Repligen Q1 2026 revenue up 15% with EPS growth
Repligen Corporation reported solid growth for the first quarter of 2026.
Rhea-AI Filing Summary
Repligen Corporation reported solid growth for the first quarter of 2026. Revenue reached $194.3M, up from $169.2M, a 15% increase, with 11% organic growth. GAAP diluted EPS rose to $0.15 from $0.10, while adjusted diluted EPS increased to $0.48 from $0.39.
GAAP gross margin was 55.7% and adjusted gross margin was 55.5%, with adjusted operating margin improving to 15.4%. Cash, cash equivalents and marketable securities totaled $785M at March 31, 2026. The company divested its non-core Polymem filtration business and launched a Transformation Office focused on margin expansion.
For full-year 2026, Repligen guides to adjusted revenue of $803M–$833M, implying 9%–13% reported and organic growth, and projects adjusted diluted EPS of $1.97–$2.05. Management also highlighted a new OEM partnership in China to expand local manufacturing access.
Positive
- Q1 2026 revenue grew 15% to $194.3M with 11% organic growth, while adjusted EPS increased from $0.39 to $0.48, showing both top-line and earnings expansion.
- Full-year 2026 guidance targets 9%–13% growth on $803M–$833M revenue and higher adjusted EPS of $1.97–$2.05, reflecting management’s confidence in continued profitable growth.
Negative
- None.
Insights
Repligen posted double‑digit Q1 growth and raised 2026 EPS guidance.
Repligen delivered Q1 2026 revenue of $194.3M, up 15% year over year with 11% organic growth. GAAP EPS rose to $0.15, while adjusted EPS reached $0.48, and adjusted operating margin expanded to 15.4%, indicating improved profitability.
Full‑year 2026 guidance calls for adjusted revenue of $803M–$833M and adjusted EPS of $1.97–$2.05, with both reported and organic growth targeted at 9%–13%. Cash and marketable securities of $785M at March 31, 2026 provide a substantial financial cushion.
Strategically, the Polymem divestiture removes a small, loss‑making business, and the new China OEM partnership is intended to strengthen regional manufacturing access. The newly launched Transformation Office focuses on site rationalization, product line margin optimization, and IT/AI investments to support margin expansion over the multi‑year transformation initiative.
8-K Event Classification
Key Figures
Key Terms
organic revenue growth financial
adjusted EBITDA financial
Transformation Office financial
Convertible Senior Notes financial
non-GAAP financial
contingent consideration financial
Earnings Snapshot
For FY 2026, Repligen projects adjusted revenue of $803M–$833M with 9%–13% growth, adjusted operating margin of 15.4%–15.8%, adjusted EBITDA margin of 20.3%–20.8%, tax rate of 22%–23%, and adjusted diluted EPS of $1.97–$2.05.
FAQ
How did Repligen (RGEN) perform financially in Q1 2026?
What is Repligen’s 2026 revenue and EPS guidance?
How are Repligen’s margins trending in Q1 2026?
What strategic actions did Repligen take around Polymem in 2026?
What is Repligen’s cash and debt position as of March 31, 2026?
What is Repligen’s Transformation Office and its goals?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
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 class |
|
Trading |
|
Name of each exchange on which registered |
|
|
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.
On May 5, 2026, Repligen Corporation announced its financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Form 8-K and the exhibit attached hereto 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 the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
|
|
|
99.1 |
|
Press Release by Repligen Corporation, dated May 5, 2026 |
104 |
|
Cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
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.
|
|
REPLIGEN CORPORATION |
|
|
|
|
|
Date: |
May 5, 2026 |
By: |
/s/ Olivier Loeillot |
|
|
|
Olivier Loeillot |
|
|
|
President and Chief Executive Officer |
Exhibit 99.1
|
|
Repligen Corporation 41 Seyon Street Building #1, Suite 100 Waltham, Massachusetts 02453 |
Repligen Reports First Quarter 2026 Financial Results and Updates Full Year 2026 Financial Guidance
WALTHAM, Mass., May 5, 2026 -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its first quarter of 2026, covering the three-month period ended March 31, 2026. The Company is also providing updated financial guidance for the full year 2026.
