PR Newswire | Aug 6, 2020 05:00PM EDT

08/06 16:00 CDT

NN, Inc. Reports Second Quarter 2020 ResultsFree cash flow improved by $9.1 million compared to prior yearAmended debt agreement enhances financial flexibility CHARLOTTE, N.C., Aug. 6, 2020

CHARLOTTE, N.C., Aug. 6, 2020 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR), a diversified industrial company, today reported its financial results for the second quarter ended June 30, 2020.

GAAP Results

Net sales for the second quarter of 2020 decreased $71.2 million, or 32.1%, to $150.4 million, compared to $221.7 million for the second quarter of 2019, driven by a decline in organic volume of $69.9 million, as a result of lower demand due to the COVID-19 pandemic within the orthopaedic, global automotive, electrical products, and oil and gas end markets, along with unfavorable foreign exchange effects of $1.3 million.

On a GAAP basis, loss from operations for the second quarter of 2020 was $8.2 million, compared to income from operations of $7.5 million for the same period in 2019. In the second quarter of 2020, the loss from operations was primarily driven by the above-referenced sales volume decline, which was partially offset by cost reduction initiatives that resulted in lower personnel and travel costs.

Net loss on a GAAP basis for the second quarter of 2020 was $21.7 million, compared to net loss on a GAAP basis of $7.3 million in the second quarter of 2019.

On a GAAP basis, income from operations for second quarter 2020 in the Life Sciences segment was $4.3 million, compared to income from operations of $9.3 million for the same period in 2019.

On a GAAP basis, loss from operations for second quarter 2020 in the Mobile Solutions segment was $4.6 million, compared to income from operations of $3.5 million for the same period in 2019.

On a GAAP basis, income from operations for second quarter 2020 in the Power Solutions segment was $1.5 million, compared to income from operations of $5.7 million for the same period in 2019.

Adjusted Results

Adjusted income from operations for the second quarter of 2020 was $8.0 million, compared to $27.3 million for the same period in 2019. Adjusted EBITDA for the second quarter of 2020 was $22.9 million, or 15.3% of sales, versus $39.3 million, or 17.7% of sales, for the same period in 2019. Adjusted net loss was $4.8 million, or $0.11 per diluted share, compared to adjusted net income of $10.0 million, or $0.24 per diluted share, for the same period in 2019. Free cash flow improved significantly by $9.1 million and net debt decreased by $94.3 million when compared to the same period in 2019.

Warren Veltman, President and Chief Executive Officer, said, "As expected, our second quarter was significantly impacted across the globe due to the COVID-19 pandemic. In light of these unprecedented challenges, we ramped up cost savings measures that were initially implemented in the fall to best align our cost structure to the current environment and preserve cash. These initiatives along with reductions in working capital have resulted in increased cash flow of $9.1 million year over year and positive cash flow year to date. We also recently amended our credit facility and obtained covenant relief for the second and third quarter, which provides us with near-term enhanced financial flexibility to manage through the impact of the pandemic through the end of the year. As we move into the second half of the year, we will continue to be disciplined in managing our working capital and look for additional ways to save costs and improve our liquidity."

Mr. Veltman continued: "I am proud of our team for their outstanding efforts in the face of enormous challenges. Our top priorities for the second quarter were to keep our employees safe and satisfy all our customer requirements, and we accomplished this through implementing increased cleaning and safety practices in our facilities. The health and safety of our employees will continue to be our priority as we navigate the COVID-19 pandemic in the second half of the year."

Life Sciences

Net sales for the second quarter of 2020 were $72.4 million, compared to $91.3 million in the second quarter of 2019, a decrease of 20.7% or $18.9 million. Adjusted income from operations for the second quarter of 2020 was $13.9 million, compared to $20.4 million in the second quarter of 2019. Lost variable margin on lower sales and higher depreciation expense attributable to the capital investments made during 2019 to support expected business growth contributed to the decrease in adjusted income from operations. These unfavorable impacts were partially offset by savings from continuous improvement initiatives and overall reductions in manufacturing and SG&A costs resulting from significant cost savings initiatives implemented to respond to the unfavorable impacts of the COVID-19 pandemic.

