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Quanex Building Products Announces Fourth Quarter and Fiscal Year 2022 Results

Another Year of Record Revenue and Earnings
Strong Free Cash Flow
Repaid $25 Million in Bank Debt in 4Q22
Balance Sheet and Liquidity Remain Strong

HOUSTON, Dec. 15, 2022 (GLOBE NEWSWIRE) — Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months and twelve months ended October 31, 2022.  

The Company reported the following selected financial results:

  Three Months Ended October 31,
 Twelve Months Ended October 31,
($ in millions, except per share data) 2022 2021 2022 2021
Net Sales $307.5 $291.8 $1,221.5 $1,072.1
Gross Margin $67.5 $65.0 $268.5 $240.6
Gross Margin % 21.9% 22.3% 22.0% 22.4%
Net Income $24.7 $20.9 $88.3 $57.0
Diluted EPS $0.75 $0.62 $2.66 $1.70
         
Adjusted Net Income $25.0 $20.8 $88.9 $58.6
Adjusted Diluted EPS $0.75 $0.62 $2.68 $1.75
Adjusted EBITDA $38.7 $37.3 $152.5 $126.8
Adjusted EBITDA Margin % 12.6% 12.8% 12.5% 11.8%
         
Cash Provided by Operating Activities $48.1 $31.2 $98.0 $78.6
Free Cash Flow $34.5 $23.2 $64.8 $54.6

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “We reported another year of record revenue and earnings. Our employees stepped up and performed extremely well throughout the year, despite having to navigate challenges related to the supply chain, inflation, and labor. Overall, our solid results for the fourth quarter and full year reflected the benefit from our pass-through pricing strategy. Volumes increased in our North American Fenestration segment during the fourth quarter, but volumes decreased in our other operating segments and foreign exchange had a negative impact.  

“Free Cash Flow increased significantly during the fourth quarter of this year compared to the same period last year. We were able to repay $25 million of bank debt during the quarter and our balance sheet remains strong.” (See Non-GAAP Terminology Definitions and Disclaimers section and the reconciliation of Free Cash Flow to cash provided by operating activities for additional information)

Fourth Quarter and Fiscal 2022 Results Summary   

Quanex reported net sales of $307.5 million during the three months ended October 31, 2022, which represents growth of 5.4% compared to $291.8 million for the same period of 2021. The Company reported net sales of $1.22 billion during the twelve months ended October 31, 2022, which represents growth of 13.9% compared to $1.07 billion for the same period of 2021. The increases were primarily attributable to higher prices related to the pass through of raw material cost inflation. The Company realized net sales growth of 14.0% for the fourth quarter of 2022 and 18.9% for the full year in its North American Fenestration segment. In its North American Cabinet Components segment, Quanex reported net sales growth of 2.1% for the fourth quarter and 12.0% for the full year. Excluding the foreign exchange impact, the Company realized 5.2% and 14.2% net sales growth for the fourth quarter and full year, respectively, in its European Fenestration segment. (See Sales Analysis table for additional information)

The increase in earnings for the three months and twelve months ended October 31, 2022 was mostly due to increased pricing and surcharges related to the pass through of raw material cost inflation and higher volumes in the North American Fenestration segment. In addition, because of updates to taxable differences for Global Intangible Low-Taxed Income (GILTI), non-cash compensation, and bonus depreciation, the Company had a return to provision tax benefit of approximately $6 million in fiscal 2022.

Balance Sheet & Liquidity Update

As of October 31, 2022, Quanex had total debt of $13.0 million and its leverage ratio of Net Debt to LTM Adjusted EBITDA improved to (0.2x), or net debt free.   (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity increased to $362.0 million as of October 31, 2022, consisting of $55.1 million in cash on hand plus availability under its new Amended and Restated Senior Secured Revolving Credit Facility due 2027, less letters of credit outstanding.

Share Repurchases

Quanex’s Board authorized a $75 million share repurchase program in December of 2021. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements, and other relevant factors. The Company was in possession of material non-public information related to the previously disclosed acquisition of LMI Custom Mixing, LLC assets and therefore was not able to repurchase any shares of common stock during the three months ended October 31, 2022. As of October 31, 2022, approximately $68.4 million remained under the existing share repurchase authorization.

