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VPG Reports Fiscal 2023 Fourth Quarter and Twelve Month Results

MALVERN, Pa., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement technologies, today announced its results for its fiscal 2023 fourth quarter and twelve fiscal months ended December 31, 2023.

Fourth Quarter Highlights:

  • Revenues of $89.5 million decreased 7.0% from a year ago
  • Gross profit margin was 43.0%, as compared to 41.2% a year ago
  • Adjusted gross profit margin* was 43.0%, as compared to 41.5% a year ago
  • Operating margin was 13.4%, as compared to 13.6% reported a year ago
  • Adjusted operating margin* was 13.6%, as compared to 14.0% reported a year ago
  • Diluted net earnings per share were $0.31, as compared to $0.65 reported a year ago
  • Adjusted diluted net earnings per share* were $0.61, as compared to $0.76 reported a year ago
  • EBITDA* was $13.4 million with an EBITDA margin* of 15.0%
  • Adjusted EBITDA* was $16.5 million with an adjusted EBITDA margin* of 18.5%
  • Cash from operating activities was $18.8 million with adjusted free cash flow* of $13.5 million

2023 Full Year Highlights:

  • Revenues of $355.0 million decreased 2.1% year-over-year
  • Gross profit margin was 42.3%, as compared to 41.3% a year ago
  • Adjusted gross profit margin* was 42.4%, as compared to 41.8% a year ago
  • Operating margin was 11.8%, as compared to 12.1% reported last year
  • Adjusted operating margin* was 12.4%, as compared to 13.0% reported last year
  • Diluted net earnings per share were $1.88, as compared to $2.63 reported a year ago
  • Adjusted diluted net earnings per share* were $2.17, as compared to $2.62 reported a year ago
  • EBITDA* was $57.7 million with an EBITDA margin* of 16.2%
  • Adjusted EBITDA* was $60.4 million with an adjusted EBITDA margin* of 17.0%
  • Cash from operating activities was $45.9 million with adjusted free cash flow* of $30.8 million

Ziv Shoshani, Chief Executive Officer of VPG, commented, "We achieved solid financial results and record adjusted free cash flow in fiscal 2023, despite a more challenging macro environment in the second half of the year. For the fourth quarter, we grew revenue 4.3% compared to the third quarter of 2023, and delivered adjusted diluted net earnings per share* of $0.61. Reflecting our strong cash flow, we delivered adjusted EBITDA* of $16.5 million, an adjusted EBITDA margin* of 18.5%, and $13.5 million of adjusted free cash flow*. We continued to deploy our capital to create stockholder value in the fourth quarter with $4.7 million of stock repurchases and the $22.0 million repayment of our revolving credit facility that is expected to significantly reduce interest expense in 2024.

Fourth quarter bookings of $75.2 million declined 2.2% sequentially. While orders in our Measurement Systems segment declined due to timing of customer projects, orders in our Sensors and Weighing Solutions segment grew slightly, reflecting a modestly improved business environment. We expect to see further improvement in the second half of 2024 given our expanding pipeline of long-term opportunities for our precision measurement and sensor technologies, as we engage new and existing customers with solutions that make the world safer, smarter, and more productive."

The Company's fourth fiscal quarter 2023 net earnings attributable to VPG stockholders were $4.2 million, or $0.31 per diluted share, compared to $8.8 million, or $0.65 per diluted share, in the fourth fiscal quarter of 2022.

In the fiscal year ended December 31, 2023, net earnings attributable to VPG stockholders were $25.7 million, or $1.88 per diluted share, compared to $36.1 million, or $2.63 per diluted share, in the fiscal year ended December 31, 2022.

The fourth fiscal quarter 2023 adjusted net earnings* attributable to VPG stockholders were $8.2 million, or $0.61 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $10.4 million, or $0.76 per diluted share, for the comparable prior year period.

In the fiscal year ended December 31, 2023, adjusted net earnings* attributable to VPG stockholders were $29.7 million, or $2.17 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $35.9 million, or $2.62 per diluted share, for the comparable prior year period.

