Kingsway Reports First Quarter 2024 Financial Results
Kingsway Reports First Quarter 2024 Financial Results
Management to Host Conference Call Today at 5 p.m. ET
管理层将于美国东部时间今天下午5点主持电话会议
Management to Host Investor Day on Monday, May 20 in New York City
管理层将于5月20日星期一在纽约市举办投资者日
CHICAGO, IL / ACCESSWIRE / May 8, 2024 / (NYSE:KFS) Kingsway Financial Services Inc. ("Kingsway" or the "Company") today announced its operating results for the three months ended March 31, 2024.
伊利诺伊州芝加哥/ACCESSWIRE/2024年5月8日/(纽约证券交易所代码:KFS)金斯威金融服务公司(“金斯威” 或 “公司”)今天公布了截至2024年3月31日的三个月的经营业绩。
First Quarter 2024 Consolidated Financial Highlights
2024 年第一季度合并财务摘要
- Consolidated revenue decreased 0.9% to $26.2 million for the three months ended March 31, 2024, compared to $26.4 million in the prior year period
- Extended Warranty revenue was $16.7 million in the first quarter of 2024 and the first quarter of 2023
- KSX revenue decreased by 2.5% to $9.5 million in the first quarter of 2024, compared to $9.7 million in the first quarter of 2023
- Consolidated net loss was $2.3 million for the three months ended March 31, 2024, compared to net income of $27.9 million, inclusive of a $31.6 million non-recurring gain on the extinguishment of debt, in the prior year period.
- Twelve month run-rate adjusted EBITDA for the operating companies of $16 million to $17 million; run-rate is intended to capture the 12-month earnings of what the company currently owns or has recently acquired and is not intended to be forward-looking guidance
- Adjusted consolidated EBITDA was $2.1 million for the three months ended March 31, 2024, compared to $2.4 million in the prior year period
- Combined adjusted EBITDA for the Extended Warranty segment and KSX segment was a total of $3.0 million compared to $3.5 million in the year ago period
- Extended Warranty adjusted EBITDA was $1.4 million in the first quarter of 2024 compared to $1.8million in the year ago period. The decrease was due to higher claims expense, which was partially offset by diligent expense management.
- KSX adjusted EBITDA was $1.5 million in the first quarter of 2024 compared to $1.7 million in the year ago period. The year-over-year decrease was primarily related to ongoing softness at our nurse staffing business.
- 截至2024年3月31日的三个月,合并收入下降了0.9%,至2620万美元,而去年同期为2640万美元
- 2024年第一季度和2023年第一季度的延长保修收入为1,670万美元
- KSX的收入在2024年第一季度下降了2.5%,至950万美元,而2023年第一季度为970万美元
- 截至2024年3月31日的三个月,合并净亏损为230万美元,而去年同期的净收入为2790万美元,包括清偿债务的3,160万美元非经常收益。
- 运营公司的十二个月运行利率调整后的息税折旧摊销前利润为1,600万美元至1,700万美元;运行利率旨在反映公司目前拥有或最近收购的12个月收益,不作为前瞻性指导
- 截至2024年3月31日的三个月,调整后的合并息税折旧摊销前利润为210万美元,而去年同期为240万美元
- 延长保修板块和KSX板块调整后的合并息税折旧摊销前利润共计300万美元,而去年同期为350万美元
- 延保期调整后的息税折旧摊销前利润在2024年第一季度为140万美元,而去年同期为180万美元。下降是由于索赔费用增加,但辛勤的费用管理部分抵消了这一减少。
- KSX在2024年第一季度调整后的息税折旧摊销前利润为150万美元,而去年同期为170万美元。同比下降主要与我们的护士人员配置业务持续疲软有关。
Recent Business Highlights
近期业务亮点
- On March 22, 2024, the Company entered into a one-year extension of its existing share repurchase program. As amended, the share repurchase program will now expire on March 21, 2025.
