Adjusted EBITDA, Free Cash Flow, and Net
Debt to Adjusted EBITDA Exceeded Full Year
Guidance
Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW)
(“Jason” or “the Company”) today reported results for both fourth
quarter and full-year 2017.
Key financial results for the fourth quarter 2017 versus the
year ago period include:
- Net sales of $145.5 million decreased 8.3 percent and included
a negative 5.6 percent impact from the divestiture and planned exit
of non-core businesses in the margin expansion program and a
positive 1.6 percent from foreign currency translation.
- Operating income of $1.4 million, or 1.0 percent of net sales,
increased $68.9 million on improved operational results, lower
restructuring costs and $63.3 million of pre-tax impairment charges
in the acoustics and components segments in 2016.
- Net income of $2.4 million, or $0.05 diluted income per share,
increased $72.3 million or $2.75 per share, significantly impacted
by $63.3 million of pre-tax 2016 impairment charges in the
acoustics and components segments and $3.8 million of net tax
benefit from the enactment of the Tax Cut and Jobs Act.
- Free cash flow was $0.1 million, a decrease of $7.6 million,
due to lower cash flows generated by operations and higher capital
expenditures.
On an adjusted basis, fourth quarter 2017 results versus the
year ago period include:
- Adjusted EBITDA of $12.5 million, or 8.6 percent of net sales,
increased $1.9 million from 6.6 percent of net sales, driven by
margin expansion from improved operational efficiencies.
- Adjusted net loss of $0.3 million, or $0.01 Adjusted loss per
share, improved $0.13 per share.
Key financial results for the full year 2017 versus the year ago
period include:
- Net sales of $648.6 million decreased 8.1 percent and included
a negative 3.3 percent impact from the divestiture and planned exit
of non-core businesses in the margin expansion program and a
positive 0.2 percent from foreign currency translation.
- Adjusted EBITDA of $67.8 million, or 10.4 percent of net sales,
increased $3.6 million from 9.1 percent of net sales, driven by
margin expansion from improved operational efficiencies.
- Free cash flow was $14.2 million, an increase of $2.5 million,
due to higher cash flows generated by operations and lower capital
expenditures and preferred dividends.
“Both the Finishing and Seating businesses posted organic growth
in the fourth quarter, with Finishing delivering double digit
growth for the first time since our 2014 go-public transaction,”
said Brian Kobylinski, chief executive officer of Jason.
“More importantly, our execution of continuous improvement
initiatives and self-help projects allowed the revenue growth to
flow through to the bottom line, improving margins and reducing our
net leverage to 5.5 times.”
Highlights during the quarter include:
- Total Cost Reduction and Margin Expansion program savings were
$1.5 million in the fourth quarter with a total of $20 million
since the inception of the program. Actions taken and
announced to-date are expected to achieve $24 million in annual
run-rate cost savings.
- Achieved organic growth of 10.2 percent in Finishing and 5.1
percent in Seating. Finishing organic growth was achieved
through strength in industrial, general manufacturing and oil &
gas markets, along with share gains resulting from enhanced
commercial focus, with Seating growth driven by new platform
launches.
- Completed the relocation and consolidation of the Finishing
facility in Virgina into the Indiana facility on schedule and
in-line with expected restructuring costs.
- In December, announced the closure of the Acoustics
manufacturing facility in Richmond, IN. The operations will
be consolidated into other existing facilities by the end of the
second quarter of 2018. The closure will result in run-rate
savings of $1.8 million beginning late in the second quarter.
As a result of this action, Jason expects to record pre-tax
restructuring charges to earnings of approximately $2.1 million in
2018.
- Paid down $2.4 million of foreign term loan debt.
Key financial results within the segments for the fourth quarter
2017 versus the year ago period include:
- Finishing net sales of $50.0 million increased $5.7 million, or
12.8 percent, including a positive foreign currency translation
impact of 5.1 percent and a negative 2.5 percent impact from the
exit of a non-core market in Brazil. Organic sales increased 10.2
percent and were impacted by higher volumes in industrial end
markets, partially offset by strategic decisions to exit low margin
business and products. Adjusted EBITDA was $5.8 million, or
11.5 percent of net sales, an increase of $1.5 million from 9.7
percent of net sales. Adjusted EBITDA margin increased on
improved pricing and continuous improvement initiatives.
- Components net sales of $19.8 million decreased $1.5 million,
or 6.9 percent, including a negative 3.4 percent impact from the
exit of non-core product lines upon the closure of the Buffalo
Grove, Illinois facility. Organic sales decreased 3.5
percent due to decreased volumes of smart utility meters, partially
offset by higher rail volumes. Adjusted EBITDA was $2.3
million, or 11.4 percent of net sales, a decrease of $0.4 million
from 12.4 percent of net sales, and was negatively impacted by
lower volumes, unfavorable product mix and higher material costs,
partially offset by savings resulting from the cost reduction
program.
- Seating net sales of $33.9 million increased $1.8 million, or
5.6 percent, including a positive foreign currency translation
impact of 0.5 percent. Organic sales increased 5.1 percent on
improved pricing and higher volumes in the construction and
motorcycle markets, partially offset by lower volumes in the turf
care market. Adjusted EBITDA was $2.3 million, or 6.8 percent
of net sales, an increase of $0.9 million from 4.3 percent of
net sales, and was positively impacted by pricing, continuous
improvement initiatives and supply chain negotiation
savings.
- Acoustics net sales of $41.8 million decreased $19.2 million,
or 31.5 percent, including a negative 11.2 percent impact from the
divestiture of the Company’s Acoustics European operations.
