INVESTOR PRESENTATION - Cooper Standard

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INVESTOR PRESENTATION - Cooper Standard
INVESTOR PRESENTATION
June 2017
INVESTOR PRESENTATION - Cooper Standard
Forward-Looking Statements
This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject
to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” or future or conditional verbs, such
as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking
statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is
a reasonable basis for them. However, we cannot assure you that these expectations, beliefs, and projections will be achieved. Forward-looking statements are not
guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the
future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: prolonged or material contractions
in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or
significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and
raw materials; disruption in our supply base; possible variability of our working capital requirements; risks associated with our international operations; foreign currency
exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness; our ability to obtain
adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant
changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; manufacturing facility
closings or consolidation; our ability to execute new program launches; our ability to meet customers' needs for new and improved products; the possibility that our
acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health
and safety laws and regulations; legal proceedings, claims or investigations against us; work stoppages or other labor disruptions; the ability of our intellectual property to
withstand legal challenges; cyber-attacks or other disruptions in our information technology systems; the possible volatility of our annual effective tax rate; the possibility of
future impairment charges to our goodwill and long-lived assets; and our dependence on our subsidiaries for cash to satisfy our obligations.

You should not place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or otherwise revise any forward-looking
statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

This presentation also contains estimates and other information that is based on industry publications, surveys, and forecasts. This information involves a number of
assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

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INVESTOR PRESENTATION - Cooper Standard
COMPANY OVERVIEW

                   3
INVESTOR PRESENTATION - Cooper Standard
Cooper Standard - Value Drivers

 1
     Leading Market Positions in All Product Lines

 2
     Significant Organic Growth Opportunities via Increasing Content per Vehicle (“CPV”) and New Business Wins on
     High Volume Global Platforms

 3
     Advantaged Global Manufacturing Footprint Provides Access to High-volume Global Platforms

 4
     Value-added Technology Innovated by CPS – Driving Increased Sales, Margins, and Strong Customer Relationships

 5
     World-class Operations Initiatives Driving Operating Efficiencies and Improved Cost Structure

 6
     Strong Financial Profile With Focus on Cash Flow Generation and Margin Improvement

                                                                                                                     4
INVESTOR PRESENTATION - Cooper Standard
1   MARKET LEADER

     Core Product Lines
       2016 Revenue by product / % of Total Revenue

                                               Sealing Systems
                                               Sealing Systems
                                                      $1.8B / 52%

                                                     #1 Globally
                                                    #1  Globally

                                             Fuel & Brake Delivery
                                             Fuel & Brake Delivery
                                                   Systems
                                                   Systems
                                                      $0.7B / 21%

                                                     #2 Globally
                                                    #2  Globally

                                                    Fluid Transfer
                                                    Fluid Transfer
                                                       Systems
                                                       Systems
                                                      $0.5B / 14%
                                                     #3 Globally
                                                    #3  Globally

                                                    Anti-Vibration
                                                    Anti-Vibration
                                                      Systems
                                                      Systems
                                                       $0.3B / 9%
                                          North American Leader

      Market position data by Booz & Co. (2013) and Boston Consulting Group (2016)

                                                                                     5
INVESTOR PRESENTATION - Cooper Standard
1   MARKET LEADER

     Large, Fragmented Markets Represent Significant Growth Potential
                                                                                                                                     Key Competitors

                                                                                                                              CPS   Henniges
                          Sealing Systems
                          Sealing Systems                                                                                           Hutchinson
                                 $1.8B / 52%                        Global Market Size: $8.3 billion                                Standard Profil
                                                                                               1                    Market
                                                                    CPS Current Share: 24%                                          Saar Gummi
                                                                                                                                    Toyoda Gosei
                                #1 Globally
                               #1  Globally

                         Fuel & Brake Delivery                                                                                CPS
                         Fuel & Brake Delivery                                                                                      TI Automotive
                               Systems                               Global Market Size: $6.3 billion                               Martinrea
                               Systems
                                 $0.7B / 21%                                                   2                                    Usui
                                                                     CPS Current Share:     9%                      Market          Sanoh
                                #2 Globally
                               #2  Globally

