TRIUMPH REPORTS STRONG THIRD QUARTER FISCAL 2025 RESULTS

, /PRNewswire/ -- Triumph Group, Inc. (NYSE: TGI) ("TRIUMPH" or the "Company") today reported financial results for its third quarter of fiscal 2025, which ended December 31, 2024. Third Quarter Fiscal 2025 Net sales of $315.6 million; sales growth of 11% Operating income of $39.3 million with operating margin of 12%; adjusted operating income of $45.7 million with adjusted operating margin of 14% Income from continuing operations of $14.6 million, or $0.19 per diluted share; adjusted income from continuing operations of $21.0 million, or $0.27 per share Adjusted EBITDAP of $55.5 million with Adjusted EBITDAP margin of 18% Cash flow from operations of $33.1 million and free cash flow of $32.3 million "TRIUMPH achieved 18% EBITDAP margins in its eleventh consecutive quarter of year-over-year sales growth," said Dan Crowley, TRIUMPH's chairman, president and chief executive officer. "Commercial and military aftermarket sales from our IP-based business grew by more than 36% and military OEM sales grew by more than 24%. We exceeded our cash targets in the quarter through strong operational performance across all our businesses." Mr. Crowley continued, "Ramping aftermarket demand and the increasing OEM production rates benefited TRIUMPH in our third fiscal quarter and are expected to continue as we capitalize on favorable industry dynamics. Developed with our Board over the last decade, our strategy to focus on IP-based OEM and aftermarket business, and work to turnaround our Interiors business, positions TRIUMPH well for fiscal 2026 and beyond. Our improving year-over-year results were made possible by our exceptional team and our partnerships with our customers and distribution partners." Third Quarter Fiscal 2025 Overview Three Months Ended December 31, ($ in millions) 2024 2023 Commercial OEM $ 125.4 $ 142.3 Military OEM 75.9 61.1 Total OEM Revenue 201.3 203.4 Commercial Aftermarket 49.9 35.1 Military Aftermarket 50.4 38.3 Total Aftermarket Revenue 100.3 73.4 Non-Aviation Revenue 13.1 7.3 Amortization of acquired contract liabilities 0.9 0.8 Total Net Sales* $ 315.6 $ 285.0 * Differences due to rounding Note> Aftermarket sales include both repair & overhaul services and spare parts sales. Commercial OEM sales decreased ($16.9) million, or (11.8%) primarily due to decreased sales volume on the Boeing 737MAX program as a result of the temporary work stoppage resulting from the strike at Boeing, which has since been resolved. This sales volume decrease was partially offset by improved pricing in Interiors across multiple programs that we expect will also benefit our results of operations over the remainder of fiscal 2025 as we continue to perform on these programs. Commercial Aftermarket sales increased $14.8 million, or 42.3%, primarily due to a combination of increased spares and repair sales volume across several platforms including the Boeing 737 and 787 programs and Airbus A380 program. Military OEM sales increased $14.7 million, or 24.1%, on increased sales volumes on the V-22 and CH-53K programs. Military aftermarket sales increased $12.1 million, or 31.5%, primarily due to increased repairs on the UH-60 platform and spares volume on CH-47. Triumph benefited from increasing non-aviation sales resulting from ongoing geopolitical conflicts and weapons inventory replenishment, as well as its diversification efforts. TRIUMPH's results included the following: ($ millions except EPS) Pre-tax After-tax Diluted EPS Income from Continuing Operations - GAAP $ 17.4 $ 14.6 $ 0.19 Adjustments Legal contingencies loss 6.2 6.2 0.08 Restructuring costs 0.2 0.2 0.00 Adjusted income from continuing operations - non-GAAP $ 23.8 $ 21.0 $ 0.27 The number of shares used in computing earnings per share for the third quarter of 2025 was 77.9 million. Backlog, which represents the next 24 months of actual purchase orders with firm delivery dates or contract requirements, was $1.87 billion. Our backlog includes increases across all end markets, partially offset by reductions due to the changes in timing of deliveries primarily under the Boeing 737MAX program. For the third quarter of fiscal 2025, cash flow from operations was $33.1 million. Merger Agreement with Affiliates of Warburg Pincus and Berkshire Partners On February 3, 2025, TRIUMPH announced that it had entered into a definitive agreement under which affiliates of growth-focused private equity firms Warburg Pincus LLC and Berkshire Partners LLC will acquire TRIUMPH through a newly formed entity for a total enterprise value of approximately $3 billion. The transaction is expected to close in the second half of calendar year 2025 and is subject to customary closing conditions, including