- 2024年3月22日,公司将其现有股票回购计划延长一年。经修正,股票回购计划现在将于2025年3月21日到期。
John T. Fitzgerald, President and Chief Executive Officer of Kingsway, said, "Our first quarter financial results are largely in-line with our expectations given the macro-economic trends that have impacted our businesses for the past several quarters. Revenues were essentially flat, and EBITDA at our operating companies declined modestly. We are pleased that tight expense management allowed us to deliver improved Operating Income both sequentially and year over year. Our warranty businesses are improving and we expect more favorable comparisons in the quarters ahead. Within KSX, Ravix, SPI and DDI are all performing well, while the teams at CSuite and SNS are executing strategies aimed at igniting revenue growth and implementing improvements to business operations. Looking ahead, we continue to expect positive momentum within our existing portfolio of businesses in 2024.
金斯威总裁兼首席执行官约翰·菲茨杰拉德表示:“鉴于过去几个季度影响我们业务的宏观经济趋势,我们第一季度的财务业绩基本符合我们的预期。收入基本持平,我们运营公司的息税折旧摊销前利润略有下降。我们很高兴紧张的费用管理使我们能够连续和逐年提高营业收入。我们的保修业务正在改善,我们预计未来几个季度的比较会更好。在KSX内部,Ravix、SPI和DDI均表现良好,而CSuite和SNS的团队正在执行旨在刺激收入增长和改善业务运营的战略。展望未来,我们仍然预计,2024年现有业务组合将保持积极势头。
"Importantly, we remain committed to growing our portfolio of businesses and delivering sustainable long-term growth in cash from operations by targeting two to three new acquisitions per year that will generate annualized EBITDA in the range of $1 million to $3 million each."
“重要的是,我们仍然致力于扩大我们的业务组合,实现可持续的长期运营现金增长,目标是每年进行两到三次新的收购,每项收购的年化息税折旧摊销前利润将在100万至300万美元之间。”
Balance Sheet Highlights
资产负债表亮点
- Through May 8, 2024, repurchased 8,000 shares of its common stock at a combined cost of $0.1 million under its securities repurchase program.
- The Company had total net debt of $34.9 million as of March 31, 2024, compared with $35.3 million as of December 31, 2023.
- 截至2024年5月8日,根据其证券回购计划,回购了8,000股普通股,总成本为10万美元。
- 截至2024年3月31日,该公司的净负债总额为3,490万美元,而截至2023年12月31日为3530万美元。
Conference Call and Webcast
电话会议和网络直播
Management will host a conference call at 5 p.m. Eastern Time today to discuss the results and host a live Q&A session. Additionally, investors may also submit questions via email to: James@HaydenIR.com.
管理层将在美国东部时间今天下午5点主持电话会议,讨论结果并主持现场问答环节。此外,投资者还可以通过电子邮件将问题提交至:James@HaydenIR.com。
Conference Call Information
电话会议信息
Date: Wednesday, May 8, 2024
Time: 5 p.m. Eastern Time
Toll Free: 877-545-0523; Code: 869604
International: 973-528-0016; Code: 869604
Live Webcast Link:
日期:2024 年 5 月 8 日星期三
时间:美国东部时间下午 5 点
免费电话:877-545-0523;代码:869604
国际:973-528-0016;代码:869604
网络直播链接:
Conference Call Replay Information
电话会议重播信息
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 50588
Replay Webcast Link:
免费电话:877-481-4010
国际:919-882-2331
重播密码:50588
重播网络直播链接:
Save the Date: Kingsway to Host Investor Day on May 20, 2024 in New York City
保存日期:金斯威将于2024年5月20日在纽约市举办投资者日
The investor day will take place at the New York Stock Exchange (RSVP required) and will also be available virtually at the investors section on the company's website: kingsway-financial.com. Individuals interested in attending the in-person investor day, as well as the offsite cocktail reception, may RSVP by emailing James@HaydenIR.com. A live webcast, including video, audio and presentation slides, will be accessible on kingsway-financial.com at the time of the meeting.
投资者日将在纽约证券交易所举行(需要回复),也将在该公司网站kingsway-financial.com的投资者专区虚拟开放。有兴趣参加面对面投资者日以及场外鸡尾酒会的个人可以通过发送电子邮件至 James@HaydenIR.com 进行回复。会议召开时,将在kingsway-financial.com上观看包括视频、音频和演示幻灯片在内的网络直播。
About the Company
关于本公司
Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty and business services industries. The common shares of Kingsway are listed on the New York Stock Exchange under the trading symbol "KFS."