Segment Performance
The Sensors segment revenues of $34.3 million in the fourth fiscal quarter of 2023 decreased 5.7% from the prior year of $36.3 million and increased 5.3% sequentially from $32.5 million in the third quarter of 2023. The year-over-year decrease in revenues was primarily attributable to lower sales of advanced sensors in our Other markets for consumer applications, and in our Avionics, Military and Space ("AMS") market, and in our General Industrial market, which offset higher sales of precision resistors in the Test and Measurement market. Sequentially, the increase in revenues primarily reflected higher precision resistor sales in the Test and Measurement market.

Gross profit margin for the Sensors segment of 40.2% for the fourth fiscal quarter of 2023 was higher compared to 37.6% in the fourth fiscal quarter of 2022, and higher compared to 35.9% in the third fiscal quarter of 2023. The year-over-year increase in gross profit margin was primarily due to favorable foreign exchange rates and improved manufacturing efficiencies, which offset the impact of lower volume. Sequentially, the increase in gross profit margin was primarily due to higher volume and improved manufacturing efficiencies.

The Weighing Solutions segment revenues of $30.4 million in the fourth fiscal quarter of 2023 decreased 8.0% from $33.1 million in the prior year and increased 5.1% from $29.0 million in the third quarter of 2023. The year-over-year decline in revenues was primarily attributable to lower revenues in our Industrial Weighing market and lower revenues from OEM customers for precision agriculture applications in our Other market segment. The sequential increase in revenues was primarily attributable to increased revenues from OEM customers for precision agriculture and construction applications in our Other market segment and higher revenue in our General Industrial market, partially offset by lower sales in the Transportation market.   

Gross profit margin for the Weighing Solutions segment was 35.6% for the fourth fiscal quarter of 2023, an increase compared to 33.4% in the fourth fiscal quarter of 2022, and a decrease compared to 38.7% in the third fiscal quarter of 2023. The year-over-year increase in gross profit margin was primarily due to increased selling prices, favorable foreign currency exchange rates, and manufacturing efficiencies, partially offset by lower volume. Sequentially, the decline in gross profit margin was primarily due to a reduction in inventory and unfavorable product mix, partially offset by higher volume.

The Measurement Systems segment revenues in the fourth fiscal quarter of 2023 of $24.8 million decreased 7.5% from $26.8 million in the prior year and increased 2.0% sequentially from $24.4 million in the third fiscal quarter of 2023.   The year-over-year decline in revenues was primarily attributable to lower sales of Dynamic Systems Inc. ("DSI") and KELK products to the steel market and lower sales of Diversified Technical Systems, Inc. ("DTS") products to the Transportation market, which was partially offset by higher sales of DTS products to the AMS market. The sequential increase in revenue was primarily attributable to higher sales of DTS products to the AMS market, which was partially offset by lower sales of DSI and KELK products to the Steel market.

Gross profit margin for the Measurement Systems segment was 56.0% for the fourth fiscal quarter of 2023, compared to 55.9% (or 56.8% adjusted to exclude the $0.2 million purchasing accounting adjustments related to the DTS acquisition) in the fourth fiscal quarter of 2022, and compared to 53.6% (or 54.5% adjusted to exclude the $0.2 million of purchasing accounting adjustments related to the DTS acquisition) from the third fiscal quarter of 2023. Year-over-year, the decline in adjusted gross profit margin* was primarily due to lower volume. Sequentially, the higher adjusted gross profit margin* in the fourth quarter of 2023 reflected higher volume and favorable product mix.

Near-Term Outlook
“For the first fiscal quarter of 2024 at constant fourth fiscal quarter 2023 exchange rates, we expect net revenues to be in the range of $80 million to $90 million,” said Mr. Shoshani.

