Latest news with #NewBusiness
Globe and Mail
4 days ago
- Business
- Globe and Mail
NN, Inc. Reports Second Quarter 2025 Results
Improvement in Operating Income, Adjusted EBITDA, and New Business Program Company Reiterates Full Year 2025 Guidance CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR) ('NN' or the 'Company'), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported results for the second quarter ended June 30, 2025. Second Quarter Highlights: (results from continuing operations compared with prior year, where comparisons are noted) Net sales of $107.9 million, down 2.4% on a pro forma basis Gross margin of 16.9%, and adjusted gross margin of 19.5% Operating loss of $1.5 million and adjusted operating income of $4.9 million, an increase of $2.8 million Adjusted EBITDA of $13.2 million, with an adjusted EBITDA margin of 12.2% New business wins were $32.7 million in the first half of 2025, and NN has over 100 programs launching in 2025 that are expected to add greater than $45 million in future sales at full run-rate Harold Bevis, President and Chief Executive Officer, said, 'NN delivered a solid quarter for gross margins, operating income, adjusted operating income, and adjusted EBITDA. We are pleased with our reported results, new business acquisition, and new business launches. We leveraged the soft market environment to upsize our business development activities and investments. Our soft top-line centers around certain automotive customers. Conversely, we have been able to partially offset this weakness through the contribution of new business launches and precious metals pass-through pricing.' 'We have increased the size of our new business program in terms of prospecting, launching, and investing. We now have over 40 people in business development and launch, and we expect to launch over 100 new programs in 2025. We expect those launches will add over $45 million in future sales at run-rate. We plan to invest $18 to $20 million on capital projects in 2025. The twin goals of lowering our costs overall as a company while adding increased focus on growth is working and will be the main drivers of sustained top-line growth and increased profitability.' Mr. Bevis continued, 'Our current expectation is that some of our automotive markets may have similar soft patterns in the second half of 2025. In response, we have activated our own mitigation levers including tight cost controls and working capital actions. We are underway with tariff mitigation efforts with our customers and have positioned ourselves as a tariff problem solver.' 'We are using this opportunity to accelerate our transformation activities. We are actively investing in growth capex, and we have hired additional personnel to accelerate growth in our targeted areas. We recently announced the hiring of Tim Erro as NN's new Chief Commercial Officer and have also added new account managers in our targeted areas of medical, stampings, and electrical products. We now have a core team of electrical harness experts and are evaluating an organic entry into this new market, just as we have done to enter the medical market.' Mr. Bevis concluded, 'Our transformation plan is working and we have increased our efforts during this slow auto market. Lastly, we have fully kicked off an M&A program and are seeking targets that are consistent with our strategy and can help refinance our preferred stock.' Second Quarter Results Net sales were $107.9 million, a decrease of 12.3% compared to the second quarter of 2024 net sales of $123.0 million, primarily due to the rationalization of underperforming business and plants in 2024, the sale of our Lubbock operations in 2024, and lower automotive volumes. These decreases were partially offset by the contribution of 70 new business launches in the first half of 2025 and higher precious metals pass-through pricing. Loss from operations for the second quarter of 2025 was $1.5 million, an improvement of 28.6% compared to the second quarter of 2024 loss from operations of $2.1 million. Second Quarter Adjusted Results Pro forma net sales when adjusted for rationalized sales, currency changes, and the sale of Lubbock, were a decrease of 2.4% in the second quarter when compared to the second quarter of 2024. Adjusted income from operations for the second quarter of 2025 was $4.9 million compared to adjusted income from operations of $2.1 million for the same period in 2024. Adjusted EBITDA was $13.2 million, or 12.2% of sales, compared to $13.4 million, or 10.9% of sales, for the same period in 2024. Adjusted net income was $0.7 million, or $0.02 per diluted share, compared to adjusted net loss of $0.7 million, or $(0.02) per diluted share, for the same period in 2024. Free cash flow was a use of cash of $3.2 million compared