Supplementary Information(1)Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)(in thousands, except per share data) (unaudited) The following tables detail the impact that certain unusual or special items had on the Company's net earnings per common Class A and Class B basic and diluted shares ("EPS") and the line items in which these items were included on the consolidated statements of operations. Three Months Ended December 31, 2024 Three Months Ended December 31, 2023 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $7,385 $953 $(1,800) $(0.14) $(0.14) $13,499 $1,463 $12,036 $0.90 $0.95 Restructuring charges 1,669 270 1,399 0.11 0.11 3,808 675 3,133 0.24 0.25 Acquisition related costs 8,592 1,516 7,076 0.54 0.57 - - - - - Redemption value adjustment on redeemable NCI - - 7,748 0.59 0.62 - - - - - Amortization of inventory step-up 639 147 492 0.04 0.04 - - - - - Impairment of CUI tradename 400 92 308 0.02 0.02 - - - - - Loss on liquidation of foreign subsidiary - - - - - 2,724 681 2,043 0.15 0.16 MPS litigation costs - - - - - 128 29 99 0.01 0.01 Share-based compensation 956 197 759 0.06 0.06 774 160 614 0.05 0.05 Amortization of intangibles 2,843 493 2,349 0.18 0.19 1,160 254 906 0.07 0.07 Unrealized foreign currency exchange (gains) losses 908 201 707 0.05 0.06 829 203 626 0.05 0.05 Non-GAAP measures $23,392 $3,869 $19,039 $1.45 $1.53 $22,922 $3,465 $19,457 $1.46 $1.54 Year Ended December 31, 2024 Year Ended December 31, 2023 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $61,808 $12,616 $40,960 $3.09 $3.28 $83,300 $9,469 $73,831 $5.52 $5.83 Restructuring charges 3,459 587 2,872 0.22 0.23 10,114 1,682 8,432 0.63 0.67 Acquisition related costs 12,884 2,503 10,381 0.79 0.83 - - - - - Redemption value adjustment on redeemable NCI - - 7,748 0.59 0.62 - - - - - Amortization of inventory step-up 639 147 492 0.04 0.04 - - - - - Impairment of CUI tradename 400 92 308 0.02 0.02 - - - - - MPS litigation costs - - - - - 3,031 696 2,335 0.18 0.18 Gain on sale of Czech Republic business - - - - - (980) (49) (931) (0.07) (0.07)Gain on sale of properties - - - - - (3,819) (763) (3,056) (0.23) (0.24)Loss on liquidation of foreign subsidiary - - - - - 2,724 681 2,043 0.15 0.16 Share-based compensation 3,738 770 2,968 0.23 0.24 3,486 718 2,768 0.21 0.22 Amortization of intangibles 6,537 1,236 5,301 0.40 0.42 4,663 1,019 3,644 0.28 0.29 Unrealized foreign currency exchange (gains) losses 1,455 340 1,115 0.08 0.09 831 270 561 0.04 0.04 Non-GAAP measures $90,919 $18,291 $72,144 $5.47 $5.77 $103,350 $13,723 $89,627 $6.72 $7.08 (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.(2)In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA.
Supplementary Information(1)Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)(in thousands, unaudited) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 GAAP net sales $149,859 $140,010 $534,792 $639,813 Expedite fee revenue - 425 57 14,850 Non-GAAP adjusted net sales $149,859 $139,585 $534,735 $624,963 Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 GAAP Net earnings $6,432 $12,036 $49,192 $73,831 Provision for income taxes 953 1,463 12,616 9,469 Other income/expense, net 3,186 2,520 3,165 2,806 Interest income (1,013) - (4,754) - Interest expense 2,815 448 4,078 2,850 GAAP Operating Income $12,373 $16,467 $64,297 $88,956 Restructuring charges 1,669 3,808 3,459 10,114 Acquisition related costs 8,592 - 12,884 - Amortization of inventory step-up 639 - 639 - Impairment of CUI tradename 400 - 400 - Loss on liquidation of foreign subsidiary - 2,724 - 2,724 MPS litigation costs - 128 - 3,031 Gain on sale of Czech Republic business - - - (980)Gain on sale of properties - - - (3,819)Stock compensation 956 774 3,738 3,486 Non-GAAP Operating Income $24,629 $23,901 $85,417 $103,512 Depreciation and amortization 5,698 3,350 16,457 13,312 Adjusted EBITDA $30,327 $27,251 $101,874 $116,824 % of net sales 20.2% 19.5% 19.0% 18.3% (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA.
Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the impact of changes to U.S.and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S.government on foreign imports or by a foreign government on US.exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission.
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