TransDigm Group Reports Fiscal 2024 First Quarter Results
- Net sales increased by 28% from the prior year's quarter
- Net income rose by 67% compared to the prior year
- EBITDA As Defined margin was 51.0%
- Upward revision to fiscal 2024 net sales and EBITDA As Defined guidance
- Successful completion of a private offering of $1.0 billion of senior secured notes and new term loans
- None.
TransDigm Group's reported first-quarter financial results show a significant increase in net sales and net income, which are critical indicators of the company's performance. The substantial 28% growth in net sales and 67% increase in net income year-over-year are indicative of robust demand for the company's highly engineered aircraft components. This could suggest a positive outlook for the aerospace sector, potentially leading to increased investor confidence in the industry. Additionally, the upward revision of the fiscal 2024 guidance may be a strategic move to signal continued growth and operational efficiency, which could impact the company's stock valuation positively.
The EBITDA As Defined margin of 51.0% surpasses the prior year's margin, highlighting effective cost management and profitability. For investors, this margin expansion is a strong signal of TransDigm's operational leverage and pricing power, which are essential for sustaining profitability in the long-term, especially in the capital-intensive aerospace industry. The increase in adjusted earnings per share by 56% is also notable, as it strips out one-time items and provides a clearer picture of the company's ongoing profitability to shareholders.
TransDigm's strategy of focusing on value-driven operations and commercial aftermarket revenues appears to be paying dividends, as evidenced by the strong quarterly performance. The aftermarket segment typically offers higher margins and more stable revenue streams, which could make the company's financials more resilient to industry cyclicality. Moreover, the acquisition of CPI's Electron Device Business could further strengthen TransDigm's market position, provided it receives regulatory approval and integrates successfully.
The aerospace and defense industry is characterized by long product life cycles and significant aftermarket potential. TransDigm's focus on proprietary components with high aftermarket content is a strategic advantage that leverages this industry characteristic. The acquisition of CPI's Electron Device Business aligns with this strategy and could provide new growth avenues through an expanded product portfolio and customer base. However, it's important to monitor the integration process and the acquisition's impact on the company's debt profile, given the substantial investment of $1.385 billion in cash.
The issuance of $1.0 billion of 7.125% senior secured notes and $1.0 billion in new Tranche J term loans indicates a proactive capital management approach to support strategic acquisitions. Investors should note the potential increase in interest expenses, which could affect net income despite the overall positive sales and EBITDA outlook. The company's guidance suggests confidence in sustained growth, but it is essential to consider the potential risks associated with increased leverage.
TransDigm's market assumptions for commercial OEM, commercial aftermarket and defense revenue growth reflect an optimistic view of the aerospace and defense sectors. The forecasted growth rates in these segments are critical for understanding the potential market demand and could serve as benchmarks for evaluating the company's future performance relative to market expectations.
The upward revision of fiscal 2024 guidance by TransDigm, especially in the context of net sales and EBITDA As Defined, suggests a favorable economic environment for the aerospace industry, possibly driven by increased travel demand and defense spending. Such a revision can be a positive sign for the broader market, indicating recovery or growth in sectors related to aerospace, such as tourism and defense. However, the acknowledgment of offsetting impacts due to additional interest expenses reveals the company's realistic assessment of its financial commitments.
Investors should consider the broader macroeconomic factors, such as interest rates, inflation and government defense budgets, which could influence TransDigm's performance. The company's ability to raise prices in response to inflationary pressures and maintain margins is crucial for its financial health. Additionally, the reliance on regulatory approvals for acquisitions like CPI's Electron Device Business speaks to the importance of geopolitical considerations in the aerospace and defense sectors.
While the company's results are strong, the potential challenges of integrating acquisitions and managing increased debt levels in a potentially volatile economic climate should not be overlooked. The company's performance relative to its revised guidance will be an important indicator of its ability to navigate these challenges and capitalize on market opportunities.
First quarter highlights include:
- Net sales of
$1,789 million 28% from$1,397 million - Net income of
$382 million 67% from the prior year's quarter; - Earnings per share of
$4.87 46% from the prior year's quarter; - EBITDA As Defined of
$912 million 30% from$699 million - EBITDA As Defined margin of
51.0% ; - Adjusted earnings per share of
$7.16 56% from$4.58 - Upward revision to fiscal 2024 net sales and EBITDA As Defined guidance.
