(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
None | ||
(Former name or former address, if changed since last report.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The New York Stock Exchange ( | ||||||||||||||
The New York Stock Exchange ( |
ALBANY INTERNATIONAL CORP. | |||||||||||
By: | /s/ Stephen M. Nolan | ||||||||||
Name: | Stephen M. Nolan | ||||||||||
Title: | Chief Financial Officer and Treasurer | ||||||||||
(Principal Financial Officer) |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Inline XBRL cover page. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | 239,918 | $ | 226,857 | $ | 929,240 | $ | 900,610 | |||||||||||||||
Cost of goods sold | 143,843 | 135,539 | 550,849 | 529,538 | |||||||||||||||||||
Gross profit | 96,075 | 91,318 | 378,391 | 371,072 | |||||||||||||||||||
Selling, general, and administrative expenses | 43,228 | 45,742 | 160,127 | 163,909 | |||||||||||||||||||
Technical and research expenses | 10,006 | 9,043 | 38,922 | 35,347 | |||||||||||||||||||
Restructuring expenses, net | 1,101 | 1,547 | 1,331 | 5,736 | |||||||||||||||||||
Operating income | 41,740 | 34,986 | 178,011 | 166,080 | |||||||||||||||||||
Interest expense, net | 3,370 | 3,542 | 14,891 | 13,584 | |||||||||||||||||||
Aviation Manufacturing Jobs Protection (AMJP) grant | — | — | (5,832) | — | |||||||||||||||||||
Other expense/(income), net | (1,194) | (493) | 3,021 | 13,422 | |||||||||||||||||||
Income before income taxes | 39,564 | 31,937 | 165,931 | 139,074 | |||||||||||||||||||
Income tax expense | 10,788 | 4,327 | 47,163 | 41,831 | |||||||||||||||||||
Net income | 28,776 | 27,610 | 118,768 | 97,243 | |||||||||||||||||||
Net income/(loss) attributable to the noncontrolling interest | 140 | 73 | 290 | (1,346) | |||||||||||||||||||
Net income attributable to the Company | $ | 28,636 | $ | 27,537 | $ | 118,478 | $ | 98,589 | |||||||||||||||
Earnings per share attributable to Company shareholders - Basic | $ | 0.89 | $ | 0.85 | $ | 3.66 | $ | 3.05 | |||||||||||||||
Earnings per share attributable to Company shareholders - Diluted | $ | 0.88 | $ | 0.85 | $ | 3.65 | $ | 3.05 | |||||||||||||||
Shares of the Company used in computing earnings per share: | |||||||||||||||||||||||
Basic | 32,285 | 32,339 | 32,348 | 32,329 | |||||||||||||||||||
Diluted | 32,398 | 32,365 | 32,463 | 32,356 | |||||||||||||||||||
Dividends declared per share, Class A and Class B | $ | 0.21 | $ | 0.20 | $ | 0.81 | $ | 0.77 |
December 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 302,036 | $ | 241,316 | |||||||
Accounts receivable, net | 191,985 | 188,423 | |||||||||
Contract assets, net | 112,546 | 139,289 | |||||||||
Inventories | 117,882 | 110,478 | |||||||||
Income taxes prepaid and receivable | 1,958 | 5,940 | |||||||||
Prepaid expenses and other current assets | 32,394 | 31,830 | |||||||||
Total current assets | $ | 758,801 | $ | 717,276 | |||||||
Property, plant and equipment, net | 436,417 | 448,554 | |||||||||
Intangibles, net | 39,081 | 46,869 | |||||||||
Goodwill | 182,124 | 187,553 | |||||||||
Deferred income taxes | 26,376 | 38,757 | |||||||||
Noncurrent receivables, net | 31,849 | 36,265 | |||||||||
Other assets | 81,416 | 74,662 | |||||||||
Total assets | $ | 1,556,064 | $ | 1,549,936 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 68,954 | $ | 49,173 | |||||||
