-
Revenue grew 10% to $403.5 million in 2021, driven by broad-based recovery in target markets and new solutions offerings; Fourth quarter revenue was $96.8 million, up 4% from the prior year quarter
-
Gross margin expanded 40 basis points to 30.0% in the year on higher volume, improved mix and strategic pricing; Fourth quarter gross margin was 28.7%, up 80 basis points despite ongoing supply chain disruptions as well as material and labor inflation
-
Annual net income increased 77% to $24.1 million, or $1.66 per diluted share; Excluding net tax benefits and business development costs, adjusted net income was $1.26 per diluted share, up 26% for the year
-
Fourth quarter orders of $114.9 million drove a book-to-bill ratio of 1.2x
-
Record backlog of $249.9 million, up 35% sequentially on demand and incremental backlog from recent acquisitions
-
Generated $25.4 million of cash from operations in 2021
-
Completed three acquisitions in the fourth quarter that further enhance technology and capabilities
AMHERST, N.Y.--(BUSINESS WIRE)--Mar. 9, 2022--
Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or “Company”), a designer and manufacturer of precision and specialty controlled motion products and solutions for the global market, today reported financial results for its fourth quarter and year ended December 31, 2021. Results include the acquisitions of ORMEC Systems Corp. on November 2, 2021, ALIO Industries on November 4, 2021, and Spectrum Controls, Inc. on December 30, 2021. All share and per share information reflect the April 30, 2021 3-for-2 stock dividend.
“Our results continue to demonstrate the successful execution of our strategic growth initiatives. For 2021, sales to our Industrial markets reached all-time highs and our Vehicle markets returned to pre-pandemic levels. Encouragingly, we also grew our Medical markets despite extremely tough comparisons from the prior year that saw significant demand for our products and solutions during the height of the pandemic,” commented Dick Warzala, Chairman and CEO. “We are also pleased with our gross margin expansion in both the quarter and full year period in spite of the overall inefficiencies created by the global supply chain and labor constraints. We believe our diversified market strategy that is focused on margin enhancing solutions, as well as our ability to flex our business model to meet shifting customer demands helped drive our results, and importantly, sets us up well when macro challenges subside.
“As we look ahead to 2022 and beyond, our backlog and bookings remain robust, and we plan to continue to prudently invest to drive our organic growth engine while looking to further supplement our efforts with selective strategic acquisitions. Collectively, the three acquisitions at the end of 2021 are expected to provide incremental revenue of approximately $60 million in 2022 and be accretive to gross margins and earnings. While we continue to contend with ongoing material and labor inflation challenges, we remain encouraged with the progress we have made, the initiatives we are undertaking and how well positioned we are for long-term, sustainable growth.”
Fourth Quarter 2021 Results (Narrative compares with prior-year period unless otherwise noted)
Revenue increased 4% to $96.8 million and reflected higher demand in the Industrial markets and incremental revenue from acquisitions completed in the quarter. Excluding the unfavorable impact of foreign currency exchange rate fluctuations on revenue of $0.9 million, revenue was up 5%. Sales to U.S. customers were 54% of total sales compared with 53% in the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia-Pacific. See the attached table for a description of non-GAAP financial measures and reconciliation of revenue excluding foreign currency exchange rate fluctuations.
Sales to Industrial markets were up 29% in the quarter and benefitted from continued economic recovery in a number of verticals, including oil & gas, vehicle handling, industrial automation and electronics solutions for motor control and instrumentation. Also contributing to the overall revenue growth was Distribution and Medical sales growth of 14% and 3%, respectively. Partially offsetting, were lower sales in the Vehicle markets of 12% largely due to supply chain challenges and Aerospace & Defense markets, which declined 19% due to the timing of specific defense programs.
Gross margin was 28.7%, up 80 basis points from the fourth quarter of 2020. The increase was largely attributable to improved mix and strategic pricing, which more than offset continued global supply chain challenges and rising material and labor costs.