Organic sales decreased 20.3 percent due to automotive assembly
plant shutdowns on declining light vehicle demand and 2016
non-recurring volumes related to a competitor bankruptcy. Adjusted
EBITDA was $6.0 million, or 14.3 percent of net sales, a decrease
of $0.4 million from 10.5 percent of net sales. Adjusted
EBITDA margin increased due to improved labor and material
productivity and divestiture of low margin Acoustics European
operations, partially offset by lower volumes.
- Corporate expenses of $3.9 million decreased $0.3 million on
lower professional and consulting expenses and health care
costs.
Other Information:
- Net debt to Adjusted EBITDA on a trailing twelve-month basis
was 5.5x as of the end of the fourth quarter, a decrease from 6.2x
as of the end of 2016. Total liquidity as of the end of the
fourth quarter was $95.4 million, comprised of $48.9 million of
cash and cash equivalents and $46.6 million of availability on
revolving loan facilities globally.
- In the fourth quarter of 2017 the income tax benefit of $8.9
million included provisional charges related to the Tax Cuts and
Jobs Act (the “Tax Act”). The provisional charges included
$5.3 million of tax expense for the deemed repatriation of foreign
earnings, $11.1 million of tax benefit for the revaluation of net
deferred tax liabilities, and $2.1 million of tax expense for other
discrete items related to tax positions impacted by the Tax
Act. The Company is still assessing the impact of the Global
Intangible Low-Taxed Income (“GILTI”) provisions of the Tax
Act.
- Subsequent to the end of the fourth quarter the Company
completed a transaction in which the Company exchanged 1,395,640
shares of common stock for 12,136 shares of 8.0% Series A
Convertible Perpetual Preferred Stock. The shares of Preferred
Stock exchanged had an aggregate liquidation preference
of $12.1 million, representing 24.4% of the Company’s
outstanding Preferred Stock. With the completion of the exchange
transaction, the Company has 27,362,021 common shares issued and
outstanding, and 37,529 shares of Preferred Stock outstanding.
2018 Guidance:
“We successfully completed the first year of our turnaround
plan. Our focus on operational execution coupled with
targeted growth initiatives generated cash and drove leverage
improvement. While challenges remain, our business is in a
better position than a year ago,” added Kobylinski. "We enter 2018
with a continued focus on cash flow and debt leverage
reduction. Opportunity remains to improve our operations to
better serve our customers, grow EBITDA and generate cash despite
expected lower sales due to select end-market conditions.
Delivering 2018 guidance will require execution of internally
generated initiatives, not a market-driven correction.”
For 2018, Jason expects net sales in the range of $600 to $615
million, Adjusted EBITDA of $66 to $70 million and free cash flow
of $13 to $17 million, which result in an implied net debt to
Adjusted EBITDA range of 5.3 to 4.9 times.
Conference Call:
The Company will hold a conference call to discuss its fourth
quarter results today at 10:00 a.m. Eastern time. A live webcast of
the call may be accessed over the Internet from the Company’s
Investor Relations website at investors.jasoninc.com. Participants
should follow the instructions provided on the website to download
and install the necessary audio applications. The conference call
is also available by dialing 877-451-6152 (domestic) or
201-389-0879 (international). Participants should ask for the Jason
Industries Fourth Quarter Earnings conference call.
A replay of the live conference call will be available beginning
approximately one hour after the call. The replay will be available
on the Company’s website or by dialing 844-512-2921 (domestic) or
412-317-6671 (international) and entering the replay passcode
13642137. The telephonic replay will be available until 11:59 pm
(Eastern Time), March 8, 2018. The online replay will be available
on the website immediately following the call.
About Jason Industries, Inc.The Company is the
parent company to a global family of manufacturing leaders within
the finishing, components, seating and automotive acoustics
markets, including Osborn (Richmond, Ind. and Burgwald, Germany),
Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.) and
Janesville Acoustics (Southfield, Mich.). Headquartered in
Milwaukee, Wis., Jason employs more than 4,300 people in 13
countries.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “guidance,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward-looking statements include projected financial information.
Such forward-looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
Company’s businesses are based on current expectations that are
subject to risks and uncertainties. A number of factors could cause
actual results or outcomes to differ materially from those
indicated by such forward-looking statements. Such factors include,
but are not limited to, the level of demand for the Company’s
products; competition in the Company’s markets; the Company’s
ability to grow and manage growth profitably; the Company’s ability
to access additional capital; changes in applicable laws or
regulations; the Company’s ability to attract and retain qualified
personnel; the possibility that the Company may be adversely
affected by other economic, business and/or competitive factors;
and other risks and uncertainties identified in the Company’s most
recent Annual Report on Form 10-K, as such may be amended or
supplemented by subsequent Quarterly Reports on Form 10-Q or other
reports filed with the Securities and Exchange Commission.
The forward-looking statements contained in this press release
are based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances. As you review and
consider this press release, you should understand that these
statements are not guarantees of performance or results. They
involve risks, uncertainties (some of which are beyond our control)
and assumptions. Although we believe that these forward-looking
statements are based on reasonable assumptions, you should be aware
that many factors could affect our actual results and cause them to
differ materially from those anticipated in the forward-looking
statements.
Any forward-looking statement made by us in this press release
speaks only as of the date on which we make it. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Non-GAAP and Other Company
InformationIncluded in this press release are certain
non-GAAP financial measures designed to complement the financial
information presented in accordance with generally accepted
accounting principles in the United States of America because
management believes such measures are useful to investors. Because
the Company’s calculations of these measures may differ from
similar measures used by other companies, you should be careful
when comparing the Company’s non-GAAP financial measures to those
of other companies. In this earnings release, we disclose the
following non-GAAP financial measures, and we reconcile these
non-GAAP financial measures to the most directly comparable GAAP
financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt
to Adjusted EBITDA, and Free Cash Flow.
