Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the fourth quarter
and full year of 2023.
Fourth Quarter 2023
Highlights
• |
Net sales of $140.0 million compared to $169.2 million in
Q4-22. Non-GAAP adjusted net sales (which exclude expedite fee
revenue) were $139.6 million in Q4-23 as compared to $158.7 million
in Q4-22 |
• |
Gross profit margin of 36.6%, up from 31.0% in Q4-22 |
• |
Net
earnings of $12.0 million versus $14.0 million in
Q4-22 |
• |
Adjusted
EBITDA of $24.0 million (17.1% of sales) as compared to $25.0
million (14.8% of sales) in Q4-22 |
|
|
Full Year 2023 Highlights
• |
Net sales of $639.8 million compared to $654.2 million in
2022. Non-GAAP adjusted net sales (which exclude expedite fee
revenue) were $625.0 million in 2023, up from $621.7 million in
2022 |
• |
Gross
profit margin of 33.7%, up from 28.0% in 2022 |
• |
Net
earnings of $73.8 million versus $52.7 million in 2022 |
• |
Adjusted
EBITDA of $110.5 million (17.3% of sales), up from $83.0 million
(12.7% of sales) in 2022 |
|
|
“In closing out 2023, we were very pleased with
the financial turnaround that the team was able to achieve in a
tough macro environment,” said Daniel Bernstein, President and CEO.
“Our diversity in product segments and end markets served continues
to be our strength, allowing us to focus on the future and growth.
The Power and Connectivity segments were successful in mitigating
the effects of a challenging Magnetics segment. Based on our strong
2023 cash flow generation, the Board has authorized a $25 million
share repurchase program. This program is an output of our ongoing
evaluation of the optimal use of capital and the various
alternatives at present.
“In January 2024, Bel celebrated its 75th year
in business. In reflecting on our history and progress made over
the decades, we understand the short-term cycles that our industry
and end markets will face from time to time. We have always been
successful in persevering and coming out on the other side as a
stronger company. The time and effort spent by our global team in
2023 to strengthen Bel’s foundation will serve us well in the years
to come as growth returns and new end markets take hold,” concluded
Mr. Bernstein.
Farouq Tuweiq, CFO, added, “Our priority
for 2023 was resetting Bel operationally and this was achieved
through a number of initiatives - the largest one being the
completion of our previously-announced Magnetics facility
consolidations in China. In light of the current level of sales
within our Magnetics group, the more efficient cost structure now
in place for this segment was particularly well-timed. During the
fourth quarter of 2023, we began another consolidation project at
our Pennsylvania facility within the Connectivity
segment.
“As our focus in streamlining the organization
continues its momentum with material milestones achieved, the team
will reemphasize and dedicate its focus on top line growth. It is
expected that 2024 will be off to a slow start with various
indicators forecasting a possible rebound in the second half of the
year as inventory in the channel normalizes. Based on information
available today, GAAP net sales in the first quarter of 2024 are
expected to be in the range of $125 to $135 million, with gross
margins holding at the full year 2023 level. We are ready and
excited for another year of coordinated efforts across our
versatile and resilient global team in building Bel for success in
the years to come,” concluded Mr. Tuweiq.
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude
restructuring charges, gains on sales of business and properties,
loss on liquidation of a foreign subsidiary and certain
litigation costs. Non-GAAP adjusted net sales exclude expedite fee
revenue. Please refer to the financial information included with
this press release for reconciliations of GAAP financial measures
to Non-GAAP financial measures and our explanation of why we
present Non-GAAP financial measures.
Conference CallBel has
scheduled a conference call for 8:30 a.m. ET on Thursday, February
22, 2024 to discuss these results. To participate in the
conference call, investors should dial 877-407-0784, or
201-689-8560 if dialing internationally. The presentation will
additionally be broadcast live over the Internet and will be
available at https://ir.belfuse.com/events-and-presentations. The
webcast will be available via replay for a period of at least 30
days at this same Internet address. For those unable to access
the live call, a telephone replay will be available at
844-512-2921, or 412-317-6671 if dialing internationally, using
access code 13743808 after 12:30 pm ET, also for 30 days.
