- Net sales of $147 million,
representing 51% growth
- EPS of $0.51 per share; Non-GAAP
Cash EPS of $0.63, up 24%
- Adjusted EBITDA margin of
23.7%
- Net debt-to-adjusted EBITDA improved
to 2.3x
- Updating 2019 revenue and EBITDA
guidance; reiterating 2019 guidance for GAAP EPS and non-GAAP cash
EPS
Helios Technologies, Inc. (formerly known as Sun Hydraulics
Corporation) (Nasdaq:SNHY) (“Helios” or the “Company”), a global
industrial technology leader that develops and manufactures
solutions for both the hydraulics and electronics markets, today
reported financial results for the first quarter ended March 30,
2019. The results include Faster Group since its acquisition on
April 5, 2018 and Custom Fluidpower (CFP) since its acquisition on
August 1, 2018.
Wolfgang Dangel, the Company’s President and Chief Executive
Officer, commented, “We continue to make steady progress with our
strategic initiatives. After absorbing the two major acquisitions
we made last year in Europe and Asia-Pacific, we recorded record
revenue in both segments in 2018. Our 12-month comprehensive
Cartridge Valve Technology (“CVT”) manufacturing consolidation
project was completed at the end of the quarter, as planned,
resulting in capacity and margin expansion as we moved through the
quarter. We experienced some inefficiencies at the beginning of the
quarter that impacted gross profit margin, but we were pleased with
the progress made for the remainder of the quarter as we worked
toward the project completion. We expect the additional capacity to
further drive organic revenue growth and margin expansion
throughout 2019.
“Now that the CVT manufacturing consolidation project is
complete, we can proceed with the CVT engineering center of
excellence in the available space in our third Sarasota factory
without disruption to the day-to-day operations,” stated Mr.
Dangel. “The state-of-the-art engineering center will be the
foundation for new, innovative product development in CVT for years
to come. The facility transformation, which represents an
approximate $10 million investment, has already begun and is
planned to be completed in the fourth quarter of this year.”
He added, “In furtherance of our ‘in the region, for the region’
initiative, we have begun producing CVT components from our Faster
manufacturing facility near Milan. The purpose of the project is
vertical integration in the short-term, with full cartridge valve
production capability for the EMEA market as a mid-term goal. This
first phase of the project represents cost savings to the CVT
business, which we expect to realize in its entirety by mid-2020.
Producing valves in Italy was a synergy opportunity identified as
part of the Faster acquisition. Faster's strong manufacturing hub
in Europe provides a platform for us to eventually make complete
cartridges for the European market. Also, we are ahead of our
original schedule with our new facility in China and expect to have
test and assembly capabilities by the beginning of the third
quarter, again furthering our ‘in the region, for the region’
initiative.
“Our new product development investments remain an important
priority. On May 1st, our legacy Sun business launched 16 new
valves for its FLeX series electro-hydraulics line, expanding its
total offering to 41 valves. Development and expansion of this
product portfolio allows us to compete in electro-hydraulic
applications where we could not before and creates a critical path
to systems business,” concluded Mr. Dangel.