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - The
Company defines EBITDA as net income (loss) before interest
expense, provision (benefit) for income taxes, depreciation and
amortization. The Company defines Adjusted EBITDA as EBITDA,
excluding the impact of operational restructuring charges and
non-cash or non-operational losses or gains, including goodwill and
long-lived asset impairment charges, gains or losses on disposal of
property, plant and equipment, divestitures and extinguishment of
debt, integration and other operational restructuring charges,
transactional legal fees, other professional fees, purchase
accounting adjustments, and non-cash share based compensation
expense. The Company defines Adjusted EBITDA Margin as Adjusted
EBITDA as a percentage of net sales.
Management believes that Adjusted EBITDA provides a more clear
picture of the Company’s operating results by eliminating expenses
and income that are not reflective of the underlying business
performance. The Company uses this metric to facilitate a
comparison of operating performance on a consistent basis from
period to period and to analyze the factors and trends affecting
its segments. The Company’s internal plans, budgets and forecasts
use Adjusted EBITDA as a key metric and the Company uses this
measure to evaluate its operating performance and segment operating
performance and to determine the level of incentive compensation
paid to its employees.
Adjusted Net Income and Adjusted Earnings Per Share - The
Company defines Adjusted Net Income and Adjusted Earnings Per Share
(calculated on a diluted basis) as net income and earnings per
share (as defined by GAAP), excluding the impact of operational
restructuring charges and non-cash or non-operational losses or
gains, including goodwill and long-lived asset impairment charges,
gains or losses on disposal of property, plant and equipment,
divestitures and extinguishment of debt, integration and other
operational restructuring charges, transactional legal fees, other
professional fees, purchase accounting adjustments, and non-cash
share based compensation expense, net of their income tax impact.
The tax rates used to calculate adjusted net income and adjusted
earnings per share are based on a transaction specific basis.
Adjusted earnings per share includes the impact of share based
compensation to the extent it is dilutive in each period. Adjusted
earnings per share includes the impact to Jason Industries common
shares upon conversion of JPHI Holdings Inc. rollover shares and
conversion of preferred stock. Management believes that Adjusted
Net Income and Adjusted Earnings Per Share are useful in assessing
the Company’s financial performance by eliminating expenses and
income that are not reflective of the underlying business
performance.
Net Debt to Adjusted EBITDA - The Company defines Net Debt to
Adjusted EBITDA as current and long-term debt plus debt discounts
less cash and cash equivalents, divided by pro forma Adjusted
EBITDA for the trailing twelve months. Pro forma Adjusted
EBITDA is calculated as Adjusted EBITDA as reported plus or minus
Adjusted EBITDA of acquisitions or divestitures prior to the date
of the acquisition or divestiture, respectively, during the
trailing twelve months. Management believes that Net Debt to
Adjusted EBITDA is useful in assessing the Company’s financial
leverage.
Free Cash Flow - The Company defines Free Cash Flow as net cash
flows from operating activities (as defined by GAAP) less capital
expenditures and cash dividends on preferred stock.
Management believes that Free Cash Flow is useful in assessing our
ability to generate cash from business operations that is available
for strategic capital decisions.
In addition to these non-GAAP financial measures, we also use
the term “organic sales” to refer to GAAP net sales from existing
operations excluding (i) sales from acquired businesses recorded
prior to the first anniversary of the acquisition, (ii) sales from
divested businesses or exited non-core businesses, and (iii) the
impact of foreign currency translation. The impact of foreign
currency translation is calculated as the difference between (a)
the period-to-period change in results (excluding acquisitions,
divestitures, and exited non-core businesses) and (b) the
