Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - Nexeo Solutions Holdings, LLC | a13-18919_18k.htm |
Exhibit 99.1
Nexeo Solutions Holdings, LLC
Management Adjusted EBITDA Reconciliation
(in thousands)
|
|
|
Q4FY12 |
|
Q1FY13 |
|
Q2FY13 |
|
Q3FY13 |
|
LTM |
|
Pro Forma |
| ||||||
|
Net Income (Loss) Attributable to Nexeo Solutions Holdings, LLC |
|
$ |
(5,401 |
) |
$ |
(14,674 |
) |
$ |
10,875 |
|
$ |
4,295 |
|
$ |
(4,905 |
) |
$ |
(1,984 |
) |
|
Net Income (Loss) Attributable to Noncontrolling Interest |
|
— |
|
159 |
|
(106 |
) |
597 |
|
650 |
|
2,597 |
| ||||||
|
Interest |
|
11,268 |
|
13,720 |
|
14,197 |
|
15,938 |
|
55,123 |
|
55,706 |
| ||||||
|
Taxes |
|
555 |
|
757 |
|
1,072 |
|
1,885 |
|
4,269 |
|
5,964 |
| ||||||
|
Depreciation and Amortization |
|
9,801 |
|
9,554 |
|
9,715 |
|
9,703 |
|
38,773 |
|
38,847 |
| ||||||
|
EBITDA |
|
16,223 |
|
9,516 |
|
35,753 |
|
32,418 |
|
93,910 |
|
101,130 |
| ||||||
|
Management add-backs (2) |
|
9,623 |
|
7,643 |
|
5,803 |
|
6,224 |
|
29,293 |
|
29,293 |
| ||||||
|
Foreign exchange losses, net(3) |
|
633 |
|
528 |
|
501 |
|
802 |
|
2,464 |
|
2,464 |
| ||||||
|
Management fees (4) |
|
2,301 |
|
1,715 |
|
1,542 |
|
1,070 |
|
6,628 |
|
6,628 |
| ||||||
|
Letter of credit fees not included in interest expense |
|
230 |
|
— |
|
— |
|
— |
|
230 |
|
230 |
| ||||||
|
Compensation expense related to management equity plan (non-cash) |
|
278 |
|
240 |
|
574 |
|
276 |
|
1,368 |
|
1,368 |
| ||||||
|
Transitional pension and medical payments — Ashland employees (5) |
|
68 |
|
— |
|
— |
|
— |
|
68 |
|
68 |
| ||||||
|
Transaction and other one-time costs (6) |
|
3,572 |
|
10,873 |
|
2,181 |
|
1,259 |
|
17,885 |
|
17,885 |
| ||||||
|
Management Adjusted EBITDA(7) |
|
$ |
32,928 |
|
$ |
30,515 |
|
$ |
46,354 |
|
$ |
42,049 |
|
$ |
151,846 |
|
$ |
159,066 |
|
(1) Pro forma Management Adjusted EBITDA for the twelve months ended June 30, 2013 reflects the full the contribution of Nexeo Plaschem (Shanghai) Co., Ltd (“Nexeo Plaschem”) for the applicable period, including 100% of the results of Nexeo Plaschem. The Company currently owns 60% of Nexeo Plaschem.
(2) Management adjustments associated with integration, transition, restructuring and transformational activities. Previously reported amounts for Q4FY12 and Q1FY13 have been revised to reflect certain additional minor management adjustments related to integration and transition activities which had not been previously included.
(3) Includes net realized and unrealized foreign exchange gains and losses. Net unrealized foreign exchange gains and losses were previously included in a non-cash charges line item.
(4) Management, monitoring, consulting and leverage fees, per the agreement with TPG Capital, L.P.
(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. Previously reported amounts for Q4FY12 and Q1FY13 have been revised to reflect amortization charges associated with purchase accounting requirements related to the acquisition of Beijing Plaschem’s operations, which were originally included in a non-cash charges line item.
(7) Includes management adjustments related to realized foreign exchange gains and losses and certain other minor management adjustments associated with integration and transition activities which were not reflected in previously reported amounts for Q4FY12 and Q1FY13.