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SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

SEGMENTS [Abstract]

Sales and Other Financial Information by Reportable Segment

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.

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.

Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes

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

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

Disaggregated by Geography of Sales

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

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

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-Section 50
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- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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