approval by TRIUMPH shareholders and receipt of required regulatory approvals. In light of the pending transaction, TRIUMPH has suspended quarterly earnings conference calls and webcasts. In addition, TRIUMPH is suspending its financial guidance for fiscal 2025. About TRIUMPH Founded in 1993 and headquartered in Radnor, Pennsylvania, TRIUMPH designs, develops, manufactures, repairs and provides spare parts across a broad portfolio of aerospace and defense systems and components. The Company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. More information about TRIUMPH can be found on the Company's website at www.triumphgroup.com. Forward Looking Statements Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations of or assumptions about guidance, financial and operational performance, revenues, earnings per share, cash flow or use, cost savings and operational efficiencies. All forward-looking statements involve risks and uncertainties which could affect the Company's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Factors that could cause actual results to differ materially are uncertainties relating to the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, the risk that the Company's shareholders may not approve the proposed transaction, inability to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, uncertainty as to the timing of completion of the proposed transaction, potential adverse effects or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the transaction, potential litigation relating to the proposed transaction that could be instituted against the Company or its directors and officers, including the effects of any outcomes related thereto and possible disruptions from the proposed transaction that could harm the Company's business, including current plans and operations. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group's reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. FINANCIAL DATA (UNAUDITED) ON FOLLOWING PAGES FINANCIAL DATA (UNAUDITED) TRIUMPH GROUP, INC. AND SUBSIDIARIES (in thousands, except per share data) Three Months Ended Nine Months Ended December 31, December 31, CONDENSED STATEMENTS OF OPERATIONS 2024 2023 2024 2023 Net sales $ 315,556 $ 284,955 $ 884,067 $ 833,456 Cost of sales (excluding depreciation shown below) 213,036 214,972 613,004 618,742 Selling, general & administrative 49,450 42,846 149,951 135,479 Depreciation & amortization 7,373 7,383 22,227 22,062 Legal contingencies loss 6,200 — 13,664 1,338 Restructuring costs 200 43 5,382 1,985 Loss on sale of assets and businesses, net — — — 12,208 Operating income 39,297 19,711 79,839 41,642 Interest expense and other, net 20,690 32,419 61,543 94,354 Debt modification and extinguishment (gain) loss — (1,046) 5,369 (5,125) Warrant remeasurement gain — — — (8,545) Non-service defined benefit expense (income) 1,246 (820) 3,747 (2,460) Income tax expense 2,756 1,069 1,479 3,348 Income (loss) from continuing operations 14,605 (11,911) 7,701 (39,930) Income (loss) from discontinued operations, net of tax — (3,991) 4,680 4,569 Net income (loss) $ 14,605 $ (15,902) $ 12,381 $ (35,361) Earnings (loss) per share - basic: Earnings (loss) per share - continuing operations $ 0.19 $ (0.15) $ 0.10 $ (0.55) Earnings (loss) per share - discontinued operations — (0.05) 0.06 0.06 Earnings (loss) per share - basic $ 0.19 $ (0.20) $ 0.16 $ (0.49) Weighted average common shares outstanding - basic 77,418 76,895 77,296 73,200 Earnings (loss) per share - diluted: Earnings (loss) per share - continuing operations $ 0.19 $ (0.15) $ 0.10 $ (0.55) Earnings (loss) per share - discontinued operations — (0.05) 0.06 0.06 Earnings (loss) per share - diluted $ 0.19 $ (0.20) $ 0.16 $ (0.49) Weighted average common shares outstanding - diluted 77,862 76,895 77,763 73,200 (Continued) FINANCIAL DATA (UNAUDITED) TRIUMPH GROUP, INC. AND SUBSIDIARIES (dollars in thousands, except share data) BALANCE SHEETS UnauditedDecember 31,2024 March 31,2024 Assets Cash and cash equivalents $ 133,487 $ 392,511 Accounts receivable, net 139,977 138,272 Contract assets 85,113 74,289 Inventory, net 391,317 317,671 Prepaid and other current assets 16,952 16,626 Current assets 766,846 939,369 Property and equipment, net 151,880 144,287 Goodwill 509,950 510,687 Intangible assets, net 58,385 65,063 Other, net 24,725 26,864 Total assets $ 1,511,786 $ 1,686,270 Liabilities & Stockholders' Deficit Current portion of long-term debt $ 8,549 $ 3,200 Accounts payable 121,775 167,349 Contract liabilities 48,031 55,858 Accrued expenses 127,854 129,855 Current liabilities 306,209 356,262 Long-term debt, less current portion 961,802 1,074,999 Accrued pension and post-retirement benefits, noncurrent 255,334 283,634 Deferred