THOR Investor Day 2022
Reconciliation of Non-GAAP Measures
Adjusted EBITDA
Fiscal Year Ended July 31,
($ in thousands)
Net Income
Add Back:
Interest Expense, Net
Income Taxes
Depreciation and Amortization
EBITDA
Add Back:
2012
2019
2020
2021
TTM Ending
April 30, 2022
$
121,739 $
132,465 $
221,384 $
660,870 $
1,087,778
(3,205)
60,032
104,206
93,545
86,475
58,952
52,201
51,512
183,711
335,348
24,978
148,777
196,167
230,581
273,432
$
202,464 $
393,475 $
573,269 $
1,168,707 $
1,783,033
Stock-Based Compensation Expense
688
18,950
19,889
Acquisition Related Transaction Costs
114,866
30,514
6,178
31,826
1,605
Impairment Charges
10,057
Change in LIFO Reserve
4,616
3,695
1,415
27,931
53,331
Inventory Step-Up Impact on Gross Profit
61,418
4,272
6,791
Net (Income) Expense Related to Certain Contingent Liabilities
5,000
32,125
Non-Cash Foreign Currency Loss (Gain)
Adjusted EBITDA
$
Net Sales
$
207,768 $
3,084,660 $
Adjusted EBITDA Margin (%)
6.7%
3,537
595,941 $
7,864,758 $
7.6%
1,274
(1,134)
(15,949)
605,904 $
8,167,933 $
1,241,468 $
1,892,762
12,317,380 $
16,083,727
7.4%
10.1%
11.8%
Adjusted EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. Adjusted EBITDA is defined as
net income before net interest expense, income tax expense and depreciation and amortization adjusted for certain items and other one-time items. The Company considers this non-
GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a
useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be
comparable to similarly titled measures used by other companies.
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THOR Investor Day 2022
R
THOR
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