Rogers Corporation Reports Fourth Quarter and Full Year 2023 Results
Navigating Challenging Environment With Focus On Execution
"We made significant progress this past year as we drove structural cost improvements, secured new design wins, generated solid free cash flow, and invested in targeted capacity expansions to drive future growth,” stated
Financial Overview |
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GAAP Results |
Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
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|
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|
Gross Margin |
32.9% |
35.1% |
31.8% |
33.8% |
33.1% |
Operating Margin |
14.9% |
11.8% |
37.0% |
9.4% |
14.9% |
Net Income (Loss) ($M) |
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|
|
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|
Net Income (Loss) Margin |
11.3% |
8.3% |
30.1% |
6.2% |
12.0% |
Diluted Earnings Per Share |
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Net Cash Provided by Operating Activities ($M) |
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Non-GAAP Results1 |
Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
Adjusted Operating Margin |
6.3% |
14.3% |
9.3% |
11.2% |
11.7% |
Adjusted Net Income ($M) |
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Adjusted Earnings Per Diluted Share |
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Adjusted EBITDA ($M) |
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|
|
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Adjusted EBITDA Margin |
11.4% |
19.8% |
12.5% |
16.3% |
16.5% |
Free Cash Flow ($M) |
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Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
Advanced Electronics Solutions (AES) |
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Elastomeric Material Solutions (EMS) |
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Other |
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1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
Q4 2023 Summary of Results
Net sales of
Gross margin decreased to 32.9% from 35.1% in the prior quarter due to lower sales volume and factory throughput, partially offset by procurement cost savings.
Selling, general and administrative (SG&A) expenses increased by
GAAP operating margin of 14.9% increased from 11.8% in the prior quarter. The higher operating margin was primarily due to an increase in other operating income, partially offset by a decline in gross margin and higher SG&A expenses. The increase in other operating income was mainly related to a
GAAP earnings per diluted share were
Ending cash and cash equivalents were
Full Year 2023 Summary of Results
Net sales of
Gross margin increased to 33.8% from 33.1% in 2022. The improvement in gross margin mainly resulted from lower logistics costs, procurement cost savings and factory optimization initiatives, which were partially offset by lower volumes and unfavorable mix.
SG&A expenses decreased by
GAAP operating margin decreased to 9.4% from 14.9% in the prior year, primarily due to an decrease in other operating income, partially offset by lower impairment and restructuring charges and SG&A expense. Other operating income decreased from the receipt in 2022 of a
GAAP earnings per diluted share were
Ending cash and cash equivalents of
Financial Outlook |
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|
Q1 2024 |
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Gross Margin |
32.0% to 33.0% |
Earnings Per Diluted Share |
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Adjusted Earnings Per Diluted Share1 |
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|
2024 |
Capital Expenditures ($M) |
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1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
Extending Financial Targets Beyond 2025
As a result of persistent challenges in the global manufacturing economy and a lack of near-term visibility to the rate of growth in the electric vehicle market, the timeline to achieve the previously issued targets of
"Our view of Rogers' potential, and the compelling growth opportunities projected in our key markets, such as EV/HEV, has not changed,” stated
Conference call and additional Information