to a use of cash of $1.3 million for the same period in 2024. Power Solutions Net sales for the second quarter of 2025 were $44.6 million compared to $50.2 million in the same period in 2024. The decrease is primarily due to the sale of our Lubbock operations, partially offset by higher precious metals pass-through pricing. Income from operations was $5.8 million compared to income from operations of $5.3 million for the same period in 2024. Adjusted income from operations was $8.4 million compared to $8.1 million in the second quarter of 2024. The increase in adjusted income from operations was primarily due to favorable product mix, and lower operating costs. Mobile Solutions Net sales for the second quarter of 2025 were $63.4 million compared to $72.9 million in the second quarter of 2024. The decrease in sales was primarily due to rationalized volume and lower automotive volume. Loss from operations was $1.1 million compared to loss from operations of $1.6 million for the same period in 2024. Adjusted income from operations was $2.3 million compared to adjusted loss from operations of $0.7 million in the second quarter of 2024. The increase in adjusted income from operations was primarily due to improved margin mix of sales and lower operating costs. 2025 Outlook NN is maintaining its full-year 2025 outlook. Net sales to range between $430 to $460 million Adjusted EBITDA to range between $53 to $63 million Free cash flow to range between $14 to $16 million; guidance assumes receipt of CARES Act refund in 2025 New business wins to range between $60 to $70 million Chris Bohnert, Senior Vice President and Chief Financial Officer, commented, 'Our second quarter results were largely in line with expectations. We are maintaining our current guidance and given the ongoing tariff-driven uncertainties and the anticipated downstream effects for our customers, we continue to direct expectations towards the lower end of our guided ranges. We note that the uncertainty of the current macroeconomic environment, particularly the potential for shifts in trade policy and interest rates could drive variability in our results, which may fall above or below our current forecasts. Irrespective of the near-term macroeconomic backdrop, we continue to pursue expense mitigation and operational efficiencies to partially offset potential impacts to end market demand. We are investing in commercial enhancements to accelerate future growth, and we remain optimistic about the strong pace of our transformation and growth opportunities.' Conference Call NN will discuss its results during its quarterly investor conference call on August 7, 2025, at 9 a.m. ET. The call and supplemental presentation may be accessed via NN's website, The conference call can also be accessed by dialing 1-888-999-3182 or 1-848-280-6330. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call until August 7, 2026. NN discloses in this press release the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges. The financial tables found later in this press release include a reconciliation of adjusted income (loss) from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow to the U.S. GAAP financial measures of income (loss) from operations, net income (loss), net income (loss) per diluted common share, and cash provided (used) by operating activities. About NN, Inc. NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, South America, Europe and China. For more information about the company and its products, please visit This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the full year of fiscal 2025, the impact of, and our ability to execute, our corporate strategies and business initiatives and the potential impact tariffs, high interest rates, high metal costs and additional economic uncertainties may have on our financial statements and results of operations. Forward-looking statements generally will be accompanied by words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'forecast,' 'growth,' 'guidance,' 'intend,' 'may,' 'will,' 'possible,' 'potential,' 'predict,' 'project', 'trajectory' or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management's control and that may cause actual results to be materially different from such statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the potential impacts of tariffs on the U.S. economy, the economy of other countries in which we conduct operations and our industry, as well as the potential implications and ramifications of tariffs on our business and the local and global supply chains supporting the same, and our ability to mitigate any adverse impacts of such; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; uncertainty of government policies and actions after recent U.S. elections in respect to