First quarter sales of $170 million, EPS of $(0.09), Adjusted EBITDA of $5.8 million
Significantly improved free cash flow enables further debt paydown
Updates guidance for full year 2025

NEW ALBANY, Ohio, May  06, 2025  (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its first quarter ended March 31, 2025.

During the quarter, the Company completed a strategic reorganization of its operations into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components. The results and comparisons presented below reflect continuing operations unless otherwise noted.

First Quarter 2025 Highlights(Results from Continuing Operations; compared with prior year, where comparisons are noted)

Revenues of $169.8 million, down 12.7%, primarily due to softening in global Construction and Agriculture markets and North America Class 8 truck demand.Operating income of $1.4 million, adjusted operating income of $2.1 million, down compared to operating income of $4.5 million and adjusted operating income of $6.3 million. The decrease in operating income was driven primarily by lower sales volumes offset by reductions in SG&A expense.Net loss from continuing operations of $3.1 million, or $(0.09) per diluted share and adjusted net loss of $2.6 million, or $(0.08) per diluted share, compared to net income from continuing operations of $1.4 million, or $0.05 per diluted share and adjusted net income of $2.8 million, or $0.08 per diluted share.Adjusted EBITDA of $5.8 million, down 40.2%, with an adjusted EBITDA margin of 3.4%, down from 5.0%.Free cash flow of $11.2 million, up $17.7 million, due to better working capital management. Net debt decreased $11.7 million compared to the year end 2024 level.Gross margin expansion of 250 basis points versus Q4 2024 due to operational efficiency improvements and conclusion of one-time cost drivers from 2024.

James Ray, President and Chief Executive Officer, said, “Our first quarter results demonstrate sequential improvement in margins and free cash flow. Cash generation and debt paydown remain key priorities for CVG, as we look to build on our strong free cash performance in the first quarter through further margin improvement, working capital reduction, and reduced capital expenditures. We are beginning to see the benefits of efforts made in 2024, including strategic divestments of non-core businesses, to transform CVG. These divestitures, as well as our priority on improving operational efficiency, have allowed us to streamline operations, lower our cost structure, and drive cash generation to pay down debt. Despite industry-wide and global macroeconomic headwinds, we are prioritizing strong execution from the top down within CVG focused on cost mitigation, margin improvement, and operational efficiency.”

Mr. Ray continued, “The actions we took last year position us well for the future. Change management is always difficult, and I would personally like to thank the entire CVG team for their efforts throughout the process. I would like to thank Bob Griffin, our current Chairman, for his contributions to CVG’s strategic goals and priorities over the years. I am also excited to continue working with Bill Johnson, a current board member who is expected to become the Chairman of the Board following Mr. Griffin’s retirement, effective May 15, 2025. While we acknowledge the current macroeconomic uncertainties and geopolitical environment, the transformation undertaken in 2024 makes CVG a lower cost, more nimble company, better positioned to navigate these challenges. We are committed to execution, delivery, and driving operational efficiency, while managing the potential impact of trade policy.”

Andy Cheung, Chief Financial Officer, added, “We are encouraged by the quarter-over-quarter improvement in our financial performance, as we start to see the benefits of our strategic portfolio realignment and operational efficiency efforts. However, given the economic environment and policy concerns, we are adjusting our outlook to reflect current market conditions. Our focused portfolio, now more closely aligned with our customers through our re-segmentation, positions us for improved value capture as end markets recover.”

First Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)

First Quarter  2025   2024  $ Change % ChangeRevenues$169.8  $194.6  $(24.8)  (12.7)%Gross profit$17.8  $23.2  $(5.4)  (23.3)%Gross margin 10.5%  11.9% Adjusted gross profit 1$18.3  $24.7  $(6.4)  (25.9)%Adjusted gross margin 1 10.8%  12.7% Operating income$1.4  $4.5  $(3.1)  (68.9)%Operating margin 0.8%  2.3% Adjusted operating income 1$2.1  $6.3  $(4.2)  (66.7)%Adjusted operating margin 1 1.2%  3.2% Net income (loss) from continuing operations$(3.1) $1.4  $(4.5)  NM2 Adjusted net income (loss) from continuing operations 1$(2.6) $2.8  $(5.4)  NM2 Earnings (loss) per share, diluted$(0.09) $0.05  $(0.14)  NM2 Adjusted earnings (loss) per share, diluted 1$(0.08) $0.08  $(0.16)  NM2 Adjusted EBITDA 1$5.8  $9.7  $(3.9)  (40.2)%Adjusted EBITDA margin 1 3.4%  5.0% 1 See Appendix A for GAAP to Non-GAAP reconciliation 2 Not meaningful

