Investor Presentaiton
Full Year Non-GAAP Reconciliations
(In millions, except percentages)
Reconciliation of Net Income to EBITDA to ADJUSTED
Net income (GAAP)
52 Weeks Ended
December 29, December 27, December 26, December 25,
2019
2020
2021
2022
100.7
145.7
182.6
155.4
Related party interest income, net
(0.1)
(2.4)
(4.6)
(12.9)
Interest expense
2.2
Income tax expense
34.5
50.5
55.7
58.0
Depreciation expense
44.3
48.0
44.4
47.3
Amortization expense
17.8
17.8
17.8
17.2
EBITDA (Non-GAAP Measure)
197.2
259.6
295.9
267.2
[1] Net cost savings as standalone company
5.8
14.4
14.3
44.4
[2] Separation costs
15.4
[3] Restructuring charges
10.2
6.1
4.2
25.1
[4] Restructuring-related items
0.5
5.3
3.7
12.7
[5] Asset impairment charges
41.5
9.5
46.4
[6] Recognition of actuarial gains
0.2
Adjusted EBITDA (Non-GAAP Measure)
255.2
294.9
318.1
411.4
NET SALES
2,388.7
2,469.3
2,855.3
3,275.5
Adjusted EBITDA Margin %
11%
12%
11%
13%
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