Operating costs and expenses as a percent of revenue were 24.5%, up 170 basis points, of which 100 basis points was attributable to higher business development costs given the three acquisitions completed during the fourth quarter and the optimization of the Company’s global manufacturing footprint. The remaining operating expense increase was largely within sales and marketing expenses, which reflected higher commissions and incentive compensation as well as trade show costs resuming in 2021. As a result, operating income was $4.0 million, or 4.1% of sales, compared with $4.8 million, or 5.1%, in the fourth quarter of 2020.
Net income was $1.6 million, or $0.11 per diluted share. Adjusted net income, which excludes business development costs and other non-recurring items, was $2.9 million, or $0.20 per diluted share, compared with adjusted net income of $2.7 million, or $0.19 per diluted share, in the comparable period of 2020. The effective tax rate was 53.9% compared with 26.2% in the prior-year period. The higher tax rate reflected a $0.5 million valuation allowance of a deferred tax asset in a foreign jurisdiction, as well as the mix of income from higher tax rate jurisdictions. The Company expects its income tax rate for full year 2022 to be approximately 24% to 26%. See the attached tables for a description of non-GAAP financial measures and reconciliation table for Adjusted Net Income and Diluted Earnings per Share.
Earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, business development costs, and foreign currency gains/losses (“Adjusted EBITDA”) was $11.1 million, up $1.2 million, or 12%. As a percent of sales, Adjusted EBITDA was 11.5%, up 80 basis points. The Company believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, Adjusted EBITDA, which is a non-GAAP measure, helps in the understanding of its operating performance. See the attached table for a description of non-GAAP financial measures and reconciliation table for Adjusted EBITDA.
Full Year 2021 Results (Narrative compares with prior-year period unless otherwise noted)
Revenue of $403.5 million increased $36.8 million, or 10%, reflecting strong growth in Industrial markets of 19% and Vehicle markets of 18%. Both markets benefited as economic conditions recovered from the pandemic and from the launch of new solution offerings. The impact of FX fluctuations was a favorable $8.3 million for the year. Sales to U.S. customers were 54% of total sales compared with 53% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia-Pacific.
Gross margin of 30.0% was up 40 basis points and reflected solid demand and improved mix and pricing, partially offset by increased costs given global supply chain disruptions and rising material and labor costs.
Operating costs and expenses as a percent of revenue were 23.6%, up 30 basis points largely due to an increase in business development costs associated with acquisitions and the optimization of the Company’s global manufacturing footprint. Operating income was $26.0 million, up from $23.0 million, and as a percent of revenue was 6.4%, up 10 basis points.
Net income was $24.1 million, or $1.66 per diluted share, compared with $13.6 million, or $0.95 per diluted share. The increase reflects a net discrete tax benefit of $7.4 million recorded in the first quarter of 2021 relating to new legislation enacted in New Zealand, which contributed to the effective tax rate of (4.2)% for the year compared with 27.3% in the prior year. Adjusted net income was $18.2 million, or $1.26 per diluted share, compared with $14.3 million, or $1.00 per diluted share, in 2020. Adjusted EBITDA increased 16% to $49.9 million from $43.1 million. Adjusted EBITDA margin of 12.4% was up 60 basis points. See the attached tables for a description of non-GAAP financial measures and reconciliation table for Adjusted Net Income and Diluted Earnings per Share and Adjusted EBITDA.
Balance Sheet and Cash Flow Review
Cash and cash equivalents were $22.5 million compared with $23.1 million at year-end 2020. Full year net cash provided by operations was $25.4 million and was primarily used to fund capital expenditures of $13.7 million and for acquisitions during the 2021 fourth quarter. The capital investments were largely focused on new customer projects and ERP implementations. The Company expects 2022 capital expenditures to be approximately $15 million to $20 million.
Total debt of $159.0 million was up $38.9 million from year-end 2020, reflecting borrowings for acquisitions. For the full year period, the Company paid down $12.2 million in debt. Debt, net of cash, was $136.5 million, or 42.1% of net debt to capitalization. The Company’s leverage ratio, as defined in its credit agreement, was 3.0x at year-end.
