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SEGMENTS
 3 Months Ended
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