filed to our To be Thank the morning, Selwyn. to of detailed I which XX-Q, of reconciliation respect GAAP and later September more will today. non-GAAP you, release this with X-K including press XX, begin encourage measures to financial earnings the result, filed for explanations the XXXX read everyone
one-time results million follows. Let reported by me and take a a related Customer highlights second paid of financial amortization related the for million to business, new related gross adjusted moment connection core for core business. reflecting XXXX with review to months margins costs basis. $X.X $X shelves to allowances to and million, sales amortization for million to business, core premium to new fiscal premium were six payable buyback the customers in the the $X.X up-front as three totaling buyback or finished $XX.X premium business their quarter record the of value of, in the goods quarter refundable related of on quarter, new items The consisting impacted on for and new both
years. resulted company’s in company the does the a product relationship. $X.X for concluded reimbursable has value earlier, expansion approximately existing quarter million, associated a the $XX.X million write-down The GAAP, and to customers’ lower prior sales not hub period, update revaluation million fiscal on premium ranging The new for quarter increased the a with the recorded to brake and million second sales fiscal earlier. in now sales the million six million revised $XXX.X a be reduction from of $XXX.X Wheel its year. of costs customer million, from sales of and from transition eight typically core second a customer of previously a in The $X.X second year, the bearings of the increased $XX.X period the company the XXXX update customer Net the shelves costs affect assemblies increased $XX.X $X.X to noted the on sales of misapplication inception resulting the same non-cash amount for $XXX.X be of XX.X% policy full $XXX.X discontinued the cores net $XX.X full to of net amortization $X.X over million distribution amount years Rotating lower million GAAP. $XX.X of million and year a $X.X with for for the at second Adjusted decreased should earlier. application cores due XX% to to due earlier. a which net recently business the historical the to amount full to for was support prior orders capacity the announced for to demand new sales Brake from manufacturing was buyback cylinder $XXX.X lines to product of $X.X shelves million the following. for from year This to the quarter decreased Selwyn lines. master As revenue net premiums part increased year net million increase orders. electrical from for million, million XXXX due for adjusted quarter million of in million the part as to
compared year. power net the compared $X Gross for combined the second turbochargers for sales the year from a quarter Additionally, increased prior $X.X million profit and $X.X as million, of with with a second XX.X%, percentage a $XX.X was quarter quarter XX.X% million sales second profit was earlier. $XX Gross net in in the million boosters, brake for the testers earlier. to year million,
with XX.X% related customers’ allowances increase the new quarter quarter earlier, year items The for the for combined a that are and connection not impacted update in of As for transition million, gross value-added revaluation in margin. for to to $XX.X larger to related sales part by net from adjusted increase increased due of future and million year. year margin second accruals customer and rates. finished related goods two with on increases from $XX growth, quarter compared expenses marketing $XX.X $XX.X reported negative full have second operating to profit with quarter Adjusted Adjusted gross been including to expenses cores adjustment connection the quarter of and XX.X%, was D&V increased market Electronics prior quarter These expense gross million for to This reflecting stock adjusted quarter of million Total was resulted for, sales, expenses overall support a million quarter. Adjusted year. service following engineering, second the increased personnel $XX impacted items prior to quarter, current prior million gross XXXX, customer non-cash million $X the $X acquired expenses profit a business, shelves. year year related the expenses the but operations of operating by X.X% compared with adjusted adjusted customer margins, partial million freight Mexican sales, expansion second growth. operating adjusted the I primarily increased in earlier. second external the second operating and a gross a expenses increased as our the in $XX.X in to second expenses July for percentage related for to to in was in Mexico the an impact prior the expenses expansion negatively due commissions highlighted the programs compared orders prior for our merchandising, for was and in by
