FOR IMMEDIATE RELEASE            
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Media Contact:
Christine Needles
Global Corporate Communications
Christine.Needles@interface.com
+1 404-491-4660
Investor Contact:
Bruce Hausmann
Chief Financial Officer
Bruce.Hausmann@interface.com
+1 770-437-6802

Interface Reports Second Quarter 2025 Results

One Interface strategy drives strong sales growth and profitability expansion; Company raises full year guidance

ATLANTA – August 1, 2025 – Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced results for the second quarter ended June 29, 2025.

Second quarter highlights (all comparisons are year-over-year):

Net sales totaled $376 million, up 8% and up 7% currency neutral.
GAAP earnings per diluted share of $0.55, a 45% increase; Adjusted earnings per diluted share of $0.60, a 50% increase.
One Interface strategy continues to drive shareholder value.

“We delivered strong second quarter results ahead of our expectations with currency-neutral net sales growth of 7% and significantly expanded profitability. We continued to see strong momentum and market share gains in the Americas with currency-neutral net sales growth of 11% driven by our combined selling teams and expanded product offerings,” commented Laurel Hurd, CEO of Interface.

“Our One Interface strategy continues to yield measurable results, fueling growth across all product categories and key market segments. Second quarter global billings increased 28% in Healthcare, 11% in Education, and 3% in Corporate Office. Our performance reflects the strength of our strategy and market position, and our team’s disciplined execution, despite market uncertainty,” continued Hurd.

“Gross profit margin expanded 403 basis points driven by higher pricing, favorable product mix, and higher sales volumes that generated manufacturing cost benefits in the second quarter. We are operating from a position of strength, with a solid balance sheet that gives us flexibility and optionality as we remain focused on long-term value creation for shareholders,” added Bruce Hausmann, CFO of Interface.
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Consolidated Results Summary (Unaudited)Three Months EndedSix Months Ended
(in millions, except percentages and per share data)6/29/20256/30/2024Change6/29/20256/30/2024Change
GAAP
Net Sales$375.5 $346.6 8.3 %$672.9 $636.4 5.7 %
Gross Profit Margin % of Net Sales39.4 %35.4 %403 bps38.5 %36.6 %186 bps
SG&A Expenses$95.9 $84.5 13.6 %$183.7 $170.4 7.8 %
SG&A Expenses % of Net Sales25.5 %24.4 %118 bps27.3 %26.8 %51 bps
Operating Income$52.0 $38.2 36.4 %$75.3 $62.6 20.3 %
Net Income$32.6 $22.6 44.3 %$45.6 $36.7 24.0 %
Earnings per Diluted Share$0.55 $0.38 44.7 %$0.77 $0.63 22.2 %
Non-GAAP
Currency-Neutral Net Sales$371.1 $346.6 7.1 %$672.9 $636.4 5.7 %
Adjusted Gross Profit Margin % of Net Sales39.8 %35.7 %402 bps38.9 %37.0 %184 bps
Adjusted SG&A Expenses$93.4 $84.3 10.8 %$180.2 $170.5 5.7 %
Adjusted SG&A Expenses % of Net Sales24.9 %24.3 %56 bps26.8 %26.8 %(1) bps
Adjusted Operating Income$55.9 $39.6 41.2 %$81.4 $65.1 24.9 %
Adjusted Net Income$35.4 $23.6 49.9 %$50.0 $37.8 32.3 %
Adjusted Earnings per Diluted Share$0.60 $0.40 50.0 %$0.85 $0.64 32.8 %
Adjusted EBITDA$64.8 $50.5 28.4 %$101.8 $89.2 14.1 %
Currency-Neutral Orders Increase Year-Over-Year2.9 %
Second quarter 2025 adjusted gross profit margin increased 402 basis points year-over-year, due to higher pricing, favorable product mix, and lower manufacturing costs per unit on higher volume; partially offset by higher raw material costs.
Second quarter 2025 adjusted SG&A expenses increased $9.1 million year-over-year due to higher sales commissions and variable compensation on increased sales and profits, higher healthcare costs, inflation, and foreign currency exchange variances.
Additional Metrics6/29/202512/29/2024Change
Cash$121.7 $99.2 22.6 %
Total Debt$304.4 $302.8 0.6 %
Total Debt Minus Cash ("Net Debt")$182.7 $203.5 (10.2)%
Last 12-Months Adjusted EBITDA$201.6 
Total Debt divided by Last 12-Months Net Income3.2x
Net Debt divided by Last 12-Months Adjusted EBITDA ("Net Leverage Ratio")0.9x

