting Treatment of a Specific COVID-Related Cancellation Fee
Change of Finance AccountingUpdate Organization Treatment of a Specific COVID-Related Cancellation Fee Accounting Treatment Change Review Process and Actions • A $17.3M cancellation fee agreed with a key customer and • The Company believed it applied the appropriate accounting recognized as revenue
Slide 5: Preliminary Updates to Key Revenue Metrics (GAAP and Non-GAAP)
Preliminary Updates to Key Revenue Metrics (GAAP and Non-GAAP) Previously Reported Post / Outlook Restatement Highlights to changes 2023 Sales Growth Reported (20)% (21)% • Limited change in overall performance for 2023 (vs 2022) Base1 (9)% (9)% 2024 Sales Growth Reported (3)% - (1)% (1)% - 2% • ~2
Slide 6: Preliminary 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 7: Preliminary 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 8: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 8
Slide 9: Reconciliation of Restated Income from Operations (GAAP) to Restated Adjusted Income from Operations (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 - -