About BelBel (www.belfuse.com)
designs, manufactures and markets a broad array of products that
power, protect and connect electronic circuits. These products
are primarily used in the networking, telecommunications,
computing, general industrial, high-speed data transmission,
military, commercial aerospace, transportation and eMobility
industries. Bel's portfolio of products also finds application
in the automotive, medical, broadcasting and consumer electronics
markets. Bel's product groups include Magnetic Solutions
(integrated connector modules, power transformers, power inductors
and discrete components), Power Solutions and Protection
(front-end, board-mount and industrial power products, module
products and circuit protection), and Connectivity Solutions
(expanded beam fiber optic, copper-based, RF and RJ connectors and
cable assemblies). The Company operates facilities around the
world.
Company Contact:Farouq Tuweiq Chief
Financial Officer ir@belf.com
Investor Contact:Three Part AdvisorsJean Marie
Young, Managing Director or Steven Hooser,
Partner631-418-4339jyoung@threepa.com; shooser@threepa.com
Cautionary Language Concerning
Forward-Looking StatementsThis press release contains
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, our guidance for the
first quarter of 2024, and our statements regarding our
expectations for 2024 generally including anticipated financial
performance and trends for the coming year, and our statements
regarding future events, performance, plans, intentions, beliefs,
expectations and estimates, including statements regarding matters
such as trends and expectations as to our sales, gross margin,
inventory, products and product segments, end markets, growth,
costs and cost structures, consolidation projects and initiatives,
focuses on streamlining and top line growth, and statements
regarding the Company's positioning, its strategies, future
progress, investments, plans, targets, goals, and other focuses and
initiatives, and the expected timing and potential benefits
thereof, and statements regarding our expectations and beliefs
regarding trends in the Company's business and industry and the
macroeconomic environment generally. These forward-looking
statements are made as of the date of this release and are based on
current expectations, estimates, forecasts and projections as well
as the beliefs and assumptions of management. Words such as
“expect,” “anticipate,” “should,” “believe,” “hope,” “target,”
“project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,”
“predict,” “may,” “will,” “might,” “could,” “intend,” variations of
these terms or the negative of these terms and similar expressions
are intended to identify these forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Bel’s control. Bel’s actual results could differ
materially from those stated or implied in our forward-looking
statements (including without limitation any of Bel’s projections)
due to a number of factors, including but not limited to, the
market concerns facing our customers, and risks for the Company’s
business in the event of the loss of certain substantial customers;
the continuing viability of sectors that rely on our products; the
effects of business and economic conditions; the impact of public
health crises (such as the ongoing governmental, social and
economic effects and ultimate impact of COVID-19); the effects
of rising input costs, and cost changes generally; difficulties
associated with integrating previously acquired companies; capacity
and supply constraints or difficulties, including supply chain
constraints or other challenges; difficulties associated with the
availability of labor, and the risks of any labor unrest or labor
shortages; risks associated with our international operations,
including our substantial manufacturing operations in China; risks
associated with restructuring programs or other strategic
initiatives, including any difficulties in implementation or
realization of the expected benefits or cost savings; product
development, commercialization or technological difficulties; the
regulatory and trade environment; risks associated with
fluctuations in foreign currency exchange rates and interest rates;
uncertainties associated with legal proceedings; the market's
acceptance of the Company's new products and competitive responses
to those new products; the impact of changes to U.S. legal and
regulatory requirements, including tax laws, trade and tariff
policies; and the risks detailed in Bel’s most recent Annual Report
on Form 10-K for the fiscal year ended December 31, 2022 and in
subsequent reports filed by Bel with the Securities and Exchange
Commission, as well as other documents that may be filed by Bel
from time to time with the Securities and Exchange Commission. In
light of the risks and uncertainties impacting our business, there
can be no assurance that any forward-looking statement will in fact
prove to be correct. Past performance is not necessarily indicative
of future results. The forward-looking statements included in this
press release represent Bel’s views as of the date of this press
release. Bel anticipates that subsequent events and developments
will cause its views to change. Bel undertakes no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
These forward-looking statements should not be relied upon as
representing Bel’s views as of any date subsequent to the date of
this press release.
