Acquisition Presentation of Parker Aircraft Wheel & Brake
NON-GAAP RECONCILIATIONS
Table 2. Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)
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1945
Thousands of U.S. dollars
Sales from continuing operations
December 31,
2018
Twelve Months Ended
December 31,
Three Months Ended
2019
$
735,994
$
761,608 $
December 31,
2020
784,459
December 31,
October 1,
December 31,
July 2, 2021
April 1, 2022
2021
2021
2021
$
708,993
$
182,394
$
179,836 $
175,147
$
158,048
$
Twelve Months
Ended
April 1, 2022
695,425
Earnings (loss) from continuing operations, net of tax
15,877
56,446
(70,434)
43,676
11,856
14,667
9,169
4,028
39,720
Interest expense, net
20,046
17,202
19,270
16,290
4,335
3,646
4,058
2,481
14,520
Income tax expense (benefit)
9,259
(15,859)
(7,730)
16,832
5,502
4,447
6,676
1,307
17,932
Non-service pension and post retirement benefit income
(12,127)
(396)
(16,250)
(26,229)
(6,577)
(6,612)
(6,397)
(5,263)
(24,849)
Income from TSA
(3,673)
(8,439)
(931)
(442)
(14)
(456)
Other expense (income), net
(92)
(309)
(728)
(142)
158
(172)
(417)
504
73
Operating income (loss)
$
32,963
$
53,411
$
(84,311) $
49,496
$
14,832
$
15,962
$
Depreciation and amortization
27,875
25,854
43,899
36,654
9,182
9,083
13,089
9,180
$
3,057
8,832
$
46,940
36,277
Non-cash, non tax goodwill impairment charge
50,307
Impairment on assets held for sale
Restructuring and severance costs
36,285
7,353
1,558
8,359
6,154
1,516
2,611
675
169
4,971
Non-cash intangible asset impairment charge
10,039
Non-cash write-off of inventory
709
Employee tax-related matters in foreign countries
3,040
Cost associated with corporate development activities
1,081
10,090
4,539
1,198
415
136
647
128
1,326
Bal Seal acquisition costs
8,506
Cost of acquired Bal Seal retention plans
22,814
Inventory step-up associated with Bal Seal acquisition
2,355
Costs from transition services agreement
4,673
12,515
1,728
999
24
1,023
Senior leadership transition
280
Reversal of employee tax-related matters in foreign operations
(1,859)
Reversal of environmental accrual at GRW
(264)
Loss (gain) on sale of business
Loss on sale of assets and liabilities of Engineering Services
Gain on the sale of land
5,722
661
3,739
(493)
234
(1,520)
Other Adjustments
Adjusted EBITDA
Adjusted EBITDA margin
$
$
54,960 $
87,923 $
11.9%
45,914
$
187,243
$
45,968
$
99,325 $
13.0%
102,932 $
13.1%
95,464
$
13.5%
12,112 $
26,944 $
14.8%
11,854 $
27,816 $
15.5%
10,502
$
9,129
$
43,597
23,591 $
13.5%
12,186
$
90,537
7.7%
13.0%
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