First Quarter 2019 Consolidated Results
($ in millions, except per share data)
Q1
2019 Q1 2018 Change
% Change Net sales $ 146.9 $ 97.3 $ 49.6 51%
Gross profit $ 56.5 $ 37.6 $ 18.9 50% Gross margin 38.5% 38.6%
Operating income $ 25.8 $ 17.3 $ 8.5 50% Operating margin 17.6%
17.8% Non-GAAP adjusted operating margin 20.6% 21.1% Net income $
16.4 $ 11.9 $ 4.5 38% Diluted EPS $ 0.51 $ 0.40 $ 0.11 28% Non-GAAP
cash net income $ 20.3 $ 15.1 $ 5.2 34% Non-GAAP cash EPS $ 0.63 $
0.51 $ 0.12 24% Adjusted EBITDA $ 34.7 $ 23.3 $ 11.4 49% Adjusted
EBITDA margin 23.7% 24.0%
See the attached tables for additional important disclosures
regarding Helios’s use of non-GAAP adjusted operating income,
non-GAAP adjusted operating margin, non-GAAP cash net income,
non-GAAP cash EPS, adjusted EBITDA (earnings before net interest
expense, income taxes, depreciation and amortization, and certain
non-recurring charges) and adjusted EBITDA margin (adjusted EBITDA
as a percentage of sales) as well as reconciliations of GAAP
operating income to non-GAAP adjusted operating income and GAAP net
income to non-GAAP cash net income and adjusted EBITDA. Helios
believes that, when used in conjunction with measures prepared in
accordance with GAAP, non-GAAP measures described above help in the
understanding of its operating performance.
Sales
- Acquisition growth – Faster and CFP
contributed $49.0 million
- Organic growth – 2%, excluding the
effect of currency
- Foreign currency translation on organic
sales – $1.3 million unfavorable
- Foreign currency translation on
acquired businesses’ sales – $2.4 million unfavorable (compared
with exchange rates in effect at the respective acquisition
dates)
Profits and margins
- Gross profit and margin drivers –
Acquisitions, price increases and cost management efforts,
partially offset by lower productivity early in the quarter related
to the CVT manufacturing consolidation project
- Selling, engineering and administrative
(SEA) expenses – Increased primarily due to Faster and CFP
acquisitions; improved as a percent of sales
- Acquisition-related amortization of
intangible assets – $4.5 million ($2.0 million in prior year)
- Other operating profit and margin
factors – Last year included $1.2 million for acquisition and
financing related expenses
Non-operating items
- Net interest expense – Higher due to
debt to fund the Faster and CFP acquisitions
- Effective tax rate – 22.1%, down from
25.1% from last year
EPS, Non-GAAP cash EPS and adjusted
EBITDA
- Driven by growth and operational
performance noted above
Hydraulics Segment Review(Refer to sales by geographic
region and segment data in accompanying tables)
Segment sales of $116.5 million increased 86% over the
prior-year first quarter. The $53.9 million increase included $49.0
million from the Faster and CFP businesses, and 8% of organic
growth. Organic growth was driven by demand in all geographies and
price increases. Orders continued to outpace revenue. The CVT
manufacturing consolidation project was completed at the end of the
quarter; expanded capacity and improved profit margins are expected
as 2019 progresses. Foreign currency translation for the Sun
Hydraulics business had a $1.0 million unfavorable impact compared
with the 2018 first quarter.
First quarter 2019 gross margin of 36.6% was down slightly from
the prior year’s 37.4%. While the Faster business demonstrated
strong gross margin achievement in the quarter, the inclusion of
CFP unfavorably affected the quarter by 100 basis points due to the
nature of their value-add integrator business model. The remainder
of the segment was up 20 basis points despite a slow start in
January for the organic CVT business.
Higher SEA expenses in the 2019 first quarter included $8.2
million for the Faster and CFP businesses.
As a result of the above, first quarter operating income grew
78% to $23.8 million, representing 20.4% of sales, compared with
21.4% last year.
Electronics Segment Review(Refer to sales by geographic
region and segment data in accompanying tables)
Segment sales were $30.4 million for the 2019 first quarter, a
12% decrease compared with the first quarter of last year. The
decline was due to timing of OEM customer model year rollouts and
some softening end market conditions. Foreign currency translation
had a $0.3 million unfavorable impact on segment sales in the
quarter.
First quarter 2019 gross margin improved substantially to 45.7%,
up from 40.9% last year. Productivity efficiency and cost
management efforts drove the improvement in margin.
SEA costs increased by $0.3 million in the quarter compared with
last year.
First quarter operating income was $6.5 million, or 21.4%,
compared with $7.1 million, or 20.5%, in last year’s first quarter.
