Glatfelter's Strategic Transformation
39
Reconciliation of Non-GAAP measures
Net Debt and Leverage
Net debt & Leverage
In millions
Current Portion of Long-Term Debt
Short-Term Debt
Long-Term Debt
Total Debt
Less: Cash
Net Debt
Net Debt
Divided by: TTM Adjusted EBITDA
Net Leverage (*)
December 31
2019
December 31
2020
December 31
2021
$22.9
$25.1
$26.4
22.8
336.9
288.5
738.1
359.9
313.5
787.4
(126.2)
(99.6)
(138.4)
$233.7
$213.9
$648.9
$233.7
$213.9
110.3
125.3
2.1x
1.7x
$648.9
140.0
4.6x
Notes:
(*) TTM Pro forma Adjusted EBITDA as of December 31, 2021, includes $2.0 million of Mount Holly EBITDA for 4.5 months and $18.3 million of Spunlace segment for 10 months not under Glatfelter ownership
The above calculation is not intended to be used for purposes of calculating debt covenant compliance.
The sum of individual amounts set forth above may not agree to the column totals due to rounding.
Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement
(*): Debt covenant compliance ratio of 3.8x includes additional add backs permitted under credit agreement
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