income taxes, noncurrent 7,267 7,268 Other noncurrent liabilities 63,494 68,521 Stockholders' Deficit: Common stock, $.001 par value, 200,000,000 shares authorized, 77,353,955 and 76,923,691 shares issued and outstanding 77 77 Capital in excess of par value 1,115,688 1,107,750 Accumulated other comprehensive loss (515,294) (517,069) Accumulated deficit (682,791) (695,172) Total stockholders' deficit (82,320) (104,414) Total liabilities and stockholders' deficit $ 1,511,786 $ 1,686,270 (Continued) FINANCIAL DATA (UNAUDITED) TRIUMPH GROUP, INC. AND SUBSIDIARIES (dollars in thousands) Nine Months Ended December 31, 2024 2023 Operating Activities Net income (loss) $ 12,381 $ (35,361) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 22,227 25,688 Amortization of acquired contract liability (2,115) (1,951) (Gain) loss on sale of assets and businesses (5,018) 12,208 Loss (gain) on modification and extinguishment of debt 5,369 (5,125) Other amortization included in interest expense 3,045 4,458 Provision for credit losses 19 855 Warrants remeasurement gain — (8,545) Share-based compensation 9,851 8,788 Changes in other assets and liabilities, excluding the effects of acquisitions and divestitures: Trade and other receivables (2,870) 16,926 Contract assets (10,881) (4,144) Inventories (73,872) (49,545) Prepaid expenses and other current assets (186) (880) Accounts payable, accrued expenses, and contract liabilities (48,672) (30,502) Accrued pension and other postretirement benefits (11,352) (3,352) Other, net (7,684) 2,207 Net cash used in operating activities (109,758) (68,275) Investing Activities Capital expenditures (15,390) (16,258) Payments on sale of assets and businesses (2,310) (6,840) Investment in joint venture — (1,658) Net cash used in investing activities (17,700) (24,756) Financing Activities Proceeds from issuance of debt 40,000 2,000 Retirement of debt and finance lease obligations (162,465) (50,585) Payment of deferred financing costs — (1,728) Proceeds on issuance of common stock, net of issuance costs — 79,961 Premium on redemption of long-term debt (3,600) — Repurchase of shares for share-based compensation minimum tax obligation (2,321) (1,287) Net cash (used in) provided by financing activities (128,386) 28,361 Effect of exchange rate changes on cash (3,180) 166 Net change in cash and cash equivalents (259,024) (64,504) Cash and cash equivalents at beginning of period 392,511 227,403 Cash and cash equivalents at end of period $ 133,487 $ 162,899 (Continued) FINANCIAL DATA (UNAUDITED) TRIUMPH GROUP, INC. AND SUBSIDIARIES (dollars in thousands) Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Systems & Support Net sales to external customer $ 277,806 $ 240,875 $ 779,739 $ 717,514 Inter-segment sales (eliminated in consolidation) — 234 8 724 Segment EBITDAP 64,252 39,439 166,472 128,738 Segment EBITDAP Margin 23.2 % 16.4 % 21.4 % 18.0 % Depreciation & amortization 6,415 6,393 19,179 18,805 Interiors Net sales to external customer $ 37,750 $ 44,080 $ 104,328 $ 115,942 Inter-segment sales (eliminated in consolidation) — — 11 13 Segment EBITDAP 6,310 (1,540) 924 (6,137) Segment EBITDAP Margin 16.7 % -3.5 % 0.9 % -5.3 % Depreciation & amortization 502 584 1,602 1,911 (Continued) FINANCIAL DATA (UNAUDITED)TRIUMPH GROUP, INC, AND SUBSIDIARES(dollars in thousands) Non-GAAP Financial Measure Disclosures We prepare and publicly release annual audited and quarterly unaudited financial statements prepared in accordance with U.S. GAAP. In accordance with Securities and Exchange Commission (the "SEC") rules, we also disclose and discuss certain non-GAAP financial measures in our public filings and earning releases. Currently, the non-GAAP financial measures that we disclose are Adjusted EBITDA, which is our income (loss) from continuing operations before interest and gains or losses on debt modification and extinguishment, income taxes, amortization of acquired contract liabilities, costs incurred pertaining to shareholder cooperation agreements, consideration payable to customer related to divestitures, legal contingency losses (including legal judgments and settlements), gains/loss on divestitures, gains/losses on warrant remeasurements and warrant-related transaction costs, share-based compensation expense, depreciation and amortization (including impairment of long-lived assets), other non-recurring impairments, and the effects of certain pension charges such as curtailments, settlements, withdrawals, and other early retirement incentives; and Adjusted EBITDAP, which is Adjusted EBITDA, before pension expense or benefit (excluding pension charges already adjusted in Adjusted EBITDA). We disclose Adjusted EBITDA on a consolidated and Adjusted EBITDAP on a consolidated