Investor Presentaiton
Reconciliation Between Adjusted and Reported GAAP Financials
For the Twelve Months Ended December 31, 2020
As Reported,
For the Twelve Months Ended December 31, 2019
As Reported,
In thousands except per share data
Lydall, Inc
Adjustments
Adjusted Results
Lydall, Inc
Adjustments
Adjusted Results
Net sales
Cost of sales
Gross profit
$
764,041
$
764,041
$
837,398
$
837,398
619,166
(229) (a)
618,937
684,978
144,875
229
145,104
152,420
(987) (g)
987
683,991
153,407
Gross margin
19.0%
19.0%
18.2 %
18.3%
Selling, product development and administrative
expenses
129,928
(3,429) (b)
126,499
126,272
(4,671) (h)
121,601
Impairment of goodwill and other long-lived assets
61,109
(61,109) (c)
64,206
(64,206) (i)
Restructuring expenses
15,903
(15,903) (d)
767
(767) (j)
Operating (loss) income
(62,065)
80,670
18,605
(38,825)
70,631
31,806
Operating margin
(8.1)%
2.4%
(4.6)%
3.8%
Employee benefit plans settlement expenses
385
(385) (e)
25,247
(25,247) (k)
Interest expense
15,979
15,979
14,262
14,262
Other expense (income), net
2,166
2,166
(1,257)
1,459 (1)
202
(Loss) income before income taxes
(80,595)
81,055
460
(77,077)
94,419
17,342
Income tax (benefit) expense
(6,833)
7,608 (f)
775
(6,416)
11,451 (m)
5,035
Income from equity method investment
(37)
(37)
(148)
(148)
Net (loss) income
(Loss) earnings per share:
Basic
Diluted
(73,725)
73,447
(278)
(70,513)
82,968
12,455
S9 S
(4.24)
(0.02)
(4.24)
(0.02)
SS
$
(4.08)
(4.08)
S9S9
0.72
0.72
Weighted average number of common shares
outstanding:
Basic
Diluted
17,379
17,379
17,379
17,379
(a) Exclude the reduction-in-force severance expenses of $0.1 million related to the Thermal Acoustical Solutions segment.
17,271
17,271
(b) Exclude the corporate strategic initiatives expenses of $3.1 million and reduction-in-force severance expenses of $0.3 million related to the Thermal Acoustical Solutions segment.
(c) Exclude the impairment of goodwill and other long-lived assets expense of $61.1 million related to the Performance Materials segment.
(d) Exclude the restructuring expenses of $15.9 million, primarily related to the Performance Materials segment.
(e) Exclude the employee benefit plan settlement expenses of $0.4 million.
(f) Excludes the tax benefits and expenses realized on the adjustments in (a), (b), (c), (d), and (e) of $7.6 million.
(g) Exclude the reduction-in-force severance expenses of $1.0 million across all segments.
17,271
17,326
(h) Exclude the CEO transition expenses of $2.3 million, corporate strategic initiatives expenses of $1.5 million, and reduction-in-force severance expenses of $1.0 million across all segments.
(i) Exclude the impairment of goodwill and other long-lived assets expense of $64.2 million related to the Performance Materials segment.
(j) Exclude the restructuring expenses of $0.8 million related to the Technical Nonwovens segment.
(k) Exclude the employee benefit plans settlement expense of $25.2 million.
(I) Exclude the gain on sale from divestiture of $1.5 million.
(m) Exclude the tax benefits and expenses realized on the adjustments in (g), (h), (i), (j), (k), and (I) of $11.5 million.
USE OR DISCLOSURE OF INFORMATION CONTAINED ON THIS SHEET IS SUBJECT TO THE RESTRICTIONS ON THE TITLE SLIDE
Lydall
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