Accrued liabilities | 124,325 | 125,459 | |||||||||
Current maturities of long-term debt | — | 9 | |||||||||
Income taxes payable | 14,887 | 16,222 | |||||||||
Total current liabilities | 208,166 | 190,863 | |||||||||
Long-term debt | 350,000 | 398,000 | |||||||||
Other noncurrent liabilities | 107,794 | 130,424 | |||||||||
Deferred taxes and other liabilities | 12,499 | 10,784 | |||||||||
Total liabilities | 678,459 | 730,071 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued | — | — | |||||||||
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 40,760,577 issued in 2021 and 39,115,405 in 2020 | 41 | 39 | |||||||||
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 104 in 2021 and 1,617,998 in 2020 | — | 2 | |||||||||
Additional paid in capital | 436,996 | 433,696 | |||||||||
Retained earnings | 863,057 | 770,746 | |||||||||
Accumulated items of other comprehensive income: | |||||||||||
Translation adjustments | (105,880) | (83,203) | |||||||||
Pension and postretirement liability adjustments | (38,490) | (39,661) | |||||||||
Derivative valuation adjustment | (1,614) | (9,544) | |||||||||
Treasury stock (Class A), at cost; 8,665,090 shares in 2021 and 8,391,011 in 2020 | (280,143) | (256,009) | |||||||||
Total Company shareholders' equity | 873,967 | 816,066 | |||||||||
Noncontrolling interest | 3,638 | 3,799 | |||||||||
Total equity | 877,605 | 819,865 | |||||||||
Total liabilities and shareholders' equity | $ | 1,556,064 | $ | 1,549,936 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net income | $ | 28,776 | $ | 27,610 | $ | 118,768 | $ | 97,243 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation | 16,645 | 16,039 | 65,130 | 63,328 | |||||||||||||||||||
Amortization | 2,263 | 2,360 | 9,125 | 9,377 | |||||||||||||||||||
Change in deferred taxes and other liabilities | 5,159 | (1,333) | 12,181 | 11,101 | |||||||||||||||||||
Impairment of property, plant and equipment | 293 | 637 | 856 | 1,173 | |||||||||||||||||||
Non-cash interest expense | 282 | (152) | 875 | (290) | |||||||||||||||||||
Write-off of pension liability adjustments due to settlement/curtailment | — | 411 | — | 411 | |||||||||||||||||||
Compensation and benefits paid or payable in Class A Common Stock | 914 | 909 | 3,146 | 1,505 | |||||||||||||||||||
Provision for credit losses from uncollected receivables and contract assets | (141) | (36) | (1,299) | 1,628 | |||||||||||||||||||
Foreign currency remeasurement (gain)/loss on intercompany loans | (2,599) | (1,504) | (3,150) | 14,246 | |||||||||||||||||||
Fair value adjustment on foreign currency options | — | — | 169 | — | |||||||||||||||||||
Changes in operating assets and liabilities that provided/(used) cash: | |||||||||||||||||||||||
Accounts receivable | 6,558 | 25,453 | (7,734) | 31,522 | |||||||||||||||||||
Contract assets | 3,276 | (31,190) | 25,446 | (59,122) | |||||||||||||||||||
Inventories | (104) | 6,358 | (9,942) | (13,685) | |||||||||||||||||||
Prepaid expenses and other current assets | (3,442) | (822) | (998) | (7,811) | |||||||||||||||||||
Income taxes prepaid and receivable | 1,536 | 775 | 3,944 | 113 | |||||||||||||||||||
Accounts payable | 5,180 | (95) | 9,492 | (15,586) | |||||||||||||||||||
Accrued liabilities | 11,537 | 4,207 | (774) | (3,856) | |||||||||||||||||||
Income taxes payable | 608 | 2,198 | (477) | 5,939 | |||||||||||||||||||
