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
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