AAR Corp Parts Supply and Engineering Initiatives
Non-GAAP financial measures
Net debt/ adjusted EBITDA
($ in millions)
Total debt
FY17
FY18
FY19
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY24
$156.2
Less: cash and cash equivalents
Net debt
(10.3)
$178.9
(31.1)
$142.9
$203.3
$198.3
$145.9
$147.8
(21.3)
$121.6
(39.9)
$163.4
(38.2)
$160.1
$208.1 $602.0 $257.0 $222.1
(37.0) (404.7) (107.7) (110.0) (99.2)
$171.1 $197.3 $149.3 $112.1 $108.4
$207.6
$135.2
$129.0 $104.5
$104.5
$100.0
$115.0
(51.8)
(48.8)
(42.7)
(40.6)
(53.5)
$198.0
(44.3) (49.0)
$188.0
$272.0
(52.7)
(68.4)
$83.4
$80.2
$61.8
$63.9
$46.5
$70.7 $149.0
$135.3
$203.6
Trax acquisition purchase price
120.0
Pro forma net debt
$145.9
$147.8
$121.6
$163.4
$160.1
$171.1
$197.3
$149.3 $112.1 $108.4
$83.4
$80.2
$61.8
$63.9
$46.5
$70.7 $149.0
$255.3 $203.6
Adjusted EBITDA
127.2
153.4
171.6
176.9
181.1
183.1
155.9
135.8
117.6
101.8
114.6
130.0
140.0
147.6
Net debt to Adjusted EBITDA
1.1x
1.0x
0.7x
0.9x
0.9x
0.9x
1.3x
1.1x
1.0x
1.1x
0.7x
0.6x
0.4x
0.4x
156.4
0.3x
161.2
169.0
179.9
190.6
0.4x
0.9x
0.8x
1.1x
Adjusted EBITDA pro forma for Trax acquisition
Pro forma net debt to Adjusted EBITDA
188.5
1.35x
AAR
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