                              Fluid Transfer                                                                                        Avon
                              Fluid Transfer                                                                                  CPS
                                 Systems                            Global Market Size: $6.8 billion                                Hutchinson
                                 Systems
                                 $0.5B / 14%                                                                                        Tristone
                                                                    CPS Current Share:     7%                        Market         Teklas
                                #3 Globally
                               #3  Globally                                                                                         ContiTech

                               Anti-Vibration
                               Anti-Vibration
                                 Systems                             Global Market Size: $10.0 billion                              ContiTech
                                 Systems                                                                                      CPS
                                  $0.3B / 9%                                                                                        Hutchinson/Paulstra
                                                                     CPS Current Share:    3%                                       TBVC
                      North American Leader                                                                         Market          Tokai/Sumitomo Riko

                    Market position data by Booz & Co. (2013) and Boston Consulting Group (2016)
                    Global Market Size based on IHS light vehicle production data and average content per vehicle
                    (1) includes non-consolidated JV
                    (2) excludes Fuel Rails, included in product line revenue of $0.7B                                                                    6
INVESTOR PRESENTATION - Cooper Standard
2   ACCELERATING GROWTH

     Accelerating Growth and Innovation
     Three Key Drivers (“MEGATRENDS”) Will Impact the Industry for the Next Ten Years

                                                 Emissions / Fuel                       Autonomous and
              Global Platforms                 Economy Legislation                     Connected Vehicles
                                                    Globally

         • Produced in two or more regions   • Requires weight reduction            • Creates need for quieter interiors
         • Common global architectures:      • Adherence to green materials &       • Will affect vehicle ownership
           fewer platforms, more variants      processes                              model and durability
                                                                                      requirements
         • Well positioned suppliers gain    • Introduces alternative powertrains
           market share                                                             • Technology is ready, policy is not
                                             • Public slow to adopt
         • Regional suppliers left behind

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INVESTOR PRESENTATION - Cooper Standard
2   ACCELERATING GROWTH

     2016 Growth Highlights

                   +5.6%                                                   161                                                        $398m
            Revenue Growth excl. FX                                  New Product Launches                                   Net New Business1 Awards
           $3.47B in Sales was Company Record                           Majority on Global Platforms                              Majority on Global Platforms

                         1   Defined as annualized new sales awards net of replacement and runout business at currently forecasted vehicle production rates.
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INVESTOR PRESENTATION - Cooper Standard
2   ACCELERATING GROWTH

     2017 Planned New Product/Plant Launches

                                                                      •   Planned launches up nearly 9% vs.
                          Q1       Q2       Q3       Q4       Total       2016
      North America            9    16       14           9     48    •   Majority of new launches are on global
                                                                          platforms
      Europe               14       22       20       20        76
                                                                      •   Includes both new and replacement
      Asia Pacific             6    15       14       14        49        business

      South America            0        0        3        0       3   •   Newly launched business, continued
                                                                          improvements in operating efficiency
      Total                29       53       51       43       176        and restructuring savings expected to
                                                                          drive higher margins in 2H 2017

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INVESTOR PRESENTATION - Cooper Standard
3   ADVANTAGED GLOBAL FOOTPRINT

     Positioned to Win More Business on Global Platforms

            NORTH AMERICA                 SOUTH AMERICA                    EUROPE        ASIA PACIFIC
                  52%*                         2%*                            30%*             16%*
               34 Manufacturing              3 Manufacturing         24 Manufacturing    29 Manufacturing
                         8 R&D                1 Sales/Admin                    8 R&D     5 R&D
                  4 Sales/Admin                      4 Brazil           6 Sales/Admin    4 Admin/Sales
                       12 Other                                                6 Other   1 Other
            30 US, 11 CA, 9 MEX                                 17 Eastern, 17 Western   15 China, 11 India, 6 Korea,
                                                                                         2 Japan, 1 Thailand

