FUL 8-K
Fuller H B Co (FUL)
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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(Former name or former address, if changed since last report)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 DFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01.
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Other Events.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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99.1
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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H.B. FULLER COMPANY
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By:
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/s/ Gregory O. Ogunsanya
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Gregory O. Ogunsanya
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Senior Vice President, General Counsel
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Exhibit 99.1
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Fiscal year ended November 30, 2024
In thousands (unaudited)
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Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
Year Ended |
||||||||||||||||
|
March 2, |
June 1, |
August 31, |
November 30, |
November 30, |
||||||||||||||||
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2024 |
2024 |
2024 |
2024 |
2024 |
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Net Revenue: |
||||||||||||||||||||
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Hygiene, Health and Consumable Adhesives |
$ | 368,078 | $ | 393,313 | $ | 389,980 | $ | 395,174 | $ | 1,546,545 | ||||||||||
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Engineering Adhesives |
226,075 | 257,613 | 260,038 | 265,305 | 1,009,031 | |||||||||||||||
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Building Adhesive Solutions |
179,666 | 222,484 | 228,408 | 225,945 | 856,503 | |||||||||||||||
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Corporate unallocated |
36,600 | 43,697 | 39,501 | 36,860 | 156,657 | |||||||||||||||
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Total H.B. Fuller |
$ | 810,419 | $ | 917,107 | $ | 917,927 | $ | 923,284 | $ | 3,568,736 | ||||||||||
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Segment Operating Income: |
||||||||||||||||||||
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Hygiene, Health and Consumable Adhesives |
$ | 47,393 | $ | 49,840 | $ | 48,677 | $ | 38,821 | $ | 184,731 | ||||||||||
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Engineering Adhesives |
25,820 | 38,987 | 40,087 | 39,597 | 144,491 | |||||||||||||||
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Building Adhesive Solutions |
7,139 | 21,987 | 25,976 | 20,841 | 75,943 | |||||||||||||||
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Corporate unallocated |
(13,477 | ) | (10,219 | ) | (10,399 | ) | (22,851 | ) | (56,945 | ) | ||||||||||
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Total H.B. Fuller |
$ | 66,875 | $ | 100,595 | $ | 104,341 | $ | 76,408 | $ | 348,220 | ||||||||||
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Adjusted EBITDA 1 |
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Hygiene, Health and Consumable Adhesives |
$ | 62,863 | $ | 64,677 | $ | 63,953 | $ | 54,257 | $ | 245,750 | ||||||||||
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Engineering Adhesives |
38,202 | 51,110 | 55,631 | 55,569 | 200,512 | |||||||||||||||
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Building Adhesive Solutions |
21,410 | 35,863 | 40,242 | 35,656 | 133,171 | |||||||||||||||
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Corporate unallocated |
543 | 5,600 | 5,426 | 2,854 | 14,422 | |||||||||||||||
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Total H.B. Fuller |
$ | 123,018 | $ | 157,250 | $ | 165,252 | $ | 148,336 | $ | 593,855 | ||||||||||
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Adjusted EBITDA Margin 1 |
||||||||||||||||||||
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Hygiene, Health and Consumable Adhesives |
17.1 | % | 16.4 | % | 16.4 | % | 13.7 | % | 15.9 | % | ||||||||||
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Engineering Adhesives |
16.9 | % | 19.8 | % | 21.4 | % | 20.9 | % | 19.9 | % | ||||||||||
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Building Adhesive Solutions |
11.9 | % | 16.1 | % | 17.6 | % | 15.8 | % | 15.5 | % | ||||||||||
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Corporate unallocated |
1.5 | % | 12.8 | % | 13.7 | % | 7.7 | % | 9.2 | % | ||||||||||
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Total H.B. Fuller |
15.2 | % | 17.1 | % | 18.0 | % | 16.1 | % | 16.6 | % | ||||||||||
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 the specific adjustments shown on the tables below. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and the specific adjustments shown in the tables below. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue. The tables below 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.