Consolidated Results from Continuing Operations

First Quarter 2025 Results

First quarter 2025 revenues were $169.8 million, compared to $194.6 million in the prior year period, a decrease of 12.7%. The overall decrease in revenues was due to lower sales as a result of a softening in customer demand across all segments.Operating income in the first quarter 2025 was $1.4 million compared to $4.5 million in the prior year period. The decrease in operating income was attributable to the impact of lower sales volumes. First quarter 2025 adjusted operating income was $2.1 million, compared to $6.3 million in the prior year period.Interest associated with debt and other expenses was $2.5 million and $2.2 million for the first quarter 2025 and 2024, respectively.Net loss from continuing operations was $3.1 million, or $(0.09) per diluted share, for the first quarter 2025 compared to net income of $1.4 million, or $0.05 per diluted share, in the prior year period. First quarter 2025 adjusted net loss from continuing operations was $2.6 million, or $(0.08) per diluted share, compared to adjusted net income of $2.8 million, or $0.08 per diluted share.

On March 31, 2025, the Company had $32.4 million of outstanding borrowings on its U.S. revolving credit facility and no outstanding borrowings on its China credit facility, $20.2 million of cash and $102.5 million of availability from the credit facilities (subject to covenant limitations), resulting in total liquidity of $122.7 million.

First Quarter 2025 Segment Results

Global Seating Segment

Revenues were $73.4 million compared to $80.8 million for the prior year period, a decrease of 9.1%, due to lower sales volume as a result of decreased customer demand.Operating income was $2.7 million, compared $2.8 million in the prior year period, a decrease of 3.0%, primarily attributable to lower sales volume and increased freight costs. First quarter 2025 adjusted operating income was $2.7 million compared to $2.8 million in the prior year period.

Global Electrical Systems Segment

Revenues were $50.5 million compared to $58.7 million in the prior year period, a decrease of 14.1%, primarily as a result of decreased customer demand.Operating loss was $0.3 million compared to operating income of $0.4 million in the prior year period. The decrease in operating income was primarily attributable to lower sales volumes and unfavorable foreign exchange impacts. First quarter 2025 adjusted operating income was $0.2 million compared to $1.5 million in the prior year period.

Trim Systems and Components Segment

Revenues were $45.9 million compared to $55.1 million in the prior year period, a decrease of 16.6%, primarily as a result of decreased customer demand.Operating income was $1.5 million compared to $4.2 million in the prior year period, a decrease of 63.5%. The decrease in operating income was primarily attributable to lower sales volume and increased freight costs. First quarter 2025 adjusted operating income was $1.6 million compared to $4.7 million in the prior year period.

Outlook

CVG updated the Company's outlook for the full year 2025, based on current market conditions:

MetricPrior 2025 Outlook ($ millions)2025 Outlook ($ millions)Net Sales$670 - $710$660- $690Adjusted EBITDA$25 - $30$22 - $27Free Cash Flow > $20

This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 255,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,372 units.

Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025. However, we expect the contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline.

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Wednesday, May 7, 2025, at 8:30 a.m. ET. Management intends to reference the Q1 2025 Earnings Call Presentation during the conference call. To participate, dial (800) 549-8228 using conference code 57416. International participants dial (289) 819-1520 using conference code 57416.

This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 57416#.

