$13.5M Harbor Beach Sale Cements Shai Mashiach as Go-To Agent in Fort Lauderdale Luxury Market
'This transaction reflects the strength of the Fort Lauderdale luxury market and our team's dedication to delivering results for our clients.'— Shai Mashiach, Founder of The Shai Group
FORT LAUDERDALE, FL, UNITED STATES, June 19, 2025 / EINPresswire.com / -- In a market where precision and performance matter more than ever, Shai Mashiach of Coldwell Banker Realty continues to set the benchmark for luxury sales in Harbor Beach and Las Olas Isles. His latest achievement: the sale of 38 Isla Bahia Drive, an 8,100-square-foot waterfront estate, listed at $13.5 million.
Featuring six ensuite bedrooms, a media lounge, and a chef's kitchen, the residence offered an elevated lifestyle with 100 feet of deep water dockage and wide water views. The property attracted many buyers, ultimately reinforcing Shai's reputation for marketing high-value listings with precision and global reach.
A recognized force in Fort Lauderdale's ultra-luxury waterfront real estate market, Shai blends strategic pricing, white-glove service, and cutting-edge exposure to consistently deliver results. Sellers across South Florida's premier waterfront neighborhoods are turning to him for his record of performance and commitment to maximizing value.
Interested in contacting, visit Shaigroup.com or call Shai at (954) 816-7070.
Shai Mashiach
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Key Financial HighlightsThree Months Ended June 30 Six Months Ended June 30 ($ in millions except per share data) 2025 Reported 2024 Reported Change vs prior year quarter 2025 Reported 2024 Reported Change vs prior year GAAP Results Net sales $5,899.6 $5,479.7 7.7 % $11,243.3 $10,829.7 3.8 % Selling general, and administrative expenses $872.2 $828.4 5.3 % $1,708.5 $1,657.8 3.1 % Net income attributable to common stockholders $189.2 $217.7 (13.1) % $293.2 $319.2 (8.1) % Earnings per diluted share $3.83 $4.28 (10.5) % $5.92 $6.22 (4.8) % Operating cash flow $107.8 $(223.8) 148.2 % $135.8 $522.5 (74.0) % Effective tax rate 26.1 % 27.4 % (130) basis points 25.0 % 25.4 % (40) basis points($ in millions except per share data) 2025 Adjusted 2024 Adjusted Change vs prior year quarter 2025 Adjusted 2024 Adjusted Change vs prior year Non-GAAP Results Organic sales growth (decline) 7.2 % (0.8) % N/A 6.4 % (2.0) % N/A Gross profit $1,242.7 $1,198.0 3.7 % $2,368.3 $2,335.9 1.4 % Gross margin 21.1 % 21.9 % (80) basis points 21.1 % 21.6 % (50) basis points Adjusted selling, general, and administrative expenses $864.1 $803.6 7.5 % $1,693.1 $1,614.1 4.9 % Adjusted EBITDA $394.2 $400.1 (1.5) % $704.9 $740.5 (4.8) % Adjusted EBITDA margin 6.7 % 7.3 % (60) basis points 6.3 % 6.8 % (50) basis points Adjusted net income attributable to common stockholders $167.5 $163.5 2.4 % $277.2 $282.9 (2.0) % Adjusted earnings per diluted share $3.39 $3.21 5.6 % $5.60 $5.51 1.6 % Free cash flow $86.5 $(234.1) 137.0 % $95.9 $497.3 (80.7) % Net Sales On an organic basis, which removes the impact of the Ascent, LLC ("Ascent") acquisition, sales for the second quarter of 2025 grew by 7.2%. 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Adjusted for these costs, SG&A expenses were 14.6% and 14.7% of net sales for the second quarter of 2025 and 2024, respectively, reflecting operating cost leverage on sales growth. The increase in SG&A expenses for the first six months of 2025 is driven by higher salaries and benefits, increased costs to operate our facilities, an increase in transportation costs, and higher IT costs, partially offset by a decrease in other income and deductions. SG&A expenses for the first six months of 2025 include $15.4 million of digital transformation and restructuring costs. SG&A expenses for the first six months of 2024 include $21.1 million of digital transformation and restructuring costs, a $17.8 million loss on abandonment of assets, and $4.8 million of excise taxes on excess pension plan assets. Adjusted for these costs, SG&A expenses were 15.1% and 14.9% of net sales for the first six months of 2025 and 2024, respectively. Adjusted EBITDA and Adjusted EBITDA Margin The decrease in Adjusted EBITDA for the second quarter of 2025 primarily reflects lower gross margin due to large project wins, and a $43.8 million increase in SG&A expenses as described above. Sequentially, Adjusted EBITDA margin increased 90 basis points. The decrease in Adjusted EBITDA for the first six months of 2025 primarily reflects lower gross margin due to large project wins, and a $50.7 million increase in SG&A expenses as described above. Effective Tax Rate The lower effective tax rate for the second quarter of 2025 is due to a higher provision for income taxes related to uncertain tax positions