<SEC-DOCUMENT>0001193125-24-039535.txt : 20240402
<SEC-HEADER>0001193125-24-039535.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240220100157
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-039535
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAHAM CORP
		CENTRAL INDEX KEY:			0000716314
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				161194720
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;20, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Ms.&nbsp;Megan Akst and Ms.&nbsp;Kathleen Collins </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Graham Corp </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended March&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended December&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-08462</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Akst and Ms.&nbsp;Collins: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
behalf of Graham Corporation (&#147;Graham&#148; or the &#147;Company&#148;), this letter is sent in response to your office&#146;s comment letter dated February&nbsp;6, 2024 regarding the Company&#146;s annual report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended March&nbsp;31, 2023 (&#147;fiscal 2023&#148;), filed on June&nbsp;8, 2023 and the Company&#146;s quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period
ended December&nbsp;31, 2023, filed on February&nbsp;5, 2024. For your convenience, each of the Staff&#146;s comments has been repeated below in its entirety in italicized font, with the Company&#146;s response to each such comment set out
immediately underneath it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarterly Period Ending December&nbsp;31, 2023 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures, page
25</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your adjustment for BN Performance Bonus to both adjusted EBITDA and adjusted net income. To the
extent these bonuses are payable in cash, please tell us how you determined it is appropriate to exclude such amounts from your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures, and explain how this compensation differs from other cash
bonuses paid to employees and management. Refer to Question 100.01 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> C&amp;DIs.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
Staff&#146;s comment and notes that management carefully considers the guidance contained in the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures Compliance&nbsp;&amp; Disclosures Interpretations (&#147;C&amp;DIs&#148;). The
Answer to Question 100.01 states, &#147;Presenting a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> performance measure that excludes normal, recurring cash operating expenses necessary to operate a registrant&#146;s business is one example of a
measure that could be misleading.&#148; The Answer to Question 100.01 concludes, &#147;The staff would view an operating expense that occurs repeatedly or occasionally, including at irregular intervals, as recurring.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;20, 2024 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Barber-Nichols, LLC (&#147;BN&#148;) was a privately held company acquired by Graham on
June&nbsp;1, 2021. The purchase agreement included a contingent <FONT STYLE="white-space:nowrap">earn-out</FONT> (the &#147;BN <FONT STYLE="white-space:nowrap">Earn-out</FONT> Agreement&#148;) dependent upon the EBITDA levels of BN for our fiscal
year ending March&nbsp;31, 2024 (&#147;fiscal 2024&#148;). Under the terms of the BN <FONT STYLE="white-space:nowrap">Earn-out</FONT> Agreement, the shareholders of BN were eligible to receive from $7&nbsp;million to $14&nbsp;million in additional
cash consideration if an EBITDA threshold of at least $8.75&nbsp;million was achieved, with additional cash consideration added for amounts above that threshold. This agreement was filed as exhibit 10.2 to the Company&#146;s Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> dated June&nbsp;1, 2021. In accordance with Accounting Standard Codification 805 &#147;Business Combinations,&#148; (&#147;ASC 805&#148;) on June&nbsp;1, 2021, a liability of $1.9&nbsp;million was recorded
representing the fair value of the contingent <FONT STYLE="white-space:nowrap">earn-out</FONT> as of the acquisition date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shortly after
the acquisition date, the former shareholders of BN asked the Company if the BN <FONT STYLE="white-space:nowrap">Earn-out</FONT> Agreement could be given to the employees of BN so that they could share in the benefits of the transaction. As a
result, in October of 2021, the BN <FONT STYLE="white-space:nowrap">Earn-out</FONT> Agreement was terminated and Graham entered into a new supplemental performance bonus agreement with the employees of BN (the &#147;Supplemental BN Bonus
Agreement&#148;). Under the terms of the Supplemental BN Bonus Agreement, all employees who are employed by BN at the end of the applicable fiscal year the bonus relates to, are eligible to share between $2&nbsp;million and $4&nbsp;million per year
for fiscal years ending March&nbsp;31, 2024, 2025, and 2026 if certain EBITDA levels are achieved as defined in the agreement. Note that the fiscal 2024 EBITDA target for the Supplemental BN Bonus Agreement is the same as the fiscal 2024 EBITDA
target of the BN <FONT STYLE="white-space:nowrap">Earn-out</FONT> Agreement. Additionally, it should be noted that no changes were made to the existing BN bonus plan that all employees of BN are eligible to receive each year. The Supplemental BN