Company Contact
Andy Cheung
Chief Financial Officer
CVG
[email protected]

Investor Relations Contact
Ross Collins or Stephen Poe
Alpha IR Group
[email protected]

About CVG

CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness, and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Other Information

Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1) Three Months Ended March 31, 2025 and 2024 (Unaudited) (Amounts in thousands, except per share amounts)  Three Months Ended March 31, 2025 March 31, 2024Revenues$169,795  $194,626 Cost of revenues 152,002   171,462 Gross profit 17,793   23,164 Selling, general and administrative expenses 16,385   18,655 Operating  income 1,408   4,509 Other (income) expense (72)  212 Interest expense 2,503   2,186 Income (loss) before provision for income taxes (1,023)  2,111 Provision for income taxes 2,116   665 Net income (loss) from continuing operations$(3,139) $1,446 Net income (loss) from discontinued operations (1,173)  1,493 Net income (loss) (4,312)  2,939 Basic earnings (loss) per share Income (loss) from continuing operations$(0.09) $0.05 Income (loss) from discontinued operations$(0.03) $0.04 Diluted earnings (loss) per share Income (loss) from continuing operations$(0.09) $0.05 Income (loss) from discontinued operations$(0.03) $0.04 Weighted average shares outstanding: Basic 33,693   33,325 Diluted 33,693   33,403

(1) The operating results related to the cab structures business and Industrial Automation business have been reflected as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented.

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES 
 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except per share amounts) ASSETSMarch 31, 2025 December 31, 2024Current assets: Cash$20,213  $26,630 Accounts receivable, net 119,485   118,683 Inventories 123,086   128,224 Other current assets 30,667   29,763 Total current assets 293,451   303,300 Property, plant and equipment, net 68,684   68,861 Intangible assets, net 3,781   3,918 Deferred income taxes 11,381   11,084 Other assets, net 42,526   37,410 Total assets$419,823  $424,573 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable$85,556  $77,002 Accrued liabilities and other 39,136   40,358 Current portion of long-term debt and short-term debt 13,906   8,438 Total current liabilities 138,598   125,798 Long-term debt 103,494   127,062 Pension and other post-retirement benefits 8,472   8,143 Other long-term liabilities 32,603   27,978 Total liabilities$283,167  $288,981 Stockholders’ equity: Preferred stock$—  $— Common stock 337   337 Treasury stock (16,468)  (16,468)Additional paid-in capital 269,887   269,117 Retained deficit (78,363)  (74,051)Accumulated other comprehensive loss (38,737)  (43,343)Total stockholders’ equity 136,656   135,592 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$419,823  $424,573

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES BUSINESS SEGMENT FINANCIAL INFORMATION (Unaudited) (Amounts in thousands)  Three Months Ended March 31, Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total 2025 2024  2025  2024 2025 2024  2025   2024  2025 2024Revenues$73,408 $80,797 $50,453  $58,726 $45,934 $55,103 $—  $—  $169,795 $194,626Gross profit (loss) 9,091  10,846  3,990   4,825  4,712  7,600  —   (107)  17,793  23,164Selling, general & administrative expenses 6,378  8,051  4,306   4,382  3,177  3,400  2,524   2,822   16,385  18,655Operating income (loss)$2,713 $2,795 $(316) $443 $1,535 $4,200 $(2,524) $(2,929) $1,408 $4,509

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (Amounts in thousands, except per share amounts and percentages)  Three Months Ended March 31, 2025 March 31, 2024Gross profit$17,793  $23,164 Restructuring 530   1,583 Adjusted gross profit$18,323  $24,747 % of revenues 10.8%  12.7%

Three Months Ended March 31, 2025 March 31, 2024Operating income$1,408  $4,509 Restructuring 702   1,777 Adjusted operating income$2,110  $6,286 % of revenues 1.2%  3.2%

Three Months Ended March 31, 2025 March 31, 2024Net income (loss) from continuing operations$(3,139) $1,446 Operating income adjustments 702   1,777 Adjusted provision for income taxes1 (176)  (444)Adjusted net income (loss) from continuing operations$(2,613) $2,779  Diluted EPS$(0.09) $0.05 Adjustments to diluted EPS$0.01  $0.03 Adjusted diluted EPS$(0.08) $0.08 1. Reported Tax Provision adjusted for tax effect of special charges at 25%