Outlook        

Mr. Wilson stated, “As previously disclosed, we acquired the assets of LMI Custom Mixing, LLC on November 1, 2022 for $92 million in cash. This acquisition fits the profitable growth strategy we unveiled when we reported earnings for the third quarter, and we look forward to realizing the related synergies. Our balance sheet remains strong even after accounting for the recent acquisition, and we are committed to executing on our plan and creating further value for shareholders.   

Our long-term view continues to be optimistic as the underlying fundamentals for the residential housing market remain positive. However, like last year, based on current macro indicators and recent conversations with our customers, we are taking a measured approach to 2023 guidance. As such, we believe it would be premature to give guidance at this time. We intend to re-visit guidance when we report earnings for the first quarter.”

Conference Call and Webcast Information

The Company has also scheduled a conference call for Friday, December 16, 2022 at 11:00 a.m. ET (10:00 a.m. CT) to discuss the release. A link to the live audio webcast will be available on Quanex’s website at http://www.quanex.com in the Investors section under Presentations & Events.

Participants can pre-register for the conference call using the following link: https://register.vevent.com/register/BI3e2f1725ab404b78b247eb855d31576a

Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, it is recommended that participants dial into the conference call ten minutes ahead of the scheduled start time. A replay will be available for a limited time on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.

About Quanex

Quanex is a global manufacturer with core capabilities and broad applications across various end markets. The Company currently collaborates and partners with leading OEMs to provide innovative solutions in the window, door, vinyl fencing, solar, refrigeration and cabinetry markets.  Looking ahead, Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets.

For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  Net Debt is defined as total debt (outstanding balance on the revolving credit facility plus financial lease obligations) less cash and cash equivalents. The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement. Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Quanex uses the Free Cash Flow metric to measure operational and cash management performance and assist with financial decision-making. Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of the Company’s residual cash flow available for discretionary expenditures. Quanex believes Free Cash Flow is useful to investors in understanding and evaluating the Company’s financial and cash management performance. Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies. Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP.

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
         
  Three Months Ended October 31, Twelve Months Ended October, 31
   2022   2021   2022   2021 
         
Net sales $307,532  $291,768  $1,221,502  $1,072,149 
Cost of sales  240,073   226,818   953,004   831,541 
Selling, general and administrative  29,334   27,668   117,108   115,967 
Restructuring charges           39 
Depreciation and amortization  9,555   10,189   40,109   42,732 
Operating income  28,570   27,093   111,281   81,870 
Interest expense  (710)  (542)  (2,559)  (2,530)
Other, net  136   109   1,041   754 
Income before income taxes  27,996   26,660   109,763   80,094 
Income tax expense  (3,329)  (5,762)  (21,427)  (23,114)
Net income $24,667  $20,898  $88,336  $56,980 
         
Earnings per common share, basic $0.75  $0.63  $2.67  $1.72 
Earnings per common share, diluted $0.75  $0.62  $2.66  $1.70 
         
Weighted average common shares outstanding:        
Basic  32,916   33,191   33,048   33,193 
Diluted  33,082   33,454   33,205   33,495 
         
Cash dividends per share $0.08  $0.08  $0.32  $0.32 
         

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
  October 31, 2022 October 31, 2021
ASSETS    
Current assets:    
Cash and cash equivalents $55,093  $40,061 
Accounts receivable, net  96,018   108,309 
Inventories, net  120,890   92,529 
Prepaid and other current assets  8,664   8,148 
Total current assets  280,665   249,047 
Property, plant and equipment, net  180,400   178,630 
Operating lease right-of-use assets  56,000   52,708 
Goodwill  137,855   149,205 
Intangible assets, net  65,035   82,410 
Other assets  4,662   5,323 
Total assets $724,617  $717,323 
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable $77,907  $86,765 
Accrued liabilities  52,114   56,156 
Income taxes payable  1,049   6,038 
Current maturities of long-term debt  1,046   846 
Current operating lease liabilities  7,727   8,196 
Total current liabilities  139,843   158,001 
Long-term debt  29,628   52,094 
Noncurrent operating lease liabilities  49,286   45,367 
Deferred pension and postretirement benefits  3,917   4,737 
Deferred income taxes  22,277   21,965 
Liabilities for uncertain tax positions  1,361   1,388 
Other liabilities  13,470   13,989 
Total liabilities  259,782   297,541 
Stockholders’ equity:    
Common stock  372   373 
Additional paid-in-capital  251,947   254,162 
Retained earnings  337,456   259,718 
Accumulated other comprehensive loss  (49,422)  (21,770)
Treasury stock at cost  (75,518)  (72,701)
Total stockholders’ equity  464,835   419,782 
Total liabilities and stockholders’ equity $724,617  $717,323 
     
