Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FULLER H B CO | ful20200303_8k.htm |
Exhibit 99.1
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Fiscal year ended November 30, 2019
In thousands (unaudited)
|
Quarter Ended March 2, 2019 |
Quarter Ended |
Quarter Ended |
Quarter Ended |
Year Ended |
||||||||||||||||
|
Net Revenue |
||||||||||||||||||||
|
Hygiene, Health and Consumable Adhesives |
$ | 319,854 | $ | 337,892 | $ | 328,420 | $ | 342,120 | $ | 1,328,286 | ||||||||||
|
Engineering Adhesives |
$ | 264,372 | $ | 303,922 | $ | 286,716 | $ | 303,393 | $ | 1,158,403 | ||||||||||
|
Construction Adhesives |
$ | 82,790 | $ | 111,791 | $ | 108,406 | $ | 93,593 | $ | 396,580 | ||||||||||
|
Corporate Unallocated |
$ | 5,919 | $ | 5,978 | $ | 1,834 | $ | - | $ | 13,731 | ||||||||||
|
Total H.B. Fuller |
$ | 672,935 | $ | 759,583 | $ | 725,376 | $ | 739,106 | $ | 2,897,000 | ||||||||||
|
Segment Operating Income |
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|
Hygiene, Health and Consumable Adhesives |
$ | 20,890 | $ | 32,048 | $ | 32,638 | $ | 30,385 | $ | 115,961 | ||||||||||
|
Engineering Adhesives |
$ | 21,986 | $ | 39,313 | $ | 36,847 | $ | 38,153 | $ | 136,299 | ||||||||||
|
Construction Adhesives |
$ | (1,656 | ) | $ | 8,252 | $ | 7,650 | $ | 2,411 | $ | 16,657 | |||||||||
|
Corporate Unallocated |
$ | (7,008 | ) | $ | (7,233 | ) | $ | (10,429 | ) | $ | (18,253 | ) | $ | (42,923 | ) | |||||
|
Total H.B. Fuller |
$ | 34,212 | $ | 72,380 | $ | 66,706 | $ | 52,696 | $ | 225,994 | ||||||||||
|
Adjusted EBITDA1 |
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|
Hygiene, Health and Consumable Adhesives |
$ | 33,709 | $ | 44,845 | $ | 45,146 | $ | 42,985 | $ | 166,685 | ||||||||||
|
Engineering Adhesives |
$ | 37,574 | $ | 54,795 | $ | 52,152 | $ | 53,332 | $ | 197,853 | ||||||||||
|
Construction Adhesives |
$ | 8,427 | $ | 18,272 | $ | 17,486 | $ | 12,329 | $ | 56,514 | ||||||||||
|
Corporate Unallocated |
$ | 3,141 | $ | 3,280 | $ | 1,339 | $ | 3,532 | $ | 11,293 | ||||||||||
|
Total H.B. Fuller |
$ | 82,851 | $ | 121,192 | $ | 116,123 | $ | 112,178 | $ | 432,345 | ||||||||||
|
Adjusted EBITDA Margin1 |
||||||||||||||||||||
|
Hygiene, Health and Consumable Adhesives |
10.5% | 13.3% | 13.7% | 12.6% | 12.5% | |||||||||||||||
|
Engineering Adhesives |
14.2% | 18.0% | 18.2% | 17.6% | 17.1% | |||||||||||||||
|
Construction Adhesives |
10.2% | 16.3% | 16.1% | 13.2% | 14.3% | |||||||||||||||
|
Corporate Unallocated |
NMP | NMP | NMP | NMP | NMP | |||||||||||||||
|
Total H.B. Fuller |
12.3% | 16.0% | 16.0% | 15.2% | 14.9% | |||||||||||||||
|
1 Adjusted net income attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted net income attributable to H.B. Fuller is defined as net income before specific adjustments. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and specific adjustments. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue. The following tables provide a reconciliation of adjusted net income attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin to net income attributable to H.B. Fuller, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. |
NMP = non-meaningful percentage
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
|
Hygiene, Health and |
Engineering |
Construction |
Corporate |
H.B. Fuller |
||||||||||||||||||||
|
Consumable Adhesives |
Adhesives |
Adhesives |
Total |
Unallocated |
Consolidated |
|||||||||||||||||||
|
Year Ended November 30, 2019 |
||||||||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 121,237 | $ | 140,678 | $ | 20,663 | $ | 282,578 | $ | (151,761 | ) | $ | 130,817 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 2,204 | 2,204 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 7,647 | 7,647 | ||||||||||||||||||