Noncurrent receivables | 1,523 | 3,989 | 4,355 | 4,158 | |||||||||||||||||||
Other noncurrent liabilities | (8,131) | (2,024) | (13,713) | (2,437) | |||||||||||||||||||
Other, net | (1,157) | 2,770 | 2,075 | 1,296 | |||||||||||||||||||
Net cash provided by operating activities | 68,976 | 56,560 | 217,475 | 140,253 | |||||||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Purchases of property, plant and equipment | (21,039) | (10,143) | (52,793) | (41,463) | |||||||||||||||||||
Purchased software | (512) | (772) | (906) | (927) | |||||||||||||||||||
Net cash used in investing activities | (21,551) | (10,915) | (53,699) | (42,390) | |||||||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from borrowings | — | 5,000 | 8,000 | 75,000 | |||||||||||||||||||
Principal payments on debt | — | (25,004) | (56,009) | (101,020) | |||||||||||||||||||
Principal payments on finance lease liabilities | (371) | (416) | (1,438) | (7,214) | |||||||||||||||||||
Debt acquisition costs | — | (2,432) | — | (2,432) | |||||||||||||||||||
Purchase of Treasury shares | (23,449) | — | (23,449) | — | |||||||||||||||||||
Taxes paid in lieu of share issuance | — | — | (998) | (490) | |||||||||||||||||||
Proceeds from options exercised | — | 30 | 153 | 55 | |||||||||||||||||||
Dividends paid | (6,476) | (6,144) | (25,894) | (24,568) | |||||||||||||||||||
Net cash used in financing activities | (30,296) | (28,966) | (99,635) | (60,669) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,310) | 9,333 | (3,421) | 8,582 | |||||||||||||||||||
Increase in cash and cash equivalents | 15,819 | 26,012 | 60,720 | 45,776 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 286,217 | 215,304 | 241,316 | 195,540 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 302,036 | $ | 241,316 | $ | 302,036 | $ | 241,316 |
(in thousands, except percentages) | Net sales as reported, Q4 2021 | (Decrease) due to changes in currency translation rates | Q4 2021 sales on same basis as Q4 2020 currency translation rates | Net sales as reported, Q4 2020 | % Change compared to Q4 2020, excluding currency rate effects | ||||||||||||
Machine Clothing | $ | 156,717 | $ | (995) | $ | 157,712 | $ | 144,173 | 9.4 | % | |||||||
Albany Engineered Composites | 83,201 | (534) | 83,735 | 82,684 | 1.3 | % | |||||||||||
Consolidated total | $ | 239,918 | $ | (1,529) | $ | 241,447 | $ | 226,857 | 6.4 | % | |||||||
(in thousands, except percentages) | Net sales as reported, YTD 2021 | Increase due to changes in currency translation rates | YTD 2021 sales on same basis as 2020 currency translation rates | Net sales as reported, YTD 2020 | % Change compared to 2020, excluding currency rate effects | ||||||||||||
Machine Clothing | $ | 619,015 | $ | 10,834 | $ | 608,181 | $ | 572,955 | 6.1 | % | |||||||
Albany Engineered Composites | 310,225 | 1,822 | 308,403 | 327,655 | (5.9) | % | |||||||||||
Consolidated total | $ | 929,240 | $ | 12,656 | $ | 916,584 | $ | 900,610 | 1.8 | % |
(in thousands, except percentages) | Gross profit, Q4 2021 | Gross profit margin, Q4 2021 | Gross profit, Q4 2020 | Gross profit margin, Q4 2020 | ||||||||||
Machine Clothing | $ | 82,030 | 52.3 | % | $ | 73,410 | 50.9 | % | ||||||
Albany Engineered Composites | 14,045 | 16.9 | % | 17,908 | 21.7 | % | ||||||||
Consolidated total | $ | 96,075 | 40.0 | % | $ | 91,318 | 40.3 | % |
