PR Newswire | Jul 29, 2020 04:45PM EDT

07/29 15:45 CDT

MSA Safety Announces Second Quarter ResultsStrong execution and a resilient business model provide support in a challenging environment PITTSBURGH, July 29, 2020

PITTSBURGH, July 29, 2020 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated (NYSE: MSA) today reported results for the second quarter of 2020.

Quarterly Highlights

* Revenue was $314 million, decreasing 10 percent from a year ago on a reported basis and 8 percent on a constant currency basis. * GAAP operating income was $48 million or 15.4 percent of sales, compared to $54 million or 15.6 percent of sales in the same period a year ago. Adjusted operating income was $59 million or 18.7 percent of sales, compared to $64 million or 18.4 percent of sales in the same period a year ago. * GAAP earnings were $36 million or $0.92 per diluted share, compared to $40 million or $1.01 per diluted share in the same period a year ago. Adjusted earnings were $44 million or $1.11 per diluted share, compared to $48 million or $1.22 per diluted share in the same period a year ago. Adjusted earnings include $0.03 per share of headwind from higher noncash pension expense, in line with the company's expectations. * Operating cash flow was $69 million, nearly doubling from a year ago on strong working capital management and lower product liability payments. MSA paid down $37 million of debt, funded $17 million of dividends, and invested $13 million in capital expenditures in the quarter. * MSA's debt balance was $335 million at quarter end, reflecting 1.2x adjusted EBITDA on a gross basis or 0.7x adjusted EBITDA on a net basis. With more than $136 million in cash and significant room available under its current debt covenants, the company has ample liquidity and flexibility to maintain its balanced capital allocation strategy.

Comments from Management

"Our second quarter results reflect strong execution and a resilient business model in a challenging environment," said Nish Vartanian, MSA Chairman, President and CEO. "Our diversified portfolio and continued focus on productivity yielded adjusted operating margin expansion of 30 basis points. It's particularly noteworthy that we achieved this level of margin performance on lighter sales volume," he said. Mr. Vartanian added that in addition to lower discretionary costs, strategic growth and profitability improvement programs supported the strong performance. "The returns from our investments in our respirator manufacturing capabilities, combined with solid execution of our International segment margin improvement programs, were clear highlights of the quarter."

The company's quarterly results include 63 percent revenue growth in air-purifying respirators. "In response to the global shortage of personal protective equipment, we have started to make investments to ramp up and modernize our manufacturing operations associated with the air-purifying respirator side of our business," Mr. Vartanian explained. "These investments will help us improve lead times for our existing industrial and first responder customers, while positioning MSA to respond to potential growth opportunities." He added that the company's unwavering mission of protecting people at work, in an ongoing pandemic environment, is more relevant than ever before.

In MSA's International segment, profitability improvement programs helped drive adjusted operating margin expansion of 310 basis points in the quarter and 240 basis points for the year to date. "Our focus on price realization across MSA International is supporting gross profit improvements, and previously executed restructuring programs are enabling operating expense leverage," said Mr. Vartanian.

Mr. Vartanian noted that business conditions remain challenging and a number of external factors could impact how the second half of 2020 unfolds for the company. "While we expect a tough environment in the near term, we continue to focus on leveraging our diversified portfolio, controlling discretionary costs, and investing in long-term growth and productivity programs that will position MSA to emerge from this downturn as an even stronger organization," he concluded.

MSA Safety Incorporated

Condensed Consolidated Statement of Income (Unaudited)

(In thousands, except per share amounts)



Three Months Ended Six Months Ended June 30, June 30,

2020 2019 2020 2019



Net sales $314,438$349,675$655,583$675,713

Cost of products sold 172,841 188,591 356,627 364,647

Gross profit 141,597 161,084 298,956 311,066



Selling, general and 69,034 84,009 149,271 162,437 administrative

Research and development 13,760 14,256 27,872 27,962

Restructuring charges 8,865 3,522 10,872 9,353

Currency exchange losses, net 793 1,290 1,063 18,251 ^(a)

Product liability expense 851 3,529 2,802 6,425

Operating income 48,294 54,478 107,076 86,638



Interest expense 2,459 4,470 5,602 6,830

Other income, net (2,000) (3,342) (3,258) (5,921)

Total other expense, net 459 1,128 2,344 909



Income before income taxes 47,835 53,350 104,732 85,729

Provision for income taxes 11,429 13,238 24,523 22,241

Net income 36,406 40,112 80,209 63,488

Net income attributable to (340) (306) (468) (450) noncontrolling interests

Net income attributable to MSA$36,066 $39,806 $79,741 $63,038 Safety Incorporated



Earnings per share attributable to MSA Safety Incorporated common shareholders:

Basic $0.93 $1.03 $2.05 $1.63

Diluted $0.92 $1.01 $2.03 $1.61



Basic shares outstanding 38,830 38,663 38,826 38,602

Diluted shares outstanding 39,195 39,160 39,273 39,124



^(a) currency exchange losses for the six months ended June 30, 2019 includesa $15.4 million non-cash charge related to the recognition of currency translation adjustments associated with the closure of MSA's South Africa affiliates.