Non-GAAP Financial MeasuresThe
Non-GAAP measures identified in this press release as well as in
the supplementary information to this press release (Non-GAAP
adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and
Adjusted EBITDA) are not measures of performance under accounting
principles generally accepted in the United States of America
("GAAP"). These measures should not be considered a
substitute for, and the reader should also consider, income from
operations, net earnings, earnings per share and other measures of
performance as defined by GAAP as indicators of our performance or
profitability. Our Non-GAAP measures may not be comparable to other
similarly-titled captions of other companies due to differences in
the method of calculation. We present results adjusted to
exclude the effects of certain unusual or special items and their
related tax impact that would otherwise be included under U.S.
GAAP, to aid in comparisons with other periods. We may use
Non-GAAP financial measures to determine performance-based
compensation and management believes that this information may be
useful to investors.
Website InformationWe routinely
post important information for investors on our
website, www.belfuse.com, in the "Investor Relations" section.
We use our website as a means of disclosing material, otherwise
non-public information and for complying with our disclosure
obligations under Regulation FD. Accordingly, investors should
monitor the Investor Relations section of our website, in addition
to following our press releases, SEC filings, public conference
calls, presentations and webcasts. The information contained on, or
that may be accessed through, our website is not incorporated by
reference into, and is not a part of, this document.
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
140,010 |
|
|
$ |
169,203 |
|
|
$ |
639,813 |
|
|
$ |
654,233 |
|
Cost of sales |
|
|
88,827 |
|
|
|
116,696 |
|
|
|
423,964 |
|
|
|
470,780 |
|
Gross
profit |
|
|
51,183 |
|
|
|
52,507 |
|
|
|
215,849 |
|
|
|
183,453 |
|
As a % of net sales |
|
|
36.6 |
% |
|
|
31.0 |
% |
|
|
33.7 |
% |
|
|
28.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
costs |
|
|
5,966 |
|
|
|
5,857 |
|
|
|
22,487 |
|
|
|
20,238 |
|
Selling, general and
administrative expenses |
|
|
24,942 |
|
|
|
25,126 |
|
|
|
99,091 |
|
|
|
92,342 |
|
As a % of net sales |
|
|
17.8 |
% |
|
|
14.8 |
% |
|
|
15.5 |
% |
|
|
14.1 |
% |
Restructuring charges |
|
|
3,808 |
|
|
|
3,322 |
|
|
|
10,114 |
|
|
|
7,322 |
|
Gains on sale of
properties |
|
|
- |
|
|
|
- |
|
|
|
(3,819 |
) |
|
|
(1,596 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
16,467 |
|
|
|
18,202 |
|
|
|
87,976 |
|
|
|
65,147 |
|
As a % of net sales |
|
|
11.8 |
% |
|
|
10.8 |
% |
|
|
13.8 |
% |
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of Czech Republic
business |
|
|
- |
|
|
|
- |
|
|
|
980 |
|
|
|
- |
|
Interest expense |
|
|
(448 |
) |
|
|
(968 |
) |
|
|
(2,850 |
) |
|
|
(3,379 |
) |
Other income/expense, net |
|
|
(2,520 |
) |
|
|
218 |
|
|
|
(2,806 |
) |
|
|
(2,709 |
) |
Earnings before income
taxes |
|
|
13,499 |
|
|
|
17,452 |
|
|
|
83,300 |
|
|
|
59,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
1,463 |