A conference call to discuss the results for the third quarter will take place today,
About
Safe Harbor Statement
Statements included in this release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements, and are based on Rogers’ current beliefs and expectations. This release contains forward-looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Other risks and uncertainties that could cause such results to differ include the following, without limitation: failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, such as delays in adoption or implementation of new technologies; failure to successfully execute on our long-term growth strategy as a standalone company; uncertain business, economic and political conditions in
(Financial statements follow)
Condensed Consolidated Statements of Operations (Unaudited) |
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Three Months Ended |
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Twelve Months Ended |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
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Net sales |
$ |
204.6 |
|
|
$ |
223.7 |
|
|
$ |
908.4 |
|
|
$ |
971.2 |
|
Cost of sales |
|
137.2 |
|
|
|
152.7 |
|
|
|
601.3 |
|
|
|
650.2 |
|
Gross margin |
|
67.4 |
|
|
|
71.0 |
|
|
|
307.1 |
|
|
|
321.0 |
|
|
|
|
|
|
|
|
|
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Selling, general and administrative expenses |
|
51.8 |
|
|
|
54.3 |
|
|
|
202.3 |
|
|
|
218.8 |
|
Research and development expenses |
|
10.2 |
|
|
|
9.8 |
|
|
|
35.7 |
|
|
|
35.2 |
|
Restructuring and impairment charges |
|
0.5 |
|
|
|
65.4 |
|
|
|
16.9 |
|
|
|
66.6 |
|
Other operating (income) expense, net |
|
(25.6 |
) |
|
|
(141.2 |
) |
|
|
(33.1 |
) |
|
|
(144.0 |
) |
Operating income |
|
30.5 |
|
|
|
82.7 |
|
|
|
85.3 |
|
|
|
144.4 |
|
|
|
|
|
|
|
|
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Equity income in unconsolidated joint ventures |
|
0.3 |
|
|
|
0.2 |
|
|
|
1.8 |
|
|
|
4.4 |
|
Other income (expense), net |
|
(0.7 |
) |
|
|
(0.5 |
) |
|
|
(0.7 |
) |
|
|
1.1 |
|
Interest expense, net |
|
(1.5 |
) |
|
|
(4.0 |
) |
|
|
(10.1 |
) |
|
|
(9.5 |
) |
Income before income tax expense |
|
28.6 |
|
|
|
78.4 |
|
|
|
76.3 |
|
|
|
140.4 |
|
Income tax expense |
|
5.4 |
|
|
|
11.1 |
|
|
|
19.7 |
|
|
|
23.8 |
|
Net income |
$ |
23.2 |
|
|
$ |
67.3 |
|
|
$ |
56.6 |
|
|
$ |
116.6 |
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|
|
|
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|
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Basic earnings per share |
$ |
1.25 |
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|
$ |
3.59 |
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$ |
3.04 |
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$ |
6.21 |
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Diluted earnings per share |
$ |
1.24 |
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|
$ |
3.58 |
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$ |
3.03 |
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$ |
6.15 |
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Shares used in computing: |
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Basic earnings per share |
|
18.6 |
|
|
|
18.7 |
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|
|
18.6 |
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|
|
18.8 |
|
Diluted earnings per share |
|
18.7 |
|
|
|
18.8 |
|
|
|
18.7 |
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|
19.0 |
|
Condensed Consolidated Statements of Financial Position (Unaudited) |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PAR VALUE) |
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Assets |
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Current assets |
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Cash, cash equivalents and restricted cash |
$ |
131.7 |
|
|
$ |
235.9 |
|
Accounts receivable, less allowance for doubtful accounts of |
|
161.9 |
|
|
|
177.4 |
|
Contract assets |
|
45.2 |
|
|
|
38.9 |
|
Inventories, net |
|
153.5 |
|
|
|
182.4 |
|
Asbestos-related insurance receivables, current portion |
|
4.3 |
|
|
|
3.9 |
|
Other current assets |
|
30.3 |
|
|
|
21.4 |
|
Total current assets |
|
526.9 |
|
|
|
659.9 |
|
Property, plant and equipment, net of accumulated depreciation of |
|
366.3 |
|
|
|
358.4 |
|
Operating lease right-of-use assets |