This was driven primarily by the improved gross margin.
Balance Sheet and Cash Flow Review
Total debt was $338.0 million at March 30, 2019, down from
$352.7 million at the end 2018, further improving the net debt to
EBITDA ratio to 2.3x. Cash and cash equivalents at March 30, 2019
were $16.8 million, down from $23.5 million at December 29,
2018.
Cash provided by operations was $19.8 million and $14.7 million
in the first quarters of 2019 and 2018, respectively. The increase
was primarily due to higher cash from earnings, partially offset by
a net increase in working capital.
Capital expenditures were $8.8 million and $4.2 million for the
first quarters of 2019 and 2018, respectively. The increase was
primarily for manufacturing technology enhancements, equipment to
complete the Company’s CVT manufacturing consolidation project in
Sarasota, machinery and leasehold improvements for the Company’s
new China facility, and the addition of the Faster business.
Capital expenditures in 2019 are estimated to be $30 million to $35
million, in support of the Company’s ongoing investments to drive
its innovative leadership.
2019 Outlook and Guidance
The Company updated its guidance for 2019:
Previous 2019
Updated
2019 Change Guidance
Guidance vs
2018 Actual Consolidated revenue $590 - $600 million
$580 -
$590 million 14% - 16% Hydraulics segment revenue $464 - $469
million
$464 - $469 million 21% - 23% Electronics segment
revenue $126 - $131 million
$116 - $121 million (4%) - (8%)
GAAP EPS $2.10 - $2.20
$2.10 - $2.20 41% - 48% Non-GAAP cash
EPS $2.55 - $2.65
$2.55 - $2.65 11% - 15% Adjusted EBITDA
margin 24.5% - 25.5%
24.0% - 24.5% (50) - 0 bps
Mr. Dangel noted, “Our updated 2019 consolidated revenue
guidance demonstrates growth over 2018 revenue. We reiterate our
Hydraulics Segment revenue guidance. Our strong backlog and the
completion of our CVT manufacturing consolidation project give us
confidence to maintain Hydraulics revenue guidance for the year,
even though we are starting to see slower growth in certain
industries and geographies.”
He added, “In Electronics, after organic growth of greater than
50% over the past two years since acquisition, we initiated an
intentional shift in our customer base which materialized in the
first quarter. We believe this change is in the best interest of
our long-term business and positions us to take market share. This
initiative includes the release of certain contractual obligations
to customers that allows us to leverage all products to a broader
and more diversified customer base. While this is temporarily
dampening Electronics sales for 2019, it gives us the ability to
secure new and important customer commitments for the start of
production in 2020 and 2021.
“In the overall macroeconomic environment, agriculture, oil and
gas, recreational and, most recently, construction and material
handling end markets are softening,” stated Dangel. “There has been
a shift in the outlook of these markets over the last few months
that has caused us to take a closer look at our expectations.”
Mr. Dangel concluded, “We have revised our adjusted EBITDA
margin to reflect the lower top line guidance. Our GAAP EPS and
Non-GAAP Cash EPS remain the same even on the lower overall sales
estimates, benefiting from a reduction in our depreciation
estimates for the year. Our focus remains on making investments to
further globalize our business, advancing our state-of-the-art
manufacturing technologies, and introducing innovative
market-leading products and solutions that result in market share
gains. We reiterate the goals we established for Vision 2025.”
Webcast
The Company will host a conference call and webcast tomorrow
morning at 9:00 a.m. Eastern Time to review its financial and
operating results and discuss its corporate strategies and outlook.
A question-and-answer session will follow.
The conference call can be accessed by calling (201) 689-8573.
The audio webcast can be monitored at www.heliostechnologies.com.
Participants will have the ability to ask questions on either the
teleconference call or the webcast.