Quarter-to-Date Results
Net sales for the quarter increased
Net income for the quarter increased
GAAP earnings per share were reduced in the first quarter of fiscal 2024 and 2023 by
Adjusted net income for the quarter increased
EBITDA for the quarter increased
"I am very pleased with our first quarter operating results and strong start to the fiscal year," stated Kevin Stein, TransDigm Group's President and Chief Executive Officer. "Total revenue ran ahead of our expectations and our commercial aftermarket revenues further expanded. Our EBITDA As Defined margin was
As previously reported, on November 9, 2023, TransDigm entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries ("CPI"), a portfolio company of TJC, L.P., for approximately
During the quarter, on November 28, 2023, TransDigm successfully completed a private offering of
Please see the attached tables for a reconciliation of income from continuing operations to EBITDA, EBITDA As Defined, and adjusted net income; a reconciliation of net cash provided by operating activities to EBITDA and EBITDA As Defined; and a reconciliation of earnings per share to adjusted earnings per share for the periods discussed in this press release.
Fiscal 2024 Outlook
Mr. Stein stated, "We are raising our full year net sales and EBITDA As Defined guidance primarily to reflect our strong first quarter results and current expectations for the remainder of the fiscal year. On the net income line, the impact of this guidance raise will be partially offset by the additional interest expense relating to the financing activities completed during the quarter - we took on incremental debt to fund the pending acquisition of CPI's Electron Device Business." This guidance excludes any EBITDA As Defined contribution from the pending acquisition of CPI's Electron Device Business.
TransDigm now expects fiscal 2024 financial guidance to be as follows:
- Net sales are anticipated to be in the range of
$7,575 million $7,755 million $6,585 million 16.4% at the midpoint (an increase of$85 million - Net income is anticipated to be in the range of
$1,560 million $1,662 million $1,299 million 24.0% at the midpoint (a decrease of$86 million - Earnings per share is expected to be in the range of
$25.25 $27.01 $22.03 18.6% at the midpoint (a decrease of$1.45 - EBITDA As Defined is anticipated to be in the range of
$3,920 million $4,050 million $3,395 million 17.4% at the midpoint (an increase of$45 million 52.0% for fiscal 2024); - Adjusted earnings per share is expected to be in the range of
$29.97 $31.73 $25.84 19.4% at the midpoint (a decrease of$1.12 - Fiscal 2024 outlook is based on the following market growth assumptions:
- Commercial OEM revenue growth around
20% ; - Commercial aftermarket revenue growth in the mid-teens percentage range; and
- Defense revenue growth in the high-single digit to low double-digit percentage range.
- Commercial OEM revenue growth around
Please see the attached Table 6 for a reconciliation of EBITDA, EBITDA As Defined to net income and reported earnings per share to adjusted earnings per share guidance midpoint estimated for the fiscal year ending September 30, 2024. Additionally, please see attached Table 7 for comparison of the current fiscal year 2024 guidance versus the previously issued fiscal year 2024 guidance.
Earnings Conference Call
TransDigm Group will host a conference call for investors and security analysts on February 8, 2024, beginning at 11:00 a.m., Eastern Time. To join the call telephonically, please register for the call at https://register.vevent.com/register/BId304dd52a3314cd18f6b1ae4b05f3b24. Once registered, participants will receive the dial-in information and a unique pin to access the call. The dial-in information and unique pin will be sent to the email used to register for the call. The unique pin is exclusive to the registrant and can only be used by one person at a time. A live audio webcast of the call can also be accessed online at http://www.transdigm.com. A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website and click on "Presentations."
The call will be archived on the website and available for replay at approximately 2:00 p.m., Eastern Time.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, databus and power controls, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, advanced sensor products, switches and relay panels, thermal protection and insulation, lighting and control technology, parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems and specialized flight, wind tunnel and jet engine testing services and equipment.
