Interface Reports Fourth Quarter and Full Year 2024 Results
Interface (Nasdaq: TILE) reported strong fourth quarter and full year 2024 results, demonstrating early success of its One Interface strategy. Q4 net sales reached $335 million, up 3.0% year-over-year, with GAAP EPS of $0.37 and adjusted EPS of $0.34. The company generated $38 million in operating cash flow and repaid $34 million of debt in the quarter.
For fiscal year 2024, net sales totaled $1,316 million, up 4.3% year-over-year, with GAAP EPS of $1.48 and adjusted EPS of $1.46. The company generated $148 million in operating cash flow and repaid $115 million of debt, reducing net leverage to 1.1 times fiscal year 2024 Adjusted EBITDA.
CEO Laurel Hurd highlighted growth across all product categories, with particular strength in the Americas. Global Education billings increased by double digits, while the company gained market share in Corporate Office and positioned its Healthcare segment for future success. The company enters 2025 with a strong backlog but expects currency headwinds to negatively impact year-over-year net sales growth by approximately 2% in Q1 and 1-2% for the full fiscal year 2025.
Interface (Nasdaq: TILE) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, dimostrando il successo iniziale della sua strategia One Interface. Le vendite nette del Q4 hanno raggiunto i 335 milioni di dollari, con un incremento del 3,0% rispetto all'anno precedente, e un utile per azione GAAP di 0,37 dollari e un utile per azione rettificato di 0,34 dollari. L'azienda ha generato 38 milioni di dollari di flusso di cassa operativo e ha rimborsato 34 milioni di dollari di debito nel trimestre.
Per l'anno fiscale 2024, le vendite nette hanno totalizzato 1.316 milioni di dollari, con un aumento del 4,3% rispetto all'anno precedente, con un utile per azione GAAP di 1,48 dollari e un utile per azione rettificato di 1,46 dollari. L'azienda ha generato 148 milioni di dollari di flusso di cassa operativo e ha rimborsato 115 milioni di dollari di debito, riducendo il rapporto di indebitamento netto a 1,1 volte l'EBITDA rettificato per l'anno fiscale 2024.
Il CEO Laurel Hurd ha evidenziato la crescita in tutte le categorie di prodotto, con particolare forza nelle Americhe. Le fatturazioni globali nell'istruzione sono aumentate a doppia cifra, mentre l'azienda ha guadagnato quote di mercato nel settore degli uffici aziendali e ha posizionato il suo segmento sanitario per un futuro successo. L'azienda entra nel 2025 con un forte portafoglio ordini, ma prevede che le difficoltà valutarie possano influenzare negativamente la crescita delle vendite nette anno su anno di circa il 2% nel Q1 e dell'1-2% per l'intero anno fiscale 2025.
Interface (Nasdaq: TILE) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, demostrando el éxito inicial de su estrategia One Interface. Las ventas netas del Q4 alcanzaron los 335 millones de dólares, un aumento del 3,0% interanual, con una ganancia por acción GAAP de 0,37 dólares y una ganancia por acción ajustada de 0,34 dólares. La empresa generó 38 millones de dólares en flujo de efectivo operativo y pagó 34 millones de dólares en deudas durante el trimestre.
Para el año fiscal 2024, las ventas netas totalizaron 1.316 millones de dólares, un incremento del 4,3% interanual, con una ganancia por acción GAAP de 1,48 dólares y una ganancia por acción ajustada de 1,46 dólares. La empresa generó 148 millones de dólares en flujo de efectivo operativo y pagó 115 millones de dólares en deudas, reduciendo el apalancamiento neto a 1,1 veces el EBITDA ajustado del año fiscal 2024.
La CEO Laurel Hurd destacó el crecimiento en todas las categorías de productos, con una fuerza particular en las Américas. Las facturaciones globales en educación aumentaron a dos dígitos, mientras que la empresa ganó participación de mercado en la oficina corporativa y posicionó su segmento de salud para un futuro éxito. La empresa entra en 2025 con un fuerte backlog, pero espera que los vientos en contra de las divisas impacten negativamente el crecimiento de las ventas netas interanuales en aproximadamente un 2% en el Q1 y entre un 1-2% para todo el año fiscal 2025.
Interface (Nasdaq: TILE)는 2024년 4분기 및 전체 연도에 대한 강력한 실적을 발표하며 One Interface 전략의 초기 성공을 보여주었습니다. 4분기 순매출은 3억 3천 5백만 달러로, 전년 대비 3.0% 증가했으며, GAAP 주당 순이익은 0.37달러, 조정 주당 순이익은 0.34달러였습니다. 회사는 3천 8백만 달러의 운영 현금 흐름을 창출하고 분기 동안 3천 4백만 달러의 부채를 상환했습니다.
2024 회계연도 동안 순매출은 13억 1천 6백만 달러로, 전년 대비 4.3% 증가했으며, GAAP 주당 순이익은 1.48달러, 조정 주당 순이익은 1.46달러였습니다. 회사는 1억 4천 8백만 달러의 운영 현금 흐름을 생성하고 1억 1천 5백만 달러의 부채를 상환하여 2024 회계연도의 조정 EBITDA에 대해 순부채 비율을 1.1배로 줄였습니다.
CEO 로렐 허드(Laurel Hurd)는 모든 제품 카테고리에서의 성장을 강조하며, 특히 아메리카 지역에서 강세를 보였습니다. 글로벌 교육 청구액은 두 자릿수로 증가했으며, 회사는 기업 사무실에서 시장 점유율을 확대하고 의료 부문을 미래의 성공을 위해 포지셔닝했습니다. 회사는 2025년을 강력한 백로그와 함께 시작하지만, 환율의 영향을 받아 1분기에는 전년 대비 순매출 성장률이 약 2%, 2025 회계연도 전체로는 1-2% 감소할 것으로 예상하고 있습니다.
Interface (Nasdaq: TILE) a annoncé de solides résultats pour le quatrième trimestre et l'année entière 2024, démontrant le succès précoce de sa stratégie One Interface. Les ventes nettes du T4 ont atteint 335 millions de dollars, en hausse de 3,0 % par rapport à l'année précédente, avec un bénéfice par action GAAP de 0,37 dollar et un bénéfice par action ajusté de 0,34 dollar. L'entreprise a généré 38 millions de dollars de flux de trésorerie d'exploitation et a remboursé 34 millions de dollars de dettes au cours du trimestre.
