Company: WCC
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000929008-25-000005
Chunk: 77

Company: WESCO INTERNATIONAL INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 77
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DA$643.4$739.3Adjusted EBITDA margin %11.2 %11.2 %

UBS reported net sales of $5.7 billion for 2024 compared to $6.6 billion for 2023, a decrease of 13.4%. Adjusting for the decrease from the divestiture of the WIS business of 8.9%, the unfavorable impact of fluctuations in foreign exchange rates of 0.1%, and the favorable impact from the number of workdays of 0.8%, UBS organic sales for 2024 declined 5.2%, reflecting volume declines of approximately 7%, primarily as a result of declines in the utility and broadband businesses. The decline in volume was partially offset by the impact of changes in price, which favorably impacted organic sales by approximately 2%. 

UBS reported adjusted EBITDA of $643.4 million for 2024, or 11.2% of net sales, compared to $739.3 million for 2023, or 11.2% of net sales. Adjusted EBITDA decreased $95.9 million, or 13.0% year-over-year. The decrease primarily reflects the $887.7 million decrease in net sales, as described above, partially offset by a corresponding decrease in cost of goods sold of $770.7 million, which is inclusive of lower supplier volume rebates of $20.6 million. SG&A expenses decreased $21.1 million as compared to the prior year, which was primarily attributed to a decrease in commissions and incentives of $17.0 million, driven by lower sales volume and the impact of the WIS divestiture.

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The following tables reconcile net income attributable to common stockholders to adjusted EBITDA and adjusted EBITDA margin % by segment, which are non-GAAP financial measures, for the periods presented:

Year Ended December 31, 2024(In millions)EESCSSUBSCorporateTotalNet income attributable to common stockholders$656.9$480.9$733.0$(1,210.6)$660.2Net (loss) income attributable to noncontrolling interests(1.1)2.3—0.61.8Preferred stock dividends———57.457.4Provision for income taxes(1)———231.6231.6Interest expense, net(1)———364.9364.9Depreciation and amortization46