|
18.9 |
|
|
|
13.0 |
|
|
|
359.8 |
|
|
|
352.4 |
|
Other intangible assets, net of amortization |
|
123.9 |
|
|
|
133.7 |
|
Asbestos-related insurance receivables, non-current portion |
|
52.2 |
|
|
|
55.9 |
|
Investments in unconsolidated joint ventures |
|
11.1 |
|
|
|
14.1 |
|
Deferred income taxes |
|
49.7 |
|
|
|
50.6 |
|
Other long-term assets |
|
8.4 |
|
|
|
8.2 |
|
Total assets |
$ |
1,517.2 |
|
|
$ |
1,646.2 |
|
Liabilities and Shareholders’ Equity |
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Current liabilities |
|
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|
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Accounts payable |
$ |
50.3 |
|
|
$ |
57.3 |
|
Accrued employee benefits and compensation |
|
31.1 |
|
|
|
34.2 |
|
Accrued income taxes payable |
|
1.4 |
|
|
|
5.5 |
|
Operating lease obligations, current portion |
|
3.5 |
|
|
|
2.8 |
|
Asbestos-related liabilities, current portion |
|
5.5 |
|
|
|
5.0 |
|
Other accrued liabilities |
|
24.0 |
|
|
|
37.7 |
|
Total current liabilities |
|
115.8 |
|
|
|
142.5 |
|
Borrowings under revolving credit facility |
|
30.0 |
|
|
|
215.0 |
|
Operating lease obligations, non-current portion |
|
15.4 |
|
|
|
10.7 |
|
Asbestos-related liabilities, non-current portion |
|
56.0 |
|
|
|
60.1 |
|
Non-current income tax |
|
7.2 |
|
|
|
10.0 |
|
Deferred income taxes |
|
22.9 |
|
|
|
23.6 |
|
Other long-term liabilities |
|
10.3 |
|
|
|
11.8 |
|
Shareholders’ equity |
|
|
|
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Capital stock - |
|
18.6 |
|
|
|
18.6 |
|
Additional paid-in capital |
|
151.8 |
|
|
|
140.7 |
|
Retained earnings |
|
1,155.0 |
|
|
|
1,098.4 |
|
Accumulated other comprehensive loss |
|
(65.8 |
) |
|
|
(85.2 |
) |
Total shareholders' equity |
|
1,259.6 |
|
|
|
1,172.5 |
|
Total liabilities and shareholders' equity |
$ |
1,517.2 |
|
|
$ |
1,646.2 |
|
Reconciliation of non-GAAP financial measures to the comparable GAAP measures
Non-GAAP financial measures:
This earnings release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in
(1) Adjusted operating margin, which the Company defines as operating margin excluding acquisition-related amortization of intangible assets and discrete items, which are acquisition and related integration costs, dispositions, gains or losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, non-routine shareholder advisory costs, (income) costs associated with terminated merger, UTIS fire (recovery) charges and the related income tax effect on these items (collectively, “discrete items”);
(2) Adjusted net income, which the Company defines as net income (loss) excluding amortization of acquisition intangible assets, pension settlement charges and discrete items;
(3) Adjusted earnings per diluted share, which the Company defines as earnings per diluted share excluding amortization of acquisition intangible assets, pension settlement charges and discrete items, divided by adjusted weighted average shares outstanding - diluted;
(4) Adjusted EBITDA, which the Company defines as net income (loss) excluding interest expense, net, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, pension settlement charges and discrete items;
(5) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;
(6) Free cash flow, which the Company defines as net cash provided by (used in) operating activities less non-acquisition capital expenditures.
Management believes adjusted operating margin, adjusted net income, adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.
Reconciliation of GAAP operating margin to adjusted operating margin*: |
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2023 |
2022 |
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Operating margin |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
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GAAP operating margin (%) |
14.9 |
% |
11.8 |
% |
9.4 |
% |
37.0 |
% |
14.9 |
% |
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Acquisition and divestiture related costs: |
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Acquisition and related integration costs |
— |
% |
— |
% |
— |
% |
0.1 |
% |
0.1 |
% |
Dispositions |
0.5 |
% |
(0.3 |
)% |
0.2 |
% |
1.4 |
% |
0.3 |
% |
Loss/(gain) on sale or disposal of assets |
(0.9 |
)% |
(0.1 |
)% |
(0.3 |
)% |
0.2 |
