- Strong net sales in Q1 at $129.5 million
- $5 million headwind from COVID-19
- Productivity improvements drove gross margin to 40.1%, up
from 38.5%
- Solid profitability; goodwill impairment resulted in EPS
loss of $(0.54)
- Non-GAAP cash EPS of $0.56
- Adjusted EBITDA of $30.4 million, 23.5% margin on
sales
- Proactive cost reductions initiated in anticipation of
COVID-19 related macroeconomic slowing
Helios Technologies, Inc. (Nasdaq: HLIO) (“Helios” or the
“Company”), a global industrial technology leader that develops and
manufactures solutions for both the hydraulics and electronics
markets, today reported financial results for the first quarter
ended March 28, 2020.
Tricia Fulton, the Company’s Interim President and Chief
Executive Officer as well as Chief Financial Officer, commented,
“Our solid first quarter performance exceeded our expectations,
despite a softer demand environment compared with a year ago. Most
of the quarter was business as usual for us, with the COVID-19
pandemic conditions resulting in about $5 million lower sales in
the quarter. As a result of government mandates, our China
operations were shut down for six weeks beginning in February
through mid-March. Production at our facility in Italy was shut
down for four weeks in March and April, although customer shipping
activities continued. After three additional weeks of being open
only for certain government approved activities, the Italian
facility opened for full production today, as the government
mandate was lifted. However, current economic conditions stemming
from the COVID-19 pandemic resulted in the recording of a $31.9
million non-cash goodwill impairment charge relating to our Faster
business unit in the quarter. All of our other significant
operations were deemed essential and are running near full
capacity. We implemented substantial procedures to limit the spread
of COVID-19 and keep our employees safe and healthy while
responding to the needs of our customers.”
She continued, “Customer demand was steady for most of the
quarter, with certain industries and regions experiencing more
variation than others. Despite lower sales, both of our segments
reported gross margin expansion compared with the prior year,
evidencing our ability to manage costs and continue productivity
improvements. Additionally, we reduced our net debt by over $11
million during the quarter, expanding our already strong liquidity
position and maintaining our 2.1x net debt-to-adjusted EBITDA
ratio.”
First Quarter 2020 Consolidated Results
($ in millions, except per share data)
Q1 2020 Q1
2019 Change % Change Net sales
$
129.5
$
146.9
$
(17.4
)
(12
%)
Gross profit
$
51.9
$
56.5
$
(4.6
)
(8
%)
Gross margin
40.1
%
38.5
%
Operating (loss) income
$
(10.0
)
$
25.8
$
(35.8
)
NM
Operating margin
-7.7
%
17.6
%
Non-GAAP adjusted operating margin
20.4
%
20.6
%
Net (loss) income
$
(17.2
)
$
16.4
$
(33.6
)
NM
Diluted EPS
$
(0.54
)
$
0.51
$
(1.05
)
NM
Non-GAAP cash net income
$
18.1
$
20.3
$
(2.2
)
(11
%)
Non-GAAP cash EPS
$
0.56
$
0.63
$
(0.07
)
(11
%)
Adjusted EBITDA
$
30.4
$
34.7
$
(4.3
)
(12
%)
Adjusted EBITDA margin
23.5
%
23.7
%
See the attached tables for additional important disclosures
regarding Helios’s use of non-GAAP adjusted operating income,
non-GAAP adjusted operating margin, non-GAAP cash net income,
non-GAAP cash EPS, adjusted EBITDA (earnings before net interest
expense, income taxes, depreciation and amortization, and certain
non-recurring charges) and adjusted EBITDA margin (adjusted EBITDA
as a percentage of sales) as well as reconciliations of GAAP
operating income to non-GAAP adjusted operating income and GAAP net
income to non-GAAP cash net income and adjusted EBITDA. Helios
believes that, when used in conjunction with measures prepared in
accordance with GAAP, the non-GAAP measures described above help
improve the understanding of its operating performance.