Orders and Backlog Summary ($ in thousands)
|
|
|
Q4 2021
|
|
Q3 2021
|
|
Q2 2021
|
|
Q1 2021
|
|
Q4 2020
|
|
Orders
|
|
$
|
114,891
|
|
$
|
119,940
|
|
$
|
118,974
|
|
$
|
114,644
|
|
$
|
108,466
|
|
Backlog
|
|
$
|
249,927
|
|
$
|
185,561
|
|
$
|
170,364
|
|
$
|
152,262
|
|
$
|
141,344
|
|
|
|
|
|
|
|
|
|
|
|
Orders of $114.9 million were up 6% over the 2020 fourth quarter and represented a book-to-bill ratio of 1.2x. Foreign currency translation had an unfavorable $1.2 million impact on fourth quarter orders compared with the prior-year period.
Backlog increased 35% over the sequential third quarter and 77% over the prior-year period to a record $249.9 million. Included was $47.9 million of incremental backlog from recent acquisitions. The time to convert the majority of backlog to sales is approximately three to nine months.
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday, March 10, 2022 at 10:00 am ET. During the conference call, management will review the financial and operating results and discuss Allied Motion’s corporate strategy and outlook. A question and answer session will follow.
To listen to the live call, dial (201) 689-8263. In addition, the webcast and slide presentation may be found at: www.alliedmotion.com/investor-relations.
A telephonic replay will be available from 1:00 pm ET on the day of the call through Thursday, March 17, 2022. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 13725929 or access the webcast replay via the Company’s website. A transcript will also be posted to the website once available.
About Allied Motion Technologies Inc.
Allied Motion (Nasdaq: AMOT) designs, manufactures and sells precision controlled motion products and solutions used in a broad range of applications within the Vehicle, Medical, Aerospace & Defense, Electronic, and Industrial Markets. Headquartered in Amherst, NY, the Company has global operations and sells into markets across the United States, Canada, South America, Europe and Asia-Pacific.
Allied Motion is focused on controlled motion applications and is known worldwide for its expertise in electro-magnetic, mechanical, and electronic controlled motion technologies. Its products include nano precision positioning systems, servo control systems, motion controllers, digital servo amplifiers and drives, brushless servo, torque, and coreless motors, brush motors, integrated motor-drives, gear motors, gearing, incremental and absolute optical encoders, active (electronic) and passive (magnetic) filters for power quality and harmonic issues, Industrial safety rated I/O Modules, Universal Industrial Communications Gateways and other controlled motion-related products.
The Company’s growth strategy is focused on being the controlled motion solutions leader in its selected target markets by leveraging its “technology/know how” to develop integrated precision solutions that utilize multiple Allied Motion technologies to “change the game” and create higher value solutions for its customers. The Company routinely posts news and other important information on its website at www.alliedmotion.com.
Safe Harbor Statement
The statements in this news release and in the Company’s March 10, 2022 conference call that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results, anticipated levels of capital expenditures, the Company’s belief that it has sufficient liquidity to fund its business operations, and expectations with respect to the conversion of backlog to sales. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the impact of changes in income tax rates or policies, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses, and on global supply chains; our inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives, the ability to attract and retain qualified personnel, the ability to successfully integrate an acquired business into our business model without substantial costs, delays, or problems, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.