global trade, tariffs and international trade agreements; and cyber liability or potential liability for breaches of our or our service providers' information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included in the Company's filings made with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release and are based on information available to NN at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements. With respect to any non-GAAP financial measures included in the following document, the accompanying information required by SEC Regulation G can be found in the back of this document or in the 'Investors' section of the Company's web site, under the heading 'News & Events' and subheading 'Presentations.' NN, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2025 2024 2025 2024 Net sales $ 107,921 $ 122,992 $ 213,609 $ 244,190 Cost of sales (exclusive of depreciation and amortization shown separately below) 89,699 101,257 181,345 202,343 Selling, general, and administrative expense 12,095 13,511 23,265 26,859 Depreciation and amortization 8,918 11,761 17,692 24,308 Other operating income, net (1,327) (1,390) (2,440) (2,390) Loss from operations (1,464) (2,147) (6,253) (6,930) Interest expense 5,657 5,873 10,851 11,239 Loss on extinguishment of debt 3,007 — 3,007 — Other expense (income), net (619) (3,461) (2,788) 692 Loss before benefit (provision) for income taxes and share of net income from joint venture (9,509) (4,559) (17,323) (18,861) Benefit (provision) for income taxes (774) 215 (2,084) (291) Share of net income from joint venture 2,181 2,141 4,620 4,412 Net loss $ (8,102) $ (2,203) $ (14,787) $ (14,740) Other comprehensive income (loss): Foreign currency transaction gain (loss) 4,454 (3,387) 7,579 (5,733) Reclassification adjustments from the interest rate swap included in net loss, net of tax — (449) — (898) Other comprehensive income (loss) $ 4,454 $ (3,836) $ 7,579 $ (6,631) Comprehensive loss $ (3,648) $ (6,039) $ (7,208) $ (21,371) Basic and diluted net loss per share $ (0.26) $ (0.12) $ (0.48) $ (0.46) Shares used to calculate basic and diluted net loss per share 49,433 48,839 49,255 48,281 NN, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except per share data) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 9,542 $ 18,128 Accounts receivable, net 69,825 61,549 Inventories 62,793 61,877 Income tax receivable 13,084 12,634 Prepaid assets 4,602 2,855 Other current assets 12,133 10,519 Total current assets 171,979 167,562 Property, plant and equipment, net 164,248 162,034 Operating lease right-of-use assets 37,301 39,317 Intangible assets, net 37,599 44,410 Investment in joint venture 40,312 34,971 Deferred tax assets 1,329 1,329 Other non-current assets 7,992 7,270 Total assets $ 460,760 $ 456,893 Liabilities, Preferred Stock, and Stockholders' Equity Current liabilities: Accounts payable $ 45,793 $ 38,879 Accrued salaries, wages and benefits 14,444 19,915 Income tax payable 484 659 Current maturities of long-term debt 5,580 5,039 Current portion of operating lease liabilities 5,903 6,038 Other current liabilities 16,949 13,382 Total current liabilities 89,153 83,912 Deferred tax liabilities 4,896 4,969 Long-term debt, net of current maturities 154,047 143,591 Operating lease liabilities, net of current portion 39,710 42,291 Other non-current liabilities 10,896 14,111 Total liabilities 298,702 288,874 Commitments and contingencies Series D perpetual preferred stock 102,518 93,497 Stockholders' equity: Common stock 503 499 Additional paid-in capital 448,033 455,811 Accumulated deficit (348,408) (333,621) Accumulated other comprehensive loss (40,588) (48,167) Total stockholders' equity 59,540 74,522 Total liabilities, preferred stock, and stockholders' equity $ 460,760 $ 456,893 NN, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (in thousands) 2025 2024 Cash flows from operating activities Net loss $ (14,787) $ (14,740) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 17,692 24,308 Amortization of debt issuance costs and discount 1,024 1,106 Paid-in-kind interest 1,236 1,436 Loss on extinguishment of debt 3,007 — Total derivative gain, net of cash settlements (2,036) (1,068) Share of net income from joint venture (4,620) (4,412) Share-based compensation expense 1,640 1,536 Deferred income taxes (5) (479) Other (785) (758) Changes in operating assets and liabilities: Accounts receivable (6,568) (8,747) Inventories 1,044 (1,185) Other operating assets (3,318) (2,705) Income taxes receivable and payable, net (589) (1,326) Accounts payable 6,564 1,726 Other operating liabilities (3,540) 4,739 Net cash used in operating activities (4,041) (569) Cash flows from investing activities Acquisition of property, plant and equipment (7,630) (9,052) Proceeds from sale of property, plant, and