|
Royal restructuring and integration |
- | - | - | - | 787 | 787 | ||||||||||||||||||
|
Tax reform |
- | - | - | - | 132 | 132 | ||||||||||||||||||
|
Project ONE |
- | - | - | - | 4,115 | 4,115 | ||||||||||||||||||
|
Other |
- | - | - | - | 7,964 | 7,964 | ||||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller1 |
121,237 | 140,678 | 20,663 | 282,578 | (128,912 | ) | 153,666 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 103,287 | 103,287 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (12,178 | ) | (12,178 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 47,465 | 47,465 | ||||||||||||||||||
|
Depreciation and amortization expense |
45,448 | 57,175 | 35,851 | 138,474 | 1,631 | 140,105 | ||||||||||||||||||
|
Adjusted EBITDA1 |
$ | 166,685 | $ | 197,853 | $ | 56,514 | $ | 421,052 | $ | 11,293 | $ | 432,345 | ||||||||||||
|
Revenue |
$ | 1,328,286 | $ | 1,158,403 | $ | 396,580 | $ | 2,883,269 | $ | 13,731 | $ | 2,897,000 | ||||||||||||
|
Adjusted EBITDA Margin1 |
12.5% | 17.1% | 14.3% | 14.6% | NMP | 14.9% | ||||||||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
|
Hygiene, Health and |
Engineering |
Construction |
Corporate |
H.B. Fuller |
||||||||||||||||||||
|
Consumable Adhesives |
Adhesives |
Adhesives |
Total |
Unallocated |
Consolidated |
|||||||||||||||||||
|
Quarter Ended March 2, 2019 |
||||||||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 22,236 | $ | 23,065 | $ | (669 | ) | $ | 44,632 | $ | (32,388 | ) | $ | 12,244 | ||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 84 | 84 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 350 | 350 | ||||||||||||||||||
|
Royal restructuring and integration |
- | - | - | - | 4,365 | 4,365 | ||||||||||||||||||
|
Tax reform |
- | - | - | - | 55 | 55 | ||||||||||||||||||
|
Project ONE |
- | - | - | - | 813 | 813 | ||||||||||||||||||
|
Other |
- | - | - | - | (392 | ) | (392 | ) | ||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller1 |
22,236 | 23,065 | (669 | ) | 44,632 | (27,113 | ) | 17,519 | ||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 26,807 | 26,807 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (3,053 | ) | (3,053 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 6,050 | 6,050 | ||||||||||||||||||
|
Depreciation and amortization expense |
11,473 | 14,509 | 9,096 | 35,078 | 450 | 35,528 | ||||||||||||||||||
|
Adjusted EBITDA1 |
$ | 33,709 | $ | 37,574 | $ | 8,427 | $ | 79,710 | $ | 3,141 | $ | 82,851 | ||||||||||||
|
Revenue |
$ | 319,854 | $ | 264,372 | $ | 82,790 | $ | 667,016 | $ | 5,919 | $ | 672,935 | ||||||||||||
|
Adjusted EBITDA Margin1 |
10.5% | 14.2% | 10.2% | 12.0% | NMP | 12.3% | ||||||||||||||||||
|
Hygiene, Health and |
Engineering |
Construction |
Corporate |
H.B. Fuller |
||||||||||||||||||||
|
Consumable Adhesives |
Adhesives |
Adhesives |
Total |
Unallocated |
Consolidated |
|||||||||||||||||||
|
Quarter Ended June 1, 2019 |
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|
Net income attributable to H.B. Fuller |
$ | 33,397 | $ | 40,397 | $ | 9,236 | $ | 83,030 | $ | (46,389 | ) | $ | 36,641 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 539 | 539 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 1,444 | 1,444 | ||||||||||||||||||
|
Royal restructuring and integration |
- | - | - | - | 4,761 | 4,761 | ||||||||||||||||||
|
Tax reform |
- | - | - | - | - | - | ||||||||||||||||||
|
Project ONE |
- | - | - | - | 1,236 | 1,236 | ||||||||||||||||||
|
Other |
- | - | - | - | 1,015 | 1,015 | ||||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller1 |
33,397 | 40,397 | 9,236 | 83,030 | (37,394 | ) | 45,636 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 26,940 | 26,940 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (3,023 | ) | (3,023 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 16,371 | 16,371 | ||||||||||||||||||