FINANCIAL TABLES FOLLOW
|
ALLIED MOTION TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
For the three months ended
|
|
For the year ended
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue
|
|
$
|
96,793
|
|
$
|
92,998
|
|
$
|
403,516
|
|
$
|
366,694
|
|
Cost of goods sold
|
|
|
69,043
|
|
|
67,065
|
|
|
282,460
|
|
|
258,119
|
|
Gross profit
|
|
|
27,750
|
|
|
25,933
|
|
|
121,056
|
|
|
108,575
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
4,270
|
|
|
3,573
|
|
|
17,249
|
|
|
15,392
|
|
General and administrative
|
|
|
9,870
|
|
|
9,421
|
|
|
42,419
|
|
|
38,301
|
|
Engineering and development
|
|
|
6,851
|
|
|
6,622
|
|
|
27,818
|
|
|
25,487
|
|
Business development
|
|
|
1,031
|
|
|
41
|
|
|
1,299
|
|
|
473
|
|
Amortization of intangible assets
|
|
|
1,718
|
|
|
1,505
|
|
|
6,245
|
|
|
5,928
|
|
Total operating costs and expenses
|
|
|
23,740
|
|
|
21,162
|
|
|
95,030
|
|
|
85,581
|
|
Operating income
|
|
|
4,010
|
|
|
4,771
|
|
|
26,026
|
|
|
22,994
|
|
Other expense, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
791
|
|
|
917
|
|
|
3,236
|
|
|
3,716
|
|
Other (income) expense, net
|
|
|
(165)
|
|
|
195
|
|
|
(323)
|
|
|
502
|
|
Total other expense, net
|
|
|
626
|
|
|
1,112
|
|
|
2,913
|
|
|
4,218
|
|
Income before income taxes
|
|
|
3,384
|
|
|
3,659
|
|
|
23,113
|
|
|
18,776
|
|
Income tax (provision) benefit
|
|
|
(1,823)
|
|
|
(960)
|
|
|
981
|
|
|
(5,133)
|
|
Net income
|
|
$
|
1,561
|
|
$
|
2,699
|
|
$
|
24,094
|
|
$
|
13,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
$
|
0.11
|
|
$
|
0.19
|
|
$
|
1.67
|
|
$
|
0.96
|
|
Basic weighted average common shares
|
|
|
14,527
|
|
|
14,279
|
|
|
14,413
|
|
|
14,243
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
$
|
0.11
|
|
$
|
0.19
|
|
$
|
1.66
|
|
$
|
0.95
|
|
Diluted weighted average common shares
|
|
|
14,632
|
|
|
14,403
|
|
|
14,517
|
|
|
14,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
2021
|
|
2020
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
22,463
|
|
$
|
23,131
|
|
Trade receivables, net of provision for credit losses of $506 and $382 at December 31, 2021 and December 31, 2020, respectively
|
|
|
51,239
|
|
|
47,377
|
|
Inventories
|
|
|
89,733
|
|
|
62,978
|
|
Prepaid expenses and other assets
|
|
|
12,522
|
|
|
8,728
|
|
Total current assets
|
|
|
175,957
|
|
|
142,214
|
|
Property, plant and equipment, net
|
|
|
56,983
|
|
|
55,428
|
|
Deferred income taxes
|
|
|
5,321
|
|
|
330
|
|
Intangible assets, net
|
|
|
103,786
|
|
|
65,859
|
|
Goodwill
|
|
|
106,633
|
|
|
61,860
|
|
Right of use assets
|
|
|
16,983
|
|
|
19,023
|
|
Other long-term assets
|
|
|
5,122
|
|
|
4,483
|
|
Total Assets
|
|
$
|
470,785
|
|
$
|
349,197
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
36,714
|
|
$
|
27,668
|
|
Accrued liabilities
|
|
|
41,656
|
|
|
24,862
|
|
Total current liabilities
|
|
|
78,370
|
|
|
52,530
|
|
Long-term debt
|
|
|
158,960
|
|
|
120,079
|
|
Deferred income taxes
|
|
|
5,040
|
|
|
4,659
|
|
Pension and post-retirement obligations
|
|
|
3,932
|
|
|
5,340
|
|
Right of use liabilities
|
|
|
12,792
|
|
|
14,975
|
|
Other long-term liabilities
|
|
|
23,929
|
|
|
8,558
|
|
Total liabilities
|
|
|
283,023
|
|
|
206,141
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
Common stock, no par value, authorized 50,000 shares; 15,361 and 14,632 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively
|
|
|
68,097
|
|
|
41,278
|
|
Preferred stock, par value $1.00 per share, authorized 5,000 shares; no shares issued or outstanding
|
|
|
—
|
|
|
—
|
|
Retained earnings
|
|
|
127,757
|
|
|
105,065
|
|
Accumulated other comprehensive loss
|
|
|
(8,092)
|
|
|
(3,287)
|
|
Total stockholders’ equity
|
|
|
187,762
|
|
|
143,056
|
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
470,785
|
|
$
|
349,197
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2021