|
|
|
3,412 |
|
|
|
9,469 |
|
|
|
6,370 |
|
Effective tax rate |
|
|
10.8 |
% |
|
|
19.6 |
% |
|
|
11.4 |
% |
|
|
10.8 |
% |
Net
earnings |
|
$ |
12,036 |
|
|
$ |
14,040 |
|
|
$ |
73,831 |
|
|
$ |
52,689 |
|
As a % of net sales |
|
|
8.6 |
% |
|
|
8.3 |
% |
|
|
11.5 |
% |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
|
2,142 |
|
|
|
2,142 |
|
|
|
2,142 |
|
|
|
2,143 |
|
Class B common shares - basic
and diluted |
|
|
10,628 |
|
|
|
10,502 |
|
|
|
10,634 |
|
|
|
10,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
$ |
0.90 |
|
|
$ |
1.06 |
|
|
$ |
5.52 |
|
|
$ |
4.01 |
|
Class B common shares - basic
and diluted |
|
$ |
0.95 |
|
|
$ |
1.12 |
|
|
$ |
5.83 |
|
|
$ |
4.24 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and
Exchange Commission. |
|
|
|
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Balance Sheets |
(in thousands, unaudited) |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
89,371 |
|
|
$ |
67,740 |
|
Held to maturity U.S. Treasury securities |
|
|
37,548 |
|
|
|
- |
|
Accounts receivable, net |
|
|
84,129 |
|
|
|
107,274 |
|
Inventories |
|
|
136,540 |
|
|
|
172,465 |
|
Other current assets |
|
|
33,890 |
|
|
|
33,929 |
|
Total current
assets |
|
|
381,478 |
|
|
|
381,408 |
|
Property, plant and equipment, net |
|
|
36,533 |
|
|
|
36,833 |
|
Right-of-use assets |
|
|
20,481 |
|
|
|
21,551 |
|
Related-party note receivable |
|
|
2,152 |
|
|
|
- |
|
Equity method investment |
|
|
10,282 |
|
|
|
- |
|
Goodwill and other intangible assets, net |
|
|
76,033 |
|
|
|
79,210 |
|
Other assets |
|
|
44,672 |
|
|
|
41,464 |
|
Total
assets |
|
$ |
571,631 |
|
|
$ |
560,466 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
40,441 |
|
|
$ |
64,589 |
|
Operating lease liability, current |
|
|
6,350 |
|
|
|
5,870 |
|
Other current liabilities |
|
|
63,818 |
|
|
|
65,845 |
|
Total current
liabilities |
|
|
110,609 |
|
|
|
136,304 |
|
Long-term debt |
|
|
60,000 |
|
|
|
95,000 |
|
Operating lease liability, long-term |
|
|
14,212 |
|
|
|
15,742 |
|
Other liabilities |
|
|
46,252 |
|
|
|
51,074 |
|
Total
liabilities |
|
|
231,073 |
|
|
|
298,120 |
|
Stockholders' equity |
|
|
340,558 |
|
|
|
262,346 |
|
Total liabilities and
stockholders' equity |
|
$ |
571,631 |
|
|
$ |
560,466 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and
Exchange Commission. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Statements of Cash
Flows |
(in thousands, unaudited) |
|
|
Year Ended |
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
73,831 |
|
|
$ |
52,689 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
13,312 |
|
|
|
14,863 |
|
Stock-based compensation |
|
|
3,486 |
|
|
|
2,382 |
|
Amortization of deferred financing costs |
|
|
33 |
|
|
|
34 |
|
Deferred income taxes |
|
|
(3,872 |
) |
|
|
(4,594 |
) |
Net unrealized losses (gains) on foreign currency revaluation |
|
|
1,356 |
|
|
|
(278 |
) |
Gains on sale/disposal of property, plant and equipment |
|
|
(2,117 |
) |
|
|
(1,596 |
) |
Gain on sale of Czech Republic business |
|
|
(980 |
) |
|
|
- |
|
Other, net |
|
|
(1,037 |
) |
|
|
1,195 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
22,500 |
|
|
|
(20,702 |
) |
Unbilled receivables |
|
|
5,451 |
|
|
|
10,031 |
