Supplementary Information(1)Reconciliation of GAAP Measures to Non-GAAP Measures(2)(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 June 30, 2024 Three Months Ended June 30, 2023 Reconciling Items Earnings before taxes Provision for income taxes Net earnings Class A EPS(3) Class B EPS(3) Earnings before taxes Benefit from income taxes Net earnings Class A EPS(3) Class B EPS(3) GAAP measures $22,883 $4,077 $18,806 $1.43 $1.50 $27,296 $(479) $27,775 $2.08 $2.19 Restructuring charges 638 153 485 0.04 0.04 709 118 591 0.04 0.05 MPS litigation costs - - - - - 1,160 267 893 0.07 0.07 Gain on sale of Czech Republic business - - - - - (1,115) (56) (1,059) (0.08) (0.08)Gain on sale of property - - - - - (3,672) (734) (2,938) (0.22) (0.23)Non-GAAP measures $23,521 $4,230 $19,291 $1.46 $1.54 $24,378 $(884) $25,262 $1.89 $1.99 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Reconciling Items Earnings before taxes Provision for income taxes Net earnings Class A EPS(3) Class B EPS(3) Earnings before taxes Provision for income taxes Net earnings Class A EPS(3) Class B EPS(3) GAAP measures $43,235 $8,555 $34,680 $2.61 $2.76 $46,032 $3,685 $42,347 $3.17 $3.34 Restructuring charges 703 163 540 0.04 0.04 4,215 600 3,615 0.27 0.29 MPS litigation costs - - - - - 2,771 637 2,134 0.16 0.17 Gain on sale of Czech Republic business - - - - - (1,115) (56) (1,059) (0.08) (0.08)Gain on sale of property - - - - - (3,672) (734) (2,938) (0.22) (0.23)Non-GAAP measures $43,938 $8,718 $35,220 $2.66 $2.80 $48,231 $4,132 $44,099 $3.30 $3.48 (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q 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, Non-GAAP EPS, EBITDA and Adjusted EBITDA.
Supplementary Information(1)Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)Reconciliation of GAAP Net Earnings to EBITDA and Adjusted EBITDA(2)(in thousands, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 GAAP net sales $133,205 $168,777 $261,295 $341,121 Expedite fee revenue - 5,663 57 13,417 Non-GAAP adjusted net sales $133,205 $163,114 $261,238 $327,704 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 GAAP Net earnings $18,806 $27,775 $34,680 $42,347 Interest expense 415 908 849 1,890 Provision for (benefit from) income taxes 4,077 (479) 8,555 3,685 Depreciation and amortization 3,439 3,335 7,123 6,571 EBITDA $26,737 $31,539 $51,207 $54,493 % of net sales 20.1% 18.7% 19.6% 16.0% Unusual or special items: Restructuring charges 638 709 703 4,215 MPS litigation costs - 1,160 - 2,771 Gain on sale of Czech Republic business - (1,115) - (1,115)Gain on sale of property - (3,672) - (3,672)Adjusted EBITDA $27,375 $28,621 $51,910 $56,692 % of net sales 20.6% 17.0% 19.9% 16.6% (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q 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, Non-GAAP EPS, EBITDA and Adjusted EBITDA.
Supplementary Information(1)Condensed Consolidated Statements of Operations(in thousands, except per share amounts)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net sales $133,205 $168,777 $261,295 $341,121 Cost of sales 79,809 113,240 159,821 231,920 Gross profit 53,396 55,537 101,474 109,201 As a % of net sales 40.1% 32.9% 38.8% 32.0% Research and development costs 5,994 6,006 11,209 11,229 Selling, general and administrative expenses 24,141 25,135 49,085 50,432 As a % of net sales 18.1% 14.9% 18.8% 14.8%Restructuring charges 638 709 703 4,215 Gain on sale of property - (3,672) - (3,672)Income from operations 22,623 27,359 40,477 46,997 As a % of net sales 17.0% 16.2% 15.5% 13.8% Gain on sale of Czech Republic business - 1,115 - 1,115 Interest expense (415) (908) (849) (1,890)Interest income 1,146 - 2,261 - Other income/expense, net (471) (270) 1,346 (190)Earnings before income taxes 22,883 27,296 43,235 46,032 Provision for (benefit from) income taxes 4,077 (479) 8,555 3,685 Effective tax rate 17.8% -1.8% 19.8% 8.0%Net earnings $18,806 $27,775 $34,680 $42,347 As a % of net sales 14.1% 16.5% 13.3% 12.4% Weighted average number of shares outstanding: Class A common shares - basic and diluted 2,124 2,142 2,131 2,142 Class B common shares - basic and diluted 10,492 10,634 10,551 10,636 Net earnings per common share: Class A common shares - basic and diluted $1.43 $2.08 $2.61 $3.17 Class B common shares - basic and diluted $1.50 $2.19 $2.76 $3.34 (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Bel Fuse Inc.
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