Washington, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 1, 2024 (May 1, 2024)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
 incorporation )
(Commission File Number)(IRS Employer Identification No.)
3556 Lake Shore Road
P.O. Box 2028
Buffalo, New York 14219-0228
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareROCKNASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition
The following information is furnished pursuant to Item 2.02:
On May 1, 2024, Gibraltar Industries, Inc. (the “Company”) issued a news release and will hold a conference call regarding financial results for the three months ended March 31, 2024. A copy of the news release (the “Release”) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K under the caption Item 2.02, including the Release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, unless the Company specifically incorporates it by reference in a document filed under the Securities Act or the Exchange Act.

Item 9.01    Financial Statements and Exhibits
    (a)-(c)    Not Applicable
    (d)    Exhibits:
Exhibit No.Description
104Cover Page Interactive Data File (embedded with the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:May 1, 2024
By:/s/ Jeffrey J. Watorek
Jeffrey J. Watorek
Vice President and Treasurer



Net Sales: GAAP Essentially Flat, Adjusted +1.3%; EPS: GAAP +19.1%,
Adjusted +12.7%
Strong Operating Cash Flow Generation of $53.2 Million
Reaffirming 2024 Outlook for 4-9% Revenue, 12-20% EPS Growth

Buffalo, New York, May 1, 2024 - Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today reported its financial results for the three-month period ended March 31, 2024.

“2024 started as we planned for the first quarter, with revenue growth in our Residential, Agtech, and Infrastructure businesses offsetting an anticipated slower start to the year in our Renewables business. Our execution and participation gains continue to leverage solid end market trends, and we continue to expect all four segments to head in the same direction in 2024, with Renewables and Agtech returning to top-line growth and driving sales growth, margin expansion and strong cash flow generation across the business,” stated Chairman and CEO Bill Bosway.
First Quarter 2024 Consolidated Results
Three Months Ended March 31,
$Millions, except EPSGAAPAdjusted
Net Sales$292.5$293.3(0.3)%$292.5$288.81.3%
Net Income$24.9$21.118.0%$24.5$22.011.4%
Diluted EPS$0.81$0.6819.1%$0.80$0.7112.7%

Residential, Infrastructure and Agtech collectively generated 4.1% year-over-year net sales growth, offsetting the anticipated slower quarter in Renewables. Agtech orders that were expected to be signed in March were signed in April. As a result of this timing, consolidated first quarter backlog was down 3% versus last year.
GAAP net income increased to $24.9 million, or $0.81 per share. Adjusted net income increased 11.4% to $24.5 million, or $0.80 per share, and adjusted EPS increased 12.7%.

Adjusted measures exclude charges for restructuring initiatives, acquisition-related items, senior leadership transition costs, portfolio management actions, and the results of the Japan renewables business, which was sold on December 1, 2023, as further described in the appended reconciliation of adjusted financial measures.

First Quarter Segment Results


Three Months Ended March 31,
Net Sales$51.5$59.2(13.0)%$51.5$57.3(10.1)%
Operating Income$1.6$2.3(30.4)%$2.0$2.7(25.9)%
Operating Margin3.2%3.8% (60) bps3.9%4.7% (80) bps

As expected during the quarter, adjusted net sales decreased 10.1% due to the rapid customer transition to the new 1P tracker product line, which currently has longer lead times as the supply chain ramps up capacity. Adjusted net sales exclude the results of the sale of the Japan renewables business in 2023. Backlog increased 8% versus last year, on pace with expectations as end market demand remains positive even as customers continue to await final domestic content tax credit guidance and manage project-specific permitting delays.
Adjusted operating margin decreased 80 basis points versus prior year on lower volumes and product line mix associated with the ramp up of the 1P tracker product line.

 Three Months Ended March 31,
Net Sales$185.1 $179.53.1%$185.1 $179.53.1%
Operating Income$34.3$29.516.3%$34.3$29.615.9%
Operating Margin18.6%16.4%220 bps18.5% 16.5% 200 bps

Net sales increased 3.1%, with 2.4% organic growth driven by participation gains with new and existing customers and through additional geographic expansion in the Rocky Mountain region.

Adjusted operating margin expanded 200 basis points, driven by solid execution and effective price/cost management.