Three Months Ended March 31, 2025 March 31, 2024Net income (loss) from continuing operations$(3,139) $1,446 Interest expense 2,503   2,186 Provision for income taxes 2,116   665 Depreciation expense 3,438   3,431 Amortization expense 141   183 EBITDA$5,059  $7,911 % of revenues 3.0%  4.1% EBITDA adjustments Restructuring$702  $1,777 Adjusted EBITDA$5,761  $9,688 % of revenues 3.4%  5.0%

Three Months Ended March 31, 2025 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$2,713  $(316) $1,535  $(2,524) $1,408 Restructuring —   530   45   127   702 Adjusted operating income (loss)$2,713  $214  $1,580  $(2,397) $2,110 % of revenues 3.7%  0.4%  3.4%    1.2%

Three Months Ended March 31, 2024 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$2,796  $444  $4,200  $(2,931) $4,509 Restructuring 45   1,091   470   171  $1,777 Adjusted operating income (loss)$2,841  $1,535  $4,670  $(2,760) $6,286 % of revenues 3.5%  2.6%  8.5%    3.2%

The following tables present reconciliations of the captions within CVG's Condensed Consolidated Statements of Cash Flows to Free cash flow, attributable to continuing operations, discontinued operations, and total CVG for the three and three months ended March 31, 2025 and 2024.

Three Months Ended March 31, 2025 March 31, 2024CONTINUING OPERATIONS Cash flows from operating activities$15,015  $(4,832)Purchases of property, plant and equipment (3,806)  (4,837)Proceeds from sale of business —   3,200 Free cash flow from continuing operations$11,209  $(6,469) DISCONTINUED OPERATIONS Cash flows from operating activities$157  $2,476 Purchases of property, plant and equipment —   (222)Free cash flow from discontinued operations$157  $2,254  TOTAL COMPANY Cash flows from operating activities$15,172  $(2,356)Purchases of property, plant and equipment (3,806)  (5,059)Proceeds from sale of business —   3,200 Free cash flow$11,366  $(4,215)

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES Appendix B: Supplemental Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures 2024 and 2023 by Quarter (Unaudited) (Amounts in thousands)

Three Months Ended March 31, 2024 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$80,797  $58,726  $55,103  $194,626 Cost of revenues 69,951   53,901   47,503   171,355 Gross profit 10,846   4,825   7,600   23,271 Selling, general & administrative expenses 8,051   4,382   3,400   15,833 Operating income$2,795  $443  $4,200  $7,438 Corporate and other unallocated costs       2,929 Other (income) expense       212 Interest expense       2,186 Income before provision for income taxes      $2,111

Three Months Ended March 31, 2024 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$2,795  $443  $4,200  $(2,929) $4,509 Restructuring 45   1,091   470   171   1,777 Adjusted operating income (loss)$2,840  $1,534  $4,670  $(2,758) $6,286

Three Months Ended June 30, 2024 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues $82,404  $53,639  $57,622  $193,665 Cost of revenues  71,770   49,655   51,672   173,097 Gross profit  10,634   3,984   5,950   20,568 Selling, general & administrative expenses  8,534   4,523   3,623   16,680 Operating income (loss) $2,100  $(539) $2,327  $3,888 Corporate and other unallocated costs        2,824 Other (income) expense        206 Interest expense        2,417 Loss before provision for income taxes       $(1,559)

Three Months Ended June 30, 2024 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss) $2,100  $(539) $2,327  $(2,824) $1,064 Restructuring  762   1,379   1,634   —   3,775 Adjusted operating income (loss) $2,862  $840  $3,961  $(2,824) $4,839

Three Months Ended September 30, 2024 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$76,643  $46,714  $48,415  $171,772 Cost of revenues 68,834   43,721   42,706   155,261 Gross profit 7,809   2,993   5,709   16,511 Selling, general & administrative expenses 5,805   4,468   3,806   14,079 Operating income (loss)$2,004  $(1,475) $1,903  $2,432 Corporate and other unallocated costs       3,492 Other (income) expense       (1,033)Interest expense       2,371 Loss before provision for income taxes      $(2,398)