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Segment Results Summary (Unaudited)Three Months EndedSix Months Ended
(in millions, except percentages)6/29/20256/30/2024Change6/29/20256/30/2024Change
AMS
Net Sales$239.4 $215.0 11.4 %$419.4 $384.9 9.0 %
Currency-Neutral Net Sales$239.6 $215.0 11.5 %$420.3 $384.9 9.2 %
Operating Income$48.8 $26.8 82.2 %$68.0 $45.0 51.1 %
Adjusted Operating Income$48.8 $26.9 81.3 %$68.7 $45.0 52.6 %
Currency-Neutral Orders Increase Year-Over-Year2.1 %
EAAA
Net Sales$136.1 $131.6 3.4 %$253.6 $251.5 0.8 %
Currency-Neutral Net Sales$131.5 $131.6 (0.1)%$252.6 $251.5 0.4 %
Operating Income$3.2 $11.3 (71.8)%$7.3 $17.6 (58.5)%
Adjusted Operating Income$7.1 $12.7 (44.2)%$12.7 $20.1 (37.0)%
Currency-Neutral Orders (Decrease) Year-Over-Year4.3 %
















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Outlook

Based on strong Q2 2025 results, Interface is raising its full fiscal year guidance, while acknowledging a dynamic and uncertain global macro environment. With that backdrop in mind, Interface anticipates the following:
Q3 Fiscal Year 2025 Outlook
Net sales $350 million to $360 million
Adjusted gross profit margin38.0% of net sales
Adjusted SG&A expenses $92 million
Adjusted interest & other expenses $6 million
Adjusted effective income tax rate27.0%
Fully diluted weighted average share count 59.1 million shares
Note: All figures are approximate
Full Fiscal Year 2025 OutlookPrevious Full Fiscal Year 2025 Outlook
Net sales $1.370 billion to $1.390 billion $1.340 billion to $1.365 billion
Adjusted gross profit margin 37.7% of net sales 37.2% to 37.4% of net sales
Adjusted SG&A expenses$362 million26% of net sales
Adjusted interest & other expenses $25 million $24 million
Adjusted effective income tax rate26.0%27.0%
Capital expenditures $45 million $45 million
Note: All figures are approximate


















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Webcast and Conference Call Information

Interface will host a conference call on August 1, 2025, at 8:00 a.m. Eastern Time, to discuss its second quarter 2025 results. The conference call will be simultaneously broadcast live over the Internet.

Listeners may access the conference call live over the Internet at:
https://events.q4inc.com/attendee/783508824, or through the Company's website at: https://investors.interface.com.

The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.

Non-GAAP Financial Measures

Interface provides adjusted earnings per share, adjusted net income, adjusted operating income ("AOI"), adjusted gross profit, adjusted gross profit margin, adjusted SG&A expenses, currency- neutral sales and currency-neutral sales growth, net debt, and adjusted EBITDA as additional information regarding its operating results in this press release. These non-GAAP measures are not in accordance with – or alternatives to – GAAP measures, and may be different from non-GAAP measures used by other companies. Adjusted EPS, adjusted net income, and AOI exclude nora purchase accounting amortization, restructuring, asset impairment, severance, and other, net, and the cyber event impact. Adjusted EPS and adjusted net income also exclude the property casualty loss impact. Adjusted gross profit and adjusted gross profit margin exclude the nora purchase accounting amortization. Adjusted SG&A expenses exclude restructuring, asset impairment, severance, and other, net and the cyber event impact. Currency-neutral sales and currency-neutral sales growth exclude the impact of foreign currency fluctuations.