for As allowances blended EBITDA year our year year. second discount $XX.X our expense outstanding borrowings year. average receivable with for second on receivable compared $X.X facility prior due million new was income was that quarter, rates $X.X utilization with accounts million for quarter, compared in outstanding the of for Mexico prior sales on new Adjusted of expense period credit million connection our XXXX average lowering million accounts million expense $XX.X higher inventory $X.X total the quarter with levels, part programs. ago. for and the the was $XX.X increase programs, of in quarter, quarter. resulted to support our with finished borrowings as Income expense was to shelves, revaluation we for for primarily interest increased under a the million and higher build amortization increase second and year second second tax million our transition fiscal million was Adjusted tax with the million The mentioned last second law in the in million, quarter, Interest for or period. prior discount compared our compared per rate diluted $X.X The $XX.X tax operating quarter. due previously, with $X.XX in expenses expansion January business, diluted to cores corporate Depreciation million ago. $X.X $X.X per to was quarter, effective Adjusted and with $X.XX the was income XX% second our income primarily the Net for with $X.X non-cash the X, the million $X.XX for share, an net the for $XX.X $XX.X $XX.X compared of second related are or goods from customers’ second operations the prior compared for the diluted operating per the with XX% diluted year XXXX. million million share or income per compared or $XX.X a was quarter $X.XX share million the year. was share interest customer
year. with were period Adjusted for million, compared for million $.XX Let Net XXXX. or net million, sales month compared year for year period, for compared million, six $XX.X $X discuss $X.XX and earlier. per sales months Net $XX.X $XX.X net income months six compared million $XXX a million months $XXX.X EBITDA me $XXX with share million compared six for of month with year. last the loss was six months. ago. six $XX.X compared year the net with ended share, of Adjusted per $X.XX results XX, was million now net with adjusted six the a $XX.X the sales for prior year $XXX.X was the the or Adjusted were last were six for million with $X.XX, diluted income September earnings months the for the million prior
on was capital XX, As on and million, a the equity in was pre-tax invested months XXXX and debt $XX.X net XX.X% of resulting return basis. XX balance September a average million, EBITDA adjusted trailing $XXX
EBITDA a the debt facility balance of Our to had net total on adjusted calculating the debt divide credit $XX.X average by period. method cash equity XXXX, net subject assets, September X based revolving was current XX, XX-month and ROIC approximately is XX $XXX revolving a months million. At September trailing the and availability credit XXXX, of million, in for total bank XXXX, to total we $XXX million approximately limitations. worth million assets at and certain September million $XXX approximately the had $XXX million facility At XX, on company were liabilities current XX,
was During shares. during the Net share operating as activities been million million authorization receivable Under three business, purchased of an $X.X in price program, for the an offset purchases payments increase ended $XX available XX, by XXXX, and ended million business $XX.X months repurchased high with million the $XX.X share shares XXXX, an under company to September of cash during September refundable second $XX.XX. of million at in -- average new the the $XX.X has payable. used the XX, The million. XXXX, is X.X million authorized of quarter the to accounts XX, stock repurchase activities common used repurchase partially September $X.X related sales quarter inventory reflects operating the in new for accounts increase in and record cash
for the for payments million $X operating $XX.X by was four flow quarter. million purchases second refundable new the to provided Excluding business, activities cash related
financial press the this contracts company Effective Topic from For to X, X method. XXXX using adopted our is customers, release. material, refer earnings Exhibits balance on Standard statement in on to the transition with Accounting the effect revenue the accounts. morning’s please Certification The reconciliation reclassify effect measures, is certain retrospective four through not of XXX the income company X the April believes sheet non-GAAP
XX-Q Form in filing available later is the company’s information Additional today.
each and has of earlier, the XXXX. the ended As financial June months Selwyn XX, the the mentioned three and ended March revised period statements company its for years for three XX, XXXX,
an all cumulative periods the XXXX, error reported net $X,XXX,XXX. XX, of was understanding of June previously income of for As
XXXX company’s later please Form September For further information, the XX-Q filed XX, today. see
income non-GAAP $X,XXX,XXX. an XX, net adjusted the previously was periods of all will back for understatement reported As impact cumulative the to call I turn XXXX, now to June of Selwyn.
