Driving Growth and Transformation in Agriculture Technology
Reconciliation of Non-GAAP Financial Measures to
Reported Financial Measures
CH
The non-GAAP tables below disclose the impact of intangible asset amortization (Prospera) and stock-based compensation recognized for the Prospera employees on fiscal 2021 results.
We believe the adjustments for Prospera allow for a better investor understanding of Agriculture segment performance related to traditional segment products. The non-GAAP tables
below also disclose the impact of the nonrecurring impairment of long-lived assets for the offshore wind energy structures business, a write off a receivable following arbitration of a
commercial transaction from 2014, acquisition diligence, and severance expenses on segment operating income and net earnings as well as the impact of the U.K. tax rate change on net
earnings (adjusts GAAP tax rate from 19.0% to 22.5%) on fiscal 2021 results. Amounts may be impacted by rounding. We believe it is useful when considering company performance for
the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures.
1 Earnings per share includes rounding
Fifty-two
weeks ended
December 25,
Diluted
earnings per
share
2021
Net earnings attributable to Valmont Industries, Inc. - as reported
Impairment of long-lived assets - Offshore structures (SM)
Prospera intangible asset amortization
Stock-based compensation - Prospera
Write-off of a receivable, pre-tax
Acquisition diligence expense, pre-tax
Severance expense, pre-tax
S
195,630
9.10
27,911
1.30
3,396
0.16
5,240
0.24
5,545
0.26
1,120
0.05
4,052
0.19
Total Adjustments, pre-tax
47,264
2.20
Change in U.K. statutory tax rate
(2,819)
(0.13)
Valuation allowance against Offshore structures (SM) tax assets
5,076
0.24
Tax effect of adjustments
(10,340)
(0.48)
Net earnings attributable to Valmont Industries, Inc. - Adjusted
Average shares outstanding (000's) - Diluted
S
234,811
S
10.92
21,493
2 The tax effect of adjustments is calculated based on the income tax rate in each applicable jurisdiction
CONSERVING RESOURCES. IMPROVING LIFE. Valmont
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