and a reportable segment basis in our earnings releases, investor conference calls and filings with the SEC. The non-GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. Also, in the future, we may disclose different non-GAAP financial measures in order to help our investors more meaningfully evaluate and compare our future results of operations with our previously reported results of operations. We view Adjusted EBITDA and Adjusted EBITDAP as operating performance measures and, as such, we believe that the U.S. GAAP financial measure most directly comparable to such measures is income (loss) from continuing operations. In calculating Adjusted EBITDA and Adjusted EBITDAP, we exclude from income (loss) from continuing operations the financial items that we believe should be separately identified to provide additional analysis of the financial components of the day-to-day operation of our continuing business. We have outlined below the type and scope of these exclusions and the material limitations on the use of these non-GAAP financial measures as a result of these exclusions. Adjusted EBITDA and Adjusted EBITDAP are not measurements of financial performance under U.S. GAAP and should not be considered as a measure of liquidity, as an alternative to income (loss) from continuing operations, or as an indicator of any other measure of performance derived in accordance with U.S. GAAP. Investors and potential investors in our securities should not rely on Adjusted EBITDA or Adjusted EBITDAP as a substitute for any U.S. GAAP financial measure, including income (loss) from continuing operations. In addition, we urge investors and potential investors in our securities to carefully review the reconciliation of Adjusted EBITDA and Adjusted EBITDAP to income (loss) from continuing operations set forth below, in our earnings releases, and in other filings with the SEC and to carefully review the U.S. GAAP financial information included as part of our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K that are filed with the SEC, as well as our quarterly earnings releases, and compare the U.S. GAAP financial information with our Adjusted EBITDA and Adjusted EBITDAP. Adjusted EBITDA and Adjusted EBITDAP are used by management to internally measure our operating and management performance and by investors as a supplemental financial measure to evaluate the performance of our business that, when viewed with our U.S. GAAP results and the accompanying reconciliation, we believe provides additional information that is useful to gain an understanding of the factors and trends affecting our business. We have spent more than 20 years expanding our product and service capabilities, partially through acquisitions of complementary businesses. Due to the expansion of our operations, which included acquisitions, our income (loss) from continuing operations has included significant charges for depreciation and amortization. Adjusted EBITDA and Adjusted EBITDAP exclude these charges and provide meaningful information about the operating performance of our business, apart from charges for depreciation and amortization. We believe the disclosure of Adjusted EBITDA and Adjusted EBITDAP helps investors meaningfully evaluate and compare our performance from quarter to quarter and from year to year. We also believe Adjusted EBITDA and Adjusted EBITDAP are measures of our ongoing operating performance because the isolation of noncash charges, such as depreciation and amortization, and nonoperating items, such as interest, income taxes, pension and other postretirement benefits, provides additional information about our cost structure and, over time, helps track our operating progress. In addition, investors, securities analysts, and others have regularly relied on Adjusted EBITDA and Adjusted EBITDAP to provide financial measures by which to compare our operating performance against that of other companies in our industry. (Continued) FINANCIAL DATA (UNAUDITED)TRIUMPH GROUP, INC. AND SUBSIDIARIES(dollars in thousands) Set forth below are descriptions of the financial items that have been excluded from our income (loss) from continuing operations) to calculate Adjusted EBITDA and Adjusted EBITDAP and the material limitations associated with using these non-GAAP financial measures as compared with income (loss) from continuing operations: Gains or losses from sale of assets and businesses may be useful for investors to consider because they reflect gains or losses from sale of operating units or other assets. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. Warrants remeasurement gains or losses and Warrant-related transaction costs may be useful for investors to consider because they reflect the mark-to-market changes in the fair value of our Warrants and the costs associated with Warrants issuance. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. Consideration payable to a customer related to a divestiture may be useful for investors to consider because it reflects consideration paid to facilitate the ultimate sale of operating units. We do not believe these charges necessarily reflect the current and ongoing cash earnings related to our operations. Shareholder cooperation expenses may be useful for investors to consider because they represent certain costs of corporate governance that may be incurred periodically when reaching cooperative agreements with shareholders. We do not believe these charges necessarily reflect the current and ongoing cash earnings related to our operations. Legal contingencies loss, when applicable, may be useful for investors to consider because it reflects gains or losses from legal disputes with third parties. We do not believe these gains or losses reflect the current and ongoing earnings related to our operations. Non-service defined benefit income or expense from our pension and other postretirement benefit plans (inclusive of certain pension related transactions such as curtailments, settlements, withdrawal, and early retirement or other incentives) may be useful for investors to consider because they represent the cost of postretirement benefits to plan participants, net of the assumption of returns on the plan's assets and are not indicative of the cash paid for such benefits. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. Amortization of acquired contract liabilities may be useful for investors to consider because it represents the noncash earnings on the fair value of off-market contracts acquired through acquisitions. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. Amortization expense and nonrecurring asset impairments (including goodwill and intangible asset impairments) may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of trade names, product rights, licenses, or, in the case of goodwill, other assets that are not individually identified and separately recognized under U.S. GAAP, or, in the case of nonrecurring asset impairments, the impact of unusual and nonrecurring events affecting the estimated recoverability of existing assets. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. Depreciation may be useful for investors to consider because it generally represents the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. Share-based compensation may be useful for investors to consider because it represents a portion of the total compensation to management and the board of directors. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. (Continued) FINANCIAL DATA (UNAUDITED)TRIUMPH GROUP, INC. AND SUBSIDIARIES(dollars in thousands) The amount of interest expense and other, as well as debt extinguishment gains or losses, we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other and debt extinguishment gains or losses to be a representative component of the day-to-day operating performance of our business. Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business. Management compensates for the above-described limitations of using non-GAAP measures by using a non-GAAP measure only to supplement our GAAP results and to provide additional information that is useful to gain an understanding of the factors and trends affecting our business. The following table shows our Adjusted EBITDA and Adjusted EBITDAP reconciled to our income (loss) from continuing operations for the indicated periods (in thousands): Three Months Ended Nine Months Ended December 31, December 31, Adjusted Earnings before Interest, Taxes, Depreciation,Amortization, and Pension (Adjusted EBITDAP): 2024 2023 2024 2023 Income (loss) from continuing operations $ 14,605 $ (11,911) $ 7,701 $ (39,930) Add-back: Income tax expense 2,756 1,069 1,479 3,348 Interest expense and other, net 20,690 32,419 61,543 94,354 Debt modification and extinguishment (gain) loss — (1,046) 5,369 (5,125) Warrant remeasurement gain — — — (8,545) Legal contingencies loss 6,200 — 13,664 1,338 Shareholder cooperation expenses — — — 1,905 Loss on sales of assets and businesses, net — — — 12,208 Share-based compensation 3,486 1,442 9,851 8,788 Amortization of acquired contract liabilities (902) (800) (2,115) (1,965) Depreciation and amortization 7,373 7,383 22,227 22,062 Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") $ 54,208 $ 28,556 $ 119,719 $ 88,438 Non-service defined benefit expense (income) (excluding settlements) 1,246 (820) 3,747 (2,460) Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, and Pension ("Adjusted EBITDAP") $ 55,454 $ 27,736 $ 123,466 $ 85,978 Net sales $ 315,556 $ 284,955 $ 884,067 $ 833,456 Income (loss) from continuing operations margin 4.6 % (4.2) % 0.9 % (4.8) % Adjusted EBITDAP margin 17.6 % 9.8 % 14.0 % 10.3 % (Continued) FINANCIAL DATA (UNAUDITED)TRIUMPH GROUP, INC. AND SUBSIDIARIES(dollars in thousands) Non-GAAP Financial Measure Disclosures (continued) Adjusted income from continuing operations, before income taxes, adjusted income from continuing operations and adjusted income from continuing operations per diluted share, before non-recurring costs have been provided for consistency and comparability. These measures should not be considered in isolation or as alternatives to income from continuing operations before income taxes, income from continuing operations and income from continuing operations per diluted share presented in accordance with GAAP. The following tables reconcile income from continuing operations before income taxes, income from continuing operations, and income from continuing operations per diluted share, before non-recurring costs. Three Months EndedDecember 31, 2024 (amounts in '000s, except per share amounts) Pre-Tax After-Tax Diluted EPS Income from continuing operations - GAAP $ 17,361 $ 14,605 $ 0.19 Adjustments: Legal contingencies loss 6,200 6,200 0.08 Restructuring costs 200 200 0.00 Adjusted income from continuing operations - non-GAAP $ 23,761 $ 21,005 $ 0.27 Nine Months EndedDecember 31, 2024 Pre-Tax After-Tax Diluted EPS Income from continuing operations - GAAP $ 9,180 $ 7,701 $ 0.10 Adjustments: Legal contingencies loss 13,664 13,664 0.18 Restructuring costs 5,382 5,382 0.07 Debt extinguishment loss 5,369 5,369 0.07 Adjusted income from continuing operations - non-GAAP* $ 33,595 $ 32,116 $ 0.41 *Difference due to rounding. (Continued) FINANCIAL DATA (UNAUDITED)TRIUMPH GROUP, INC. AND SUBSIDIARIES(dollars in thousands) Non-GAAP Financial Measure Disclosures (continued) Three Months EndedDecember 31, 2023 Pre-Tax After-Tax Diluted EPS Loss from continuing operations - GAAP $ (10,842) $ (11,911) $ (0.15) Adjustments: Restructuring costs 43 43 0.00 Debt modification and extinguishment gain (1,046) (1,046) (0.01) Adjusted loss from continuing operations - non-GAAP $ (11,845) $ (12,914) $ (0.16) Nine Months EndedDecember 31, 2023 Pre-Tax After-Tax Diluted EPS Loss from continuing operations - GAAP $ (36,582) $ (39,930) $ (0.55) Adjustments: Shareholder cooperation expenses 1,905 1,905 0.03 Loss on sale of assets and businesses, net 12,208 12,208 0.17 Restructuring costs 1,985 1,985 0.03 Debt modification and extinguishment gain (5,125) (5,125) (0.07) Legal contingencies loss 1,338 1,338 0.02 Adjusted loss from continuing operations - non-GAAP* $ (24,271) $ (27,619) $ (0.38) *Difference due to rounding. Adjusted Operating Income is defined as GAAP Operating Income, less expenses/gains associated with the Company's transformation, such as restructuring expenses, gains/losses on divestitures, impairments of goodwill and other assets. Management believes that this is useful in evaluating operating performance, but this measure should not be used in isolation. The following table reconciles our Operating income to Adjusted Operating income as noted above. Three Months EndedDecember 31, Nine Months EndedDecember 31, 2024 2023 2024 2023 Operating income - GAAP $ 39,297 $ 19,711 $ 79,839 $ 41,642 Adjustments: Loss on sale of assets and businesses, net — — — 12,208 Legal contingencies loss 6,200 — 13,664 1,338 Restructuring costs (cash based) 200 43 5,382 1,985 Shareholder cooperation expenses — — — 1,905 Adjusted operating income - non-GAAP $ 45,697 $ 19,754 $ 98,885 $ 59,078 Adjusted operating margin - non-GAAP 14.5 % 6.9 % 11.2 % 7.1 % (Continued) FINANCIAL DATA (UNAUDITED)TRIUMPH GROUP, INC. AND SUBSIDIARIES(dollars in thousands) Non-GAAP Financial Measure Disclosures (continued)Cash provided by operations, is provided for consistency and comparability. We also use free cash flow as a key factor in planning for and consideration of strategic acquisitions and the repayment of debt. This measure should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results presented in accordance with GAAP. The following table reconciles cash used in operations to free cash use. Three Months EndedDecember 31, Nine Months EndedDecember 31, $ in millions 2024 2023 2024 2023 Cash provided by (used in) from operating activities $ 33.1 $ 27.6 $ (109.8) $ (68.3) Less: Capital expenditures (0.9) (5.3) (15.4) (16.3) Free cash flow (use)* $ 32.3 $ 22.4 $ (125.1) $ (84.5) * Differences due to rounding SOURCE Triumph Group WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

TRIUMPH REPORTS STRONG THIRD QUARTER FISCAL 2025 RESULTS

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News