Investor Presentaiton
Comments and Financial Targets for Fiscal 2022
FY 2022 Targets
$ millions
Revenue
$580.0M - $600.0M
Adjusted EBITDA (1)
$70.0M - $76.0M
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Comments on FY 2022 Targets
Reflects strong backlog and sales pipeline, offset by impacts of COVID-19, timing considerations associated with tightening global
supply chain constraints and recently completed withdrawal of U.S. troops from Afghanistan and other U.S. government program
changes
We expect Commercial Solutions segment net sales to be higher than the amount we achieved in fiscal 2021
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We expect Government Solutions segment net sales to be lower than the amount we achieved in fiscal 2021
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Financial performance is expected to be significantly lower in the first half of fiscal 2022 with quarterly results expected to build
sequentially throughout the year, with Q4 being the peak
Consolidated Q1 fiscal 2022 net sales and Adjusted EBITDA are expected to approximate $115.0 million and $3.0 million,
respectively
We expect restructuring costs, greater than normal proxy solicitation related costs, and ongoing higher production, logistic and
safety-related costs resulting from COVID-19. FY 2022 is also likely to be impacted by expenses associated with the appointment
of a new CEO
We expect our gross margin percentage to approximate 36.0% to 37.0%
Amortization of intangible assets is expected to approximate $22.0M
Amortization of stock-based compensation expense is expected to range from approximately $12.0M to $14.0M
• Interest expense (including amortization of deferred financing costs) is expected to approximate $6.5M
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Our effective income tax rate is expected to approximate 22.0%
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Adjusted EBITDA margin is expected to approximate 12.0% when using the midpoints of our 2022 targeted range for
Net Sales and Adjusted EBITDA
(1) Adjusted EBITDA represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of
stock-based compensation, amortization of intangibles, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation,
acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs, facility exit costs and strategic alternatives analysis
expenses and other.
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