Olivier Loeillot, President and Chief Executive Officer of Repligen said, “We delivered a very strong start to the year, achieving 11% organic revenue growth and 160 basis points of adjusted operating margin expansion, exceeding expectations as our team executed well across the business. Combined with recent order trends, these results reinforce our confidence in our full-year revenue outlook.”
“We also continue to make meaningful progress on our strategic priorities. We launched a Transformation Office initiative and divested a non-core filtration business as we accelerate our focus on profitable growth. In addition, we entered into a new partnership in China, which represents an important step in advancing our APAC strategy. We remain committed to disciplined, intentional investment—expanding our commercial capabilities and optimizing our infrastructure to support scalable, sustainable growth in the years ahead.”
BUSINESS HIGHLIGHTS
FINANCIAL PERFORMANCE
Q1 2026 Financial Performance (compared to prior year periods except as noted)
All adjusted figures are non-GAAP and, except for earnings per share (“EPS”), are rounded to the nearest million, and are reconciled in the tables included later in this press release.
1
MARGIN SUMMARY
GAAP Margins |
|
Q1 2026 |
|
Q1 2025 |
Gross Margin |
|
55.7% |
|
54.0% |
Operating (EBIT) Margin |
|
8.2% |
|
3.9% |
Net Income (Loss) Margin |
|
4.3% |
|
3.4% |
|
|
|
|
|
Adjusted (non-GAAP) Margins |
|
Q1 2026 |
|
Q1 2025 |
Gross Margin |
|
55.5% |
|
53.7% |
Operating (EBIT) Margin |
|
15.4% |
|
13.8% |
Net Income Margin |
|
14.0% |
|
13.1% |
EBITDA Margin |
|
20.6% |
|
19.3% |
Cash, cash equivalents and marketable securities at March 31, 2026, were $785 million, compared to $768 million at December 31, 2025.
FINANCIAL GUIDANCE FOR FULL YEAR 2026
All adjusted figures are non-GAAP
Our financial guidance for the full year 2026 is based on expectations for our existing business. Our Adjusted (non-GAAP) guidance excludes the impact of any potential or pending business acquisitions in 2026, and future fluctuations in foreign currency exchange rates.
|
|
CURRENT GUIDANCE |
|
|
(at May 5, 2026) |
FY 2026 |
|
Adjusted (non-GAAP) |
Total Reported Revenue |
|
$803M - $833M |
Reported Growth |
|
9% - 13% |
Organic Growth |
|
9% - 13% |
Gross Margin |
|
53.7% - 54.2% |
Income from Operations |
|
$124M - $132M |
Operating Margin |
|
15.4% - 15.8% |
Other Income (Expense) |
|
~$19M |
Adjusted EBITDA Margin |
|
20.3% - 20.8% |
Tax Rate on Pre-Tax Income |
|
22% - 23% |
Net Income |
|
$111.5M - $116.5M |
Earnings Per Share - Diluted |
|
$1.97 - $2.05 |
Revenue guidance reflects just under a one point benefit from foreign currency and a similar headwind primarily from the divestiture of Polymem.
Conference Call and Webcast Access
Repligen will host a conference call and webcast today, May 5, 2026, at 8:00 a.m. ET, to discuss first quarter 2026 financial results, corporate developments and financial guidance for 2026. The conference call will be accessible by dialing toll-free (833) 461-5787 for domestic callers and (585) 542-9983 for international callers. The meeting ID is: 931163466. In addition, a webcast will be accessible via the Investor Relations section of the Company’s website. The webcast will be archived for a period of time following the live event. You can access the replay on the Investor Relations section of the Company’s website.
About Repligen Corporation
Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs. We are “inspiring advances in bioprocessing” for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our focus areas are Filtration and Fluid Management, Chromatography, Process Analytics and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, and the majority of our manufacturing sites are in the U.S., with additional key sites in Estonia, Germany, Ireland, the Netherlands and Sweden. For more information about the Company see our website at www.repligen.com, and follow us on LinkedIn.