Pour l'exercice 2024, les ventes nettes ont totalisé 1.316 millions de dollars, en hausse de 4,3 % par rapport à l'année précédente, avec un bénéfice par action GAAP de 1,48 dollar et un bénéfice par action ajusté de 1,46 dollar. L'entreprise a généré 148 millions de dollars de flux de trésorerie d'exploitation et a remboursé 115 millions de dollars de dettes, réduisant ainsi l'effet de levier net à 1,1 fois l'EBITDA ajusté de l'exercice 2024.
La PDG Laurel Hurd a souligné la croissance dans toutes les catégories de produits, avec une force particulière en Amérique. Les facturations mondiales en éducation ont augmenté à deux chiffres, tandis que l'entreprise a gagné des parts de marché dans le secteur des bureaux d'entreprise et a positionné son segment de santé pour un succès futur. L'entreprise aborde 2025 avec un solide carnet de commandes, mais s'attend à ce que les vents contraires des devises aient un impact négatif sur la croissance des ventes nettes d'une année sur l'autre d'environ 2 % au T1 et de 1 à 2 % pour l'ensemble de l'exercice 2025.
Interface (Nasdaq: TILE) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, die den frühen Erfolg seiner One Interface-Strategie verdeutlichen. Der Nettoumsatz im Q4 betrug 335 Millionen Dollar, was einem Anstieg von 3,0% im Vergleich zum Vorjahr entspricht, mit einem GAAP Gewinn pro Aktie von 0,37 Dollar und einem bereinigten Gewinn pro Aktie von 0,34 Dollar. Das Unternehmen erzielte einen operativen Cashflow von 38 Millionen Dollar und zahlte im Quartal 34 Millionen Dollar Schulden zurück.
Für das Geschäftsjahr 2024 betrugen die Nettoumsätze 1.316 Millionen Dollar, was einem Anstieg von 4,3% im Vergleich zum Vorjahr entspricht, mit einem GAAP Gewinn pro Aktie von 1,48 Dollar und einem bereinigten Gewinn pro Aktie von 1,46 Dollar. Das Unternehmen erzielte einen operativen Cashflow von 148 Millionen Dollar und zahlte 115 Millionen Dollar Schulden zurück, wodurch das Netto-Verschuldungsverhältnis auf 1,1 Mal das bereinigte EBITDA des Geschäftsjahres 2024 gesenkt wurde.
CEO Laurel Hurd hob das Wachstum in allen Produktkategorien hervor, insbesondere in den Amerikas. Die globalen Bildungsabrechnungen stiegen zweistellig, während das Unternehmen Marktanteile im Bereich Corporate Office gewann und sein Gesundheitssegment für zukünftigen Erfolg positionierte. Das Unternehmen geht mit einem starken Auftragsbestand ins Jahr 2025, erwartet jedoch, dass Währungsrisiken das Wachstum der Nettoumsätze im Jahresvergleich im ersten Quartal um etwa 2% und im gesamten Geschäftsjahr 2025 um 1-2% negativ beeinflussen werden.
- Net sales increased 4.3% year-over-year to $1,316 million for fiscal 2024
- GAAP earnings per diluted share nearly doubled to $1.48 for fiscal 2024
- Generated $148 million of cash from operations in 2024
- Reduced debt by $115 million, lowering net leverage to 1.1x Adjusted EBITDA
- Gross profit margin expanded 174 basis points year-over-year
- Global Education billings increased by double digits year-over-year
- Gained market share in Corporate Office segment
- Forecasting negative currency impact of approximately 2% on Q1 2025 sales growth
- Expecting 1-2% negative currency impact for full fiscal year 2025 sales growth
Insights
Interface's Q4 and full-year 2024 results demonstrate impressive financial execution amid challenging market conditions, with the commercial flooring leader delivering 4.3% annual revenue growth to $1.32 billion and nearly doubling GAAP earnings to $1.48 per share.
The company's One Interface strategy is clearly bearing fruit, particularly in margin enhancement. The 174 basis point gross margin expansion stands out as exceptional in the commercial interiors sector, where most competitors have struggled to maintain margins amid persistent inflation. This improvement stems from three key factors: higher volumes driving fixed cost absorption, a strategic shift toward premium product mix, and the timing advantage of decreasing raw material costs against pricing actions taken earlier in the cycle.
Interface's debt reduction story deserves special attention. The $115 million debt repayment has brought net leverage down to just 1.1x EBITDA – the lowest level in over five years and significantly below the sector average of approximately 2.0x. This deleveraging creates substantial financial flexibility for potential strategic acquisitions, increased shareholder returns, or accelerated investment in sustainable product innovation – a critical differentiator in commercial specification.
Segment performance reveals important trends. The double-digit growth in Education signals Interface's success in diversifying beyond its traditional Corporate Office base, which still showed share gains despite ongoing hybrid work disruption. The company's strategic positioning in Healthcare, though not yet reflected in substantial revenue, addresses a important growth vector as healthcare construction outpaces other commercial segments.
Looking ahead, Interface's cautious Q1 guidance reflects typical seasonality patterns rather than demand deterioration. The 2% currency headwind is manageable and primarily impacts reported numbers rather than underlying business momentum. The company enters 2025 with a strong backlog, suggesting continued execution of its growth strategy despite broader economic uncertainty.
The market appears to be undervaluing Interface's sustainability leadership position. As ESG considerations increasingly influence commercial specification decisions, Interface's pioneering circular economy initiatives and carbon-negative products create a meaningful competitive moat that should translate to premium pricing power and market share gains over time.
Interface's operational transformation through its One Interface strategy has yielded exceptional supply chain efficiencies that significantly outpace industry norms. The 174 basis point gross margin expansion amid persistent industry-wide input cost pressures demonstrates masterful execution of integrated supply chain management.
The company's margin improvement stems from a sophisticated three-pronged approach. First, Interface has optimized its global manufacturing footprint by consolidating production facilities and standardizing processes across carpet tile, LVT, and rubber flooring operations. This integration has created meaningful scale advantages that weren't previously possible when these product lines operated in silos.
Second, Interface has implemented an advanced materials procurement strategy that leverages combined volumes across product categories. By synchronizing purchasing across their entire raw material basket—including yarns, backing materials, vinyl compounds, and rubber—Interface has secured more favorable supplier terms than competitors who operate with fragmented procurement systems. This coordinated approach has been particularly effective as raw material prices began moderating in late 2024.
Third, the company's inventory management has been exemplary, with improved forecasting capabilities reducing both safety stock requirements and obsolescence risk. Interface's $148 million operating cash flow reflects this disciplined approach to working capital, with inventory turns improving while maintaining product availability.
