(In thousands)
(Unaudited)
Beginning in the first quarter of 2022, the Company made a change to its reportable segments from two reportable segments to three reportable segments – Electronic Test, Environmental Technologies and Process Technologies. These segments, which operate as Divisions, align with how the Chief Executive Officer (CEO) who is also the Chief Operating Decision Maker (CODM) as defined under U.S. GAAP, allocates resources and assesses performance against the Company’s key growth strategies. Prior period reportable segment results and related disclosures have been restated to be consistent with the current year presentation.
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30 |
|
||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Test |
$ |
10,408 |
|
|
$ |
8,103 |
|
|
$ |
28,983 |
|
|
$ |
25,658 |
|
Environmental Technologies |
|
7,631 |
|
|
|
6,875 |
|
|
|
22,131 |
|
|
|
19,720 |
|
Process Technologies |
|
12,732 |
|
|
|
6,166 |
|
|
|
33,309 |
|
|
|
17,142 |
|
Total Revenue |
$ |
30,771 |
|
|
$ |
21,144 |
|
|
$ |
84,423 |
|
|
$ |
62,520 |
|
| Income from divisional operations: |
|
|
|
|
|
|
|
|
|
|
|
||||
| Electronic Test |
$ |
2,406 |
|
|
$ |
2,364 |
|
|
$ |
6,486 |
|
|
$ |
8,858 |
|
| Environmental Technologies |
|
1,021 |
|
|
|
1,090 |
|
|
|
2,893 |
|
|
|
3,126 |
|
| Process Technologies |
|
2,465 |
|
|
|
1,078 |
|
|
|
5,764 |
|
|
|
2,695 |
|
| Total income from divisional operations |
|
5,892 |
|
|
|
4,802 |
|
|
|
15,143 |
|
|
|
14,679 |
|
| Corporate expenses |
|
(2,138 |
) |
|
|
(1,944 |
) |
|
|
(6,312 |
) |
|
|
(5,597 |
) |
| Acquired intangible amortization |
|
(595 |
) |
|
|
(309 |
) |
|
|
(2,142 |
) |
|
|
(918 |
) |
| Other income (expense) |
|
(120 |
) |
|
|
(17 |
) |
|
|
(425 |
) |
|
|
2 |
|
| Earnings before income tax expense |
$ |
3,039 |
|
|
$ |
2,532 |
|
|
$ |
6,264 |
|
|
$ |
8,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Reconciliation of Non-GAAP Financial Measures (In thousands, except percentage data) (Unaudited) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||||||
|
|
|
|
Change |
|
Change |
|||||||||||||||||||
|
|
9/30/2022 |
6/30/2022 |
$ |
% |
9/30/2021 |
$ |
% |
|||||||||||||||||
| Total revenue (GAAP) |
$ |
30,771 |
|
$ |
29,571 |
|
$ |
1,200 |
|
4.1 |
% |
$ |
21,144 |
$ |
9,627 |
45.5 |
% |
|||||||
| Less: Revenue from acquired businesses (2) |
|
(4,754 |
) |
|
(5,221 |
) |
|
(467 |
) |
-8.9 |
% |
|
- |
|
4,754 |
NM |
|
|||||||
| Organic revenue (Non-GAAP) |
$ |
26,017 |
|
$ |
24,350 |
|
$ |
1,667 |
|
6.8 |
% |
$ |
21,144 |
$ |
4,873 |
23.0 |
% |
|||||||
|
|
Nine Months Ended |
|||||||||||||||||||||||
|
|
|
|
Change |
|||||||||||||||||||||
|
|
9/30/2022 |
9/30/2021 |
$ |
% |
||||||||||||||||||||
| Total revenue (GAAP) |
$ |
84,423 |
|
$ |
62,520 |
$ |
21,903 |
35.0 |
% |
|||||||||||||||
| Less: Revenue from acquired businesses (2) |