Sales
- $15.3 million decline, 10%, excluding the effect of currency;
macro industrial softness and approximately $5 million attributable
to the COVID-19 pandemic issues
- Foreign currency translation on sales – $2.1 million
unfavorable
Profits and margins
- Gross profit and margin drivers – Gross profit negatively
impacted by lower sales volume and unfavorable currency; gross
margin improvement benefited from cost management efforts,
production efficiencies and a non-recurring benefit in
Electronics
- Selling, engineering and administrative (“SEA”) expenses –
Decreased primarily due to cost reduction efforts
- Amortization of intangible assets – $4.3 million, comparable to
the prior year
- Goodwill impairment charge – $31.9 million, resulting from
weakened market outlook primarily due to the COVID-19 pandemic
Non-operating items
- Net interest expense – $3.0 million ($4.4 million in prior
year), decreased due to debt repayment
- Effective tax rate – 22.3%, excludes non-taxable goodwill
impairment charge (22.1% in prior year)
Net loss, EPS, non-GAAP cash EPS and
adjusted EBITDA
- GAAP net loss and EPS – Impacted by $31.9 million charge for
goodwill impairment, as well as lower sales volume, partially
offset by improved gross margin performance and lower interest
expense
- Non-GAAP cash EPS – Reflects the above, adjusted for
amortization, goodwill impairment charge and other unusual
items
- Adjusted EBITDA margin – Decline of only 20 basis points on
lower sales volume, reflects solid profitability in a softening
demand environment
Hydraulics Segment Review (Refer to sales by geographic
region and segment data in accompanying tables)
First quarter segment sales of $103.8 million decreased $12.7
million, or 11%, compared with the prior-year quarter, impacted by
softer end market demand including approximately $5 million
attributable to the COVID-19 pandemic. The decrease also included
$2.0 million from unfavorable changes in foreign currency exchange
rates. Sales declined in the Americas region by 10%. The Europe,
Middle East, Africa (“EMEA”) region declined 18% and Asia/Pacific
(“APAC”) region sales grew 3%, both excluding the $2.0 million
effect of unfavorable foreign currency exchange rate changes.
First quarter 2020 gross margin of 38.2% expanded 160 basis
points compared with the prior year’s 36.6% due to effective cost
management efforts and production efficiencies gained from last
year’s cartridge valve technology manufacturing consolidation
project. This margin improvement was partially offset by
government-mandated closure of the Company’s production facility in
Italy due to the COVID-19 pandemic.
SEA expenses in the 2020 first quarter decreased $0.6 million
compared with the prior-year period, benefiting from cost
management efforts.
Operating income in the 2020 first quarter was $21.5 million.
Despite lower operating income due to lower sales, operating margin
increased by 30 basis points to 20.7%, compared with 20.4% last
year.
Electronics Segment Review (Refer to sales by geographic
region and segment data in accompanying tables)
Segment sales were $25.7 million for the 2020 first quarter, a
$4.7 million, or 16%, decrease compared with the first quarter of
last year. The decline was primarily due to softer demand in the
recreational and oil and gas end markets, with the COVID-19
pandemic having a minimal impact. Foreign currency translation had
a $0.1 million unfavorable impact on segment sales in the
quarter.
First quarter 2020 gross margin was 47.5%, up 180 basis points
from 45.7% last year. Gross margin benefited from cost management
efforts as well as a non-recurring benefit from the release of
contractual obligations to customers.
SEA costs in the quarter were comparable with last year.
Operating income was $4.8 million in the first quarter of 2020,
compared with $6.5 million in 2019, with the 2020 operating margin
declining to 18.7%, from 21.4% last year.
Balance Sheet and Cash Flow Review Total debt was $294.4
million at March 28, 2020, down from $300.4 million at December 28,
2019. Cash and cash equivalents at March 28, 2020 were $27.3
million, compared with $22.1 million at December 28, 2019. The net
debt decreased by $11.1 million in the 2020 first quarter and the
net debt-to-adjusted EBITDA ratio remained constant at 2.1x at
March 28, 2020, compared with December 28, 2019. The Company has
$195.1 million of availability on its revolving line of credit,
which also allows for an accordion of up to an additional $200
million, subject to certain pro forma compliance requirements.
Ms. Fulton noted, “We have completed multiple planning scenarios
for 2020 at varying demand levels. We believe that our liquidity is
sufficient to cover our operating cash needs over at least the next
twelve months and we expect to remain cash flow positive for the
year under all scenarios. Further, these analyses indicate that we
maintain compliance with the covenants under our credit
facility.”
Cash provided by operations was $15.1 million and $19.8 million
in the first quarters of 2020 and 2019, respectively, with the
decrease due to lower net income and variations in working capital
timing.