Net debt is total debt less cash on hand. Adjusted EBITDA is GAAP net income excluding interest expense, income tax expense, depreciation and amortization, share-based compensation expense, cyber event impact, property casualty loss impact, restructuring, asset impairment, severance, and other, net, the nora purchase accounting amortization, and the loss on foreign subsidiary liquidation. This news release should be read in conjunction with the Company's Current Report on Form 8-K furnished today to the U.S. Securities & Exchange Commission, which explains why Interface believes presentation of these non-GAAP measures provides useful information to investors, as well as any additional material purposes for which Interface uses these non-GAAP measures.

About Interface

Interface, Inc. (NASDAQ: TILE) is a global flooring solutions company and sustainability leader, offering an integrated portfolio of carpet tile and resilient flooring products that includes Interface® carpet tile and LVT, nora® rubber flooring, and FLOR® premium area rugs for commercial and residential spaces. Made with purpose and without compromise, Interface flooring brings more sophisticated design, more performance, more innovation, and more climate progress to interior spaces.

A decades-long pioneer in sustainability, Interface remains “all in” on becoming a restorative business. Today, the company is focusing on carbon reductions, not offsets, as it works toward achieving its verified science-based targets by 2030 and its goal to become a carbon negative enterprise by 2040.
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Learn more about Interface atinterface.com andblog.interface.com, nora by Interface atnora.com, FLOR atFLOR.com, and our sustainability journey atinterface.com/sustainability.

Follow us on Facebook,Instagram, LinkedIn, X, and Pinterest.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. Forward-looking statements may be identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “should,” “goal,” “aim," “objective,” “seek,” “project,” “estimate,” “target,” “will” and similar expressions. Forward-looking statements in this press release include, without limitation, any projections we make regarding the Company’s 2025 third quarter and full year 2025 under “Outlook” above. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including but not limited to the risks under the following subheadings in “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2024: "We compete with a large number of manufacturers in the highly competitive floorcovering products market, and some of these competitors have greater financial resources than we do. We may face challenges competing on price, making investments in our business, or competing on product design or sustainability", "Our earnings could be adversely affected by non-cash adjustments to goodwill, when a test of goodwill assets indicates a material impairment of those assets", "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives, our principal design consultant and other key personnel (including experienced sales and manufacturing personnel), and our loss of any of them could affect us adversely", "Large increases in the cost of our raw materials, shipping costs, duties or tariffs could adversely affect us if we are unable to pass these cost increases through to our customers", "Unanticipated termination or interruption of any of our arrangements with our primary third-party suppliers of synthetic fiber or our primary third-party supplier for luxury vinyl tile (“LVT”) or other key raw materials could have a material adverse effect on us", "Changes to our facilities, manufacturing processes, product construction, and product composition could disrupt our operations, increase our manufacturing costs, increase customer complaints, increase warranty claims, negatively affect our reputation, and have a material adverse effect on our financial condition and results of operations", "Our business operations could suffer significant losses from natural disasters, acts of war, terrorism, catastrophes, fire, adverse weather conditions, pandemics, endemics, unstable geopolitical situations or other unexpected events", "The market price of our common stock has been volatile and the value of your investment may decline", "Sales of our principal products have been and may continue to be affected by adverse economic cycles, and effects in the new construction market and renovation market", "Disruptions to or failures of information technology systems we use could adversely affect our business", "The impact of potential changes to environmental laws and regulations and industry standards regarding climate change and other sustainability matters could lead to unforeseen disruptions to our business operations", "Health crisis events, such as epidemics or pandemics, have adversely impacted, and may continue to impact, the economy and disrupt our operations and supply chains, which may have an adverse effect on our results of operations", Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including foreign currency fluctuations, restrictive taxation, custom duties, tariffs, border closings or other adverse government regulations", "The conflicts between Russia and Ukraine and in the Middle East could adversely affect our business, results of operations and financial position", "Fluctuations in foreign currency exchange rates have had, and could continue to have, an adverse impact on our financial condition and results of operations", "The uncertainty surrounding the ongoing implementation and effect of the U.K.’s exit from the European Union, and related negative developments in the European Union, could adversely affect our business, results of operations or financial condition", "We have a substantial amount of debt, which could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under our debt", "Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our operations to pay our indebtedness", "We may incur substantial additional indebtedness, which could further exacerbate the risks associated with our substantial indebtedness", and "We face risks associated with litigation and claims".
You should consider any additional or updated information we include under the heading “Risk Factors” in our subsequent quarterly and annual reports.


