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SEGMENTS | 3 Months Ended
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Mar. 31, 2025
SEGMENTS [Abstract] |
SEGMENTS | NOTE 11 – SEGMENTS The Company identifies their operating and reportable segments based on the management structure and the financial data utilized by the chief operating decision maker (“CODM”), which was determined to be the Board of Directors, to assess segment performance and allocate resources among the operating units. The Company’s segment reporting policy identifies two operating segments, North America and Europe, including Rest of the World, (“ROW”), as reportable segments. Financial results for each segment are presented separately to provide transparency and insight into the performance and resources of each geographic area, consistent with how the CODM reviews and assesses the Company’s operations. The CODM evaluates the performance of their reportable segments based on Segment Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is defined as income from operations before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments and other gains and losses not reflective of the ongoing operations. Interest expense and taxes on income are not included in the information utilized by the CODM to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below. The Company’s Board of Directors assesses the Segment Adjusted EBITDA to compare to historical trends and the forecast to assess segment results, allocate capital, make strategic decisions and identify areas of opportunity. Sales and other financial information by reportable segment are as follows: Three Months Ended March 31, 2025
|  | North America |  |  | Europe and ROW |  |  | Total |
New Business |  | $ | 130,256 |  |  | $ | 72,652 |  |  | $ | 202,908 |
After Sales |  |  | 17,035 |  |  |  | 29,243 |  |  |  | 46,278 |
Segment sales |  | $ | 147,291 |  |  | $ | 101,895 |  |  | $ | 249,186 |
|  | North America |  |  | Europe and ROW |  |  | Total |
Depreciation and amortization expense |  | $ | 5,139 |  |  | $ | 1,486 |  |  | $ | 6,625 |
Segment assets |  | $ | 696,745 |  |  | $ | 420,346 |  |  | $ | 1,117,091 |
Capital expenditures |  | $ | 2,157 |  |  | $ | 963 |  |  | $ | 3,120 |
Segment Adjusted EBITDA is as follows:
|  | North America |  |  | Europe and ROW |
Sales |  | $ | 147,291 |  |  | $ | 101,895 |
Cost of products sold |  |  | 116,909 |  |  |  | 78,971 |
Research and development |  |  | 601 |  |  |  | 4,026 |
Selling, general and administrative |  |  | 12,534 |  |  |  | 18,190 |
Other segment items1 |  |  | (1,789 | ) |  |  | (1,533 | )
Segment Adjusted EBITDA |  | $ | 19,036 |  |  | $ | 2,241 |
1 | Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, non-service cost related pension expense and legacy plan, foreign exchange gain on external debts and other non-recurring.
The reconciliation of total Segment Adjusted EBITDA to Income before income taxes as follows: Three Months Ended March 31, 2025
Total Segment Adjusted EBITDA |  | $ | 21,277 |
Interest expense |  |  | (6,503 | )
Foreign exchange gains/losses on external debt |  |  | (982 | )
Depreciation and amortization |  |  | (6,625 | )
Restructuring and other related expenses |  |  | (374 | )
Transaction related expenses |  |  | (4,643 | )
Settlement of acquisition |  |  | (412 | )
Pension related income, net |  |  | 929 |
Change in provision for contingencies |  |  | 210 |
Other non-operating one-off items |  |  | (28 | )
Income before income taxes |  | $ | 2,849 |
Three Months Ended March 31, 2024
|  | North America |  |  | Europe and ROW |  |  | Total |
New Business |  | $ | 128,738 |  |  | $ | 84,141 |  |  | $ | 212,879 |
After Sales |  |  | 16,229 |  |  |  | 29,693 |  |  |  | 45,922 |
Segment sales |  | $ | 144,967 |  |  | $ | 113,834 |  |  | $ | 258,801 |
|  | North America |  |  | Europe and ROW |  |  | Total |
Depreciation and amortization expense |  | $ | 5,123 |  |  | $ | 1,244 |  |  | $ | 6,367 |
Segment assets |  | $ | 703,809 |  |  | $ | 410,481 |  |  | $ | 1,114,290 |
Capital expenditures |  | $ | 1,524 |  |  | $ | 2,547 |  |  | $ | 4,071 |
Segment Adjusted EBITDA is as follows: Three Months Ended March 31, 2024
|  | North America |  |  | Europe and ROW |
Sales |  | $ | 144,967 |  |  | $ | 113,834 |
Cost of products sold |  |  | 115,287 |  |  |  | 84,990 |
Research and development |  |  | 726 |  |  |  | 4,991 |
Selling, general and administrative |  |  | 12,533 |  |  |  | 16,185 |
Other segment items2 |  |  | (1,228 | ) |  |  | (819 | )
Segment Adjusted EBITDA |  | $ | 17,649 |  |  | $ | 8,487 |
2 | Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, non-service cost related pension expense and legacy plan, foreign exchange gain on external debts and other non-recurring.
The reconciliation of total Segment Adjusted EBITDA to Income before income taxes as follows: Three Months Ended March 31, 2024
Total Segment Adjusted EBITDA |  | $ | 26,136 |
Interest expense |  |  | (9,112 | )
Foreign exchange gains/losses on external debt |  |  | 2,295 |
Depreciation and amortization |  |  | (6,367 | )
Pension related income, net |  |  | 628 |
Legal matters |  |  | (283 | )
Change in provision for contingencies |  |  | (550 | )
Other non-operating one-off items |  |  | (29 | )
Income before income taxes |  | $ | 12,718 |
The following table presents sales disaggregated by geography which exceed 10% of total sales:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Switzerland |  | $ | 11,205 |  |  | $ | 13,948 |
U.S. |  |  | 134,448 |  |  |  | 136,272 |
Other |  |  | 103,533 |  |  |  | 108,581 |
Total sales |  | $ | 249,186 |  |  | $ | 258,801 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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