|
Inventories |
|
|
33,613 |
|
|
|
(36,592 |
) |
Accounts payable |
|
|
(22,745 |
) |
|
|
1,522 |
|
Accrued expenses |
|
|
5,356 |
|
|
|
10,933 |
|
Accrued restructuring costs |
|
|
(1,228 |
) |
|
|
6,784 |
|
Income taxes payable |
|
|
(4,976 |
) |
|
|
1,958 |
|
Other operating assets/liabilities, net |
|
|
(13,634 |
) |
|
|
(898 |
) |
Net cash provided by operating activities |
|
|
108,349 |
|
|
|
37,731 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(12,126 |
) |
|
|
(8,832 |
) |
Purchases of held to maturity U.S. Treasury securities |
|
|
(57,466 |
) |
|
|
|
|
Proceeds from held to maturity securities |
|
|
19,918 |
|
|
|
- |
|
Payment for noncontrolling investment |
|
|
(10,282 |
) |
|
|
- |
|
Investment in related party notes receivable |
|
|
(2,152 |
) |
|
|
- |
|
Proceeds from sale of property, plant and equipment |
|
|
6,036 |
|
|
|
1,833 |
|
Proceeds from sale of business |
|
|
5,063 |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(51,009 |
) |
|
|
(6,999 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Dividends paid to common stockholders |
|
|
(3,492 |
) |
|
|
(3,413 |
) |
Repayments under revolving credit line |
|
|
(40,000 |
) |
|
|
(17,500 |
) |
Borrowings under revolving credit line |
|
|
5,000 |
|
|
|
- |
|
Purchase of treasury stock |
|
|
(105 |
) |
|
|
(349 |
) |
Net cash used in financing activities |
|
|
(38,597 |
) |
|
|
(21,262 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
2,888 |
|
|
|
(3,486 |
) |
|
|
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents |
|
|
21,631 |
|
|
|
5,984 |
|
Cash and cash equivalents -
beginning of period |
|
|
67,740 |
|
|
|
61,756 |
|
Cash and cash
equivalents - end of period |
|
$ |
89,371 |
|
|
$ |
67,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
information: |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Income taxes, net of refunds received |
|
$ |
25,056 |
|
|
$ |
14,618 |
|
Interest payments |
|
$ |
4,729 |
|
|
$ |
3,371 |
|
ROU assets obtained in
exchange for lease obligations |
|
$ |
5,999 |
|
|
$ |
8,052 |
|
(1) The supplementary information included in this press
release for 2023 is preliminary and subject to change prior to the
filing of our upcoming Annual Report on Form 10-K with the
Securities and Exchange Commission. |
Bel Fuse Inc. |
Supplementary Information(1) |
Product Group Highlights |
(dollars in thousands, unaudited) |
|
|
Sales |
|
|
Gross Margin |
|
|
|
Q4-23 |
|
|
Q4-22 |
|
|
% Change |
|
|
Q4-23 |
|
|
Q4-22 |
|
|
Basis Point Change |
|
Power Solutions and Protection |
|
$ |
68,971 |
|
|
$ |
82,119 |
|
|
|
-16.0 |
% |
|
|
40.2 |
% |
|
|
33.0 |
% |
|
|
720 |
|
Connectivity Solutions |
|
|
50,562 |
|
|
|
47,020 |
|
|
|
7.5 |
% |
|
|
29.3 |
% |
|
|
23.6 |
% |
|
|
570 |
|
Magnetic Solutions |
|
|
20,477 |
|
|
|
40,064 |
|
|
|
-48.9 |
% |
|
|
17.1 |
% |
|
|
29.5 |
% |
|
|
(1,240 |
) |
Total |
|
$ |
140,010 |
|
|
$ |
169,203 |
|
|
|
-17.3 |
% |
|
|
36.6 |
% |
|
|
31.0 |
% |
|
|
560 |
|
|
Sales |
|
|
Gross Margin |
|
|
FY 2023 |
|
|
FY 2022 |
|
|
% Change |
|
|
FY 2023 |
|
|
FY 2022 |
|
|
Basis Point Change |
|
Power Solutions and Protection |
|
314,105 |
|
|
|
288,366 |
|
|
|
8.9 |
% |
|
|
38.1 |
% |
|
|
30.5 |
% |
|
|
760 |
|