Non-GAAP Supplemental Information
EBITDA, EBITDA As Defined, EBITDA As Defined Margin, adjusted net income and adjusted earnings per share are non-GAAP financial measures presented in this press release as supplemental disclosures to net income and reported results. TransDigm Group defines EBITDA as earnings before interest, taxes, depreciation and amortization and defines EBITDA As Defined as EBITDA plus certain non-operating items recorded as corporate expenses, including non-cash compensation charges incurred in connection with TransDigm Group's stock incentive or deferred compensation plans, foreign currency gains and losses, acquisition-integration costs, acquisition and divestiture transaction-related expenses, and refinancing costs. Acquisition and divestiture-related costs represent accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold; costs incurred to integrate acquired businesses and product lines into the Company's operations, facility relocation costs and other acquisition-related costs; transaction-related costs for both acquisitions and divestitures comprising deal fees; legal, financial and tax diligence expenses and valuation costs that are required to be expensed as incurred and other acquisition accounting adjustments. TransDigm Group defines adjusted net income as net income plus purchase accounting backlog amortization expense, effects from the sale on businesses, non-cash compensation charges incurred in connection with TransDigm Group's stock incentive or deferred compensation plans, foreign currency gains and losses, acquisition-integration costs, acquisition and divestiture transaction-related expenses, and refinancing costs. EBITDA As Defined Margin represents EBITDA As Defined as a percentage of net sales. TransDigm Group defines adjusted diluted earnings per share as adjusted net income divided by the total outstanding shares for basic and diluted earnings per share. For more information regarding the computation of EBITDA, EBITDA As Defined, adjusted net income and adjusted earnings per share, please see the attached financial tables.
TransDigm Group presents these non-GAAP financial measures because it believes that they are useful indicators of its operating performance. TransDigm Group believes that EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes, capitalized asset values and employee compensation structures, all of which can vary substantially from company to company. In addition, analysts, rating agencies and others use EBITDA to evaluate a company's ability to incur and service debt. EBITDA As Defined is used to measure TransDigm Inc.'s compliance with the financial covenant contained in its credit facility. TransDigm Group's management also uses EBITDA As Defined to review and assess its operating performance, to prepare its annual budget and financial projections and to review and evaluate its management team in connection with employee incentive programs. Moreover, TransDigm Group's management uses EBITDA As Defined to evaluate acquisitions and as a liquidity measure. In addition, TransDigm Group's management uses adjusted net income as a measure of comparable operating performance between time periods and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance.
None of EBITDA, EBITDA As Defined, EBITDA As Defined Margin, adjusted net income or adjusted earnings per share is a measurement of financial performance under
Although we use EBITDA and EBITDA As Defined as measures to assess the performance of our business and for the other purposes set forth above, the use of these non-GAAP financial measures as analytical tools has limitations, and you should not consider any of them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with
- neither EBITDA nor EBITDA As Defined reflects the significant interest expense, or the cash requirements, necessary to service interest payments on our indebtedness;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor EBITDA As Defined reflects any cash requirements for such replacements;
- the omission of the substantial amortization expense associated with our intangible assets further limits the usefulness of EBITDA and EBITDA As Defined;
- neither EBITDA nor EBITDA As Defined includes the payment of taxes, which is a necessary element of our operations; and
- EBITDA As Defined excludes the cash expense we have incurred to integrate acquired businesses into our operations, which is a necessary element of certain of our acquisitions.