A telephonic replay will be available from 12:00 p.m. ET on the
day of the call through Tuesday, May 14, 2019. To listen to the
archived call, dial (412) 317-6671 and enter conference ID number
13689828. The webcast replay will be available in the investor
relations section of the Company’s website at
www.heliostechnologies.com, where a transcript will also be posted
once available.
About Helios Technologies
Helios Technologies is the business name for Sun Hydraulics
Corporation, a publicly-listed company on the Nasdaq Global Stock
Market (SNHY). Helios Technologies is a global industrial
technology leader that develops and manufactures hydraulic and
electronic control solutions for diverse markets. The Company does
business through its operating subsidiaries around the world,
including Sun Hydraulics, Enovation Controls, and Faster Group. The
Company operates in two business segments, Hydraulics and
Electronics. There are three key technologies within our Hydraulics
segment: cartridge valve technology (“CVT”), quick-release
hydraulic coupling solutions (“QRC”) and hydraulic system design
(“Systems”). Within CVT, our products provide functions important
to a hydraulic system: to control rates and direction of fluid flow
and to regulate and control pressures. QRC products allow users to
connect and disconnect quickly from any hydraulic circuit without
leakage and ensure high-performance under high temperature and
pressure using one or multiple couplers. Systems provide engineered
solutions for machine users, manufacturers or designers to fulfill
complete system design requirements including electro-hydraulic,
remote control, electronic control and programmable logic
controller systems, as well as automation of existing equipment. In
our Electronics segment, we are a leader in display and control
integration solutions offering rugged and reliable instruments,
coupled with expertise in J1939 engine protocol, to produce an
industry-leading array of easy-to-read displays and gauges for
controller area network (“CAN”) transmitted engine data and faults.
We refer to this technology as Electronic Controls (“EC”). Helios
Technologies and information about its associated companies is
available online at www.heliostechnologies.com.
FORWARD-LOOKING INFORMATION
This news release contains “forward‐looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934.
Forward‐looking statements involve risks and uncertainties, and
actual results may differ materially from those expressed or
implied by such statements. They include statements regarding the
intent, belief or current expectations, estimates, vision or
projections of Sun Hydraulics Corporation (“Helios” or the
“Company”), its directors or its officers about the Company and the
industry in which it operates, and assumptions made by management,
and include among other items, (i) the Company’s strategies
regarding growth, including its intention to develop new products
and make acquisitions; (ii) the Company’s financing plans; (iii)
the Company’s expectations regarding our sales, expenses, gross
margins and other results of operations; (iv) trends affecting the
Company’s financial condition or results of operations; (v) the
Company’s ability to continue to control costs and to meet its
liquidity and other financing needs; (vi) the declaration and
payment of dividends; (vii) the Company’s ability to respond to
changes in customer demand domestically and internationally,
including as a result of standardization; and (viii) potential
challenges relating to changes in and compliance with governmental
laws and regulations affecting our U.S. and international business.
Although the Company believes that its expectations are based on
reasonable assumptions, it can give no assurance that the
anticipated results will occur. Important factors that could cause
the actual results to differ materially from those in the
forward‐looking statements include, among other items, (i) the
economic cyclicality of the capital goods industry in general and
the hydraulics industry in particular, which directly affect
customer orders, lead times and sales volume; (ii) fluctuations in
global business conditions, including the impact of economic
recessions in the U.S. and other parts of the world, (iii)
conditions in the capital markets, including the interest rate
environment and the availability of capital; (iv) changes in the
competitive marketplace that could affect the Company’s revenue
and/or costs, such as increased competition, lack of qualified
engineering, marketing, management or other personnel, and
increased labor and raw materials costs; (v) risks related to the
integration of the businesses of the Company, Enovation Controls
and Faster Group; (vi) changes in technology or customer
requirements, such as standardization of the cavity into which
screw‐in cartridge valves must fit, which could render the
Company’s products or technologies noncompetitive or obsolete;
(vii) new product introductions, product sales mix and the
geographic mix of sales nationally and internationally; and (viii)
changes relating to the Company’s international sales, including
changes in regulatory requirements or tariffs, compliance with
anti-corruption laws and trade laws, including export and import
compliance, trade or currency restrictions, fluctuations in
exchange rates, and tax and collection issues. Further information
relating to factors that could cause actual results to differ from
those anticipated is included but not limited to information under
the heading Item 1. “Business” and Item 1A. “Risk Factors” in the
Company’s Form 10-K for the year ended December 29, 2018. The
Company disclaims any intention or obligation to update or revise
forward‐looking statements, whether as a result of new information,
future events or otherwise.