Connectivity Solutions |
|
210,572 |
|
|
|
187,085 |
|
|
|
12.6 |
% |
|
|
34.2 |
% |
|
|
25.9 |
% |
|
|
830 |
|
Magnetic Solutions |
|
115,136 |
|
|
|
178,782 |
|
|
|
-35.6 |
% |
|
|
22.0 |
% |
|
|
27.6 |
% |
|
|
(560 |
) |
Total |
$ |
639,813 |
|
|
$ |
654,233 |
|
|
|
-2.2 |
% |
|
|
33.7 |
% |
|
|
28.0 |
% |
|
|
570 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and
Exchange Commission. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net
Sales(2) |
Reconciliation of GAAP Net Earnings to EBITDA and Adjusted
EBITDA(2) |
(in thousands, unaudited) |
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
sales |
|
$ |
140,010 |
|
|
$ |
169,203 |
|
|
$ |
639,813 |
|
|
$ |
654,233 |
|
Expedite fee revenue |
|
|
425 |
|
|
|
10,484 |
|
|
|
14,850 |
|
|
|
32,507 |
|
Non-GAAP adjusted net
sales |
|
$ |
139,585 |
|
|
$ |
158,719 |
|
|
$ |
624,963 |
|
|
$ |
621,726 |
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
earnings |
|
$ |
12,036 |
|
|
$ |
14,040 |
|
|
$ |
73,831 |
|
|
$ |
52,689 |
|
Interest expense |
|
|
448 |
|
|
|
968 |
|
|
|
2,850 |
|
|
|
3,379 |
|
Provision for income taxes |
|
|
1,463 |
|
|
|
3,412 |
|
|
|
9,469 |
|
|
|
6,370 |
|
Depreciation and amortization |
|
|
3,350 |
|
|
|
3,259 |
|
|
|
13,312 |
|
|
|
14,863 |
|
EBITDA |
|
$ |
17,297 |
|
|
$ |
21,679 |
|
|
$ |
99,462 |
|
|
$ |
77,301 |
|
% of net sales |
|
|
12.4 |
% |
|
|
12.8 |
% |
|
|
15.5 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unusual or special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
3,808 |
|
|
|
3,322 |
|
|
|
10,114 |
|
|
|
7,322 |
|
MPS litigation costs |
|
|
128 |
|
|
|
- |
|
|
|
3,031 |
|
|
|
- |
|
Gain on sale of Czech Republic business |
|
|
- |
|
|
|
- |
|
|
|
(980 |
) |
|
|
- |
|
Gain on sale of properties |
|
|
- |
|
|
|
- |
|
|
|
(3,819 |
) |
|
|
(1,596 |
) |
Loss on liquidation of foreign subsidiary |
|
|
2,724 |
|
|
|
- |
|
|
|
2,724 |
|
|
|
- |
|
Adjusted
EBITDA |
|
$ |
23,957 |
|
|
$ |
25,001 |
|
|
$ |
110,532 |
|
|
$ |
83,027 |
|
% of net sales |
|
|
17.1 |
% |
|
|
14.8 |
% |
|
|
17.3 |
% |
|
|
12.7 |
% |
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and
Exchange Commission. |
|
(2) In this press
release and supplemental information, we have included Non-GAAP
financial measures, including Non-GAAP adjusted net sales,
Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted
EBITDA. We present results adjusted to exclude the effects of
certain specified items and their related tax impact that would
otherwise be included under GAAP, to aid in comparisons with other
periods. We may use Non-GAAP financial measures to determine
performance-based compensation and management believes that this
information may be useful to investors. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Measures to Non-GAAP
Measures(2) |
(in thousands, except per share
data)(unaudited) |
The following
tables detail the impact that certain unusual or special items had
on the Company's net earnings per common Class A and Class B basic
and diluted shares ("EPS") and the line items in which these items
were included on the consolidated statements of
operations. |
|
|
Three Months Ended December 31, 2023 |
|
|
Three Months Ended December 31, 2022 |
|