Three Months Ended March 31,
Net Sales$34.0$35.9(5.3)%$34.0$33.32.1%
Operating Income$2.6$2.313.0%$2.7$3.6(25.0)%
Operating Margin7.7%6.5% 120 bps8.1%10.7% (260) bps

Adjusted net sales increased 2.1% and new bookings accelerated significantly in April with over $40 million signed. The delay of new bookings from March to April caused quarter end backlog to be down 21% versus prior year. The Company has begun executing these new orders and expects additional bookings in the coming months.
Adjusted operating income decreased due to project start date delays and market segment mix across the business.


Three Months Ended March 31,
Net Sales$21.9$18.717.1%$21.9$18.717.1%
Operating Income$4.9$2.781.5%$4.9$2.781.5%
Operating Margin22.4% 14.5%790 bps22.4% 14.5%790 bps

Net sales increased 17.1%, driven by strong execution, continued solid end market demand and market participation gains. Backlog decreased 10% as expected due to the continued progress on a large project; demand, project design and quoting remain strong, and management expects order flow to increase progressively over the course of the year.
Operating margin increased 790 basis points driven by volume, price / cost alignment, ongoing strong execution, 80/20 productivity, and improving product mix.

Business Outlook
Mr. Bosway concluded, “Our outlook for 2024 is unchanged. Our first quarter results and momentum to date in the second quarter validate our expectation for strong performance in all four segments, with Renewables and Agtech returning to top-line growth and Residential and Infrastructure positioned to continue executing well. We are focused on leveraging our operating engine for scale and driving revenue growth, continued margin expansion and strong cash flow generation.”
Gibraltar is reaffirming its full year 2024 guidance. Consolidated net sales are expected to range between $1.43 billion and $1.48 billion, compared to $1.37 billion in 2023. GAAP EPS is expected to range between $4.04 and $4.29, compared to $3.59 in 2023, and adjusted EPS is expected to range between $4.57 and $4.82, compared to $4.09 in 2023.
First Quarter 2024 Conference Call Details
Gibraltar will host a conference call today starting at 9:00 a.m. ET to review its results for the first quarter of 2024. Interested parties may access the webcast through the Investors section of the Company’s website at, where related presentation materials will also be posted prior to the conference call. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, the loss of any key customers, adverse effects of inflation, our ability to continue to improve operating margins, our ability to generate order flow and sales and increase backlog; our ability to translate our backlog into net sales, other general economic conditions and conditions in the particular markets in which we operate, changes in spending due to laws and government incentives, such as the Infrastructure Investment and Jobs Act, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly

acquired businesses, disruptions to IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation, the Auxin Solar challenge to the Presidential waiver of tariffs and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions.  Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release and its quarterly conference call, including adjusted net sales, adjusted operating income and margin, adjusted net income, adjusted earnings per share (EPS), free cash flow and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), each a non-GAAP financial measure. Adjusted net sales reflects the removal of net sales associated with our Processing business, which has been liquidated and our Japan renewables business which was sold on December 1, 2023. Adjusted net income, operating income and margin exclude special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs, and the operating results generated by our processing business which has been liquidated and our Japan renewables business which has been sold. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The aforementioned exclusions along with other adjustments to other income below operating profit are excluded from adjusted EPS. Adjusted EBITDA further excludes interest, taxes, depreciation, amortization and stock compensation expense. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. Free cash flow is operating cash flow less capital expenditures and the related margin is free cash flow divided by net sales. The Company believes that the presentation of adjusted measures and free cash flow provides meaningful supplemental data to investors that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Adjusted EBITDA and free cash flow are also useful measures of the Company’s ability to service debt and adjusted EBITDA is one of the measures used for determining the Company’s debt covenant compliance.
Adjustments to the most directly comparable financial measures presented on a GAAP basis are quantified in the reconciliation of adjusted financial measures provided in the supplemental financial schedules that accompany this news release. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results and may be different than adjusted measures used by other companies and the Company’s presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.
Reconciliations of non-GAAP measures related to full-year 2024 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability,

complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777

(in thousands, except per share data)
Three Months Ended
March 31,
Net sales$292,506 $293,267 
Cost of sales208,118 216,338 
Gross profit84,388 76,929 
Selling, general, and administrative expense52,652 47,559 
Income from operations31,736 29,370 
Interest (income) expense(750)1,491 
Other income(1,021)(397)
Income before taxes33,507 28,276 
Provision for income taxes8,561 7,177 
Net income$24,946 $21,099 
Net earnings per share:
Basic$0.82 $0.68 
Diluted$0.81 $0.68 
Weighted average shares outstanding:
Basic30,572 30,897 
Diluted30,793 31,024

