Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mueller Water Products, Inc. | d8k.htm |
 RBC
Capital Markets Transportation & Industrials
Conference
December 2, 2010
Exhibit 99.1 |
 2
Safe Harbor Statement
This presentation contains certain statements that may be deemed
“forward-looking statements”
within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements that address activities, events
or developments that the Company intends, expects, plans, projects, believes or
anticipates will or may occur in the future are forward-looking
statements. Examples of forward-looking statements include, but are not
limited to, statements the Company makes regarding general economic conditions,
spending by municipalities, the outlook for the residential and
non-residential construction markets, improvements related to capacity
utilization, the recovery, if any, of the Company’s end markets, and the potential
effect of the refinancing on the Company’s operations, and the impact of
these factors on the Company’s businesses. Forward-looking statements
are based on certain assumptions and assessments made by the Company in light of
its experience and perception of historical trends, current conditions and
expected future developments. Actual results and the timing of events may
differ materially from those contemplated by the forward-looking statements due to a
number of factors, including regional, national or global political, economic,
business, competitive, market and regulatory conditions and the following:
•
the spending level for water and wastewater infrasturcture;
•
the demand level of manufacturing and construction activity;
•
the Company’s ability to service its debt obligations; and
•
the other factors that are described in the section entitled “RISK
FACTORS” in Item 1A of our most
recently filed Annual Report on Form 10-K.
Undue reliance should not be placed on any forward-looking statements. The Company
does not have any intention or obligation to update forward-looking
statements, except as required by law. Safe Harbor Statement
|
 3
Non-GAAP Financial Measures
The Company presents adjusted income (loss) from operations, adjusted EBITDA, adjusted
net income (loss),
adjusted
net
income
(loss)
per
share,
free
cash
flow
and
net
debt
as
non-GAAP
measures.
Adjusted income (loss) from operations represents income (loss) from operations
excluding impairment and restructuring. Adjusted EBITDA represents income
(loss) from operations excluding impairment, restructuring, depreciation and
amortization. The Company presents adjusted EBITDA because it is a measure of
performance management believes is frequently used by securities
analysts, investors and
interested parties in the evaluation of financial performance. Adjusted net
income (loss) and adjusted net income (loss) per share exclude impairment,
restructuring, loss on early extinguishment of debt, certain
costs
to
settle
interest
rate
swap
contracts,
the
tax
on
the
repatriation
of
earnings
from
Canada
and the income tax effects of the previously mentioned items. These items are
excluded because they are not considered indicative of recurring
operations. Free cash flow represents cash flows from operating
activities, less capital expenditures. It is presented as
a measurement of cash flow because it
is
commonly
used
by
the
investment
community.
Net
debt
represents
total
debt
less
cash
and
cash
equivalents. Net debt is commonly used by the investment community as a measure
of indebtedness. Adjusted income (loss) from operations, adjusted EBITDA,
adjusted net income (loss), adjusted net income (loss) per share, free cash flow
and net debt have limitations as analytical tools, and investors should not
consider any of these non-GAAP measures in isolation or as a substitute for analysis of the
Company's results as reported under accounting principles generally accepted in the
United States ("GAAP").
A reconciliation of non-GAAP to GAAP results is included as an attachment to this
presentation and has been
posted
online
at
www.muellerwaterproducts.com.