              * % of 2016 Total Revenue

                                                                                                                        10
3   ADVANTAGED GLOBAL FOOTPRINT

     Products Well Represented on Key Global Vehicles
                                                                Global         Projected                    Fuel and     Fluid      Anti-
                                        Vehicle                Platform         Units
                                                                                      1           Sealing
                                                                                                             Brake     Transfer   Vibration

                                Ford F-150                                       1,024              •          •          •          •
                                GM Cruze                                         1,942              •          •          •
                                GM Silverado                                     1,165              •          •          •
                                Ford Explorer                                      160              •          •          •
                                GM Malibu                                          852              •          •          •
                                Ford Edge                                          898              •          •          •
                                Ford Focus                                       2,028              •          •          •
                                Daimler C-Class                                  1,121              •          •
                                Ford Fiesta                                       1,320             •          •          •          •
                                FCA 1500                                           618              •          •
                (1) Average annual planned production for 2017 – 2021 in thousands. Source: IHS                                               11
3   ADVANTAGED GLOBAL FOOTPRINT

     Supporting Global Customers

           2016 Revenue
              $3.47B                                    RENAULT

                                 VW
                                 6%
                       FCA            PSA
                       12%            7%
                                            Daimler
          GM                                  6%
          20%
                                              Renault
                                               Nissan
                                                 3%
                                            Tata
                                            3%
                Ford         Other
                30%                           BMW
                              9%
                                               2%
                                      Geely
                                       2%

                                                                  12
3   ADVANTAGED GLOBAL FOOTPRINT

     Enhancing Revenue Diversification by Region

                                   2004A                                          2016A
                    Asia Pacific
                         4%
            South America
                 3%                                                      Asia Pacific
                                                       South America         16%
                                                            2%

                                       North America
                         Europe             70%                                         North America
                          23%                                                                52%
                                                                       Europe
                                                                        30%

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3   ADVANTAGED GLOBAL FOOTPRINT

     Strategic Expansion in Asia

                   Accelerating Top-line Growth            •   Cooper Standard is currently #1 automotive
      (USD millions)                                           sealing supplier in China
                                                  ~ $600
                                                           •   Rapidly growing fuel and brake business and
                                         $541
                                                               fluid transfer systems business

                                                           •   New fuel and brake plant to open in 2017
                              $435
                                                           •   Available capacity to support rapid growth in
                       $249                                    all product lines
       $220

                                                           •   Strong backlog of booked business

                                                           •   New product/plant launches expected to drive
                                                               increasing revenue and margin in back half of
                                                               2017

                                                                                                               14
4   INNOVATION / VALUE-ADD TECHNOLOGY

      Providing Customer Solutions through Innovation
      Driving Sustainable Competitive Advantage for Cooper Standard

                                               Fortrex™ Sealing
                                               Reduces weight, improves performance, and offers appearance options

                                               ArmorHose™, ArmorHose™ II, and ArmorHose™ III
                                               Eliminates requirement for protective sleeves on hoses

                                               MagAlloy™ Coating
                                               Improves corrosion performance and product life utilizing proprietary technology

                                               Gen III Posi-Lock Quick Connector
                                               Simplifies systems; reduces mass and complexity

                                                                                                                                  15
4   INNOVATION / VALUE-ADD TECHNOLOGY

      Fortrex™ Sealing Family

                    Fortrex™ is a next generation lightweight elastomer that reduces mass
                                         and improves performance

                                              Fortrex™ material technologies will change the
                                              auto industry’s expectation involving weight,
                                              functional performance and finish part
                                              aesthetics for static weatherseal systems.

                                                                                               16
4   INNOVATION / VALUE-ADD TECHNOLOGY

      ArmorHose™ Family

           ArmorHose™ provides 100% abrasion coverage while reducing mass by 30%

                                        ArmorHose™ technology eliminates the need for
                                        abrasion sleeves by integrating the abrasion
                                        resistance directly into the hose construction.