(in thousands, except per share data)
March 31,
December 31,
Current assets:
Cash and cash equivalents$146,665 $99,426 
Accounts receivable, net of allowance of $5,578 and $5,572, respectively230,971 224,550 
Inventories, net137,878 120,503 
Prepaid expenses and other current assets15,205 17,772 
Total current assets530,719 462,251 
Property, plant, and equipment, net108,028 107,603 
Operating lease assets42,592 44,918 
Goodwill511,797 513,383 
Acquired intangibles124,257 125,980 
Other assets2,464 2,316 
$1,319,857 $1,256,451 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$127,533 $92,124 
Accrued expenses82,805 88,719 
Billings in excess of cost53,261 44,735 
Total current liabilities263,599 225,578 
Deferred income taxes57,106 57,103 
Non-current operating lease liabilities33,793 35,989 
Other non-current liabilities25,174 22,783 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding— — 
Common stock, $0.01 par value; authorized 100,000 shares; 34,266 and 34,219 shares issued and outstanding in 2024 and 2023343 342 
Additional paid-in capital335,259 332,621 
Retained earnings763,457 738,511 
Accumulated other comprehensive loss(3,078)(2,114)
Cost of 3,797 and 3,778 common shares held in treasury in 2024 and 2023(155,796)(154,362)
Total stockholders’ equity940,185 914,998 
$1,319,857 $1,256,451

(in thousands)
Three Months Ended
March 31,
Cash Flows from Operating Activities
Net income$24,946 $21,099 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,663 6,834 
Stock compensation expense2,639 1,594 
Exit activity recoveries, non-cash(72)(63)
Provision for (benefit of) deferred income taxes— (51)
Other, net1,691 1,023 
Changes in operating assets and liabilities net of effects from acquisitions:
Accounts receivable(6,950)(18,004)
Other current assets and other assets453 2,536 
Accounts payable35,455 23,077 
Accrued expenses and other non-current liabilities5,587 1,586 
Net cash provided by operating activities 53,181 38,045 
Cash Flows from Investing Activities
Acquisitions, net of cash acquired— 554 
Purchases of property, plant, and equipment, net(4,366)(2,190)
Net cash used in investing activities(4,366)(1,636)
Cash Flows from Financing Activities
Proceeds from long-term debt— 11,000 
Long-term debt payments— (50,000)
Purchase of common stock at market prices(1,434)(7,509)
Net cash used in financing activities(1,434)(46,509)
Effect of exchange rate changes on cash(142)(11)
Net increase (decrease) in cash and cash equivalents47,239 (10,111)
Cash and cash equivalents at beginning of year99,426 17,608 
Cash and cash equivalents at end of period$146,665 $7,497

Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)

Three Months Ended
March 31,2024
As Reported In GAAP StatementsRestructuring ChargesAcquisition Related ItemsPortfolio ManagementAdjusted Financial Measures
Net Sales
Renewables$51,496 $— $— $— $51,496 
Residential185,111 — — — 185,111 
Agtech34,027 — — — 34,027 
Infrastructure21,872 — — — 21,872 
Consolidated sales292,506 — — — 292,506 
Income from operations
Renewables1,644 269 120 — 2,033 
Residential34,346 (72)— — 34,274 
Agtech2,608 138 — — 2,746 
Infrastructure4,896 — — — 4,896 
Segments Income43,494 335 120 — 43,949 
Unallocated corporate expense(11,758)110 13 (11,627)
Consolidated income from operations31,736 445 133 32,322 
Interest income(750)— — — (750)
Other (income) expense(1,021)— — 1,153 132 
Income before income taxes33,507 445 133 (1,145)32,940 
Provision for income taxes8,561 (162)34 (21)8,412 
Net income$24,946 $607 $99 $(1,124)$24,528 
Net income per share - diluted$0.81 $0.02 $— $(0.03)$0.80 
Operating margin
Renewables3.2 %0.5 %0.2 %— %3.9 %
Residential18.6 %— %— %— %18.5 %
Agtech7.7 %0.4 %— %— %8.1 %
Infrastructure22.4 %— %— %— %22.4 %
Segments Margin14.9 %0.1 %— %— %15.0 %
Consolidated10.8 %0.1 %— %— %11.1 %

Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)