Non-GAAP Measures of Financial Performance
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (“GAAP”), the following Adjusted (“non-GAAP”) measures of financial performance are included in this release: organic revenue and organic
2
revenue growth; adjusted gross profit and adjusted gross margin; adjusted income from operations and adjusted operating margin; organic adjusted operating margin year-over-year change; adjusted net income and adjusted net income margin; adjusted earnings per share (diluted); adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA margin. The Company provides the impact of foreign currency translation, to enable determination of revenue and margin growth rates at constant currency. To calculate the impact of foreign currency translation, the Company converts the reported amounts from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior year periods.
The Company’s non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition, integration and divestiture costs; restructuring charges including the costs of severance and accelerated depreciation among other non-cash charges; inventory step-up costs and adjustments; transformation costs including incremental, non-recurring expenses for discrete strategic projects that are designed to deliver long-term benefits, including improvements to enhance productivity and enable company growth that do not meet the definition of restructuring; contingent consideration related to the Company’s acquisitions; intangible amortization costs; non-cash interest expense related to the accretion of the debt discount; amortization of debt issuance costs related to Company’s convertible debt; foreign currency impact of certain intercompany loans; loss on sale of business; and, the related impact on tax of non-GAAP charges.
These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded. Additionally, for a project to be considered transformational, the project expenses are expected to bring long-term growth, profitability improvements and defined process and technology improvements. Our transformation initiative is multi-year but each project has a discrete, defined timeline. Further, organic adjusted operating margin year-over-year change excludes the effect of adjustments above, as well as the impact of mergers and acquisitions and foreign exchange. This measure is used by the Company in periods of acquisition because the timing, size and number of such transactions and their related impact on the financial statements may vary and make comparison of long-term results difficult.
All reconciliations of above GAAP figures to adjusted (non-GAAP) figures are detailed in the tables included later in this press release. Certain prior year amounts have been reclassified to conform with the current year presentation. When analyzing the Company’s operating performance and guidance, investors should not consider non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP.
