THOR Investor Day 2022
Reconciliation of Non-GAAP Measures
Downturn Scenario - Adjusted EBITDA
($ in thousands)
Net Income
Add Back:
Interest Expense, Net
Downturn Scenario
365,000
86,000
Income Taxes
115,000
Depreciation and Amortization
290,000
EBITDA
$
856,000
Add Back: Stock-Based Compensation Expense
Adjusted EBITDA
$
44,000
900,000
Adjusted EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. Adjusted EBITDA is defined as
net income before net interest expense, income tax expense and depreciation and amortization adjusted for certain items and other one-time items. The Company considers this non-
GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a
useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be
comparable to similarly titled measures used by other companies.
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THOR Investor Day 2022
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THOR
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