| Financial Information for Reportable Operating Segments |
The following tables summarize financial information for our reportable operating segments and Unallocated Corporate and Other for the periods indicated. A reconciliation from the GAAP financial measure of earnings (loss) before income taxes to the non-GAAP financial measure of adjusted EBITDA is provided directly following the summarized information below.
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Three Months Ended August 31, 2026 |
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Total |
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Building |
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Trade & |
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Reportable |
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Performance |
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Specialty |
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Operating |
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Unallocated |
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Solutions |
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Solutions |
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Segments |
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Other |
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Corporate |
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Consolidated |
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Net sales |
$ |
215,087 |
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$ |
128,799 |
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$ |
343,886 |
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$ |
- |
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$ |
- |
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$ |
343,886 |
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Cost of goods sold |
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171,388 |
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|
81,545 |
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|
252,933 |
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- |
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55 |
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252,988 |
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SG&A |
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38,787 |
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27,804 |
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66,591 |
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- |
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10,567 |
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|
77,158 |
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Restructuring and other expense, net |
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- |
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|
125 |
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125 |
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- |
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|
592 |
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|
717 |
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Other segment items (1) |
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(95 |
) |
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(252 |
) |
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(347 |
) |
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- |
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(1,637 |
) |
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(1,984 |
) |
Equity in net income of unconsolidated affiliates |
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42,433 |
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- |
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42,433 |
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(1,839 |
) |
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- |
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40,594 |
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Earnings (loss) before income taxes |
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47,440 |
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|
19,577 |
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67,017 |
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(1,839 |
) |
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(9,577 |
) |
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55,601 |
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Reconciling items to adjusted EBITDA (2) |
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Depreciation and amortization |
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11,540 |
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3,885 |
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15,425 |
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- |
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|
203 |
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15,628 |
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Interest (income) expense |
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(27 |
) |
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(276 |
) |
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(303 |
) |
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- |
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2,400 |
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|
2,097 |
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Stock-based compensation |
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829 |
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|
703 |
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1,532 |
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- |
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2,464 |
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|
3,996 |
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Restructuring and other expense, net |
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- |
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125 |
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125 |
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- |
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|
592 |
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|
717 |
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Non-cash gains in miscellaneous income, net (3) |
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- |
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- |
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- |
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- |
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(4,020 |
) |
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(4,020 |
) |
Adjusted EBITDA |
$ |
59,782 |
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$ |
24,014 |
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$ |
83,796 |
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$ |
(1,839 |
) |
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$ |
(7,938 |
) |
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$ |
74,019 |
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Three Months Ended August 31, 2025 |
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Total |
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Building |
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Trade & |
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Reportable |
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Performance |
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Specialty |
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Operating |
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Unallocated |
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Solutions |
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Solutions |
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Segments |
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Other |
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Corporate |
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Consolidated |
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Net sales |
$ |
184,769 |
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$ |
118,938 |
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$ |
303,707 |
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$ |
- |
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$ |
- |
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$ |
303,707 |
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Cost of goods sold |
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141,399 |
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|
79,972 |
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221,371 |
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- |
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52 |
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221,423 |
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SG&A |
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33,636 |
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27,710 |
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|
61,346 |
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- |
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9,219 |
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|
70,565 |
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Restructuring and other expense, net |
|
296 |
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|
13 |
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|
309 |
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- |
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2,167 |
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|
2,476 |
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Other segment items (1) |
|
98 |
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18 |
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116 |
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- |
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|
103 |
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|
219 |
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Equity in net income of unconsolidated affiliates |
|
38,320 |
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- |
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38,320 |
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(1,663 |
) |
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- |
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|
36,657 |
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Earnings (loss) before income taxes |
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47,660 |
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|
11,225 |
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58,885 |
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(1,663 |
) |
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(11,541 |
) |
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45,681 |
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Reconciling items to adjusted EBITDA (2) |
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Amortization of inventory step-up |
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2,151 |
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- |
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2,151 |
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- |
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- |
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2,151 |
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Depreciation and amortization |
|
9,036 |
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|
3,858 |
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|
12,894 |
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- |
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|
192 |
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|
13,086 |
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Interest (income) expense |
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(18 |
) |
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(2 |
) |
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(20 |
) |
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- |
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|
83 |
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|
63 |
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Stock-based compensation |
|
819 |
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|
727 |
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1,546 |
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- |
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|
1,881 |
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|
3,427 |
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Restructuring and other expense, net |
|
296 |
|
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|
13 |
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|
309 |
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|
- |
|
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|
2,167 |
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|
2,476 |
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Net loss attributable to noncontrolling interest |
|
- |
|
|
|
327 |
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|
|
327 |
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|
- |
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|
- |
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|
327 |
|
Adjusted EBITDA |
$ |
59,944 |
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$ |
16,148 |
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$ |
76,092 |
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$ |
(1,663 |
) |
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$ |
(7,218 |
) |
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$ |
67,211 |
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(1)Other segment items consist of non-operating activity included in adjusted EBITDA, except as noted in footnote (3) below. (2)See “Use of Non-GAAP Financial Measures and Definitions” for additional information. (3)Consists of a $4,000 pre-tax gain realized from an earnout arrangement associated with the sale of our former oil and gas products business, which was divested in January 2021, as well as an unrealized gain on the common shares of Hexagon Composites and Hexagon Purus. Total assets for each of our reportable operating segments at the dates indicated were as follows:
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August 31, |
|
|
May 31, |
|
|
2026 |
|
|
2026 |
|
Building Performance Solutions |
$ |
1,145,546 |
|
|
$ |
1,170,522 |
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Trade & Specialty Solutions |
|
529,924 |
|
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|
535,693 |
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Total reportable operating segments |
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1,675,470 |
|
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|
1,706,215 |
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Unallocated Corporate and Other |
|
165,280 |
|
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|
141,849 |
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Total assets |
$ |
1,840,750 |
|
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$ |
1,848,064 |
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