The company's combined selling strategy yields operational benefits beyond just revenue synergies. By unifying distribution channels across product categories, Interface has optimized logistics costs and warehouse utilization. Their integrated approach to sample fulfillment and customer service has eliminated redundancies that burden competitors who maintain separate operational infrastructures for different flooring types.
Looking ahead, Interface faces currency translation challenges with approximately 35-40% of revenue generated outside North America. However, their globally balanced manufacturing footprint provides natural hedging against transactional FX impacts, protecting underlying margins even as reported figures face headwinds.
The company's deleveraged balance sheet (1.1x net leverage) positions Interface to make strategic supply chain investments in automation and sustainability initiatives that should yield additional operational efficiencies in coming years. Their industry-leading circular economy programs not only create environmental benefits but deliver tangible cost advantages through materials reclamation and reduced waste—a virtuous cycle that reinforces their competitive positioning.
Delivered strong year, as One Interface strategy accelerates results
Fourth quarter highlights:
-
Net sales totaled
$335 million 3.0% year-over-year, in the range of our expectations. -
GAAP earnings per diluted share of
$0.37 $0.34 -
Generated
$38 $34 million
Fiscal Year:
-
Net sales totaled
$1,316 million 4.3% year-over-year. -
GAAP earnings per diluted share of
$1.48 $1.46 -
Generated
$148 $115 million
“We delivered impressive results in 2024, reflecting the early achievements of our One Interface strategy. We saw growth across all product categories, largely driven by continued momentum in the
“We delivered over
“I am proud of the tangible progress our team accomplished in the initial stages of our strategy implementation. We continue to differentiate ourselves in the market with premium, high-quality products while remaining true to our core values rooted in sustainable innovation. Our results reinforce that we are on the right path, and we remain focused on continuing to drive growth and shareholder value in the years ahead.”
“In fiscal year 2024, strong cash generation and disciplined capital management enabled us to repay
Consolidated Results Summary (Unaudited) |
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
(in millions, except percentages and per share data) |
12/29/2024 |
12/31/2023 |
Change |
|
12/29/2024 |
12/31/2023 |
Change |
||||||||||
|
|
|
|
|
|
|
|
||||||||||
GAAP |
|
|
|
|
|
|
|
||||||||||
Net Sales |
$ |
335.0 |
|
$ |
325.1 |
|
3.0 |
% |
|
$ |
1,315.7 |
|
$ |
1,261.5 |
|
4.3 |
% |
Gross Profit Margin % of Net Sales |
|
36.5 |
% |
|
37.9 |
% |
(137) bps |
|
|
36.7 |
% |
|
35.0 |
% |
174 bps |
||
SG&A Expenses |
$ |
92.7 |
|
$ |
88.0 |
|
5.3 |
% |
|
$ |
348.5 |
|
$ |
339.0 |
|
2.8 |
% |
SG&A Expenses % of Net Sales |
|
27.7 |
% |
|
27.1 |
% |
59 bps |
|
|
26.5 |
% |
|
26.9 |
% |
(38) bps |
||
Operating Income |
$ |
29.6 |
|
$ |
35.2 |
|
(15.7 |
)% |
|
$ |
134.4 |
|
$ |
104.5 |
|
28.6 |
% |
Net Income |
$ |
21.8 |
|
$ |
19.6 |
|
11.3 |
% |
|
$ |
86.9 |
|
$ |
44.5 |
|
95.3 |
% |
Earnings per Diluted Share |
$ |
0.37 |
|
$ |
0.33 |
|
12.1 |
% |
|
$ |
1.48 |
|
$ |
0.76 |
|
94.7 |
% |
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP |
|
|
|
|
|
|
|
||||||||||
Currency-Neutral Net Sales |
$ |
336.0 |
|
$ |
325.1 |
|
3.4 |
% |
|
$ |
1,317.5 |
|
$ |
1,261.5 |
|
4.4 |
% |
Adjusted Gross Profit Margin % of Net Sales |
|
36.9 |
% |
|
38.3 |
% |
(139) bps |
|
|
37.1 |
% |
|
35.4 |
% |
173 bps |
||
Adjusted SG&A Expenses |
$ |
90.8 |
|
$ |
83.5 |
|
8.8 |
% |
|
$ |
346.7 |
|
$ |
329.8 |
|
5.1 |
% |
Adjusted SG&A Expenses % of Net Sales |
|
27.1 |
% |
|
25.7 |
% |
143 bps |
|
|
26.4 |
% |
|
26.1 |
% |
21 bps |
||
Adjusted Operating Income |
$ |
32.8 |
|
$ |
41.0 |
|
(20.0 |
)% |
|
$ |
141.4 |
|
$ |
116.4 |
|
21.5 |
% |
Adjusted Net Income |
$ |
20.1 |
|
$ |
23.8 |
|
(15.6 |
)% |
|
$ |
86.2 |
|
$ |
58.6 |
|
47.2 |
% |
Adjusted Earnings per Diluted Share |
$ |
0.34 |
|
$ |
0.41 |
|
(17.1 |
)% |
|
$ |
1.46 |
|
$ |
1.00 |
|
46.0 |
% |
Adjusted EBITDA |
$ |
46.0 |
|
$ |
52.2 |
|
(11.7 |
)% |
|
$ |
189.0 |
|
$ |
162.0 |
|
16.7 |
% |
Currency-Neutral Orders Increase Year-Over-Year |
|
4.7 |
% |
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|||||||||||||||||
Additional Metrics |
12/29/2024 |
12/31/2023 |
Change |
|
|
|
|
||||||||||
Cash |
$ |
99.2 |
|
$ |
110.5 |
|
(10.2 |
)% |
|
|
|
|
|||||
Total Debt |
$ |
302.8 |
|
$ |
417.2 |
|
(27.4 |
)% |
|
|
|
|
|||||
Total Debt Minus Cash ("Net Debt") |
$ |
203.5 |
|
$ |
306.7 |
|
(33.6 |
)% |
|
|
|
|
|||||
Fiscal Year 2024 Adjusted EBITDA |
$ |
189.0 |
|
|
|
|
|
|
|
||||||||
Total Debt divided by Fiscal Year 2024 Net Income |
3.5 x |
|
|
|
|
|
|
||||||||||
Net Debt divided by Fiscal Year 2024 Adj. EBITDA ("Net Leverage Ratio") |
1.1x |
|
|
|
|
|
|
||||||||||
Segment Results Summary (Unaudited) |
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
(in millions, except percentages) |
12/29/2024 |
12/31/2023 |
Change |
|
12/29/2024 |
12/31/2023 |
Change |
|||||||
|
|
|
|
|
|
|
|
|||||||
AMS |
|
|
|
|
|
|
|
|||||||
Net Sales |
$ |
205.7 |
|
$ |
188.2 |
9.3 |
% |
|
$ |
800.8 |
$ |
737.0 |
8.7 |
% |
Currency-Neutral Net Sales |
$ |
206.3 |
|
$ |
188.2 |
9.6 |
% |
|
$ |
801.8 |
$ |
737.0 |
8.8 |
% |
Operating Income |
$ |
28.5 |
|
$ |
28.0 |
1.5 |
% |
|
$ |
105.3 |
$ |
85.0 |
23.9 |
% |
Adjusted Operating Income |
$ |
29.4 |
|
$ |
29.2 |
0.7 |
% |
|
$ |
106.6 |
$ |
87.8 |
21.4 |
% |
Currency-Neutral Orders Increase Year-Over-Year |
|
9.3 |
% |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||
EAAA |
|
|
|
|
|
|
|
|||||||
Net Sales |
$ |
129.3 |
|
$ |
136.9 |
(5.6 |
)% |
|
$ |
514.8 |
$ |
524.5 |
(1.8 |
)% |
Currency-Neutral Net Sales |
$ |
129.8 |
|
$ |
136.9 |
(5.2 |
)% |
|
$ |
515.7 |
$ |
524.5 |
(1.7 |
)% |
Operating Income |
$ |
1.2 |
|
$ |
7.1 |
(83.6 |
)% |
|
$ |
29.1 |
$ |
19.5 |
49.1 |
% |
Adjusted Operating Income |
$ |
3.4 |
|
$ |
11.8 |
(71.2 |
)% |
|
$ |
34.8 |
$ |
28.6 |
21.7 |
% |
Currency-Neutral Orders (Decrease) Year-Over-Year |
|
(1.1 |
)% |
|
|
|
|
|
|
|||||
Outlook
Interface enters 2025 with a strong backlog, and expects customary seasonality in the year which typically means a lighter Q1 sequentially, followed by a stronger Q2 and Q3 sequentially. Separately, given current strength of the
|
|
Q1 Fiscal Year 2025 Outlook |
Net sales |
|
|
Adjusted gross profit margin |
|
|
Adjusted SG&A expenses |
|
|
Adjusted interest & other expenses |
|
|
Adjusted effective income tax rate |
|
|
Fully diluted weighted average share count |
|
59.2 million shares |
Note: All figures are approximate |
|
|
|
|
|
|
|
Full Fiscal Year 2025 Outlook |
Net sales |
|
|
Adjusted gross profit margin |