(in thousands, except percentages) | Gross profit, YTD 2021 | Gross profit margin, YTD 2021 | Gross profit, YTD 2020 | Gross profit margin, YTD 2020 | ||||||||||
Machine Clothing | $ | 322,457 | 52.1 | % | $ | 301,144 | 52.6 | % | ||||||
Albany Engineered Composites | 55,934 | 18.0 | % | 69,928 | 21.3 | % | ||||||||
Consolidated total | $ | 378,391 | 40.7 | % | $ | 371,072 | 41.2 | % |
Three months ended December 31, 2021 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 53,923 | $ | 3,141 | $ | (15,324) | $ | 41,740 | ||||||
Interest, taxes, other income/(expense) | — | — | (12,964) | (12,964) | ||||||||||
Net income/(loss) (GAAP) | 53,923 | 3,141 | (28,288) | 28,776 | ||||||||||
Interest expense, net | — | — | 3,370 | 3,370 | ||||||||||
Income tax expense | — | — | 10,788 | 10,788 | ||||||||||
Depreciation and amortization expense | 4,919 | 13,076 | 913 | 18,908 | ||||||||||
EBITDA (non-GAAP) | 58,842 | 16,217 | (13,217) | 61,842 | ||||||||||
Restructuring expenses, net | 1,009 | 72 | 20 | 1,101 | ||||||||||
Foreign currency revaluation (gains)/losses | (151) | (313) | (1,998) | (2,462) | ||||||||||
Acquisition/integration costs | — | 255 | — | 255 | ||||||||||
AMJP grant | — | 138 | — | 138 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (304) | — | (304) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 59,700 | $ | 16,065 | $ | (15,195) | $ | 60,570 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP) | 38.1 | % | 19.3 | % | — | 25.2 | % | |||||||
Three months ended December 31, 2020 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 41,386 | $ | 8,787 | $ | (15,187) | $ | 34,986 | ||||||
Interest, taxes, other income/(expense) | — | — | (7,376) | (7,376) | ||||||||||
Net income/(loss) (GAAP) | 41,386 | 8,787 | (22,563) | 27,610 | ||||||||||
Interest expense, net | — | — | 3,542 | 3,542 | ||||||||||
Income tax expense | — | — | 4,327 | 4,327 | ||||||||||
Depreciation and amortization expense | 5,161 | 12,303 | 935 | 18,399 | ||||||||||
EBITDA (non-GAAP) | 46,547 | 21,090 | (13,759) | 53,878 | ||||||||||
Restructuring expenses, net | 1,332 | 215 | — | 1,547 | ||||||||||
Foreign currency revaluation (gains)/losses | 3,009 | (372) | (1,134) | 1,503 | ||||||||||
Acquisition/integration costs | — | 405 | — | 405 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (64) | — | (64) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 50,888 | $ | 21,274 | $ | (14,893) | $ | 57,269 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP) | 35.3 | % | 25.7 | % | — | 25.2 | % |
Twelve months ended December 31, 2021 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 215,654 | $ | 16,160 | $ | (53,803) | $ | 178,011 | ||||||
Interest, taxes, other income/(expense) | — | — | (59,243) | (59,243) | ||||||||||
Net income/(loss) (GAAP) | 215,654 | 16,160 | (113,046) | 118,768 | ||||||||||
Interest expense, net | — | — | 14,891 | 14,891 | ||||||||||
Income tax expense | — | — | 47,163 | 47,163 | ||||||||||
Depreciation and amortization expense | 20,191 | 50,402 | 3,662 | 74,255 | ||||||||||
EBITDA (non-GAAP) | 235,845 | 66,562 | (47,330) | 255,077 | ||||||||||
Restructuring expenses, net | 1,202 | 32 | 97 | 1,331 | ||||||||||
Foreign currency revaluation (gains)/losses | (307) | 50 | (1,185) | (1,442) | ||||||||||
AMJP grant | — | 1,101 | (5,832) | (4,731) | ||||||||||
