Investor Presentaiton
Appendix V: Non-GAAP Measures (Adjusted EBITDA cont.)
($ in millions)
Net income
Add (less):
Interest expense
2016
39.4
2017
2018
2019
2020
2021
2022
$
60.5
$
93.7
$
108.4
$ 96.1
$ 100.6
$ 120.4 $
TTM
Q2 2023
134.1
1.9
7.3
9.3
7.9
5.7
4.5
10.3
17.4
Pension settlement charges
6.1
10.3
Hearing loss settlement charges
1.5
0.4
Acquisition and integration-related expenses (benefits)
1.4
2.7
1.5
2.5
2.1
(2.1)
(0.5)
2.2
Coronavirus-related expenses
2.3
1.2
Restructuring
1.7
0.6
Executive severance costs
0.7
90
1.3
Debt settlement charges
Purchase accounting effects (a)
Other (income) expense, net
Income tax expense
Depreciation and amortization
Deferred gain recognition (b)
Adjusted EBITDA
Net Sales
Adjusted EBITDA Margin
0.1
0.1
3.6
4.4
0.7
0.2
0.3
0.3
1.8
(0.8)
0.6
0.6
1.1
(1.7)
(0.5)
1.4
17.4
0.5
17.9
30.2
28.5
17.0
30.5
32.0
19.1
30.0
36.4
41.5
44.8
50.4
54.7
57.4
(1.9)
(2.0)
(1.9)
$ 84.7 $ 111.5
$ 158.6
$ 191.3
182.2
$ 180.5 $ 215.0 $ 244.6
$ 707.9
12.0%
$
898.5
$ 1,089.5
$ 1,221.3
12.4%
14.6%
15.7%
$ 1,130.8
16.1%
14.9%
$ 1,213.2 $ 1,434.8 $ 1,565.8
15.0%
15.6%
(a) Excludes purchase accounting effects reflected in depreciation and amortization of $0.3 M, $0.4 M, $0.5 M, $0.6 M, $0.4 M and $0.4 M for 2016, 2017, 2018, 2019, 2020 and 2021,
respectively.
(b) Adjustment to exclude recognition of deferred gain associated with historical sale lease-back transactions. Effective 2019, the Company no longer recognizes the gain due to the
adoption of new lease accounting standard.
n
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