Reconciling Items |
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
13,499 |
|
|
$ |
1,463 |
|
|
$ |
12,036 |
|
|
$ |
0.90 |
|
|
$ |
0.95 |
|
|
$ |
17,452 |
|
|
$ |
3,412 |
|
|
$ |
14,040 |
|
|
$ |
1.06 |
|
|
$ |
1.12 |
|
Restructuring charges |
|
|
3,808 |
|
|
|
675 |
|
|
|
3,133 |
|
|
|
0.24 |
|
|
|
0.25 |
|
|
|
3,322 |
|
|
|
505 |
|
|
|
2,817 |
|
|
|
0.21 |
|
|
|
0.22 |
|
MPS litigation costs |
|
|
128 |
|
|
|
29 |
|
|
|
99 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of Czech Republic business |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of properties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss on liquidation of foreign subsidiary |
|
|
2,724 |
|
|
|
681 |
|
|
|
2,043 |
|
|
|
0.15 |
|
|
|
0.16 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-GAAP
measures |
|
$ |
20,159 |
|
|
$ |
2,848 |
|
|
$ |
17,311 |
|
|
$ |
1.29 |
|
|
$ |
1.37 |
|
|
$ |
20,774 |
|
|
$ |
3,917 |
|
|
$ |
16,857 |
|
|
$ |
1.27 |
|
|
$ |
1.35 |
|
|
|
Year Ended December 31, 2023 |
|
|
Year Ended December 31, 2022 |
|
Reconciling Items |
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class A
EPS(3) |
|
|
Class B
EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
83,300 |
|
|
$ |
9,469 |
|
|
$ |
73,831 |
|
|
$ |
5.52 |
|
|
$ |
5.83 |
|
|
$ |
59,059 |
|
|
$ |
6,370 |
|
|
$ |
52,689 |
|
|
$ |
4.01 |
|
|
$ |
4.24 |
|
Restructuring charges |
|
|
10,114 |
|
|
|
1,682 |
|
|
|
8,432 |
|
|
|
0.63 |
|
|
|
0.67 |
|
|
|
7,322 |
|
|
|
1,495 |
|
|
|
5,827 |
|
|
|
0.45 |
|
|
|
0.47 |
|
MPS litigation costs |
|
|
3,031 |
|
|
|
696 |
|
|
|
2,335 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of Czech Republic business |
|
|
(980 |
) |
|
|
(49 |
) |
|
|
(931 |
) |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of properties |
|
|
(3,819 |
) |
|
|
(763 |
) |
|
|
(3,056 |
) |
|
|
(0.23 |
) |
|
|
(0.24 |
) |
|
|
(1,596 |
) |
|
|
(367 |
) |
|
|
(1,229 |
) |
|
|
(0.09 |
) |
|
|
(0.10 |
) |
Loss on liquidation of foreign subsidiary |
|
|
2,724 |
|
|
|
681 |
|
|
|
2,043 |
|
|
|
0.15 |
|
|
|
0.16 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-GAAP
measures |
|
$ |
94,370 |
|
|
$ |
11,716 |
|
|
$ |
82,654 |
|
|
$ |
6.19 |
|
|
$ |
6.53 |
|
|
$ |
64,785 |
|
|
$ |
7,498 |
|
|
$ |
57,287 |
|
|
$ |
4.36 |
|
|
$ |
4.61 |
|
(1) The
supplementary information included in this press release for 2023
is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and
Exchange Commission. |
(2) In this press
release and supplemental information, we have included Non-GAAP
financial measures, including Non-GAAP adjusted net sales, Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present
results adjusted to exclude the effects of certain specified items
and their related tax impact that would otherwise be included under
GAAP, to aid in comparisons with other periods. We may use Non-GAAP
financial measures to determine performance-based compensation and
management believes that this information may be useful to
investors. |
(3) Individual
amounts of earnings per share may not agree to the total due to
rounding. |
Bel Fuse (NASDAQ:BELFA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Bel Fuse (NASDAQ:BELFA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024