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
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Hygiene, Health |
Building |
|||||||||||||||||||||||
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Year Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
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November 30, 2024 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
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Net income attributable to H.B. Fuller |
$ | 190,721 | $ | 147,111 | $ | 83,253 | $ | 421,085 | $ | (290,829 | ) | $ | 130,256 | |||||||||||
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Adjustments: |
||||||||||||||||||||||||
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Acquisition project costs |
- | - | - | - | 11,035 | 11,035 | ||||||||||||||||||
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Organizational realignment |
- | - | - | - | 39,996 | 39,996 | ||||||||||||||||||
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Project One |
- | - | - | - | 11,885 | 11,885 | ||||||||||||||||||
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Business divestiture |
- | - | - | - | 47,267 | 47,267 | ||||||||||||||||||
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Other |
- | - | - | - | (1,981 | ) | (1,981 | ) | ||||||||||||||||
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Discrete tax items |
- | - | - | - | (5,469 | ) | (5,469 | ) | ||||||||||||||||
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Income tax effect on adjustments |
- | - | - | - | (15,811 | ) | (15,811 | ) | ||||||||||||||||
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Adjusted net income attributable to H.B. Fuller 1 |
190,721 | 147,111 | 83,253 | 421,085 | (203,907 | ) | 217,178 | |||||||||||||||||
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Add: |
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Interest expense |
- | - | - | - | 133,122 | 133,122 | ||||||||||||||||||
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Interest income |
- | - | - | - | (4,679 | ) | (4,679 | ) | ||||||||||||||||
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Income taxes |
- | - | - | - | 77,661 | 77,661 | ||||||||||||||||||
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Depreciation and amortization expense |
55,029 | 53,401 | 49,918 | 158,348 | 12,225 | 170,573 | ||||||||||||||||||
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Adjusted EBITDA 1 |
$ | 245,750 | $ | 200,512 | $ | 133,171 | $ | 579,433 | $ | 14,422 | $ | 593,855 | ||||||||||||
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Net revenue |
$ | 1,546,545 | $ | 1,009,031 | $ | 856,503 | $ | 3,412,079 | $ | 156,657 | $ | 3,568,736 | ||||||||||||
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Adjusted EBITDA margin 1 |
15.9 | % | 19.9 | % | 15.5 | % | 17.0 | % | 9.2 | % | 16.6 | % | ||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
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Hygiene, Health |
Building |
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Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
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March 2, 2024 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
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Net income attributable to H.B. Fuller |
$ | 48,888 | $ | 26,476 | $ | 8,967 | $ | 84,331 | $ | (53,340 | ) | $ | 30,991 | |||||||||||
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Adjustments: |
||||||||||||||||||||||||
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Acquisition project costs |
- | - | - | - | 2,043 | 2,043 | ||||||||||||||||||
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Organizational realignment |
- | - | - | - | 7,262 | 7,262 | ||||||||||||||||||
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Project One |
- | - | - | - | 3,213 | 3,213 | ||||||||||||||||||
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Discrete tax items |
- | - | - | - | (2,527 | ) | (2,527 | ) | ||||||||||||||||