Three Months Ended September 30, 2024 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$ 2,004  $ (1,475) $ 1,903  $ (3,492) $ (1,060)Restructuring  778    1,275    2,164    —    4,217 Gain on sale of fixed assets  —    —    (3,544)     (3,544)Adjusted operating income (loss)$ 2,782  $ (200) $ 523  $ (3,492) $ (387)

Three Months Ended December 31, 2024 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$74,838  $44,049  $44,405  $163,292 Cost of revenues 66,428   42,669   41,120   150,217 Gross profit 8,410   1,380   3,285   13,075 Selling, general & administrative expenses 7,735   4,369   3,413   15,517 Operating income (loss)$675  $(2,989) $(128) $(2,442)Corporate and other unallocated costs       2,829 Other (income) expense       (1,585)Interest expense       2,200 Loss on extinguishment of debt       509 Loss before provision for income taxes      $(6,395)

Three Months Ended December 31, 2024 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$675  $(2,989) $(128) $(2,829) $(5,271)Restructuring (39)  —   1,054   —   1,015 Adjusted operating income (loss)$636  $(2,989) $926  $(2,829) $(4,256)

Three Months Ended March 31, 2023 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$95,877  $58,534  $63,640  $218,051 Cost of revenues 83,678   49,166   53,218   186,062 Gross profit 12,199   9,368   10,422   31,989 Selling, general & administrative expenses 8,038   4,225   4,124   16,387 Operating income$4,161  $5,143  $6,298  $15,602 Corporate and other unallocated costs       3,203 Other (income) expense       (203)Interest expense       2,749 Income before provision for income taxes      $9,853

Three Months Ended March 31, 2023 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$4,161  $5,143  $6,298  $(3,203) $12,399 Restructuring 82   8   —   —   90 Adjusted operating income (loss)$4,243  $5,151  $6,298  $(3,203) $12,489

Three Months Ended June 30, 2023 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$89,807  $67,581  $63,412  $220,800 Cost of revenues 76,961   55,814   52,407   185,182 Gross profit 12,846   11,767   11,005   35,618 Selling, general & administrative expenses 8,532   4,685   4,816   18,033 Operating income$4,314  $7,082  $6,189  $17,585 Corporate and other unallocated costs       3,099 Other (income) expense       308 Interest expense       2,672 Income before provision for income taxes      $11,506

Three Months Ended June 30, 2023 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$4,314  $7,082  $6,189  $(3,099) $14,486 Restructuring 49   —   294   —   343 Adjusted operating income (loss)$4,363  $7,082  $6,483  $(3,099) $14,829

Three Months Ended September 30, 2023 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$85,220  $57,136  $60,541  $202,897 Cost of revenues 74,861   48,222   50,396   173,479 Gross profit 10,359   8,914   10,145   29,418 Selling, general & administrative expenses 8,716   3,983   4,432   17,131 Operating income$1,643  $4,931  $5,713  $12,287 Corporate and other unallocated costs       3,367 Other (income) expense       383 Interest expense       2,489 Income before provision for income taxes      $6,048

Three Months Ended September 30, 2023 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$1,643  $4,931  $5,713  $(3,367) $8,920 Restructuring —   —   —   —   — Adjusted operating income (loss)$1,643  $4,931  $5,713  $(3,367) $8,920

Three Months Ended December 31, 2023 Global Seating Global Electrical Systems Trim Systems and Components TotalRevenues$77,786  $59,139  $56,796  $193,721 Cost of revenues 69,873   49,543   49,890   169,306 Gross profit 7,913   9,596   6,906   24,415 Selling, general & administrative expenses 8,906   4,195   4,027   17,128 Operating income (loss)$(993) $5,401  $2,879  $7,287 Corporate and other unallocated costs       3,219 Other (income) expense       707 Interest expense       2,338 Income before provision for income taxes      $1,023

Three Months Ended December 31, 2023 Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other TotalOperating income (loss)$(993) $5,401  $2,879  $(3,219) $4,068 Restructuring —   —   385   982   1,367 Adjusted operating income (loss)$(993) $5,401  $3,264  $(2,237) $5,435

Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.

Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.