Capital expenditures were $2.9 million and $8.8 million for the
first quarters of 2020 and 2019, respectively, with the decrease
due to a conscious reduction in light of weakening end market
demand and the COVID-19 situation. Given the current environment,
capital expenditures in 2020 are now expected to be lower than the
guidance previously provided, focused on higher priority and
critical projects.
2020 Outlook Ms. Fulton noted, “Given the significant
uncertainty surrounding the eventual magnitude and duration of the
impact of COVID-19 on the economy globally, we withdrew our 2020
guidance when we announced our business update on March 24th. The
economic impact of the pandemic has negatively affected our sales
and orders for April. We expect second quarter headwinds, but
anticipate that the largest impact was in the month of April due to
shutdowns of many of our global OEM customers. A portion of our
backlog has been postponed from April to later in the second
quarter and a smaller number of orders have been cancelled. In
other cases, we do not have updated order schedules from OEMs due
to their extended shutdowns. With ongoing significant uncertainty,
we do not have sufficient visibility to reinstate guidance for
2020.”
She added, “To be prepared, we have undertaken scenario analyses
at varying potential demand levels. The Company has already
instituted certain cost containment steps in an effort to mitigate
the effects of the downturn. These actions include a temporary 20%
salary reduction for all officers of the Company, layoffs and
temporary salary reductions at Enovation Controls, a hiring freeze,
reduction in the use of contingent labor and the elimination and
postponement of capital expenditures. Additionally, our Board of
Directors has agreed to reduce director compensation by 20% for the
remainder of the year. To further protect the health and liquidity
of our business, additional actions included in our scenario
planning consist of:
- Postponing additional non-essential capital expenditures
- Reducing our temporary labor force
- Reducing overtime
- Applying additional salary reductions
- Reducing working hours to lower payroll expense
- Executing furlough programs and/or additional layoffs
- Further reducing discretionary spending
The extent of such actions will be determined by the magnitude
and duration of the economic downturn. Regardless, we are confident
that we will successfully manage through the challenges we face,
leveraging the strengths of the Helios organization, from our
well-respected brands, to our dedicated global employees, and our
ample liquidity, emerging as an even stronger organization as we
pursue our Vision 2025 goals.”
Webcast The Company will host a conference call and
webcast tomorrow morning at 9:00 a.m. Eastern Time to review its
financial and operating results and discuss its corporate
strategies and outlook. A question-and-answer session will
follow.
The conference call can be accessed by calling (201) 689-8573.
The audio webcast can be monitored at www.heliostechnologies.com.
Participants will have the ability to ask questions on either the
teleconference call or the webcast.
A telephonic replay will be available from 12:00 p.m. ET on the
day of the call through Tuesday, May 12, 2020. To listen to the
archived call, dial (412) 317-6671 and enter conference ID number
13700719. The webcast replay will be available in the investor
relations section of the Company’s website at
www.heliostechnologies.com, where a transcript will also be posted
once available.
About Helios Technologies Helios Technologies is a global
industrial technology leader that develops and manufactures
hydraulic and electronic control solutions for diverse markets. The
Company operates in two business segments, Hydraulics and
Electronics. The Hydraulics segment markets and sells products
globally under the brands of Sun Hydraulics in relation to
cartridge valve technology, Custom Fluidpower with regard to
hydraulic system design and Faster in connection with quick release
coupling solutions. Global Electronics brands include Enovation
Controls and Murphy for fully-tailored solutions with a broad range
of rugged and reliable instruments such as displays, controls and
instrumentation products. Helios Technologies and information about
its associated companies is available online at
www.heliostechnologies.com.
FORWARD-LOOKING INFORMATION This news release contains
“forward‐looking statements” within the meaning of Section 21E of
the Securities Exchange Act of 1934. Forward‐looking statements
involve risks and uncertainties, and actual results may differ
materially from those expressed or implied by such statements. They
include statements regarding current expectations, estimates,
forecasts, projections, our beliefs, and assumptions made by Helios
Technologies, Inc. (“Helios” or the “Company”), its directors or
its officers about the Company and the industry in which it
operates, and assumptions made by management, and include among
other items, (i) the Company’s strategies regarding growth,
including its intention to develop new products and make
acquisitions; (ii) the Company’s financing plans; (iii) trends
affecting the Company’s financial condition or results of
operations; (iv) the Company’s ability to continue to control costs
and to meet its liquidity and other financing needs; (v) the
declaration and payment of dividends; and (vi) the Company’s
ability to respond to changes in customer demand domestically and
internationally, including as a result of standardization. In
addition, we may make other written or oral statements, which
constitute forward-looking statements, from time to time. Words
such as “may,” “expects,” “projects,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” variations of such
words, and similar expressions are intended to identify such
forward-looking statements. Similarly, statements that describe our
future plans, objectives or goals also are forward-looking
statements. These statements are not guaranteeing future
performance and are subject to a number of risks and uncertainties.
