Steelcase Financial Performance and Brand Promise
Non-GAAP Financial Measures
Adjusted EBITDA, Net Debt and Net Debt / Adjusted EBITDA
($ millions)
FY19
FY20
FY21
FY22
FY23
TFQ
Net Income
$126
$200
$26
$4
$36
$75
Income Tax (Benefit)
$38
$45
$(0)
$(2)
$16
$29
Interest Expense
$38
$27
$27
$26
$28
$27
Depreciation and amortization
$82
$86
$86
$83
$90
$86
Share-based compensation
$17
$16
$20
$15
$21
$25
Restructuring costs
$28
$19
$22
Goodwill and intangible asset impairment charges
-
$18
Adjusted EBITDA
$301
$374
$205
$126
$210
$264
Total Debt
$487
$484
$484
$483
$481
$446*
Cash and COLI
$417
$701
$659
$369
$248
$425*
Net Debt
$70
$(217)
$(175)
$114
$233
$21*
Net Debt / Adjusted EBITDA
0.2x
-0.5x
-0.8x
0.9x
1.1x
0.1x
Revenue
$3,443
$3,724
$2,596
$2,773
$3,233
$3,186
Adjusted EBITDA/Revenue %
8.7%
10.0%
7.9%
4.5%
6.5%
8.3%
*as of Q3 FY24View entire presentation