Financial Overview
Balance Sheet, Liquidity, Net Leverage
and Cash Flow
($ in millions, except ratios)
Sep. 30,
Balance Sheet, Liquidity and Net Leverage Ratio
2023
Dec. 31,
2022
Cash on hand
$
10.5
$
11.0
Our capital structure and allocation strategies
are focused on maintaining ample liquidity;
investing in the business, including strategic
acquisitions; de-leveraging the balance sheet;
and returning funds to stockholders.
Available Liquidity¹
$
77
$
81
Total Debt¹
$
290.9
$
300.7
Adjusted EBITDA (LTM)²
$
96.8
$
97.7
•
Net Leverage Ratio¹
2.9x
3.0x
Cash Flow
YTD 2023
YTD 2022
•
Cash provided by operating activities
$
22.3
$
11.7
Capital Expenditures
$
(6.1) $
(14.4)
2023 Highlights:
Retired $17 million of 8.625% Senior Notes
Net Leverage Ratio of 2.9x at Sep. 30, 2023
Announced $20 million share repurchase
authorization
Free Cash Flow²
$
16.2
$
(2.7)
72
1)
2)
"Available Liquidity" is cash plus borrowing available on our ABL Revolver. "Net Leverage Ratio" is a Supplemental Financial Measure, see "Supplemental Financial Measures" at the end of this document for more information. "Total Debt" includes finance leases.
Adjusted EBITDA (LTM) and Free Cash Flow are not measurements of financial performance prepared in accordance with GAAP. See "Reconciliations of Non-GAAP Financial Measures" at the end of this document for more information and reconciliations to the most
directly comparable GAAP financial measures.
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