equipment 451 237 Net cash used in investing activities (7,179) (8,815) Cash flows from financing activities Proceeds from asset backed credit facilities 21,000 25,000 Repayments of asset backed credit facilities (21,400) (25,000) Proceeds from term loans and other long-term debt 118,579 — Repayments of term loans and other long-term debt (115,356) (21,061) Cash paid for debt issuance costs (3,553) (646) Proceeds from sale-leaseback of equipment 946 8,324 Proceeds from sale-leaseback of land and buildings 4,300 16,863 Repayments of financing obligations (601) (211) Other (2,352) (1,700) Net cash provided by financing activities 1,563 1,569 Effect of exchange rate changes on cash flows 1,071 (342) Net change in cash and cash equivalents (8,586) (8,157) Cash and cash equivalents at beginning of year 18,128 21,903 Cash and cash equivalents at end of quarter $ 9,542 $ 13,746 Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and Gross Margin Three Months Ended June 30, (in thousands) 2025 2024 Net sales $ 107,921 $ 122,992 Cost of sales (exclusive of depreciation and amortization) 89,699 101,257 GAAP gross profit 18,222 21,735 Personnel costs (1) 2,052 298 Facility costs (2) — 10 Other 781 778 Adjusted gross profit (a) $ 21,055 $ 22,821 Adjusted gross margin (3) 19.5 % 18.6 % (1) Personnel costs include recruitment, retention, relocation, and severance costs (2) Facility costs include costs of opening / closing facilities and relocation / exit of manufacturing operations (3) Non-GAAP adjusted gross margin = Non-GAAP adjusted gross profit / GAAP net sales Reconciliation of GAAP Income (Loss) from Operations to Non-GAAP Adjusted Income (Loss) from Operations (in thousands) Three Months Ended June 30, NN, Inc. Consolidated 2025 2024 GAAP loss from operations $ (1,464) $ (2,147) Professional fees 352 (12) Personnel costs (1) 2,614 826 Facility costs (2) — (51) Amortization of intangibles 3,405 3,456 Non-GAAP adjusted income from operations (b) $ 4,907 $ 2,072 Non-GAAP adjusted operating margin (3) 4.6 % 1.7 % GAAP net sales $ 107,921 $ 122,992 (in thousands) Three Months Ended June 30, Power Solutions 2025 2024 GAAP income from operations $ 5,782 $ 5,320 Personnel costs (1) 77 33 Facility costs (2) — 79 Amortization of intangibles 2,567 2,617 Non-GAAP adjusted income from operations (b) $ 8,426 $ 8,049 Non-GAAP adjusted operating margin (3) 18.9 % 16.0 % GAAP net sales $ 44,641 $ 50,151 (in thousands) Three Months Ended June 30, Mobile Solutions 2025 2024 GAAP loss from operations $ (1,110) $ (1,630) Personnel costs (1) 2,540 265 Facility costs (2) — (130) Amortization of intangibles 838 837 Non-GAAP adjusted income (loss) from operations (b) $ 2,268 $ (656) Share of net income from joint venture 2,181 2,141 Non-GAAP adjusted income from operations with JV (b) $ 4,449 $ 1,485 Non-GAAP adjusted operating margin (3) 7.0 % 2.0 % GAAP net sales $ 63,391 $ 72,855 Three Months Ended June 30, (in thousands) Elimination 2025 2024 GAAP net sales $ (111) $ (14) (1) Personnel costs include recruitment, retention, relocation, and severance costs (2) Facility costs include costs of opening / closing facilities and relocation / exit of manufacturing operations (3) Non-GAAP adjusted operating margin = Non-GAAP adjusted income (loss) from operations / GAAP net sales Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA Three Months Ended June 30, (in thousands) 2025 2024 GAAP net loss $ (8,102) $ (2,203) Benefit (provision) for income taxes 774 (215) Interest expense 5,657 5,873 Loss on extinguishment of debt 3,007 — Change in fair value of preferred stock derivatives and warrants (273) (3,949) Depreciation and amortization 8,918 11,761 Professional fees 352 (12) Personnel costs (1) 2,614 826 Facility costs (2) — (51) Non-cash stock compensation 801 691 Non-cash foreign exchange (gain) loss on inter-company loans (569) 684 Non-GAAP adjusted EBITDA (c) $ 13,179 $ 13,405 Non-GAAP adjusted EBITDA margin (3) 12.2 % 10.9 % GAAP net sales $ 107,921 $ 122,992 (1) Personnel costs include recruitment, retention, relocation, and severance costs (2) Facility costs include costs of opening / closing facilities and relocation / exit of manufacturing operations (3) Non-GAAP adjusted EBITDA margin = Non-GAAP adjusted EBITDA / GAAP net sales Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income and GAAP Net Income (Loss) per Diluted Common Share to Non-GAAP Adjusted Net Income (Loss) per Diluted Common Share Three Months Ended June 30, (in thousands) 2025 2024 GAAP net loss $ (8,102) $ (2,203) Pre-tax loss on extinguishment of debt 3,007 — Pre-tax professional fees 352 — Pre-tax personnel costs 2,614 826 Pre-tax facility costs — (51) Pre-tax foreign exchange (gain) loss on inter-company loans (569) 684 Pre-tax change in fair value of preferred stock