Non-GAAP Financial Measures |
 4
Leading North American provider of water
infrastructure and flow control products
Investment Highlights
Leading brands in water infrastructure
Specified in 100 largest U.S. metropolitan
areas (valves or hydrants)
Low-cost manufacturing processes
Market opportunity with increasing
investment needed in water industry
One of the largest installed bases in
the U.S. |
 5
Our Business
•
$1.3B LTM net sales (as of September 30, 2010)
•
Portfolio includes:
•
Fire hydrants
•
Valves
•
Pipe fittings
•
Ductile iron pipe
•
Water meters
•
Specified in 100 largest U.S. metropolitan markets
(1)
•
More than 75% of FY2010 net sales from products
with #1 or #2 position
(1)
Valves or hydrants
(2)
Based on management estimates
Residential construction systems driven primarily by new community development
The largest publicly traded water infrastructure company in the United States
FY2010 Primary End Markets
(2)
Net Sales $1.3B |
 6
Broad Product Portfolio
$613
$81
$50
$131
SEGMENT NET SALES
PRODUCT
PORTFOLIO
ADJUSTED OPERATING
INCOME (LOSS)
(1)
$378
($53)
$19
($34)
$347
$23
$15
$38
Iron Gate
Valves
Butterfly, Ball
and Plug Valves
Fittings &
Couplings
Cast Iron
Fittings
Hangers &
Supports
Metering
Systems
Pipe Nipples
Hydrants
DEPRECIATION AND
AMORTIZATION
(2)
Est. 1857
Est. 1899
Est. 1999 (1850)
HISTORICAL ROOTS
ADJUSTED EBITDA
(1) (2)
($ in millions)
Restrained Joint
Pipe
Ductile Iron
Pipe
Joint Restraint
Joint Fitting
Note: All statistics are actuals for LTM ended September 30, 2010
(1) Segment operating income (loss) excludes corporate expenses of
$33.4mm. Mueller Co. excludes $0.1mm of restructuring. U.S. Pipe excludes $12.5mm of restructuring. Anvil excludes $0.5mm of restructuring.
(2)
Segment depreciation and amortization excludes corporate depreciation of $0.6mm.
|
 7
Complete Water Transmission Solutions
Mueller Water Products
manufactures and
markets products and
services that are used in
the transmission and
distribution of safe,
clean drinking water and
in water treatment
facilities. |
 8
* Company estimates based on internal analysis and information from trade associations
and our distributor networks, where available. |
 9
Strategy And Objectives
Capitalize on the large,
attractive and growing
water infrastructure
markets worldwide
Maintain leadership positions with
customers and end users
Broaden breadth and depth of
products and services
Continue to enhance operational and
organizational excellence
Expand internationally |
 Our
End Markets |
 11
Primary End Markets: 2006-2010
Source: Management estimates
*
Residential construction is driven primarily by new community development
Since 2006, our exposure to the
residential construction market
has declined from roughly 40%
to 5%. |
 12
Historical Housing Starts
400
650
900
1,150
1,400
1,650
1,900
2,150
2,400
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Historical Housing Starts (1991 -
September 2010)
Seasonally Adjusted Annualized
1991-2010 Average
1,435
Bottom of prior down
cycle (798)
April
-
Lowest starts (477) since
Census Bureau began keeping
records in 1959 |
 13
Non-Residential Construction
Architecture Billings Index Trends
Source: IHS Global Insight
Data as of October 20, 2010
Non-Residential Construction Actual / Forecast |
 A
Significant Market Opportunity |
 15
Aging Water Infrastructure
“America’s drinking water systems
face an annual shortfall of at
least $11 billion
to replace aging
facilities that are near the end of
their useful lives and to comply
with existing and future federal
water regulations. This does not
account for growth in the demand
for drinking water over the next
20 years.”
2009 Report Card for America’s Infrastructure |
 16
The Market Opportunity Is Significant And Growing
Repair and Replacement Market
•
Aging water pipes need to be
rehabilitated / replaced
•
Valves and hydrants typically replaced at
same time as pipes
•
Up to 15% -
30% of treated potable water
lost in leaky pipes
(2)
Funding and Spending
•
90% funded at local level
(3)
•
29% of water systems charge less than
cost
(4)
Source:
(1) EPA 2007 Drinking Water Needs Survey and Assessment
(2) Global Water Intelligence Water Technology Markets 2010
(3) EPA Clean Water and Drinking Water Infrastructure Gap Analysis
(4) Government Accountability Office 2004 report on water infrastructure
20-YR Need for Water Infrastructure = $335B
Future Drinking Water Infrastructure Expenditure
Needs
(1)
Area in which
Mueller Water
Products operates |
 17
Aging Water Infrastructure
•
An average of 700 water mains break daily
in U.S. (about one every two minutes)
(1)
•
Baltimore water main break in March 2010
left 100,000 people without water
(2)
(1) Saving U.S. Water and sewer systems would be costly, The New York Times,
March 15, 2010 (2) Thousands in Baltimore County still without water, The
Baltimore Sun, March 8, 2010 “When all aspects are considered,
infrastructure becomes the
towering issue in the water industry
in both the near term and longer
term and as an inadequately
addressed area.”
State of the Industry Report 2010
American Water Works Association -
October 2010 |
 18
AgingWater
Infrastructure
Average life of 100 year and 75 year old pipe is converging, contributing
to accelerating need for pipe replacement.
