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EX-99.1 2 ex991gaapresegmenteddata.htm EX-99.1 Document

Exhibit 99.1

CSW Industrials, Inc.

Segment Financial Information

(unaudited)

I.GAAP Segment Operating Income - Continuing Operations

Three months ended June 30, 2020


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	49,826	$	22,154	$	18,984	$	90,964	$	—	$	90,964
Intersegment revenue	58		—		14		72		(72)		—
Operating income (loss), continuing operations	15,908		4,038		307		20,253		(4,000)		16,253
Operating income (loss) margin	31.9%		18.2%		1.6%		22.2%		NA		17.9%

Three months ended September 30, 2020


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	63,244	$	23,696	$	18,000	$	104,940	$	—	$	104,940
Intersegment revenue	128		—		15		143		(143)		—
Operating income (loss), continuing operations	21,651		3,531		360		25,542		(3,362)		22,180
Operating income (loss) margin	34.2%		14.9%		2.0%		24.3%		NA		21.1%

Three months ended December 31, 2020


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	44,377	$	25,700	$	19,855	$	89,932	$	—	$	89,932
Intersegment revenue	62		—		19		81		(81)		—
Operating income (loss), continuing operations	2,900		4,194		619		7,713		(3,597)		4,116
Operating income (loss) margin	6.5%		16.3%		3.1%		8.6%		NA		4.6%

Three months ended March 31, 2021


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	87,785	$	24,123	$	21,461	$	133,369	$	—	$	133,369
Intersegment revenue	49		—		16		65		(65)		—
Operating income (loss), continuing operations	18,670		2,303		(578)		20,395		(3,476)		16,919
Operating income (loss) margin	21.3%		9.5%		(2.7)%		15.3%		NA		12.7%

Three months ended June 30, 2019


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	54,168	$	21,293	$	26,872	$	102,333	$	—	$	102,333
Intersegment revenue	87		—		9		96		(96)		—
Operating income (loss), continuing operations	19,468		2,513		1,683		23,664		(3,343)		20,321
Operating income (loss) margin	35.9%		11.8%		6.3%		23.1%		NA		19.9%

Exhibit 99.1

Three months ended September 30, 2019


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	50,237	$	24,141	$	26,946	$	101,324	$	—	$	101,324
Intersegment revenue	74		—		28		102		(102)		—
Operating income (loss), continuing operations	16,867		4,217		2,472		23,556		(3,434)		20,122
Operating income (loss) margin	33.5%		17.5%		9.2%		23.2%		NA		19.9%

Three months ended December 31, 2019


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	36,205	$	21,928	$	25,583	$	83,716	$	—	$	83,716
Intersegment revenue	45		—		17		62		(62)		—
Operating income (loss), continuing operations	8,672		3,333		2,052		14,057		(3,569)		10,488
Operating income (loss) margin	23.9%		15.2%		8.0%		16.8%		NA		12.5%

Three months ended March 31, 2020


(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Elimination and Others		Total
Revenues, net	$	49,810	$	23,519	$	25,169	$	98,498	$	—	$	98,498
Intersegment revenue	69		—		18		87		(87)		—
Operating income (loss), continuing operations	13,327		4,214		1,598		19,139		(4,003)		15,136
Operating income (loss) margin	26.7%		17.9%		6.3%		19.4%		NA		15.4%

Exhibit 99.1

II. Reconciliation of Segment Operating Income to Adjusted Segment Operating Income - Continuing Operations

Three months ended June 30, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	49,884		$	22,154		$	18,998		$	(72)	$	90,964

Operating income (loss), continuing operations	$	15,908		$	4,038		$	307		$	(4,000)	$	16,253
Adjusting items
Transaction costs & other professional fees	$	—		$	—		$	—		$	—	$	—
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			—			—		—
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	15,908		$	4,038		$	307		$	(4,000)	$	16,253
Adjusted operating income (loss) margin	31.9		%	18.2		%	1.6		%	NA		17.9		%

Three months ended September 30, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	63,372		$	23,696		$	18,015		$	(143)	$	104,940

Operating income (loss), continuing operations	$	21,651		$	3,531		$	360		$	(3,362)	$	22,180
Adjusting items
Transaction costs & other professional fees	$	—		$	—		$	—		$	—	$	—
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			—			—		—
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	21,651		$	3,531		$	360		$	(3,362)	$	22,180
Adjusted operating income (loss) margin	34.2		%	14.9		%	2.0		%	NA		21.1		%

Three months ended December 31, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	44,439		$	25,700		$	19,874		$	(81)	$	89,932

Operating income (loss), continuing operations	$	2,900		$	4,194		$	619		$	(3,597)	$	4,116
Adjusting items
Transaction costs & other professional fees	$	6,919		$	—		$	1,041		$	—	$	7,960
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			—			—		—
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	9,819		$	4,194		$	1,660		$	(3,597)	$	12,076
Adjusted operating income (loss) margin	22.1		%	16.3		%	8.4		%	NA		13.4		%

Exhibit 99.1

Three months ended March 31, 2021


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	87,834		$	24,123		$	21,477		$	(65)	$	133,369