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Income tax effect on adjustments |
- | - | - | - | (3,290 | ) | (3,290 | ) | ||||||||||||||||
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Adjusted net income attributable to H.B. Fuller 1 |
48,888 | 26,476 | 8,967 | 84,331 | (46,639 | ) | 37,692 | |||||||||||||||||
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Add: |
||||||||||||||||||||||||
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Interest expense |
- | - | - | - | 31,901 | 31,901 | ||||||||||||||||||
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Interest income |
- | - | - | - | (1,307 | ) | (1,307 | ) | ||||||||||||||||
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Income taxes |
- | - | - | - | 13,631 | 13,631 | ||||||||||||||||||
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Depreciation and amortization expense |
13,975 | 11,726 | 12,443 | 38,144 | 2,957 | 41,101 | ||||||||||||||||||
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Adjusted EBITDA 1 |
$ | 62,863 | $ | 38,202 | $ | 21,410 | $ | 122,475 | $ | 543 | $ | 123,018 | ||||||||||||
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Net revenue |
$ | 368,078 | $ | 226,075 | $ | 179,666 | $ | 773,819 | $ | 36,600 | $ | 810,419 | ||||||||||||
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Adjusted EBITDA margin 1 |
17.1 | % | 16.9 | % | 11.9 | % | 15.8 | % | 1.5 | % | 15.2 | % | ||||||||||||
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Hygiene, Health |
Building |
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Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
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June 1, 2024 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
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Net income attributable to H.B. Fuller |
$ | 51,336 | $ | 39,643 | $ | 23,816 | $ | 114,795 | $ | (63,531 | ) | $ | 51,264 | |||||||||||
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Adjustments: |
||||||||||||||||||||||||
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Acquisition project costs |
- | - | - | - | 1,467 | 1,467 | ||||||||||||||||||
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Organizational realignment |
- | - | - | - | 7,275 | 7,275 | ||||||||||||||||||
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Project One |
- | - | - | - | 2,845 | 2,845 | ||||||||||||||||||
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Other |
- | - | - | - | 914 | 914 | ||||||||||||||||||
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Discrete tax items |
- | - | - | - | 1,317 | 1,317 | ||||||||||||||||||
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Income tax effect on adjustments |
- | - | - | - | (1,558 | ) | (1,558 | ) | ||||||||||||||||
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Adjusted net income attributable to H.B. Fuller 1 |
51,336 | 39,643 | 23,816 | 114,795 | (51,271 | ) | 63,524 | |||||||||||||||||
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Add: |
||||||||||||||||||||||||
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Interest expense |
- | - | - | - | 32,313 | 32,313 | ||||||||||||||||||
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Interest income |
- | - | - | - | (1,197 | ) | (1,197 | ) | ||||||||||||||||
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Income taxes |
- | - | - | - | 22,658 | 22,658 | ||||||||||||||||||
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Depreciation and amortization expense |
13,341 | 11,467 | 12,047 | 36,855 | 3,097 | 39,952 | ||||||||||||||||||
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Adjusted EBITDA 1 |
$ | 64,677 | $ | 51,110 | $ | 35,863 | $ | 151,650 | $ | 5,600 | $ | 157,250 | ||||||||||||
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Net revenue |
$ | 393,313 | $ | 257,613 | $ | 222,484 | $ | 873,410 | $ | 43,697 | $ | 917,107 | ||||||||||||
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Adjusted EBITDA margin 1 |
16.4 | % | 19.8 | % | 16.1 | % | 17.4 | % | 12.8 | % | 17.1 | % | ||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