period-to-period change in results (excluding acquisitions,
divestitures, and exited non-core businesses) after applying
current period average foreign exchange rates to the prior year
period. We use the term “organic sales growth” to refer to the
measure of comparing current period organic sales with the
corresponding prior year period organic sales.
|
Jason Industries,
Inc.Condensed Consolidated Statements of
Operations(In thousands, except per share amounts)
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
Net sales |
$ |
145,516 |
|
|
$ |
158,750 |
|
|
$ |
648,616 |
|
|
$ |
705,519 |
|
Cost of goods sold |
116,890 |
|
|
133,320 |
|
|
517,764 |
|
|
574,412 |
|
Gross profit |
28,626 |
|
|
25,430 |
|
|
130,852 |
|
|
131,107 |
|
Selling and
administrative expenses |
25,787 |
|
|
27,282 |
|
|
103,855 |
|
|
113,797 |
|
Impairment charges |
— |
|
|
63,285 |
|
|
— |
|
|
63,285 |
|
Loss (gain) on
disposals of property, plant and equipment - net |
145 |
|
|
123 |
|
|
(759 |
) |
|
880 |
|
Restructuring |
1,270 |
|
|
2,166 |
|
|
4,266 |
|
|
7,232 |
|
Operating income
(loss) |
1,424 |
|
|
(67,426 |
) |
|
23,490 |
|
|
(54,087 |
) |
Interest expense |
(8,125 |
) |
|
(7,950 |
) |
|
(33,089 |
) |
|
(31,843 |
) |
(Loss) Gain on
extinguishment of debt |
(182 |
) |
|
— |
|
|
2,201 |
|
|
— |
|
Equity income |
237 |
|
|
224 |
|
|
952 |
|
|
681 |
|
Loss on
divestiture |
— |
|
|
— |
|
|
(8,730 |
) |
|
— |
|
Other income - net |
58 |
|
|
252 |
|
|
319 |
|
|
900 |
|
Loss before income
taxes |
(6,588 |
) |
|
(74,900 |
) |
|
(14,857 |
) |
|
(84,349 |
) |
Tax benefit |
(8,946 |
) |
|
(4,936 |
) |
|
(10,384 |
) |
|
(6,296 |
) |
Net income (loss) |
$ |
2,358 |
|
|
$ |
(69,964 |
) |
|
$ |
(4,473 |
) |
|
$ |
(78,053 |
) |
Less net (loss) income
attributable to noncontrolling interests |
— |
|
|
(9,493 |
) |
|
5 |
|
|
(10,818 |
) |
Net gain (loss)
attributable to Jason Industries |
$ |
2,358 |
|
|
$ |
(60,471 |
) |
|
$ |
(4,478 |
) |
|
$ |
(67,235 |
) |
Accretion of preferred
stock dividends and redemption premium |
974 |
|
|
900 |
|
|
3,783 |
|
|
3,600 |
|
Net income (loss)
available to common shareholders of Jason Industries |
$ |
1,384 |
|
|
$ |
(61,371 |
) |
|
$ |
(8,261 |
) |
|
$ |
(70,835 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share available to common shareholders of Jason Industries: |
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
(2.70 |
) |
|
$ |
(0.32 |
) |
|
$ |
(3.15 |
) |
Diluted |
0.05 |
|
|
$ |
(2.70 |
) |
|
(0.32 |
) |
|
(3.15 |
) |
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
26,255 |
|
|
22,758 |
|
|
26,082 |
|
|
22,507 |
|
Diluted |
26,785 |
|
|
22,758 |
|
|
26,082 |
|
|
22,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jason Industries,
Inc.Condensed Consolidated Balance
Sheets(In thousands) (Unaudited) |
|
|
|
December 31, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and
cash equivalents |
$ |
48,887 |
|
|
$ |
40,861 |
|
Accounts
receivable - net |
68,626 |
|
|
77,837 |
|
Inventories - net |
70,819 |
|
|
73,601 |
|
Other
current assets |
15,655 |
|
|
17,866 |
|
Total
current assets |
203,987 |
|
|
210,165 |
|
Property, plant and
equipment - net |
154,196 |
|
|
177,823 |
|
Goodwill |
45,142 |
|
|
42,157 |
|
Other intangible assets
- net |
131,499 |
|
|
144,258 |
|
Other assets - net |
11,499 |
|
|
9,433 |
|
Total
assets |
$ |
546,323 |
|
|
$ |
583,836 |
|
Liabilities and
Shareholders' Equity (Deficit) |
|
|
|
Current
liabilities |
|
|
|
Current
portion of long-term debt |
$ |
9,704 |
|
|
$ |
8,179 |
|
Accounts
payable |
53,668 |
|
|
61,160 |
|
Accrued
compensation and employee benefits |
17,433 |
|
|
13,207 |
|
Accrued
interest |
276 |
|
|
191 |
|
Other
current liabilities |
19,806 |
|
|
24,807 |
|
Total
current liabilities |
100,887 |
|
|
107,544 |
|
Long-term debt |
391,768 |
|
|
416,945 |
|
Deferred income
taxes |
25,699 |
|
|
42,608 |
|
Other long-term
liabilities |
22,285 |
|
|
19,881 |
|
Total
liabilities |
540,639 |
|
|
586,978 |
|
Commitments and
contingencies |
|
|
|
Shareholders'
Equity (Deficit) |
|
|
|
Preferred stock |
$ |
49,665 |
|
|
$ |
45,899 |
|
Jason Industries common
stock |
3 |
|
|
2 |
|
Additional paid-in
capital |
143,788 |
|
|
144,666 |
|
Retained deficit |
(167,710 |
) |
|
(163,232 |
) |
Accumulated other
comprehensive loss |
(20,062 |