(1) The EPA Clean Water and Drinking Water Infrastructure Gap Analysis 2002
|
 19
Increasing Federal Awareness of Funding Needs
•
At least 30 cities under consent decrees
—
Atlanta $4.0B
—
Washington, D.C. $2.8B
—
Baltimore City and county $1.7B
—
Cincinnati $1.5B
•
1974/1996 Safe Drinking Water Act
•
2011 proposed federal budget
—
Currently calls for $1.3B for Drinking
Water SRF
Stronger EPA regulations should lead to increased investment
“New Jersey can maintain
a viable economy with a
sound environment only if
it ensures that its water
supply, wastewater and
stormwater
infrastructure
is effectively maintained in
a manner that produces
the lowest life-cycle cost.”
The Clean Water Council of New
Jersey -
October 2010 |
 20
Funding 2010 Water Infrastructure Repair
Sources:
(1) Bureau of Labor Statistics
(2) AWWA State of the Industry Report 2010
(3) Black & Veatch 2009/2010 50 Largest Cities Water/Wastewater Rate Survey for
residential 7,500 gallons Other
15%
Bonds
9%
Loans
16%
Operational
Savings
47%
Rate
Increases
10%
Grants
3%
Sources of Funding
Water Infrastructure
Repair
(2)
Historical Water
Rates Compared to
Other Utilities
(1)
From 2007-2009 annual average
residential water rates increased
about 10%
(3) |
 Actions & Business
Results |
 22
Management Actions/Initiatives
Objectives
Cost Savings Actions
Reduce costs and improve
operating leverage
Manage working capital and
capital expenditures to
generate free cash flow
Six plants closed since FY2006
Sold certain non -core assets of Anvil
Reduced headcount about 24% from September 30, 2008 to September
30, 2010 from approximately 6, 300 to approximately 4,800
Took actions to lower labor costs
LEAN Six Sigma and other manufacturing improvements (continuous improvement)
Invested in new automated ductile iron pipe operation to lower costs
Consolidation of distribution centers and smaller manufacturing facilities at Anvil
Capital spending decreased from FY2007/FY2008 levels
FY2009 capital spending of $39.7 million; FY2010 capital spending of
$32.8 million
Reduced inventory by $116.6 million in FY2009; $ 74.4 million reduction
in FY2010
Reduced debt by $ 403.3 million from September 30, 2008 through
September 30, 2010 |
 23
NET SALES
ADJUSTED EBITDA &
ADJ. EBITDA MARGIN
($ in millions)
History of strong financial performance
(see appendices for GAAP reconciliation)
(a)
(c)
(b)
$131
$139
$167
$190
$248
$207
$179
$101
$131
$44
$26
$42
$56
$57
$24
($34)
$48
$38
$47
$62
$73
$81
$94
$61
$38
25.7%
25.9%
27.1%
28.6%
30.8%
27.3%
24.9%
18.5%
21.3%
8.8%
3.3%
4.4%
7.0%
9.3%
10.7%
4.3%
(4.9%)
(9.0%)
12.3%
9.7%
10.8%
12.8%
13.6%
14.6%
15.8%
13.0%
11.0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2002
2003
2004
2005
2006
2007
2008
2009
2010
2002
2003
2004
2005
2006
2007
2008
2009
2010
($20)
$16
$509
$536
$618
$664
$804
$756
$718
$547
$613
$492
$465
$551
$598
$595
$537
$546
$411
$378
$393
$387
$431
$485
$535
$556
$595
$470
$347
2002
2003
2004
2005
2006
2007
2008
2009
2010
2002
2003
2004
2005
2006
2007
2008
2009
2010
2002
2003
2004
2005
2006
2007
2008
2009
2010
(a)
Fiscal year end as of September 30th. Reflects inventory step-up costs of $53.1
million in 2006; restructuring charges of $2.0 million in 2009; goodwill impairment charges of $818.7 million in 2009; restructuring charges of $0.1 million in 2010
(a)
Financial results for 2002, 2003 and 2004 are calendar year while subsequent years are
fiscal year ending September 30th. Excludes $6.5 million of litigation settlement expenses in 2003; environmental-related insurance settlement benefits of $1.9 million and $5.1
million in 2004 and 2005, respectively. U.S. Pipe Chattanooga closing costs of $49.9
million in 2006; restructuring charges of $18.3 million in 2008 and goodwill impairment charges of $59.5 million and restructuring charges of $41.6 million in 2009; restructuring charges
of $12.5 million in 2010
(b)
Excludes inventory step-up costs of $17.3 million in 2006; restructuring costs of
$4.0 million in 2009; goodwill impairment charges of $92.7 million in 2009; restructuring charges of $0.5 million in 2010 |
 Earnings Conference Call for Quarter Ended September 30, 2010
24
Consolidated Non-GAAP Results
•
Solid Mueller Co. results. 16.2% adjusted operating income margin while utilizing about
60% of capacity
•
Manufacturing inefficiencies at U.S. Pipe impacted operating performance. Should
experience full year cost savings benefits of the North Birmingham plant closure
in FY 2011 •
Positive
year-over-year
pricing
at
U.S.
