inTEST CORPORATION
Segment Data
(In thousands)
(Unaudited)
Beginning in the first quarter of 2022, the Company made a change to its reportable segments from two reportable segments to three reportable segments – Electronic Test, Environmental Technologies and Process Technologies. These segments, which operate as Divisions, align with how the Chief Executive Officer (CEO) who is also the Chief Operating Decision Maker (CODM) as defined under U.S. GAAP, allocates resources and assesses performance against the Company’s key growth strategies. Prior period reportable segment results and related disclosures have been restated to be consistent with the current year presentation.
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Three Months Ended
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Six Months Ended
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue: |
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Electronic Test |
$ |
9,797 |
|
|
$ |
9,054 |
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|
$ |
18,575 |
|
|
$ |
17,555 |
|
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Environmental Technologies |
|
7,507 |
|
|
|
6,647 |
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|
|
14,500 |
|
|
|
12,845 |
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Process Technologies |
|
12,267 |
|
|
|
6,119 |
|
|
|
20,577 |
|
|
|
10,976 |
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Total Revenue |
$ |
29,571 |
|
|
$ |
21,820 |
|
|
$ |
53,652 |
|
|
$ |
41,376 |
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| Income from divisional operations: |
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| Electronic Test |
$ |
2,193 |
|
|
$ |
3,237 |
|
|
$ |
4,080 |
|
|
$ |
6,224 |
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| Environmental Technologies |
|
1,070 |
|
|
|
1,113 |
|
|
|
1,872 |
|
|
|
2,036 |
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| Process Technologies |
|
2,569 |
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|
|
1,161 |
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|
|
3,299 |
|
|
|
1,617 |
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| Total income from divisional operations |
|
5,832 |
|
|
|
5,511 |
|
|
|
9,251 |
|
|
|
9,877 |
|
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| Corporate expenses |
|
(2,339 |
) |
|
|
(2,171 |
) |
|
|
(4,174 |
) |
|
|
(3,653 |
) |
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| Acquired intangible amortization |
|
(765 |
) |
|
|
(305 |
) |
|
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(1,547 |
) |
|
|
(609 |
) |
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| Other income (expense) |
|
(158 |
) |
|
|
21 |
|
|
|
(305 |
) |
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|
19 |
|
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| Earnings before income tax expense |
$ |
2,570 |
|
|
$ |
3,056 |
|
|
$ |
3,225 |
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|
$ |
5,634 |
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inTEST CORPORATION
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Reconciliation of Net Earnings (GAAP) to Adjusted Net Earnings (Non-GAAP) and
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| Three Months Ended |
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| 6/30/2022 |
|
6/30/2021 |
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3/31/2022 |
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| Net earnings (GAAP) |
$ |
2,116 |
|
$ |
2,609 |
|
$ |
577 |
|
|||
| Acquired intangible amortization |
|
765 |
|
|
305 |
|
|
782 |
|
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| Tax adjustments |
|
(162 |
) |
|
(4 |
) |
|
(93 |
) |
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| Adjusted net earnings (Non-GAAP) |
$ |
2,719 |
|
$ |
2,910 |
|
$ |
1,266 |
|
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| Diluted weighted average shares outstanding |
|
10,815 |
|
|
10,765 |
|
|
10,843 |
|
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| Net earnings per share – diluted: |
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| Net earnings (GAAP) |
$ |
0.20 |
|
$ |
0.24 |
|
$ |
0.05 |
|
|||
| Acquired intangible amortization |
|
0.07 |
|
|
0.03 |
|
|
0.08 |
|
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| Tax adjustments |
|
(0.02 |
) |
|
- |
|
|
(0.01 |
) |
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| Adjusted net earnings per share – diluted (Non-GAAP) |
$ |
0.25 |
|
$ |
0.27 |
|
$ |
0.12 |
|
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|
Reconciliation of Net Earnings (GAAP) to Adjusted EBITDA (Non-GAAP) and
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| Three Months Ended |
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| 6/30/2022 |
|
6/30/2021 |
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3/31/2022 |
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| Net earnings (GAAP) |
$ |
2,116 |
|
$ |
2,609 |
|
$ |
577 |
|
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| Acquired intangible amortization |
|
765 |
|
|
305 |
|
|
782 |
|
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| Interest expense |
|
133 |
|
|
2 |
|
|
137 |
|
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| Income tax expense |
|
454 |
|
|
447 |
|
|
78 |
|
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| Depreciation |
|
174 |
|
|
167 |
|
|
188 |
|
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| Non-cash stock-based compensation |
|
551 |
|
|
454 |
|
|
372 |
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| Adjusted EBITDA (Non-GAAP) |
$ |
4,193 |
|
$ |
3,984 |
|
$ |
2,134 |
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| Revenue |
|
29,571 |
|
|
21,820 |
|
|
24,081 |
|
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| Adjusted EBITDA margin (Non-GAAP) |
|
14.2 |
% |
|
18.3 |
% |
|
8.9 |
% |
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|
Reconciliation of Third Quarter 2022 Estimated Earnings Per Share – Diluted (GAAP) to
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Low |
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High |
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| Estimated earnings per share – diluted (GAAP) |
$ |
0.20 |
|
|
$ |
0.25 |
|
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| Estimated acquired intangible amortization |
|
0.06 |
|
|
|
0.06 |
|
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| Estimated tax adjustments |
|
(0.01 |
) |
|
|
(0.01 |
) |
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| Estimated adjusted earnings per share – diluted (Non-GAAP) |
$ |
0.25 |
|
|
$ |
0.30 |
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