Glatfelter's Strategic Transformation
31
Reconciliation of Non-GAAP measures
Adjusted EBITDA and Adjusted Operating Income from continuing operations
In millions
Net Income (loss)
Adjust: Discontinued ops
Add: Taxes
Add: Depreciation and Amortization (1)
Add: Net Interest Expense
EBITDA
Adjustments Exclusions:
Q4 2020
Q4 2021
2020
2021
$ 9.8
$ (10.4)
$ 21.3
$
6.9
(0.7)
(0.8)
(0.5)
(0.2)
2.8
(7.8)
11.6
7.0
13.3
17.2
56.6
61.4
1.7
7.0
6.6
12.3
$
26.9
$
5.2
$
95.6
$
87.4
Share-based compensation (3)
1.7
1.0
5.7
5.1
Pension settlement expenses, net
(0.6)
6.2
Gains on Timberland Sales and Transaction Related Costs
(0.4)
(0.6)
(1.4)
(5.2)
Restructuring charge - Metallized operations (net of accelerated depreciation)
1.5
7.2
Acquisition and integration relation costs
7.2
-
COVID-19 incremental costs
0.9
2.7
Cost optimization actions
0.4
0.2
6.0
0.9
Asset impairment charge
0.9
Costs related to strategic initiatives
0.7
12.6
1.6
30.9
Corporate headquarters relocation (net of asset write off)
0.2
0.2
0.9
0.6
Adjusted EBITDA from continuing operations (3)
$
31.3
$ 25.7
$ 125.3
$
119.6
Depreciation and Amortization (2)
Other (Income)/Expense
Share-based compensation (3)
Adjusted Operating Income from continuing operations
(13.3)
(17.2)
(52.5)
(61.4)
0.8
0.7
4.0
2.7
(1.7)
(1.0)
(5.7)
(5.1)
$
17.1
$
8.1
$
71.1
$
55.8
(1,2) 2020 includes accelerated depreciation incurred in connection with restructuring of Composite Fibers' Metallized operations of $4.1 million for full year, not included in adjusted operating income
(3) Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement
Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding.
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