Operating income (loss), continuing operations	$	18,670		$	2,303		$	(578)		$	(3,476)	$	16,919
Adjusting items
Transaction costs & other professional fees	$	844		$	—		$	1,556		$	—	$	2,400
Purchase accounting effect	2,963			—			—			—		2,963
Loss (gain) on sale of property & other	—			—			—			—		—
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	22,477		$	2,303		$	978		$	(3,476)	$	22,282
Adjusted operating income (loss) margin	25.6		%	9.5		%	4.6		%	NA		16.7		%

Three months ended June 30, 2019


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	54,255		$	21,293		$	26,881		$	(96)	$	102,333

Operating income (loss), continuing operations	$	19,468		$	2,513		$	1,683		$	(3,343)	$	20,321
Adjusting items
Transaction costs & other professional fees	$	—		$	—		$	—		$	—	$	—
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			—			—		—
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	19,468		$	2,513		$	1,683		$	(3,343)	$	20,321
Adjusted operating income (loss) margin	35.9		%	11.8		%	6.3		%	NA		19.9		%

Three months ended September 30, 2019


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	50,311		$	24,141		$	26,974		$	(102)	$	101,324

Operating income (loss), continuing operations	$	16,867		$	4,217		$	2,472		$	(3,434)	$	20,122
Adjusting items
Transaction costs & other professional fees	$	—		$	—		$	—		$	—	$	—
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			(776)			—		(776)
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	16,867		$	4,217		$	1,696		$	(3,434)	$	19,346
Adjusted operating income (loss) margin	33.5		%	17.5		%	6.3		%	NA		19.1		%

Exhibit 99.1

Three months ended December 31, 2019


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	36,250		$	21,928		$	25,600		$	(62)	$	83,716

Operating income (loss), continuing operations	$	8,672		$	3,333		$	2,052		$	(3,569)	$	10,488
Adjusting items
Transaction costs & other professional fees	$	—		$	—		$	—		$	—	$	—
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			—			—		—
Asset impairment	—			—			—			—		—
Adjusted operating income (loss), continuing operations	$	8,672		$	3,333		$	2,052		$	(3,569)	$	10,488
Adjusted operating income (loss) margin	23.9		%	15.2		%	8.0		%	NA		12.5		%

Three months ended March 31, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
Revenue	$	49,879		$	23,519		$	25,187		$	(87)	$	98,498

Operating income (loss), continuing operations	$	13,327		$	4,214		$	1,598		$	(4,003)	$	15,136
Adjusting items
Transaction costs & other professional fees	$	—		$	—		$	—		$	—	$	—
Purchase accounting effect	—			—			—			—		—
Loss (gain) on sale of property & other	—			—			—			200		200
Asset impairment	951			—			—			—		951
Adjusted operating income (loss), continuing operations	$	14,278		$	4,214		$	1,598		$	(3,803)	$	16,287
Adjusted operating income (loss) margin	28.6		%	17.9		%	6.3		%	NA		16.5		%

Exhibit 99.1

III. Reconciliation of Segment Operating Income to Adjusted Segment Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) - Continuing Operations

Three months ended June 30, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	15,908		$	4,038		$	307		$	(4,000)	$	16,253
Other income (expense)	(25)			(320)			120			(82)		(307)
Depreciation & amortization	1,444			513			1,437			134		3,528
EBITDA, continuing operations	$	17,327		$	4,231		$	1,864		$	(3,948)	$	19,474

Adjusting items:
Transaction expenses	$	—		$	—		$	—		$	—	$	—
Reversal of indemnification receivable	—			—			—			—		—
Asset impairment	—			—			—			—		—
Pension termination	—			—			—			—		—
Loss (gain) on property sale and others	—			—			—			—		—
Adjusted EBITDA, continuing operations	$	17,327		$	4,231		$	1,864		$	(3,948)	$	19,474
Adjusted EBITDA margin	34.7		%	19.1		%	9.8		%	NA		21.4		%

Three months ended September 30, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	21,651		$	3,531		$	360		$	(3,362)	$	22,180
Other income (expense)	(26)			(199)			(52)			(83)		(360)
Depreciation & amortization	1,455			525			1,427			134		3,541
EBITDA, continuing operations	$	23,080		$	3,857		$	1,735		$	(3,311)	$	25,361

Adjusting items:
Transaction expenses	$	—		$	—		$	—		$	—	$	—
Reversal of indemnification receivable	—			—			—			—		—
Asset impairment	—			—			—			—		—
Pension termination	—			—			—			—		—
Loss (gain) on property sale and others	—			—			—			—		—
Adjusted EBITDA, continuing operations	$	23,080		$	3,857		$	1,735		$	(3,311)	$	25,361
Adjusted EBITDA margin	36.4		%	16.3		%	9.6		%	NA		24.2		%

Three months ended December 31, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	2,900		$	4,194		$	619		$	(3,597)	$	4,116
Other income (expense)	98			(430)			(128)			(132)		(592)
Depreciation & amortization	2,345			472			1,439			136		4,392
EBITDA, continuing operations	$	5,343		$	4,236		$	1,930		$	(3,593)	$	7,916

