Glatfelter's Strategic Transformation
33
(1)
(*)
Reconciliation of Non-GAAP measures
Pro-forma Adjusted EBITDA used for leverage calculation
In millions
Net Income (loss)
Exclude: Loss from discontinued operations, net of tax
Add: Taxes from continuing operations
Add: Depreciation and Amortization
Add: Net Interest Expense
EBITDA
EBITDA from Mount Holly Operations
EBITDA from Spunlace Operations
Adjustments / Exclusions:
Share-based compensation
2019
2020
Pro forma
2021
$
(21.5)
$ 21.3
$
6.9
(3.7)
(0.5)
(0.2)
(9.2)
11.6
7.0
50.8
56.6
61.4
9.3
6.6
12.3
$
25.7
$
95.6
$
87.4
2.1
18.3
3.6
5.7
5.1
Gains on Timberland Sales and Transaction Related Costs
(1.6)
(1.4)
(5.2)
Asset impairment charge
0.9
I
Pension settlement expenses, net
75.3
6.2
Acquisition and integration relation costs
1.0
-
Restructuring charge - Metallized operations (net of accelerated depreciation)
7.2
Cost optimization actions
8.6
6.0
0.9
COVID-19 incremental costs
2.7
Corporate headquarters relocation (net of asset write off)
0.9
0.6
Costs related to strategic initiatives
0.2
1.6
30.9
Fox River environmental matter
(2.5)
-
Adjusted EBITDA from continuing operations (1)
$
110.3
$ 125.3
$
140.0 (*)
Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement
TTM Pro forma Adjusted EBITDA as of December 31, 2021, includes $2.1 million of Mount Holly EBITDA for 4.5 months and $18.3 million of Spunlace segment for 10 months not under Glatfelter ownership
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