THOR Investor Day 2022
Reconciliation of Non-GAAP Measures
Net Debt Leverage
($ in thousands)
Total long-term debt, net, less current portion
Plus: Current portion
Plus: Debt issuance costs, net of amortization
Gross long-term debt
Less: Cash and Cash Equivalents
Net Debt
July 31, 2019
As of and for the Twelve Months Ended
July 31, 2020
July 31, 2021
April 30, 2022
1,885,253
$
1,652,831
1,594,821
$
1,983,596
17,370
13,817
12,411
10,991
51,720
44,563
33,461
34,773
1,954,343
1,711,211
1,640,693
2,029,360
425,615
1,528,728
538,519
445,852
329,297
1,172,692
$
1,194,841 $
1,700,063
Adjusted EBITDA
(1)
595,941
605,904
$
1,241,468 $
1,892,762
Net Debt to Adjusted EBITDA Ratio
2.6
1.9
1.0
0.9
Net Debt Leverage is a non-GAAP measure of the use of debt. The Net Debt Leverage Ratio is calculated by dividing Net Debt (as reconciled above) to Adjusted EBITDA (refer to
Adjusted EBITDA reconciliation included within this appendix).
The Company uses the Net Debt Leverage ratio (or Net Debt to Adjusted EBITDA ratio) as a metric to assess liquidity and the flexibility of its balance sheet. Consistent with other
liquidity metrics, the Company monitors the Net Debt Leverage Ratio as a measure to determine the appropriate level of debt the Company believes is optimal to operate its business.
The Net Debt Leverage Ratio is a non-GAAP measure and should not be considered an alternative to cash flows from operating activities as a measure of liquidity. The Company's
calculation of the Net Debt Leverage Ratio may differ from similar calculations used by other companies, and therefore, comparability may be limited.
(1) Refer to Adjusted EBITDA reconciliation within this Appendix.
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THOR Investor Day 2022
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THOR
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