The Company does not provide GAAP financial measures on a forward-looking basis as the Company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort. The Company cannot reasonably predict items including, but not limited to, the timing and amount of future restructuring and cost-savings actions or transformation, acquisition and integration related costs. These items are generally uncertain and are not indicative of ongoing operations of the business, and the impact could be material to our results in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding current or future financial performance and position, including our 2026 financial guidance and related assumptions; expected demand in the markets in which we operate; and the expected performance of our business and momentum across our portfolio, are based on management’s current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds; the risk that we have assumed that markets and franchises will improve and grow as predicted; our ability to achieve our 2026 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate any acquired businesses and relevant personnel in a timely manner or at all, and to achieve the expected benefits of such acquisitions; the risk that demand for our products could decline, which could adversely impact our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing companies; risks around the Company’s effectiveness of disclosure controls and procedures and the effectiveness of our internal control over financial reporting; our compliance with all U.S. Food and Drug Administration and European Medicines Evaluation Agency regulations; our volatile stock price; the impact of tariffs on our business, and other risks and uncertainties detailed in Repligen’s filings with the U.S. Securities and Exchange Commission (the Commission), including our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequently filed reports with the Commission, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any subsequent filings made with the Commission, which are available at the Commission’s website at www.sec.gov. Actual results may differ materially from those Repligen contemplated by these
3
forward-looking statements, which reflect management’s current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Repligen Contact:
Jacob Johnson
VP, Investor Relations
(781) 419-0204
investors@repligen.com
4
REPLIGEN CORPORATION |
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|||||||
(Unaudited, amounts in thousands, except share data) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
582,650 |
|
|
$ |
566,021 |
|
Marketable securities |
|
|
201,881 |
|
|
|
201,607 |
|
Accounts receivable, net of allowances of $2,709 and $2,767 at March 31, 2026 and December 31, 2025, respectively |
|
|
151,552 |
|
|
|
158,587 |
|
Inventories, net |
|
|
179,256 |
|
|
|
170,458 |
|
Prepaid expenses and other current assets |
|
|
46,021 |
|
|
|
40,712 |
|
Total current assets |
|
|
1,161,360 |
|
|
|
1,137,385 |
|
Property, plant and equipment, net |
|
|
173,461 |
|
|
|
186,614 |
|
Intangible assets, net |
|
|
368,188 |
|
|
|
386,147 |
|
Goodwill |
|
|
1,106,874 |
|
|
|
1,114,408 |
|
Deferred tax assets |
|
|
1,362 |
|
|
|
694 |
|
Operating lease right of use assets |
|
|
113,644 |
|
|
|
119,538 |
|
Other noncurrent assets |
|
|
5,883 |
|
|
|
4,913 |
|
Total assets |
|
$ |
2,930,772 |
|
|
$ |
2,949,699 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
34,657 |
|
|
$ |
30,010 |
|
Operating lease liabilities |
|
|
21,071 |
|
|
|
21,559 |
|
Contingent consideration |
|
|
5,226 |
|
|
|
5,049 |
|
Accrued liabilities |
|
|
65,255 |
|
|
|
79,208 |
|
Total current liabilities |
|
|
126,209 |
|
|
|
135,826 |
|
Convertible Senior Notes due 2028, net |
|
|
546,585 |
|
|
|
542,213 |
|
Deferred tax liabilities |
|
|
15,018 |
|
|
|
22,496 |
|
Noncurrent operating lease liabilities |
|
|
119,964 |
|
|
|
126,176 |
|
Noncurrent contingent consideration |