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Hygiene, Health |
Building |
|||||||||||||||||||||||
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Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
|||||||||||||||||||
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August 31, 2024 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 50,176 | $ | 40,742 | $ | 27,804 | $ | 118,722 | $ | (63,361 | ) | $ | 55,361 | |||||||||||
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Adjustments: |
||||||||||||||||||||||||
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Acquisition project costs |
- | - | - | - | 3,474 | 3,474 | ||||||||||||||||||
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Organizational realignment |
- | - | - | - | 9,471 | 9,471 | ||||||||||||||||||
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Project One |
- | - | - | - | 3,154 | 3,154 | ||||||||||||||||||
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Other |
- | - | - | - | (2,904 | ) | (2,904 | ) | ||||||||||||||||
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Discrete tax items |
- | - | - | - | (2,937 | ) | (2,937 | ) | ||||||||||||||||
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Income tax effect on adjustments |
- | - | - | - | (1,624 | ) | (1,624 | ) | ||||||||||||||||
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Adjusted net income attributable to H.B. Fuller 1 |
50,176 | 40,742 | 27,804 | 118,722 | (54,727 | ) | 63,995 | |||||||||||||||||
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Add: |
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Interest expense |
- | - | - | - | 35,287 | 35,287 | ||||||||||||||||||
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Interest income |
- | - | - | - | (1,090 | ) | (1,090 | ) | ||||||||||||||||
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Income taxes |
- | - | - | - | 22,825 | 22,825 | ||||||||||||||||||
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Depreciation and amortization expense |
13,777 | 14,889 | 12,438 | 41,104 | 3,131 | 44,235 | ||||||||||||||||||
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Adjusted EBITDA 1 |
$ | 63,953 | $ | 55,631 | $ | 40,242 | $ | 159,826 | $ | 5,426 | $ | 165,252 | ||||||||||||
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Net revenue |
$ | 389,980 | $ | 260,038 | $ | 228,408 | $ | 878,426 | $ | 39,501 | $ | 917,927 | ||||||||||||
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Adjusted EBITDA margin 1 |
16.4 | % | 21.4 | % | 17.6 | % | 18.2 | % | 13.7 | % | 18.0 | % | ||||||||||||
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Hygiene, Health |
Building |
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Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
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November 30, 2024 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
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Net income attributable to H.B. Fuller |
$ | 40,322 | $ | 40,250 | $ | 22,667 | $ | 103,239 | $ | (110,598 | ) | $ | (7,359 | ) | ||||||||||
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Adjustments: |
||||||||||||||||||||||||
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Acquisition project costs |
- | - | - | - | 4,051 | 4,051 | ||||||||||||||||||
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Organizational realignment |
- | - | - | - | 15,958 | 15,958 | ||||||||||||||||||
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Project One |
- | - | - | - | 2,672 | 2,672 | ||||||||||||||||||
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Business divestiture |
- | - | - | - | 47,267 | 47,267 | ||||||||||||||||||
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Other |
- | - | - | - | 39 | 39 | ||||||||||||||||||
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Discrete tax items |
- | - | - | - | (1,322 | ) | (1,322 | ) | ||||||||||||||||
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Income tax effect on adjustments |