Pipe
–
on
a
sequential
basis,
price
per
ton
was
up
13%
•
Anvil compared favorably year-over-year benefitting from a higher margin mix
and positive growth in energy markets
$ in millions (except per share amounts)
2010
2009
Net sales
$346.7
$374.8
Adj. income from operations
$15.4
$14.8
Adj. operating income % of net sales
4.4%
3.9%
Adj. net income (loss) per share
$0.00
($0.03)
Adj. EBITDA
$36.7
$36.7
Adj. EBITDA % of net sales
10.6%
9.8%
Fourth Quarter Fiscal
FY 4Q10 results exclude restructuring $1.3 million, $0.8 million net of tax; Interest rate swap
settlement costs of $6.4 million, $3.9 million net of tax; Loss on early extinguishment of debt of $4.1 million, $2.5 million net of tax.
FY 4Q09 results exclude restructuring $1.9 million, $1.2 million net of tax; Interest rate swap
settlement costs of $6.3 million, $3.8 million net of tax; Loss on early extinguishment of debt of $3.0 million, $1.8 million net of tax.
|
 25
Refinancing Highlights
•
Recapitalization provides a long-term capital
structure
•
Extends maturities with no significant required
principal payments before 2015
•
Locks in long-term capital at attractive rates
•
Preserves deleveraging capability
•
Expect greater operational flexibility
•
Eliminates financial maintenance covenants with
excess availability at the greater of $34mm or
12.5% of facility amount
•
More than $150mm of excess availability at
September 30, 2010
•
Reduces limitation on business operations
including acquisitions, investments, restricted
payments and divestitures
New structure:
•
$420mm 7
3/8
% Senior Subordinated Notes due
2017
•
$225mm 8
3/4
% Senior Unsecured Notes due
2020
•
$275mm ABL Revolver Credit Facility due 2015
Debt Maturity
($ in millions)
$0
$0
$0
$0
$0
$0
$0
$0
$49
$225
$420
$226
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020 |
 26
Key Financial Metrics
* FY 2007 results exclude $48.1 million of debt restructuring activities
** FY 2009 results include $6.3 million of cash used to settle certain interest rate
swap contracts. *** FY
2010
results
include
$18.3
million
of
cash
used
to
settle
certain
interest
rate
swap
contracts.
$71
$88
$88
$40
$33
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
FY2006
FY2007
FY2008
FY2009
FY2010
Capital Expenditures
($ in millions)
$1,549
$1,127
$1,101
$1,096
$740
$692
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Mar-2006
FY2006
FY2007*
FY2008
FY2009
FY2010
Total Debt
($ in millions)
$37
$115
$94
$91
$30
$0
$20
$40
$60
$80
$100
$120
$140
FY2006
FY2007*
FY2008
FY2009**
FY2010***
Free Cash Flow
($ in millions) |
 27
Investment Highlights
•
Water industry has fundamentally strong long-term dynamics
•
Driven by new and upgraded infrastructure
•
Limited number of suppliers to end markets
•
Strong competitive position
•
Leading brand positions with large installed base
•
Leading municipal specification positions
•
Comprehensive distribution network
•
Low-cost manufacturing operations
•
Operating leverage when volumes improve
•
Growth opportunities
•
Organic growth
•
Strategic acquisitions |
 Supplemental Data |
 29
Segment Results and Reconciliation of Non-GAAP to GAAP
Performance Measures
(in millions, except per share amounts)
Three months ended September 30, 2010
Mueller Co.