|
|
Adjusted SG&A expenses |
|
|
Adjusted interest & other expenses |
|
|
Adjusted effective income tax rate |
|
|
Capital expenditures |
|
|
Note: All figures are approximate |
|
|
Webcast and Conference Call Information
Interface will host a conference call on February 25, 2025, at 8:00 a.m. Eastern Time, to discuss its fourth quarter and full fiscal year 2024 results. The conference call will be simultaneously broadcast live over the Internet.
Listeners may access the conference call live over the Internet at:
https://events.q4inc.com/attendee/583846146, or through the Company's website at: https://investors.interface.com.
The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.
Non-GAAP Financial Measures
Interface provides adjusted earnings per share, adjusted net income, adjusted operating income ("AOI"), adjusted gross profit, adjusted gross profit margin, adjusted SG&A expenses, currency- neutral sales and currency-neutral sales growth, net debt, and adjusted EBITDA as additional information regarding its operating results in this press release. These non-GAAP measures are not in accordance with – or alternatives to – GAAP measures, and may be different from non-GAAP measures used by other companies. Adjusted EPS, adjusted net income, and AOI exclude nora purchase accounting amortization, the cyber event impact, and restructuring, asset impairment, severance, and other, net. Adjusted EPS and adjusted net income also exclude the property casualty loss impact, the loss on foreign subsidiary liquidation, the loss on discontinuance of interest rate swaps, and the
Net debt is total debt less cash on hand. Adjusted EBITDA is GAAP net income excluding interest expense, income tax expense, depreciation and amortization, share-based compensation expense, cyber event impact, property casualty loss impact, restructuring, asset impairment, severance, and other, net, nora purchase accounting amortization, and the loss on foreign subsidiary liquidation. This news release should be read in conjunction with the Company's Current Report on Form 8-K furnished today to the
About Interface
Interface, Inc. (NASDAQ: TILE) is a global flooring solutions company and sustainability leader, offering an integrated portfolio of carpet tile and resilient flooring products that includes Interface® carpet tile and LVT, nora® rubber flooring, and FLOR® premium area rugs for commercial and residential spaces. Made with purpose and without compromise, Interface flooring brings more sophisticated design, more performance, more innovation, and more climate progress to interior spaces.
A decades-long pioneer in sustainability, Interface remains “all in” on becoming a restorative business. Today, the company is focusing on carbon reductions, not offsets, as it works toward achieving its verified science-based targets by 2030 and its goal to become a carbon negative enterprise by 2040.
Learn more about Interface at interface.com and blog.interface.com, nora by Interface at nora.com, FLOR at FLOR.com, and our sustainability journey at interface.com/sustainability.
Follow us on Facebook, Instagram, LinkedIn, X, and Pinterest.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Except for historical information contained herein, the other matters set forth in this news release are forward-looking statements. Forward-looking statements may be identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “should,” “goal,” “aim," “objective,” “seek,” “project,” “estimate,” “target,” “will” and similar expressions. Forward-looking statements in this press release include, without limitation, any projections we make regarding the Company’s 2025 first quarter and full year 2025 under “Outlook” above. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including but not limited to the risks under the following subheadings in “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023: "We compete with a large number of manufacturers in the highly competitive floorcovering products market, and some of these competitors have greater financial resources than we do. We may face challenges competing on price, making investments in our business, or competing on product design or sustainability", "Our earnings could be adversely affected by non-cash adjustments to goodwill, when a test of goodwill assets indicates a material impairment of those assets", "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives, our principal design consultant and other key personnel (including experienced sales and manufacturing personnel), and our loss of any of them could affect us adversely", "Large increases in the cost of our raw materials, shipping costs, duties or tariffs could adversely affect us if we are unable to pass these cost increases through to our customers", "Unanticipated termination or interruption of any of our arrangements with our primary third-party suppliers of synthetic fiber or our primary third-party supplier for luxury vinyl tile (“LVT”) or other key raw materials could have a material adverse effect on us", "The market price of our common stock has been volatile and the value of your investment may decline", "Changes to our facilities, manufacturing processes, product construction, and product composition could disrupt our operations, increase our manufacturing costs, increase customer complaints, increase warranty claims, negatively affect our reputation, and have a material adverse effect on our financial condition and results of operations", "Our business operations could suffer significant losses from natural disasters, acts of war, terrorism, catastrophes, fire, adverse weather conditions, pandemics, endemics, unstable geopolitical situations or other unexpected events", "Disruptions to or failures of information technology systems we use could adversely affect our business", "The impact of potential changes to environmental laws and regulations and industry standards regarding climate change and other sustainability matters could lead to unforeseen disruptions to our business operations", "Sales of our principal products have been and may continue to be affected by adverse economic cycles, and effects in the new construction market and renovation market", "Health crisis events, such as epidemics or pandemics, have adversely impacted, and may continue to impact, the economy and disrupt our operations and supply chains, which may have an adverse effect on our results of operations", "Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including foreign currency fluctuations, restrictive taxation, custom duties, border closings or other adverse government regulations", "The conflict between
You should consider any additional or updated information we include under the heading “Risk Factors” in our subsequent quarterly and annual reports.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.