                                                                                          17
4   INNOVATION / VALUE-ADD TECHNOLOGY

      Advancing Material Science and Innovation
      1Q 2017 Update

                                 • Obtained significant production contract for Fortrex™
                                   static sealing system on major SUV platform

                                 • Fortrex™ technology now validated static sealing
                                   systems and being quoted broadly with OEMs

                                 • Using artificial intelligence modeling to adapt and
                                   expand technology into additional applications

                                 • Supporting global customers through expansion of
                                   technical / innovation centers

                                                                                           18
4   INNOVATION / VALUE-ADD TECHNOLOGY

     Delivering Breakthrough Innovations to the Market
      1Q 2017 Update

                       $61m                                                  $70m                                                 $415m
                1Q Annual Booked Business1                                 Pending Open Quotes                                  Additional Targeted Quotes

                              2                                                      5                                                   49
                Fortrex™ Production Contracts                              Fortrex™ Development                                Additional Active Innovation
                                                                                  Contracts                                              Projects

                          1   Commercialized innovation products include: MagAlloy™, ArmorHose™, ArmorHose™ TPV, Gen III Posi-Lock, TP Microdense, and Fortrex™
                              Includes new and replacement business.                                                                                              19
5   WORLD-CLASS OPERATIONS INITIATIVE

     Advancing Toward World-Class Operations

                                                  15
                                            Facilities achieved
                                        Diamond Plant status in 2016
                                           •   Safety
                                           •   Customer Score Card
                                           •   6S
                                           •   Operating Improvement
                                           •   Product Quality
                                           •   Scrap rate
                                           •   Launch execution

                                                                       20
5   WORLD-CLASS OPERATIONS INITIATIVE

      Improving Performance Through BBP

                                  BBP Metrics

                                                        •   Identifies areas to decrease
                                                            conversion costs, increasing
                                                            efficiencies and improving
           Opportunity for                                  margins
           Accelerated
           Improvement
                                                        •   Accelerates continuous
                                                            improvement with quantifiable
                                                            targets by cost category
           CPS Benchmark

                                                        •   Plants target 30% gap closure to
                                                            benchmark annually

                             Annual Plant Performance

                                                                                               21
5   WORLD-CLASS OPERATIONS INITIATIVE

      Improving Performance Through BBP Over Time

                                       BBP Metrics

                                                                •   Overall plant improvement resets
                                                                    benchmark, challenging on-going
                                                                    improvement / consistency
           Opportunity for
           Accelerated                                          •   Speeds acquisition integration to
           Improvement
                                                                    realize synergies

                                                                •   Focus innovation resources at
           New CPS Benchmark
                                                                    top performing plants

                                 Annual Plant Performance
                               Annual Performance Improvement
                               Base Performance

                                                                                                        22
FINANCIAL OVERVIEW

                     23
Financial Results
(USD millions, except per share amounts)

                                                                                       First Quarter
                                                                                                          (2)
                                                                                  2017             2016

            Sales                                                                  $902.1              $862.5

            Gross Profit                                                           $170.1              $159.8
                   % Margin                                                            18.9%            18.5%    + 40 Bps
            Adjusted EBITDA1                                                        $111.0             $103.5
                   % Margin                                                            12.3%            12.0%    + 30 Bps
            Net Income                                                               $41.7              $31.3    + 33%
                   EPS (Fully diluted)                                                  $2.20            $1.67
                                               1
            Adjusted Net Income                                                      $55.9              $48.2
                   Adjusted EPS (Fully diluted)                                         $2.95            $2.57   + 15%

            CAPEX                                                                    $58.3              $55.1
                   % of Sales                                                           6.5%             6.4%

                       1   See Appendix for definitions and reconciliation to U.S. GAAP.
                       2   Certain amounts have been recast due to the adoption of ASU 2016-09.                             24
Consistent Margin Expansion

                                                           TTM Adjusted EBITDA Margin1

                                                                                                                         12.0%   12.1%
                                                                                                  11.6%          11.7%
                                                                                          11.3%
                                                                                 10.8%
                                                                  10.5%

                                                   9.9%
                  9.6%              9.7%

    9.1%

     3Q               4Q             1Q              2Q             3Q               4Q    1Q      2Q             3Q      4Q      1Q