MSA Safety Incorporated

Condensed Consolidated Balance Sheet (Unaudited)

(In thousands)



June 30, December 31, 2020 2019

Assets

Cash and cash equivalents $136,238 $152,195

Trade receivables, net 240,137 255,082

Inventories 225,410 185,027

Notes receivable, insurance companies 3,736 3,676

Other current assets 116,029 97,383

Total current assets 721,550 693,363



Property, net 170,184 167,038

Operating lease assets, net 47,106 51,675

Prepaid pension cost 80,775 75,066

Goodwill 430,671 436,679

Notes receivable, insurance companies, 52,988 52,336 noncurrent

Insurance receivable, noncurrent 51,033 56,169

Other noncurrent assets 198,628 207,367

Total assets $1,752,935$1,739,693



Liabilities and shareholders' equity

Notes payable and current portion of long-term $20,000 $20,000 debt, net

Accounts payable 96,513 89,120

Other current liabilities 176,845 168,389

Total current liabilities 293,358 277,509



Long-term debt, net 314,500 328,394

Pensions and other employee benefits 185,464 186,697

Noncurrent operating lease liabilities 38,826 42,632

Deferred tax liabilities 10,533 9,787

Product liability and other noncurrent 161,600 162,101 liabilities

Total shareholders' equity 748,654 732,573

Total liabilities and shareholders' equity $1,752,935$1,739,693

MSA Safety Incorporated

Condensed Consolidated Statement of Cash Flows (Unaudited)

(In thousands)



Three Months Ended Six Months Ended June 30, June 30,

2020 2019 2020 2019



Net income $36,406$40,112$80,209 $63,488

Depreciation and amortization 9,786 9,466 19,428 18,792

Change in working capital and 23,232 (13,250)(16,606) (44,735) other operating

Cash flow from operating 69,424 36,328 83,031 37,545 activities



Capital expenditures (13,272)(8,628) (19,834) (13,525)

Acquisition, net of cash - (33,196)- (33,196) acquired

Change in short-term 10,210 1,639 (9,402) (17,302) investments

Property disposals and other (9) 69 83 81 investing

Cash flow used in investing (3,071) (40,116)(29,153) (63,942) activities



Change in debt (37,000)22,973 (9,000) 37,064

Cash dividends paid (16,721)(16,282)(33,052) (30,934)

Other financing 873 (1,410) (24,124) (7,391)

Cash flow (used in) from (52,848)5,281 (66,176) (1,261) financing activities



Effect of exchange rate changes on cash, 102 2,236 (3,654) (985) cash equivalents and restricted cash



Increase (decrease) in cash, cash equivalents and $13,607$3,729 $(15,952)$(28,643)restricted cash

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas InternationalCorporateConsolidated

Three Months Ended June 30, 2020

Sales to external $204,231 $110,207 $ - $314,438 customers

Operating income 48,294

Operating margin % 15.4 %

Restructuring charges 8,865

Currency exchange losses, 793 net

Product liability expense 851

Strategic transaction 64 costs

Adjusted operating income49,003 17,402 (7,538) 58,867 (loss)

Adjusted operating margin24.0 %15.8 % 18.7 %%

Depreciation and 9,786 amortization

Adjusted EBITDA 55,620 20,474 (7,441) 68,653

Adjusted EBITDA % 27.2 %18.6 % 21.8 %



Three Months Ended June 30, 2019

Sales to external $231,389 $118,286 $ - $349,675 customers

Operating income 54,478

Operating margin % 15.6 %

Restructuring charges 3,522

Currency exchange losses, 1,290 net

Product liability expense 3,529

Strategic transaction 1,529 costs

Adjusted operating income57,689 15,072 (8,413) 64,348 (loss)

Adjusted operating margin24.9 %12.7 % 18.4 %%

Depreciation and 9,466 amortization

Adjusted EBITDA 63,842 18,288 (8,316) 73,814

Adjusted EBITDA % 27.6 %15.5 % 21.1 %

The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, and strategic transaction costs, and adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The Company's definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Segment Information (Unaudited)