derivatives and warrants (273) (3,949) Pre-tax amortization of intangibles and deferred financing costs 3,717 4,018 Tax effect of adjustments reflected above (d) — (63) Non-GAAP adjusted net income (loss) (e) $ 746 $ (738) Three Months Ended June 30, (per diluted common share) 2025 2024 GAAP net loss per diluted common share $ (0.26) $ (0.12) Pre-tax loss on extinguishment of debt 0.06 — Pre-tax professional fees 0.01 — Pre-tax personnel costs 0.05 0.02 Pre-tax facility costs — — Pre-tax foreign exchange (gain) loss on inter-company loans (0.01) 0.01 Pre-tax change in fair value of preferred stock derivatives and warrants (0.01) (0.08) Pre-tax amortization of intangibles and deferred financing costs 0.08 0.08 Preferred stock cumulative dividends and deemed dividends 0.09 0.08 Non-GAAP adjusted net income (loss) per diluted common share (e) $ 0.02 $ (0.02) Shares used to calculate net earnings (loss) per share 49,433 48,839 The Company discloses in this presentation the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges. The costs we incur in completing acquisitions, including the amortization of intangibles and deferred financing costs, and divestitures are excluded from these measures because their size and inconsistent frequency are unrelated to our commercial performance during the period, and we believe are not indicative of our ongoing operating costs. We exclude the impact of currency translation from these measures because foreign exchange rates are not under management's control and are subject to volatility. Other non-operating charges are excluded as the charges are not indicative of our ongoing operating cost. We believe the presentation of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow provides useful information in assessing our underlying business trends and facilitates comparison of our long-term performance over given periods. The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to actual income growth derived from income amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. (a) Non-GAAP adjusted gross margin represents GAAP gross profit, adjusted to exclude the effects of restructuring and integration expense and non-operational charges related to acquisition and transition expense. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted gross margin is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP gross margin. (b) Non-GAAP adjusted income (loss) from operations represents GAAP income (loss) from operations, adjusted to exclude the effects of restructuring and integration expense; non-operational charges related to acquisition and transition expense, intangible amortization costs for fair value step-up in values related to acquisitions, non-cash impairment charges, and when applicable, our share of income from joint venture operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income (loss) from operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from operations. (c) Non-GAAP adjusted EBITDA represents GAAP net income (loss), adjusted to include income taxes, interest expense, write-off of unamortized debt issuance costs, interest rate swap payments and change in fair value that was recognized in earnings, change in fair value of preferred stock derivatives and warrants, depreciation and amortization, charges related to acquisition and transition costs, non-cash stock compensation expense, foreign exchange gain (loss) on inter-company loans, restructuring and integration expense, costs related to divested businesses and litigation settlements, income from discontinued operations, and non-cash impairment charges, to the extent applicable. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations. (d) This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the respective table. NN, Inc. estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying the applicable statutory rates by tax jurisdiction unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment. (e) Non-GAAP adjusted net income (loss) represents GAAP net income (loss) adjusted to exclude the tax-affected effects of charges related to acquisition and transition costs, foreign exchange gain (loss) on inter-company loans, restructuring and integration charges, amortization of intangibles costs for fair value step-up in values related to acquisitions and amortization of deferred financing costs, non-cash impairment charges, write-off of unamortized debt issuance costs, interest rate swap payments and change in fair value, change in fair value of preferred stock derivatives and warrants, costs related to divested businesses and litigation settlements, income (loss) from discontinued operations, and preferred stock cumulative dividends and deemed dividends. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry.