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
     
  Twelve Months Ended October, 31
   2022   2021 
Operating activities:    
Net income $88,336  $56,980 
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization  40,109   42,732 
Loss on the disposition of capital assets  109   3,039 
Stock-based compensation  2,291   1,970 
Deferred income tax  2,097   1,785 
Other, net  1,905   2,126 
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable  6,945   (19,017)
Increase in inventory  (32,035)  (31,382)
Increase in other current assets  (970)  (1,817)
(Decrease) increase in accounts payable  (3,047)  7,097 
(Decrease) increase in accrued liabilities  (3,159)  16,212 
Decrease in income taxes payable  (5,192)  (378)
Increase (decrease) in deferred pension and postretirement benefits  77   (708)
Increase in other long-term liabilities  305   477 
Other, net  194   (528)
Cash provided by operating activities  97,965   78,588 
Investing activities:    
Capital expenditures  (33,121)  (24,008)
Proceeds from disposition of capital assets  159   5,300 
Cash used for investing activities  (32,962)  (18,708)
Financing activities:    
Borrowings under credit facilities  70,500    
Repayments of credit facility borrowings  (95,500)  (65,000)
Debt issuance costs  (1,210)   
Repayments of other long-term debt  (1,747)  (680)
Common stock dividends paid  (10,598)  (10,779)
Issuance of common stock  689   16,272 
Payroll tax paid to settle shares forfeited upon vesting of stock  (1,413)  (492)
Purchase of treasury stock  (6,600)  (11,182)
Cash used for financing activities  (45,879)  (71,861)
Effect of exchange rate changes on cash and cash equivalents  (4,092)  421 
Increase (decrease) in cash and cash equivalents  15,032   (11,560)
Cash and cash equivalents at beginning of period  40,061   51,621 
Cash and cash equivalents at end of period $55,093  $40,061 
     

QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW AND NET DEBT RECONCILIATION
(In thousands)
(Unaudited)
         
The following table reconciles the Company’s calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
         
  Three Months Ended October 31, Twelve Months Ended October, 31
  2022 2021 2022 2021
Cash provided by operating activities $48,111 31,153 $97,965 $78,588
Capital expenditures (13,633) (8,002) (33,121) (24,008)
Free Cash Flow $34,478 $23,151 $64,844 $54,580
         
         
The following table reconciles the Company’s Net Debt which is defined as total debt principal of the Company plus finance lease obligations minus cash.    
         
  As of October 31,  
  2022 2021    
Revolving credit facility $13,000 $38,000    
Finance lease obligations 19,202 15,537    
Total debt (1) 32,202 53,537    
Less: Cash and cash equivalents 55,093 40,061    
Net Debt ($22,891) $13,476    
         
(1) Excludes outstanding letters of credit.        