Consolidated Statements of Operations (Unaudited) |
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
(In thousands, except per share data) |
12/29/2024 |
|
12/31/2023 |
|
12/29/2024 |
|
12/31/2023 |
|||||||
|
|
|
|
|
|
|
|
|||||||
Net Sales |
$ |
335,010 |
|
|
$ |
325,118 |
|
$ |
1,315,658 |
|
|
$ |
1,261,498 |
|
Cost of Sales |
|
212,705 |
|
|
|
201,966 |
|
|
832,710 |
|
|
|
820,429 |
|
Gross Profit |
|
122,305 |
|
|
|
123,152 |
|
|
482,948 |
|
|
|
441,069 |
|
Selling, General & Administrative Expenses |
|
92,671 |
|
|
|
88,000 |
|
|
348,542 |
|
|
|
339,049 |
|
Restructuring, Asset Impairment, Other (Gains) and Charges |
|
— |
|
|
|
— |
|
|
— |
|
|
|
(2,502 |
) |
Operating Income |
|
29,634 |
|
|
|
35,152 |
|
|
134,406 |
|
|
|
104,522 |
|
Interest Expense |
|
4,888 |
|
|
|
6,801 |
|
|
23,205 |
|
|
|
31,787 |
|
Other (Income) Expense, net |
|
(2,590 |
) |
|
|
1,407 |
|
|
(2,353 |
) |
|
|
9,081 |
|
Income Before Income Tax Expense |
|
27,336 |
|
|
|
26,944 |
|
|
113,554 |
|
|
|
63,654 |
|
Income Tax Expense |
|
5,570 |
|
|
|
7,389 |
|
|
26,608 |
|
|
|
19,137 |
|
Net Income |
$ |
21,766 |
|
|
$ |
19,555 |
|
$ |
86,946 |
|
|
$ |
44,517 |
|
|
|
|
|
|
|
|
|
|||||||
Earnings Per Share – Basic |
$ |
0.37 |
|
|
$ |
0.34 |
|
$ |
1.49 |
|
|
$ |
0.77 |
|
|
|
|
|
|
|
|
|
|||||||
Earnings Per Share – Diluted |
$ |
0.37 |
|
|
$ |
0.33 |
|
$ |
1.48 |
|
|
$ |
0.76 |
|
|
|
|
|
|
|
|
|
|||||||
Common Shares Outstanding – Basic |
|
58,304 |
|
|
|
58,108 |
|
|
58,282 |
|
|
|
58,092 |
|
Common Shares Outstanding – Diluted |
|
59,209 |
|
|
|
58,636 |
|
|
58,871 |
|
|
|
58,335 |
|
|
|
|
|
|
|
|
|
|||||||
| Consolidated Balance Sheets (Unaudited) |
|
|
|
||
(In thousands) |
12/29/2024 |
|
12/31/2023 |
||
Assets |
|
|
|
||
Cash and Cash Equivalents |
$ |
99,226 |
|
$ |
110,498 |
Accounts Receivable, net |
|
171,135 |
|
|
163,386 |
Inventories, net |
|
260,581 |
|
|
279,079 |
Other Current Assets |
|
33,355 |
|
|
30,895 |
Total Current Assets |
|
564,297 |
|
|
583,858 |
Property, Plant and Equipment, net |
|
282,374 |
|
|
291,140 |
Operating Lease Right-of-Use Assets |
|
76,815 |
|
|
87,519 |
Goodwill |
|
99,887 |
|
|
105,448 |
Other Intangibles, net |
|
48,273 |
|
|
56,255 |
Other Assets |
|
99,170 |
|
|
105,875 |
Total Assets |
$ |
1,170,816 |
|
$ |
1,230,095 |
|
|
|
|
||
Liabilities |
|
|
|
||
Accounts Payable |
$ |
68,943 |
|
$ |
62,912 |
Accrued Expenses |
|
134,996 |
|
|
130,890 |
Current Portion of Operating Lease Liabilities |
|
12,296 |
|
|
12,347 |
Current Portion of Long-Term Debt |
|
482 |
|
|
8,572 |
Total Current Liabilities |
|
216,717 |
|
|
214,721 |
Long-Term Debt |
|
302,275 |
|
|
408,641 |
Operating Lease Liabilities |
|
68,092 |
|
|
78,269 |
Other Long-Term Liabilities |
|
94,584 |
|
|
102,517 |
Total Liabilities |
|
681,668 |
|
|
804,148 |
Shareholders’ Equity |
|
489,148 |
|
|
425,947 |
Total Liabilities and Shareholders’ Equity |
$ |
1,170,816 |
|
$ |
1,230,095 |
Consolidated Statements of Cash Flows (Unaudited) |
|
Twelve Months Ended |
||||||
(In thousands) |
|
12/29/2024 |
|
12/31/2023 |
||||
OPERATING ACTIVITIES |
|
|
|
|
||||
Net Income |
|
$ |
86,946 |
|
|
$ |
44,517 |
|
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: |
|
|
|
|
||||
Depreciation and Amortization |
|
|
39,333 |
|
|
|
40,774 |
|
Share-Based Compensation Expense |
|
|
12,907 |
|
|
|
10,265 |
|
Loss (Gain) on Disposal of Property, Plant and Equipment, net |
|
|
264 |
|
|
|
(2,252 |
) |
Loss on Foreign Subsidiary Liquidation |
|
|
2,152 |
|
|
|
6,221 |
|
Bad Debt Expense |
|
|
1,476 |
|
|
|
53 |
|
Amortization of Acquired Intangible Assets |
|
|
5,172 |
|
|
|
5,172 |
|
Deferred Taxes |
|
|
(3,034 |
) |
|
|
(10,082 |
) |
Other |
|
|
(8,480 |
) |
|
|
1,273 |
|
Change in Working Capital |
|
|
|
|
||||
Accounts Receivable |
|
|
(13,872 |
) |
|
|
21,798 |
|
Inventories |
|
|
10,467 |
|
|
|
31,040 |
|
Prepaid Expenses and Other Current Assets |
|
|
(3,079 |
) |
|
|
(302 |
) |
Accounts Payable and Accrued Expenses |
|
|
18,178 |
|
|
|
(6,443 |
) |
Cash Provided by Operating Activities |
|
|
148,430 |
|
|
|
142,034 |
|
INVESTING ACTIVITIES |
|
|
|
|
||||
Capital Expenditures |
|
|
(33,788 |