Forward-Looking Statements
Statements in this press release that are not historical facts, including statements under the heading "Fiscal 2024 Outlook," are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "may," "will," "should," "expect," "intend," "plan," "predict," "anticipate," "estimate," or "continue" and other words and terms of similar meaning may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties that could cause TransDigm Group's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransDigm Group. These risks and uncertainties include but are not limited to: the sensitivity of our business to the number of flight hours that our customers' planes spend aloft and our customers' profitability, both of which are affected by general economic conditions; supply chain constraints; increases in raw material costs, taxes and labor costs that cannot be recovered in product pricing; failure to complete or successfully integrate acquisitions; our indebtedness; current and future geopolitical or other worldwide events, including, without limitation, wars or conflicts and public health crises; cybersecurity threats; risks related to the transition or physical impacts of climate change and other natural disasters or meeting sustainability-related voluntary goals or regulatory requirements; our reliance on certain customers;
Contact: | Investor Relations | |
216-706-2945 | ||
ir@transdigm.com | ||
TRANSDIGM GROUP INCORPORATED | ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
FOR THE THIRTEEN WEEK PERIODS ENDED | Table 1 | |||
DECEMBER 30, 2023 AND DECEMBER 31, 2022 | ||||
(Amounts in millions, except per share amounts) | ||||
(Unaudited) | ||||
Thirteen Week Periods Ended | ||||
December 30, 2023 | December 31, 2022 | |||
NET SALES | $ 1,789 | $ 1,397 | ||
COST OF SALES | 747 | 604 | ||
GROSS PROFIT | 1,042 | 793 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 220 | 169 | ||
AMORTIZATION OF INTANGIBLE ASSETS | 35 | 34 | ||
INCOME FROM OPERATIONS | 787 | 590 | ||
INTEREST EXPENSE—NET | 300 | 286 | ||
REFINANCING COSTS | — | 4 | ||
OTHER INCOME | (1) | (1) | ||
INCOME FROM OPERATIONS BEFORE INCOME TAXES | 488 | 301 | ||
INCOME TAX PROVISION | 106 | 72 | ||
NET INCOME | 382 | 229 | ||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | (1) | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | $ 382 | $ 228 | ||
NET INCOME APPLICABLE TO TD GROUP COMMON STOCKHOLDERS | $ 281 | $ 190 | ||
Earnings per share attributable to TD Group common stockholders: | ||||
Basic and diluted | $ 4.87 | $ 3.33 | ||
Cash dividends declared per common share | $ 35.00 | $ — | ||
Weighted-average shares outstanding: | ||||
Basic and diluted | 57.7 | 57.1 | ||
TRANSDIGM GROUP INCORPORATED | ||||
SUPPLEMENTAL INFORMATION - RECONCILIATION OF | ||||
EBITDA, EBITDA AS DEFINED TO NET INCOME | ||||
FOR THE THIRTEEN WEEK PERIODS ENDED | Table 2 | |||
DECEMBER 30, 2023 AND DECEMBER 31, 2022 | ||||
(Amounts in millions, except per share amounts) | ||||
(Unaudited) | ||||
Thirteen Week Periods Ended | ||||
December 30, 2023 | December 31, 2022 | |||
Net Income | $ 382 | $ 229 | ||
Adjustments: | ||||
Depreciation and amortization expense | 71 | 63 | ||
Interest expense-net | 300 | 286 | ||
Income tax provision | 106 | 72 | ||
EBITDA | 859 | 650 | ||
Adjustments: | ||||
Acquisition and divestiture transaction-related expenses and adjustments (1) | 2 | 3 | ||
Non-cash stock and deferred compensation expense (2) | 51 | 35 | ||
Refinancing costs (3) | — | 4 | ||
Other, net (4) | — | 7 | ||
Gross Adjustments to EBITDA | 53 | 49 | ||
EBITDA As Defined | $ 912 | $ 699 | ||
EBITDA As Defined, Margin (5) | 51.0 % | 50.0 % | ||
(1) | Represents accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when inventory was sold; costs incurred to integrate acquired businesses and product lines into TD Group's operations, facility relocation costs and other acquisition-related costs; transaction-related costs for both acquisitions and divestitures comprising deal fees, legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred. | |