- | - | - | - | (9,339 | ) | (9,339 | ) | ||||||||||||||||
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Adjusted net income attributable to H.B. Fuller 1 |
40,322 | 40,250 | 22,667 | 103,239 | (51,272 | ) | 51,967 | |||||||||||||||||
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Add: |
||||||||||||||||||||||||
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Interest expense |
- | - | - | - | 33,621 | 33,621 | ||||||||||||||||||
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Interest income |
- | - | - | - | (1,084 | ) | (1,084 | ) | ||||||||||||||||
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Income taxes |
- | - | - | - | 18,546 | 18,546 | ||||||||||||||||||
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Depreciation and amortization expense |
13,935 | 15,319 | 12,989 | 42,243 | 3,043 | 45,286 | ||||||||||||||||||
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Adjusted EBITDA 1 |
$ | 54,257 | $ | 55,569 | $ | 35,656 | $ | 145,482 | $ | 2,854 | $ | 148,336 | ||||||||||||
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Net revenue |
$ | 395,174 | $ | 265,305 | $ | 225,945 | $ | 886,424 | $ | 36,860 | $ | 923,284 | ||||||||||||
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Adjusted EBITDA margin 1 |
13.7 | % | 20.9 | % | 15.8 | % | 16.4 | % | 7.7 | % | 16.1 | % | ||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Fiscal year ended December 2, 2023
In thousands (unaudited)
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
Year Ended |
||||||||||||||||
|
March 4, |
June 3, |
September 2, |
December 2, |
December 2, |
||||||||||||||||
|
2023 |
2023 |
2023 |
2023 |
2023 |
||||||||||||||||
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Net Revenue: |
||||||||||||||||||||
|
Hygiene, Health and Consumable Adhesives |
$ | 387,220 | $ | 407,884 | $ | 401,744 | $ | 410,759 | $ | 1,607,607 | ||||||||||
|
Engineering Adhesives |
221,534 | 247,240 | 254,162 | 250,076 | 973,012 | |||||||||||||||
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Building Adhesive Solutions |
166,916 | 201,479 | 205,047 | 204,076 | 777,518 | |||||||||||||||
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Corporate unallocated |
33,513 | 41,636 | 39,681 | 37,968 | 152,797 | |||||||||||||||
|
Total H.B. Fuller |
$ | 809,183 | $ | 898,239 | $ | 900,634 | $ | 902,879 | $ | 3,510,934 | ||||||||||
|
Segment Operating Income: |
||||||||||||||||||||
|
Hygiene, Health and Consumable Adhesives |
$ | 47,108 | $ | 53,157 | $ | 53,883 | $ | 66,406 | $ | 220,554 | ||||||||||
|
Engineering Adhesives |
25,360 | 33,144 | 41,918 | 44,258 | 144,680 | |||||||||||||||
|
Building Adhesive Solutions |
(1,927 | ) | 13,411 | 15,076 | 14,789 | 41,350 | ||||||||||||||
|
Corporate unallocated |
(10,274 | ) | (9,562 | ) | (19,558 | ) | (12,051 | ) | (51,447 | ) | ||||||||||
|
Total H.B. Fuller |
$ | 60,267 | $ | 90,150 | $ | 91,319 | $ | 113,402 | $ | 355,137 | ||||||||||
|
Adjusted EBITDA 1 |
||||||||||||||||||||
|
Hygiene, Health and Consumable Adhesives |
$ | 61,358 | $ | 66,509 | $ | 69,726 | $ | 81,481 | $ | 279,074 | ||||||||||
|
Engineering Adhesives |
36,715 | 44,099 | 53,549 | 55,012 | 189,375 | |||||||||||||||
|
Building Adhesive Solutions |
14,442 | 29,283 | 32,021 | 31,307 | 107,053 | |||||||||||||||
|
Corporate unallocated |
(2,843 | ) | 2,874 | 502 | 4,802 | 5,336 | ||||||||||||||
|
Total H.B. Fuller |
$ | 109,672 | $ | 142,765 | $ | 155,798 | $ | 172,602 | $ | 580,838 | ||||||||||
|
Adjusted EBITDA Margin 1 |
||||||||||||||||||||
|
Hygiene, Health and Consumable Adhesives |
15.8 | % | 16.3 | % | 17.4 | % | 19.8 | % | 17.4 | % | ||||||||||
|
Engineering Adhesives |
16.6 | % | 17.8 | % | 21.1 | % | 22.0 | % | 19.5 | % | ||||||||||
|
Building Adhesive Solutions |
8.7 | % | 14.5 | % | 15.6 | % | 15.3 | % | 13.8 | % | ||||||||||
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Corporate unallocated |
(8.5 | )% | 6.9 | % | 1.3 | % | 12.6 | % | 3.5 | % | ||||||||||
|
Total H.B. Fuller |