) |
|
(30,372 |
) |
Shareholders' equity (deficit) attributable to Jason
Industries |
5,684 |
|
|
(3,037 |
) |
Noncontrolling
interests |
— |
|
|
(105 |
) |
Total
shareholders' equity (deficit) |
5,684 |
|
|
(3,142 |
) |
Total
liabilities and shareholders' equity (deficit) |
$ |
546,323 |
|
|
$ |
583,836 |
|
|
|
Jason Industries,
Inc.Condensed Consolidated Statements of Cash
Flows(In thousands) (Unaudited) |
|
|
|
Year Ended December 31, 2017 |
|
Year Ended December 31, 2016 |
|
|
|
|
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(4,473 |
) |
|
$ |
(78,053 |
) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation |
26,260 |
|
|
31,120 |
|
Amortization of intangible assets |
12,674 |
|
|
12,921 |
|
Amortization of deferred financing costs and debt discount |
2,943 |
|
|
3,008 |
|
Impairment charges |
— |
|
|
63,285 |
|
Equity
income |
(952 |
) |
|
(681 |
) |
Deferred
income taxes |
(17,345 |
) |
|
(14,112 |
) |
(Gain)
loss on disposals of property, plant and equipment - net |
(759 |
) |
|
880 |
|
Gain on
extinguishment of debt |
(2,201 |
) |
|
— |
|
Loss on
divestiture |
8,730 |
|
|
— |
|
Transaction fees on divestiture |
(932 |
) |
|
— |
|
Dividends
from joint ventures |
— |
|
|
2,068 |
|
Share-based compensation |
1,119 |
|
|
(752 |
) |
Net
increase (decrease) in cash due to changes in: |
|
|
|
Accounts
receivable |
6,997 |
|
|
(85 |
) |
Inventories |
3,804 |
|
|
5,862 |
|
Other
current assets |
1,464 |
|
|
7,346 |
|
Accounts
payable |
(7,897 |
) |
|
5,886 |
|
Accrued
compensation and employee benefits |
5,946 |
|
|
(5,449 |
) |
Accrued
interest |
98 |
|
|
117 |
|
Accrued
income taxes |
473 |
|
|
2,263 |
|
Other -
net |
(5,858 |
) |
|
(507 |
) |
Total
adjustments |
34,564 |
|
|
113,170 |
|
Net cash
provided by operating activities |
30,091 |
|
|
35,117 |
|
Cash flows from
investing activities |
|
|
|
Proceeds from disposals
of property, plant and equipment |
8,809 |
|
|
3,413 |
|
Payments for property,
plant and equipment |
(15,873 |
) |
|
(19,780 |
) |
Proceeds from
divestitures, net of cash divested and debt assumed by buyer |
7,883 |
|
|
— |
|
Acquisitions of
patents |
(104 |
) |
|
(86 |
) |
Net cash
provided by (used in) investing activities |
715 |
|
|
(16,453 |
) |
Cash flows from
financing activities |
|
|
|
Payments of First and
Second Lien term loans |
(21,826 |
) |
|
(3,100 |
) |
Proceeds from other
long-term debt |
8,596 |
|
|
10,150 |
|
Payments of other
long-term debt |
(10,816 |
) |
|
(16,138 |
) |
Payments of preferred
stock dividends |
(12 |
) |
|
(3,600 |
) |
Other financing
activities - net |
(220 |
) |
|
(155 |
) |
Net cash
used in financing activities |
(24,278 |
) |
|
(12,843 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
1,498 |
|
|
(904 |
) |
Net increase in
cash and cash equivalents |
8,026 |
|
|
4,917 |
|
Cash and cash
equivalents, beginning of period |
40,861 |
|
|
35,944 |
|
Cash and cash
equivalents, end of period |
$ |
48,887 |
|
|
$ |
40,861 |
|
|
|
|
|
|
|
|
|
|
Jason Industries,
Inc.Quarterly Financial Information by
Segment(In thousands) (Unaudited) |
|
|
2016 |
|
2017 |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
FY |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
FY |
Finishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
50,276 |
|
|
$ |
53,148 |
|
|
$ |
49,162 |
|
|
$ |
44,297 |
|
|
$ |
196,883 |
|
|
$ |
49,476 |
|
|
$ |
49,757 |
|
|
$ |
51,065 |
|
|
$ |
49,986 |
|
|
$ |
200,284 |
|
Adjusted EBITDA |
5,229 |
|
|
7,634 |
|
|
7,042 |
|
|
4,295 |
|
|
24,200 |
|
|
7,067 |
|
|
7,324 |
|
|
7,503 |
|
|
5,767 |
|
|
27,661 |
|
Adjusted EBITDA % net
sales |
10.4 |
% |
|
14.4 |
% |
|
14.3 |
% |
|
9.7 |
% |
|
12.3 |
% |
|
14.3 |
% |
|
14.7 |
% |
|
14.7 |
% |
|
11.5 |
% |
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
26,837 |
|
|
$ |
24,634 |
|
|
$ |
24,876 |
|
|
$ |
21,320 |
|
|
$ |
97,667 |
|
|
$ |
21,117 |
|
|
$ |
21,713 |
|
|
$ |
19,945 |
|
|
$ |
19,846 |
|
|
$ |
82,621 |
|
Adjusted EBITDA |
4,613 |
|
|
3,337 |
|
|
3,658 |
|
|
2,641 |
|
|
14,249 |
|
|
2,720 |
|
|
2,451 |
|
|
2,445 |
|
|
2,272 |
|
|
9,888 |
|
Adjusted EBITDA % net
sales |
17.2 |
% |
|
13.5 |
% |
|
14.7 |
% |
|
12.4 |
% |
|
14.6 |
% |
|
12.9 |
% |
|
11.3 |
% |
|
12.3 |
% |
|
11.4 |
% |
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
51,950 |
|
|
$ |
44,680 |
|
|
$ |
32,330 |