Acquisition/integration costs | — | 1,166 | — | 1,166 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (510) | — | (510) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 236,740 | $ | 68,401 | $ | (54,250) | $ | 250,891 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP) | 38.2 | % | 22.0 | % | — | % | 27.0 | % | ||||||
Twelve months ended December 31, 2020 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 190,805 | $ | 31,536 | $ | (56,261) | $ | 166,080 | ||||||
Interest, taxes, other income/(expense) | — | — | (68,837) | (68,837) | ||||||||||
Net income/(loss) (GAAP) | 190,805 | 31,536 | (125,098) | 97,243 | ||||||||||
Interest expense, net | — | — | 13,584 | 13,584 | ||||||||||
Income tax expense | — | — | 41,831 | 41,831 | ||||||||||
Depreciation and amortization expense | 20,304 | 48,496 | 3,905 | 72,705 | ||||||||||
EBITDA (non-GAAP) | 211,109 | 80,032 | (65,778) | 225,363 | ||||||||||
Restructuring expenses, net | 2,746 | 2,821 | 169 | 5,736 | ||||||||||
Foreign currency revaluation (gains)/losses | 1,743 | 130 | 13,571 | 15,444 | ||||||||||
Former CEO termination costs | — | — | 2,742 | 2,742 | ||||||||||
Acquisition/integration costs | — | 1,272 | — | 1,272 | ||||||||||
Pre-tax loss attributable to noncontrolling interest | — | 1,348 | — | 1,348 | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 215,598 | $ | 85,603 | $ | (49,296) | $ | 251,905 | ||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Net sales-non-GAAP) | 37.6 | % | 26.1 | % | — | 28.0 | % |
Three months ended December 31, 2021 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 1,101 | $ | 332 | $ | 769 | $ | 0.02 | ||||||
Foreign currency revaluation (gains)/losses | (2,462) | (655) | (1,807) | (0.06) | ||||||||||
Acquisition/integration costs | 255 | 76 | 179 | 0.01 | ||||||||||
AMJP grant | 138 | 42 | 96 | 0.00 | ||||||||||
Three months ended December 31, 2020 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 1,547 | $ | 485 | $ | 1,062 | $ | 0.03 | ||||||
Foreign currency revaluation (gains)/losses | 1,503 | 1,379 | 124 | 0.00 | ||||||||||
Acquisition/integration costs | 405 | 121 | 284 | 0.01 | ||||||||||
Year ended December 31, 2021 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 1,331 | $ | 399 | $ | 932 | $ | 0.02 | ||||||
Foreign currency revaluation (gains)/losses | (1,442) | (323) | (1,119) | (0.04) | ||||||||||
AMJP grant | (4,731) | (1,404) | (3,327) | (0.11) | ||||||||||
Acquisition/integration costs | 1,166 | 349 | 817 | 0.04 | ||||||||||
Year ended December 31, 2020 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses, net | $ | 5,736 | $ | 1,862 | $ | 3,874 | $ | 0.11 | ||||||
Foreign currency revaluation (gains)/losses (a) | 15,444 | 896 | 14,548 | 0.46 | ||||||||||
Former CEO termination costs | 2,742 | 713 | 2,029 | 0.06 | ||||||||||
Acquisition/integration costs | 1,272 | 380 | 892 | 0.04 | ||||||||||
(a) In Q1 2020, the company recorded losses of approximately $17 million in jurisdictions where it cannot record a tax benefit from the losses, which results in an unusual relationship between the pre-tax and after-tax amounts. |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||
Per share amounts (Basic) | 2021 | 2020 | 2021 | 2020 | ||||||||||
Earnings per share (GAAP) | $ | 0.89 | $ | 0.85 | $ | 3.66 | $ | 3.05 | ||||||
Adjustments, after tax: | ||||||||||||||
Restructuring expenses, net | 0.02 | 0.03 | 0.02 | 0.11 | ||||||||||