Hans India
27-06-2025
- Business
- Hans India
88 pc of manufacturers plan to expand operations backed by India's infra push
New Delhi: The government's infrastructure push has directly influenced capital investment decisions of 88 per cent of manufacturers, signalling increased confidence to scale operations, according to a report on Friday. India's manufacturing and logistics ecosystem is undergoing a significant transformation, driven by strong policy support and large-scale infrastructure investments. Cushman & Wakefield's report, titled 'Elevating India's Manufacturing Resilience: Charting the Path to Self-Reliance,' reveals high optimism regarding the impact of government-led infrastructure initiatives such as Bharatmala, Sagarmala, Dedicated Freight Corridors, and the National Industrial Corridor Development. As many as 86 per cent of respondents said these initiatives have positively influenced their business operations, while 95 per cent reported improved access to logistics and transport infrastructure as a result. For large enterprises, the impact is even sharper — 94 per cent say these upgrades have been pivotal in shaping their expansion plans. While the infrastructure buildout has laid the groundwork for industrial expansion, government policies like the production-linked incentive (PLI) schemes and 'Make in India' are shaping strategic priorities. Over 40 per cent of respondents said these schemes have had the most significant impact on their business. Meanwhile, the National Logistics Policy (NLP) and National Industrial Corridor Development (NICD) were cited by 54 per cent as being especially beneficial, particularly among MSMEs, for whom logistics accessibility and industrial park connectivity are key enablers, said the report. Notably, 77 per cent of the respondents felt that the ease of doing business had improved, with the figure rising to 86 per cent among large-scale firms. 'India's manufacturing sector is undergoing a structural shift. Our findings indicate a strong alignment between infrastructure investment, policy clarity, and industry intent,' said Gautam Saraf, Executive Managing Director, Mumbai and New Business, Cushman & Wakefield. To sustain this momentum, India must address deep-rooted cost and capacity gaps — especially in logistics, integrated facilities, and MSME productivity. 'Plug-and-play industrial parks, multimodal logistics networks, and improved land aggregation frameworks are not just enablers, they are essential levers for converting policy momentum into production ready outcomes,' said Saraf. To support long-term growth, the report lays out a five-pronged strategy: accelerate the development of plug-and-play industrial parks; reassess the parameters that define MSME's to foster scale; fast-track the rollout of multimodal logistics parks (MMLPs); invest in targeted skill development programs; and empower MSME exports through unified digital platforms and incentives.
