| Financial Information for Reportable Segments |
The following tables present financial information for both of our reportable segments, consistent with the level of disaggregation regularly reviewed by the CODM for performance evaluation and resource allocation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
Building |
|
|
Reportable |
|
|
|
|
|
Unallocated |
|
|
|
|
|
Products |
|
|
Products |
|
|
Segments |
|
|
Other |
|
|
Corporate |
|
|
Consolidated |
|
Net sales |
$ |
499,625 |
|
|
$ |
654,137 |
|
|
$ |
1,153,762 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,153,762 |
|
Cost of goods sold |
|
323,659 |
|
|
|
510,962 |
|
|
|
834,621 |
|
|
|
- |
|
|
|
106 |
|
|
|
834,727 |
|
SG&A |
|
114,681 |
|
|
|
116,183 |
|
|
|
230,864 |
|
|
|
- |
|
|
|
37,549 |
|
|
|
268,413 |
|
Impairment of long-lived assets |
|
50,050 |
|
|
|
763 |
|
|
|
50,813 |
|
|
|
- |
|
|
|
- |
|
|
|
50,813 |
|
Restructuring and other expense, net |
|
- |
|
|
|
1,500 |
|
|
|
1,500 |
|
|
|
- |
|
|
|
9,024 |
|
|
|
10,524 |
|
Other segment items (1) |
|
27 |
|
|
|
(780 |
) |
|
|
(753 |
) |
|
|
5,000 |
|
|
|
1,065 |
|
|
|
5,312 |
|
Equity in net income of unconsolidated affiliates |
|
- |
|
|
|
150,895 |
|
|
|
150,895 |
|
|
|
(6,059 |
) |
|
|
- |
|
|
|
144,836 |
|
Earnings (loss) before income taxes from continuing operations |
$ |
11,208 |
|
|
$ |
176,404 |
|
|
$ |
187,612 |
|
|
$ |
(11,059 |
) |
|
$ |
(47,744 |
) |
|
$ |
128,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items to Adjusted EBITDA from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
17,418 |
|
|
|
30,070 |
|
|
|
47,488 |
|
|
|
- |
|
|
|
774 |
|
|
|
48,262 |
|
Interest expense |
|
- |
|
|
|
(78 |
) |
|
|
(78 |
) |
|
|
- |
|
|
|
2,168 |
|
|
|
2,090 |
|
Stock-based compensation |
|
2,917 |
|
|
|
2,695 |
|
|
|
5,612 |
|
|
|
- |
|
|
|
7,909 |
|
|
|
13,521 |
|
Impairment of long-lived assets (2) |
|
50,050 |
|
|
|
763 |
|
|
|
50,813 |
|
|
|
- |
|
|
|
- |
|
|
|
50,813 |
|
Restructuring and other expense, net (3) |
|
- |
|
|
|
1,500 |
|
|
|
1,500 |
|
|
|
- |
|
|
|
9,024 |
|
|
|
10,524 |
|
Non-cash charges in miscellaneous income (4) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,000 |
|
|
|
- |
|
|
|
5,000 |
|
Non-recurring loss in equity income (5) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,387 |
|
|
|
- |
|
|
|
3,387 |
|
Net loss attributable to noncontrolling interest |
|
1,083 |
|
|
|
- |
|
|
|
1,083 |
|
|
|
- |
|
|
|
- |
|
|
|
1,083 |
|
Adjusted EBITDA from continuing operations |
$ |
82,676 |
|
|
$ |
211,354 |
|
|
$ |
294,030 |
|
|
$ |
(2,672 |
) |
|
$ |
(27,869 |
) |
|
$ |
263,489 |
|
(1)Other segment items consist of non-operating activity included in adjusted EBITDA, which is our measure of segment profit. (2)Significant pre-tax impairment charges include $50,050 in the fourth quarter of fiscal 2025 related to the write-down of intangible assets associated with GTI. (3)Significant pre-tax restructuring charges include $4,536 in fiscal 2025 related to an increase in the fair value of the contingent liability associated with the Ragasco earnout arrangement. (4)Reflects a pre-tax charge of $5,000 during the fourth quarter of fiscal 2025 to write down an investment that was determined to be other than temporarily impaired. (5)Reflects a non-cash impairment charge of $3,387 at the Sustainable Energy Solutions joint venture during the fourth quarter of fiscal 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
Building |
|
|
Reportable |
|
|
|
|
|
Unallocated |
|
|
|
|
|
Products |
|
|
Products |
|
|
Segments |
|
|
Other |
|
|
Corporate |
|
|
Consolidated |
|
Net sales |
