SEGMENT INFORMATION (Tables)

12 Months Ended

Sep. 30, 2024

Information about the Company's segments follows:


	Memorialization		Industrial Technologies		SGK Brand Solutions		Corporate and Non-Operating		Consolidated
Sales to external customers:
2024	$	829,731	$	433,156	$	532,850	$	—	$	1,795,737
2023	842,997		505,751		532,148		—		1,880,896
2022	840,124		335,523		586,756		—		1,762,403
Intersegment sales:
2024	—		1,367		3,707		—		5,074
2023	—		1,829		1,073		—		2,902
2022	—		1,057		1,295		—		2,352
Depreciation and amortization:
2024	27,768		23,772		38,667		4,563		94,770
2023	23,738		23,184		44,842		4,766		96,530
2022	23,228		11,387		64,173		5,268		104,056
Adjusted EBITDA:
2024	162,586		39,716		61,620		(58,765)		205,157
2023	163,986		66,278		57,128		(61,583)		225,809
2022	151,849		56,762		60,120		(58,323)		210,408
Total assets:
2024	790,098		460,650		532,178		51,964		1,834,890
2023	794,129		482,444		572,601		38,207		1,887,381
2022	800,666		414,019		631,291		36,795		1,882,771
Capital expenditures:
2024	13,749		17,757		12,520		1,192		45,218
2023	16,868		16,253		14,589		2,888		50,598
2022	28,899		13,646		14,287		4,489		61,321

A reconciliation of adjusted EBITDA to net income follows:


	2024		2023		2022
Total Adjusted EBITDA	$	205,157	$	225,809	$	210,408
Acquisition and divestiture related items (1)**	(5,576)		(5,293)		(7,898)

Strategic initiatives and other charges (2)**†	(65,586)		(13,923)		(28,060)

Non-recurring / incremental COVID-19 costs (3)***	—		—		(2,985)
Highly inflationary accounting losses (primarily non-cash) (4)	(1,027)		(1,360)		(1,473)
Defined benefit plan termination related items (5)	—		—		429

Goodwill and asset write-downs (6)	(33,574)		—		(92,504)

Stock-based compensation	(18,478)		(17,308)		(17,432)
Non-service pension and postretirement expense (7)	(439)		(1,640)		(31,823)
Depreciation and amortization *	(94,770)		(96,530)		(104,056)
Interest expense, including RPA and factoring financing fees (8)	(55,364)		(48,690)		(28,771)
Net loss attributable to noncontrolling interests	—		(155)		(54)
(Loss) income before income taxes	(69,657)		40,910		(104,219)
Income tax benefit (provision)	9,997		(1,774)		4,391
Net (loss) income	$	(59,660)	$	39,136	$	(99,828)


(1) Includes certain non-recurring costs associated with recent acquisition and divestiture activity, and also includes a gain of $1,827 in fiscal year 2023 related to the divestiture of a business in the Industrial Technologies segment.
(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives and costs associated with global ERP system integration efforts. Fiscal 2024 also includes legal costs related to an ongoing dispute with Tesla, which totaled $12,399 (See Note 19, "Commitments and Contingent Liabilities"). Fiscal 2023 includes loss recoveries totaling $2,154 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.

(3) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19.
(4) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries.
(5) Represents items associated with the termination of the Company's DB Plan, supplemental retirement plan and the defined benefit portion of the officers retirement restoration plan.

(6) Fiscal 2024 includes goodwill write-downs within the Industrial Technologies segment of $16,727 (see Note 23, "Goodwill and Other Intangible Assets"), asset write-downs within the Memorialization segment of $13,716 (see Note 24, "Asset Write-Downs"), and investment write-downs within Corporate and Non-operating of $3,131 (see Note 8, "Investments"). Fiscal 2022 includes goodwill write-downs within the SGK Brand Solutions segment of $82,454 (see Note 23, "Goodwill and Other Intangible Assets"), and asset write-downs net of recoveries within the SGK Brand Solutions segment of $10,050 (see Note 24, "Asset Write-Downs").


(7) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
(8) Includes fees for receivables sold under the RPA and factoring arrangements totaling $4,830, $4,042 and $1,046 for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

* Depreciation and amortization was $27,768, $23,738, and $23,228 for the Memorialization segment, $23,772, $23,184, and $11,387 for the Industrial Technologies segment, $38,667, $44,842, and $64,173 for the SGK Brand Solutions segment, and $4,563, $4,766, and $5,268 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024, 2023, and 2022, respectively.

** Acquisition and divestiture costs, ERP integration costs, and strategic initiatives and other charges were $3,514, $1,002, and $3,517 for the Memorialization segment, $54,357, $4,108, and $5,631 for the Industrial Technologies segment, $3,001, $10,905, and $19,359 for the SGK Brand Solutions segment, and $10,290, $3,201, and $7,451 for Corporate and Non-Operating, for the fiscal years ended September 30, 2024, 2023, and 2022, respectively.

*** Non-recurring/incremental COVID-19 costs were $1,314 for the Memorialization segment, $6 for the Industrial Technologies segment, $1,199 for the SGK Brand Solutions segment, and $466 for Corporate and Non-Operating, for the fiscal year ended September 30, 2022.

† Strategic initiatives and other charges includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling $45,705, $13,210 and $14,596 in fiscal years 2024, 2023 and 2022, respectively. Fiscal 2024 amounts totaling $32,526, $1,379 and $11,800 were presented in cost of sales, selling expense, and administrative expense, respectively. Fiscal 2023 amounts totaling $9,028, $1,925 and $2,257 were presented in cost of sales, selling expense, and administrative expense, respectively. Fiscal 2022 amounts totaling $1,777, $267 and $12,552 were presented in cost of sales, selling expense, and administrative expense, respectively. Accrued severance and other employee termination benefits totaled $42,245 and $7,321 as of September 30, 2024 and 2023, respectively.

Information about the Company's operations by geographic area follows:


	North America		Central and South America		Europe		Australia		Asia		Consolidated
Sales to external customers:
2024	$	1,182,523	$	5,456	$	522,196	$	19,514	$	66,048	$	1,795,737
2023	1,219,238		5,260		572,736		19,913		63,749		1,880,896
2022	1,230,267		4,729		444,606		21,206		61,595		1,762,403

Long-lived assets:
2024	799,545		10,040		238,214		14,412		40,437		1,102,648
2023	806,182		11,690		255,748		14,099		41,194		1,128,913
2022	822,566		10,787		242,614		14,895		42,778		1,133,640