Balchem Corporation (NASDAQ: BCPC) reported today financial results
for its 2024 fiscal first quarter ended March 31, 2024. The
Company reported quarterly net sales of $239.7 million,
quarterly net earnings of $29.0 million, adjusted EBITDA(a) of
$60.9 million, and free cash flow(a) of $26.8 million.
Ted Harris, Chairman, President and CEO of
Balchem said, "The first quarter was a very good start to the year
for Balchem. We delivered record net sales, adjusted EBITDA, and
net earnings, as well as solid first quarter cash flows, despite
the continued challenging environment in parts of our
portfolio.”
First Quarter
2024 Financial Highlights:
- Net sales were a record $239.7 million, an increase of
3.1% compared to the prior year quarter.
- Adjusted EBITDA was a record $60.9 million, an increase of
8.0% from the prior year quarter.
- GAAP net earnings were $29.0 million, an increase of 27.6%
from the prior year quarter.
- GAAP earnings per share of $0.89 compared to $0.70 in the prior
year quarter and adjusted earnings per share(a) of $1.03 compared
to $0.94 in the prior year quarter.
- Cash flows from operations were $33.4 million for the first
quarter of 2024, with quarterly free cash flow(a) of $26.8
million.
- Record Human Nutrition & Health segment sales of
$152.7 million, an increase of 15.1% compared to the prior
year quarter with record earnings from operations of
$33.3 million, up 80.4%.
Recent Highlights:
- On April 22, we released our 2023 Sustainability Report,
highlighting the Company's Corporate Social Responsibility
initiatives and accomplishments. Guided by our core values and our
vision of making the world a healthier place, our Sustainability
Report demonstrates both the Company's commitment to our corporate
social responsibilities and our continued promise to provide our
employees, customers, shareholders and the communities within which
we operate with important information on our various
initiatives.
- VitaCholine®, Balchem's market leading brand of the essential
nutrient choline, has become a Proud Partner of the New York Jets,
a major professional NFL sports team. This is the first sponsorship
for VitaCholine® and the first sponsorship in the Nutritional
Ingredient category for the Jets. The partnership will help
VitaCholine® reach a large and health-conscious audience and
promote its message of improving well-being of body and mind.
VitaCholine® is a nutrient that supports both mental and physical
performance by enhancing memory, accuracy and muscle control.
Mr. Harris said, "I am very pleased with the
progress Balchem continues to make in advancing our sustainability
efforts, as detailed in our 2023 Sustainability Report. Our
performance, notably on our 2030 goals to reduce both greenhouse
gas emissions and water usage by 25 percent, shows our commitment
to our two main objectives: providing innovative solutions for the
health and nutritional needs of the world and operating with
excellence as strong stewards of our people, communities, and
shareholders."
Mr. Harris continued, "I am excited about 2024.
We had a very good start to the year financially and we continue to
make good progress on our strategic initiatives that will support
our growth over the longer term."
Results for Period Ended
March 31, 2024 (unaudited) (Dollars in thousands,
except per share data)
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
Net
sales |
|
$ |
239,659 |
|
$ |
232,540 |
Gross
margin |
|
|
81,514 |
|
|
73,170 |
Operating
expenses |
|
|
39,838 |
|
|
38,762 |
Earnings
from operations |
|
|
41,676 |
|
|
34,408 |
Interest and
other expenses |
|
|
4,826 |
|
|
5,289 |
Earnings
before income tax expense |
|
|
36,850 |
|
|
29,119 |
Income tax
expense |
|
|
7,864 |
|
|
6,409 |
Net
earnings |
|
$ |
28,986 |
|
$ |
22,710 |
|
|
|
|
|
Diluted net
earnings per common share |
|
$ |
0.89 |
|
$ |
0.70 |
|
|
|
|
|
Adjusted
EBITDA(a) |
|
$ |
60,866 |
|
$ |
56,357 |
Adjusted net
earnings(a) |
|
$ |
33,584 |
|
$ |
30,581 |
Adjusted net
earnings per common share(a) |
|
$ |
1.03 |
|
$ |
0.94 |
|
|
|
|
|
Shares used
in the calculations of diluted and adjusted net earnings per common
share |
|
|
32,627 |
|
|
32,415 |
(a) |
See
“Non-GAAP Financial Information” for a reconciliations of GAAP and
non-GAAP financial measures. |
|
|
Financial Results for the First Quarter of
2024:
The Human Nutrition &
Health segment generated record sales of $152.7 million,
an increase of $20.1 million, or 15.1%, compared to the prior
year quarter. The increase was primarily driven by higher sales
within the minerals and nutrients business. Record earnings from
operations for this segment of $33.3 million increased $14.8
million, or 80.4%, compared to $18.4 million in the prior year
quarter, primarily due to the aforementioned higher sales and lower
manufacturing input costs. Excluding the effect of non-cash expense
associated with amortization of acquired intangible assets and
other adjustments, adjusted earnings from operations(a) for this
segment were a record $38.5 million, compared to $26.9 million in
the prior year quarter, an increase of 43.3%.