Bonus Agreement is in addition to the normal BN employee bonus, which is also based on EBITDA, and excludes any impact from the Supplemental BN Bonus Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with ASC 805, in October 2021 the $1.9&nbsp;million contingent <FONT STYLE="white-space:nowrap">earn-out</FONT> liability was
reversed into Other Operating (Income) Expense, Net, on the Company&#146;s Consolidated Statement of Operations after the BN <FONT STYLE="white-space:nowrap">Earn-out</FONT> Agreement was terminated. It should be noted that this gain was subtracted
for purposes of calculating Adjusted EBITDA and Adjusted Net Income for fiscal 2022 as shown on page 29 of the Company&#146;s Annual Report on form <FONT STYLE="white-space:nowrap">10-K</FONT> dated March&nbsp;31, 2023 and the applicable 10Qs for
fiscal 2022 and subsequent periods. Additionally, it should be noted that five key members of BN&#146;s management team were given retention bonuses in connection with the acquisition, which were not added back to Adjusted EBITDA or Adjusted Net
Income for fiscal 2022 or fiscal 2023 as they are expected to reoccur in the future on irregular intervals as the Company consummates future acquisitions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The termination agreement is filed as exhibit 10.1 to the Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT>
dated September&nbsp;30, 2021 and the Supplemental BN Bonus Agreement, as amended for clarification, is filed as exhibit 10.1 to the Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> dated September&nbsp;30, 2022.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The facts and circumstances related to the Supplemental BN Bonus Agreement, along with the amount accrued during the periods presented,
are disclosed in the Summary section and SG&amp;A discussion of Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation of our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the period
ended December&nbsp;31, 2023 (page 21 and 25 respectively). In future filings, we will enhance our disclosures to include some of the facts discussed in this response to make this more transparent for shareholders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;20, 2024 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Management determined that excluding the costs associated with the Supplemental BN Bonus
Agreement from adjusted EBITDA, adjusted net income and adjusted earnings per share was appropriate and compliant with Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and consistent with the guidance given in Question 100.01 of
the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures C&amp;DI. The program is highly unusual, limited in duration, and implemented specifically at the request of former BN shareholders to allow BN employees to share in the
benefits of the sale of BN. Nearly half (4 of 10) of the former BN shareholders are not eligible to receive any portion of the Supplemental BN Bonus Agreement, with the other half only receiving a fraction of what they would have received if the BN <FONT
STYLE="white-space:nowrap">Earn-out</FONT> Agreement had not been terminated. The Company has never before instituted such a supplemental bonus program and does not expect such a supplemental bonus program to reoccur in the future. Further, the
supplemental bonus program was not necessary to operate the business as a normal annual bonus program was already in existence and retention bonuses had been given to key management. It should also be noted that if the BN <FONT
STYLE="white-space:nowrap">Earn-out</FONT> Agreement was not terminated and remained with the shareholders of BN versus its employees, a significant portion the <FONT STYLE="white-space:nowrap">earn-out</FONT> would have been captured in the opening
balance sheet <FONT STYLE="white-space:nowrap">earn-out</FONT> liability with a corresponding offset to goodwill and not through net income. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2<I>.</I><I></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You disclose adjusted EBITDA as a percentage of revenue without presenting the comparable GAAP measure of
net loss as a percentage of revenue both here and in the Form <FONT STYLE="white-space:nowrap">10-K.</FONT> Please revise to present a comparable GAAP measure of net income as a percentage of revenue with equal or greater prominence. Refer to
Question 102.10(a) of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> C&amp;DIs.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and will ensure to provide the comparable GAAP measure of net income (loss) as a percentage of revenue
with equal or greater prominence in all future filings in accordance with Question 102.10(a) of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> C&amp;DIs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or comments regarding these responses or require any additional information, please do not hesitate to contact me at
<FONT STYLE="white-space:nowrap">CThome@graham-mfg.com</FONT> or (716) <FONT STYLE="white-space:nowrap">225-8116.</FONT> Please note that I will be out of the office with limited access to email until February&nbsp;26, 2024. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Christopher J. Thome</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christopher J. Thome</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice
President-Finance&nbsp;&amp; Chief Financial Officer</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