in the prior year period. The effective tax rate for the first six months of 2025 remained relatively consistent with the first six months of 2024. Adjusted Earnings Per Diluted Share The increase in adjusted earnings per diluted share in the second quarter of 2025 primarily reflects lower adjusted EBITDA and a $10.5 million decrease in adjusted other income primarily due to fluctuations in the U.S. dollar against certain foreign currencies, in which we recognized a net foreign currency exchange gain of $3.0 million for the second quarter of 2025 compared to a net loss of $3.4 million for the second quarter of 2024. Further, there was a $6.0 million decrease in interest expense primarily due to debt refinancing activities and lower interest rates. There was a positive impact from the reduction in outstanding shares during the second quarter of 2025 as compared to the second quarter of 2024. The increase in adjusted earnings per diluted share in the first six months of 2025 primarily reflects lower adjusted EBITDA, offset by a $14.0 million decrease in interest expense due to debt refinancing activities and lower interest rates. Further, there was a $26.7 million decrease in adjusted other income primarily due to fluctuations in the U.S. dollar against certain foreign currencies, in which we recognized an immaterial net foreign currency exchange gain for the first six months of 2025 compared to a net loss of $20.7 million for the first six months of 2024. There was a positive impact from the reduction in outstanding shares during the first six months of 2025 as compared to the first six months of 2024. Operating Cash Flow The net operating cash inflow in the second quarter of 2025 was primarily driven by net income of $174.8 million and non-cash adjustments to net income totaling $63.6 million, which primarily comprised depreciation and amortization, stock-based compensation expense, and amortization of debt issuance costs and debt discount. The inflow was partially offset by a net outflow of $187.2 million from changes in net working capital consisting of an increase in trade accounts receivable of $242.5 million primarily due to the timing of receipts from customers and an increase in inventories resulting in a use of cash of $175.7 million, partially offset by an increase in accounts payable resulting in a cash inflow of $230.9 million primarily due to the timing of payments to suppliers as well as inventory purchases. Other sources of cash include $39.1 million from an increase in accrued payroll and benefit costs, primarily comprised of an increase in accrued variable compensation, accrued salaries and wages, and accrued sales incentives. The net operating cash inflow for the first six months of 2025 was primarily driven by net income of $293.1 million and non-cash adjustments to net income totaling $130.0 million, which primarily comprised depreciation and amortization, stock-based compensation expense, and amortization of debt issuance costs and debt discount. The inflow was partially offset by a net outflow of $259.6 million from changes in working capital consisting of an increase in trade accounts receivable of $431.2 million primarily due to the timing of receipts from customers and an increase in inventories resulting in a use of cash of $403.1 million, partially offset by an increase in accounts payable resulting in a cash inflow of $574.7 million. Uses of cash in the first six months of 2025 also included a decrease in accrued payroll and benefit costs of $38.0 million primarily due to the payment of management incentive compensation earned in 2024 and a decrease in accrued sales incentives. 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Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as "anticipate," "plan," "believe," "estimate," "intend," "expect," "project," and similar words, phrases or expressions or future or conditional verbs such as "could," "may," "should," "will," and "would," although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco's management, as well as assumptions made by, and information currently available to, Wesco's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco's and Wesco's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements. Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; evolving impacts from tariffs or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); failure to adequately protect Wesco's intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical issues, including the impact of the evolving conflicts in the Middle East and Russia/Ukraine; the impact of sanctions imposed on, or other actions taken by the U.S. or other countries against, Russia or China; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company's business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company's control. Additional factors that could cause results to differ materially from those described above can be found in Wesco's most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. Contact Information Investor Relations Corporate Communications Scott Gaffner Senior Vice President, Investor Relations investorrelations@ Jennifer Sniderman Vice President, Corporate Communications 717-579-6603 WESCO INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) (Unaudited) Three Months Ended June 30, 2025 June 30, 2024Net sales $ 5,899.6 $ 5,479.7Cost of goods sold (excluding depreciation and amortization) 4,656.9 78.9 %4,281.7 78.1 % Selling, general and administrative expenses 872.2 14.8 %828.4 15.1 % Depreciation and amortization 48.3 46.1Income from operations 322.2 5.5 %323.5 5.9 % Interest expense, net 92.9 98.8Other income, net (7.3) (95.9)Income before income taxes 236.6 4.0 %320.6 5.9 % Provision for income taxes 61.8 87.8Net income 174.8 3.0 %232.8 4.2 % Less: Net income attributable to noncontrolling interests 0.3 0.7Net income attributable to WESCO International, Inc. 174.5 3.0 %232.1 4.2 % Plus: Gain on redemption of Series A Preferred Stock 27.6 —Less: Preferred stock dividends 12.9 14.4Net income attributable to common stockholders $ 189.2 3.2 %$ 217.7 4.0 % Earnings per diluted share attributable to common stockholders $ 3.83 $ 4.28Weighted-average common shares outstanding and common share equivalents used in computing earnings per diluted common share 49.4 50.9 WESCO INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) (Unaudited) Six Months Ended June 30, 2025 June 30, 2024Net sales $ 11,243.3 $ 10,829.7Cost of goods sold (excluding depreciation and amortization) 8,875.0 78.9 %8,493.8 78.4 % Selling, general and administrative expenses 1,708.5 15.2 %1,657.8 15.3 % Depreciation and amortization 96.7 91.6Income from operations 563.1 5.0 %586.5 5.4 % Interest expense, net 179.2 193.2Other income, net (7.1) (74.3)Income before income taxes 391.0 3.5 %467.6 4.3 % Provision for income taxes 97.9 118.7Net income 293.1 2.6 %348.9 3.2 % Less: Net income attributable to noncontrolling interests 0.2 1.0Net income attributable to WESCO International, Inc. 292.9 2.6 %347.9 3.2 % Plus: Gain on redemption of Series A Preferred Stock 27.6 —Less: Preferred stock dividends 27.3 28.7Net income attributable to common stockholders $ 293.2 2.6 %$ 319.2 2.9 % Earnings per diluted share attributable to common stockholders $ 5.92 $ 6.22Weighted-average common shares outstanding and common share equivalents used in computing earnings per diluted common share 49.5 51.3 WESCO INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts in millions) (Unaudited) As ofJune 30,2025December 31,2024 AssetsCurrent AssetsCash and cash equivalents $ 667.0$ 702.6 Trade accounts receivable, net 3,942.83,454.4 Inventories 3,971.23,501.7 Other current assets 662.6692.7 Total current assets 9,243.68,351.4 Goodwill and intangible assets 5,166.85,116.0 Other assets 1,792.11,594.0 Total assets $ 16,202.5$ 15,061.4 Liabilities and Stockholders' EquityCurrent LiabilitiesAccounts payable $ 3,291.4$ 2,670.6 Short-term debt and current portion of long-term debt, net 27.319.5 Other current liabilities 1,112.51,113.9 Total current liabilities 4,431.23,804.0 Long-term debt, net 5,641.25,045.5 Other noncurrent liabilities 1,375.11,246.4 Total liabilities 11,447.510,095.9 Stockholders' Equity Total stockholders' equity 4,755.04,965.5 Total liabilities and stockholders' equity $ 16,202.5$ 15,061.4 WESCO INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollar amounts in millions) (Unaudited) Six Months EndedJune 30,2025June 30,2024 Operating Activities:Net income $ 293.1$ 348.9 Add back (deduct):Depreciation and amortization 96.791.6 Gain on divestiture —(102.9) Loss on abandonment of assets —17.8 Change in trade receivables, net (431.2)(258.8) Change in inventories (403.1)18.9 Change in accounts payable 574.7341.9 Other, net 5.665.1 Net cash provided by operating activities 135.8522.5 Investing Activities:Capital expenditures (42.2)(41.2) Acquisition payments, net of cash acquired (36.0)(30.1) Proceeds from divestiture, net of cash transferred —334.2 Other, net 1.36.2 Net cash (used in) provided by investing activities (76.9)269.1 Financing Activities:Debt borrowings (repayments), net(1) 605.0(118.3) Payments for taxes related to net-share settlement of equity awards (18.4)(26.0) Repurchases of common stock (50.0)(350.0) Redemption of preferred stock (540.3)— Payment of common stock dividends (44.2)(41.2) Payment of preferred stock dividends (27.3)(28.7) Other, net (33.1)(17.2) Net cash used in financing activities (108.3)(581.4) Effect of exchange rate changes on cash and cash