Company: UFPT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001171843-25-003049
Chunk: 18

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 18
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5 and 2024, 2,958 and zero stock awards were excluded from the computation of diluted earnings per share for this reason.

20

			(13)

			Segment Data

The Company consists of a single operating and reportable segment and uses consolidated net income as its measure of segment profit and loss. The chief operating decision maker of the Company is the Chairman and Chief Executive Officer (CEO). The Chairman and CEO reviews consolidated operating results to make decisions about how to allocate resources to the segment and assess its performance as a whole. The Company has identified the following significant segment expenses (SSEs) due to their relevance to the overall consolidated operating results (in thousands):

			Three months ended March 31,

			2025

			2024

			Net sales from external customers

			$
			148,148

			$
			105,009

			Significant segment expenses:

			Materials

			61,366

			47,722

			Salaries and Benefits

			43,962

			27,390

			Depreciation and amortization

			4,634

			2,999

			Interest expense, net

			2,809

			631

			Other segment items (a)

			15,096

			10,932

			Income before income tax provision

			20,281

			15,335

			Income tax provision

			3,097

			2,642

			Segment net income

			$
			17,184

			$
			12,693

			Segment total assets (b)

			$
			642,642

			(a)

			Other segment items include (production overhead, stock compensation, professional fees, and other SG&A expenses)

			(b)

			See Condensed Consolidated Balance Sheet for details

Information about Geographic Areas

Net sales shipped to customers outside of the United States comprised approximately 17.3%, and 18.4% of the Company’s consolidated net sales for the three months ended March 31, 2025 and 2024, respectively. Approximately 22.1% of all long-lived assets are located outside of the United States.

Information about Major Customers

Net sales to two customers comprised approximately 24.0% and 21.4%, respectively, of the Company’s consolidated net sales for the