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Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.

- TABLES FOLLOW -
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Consolidated Statements of Operations (Unaudited)Three Months EndedSix Months Ended
(In thousands, except per share data)6/29/20256/30/20246/29/20256/30/2024
Net Sales$375,522 $346,635 $672,935 $636,378 
Cost of Sales227,545 224,022 413,995 403,360 
   Gross Profit 147,977 122,613 258,940 233,018 
Selling, General & Administrative Expenses95,930 84,462 183,666 170,421 
   Operating Income52,047 38,151 75,274 62,597 
Interest Expense4,443 6,173 8,858 12,596 
Other Expense (Income), net3,411 832 5,114 (144)
   Income Before Income Tax Expense44,193 31,146 61,302 50,145 
Income Tax Expense11,632 8,588 15,739 13,408 
Net Income$32,561 $22,558 $45,563 $36,737 
Earnings Per Share – Basic$0.56 $0.39 $0.78 $0.63 
Earnings Per Share – Diluted$0.55 $0.38 $0.77 $0.63 
Common Shares Outstanding – Basic
58,555 58,281 58,495 58,260 
Common Shares Outstanding – Diluted
59,073 58,692 59,123 58,703 





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Consolidated Balance Sheets (Unaudited)
(In thousands)6/29/202512/29/2024
Assets
Cash and Cash Equivalents$121,701 $99,226 
Accounts Receivable, net194,251 171,135 
Inventories, net288,165 260,581 
Other Current Assets
38,969 33,355 
Total Current Assets
643,086 564,297 
Property, Plant and Equipment, net291,839 282,374 
Operating Lease Right-of-Use Assets80,619 76,815 
Goodwill and intangibles assets, net162,770 148,160 
Other Assets
99,908 99,170 
Total Assets
$1,278,222 $1,170,816 
Liabilities
Accounts Payable
$86,621 $68,943 
Accrued Expenses122,850 134,996 
Current Portion of Operating Lease Liabilities
13,571 12,296 
Current Portion of Long-Term Debt
506 482 
Total Current Liabilities
223,548 216,717 
Long-Term Debt
303,943 302,275 
Operating Lease Liabilities
71,541 68,092 
Other Long-Term Liabilities
104,165 94,584 
Total Liabilities
703,197 681,668 
Shareholders’ Equity
575,025 489,148 
Total Liabilities and Shareholders’ Equity
$1,278,222 $1,170,816 






















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Consolidated Statements of Cash Flows (Unaudited)Three Months EndedSix Months Ended
(In thousands)6/29/20256/30/20246/29/20256/30/2024
OPERATING ACTIVITIES
Net Income$32,561 $22,558 $45,563 $36,737 
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation and Amortization9,829 9,728 19,230 19,344 
Share-Based Compensation Expense2,771 2,616 6,917 6,531 
Deferred Taxes1,091 (361)254 (1,039)
Other(1,959)(58)1,111 (3,766)
Amortization of Acquired Intangible Assets1,352 1,287 2,606 2,584 
Change in Working Capital
Accounts Receivable(25,414)(32,744)(14,739)(18,907)
Inventories4,238 14,816 (12,101)(5,661)
Prepaid Expenses and Other Current Assets(970)(4,139)(4,408)(6,332)
Accounts Payable and Accrued Expenses6,629 7,836 (2,566)4,667 
Cash Provided by Operating Activities 30,128 21,539 41,867 34,158 
INVESTING ACTIVITIES
      Capital Expenditures(7,354)(9,574)(14,821)(13,607)
      Proceeds from Sale of Property, Plant and Equipment— — — 1,040 
      Insurance Proceeds from Property Casualty Loss— — — 1,000 
Cash Used in Investing Activities(7,354)(9,574)(14,821)(11,567)
FINANCING ACTIVITIES
     Repayments of Long-term Debt(131)(12,147)(253)(46,930)
     Borrowing of Long-term Debt1,306 7,334 1,306 17,334 
     Repurchase of Common Stock(4,286)— (4,286)— 
     Tax Withholding Payments for Share-Based Compensation(6)(483)(7,736)(4,754)
     Dividends Paid(1,173)(1,167)(1,227)(1,173)
     Finance Lease Payments(782)(721)(1,544)(1,437)
Cash Used in Financing Activities(5,072)(7,184)(13,740)(36,960)
Net Cash Provided by (Used in) Operating, Investing and Financing Activities17,702 4,781 13,306 (14,369)
Effect of Exchange Rate Changes on Cash6,242 (368)9,169 (1,942)
CASH AND CASH EQUIVALENTS
Net Change During the Period23,944 4,413 22,475 (16,311)
Balance at Beginning of Period97,757 89,774 99,226 110,498 
Balance at End of Period$121,701 $94,187 $121,701 $94,187 



