Glatfelter's Strategic Transformation
32
Reconciliation of Non-GAAP measures
Adjusted EBITDA from continuing operations
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 from continuing operations
Adjustments / Exclusions:
Share-based compensation
Pension settlement expenses, net
Gains on Timberland Sales and Transaction Related Costs
Asset impairment charge
Acquisition and integration relation costs
Restructuring charge - Metallized operations (net of accelerated depreciation)
Cost optimization actions
COVID-19 incremental costs
Corporate headquarters relocation (net of asset write off)
Costs related to strategic initiatives (1)
Fox River environmental matter
Adjusted EBITDA from continuing operations
(2)
2017
2018
2019
2020
2021
$
7.9
$ (177.6)
$ (21.5)
$ 21.3
$
6.9
(13.5)
177.2
(3.7)
(0.5)
(0.2)
25.1
7.7
(9.2)
11.6
7.0
42.1
47.5
50.8
56.6
61.4
13.1
15.0
9.3
6.6
12.3
$ 74.6
$ 69.8
$ 25.7
$ 95.6
$
87.4
5.5
6.3
3.6
5.7
5.1
.
75.3
6.2
(0.2)
(3.2)
(1.6)
(1.4)
(5.2)
0.9
110
10.9
7.1
1.0
10
-
I
7.2
1.3
0.4
8.6
6.0
0.9
2.7
0.9
0.6
5.9
0.2
1.6
30.9
(2.5)
$
92.2
$ 86.3
$ 110.3
$ 125.3
$ 119.6
(1) The amount for 2018 includes approximately $2.9 million of foreign currency gains associated with the financing for the Steinfurt acquisition
Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement
(2)
Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding.
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