The Animal Nutrition &
Health segment generated quarterly sales of $53.9 million,
a decrease of $11.0 million, or 16.9%, compared to the prior
year quarter. The decrease was driven by lower sales in both the
monogastric and ruminant species markets. First quarter earnings
from operations for this segment of $2.1 million decreased $7.4
million, or 78.3%, compared to $9.5 million in the prior year
quarter, primarily due to the aforementioned lower sales, partially
offset by lower manufacturing input costs. Excluding the effect of
non-cash expense associated with amortization of acquired
intangible assets and other adjustments, adjusted earnings from
operations for this segment were $2.4 million compared to $10.0
million in the prior year quarter, a decrease of 75.8%.
The Specialty Products segment
generated quarterly sales of $31.6 million, a decrease of $0.6
million, or 1.9%, compared to the prior year quarter, due to lower
sales in the plant nutrition business, partially offset by higher
sales in the performance gases business. Earnings from operations
for this segment were $8.2 million, compared to $7.9 million in the
prior year comparable quarter, an increase of $0.3 million, or
3.2%, primarily driven by lower manufacturing input costs,
partially offset by an increase in operating expenses. Excluding
the effect of non-cash expense associated with amortization of
acquired intangible assets and other adjustments, adjusted earnings
from operations for this segment were $9.3 million, compared to
$9.1 million in the prior year quarter, an increase of 3.1%.
Record quarterly consolidated gross margin of
$81.5 million increased by $8.3 million, or 11.4%, compared to
$73.2 million for the prior year comparable period. Gross margin as
a percentage of sales was 34.0% as compared to 31.5% in the prior
year period, an increase of 255 basis points, primarily due to a
favorable mix and decreases in certain manufacturing input costs.
Operating expenses of $39.8 million for the quarter increased
$1.1 million from the prior year comparable quarter, primarily
due to higher compensation-related expenses and the impact of a
gain on sale of fixed assets recognized in the prior year,
partially offset by lower transaction and integration-related
expenses. Excluding non-cash operating expenses associated with
amortization of intangible assets of $5.7 million, operating
expenses were $34.1 million, or 14.2% of sales.
Interest expense was $5.4 million and $5.6
million in the first quarters of 2024 and 2023, respectively. Our
effective tax rates for the three months ended March 31, 2024
and 2023 were 21.3% and 22.0%, respectively. The lower effective
tax rate was primarily due to higher tax benefits from stock-based
compensation and certain lower foreign taxes.
First quarter cash flows provided by operating
activities were $33.4 million and free cash flow was $26.8 million.
The $200.4 million of net working capital on March 31, 2024
included a cash balance of $60.3 million. Significant cash payments
during the quarter included a dividend payment of
$25.6 million, net repayments on the revolving loan of
$8.0 million and capital expenditures and intangible assets
acquired of $6.9 million.
Ted Harris said, “The Balchem team delivered
record first quarter sales and adjusted EBITDA results, once again
highlighting the resilience of our business model. Two of our three
reporting segments are performing very well, with our Human
Nutrition and Health segment delivering all-time record results
which are more than offsetting the challenges we are experiencing
in our Animal Nutrition and Health segment. We are well positioned
in the markets we serve and remain confident in the long-term
growth outlook for our markets as we continue to focus on
progressing our strategic growth initiatives in 2024 and
beyond.”