           2014                                            2015                                           2016                   2017

                  1   See appendix for definitions and reconciliation to U.S. GAAP                                                       25
Strong Balance Sheet and Credit Profile
             Gross Debt and Net Debt (USD millions)                                       Liquidity Profile (USD millions)

                                                        Net Debt      Cash        Cash     Revolver
                    $778                                  $762                                                     $587

                    $313                                                                  $450                     $180
                                                          $407
                                                                                          $137

                    $465                                                                                           $407
                                                          $355                            $313

                  1Q 2016                              1Q 2017                           1Q 2016                 1Q 2017

       Leverage Ratio (Gross Debt / TTM Adj. EBITDA1)                        Interest Coverage Ratio (TTM Adj. EBITDA1 / Interest)

                       2.0x                                                               9.9x                    9.9x

                                                         1.8x

                     1Q 2016                          1Q 2017                            1Q 2016                1Q 2017
       1   See Appendix for definitions and reconciliation to GAAP.
       Numbers are subject to rounding                                                                                               26
Priorities for Capital Allocation

                              Win and Launch New Business
          Profitable Growth                                   Organic growth

                                       Innovation

                              Complete Europe Restructuring   Defined program to enhance margins

                                     Strategic M&A            Plug-ins with immediate synergies
       Stakeholders

                                   Share Repurchase           ~ $100 million remaining authorization
         Return to

                                     Pay Down Debt            Balance sheet flexibility

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APPENDIX

           28
Non-GAAP Financial Measures
EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share are measures not recognized under U.S. GAAP and which exclude
certain non-cash and special items that may obscure trends and operating performance not indicative of the Company's core financial activities.
Management considers EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share to be key indicators of the Company's
operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in
evaluating the Company's performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in
the Company’s financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is
defined as net income adjusted to reflect income tax expense (benefit), interest expense net of interest income, depreciation and amortization, and
adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company's
core operating performance. Adjusted net income is defined as net income adjusted to reflect certain items that management does not consider to be
reflective of the Company's core operating performance. Adjusted earnings per share is defined as adjusted net income divided by the weighted
average number of basic and diluted shares.

When analyzing the Company’s operating performance, investors should use EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings
per share as supplements to, and not as alternatives for, net income, operating income, or any other performance measure derived in accordance with
U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. EBITDA, adjusted EBITDA,
adjusted net income and adjusted earnings per share have limitations as analytical tools and should not be considered in isolation or as substitutes for
analysis of the Company’s results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted net
income and adjusted earnings per share differently and therefore the Company's results may not be comparable to other similarly titled measures of
other companies. In addition, in evaluating adjusted EBITDA and adjusted net income, it should be noted that in the future the Company may incur
expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income should
not be construed as an inference that the Company's future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA,
and adjusted net income.

                                                                                                                                                           29
EBITDA and Adjusted EBITDA Reconciliation
(USD thousands)

                                                                                                  Three Months Ended March 31,
                                                                                                                              (1)
                                                                                                     2017              2016
    Net income attributable to Cooper-Standard Holdings Inc.                                  $         41,706    $       31,323
    Income tax expense                                                                                  11,890            14,766
    Interest expense, net of interest income                                                            11,239             9,752
    Depreciation and amortization                                                                       31,857            30,205
        EBITDA                                                                                $         96,692    $       86,046
    Restructuring charges                                                                                9,988            10,832
    Impairment charges (2)                                                                               4,270                  —
                                                                                        (3)
    Secondary offering underwriting fees and other expenses                                                   —            6,500
    Other                                                                                                     —              155
        Adjusted EBITDA                                                                       $        110,950    $      103,533

     (1)   Certain amounts have been recast due to the adoption of ASU 2016-09
     (2)   Impairment charges related to fixed assets.
     (3)   Fees and other expenses associated with the March 2016 secondary offering.