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Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(In millions, except per share amounts)


Second Quarter 2025 Second Quarter 2024
AdjustmentsAdjustments
Gross ProfitSG&A ExpensesOperating Income (Loss)Pre-tax Tax EffectNet Income (Loss)Diluted EPSGross ProfitSG&A ExpensesOperating Income (Loss)Pre-tax Tax EffectNet Income (Loss)Diluted EPS
GAAP As Reported$148.0 $95.9 $52.0 $32.6 $0.55 $122.6 $84.5 $38.2 $22.6 $0.38 
Non-GAAP Adjustments:
Purchase Accounting Amortization1.4 — 1.4 1.4 (0.4)1.0 0.02 1.3 — 1.3 1.3 (0.4)0.9 0.02 
Restructuring, Asset Impairment, Severance, and Other, net— (2.5)2.5 2.5 (0.6)1.9 0.03 — (0.1)0.1 0.1 0.00.1 — 
Adjustments Subtotal *1.4 (2.5)3.9 3.9 (1.0)2.8 0.05 1.3 (0.2)1.5 1.5 (0.4)1.0 0.02 
Adjusted (non-GAAP) *$149.3 $93.4 $55.9 $35.4 $0.60 $123.9 $84.3 $39.6 $23.6 $0.40 
* Note: Sum of reconciling items may differ from total due to rounding of individual components
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First Six Months 2025 First Six Months 2024
AdjustmentsAdjustments
Gross ProfitSG&A ExpensesOperating Income (Loss)Pre-tax Tax EffectNet Income (Loss)Diluted EPSGross ProfitSG&A ExpensesOperating Income (Loss)Pre-tax Tax EffectNet Income (Loss)Diluted EPS
GAAP As Reported$258.9 $183.7 $75.3 $45.6 $0.77 $233.0 $170.4 $62.6 $36.7 $0.63 
Non-GAAP Adjustments:
Purchase Accounting Amortization2.6 — 2.6 2.6 (0.8)1.8 0.03 2.6 — 2.6 2.6 (0.8)1.8 0.03 
Restructuring, Asset Impairment, Severance, and Other, net— (3.5)3.5 3.5 (0.9)2.6 0.04 — (0.3)0.3 0.3 (0.1)0.3 — 
Cyber Event Impact— — — — — — — — 0.4 (0.4)(0.4)0.1 (0.3)(0.01)
Property Casualty Loss (1)
— — — — — — — — — — (1.0)0.2(0.7)(0.01)
Adjustments Subtotal *2.6 (3.5)6.1 6.1 (1.6)4.5 0.08 2.6 0.1 2.5 1.6 (0.5)1.1 0.02 
Adjusted (non-GAAP) *$261.5 $180.2 $81.4 $50.0 $0.85 $235.6 $170.5 $65.1 $37.8 $0.64 
(1) Represents property insurance (recovery) / loss
* Note: Sum of reconciling items may differ from total due to rounding of individual components

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Reconciliation of Segment GAAP Financial Measures to Non-GAAP Financial Measures ("Currency-Neutral Net Sales", and "AOI")
(In millions)

Second Quarter 2025Second Quarter 2024
AMS SegmentEAAA SegmentConsolidated *AMS SegmentEAAA SegmentConsolidated *
Net Sales as Reported (GAAP)$239.4 $136.1 $375.5 $215.0 $131.6 $346.6 
Impact of Changes in Currency0.2 (4.6)(4.4)— — — 
Currency-Neutral Net Sales *$239.6 $131.5 $371.1 $215.0 $131.6 $346.6 
* Note: Sum of reconciling items may differ from total due to rounding of individual components