Quarterly Conference Call
A quarterly conference call will be held on
Friday, May 3, 2024, at 11:00 AM Eastern Time (ET) to review
first quarter 2024 results. Ted Harris, Chairman, President and CEO
and Martin Bengtsson, CFO will host the call. We invite you to
listen to the conference by calling toll-free 1-877-407-8289 (local
dial-in 1-201-689-8341), five minutes prior to the scheduled start
time of the conference call. The conference call will be available
for replay three hours after the conclusion of the call through end
of day Friday, May 17, 2024. To access the replay of the conference
call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use
conference ID #13745950.
Segment Information
Balchem Corporation reports three business
segments: Human Nutrition & Health, Animal Nutrition &
Health, and Specialty Products. The Human Nutrition & Health
segment delivers customized food and beverage ingredient systems,
as well as key nutrients into a variety of applications across the
food, supplement and pharmaceutical industries. The Animal
Nutrition & Health segment manufactures and supplies products
to numerous animal health markets. Through Specialty Products,
Balchem provides specialty-packaged chemicals for use in healthcare
and other industries, and also provides chelated minerals to the
micronutrient agricultural market. Sales and production of products
outside of our reportable segments and other minor business
activities are included in "Other and Unallocated".
Forward-Looking Statements
This release contains forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended,
which reflect our expectation or belief concerning future events
that involve risks and uncertainties. These forward-looking
statements generally are identified by the words "believe,"
"project," "expect," "anticipate," “likely,” "estimate,"
"forecast," "outlook," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," or the negative thereof or
variations thereon or similar expressions generally intended to
identify forward-looking statements. Actions and performance could
differ materially from what is contemplated by the forward-looking
statements contained in this release. Factors that might cause
differences from the forward-looking statements include those
referred to or identified in Balchem’s Annual Report on Form 10-K
for the year ended December 31, 2023 and other factors that
may be identified elsewhere in this release or in our other SEC
filings. Reference should be made to such factors and all
forward-looking statements are qualified in their entirety by the
above cautionary statements. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Contact: Jacqueline Yarmolowicz Balchem
Corporation (Telephone: 845-326-5600)
Selected Financial Data
(unaudited) ($ in 000’s)
Business Segment Net Sales: |
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
Human
Nutrition & Health |
|
$ |
152,744 |
|
$ |
132,653 |
Animal
Nutrition & Health |
|
|
53,921 |
|
|
64,889 |
Specialty
Products |
|
|
31,613 |
|
|
32,231 |
Other and
Unallocated (b) |
|
|
1,381 |
|
|
2,767 |
Total |
|
$ |
239,659 |
|
$ |
232,540 |
Business Segment Earnings Before Income
Taxes: |
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Human
Nutrition & Health |
|
$ |
33,257 |
|
|
$ |
18,435 |
|
Animal
Nutrition & Health |
|
|
2,060 |
|
|
|
9,498 |
|
Specialty
Products |
|
|
8,199 |
|
|
|
7,946 |
|
Other and
Unallocated (b) |
|
|
(1,840 |
) |
|
|
(1,471 |
) |
Interest and
other expenses |
|
|
(4,826 |
) |
|
|
(5,289 |
) |
Total |
|
$ |
36,850 |
|
|
$ |
29,119 |
|
|
|
|
|
|
(b) Other and
Unallocated consists of a few minor businesses which individually
do not meet the quantitative thresholds for separate presentation
and corporate expenses that have not been allocated to a segment.