Our actual results may differ materially from what is expressed or
forecasted in such forward-looking statements, and undue reliance
should not be placed on such statements. All forward-looking
statements are made as of the date hereof, and we undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Factors that could cause the actual results to differ materially
from what is expressed or forecasted in such forward‐looking
statements include, but are not limited to, (i) conditions in the
capital markets, including the interest rate environment and the
availability of capital; (ii) changes in the competitive
marketplace that could affect the Company’s revenue and/or cost
bases, such as increased competition, lack of qualified
engineering, marketing, management or other personnel, and
increased labor and raw materials costs; and (iii) new product
introductions, product sales mix and the geographic mix of sales
nationally and internationally. Further information relating to
factors that could cause actual results to differ from those
anticipated is included but not limited to information under the
heading Item 1. “Business” and Item 1A. “Risk Factors” in the
Company’s Form 10-K for the year ended December 28, 2019.
This news release will discuss some historical non-GAAP
financial measures, which the Company believes are useful in
evaluating its performance. The determination of the amounts that
are excluded from these non-GAAP measures is a matter of management
judgment and depends upon, among other factors, the nature of the
underlying expense or income recognized in a given period. You
should not consider the inclusion of this additional information in
isolation or as a substitute for results prepared in accordance
with GAAP.
Financial Tables Follow.
HELIOS TECHNOLOGIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share data) (Unaudited)
Three Months Ended
March 28, 2020
March 30, 2019
% Change
Net sales
$
129,483
$
146,851
(12
)%
Cost of sales
77,633
90,342
(14
)%
Gross profit
51,850
56,509
(8
)%
Gross margin
40.1
%
38.5
%
Selling, engineering and administrative expenses
25,664
26,156
(2
)%
Amortization of intangible assets
4,348
4,521
(4
)%
Goodwill impairment
31,871
-
NM
Operating (loss) income
(10,033
)
25,832
NM
Operating margin
-7.7
%
17.6
%
Interest expense, net
2,951
4,385
(33
)%
Foreign currency transaction loss (gain), net
125
(439
)
NM
Miscellaneous (income) expense, net
(94
)
108
NM
Change in fair value of contingent consideration
-
719
NM
(Loss) income before income taxes
(13,015
)
21,059
NM
Income tax provision
4,208
4,655
(10
)%
Net (loss) income
$
(17,223
)
$
16,404
NM
Basic and diluted net (loss) income per common share
$
(0.54
)
$
0.51
NM
Basic and diluted weighted average shares outstanding
32,062
31,978
Dividends declared per share
$
0.09
$
0.09
NM = Not meaningful
HELIOS TECHNOLOGIES
CONSOLIDATED BALANCE SHEETS (In thousands)
March 28, 2020
December 29, 2018
(Unaudited)
Assets Current assets: Cash and cash equivalents
$
27,257
$
22,123
Restricted cash
37
39
Accounts receivable, net of allowance for doubtful accounts of
$1,187 and $1,131
71,638
66,677
Inventories, net
86,727
85,195
Income taxes receivable
1,757
3,196
Other current assets
17,570
15,359
Total current assets
204,986
192,589
Property, plant and equipment, net
141,912
145,854
Deferred income taxes
9,668
5,803
Goodwill
343,815
377,569
Other intangible assets, net
288,989
294,651
Other assets
4,479
5,285
Total assets
$
993,849
$
1,021,751
Liabilities and shareholders’ equity Current liabilities:
Accounts payable
$
33,145
$
29,730
Accrued compensation and benefits
13,376
16,898
Other accrued expenses and current liabilities
12,834
13,549
Current portion of contingent consideration
828
828