(In thousands, except percentage amounts)



Americas InternationalCorporate Consolidated

Six Months Ended June 30, 2020

Sales to external $435,484 $220,099 $ - $655,583 customers

Operating income 107,076

Operating margin % 16.3 %

Restructuring charges 10,872

Currency exchange losses, 1,063 net

Product liability expense 2,802

Strategic transaction 161 costs

COVID-19 related costs 757

Adjusted operating income108,811 30,073 (16,153) 122,731 (loss)

Adjusted operating margin25.0 %13.7 % 18.7 %%

Depreciation and 19,428 amortization

Adjusted EBITDA 121,878 36,239 (15,958) 142,159

Adjusted EBITDA % 28.0 %16.5 % 21.7 %



Six Months Ended June 30, 2019

Sales to external $445,076 $230,637 $ - $675,713 customers

Operating income 86,638

Operating margin % 12.8 %

Restructuring charges 9,353

Currency exchange losses, 18,251 net

Product liability expense 6,425

Strategic transaction 1,985 costs

Adjusted operating income112,492 26,112 (15,952) 122,652 (loss)

Adjusted operating margin25.3 %11.3 % 18.2 %%

Depreciation and 18,792 amortization

Adjusted EBITDA 124,742 32,459 (15,757) 141,444

Adjusted EBITDA % 28.0 %14.1 % 20.9 %

The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains / losses, product liability expense, strategic transaction costs and COVID-19 related costs, and adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The Company's definition of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)



Consolidated



Three Months Ended June 30, 2020

Firefighter BreathingHelmets IndustrialPortable Fixed GasFall Core Non-Core Apparatusand Head Gas and FlameProtectionSales Sales* Net Sales Protective ProtectionDetectionDetection Apparel

GAAP reported 1 % (17) % (21) %(33) %(7) % (32) %(15)%22 % (10) %sales change

Plus: Currency 2 % - % 5 %2 %1 % 3 %2 %5 % 2 %translation effects

Constant currency 3 % (17) % (16) %(31) %(6) % (29) %(13)%27 % (8) %sales change





Six Months Ended June 30, 2020

Firefighter BreathingHelmets IndustrialPortable Fixed GasFall Core Non-Core Apparatusand Head Gas and FlameProtectionSales Sales* Net Sales Protective ProtectionDetectionDetection Apparel

GAAP reported 1 % (10) % (12) %(16) %4 % (21) %(6) %22 % (3) %sales change

Plus: Currency 1 % - % 5 %2 %1 % 3 %1 %5 % 2 %translation effects

Constant currency 2 % (10) % (7) %(14) %5 % (18) %(5) %27 % (1) %sales change



* Non-Core Sales include Air-Purifying Respirators.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)



Americas Segment



Three Months Ended June 30, 2020

Firefighter BreathingHelmets IndustrialPortable Fixed GasFall Core Non-Core Apparatusand Head Gas and FlameProtectionSales Sales* Net Sales Protective ProtectionDetectionDetection Apparel

GAAP reported (1) % (14) % (33) %(40) %(6) % (39) %(18)%37 % (12) %sales change

Plus: Currency 1 % - % 6 %3 %1 % 3 %2 %6 % 2 %translation effects

Constant currency - % (14) % (27) %(37) %(5) % (36) %(16)%43 % (10) %sales change





Six Months Ended June 30, 2020

Firefighter BreathingHelmets IndustrialPortable Fixed GasFall Core Non-Core Apparatusand Head Gas and FlameProtectionSales Sales* Net Sales Protective ProtectionDetectionDetection Apparel

GAAP reported 1 % (7) % (18) %(19) %8 % (21) %(7) %35 % (2) %sales change

Plus: Currency 1 % - % 5 %2 %1 % 3 %2 %5 % 2 %translation effects

Constant currency 2 % (7) % (13) %(17) %9 % (18) %(5) %40 % - %sales change



* Non-Core Sales include Air-Purifying Respirators.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Constant currency revenue growth (Unaudited)



International Segment



Three Months Ended June 30, 2020

Firefighter BreathingHelmets IndustrialPortable Fixed GasFall Core Non-Core Apparatusand Head Gas and FlameProtectionSalesSales* Net Sales Protective ProtectionDetectionDetection Apparel