Kingsway是一家控股公司,主要拥有或控制延保和商业服务行业的子公司。金斯威的普通股在纽约证券交易所上市,交易代码为 “KFS”。
The Company serves the extended warranty industry through its operating subsidiaries IWS (iwsgroup.com), Penn Warranty (pennwarranty.com), Preferred Warranties (preferredwarranties.com) and Trinity Warranty Solutions (trinitywarranty.com).
该公司通过其运营子公司IWS(iwsgroup.com)、宾夕法尼亚保修公司(pennwarranty.com)、优先保修(preferredwarranties.com)和三一保修解决方案(trinitywarranty.com)为延长保修行业提供服务。
The Company serves the business services industry through its operating subsidiaries CSuite (csuitefinancialpartners.com), Ravix (ravixgroup.com), Secure Nursing Service (securenursing.com), SPI Software (spisoftware.com) and Digital Diagnostics, Inc (ddimagingusa.com).
该公司通过其运营子公司CSuite(csuitefinancialpartners.com)、Ravix(ravixgroup.com)、安全护理服务(securenursing.com)、SPI软件(spisoftware.com)和数字诊断公司(ddimagingusa.com)为商业服务行业提供服务。
Non U.S. GAAP Financial Measure
非美国公认会计准则财务指标
Management believes that non-GAAP adjusted EBITDA, when presented in conjunction with comparable GAAP measures, provides useful information about the Company's operating results and enhances the overall ability to assess the Company's financial performance. Management uses non-GAAP adjusted EBITDA, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Non-GAAP adjusted EBITDA allows investors to make a more meaningful comparison between the Company's core business operating results over different periods of time. Management believes that non-GAAP adjusted EBITDA, when viewed with the Company's results under GAAP and the accompanying reconciliations, provides useful information about the Company's business without regard to potential distortions. By eliminating potential differences in results of operations between periods caused by the factors listed in the attached schedules, Management believes that non-GAAP adjusted EBITDA can provide useful additional basis for comparing the current performance of the underlying operations being evaluated. Investors should consider this non-GAAP measure in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. Investors are encouraged to review the Company's financial results prepared in accordance with GAAP to understand the Company's performance taking into account all relevant factors.
管理层认为,非公认会计准则调整后的息税折旧摊销前利润与可比的GAAP指标结合使用时,可以提供有关公司经营业绩的有用信息,并增强评估公司财务业绩的整体能力。管理层使用非公认会计准则调整后的息税折旧摊销前利润,以及根据公认会计原则衡量其他绩效指标,在规划、预算和审查其业务业绩方面比较运营的相对业绩。非公认会计准则调整后的息税折旧摊销前利润使投资者能够对公司不同时期的核心业务经营业绩进行更有意义的比较。管理层认为,非公认会计准则调整后的息税折旧摊销前利润,结合公司在公认会计原则下的业绩和随之而来的对账情况,可以提供有关公司业务的有用信息,不考虑潜在的扭曲。管理层认为,通过消除由所附附表中列出的因素造成的各期经营业绩的潜在差异,管理层认为,非公认会计准则调整后的息税折旧摊销前利润可以为比较正在评估的基础业务的当前业绩提供有用的额外基础。除了根据公认会计原则编制的财务报告指标外,投资者还应考虑将这种非公认会计准则指标作为替代品或优于这些指标。鼓励投资者查看公司根据公认会计原则编制的财务业绩,以了解公司的业绩,同时考虑所有相关因素。
Forward-Looking Statements
前瞻性陈述