|
(13,991 |
) |
|
- |
|
13,991 |
NM |
|
|||||||||||||||
| Organic revenue (Non-GAAP) |
$ |
70,432 |
|
$ |
62,520 |
$ |
7,912 |
12.7 |
% |
|||||||||||||||
| NM: not meaningful | ||
| (2) |
Acquired businesses consist of Acculogic (December 2021), Videology (October 2021) and North Sciences (October 2021). | |
| inTEST CORPORATION Reconciliation of Non-GAAP Financial Measures (In thousands, except per share and percentage data) (Unaudited) |
||||||||||||
| Reconciliation of Net Earnings (GAAP) to Adjusted Net Earnings (Non-GAAP) and |
||||||||||||
| Earnings Per Share – Diluted (GAAP) to Adjusted Earnings Per Share – Diluted (Non-GAAP): |
||||||||||||
| Three Months Ended |
||||||||||||
| 9/30/2022 |
|
9/30/2021 |
|
6/30/2022 |
||||||||
|
|
|
|||||||||||
| Net earnings (GAAP) |
$ |
2,524 |
|
$ |
2,175 |
|
$ |
2,116 |
|
|||
| Acquired intangible amortization |
|
595 |
|
|
309 |
|
|
765 |
|
|||
| Tax adjustments |
|
(103 |
) |
|
(4 |
) |
|
(162 |
) |
|||
| Adjusted net earnings (Non-GAAP) |
$ |
3,016 |
|
$ |
2,480 |
|
$ |
2,719 |
|
|||
| Diluted weighted average shares outstanding |
|
10,865 |
|
|
10,792 |
|
|
10,815 |
|
|||
| Earnings per share – diluted: |
||||||||||||
| Net earnings (GAAP) |
$ |
0.23 |
|
$ |
0.20 |
|
$ |
0.20 |
|
|||
| Acquired intangible amortization |
|
0.06 |
|
|
0.03 |
|
|
0.07 |
|
|||
| Tax adjustments |
|
(0.01 |
) |
|
- |
|
|
(0.02 |
) |
|||
| Adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.28 |
|
$ |
0.23 |
|
$ |
0.25 |
|
|||
| Reconciliation of Net Earnings (GAAP) to Adjusted EBITDA (Non-GAAP) and |
||||||||||||
| Adjusted EBITDA Margin (Non-GAAP): |
||||||||||||
| Three Months Ended |
||||||||||||
| 9/30/2022 |
|
9/30/2021 |
|
6/30/2022 |
||||||||
|
|
|
|||||||||||
| Net earnings (GAAP) |
$ |
2,524 |
|
$ |
2,175 |
|
$ |
2,116 |
|
|||
| Acquired intangible amortization |
|
595 |
|
|
309 |
|
|
765 |
|
|||
| Interest expense |
|
166 |
|
|
4 |
|
|
133 |
|
|||
| Income tax expense |
|
515 |
|
|
357 |
|
|
454 |
|
|||
| Depreciation |
|
203 |
|
|
172 |
|
|
174 |
|
|||
| Non-cash stock-based compensation |
|
450 |
|
|
371 |
|
|
551 |
|
|||
| Adjusted EBITDA (Non-GAAP) |
$ |
4,453 |
|
$ |
3,388 |
|
$ |
4,193 |
|
|||
| Revenue |
|
30,771 |
|
|
21,144 |
|
|
29,571 |
|
|||
| Adjusted EBITDA margin (Non-GAAP) |
|
14.5 |
% |
|
16.0 |
% |
|
14.2 |
% |
|||
| Reconciliation of Fourth Quarter 2022 Estimated Earnings Per Share – Diluted (GAAP) to |
||||||||
| Estimated Adjusted Earnings Per Share – Diluted (Non-GAAP): |
||||||||
|
|
Low |
|
High |
|||||
|
|
|
|
|
|||||
| Estimated earnings per share – diluted (GAAP) |
$ |
0.20 |
|
|
$ |
0.25 |
|
|
| Estimated acquired intangible amortization |
|
0.06 |
|
|
|
0.06 |
|
|
| Estimated tax adjustments |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
| Estimated adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.25 |
|
|
$ |
0.30 |
||