Adjusting items:
Transaction expenses	$	6,919		$	—		$	1,041		$	—	$	7,960
Reversal of indemnification receivable	—			—			—			—		—
Asset impairment	—			—			—			—		—
Pension termination	—			—			—			—		—
Loss (gain) on property sale and others	—			—			—			—		—
Adjusted EBITDA, continuing operations	$	12,262		$	4,236		$	2,971		$	(3,593)	$	15,876
Adjusted EBITDA margin	27.6		%	16.5		%	14.9		%	NA		17.7		%

Exhibit 99.1

Three months ended March 31, 2021


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	18,670		$	2,303		$	(578)		$	(3,476)	$	16,919
Other income (expense)	(4,784)			(195)			39			230		(4,710)
Depreciation & amortization	9,171			503			1,442			141		11,257
EBITDA, continuing operations	$	23,057		$	2,611		$	903		$	(3,105)	$	23,466

Adjusting items:
Transaction expenses	$	844		$	—		$	1,556		$	—	$	2,400
Reversal of indemnification receivable	5,000			—			—			—		5,000
Asset impairment	—			—			—			—		—
Pension termination	—			—			—			—		—
Loss (gain) on property sale and others	—			—			—			—		—
Adjusted EBITDA, continuing operations	$	28,901		$	2,611		$	2,459		$	(3,105)	$	30,866
Adjusted EBITDA margin	32.9		%	10.8		%	11.4		%	NA		23.1		%

Three months ended June 30, 2019


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	19,468		$	2,513		$	1,683		$	(3,343)	$	20,321
Other income (expense)	(175)			(181)			200			69		(87)
Depreciation & amortization	1,494			528			1,873			121		4,016
EBITDA, continuing operations	$	20,787		$	2,860		$	3,756		$	(3,153)	$	24,250

Adjusting items:
Transaction expenses	$	—		$	—		$	—		$	—	$	—

Asset impairment	—			—			—			—		—
Pension termination	—			—			—			—		—
Loss (gain) on property sale and others	—			—			—			—		—
Adjusted EBITDA, continuing operations	$	20,787		$	2,860		$	3,756		$	(3,153)	$	24,250
Adjusted EBITDA margin	38.3		%	13.4		%	14.0		%	NA		23.7		%

Three months ended September 30, 2019


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	16,867		$	4,217		$	2,472		$	(3,434)	$	20,122
Other income (expense)	(178)			9			(43)			(7,155)		(7,367)
Depreciation & amortization	1,450			534			1,432			119		3,535
EBITDA, continuing operations	$	18,139		$	4,760		$	3,861		$	(10,470)	$	16,290

Adjusting items:
Transaction expenses	$	—		$	—		$	—		$	—	$	—

Asset impairment	—			—			—			—		—
Pension termination	—			—			—			7,019		7,019
Loss (gain) on property sale and others	—			—			(776)			—		(776)
Adjusted EBITDA, continuing operations	$	18,139		$	4,760		$	3,085		$	(3,451)	$	22,533
Adjusted EBITDA margin	36.1		%	19.7		%	11.4		%	NA		22.2		%

Exhibit 99.1

Three months ended December 31, 2019


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	8,672		$	3,333		$	2,052		$	(3,569)	$	10,488
Other income (expense)	(502)			(175)			(178)			7		(848)
Depreciation & amortization	1,434			504			1,440			120		3,498
EBITDA, continuing operations	$	9,604		$	3,662		$	3,314		$	(3,442)	$	13,138

Adjusting items:
Transaction expenses	$	—		$	—		$	—		$	—	$	—

Asset impairment	—			—			—			—		—
Pension termination	—			—			—			—		—
Loss (gain) on property sale and others	476			—			—			—		476
Adjusted EBITDA, continuing operations	$	10,080		$	3,662		$	3,314		$	(3,442)	$	13,614
Adjusted EBITDA margin	27.8		%	16.7		%	12.9		%	NA		16.3		%

Three months ended March 31, 2020


(in thousands)	Contractor Solutions			Engineered Building Solutions			Specialized Reliability Solutions			Corporate and Other		Consolidated Continuing Operations
GAAP operating income (loss), continuing operations	$	13,327		$	4,214		$	1,598		$	(4,003)	$	15,136
Other income (expense)	(5)			550			337			285		1,167
Depreciation & amortization	1,510			507			1,435			134		3,586
EBITDA, continuing operations	$	14,832		$	5,271		$	3,370		$	(3,584)	$	19,889

Adjusting items:
Transaction expenses	$	—		$	—		$	—		$	—	$	—

Asset impairment	951			—			—			—		951
Pension termination	—			—			—			(531)		(531)
Loss (gain) on property sale and others	—			—			—			200		200
Adjusted EBITDA, continuing operations	$	15,783		$	5,271		$	3,370		$	(3,915)	$	20,509
Adjusted EBITDA margin	31.6		%	22.4		%	13.4		%	NA		20.8		%

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.