Hillman Solutions Corp. — Hillman Adjusted Earnings Reconciliation (2022 Q4) (company IR deck)

Hillman Solutions Corp. (HLMN) · 2 slides · Filed Nov 2, 2026

Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All HLMN deck slides

Slide 1 — Full Year

Full Year Full Year Full Year Full Year 2019 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Reconciliation to Adjusted Net Income Net Income (85,479) (24,499) (8,970) (3,385) (32,524) 6,547 (38,332) $ (1,887) $ 8,816 $ (9,466) $ (13,899) (16,436) Remove adjusting items (1) 46,395 28,514 10,776 14,279 51,925 (7,269) 69,711 6,387 4,765 29,553 9,642 50,346 Mark-to-Market adjustment on interest rate swaps (2) 2,608 601 (673) (751) (261) - (1,685) - - - - - Remove amortization expense 58,910 59,492 14,909 15,414 15,504 15,502 61,329 15,521 15,566 15,557 15,551 62,195 Remove tax benefit on adjusting items and amortization expense (3) (13,456) (8,883) (1,888) (3,773) (12,142) (3,152) (20,955) (1,506) (1,529) (7,685) (2,272) (12,991) Adjusted Net Income $ 8,978 $ 55,225 $ 14,154 $ 21,784 $ 22,502 $ 11,628 $ 70,068 $ 18,515 $ 27,618 $ 27,959 $ 9,020 $ 83,114 Reconciliation to Adjusted Diluted Earnings per Share Diluted Earnings per Share (0.96) $ (0.27) (0.10) (0.04) (0.19) 0.03 (0.28) $ (0.01) $ 0.04 $ (0.05) $ (0.07) (0.08) Impact of adjusted diluted shares $ 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 - 0.00 0.00 0.00 Remove adjusting items (1) 0.51 $ 0.31 0.12 0.15 0.30 (0.04) 0.51 0.03 0.02 0.15 0.05 0.26 Mark-to-Market adjustment on interest rate swaps (2) 0.03 $ 0.01 (0.01) (0.01) (0.00) - (0.01) - - - - - Remove amortization expense 0.65 $ 0.66 0.16 0.17 0.09 0.08 0.45 0.08 0.08 0.08 0.08 0.32 Remove tax benefit on adjusting items and amortization expense (3) (0.15) $ (0.10) (0.02) (0.04) (0.07) (0.02) (0.15) (0.01) (0.01) (0.04) (0.01) (0.07) Adjusted Diluted Earnings per Share $ 0.10 $ 0.61 $ 0.15 $ 0.24 $ 0.13 $ 0.06 $ 0.51 $ 0.09 $ 0.14 $ 0.14 $ 0.05 $ 0.43 Reconcilation to Adjusted Diluted Shares Outstanding (4) Diluted Shares, as reported 89,444 89,891 91,179 91,217 168,440 189,822 134,699 194,007 196,686 194,370 194,468 194,249 Non-GAAP dilution adjustments Dilutive effect of stock options and awards 920 750 829 1,025 2,446 - 1,541 1,171 - 655 382 1,190 Dilutive effect of warrants - - - - 539 - 134 - - - - - Adjusted Diluted Shares 90,364 90,641 92,008 92,241 171,425 189,822 136,374 195,178 196,686 195,025 194,850 195,440 Note: Amounts may not foot or crossfoot due to rounding. (1) Please refer to "Reconcilation of Adjusted EBTIDA" table for additional information on adjusting items. (2) (3) We have calculated the income tax effect of the non-GAAP adjustments shown above at the applicable statutory rate of 25.1% for the U.S. and 26.2% for Canada except for the following items: (a) The tax impact of stock compensation expense was calculated using the statutory rate of 25.1%, excluding certain awards that are non-deductible. (b) The tax impact of acquisition and integration expense included in "Other" was calculated using the statutory rate of 25.1%, excluding certain charges that were non-deductible. (c) Amortization expense for financial accounting purposes was offset by the tax benefit of deductible amortization expense using the statutory rate of 25.1%. (4) Hillman Solutions Corp. (Nasdaq: HLMN) Quarterly 2021 Quarterly 2022 Reflects the mark to market adjustment on the interest rate swaps. For consistency with prior persentations, the amount is fully included in Q3 2021. Subsequent to the merger in 2021, the Company qualifies for hedge accounting on the swaps, which eleminates the mark to market adjustment. Reflects the impact of diluted shares in periods where the Company had a GAAP net loss which requires no dilution on a GAAP basis, but has adusted net income which requires the diluted shares to be included in the diluted EPS calculation.

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Slide 2 — Adjusting Items

Adjusting Items Full Year Full Year Full Year Full Year 2019 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Stock compensation expense 2,981 5,125 1,741 1,796 5,280 6,438 15,255 6,018 2,286 2,485 2,735 13,524 Management fees 562 557 126 88 56 - 270 - - - - - Restructuring 13,749 4,902 109 - 462 339 910 52 513 916 1,136 2,617 Litigation Expense 1,463 7,719 3,960 6,322 487 1,833 12,602 1,010 2,703 25,255 3,889 32,856 Acquisition and Integration 12,557 9,832 4,840 3,299 802 2,182 11,123 777 1,438 178 84 2,477 Buybacks 7,196 - - 1,350 650 - 2,000 - - - - - ADD - - - 2,636 - 1,359 3,995 - - - - - Facility Closures - 3,894 - - - - - - - - - - Asset Impairment charges 7,887 - - - - - - - - - - Change in FV of Contingent Consideration - (3,515) - (1,212) 102 (696) (1,806) (1,470) (2,175) 719 1,798 (1,128) Mark to Market adjustment - Warrants - - - - 3,990 (18,724) (14,734) - - - - Loss on extinguishment of debt - - - - 8,070 - 8,070 - - - - Inventory valuation - - - - 32,026 - 32,026 - - - - Total Adjustments 46,395 28,514 10,776 14,279 51,925 (7,269) 69,711 6,387 4,765 29,553 9,642 50,346 Per share impact of adjusting items Full Year Full Year Full Year Full Year 2019 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Stock compensation expense 0.03 0.06 0.02 0.02 0.03 0.03 0.11 0.03 0.01 0.01 0.01 0.07 Management fees 0.01 0.01 0.00 0.00 0.00 - 0.00 - - - - - Restructuring 0.15 0.05 0.00 - 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 Litigation Expense 0.02 0.09 0.04 0.07 0.00 0.01 0.09 0.01 0.01 0.13 0.02 0.17 Acquisition and Integration 0.14 0.11 0.05 0.04 0.00 0.01 0.08 0.00 0.01 0.00 0.00 0.01 Buybacks 0.08 - - 0.01 0.00 - 0.01 - - - - - ADD - - - 0.03 - 0.01 0.03 - - - - - Facility Closures - 0.04 - - - - - - - - - - Asset Impairment charges 0.09 - - - - - - - - - - - Change in FV of Contingent Consideration - (0.04) - (0.01) 0.00 (0.00) (0.01) (0.01) (0.01) 0.00 0.01 (0.01) Mark to Market adjustment - Warrants - - - - 0.02 (0.10) (0.11) - - - - - Loss on extinguishment of debt - - - - 0.05 - 0.06 - - - - - Inventory valuation - - - - 0.19 - 0.23 - - - - - Total Adjustments 0.51 0.31 0.12 0.15 0.30 (0.04) 0.51 0.03 0.02 0.15 0.05 0.26 Quarterly 2021 Quarterly 2022 Quarterly 2021 Quarterly 2022

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