Driving Growth and Transformation in Agriculture Technology
Calculation of Adjusted EBITDA and Leverage Ratio
Certain of our debt agreements contain covenants that require us to maintain certain coverage ratios. Our
Debt/Adjusted EBITDA may not exceed 3.5X Adjusted EBITDA (or 3.75X Adjusted EBITDA after certain material
acquisitions) of the prior four quarters. See "Leverage Ratio " below. Dollars in thousands.
Net earnings attributable to Valmont Industries, Inc.
140,693 $
C+
12/28/2019
4/1/2023
$
12/31/2022 12/25/2021 12/26/2020
263,092 $ 250,863 $ 195,630 $
146,408
Interest expense
Income tax expense
Stock-based compensation
Depreciation and amortization expense
EBITDA
Cash restructuring expenses
49,376
47,534
42,612
41,075
40,153
117,409
108,687
61,414
49,615
47,753
41,076
41,850
28,720
14,874
11,587
97,841
97,167
92,577
82,892
82,264
568,794
546,101
420,953
329,149
328,165
18,955
Impairment of goodwill and intangible assets
27,911
16,638
Impairment of property, plant, and equipment
3,751
Loss on divestiture of offshore wind energy structures business
Adjusted EBITDA - last four quarters
$
33,273
602,067 $
33,273
579,374 $
448,864 $
368,493 $
328,165
Interest-bearing debt
$ 1,025,055 $
877,975 $
965,395 $
766,326 $
787,478
Less: cash and cash equivalents in excess of $50 million
Net indebtedness
122,948
135,406
127,232
350,726
303,542
$
902,107 $
742,569 $
838,163 $
415,600 $
483,936
Net indebtedness
$
Leverage ratio
Interest-bearing debt
Total debt to adjusted EBITDA
902,107 $
1.50
742,569 $
1.28
838,163 $
1.87
415,600 $
1.13
483,936
1.47
$ 1,025,055 $
1.70
877,975 $
1.52
965,395 $
2.15
766,326 $
2.08
787,478
2.40
CONSERVING RESOURCES. IMPROVING LIFE. Valmont
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