equivalents 13.8(17.8) Net change in cash and cash equivalents (35.6)192.4 Cash and cash equivalents at the beginning of the period 702.6524.1 Cash and cash equivalents at the end of the period $ 667.0$ 716.5 (1) The six months ended June 30, 2025 includes the issuance of the Company's $800 million aggregate principal amount of 6.375% Senior Notes due 2033 (the "2033 Notes"). The Company used the net proceeds from the issuance of the 2033 Notes to redeem all of the Company's outstanding 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock") and all of the related depositary shares representing fractional interests in the Series A Preferred Stock, and to repay a portion of the amounts outstanding under the Revolving Credit Facility. The six months ended June 30, 2024 includes the issuance of the Company's $900 million aggregate principal amount of 6.375% senior notes due 2029 (the "2029 Notes") and $850 million aggregate principal amount of 6.625% senior notes due 2032 (the "2032 Notes" and, together with the 2029 Notes, the "2029 and 2032 Notes"). The proceeds from the issuance of the 2029 and 2032 Notes were used for the redemption of the Company's $1,500 million aggregate principal amount of 7.125% Senior Notes due 2025 (the "2025 Notes") and for other corporate purposes. NON-GAAP FINANCIAL MEASURES In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") above, this earnings release includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit, gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating (income) expense, adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as digital transformation costs, restructuring costs, cloud computing arrangement amortization, pension settlement cost and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan, loss on abandonment of assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, and the related income tax effects, as well as the gain on the redemption of the Series A Preferred Stock, allowing investors to more easily compare the Company's financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Organic Sales Growth by Segment - Three Months Ended:Three Months EndedGrowth/(Decline)June 30, 2025June 30, 2024ReportedSalesAcquisitionForeign ExchangeWorkdayOrganic Sales EES(1) $ 2,257.8$ 2,134.55.8 %— %(0.2) %— %6.0 % CSS(1) 2,265.21,904.319.0 %1.5 %0.2 %— %17.3 % UBS 1,376.61,440.9(4.5) %— %(0.1) %— %(4.4) % Total net sales $ 5,899.6$ 5,479.77.7 %0.5 %— %— %7.2 % (1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a result, the reportable segment financial information for the three months ended June 30, 2024 has been recast to conform to the current year presentation. The recast does not impact previously reported condensed consolidated results. Organic Sales Growth by Segment - Six Months Ended:Six Months EndedGrowth/(Decline)June 30, 2025June 30, 2024ReportedSalesAcquisition/DivestitureForeignExchangeWorkdayOrganic Sales EES(1) $ 4,323.1$ 4,198.83.0 %— %(0.9) %(0.8) %4.7 % CSS(1) 4,265.53,609.118.2 %1.9 %(0.6) %(0.8) %17.7 % UBS 2,654.73,021.8(12.1) %(6.3) %(0.3) %(0.8) %(4.7) % Total net sales $ 11,243.3$ 10,829.73.8 %(1.2) %(0.6) %(0.8) %6.4 % (1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a result, the reportable segment financial information for the six months ended June 30, 2024 has been recast to conform to the current year presentation. The recast does not impact previously reported condensed consolidated results. Organic Sales Growth by Segment - Sequential:Three Months EndedGrowth/(Decline)June 30, 2025March 31, 2025ReportedSales AcquisitionForeign ExchangeWorkdayOrganic Sales EES $ 2,257.8$ 2,065.39.3 %— %1.2 %3.2 %4.9 % CSS 2,265.22,000.313.2 %— %1.1 %3.2 %8.9 % UBS 1,376.61,278.17.7 %— %0.4 %3.2 %4.1 % Total net sales $ 5,899.6$ 5,343.710.4 %— %1.0 %3.2 %6.2 %Note: Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of operating days period-over-period after adjusting for weekends and public holidays in the United States. There was no change in the number of workdays in the second quarter of 2025 compared to the second quarter of 2024. The first six months of 2025 had one less workday compared to the first six months of 2024. The second quarter of 2025 had two more workdays compared to the first quarter of 2025. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months EndedSix Months Ended Gross Profit:June 30, 2025June 30, 2024June 30, 2025June 30, 2024Net sales$ 5,899.6$ 5,479.7$ 11,243.3$ 10,829.7 Cost of goods sold (excluding depreciation and amortization)4,656.94,281.78,875.08,493.8 Gross profit$ 1,242.7$ 1,198.0$ 2,368.3$ 2,335.9 Gross margin21.1 %21.9 %21.1 %21.6 %Three Months Ended Gross Profit:March 31, 2025Net sales$ 5,343.7 Cost of goods sold (excluding depreciation and amortization)4,218.1 Gross profit$ 1,125.6 Gross margin21.1 %Note: Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months EndedSix Months EndedJune 30, 2025June 30, 2024June 30, 2025June 30, 2024 Adjusted SG&A Expenses:Selling, general and administrative expenses $ 872.2$ 828.4$ 1,708.5$ 1,657.8 Digital transformation costs(1) (7.6)(6.1)(13.8)(12.1) Restructuring costs(2) (0.5)(0.9)(1.6)(9.0) Loss on abandonment of assets(3) —(17.8)—(17.8) Excise taxes on excess pension plan assets(4) ———(4.8) Adjusted selling, general and administrative expenses $ 864.1$ 803.6$ 1,693.1$ 1,614.1 Percentage of net sales 14.6 %14.7 %15.1 %14.9 % Adjusted Income from Operations:Income from operations $ 322.2$ 323.5$ 563.1$ 586.5 Digital transformation costs(1) 7.66.113.812.1 Restructuring costs(1) 0.50.91.69.0 Loss on abandonment of assets(3) —17.8—17.8 Excise taxes on excess pension plan assets(4) ———4.8 Adjusted income from operations $ 330.3$ 348.3$ 578.5$ 630.2 Adjusted income from operations margin % 5.6 %6.4 %5.1 %5.8 % Adjusted Other (Income) Expense, net:Other income, net $ (7.3)$ (95.9)$ (7.1)$ (74.3) Gain on divestiture —102.9—102.9 Loss on termination of business arrangement(5) —(3.8)(0.3)(3.8) Pension settlement cost(6) ———(5.5) Adjusted other (income) expense, net $ (7.3)$ 3.2$ (7.4)$ 19.3 Adjusted Provision for Income Taxes:Provision for income taxes $ 61.8$ 87.8$ 97.9$ 118.7 Income tax effect of adjustments to income from operations and other (income) expense, net(7) 2.2(20.1)4.1(13.6) Adjusted provision for income taxes $ 64.0$ 67.7$ 102.0$ 105.1 (1) Digital transformation costs include costs associated with certain digital transformation initiatives. (2) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (3) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations. (4) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. (5) Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party. (6) Pension settlement cost represents expense related to the final settlement of the Company's U.S. pension plan. (7) The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 26.3% for the three and six months ended June 30, 2025 and 27.1% for the three and six months ended June 30, 2024. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months EndedSix Months EndedJune 30, 2025June 30, 2024June 30, 2025June 30, 2024 Adjusted Net Income Attributable to Common Stockholders:Net income attributable to common stockholders $ 189.2$ 217.7$ 293.2$ 319.2 Digital transformation costs(1) 7.66.113.812.1 Restructuring costs(2) 0.50.91.69.0 Loss on abandonment of assets(3) —17.8—17.8 Excise taxes on excess pension plan assets(4) ———4.8 Gain on divestiture —(102.9)—(102.9) Loss on termination of business arrangement(5) —3.80.33.8 Pension settlement cost(6) ———5.5 Income tax effect of adjustments to income from operations and other (income) expense, net(7) (2.2)20.1(4.1)13.6 Gain on redemption of Series A Preferred Stock (27.6)—(27.6)— Adjusted net income attributable to common stockholders $ 167.5$ 163.5$ 277.2$ 282.9 (1) Digital transformation costs include costs associated with certain digital transformation initiatives. (2) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (3) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations. (4) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. (5) Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party. (6) Pension settlement cost represents expense related to the final settlement of the Company's U.S. pension plan. (7) The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 26.3% for the three and six months ended June 30, 2025 and 27.1% for the three and six months ended June 30, 2024. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months EndedSix Months Ended Adjusted Earnings per Diluted Share: June 30, 2025June 30, 2024June 30, 2025June 30, 2024 Adjusted income from operations $ 330.3$ 348.3$ 578.5$ 630.2 Interest expense, net 92.998.8179.2193.2 Adjusted other (income) expense, net (7.3)3.2(7.4)19.3 Adjusted income before income taxes 244.7246.3406.7417.7 Adjusted provision for income taxes 64.067.7102.0105.1 Adjusted net income 180.7178.6304.7312.6 Net income attributable to noncontrolling interests 0.30.70.21.0 Adjusted net income attributable to WESCO International, Inc. 180.4177.9304.5311.6 Preferred stock dividends 12.914.427.328.7 Adjusted net income attributable to common stockholders $ 167.5$ 163.5$ 277.2$ 282.9 Diluted shares 49.450.949.551.3 Adjusted earnings per diluted share $ 3.39$ 3.21$ 5.60$ 5.51Note: For the three and six months ended June 30, 2025, SG&A expenses, income from operations, the provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude digital transformation costs, restructuring costs, and the related income tax effects, and the gain on redemption of the Company's Series