U.S. Pipe
Anvil
Corporate
Total
GAAP results:
Net sales
163.7
$
94.9
$
88.1
$
-
$
346.7
$
Gross profit (loss)
49.1
$
(3.1)
$
25.8
$
(0.1)
$
71.7
$
Selling, general and administrative expenses
22.5
8.2
18.2
7.4
56.3
Restructuring
-
0.9
0.4
-
1.3
Income (loss) from operations
26.6
$
(12.2)
$
7.2
$
(7.5)
$
14.1
Interest expense, net
20.6
Loss on early extinguishment of debt
4.1
Income tax benefit
(3.6)
Net loss
(7.0)
$
Net loss per diluted share
(0.05)
$
Capital expenditures
5.8
$
3.6
$
1.9
$
0.1
$
11.4
$
Non-GAAP results:
Adjusted income (loss) from operations and EBITDA:
Income (loss) from operations
26.6
$
(12.2)
$
7.2
$
(7.5)
$
14.1
$
Restructuring
-
0.9
0.4
-
1.3
Adjusted income (loss) from operations
26.6
(11.3)
7.6
(7.5)
15.4
Depreciation and amortization
12.5
4.9
3.9
-
21.3
Adjusted EBITDA
39.1
$
(6.4)
$
11.5
$
(7.5)
$
36.7
$
Adjusted net income:
Net loss
(7.0)
$
Interest rate swap settlement costs, net of tax
3.9
Loss on early extinguishment of debt, net of tax
2.5
Restructuring, net of tax
0.8
Adjusted net income
0.2
$
Adjusted net income per diluted share
0.0
$
Free cash flow:
Net cash provided by operating activities
27.3
$
Capital expenditures
(11.4)
Free cash flow
15.9
$
Net debt (end of period):
Current portion of long-term debt
0.7
$
Long-term debt
691.5
Total debt
692.2
Less cash and cash equivalents
(83.7)
Net debt
608.5
$ |
 30
Segment Results and Reconciliation of Non-GAAP to GAAP
Performance Measures
(in millions, except per share amounts)
Three months ended September 30, 2009
Mueller Co.
U.S. Pipe
Anvil
Corporate
Total
GAAP results:
Net sales
158.1
$
105.3
$
111.4
$
-
$
374.8
$
Gross profit
45.0
$
0.6
$
23.4
$
0.2
$
69.2
$
Selling, general and administrative expenses
19.6
7.7
20.2
6.9
54.4
Impairment and restructuring
0.6
0.2
1.1
-
1.9
Income (loss) from operations
24.8
$
(7.3)
$
2.1
$
(6.7)
$
12.9
Interest expense, net
27.2
Loss on early extinguishment of debt
3.0
Income tax benefit
(6.4)
Net loss
(10.9)
$
Net loss per diluted share
(0.09)
$
Capital expenditures
8.4
$
4.1
$
4.4
$
0.1
$
17.0
$
Non-GAAP results:
Adjusted income (loss) from operations and EBITDA:
Income (loss) from operations
24.8
$
(7.3)
$
2.1
$
(6.7)
$
12.9
$
Impairment and restructuring
0.6
0.2
1.1
-
1.9
Adjusted income (loss) from operations
25.4
(7.1)
3.2
(6.7)
14.8
Depreciation and amortization
12.7
4.5
4.6
0.1
21.9
Adjusted EBITDA
38.1
$
(2.6)
$
7.8
$
(6.6)
$
36.7
$
Adjusted net loss:
Net loss
(10.9)
$
Interest rate swap settlement costs, net of tax
3.8
Loss on early extinguishment of debt, net of tax
1.8
Restructuring, net of tax
1.2
Adjusted net loss
(4.1)
$
Adjusted net loss per diluted share
(0.03)
$
Free cash flow:
Net cash provided by operating activities
62.2
$
Capital expenditures
(17.0)
Free cash flow
45.2
$
Net debt (end of period):
Current portion of long-term debt
11.7
$
Long-term debt
728.5
Total debt
740.2
Less cash and cash equivalents
(61.5)
Net debt
678.7
$ |
 31
Segment Results And Reconciliation Of Non-GAAP To GAAP
Performance Measures
(in millions, except per share amounts)
Year ended September 30, 2010
Mueller Co.