First Six Months 2025First Six Months 2024
AMS SegmentEAAA SegmentConsolidated *AMS SegmentEAAA SegmentConsolidated *
Net Sales as Reported (GAAP)$419.4 $253.6 $672.9 $384.9 $251.5 $636.4 
Impact of Changes in Currency0.9 (1.0)(0.1)— — — 
Currency-Neutral Net Sales *$420.3 $252.6 $672.9 $384.9 $251.5 $636.4 
* Note: Sum of reconciling items may differ from total due to rounding of individual components








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Second Quarter 2025Second Quarter 2024
AMS SegmentEAAA SegmentConsolidated *AMS SegmentEAAA SegmentConsolidated *
GAAP Operating Income (Loss)$48.8 $3.2 $52.0 $26.8 $11.3 $38.2 
Non-GAAP Adjustments:
Purchase Accounting Amortization— 1.4 1.4 — 1.3 1.3 
Restructuring, Asset Impairment, Severance, and Other, net— 2.5 2.5 0.1 — 0.1 
Adjustments Subtotal *— 3.9 3.9 0.1 1.3 1.5 
AOI *$48.8 $7.1 $55.9 $26.9 $12.7 $39.6 
* Note: Sum of reconciling items may differ from total due to rounding of individual components

First Six Months 2025First Six Months 2024
AMS SegmentEAAA SegmentConsolidated *AMS SegmentEAAA SegmentConsolidated *
GAAP Operating Income (Loss)$68.0 $7.3 $75.3 $45.0 $17.6 $62.6 
Non-GAAP Adjustments:
Purchase Accounting Amortization— 2.6 2.6 — 2.6 2.6 
Cyber Event Impact— — — (0.2)(0.2)(0.4)
Restructuring, Asset Impairment, Severance, and Other, net0.7 2.8 3.5 0.3 0.1 0.3 
Adjustments Subtotal *0.7 5.4 6.1 — 2.5 2.5 
AOI *$68.7 $12.7 $81.4 $45.0 $20.1 $65.1 
* Note: Sum of reconciling items may differ from total due to rounding of individual components

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(in millions)Second Quarter 2025Second Quarter 2024First Six Months 2025First Six Months 2024Last Twelve Months (LTM) Ended 6/29/2025Fiscal Year 2024
Net Income as Reported (GAAP)$32.6 $22.6 $45.6 $36.7 $95.8 $86.9 
Income Tax Expense11.6 8.6 15.7 13.4 28.9 26.6 
Interest Expense (including debt issuance cost amortization)
4.4 6.2 8.9 12.6 19.5 23.2 
Depreciation and Amortization (excluding debt issuance cost amortization)
9.6 9.1 18.7 18.4 37.6 37.3 
Share-based Compensation Expense2.8 2.6 6.9 6.5 13.3 12.9 
Purchase Accounting Amortization1.4 1.3 2.6 2.6 5.2 5.2 
Restructuring, Asset Impairment, Severance, and Other, net2.5 0.1 3.5 0.3 5.7 2.5 
Cyber Event Impact— — — (0.4)(5.1)(5.5)
Property Casualty Loss(1)
— — — (1.0)(1.4)(2.3)
Loss on Foreign Subsidiary Liquidation (2)
— — — — 2.2 2.2 
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (AEBITDA)*$64.8 $50.5 $101.8 $89.2 $201.6 $189.0 
(1) Represents insurance recovery.
(2) In 2024 our Thailand subsidiary was substantially liquidated and the related cumulative translation adjustment was recognized in other expense.
* Note: Sum of reconciling items may differ from total due to rounding of individual components



The impacts of changes in foreign currency presented in the tables are calculated based on applying the prior year period's average foreign currency exchange rates to the current year period.


The Company believes that the above non-GAAP performance measures, which management uses in managing and evaluating the Company’s business, may provide users of the Company’s financial information with additional meaningful basis for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States. Tax effects identified above (when applicable) are calculated using the statutory tax rate for the jurisdictions in which the charge or income occurred.
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