|
|
778 |
|
|
|
1,304 |
|
Other noncurrent liabilities |
|
|
16,755 |
|
|
|
15,555 |
|
Total liabilities |
|
|
825,309 |
|
|
|
843,570 |
|
Stockholders' equity: |
|
|
|
|
|
|
||
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,399,294 shares at March 31, 2026 and 56,325,429 shares at December 31, 2025 issued and outstanding |
|
|
564 |
|
|
|
563 |
|
Additional paid-in capital |
|
|
1,654,627 |
|
|
|
1,651,849 |
|
Accumulated other comprehensive loss |
|
|
(14,309 |
) |
|
|
(2,531 |
) |
Retained earnings |
|
|
464,581 |
|
|
|
456,248 |
|
Total stockholders’ equity |
|
|
2,105,463 |
|
|
|
2,106,129 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,930,772 |
|
|
$ |
2,949,699 |
|
5
REPLIGEN CORPORATION |
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|||||||
(Unaudited, amounts in thousands, except per share data) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Revenue: |
|
|
|
|
|
|
||
Product |
|
$ |
194,211 |
|
|
$ |
169,137 |
|
Royalty and other revenue |
|
|
44 |
|
|
|
35 |
|
Total revenue |
|
|
194,255 |
|
|
|
169,172 |
|
Costs and operating expenses: |
|
|
|
|
|
|
||
Cost of goods sold |
|
|
85,971 |
|
|
|
77,801 |
|
Research and development |
|
|
14,458 |
|
|
|
12,114 |
|
Selling, general and administrative |
|
|
76,536 |
|
|
|
70,706 |
|
Restructuring activities and other charges |
|
|
1,496 |
|
|
|
1,973 |
|
Change in fair value of contingent consideration |
|
|
(146 |
) |
|
|
— |
|
Total costs and operating expenses |
|
|
178,315 |
|
|
|
162,594 |
|
Income from operations |
|
|
15,940 |
|
|
|
6,578 |
|
Other (expense) income, net: |
|
|
|
|
|
|
||
Investment income |
|
|
6,342 |
|
|
|
7,314 |
|
Interest expense |
|
|
(5,578 |
) |
|
|
(5,250 |
) |
Amortization of debt issuance costs |
|
|
(419 |
) |
|
|
(413 |
) |
Loss on sale of business |
|
|
(13,763 |
) |
|
|
— |
|
Other (expense), net |
|
|
(750 |
) |
|
|
(286 |
) |
Other (expense) income, net |
|
|
(14,168 |
) |
|
|
1,365 |
|
Income before income taxes |
|
|
1,772 |
|
|
|
7,943 |
|
Income tax (benefit) provision |
|
|
(6,561 |
) |
|
|
2,113 |
|
Net income |
|
$ |
8,333 |
|
|
$ |
5,830 |
|
Earnings per share: |
|
|
|
|
|
|
||
Basic |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
Diluted |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
|
56,354 |
|
|
|
56,123 |
|
Diluted |
|
|
56,666 |
|
|
|
56,558 |
|
6
REPLIGEN CORPORATION |
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|||||||
(Unaudited, amounts in thousands) |
|
|||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
8,333 |
|
|
$ |
5,830 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
19,762 |
|
|
|
18,704 |
|
Amortization of debt discount and issuance costs |
|
|
4,372 |
|
|
|
4,039 |
|
Loss on sale of business |
|
|
13,763 |
|
|
|
— |
|
Stock-based compensation |
|
|
8,322 |
|
|
|
7,273 |
|
Deferred income taxes, net |
|
|
(7,700 |
) |
|
|
(1,204 |
) |
Change in fair value of contingent consideration |
|
|
(146 |
) |
|
|
— |
|
Net unrealized foreign exchange loss (gain) |
|
|
38 |
|
|
|
(8,207 |
) |
Operating lease right of use asset amortization |
|
|
4,775 |
|
|
|
4,484 |
|
Other adjustments and non-cash items |
|
|
(1,327 |
) |
|
|
10,475 |
|
Changes in operating assets and liabilities, excluding impact of acquisitions: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
3,186 |
|
|
|
(9,921 |
) |
Inventories |
|
|
(12,069 |
) |
|
|
(3,828 |
) |
Prepaid expenses and other current assets |
|
|
(1,978 |
) |
|
|
(2,191 |
