EX-99.2 3 ex_952512.htm EXHIBIT 99.2 HTML Editor

Exhibit 99.2

 

(U.S. Dollars in Thousands)

  

Three Months Ended

    

Twelve Months Ended (*)

  
   

March 31, 2025

    

June 30, 2025

    

September 30, 2025

    

December 31, 2025

    

December 31, 2025

  

Net Sales:

                                        

Residential

     548,663       634,718       684,957       624,800       2,493,138  

Commercial & Industrial

     399,006       430,575       432,432       468,907       1,730,920  

Segment Total

     947,669       1,065,293       1,117,389       1,093,707       4,224,058  

Corporate and Eliminations

     (5,548 )     (4,124 )     (3,036 )     (2,203 )     (14,911 )

Net Sales

     942,121       1,061,169       1,114,353       1,091,504       4,209,147  
                                         

Cost of Goods Sold:

                                        

Residential

     289,902       335,113       368,633       346,391       1,340,039  

Commercial & Industrial

     285,781       313,431       321,834       351,236       1,272,282  

Segment Total

     575,683       648,544       690,467       697,627       2,612,321  

Corporate and Eliminations

     (5,548 )     (4,124 )     (3,036 )     (2,203 )     (14,911 )

Cost of Goods Sold

     570,135       644,420       687,431       695,424       2,597,410  
                                         

Operating Expenses:

                                        

Residential

     185,228       197,990       207,794       290,698       881,710  

Commercial & Industrial

     90,373       89,226       97,229       100,478       377,306  

Segment Total

     275,601       287,216       305,023       391,176       1,259,016  

Corporate and Eliminations

     12,747       17,744       18,820       14,219       63,530  

Operating Expenses

     288,348       304,960       323,843       405,395       1,322,546  
                                         

Other Segment Items:

                                        

Residential

     (38,056 )     (44,809 )     (51,646 )     (152,781 )     (287,292 )

Commercial & Industrial

     (22,494 )     (25,424 )     (30,398 )     (37,641 )     (115,957 )

Segment Total

     (60,550 )     (70,233 )     (82,044 )     (190,422 )     (403,249 )

Corporate and Eliminations

     (5,358 )     (5,607 )     (8,092 )     (4,045 )     (23,102 )

Other Segment Items (1)

     (65,908 )     (75,840 )     (90,136 )     (194,467 )     (426,351 )
                                         

Adjusted EBITDA:

                                        

Residential

     111,589       146,424       160,176       140,492       558,681  

Commercial & Industrial

     45,346       53,342       43,767       54,834       197,289  

Segment Total

     156,935       199,766       203,943       195,326       755,970  

Corporate and Eliminations

     (7,389 )     (12,137 )     (10,728 )     (10,174 )     (40,428 )

Adjusted EBITDA

     149,546       187,629       193,215       185,152       715,542  
                                         

Adjusted EBITDA to income before provision for income taxes reconciliation:

                                  

Interest expense

     (17,110 )     (18,242 )     (18,461 )     (16,884 )     (70,697 )

Depreciation and amortization

     (46,141 )     (48,321 )     (49,211 )     (51,162 )     (194,835 )

Non-cash write-down and other adjustments (2)

     13       (2,155 )     (2,831 )     (1,663 )     (6,636 )

Non-cash share-based compensation expense (3)

     (11,608 )     (14,752 )     (12,751 )     (10,836 )     (49,947 )

Transaction costs and credit facility fees (4)

     (760 )     (1,004 )     (827 )     (1,385 )     (3,976 )

Business optimization and other charges (5)

     (1,575 )     (3,442 )     (368 )     (1,916 )     (7,301 )

Provision for legal, regulatory, and other costs (6)

     (3,751 )     (4,911 )     (23,208 )     (126,111 )     (157,981 )

Change in fair value of investments (7)

     (9,947 )     (1,524 )     (5,667 )     (3,472 )     (20,610 )

Loss on refinancing of debt (8)

     -       -       (1,225 )     -       (1,225 )

Other (9)

     (153 )     (3,426 )     (328 )     633       (3,274 )

Income before provision for income taxes

     58,514       89,852       78,338       (27,644 )     199,060  

 

 

(*) The Company has updated certain amounts for the twelve months ended December 31, 2025 compared to the 8-K filed on March 25, 2026.
 

 
 

(1) Other segment items primarily represent adjustments for depreciation and amortization and the following items defined below: Non-cash write-down and other adjustments; Non-cash shared-based compensation expense; Transaction costs and credit facility fees; Business optimization and other charges; Provision for legal, regulatory, and other costs. 
 

 
 

(2) Includes gains/(losses) on the disposition of assets other than in the ordinary course of business, gains/(losses) on sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments.
 

 
 

(3) Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.

 

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(4) Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities, such as administrative agent fees and credit facility commitment fees under our Amended Credit Agreement.
 

 
 

(5) Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.
 

 
 

(6) Represents litigtaion, regulatory and other matters that are not indicative of our ongoing operations.
 

 
 

(7) Represents non-cash losses primarily from changes in the fair value of the Company's investment in Wallbox N.V. warrants and equity securities.
 

 
 

(8) The loss represents the third-party costs and the write-off of certain deferred financing costs in connection with the refinancing of the Tranche A Term Loan Facility and Revolving Debt Facility.  
 

 
 

(9) The pre-tax loss in the second quarter of 2025 relates primarily to the sale of our immaterial Tank Utility business.

 

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