EX-99.1 2 ea164449ex99-1_rbcbearings.htm RECONCILIATION OF PREVIOUSLY REPORTED EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE FOR EACH OF THE QUARTERS IN THE FISCAL YEARS ENDED APRIL 2, 2022 AND APRIL 3, 2021, DATED AUGUST 15, 2022

Exhibit 99.1

 

RBC Bearings Incorporated

Consolidated Statements of Operations

(dollars in thousands, except share and per share data)

(Unaudited)

 

   Three Months Ended   Twelve Months Ended 
   July 3,   October 2,   January 1,   April 2,   April 2, 
   2021   2021   2022   2022   2022 
Reported net income  $24,038   $(1,352)  $546   $31,478   $54,710 
                          
Preferred stock dividends   -    510    5,751    5,750    12,011 
Reported net income available to common stockholders  $24,038   $(1,862)  $(5,205)  $25,728   $42,699 
                          
Reported net income available to common stockholders per common share:                         
Basic  $0.96   $(0.07)  $(0.18)  $0.90   $1.58 
Diluted  $0.95   $(0.07)  $(0.18)  $0.89   $1.56 
                          
Weighted average common shares:                         
Basic   25,021,063    25,500,393    28,618,495    28,645,468    26,946,355 
Diluted   25,392,047    25,500,393    28,618,495    28,971,766    27,311,029 

 

   Three Months Ended   Twelve Months Ended 
   July 3,   October 2,   January 1,   April 2,   April 2, 
   2021   2021   2022   2022   2022 
Reconciliation of Reported Net Income Available
to Common Stockholders to Adjusted Net Income
Available to Common Stockholders:		                    
Reported net income  $24,038   $(1,352)  $546   $31,478   $54,710 
Inventory step-up   -    -    6,977    6,826    13,803 
Transaction and related costs   -    16,903    22,217    1,024    40,144 
Transition services   -    -    3,325    4,678    8,003 
Restructuring and consolidation   557    1,987    -    -    2,544 
Foreign exchange translation loss/(gain)   13    79    1    33    126 
M&A related amortization   2,081    2,054    11,464    16,357    31,956 
Stock compensation expense   7,182    16,773    4,544    4,395    32,894 
Amortization of deferred finance fees   106    106    773    1,330    2,315 
Tax impact of adjustments   (2,953)   (6,092)   (9,296)   (4,389)   (22,730)
Adjusted net income  $31,024  $30,458  $40,551   $61,732   $163,765 
                          
Preferred stock dividends   -    510    5,751    5,750    12,011 
Adjusted net income available to common stockholders  $31,024   $29,948   $34,800   $55,982   $151,754 
                          
Adjusted net income available to common stockholders per common share:                         
Basic  $1.24   $1.17   $1.22   $1.95   $5.63 
Diluted  $1.22   $1.16   $1.20   $1.93   $5.56 
                          
Weighted average common shares:                         
Basic   25,021,063    25,500,393    28,618,495    28,645,468    26,946,355 
Diluted   25,392,047    25,869,028    29,011,478    28,971,766    27,311,029 

 

 

 

 

   Three Months Ended   Twelve Months Ended 
   June 27,   September 26,   December 26,   April 3,   April 3, 
   2020   2020   2020   2021   2021 
Reported net income  $23,265   $17,932   $22,690   $26,256   $90,143 
                          
Preferred stock dividends   -    -    -    -    - 
Reported net income available to common stockholders  $23,265   $17,932   $22,690   $26,256   $90,143 
                          
Reported net income available to common stockholders per common share:                         
Basic  $0.94   $0.72   $0.91   $1.05   $3.63 
Diluted  $0.93   $0.72   $0.90   $1.04   $3.58 
                          
Weighted average common shares:                         
Basic   24,763,903    24,823,658    24,861,792    24,948,546    24,851,344 
Diluted   25,039,289    25,059,667    25,168,356    25,331,476    25,149,405 

 

   Three Months Ended   Twelve Months Ended 
   June 27,   September 26,   December 26,   April 3,   April 3, 
   2020   2020   2020   2021   2021 
Reconciliation of Reported Net Income Available to Common Stockholders to Adjusted Net Income Available to Common Stockholders:                    
Reported net income  $23,265   $17,932   $22,690   $26,256   $90,143 
Restructuring and consolidation   1,119    3,514    1,341    1,273    7,247 
Cyber event   -    -    -    1,507    1,507 
Foreign exchange translation loss/(gain)   77    145    224    (206)   240 
M&A related amortization   2,069    2,077    2,075    2,076    8,297 
Stock compensation expense   3,979    7,959    3,135    3,009    18,082 
Amortization of deferred finance fees   141    118    106    107    472 
Tax impact of adjustments   (1,389)   (2,955)   (1,870)   (1,757)   (7,971)
Adjusted net income  $29,261  $28,790  $27,701   $32,265   $118,017 
                          
Preferred stock dividends   -    -    -    -    - 
Adjusted net income available to common stockholders  $29,261   $28,790   $27,701   $32,265   $118,017 
                          
Adjusted net income available to common stockholders per common share:                         
Basic  $1.18   $1.16   $1.11   $1.29   $4.75 
Diluted  $1.17   $1.15   $1.10   $1.27   $4.69 
                          
Weighted average common shares:                         
Basic   24,763,903    24,823,658    24,861,792    24,948,546    24,851,344 
Diluted   25,039,289    25,059,667    25,168,356    25,331,476    25,149,405