*Use of Non-GAAP Financial Information

We define “adjusted gross profit margin" as gross profit margin before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, and COVID-19 costs. We define "adjusted operating margin" as operating margin before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, COVID-19 costs, and restructuring costs. We define "adjusted net earnings” and "adjusted diluted net earnings per share" as net earnings attributable to VPG stockholders before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, COVID-19 costs, restructuring costs, foreign currency exchange gains and losses, and associated tax effects. We define "EBITDA" as earnings before interest, taxes, depreciation, and amortization. We define "Adjusted EBITDA" as earnings before interest, taxes, depreciation, and amortization before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, COVID-19 costs, restructuring costs, foreign currency exchange gains and losses, and associated tax effects.

"Adjusted free cash flow" for the fourth fiscal quarter of 2023 is defined as the amount of cash generated from operating activities ($18.8 million), in excess of our capital expenditures ($5.3 million), net of proceeds, if any, from the sale of assets ($0.0 million). "Adjusted free cash flow" for the fiscal year of 2023 is defined as the amount of cash generated from operating activities ($45.9 million) in excess of our capital expenditures ($15.2 million), net of proceeds, if any, from the sale of assets ($0.1 million).  

Management believes that these non-GAAP measures are useful to investors because each presents what management views as our core operating results for the relevant period. The adjustments to the applicable GAAP measures relate to occurrences or events that are outside of our core operations, and management believes that the use of these non-GAAP measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in VPG’s financial statements presented in our Annual Report on Form 10-K and Quarterly Reports on Forms 10-Q.

Conference Call and Webcast

A conference call is scheduled for Wednesday, February 14, 2024 at 9:00 a.m. ET (8:00 a.m. CT). To access the conference call, interested parties may call 1-833-470-1428 or internationally +1-404-975-4839 and use passcode 809176, or log on to the investor relations page of the VPG website at ir.vpgsensors.com.

A replay will be available approximately one hour after the completion of the call by calling toll-free 1-866-813-9403 or internationally +44-204-525-0658 and using the passcode 945428. The replay will also be available on the investor relations page of the VPG website at ir.vpgsensors.com for a limited time.

About VPG

Vishay Precision Group, Inc. (VPG) is a leader in precision measurement sensing technologies. Our sensors, weighing solutions and measurement systems optimize and enhance our customers’ product performance across a broad array of markets to make our world safer, smarter, and more productive. To learn more, visit VPG at www.vpgsensors.com and follow us on LinkedIn.

Forward-Looking Statements

From time to time, information provided by us, including, but not limited to, statements in this press release, or other statements made by or on our behalf, may contain or constitute "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those anticipated.

Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated, or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; impact of inflation; potential issues respecting the United States federal government debt ceiling; global labor and supply chain challenges; difficulties or delays in identifying, negotiating and completing acquisitions and integrating acquired companies; the inability to realize anticipated synergies and expansion possibilities; difficulties in new product development; changes in competition and technology in the markets that we serve and the mix of our products required to address these changes; changes in foreign currency exchange rates; political, economic, and health (including pandemics) instabilities; instability caused by military hostilities in the regions or countries in which we operate (including Israel); difficulties in implementing our cost reduction strategies, such as underutilization of production facilities, labor unrest or legal challenges to our lay-off or termination plans, operation of redundant facilities due to difficulties in transferring production to achieve efficiencies; compliance issues under applicable laws, such as export control laws, including the outcome of our voluntary self-disclosure of export control non-compliance; significant developments from the recent and potential changes in tariffs and trade regulation; our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter-in-place orders and business closures and the related impact on resource allocations, manufacturing and supply chains; our status as a “critical”, “essential” or “life-sustaining” business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; our ability to execute our new corporate strategy and business continuity, operational and budget plans; and other factors affecting our operations, markets, products, services, and prices that are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this report or as of the dates otherwise indicated in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
info@vpgsensors.com

    
VISHAY PRECISION GROUP, INC.   
Consolidated Statements of Operations   
(Unaudited - In thousands, except per share amounts)   
    
 Fiscal quarter ended
 December 31,
2023
 December 31,
2022
Net revenues$89,528  $96,240 
Costs of products sold 51,032   56,542 
Gross profit 38,496   39,698 
Gross profit margin 43.0%  41.2%
    
