Investor Presentaiton
Adjusted EBITDA - U.S. GAAP Reconciliation LTM December 2019
Three Months Ended
March 31, 2019
June 30, 2019
September 30, 2019
(in millions)
December 31, 2019
Year Ended
December 31, 2019
Net income (loss) as reported
$(4.9)
$(11.5)
$(13.5)
$(14.5)
Undistributed equity losses (earnings), net
0.1
0.1
0.2
(0.7)
$(44.4)
(0.3)
Income tax (benefit) provision
(2.5)
(5.8)
15.1
(5.7)
1.1
Interest expense
4.9
4.7
5.2
5.6
20.4
Depreciation and amortization
6.4
6.3
6.1
6.3
25.1
Impairment of goodwill
9.7
33.2
43.0
Stock compensation expense
0.9
1.2
1.5
1.4
5.0
SKU Rationalization
8.5
8.5
Acquisition and divestment related expenses
0.2
0.1
0.2
Restructuring expenses
0.6
0.2
0.3
0.3
1.4
Integration charges
0.2
0.7
0.2
0.2
1.3
Warehouse relocation
0.2
0.9
1.7
2.8
Adjusted EBITDA, before limitation
$6.1
$4.4
$25.7
$27.9
$64.1
Permitted non-recurring charge limitation
Adjusted EBITDA
$(8.9)
$55.2
LifetimeBrands
Adjusted EBITDA is a non-GAAP financial measure which is defined in the Company's debt agreements. Adjusted EBITDA is defined as net income (loss), adjusted to exclude undistributed equity in (earnings)
losses, income tax provision (benefit), interest, depreciation and amortization, stock compensation expense, and SKU rationalization expenses.
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