$ |
495,259 |
|
|
$ |
618,973 |
|
|
$ |
1,114,232 |
|
|
$ |
131,471 |
|
|
$ |
- |
|
|
$ |
1,245,703 |
|
Cost of goods sold |
|
335,069 |
|
|
|
497,311 |
|
|
|
832,380 |
|
|
|
129,061 |
|
|
|
(757 |
) |
|
|
960,684 |
|
SG&A |
|
113,960 |
|
|
|
107,009 |
|
|
|
220,969 |
|
|
|
16,259 |
|
|
|
46,243 |
|
|
|
283,471 |
|
Impairment of goodwill and long-lived assets |
|
- |
|
|
|
772 |
|
|
|
772 |
|
|
|
32,203 |
|
|
|
- |
|
|
|
32,975 |
|
Restructuring and other expense (income), net |
|
(2,000 |
) |
|
|
714 |
|
|
|
(1,286 |
) |
|
|
30,613 |
|
|
|
- |
|
|
|
29,327 |
|
Separation costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,705 |
|
|
|
12,705 |
|
Other segment items (1) |
|
78 |
|
|
|
(88 |
) |
|
|
(10 |
) |
|
|
17,799 |
|
|
|
2,461 |
|
|
|
20,250 |
|
Equity in net income of unconsolidated affiliates |
|
- |
|
|
|
163,126 |
|
|
|
163,126 |
|
|
|
4,590 |
|
|
|
- |
|
|
|
167,716 |
|
Earnings (loss) before income taxes from continuing operations |
$ |
48,152 |
|
|
$ |
176,381 |
|
|
$ |
224,533 |
|
|
$ |
(89,874 |
) |
|
$ |
(60,652 |
) |
|
$ |
74,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items to adjusted EBITDA from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
16,512 |
|
|
|
23,805 |
|
|
|
40,317 |
|
|
|
7,283 |
|
|
|
1,063 |
|
|
|
48,663 |
|
Interest expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,587 |
|
|
|
1,587 |
|
Stock-based compensation |
|
1,964 |
|
|
|
2,826 |
|
|
|
4,790 |
|
|
|
- |
|
|
|
8,365 |
|
|
|
13,155 |
|
Corporate costs eliminated at Separation |
|
4,707 |
|
|
|
4,650 |
|
|
|
9,357 |
|
|
|
- |
|
|
|
9,986 |
|
|
|
19,343 |
|
Impairment of goodwill and long-lived assets (2) |
|
- |
|
|
|
772 |
|
|
|
772 |
|
|
|
32,203 |
|
|
|
- |
|
|
|
32,975 |
|
Restructuring and other expense (income), net (3) |
|
(2,000 |
) |
|
|
714 |
|
|
|
(1,286 |
) |
|
|
30,613 |
|
|
|
- |
|
|
|
29,327 |
|
Separation costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,705 |
|
|
|
12,705 |
|
Non-cash charges in miscellaneous income (4) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,180 |
|
|
|
- |
|
|
|
19,180 |
|
Non-recurring (gain) loss in equity income (5) |
|
- |
|
|
|
980 |
|
|
|
980 |
|
|
|
(2,720 |
) |
|
|
- |
|
|
|
(1,740 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,534 |
|
|
|
1,534 |
|
Net loss attributable to noncontrolling interest |
|
263 |
|
|
|
- |
|
|
|
263 |
|
|
|
- |
|
|
|
- |
|
|
|
263 |
|
Adjusted EBITDA from continuing operations |
$ |
69,598 |
|
|
$ |
210,128 |
|
|
$ |
279,726 |
|
|
$ |
(3,315 |
) |
|
$ |
(25,412 |
) |
|
$ |
250,999 |
|
(1)Other segment items consist of non-operating activity included in adjusted EBITDA, which is our measure of segment profit. (2)Significant pre-tax impairment charges include $32,203 in the fourth quarter of fiscal 2024 due to the deconsolidation of our former SES operating segment. (3)Significant pre-tax restructuring charges include a loss of $30,502 in the fourth quarter of fiscal 2024 due to the deconsolidation of our former Sustainable Energy Solutions operating segment during the fourth quarter of fiscal 2024. (4)Reflects the following non-cash charges in miscellaneous expense: •A pre-tax charge of $11,077 during the fourth quarter of fiscal 2024 to write down an investment that was determined to be other than temporarily impaired. •A pre-tax charge of $8,010 during the fourth quarter of fiscal 2024 related to the completion of a pension lift-out transaction. (5)Includes a net gain of $2,780 associated with the divestiture of the Brazilian operations of Workhorse during the fourth quarter of fiscal 2024 and the settlement of certain participant balances within the pension plan maintained by WAVE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