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements; however, the absence of any such words does not mean that a statement is a not a forward-looking statement. Such forward-looking statements relate to future events or future performance, but reflect Kingsway management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the section entitled "Risk Factors" in the Company's 2023 Annual Report on Form 10-K and subsequent Form 10-Qs and Form 8-Ks filed with the Securities and Exchange Commission. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
本新闻稿可能包括1933年《证券法》第27A条和1934年《证券交易法》第21E条所指的 “前瞻性陈述”,这些陈述不是历史事实,涉及的风险和不确定性可能导致实际业绩与预期和预测结果存在重大差异。诸如 “期望”、“相信”、“预期”、“打算”、“估计”、“寻求” 等词语以及类似的词语和表述旨在识别此类前瞻性陈述;但是,没有任何此类词汇并不意味着陈述不是前瞻性陈述。此类前瞻性陈述与未来事件或未来业绩有关,但根据现有信息,反映了金斯威管理层当前的信念。许多因素可能导致实际事件、业绩或业绩与前瞻性陈述中讨论的事件、业绩和结果存在重大差异。有关确定可能导致实际业绩与前瞻性陈述中预期结果存在重大差异的重要因素的信息,请参阅公司向美国证券交易委员会提交的2023年10-K表年度报告以及随后向美国证券交易委员会提交的10-Q表和8-K表中标题为 “风险因素” 的部分。除非适用的证券法明确要求,否则本公司不打算或有义务更新或修改任何前瞻性陈述,无论是由于新信息、未来事件还是其他原因。
Additional Information
附加信息
Additional information about Kingsway, including a copy of its Annual Reports can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov, on the Canadian Securities Administrators' website at , or through the Company's website at .
有关Kingsway的更多信息,包括其年度报告的副本,可以在美国证券交易委员会网站www.sec.gov的EDGAR部分、加拿大证券管理局的网站或通过公司的网站获取。
Kingsway Financial Services Inc.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Consolidated EBITDA
(in thousands)
(UNAUDITED)
金斯威金融服务公司
GAAP净收益(亏损)与非公认会计准则调整后的合并息税折旧摊销前利润的对账
(以千计)
(未经审计)
Twelve Months Ended |
For the Three Months Ended | |||||||||||||||||||
3/31/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
GAAP Net Income (Loss) |
$ | (6,155) | $ | (2,328) | $ | (1,485) | $ | (675) | $ | (1,667) | ||||||||||
Non-GAAP Adjustments: |
||||||||||||||||||||
Discontinued operations |
1,858 | 213 | 1,877 | (122) | (110) | |||||||||||||||
Gain on sale of PWSC (1) |
(342) | - | - | (342) | - | |||||||||||||||
Changes in fair value; realized gains/losses (2) |
(423) | 411 | 217 | 174 | (1,225) | |||||||||||||||
Employee related expenses (3) |
2,069 | 467 | 755 | 479 | 368 | |||||||||||||||
Other items (4) |
3,109 | 61 | 1,081 | 334 | 1,633 | |||||||||||||||
Depreciation, amortization, tax and interest expense |
8,687 | 3,280 | 177 | 2,450 | 2,780 | |||||||||||||||
Total Non-GAAP Adjustments |
14,958 | 4,432 | 4,107 | 2,973 | 3,446 | |||||||||||||||
Non-GAAP Adjusted Consolidated EBITDA |
$ | 8,803 | $ | 2,104 | $ | 2,622 | $ | 2,298 | $ | 1,779 |
十二 月 已结束 |
在已结束的三个月中 | |||||||||||||||||||
3/31/2024 | 3/31/2024 | 12/31/2023 | 2023 年 9 月 30 日 | 6/30/2023 | ||||||||||||||||
GAAP 净收益(亏损) |
$ | (6,155) | $ | (2,328) | $ | (1,485) | $ | (675) | $ | (1,667) | ||||||||||
非公认会计准则调整: |
||||||||||||||||||||
已终止的业务 |
1,858 | 213 | 1,877 | (122) | (110) | |||||||||||||||
出售PWSC的收益 (1) |
(342) | - | - | (342) | - | |||||||||||||||
公允价值变动;已实现收益/亏损 (2) |
(423) | 411 | 217 | 174 | (1,225) | |||||||||||||||
员工相关费用 (3) |
2,069 | 467 | 755 | 479 | 368 | |||||||||||||||
其他物品 (4) |
3,109 | 61 | 1,081 | 334 | 1,633 | |||||||||||||||
折旧、摊销、税收和利息支出 |