A Preferred Stock. Other non-operating (income) expense, the provision for income taxes, net income attributable to common stockholders and earnings per diluted share for the six months ended June 30, 2025 was also adjusted to exclude the loss on termination of business arrangement and the related income tax effect. For the three and six months ended June 30, 2024, SG&A expenses, income from operations, other non-operating (income) expense, the provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude the loss on abandonment of assets, digital transformation costs, restructuring costs, excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, pension settlement cost, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months Ended June 30, 2025 EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotalNet income attributable to common stockholders$ 162.1$ 162.1$ 137.8$ (272.8)$ 189.2 Net income (loss) attributable to noncontrolling interests0.10.6—(0.4)0.3 Gain on redemption of Series A Preferred Stock———(27.6)(27.6) Preferred stock dividends———12.912.9 Provision for income taxes(1)———61.861.8 Interest expense, net(1)———92.992.9 Depreciation and amortization12.419.17.69.248.3 EBITDA$ 174.6$ 181.8$ 145.4$ (124.0)$ 377.8 Other expense (income), net7.315.7(2.2)(28.1)(7.3) Stock-based compensation expense1.01.40.55.58.4 Digital transformation costs(2)———7.67.6 Cloud computing arrangement amortization(3)———7.27.2 Restructuring costs(4)———0.50.5 Adjusted EBITDA$ 182.9$ 198.9$ 143.7$ (131.3)$ 394.2 Adjusted EBITDA margin %8.1 %8.8 %10.4 %6.7 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Digital transformation costs include costs associated with certain digital transformation initiatives. (3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring Months Ended June 30, 2024 EBITDA and Adjusted EBITDA by Segment:EES(1)CSS(1)UBSCorporateTotalNet income attributable to common stockholders$ 174.4$ 119.2$ 268.5$ (344.4)$ 217.7 Net income (loss) attributable to noncontrolling interests0.10.7—(0.1)0.7 Preferred stock dividends———14.414.4 Provision for income taxes(2)———87.887.8 Interest expense, net(2)———98.898.8 Depreciation and amortization11.318.37.49.146.1 EBITDA$ 185.8$ 138.2$ 275.9$ (134.4)$ 465.5 Other expense (income), net3.315.7(103.2)(11.7)(95.9) Stock-based compensation expense1.11.60.8(0.8)2.7 Loss on abandonment of assets(3)———17.817.8 Digital transformation costs(4)———6.16.1 Cloud computing arrangement amortization(5)———3.03.0 Restructuring costs(6)———0.90.9 Adjusted EBITDA$ 190.2$ 155.5$ 173.5$ (119.1)$ 400.1 Adjusted EBITDA margin %8.9 %8.2 %12.0 %7.3 % (1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a result, the reportable segment financial information for the three months ended June 30, 2024 has been recast to conform to the current year presentation. The recast does not impact previously reported condensed consolidated results. (2) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (3) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations. (4) Digital transformation costs include costs associated with certain digital transformation initiatives. (5) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (6) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2025 EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotalNet income attributable to common stockholders$ 125.1$ 127.2$ 130.3$ (278.6)$ 104.0 Net (loss) income attributable to noncontrolling interests(0.1)0.1—(0.1)(0.1) Preferred stock dividends———14.414.4 Provision for income taxes(1)———36.136.1 Interest expense, net(1)———86.386.3 Depreciation and amortization12.219.07.89.448.4 EBITDA$ 137.2$ 146.3$ 138.1$ (132.5)$ 289.1 Other expense (income), net4.410.9(0.2)(14.9)0.2 Stock-based compensation expense1.01.30.47.510.2 Digital transformation costs(2)———6.26.2 Cloud computing arrangement amortization(3)———3.93.9 Restructuring costs(4)———1.11.1 Adjusted EBITDA$ 142.6$ 158.5$ 138.3$ (128.7)$ 310.7 Adjusted EBITDA margin %6.9 %7.9 %10.8 %5.8 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Digital transformation costs include costs associated with certain digital transformation initiatives. (3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the three months ended June 30, 2025, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. For the three months ended June 30, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, loss on the abandonment of assets, digital transformation costs, cloud computing arrangement amortization, and restructuring. For the three months ended March 31, 2025, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Six Months Ended June 30, 2025 EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotalNet income attributable to common stockholders$ 287.2$ 289.3$ 268.1$ (551.4)$ 293.2 Net income (loss) attributable to noncontrolling interests—0.7—(0.5)0.2 Gain on redemption of Series A Preferred Stock———(27.6)(27.6) Preferred stock dividends———27.327.3 Provision for income taxes(1)———97.997.9 Interest expense, net(1)———179.2179.2 Depreciation and amortization24.638.115.418.696.7 EBITDA$ 311.8$ 328.1$ 283.5$ (256.5)$ 666.9 Other expense (income), net11.726.6(2.4)(43.0)(7.1) Stock-based compensation expense2.02.70.913.018.6 Digital transformation costs(2)———13.813.8 Cloud computing arrangement amortization(3)———11.111.1 Restructuring costs(5)———1.61.6 Adjusted EBITDA$ 325.5$ 357.4$ 282.0$ (260.0)$ 704.9 Adjusted EBITDA margin %7.5 %8.4 %10.6 %6.3 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Digital transformation costs include costs associated with certain digital transformation initiatives. (3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring Months Ended June 30, 2024 EBITDA and Adjusted EBITDA by Segment:EES(1)CSS(1)UBSCorporateTotalNet income attributable to common stockholders$ 319.4$ 210.8$ 429.3$ (640.3)$ 319.2 Net (loss) income attributable to noncontrolling interests(0.4)1.1—0.31.0 Preferred stock dividends———28.728.7 Provision for income taxes(2)———118.7118.7 Interest expense, net(2)———193.2193.2 Depreciation and amortization22.536.414.418.391.6 EBITDA$ 341.5$ 248.3$ 443.7$ (281.1)$ 752.4 Other expense (income), net8.335.2(102.4)(15.4)(74.3) Stock-based compensation expense2.13.31.65.812.8 Loss on abandonment of assets(3)———17.817.8 Digital transformation costs(4)———12.112.1 Restructuring costs(5)———9.09.0 Cloud computing arrangement amortization(6)———5.95.9 Excise taxes on excess pension plan assets(7)———4.84.8 Adjusted EBITDA$ 351.9$ 286.8$ 342.9$ (241.1)$ 740.5 Adjusted EBITDA margin %8.4 %7.9 %11.3 %6.8 % (1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a result, the reportable segment financial information for the six months ended June 30, 2024 has been recast to conform to the current year presentation. The recast does not impact previously reported condensed consolidated results. (2) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (3) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations. (4) Digital transformation costs include costs associated with certain digital transformation initiatives. (5) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (6) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (7) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the six months ended June 30, 2025, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. For the six months ended June 30, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, loss on abandonment of assets, digital transformation costs, restructuring costs, cloud computing arrangement amortization, and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Twelve Months Ended Financial Leverage: June 30,2025December 31,2024 Net income attributable to common stockholders $ 634.2$ 660.2 Net income attributable to noncontrolling interests 1.11.8 Gain on redemption of Series A Preferred Stock (27.6)— Preferred stock dividends 56.057.4 Provision for income taxes 210.7231.6 Interest expense, net 350.8364.9 Depreciation and amortization 188.4183.2 EBITDA $ 1,413.6$ 1,499.1 Other income, net (25.4)(92.7) Stock-based compensation expense 34.728.9 Digital transformation costs(1) 26.524.9 Restructuring costs(2) 4.812.1 Cloud computing arrangement amortization(3) 19.314.1 Loss on abandonment of assets(4) —17.8 Excise taxes on excess pension plan assets(5) 0.14.9 Adjusted EBITDA $ 1,473.6$ 1,509.1As ofJune 30,2025December 31,2024 Short-term debt and current portion of long-term debt, net $ 27.3$ 19.5 Long-term debt, net 5,641.25,045.5 Debt issuance costs and debt discount(6) 54.547.2 Fair value adjustments to the Anixter Senior Notes(6) —(0.1) Total debt 5,723.05,112.1 Less: Cash and cash equivalents 667.0702.6 Total debt, net of cash $ 5,056.0$ 4,409.5 Financial leverage ratio 3.42.9 (1) Digital transformation costs include costs associated with certain digital transformation initiatives. (2) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (4) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations. (5) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. (6) Debt is presented in the condensed consolidated balance sheets net of debt issuance and debt discount costs, and includes adjustments to record the long-term debt assumed in the merger with Anixter at its acquisition date fair Financial leverage ratio is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt issuance costs, debt discount and fair value adjustments, net of cash, by adjusted EBITDA. EBITDA is defined as the trailing twelve months earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the trailing twelve months EBITDA before other