Three Months Ended
March 31, 2023
As Reported In GAAP StatementsRestructuring & Senior Leadership Transition CostsPortfolio Management & Acquisition Related ItemsAdjusted Financial MeasuresPortfolio Management *Adjusted Financial Measures *
Net Sales
Renewables$59,205 $— $— $59,205 $(1,950)$57,255 
Residential179,495 — — 179,495 — 179,495 
Agtech35,852 — (2,514)33,338 — 33,338 
Infrastructure18,715 — — 18,715 — 18,715 
Consolidated sales293,267 — (2,514)290,753 (1,950)288,803 
Income from operations
Renewables2,269 (63)32 2,238 450 2,688 
Residential29,509 114 — 29,623 — 29,623 
Agtech2,330 561 661 3,552 — 3,552 
Infrastructure2,714 — — 2,714 — 2,714 
Segments Income36,822 612 693 38,127 450 38,577 
Unallocated corporate expense(7,452)(19)21 (7,450)— (7,450)
Consolidated income from operations29,370 593 714 30,677 450 31,127 
Interest expense1,491 — — 1,491 — 1,491 
Other (income) expense(397)— 468 71 (42)29 
Income before income taxes28,276 593 246 29,115 492 29,607 
Provision for income taxes7,177 140 41 7,358 260 7,618 
Net income$21,099 $453 $205 $21,757 $232 $21,989 
Net income per share - diluted$0.68 $0.02 $— $0.70 $0.01 $0.71 
Operating margin
Renewables3.8 %(0.1)%0.1 %3.8 %0.9 %4.7 %
Residential16.4 %0.1 %— %16.5 %— %16.5 %
Agtech6.5 %1.6 %1.9 %10.7 %— %10.7 %
Infrastructure14.5 %— %— %14.5 %— %14.5 %
Segments Margin12.6 %0.2 %0.2 %13.1 %0.3 %13.4 %
Consolidated10.0 %0.2 %0.2 %10.6 %0.2 %10.8 %
 * Recast to exclude sale of Japan-based solar racking business within the Renewables segment.

Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)

Twelve Months Ended
December 31, 2023
As Reported In GAAP StatementsRestructuring ChargesPortfolio Management & Acquisition Related ItemsAdjusted Financial MeasuresPortfolio Management *Adjusted Financial Measures *
Net Sales
Renewables$330,738 $— $— $330,738 $(11,724)$319,014 
Residential814,803 — — 814,803 — 814,803 
Agtech144,967 — (4,059)140,908 — 140,908 
Infrastructure87,228 — — 87,228 — 87,228 
Consolidated sales1,377,736 — (4,059)1,373,677 (11,724)1,361,953 
Income from operations
Renewables30,160 9,394 968 40,522 (1,252)39,270 
Residential143,068 4,811 12 147,891 — 147,891 
Agtech(928)3,918 4,156 7,146 — 7,146 
Infrastructure18,529 — — 18,529 — 18,529 
Segments Income190,829 18,123 5,136 214,088 (1,252)212,836 
Unallocated corporate expense(40,100)(51)389 (39,762)— (39,762)
Consolidated income from operations150,729 18,072 5,525 174,326 (1,252)173,074 
Interest expense3,002 — — 3,002 — 3,002 
Other (income) expense(1,265)— 1,625 360 (183)177 
Income before income taxes148,992 18,072 3,900 170,964 (1,069)169,895 
Provision for income taxes38,459 4,583 1,382 44,424 (322)44,102 
Net income$110,533 $13,489 $2,518 $126,540 $(747)$125,793 
Net income per share - diluted$3.59 $0.43 $0.09 $4.11 $(0.02)$4.09 
Operating margin
Renewables9.1 %2.8 %0.3 %12.3 %— %12.3 %
Residential17.6 %0.6 %— %18.2 %— %18.2 %
Agtech(0.6)%2.7 %2.8 %5.1 %— %5.1 %
Infrastructure21.2 %— %— %21.2 %— %21.2 %
Segments Margin13.9 %1.3 %0.4 %15.6 %— %15.6 %
Consolidated10.9 %1.3 %0.4 %12.7 %— %12.7 %
* Recast to exclude sale of Japan-based solar racking business within the Renewables segment.