) |
Other noncurrent assets |
|
|
26 |
|
|
|
(1,202 |
) |
Accounts payable |
|
|
5,918 |
|
|
|
(6,693 |
) |
Accrued liabilities |
|
|
(12,655 |
) |
|
|
1,807 |
|
Operating lease liabilities |
|
|
(5,594 |
) |
|
|
(4,836 |
) |
Noncurrent liabilities |
|
|
1,269 |
|
|
|
475 |
|
Total cash provided by operating activities |
|
|
28,295 |
|
|
|
15,005 |
|
Cash flows for investing activities |
|
|
|
|
|
|
||
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
(69,720 |
) |
Purchases of marketable securities |
|
|
(64,625 |
) |
|
|
— |
|
Maturities of marketable securities |
|
|
66,000 |
|
|
|
— |
|
Additions to capitalized software costs |
|
|
(237 |
) |
|
|
(867 |
) |
Purchases of property, plant and equipment |
|
|
(4,710 |
) |
|
|
(3,563 |
) |
Sale of property, plant and equipment |
|
|
— |
|
|
|
42 |
|
Other investing activities |
|
|
(416 |
) |
|
|
— |
|
Total cash used in investing activities |
|
|
(3,988 |
) |
|
|
(74,108 |
) |
Cash flows for financing activities |
|
|
|
|
|
|
||
Proceeds from exercise of stock options |
|
|
— |
|
|
|
1,464 |
|
Payment of tax withholding obligation on vesting of restricted stock |
|
|
(5,543 |
) |
|
|
(6,494 |
) |
Total cash used in financing activities |
|
|
(5,543 |
) |
|
|
(5,030 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(145 |
) |
|
|
4,007 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
18,619 |
|
|
|
(60,126 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
$ |
566,021 |
|
|
$ |
757,355 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
584,640 |
|
|
$ |
697,229 |
|
7
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited, amounts in thousands, except percentage and earnings per share data)
In all tables below, totals may not add due to rounding
Reconciliation of Total Revenue (GAAP) Growth to Organic Revenue Growth (Non-GAAP)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
TOTAL REPORTED REVENUE (GAAP) GROWTH |
|
|
15 |
% |
|
|
10 |
% |
Acquisition revenue |
|
|
(0 |
)% |
|
|
(1 |
)% |
Currency exchange |
|
|
(3 |
)% |
|
|
1 |
% |
ORGANIC REVENUE GROWTH (NON-GAAP) |
|
|
11 |
% |
|
|
11 |
% |
Reconciliation of Income from Operations (GAAP) to Adjusted Income from Operations (Non-GAAP)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
INCOME FROM OPERATIONS (GAAP) |
|
$ |
15,940 |
|
|
$ |
6,578 |
|
ADJUSTMENTS TO INCOME FROM OPERATIONS (GAAP): |
|
|
|
|
|
|
||
Acquisition, integration and divestiture costs |
|
|
2,691 |
|
|
|
6,033 |
|
Restructuring activities and other charges (1) |
|
|
1,496 |
|
|
|
1,973 |
|
Transformation costs (2) |
|
|
129 |
|
|
|
(884 |
) |
Intangible amortization |
|
|
9,794 |
|
|
|
9,121 |
|
Contingent Consideration |
|
|
(146 |
) |
|
|
— |
|
Other(4) |
|
|
— |
|
|
|
584 |
|
ADJUSTED INCOME FROM OPERATIONS (NON-GAAP) |
|
$ |
29,904 |
|
|
$ |
23,405 |
|
OPERATING (EBIT) MARGIN (GAAP) |
|
|
8.2 |
% |
|
|
3.9 |
% |
ADJUSTED OPERATING (EBIT) MARGIN (NON-GAAP) |
|
|
15.4 |
% |
|
|
13.8 |
% |
Reconciliation of Operating (EBIT) Margin Growth to Organic Adjusted Operating Margin Growth (Non-GAAP)
|
|
Three Months Ended |
|
|
OPERATING (EBIT) MARGIN (GAAP) YEAR-OVER-YEAR CHANGE |
|
|
4.3 |
% |
Acquisition, integration and divestiture costs |
|
|
(2.2 |
)% |
Restructuring activities and other charges (1) |
|
|
(0.4 |
)% |
Transformation costs (2) |
|
|
0.6 |
% |
Intangible amortization |
|
|
(0.3 |
)% |
Contingent Consideration |
|
|
(0.1 |
)% |
Other(4) |
|
|
(0.3 |
)% |
ADJUSTED OPERATING (EBIT) MARGIN (NON-GAAP) YEAR-OVER-YEAR CHANGE |
