SEC Comment Letter 0000000000-24-007113 to WORTHINGTON ENTERPRISES, INC. (WOR) (CIK 0000108516) (WOR)
WORTHINGTON ENTERPRISES, INC. (WOR) (CIK 0000108516)
Date: June 24, 2024 · CIK: 0000108516 · Accession: 0000000000-24-007113
AI Filing Summary & Sentiment
File numbers found in text: 001-08399
Letter
United States securities and exchange commission logo June 24, 2024 Joseph Hayek Vice President and Chief Financial Officer Worthington Enterprises, Inc. 200 West Old Wilson Bridge Road Columbus, OH 43085 Re:Worthington Enterprises, Inc. Form 10-K for Fiscal Year Ended May 31, 2023 Form 10-Q for Fiscal Quarter Ended February 29, 2024 Response dated May 30, 2024 File No. 001-08399 Dear Joseph Hayek: We have reviewed your May 30, 2024 response to our comment letter and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our May 16, 2024 letter. Form 10-Q for Fiscal Quarter Ended February 29, 2024 Adjusted EBITDA, page 35 1.We note your response to prior comment 1. Notwithstanding your definition of Adjusted EBITDA on page 1 of your Form 10-Q for the period ended February 29, 2024, we remind you that Question 103.01 of the Division of Corporation Finance’s Compliance and Disclosure Interpretations on Non-GAAP Financial Measures indicates that EBITDA is defined as “earnings before interest, taxes, depreciation and amortization” and “earnings means net income.” Since your reconciliation begins with net earnings from continuing operations, rather than net earnings, please revise your future filings to change the name of your non-GAAP measure to “Adjusted EBITDA from continuing operations” to reflect the nature of this non-GAAP financial measure more accurately.
FirstName LastNameJoseph Hayek Comapany NameWorthington Enterprises, Inc. June 24, 2024 Page 2 FirstName LastName Joseph Hayek Worthington Enterprises, Inc. June 24, 2024 Page 2 Please contact Dale Welcome at 202-551-3865 or Hugh West at 202-551-3872 if you have questions regarding comments on the financial statements and related matters. Sincerely, Division of Corporation Finance Office of Manufacturing
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United States securities and exchange commission logo
June 24, 2024
Joseph Hayek
Vice President and Chief Financial Officer
Worthington Enterprises, Inc.
200 West Old Wilson Bridge Road
Columbus, OH 43085
Re:Worthington Enterprises, Inc.
Form 10-K for Fiscal Year Ended May 31, 2023
Form 10-Q for Fiscal Quarter Ended February 29, 2024
Response dated May 30, 2024
File No. 001-08399
Dear Joseph Hayek:
We have reviewed your May 30, 2024 response to our comment letter and have the
following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments. Unless
we note otherwise, any references to prior comments are to comments in our May 16, 2024
letter.
Form 10-Q for Fiscal Quarter Ended February 29, 2024
Adjusted EBITDA, page 35
1.We note your response to prior comment 1. Notwithstanding your definition of Adjusted
EBITDA on page 1 of your Form 10-Q for the period ended February 29, 2024, we
remind you that Question 103.01 of the Division of Corporation Finance’s Compliance
and Disclosure Interpretations on Non-GAAP Financial Measures indicates that EBITDA
is defined as “earnings before interest, taxes, depreciation and amortization” and “earnings
means net income.” Since your reconciliation begins with net earnings from continuing
operations, rather than net earnings, please revise your future filings to change the name
of your non-GAAP measure to “Adjusted EBITDA from continuing operations” to reflect
the nature of this non-GAAP financial measure more accurately.
FirstName LastNameJoseph Hayek
Comapany NameWorthington Enterprises, Inc.
June 24, 2024 Page 2
FirstName LastName
Joseph Hayek
Worthington Enterprises, Inc.
June 24, 2024
Page 2
Please contact Dale Welcome at 202-551-3865 or Hugh West at 202-551-3872 if you
have questions regarding comments on the financial statements and related matters.
Sincerely,
Division of Corporation Finance
Office of Manufacturing