|
|
$ |
32,090 |
|
|
$ |
161,050 |
|
|
$ |
47,373 |
|
|
$ |
44,921 |
|
|
$ |
32,963 |
|
|
$ |
33,872 |
|
|
$ |
159,129 |
|
Adjusted EBITDA |
6,629 |
|
|
5,620 |
|
|
2,507 |
|
|
1,366 |
|
|
16,122 |
|
|
5,530 |
|
|
5,897 |
|
|
2,621 |
|
|
2,300 |
|
|
16,348 |
|
Adjusted EBITDA % net
sales |
12.8 |
% |
|
12.6 |
% |
|
7.8 |
% |
|
4.3 |
% |
|
10.0 |
% |
|
11.7 |
% |
|
13.1 |
% |
|
8.0 |
% |
|
6.8 |
% |
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acoustics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
61,911 |
|
|
$ |
63,225 |
|
|
$ |
63,740 |
|
|
$ |
61,043 |
|
|
$ |
249,919 |
|
|
$ |
57,227 |
|
|
$ |
56,086 |
|
|
$ |
51,457 |
|
|
$ |
41,812 |
|
|
$ |
206,582 |
|
Adjusted EBITDA |
6,615 |
|
|
6,758 |
|
|
7,414 |
|
|
6,415 |
|
|
27,202 |
|
|
6,721 |
|
|
7,983 |
|
|
6,640 |
|
|
5,997 |
|
|
27,341 |
|
Adjusted EBITDA % net
sales |
10.7 |
% |
|
10.7 |
% |
|
11.6 |
% |
|
10.5 |
% |
|
10.9 |
% |
|
11.7 |
% |
|
14.2 |
% |
|
12.9 |
% |
|
14.3 |
% |
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(4,747 |
) |
|
$ |
(4,595 |
) |
|
$ |
(4,098 |
) |
|
$ |
(4,173 |
) |
|
$ |
(17,613 |
) |
|
$ |
(3,477 |
) |
|
$ |
(3,075 |
) |
|
$ |
(3,073 |
) |
|
$ |
(3,861 |
) |
|
$ |
(13,486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
190,974 |
|
|
$ |
185,687 |
|
|
$ |
170,108 |
|
|
$ |
158,750 |
|
|
$ |
705,519 |
|
|
$ |
175,193 |
|
|
$ |
172,477 |
|
|
$ |
155,430 |
|
|
$ |
145,516 |
|
|
$ |
648,616 |
|
Adjusted EBITDA |
18,339 |
|
|
18,754 |
|
|
16,523 |
|
|
10,544 |
|
|
64,160 |
|
|
18,561 |
|
|
20,580 |
|
|
16,136 |
|
|
12,475 |
|
|
67,752 |
|
Adjusted EBITDA % net
sales |
9.6 |
% |
|
10.1 |
% |
|
9.7 |
% |
|
6.6 |
% |
|
9.1 |
% |
|
10.6 |
% |
|
11.9 |
% |
|
10.4 |
% |
|
8.6 |
% |
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jason Industries,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(In thousands) (Unaudited) |
|
Organic Sales Growth |
|
|
4Q 2017 |
|
Finishing |
|
Components |
|
Seating |
|
Acoustics |
|
Jason Consolidated |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
Organic
sales growth |
10.2 |
% |
|
(3.5 |
)% |
|
5.1 |
% |
|
(20.3 |
)% |
|
(4.3 |
)% |
Currency
impact |
5.1 |
% |
|
— |
% |
|
0.5 |
% |
|
— |
% |
|
1.6 |
% |
Divestiture & Non-Core Exit |
(2.5 |
)% |
|
(3.4 |
)% |
|
— |
% |
|
(11.2 |
)% |
|
(5.6 |
)% |
Growth as
reported |
12.8 |
% |
|
(6.9 |
)% |
|
5.6 |
% |
|
(31.5 |
)% |
|
(8.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
FY 2017 |
|
Finishing |
|
Components |
|
Seating |
|
Acoustics |
|
Jason Consolidated |
Net sales |
|
|
|
|
|
|
|
|
|
Organic
sales growth |
3.6 |
% |
|
(6.3 |
)% |
|
(1.0 |
)% |
|
(13.5 |
)% |
|
(5.0 |
)% |
Currency
impact |
0.8 |
% |
|
— |
% |
|
(0.2 |
)% |
|
— |
% |
|
0.2 |
% |
Divestiture & Non-Core Exit |
(2.7 |
)% |
|
(9.1 |
)% |
|
— |
% |
|
(3.8 |
)% |
|
(3.3 |
)% |
Growth as
reported |
1.7 |
% |
|
(15.4 |
)% |
|
(1.2 |
)% |
|
(17.3 |
)% |
|
(8.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
YTD |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
Operating Cash
Flow |
$ |
2,901 |
|
|
$ |
17,931 |
|
|
$ |
3,648 |
|
|
$ |
5,611 |
|
|
$ |
30,091 |
|
Less:
Capital Expenditures |
(3,396 |
) |
|
(3,765 |
) |
|
(3,202 |
) |
|
(5,510 |
) |
|
(15,873 |
) |
Less:
Preferred Stock Dividends |
(1 |
) |
|
(3 |
) |
|
(5 |
) |
|
(3 |
) |
|
(12 |
) |
Free Cash Flow
After Dividends |
$ |
(496 |
) |
|
$ |
14,163 |
|
|
$ |
441 |
|
|
$ |
98 |
|
|
$ |
14,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt to Adjusted EBITDA |
|
|
December 31, 2017 |
Current and long-term
debt |
$ |
401,472 |
|
Add: Debt
discounts and deferred financing costs |
9,188 |
|
Less:
Cash and cash equivalents |
(48,887 |
) |
Net
Debt |
$ |
361,773 |
|
|
|
Adjusted EBITDA |
|
1Q17 |
18,561 |
|
2Q17 |
20,580 |
|
3Q17 |
16,136 |
|
4Q17 |
12,475 |
|
TTM Adjusted
EBITDA |
67,752 |
|
Divestiture TTM
Adjusted EBITDA* |
(2,061 |
) |
Pro Forma TTM
Adjusted EBITDA |
65,691 |
|
|
|
Net Debt to
Adjusted EBITDA** |
5.5 |
x |
*Divestiture TTM Adjusted EBITDA excludes Adjusted EBITDA prior
to the date of the divestiture during the trailing twelve
months.
**Note the consolidated first lien net leverage ratio under the
Company’s senior secured credit facilities was 3.93x as of
December 31, 2017. See Form 10-K for further discussion of the
Company’s senior secured credit facilities.