(2) | Represents the compensation expense recognized by TD Group under our stock incentive plans and deferred compensation plans. | |
(3) | Represents costs expensed related to debt financing activities, including new issuances, extinguishments, refinancings and amendments to existing agreements. | |
(4) | Primarily represents foreign currency transaction (gains) or losses, payroll withholding taxes related to dividend equivalent payments and stock option exercises, non-service related pension costs and deferred compensation payments. | |
(5) | The EBITDA As Defined margin represents the amount of EBITDA As Defined as a percentage of net sales. |
TRANSDIGM GROUP INCORPORATED | ||||
SUPPLEMENTAL INFORMATION - RECONCILIATION OF REPORTED | ||||
EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE | ||||
FOR THE THIRTEEN WEEK PERIODS ENDED | Table 3 | |||
DECEMBER 30, 2023 AND DECEMBER 31, 2022 | ||||
(Amounts in millions, except per share amounts) | ||||
(Unaudited) | ||||
Thirteen Week Periods Ended | ||||
December 30, 2023 | December 31, 2022 | |||
Reported Earnings Per Share | ||||
Net income | $ 382 | $ 229 | ||
Less: Net income attributable to noncontrolling interests | — | (1) | ||
Net income attributable to TD Group | 382 | 228 | ||
Less: Dividends paid on participating securities | (101) | (38) | ||
Net income applicable to TD Group common stockholders—basic and diluted | $ 281 | $ 190 | ||
Weighted-average shares outstanding under the two-class method | ||||
Weighted-average common shares outstanding | 55.4 | 54.4 | ||
Vested options deemed participating securities | 2.3 | 2.7 | ||
Total shares for basic and diluted earnings per share | 57.7 | 57.1 | ||
Earnings per share—basic and diluted | $ 4.87 | $ 3.33 | ||
Adjusted Earnings Per Share | ||||
Net income | $ 382 | $ 229 | ||
Gross Adjustments to EBITDA | 53 | 49 | ||
Purchase accounting backlog amortization | 1 | 1 | ||
Tax adjustment (1) | (23) | (18) | ||
Adjusted net income | $ 413 | $ 261 | ||
Adjusted diluted earnings per share under the two-class method | $ 7.16 | $ 4.58 | ||
Diluted Earnings Per Share to Adjusted Earnings Per Share | ||||
Diluted earnings per share from net income attributable to TD Group | $ 4.87 | $ 3.33 | ||
Adjustments to diluted earnings per share: | ||||
Inclusion of the dividend equivalent payments | 1.75 | 0.67 | ||
Acquisition and divestiture transaction-related expenses and adjustments | 0.04 | 0.05 | ||
Non-cash stock and deferred compensation expense | 0.68 | 0.46 | ||
Refinancing costs | — | 0.05 | ||
Tax adjustment on income from operations before taxes (1) | (0.17) | (0.08) | ||
Other, net | (0.01) | 0.10 | ||
Adjusted earnings per share | $ 7.16 | $ 4.58 | ||
(1) | For the thirteen week periods ended December 30, 2023 and December 31, 2022, the Tax adjustment represents the tax effect of the adjustments at the applicable effective tax rate, as well as the impact on the effective tax rate when excluding the excess tax benefits on stock option exercises. Stock compensation expense is excluded from adjusted net income and therefore we have excluded the impact that the excess tax benefits on stock option exercises have on the effective tax rate for determining adjusted net income. |
TRANSDIGM GROUP INCORPORATED | ||||
SUPPLEMENTAL INFORMATION - RECONCILIATION OF NET CASH | ||||
PROVIDED BY OPERATING ACTIVITIES TO EBITDA, EBITDA AS DEFINED | ||||
FOR THE THIRTEEN WEEK PERIODS ENDED | Table 4 | |||
DECEMBER 30, 2023 AND DECEMBER 31, 2022 | ||||
(Amounts in millions) | ||||
(Unaudited) | ||||
Thirteen Week Periods Ended | ||||
December 30, 2023 | December 31, 2022 | |||
Net cash provided by operating activities | $ 636 | $ 377 | ||
Adjustments: | ||||
Changes in assets and liabilities, net of effects from acquisitions and sales of businesses | (126) | (49) | ||
Interest expense-net (1) | 289 | 277 | ||
Income tax provision-current | 106 | 72 | ||
Loss contract amortization | 5 | 12 | ||
Non-cash stock and deferred compensation expense (2) | (51) | (35) | ||