Current portion of long-term non-revolving debt, net
7,369
7,623
Dividends payable
2,887
2,884
Income taxes payable
7,954
4,941
Total current liabilities
78,393
76,453
Revolving line of credit
204,865
208,708
Long-term non-revolving debt, net
82,197
84,062
Deferred income taxes
48,680
49,290
Other noncurrent liabilities
28,079
25,602
Total liabilities
442,214
444,115
Commitments and contingencies
-
-
Shareholders’ equity: Preferred stock, par value $0.001,
2,000 shares authorized, no shares issued or outstanding
-
-
Common stock, par value $0.001, 100,000 shares authorized, 32,075
and 32,047 shares issued and outstanding
32
32
Capital in excess of par value
366,521
365,310
Retained earnings
247,548
267,658
Accumulated other comprehensive loss
(62,466
)
(55,364
)
Total shareholders’ equity
551,635
577,636
Total liabilities and shareholders’ equity
$
993,849
$
1,021,751
HELIOS TECHNOLOGIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
Three Months Ended
March 28, 2020
March 30, 2019
Cash flows from operating activities: Net (loss) income
$
(17,223
)
$
16,404
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
8,376
8,571
Loss on disposal of assets
24
71
Goodwill impairment
31,871
-
Stock-based compensation expense
1,533
1,368
Amortization of debt issuance costs
179
179
Benefit for deferred income taxes
(1,186
)
(322
)
Change in fair value of contingent consideration
-
719
Forward contract (gains) losses, net
(440
)
24
Other, net
136
549
(Increase) decrease in operating assets: Accounts receivable
(6,838
)
(8,848
)
Inventories
(2,818
)
(3,729
)
Income taxes receivable
1,415
-
Other current assets
(2,740
)
(2,455
)
Other assets
1,213
1,088
Increase (decrease) in operating liabilities: Accounts payable
3,867
662
Accrued expenses and other liabilities
(4,652
)
3,496
Income taxes payable
3,051
2,710
Other noncurrent liabilities
(701
)
(659
)
Net cash provided by operating activities
15,067
19,828
Cash flows from investing activities: Capital expenditures
(2,937
)
(8,792
)
Proceeds from dispositions of equipment
3
64
Cash settlement of forward contracts
1,634
-
Net cash used in investing activities
(1,300
)
(8,728
)
Cash flows from financing activities: Borrowings on
revolving credit facility
2,000
35,282
Repayment of borrowings on revolving credit facility
(5,500
)
(48,000
)
Repayment of borrowings on long-term non-revolving debt
(2,100
)
(1,623
)
Proceeds from stock issued
355
408
Dividends to shareholders
(2,885
)
(2,878
)
Other financing activities
(815
)
(881
)
Net cash used in financing activities
(8,945
)
(17,692
)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
310
(167
)
Net decrease in cash, cash equivalents and restricted cash
5,132
(6,759
)
Cash, cash equivalents and restricted cash, beginning of period
22,162
23,515
Cash, cash equivalents and restricted cash, end of period
$
27,294
$
16,756
HELIOS TECHNOLOGIES SEGMENT
DATA (In thousands) (Unaudited)
Three Months Ended
March 28, 2020
March 30, 2019
Sales: Hydraulics
$
103,818
$
116,463
Electronics
25,665
30,388
Consolidated
$
129,483
$
146,851
Gross profit and margin: Hydraulics
$
39,674
$
42,634
38.2
%
36.6
%
Electronics
12,176
13,875
47.5
%
45.7
%
Corporate and other
-
-
Consolidated
$
51,850
$
56,509
40.1
%
38.5
%
Operating (loss) income and margin: Hydraulics
$
21,482
$
23,762
20.7
%
20.4
%
Electronics
4,778
6,512
18.7
%
21.4
%
Corporate and other
(36,293
)
(4,442
)
Consolidated
$
(10,033
)
$
25,832
-7.7
%
17.6
%
HELIOS TECHNOLOGIES ADDITIONAL
INFORMATION (Unaudited)
2020 Sales by Geographic Region and Segment ($ in millions)
Q1
% of Total
Americas: Hydraulics
$
37.3
Electronics
21.6
Consol. Americas
58.9
45
%
EMEA: Hydraulics
33.5
Electronics
2.5
Consol. EMEA
36.0
28
%
APAC: Hydraulics
33.0
Electronics
1.6