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)
                  
Reconciliation of Adjusted Net Income and Adjusted EPS Three Months Ended
October 31, 2022
 Three Months Ended
October 31, 2021
 Twelve Months Ended
October 31, 2022
 Twelve Months Ended
October 31, 2021
 
  Net
Income
 Diluted
EPS
 Net
Income
 Diluted
EPS
 Net
Income
 Diluted
EPS
 Net
Income
 Diluted
EPS
 
Net income as reported $24,667 $0.75 $20,898 $0.62 $88,336 $2.66 $56,980 $1.70 
Net income reconciling items from below 290 $ – (51) $ – 581 $0.02 1,609 $0.05 
Adjusted net income and adjusted EPS $24,957 $0.75 $20,847 $0.62 $88,917 $2.68 $58,589 $1.75 
                  
Reconciliation of Adjusted EBITDA Three Months Ended October 31, 2022 Three Months Ended October 31, 2021 Twelve Months Ended October 31, 2022 Twelve Months Ended October 31, 2021 
  Reconciliation   Reconciliation   Reconciliation   Reconciliation   
Net income as reported $24,667   $20,898   $88,336   $56,980   
Income tax expense 3,329   5,762   21,427   23,114   
Other, net (136)   (109)   (1,041)   (754)   
Interest expense 710   542   2,559   2,530   
Depreciation and amortization 9,555   10,189   40,109   42,732   
EBITDA 38,125   37,282   151,390   124,602   
EBITDA reconciling items from below 564      1,114   2,160   
Adjusted EBITDA $38,689   $37,282   $152,504   $126,762   
                  
Reconciling Items Three Months Ended October 31, 2022 Three Months Ended October 31, 2021 Twelve Months Ended October 31, 2022 Twelve Months Ended October 31, 2021 
  Income
Statement
 Reconciling
Items
 Income
Statement
 Reconciling
Items
 Income
Statement
 Reconciling
Items
 Income
Statement
 Reconciling
Items
 
Net sales $307,532 $ $291,768 $ $1,221,502 $ – $1,072,149 $ 
Cost of sales 240,073  226,818  953,004  831,541 (307)(1)
Selling, general and administrative 29,334 (564)(2)27,668  117,108 (1,114)(2)115,967 (1,814)(2)
Restructuring charges       39 (39)(3)
EBITDA 38,125 564 37,282  151,390 1,114 124,602 2,160 
Depreciation and amortization 9,555  10,189  40,109  42,732  
Operating income 28,570 564 27,093  111,281 1,114 81,870 2,160 
Interest expense (710)  (542)  (2,559)  (2,530)  
Other, net 136 (222)(4)109 (63)(4)1,041 (386)(4)754 98(4)
Income before income taxes 27,996 342 26,660 (63) 109,763 728 80,094 2,258 
Income tax expense (3,329) (52)(5)(5,762) 12(5)(21,427) (147)(5)(23,114) (649)(5)
Net income $24,667 $290 $20,898 $(51) $88,336 $581 $56,980 $1,609 
                  
Diluted earnings per share $0.75   $0.62   $2.66   $1.70   
                  
                  
(1) Loss on damage to a plant caused by flooding.
(2) Transaction and advisory fees, loss on sale of a plant of $1.8 million in the twelve months ended October 31, 2021.
(3) Restructuring charges related to the closure of manufacturing plant facilities.
(4) Foreign currency transaction (gains) losses.
(5) Impact on a with and without basis.
 

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
           
This table provides gross margin, operating (loss) income, EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.
 
  NA Fenestration EU Fenestration NA Cabinet
Components
 Unallocated
Corp & Other
 Total
Three months ended October 31, 2022          
Net sales $178,175  $62,104  $67,993  $(740) $307,532 
Cost of sales  141,395   42,121   56,904   (347)  240,073 
Gross Margin  36,780   19,983   11,089   (393)  67,459 
Gross Margin %  20.6%  32.2%  16.3%    21.9%
Selling, general and administrative  15,636   7,686   6,111   (99)  29,334 
Depreciation and amortization  4,032   2,256   3,177   90   9,555 
Operating income (loss)  17,112   10,041   1,801   (384)  28,570 
Depreciation and amortization  4,032   2,256   3,177   90   9,555 
EBITDA  21,144   12,297   4,978   (294)  38,125 
Transaction and advisory fees           564   564 
Adjusted EBITDA $21,144  $12,297  $4,978  $270  $38,689 
Adjusted EBITDA Margin %  11.9%  19.8%  7.3%    12.6%
           