) |
|
|
(26,107 |
) |
Proceeds from Sale of Property, Plant and Equipment |
|
|
1,040 |
|
|
|
6,593 |
|
Insurance Proceeds from Property Casualty Loss |
|
|
2,374 |
|
|
|
— |
|
Cash Used in Investing Activities |
|
|
(30,374 |
) |
|
|
(19,514 |
) |
FINANCING ACTIVITIES |
|
|
|
|
||||
Revolving Loan Borrowing |
|
|
34,243 |
|
|
|
90,000 |
|
Revolving Loan Repayments |
|
|
(34,243 |
) |
|
|
(114,381 |
) |
Term Loan Repayments |
|
|
(115,213 |
) |
|
|
(80,927 |
) |
Tax Withholding Payments for Share-Based Compensation |
|
|
(4,770 |
) |
|
|
(1,514 |
) |
Dividends Paid |
|
|
(2,338 |
) |
|
|
(2,323 |
) |
Finance Lease Payments |
|
|
(2,913 |
) |
|
|
(2,419 |
) |
Cash Used in Financing Activities |
|
|
(125,234 |
) |
|
|
(111,564 |
) |
Net Cash (Used in) Provided by Operating, Investing and Financing Activities |
|
|
(7,178 |
) |
|
|
10,956 |
|
Effect of Exchange Rate Changes on Cash |
|
|
(4,094 |
) |
|
|
1,978 |
|
CASH AND CASH EQUIVALENTS |
|
|
|
|
||||
Net Change During the Period |
|
|
(11,272 |
) |
|
|
12,934 |
|
Balance at Beginning of Period |
|
|
110,498 |
|
|
|
97,564 |
|
Balance at End of Period |
|
$ |
99,226 |
|
|
$ |
110,498 |
|
Net Sales by Region (Unaudited)
|
Twelve Months Ended |
|
% of Total |
12/29/2024 |
|
Net Sales |
|
|
AMS |
61 % |
|
EMEA |
29 % |
|
APAC |
10 % |
|
Consolidated Net Sales |
100 % |
|
Gross Billings by Customer Vertical (Unaudited)
|
Twelve Months Ended |
|
% of Total |
12/29/2024 |
|
Gross Billings |
|
|
Corporate/Office |
47 % |
|
Education |
20 % |
|
Healthcare |
9 % |
|
Government |
6 % |
|
Retail |
5 % |
|
Residential/Living |
5 % |
|
Hospitality |
2 % |
|
Consumer Residential |
2 % |
|
Transportation |
2 % |
|
Other |
3 % |
|
Consolidated Gross Billings * |
100 % |
|
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
||
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
||||||||||||||||||||||||||||||
|
|
|
|
Adjustments |
|
|
|
|
|
|
Adjustments |
|
|
||||||||||||||||||||
|
Gross Profit |
SG&A Expenses |
Operating Income (Loss) |
Pre-tax |
Tax Effect |
Net Income (Loss) |
Diluted EPS |
|
Gross Profit |
SG&A Expenses |
Operating Income (Loss) |
Pre-tax |
Tax Effect |
Net Income (Loss) |
Diluted EPS |
||||||||||||||||||
GAAP As Reported |
$ |
122.3 |
$ |
92.7 |
|
$ |
29.6 |
|
|
|
$ |
21.8 |
|
$ |
0.37 |
|
|
$ |
123.2 |
$ |
88.0 |
|
$ |
35.2 |
|
|
$ |
19.6 |
$ |
0.33 |
|||
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Purchase Accounting Amortization |
|
1.3 |
|
— |
|
|
1.3 |
|
1.3 |
|
(0.4 |
) |
|
0.9 |
|
|
0.02 |
|
|
|
1.3 |
|
— |
|
|
1.3 |
1.3 |
(0.4 |
) |
|
0.9 |
|
0.02 |
Restructuring, Asset Impairment, Severance, and Other, net |
|
— |
|
(2.2 |
) |
|
2.2 |
|
2.2 |
|
(0.5 |
) |
|
1.7 |
|
|
0.03 |
|
|
|
— |
|
(4.4 |
) |
|
4.4 |
4.4 |
(1.2 |
) |
|
3.2 |
|
0.06 |
Cyber Event Impact |
|
— |
|
0.3 |
|
|
(0.3 |
) |
(5.1 |
) |
1.2 |
|
|
(3.9 |
) |
|
(0.07 |
) |
|
|
— |
|
(0.1 |
) |
|
0.1 |
0.1 |
— |
|
|
0.1 |
|
— |
Foreign Subsidiary Liquidation(1) |
|
— |
|
— |
|
|
— |
|
2.2 |
|
— |
|
|
2.2 |
|
|
0.04 |
|
|
|
— |
|
— |
|
|
— |
— |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
(2.5 |
) |
|
(2.5 |
) |
|
(0.04 |
) |
|
|
— |
|
— |
|
|
— |
— |
— |
|
|
— |
|
— |
Adjustments Subtotal * |
|
1.3 |
|
(1.9 |
) |
|
3.1 |
|
0.5 |
|
(2.2 |
) |
|
(1.7 |
) |
|
(0.03 |
) |
|
|
1.3 |
|
(4.5 |
) |
|
5.8 |
5.8 |
(1.6 |
) |
|
4.2 |
|
0.08 |
Adjusted (non-GAAP) * |
$ |
123.6 |
$ |
90.8 |
|
$ |
32.8 |
|
|
|
$ |
20.1 |
|
$ |
0.34 |
|
|
$ |
124.4 |
$ |
83.5 |
|
$ |
41.0 |
|
|
$ |
23.8 |
$ |
0.41 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(1) |
|||||||||||||||||||||||||||||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
|||||||||||||||||||||||||||||||||
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
|||||||||||||||||||||||||||||||||
|
|
|
|
Adjustments |
|
|
|
|
|
|
Adjustments |
|
|
|||||||||||||||||||||||
|
Gross Profit |
SG&A Expenses |
Operating Income |
Pre-tax |
Tax Effect |
Net Income/ (Loss) |
Diluted EPS |
|
Gross Profit |
SG&A Expenses |
Operating Income |
Pre-tax |
Tax Effect |
Net Income/ (Loss) |
Diluted EPS |
|||||||||||||||||||||
GAAP As Reported |
$ |
482.9 |
$ |
348.5 |
|
$ |
134.4 |
|
|
|
$ |