Consol. APAC
34.6
27
%
Total
$
129.5
2019 Sales by Geographic Region and Segment ($
in millions)
Q1
% of Total
Q2
% of Total
Q3
% of Total
Q4
% of Total
2018
% of Total
Americas: Hydraulics
$
41.6
$
41.2
$
43.3
$
36.2
$ 162.3
Electronics
26.1
26.6
24.0
19.5
$ 96.3
Consol. Americas
67.7
46
%
67.8
47
%
67.3
49
%
55.7
44
%
258.6
47.0
%
EMEA: Hydraulics
41.8
36.8
31.9
31.1
141.6
Electronics
2.5
1.8
2.1
2.0
8.4
Consol. EMEA
44.3
30
%
38.6
27
%
34.0
25
%
33.1
26
%
150.0
27.0
%
APAC: Hydraulics
33.1
35.7
34.9
35.2
138.9
Electronics
1.8
1.7
1.8
1.9
7.2
Consol. APAC
34.9
24
%
37.4
26
%
36.7
26
%
37.1
30
%
146.1
26.0
%
Total
$
146.9
$
143.8
$
138.0
$
125.9
$ 554.7
HELIOS TECHNOLOGIES Non-GAAP
Adjusted Operating Income RECONCILIATION (In thousands)
(Unaudited)
Three Months Ended
March 28, 2020
March 30, 2019
GAAP operating (loss) income
$
(10,033
)
$
25,832
Acquisition-related amortization of intangible assets
4,348
4,460
Acquisition and financing-related expenses
74
11
CEO transition costs
165
-
Goodwill impairment
31,871
-
Non-GAAP adjusted operating income
$
26,425
$
30,303
GAAP operating margin
-7.7
%
17.6
%
Non-GAAP Adjusted operating margin
20.4
%
20.6
%
Non-GAAP Cash Net Income
RECONCILIATION (In thousands) (Unaudited)
Three Months Ended
March 28, 2020
March 30, 2019
Net (loss) income
$
(17,223
)
$
16,404
Amortization of intangible assets
4,348
4,460
Acquisition and financing-related expenses
74
11
CEO transition costs
165
-
Goodwill impairment
31,871
-
Change in fair value of contingent consideration
-
719
Tax effect of above
(1,147
)
(1,298
)
Non-GAAP cash net income
$
18,088
$
20,296
Non-GAAP cash net income per diluted share
$
0.56
$
0.63
Adjusted EBITDA RECONCILIATION
(In thousands) (Unaudited)
Three Months Ended
March 28, 2020
March 30, 2019
Net (loss) income
$
(17,223
)
$
16,404
Interest expense, net
2,951
4,385
Income tax provision
4,208
4,655
Depreciation and amortization
8,376
8,571
EBITDA
(1,688
)
34,015
Acquisition and financing-related expenses
74
11
CEO transition costs
165
-
Goodwill impairment
31,871
-
Change in fair value of contingent consideration
-
719
Adjusted EBITDA
$
30,422
$
34,745
Adjusted EBITDA margin
23.5
%
23.7
%
Non-GAAP Financial Measures:
Adjusted operating income, adjusted operating margin, EBITDA,
adjusted EBITDA, adjusted EBITDA margin, net debt-to-EBITDA, cash
net income and cash net income per diluted share are not measures
determined in accordance with generally accepted accounting
principles in the United States, commonly known as GAAP.
Nevertheless, Helios believes that providing non-GAAP information
such as adjusted operating income, adjusted operating margin,
EBITDA, adjusted EBITDA, adjusted EBITDA margin, net
debt-to-EBITDA, cash net income and cash net income per diluted
share are important for investors and other readers of Helios’s
financial statements, as they are used as analytical indicators by
Helios’s management to better understand operating performance.
Because adjusted operating income, adjusted operating margin,
adjusted EBITDA, adjusted EBITDA margin, net debt-to-EBITDA, cash
net income and cash net income per diluted share are non-GAAP
measures and are thus susceptible to varying calculations, adjusted
operating income, adjusted operating margin, EBITDA, adjusted
EBITDA, adjusted EBITDA margin, net debt-to-EBITDA, cash net income
and cash net income per diluted share, as presented, may not be
directly comparable to other similarly titled measures used by
other companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200504005651/en/
Karen L. Howard / Deborah K. Pawlowski Kei Advisors LLC (716)
843-3942 / (716) 843-3908 khoward@keiadvisors.com /
dpawlowski@keiadvisors.com
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