Selling, general, and administrative expenses 26,356   26,461 
Restructuring costs 129   188 
Operating income 12,011   13,049 
Operating margin 13.4%  13.6%
    
Other income (expense):   
Interest expense (779)  (876)
Other (2,509)  (1,448)
Other expense - net (3,288)  (2,324)
    
Income before taxes 8,723   10,725 
    
Income tax expense 4,403   1,884 
    
Net earnings 4,320   8,841 
Less: net earnings attributable to noncontrolling interests 93   7 
Net earnings attributable to VPG stockholders$4,227  $8,834 
    
Basic earnings per share attributable to VPG stockholders$0.31  $0.65 
Diluted earnings per share attributable to VPG stockholders$0.31  $0.65 
    
Weighted average shares outstanding - basic 13,509   13,579 
Weighted average shares outstanding - diluted 13,604   13,677 


    
VISHAY PRECISION GROUP, INC.   
Consolidated Statements of Operations   
(Unaudited - In thousands, except per share amounts)   
    
 Years ended
 December 31,
2023
 December 31,
2022
Net revenues$355,048  $362,580 
Costs of products sold 204,706   212,978 
Gross profit 150,342   149,602 
Gross profit margin 42.3%  41.3%
    
Selling, general, and administrative expenses 106,828   104,285 
Restructuring costs 1,560   1,518 
Operating income 41,954   43,799 
Operating margin 11.8%  12.1%
    
Other income (expense):   
Interest expense (3,974)  (2,269)
Other 456   3,558 
Other (expense) income - net (3,518)  1,289 
    
Income before taxes 38,436   45,088 
    
Income tax expense 12,426   8,535 
    
Net earnings 26,010   36,553 
Less: net earnings attributable to noncontrolling interests 303   490 
Net earnings attributable to VPG stockholders$25,707  $36,063 
    
Basic earnings per share attributable to VPG stockholders$1.89  $2.65 
Diluted earnings per share attributable to VPG stockholders$1.88  $2.63 
    
Weighted average shares outstanding - basic 13,574   13,628 
Weighted average shares outstanding - diluted 13,653   13,688 


    
VISHAY PRECISION GROUP, INC.   
Consolidated Balance Sheets   
(In thousands, except per share amounts)   
 December 31,
2023
 December 31,
2022
 (Unaudited)  
Assets   
Current assets:   
Cash and cash equivalents$83,965  $88,562 
Accounts receivable 56,438   60,068 
Inventories:   
Raw materials 33,973   31,852 
Work in process 26,594   26,401 
Finished goods 27,572   26,407 
Inventories 88,139   84,660 
Prepaid expenses and other current assets 14,520   18,516 
Total current assets 243,062   251,806 
    
Property and equipment:   
Land 4,154   4,117 
Buildings and improvements 72,952   71,613 
Machinery and equipment 131,738   125,301 
Software 9,619   9,539 
Construction in progress 11,379   10,075 
Accumulated depreciation (139,206)  (133,518)
Property and equipment, net 90,636   87,127 
    
Goodwill 45,734   45,544 
    
Intangible assets, net 44,634   48,217 
Operating lease right-of-use assets 26,953   24,342 
Other assets 20,547   19,706 
Total assets$471,566  $476,742 
    


    
VISHAY PRECISION GROUP, INC.   
Consolidated Balance Sheets   
(In thousands, except per share amounts)   
 December 31,
2023
 December 31,
2022
 (Unaudited)  
Liabilities and equity   
Current liabilities:   
Trade accounts payable$11,698  $13,792 
Payroll and related expenses 18,971   21,966 
Other accrued expenses 22,427   20,306 
Income taxes 4,524   4,064 
Current portion of operating lease liabilities 4,004   4,208 
Total current liabilities 61,624   64,336 
    
Long-term debt 31,856   60,799 
Deferred income taxes 3,490   4,212 
Operating lease liabilities 22,625   20,043 
Other liabilities 14,770   13,053 
Accrued pension and other postretirement costs 7,276   7,777 
Total liabilities 141,641   170,220 
    