86.9 |
|
$ |
1.48 |
|
|
$ |
441.1 |
$ |
339.0 |
|
$ |
104.5 |
|
|
$ |
44.5 |
|
$ |
0.76 |
|
||||
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Purchase Accounting Amortization |
|
5.2 |
|
— |
|
|
5.2 |
|
5.2 |
|
(1.5 |
) |
|
3.7 |
|
|
0.06 |
|
|
|
5.2 |
|
— |
|
|
5.2 |
5.2 |
|
(1.5 |
) |
|
3.7 |
|
|
0.06 |
|
Restructuring, Asset Impairment, Severance, and Other, net |
|
— |
|
(2.5 |
) |
|
2.5 |
|
2.5 |
|
(0.6 |
) |
|
1.9 |
|
|
0.03 |
|
|
|
— |
|
(8.1 |
) |
|
5.6 |
5.6 |
|
(1.6 |
) |
|
4.1 |
|
|
0.07 |
|
Cyber Event Impact |
|
— |
|
0.7 |
|
|
(0.7 |
) |
(5.5 |
) |
1.3 |
|
|
(4.2 |
) |
|
(0.07 |
) |
|
|
— |
|
(1.1 |
) |
|
1.1 |
1.1 |
|
(0.3 |
) |
|
0.8 |
|
|
0.01 |
|
Property Casualty Loss(1) |
|
— |
|
— |
|
|
— |
|
(2.3 |
) |
0.6 |
|
|
(1.8 |
) |
|
(0.03 |
) |
|
|
— |
|
— |
|
|
— |
(0.5 |
) |
0.1 |
|
|
(0.4 |
) |
|
(0.01 |
) |
Loss on Foreign Subsidiary Liquidation (2) |
|
— |
|
— |
|
|
— |
|
2.2 |
|
— |
|
|
2.2 |
|
|
0.04 |
|
|
|
— |
|
— |
|
|
— |
6.2 |
|
(1.1 |
) |
|
5.1 |
|
|
0.09 |
|
Loss on Discontinuance of Interest Rate Swaps |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
— |
|
|
— |
1.0 |
|
(0.2 |
) |
|
0.8 |
|
|
0.01 |
|
|
|
— |
|
— |
|
|
— |
|
— |
|
(2.5 |
) |
|
(2.5 |
) |
|
(0.04 |
) |
|
|
— |
|
— |
|
|
— |
— |
|
— |
|
|
— |
|
|
— |
|
Adjustments Subtotal * |
|
5.2 |
|
(1.8 |
) |
|
7.0 |
|
2.0 |
|
(2.7 |
) |
|
(0.7 |
) |
|
(0.01 |
) |
|
|
5.1 |
|
(9.2 |
) |
|
11.9 |
18.6 |
|
(4.5 |
) |
|
14.0 |
|
|
0.24 |
|
Adjusted (non-GAAP) * |
$ |
488.1 |
$ |
346.7 |
|
$ |
141.4 |
|
|
|
$ |
86.2 |
|
$ |
1.46 |
|
|
$ |
446.2 |
$ |
329.8 |
|
$ |
116.4 |
|
|
$ |
58.6 |
|
$ |
1.00 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(1) Represents insurance recovery. |
||||||||||||||||||||||||||||||||||||
(2) In 2024 our |
||||||||||||||||||||||||||||||||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
||||||||||||||||||||||||||||||||||||
Reconciliation of Segment GAAP Financial Measures to Non-GAAP Financial Measures ("Currency-Neutral Net Sales", "Adjusted Gross Profit" and "AOI")
(In millions)
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
||||||||||
|
AMS Segment |
EAAA Segment |
Consolidated * |
|
AMS Segment |
EAAA Segment |
Consolidated * |
||||||
Net Sales as Reported (GAAP) |
$ |
205.7 |
$ |
129.3 |
$ |
335.0 |
|
$ |
188.2 |
$ |
136.9 |
$ |
325.1 |
Impact of Changes in Currency |
|
0.5 |
|
0.5 |
|
1.0 |
|
|
— |
|
— |
|
— |
Currency-Neutral Net Sales * |
$ |
206.3 |
$ |
129.8 |
$ |
336.0 |
|
$ |
188.2 |
$ |
136.9 |
$ |
325.1 |
|
|
|
|
|
|
|
|
||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
|
|
|
|
|||||||||
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
||||||||||
|
AMS Segment |
EAAA Segment |
Consolidated * |
|
AMS Segment |
EAAA Segment |
Consolidated * |
||||||
Net Sales as Reported (GAAP) |
$ |
800.8 |
$ |
514.8 |
$ |
1,315.7 |
|
$ |
737.0 |
$ |
524.5 |
$ |
1,261.5 |
Impact of Changes in Currency |
|
1.0 |
|
0.8 |
|
1.8 |
|
|
— |
|
— |
|
— |
Currency-Neutral Net Sales * |
$ |
801.8 |
$ |
515.7 |
$ |
1,317.5 |
|
$ |
737.0 |
$ |
524.5 |
$ |
1,261.5 |
|
|
|
|
|
|
|
|
||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
|
|
|
|
|||||||||
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
||||||||||
|
AMS Segment |
EAAA Segment |
Consolidated * |
|
AMS Segment |
EAAA Segment |
Consolidated * |
||||||
Gross Profit (GAAP) |
$ |
81.2 |
$ |
41.1 |
$ |
122.3 |
|
$ |
76.9 |
$ |
46.3 |
$ |
123.2 |
Purchase Accounting Amortization |
|
— |
|
1.3 |
|
1.3 |
|
|
— |
|
1.3 |
|
1.3 |
Adjusted Gross Profit* |
$ |
81.2 |
$ |
42.3 |
$ |
123.6 |
|
$ |
76.9 |
$ |
47.6 |
$ |
124.4 |
|
|
|
|
|
|
|
|
||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
|
|
|
|
|||||||||
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
||||||||||
|
AMS Segment |
EAAA Segment |
Consolidated * |
|
AMS Segment |
EAAA Segment |
Consolidated * |
||||||
Gross Profit (GAAP) |
$ |
306.6 |
$ |
176.3 |
$ |
482.9 |
|
$ |
278.2 |
$ |
162.8 |
$ |
441.0 |
Purchase Accounting Amortization |
|
— |
|
5.2 |
|
5.2 |
|
|
— |
|
5.2 |
|
5.2 |
Cyber Event Impact |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
Adjusted Gross Profit* |
$ |
306.6 |
$ |
181.5 |
$ |
