Levi Strauss Investor Day Presentation Deck
NET DEBT AND
LEVERAGE RATIO
We define net debt, as total debt, excluding capital leases,
less cash and cash equivalents. We define leverage ratio,
as the ratio of total debt to the last 12 months Adjusted
EBITDA. Our management believes that net debt and
leverage ratio are important measures to monitor our
financial flexibility and evaluate the strength of our balance
sheet. Net debt and leverage ratio have limitations as
analytical tools and may vary from similarly titled
measures used by other companies. Net debt and
leverage ratio should not be considered in isolation or as
substitutes for an analysis of our results prepared and
presented in accordance with GAAP.
LEVI STRAUSS & CO.
The following table presents a reconciliation of total debt, excluding capital leases, the most directly comparable financial measure
calculated in accordance with GAAP, to net debt for each of the periods presented.
(Dollars in millions)
MOST COMPARABLE GAAP MEASURE
Total debt, excluding capital leases
NON-GAAP MEASURE
Total debt, excluding capital leases
Cash and cash equivalents
Short-term investments in marketable securities
NET DEBT
2021
(Dollars in millions)
Total debt, excluding capital leases
Last Twelve Months Adjusted EBITDA
LEVERAGE RATIO
$1,026.6
$1,026.6
(810.3)
(91.5)
$ 124.8
2021
$1,026.6
854.9
2020
1.2
$1,564.3
$1,564.3
(1,497.2)
(96.5)
$ (29.4)
2020
$1,564.3
The following table presents a reconciliation of total debt, excluding capital leases, the most directly comparable financial measure
calculated in accordance with GAAP, to leverage ratio for each of the periods presented.
317.7
2019
4.9
$1,014.4
$1,014.4
(934.2)
(80.7)
$ (0.5)
2019
$ 1,014.4
734.5
2011
1.4
$1,972.4
$1,972.4
(204.5)
$1,767.9
2011
$ 1,972.4
521.3
3.8
©2022 Levi Strauss & Co. CONFIDENTIAL
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