Reconciliation of Adjusted Financial Measures
(in thousands)

Three Months Ended
March 31,2024
Adjusted Net Sales$292,506 $51,496 $185,111 $34,027 $21,872 
Net Income24,946 
Provision for Income Taxes8,561 
Interest Income(750)
Other Income(1,021)
Operating Profit31,736 1,644 34,346 2,608 4,896 
Adjusted Measures*586 389 (72)138 — 
Adjusted Operating Profit32,322 2,033 34,274 2,746 4,896 
Adjusted Operating Margin11.1 %3.9 %18.5 %8.1 %22.4 %
Adjusted Other Expense132 — — — — 
Depreciation & Amortization6,663 1,900 2,591 830 745 
Stock Compensation Expense2,639 215 413 94 54 
Adjusted EBITDA$41,492 $4,148 $37,278 $3,670 $5,695 
Adjusted EBITDA Margin14.2 %8.1 %20.1 %10.8 %26.0 %
Cash Flow - Operating Activities53,181 
Purchase of PPE, Net(4,366)
Free Cash Flow48,815 
Free Cash Flow - % of Adjusted Net Sales16.7 %
*Adjusted Measures details are presented on the corresponding Reconciliation of Adjusted Financial Measures

Reconciliation of Adjusted Financial Measures
(in thousands)

Three Months Ended
March 31, 2023
Adjusted Net Sales*$288,803 $57,255 $179,495 $33,338 $18,715 
Net Income21,099 
Provision for Income Taxes7,177 
Interest Expense1,491 
Other Income(397)
Operating Profit29,370 2,269 29,509 2,330 2,714 
Adjusted Measures*1,757 419 114 1,222 — 
Adjusted Operating Profit31,127 2,688 29,623 3,552 2,714 
Adjusted Operating Margin10.8 %4.7 %16.5 %10.7 %14.5 %
Adjusted Other Expense**35 — — — — 
Depreciation & Amortization**6,834 2,179 2,493 954 780 
Less: Japan Depreciation & Amortization(195)(195)— — — 
Adjusted Depreciation & Amortization6,639 1,984 2,493 954 780 
Stock Compensation Expense1,594 214 298 153 47 
Adjusted EBITDA Recast**$39,325 $4,886 $32,414 $4,659 $3,541 
Adjusted EBITDA Margin Recast**13.6 %8.5 %18.1 %14.0 %18.9 %
Adjusted EBITDA Previously Reported$39,028 $4,631 $32,414 $4,659 $3,541 
Adjusted EBITDA Margin Previously Reported13.4 %7.8 %18.1 %14.0 %18.9 %
Cash Flow - Operating Activities38,045 
Purchase of PPE, Net(2,190)
Free Cash Flow35,855 
Free Cash Flow - % of Adjusted Net Sales12.3 %
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment

Reconciliation of Adjusted Financial Measures
(in thousands)

Twelve Months Ended
December 31, 2023
Adjusted Net Sales*$1,361,953 $319,014 $814,803 $140,908 $87,228 
Net Income110,533 
Provision for Income Taxes38,459 
Interest Expense3,002 
Other Income(1,265)
Operating Profit150,729 30,160 143,068 (928)18,529 
Adjusted Measures*22,345 9,110 4,823 8,074 — 
Adjusted Operating Profit173,074 39,270 147,891 7,146 18,529 
Adjusted Operating Margin12.7 %12.3 %18.2 %5.1 %21.2 %
Adjusted Other Expense**228 — — — — 
Depreciation & Amortization**27,378 8,670 10,079 3,790 3,137 
Less: Japan Depreciation & Amortization(676)(676)— — — 
Adjusted Depreciation & Amortization26,702 7,994 10,079 3,790 3,137 
Stock Compensation Expense9,750 881 1,633 197 289 
Adjusted EBITDA Recast**$209,298 $48,145 $159,603 $11,133 $21,955 
Adjusted EBITDA Margin Recast**15.4 %15.1 %19.6 %7.9 %25.2 %
Adjusted EBITDA Previously Reported$211,043 $50,073 $159,603 $11,133 $21,955 
Adjusted EBITDA Margin Previously Reported15.4 %15.1 %19.6 %7.9 %25.2 %
Cash Flow - Operating Activities218,476 
Purchase of PPE, Net(13,906)
Free Cash Flow204,570 
Free Cash Flow - % of Adjusted Net Sales14.9 %
*Details of recast amounts for the sale of the Japan based solar racking business within the Renewables segment are presented on corresponding Reconciliation of Adjusted Financial Measures
**Recast to exclude sale of Japan based solar racking business within the Renewables segment