Unallocated corporate expenses consist of: (i) Transaction and
integration costs of $440 and $565 for the three months ended
March 31, 2024 and 2023, respectively, and (ii) Unallocated
amortization expense of $0 and $312 for the three months ended
March 31, 2024 and 2023, respectively, related to an
intangible asset in connection with a company-wide ERP system
implementation. |
|
Selected Balance Sheet Items |
|
|
|
|
(Dollars in
thousands) |
|
March 31,
2024 |
|
December 31,
2023 |
|
|
(unaudited) |
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
60,349 |
|
$ |
64,447 |
Accounts
Receivable, net |
|
|
139,881 |
|
|
125,284 |
Inventories |
|
|
110,381 |
|
|
109,521 |
Other
Current Assets |
|
|
14,248 |
|
|
14,990 |
Total
Current Assets |
|
|
324,859 |
|
|
314,242 |
|
|
|
|
|
Property,
Plant & Equipment, net |
|
|
274,033 |
|
|
276,039 |
Goodwill |
|
|
771,538 |
|
|
778,907 |
Intangible
Assets with Finite Lives, net |
|
|
182,044 |
|
|
191,212 |
Right of Use
Assets |
|
|
19,010 |
|
|
19,864 |
Other
Assets |
|
|
17,216 |
|
|
16,947 |
Total
Non-current Assets |
|
|
1,263,841 |
|
|
1,282,969 |
|
|
|
|
|
Total
Assets |
|
$ |
1,588,700 |
|
$ |
1,597,211 |
|
|
|
|
|
Current
Liabilities |
|
$ |
124,425 |
|
$ |
148,491 |
Revolving
Loan |
|
|
301,569 |
|
|
309,569 |
Deferred
Income Taxes |
|
|
51,006 |
|
|
52,046 |
Other
Long-Term Obligations |
|
|
32,909 |
|
|
33,121 |
Total
Liabilities |
|
|
509,909 |
|
|
543,227 |
|
|
|
|
|
Stockholders' Equity |
|
|
1,078,791 |
|
|
1,053,984 |
|
|
|
|
|
Total
Liabilities and Stockholders' Equity |
|
$ |
1,588,700 |
|
$ |
1,597,211 |
Balchem Corporation
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Cash
flows from operating activities: |
|
|
|
|
Net
earnings |
|
$ |
28,986 |
|
|
$ |
22,710 |
|
Adjustments
to reconcile net earnings to net cash provided by operating
activities: |
|
|
|
|
Depreciation
and amortization |
|
|
13,668 |
|
|
|
13,646 |
|
Stock
compensation expense |
|
|
4,750 |
|
|
|
4,770 |
|
Other
adjustments |
|
|
(949 |
) |
|
|
111 |
|
Changes in
assets and liabilities |
|
|
(13,067 |
) |
|
|
(6,399 |
) |
Net
cash provided by operating activities |
|
|
33,388 |
|
|
|
34,838 |
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
Capital
expenditures and intangible assets acquired |
|
|
(6,910 |
) |
|
|
(9,664 |
) |
Cash paid
for acquisitions, net of cash acquired |
|
|
— |
|
|
|
(341 |
) |
Proceeds
from the sale of assets |
|
|
213 |
|
|
|
— |
|
Investment
in affiliates |
|
|
(42 |
) |
|
|
(56 |
) |
Net
cash used in investing activities |
|
|
(6,739 |
) |
|
|
(10,061 |
) |
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
Proceeds
from revolving loan |
|
|
26,000 |
|
|
|
13,000 |
|
Principal
payments on revolving loan |
|
|
(34,000 |
) |
|
|
(22,000 |
) |
Principal
payments on finance lease |
|
|
(57 |
) |
|
|
(55 |
) |
Proceeds
from stock options exercised |
|
|
8,791 |
|
|
|
2,453 |
|
Dividends
paid |
|
|
(25,555 |
) |
|
|
(22,867 |
) |
Purchase of
common stock |
|
|
(5,202 |
) |
|
|
(3,849 |
) |
Net
cash used in financing activities |
|
|
(30,023 |
) |
|
|
(33,318 |
) |
|
|
|
|
|
Effect of
exchange rate changes on cash |
|
|
(724 |
) |
|
|
2,180 |
|
|
|
|
|
|
Decrease in cash and cash equivalents |
|
|
(4,098 |
) |
|
|
(6,361 |
) |
|
|
|
|
|
Cash
and cash equivalents, beginning of period |
|
|
64,447 |
|
|
|
66,560 |
|
Cash
and cash equivalents, end of period |
|
$ |
60,349 |
|
|
$ |
60,199 |
|
Non-GAAP Financial Information
In addition to disclosing financial results in
accordance with United States (U.S.) generally accepted accounting
principles (GAAP), this earnings release contains non-GAAP
financial measures that we believe are helpful in understanding and
comparing our past financial performance and our future results.
