Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Nexeo Solutions Holdings, LLC | d488994d8k.htm |
Exhibit 99.1
Nexeo Solutions Holdings, LLC
Management EBITDA Reconciliation
(in thousands)
| Q2 FY12 | Q3 FY12 | Q4 FY12 | Q1 FY13 | LTM | ||||||||||||||||
| Net income (loss) attributable to Nexeo Solutions Holdings, LLC |
$ | 7,230 | $ | 6,601 | $ | (5,401 | ) | $ | (14,674 | ) | $ | (6,244 | ) | |||||||
| Net income attributable to noncontrolling interest |
— | — | — | 159 | 159 | |||||||||||||||
| Interest |
11,487 | 11,103 | 11,268 | 13,720 | 47,578 | |||||||||||||||
| Taxes |
1,341 | 766 | 555 | 757 | 3,419 | |||||||||||||||
| Depreciation and amortization |
10,824 | 9,378 | 9,801 | 9,554 | 39,557 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| EBITDA |
30,882 | 27,848 | 16,223 | 9,516 | 84,469 | |||||||||||||||
| Management add-backs (1) |
8,528 | 7,467 | 9,707 | 7,477 | 33,179 | |||||||||||||||
| Non-cash charges (2) |
(303 | ) | 355 | 108 | 1,420 | 1,580 | ||||||||||||||
| Management fees (3) |
1,553 | 1,691 | 2,301 | 1,715 | 7,260 | |||||||||||||||
| Letter of credit fees not included in interest expense |
48 | 327 | 230 | — | 605 | |||||||||||||||
| Compensation expense related to management equity plan (non-cash) |
754 | 326 | 278 | 240 | 1,598 | |||||||||||||||
| Transitional pension and medical payments – Ashland employees (4) |
118 | 145 | 68 | — | 331 | |||||||||||||||
| Transaction and other one-time costs (5) |
2,148 | 804 | 3,572 | 9,262 | 15,786 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted Management EBITDA |
$ | 43,728 | $ | 38,963 | $ | 32,487 | $ | 29,630 | $ | 144,808 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | One-time costs associated with integration, transition, restructuring and transformational activities |
| (2) | Non-cash charges include unrealized foreign exchange gains and losses and amortization charges associated with purchase accounting requirements related to the acquisition of Beijing Plaschem’s operations |
| (3) | Management, monitoring, consulting and leverage fees, per the agreement with TPG Capital, L.P. |
| (4) | 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 |
| (5) | 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 |