non-operating income, non-cash stock-based compensation expense, digital transformation costs, restructuring costs, cloud computing arrangement amortization, loss on abandonment of assets, and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. WESCO INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) Three Months EndedSix Months Ended Free Cash Flow: June 30, 2025June 30, 2024June 30, 2025June 30, 2024 Cash flow provided by (used in) operations $ 107.8$ (223.8)$ 135.8$ 522.5 Less: Capital expenditures (21.8)(20.8)(42.2)(41.2) Add: Other adjustments 0.510.52.316.0 Free cash flow $ 86.5$ (234.1)$ 95.9$ 497.3 Percentage of adjusted net income 47.9 %(131.1) %31.5 %159.1 %Note: Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three and six months ended June 30, 2025 and 2024, the Company paid for certain costs related to digital transformation and restructuring. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies. View original content to download multimedia: SOURCE Wesco International
Yahoo
29 minutes ago
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Trump tariffs face key test at US appeals court
By Dietrich Knauth (Reuters) -A U.S. appeals court on Thursday will review President Donald Trump's power to impose tariffs, after a lower court said he exceeded his authority with sweeping levies on imported goods. The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., will consider the legality of "reciprocal" tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China, Canada and Mexico. A panel of all of the court's active judges, eight appointed by Democratic presidents and three appointed by former Republican presidents, will hear arguments scheduled to begin at 10 a.m. ET in two cases brought by five small U.S. businesses and 12 Democratic-led U.S. states. The arguments - one day before Trump plans to increase tariff rates on imported goods from nearly all U.S. trading partners - mark the first test before a U.S. appeals court of the scope of his tariff authority. The president has made tariffs a central instrument of his foreign policy, wielding them aggressively in his second term as leverage in trade negotiations and to push back against what he has called unfair practices. The states and businesses challenging the tariffs argued that they are not permissible under emergency presidential powers that Trump cited to justify them. They say the U.S. Constitution grants Congress, and not the president, authority over tariffs and other taxes. Trump claimed broad authority to set tariffs under the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctioning enemies or freezing their assets. Trump is the first president to use it to impose tariffs. Trump has said the April tariffs were a response to persistent U.S. trade imbalances and declining U.S. manufacturing power. He said the tariffs against China, Canada and Mexico were appropriate because those countries were not doing enough to stop illegal fentanyl from crossing U.S. borders. The countries have denied that claim. On May 28, a three-judge panel of the U.S. Court of International Trade sided with the Democratic states and small businesses that challenged Trump. It said that the IEEPA, a law intended to address "unusual and extraordinary" threats during national emergencies, did not authorize tariffs related to longstanding trade deficits. The Federal Circuit has allowed the tariffs to remain in place while it considers the administration's appeal. The timing of the court's decision is uncertain, and the losing side will likely appeal quickly to the U.S. Supreme Court. The case will have no impact on tariffs levied under more traditional legal authority, such as duties on steel and aluminum imports. Trump's on-again, off-again tariff threats have roiled financial markets and disrupted U.S. companies' ability to manage supply chains, production, staffing and prices. The president recently announced trade deals that set tariff rates on goods from the European Union and Japan, following smaller trade agreements with Britain, Indonesia and Vietnam. Trump's Department of Justice has argued that limiting the president's tariff authority could undermine ongoing trade negotiations, while other Trump officials have said that negotiations have continued with little change after the initial setback in court. Trump has set an August 1 date for higher tariffs on countries that don't negotiate new trade deals. There are at least seven other lawsuits challenging Trump's invocation of IEEPA, including cases brought by other small businesses and California. A federal judge in Washington, D.C., ruled against Trump in one of those cases, and no judge has yet backed Trump's claim of unlimited emergency tariff authority. Sign in to access your portfolio