                                                                                                                                    30
Adjusted EBITDA Margin, Financial Ratios
Twelve Months Ended March 31, 2017                                                                                                                                     Twelve
                                                                                                                                                                      Months
(USD thousands)                                                                                                            Three Months Ended                          Ended
                                                                                                      30-Jun-16 (1)       30-Sep-16    31-Dec-16     31-Mar-17       31-Mar-17

  Net income attibutable to Cooper Standard Holdings Inc.                                              $     40,189       $    36,362   $   31,114   $   41,706      $   149,371
  Income tax expense                                                                                         16,021            12,525       11,009       11,890           51,445
  Interest expense, net of interest income                                                                    9,995            10,114       11,528       11,239           42,876
  Depreciation and amortization                                                                              30,169            31,325       30,961       31,857          124,312
        EBITDA                                                                                         $     96,374       $    90,326   $   84,612   $   96,692      $   368,004
  Restructuring charges                                                                                      12,206            10,430       12,563        9,988           45,187
  Impairment charges (2)                                                                                             -              -        1,273        4,270            5,543
                                                               (3)
  Loss on refinancing and extinguishment of debt                                                                     -              -        5,104               -         5,104
  Settlement charges (4)                                                                                         -                  -         281            -               281
  Other                                                                                                          -                  -           -            -                 -
        Adjusted EBITDA                                                                                $   108,580        $   100,756   $ 103,833    $ 110,950       $   424,119

  Net Debt
      Debt payable within one year                                                                                                                                       $33,470
      Long-term debt                                                                                                                                                     728,470
      Less: cash and cash equivalents                                                                                                                                  (406,925)
      Net Debt                                                                                                                                                       $   355,015

  Net Leverage Ratio (Net debt/Adjusted EBITDA)                                                                                                                              0.8

  Interest coverage ratio (Adjusted EBITDA/Interest expense)                                                                                                                 9.9

  Sales                                                                                                $   879,304        $   855,656   $ 875,434    $ 902,051       $ 3,512,445

  Adjusted EBITDA Margin (Adj. EBITDA/Sales )                                                                12.3%             11.8%        11.9%        12.3%            12.1%

           (1)    Certain amounts have been recast due to the adoption of ASU 2016-09
           (2)    Impairment charges related to fixed assets.
           (3)    Loss on refinancing and extinguishment of debt relating to the refinancing of our term loan facility.
           (4)    Settlement charges related to the initiative to de-risk the U.K pension plans.

                                                                                                                                                                                   31
Adjusted Net Income and Adjusted EPS
(USD thousands except share and per share amounts)

                                                                                                                                                   Three Months Ended March. 31,
                                                                                                                                                                                                       (1)
                                                                                                                                                         2017                                2016

   Net income attributable to Cooper-Standard Holdings Inc.                                                                                $                     41,706              $              31,323
   Restructuring charges                                                                                                                                           9,988                            10,832
   Impairment charges (2)                                                                                                                                          4,270                                —
                                                                                                (3)
   Secondary offering underwriting fees and other expenses                                                                                                            —                              6,500
   Other                                                                                                                                                              —                                155
                                                 (4)
   Tax impact of adjusting items                                                                                                                                    (95)                              (658)
     Adjusted net income                                                                                                                   $                     55,869              $              48,152

   Weighted average shares outstanding
   Basic                                                                                                                                                      17,742,994                         17,442,364
   Diluted                                                                                                                                                    18,972,550                         18,746,600
   Earnings per share
   Basic                                                                                                                                   $                            2.35        $                        1.80
   Diluted                                                                                                                                 $                            2.20        $                        1.67

   Adjusted earnings per share:
   Basic                                                                                                                                   $                            3.15        $                        2.76
   Diluted                                                                                                                                 $                            2.95        $                        2.57

    (1)   Certain amounts have been recast due to the adoption of ASU 2016-09.
    (2)   Impairment charges related to fixed assets.
    (3)   Fees and other expenses associated with the March 2016 secondary offering.
    (4)   Represents the elimination of the income tax impact of the above adjustments, by calculating the income tax impact of these adjusting items using the appropriate tax rate for the jurisdiction where the
          charges were incurred.

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