This news release will discuss some non-GAAP financial measures,
which the Company believes are useful in evaluating our
performance. You should not consider the inclusion of this
additional information in isolation or as a substitute for results
prepared in accordance with GAAP.
Financial Tables Follow.
HELIOS TECHNOLOGIES
CONSOLIDATED STATEMENTS OF INCOME (In thousands, except
per share data) Three Months Ended March
30, March 31, 2019 2018 %
Change (Unaudited) (Unaudited)
Net sales $
146,851 $ 97,318 51 % Cost of sales
90,342 59,701 51 %
Gross profit 56,509
37,617 50 % Gross margin 38.5% 38.6% Selling,
engineering and administrative expenses 26,156 18,315 43 %
Amortization of intangible assets 4,521 2,049 121 %
Operating income 25,832 17,253
50 % Operating margin 17.6% 17.8% Interest expense,
net 4,385 483 808 % Foreign currency transaction (gain) loss, net
(439) 511 NM Miscellaneous expense (income), net 108 (36) (400)%
Change in fair value of contingent consideration 719
402 79 %
Income before income taxes 21,059
15,893 33 % Income tax provision 4,655
3,982 17 %
Net income $ 16,404 $
11,911 38 % Basic and diluted net income per
common share $ 0.51 $ 0.40 28 % Basic and diluted weighted
average shares outstanding 31,978 29,811 Dividends declared
per share $ 0.09 $ 0.09 NM = Not meaningful
HELIOS TECHNOLOGIES
CONSOLIDATED BALANCE SHEETS (In thousands, except share
data) March 30, December 29, 2019
2018 (Unaudited)
Assets Current assets: Cash and cash
equivalents $ 16,717 $ 23,477 Restricted cash 39 38 Accounts
receivable, net of allowance for doubtful accounts of $1,482 and
$1,336 81,252 72,806 Inventories, net 88,896 85,989 Income taxes
receivable 761 4,549 Other current assets 12,465
9,997 Total current assets 200,130 196,856 Property, plant and
equipment, net 145,147 126,868 Deferred income taxes 8,411 9,463
Goodwill 377,606 383,131 Other intangibles, net 311,885 320,548
Other assets 4,619 5,299
Total assets $
1,047,798 $ 1,042,165 Liabilities and
shareholders’ equity Current liabilities: Accounts payable $
41,328 $ 40,879 Accrued compensation and benefits 15,226 13,260
Other accrued expenses and current liabilities 13,096 9,941 Current
portion of contingent consideration 18,812 18,120 Current portion
of long-term non-revolving debt, net 5,757 5,215 Dividends payable
2,881 2,878 Income taxes payable 1,457 2,697 Total
current liabilities 98,557 92,990 Revolving line of credit 242,648
255,750 Long-term non-revolving debt, net 89,612 91,720 Contingent
consideration, less current portion 867 840 Deferred income taxes
50,781 57,783 Other noncurrent liabilities 24,827
12,314
Total liabilities 507,292
511,397 Commitments and contingencies - -
Shareholders’
equity: Preferred stock, 2,000,000 shares authorized, par value
$0.001, no shares outstanding - - Common stock, 50,000,000 shares
authorized, par value $0.001, 31,995,700 and 31,964,775 shares
outstanding 32 32 Capital in excess of par value 360,195 357,933
Retained earnings 232,445 219,056 Accumulated other comprehensive
loss (52,166) (46,253)
Total shareholders’
equity 540,506 530,768 Total
liabilities and shareholders’ equity $ 1,047,798
$ 1,042,165 HELIOS
TECHNOLOGIES CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) Three Months Ended March 30,