Mobile Solutions

Net sales for the second quarter of 2020 were $41.0 million, compared to $79.4 million in the second quarter of 2019, a decrease of 48.3% or $38.4 million. Adjusted loss from operations for the second quarter of 2020 was $3.4 million, compared to $5.6 million of adjusted operating income in the second quarter of 2019. The reduction in adjusted operating income was due to lost variable margin on the sales volume decline, which was partially offset by fixed cost reduction actions taken in response to the decline in sales volume.

Power Solutions

Net sales for the second quarter of 2020 were $37.5 million, compared to $51.4 million in the second quarter of 2019, a decrease of $13.9 million or 27.0%. Adjusted income from operations for the quarter was $4.7 million, compared to $10.1 million in the second quarter of 2019. The reduction in adjusted operating income was due to lost variable margin on the sales volume decline, which was partially offset by fixed cost reduction actions taken in response to the decline in sales volume.

Conference Call

NN will discuss its results during its quarterly investor conference call on August 7, 2020 at 9:00 a.m. ET. The call and supplemental presentation may be accessed via NN's website, www.nninc.com. The conference call can also be accessed by dialing 1-888-220-8474 or 1-323-794-2591 Conference ID: 7729601. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call for 30 days.

NN discloses in this press release the non-GAAP financial measures of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share, free cash flow and net debt. Each of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share and free cash flow provides supplementary information about the impacts of restructuring and integration expense, acquisition and transition expenses, foreign exchange impacts on inter-company loans, amortization of intangibles and deferred financing costs, and other non-operating impacts on our business. Net debt is defined as debt and finance leases less cash.

The financial tables found later in this press release include a reconciliation of adjusted income from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share and free cash flow to the U.S. GAAP financial measures of income from operations, net income (loss), net income (loss) per diluted share and net cash provided by (used in) operating activities.

About NN, Inc.

NN, Inc., a diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 48 facilities in North America, Europe, South America, and China.

Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "assumptions", "target", "guidance", "outlook", "plans", "projection", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector,the impacts of the coronavirus (COVID-19) pandemic on the Company's financial condition, business operations and liquidity, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forward-looking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses.

For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019and when filed, the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2020. Except as required by law, we undertake no obligation to update or revise any forward-looking statements we make in our press releases, whether as a result of new information, future events or otherwise.

Financial Tables Follow

NN, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

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

(in thousands,except per share 2020 2019 2020 2019data)

Net sales $ 150,420 $ 221,666 $ 350,165 $ 434,922

Cost of sales(exclusive ofdepreciation and 115,389 164,099 267,630 326,286amortizationshown separatelybelow)

Selling, generaland 20,991 26,743 45,815 54,868administrativeexpense

Depreciation and 23,201 22,924 46,385 46,349amortization

Restructuringand integration - - - (12)expense, net

Goodwill - - 239,699 -impairment

Other operating(income) (955) 388 4,174 236expense, net

Income (loss) (8,206) 7,512 (253,538) 7,195from operations

Interest expense 18,696 13,958 35,773 27,759

Loss onextinguishmentof debt and - - - 2,699write-off ofdebt issuancecosts

Other (income) (881) 57 239 786expense, net

Loss beforebenefit(provision) forincome taxes and (26,021) (6,503) (289,550) (24,049)share of netincome (loss)from jointventure

Benefit(provision) for 3,346 (577) 18,955 (2,818)income taxes

Share of netincome (loss) 927 (203) 656 66from jointventure

Net loss $ (21,748) $ (7,283) $ (269,939) $ (26,801)

Othercomprehensivegain (loss):

Foreign currencytranslation gain 994 (1,497) (13,348) (176)(loss)

Interest rateswap:

Change in fairvalue of (1,255) (6,962) (12,464) (10,818)interest rateswap, net of tax

Less:reclassificationadjustment for 2,638 - 3,690 -losses includedin net loss, netof tax

Othercomprehensive $ 2,377 $ (8,459) $ (22,122) $ (10,994)income (loss)

Comprehensive $ (19,371) $ (15,742) $ (292,061) $ (37,795)loss

Basic net lossper commonshare:

Net loss per $ (0.59) $ (0.17) $ (6.55) $ (0.64)common share

Weighted averagecommon shares 42,197 42,028 42,154 42,000outstanding

Diluted net lossper commonshare:

Net loss per $ (0.59) $ (0.17) $ (6.55) $ (0.64)common share

Weighted averagecommon shares 42,197 42,028 42,154 42,000outstanding

NN, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands) June 30, December 31, 2019 2020

Assets

Current assets:

Cash and cash equivalents $ 82,695 $ 31,703

Accounts receivable, net 105,661 131,558

Inventories 121,031 118,722

Income tax receivable 17,458 5,973

Other current assets 15,477 15,024

Total current assets 342,322 302,980

Property, plant and equipment, net 344,073 374,513

Operating lease right-of-use assets 77,121 65,496

Goodwill 196,467 439,095

Intangible assets, net 306,577 329,260

Investment in joint venture 22,104 21,755

Other non-current assets 7,350 8,885

Total assets $ 1,296,014 $ 1,541,984

Liabilities, Preferred Stock, andStockholders' Equity

Current liabilities:

Accounts payable $ 43,751 $ 57,340

Accrued salaries, wages and 33,335 30,428benefits

Income tax payable 867 1,028

Current maturities of long-term 20,567 19,160debt

Current portion of operating lease 7,068 6,652liabilities

Other current liabilities 32,266 24,873

Total current liabilities 137,854 139,481

Deferred tax liabilities 73,691 85,799

Non-current income tax payable - 1,272

Long-term debt, net of current 816,956 757,440portion

Operating lease liabilities, net of 79,712 66,980current portion

Other non-current liabilities 31,195 44,723

Total liabilities 1,139,408 1,095,695

Commitments and contingencies

Series B convertible preferredstock - $0.01 par value per share,100 shares authorized, 100 shares 98,707 93,012issued and outstanding at December31, 2019, and June 30, 2020

Stockholders' equity:

Common stock - $0.01 par value pershare, 90,000 shares authorized,42,313 and 42,747 shares issued and 427 423outstanding at December 31, 2019,and June 30, 2020, respectively

Additional paid-in capital 498,294 501,615

Warrants 1,076 1,076

Accumulated deficit (375,222) (105,283)

Accumulated other comprehensive (66,676) (44,554)loss

Total stockholders' equity 57,899 353,277

Total liabilities, preferred stock, $ 1,296,014 $ 1,541,984and stockholders' equity

NN, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

(in thousands) 2020 2019

Cash flows from operating activities

Net loss $ (269,939) $ (26,801)

Adjustments to reconcile net loss to net cashprovided by operating activities:

Depreciation and amortization 46,385 46,349

Amortization of debt issuance costs 3,348 2,354

Goodwill impairment 239,699 -

Loss on extinguishment of debt and write-off - 2,699of debt issuance costs

Share of net income from joint venture, net (656) (66)of cash dividends received

Compensation expense from issuance of 2,707 1,979share-based awards

Deferred income taxes (8,889) (8,093)

Other (2,207) 540

Changes in operating assets and liabilities:

Accounts receivable 23,485 (17,723)

Inventories (4,327) (4,839)

Accounts payable (12,391) (1,405)

Income taxes receivable and payable, net (12,897) 1,646

Other 11,544 7,727

Net cash provided by operating activities 15,862 4,367

Cash flows from investing activities

Acquisition of property, plant and equipment (15,624) (28,994)

Proceeds from liquidation of short-term - 8,000investment

Proceeds from sale of property, plant, and 3,112 1,949equipment

Other - (726)

Net cash used in investing activities (12,512) (19,771)

Cash flows from financing activities

Cash paid for debt issuance or prepayment (286) (967)costs

Dividends paid - (5,913)

Proceeds from long-term debt 64,716 46,630

Repayment of long-term debt (9,078) (12,055)

Proceeds from (repayments of) short-term (411) (6,218)debt, net

Other (1,523) (1,759)

Net cash provided by financing activities 53,418 19,718

Effect of exchange rate changes on cash flows (5,776) (225)

Net change in cash and cash equivalents 50,992 4,089

Cash and cash equivalents at beginning of 31,703 17,988period

Cash and cash equivalents at end of period $ 82,695 $ 22,077

Reconciliation of GAAP Income from Operations to Non-GAAP Adjusted Income fromOperations