Three months ended October 31, 2021          
Net sales $156,255  $69,737  $66,583  $(807) $291,768 
Cost of sales  122,078   49,402   55,718   (380)  226,818 
Gross Margin  34,177   20,335   10,865   (427)  64,950 
Gross Margin %  21.9%  29.2%  16.3%    22.3%
Selling, general and administrative  14,015   8,335   5,456   (138)  27,668 
Depreciation and amortization  4,202   2,602   3,298   87   10,189 
Operating income (loss)  15,960   9,398   2,111   (376)  27,093 
Depreciation and amortization  4,202   2,602   3,298   87   10,189 
EBITDA  20,162   12,000   5,409   (289)  37,282 
Adjusted EBITDA $20,162  $12,000  $5,409  $(289) $37,282 
Adjusted EBITDA Margin %  12.9%  17.2%  8.1%    12.8%
           
Twelve months ended October 31, 2022          
Net sales $687,458  $262,058  $275,704  $(3,718) $1,221,502 
Cost of sales  537,900   180,268   236,695   (1,859)  953,004 
Gross Margin  149,558   81,790   39,009   (1,859)  268,498 
Gross Margin %  21.8%  31.2%  14.1%    22.0%
Selling, general and administrative  58,735   31,846   21,934   4,593   117,108 
Depreciation and amortization  16,253   9,674   13,830   352   40,109 
Operating income (loss)  74,570   40,270   3,245   (6,804)  111,281 
Depreciation and amortization  16,253   9,674   13,830   352   40,109 
EBITDA  90,823   49,944   17,075   (6,452)  151,390 
Transaction and advisory fees           1,114   1,114 
Adjusted EBITDA $90,823  $49,944  $17,075  $(5,338) $152,504 
Adjusted EBITDA Margin %  13.2%  19.1%  6.2%    12.5%
           
Twelve months ended October 31, 2021          
Net sales $578,332  $251,599  $246,075  $(3,857) $1,072,149 
Cost of sales  450,356   172,033   211,088   (1,936)  831,541 
Gross Margin  127,976   79,566   34,987   (1,921)  240,608 
Gross Margin %  22.1%  31.6%  14.2%    22.4%
Selling, general and administrative  52,959   29,894   20,828   12,286   115,967 
Restructuring charges  39            39 
Depreciation and amortization  18,730   10,373   13,263   366   42,732 
Operating income (loss)  56,248   39,299   896   (14,573)  81,870 
Depreciation and amortization  18,730   10,373   13,263   366   42,732 
EBITDA  74,978   49,672   14,159   (14,207)  124,602 
Loss on the damage of a plant     307         307 
Loss on sale of plant  375         1,439   1,814 
Restructuring charges  39            39 
Adjusted EBITDA $75,392  $49,979  $14,159  $(12,768) $126,762 
Adjusted EBITDA Margin %  13.0%  19.9%  5.8%    11.8%
           

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
         
  Three Months Ended October 31, Twelve Months Ended October, 31
   2022   2021   2022   2021 
                 
NA Fenestration:               
 United States – fenestration$162,147  $137,825  $609,572  $507,634 
 International – fenestration 4,954   8,854   35,906   34,610 
 United States – non-fenestration 6,922   6,991   29,039   24,534 
 International – non-fenestration 4,152   2,585   12,941   11,554 
  $178,175  $156,255  $687,458  $578,332 
EU Fenestration:(1)       
 International – fenestration$46,329  $52,439  $194,854  $199,511 
 International – non-fenestration 15,775   17,298   67,204   52,088 
  $62,104  $69,737  $262,058  $251,599 
NA Cabinet Components:       
 United States – fenestration$4,408  $3,615  $17,696  $13,326 
 United States – non-fenestration 62,818   62,251   254,726   230,559 
 International – non-fenestration 767   717   3,282   2,190 
  $67,993  $66,583  $275,704  $246,075 
Unallocated Corporate & Other:       
 Eliminations$(740) $(807) $(3,718) $(3,857)
  $(740) $(807) $(3,718) $(3,857)
         
Net Sales$307,532  $291,768  $1,221,502  $1,072,149 
         
(1) Reflects reduction of $10.7 million and $22.1 million in revenue associated with foreign currency exchange rate impacts for the three and twelve months ended October 31, 2022, respectively.
         

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