8,687 | 3,280 | 177 | 2,450 | 2780 | |||||||||||||||
非公认会计准则调整总额 |
14,958 | 4,432 | 4,107 | 2,973 | 3,446 | |||||||||||||||
非公认会计准则调整后的合并息税折旧摊销前利润 |
$ | 8,803 | $ | 2,104 | $ | 2,622 | $ | 2,298 | $ | 1,779 |
Twelve Months Ended |
For the Three Months Ended | |||||||||||||||||||
3/31/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||
GAAP Net Income (Loss) |
$ | 45,408 | $ | 27,839 | $ | (17,339) | $ | 37,273 | $ | (2,365) | ||||||||||
Non-GAAP Adjustments: |
||||||||||||||||||||
Discontinued operations |
16,455 | (107) | 15,678 | 1,670 | (786) | |||||||||||||||
Gain on extinguishment of debt (5) |
(31,616) | (31,616) | - | - | - | |||||||||||||||
Gain on sale of PWSC (1) |
(26,447) | - | - | (26,447) | - | |||||||||||||||
Changes in fair value; realized gains/losses (2) |
(11,576) | 145 | (1,249) | (12,951) | 2,479 | |||||||||||||||
Employee related expenses (3) |
1,881 | 383 | 670 | 321 | 507 | |||||||||||||||
Other items (4) |
2,393 | 591 | 1,532 | 184 | 86 | |||||||||||||||
Depreciation, amortization, tax and interest expense |
16,008 | 5,164 | 4,053 | 3,573 | 3,218 | |||||||||||||||
Total Non-GAAP Adjustments |
(32,902) | (25,440) | 20,684 | (33,650) | 5,504 | |||||||||||||||
Non-GAAP Adjusted Consolidated EBITDA (6) |
$ | 12,506 | $ | 2,399 | $ | 3,345 | $ | 3,623 | $ | 3,139 |
十二 月 已结束 |
在已结束的三个月中 | |||||||||||||||||||
3/31/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||
GAAP 净收益(亏损) |
$ | 45,408 | $ | 27,839 | $ | (17,339) | $ | 37,273 | $ | (2,365) | ||||||||||
非公认会计准则调整: |
||||||||||||||||||||
已终止的业务 |
16,455 | (107) | 15,678 | 1,670 | (786) | |||||||||||||||
清偿债务的收益 (5) |
(31,616) | (31,616) | - | - | - | |||||||||||||||
出售PWSC的收益 (1) |
(26,447) | - | - | (26,447) | - | |||||||||||||||
公允价值变动;已实现收益/亏损 (2) |
(11,576) | 145 | (1,249) | (12,951) | 2479 | |||||||||||||||
员工相关费用 (3) |
1,881 | 383 | 670 | 321 | 507 | |||||||||||||||
其他物品 (4) |
2,393 | 591 | 1,532 | 184 | 86 | |||||||||||||||
折旧、摊销、税收和利息支出 |
16,008 | 5,164 | 4,053 | 3,573 | 3,218 | |||||||||||||||
非公认会计准则调整总额 |
(32,902) | (25,440) | 20,684 | (33,650) | 5,504 | |||||||||||||||
非公认会计准则调整后的合并息税折旧摊销前利润 (6) |
$ | 12,506 | $ | 2,399 | $ | 3,345 | $ | 3,623 | $ | 3,139 |
(1)Gain on sale of PWSC, net of transaction expenses that are included in consolidated operating expenses, as well as income taxes associated with the sale. The Company estimates that had the gain not occurred, the Company would have recorded a tax benefit; therefore taxes of $6.1 million are included in this line item for the three months ended 9/30/22. | |
(2)Includes realized and unrealized gains and losses on non-core investments; change in the fair value of subordinated debt (net of the portion of the change attributable to instrument-specific credit risk); unrealized gain on the change in fair value of the trust preferred security options; and change in the fair value of the Ravix earn-out (changes in fair value recorded as other income or expense). | |