Three Months Ended Three Months Ended

$000s June 30, $000s June 30,

NN, Inc. 2020 2019 Power 2020 2019Consolidated Solutions

GAAP income GAAP incomefrom $ (8,206) $ 7,512 from $ 1,454 $ 5,682operations operations

Acquisition Acquisitionand 4,843 7,546 and 507 1,640transition transitionexpense* expense

Amortization Amortizationof 11,341 11,811 of 2,748 2,749intangibles intangibles

Impairments Impairments(Goodwill - 400 (Goodwill - -and fixed and fixedassets) assets)

Non-GAAP Non-GAAPadjusted adjustedincome from $ 7,977 $ 27,268 income from $ 4,709 $ 10,071operations operations(a) (a)

Non-GAAP Non-GAAPadjusted 5.3% 12.3% adjusted 12.6% 19.6%operating operatingmargin (1) margin (1)

GAAP net $ 150,420 $ 221,666 GAAP net $ 37,491 $ 51,393sales sales

Three Months Ended Three Months Ended

$000s June 30, $000s June 30,

Mobile 2020 2019 Life 2020 2019Solutions Sciences

GAAP income GAAP incomefrom $ (4,592) $ 3,506 from $ 4,333 $ 9,305operations operations

Acquisition Acquisitionand 344 1,240 and 1,823 2,937transition transitionexpense expense

Amortization Amortizationof 838 886 of 7,754 8,176intangibles intangibles

Impairments Impairments(Goodwill - - (Goodwill - -and fixed and fixedassets) assets)

Non-GAAP Non-GAAPadjusted adjustedincome from $ (3,410) $ 5,632 income from $ 13,910 $ 20,418operations operations(a) (a)

Share of net Non-GAAPincome from 926 (203) adjusted 19.2% 22.4%joint operatingventure margin (1)

Non-GAAPadjusted GAAP netincome from (2,483) 5,429 sales $ 72,399 $ 91,332operationswith JV

Non-GAAPadjusted -6.1% 6.8%operatingmargin (1)

GAAP net $ 41,037 $ 79,444sales

Three Months Ended

$000s June 30,

Elimination 2020 2019

GAAP net $ (507) $ (503)sales

(1) Non-GAAP adjusted operating margin = Non-GAAP adjusted income fromoperations/ GAAP net sales

* 2020 Includes Capacity & Capabilities Dev - $0.7 / Prof Fees - $2.0 /Integration & Transformation - $3.0 / Acq Transaction Costs - $0.0 / AssetWrite-Downs/Inventory Step-Up - ($0.9)

* 2019 Includes Capacity & Capabilities Dev - $2.4 / Prof Fees - $0.1 /Integration & Transformation - $5.0 / Acq Transaction Costs - $0.0 / AssetWrite-Downs/Inventory Step-Up - $0.0

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA

Three Months Ended

June 30,

$000s 2020 2019

GAAP net income (loss) $ (21,748) $ (7,283)

Provision (benefit) for income taxes (3,346) 577

Interest expense 18,696 13,958

Change in fair value of preferred stock tax (31) - withholding

Depreciation and amortization 23,201 22,924

Acquisition and transition expense 4,843 7,364

Non-cash stock compensation 1,412 1,106

Non-cash foreign exchange (gain) loss on (79) (454) inter-company loans

Costs related to divested businesses - 700

Impairments (Goodwill, JV and fixed assets) - 400

Non-GAAP adjusted EBITDA (b) $ 22,947 $ 39,292

Non-GAAP adjusted EBITDA margin (2) 15.3% 17.7%

GAAP net sales $ 150,420 $ 221,666

(2) Non-GAAP adjusted EBITDA margin = Non-GAAP adjusted EBITDA / GAAP net sales

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted Net Income (Loss) andNet Income (Loss) per Diluted Share to Non-GAAP Adjusted Net Income (Loss) perDiluted Share

Three Months Ended

June 30,

$000s 2020 2019

GAAP net income (loss) $ (21,748) $ (7,283)

Pre-tax acquisition and transition 4,843 7,546 expense

Pre-tax foreign exchange (gain) loss (79) (454) on inter-company loans

Pre-tax change in fair value of (31) - preferred stock tax withholding

Pre-tax amortization of intangibles 13,039 12,973 and deferred financing costs

Pre-tax impairments of fixed asset - 400 costs

Pre-tax costs related to divested - 700 businesses

Tax effect of adjustments reflected (3,732) (3,839) above (c)