2019 March 31, 2018 (Unaudited)
(Unaudited)
Cash flows from operating activities: Net income
$ 16,404 $ 11,911 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation and amortization
8,571 4,729 Loss on disposal of assets 71 - Stock-based
compensation expense 1,368 916 Amortization of debt issuance costs
179 98 (Benefit) Provision for deferred income taxes (322) 55
Change in fair value of contingent consideration 719 402 Forward
contract losses, net 24 505 Other, net 549 (15) (Increase) decrease
in operating assets: Accounts receivable (8,848) (9,683)
Inventories (3,729) 940 Other current assets (2,455) (219) Other
assets 1,088 (251) Increase (decrease) in operating liabilities:
Accounts payable 662 1,114 Accrued expenses and other liabilities
3,496 1,469 Income taxes payable 2,710 2,671 Other noncurrent
liabilities (659) 17
Net cash provided by
operating activities 19,828 14,659
Cash flows from investing activities: Capital expenditures
(8,792) (4,237) Proceeds from dispositions of equipment 64
3
Net cash used in investing activities
(8,728) (4,234) Cash flows from financing
activities: Borrowings on revolving credit facility 35,282 -
Repayment of borrowings on revolving credit facility (48,000)
(116,000) Borrowings on long-term non-revolving debt - 932
Repayment of borrowings on long-term non-revolving debt (1,623) -
Proceeds from stock issued 408 240,163 Dividends to shareholders
(2,878) (2,437) Other financing activities (881)
(240)
Net cash (used in) provided by financing activities
(17,692) 122,418 Effect of exchange
rate changes on cash, cash equivalents and restricted cash
(167) 1,805 Net (decrease) increase in cash, cash
equivalents and restricted cash (6,759) 134,648 Cash, cash
equivalents and restricted cash, beginning of period 23,515
63,922 Cash, cash equivalents and restricted cash, end of
period $ 16,756 $ 198,570
HELIOS
TECHNOLOGIES SEGMENT DATA (In thousands)
Three Months Ended March 30, March
31, 2019 2018 (Unaudited)
(Unaudited) Sales: Hydraulics $ 116,463 $ 62,609 Electronics
30,388 34,709 Consolidated $ 146,851 $ 97,318 Gross
profit and margin: Hydraulics $ 42,634 $ 23,449 36.6% 37.4%
Electronics 13,875 14,168 45.7% 40.9% Consolidated $
56,509 $ 37,617 38.5% 38.6% Operating income and margin:
Hydraulics $ 23,762 $ 13,442 20.4% 21.4% Electronics 6,512 7,107
21.4% 20.5% Corporate and other (4,442) (3,296)
Consolidated $ 25,832 $ 17,253 17.6% 17.8%
HELIOS
TECHNOLOGIES ADDITIONAL INFORMATION
(Unaudited)
2019 Sales by Geographic Region and Segment ($ in
millions)
Q1
%
of Total
Americas: Hydraulics $ 41.6 Electronics 26.1
Consol. Americas 67.7 46% EMEA: Hydraulics 41.8 Electronics
2.5 Consol. EMEA 44.3 30% APAC: Hydraulics 33.1 Electronics
1.8 Consol. APAC 34.9 24% Total $ 146.9
2018 Sales by Geographic Region and
Segment ($ in millions)
Q1 %
of Total
Q2 %
of Total
Q3 %
of Total
Q4 %
of Total
2018 %
of Total
Americas: Hydraulics $ 26.4 $ 39.7 $ 38.4 $ 44.2 $ 148.7
Electronics 30.1 27.9 27.4 23.5
108.9 Consol. Americas 56.5 58% 67.6 50% 65.8 48% 67.7 49% 257.6
51% EMEA: Hydraulics 19.6 40.5 34.6 34.9 129.6 Electronics
2.7 2.7 2.7 2.0 10.1 Consol. EMEA 22.3
23% 43.2 32% 37.3 28% 36.9 27% 139.7 27% APAC: Hydraulics 16.6 23.4
31.1 32.4 103.5 Electronics 1.9 2.0 1.6
1.7 7.2 Consol. APAC 18.5 19% 25.4 18%
