Revlon Adjusted EBITDA Margin Reconciliation
Liquidity Considerations
The Company must preserve liquidity sufficient to meet operating cash needs
and debt service obligations.
Historical Cash Flows
The Company's historical cash generation for the first
three quarters of 2017 through 2019 is summarized in
the table below
The Company estimates that total cash flow
generation from operating activities and investing
activities will be materially lower in Q4 of 2020 than the
comparable periods in 2017, 2018, and 2019, primarily
due to the impacts of the COVID-19 pandemic and
cash expenses related to the 2020 Restructuring
Program
Q1 Q3 Historical Free Cash Flow
Debt Service and Other Cash Needs
Approximately $198 million in mandatory debt service
is expected in 2021
The Company expects to make additional mandatory
payments of approximately $15 - $25 million over the
first three quarters of 2020 and 2021 associated with
pension cash contributions, cash taxes and other
public company expenses
As publicly disclosed from time to time in the
Company's quarterly reports on Form 10-Q, the
Company also has other material cash commitments
for items such as permanent displays and capital
expenditures
Q1 - Q3 Projected Debt Service
($ in millions)
2017A
2018A
2019A
($ in millions)
2020E¹
2021F
Cash Flow From Operations
($274)
($297)
($167)
Cash Interest:
(+) Cash Flow from Investing
(69)
(42)
(20)
Term Loans
$116
$145
Total
($344)
($339)
($187)
2024 Notes
28
27
2016 Revolving Credit Facility
Total Cash Interest
8
10
$153
$182
(+) Cash Amortization
9
16
Total Debt Service
$162
$198
Excludes 2021 Notes for comparability purposes.
13
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