YRC Worldwide Inc. (NASDAQ: YRCW) announced today it has completed
a refinancing of its term loan obligations and entered into a term
loan agreement (“Term Loan Agreement”) with funds managed by
affiliates of Apollo Global Management, LLC (NYSE: APO) acting
collectively as the Lead Lender for a $600 million facility which
provides additional liquidity and has a less restrictive financial
covenant. This is expected to create operational runway as the
Company moves forward with its multi-year strategic initiatives
designed to achieve sustained profitability.
“The new Term Loan Agreement provides the Company with increased
liquidity through the elimination of annual principal amortization
and the ability to reinvest cash proceeds from certain property
sales back into the business. To successfully execute the Company’s
multi-year strategy, it is essential we have a capital structure in
place that provides added liquidity to invest in the initiatives we
have planned and better positions the Company to navigate through
cyclical economic environments,” said Stephanie Fisher, Chief
Financial Officer of YRC Worldwide.
Key provisions of the new Term Loan Agreement as
compared to the Company’s prior term loan agreement include:
- Full elimination of the annual principal amortization of 3%
($18 million in cash savings per year);
- A reduction in the interest rate to LIBOR + 750 basis points
from LIBOR + 850 basis points;
- Replacement of the total leverage covenant with a new covenant
to maintain a minimum of $200 million in last-twelve-month Adjusted
EBITDA (defined as Consolidated EBITDA in the Term Loan
Agreement);
- Ability to reinvest cash proceeds on certain future property
sales (first $40 million over loan term); and
- Maturity of June 2024 from July 2022.
“The execution of this refinancing is an
important milestone for YRC Worldwide and a critical next step in
our journey. This completes two of the five foundational elements
of our multi-year strategic roadmap announced earlier this
year. We have accelerated our efforts around these
initiatives and securing the new financial structure allows us to
move rapidly toward the $60 to $80 million in profit expansion we
have targeted in 2020,” said Darren Hawkins, Chief Executive
Officer of YRC Worldwide.
The strategic roadmap for the Company was
designed to achieve sustained profitability. The key
components of our multi-year strategic roadmap along with
significant progress in each area are:
Strategic Focus Areas |
Significant Progress Achievements in 2019 |
Labor contract ratification along with implementation of
operational efficiencies |
- National labor contract ratified in May 2019
- Improving mix of hourly wages with the use of part-time
workers
- Recently reached tentative agreement for the Reddaway
contract
|
Capital structure improvement |
- New term loan agreement improves financial stability
|
Network optimization |
- Approximately 25 service centers have been identified for
consolidation by end of 2019
- Rapid progress being made to identify opportunities and create
efficiencies such as the consolidation of the New Penn
headquarters’ administrative functions
|
Customer engagement/growth initiatives |
- Jason Bergman named new Chief Customer Officer to lead customer
engagement initiatives, including expansion of non-LTL freight
services
- Completed the reorganization of our enterprise-wide sales
force
|
Capital investment in equipment and technology |
- Onboarded nearly 170 new box trucks to further reduce local
cartage and short-term rental expense
|
“I am pleased with the rapid progress we have made in 2019 as
critical foundational elements are now in place. Through the
remainder of the year, we will be aggressively moving forward with
the implementation of our operational flexibilities, the network
optimization plan and improving customer engagement, which we
believe will lead to improved profitability for the Company,” said
Hawkins.
Updated Presentation of Adjusted EBITDA
The Company has included an updated presentation
of Adjusted EBITDA, as defined by the new Term Loan Agreement for
the first and second quarter of 2019 and 2018, the first half of
2019 and 2018, and the twelve months ended June 30, 2019,
March 31, 2019, December 31, 2018 and September 30, 2018.
Additionally, presentation slides will be available on YRC
Worldwide Inc.’s website at www.yrcw.com.
Non-GAAP Financial Measures
EBITDA is a non-GAAP measure that reflects the
company’s earnings before interest, taxes, depreciation, and
amortization expense. Adjusted EBITDA is: a non-GAAP measure that
reflects EBITDA, and further adjusts for net gains or losses on
property disposals, non-cash impairment charges, letter of credit
expenses, restructuring charges, transaction costs related to
issuances of debt, nonrecurring consulting fees, permitted
dispositions and discontinued operations, equity-based compensation
expense, union vacation restoration charges, and non-union pension
settlement charges, among other items, as defined in our credit
facilities. EBITDA and Adjusted EBITDA are used for internal
management purposes as a financial measure that reflects the
company’s core operating performance. In addition, management
uses Adjusted EBITDA to measure compliance with the financial
covenant in the company’s credit facilities and to pay certain
management and employee bonus compensation. We believe our
presentation of EBITDA and Adjusted EBITDA is useful to investors
and other users as these measures represent key supplemental
information our management uses to compare and evaluate our core
underlying business results both on a consolidated basis and across
our business segments, particularly in light of our leverage
position and the capital-intensive nature of our business. Further,
EBITDA is a measure that is commonly used by other companies in our
industry and provides a comparison for investors to evaluate the
performance of the companies in the industry. Additionally,
Adjusted EBITDA helps investors to understand how the company is
tracking against our financial covenant in our term loan credit
agreement. However, these financial measures should not be
construed as better measurements than net income, as defined by
generally accepted accounting principles (GAAP).
EBITDA and Adjusted EBITDA have the following
limitations:
- EBITDA does not reflect the interest expense or the cash
requirements necessary to service interest or fund principal
payments on our outstanding debt;
- Adjusted EBITDA does not reflect the interest expense or the
cash requirements necessary to service interest or fund principal
payments on our outstanding debt, letter of credit expenses,
restructuring charges, transaction costs related to debt, union
vacation restoration charges, or nonrecurring consulting fees,
among other items;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will have to be replaced
in the future and EBITDA and Adjusted EBITDA do not reflect any
cash requirements for such replacements;
- Equity-based compensation is an element of our long-term
incentive compensation program, although Adjusted EBITDA excludes
employee equity-based compensation expense when presenting our
ongoing operating performance for a particular period;
- Other companies in our industry may calculate Adjusted EBITDA
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, our non-GAAP
measures should not be considered a substitute for performance
measures calculated in accordance with GAAP. We compensate for
these limitations by relying primarily on our GAAP results and
using our non-GAAP measures as secondary measures. The
company has provided reconciliations of its non-GAAP measures to
GAAP net income (loss) and operating income (loss) within the
supplemental financial information in this release.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act. Words such as “will,”
“expect,” “intend,” “anticipate,” “believe,” “could,” “would,”
“should,” “may,” “project,” “forecast,” “propose,” “plan,”
“designed,” “enable,” and similar expressions which speak only as
of the date the statement was made are intended to identify
forward-looking statements. Forward-looking statements are
inherently uncertain, are based upon current beliefs, assumptions
and expectations of Company management and current market
conditions, and are subject to significant business, economic,
competitive, regulatory and other risks, uncertainties and
contingencies, known and unknown, many of which are beyond our
control. Our future financial condition and results could differ
materially from those predicted in such forward-looking statements
because of a number of factors, including (without limitation) our
ability to implement our multi-year strategy, including (without
limitation) the sales of service centers, the achievement of
identified operational efficiencies in our network, the
implementation of operational flexibilities as provided by the new
national labor contract, and improvements in our customer
engagement initiatives; our ability to achieve the expected
savings, improved profitability and profit expansion described in
this news release; our achievement of increased liquidity our
desired results in operations and business , as well as our
ability to satisfy the financial covenant under the Term Loan
Agreement, particularly in a weaker economic environment; and other
risks and contingencies, including (without limitation) the risk
factors that are included in our reports filed with the SEC,
including those described under “Risk Factors” in our annual report
on Form 10-K and quarterly reports on Form 10-Q.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland
Park, Kan., is the holding company for a portfolio of
less-than-truckload (LTL) companies including Holland, New Penn,
Reddaway, and YRC Freight, as well as the logistics company HNRY
Logistics. Collectively, YRC Worldwide companies have one of the
largest, most comprehensive logistics and LTL networks in North
America with local, regional, national and international
capabilities. Through their teams of experienced service
professionals, YRC Worldwide companies offer industry-leading
expertise in flexible supply chain solutions, ensuring customers
can ship industrial, commercial and retail goods with
confidence.
Please visit our website at www.yrcw.com for
more information.
Investor Contact: Eric Birge
913-696-6108
investor@yrcw.com
Media Contact: Mike Kelley
913-696-6121
mike.kelley@yrcw.com
SOURCE: YRC Worldwide
YRC Worldwide
Inc. |
Reconciliation of
Net Income (Loss) to Adjusted EBITDA (Consolidated) |
(Amounts in
millions) |
|
|
|
Quarterly |
|
First Half |
YRCW Consolidated |
|
1Q 2019 |
1Q 2018 |
2Q 2019 |
2Q 2018 |
|
2019 |
2018 |
Reconciliation of net income (loss) toadjusted
EBITDA |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(49.1 |
) |
$ |
(14.6 |
) |
$ |
(23.6 |
) |
$ |
14.4 |
|
|
$ |
(72.7 |
) |
$ |
(0.2 |
) |
|
Interest expense, net |
|
|
26.5 |
|
|
25.5 |
|
|
27.8 |
|
|
25.5 |
|
|
|
54.3 |
|
|
51.0 |
|
|
Income tax
(benefit) expense |
|
|
(9.7 |
) |
|
(12.9 |
) |
|
9.1 |
|
|
10.4 |
|
|
|
(0.6 |
) |
|
(2.5 |
) |
|
Depreciation
and amortization |
|
|
40.0 |
|
|
37.7 |
|
|
38.5 |
|
|
37.6 |
|
|
|
78.5 |
|
|
75.3 |
|
EBITDA |
|
|
7.7 |
|
|
35.7 |
|
|
51.8 |
|
|
87.9 |
|
|
|
59.5 |
|
|
123.6 |
|
Adjustments pursuant to Term Loan Agreement: |
|
|
|
|
|
|
|
|
|
(Gains)
losses on property disposals, net |
|
|
1.6 |
|
|
3.2 |
|
|
(6.2 |
) |
|
2.2 |
|
|
|
(4.6 |
) |
|
5.4 |
|
|
Property
gains on certain disposals |
|
|
- |
|
|
- |
|
|
- |
|
|
0.4 |
|
|
|
- |
|
|
0.4 |
|
|
Impairment
charges |
|
|
8.2 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
8.2 |
|
|
- |
|
|
Letter of
credit expense |
|
|
1.6 |
|
|
1.7 |
|
|
1.6 |
|
|
1.7 |
|
|
|
3.2 |
|
|
3.4 |
|
|
Transaction
costs related to the issuances of debt |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Permitted
dispositions and other |
|
|
(1.1 |
) |
|
0.5 |
|
|
- |
|
|
0.2 |
|
|
|
(1.1 |
) |
|
0.7 |
|
|
Equity-based
compensation expense |
|
|
2.3 |
|
|
1.6 |
|
|
1.1 |
|
|
3.2 |
|
|
|
3.4 |
|
|
4.8 |
|
|
Non-union
pension settlement charge |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Other,
net |
|
|
1.1 |
|
|
(1.1 |
) |
|
1.0 |
|
|
1.4 |
|
|
|
2.1 |
|
|
0.3 |
|
|
Amounts
subject to 10% threshold (a): |
|
|
|
|
|
|
|
|
|
Nonrecurring consulting fees |
|
|
2.4 |
|
|
1.5 |
|
|
1.9 |
|
|
1.7 |
|
|
|
4.3 |
|
|
3.2 |
|
|
Restructuring charges |
|
|
- |
|
|
0.6 |
|
|
0.5 |
|
|
0.6 |
|
|
|
0.5 |
|
|
1.2 |
|
|
Union vacation charge |
|
|
- |
|
|
- |
|
|
4.2 |
|
|
- |
|
|
|
4.2 |
|
|
- |
|
|
Nonrecurring item (vendor bankruptcy) |
|
|
3.7 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
3.7 |
|
|
- |
|
|
Other, net |
|
|
2.6 |
|
|
2.0 |
|
|
1.7 |
|
|
1.5 |
|
|
|
4.3 |
|
|
3.5 |
|
Adjusted EBITDA pursuant to prior Term Loan Agreement |
|
|
30.1 |
|
|
45.7 |
|
|
57.6 |
|
|
100.8 |
|
|
|
87.7 |
|
|
146.5 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Property gains on certain disposals |
|
|
- |
|
|
- |
|
|
- |
|
|
(0.4 |
) |
|
|
- |
|
|
(0.4 |
) |
Adjustments in excess of 10% threshold (a) |
|
|
- |
|
|
- |
|
|
(8.1 |
) |
|
- |
|
|
|
(8.1 |
) |
|
- |
|
Adjusted EBITDA pursuant to new Term Loan Agreement |
|
$ |
30.1 |
|
$ |
45.7 |
|
$ |
49.5 |
|
$ |
100.4 |
|
|
$ |
79.6 |
|
$ |
146.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-Twelve-Months |
|
|
|
YRCW Consolidated |
|
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
|
|
|
Reconciliation of net income (loss) toadjusted
EBITDA |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(52.3 |
) |
$ |
(14.3 |
) |
$ |
20.2 |
|
$ |
(4.8 |
) |
|
|
|
|
Interest
expense, net |
|
|
107.8 |
|
|
105.5 |
|
|
104.5 |
|
|
102.9 |
|
|
|
|
|
Income tax
(benefit) expense |
|
|
13.0 |
|
|
14.3 |
|
|
11.1 |
|
|
(5.5 |
) |
|
|
|
|
Depreciation
and amortization |
|
|
150.9 |
|
|
150.0 |
|
|
147.7 |
|
|
146.9 |
|
|
|
|
EBITDA |
|
|
219.4 |
|
|
255.5 |
|
|
283.5 |
|
|
239.5 |
|
|
|
|
Adjustments pursuant to Term Loan Agreement: |
|
|
|
|
|
|
|
|
|
(Gains)
losses on property disposals, net |
|
|
(30.8 |
) |
|
(22.4 |
) |
|
(20.8 |
) |
|
3.7 |
|
|
|
|
|
Property
gains on certain disposals |
|
|
29.3 |
|
|
29.7 |
|
|
29.7 |
|
|
0.4 |
|
|
|
|
|
Impairment
charges |
|
|
8.2 |
|
|
8.2 |
|
|
- |
|
|
- |
|
|
|
|
|
Letter of
credit expense |
|
|
6.4 |
|
|
6.5 |
|
|
6.6 |
|
|
6.7 |
|
|
|
|
|
Transaction
costs related to the issuances of debt |
|
|
- |
|
|
- |
|
|
- |
|
|
1.4 |
|
|
|
|
|
Permitted
dispositions and other |
|
|
(1.5 |
) |
|
(1.3 |
) |
|
0.3 |
|
|
0.4 |
|
|
|
|
|
Equity-based
compensation expense |
|
|
4.9 |
|
|
7.0 |
|
|
6.3 |
|
|
6.7 |
|
|
|
|
|
Non-union
pension settlement charge |
|
|
10.9 |
|
|
10.9 |
|
|
10.9 |
|
|
14.8 |
|
|
|
|
|
Other,
net |
|
|
1.9 |
|
|
2.3 |
|
|
0.1 |
|
|
0.5 |
|
|
|
|
|
Amounts
subject to 10% threshold (a): |
|
|
|
|
|
|
|
|
|
Nonrecurring consulting fees |
|
|
8.8 |
|
|
8.6 |
|
|
7.7 |
|
|
5.2 |
|
|
|
|
|
Restructuring charges |
|
|
1.6 |
|
|
1.7 |
|
|
2.3 |
|
|
2.3 |
|
|
|
|
|
Union vacation charge |
|
|
4.2 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
Nonrecurring item (vendor bankruptcy) |
|
|
8.0 |
|
|
8.0 |
|
|
4.3 |
|
|
- |
|
|
|
|
|
Other, net |
|
|
7.4 |
|
|
7.2 |
|
|
6.6 |
|
|
7.6 |
|
|
|
|
Adjusted EBITDA pursuant to prior Term Loan Agreement |
|
|
278.7 |
|
|
321.9 |
|
|
337.5 |
|
|
289.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Property gains on certain disposals |
|
|
(29.3 |
) |
|
(29.7 |
) |
|
(29.7 |
) |
|
(0.4 |
) |
|
|
|
Adjustments in excess of 10% threshold (a) |
|
|
(8.1 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
Adjusted EBITDA pursuant to new Term Loan Agreement |
|
$ |
241.3 |
|
$ |
292.2 |
|
$ |
307.8 |
|
$ |
288.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Pursuant to
the new Term Loan Agreement, Adjusted EBITDA limits certain
adjustments in aggregate to 10% of the last-twelve-month
consolidated Adjusted EBITDA, prior to the inclusion of amounts
subject to the 10% threshold, for each period ending. Such
adjustments include, but are not limited to, restructuring charges,
integration costs, severance, and non-recurring charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Worldwide
Inc. |
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA by Segment |
(Amounts in
millions) |
|
|
|
Quarterly |
|
First Half |
YRC Freight Segment |
|
1Q 2019 |
1Q 2018 |
2Q 2019 |
2Q 2018 |
|
2019 |
2018 |
Reconciliation of operating income (loss) toadjusted
EBITDA |
|
|
|
|
|
|
Operating income (loss) |
|
$ |
(21.1 |
) |
$ |
(6.9 |
) |
$ |
16.0 |
|
$ |
26.8 |
|
|
$ |
(5.1 |
) |
$ |
19.9 |
|
|
Depreciation
and amortization |
|
|
22.9 |
|
|
21.6 |
|
|
21.6 |
|
|
21.5 |
|
|
|
44.5 |
|
|
43.1 |
|
|
(Gains)
losses on property disposals, net |
|
|
1.1 |
|
|
2.8 |
|
|
(3.2 |
) |
|
1.7 |
|
|
|
(2.1 |
) |
|
4.5 |
|
|
Property
gains on certain disposals |
|
|
- |
|
|
- |
|
|
- |
|
|
0.4 |
|
|
|
- |
|
|
0.4 |
|
|
Impairment
charges |
|
|
8.2 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
8.2 |
|
|
- |
|
|
Letter of
credit expense |
|
|
1.0 |
|
|
1.0 |
|
|
1.0 |
|
|
1.1 |
|
|
|
2.0 |
|
|
2.1 |
|
|
Non-union
pension and postretirement benefits |
|
|
(0.1 |
) |
|
0.6 |
|
|
(0.3 |
) |
|
0.6 |
|
|
|
(0.4 |
) |
|
1.1 |
|
|
Other,
net |
|
|
0.2 |
|
|
0.1 |
|
|
(0.4 |
) |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
0.1 |
|
|
Amounts
subject to 10% threshold (a): |
|
|
|
|
|
|
|
|
|
Nonrecurring consulting fees |
|
|
2.1 |
|
|
1.5 |
|
|
1.7 |
|
|
1.6 |
|
|
|
3.8 |
|
|
3.1 |
|
|
Restructuring charges |
|
|
- |
|
|
0.1 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
0.1 |
|
|
Union vacation charge |
|
|
3.7 |
|
|
- |
|
|
2.6 |
|
|
- |
|
|
|
2.6 |
|
|
- |
|
|
Nonrecurring item (vendor bankruptcy) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
3.7 |
|
|
- |
|
|
Other, net |
|
|
0.3 |
|
|
1.3 |
|
|
0.5 |
|
|
0.9 |
|
|
|
0.8 |
|
|
2.2 |
|
Adjusted EBITDA pursuant to prior Term Loan Agreement |
|
|
18.3 |
|
|
22.1 |
|
|
39.5 |
|
|
54.5 |
|
|
|
57.8 |
|
|
76.6 |
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Property gains on certain disposals |
|
|
- |
|
|
- |
|
|
- |
|
|
(0.4 |
) |
|
|
- |
|
|
(0.4 |
) |
Adjustments in excess of 10% threshold (a) |
|
|
- |
|
|
- |
|
|
(4.7 |
) |
|
- |
|
|
|
(4.7 |
) |
|
- |
|
Adjusted EBITDA pursuant to new Term Loan Agreement |
|
$ |
18.3 |
|
$ |
22.1 |
|
$ |
34.8 |
|
$ |
54.1 |
|
|
$ |
53.1 |
|
$ |
76.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
First Half |
Regional Transportation Segment |
|
1Q 2019 |
1Q 2018 |
2Q 2019 |
2Q 2018 |
|
2019 |
2018 |
Reconciliation of operating income (loss) toadjusted
EBITDA |
|
|
|
|
|
|
Operating income (loss) |
|
$ |
(7.0 |
) |
$ |
5.2 |
|
$ |
2.6 |
|
$ |
29.2 |
|
|
$ |
(4.4 |
) |
$ |
34.4 |
|
|
Depreciation
and amortization |
|
|
16.8 |
|
|
16.1 |
|
|
16.7 |
|
|
16.1 |
|
|
|
33.5 |
|
|
32.2 |
|
|
(Gains)
losses on property disposals, net |
|
|
0.5 |
|
|
0.4 |
|
|
(3.0 |
) |
|
0.4 |
|
|
|
(2.5 |
) |
|
0.8 |
|
|
Property
gains on certain disposals |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Letter of
credit expense |
|
|
0.5 |
|
|
0.6 |
|
|
0.6 |
|
|
0.5 |
|
|
|
1.1 |
|
|
1.1 |
|
|
Other,
net |
|
|
0.1 |
|
|
(0.2 |
) |
|
- |
|
|
0.2 |
|
|
|
0.1 |
|
|
- |
|
|
Amounts
subject to 10% threshold (a): |
|
|
|
|
|
|
|
|
|
Nonrecurring consulting fees |
|
|
0.3 |
|
|
- |
|
|
0.2 |
|
|
- |
|
|
|
0.5 |
|
|
- |
|
|
Union vacation charge |
|
|
- |
|
|
- |
|
|
1.6 |
|
|
- |
|
|
|
1.6 |
|
|
- |
|
|
Other, net |
|
|
0.1 |
|
|
0.5 |
|
|
0.4 |
|
|
0.4 |
|
|
|
0.5 |
|
|
0.9 |
|
Adjusted EBITDA pursuant to prior Term Loan Agreement |
|
|
11.3 |
|
|
22.6 |
|
|
19.1 |
|
|
46.8 |
|
|
|
30.4 |
|
|
69.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Property gains on certain disposals |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Adjustments in excess of 10% threshold (a) |
|
|
- |
|
|
- |
|
|
(2.1 |
) |
|
- |
|
|
|
(2.1 |
) |
|
- |
|
Adjusted EBITDA pursuant to new Term Loan Agreement |
|
$ |
11.3 |
|
$ |
22.6 |
|
$ |
17.0 |
|
$ |
46.8 |
|
|
$ |
28.3 |
|
$ |
69.4 |
|
|
|
|
|
|
|
|
|
|
|
(a) Pursuant to
the new Term Loan Agreement, Adjusted EBITDA limits certain
adjustments in aggregate to 10% of the
last-twelve-month consolidated Adjusted EBITDA, prior to the
inclusion of amounts subject to the 10% threshold, for each period
ending. Such adjustments include, but are not limited to,
restructuring charges, integration costs, severance, and
non-recurring charges. |
|
|
|
|
|
|
|
|
|
|
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