Attached files
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8-K - FORM 8-K - Nexeo Solutions Holdings, LLC | d456000d8k.htm |
Exhibit 99.1
Nexeo Solutions Holdings, LLC
Management EBITDA Reconciliation
(in thousands)
Q1 FY12(8) | Q2 FY12(8) | Q3 FY12 | Q4 FY12 | FY12 LTM | ||||||||||||||||
Net Income |
$ | (12,028 | ) | $ | 7,230 | $ | 6,601 | $ | (5,401 | ) | $ | (3,598 | ) | |||||||
Interest |
11,149 | 11,487 | 11,103 | 11,268 | 45,007 | |||||||||||||||
Taxes |
(408 | ) | 1,341 | 766 | 555 | 2,254 | ||||||||||||||
Depreciation and Amortization |
10,081 | 10,824 | 9,378 | 9,801 | 40,084 | |||||||||||||||
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EBITDA |
8,794 | 30,882 | 27,848 | 16,223 | 83,747 | |||||||||||||||
Management add-backs (1) |
5,186 | 8,528 | 7,467 | 9,707 | 30,888 | |||||||||||||||
Non-cash charges (2) |
627 | (303 | ) | 355 | 108 | 787 | ||||||||||||||
Management Fees (3) |
1,423 | 1,553 | 1,691 | 2,301 | 6,968 | |||||||||||||||
Letter of Credit Fees not included in Interest Expense |
157 | 48 | 327 | 230 | 762 | |||||||||||||||
Compensation expense related to management equity plan (non-cash) |
478 | 754 | 326 | 278 | 1,836 | |||||||||||||||
LIFO to Ave Cost accounting principle change (4) |
5,532 | | | | 5,532 | |||||||||||||||
Transitional pension and medical payments Ashland Employees (5) |
296 | 118 | 145 | 68 | 627 | |||||||||||||||
Transaction and other one-time costs (6) |
1,951 | 2,148 | 804 | 3,572 | 8,475 | |||||||||||||||
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Adjusted Management EBITDA |
$ | 24,444 | $ | 43,728 | $ | 38,963 | $ | 32,487 | $ | 139,622 | ||||||||||
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(1) | One-time costs related to the carve out of the distribution business from Ashland Inc., including headquarters relocation costs, certain severance and recruitment costs, and other project-related costs |
(2) | Unrealized foreign exchange gains and losses |
(3) | Management, monitoring, consulting and leverage fees, per the agreement with TPG Capital, L.P. |
(4) | Cumulative adjustment for LIFO to average cost inventory accounting method change |
(5) | Transitional pension and medical payments owed to certain Ashland employees pursuant to the Agreement of Purchase and Sale, dated November 5, 2010 by and between Ashland and Nexeo Solutions, LLC (formerly TPG Accolade, LLC), as amended |
(6) | Professional and transaction costs related to the acquisition of the global distribution business of Ashland, the China joint venture, other potential acquisitions and other one-time costs |