Khaleej Times
16-06-2025
- Automotive
- Khaleej Times
Wheely Dubai experience: Luxury chauffeuring with Maybachs, S-Class, and more
When you think of a chauffeured ride, you might imagine a polished car, a sharply dressed driver, and a quiet ride to your destination. Wheely takes that base expectation and elevates it into an experience that feels meticulously curated — a seamless blend of technology, etiquette, and sheer indulgence. Having recently tried out several of Wheely's services in Dubai, including Luxe, First, and New Business, I can confidently say that this isn't just a premium ride-hailing app — it's a luxury transport experience that's designed to treat time and comfort as the ultimate commodities. Let's start with the fleet. Each vehicle I've ridden in has been pristine and impeccably maintained. The Luxe class, exclusive to Wheely Members, features the ultra-elegant Mercedes-Maybach S-Class. When asked about his driving experience, the chauffeur casually mentioned that there are currently only three Maybachs in the Dubai fleet, making it feel even more exclusive. The ride is buttery-smooth, the cabin incredibly quiet, and the interior detailing speaks volumes about refinement. Reclining seats, ambient lighting, and a sense of absolute calm made this journey feel more like a luxury lounge on wheels. The First and New Business options also delivered above expectations. The Mercedes-Benz S-Class under the First tier offers thoughtful touches like FIJI Water, Acqua Di Parma car fragrance, privacy blinds, and additional legroom — great for business professionals or anyone who values a serene, distraction-free ride. Meanwhile, New Business, featuring the BMW 5 Series, proves that even their "entry-level" tier is far from ordinary. With bottled Evian, disinfecting wipes, tissues, and dual phone chargers (yes, including USB-C for newer iPhones), it's perfectly suited for modern business travel. One of the biggest highlights was the chauffeur etiquette. Every driver I encountered was not only professional but displayed genuine courtesy and awareness. They opened doors, checked route preferences, adjusted temperature and music when requested, and offered a level of attentiveness that felt natural, never intrusive, always reassuring. In short, they behaved less like drivers and more like concierges behind the wheel. Over the span of a few weeks, I ordered pickups from Muhaisnah 4, Barsha, Palm Jumeirah, and Meydan, and the average wait time ranged between 10 to 20 minutes. Considering the level of service and the exclusivity of certain vehicle types (especially the Luxe class), this felt more than reasonable. Then there's the Wheely app — which is, in itself, a beautifully designed tool. It's fast, clean, and intuitive. One standout feature I particularly liked is the option to request only black vehicles, which subtly adds to the overall premium aesthetic. Be warned, though: filtering by colour or vehicle type can increase the waiting time slightly, but for those seeking a specific kind of experience, it's a small trade-off. Wheely also allows you to book rides for others, a great gesture for gifting or arranging business transfers, and for members, features like Airport Pickups and Chauffeur for a Day add even more polish to the overall offering. To sum it up, Wheely is for the traveller who values aesthetics and service. It's for the executive heading from meeting to meeting or the traveller who wants to feel at ease from the moment they step into the car. In a city like Dubai — where extravagance is standard and service is everything — Wheely manages to stand out by being precise, personal, and impeccably polished. Whether you're looking to impress a client or simply elevate your commute, Wheely might just become your go-to mode of luxury transport.