Commitments and contingencies   
    
Equity:   
Common stock 1,330   1,325 
Class B convertible common stock 103   103 
Treasury stock (17,460)  (11,504)
Capital in excess of par value 202,672   201,164 
Retained earnings 182,066   156,359 
Accumulated other comprehensive loss (38,869)  (40,900)
Total Vishay Precision Group, Inc. stockholders' equity 329,842   306,547 
Noncontrolling interests 83   (25)
Total equity 329,925   306,522 
Total liabilities and equity$471,566  $476,742 


    
VISHAY PRECISION GROUP, INC.   
Consolidated Statements of Cash Flows   
(Unaudited - In thousands) 
 Years ended
 December 31,
2023
 December 31,
2022
Operating activities   
Net earnings$26,010  $36,553 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization 15,550   15,353 
Loss (gain) on disposal of property and equipment 75   (117)
Gain on sale of short term investment (14)   
Reclassification of foreign currency translation adjustment related to disposal of subsidiary    191 
Share-based compensation expense 2,290   2,439 
Inventory write-offs for obsolescence 2,099   1,650 
Deferred income taxes (156)  (2,040)
Foreign currency impacts and other items 660   (3,915)
Net changes in operating assets and liabilities, net of acquisition:   
Accounts receivable 3,794   (4,777)
Inventories (4,898)  (11,943)
Prepaid expenses and other current assets 4,172   (2,808)
Trade accounts payable (2,658)  889 
Other current liabilities 56   3,393 
Other non current assets and liabilities, net 439   (1,413)
Accrued pension and other postretirement costs, net (1,526)  (426)
Net cash provided by operating activities 45,893   33,029 
Investing activities   
Capital expenditures (15,154)  (21,288)
Proceeds from sale of property and equipment 40   451 
Purchase of short term investment (1,000)   
Proceeds from sale of short term investment 1,014    
Net cash used in investing activities (15,100)  (20,837)
Financing activities   
Payments on revolving facility (29,000)   
Purchase of treasury stock (5,915)  (2,739)
Distributions to noncontrolling interests (195)  (457)
Payments of employee taxes on certain share-based arrangements (825)  (435)
Net cash used in financing activities (35,935)  (3,631)
Effect of exchange rate changes on cash and cash equivalents 545   (4,334)
(Decrease) increase in cash and cash equivalents (4,597)  4,227 
Cash and cash equivalents at beginning of year 88,562   84,335 
Cash and cash equivalents at end of year$83,965  $88,562 
Supplemental disclosure of investing transactions:   
Capital expenditures accrued but not yet paid$2,317  $1,731 
Supplemental disclosure of financing transactions:   
Excise tax on net share repurchases accrued but not yet paid$41  $ 


 
VISHAY PRECISION GROUP, INC.
Reconciliation of Consolidated Adjusted Gross Profit, Operating Income, Net Earnings Attributable to VPG Stockholders and Diluted Earnings Per Share
(Unaudited - In thousands except per share data)
 Gross
Profit
 Operating
Income
 Net Earnings
Attributable to
VPG Stockholders
 Diluted
Earnings Per
share
Fiscal Year Ended December 31,  2023   2022   2023   2022   2023   2022   2023   2022 
As reported - GAAP 150,342   149,602   41,954   43,799  $25,707  $36,063  $1.88  $2.63 
As reported - GAAP Margins 42.3%  41.3%  11.8%  12.1%        
Acquisition purchase accounting adjustments 335   1,550   335   1,550   335   1,550   0.02   0.11 
COVID-19 impact    138      138      138      0.01 
Start-up costs    150      150      150      0.01 
Restructuring costs       1,560   1,518   1,560   1,518   0.11   0.11 
Foreign exchange (gain)/loss             822   (3,579)  0.06   (0.26)
Less: Tax effect of reconciling items and discrete tax items             (1,245)  (44)  (0.10)  (0.01)
As Adjusted - Non GAAP$150,677  $151,440  $43,849  $47,155  $29,669  $35,884  $2.17  $2.62 
As Adjusted - Non GAAP Margins 42.4%  41.8%  12.4%  13.0%        