13.6 | % | 15.9 | % | 17.3 | % | 19.1 | % | 16.5 | % | ||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
|
Hygiene, Health |
Building |
|||||||||||||||||||||||
|
Year Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
|||||||||||||||||||
|
December 2, 2023 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 227,870 | $ | 147,911 | $ | 51,049 | $ | 426,830 | $ | (281,924 | ) | $ | 144,906 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 16,874 | 16,874 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 29,900 | 29,900 | ||||||||||||||||||
|
Project One |
- | - | - | - | 9,815 | 9,815 | ||||||||||||||||||
|
Other |
- | - | - | - | (611 | ) | (611 | ) | ||||||||||||||||
|
Discrete tax items |
- | - | - | - | 26,085 | 26,085 | ||||||||||||||||||
|
Income tax effect on adjustments |
- | - | - | - | (10,604 | ) | (10,604 | ) | ||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller 1 |
227,870 | 147,911 | 51,049 | 426,830 | (210,465 | ) | 216,365 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 131,913 | 131,913 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (3,943 | ) | (3,943 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 78,047 | 78,047 | ||||||||||||||||||
|
Depreciation and amortization expense |
51,204 | 41,464 | 56,004 | 148,672 | 9,784 | 158,456 | ||||||||||||||||||
|
Adjusted EBITDA 1 |
$ | 279,074 | $ | 189,375 | $ | 107,053 | $ | 575,502 | $ | 5,336 | $ | 580,838 | ||||||||||||
|
Net revenue |
$ | 1,607,607 | $ | 973,012 | $ | 777,518 | $ | 3,358,137 | $ | 152,797 | $ | 3,510,934 | ||||||||||||
|
Adjusted EBITDA margin 1 |
17.4 | % | 19.5 | % | 13.8 | % | 17.1 | % | 3.5 | % | 16.5 | % | ||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
|
Hygiene, Health |
Building |
|||||||||||||||||||||||
|
Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
|||||||||||||||||||
|
March 4, 2023 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 49,668 | $ | 26,493 | $ | 919 | $ | 77,080 | $ | (55,191 | ) | $ | 21,889 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 2,235 | 2,235 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 2,944 | 2,944 | ||||||||||||||||||
|
Project One |
- | - | - | - | 2,172 | 2,172 | ||||||||||||||||||
|
Other |
- | - | - | - | 3,073 | 3,073 | ||||||||||||||||||
|
Discrete tax items |
- | - | - | - | 846 | 846 | ||||||||||||||||||
|
Income tax effect on adjustments |
- | - | - | - | (2,400 | ) | (2,400 | ) | ||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller 1 |
49,668 | 26,493 | 919 | 77,080 | (46,321 | ) | 30,759 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 30,380 | 30,380 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (667 | ) | (667 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 11,286 | 11,286 | ||||||||||||||||||
|
Depreciation and amortization expense |
11,690 | 10,222 | 13,523 | 35,435 | 2,479 | 37,914 | ||||||||||||||||||
|
Adjusted EBITDA 1 |
$ | 61,358 | $ | 36,715 | $ | 14,442 | $ | 112,515 | $ | (2,843 | ) | $ | 109,672 | |||||||||||
|
Net revenue |
$ | 387,220 | $ | 221,534 | $ | 166,916 | $ | 775,670 | $ | 33,513 | $ | 809,183 | ||||||||||||
|
Adjusted EBITDA margin 1 |
15.8 | % | 16.6 | % | 8.7 | % | 14.5 | % | -8.5 | % | 13.6 | % | ||||||||||||
|
Hygiene, Health |
Building |
|||||||||||||||||||||||
|
Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
|||||||||||||||||||
|
June 3, 2023 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 54,257 | $ | 33,628 | $ | 15,417 | $ | 103,302 | $ | (62,901 | ) | $ | 40,401 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 2,919 | 2,919 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 5,690 | 5,690 | ||||||||||||||||||
|
Project One |
- | - | - | - | 2,681 | 2,681 | ||||||||||||||||||
|
Other |
- | - | - | - | 521 | 521 | ||||||||||||||||||
|
Discrete tax items |
- | - | - | - | 2,042 | 2,042 | ||||||||||||||||||
|
Income tax effect on adjustments |
- | - | - | - | (2,172 | ) | (2,172 | ) | ||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller 1 |