The non-GAAP financial measures in this press release include
adjusted gross margin, adjusted earnings from operations, adjusted
net earnings and the related adjusted per diluted share amounts,
EBITDA, adjusted EBITDA, adjusted income tax expense, and free cash
flow. The non-GAAP financial measures disclosed by the company
exclude certain business combination accounting adjustments and
certain other items related to acquisitions, certain equity
compensation, nonqualified deferred compensation plan expense
(income), and certain one-time or unusual transactions. Detailed
non-GAAP adjustments are described in the reconciliation tables
below and also explained in the related footnotes. These non-GAAP
financial measures should not be considered a substitute for, or
superior to, financial measures calculated in accordance with GAAP,
and the financial results calculated in accordance with GAAP and
reconciliations from these results should be carefully evaluated.
Investors should not consider non-GAAP measures as alternatives to
the related GAAP measures.
Set forth below are reconciliations of the
non-GAAP financial measures to the most directly comparable GAAP
financial measures.
Table 1
Reconciliation of Non-GAAP Measures to
GAAP (Dollars in thousands, except per share data)
(unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of adjusted gross margin |
|
|
|
|
GAAP gross
margin |
|
$ |
81,514 |
|
|
$ |
73,170 |
|
Inventory
valuation adjustment (1) |
|
|
— |
|
|
|
1,202 |
|
Amortization
of intangible assets and finance lease (2) |
|
|
704 |
|
|
|
681 |
|
Adjusted
gross margin |
|
$ |
82,218 |
|
|
$ |
75,053 |
|
|
|
|
|
|
Reconciliation of adjusted earnings from
operations |
|
|
|
|
GAAP
earnings from operations |
|
$ |
41,676 |
|
|
$ |
34,408 |
|
Inventory
valuation adjustment (1) |
|
|
— |
|
|
|
1,202 |
|
Amortization
of intangible assets and finance lease (2) |
|
|
6,402 |
|
|
|
7,350 |
|
Transaction
and integration costs (3) |
|
|
440 |
|
|
|
2,165 |
|
Nonqualified
deferred compensation plan expense (4) |
|
|
403 |
|
|
|
237 |
|
Adjusted
earnings from operations |
|
$ |
48,921 |
|
|
$ |
45,362 |
|
|
|
|
|
|
Reconciliation of adjusted net earnings |
|
|
|
|
GAAP net
earnings |
|
$ |
28,986 |
|
|
$ |
22,710 |
|
Inventory
valuation adjustment (1) |
|
|
— |
|
|
|
1,202 |
|
Amortization
of intangible assets and finance lease (2) |
|
|
6,474 |
|
|
|
7,422 |
|
Transaction
and integration costs (3) |
|
|
440 |
|
|
|
2,165 |
|
Income tax
adjustment (5) |
|
|
(2,316 |
) |
|
|
(2,918 |
) |
Adjusted net
earnings |
|
$ |
33,584 |
|
|
$ |
30,581 |
|
|
|
|
|
|
Adjusted net
earnings per common share - diluted |
|
$ |
1.03 |
|
|
$ |
0.94 |
|
Table 2(unaudited)
Reconciliation of GAAP Net
Earnings to EBITDA and to Adjusted EBITDA
(Dollars in thousands)
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
Net earnings - as reported |
|
$ |
28,986 |
|
$ |
22,710 |
Add
back: |
|
|
|
|
Provision
for income taxes |
|
|
7,864 |
|
|
6,409 |
Interest and
other expenses |
|
|
4,826 |
|
|
5,289 |
Depreciation
and amortization |
|
|
13,597 |
|
|
13,575 |
EBITDA |
|
|
55,273 |
|
|
47,983 |
Add back
certain items: |
|
|
|
|
Non-cash
compensation expense related to equity awards |
|
|
4,750 |
|
|
4,770 |
Inventory
valuation adjustment (1) |
|
|
— |
|
|
1,202 |
Transaction
and integration costs (3) |
|
|
440 |
|
|
2,165 |
Nonqualified
deferred compensation plan expense (4) |
|
|
403 |
|
|
237 |
Adjusted
EBITDA |
|
$ |
60,866 |
|
$ |
56,357 |
Table 3(unaudited)
Reconciliation of GAAP Effective Income
Tax Rate to Non-GAAP Effective Income Tax Rate (Dollars in
thousands)
|
|
Three Months
Ended March 31, |
|
|
2024 |
|
Effective Tax Rate |
|
|
2023 |
|
Effective Tax Rate |
GAAP Income Tax Expense |
|
$ |
7,864 |
|
21.3 |
% |
|
$ |
6,409 |
|
22.0 |
% |
Impact of
ASU 2016-09 (6) |
|
|
708 |
|
|
|
|
396 |
|
|
Adjusted
Income Tax Expense |
|
$ |
8,572 |
|
23.3 |
% |
|
$ |
6,805 |
|
23.4 |
% |
Table 4 (unaudited)
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow (Dollars in
thousands)
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash
provided by operating activities |
|
$ |
33,388 |
|
|
$ |
34,838 |
|
Capital
expenditures and proceeds from the sale of assets |
|
|
(6,573 |
) |
|
|
(9,612 |
) |
Free cash
flow |
|
$ |
26,815 |
|
|
$ |
25,226 |
|
(1)
Inventory valuation adjustment: Business combination accounting
principles require us to measure acquired inventory at fair value.