GAAP reported 5 % (32) % 19 % (19) %(8) % (20) %(8)%- % (7) % sales change

Plus: Currency 3 % 1 % 4 % 2 %2 % 3 %2 %3 % 3 % translation effects

Constant currency 8 % (31) % 23 % (17) %(6) % (17) %(6)%3 % (4) % sales change





Six Months Ended June 30, 2020

Firefighter BreathingHelmets IndustrialPortable Fixed GasFall Core Non-Core Apparatusand Head Gas and FlameProtectionSalesSales* Net Sales Protective ProtectionDetectionDetection Apparel

GAAP reported - % (23) % 9 % (11) %(2) % (20) %(6)%5 % (5) % sales change

Plus: Currency 3 % 2 % 4 % 3 %2 % 2 %2 %3 % 3 % translation effects

Constant currency 3 % (21) % 13 % (8) %- % (18) %(4)%8 % (2) % sales change



* Non-Core Sales include Air-Purifying Respirators.

Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.

MSA Safety Incorporated

Supplemental Segment Information (Unaudited)

Summary of constant currency revenue growth by segment and product group





Three Months Ended June 30, 2020

ConsolidatedAmericasInternational

Breathing Apparatus 3 % - %8 %

Fixed Gas and Flame Detection (6) % (5) %(6) %

Industrial Head Protection (16) % (27) %23 %

Firefighter Helmets and Protective (17) % (14) %(31) % Apparel

Fall Protection (29) % (36) %(17) %

Portable Gas Detection (31) % (37) %(17) %

Core Sales (13) % (16) %(6) %



Non-Core Sales * 27 % 43 %3 %



Net Sales (8) % (10) %(4) %





Six Months Ended June 30, 2020

ConsolidatedAmericasInternational

Breathing Apparatus 2 % 2 %3 %

Fixed Gas and Flame Detection 5 % 9 %- %

Industrial Head Protection (7) % (13) %13 %

Firefighter Helmets and Protective (10) % (7) %(21) % Apparel

Fall Protection (18) % (18) %(18) %

Portable Gas Detection (14) % (17) %(8) %

Core Sales (5) % (5) %(4) %



Non-Core Sales * 27 % 40 %8 %



Net Sales (1) % - %(2) %



* Non-Core Sales include Air-Purifying Respirators.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Adjusted earnings (Unaudited)

Adjusted earnings per diluted share (Unaudited)

(In thousands, except per share amounts)



Three Months Ended Six Months Ended June 30, June 30,

2020 2019 % 2020 2019 % Change Change



Net income attributable to $36,066$39,806(9)% $79,741$63,03826% MSA Safety Incorporated

Non-deductible non-cash charge related to the recognition of - - - 15,359 currency translation adjustments ^(a)

Tax (benefit) / charge associated with ASU 2016-09: Improvements to (348) 429 (1,619) (1,993) employee share-based payment accounting

Subtotal 35,718 40,235 (11)% 78,122 76,404 2%



Restructuring 8,865 3,522 10,872 9,353 charges

Product liability 851 3,529 2,802 6,425 expense

Currency exchange 793 1,290 1,063 2,892 losses, net

Strategic 64 1,529 161 1,985 transaction costs

Asset related 5 208 127 233 losses, net

COVID-19 related - - 757 - costs

Income tax expense(2,613) (2,439) (3,914) (5,034) on adjustments

Adjusted earnings $43,683$47,874(9)% $89,990$92,258(2)%



Adjusted earnings $1.11 $1.22 (9)% $2.29 $2.36 (3)% per diluted share



^(a) Included in Currency exchange losses, net on the Condensed ConsolidatedStatement of Income.

Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

MSA Safety Incorporated

Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures

Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)

(In thousands)



Twelve Months Ended June 30,

2020

Operating income $ 206,668

Depreciation and amortization 38,654

Product liability expense 22,996

Restructuring charges 15,365

Currency exchange losses, net 2,626

Strategic transaction costs 2,576

COVID-19 related costs 757

Adjusted EBITDA $ 289,642



Total end-of-period debt 334,500



Debt to adjusted EBITDA 1.2



Total end-of-period debt 334,500

Total end-of-period cash and cash equivalents 136,238

Net debt $ 198,262



Net debt to adjusted EBITDA 0.7

Management believes that Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA is consistent with that of other companies.

About MSA:Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2019 revenues of $1.4 billion, MSA employs approximately 5,000 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.

Cautionary Statement Regarding Forward-Looking Statements:Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 20, 2020. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward looking statements contained herein, except as required by law.

Non-GAAP Financial Measures:This press release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, debt to adjusted EBITDA ratio, net debt to adjusted EBITDA ratio, adjusted earnings, and adjusted earnings per diluted share. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

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SOURCE MSA Safety