(3)Employee related expenses includes charges relating to severance and consulting agreements pertaining to former key employees; non-cash expense arising from the grant and modification of stock-based awards to employees; and costs associated with employees assisting during a transition period and are not expected to be replaced once transition period has ended (approximately one year from acquisition date). | |
(4)Other items include: legal expenses associated with the Company's defense against significant litigation matters; acquisition-related expenses; expense relating to the settlement of all remaining Amigo claims; and other non-recurring items. | |
(5)Gain on extinguishment of debt consists of a $31.6 million gain related to the repurchase of TruPs debt having a principal amount of $75.5 million and results from removing the fair value of the debt ($56.1 million), deferred interest payable ($23.0 million) and accumulated other comprehensive income ($27.2 million) liabilities; the trust preferred debt repurchase options ($17.7 million) and accrued income receivable ($0.6 million) assets. See Note 11 "Debt," to the unaudited consolidated interim financial statements, for further discussion. | |
(6)Includes the results of PWSC through the date of sale (end of July 2022). |
(1) PWSC的出售收益,扣除合并运营费用中包含的交易费用以及与出售相关的所得税。该公司估计,如果没有出现收益,公司将获得税收优惠;因此,在截至22年9月30日的三个月中,该细列项目中包括610万美元的税款。 | |
(2) 包括非核心投资的已实现和未实现损益;次级债务公允价值的变动(扣除可归因于特定工具信用风险的部分);信托优先证券期权公允价值变动的未实现收益;以及Ravix收益公允价值的变动(记为其他收入或支出的公允价值变动)。 | |
(3) 员工相关费用包括与前关键员工相关的遣散费和咨询协议的相关费用;因向员工发放和修改股票奖励而产生的非现金支出;以及与过渡期内提供帮助的员工相关的费用,过渡期结束后(自收购之日起大约一年),预计不会被替换。 | |
(4) 其他项目包括:与公司就重大诉讼事项进行辩护相关的法律费用;与收购相关的费用;与结算所有剩余的Amigo索赔相关的费用;以及其他非经常性项目。 | |
(5) 债务清偿收益包括与回购本金为7,550万美元的特朗普债务相关的3,160万美元收益,该收益来自去除债务的公允价值(5,610万美元)、递延应付利息(2300万美元)和累计其他综合收益(2720万美元)负债;信托优先债务回购期权(1,770万美元)和应计应收收入(60万美元)资产。有关进一步讨论,请参阅未经审计的合并中期财务报表附注11 “债务”。 | |
(6) 包括截至销售之日(2022年7月底)的PWSC业绩。 |
Kingsway Financial Services Inc.
Reconciliation of Extended Warranty Segment Operating Income to
Non-GAAP Adjusted EBITDA and Pro Forma Non-GAAP Adjusted EBITDA
(in thousands)
(UNAUDITED)
金斯威金融服务公司
延长保修分部的营业收入与之对账
非公认会计准则调整后的息税折旧摊销前利润和预计的非公认会计准则调整息税折旧摊销前利润
(以千计)
(未经审计)
Twelve Months Ended |
For the Three Months Ended | |||||||||||||||||||
3/31/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
GAAP Operating Income for Extended Warranty segment |
$ | 6,627 | $ | 1,076 | $ | 2,381 | $ | 1,778 | $ | 1,392 | ||||||||||
Non-GAAP Adjustments: |
||||||||||||||||||||
Investment income (1) |
1,141 | 311 | 301 | 273 | 256 | |||||||||||||||
Gain (loss) on sale of investments (2) |
48 | 9 | 13 | 14 | 12 | |||||||||||||||
Depreciation |
233 | 52 | 62 | 57 | 62 | |||||||||||||||
Total Non-GAAP Adjustments |
1,422 | 372 | 376 | 344 | 330 | |||||||||||||||
Non-GAAP adjusted EBITDA for Extended Warranty segment |
$ | 8,049 | $ | 1,448 | $ | 2,757 | $ | 2,122 | $ | 1,722 |
