Avantor Investor Day Presentation Deck
Reconciliations of GAAP to non-GAAP measures (continued)
($M)
Debt, gross
Less: cash and cash equivalents
Numerator of adjusted net leverage
TTM adjusted EBITDA¹
TTM ongoing share-based compensation
expense
Pro forma adjustment for VWR
Pro forma adjustment for projected
synergies
Denominator of adjusted net leverage
Adjusted net leverage (non-GAAP)
Navantor™
2017
7,396.1
(185.4)
7,210.7
289.5
21.6
472.6
783.7
9.2X
2018
7,162.9
(184.7)
6,978.2
945.3
19.1
29.7
994.1
7.0X
2019
5,249.4
(186.7)
5,062.7
1,031.2
31.1
26.8
1,089.1
4.6X
2020
4,972.2
(286.6)
4,685.6
1,141.6
42.4
1.6
1,185.6
4.0x
Q1
4,702.0
(172.5)
4,529.5
1,241.9
43.7
1,285.6
3.5x
2021
Q2
5,733.3
(223.0)
5,510.3
1,402.2
44.8
1,447.1
3.8x
1. Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period plus management's best estimates of the incremental results attributable to acquired
companies as if such acquisitions had been completed on the first day of such trailing twelve-month period, as permitted by our debt covenants. Such estimates and
financial information for acquired companies may or may not have been audited, and in certain instances may have been prepared on a basis other than U.S. GAAP though
we believe these differences in the basis of accounting to be immaterial for the purpose of presenting net leverage.
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