Glatfelter's Strategic Transformation
36
Reconciliation of Non-GAAP measures
Adjusted EPS from continuing operations
In millions
2017
2018
2019
2020
2021
Net Income (loss)
$
7.9
Adjust: Discontinued ops, net of tax
(13.5)
$ (177.6)
177.2
$ (21.5)
$
21.3
$
6.9
(3.7)
(0.5)
(0.2)
Income (loss) from continuing operations
(5.6)
(0.4)
(25.2)
20.8
6.7
Adjustments / Exclusions:
Pension settlement expenses, net
Gains on Timberland Sales and Transaction Related Costs
Asset impairment charge
Acquisition and integration relation costs
COVID-19 incremental costs
Debt refinancing fees
Cost optimization actions
2.6
Restructuring charge - Metallized operations
Costs related to strategic initiatives (1)
Fox River environmental matter
.
75.3
6.2
(0.2)
(3.2)
(1.6)
(1.4)
(5.2)
0.9
10.9
7.1
1.0
2.7
1.0
0.4
8.6
6.0
0.9
-
11.1
5.9
0.2
1.6
30.9
(2.5)
-
-
Corporate headquarters relocation
1.1
0.6
Income Tax impact and other adjustments
18.8
(0.5)
(23.7)
(11.5)
(6.3)
Total adjustments
32.0
9.6
58.4
16.6
20.9
Adjusted income from continuing operations
26.4
9.2
33.2
37.4
27.6
Normalizing tax rate to 40% provision (2017)
6.8
Adjusted earnings for continuing operations
$
19.6
$
9.2
$
33.2
$
37.4
$
27.6
Adjusted EPS for continuing operations
Weighted average shares
$
0.44
$
0.21
$
0.75
$
0.84
$
0.61
44,439
43,768
44,132
44,614
44,924
(1) The amount for 2018 includes approximately $2.9 million of foreign currency gains associated with the financing for the Steinfurt acquisition.
Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding.
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