|
|
2020
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
24,094
|
|
$
|
13,643
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
18,107
|
|
|
15,985
|
|
Deferred income taxes
|
|
|
(6,135)
|
|
|
(519)
|
|
Provision for excess and obsolete inventory
|
|
|
534
|
|
|
1,106
|
|
Provision for warranty
|
|
|
543
|
|
|
34
|
|
Debt issue cost amortization recorded in interest expense
|
|
|
141
|
|
|
144
|
|
Restricted stock compensation
|
|
|
4,161
|
|
|
3,550
|
|
Other
|
|
|
(128)
|
|
|
(333)
|
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
(170)
|
|
|
2,711
|
|
Inventories
|
|
|
(22,874)
|
|
|
(4,686)
|
|
Prepaid expenses and other assets
|
|
|
(3,670)
|
|
|
(2,264)
|
|
Accounts payable
|
|
|
8,293
|
|
|
(1,874)
|
|
Accrued liabilities
|
|
|
2,506
|
|
|
(2,659)
|
|
Net cash provided by operating activities
|
|
|
25,402
|
|
|
24,838
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
Consideration paid for acquisitions, net of cash acquired
|
|
|
(47,254)
|
|
|
(14,728)
|
|
Purchase of property and equipment
|
|
|
(13,716)
|
|
|
(9,371)
|
|
Net cash used in investing activities
|
|
|
(60,970)
|
|
|
(24,099)
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
Principal payments of long-term debt
|
|
|
(12,248)
|
|
|
(16,897)
|
|
Proceeds from issuance of long-term debt
|
|
|
51,379
|
|
|
26,979
|
|
Payment of debt issuance costs
|
|
|
—
|
|
|
(401)
|
|
Dividends paid to stockholders
|
|
|
(1,371)
|
|
|
(1,160)
|
|
Tax withholdings related to net share settlements of restricted stock
|
|
|
(1,928)
|
|
|
(1,032)
|
|
Net cash provided by financing activities
|
|
|
35,832
|
|
|
7,489
|
|
Effect of foreign exchange rate changes on cash
|
|
|
(932)
|
|
|
1,487
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(668)
|
|
|
9,715
|
|
Cash and cash equivalents at beginning of period
|
|
|
23,131
|
|
|
13,416
|
|
Cash and cash equivalents at end of period
|
|
$
|
22,463
|
|
$
|
23,131
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands)
(Unaudited)
In addition to reporting revenue and net income, which are U.S. generally accepted accounting principle (“GAAP”) measures, the Company presents Revenue excluding foreign currency exchange rate impacts, and EBITDA and Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, stock-based compensation expense, business development costs, foreign currency gains/losses, and non-income based tax assessment), which are non-GAAP measures.
The Company believes that Revenue excluding foreign currency exchange rate impacts is a useful measure in analyzing organic sales results. The Company excludes the effect of currency translation from revenue for this measure because currency translation is not under management’s control, is subject to volatility and can obscure underlying business trends. The portion of revenue attributable to currency translation is calculated as the difference between the current period revenue and the current period revenue after applying foreign exchange rates from the prior period.
The Company believes EBITDA and Adjusted EBITDA are often a useful measure of a Company’s operating performance and are a significant basis used by the Company’s management to evaluate and compare the core operating performance of its business from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, stock-based compensation expense, business development costs, foreign currency gains/losses on short-term assets and liabilities, and other items that are not indicative of the Company’s core operating performance. EBITDA and Adjusted EBITDA do not represent and should not be considered as an alternative to net income, operating income, net cash provided by operating activities or any other measure for determining operating performance or liquidity that is calculated in accordance with GAAP.