 Gross
Profit
 Operating
Income
 Net Earnings
Attributable to
VPG Stockholders
 Diluted
Earnings
Per share
Fiscal Quarter Ended December 31,  2023   2022   2023   2022   2023   2022  2023   2022
As reported - GAAP$38,496  $39,698  $12,011  $13,049  $4,227  $8,834  0.31  $0.65
As reported - GAAP Margins 43.0%  41.2%  13.4%  13.6%        
Acquisition purchase accounting adjustments 31   240   31   240   31   240     0.02
Restructuring costs       129   188   129   188  0.01   0.01
Foreign exchange loss             2,961   1,616  0.21   0.11
Less: Tax effect of reconciling items and discrete tax items             (887)  452  (0.08)  0.03
As Adjusted - Non GAAP$38,527  $39,938  $12,171  $13,477  $8,235  $10,426 $0.61  $0.76
As Adjusted - Non GAAP Margins 43.0%  41.5%  13.6%  14.0%        


     
VISHAY PRECISION GROUP, INC.    
Reconciliation of Adjusted Gross Profit by segment    
(Unaudited - In thousands)     
      
 Fiscal quarter ended
 December 31,
2023
 December 31,
2022
 September 30,
2023
Sensors     
As reported - GAAP$13,761  $13,645  $11,681 
As reported - GAAP Margins 40.2%  37.6%  35.9%
As Adjusted - Non GAAP$13,761  $13,645  $11,681 
As Adjusted - Non GAAP Margins 40.2%  37.6%  35.9%
      
Weighing Solutions     
As reported - GAAP$10,834  $11,043  $11,207 
As reported - GAAP Margins 35.6%  33.4%  38.7%
As Adjusted - Non GAAP$10,834  $11,043  $11,207 
As Adjusted - Non GAAP Margins 35.6%  33.4%  38.7%
      
Measurement Systems     
As reported - GAAP$13,906  $15,009  $13,047 
As reported - GAAP Margins 56.0%  55.9%  53.6%
Acquisition purchase accounting adjustments 31   240   214 
As Adjusted - Non GAAP$13,937  $15,249  $13,261 
As Adjusted - Non GAAP Margins 56.1%  56.8%  54.5%


     
VISHAY PRECISION GROUP, INC.    
Reconciliation of Adjusted EBITDA    
(Unaudited - In thousands)     
 Fiscal quarter ended
 December 31,
2023
 December 31,
2022
 September 30,
2023
Net earnings attributable to VPG stockholders$4,227  $8,834  $6,280 
Interest Expense 779   876   1,119 
Income tax expense 4,403   1,884   2,419 
Depreciation 2,992   2,882   2,954 
Amortization 999   952   880 
EBITDA 13,400  $15,428  $13,652 
EBITDA MARGIN 15.0%  16.0%  15.9%
Acquisition purchase accounting adjustments 31   240   214 
Restructuring costs 129   188   1,153 
Foreign exchange loss/(gain) 2,961   1,616   (1,283)
ADJUSTED EBITDA 16,521   17,472   13,736 
ADJUSTED EBITDA MARGIN 18.5%  18.2%  16.0%


   
VISHAY PRECISION GROUP, INC.  
Reconciliation of Adjusted EBITDA  
(Unaudited - In thousands)   
 Year ended
 December 31,
2023
 December 31,
2022
Net earnings attributable to VPG stockholders$25,707  $36,063 
Interest Expense 3,974   2,269 
Income tax expense 12,426   8,535 
Depreciation 11,798   11,504 
Amortization 3,752   3,849 
EBITDA 57,657  $62,220 
EBITDA MARGIN 16.2%  17.2%
Acquisition purchase accounting adjustments 335   1,550 
Restructuring costs 1,560   1,518 
COVID-19 impact    138 
Start-up costs    150 
Foreign exchange (gain) loss 822   (3,579)
ADJUSTED EBITDA 60,374   61,997 
ADJUSTED EBITDA MARGIN 17.0%  17.1%

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