Avantor Results Presentation Deck
Reconciliations of GAAP to non-GAAP measures (continued)
($M)
Debt, gross
Less: cash and cash equivalents
Net proceeds received from secondary
offering
Numerator of adjusted net leverage
TTM adjusted EBITDA¹
TTM ongoing share-based compensation
expense
Pro forma adjustment for VWR
Pro forma adjustment for projected synergies
Denominator of adjusted net leverage
Adjusted net leverage (non-GAAP)
avantor™
2017
$7,396.1
(185.4)
7,210.7
289.5
21.6
472.6
$783.7
9.2X
2018
$7,162.9
(184.7)
6,978.2
945.3
19.1
29.7
$994.1
7.0X
2019
$5,249.4
(186.7)
5,062.7
1,031.2
31.1
26.8
$1,089.1
4.6X
2020
$4,972.2
(286.6)
4,685.6
1,141.6
42.4
1.6
$1,185.6
4.0x
Q1
$4,702.0
(172.5)
4,529.5
1,241.9
43.7
$1,285.6
3.5x
Q2
$5,733.3
(223.0)
5,510.3
1,402.2
44.8
$1,447.1
3.8x
2021
Q3
$5,667.4
(1,426.1)
967.0
5,208.3
1,461.5
45.9
$1,507.4
3.5x
FY
$7,113.2
(301.7)
6,811.5
1,587.3
47.7
$1,635.0
4.2x
1: Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period plus management's best estimates of the incremental results attributable to
completed acquisitions as if such acquisitions had been completed on the first day of such trailing twelve-month period. Such estimates and financial
information for acquired companies may or may not have been audited, and in certain instances may have been prepared on a basis other than U.S. GAAP
though we believe these differences in the basis of accounting to be immaterial for the purpose of presenting net leverage.
19View entire presentation