U.S. Pipe
Anvil
Corporate
Total
GAAP results:
Net sales
612.8
$
377.8
$
346.9
$
-
$
1,337.5
$
Gross profit (loss)
170.3
$
(22.7)
$
88.8
$
-
$
236.4
$
Selling, general and administrative expenses
89.2
30.5
66.2
33.4
219.3
Restructuring
0.1
12.5
0.5
-
13.1
Income (loss) from operations
81.0
$
(65.7)
$
22.1
$
(33.4)
$
4.0
Interest expense, net
68.0
Loss on early extinguishment of debt
4.6
Income tax benefit
(23.4)
Net loss
(45.2)
$
Net loss per diluted share
(0.29)
$
Capital expenditures
15.6
$
11.0
$
6.0
$
0.2
$
32.8
$
Non-GAAP results:
Adjusted income (loss) from operations and EBITDA:
Income (loss) from operations
81.0
$
(65.7)
$
22.1
$
(33.4)
$
4.0
$
Restructuring
0.1
12.5
0.5
-
13.1
Adjusted income (loss) from operations
81.1
(53.2)
22.6
(33.4)
17.1
Depreciation and amortization
49.7
18.9
15.4
0.6
84.6
Adjusted EBITDA
130.8
$
(34.3)
$
38.0
$
(32.8)
$
101.7
$
Adjusted net loss:
Net loss
(45.2)
$
Restructuring, net of tax
7.9
Interest rate swap settlement costs, net of tax
4.8
Loss on early extinguishment of debt, net of tax
2.8
Tax on repatriation on Canadian earnings
2.2
Adjusted net loss
(27.5)
$
Adjusted net loss per diluted share
(0.18)
$
Free cash flow:
Net cash provided by operating activities
63.0
$
Capital expenditures
(32.8)
Free cash flow
30.2
$
Net debt (end of period):
Current portion of long-term debt
0.7
$
Long-term debt
691.5
Total debt
692.2
Less cash and cash equivalents
(83.7)
Net debt
608.5
$ |
 32
Segment Results And Reconciliation Of Non-GAAP To GAAP
Performance Measures
(in millions, except per share amounts)
Year ended September 30, 2009
Mueller Co.
U.S. Pipe
Anvil
Corporate
Total
GAAP results:
Net sales
547.1
$
410.9
$
469.9
$
-
$
1,427.9
$
Gross profit (loss)
134.3
$
(5.7)
$
128.2
$
0.1
$
256.9
$
Selling, general and administrative expenses
84.2
35.6
84.9
34.4
239.1
Impairment and restructuring
820.7
101.1
96.7
0.2
1,018.7
Loss from operations
(770.6)
$
(142.4)
$
(53.4)
$
(34.5)
$
(1,000.9)
Interest expense, net
78.3
Loss on early extinguishment of debt
3.8
Income tax benefit
(86.3)
Net loss
(996.7)
$
Net loss per diluted share
(8.55)
$
Capital expenditures
16.2
$
11.2
$
11.9
$
0.4
$
39.7
$
Non-GAAP results:
Adjusted income (loss) from operations and EBITDA:
Loss from operations
(770.6)
$
(142.4)
$
(53.4)
$
(34.5)
$
(1,000.9)
$
Impairment and restructuring
820.7
101.1
96.7
0.2
1,018.7
Adjusted income (loss) from operations
50.1
(41.3)
43.3
(34.3)
17.8
Depreciation and amortization
50.9
21.1
17.6
0.6
90.2
Adjusted EBITDA
101.0
$
(20.2)
$
60.9
$
(33.7)
$
108.0
$
Adjusted net loss
Net loss
(996.7)
$
Impairment and restructuring, net of tax
954.9
Interest rate swap settlement costs, net of tax
3.8
Loss on early extinguishment of debt, net of tax
2.3
Adjusted net loss
(35.7)
$
Adjusted net loss per diluted share
(0.31)
$
Free cash flow:
Net cash provided by operating activities
130.5
$
Capital expenditures
(39.7)
Free cash flow
90.8
$
Net debt (end of period):
Current portion of long-term debt
11.7
$
Long-term debt
728.5
Total debt
740.2
Less cash and cash equivalents
(61.5)
Net debt
678.7
$ |
 Questions |