The Company’s calculation of Revenue excluding foreign currency exchange impacts for the three and twelve months ended December 31, 2021 is as follows:
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
December 31, 2021
|
|
December 31, 2021
|
|
Revenue as reported
|
|
$
|
96,793
|
|
$
|
403,516
|
|
Currency impact
|
|
|
859
|
|
|
(8,332)
|
|
Revenue excluding foreign currency exchange impacts
|
|
$
|
97,652
|
|
$
|
395,184
|
|
|
|
|
|
|
|
The Company’s calculation of Adjusted EBITDA for the three and twelve months ended December 31, 2021 and 2020 is as follows:
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Net income
|
|
$
|
1,561
|
|
$
|
2,699
|
|
$
|
24,094
|
|
$
|
13,643
|
|
Interest expense
|
|
|
791
|
|
|
917
|
|
|
3,236
|
|
|
3,716
|
|
Provision (benefit) for income tax
|
|
|
1,823
|
|
|
960
|
|
|
(981)
|
|
|
5,133
|
|
Depreciation and amortization
|
|
|
4,790
|
|
|
4,303
|
|
|
18,107
|
|
|
15,985
|
|
EBITDA
|
|
|
8,965
|
|
|
8,879
|
|
|
44,456
|
|
|
38,477
|
|
Stock compensation expense
|
|
|
1,061
|
|
|
910
|
|
|
4,161
|
|
|
3,550
|
|
Foreign currency loss
|
|
|
63
|
|
|
542
|
|
|
21
|
|
|
1,035
|
|
Business development costs
|
|
|
1,031
|
|
|
42
|
|
|
1,299
|
|
|
473
|
|
Non-income based tax assessment
|
|
|
-
|
|
|
(424)
|
|
|
-
|
|
|
(424)
|
|
Adjusted EBITDA
|
|
$
|
11,120
|
|
$
|
9,948
|
|
$
|
49,937
|
|
$
|
43,111
|
|
|
|
|
|
|
|
|
|
ALLIED MOTION TECHNOLOGIES INC.
Reconciliation of GAAP Net Income and Diluted Earnings per Share to
Non-GAAP Adjusted Net Income and Diluted Earnings per Share
(In thousands, except per share data)
(Unaudited)
The Company’s calculation of Adjusted net income and Adjusted diluted earnings per share for the three and twelve months ended December 31, 2021 and 2020 is as follows:
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
|
December 31,
|
|
|
2021
|
|
Per
diluted
share
|
|
|
2020
|
|
Per
diluted
share
|
|
|
2021
|
|
Per
diluted
share
|
|
|
2020
|
|
Per
diluted
share
|
|
Net income as reported
|
|
$
|
1,561
|
|
$
|
0.11
|
|
|
$
|
2,699
|
|
$
|
0.19
|
|
|
$
|
24,094
|
|
$
|
1.66
|
|
|
$
|
13,643
|
|
$
|
0.95
|
|
Non-GAAP adjustments, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discrete income tax benefit
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(7,373)
|
|
|
(0.51)
|
|
|
|
-
|
|
|
-
|
|
Non-income based tax assessment
|
|
|
-
|
|
|
-
|
|
|
|
(424)
|
|
|
(0.03)
|
|
|
|
-
|
|
|
-
|
|
|
|
(424)
|
|
|
(0.03)
|
|
Income tax valuation allowance
|
|
|
506
|
|
|
0.03
|
|
|
|
-
|
|
|
-
|
|
|
|
506
|
|
|
0.03
|
|
|
|
-
|
|
|
-
|
|
Foreign currency loss
|
|
|
48
|
|
|
-
|
|
|
|
400
|
|
|
0.03
|
|
|
|
16
|
|
|
-
|
|
|
|
752
|
|
|
0.05
|
|
Business development costs
|
|
|
790
|
|
|
0.05
|
|
|
|
30
|
|
|
-
|
|
|
|
995
|
|
|
0.07
|
|
|
|
344
|
|
|
0.02
|
|
Adjusted net income and diluted EPS
|
|
$
|
2,905
|
|
$
|
0.20
|
|
|
$
|
2,705
|
|
$
|
0.19
|
|
|
$
|
18,238
|
|
$
|
1.26
|
|
|
$
|
14,315
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
|
|
14,632
|
|
|
|
|
14,403
|
|
|
|
|
14,517
|
|
|
|
|
14,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income and diluted EPS are defined as net income as reported, adjusted for unusual non-recurring items. Adjusted net income and diluted EPS are not a measure determined in accordance with GAAP in the United States, and may not be comparable to the measure as used by other companies. Nevertheless, the Company believes that providing non-GAAP information, such as adjusted net income and diluted EPS are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year’s net income and diluted EPS to the historical periods’ net income and diluted EPS.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005919/en/
Investor Contact:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716-843-3908
Email: dpawlowski@keiadvisors.com
Source: Allied Motion Technologies Inc.
|