Building |
|
|
Reportable |
|
|
|
|
|
Unallocated |
|
|
|
|
|
Products |
|
|
Products |
|
|
Segments |
|
|
Other |
|
|
Corporate |
|
|
Consolidated |
|
Net sales |
$ |
555,309 |
|
|
$ |
717,069 |
|
|
$ |
1,272,378 |
|
|
$ |
146,118 |
|
|
$ |
- |
|
|
$ |
1,418,496 |
|
Cost of goods sold |
|
373,094 |
|
|
|
587,429 |
|
|
|
960,523 |
|
|
|
130,095 |
|
|
|
4,290 |
|
|
|
1,094,908 |
|
SG&A |
|
113,267 |
|
|
|
110,208 |
|
|
|
223,475 |
|
|
|
15,304 |
|
|
|
48,339 |
|
|
|
287,118 |
|
Impairment of long-lived assets |
|
- |
|
|
|
484 |
|
|
|
484 |
|
|
|
- |
|
|
|
- |
|
|
|
484 |
|
Restructuring and other expense (income), net |
|
213 |
|
|
|
597 |
|
|
|
810 |
|
|
|
- |
|
|
|
(1,177 |
) |
|
|
(367 |
) |
Separation costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,534 |
|
|
|
6,534 |
|
Other segment items (1) |
|
181 |
|
|
|
(325 |
) |
|
|
(144 |
) |
|
|
5,715 |
|
|
|
17,224 |
|
|
|
22,795 |
|
Equity in net income of unconsolidated affiliates |
|
- |
|
|
|
166,427 |
|
|
|
166,427 |
|
|
|
(13,165 |
) |
|
|
- |
|
|
|
153,262 |
|
Earnings (loss) before income taxes from continuing operations |
$ |
68,554 |
|
|
$ |
185,103 |
|
|
$ |
253,657 |
|
|
$ |
(18,161 |
) |
|
$ |
(75,210 |
) |
|
$ |
160,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items to Adjusted EBITDA from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
16,210 |
|
|
|
22,127 |
|
|
|
38,337 |
|
|
|
6,319 |
|
|
|
1,319 |
|
|
|
45,975 |
|
Interest expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,140 |
|
|
|
17,158 |
|
|
|
18,298 |
|
Stock-based compensation |
|
1,949 |
|
|
|
3,420 |
|
|
|
5,369 |
|
|
|
- |
|
|
|
9,197 |
|
|
|
14,566 |
|
Corporate costs eliminated at Separation |
|
10,444 |
|
|
|
10,466 |
|
|
|
20,910 |
|
|
|
- |
|
|
|
20,569 |
|
|
|
41,479 |
|
Impairment of long-lived assets |
|
- |
|
|
|
484 |
|
|
|
484 |
|
|
|
- |
|
|
|
- |
|
|
|
484 |
|
Restructuring and other expense, net |
|
213 |
|
|
|
597 |
|
|
|
810 |
|
|
|
- |
|
|
|
(1,177 |
) |
|
|
(367 |
) |
Separation costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,534 |
|
|
|
6,534 |
|
Non-cash charges in miscellaneous income (2) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,774 |
|
|
|
- |
|
|
|
4,774 |
|
Non-recurring loss in equity income (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,996 |
|
|
|
13,996 |
|
Adjusted EBITDA from continuing operations |
$ |
97,370 |
|
|
$ |
222,197 |
|
|
$ |
319,567 |
|
|
$ |
(5,928 |
) |
|
$ |
(7,614 |
) |
|
$ |
306,025 |
|
(1)Other segment items consist of non-operating activity included in adjusted EBITDA, which is our measure of segment profit. (2)Reflects a pre-tax charge of $4,774 during the fourth quarter of fiscal 2023 related to a pension lift-out transaction. (3)Reflects the following activity within equity income: •A pre-tax loss of $16,059 related to the sale of our 50% noncontrolling equity investment in ArtiFlex. •A net gain of $2,063 related to a sale-leaseback transaction during the fourth quarter of fiscal 2023. Total assets for each of our reportable segments as of the end of the past two fiscal years were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, |
|
|
|
|
2025 |
|
|
2024 |
|
Consumer Products |
|
$ |
531,187 |
|
|
$ |
557,826 |
|
Building Products |
|
|
795,837 |
|
|
|
672,723 |
|
Total reportable segments |
|
|
1,327,024 |
|
|
|
1,230,549 |
|
Other |
|
|
|
38,002 |
|
|
|
43,008 |
|
Unallocated Corporate |
|
|
330,126 |
|
|
|
365,080 |
|
Total |
|
|
$ |
1,695,152 |
|
|
$ |
1,638,637 |
|
|