488.1 |
|
$ |
278.2 |
$ |
168.0 |
$ |
446.2 |
|
|
|
|
|
|
|
|
||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
|||||||||||||
|
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
|||||||||||||
|
AMS Segment |
EAAA Segment |
Consolidated * |
|
AMS Segment |
EAAA Segment |
Consolidated * |
|||||||||
GAAP Operating Income (Loss) |
$ |
28.5 |
|
$ |
1.2 |
|
$ |
29.6 |
|
|
$ |
28.0 |
$ |
7.1 |
$ |
35.2 |
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|||||||||
Purchase Accounting Amortization |
|
— |
|
|
1.3 |
|
|
1.3 |
|
|
|
— |
|
1.3 |
|
1.3 |
Cyber Event Impact |
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.3 |
) |
|
|
0.1 |
|
— |
|
0.1 |
Restructuring, Asset Impairment, Severance, and Other, net |
|
1.0 |
|
|
1.2 |
|
|
2.2 |
|
|
|
1.1 |
|
3.4 |
|
4.4 |
Adjustments Subtotal * |
|
0.9 |
|
|
2.2 |
|
|
3.1 |
|
|
|
1.1 |
|
4.7 |
|
5.8 |
AOI * |
$ |
29.4 |
|
$ |
3.4 |
|
$ |
32.8 |
|
|
$ |
29.2 |
$ |
11.8 |
$ |
41.0 |
|
|
|
|
|
|
|
|
|||||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
||||||||||||||||
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
|||||||||||||
|
AMS Segment |
EAAA Segment |
Consolidated * |
|
AMS Segment |
EAAA Segment |
Consolidated * |
|||||||||
GAAP Operating Income (Loss) |
$ |
105.3 |
|
$ |
29.1 |
|
$ |
134.4 |
|
|
$ |
85.0 |
$ |
19.5 |
$ |
104.5 |
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|||||||||
Purchase Accounting Amortization |
|
— |
|
|
5.2 |
|
|
5.2 |
|
|
|
— |
|
5.2 |
|
5.2 |
Cyber Event Impact |
|
(0.4 |
) |
|
(0.4 |
) |
|
(0.7 |
) |
|
|
0.6 |
|
0.5 |
|
1.1 |
Restructuring, Asset Impairment, Severance, and Other, net |
|
1.6 |
|
|
0.9 |
|
|
2.5 |
|
|
|
2.1 |
|
3.5 |
|
5.6 |
Adjustments Subtotal * |
|
1.3 |
|
|
5.7 |
|
|
7.0 |
|
|
|
2.8 |
|
9.1 |
|
11.9 |
AOI * |
$ |
106.6 |
|
$ |
34.8 |
|
$ |
141.4 |
|
|
$ |
87.8 |
$ |
28.6 |
$ |
116.4 |
|
|
|
|
|
|
|
|
|||||||||
* Note: Sum of reconciling items may differ from total due to rounding of individual components |
||||||||||||||||
(in millions) |
Fourth Quarter 2024 |
|
Fourth Quarter 2023 |
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
|||||||
Net Income as Reported (GAAP) |
$ |
21.8 |
|
|
$ |
19.6 |
|
$ |
86.9 |
|
|
$ |
44.5 |
|
Income Tax Expense |
|
5.6 |
|
|
|
7.4 |
|
|
26.6 |
|
|
|
19.1 |
|
Interest Expense (including debt issuance cost amortization) |
|
4.9 |
|
|
|
6.8 |
|
|
23.2 |
|
|
|
31.8 |
|
Depreciation and Amortization (excluding debt issuance cost amortization) |
|
9.6 |
|
|
|
9.7 |
|
|
37.3 |
|
|
|
38.7 |
|
Share-based Compensation Expense |
|
3.7 |
|
|
|
2.9 |
|
|
12.9 |
|
|
|
10.3 |
|
Purchase Accounting Amortization |
|
1.3 |
|
|
|
1.3 |
|
|
5.2 |
|
|
|
5.2 |
|
Restructuring, Asset Impairment, Severance, and Other, net |
|
2.2 |
|
|
|
4.4 |
|
|
2.5 |
|
|
|
5.6 |
|
Cyber Event Impact |
|
(5.1 |
) |
|
|
0.1 |
|
|
(5.5 |
) |
|
|
1.1 |
|
Property Casualty Loss(1) |
|
— |
|
|
|
— |
|
|
(2.3 |
) |
|
|
(0.5 |
) |
Loss on Foreign Subsidiary Liquidation (2) |
|
2.2 |
|
|
|
— |
|
|
2.2 |
|
|
|
6.2 |
|
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (AEBITDA)* |
$ |
46.0 |
|
|
$ |
52.2 |
|
$ |
189.0 |
|
|
$ |
162.0 |
|
|
|
|
|
|
|
|
|
|||||||
(1) Represents insurance recovery. |
||||||||||||||
(2) In 2024 our |
||||||||||||||
|
||||||||||||||
Note: Sum of reconciling items may differ from total due to rounding of individual components |
||||||||||||||
The impacts of changes in foreign currency presented in the tables are calculated based on applying the prior year period's average foreign currency exchange rates to the current year period.
The Company believes that the above non-GAAP performance measures, which management uses in managing and evaluating the Company’s business, may provide users of the Company’s financial information with additional meaningful basis for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225866067/en/
Media Contact:
Christine Needles
Global Corporate Communications
Christine.Needles@interface.com
+1 404-491-4660
Investor Contact:
Bruce Hausmann
Chief Financial Officer
Bruce.Hausmann@interface.com
+1 770-437-6802
Source: Interface, Inc.
FAQ
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