% |
— |
% |
|
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|
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|
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Restructuring, business realignment and other cost saving initiatives: |
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|
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|
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Restructuring, severance, impairment and other related costs |
0.7 |
% |
1.0 |
% |
2.2 |
% |
30.7 |
% |
7.4 |
% |
|
|
|
|
|
|
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Non-routine shareholder advisory costs |
0.3 |
% |
— |
% |
0.9 |
% |
— |
% |
— |
% |
(Income) costs associated with terminated merger |
0.5 |
% |
0.6 |
% |
0.7 |
% |
(62.0 |
)% |
(12.4 |
)% |
UTIS fire (recovery)/charges |
(11.5 |
)% |
(0.3 |
)% |
(3.4 |
)% |
0.2 |
% |
(0.2 |
)% |
Asbestos-related charges |
0.1 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
Total discrete items |
(10.3 |
)% |
1.0 |
% |
0.4 |
% |
(29.4 |
)% |
(4.9 |
)% |
Operating margin adjusted for discrete items |
4.6 |
% |
12.8 |
% |
9.8 |
% |
7.6 |
% |
10.0 |
% |
|
|
|
|
|
|
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Acquisition intangible amortization |
1.6 |
% |
1.5 |
% |
1.5 |
% |
1.7 |
% |
1.7 |
% |
|
|
|
|
|
|
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Adjusted operating margin |
6.3 |
% |
14.3 |
% |
11.2 |
% |
9.3 |
% |
11.7 |
% |
*Percentages in table may not add due to rounding. |
Reconciliation of GAAP net income to adjusted net income*: |
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(amounts in millions) |
2023 |
2022 |
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Net income |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
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GAAP net income (loss) |
$ |
23.2 |
|
$ |
19.0 |
|
$ |
56.6 |
|
$ |
67.3 |
|
$ |
116.6 |
|
|
|
|
|
|
|
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Acquisition and divestiture related costs: |
|
|
|
|
|
||||||||||
Acquisition and related integration costs |
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
0.8 |
|
Acquisition intangible amortization |
|
3.3 |
|
|
3.4 |
|
|
13.4 |
|
|
3.8 |
|
|
16.4 |
|
Dispositions |
|
1.1 |
|
|
(0.7 |
) |
|
1.6 |
|
|
3.2 |
|
|
3.2 |
|
Loss/(gain) on sale or disposal of assets |
|
(1.9 |
) |
|
(0.2 |
) |
|
(2.6 |
) |
|
0.5 |
|
|
0.5 |
|
|
|
|
|
|
|
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Restructuring, business realignment and other cost saving initiatives: |
|
|
|
|
|
||||||||||
Restructuring, severance, impairment and other related costs |
|
1.4 |
|
|
2.3 |
|
|
20.2 |
|
|
68.6 |
|
|
71.4 |
|
|
|
|
|
|
|
||||||||||
Non-routine shareholder advisory costs |
|
0.6 |
|
|
— |
|
|
8.3 |
|
|
— |
|
|
— |
|
(Income) costs associated with terminated merger |
|
1.1 |
|
|
1.4 |
|
|
6.0 |
|
|
(138.6 |
) |
|
(120.3 |
) |
UTIS fire (recovery)/charges |
|
(23.6 |
) |
|
(0.7 |
) |
|
(30.5 |
) |
|
0.4 |
|
|
(2.4 |
) |
Asbestos-related charges |
|
0.2 |
|
|
— |
|
|
0.2 |
|
|
0.1 |
|
|
0.1 |
|
Pension settlement charges |
|
0.1 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
Income tax effect of non-GAAP adjustments and intangible amortization |
|
5.6 |
|
|
(1.4 |
) |
|
(2.8 |
) |
|
14.1 |
|
|
6.8 |
|
Adjusted net income |
$ |
11.3 |
|
$ |
23.2 |
|
$ |
70.7 |
|
$ |
19.5 |
|
$ |
93.0 |
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share*: |
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|
2023 |
2022 |
|||||||||||||
Earnings per diluted share |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
GAAP earnings per diluted share |
$ |
1.24 |
|
$ |
1.02 |
|
$ |
3.03 |
|
$ |
3.58 |
|
$ |
6.15 |
|
|
|
|
|
|
|
||||||||||
Acquisition and divestiture related costs: |
|
|
|
|
|
||||||||||
Acquisition and related integration costs |
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
0.03 |
|
Dispositions |
|
0.13 |
|
|
(0.03 |
) |
|
0.15 |
|
|
0.13 |
|
|
0.13 |
|
Loss/(gain) on sale or disposal of assets |
|
(0.07 |
) |
|
(0.01 |
) |
|
(0.11 |
) |
|
0.02 |
|
|
0.02 |
|
|
|
|
|
|
|
||||||||||
Restructuring, business realignment and other cost saving initiatives: |
|
|
|
|
|
||||||||||
Restructuring, severance, impairment and other related costs |
|
0.06 |
|
|
0.09 |
|
|
0.82 |
|
|
2.81 |
|
|
2.90 |
|
|
|
|
|
|
|