|
Jason Industries,
Inc.Reconciliation of GAAP to Non-GAAP
MeasuresAdjusted EBITDA(In thousands)
(Unaudited) |
|
|
2016 |
|
2017 |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
FY |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
FY |
Net
loss |
$ |
(3,088 |
) |
|
$ |
(2,454 |
) |
|
$ |
(2,547 |
) |
|
$ |
(69,964 |
) |
|
$ |
(78,053 |
) |
|
$ |
(493 |
) |
|
$ |
(4,737 |
) |
|
$ |
(1,601 |
) |
|
$ |
2,358 |
|
|
$ |
(4,473 |
) |
Tax provision
(benefit) |
(2,579 |
) |
|
1,913 |
|
|
(694 |
) |
|
(4,936 |
) |
|
(6,296 |
) |
|
(15 |
) |
|
179 |
|
|
(1,602 |
) |
|
(8,946 |
) |
|
(10,384 |
) |
Interest expense |
8,024 |
|
|
7,963 |
|
|
7,906 |
|
|
7,950 |
|
|
31,843 |
|
|
8,366 |
|
|
8,395 |
|
|
8,203 |
|
|
8,125 |
|
|
33,089 |
|
Depreciation and
amortization |
10,397 |
|
|
11,457 |
|
|
11,069 |
|
|
11,118 |
|
|
44,041 |
|
|
10,003 |
|
|
9,487 |
|
|
9,749 |
|
|
9,695 |
|
|
38,934 |
|
EBITDA: |
12,754 |
|
|
18,879 |
|
|
15,734 |
|
|
(55,832 |
) |
|
(8,465 |
) |
|
17,861 |
|
|
13,324 |
|
|
14,749 |
|
|
11,232 |
|
|
57,166 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges(1) |
— |
|
|
— |
|
|
— |
|
|
63,285 |
|
|
63,285 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Restructuring(2) |
2,717 |
|
|
1,783 |
|
|
566 |
|
|
2,166 |
|
|
7,232 |
|
|
681 |
|
|
543 |
|
|
1,772 |
|
|
1,270 |
|
|
4,266 |
|
Integration and other restructuring costs(3) |
1,589 |
|
|
55 |
|
|
(354 |
) |
|
690 |
|
|
1,980 |
|
|
— |
|
|
— |
|
|
— |
|
|
(569 |
) |
|
(569 |
) |
Share-based compensation(4) |
576 |
|
|
(1,949 |
) |
|
509 |
|
|
112 |
|
|
(752 |
) |
|
349 |
|
|
324 |
|
|
231 |
|
|
215 |
|
|
1,119 |
|
Loss
(gain) on disposals of fixed assets - net(5) |
703 |
|
|
(14 |
) |
|
68 |
|
|
123 |
|
|
880 |
|
|
(330 |
) |
|
65 |
|
|
(639 |
) |
|
145 |
|
|
(759 |
) |
Gain on
extinguishment of debt(6) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,564 |
) |
|
(819 |
) |
|
182 |
|
|
(2,201 |
) |
Loss on
divestitures(7) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
7,888 |
|
|
842 |
|
|
— |
|
|
8,730 |
|
Total
adjustments |
5,585 |
|
|
(125 |
) |
|
789 |
|
|
66,376 |
|
|
72,625 |
|
|
700 |
|
|
7,256 |
|
|
1,387 |
|
|
1,243 |
|
|
10,586 |
|
Adjusted
EBITDA |
$ |
18,339 |
|
|
$ |
18,754 |
|
|
$ |
16,523 |
|
|
$ |
10,544 |
|
|
$ |
64,160 |
|
|
$ |
18,561 |
|
|
$ |
20,580 |
|
|
$ |
16,136 |
|
|
$ |
12,475 |
|
|
$ |
67,752 |
|
|
|
(1) Represents non-cash impairment of goodwill of
$29.8 million and $33.2 million in the acoustics and
components segments, respectively, in 2016.
(2) Restructuring includes costs associated with exit
or disposal activities as defined by GAAP related to facility
consolidation, including one-time employee termination benefits,
costs to close facilities and relocate employees, and costs to
terminate contracts other than capital leases.
(3) During 2017, integration and other restructuring
costs includes a $0.6 million reversal of a liability recorded in
acquisition accounting for the business combination in 2014.
During 2016, integration and other restructuring costs primarily
includes costs incurred in connection with the start-up of a new
acoustics segment facilities in Warrensburg, Missouri and Richmond,
Indiana and during the third quarter of 2016 includes a $0.6
million reversal of a reserve related to the Newcomerstown fire
recorded in acquisition accounting for the business combination in
2014.
(4) Represents non-cash share based compensation
expense (income) for awards under the Company’s 2014 Omnibus
Incentive Plan. During the second quarter of 2016, share-based
compensation includes $2.5 million of expense reversal as a result
of the lowering of assumed vesting levels for Adjusted EBITDA
performance share units.
(5) Loss (gain) on disposals of fixed assets for the
third quarter of 2017 includes a gain $0.5 million on the sale of a
building related to the closure of the finishing segment’s
Richmond, Virginia facility, for the first quarter of 2017 includes
a gain of $0.4 million on the sale of equipment related to the
closure of the components segment’s Buffalo Grove, Illinois
facility and for the first quarter of 2016 includes a loss of $0.6
million on the sale of a seating segment facility.
(6) Represents a gain on extinguishment of Second
Lien Term Loan debt in both the second and third quarter of 2017
and a $0.2 million prepayment fee to retire foreign debt in the
fourth quarter of 2017.
(7) Represents the completed divestiture of the
Company’s Acoustics European operations. A pre-tax loss of
$7.9 million was recorded in the second quarter of 2017 when the
business was classified as held for sale and a pre-tax loss of $0.8
million was recorded in the third quarter of 2017 upon closing of
the divestiture.