Foreign currency revaluation (gains)/losses | (0.06) | — | (0.04) | 0.46 | ||||||||||
AMJP grant | — | — | (0.11) | — | ||||||||||
Former CEO termination costs | — | — | — | 0.06 | ||||||||||
Acquisition/integration costs | 0.01 | 0.01 | 0.04 | 0.04 | ||||||||||
Adjusted Earnings per share (non-GAAP) | $ | 0.86 | $ | 0.89 | $ | 3.57 | $ | 3.72 |
(in thousands) | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | — | $ | 2 | $ | 9 | |||||||
Long-term debt | 350,000 | 350,000 | 350,000 | 384,000 | 398,000 | ||||||||||||
Total debt | 350,000 | 350,000 | 350,000 | 384,002 | 398,009 | ||||||||||||
Cash and cash equivalents | 302,036 | 286,217 | 253,330 | 237,871 | 241,316 | ||||||||||||
Net debt (non GAAP) | $ | 47,964 | $ | 63,783 | $ | 96,670 | $ | 146,131 | $ | 156,693 |
Initial Outlook Full Year 2022 Adjusted EBITDA | Machine Clothing | AEC | |||||||||||||||
(in millions) | Low | High | Low | High | |||||||||||||
Net income attributable to the Company (GAAP) (b) | $ | 185 | $ | 204 | $ | 15 | $ | 24 | |||||||||
Income attributable to the noncontrolling interest | — | — | — | (1) | |||||||||||||
Interest expense, net | — | — | — | — | |||||||||||||
Income tax expense | — | — | — | — | |||||||||||||
Depreciation and amortization | 20 | 21 | 50 | 51 | |||||||||||||
EBITDA (non-GAAP) | 205 | 225 | 65 | 74 | |||||||||||||
Restructuring expenses, net (c) | — | — | — | — | |||||||||||||
Foreign currency revaluation (gains)/losses (c) | — | — | — | — | |||||||||||||
Acquisition/integration costs (c) | — | — | — | — | |||||||||||||
Pre-tax (income)/loss attributable to non-controlling interest | — | — | — | 1 | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 205 | $ | 225 | $ | 65 | $ | 75 | |||||||||
(b) Interest, Other income/expense and Income taxes are not allocated to the business segments | |||||||||||||||||
Initial Outlook Full Year 2022 Adjusted EBITDA | Total Company | ||||||||||||||||
(in millions) | Low | High | |||||||||||||||
Net income attributable to the Company (GAAP) (b) | $ | 89 | $ | 105 | |||||||||||||
Income attributable to the noncontrolling interest | — | (1) | |||||||||||||||
Interest expense, net | 13 | 16 | |||||||||||||||
Income tax expense | 39 | 48 | |||||||||||||||
Depreciation and amortization | 74 | 76 | |||||||||||||||
EBITDA (non-GAAP) | 215 | 244 | |||||||||||||||
Restructuring expenses, net (c) | — | — | |||||||||||||||
Foreign currency revaluation (gains)/losses (c) | — | — | |||||||||||||||
Acquisition/integration costs (c) | — | — | |||||||||||||||
Pre-tax (income)/loss attributable to non-controlling interest | — | 1 | |||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 215 | $ | 245 | |||||||||||||
Total Company | |||||||||||||||||
Forecast of Full Year 2022 Earnings per share (basic) (d) | Low | High | |||||||||||||||
Net income attributable to the Company (GAAP) (b) | $ | 2.80 | $ | 3.30 | |||||||||||||
Restructuring expenses, net (c) | — | — | |||||||||||||||
Foreign currency revaluation (gains)/losses (c) | — | — | |||||||||||||||
Acquisition/integration costs (c) | — | — | |||||||||||||||
Adjusted Earnings per share (non-GAAP) | $ | 2.80 | $ | 3.30 | |||||||||||||
(c) Due to the uncertainty of these items, we are unable to forecast these items for 2022. | |||||||||||||||||
(d) Calculations based on estimated shares outstanding of 31.9 million. |