54,257 | 33,628 | 15,417 | 103,302 | (51,220 | ) | 52,082 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 33,131 | 33,131 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (932 | ) | (932 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 19,421 | 19,421 | ||||||||||||||||||
|
Depreciation and amortization expense |
12,252 | 10,471 | 13,866 | 36,589 | 2,474 | 39,063 | ||||||||||||||||||
|
Adjusted EBITDA 1 |
$ | 66,509 | $ | 44,099 | $ | 29,283 | $ | 139,891 | $ | 2,874 | $ | 142,765 | ||||||||||||
|
Net revenue |
$ | 407,884 | $ | 247,240 | $ | 201,479 | $ | 856,603 | $ | 41,636 | $ | 898,239 | ||||||||||||
|
Adjusted EBITDA margin 1 |
16.3 | % | 17.8 | % | 14.5 | % | 16.3 | % | 6.9 | % | 15.9 | % | ||||||||||||
H.B. Fuller Segment Financial Information (Restated for Segment Realignment)
Regulation G Reconciliation
In thousands (unaudited)
|
Hygiene, Health |
Building |
|||||||||||||||||||||||
|
Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
|||||||||||||||||||
|
September 2, 2023 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 55,715 | $ | 42,727 | $ | 17,502 | $ | 115,944 | $ | (78,317 | ) | $ | 37,627 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 6,480 | 6,480 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 10,421 | 10,421 | ||||||||||||||||||
|
Project One |
- | - | - | - | 2,734 | 2,734 | ||||||||||||||||||
|
Other |
- | - | - | - | 503 | 503 | ||||||||||||||||||
|
Discrete tax items |
- | - | - | - | 6,243 | 6,243 | ||||||||||||||||||
|
Income tax effect on adjustments |
- | - | - | - | (4,875 | ) | (4,875 | ) | ||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller 1 |
55,715 | 42,727 | 17,502 | 115,944 | (56,811 | ) | 59,133 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 35,105 | 35,105 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (1,128 | ) | (1,128 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 20,862 | 20,862 | ||||||||||||||||||
|
Depreciation and amortization expense |
14,011 | 10,822 | 14,519 | 39,352 | 2,474 | 41,826 | ||||||||||||||||||
|
Adjusted EBITDA 1 |
$ | 69,726 | $ | 53,549 | $ | 32,021 | $ | 155,296 | $ | 502 | $ | 155,798 | ||||||||||||
|
Net revenue |
$ | 401,744 | $ | 254,162 | $ | 205,047 | $ | 860,953 | $ | 39,681 | $ | 900,634 | ||||||||||||
|
Adjusted EBITDA margin 1 |
17.4 | % | 21.1 | % | 15.6 | % | 18.0 | % | 1.3 | % | 17.3 | % | ||||||||||||
|
Hygiene, Health |
Building |
|||||||||||||||||||||||
|
Three Months Ended |
and Consumable |
Engineering |
Adhesive |
Corporate |
H.B. Fuller |
|||||||||||||||||||
|
December 2, 2023 |
Adhesives |
Adhesives |
Solutions |
Total |
Unallocated |
Consolidated |
||||||||||||||||||
|
Net income attributable to H.B. Fuller |
$ | 68,229 | $ | 45,063 | $ | 17,211 | $ | 130,503 | $ | (85,512 | ) | $ | 44,991 | |||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Acquisition project costs |
- | - | - | - | 4,765 | 4,765 | ||||||||||||||||||
|
Organizational realignment |
- | - | - | - | 10,549 | 10,549 | ||||||||||||||||||
|
Project One |
- | - | - | - | 2,193 | 2,193 | ||||||||||||||||||
|
Other |
- | - | - | - | (3,903 | ) | (3,903 | ) | ||||||||||||||||
|
Discrete tax items |
- | - | - | - | 16,955 | 16,955 | ||||||||||||||||||
|
Income tax effect on adjustments |
- | - | - | - | (1,158 | ) | (1,158 | ) | ||||||||||||||||
|
Adjusted net income attributable to H.B. Fuller 1 |
68,229 | 45,063 | 17,211 | 130,503 | (56,111 | ) | 74,392 | |||||||||||||||||
|
Add: |
||||||||||||||||||||||||
|
Interest expense |
- | - | - | - | 33,297 | 33,297 | ||||||||||||||||||
|
Interest income |
- | - | - | - | (1,217 | ) | (1,217 | ) | ||||||||||||||||
|
Income taxes |
- | - | - | - | 26,477 | 26,477 | ||||||||||||||||||
|
Depreciation and amortization expense |
13,252 | 9,949 | 14,096 | 37,297 | 2,356 | 39,653 | ||||||||||||||||||
|
Adjusted EBITDA 1 |
$ | 81,481 | $ | 55,012 | $ | 31,307 | $ | 167,800 | $ | 4,802 | $ | 172,602 | ||||||||||||
|
Net revenue |
$ | 410,759 | $ | 250,076 | $ | 204,076 | $ | 864,911 | $ | 37,968 | $ | 902,879 | ||||||||||||
|
Adjusted EBITDA margin 1 |
19.8 | % | 22.0 | % | 15.3 | % | 19.4 | % | 12.6 | % | 19.1 | % | ||||||||||||