The fair value of inventory reflects the acquired company's cost of
manufacturing plus a portion of the expected profit margin. The
non-GAAP adjustment to our cost of sales excludes the expected
profit margin component that is recorded under business combination
accounting principles. We believe the adjustment is useful to
investors as an additional means to reflect cost of sales and gross
margin trends of our business. |
|
(2)
Amortization of intangible assets and finance lease: Amortization
of intangible assets and finance lease consists of amortization of
customer relationships, trademarks and trade names, developed
technology, regulatory registration costs, patents and trade
secrets, capitalized loan issuance costs, other intangibles
acquired primarily in connection with business combinations, an
intangible asset in connection with a company-wide ERP system
implementation, and one finance lease. We record expense relating
to the amortization of these intangibles and finance lease in our
GAAP financial statements. Amortization expenses for our intangible
assets and finance lease are inconsistent in amount and are
significantly impacted by the timing and valuation of an
acquisition. Consequently, our non-GAAP adjustments exclude these
expenses to facilitate an evaluation of our current operating
performance and comparisons to our past operating performance. |
|
(3)
Transaction and integration costs: Transaction and integration
costs related to acquisitions and divestitures are expensed in our
GAAP financial statements. Management excludes these items for the
purposes of calculating Adjusted EBITDA and other non-GAAP
financial measures. We believe that excluding these items from our
non-GAAP financial measures is useful to investors because these
are items associated with transactions that are inconsistent in
amount and frequency causing comparison of current and historical
financial results to be difficult. |
|
(4)
Nonqualified deferred compensation plan (income) expense: Gains and
losses on rabbi trust assets related to our nonqualified deferred
compensation plan are recorded in other (income) expense while the
offsetting increases or decreases to the deferred compensation
liability are recorded within earnings from operations. The
increases and decreases in the deferred compensation liability are
driven by market volatility and are not a true reflection of
company performance. We believe excluding these amounts from our
non-GAAP financial measures is useful to investors because these
items are inconsistent in amount based on market conditions causing
comparison of current and historical financial results to be
difficult. Adjustments have been made to the prior period
presentation to conform with the current period presentation. |
|
(5)
Income tax adjustment: For purposes of calculating adjusted net
earnings and adjusted diluted earnings per share, we adjust the
provision for (benefit from) income taxes to tax effect the taxable
and deductible non-GAAP adjustments described above as they have a
significant impact on our income tax (benefit) provision.
Additionally, the income tax adjustment is adjusted for the impact
of adopting ASU 2016-09, “Improvements to Employee Share-Based
Payment Accounting” and uses our non-GAAP effective rate applied to
both our GAAP earnings before income tax expense and non-GAAP
adjustments described above. See Table 3 for the calculation of our
non-GAAP effective tax rate. |
|
(6)
Impact of ASU 2016-09: The primary impact of ASU No. 2016-09,
"Improvements to Employee Share-Based Payment Accounting" ("ASU
2016-09"), was the recognition during the three months ended
March 31, 2024 and 2023, of excess tax benefits as a reduction
to the provision for income taxes and the classification of these
excess tax benefits in operating activities in the consolidated
statement of cash flows instead of financing activities. |
Balchem (NASDAQ:BCPC)
過去 株価チャート
から 5 2024 まで 6 2024
Balchem (NASDAQ:BCPC)
過去 株価チャート
から 6 2023 まで 6 2024