||||||||||
Non-routine shareholder advisory costs |
|
0.03 |
|
|
— |
|
|
0.34 |
|
|
— |
|
|
— |
|
(Income) costs associated with terminated merger |
|
0.05 |
|
|
0.06 |
|
|
0.25 |
|
|
(5.67 |
) |
|
(4.88 |
) |
UTIS fire (recovery)/charges |
|
(0.97 |
) |
|
(0.03 |
) |
|
(1.25 |
) |
|
0.02 |
|
|
(0.10 |
) |
Asbestos-related charges |
|
0.01 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
Pension settlement charges |
|
0.01 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
Total discrete items |
$ |
(0.77 |
) |
$ |
0.09 |
|
$ |
0.22 |
|
$ |
(2.69 |
) |
$ |
(1.91 |
) |
|
|
|
|
|
|
||||||||||
Earnings per diluted share adjusted for discrete items |
|
0.47 |
|
|
1.11 |
|
|
3.25 |
|
|
0.89 |
|
|
4.25 |
|
|
|
|
|
|
|
||||||||||
Acquisition intangible amortization |
$ |
0.14 |
|
$ |
0.13 |
|
$ |
0.54 |
|
$ |
0.15 |
|
$ |
0.66 |
|
|
|
|
|
|
|
||||||||||
Adjusted earnings per diluted share |
$ |
0.60 |
|
$ |
1.24 |
|
$ |
3.78 |
|
$ |
1.04 |
|
$ |
4.91 |
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP net income to adjusted EBITDA*: |
|||||||||||||||
|
2023 |
2022 |
|||||||||||||
(amounts in millions) |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
GAAP net income (loss) |
$ |
23.2 |
|
$ |
19.0 |
|
$ |
56.6 |
|
$ |
67.3 |
|
$ |
116.6 |
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
1.4 |
|
|
2.3 |
|
|
10.1 |
|
|
4.0 |
|
|
9.5 |
|
Income tax expense (benefit) |
|
5.4 |
|
|
7.2 |
|
|
19.7 |
|
|
11.1 |
|
|
23.8 |
|
Depreciation |
|
7.9 |
|
|
8.1 |
|
|
37.7 |
|
|
7.7 |
|
|
29.5 |
|
Amortization |
|
3.3 |
|
|
3.4 |
|
|
13.4 |
|
|
3.8 |
|
|
16.4 |
|
Stock-based compensation expense |
|
3.4 |
|
|
3.8 |
|
|
14.3 |
|
|
0.2 |
|
|
11.8 |
|
|
|
|
|
|
|
||||||||||
Acquisition and divestiture related costs: |
|
|
|
|
|
||||||||||
Acquisition and related integration costs |
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
0.8 |
|
Dispositions |
|
1.1 |
|
|
(0.7 |
) |
|
1.6 |
|
|
3.2 |
|
|
3.2 |
|
Loss/(gain) on sale or disposal of assets |
|
(1.9 |
) |
|
(0.2 |
) |
|
(2.6 |
) |
|
0.5 |
|
|
0.5 |
|
|
|
|
|
|
|
||||||||||
Restructuring, business realignment and other cost saving initiatives: |
|
|
|
|
|
||||||||||
Restructuring, severance, impairment and other related costs |
|
1.4 |
|
|
2.3 |
|
|
14.6 |
|
|
68.1 |
|
|
70.9 |
|
|
|
|
|
|
|
||||||||||
Non-routine shareholder advisory costs |
|
0.6 |
|
|
— |
|
|
8.3 |
|
|
— |
|
|
— |
|
(Income) costs associated with terminated merger |
|
0.7 |
|
|
0.9 |
|
|
4.0 |
|
|
(138.6 |
) |
|
(120.3 |
) |
UTIS fire (recovery)/charges |
|
(23.6 |
) |
|
(0.7 |
) |
|
(30.5 |
) |
|
0.4 |
|
|
(2.4 |
) |
Asbestos-related charges |
|
0.2 |
|
|
— |
|
|
0.2 |
|
|
0.1 |
|
|
0.1 |
|
Pension settlement charges |
|
0.1 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
Adjusted EBITDA |
$ |
23.4 |
|
$ |
45.4 |
|
$ |
147.7 |
|
$ |
27.8 |
|
$ |
160.2 |
|
*Values in table may not add due to rounding. |
Calculation of adjusted EBITDA margin*: |
|||||||||||||||
|
2023 |
2022 |
|||||||||||||
|
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
Adjusted EBITDA (in millions) |
$ |
23.4 |
|
$ |
45.4 |
|
$ |
147.7 |
|
$ |
27.8 |
|
$ |
160.2 |
|
Divided by Total |
|
204.6 |
|
|
229.1 |
|
|
908.4 |
|
|
223.7 |
|
|
971.2 |
|
Adjusted EBITDA Margin |
|
11.4 |
% |
|
19.8 |
% |
|
16.3 |
% |
|
12.5 |
% |
|
16.5 |
% |
*Values in table may not add due to rounding. |
Reconciliation of net cash provided by (used in) operating activities to free cash flow*: |
|||||||||||||||
|
2023 |
2022 |
|||||||||||||
(amounts in millions) |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
Net cash provided by (used in) operating activities |
$ |
71.9 |
|
$ |
42.0 |
|
$ |
131.4 |
|
$ |
127.6 |
|
$ |
129.5 |
|
Non-acquisition capital expenditures |
|
(22.5 |
) |
|
(6.7 |
) |
|
(57.0 |
) |
|
(29.8 |
) |
(116.8 |
) |
|
Free cash flow |
$ |
49.4 |
|
$ |
35.3 |
|
$ |
74.4 |
|
$ |
97.8 |
|
$ |
12.7 |
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share guidance for the 2024 first quarter: |
|
|
Guidance
|
GAAP earnings per diluted share |
|
|
|
Discrete items |
|
|
|
Acquisition intangible amortization |
|
|
|
Adjusted earnings per diluted share |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221317646/en/
Investor contact:
Phone: 480-917-6026
Email: stephen.haymore@rogerscorporation.com
Website address:https://www.rogerscorp.com
Source: