Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - Nexeo Solutions Holdings, LLC | a14-6315_18k.htm |
Exhibit 99.1
Nexeo Solutions Holdings, LLC
Management Adjusted EBITDA Reconciliation
(in thousands)
|
|
|
Q2FY13 |
|
Q3FY13 |
|
Q4FY13 |
|
Q1 FY14 |
|
LTM |
|
Pro Forma |
| ||||||
|
Net Income (Loss) Attributable to Nexeo Solutions |
|
$ |
10,875 |
|
$ |
4,295 |
|
$ |
6,965 |
|
$ |
(12,846 |
) |
$ |
9,289 |
|
$ |
22,160 |
|
|
Net Income (Loss) Attributable to Noncontrolling Interest |
|
(106 |
) |
597 |
|
1,031 |
|
1,656 |
|
3,178 |
|
3,178 |
| ||||||
|
Interest |
|
14,197 |
|
15,938 |
|
13,836 |
|
14,282 |
|
58,253 |
|
59,994 |
| ||||||
|
Taxes |
|
1,072 |
|
1,885 |
|
1,869 |
|
2,419 |
|
7,245 |
|
7,289 |
| ||||||
|
Depreciation and Amortization |
|
9,715 |
|
9,703 |
|
10,550 |
|
11,657 |
|
41,625 |
|
47,447 |
| ||||||
|
EBITDA |
|
35,753 |
|
32,418 |
|
34,251 |
|
17,168 |
|
119,590 |
|
140,068 |
| ||||||
|
Management add-backs (2) |
|
5,803 |
|
6,224 |
|
9,476 |
|
4,992 |
|
26,495 |
|
31,195 |
| ||||||
|
Foreign exchange (gains) losses, net (3) |
|
501 |
|
802 |
|
(510 |
) |
110 |
|
903 |
|
903 |
| ||||||
|
Management fees (4) |
|
1,542 |
|
1,070 |
|
1,164 |
|
1,272 |
|
5,048 |
|
5,048 |
| ||||||
|
Compensation expense related to management equity plan (non-cash) |
|
574 |
|
276 |
|
291 |
|
281 |
|
1,422 |
|
1,422 |
| ||||||
|
Transaction and other one-time costs (5) |
|
2,181 |
|
1,259 |
|
1,958 |
|
4,662 |
|
10,060 |
|
3,430 |
| ||||||
|
Management Adjusted EBITDA |
|
$ |
46,354 |
|
$ |
42,049 |
|
$ |
46,630 |
|
$ |
28,485 |
|
$ |
163,518 |
|
$ |
182,066 |
|
(1) Effective December 1, 2013, the Company acquired 100% of the outstanding shares of Chemical Specialists and Development, Inc. (“CSD”), and substantially all of the assets of STX Freight Company (“STX”) and ST Laboratories Group, LLC (“ST Laboratories”), two related businesses of CSD (collectively, the “CSD Acquisition”). Pro forma Management Adjusted EBITDA for the twelve months ended December 31, 2013 reflects the full contribution of the CSD Acquisition. Pro forma results are not necessarily inidicative of either future results of operations or results that might have been achieved had the acquisition completed at the beginning of the period.
(2) Management adjustments associated with integration, transition, restructuring and transformational activities.
(3) Includes net realized and unrealized foreign exchange gains and losses.
(4) Management, monitoring, consulting and leverage fees, per the agreement with TPG Capital, L.P. (“TPG”).
(5) Professional and transaction costs related to the acquisition of Ashland’s global distribution business, Nexeo Plaschem, the CSD Acquisition and other potential acquisitions and other one-time costs.