Yahoo
10-06-2025
- Business
- Yahoo
2Checkout Will Host the 9th Edition of CommerceNow Event, Inspiring Businesses to Amplify the Way They Sell Online
The must-attend event for eCommerce professionals will take place between June 18-19 NEW YORK, June 10, 2025 (GLOBE NEWSWIRE) -- 2Checkout, a global leader in payment and commerce solutions for cross-border digital sales, today announces that its highly anticipated 9th edition of CommerceNow, will take place on June 18-19, 2025. The premier event for eCommerce professionals, marketers, and business owners looking to expand their digital commerce capabilities will bring together industry leaders and innovators who will share market-tested insights to leap ahead in the landscape. Across two content-packed days, 14 world-class speakers will be going over the latest industry trends while presenting actionable strategies to help businesses thrive in the online ecosystem. Hosted by Nataliya Shadykulova, Head of New Business EMEA at 2Checkout, CommerceNow 2025 promises an immersive, interactive experience designed to educate, inspire, and drive tangible results for attendees. This year's key themes focus on essential topics for modern commerce success, including digital commerce innovation, customer acquisition and retention, AI-driven marketing strategies, and online payments and global expansion. Attendees can look forward to presentations from globally recognized eCommerce visionaries, including Jenn VandeZande, Head of Digital Engagement at SAP Customer Experience, Elise Marengo, Director of Customer Success at Engineer Up, Marc Uitterhoeve, CEO at Dexter Agency, and many others. "CommerceNow 2025 captures the very essence of digital transformation and innovation in the online selling space," said Nataliya Shadykulova, Head of New Business at 2Checkout. "With the industry evolving at an unprecedented pace, this is the must-see event for merchants looking for the newest strategies that empower their businesses to adapt and thrive. At 2Checkout, we are committed to inspiring meaningful change in the commerce space, and CommerceNow is a reflection of that commitment—bringing together thought leaders, cutting-edge ideas, and practical solutions to help shape the future of eCommerce." Visit the CommerceNow'25 event page to sign up for free and unlock insights to boost business performance. Participants will also have access to valuable on-demand recordings post-event to revisit key takeaways and implement strategies at their own pace. About 2Checkout Verifone's 2Checkout platform is an all-in-one digital sales optimization solution that drives sales growth across online channels while managing the sales process from end-to-end to allow clients to focus on innovation and delivering exceptional customer experiences. Learn more at press@ A photo accompanying this announcement is available at in to access your portfolio
Al Jazeera
31-03-2025
- Business
- Al Jazeera
Panama approves embattled ex-President Martinelli's passage to Nicaragua
Panama's government has approved safe passage for embattled former President Ricardo Martinelli to leave the country for Nicaragua, after facing prison for money laundering. Foreign Affairs Minister Javier Martinez-Acha Vasquez announced on Thursday that Martinelli would be allowed to leave, citing concerns about the former president's health. Martinelli had previously been granted asylum by Nicaragua, and he has been avoiding arrest by sheltering in the country's embassy in Panama City. Panama's foreign minister declined to mention specifics about the health concerns Martinelli faces. 'Given that justice's timeline does not always coincide with health's timeline, the Foreign Relations Ministry has decided to recognise the asylum granted to Mr Martinelli Berrocal by the Nicaraguan government,' Martinez-Acha Vasquez said. 'This asylum is recognised and the safe conduct is granted for strictly humanitarian reasons.' Martinelli, 73, has exhausted all appeals in his case after being sentenced in 2023 to 10 years in prison for money laundering. He also received a $19m fine in the case. The conviction led to an end to Martinelli's political career. Last year, Panama's Electoral Tribunal ruled he could not run in that year's presidential race Panama's constitution bars anyone with a criminal sentence of five years or more from holding elected office. Prior to the ruling, however, Martinelli was considered a frontrunner in the race. Martinelli has always maintained his innocence. But prosecutors successfully argued that he used his influence as president, from 2009 to 2014, to award government contracts to companies that then funnelled money to an organisation called 'New Business'. That company was a front, prosecutors alleged. And they said Martinelli leveraged it to buy a publishing business that controlled national newspapers. The 'New Business' scandal was one of several controversies Martinelli faced after leaving office. He and his two sons – Luis Enrique Martinelli Linares and Ricardo Martinelli Linares – have also been accused of involvement in the Odebrecht scandal, an international corruption case that ensnared leaders from several Latin American countries. A former supermarket entrepreneur and popular right-wing figure, Martinelli has remained in the Nicaraguan embassy since February 2024, where he has used social media to communicate with his supporters. Panama has, until Thursday, refused his request to leave the country. But in the lead-up to the Panamanian foreign minister's announcement that he will now be allowed to leave, Martinelli expressed concern he might be intercepted by the country's police. 'They must be plotting against me by having Alpha Units of the National Police outside the Nicaraguan Embassy,' he wrote on the social media platform X on Thursday. Martinelli has until midnight on March 31 to leave.