十二 月 已结束 |
在已结束的三个月中 | |||||||||||||||||||
3/31/2024 | 3/31/2024 | 12/31/2023 | 2023 年 9 月 30 日 | 6/30/2023 | ||||||||||||||||
GAAP 延长保修期部分的营业收入 |
$ | 6,627 | $ | 1,076 | $ | 2,381 | $ | 1,778 | $ | 1,392 | ||||||||||
非公认会计准则调整: |
||||||||||||||||||||
投资收益 (1) |
1,141 | 311 | 301 | 273 | 256 | |||||||||||||||
出售投资收益(亏损)(2) |
48 | 9 | 13 | 14 | 12 | |||||||||||||||
折旧 |
233 | 52 | 62 | 57 | 62 | |||||||||||||||
非公认会计准则调整总额 |
1,422 | 372 | 376 | 344 | 330 | |||||||||||||||
延保板块非公认会计准则调整后的息税折旧摊销前利润 |
$ | 8,049 | $ | 1,448 | $ | 2757 | $ | 2,122 | $ | 1,722 |
Twelve Months Ended |
For the Three Months Ended | |||||||||||||||||||
3/31/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||
GAAP Operating Income for Extended Warranty segment |
$ | 9,588 | $ | 1,432 | $ | 2,759 | $ | 2,461 | $ | 2,936 | ||||||||||
Non-GAAP Adjustments: |
||||||||||||||||||||
Investment income (1) |
665 | 231 | 193 | 145 | 96 | |||||||||||||||
Gain (loss) on sale of investments (2) |
1,020 | 98 | (23) | 961 | (16) | |||||||||||||||
Depreciation |
282 | 64 | 61 | 70 | 87 | |||||||||||||||
Total Non-GAAP Adjustments |
1,967 | 393 | 231 | 1,176 | 167 | |||||||||||||||
Non-GAAP adjusted EBITDA for Extended Warranty segment |
$ | 11,555 | $ | 1,825 | $ | 2,990 | $ | 3,637 | $ | 3,103 | ||||||||||
PWSC operating income (3) |
(590) | - | - | 147 | (737) | |||||||||||||||
PWSC depreciation (3) |
(33) | - | - | (8) | (25) | |||||||||||||||
Pro forma Non-GAAP adjusted EBITDA for Extended Warranty segment |
$ | 10,932 | $ | 1,825 | $ | 2,990 | $ | 3,776 | $ | 2,341 |
十二 月 已结束 |
在已结束的三个月中 | |||||||||||||||||||
3/31/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||
GAAP 延长保修期部分的营业收入 |
$ | 9,588 | $ | 1,432 | $ | 2,759 | $ | 2,461 | $ | 2,936 | ||||||||||
非公认会计准则调整: |
||||||||||||||||||||
投资收益 (1) |
665 | 231 | 193 | 145 | 96 | |||||||||||||||
出售投资收益(亏损)(2) |
1,020 | 98 | (23) | 961 | (16) | |||||||||||||||
折旧 |
282 | 64 | 61 | 70 | 87 | |||||||||||||||
非公认会计准则调整总额 |
1,967 | 393 | 231 | 1,176 | 167 | |||||||||||||||
延保板块非公认会计准则调整后的息税折旧摊销前利润 |
$ | 11,555 | $ | 1,825 | $ | 2,990 | $ | 3,637 | $ | 3,103 | ||||||||||
PWSC 营业收入 (3) |
(590) | - | - | 147 | (737) | |||||||||||||||
PWSC 折旧 (3) |
(33) | - | - | (8) | (25) | |||||||||||||||
延期保修细分市场经非公认会计准则调整后的息税折旧摊销前利润预计 |
$ | 10,932 | $ | 1,825 | $ | 2,990 | $ | 3,776 | $ | 2,341 |
(1)Investment income arising as part of Extended Warranty segment's minimum holding requirements. | |
(2)Realized Gains (losses) resulting from investments either held in trust as part of Extended Warranty segment's minimum holding requirements or from the deployment of excess cash. | |
(3)Amounts relating to the sale of PWSC (end of July 2022) in order to remove PWSC from all periods presented. |
(1) 作为延长保修板块最低持有量要求的一部分产生的投资收入。 | |
(2) 已实现收益(亏损)来自作为延长保修部分最低持有量要求的一部分以信托形式持有的投资,或者来自部署多余现金所产生的已实现收益(亏损)。 | |
(3) 与出售PWSC相关的金额(2022年7月底),以从所有列报的期限中删除PWSC。 |
Kingsway Financial Services Inc.
