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Investor Presentaiton

Non-GAAP Financial Measures Adjusted EBITDA is defined as Net Income before other income, interest, taxes, and depreciation and amortization, excluding the non-recurring and non-cash items referenced above. We calculated "Adjusted EBITDA margins" as Adjusted EBITDA divided by net sales. Vista Outdoor management believes adjusted EBITDA margin provides investors with an important perspective on the Company's core profitability and helps investors analyze underlying trends in the Company's business and evaluate its performance on an absolute basis and relative to its peers. Adjusted EBITDA margin should be considered in addition to, and not as a substitute for, GAAP net income margin. Vista Outdoor's definition may differ from that used by other companies. Three months ended June 25, Twelve months ended June 25, Three months ended June 26, Three months ended September (in thousands) 2023 2023 (in thousands) 2022 25, 2022 Three months ended December 25, 2022 Three months ended March 31, Fiscal year ended 2023 March 31, 2023 Net Income Other income, net $58,100 541 ($77,632) Net Income $126,015 $93,456 $65,147 (1,583) Other income, net (741) (639) ($294,335) (744) ($9,717) (2,124) Interest expense, net 16,218 69,225 Interest expense, net 6,310 13,934 18,953 20,120 59,317 Income tax (provision) benefit 17,327 37,607 Income tax (provision) benefit 40,100 24,519 13,225 (17,464) 60,380 Depreciation and amortization 24,927 97,700 Depreciation and amortization 19,316 22,984 24,791 24,998 92,089 Inventory step-up 9,528 Inventory step-up 3,036 5,043 1,449 9,528 Transaction costs 6,019 Transaction costs 2,086 5,779 180 60 8,105 Transition costs 3,002 7,786 Transition costs 272 400 831 3,553 5,056 Executive transition costs 658 6,289 Executive transition costs 5,631 5,631 Planned separation costs 3,224 25,606 Intangibles impairment 374,355 Planned separation costs 4,300 7,687 10,247 4,448 26,682 Restructuring Post-acquisition compensation 834 1,405 13,945 3,936 Contingent consideration Adjusted EBITDA $126,236 (27,395) $545,386 Intangibles impairment Restructuring Post-acquisition compensation Contingent consideration 374,355 374,355 13,111 13,111 4,332 3,269 3,530 (4,268) 6,863 Adjusted EBITDA margin 18.2% 18.4% Adjusted EBITDA Adjusted EBITDA margin (112) $202,619 25.2% (11,313) (4,977) (11,105) (27,507) $163,010 20.9% $136,331 18.1% $119,809 $621,769 16.2% 20.2% Three months ended June 27, Three months ended September (in thousands) Net Income 2021 $102,725 26, 2021 $139,540 Three months ended December 26, 2021 $118,137 Three months ended March 31, 2022 $112,824 Fiscal year ended March 31, 2022 $473,226 Other income, net Interest expense, net 5,679 5,928 6,695 6,962 25,264 Income tax (provision) benefit 35,253 45,270 34,115 33,094 147,732 Depreciation and amortization 16,244 16,439 19,327 20,330 72,340 Inventory step-up 384 1,247 744 2,375 Transaction costs 948 2,162 1,930 1,776 6,816 Transition costs 99 170 513 608 1,390 Post-acquisition compensation 547 1,245 2,780 4,415 8,987 Contingent consideration 956 956 Adjusted EBITDA $161,879 $210,754 Adjusted EBITDA margin 24.4% 27.1% $185,700 23.4% $180,753 22.4% $739,086 24.3% 36 OVISTA OUTDOOR
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