32.7 24% 34.1 24% 110.7 22% Total $ 97.3
$ 136.2
$ 135.8 $ 138.7
$ 508.0
HELIOS TECHNOLOGIES Non-GAAP
Adjusted Operating Income RECONCILIATION (In thousands)
(Unaudited)
Three Months Ended March 30,
March 31, 2019 2018 GAAP operating
income $ 25,832 $ 17,253
Acquisition-related amortization of intangible assets 4,460 1,988
Acquisition and financing-related expenses 11 1,197 Restructuring
charges - 111
Non-GAAP adjusted operating
income $ 30,303 $ 20,549 GAAP
operating margin 17.6% 17.8% Non-GAAP Adjusted operating margin
20.6% 21.1%
Non-GAAP Cash Net Income
RECONCILIATION (in thousands)
(Unaudited)
Three Months Ended March 30,
March 31, 2019 2018 Net income $
16,404 $ 11,911 Acquisition and
financing-related expenses 11 1,197 Restructuring charges - 111
Foreign currency forward contract loss - 505 Change in fair value
of contingent consideration 719 402 Acquisition-related
amortization of intangible assets 4,460 1,988 Tax effect of above
(1,298) (1,051)
Non-GAAP cash net income
$ 20,296 $ 15,063 Non-GAAP cash net
income per diluted share $ 0.63 $
0.51 Adjusted EBITDA
RECONCILIATION (in thousands)
(Unaudited)
Three Months Ended March 30,
March 31, 2019 2018 Net income $
16,404 $ 11,911 Interest expense, net 4,385
483 Income tax provision 4,655 3,982 Depreciation and amortization
8,571 4,729
EBITDA 34,015 21,105
Acquisition and financing-related expenses 11 1,197 Restructuring
charges - 111 Foreign currency forward contract loss - 505 Change
in fair value of contingent consideration 719 402
Adjusted EBITDA $ 34,745 $
23,320 Adjusted EBITDA margin 23.7% 24.0%
Non-GAAP Financial Measures:
Adjusted operating income, adjusted operating
margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net
income, adjusted net income per diluted share, cash net income and
cash net income per diluted share are not measures determined in
accordance with generally accepted accounting principles in the
United States, commonly known as GAAP. Nevertheless, Helios
believes that providing non-GAAP information such as adjusted
operating income, adjusted operating margin, adjusted EBITDA,
adjusted EBITDA margin, adjusted net income, adjusted net income
per diluted share, cash net income and cash net income per diluted
share are important for investors and other readers of Helios’s
financial statements, as they are used as analytical indicators by
Helios’s management to better understand operating performance.
Because adjusted operating income, adjusted operating margin,
adjusted EBITDA, adjusted EBITDA margin, adjusted net income,
adjusted net income per diluted share, cash net income and cash net
income per diluted share are non-GAAP measures and are thus
susceptible to varying calculations, adjusted operating income,
adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin,
adjusted net income, adjusted net income per diluted share, cash
net income and cash net income per diluted share, as presented, may
not be directly comparable to other similarly titled measures used
by other companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190506005778/en/
Karen L. Howard / Deborah K. PawlowskiKei Advisors LLC(716)
843-3942 / (716) 843-3908khoward@keiadvisors.com /
dpawlowski@keiadvisors.com
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