Reconciliation of KSX Segment Operating Income to Non-GAAP Adjusted EBITDA
(in thousands)
(UNAUDITED)
金斯威金融服务公司
KSX分部营业收入与非公认会计准则调整后息税折旧摊销前利润的对账
(以千计)
(未经审计)
Twelve Months Ended |
For the Three Months Ended | |||||||||||||||||||
3/31/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | ||||||||||||||||
GAAP Operating Income for KSX segment |
$ | 5,018 | $ | 1,343 | $ | 1,056 | $ | 1,003 | $ | 1,616 | ||||||||||
Non-GAAP Adjustments: |
||||||||||||||||||||
Employee costs (1) |
431 | 138 | 128 | 87 | 78 | |||||||||||||||
Depreciation |
88 | 64 | 24 | - | - | |||||||||||||||
Total Non-GAAP Adjustments |
519 | 202 | 152 | 87 | 78 | |||||||||||||||
Non-GAAP adjusted EBITDA for KSX segment |
$ | 5,537 | $ | 1,545 | $ | 1,208 | $ | 1,090 | $ | 1,694 |
十二 月 已结束 |
在已结束的三个月中 | |||||||||||||||||||
3/31/2024 | 3/31/2024 | 12/31/2023 | 2023 年 9 月 30 日 | 6/30/2023 | ||||||||||||||||
KSX板块的GAAP营业收入 |
$ | 5,018 | $ | 1,343 | $ | 1,056 | $ | 1,003 | $ | 1,616 | ||||||||||
非公认会计准则调整: |
||||||||||||||||||||
员工成本 (1) |
431 | 138 | 128 | 87 | 78 | |||||||||||||||
折旧 |
88 | 64 | 24 | - | - | |||||||||||||||
非公认会计准则调整总额 |
519 | 202 | 152 | 87 | 78 | |||||||||||||||
KSX板块经非公认会计准则调整后的息税折旧摊销前利润 |
$ | 5,537 | $ | 1,545 | $ | 1,208 | $ | 1,090 | $ | 1,694 |
Twelve Months Ended | For the Three Months Ended | |||||||||||||||||||
3/31/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||
GAAP Operating Income for KSX segment |
$ | 4,319 | $ | 1,577 | $ | 1,126 | $ | 723 | $ | 893 | ||||||||||
Non-GAAP Adjustments: |
||||||||||||||||||||
Employee costs (1) |
267 | 87 | 70 | 55 | 55 | |||||||||||||||
Total Non-GAAP Adjustments |
267 | 87 | 70 | 55 | 55 | |||||||||||||||
Non-GAAP adjusted EBITDA for KSX segment |
$ | 4,586 | $ | 1,664 | $ | 1,196 | $ | 778 | $ | 948 |
十二个月已结束 | 在已结束的三个月中 | |||||||||||||||||||
3/31/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | ||||||||||||||||
KSX板块的GAAP营业收入 |
$ | 4,319 | $ | 1,577 | $ | 1,126 | $ | 723 | $ | 893 | ||||||||||
非公认会计准则调整: |
||||||||||||||||||||
员工成本 (1) |
267 | 87 | 70 | 55 | 55 | |||||||||||||||
非公认会计准则调整总额 |
267 | 87 | 70 | 55 | 55 | |||||||||||||||
KSX板块经非公认会计准则调整后的息税折旧摊销前利润 |
$ | 4,586 | $ | 1,664 | $ | 1,196 | $ | 778 | $ | 948 |
(1)Costs associated with employees assisting during a transition period and are not expected to be replaced once transition period has ended (approximately one year from acquisition date). |
(1) 与员工在过渡期内提供援助相关的费用,过渡期结束后(自收购之日起大约一年),预计不会予以补偿。 |
SOURCE: Kingsway Financial Services, Inc.
来源:金斯威金融服务公司
译文内容由第三方软件翻译。