|
|
1.6 |
% |
Impact of mergers and acquisitions |
|
|
1.3 |
% |
Currency exchange |
|
|
(0.9 |
)% |
ORGANIC ADJUSTED OPERATING MARGIN (NON-GAAP) YEAR-OVER-YEAR CHANGE |
|
|
2.0 |
% |
8
Reconciliation of Net Income (GAAP) to Adjusted Net Income (Non-GAAP)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
NET INCOME (GAAP) |
|
$ |
8,333 |
|
|
$ |
5,830 |
|
ADJUSTMENTS TO NET INCOME (GAAP): |
|
|
|
|
|
|
||
Acquisition, integration and divestiture costs |
|
|
2,691 |
|
|
|
6,033 |
|
Restructuring activities and other charges (1) |
|
|
1,496 |
|
|
|
1,973 |
|
Transformation costs (2) |
|
|
129 |
|
|
|
(884 |
) |
Intangible amortization |
|
|
9,794 |
|
|
|
9,121 |
|
Contingent Consideration |
|
|
(148 |
) |
|
|
— |
|
Non-cash interest expense |
|
|
4,074 |
|
|
|
3,747 |
|
Amortization of debt issuance costs |
|
|
419 |
|
|
|
413 |
|
Foreign currency impact of certain intercompany loans (3) |
|
|
890 |
|
|
|
— |
|
Loss on sale of business |
|
|
13,763 |
|
|
|
— |
|
Other(4) |
|
|
— |
|
|
|
584 |
|
Tax effect of non-GAAP charges |
|
|
(14,287 |
) |
|
|
(4,576 |
) |
ADJUSTED NET INCOME (NON-GAAP) |
|
$ |
27,154 |
|
|
$ |
22,241 |
|
NET INCOME MARGIN (GAAP) |
|
|
4.3 |
% |
|
|
3.4 |
% |
ADJUSTED NET INCOME MARGIN (NON-GAAP) |
|
|
14.0 |
% |
|
|
13.1 |
% |
Reconciliation of EPS (GAAP) to EPS (Non-GAAP)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
EPS (GAAP) - DILUTED |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
ADJUSTMENTS TO EPS (GAAP) - DILUTED: |
|
|
|
|
|
|
||
Acquisition, integration and divestiture costs |
|
|
0.05 |
|
|
|
0.11 |
|
Restructuring activities and other charges (1) |
|
|
0.03 |
|
|
|
0.03 |
|
Transformation costs (2) |
|
|
0.00 |
|
|
|
(0.02 |
) |
Intangible amortization |
|
|
0.17 |
|
|
|
0.16 |
|
Contingent Consideration |
|
|
(0.00 |
) |
|
|
— |
|
Non-cash interest expense |
|
|
0.07 |
|
|
|
0.07 |
|
Amortization of debt issuance costs |
|
|
0.01 |
|
|
|
0.01 |
|
Foreign currency impact of certain intercompany loans (3) |
|
|
0.02 |
|
|
|
— |
|
Loss on sale of business |
|
|
0.24 |
|
|
|
— |
|
Other(4) |
|
|
— |
|
|
|
0.01 |
|
Tax effect of non-GAAP charges |
|
|
(0.25 |
) |
|
|
(0.08 |
) |
ADJUSTED EPS (NON-GAAP) - DILUTED |
|
$ |
0.48 |
|
|
$ |
0.39 |
|
9
Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
NET INCOME (GAAP) |
|
$ |
8,333 |
|
|
$ |
5,830 |
|
ADJUSTMENTS: |
|
|
|
|
|
|
||
Investment income |
|
|
(6,342 |
) |
|
|
(7,314 |
) |
Interest expense |
|
|
5,578 |
|
|
|
5,250 |
|
Amortization of debt issuance costs |
|
|
419 |
|
|
|
413 |
|
Income tax (benefit) provision |
|
|
(6,561 |
) |
|
|
2,113 |
|
Depreciation |
|
|
9,968 |
|
|
|
9,555 |
|
Intangible amortization |
|
|
9,794 |
|
|
|
9,149 |
|
EBITDA (NON-GAAP) |
|
$ |
21,189 |
|
|
$ |
24,996 |
|
OTHER ADJUSTMENTS: |
|
|
|
|
|
|
||
Acquisition, integration and divestiture costs |
|
|
2,691 |
|
|
|
6,033 |
|
Restructuring activities and other charges (1) |
|
|
1,496 |
|
|
|
1,973 |
|
Transformation costs (2) |
|
|
129 |
|
|
|
(884 |
) |
Contingent Consideration |
|
|
(148 |
) |
|
|
— |
|
Foreign currency impact of certain intercompany loans (3) |
|
|
890 |
|
|
|
— |
|
Loss on sale of business |
|
|
13,763 |
|
|
|
— |
|
Other(4) |
|
|
— |
|
|
|
584 |
|
ADJUSTED EBITDA (NON-GAAP) |
|
$ |
40,010 |
|
|
$ |
32,702 |
|
NET INCOME MARGIN (GAAP) |
|
|
4.3 |
% |
|
|
3.4 |
% |
ADJUSTED EBITDA MARGIN (NON-GAAP) |
|
|
20.6 |
% |
|
|
19.3 |
% |
FOOTNOTES FOR ALL TABLES ABOVE:
10