|
Jason Industries,
Inc.Reconciliation of GAAP to Non-GAAP
MeasuresAdjusted Net Income and Adjusted Earnings
per Share(In thousands, except per share amounts)
(Unaudited) |
|
|
|
|
|
2016 |
|
2017 |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
FY |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
FY |
GAAP Net income
(loss) |
$ |
(3,088 |
) |
|
$ |
(2,454 |
) |
|
$ |
(2,547 |
) |
|
$ |
(69,964 |
) |
|
$ |
(78,053 |
) |
|
$ |
(493 |
) |
|
$ |
(4,737 |
) |
|
$ |
(1,601 |
) |
|
$ |
2,358 |
|
|
$ |
(4,473 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges |
— |
|
|
— |
|
|
— |
|
|
63,285 |
|
|
63,285 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Restructuring |
2,717 |
|
|
1,783 |
|
|
566 |
|
|
2,166 |
|
|
7,232 |
|
|
681 |
|
|
543 |
|
|
1,772 |
|
|
1,270 |
|
|
4,266 |
|
Integration and other restructuring costs |
1,589 |
|
|
55 |
|
|
(354 |
) |
|
690 |
|
|
1,980 |
|
|
— |
|
|
— |
|
|
— |
|
|
(569 |
) |
|
(569 |
) |
Share
based compensation |
576 |
|
|
(1,949 |
) |
|
509 |
|
|
112 |
|
|
(752 |
) |
|
349 |
|
|
324 |
|
|
231 |
|
|
215 |
|
|
1,119 |
|
Loss
(gain) on disposal of fixed assets - net |
703 |
|
|
(14 |
) |
|
68 |
|
|
123 |
|
|
880 |
|
|
(330 |
) |
|
65 |
|
|
(639 |
) |
|
145 |
|
|
(759 |
) |
(Gain)
loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,564 |
) |
|
(819 |
) |
|
182 |
|
|
(2,201 |
) |
Loss on
divestitures |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,888 |
|
|
842 |
|
|
— |
|
|
8,730 |
|
Tax
effect on adjustments(1) |
(1,926 |
) |
|
558 |
|
|
(122 |
) |
|
(574 |
) |
|
(2,064 |
) |
|
(55 |
) |
|
(582 |
) |
|
(214 |
) |
|
(122 |
) |
|
(973 |
) |
Tax
Benefit(2) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,787 |
) |
|
(3,787 |
) |
Adjusted net
income (loss) |
$ |
571 |
|
|
$ |
(2,021 |
) |
|
$ |
(1,880 |
) |
|
$ |
(4,162 |
) |
|
$ |
(7,492 |
) |
|
$ |
152 |
|
|
$ |
1,937 |
|
|
$ |
(428 |
) |
|
$ |
(308 |
) |
|
$ |
1,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate on
adjustments(1) |
34 |
% |
|
446 |
% |
|
15 |
% |
|
1 |
% |
|
3 |
% |
|
16 |
% |
|
8 |
% |
|
16 |
% |
|
10 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of common shares outstanding (GAAP): |
22,388 |
|
|
22,395 |
|
|
22,499 |
|
|
22,758 |
|
|
22,507 |
|
|
25,784 |
|
|
26,042 |
|
|
26,241 |
|
|
26,255 |
|
|
26,082 |
|
Plus: effect of
dilutive share-based compensation (non-GAAP)(3) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
530 |
|
|
— |
|
Plus: effect of
convertible preferred stock and rollover shares (non-GAAP)(3) |
7,139 |
|
|
7,139 |
|
|
7,139 |
|
|
6,919 |
|
|
7,083 |
|
|
3,967 |
|
|
3,815 |
|
|
3,889 |
|
|
3,982 |
|
|
3,917 |
|
Diluted weighted
average number of common shares outstanding (non-GAAP)(3) |
29,527 |
|
|
29,534 |
|
|
29,638 |
|
|
29,677 |
|
|
29,590 |
|
|
29,751 |
|
|
29,857 |
|
|
30,130 |
|
|
30,767 |
|
|
29,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings (loss) per share |
$ |
0.02 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net (loss)
income per share available to common shareholders of Jason
Industries |
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.13 |
) |
|
$ |
(2.70 |
) |
|
$ |
(3.15 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
|
$ |
(0.32 |
) |
Adjustments net of
income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges, net of noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
2.39 |
|
|
2.42 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Restructuring |
0.08 |
|
|
0.06 |
|
|
0.02 |
|
|
0.09 |
|
|
0.24 |
|
|
0.02 |
|
|
0.01 |
|
|
0.04 |
|
|
0.04 |
|
|
0.13 |
|
Integration and other restructuring costs |
0.04 |
|
|
— |
|
|
(0.01 |
) |
|
0.03 |
|
|
0.07 |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
(0.02 |
) |
Share
based compensation |
0.02 |
|
|
(0.04 |
) |
|
0.02 |
|
|
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
|
0.01 |
|
|
0.01 |
|
|
0.06 |
|
Loss
(gain) on disposal of fixed assets - net |
0.02 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
|
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(0.02 |
) |
Gain on
extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.04 |
) |
|
(0.02 |
) |
|
0.01 |
|
|
(0.06 |
) |
Loss on
divestitures |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.26 |
|
|
0.03 |
|
|
— |
|
|
0.29 |
|
Tax
Benefit(2) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.12 |
) |
|
(0.13 |
) |
GAAP to
non-GAAP impact per share(3) |
0.02 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
|
0.14 |
|
|
0.03 |
|
|
0.03 |
|
|
0.04 |
|
|
0.02 |
|
|
0.12 |
|
Adjusted
earnings (loss) per share |
$ |
0.02 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.05 |
|
|
(1) The effective tax rate on adjustments is
impacted by nondeductible foreign transaction and restructuring
costs, nondeductible impairment of goodwill, restructuring charges
in foreign jurisdictions at statutory tax rates, and discrete
non-cash tax expense related to the vesting of restricted stock
units for which no tax benefit will be realized.
(2) Represents discrete income tax benefits
associated with The Tax Cuts and Jobs Act enacted in December
2017.
(3) Adjusted earnings per share includes the impact
of share-based compensation to the extent it is dilutive in each
period. Adjusted earnings per share includes the impact to Jason
Industries common shares upon conversion of JPHI Holdings Inc.
rollover shares and conversion of preferred stock at the voluntary
conversion ratio.
Contact Information
Investor Relations:
Rachel Zabkowicz
investors@jasoninc.com
414.277.2007
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