Cost Reduction Plan on Track
The company is progressing well with its restructuring initiatives, with a structural cost reduction plan expected to deliver approximately $10 million to $12 million in annual pretax cost savings by the end of 2025.
Strong Balance Sheet and Cash Flow
The company generated cash from operating activities of $48.3 million and free cash flow of $41.9 million in the quarter, with a free cash flow conversion of adjusted net income of 170% on a trailing twelve-month basis.
Share Repurchase and Debt Prepayment
Repurchased 600,000 shares for $5.1 million and made a voluntary prepayment of $40 million on the first lien term loan, which will lower overall interest expense by an estimated $2.2 million for the year.
International Segment Growth
The international segment saw total revenues increase by $500,000 or 44.2% compared to the prior year, driven by increased volumes due to normalizing local market conditions.