Refinancing costs (3) | — | (4) | ||
EBITDA | 859 | 650 | ||
Adjustments: | ||||
Acquisition and divestiture transaction-related expenses and adjustments (4) | 2 | 3 | ||
Non-cash stock and deferred compensation expense (2) | 51 | 35 | ||
Refinancing costs (3) | — | 4 | ||
Other, net (5) | — | 7 | ||
EBITDA As Defined | $ 912 | $ 699 | ||
(1) | Represents interest expense excluding the amortization of debt issuance costs and premium and discount on debt. | |
(2) | Represents the compensation expense recognized by TD Group under our stock incentive plans and deferred compensation plans. | |
(3) | Represents costs expensed related to debt financing activities, including new issuances, extinguishments, refinancings and amendments to existing agreements. | |
(4) | Represents accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when inventory was sold; costs incurred to integrate acquired businesses and product lines into TD Group's operations, facility relocation costs and other acquisition-related costs; transaction-related costs for both acquisitions and divestitures comprising deal fees, legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred. | |
(5) | Primarily represents foreign currency transaction (gains) or losses, payroll withholding taxes related to dividend equivalent payments and stock option exercises, non-service related pension costs and deferred compensation payments. |
TRANSDIGM GROUP INCORPORATED | ||||
SUPPLEMENTAL INFORMATION - BALANCE SHEET DATA | Table 5 | |||
(Amounts in millions) | ||||
(Unaudited) | ||||
December 30, 2023 | September 30, 2023 | |||
Cash and cash equivalents | $ 4,135 | $ 3,472 | ||
Trade accounts receivable—Net | 1,145 | 1,230 | ||
Inventories—Net | 1,708 | 1,616 | ||
Current portion of long-term debt | 81 | 71 | ||
Short-term borrowings—trade receivable securitization facility | 449 | 349 | ||
Accounts payable | 288 | 305 | ||
Accrued and other current liabilities | 1,000 | 854 | ||
Long-term debt | 21,346 | 19,330 | ||
Total TD Group stockholders' deficit | (3,513) | (1,984) | ||
TRANSDIGM GROUP INCORPORATED | ||
SUPPLEMENTAL INFORMATION - RECONCILIATION OF EBITDA, | ||
EBITDA AS DEFINED TO NET INCOME AND REPORTED EARNINGS PER | ||
SHARE TO ADJUSTED EARNINGS PER SHARE GUIDANCE MIDPOINT | ||
FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2024 | Table 6 | |
(Amounts in millions, except per share amounts) | ||
(Unaudited) | ||
GUIDANCE MIDPOINT | ||
Fiscal Year Ended September 30, 2024 | ||
Net Income | $ 1,611 | |
Adjustments: | ||
Depreciation and amortization expense | 292 | |
Interest expense-net | 1,380 | |
Income tax provision | 481 | |
EBITDA | 3,764 | |
Adjustments: | ||
Acquisition transaction-related expenses and adjustments (1) | 22 | |
Non-cash stock and deferred compensation expense (1) | 190 | |
Refinancing costs (1) | — | |
Other, net (1) | 9 | |
Gross Adjustments to EBITDA | 221 | |
EBITDA As Defined | $ 3,985 | |
EBITDA As Defined, Margin (1) | 52.0 % | |
Earnings per share | $ 26.13 | |
Adjustments to earnings per share: | ||
Inclusion of the dividend equivalent payments | 1.75 | |
Non-cash stock and deferred compensation expense | 2.53 | |
Acquisition transaction related expenses and adjustments | 0.31 | |
Refinancing costs | — | |
Other, net | 0.13 | |
Adjusted earnings per share | $ 30.85 | |
Weighted-average shares outstanding | 57.8 | |
(1) | Refer to Table 2 above for definitions of Non-GAAP measurement adjustments. |
TRANSDIGM GROUP INCORPORATED | ||||||
SUPPLEMENTAL INFORMATION | ||||||
CURRENT FISCAL YEAR 2024 GUIDANCE VERSUS | ||||||
PRIOR FISCAL YEAR 2024 GUIDANCE | Table 7 | |||||
(Amounts in millions, except per share amounts) | ||||||
(Unaudited) | ||||||
Current | Prior | Change at | ||||
Net Sales | ||||||
GAAP Net Income | ||||||
GAAP Earnings Per Share | ||||||
EBITDA As Defined | ||||||
Adjusted Earnings Per Share | ||||||
Weighted-Average Shares Outstanding | 57.8 | 57.8 | — | |||
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SOURCE TransDigm Group Inc.