|
Depreciation and amortization expense |
11,448 | 14,398 | 9,036 | 34,882 | 386 | 35,268 | ||||||||||||||||||
|
Adjusted EBITDA1 |
$ | 44,845 | $ | 54,795 | $ | 18,272 | $ | 117,912 | $ | 3,280 | $ | 121,192 | ||||||||||||
|
Revenue |
$ | 337,892 | $ | 303,922 | $ | 111,791 | $ | 753,605 | $ | 5,978 | $ | 759,583 | ||||||||||||
|
Adjusted EBITDA Margin1 |
13.3% | 18.0% | 16.3% | 15.6% | NMP | 16.0% | ||||||||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
|
Hygiene, Health and |
Engineering |
Construction |
Corporate |
H.B. Fuller |
||||||||||||||||||||
|
Consumable Adhesives |
Adhesives |
Adhesives |
Total |
Unallocated |
Consolidated |
|||||||||||||||||||
|
Quarter Ended August 31, 2019 |
||||||||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 33,934 | $ | 38,014 | $ | 8,662 | $ | 80,610 | $ | (30,892 | ) | $ | 49,718 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 1,535 | 1,535 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | (684 | ) | (684 | ) | ||||||||||||||||
|
Royal restructuring and integration |
- | - | - | - | (9,132 | ) | (9,132 | ) | ||||||||||||||||
|
Tax reform |
- | - | - | - | - | - | ||||||||||||||||||
|
Project ONE |
- | - | - | - | 1,130 | 1,130 | ||||||||||||||||||
|
Other |
- | - | - | - | 1,660 | 1,660 | ||||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller1 |
33,934 | 38,014 | 8,662 | 80,610 | (36,383 | ) | 44,227 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 25,607 | 25,607 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (3,115 | ) | (3,115 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 14,798 | 14,798 | ||||||||||||||||||
|
Depreciation and amortization expense |
11,212 | 14,138 | 8,824 | 34,174 | 432 | 34,606 | ||||||||||||||||||
|
Adjusted EBITDA1 |
$ | 45,146 | $ | 52,152 | $ | 17,486 | $ | 114,784 | $ | 1,339 | $ | 116,123 | ||||||||||||
|
Revenue |
$ | 328,420 | $ | 286,716 | $ | 108,406 | $ | 723,542 | $ | 1,834 | $ | 725,376 | ||||||||||||
|
Adjusted EBITDA Margin1 |
13.7% | 18.2% | 16.1% | 15.9% | NMP | 16.0% | ||||||||||||||||||
|
Hygiene, Health and |
Engineering |
Construction |
Corporate |
H.B. Fuller |
||||||||||||||||||||
|
Consumable Adhesives |
Adhesives |
Adhesives |
Total |
Unallocated |
Consolidated |
|||||||||||||||||||
|
Quarter Ended November 30, 2019 |
||||||||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 31,670 | $ | 39,202 | $ | 3,435 | $ | 74,307 | $ | (42,093 | ) | $ | 32,214 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 45 | 45 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 6,535 | 6,535 | ||||||||||||||||||
|
Royal restructuring and integration |
- | - | - | - | 1,957 | 1,957 | ||||||||||||||||||
|
Tax reform |
- | - | - | - | 76 | 76 | ||||||||||||||||||
|
Project ONE |
- | - | - | - | 937 | 937 | ||||||||||||||||||
|
Other |
- | - | - | - | 4,520 | 4,520 | ||||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller1 |
31,670 | 39,202 | 3,435 | 74,307 | (28,023 | ) | 46,284 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 23,933 | 23,933 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (2,987 | ) | (2,987 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 10,246 | 10,246 | ||||||||||||||||||
|
Depreciation and amortization expense |
11,315 | 14,130 | 8,894 | 34,339 | 363 | 34,702 | ||||||||||||||||||
|
Adjusted EBITDA1 |
$ | 42,985 | $ | 53,332 | $ | 12,329 | $ | 108,646 | $ | 3,532 | $ | 112,178 | ||||||||||||
|
Revenue |
$ | 342,120 | $ | 303,393 | $ | 93,593 | $ | 739,106 | $ | - | $ | 739,106 | ||||||||||||
|
Adjusted EBITDA Margin1 |
12.6% | 17.6% | 13.2% | 14.7% | NMP | 15.2% | ||||||||||||||||||
4