Non-GAAP discrete tax adjustments 2,864 -

Non-GAAP adjusted net income (loss) $ (4,845) $ 10,043 (d)

Three Months Ended

June 30,

Amounts per share, diluted 2020 2019

GAAP net income (loss) per diluted $ (0.59) $ (0.17) share

Pre-tax acquisition and transition 0.11 0.18 expense

Pre-tax foreign exchange (gain) loss (0.00) (0.01) on inter-company loans

Pre-tax change in fair value of (0.00) - preferred stock tax withholding

Pre-tax amortization of intangibles 0.31 0.31 and deferred financing costs

Pre-tax impairments of fixed asset - 0.01 costs

Pre-tax costs related to divested - 0.02 businesses

Tax effect of adjustments reflected (0.09) (0.09) above (c)

Non-GAAP discrete tax adjustments 0.07 -

Preferred stock cumulative dividends 0.07 - and deemed dividends

Non-GAAP adjusted net income (loss) $ (0.11) $ 0.24 per diluted share (d)

Weighted average shares outstanding, 42,197 42,028 diluted

Reconciliation of Operating Cash Flow to Free Cash Flow

Three Months Ended

June 30,

$000s 2020 2019

Net cash provided (used) by operating $ $ activities 5,638 7,079

Acquisition of property, plant and equipment (4,364) (14,921)

Free Cash Flow $ $ 1,274 (7,842)

Reconciliation of Net Debt

June 30, June 30,

$000s 2020 2019

Short term debt & finance lease liability $ $ 24,178 27,446

Long term debt and finance lease liability (ex- 826,368 856,753issuance costs)

Funded debt 850,546 884,199

Cash and cash equivalents 82,695 22,077

Net debt $ $ 767,851 862,122

The Company discloses in this presentation the non-GAAP financial measures of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share, free cash flow and net debt. Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges. Over the past five years, we have completed seven acquisitions, two of which were transformative for the Company, and sold two of our businesses. The costs we incurred in completing such acquisitions, including the amortization of intangibles and deferred financing costs, and these divestitures have been excluded from these measures because their size and inconsistent frequency are unrelated to our commercial performance during the period, and which we believe are not indicative of our ongoing operating costs. We exclude the impact of currency translation from these measures because foreign exchange rates are not under management's control and are subject to volatility. Other non-operating charges are excluded as the charges are not indicative of our ongoing operating cost. We believe the presentation of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share, free cash flow and net debt provides useful information in assessing our underlying business trends and facilitates comparison of our long-term performance over given periods.

The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to actual income growth derived from income amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results.

(a) Non-GAAP adjusted income from operations represents GAAP income from operations, adjusted to exclude the effects of restructuring and integration expense; non-operational charges related to acquisition and transition expense, intangible amortization costs for fair value step-up in values related to acquisitions,non-cash impairment charges,and when applicable, our share of income from joint venture operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income from operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income from operations.

(b) Non-GAAP adjusted EBITDA represents GAAP net income (loss), adjusted to include income taxes, interest expense, Interest rate swaps and write-offs, depreciation and amortization, charges related to acquisition and transition costs, non-cash stock compensation expense, foreign exchange gain (loss) on inter-company loans, restructuring and integration expense, income from discontinued operations, and non-cash impairment charges, to the extent applicable. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

(c) This line item reflects the aggregate tax effect of all nontax adjustments reflected in the respective table. NN, Inc. estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying the applicable statutory rates by tax jurisdiction unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment.

(d) Non-GAAP adjusted net income (loss) represents GAAP net income (loss) adjusted to exclude the tax-affected effects of restructuring and integration charges (related to plant closures and other charges incurred to implement our strategic goals that do not necessarily represent a major strategic shift in operations), charges related to acquisition and transition costs, amortization of intangibles costs for fair value step-up in values related to acquisitions and amortization of deferred financing costs, foreign exchange gain (loss) on inter-company loans, estimated interest expense on cash held from divestiture,non-cash impairment charges,the impact of enactment of the Tax Cut and Jobs Act and income from discontinued operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income (loss) from segment operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

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SOURCE NN, Inc.