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PLATFORM SPECIALTY PRODUCTS CORPORATION |
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RECONCILIATION OF NON-GAAP MEASURES |
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Includes Predecessor and Successor data |
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(in millions) |
2011 |
2012 |
2013 |
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Net income (loss) |
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$46.0 |
$(181.0) |
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Adjustments to reconcile to net income (loss): |
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Income tax expense (benefit) |
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24.6 |
7.1 |
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Interest expense |
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49.7 |
51.8 |
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Depreciation and amortization expense |
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42.2 |
45.6 |
(1) |
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Unrealized gain on foreign currency denominated debt |
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(5.7) |
(1.1) |
(2) |
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Equity based compensation expense |
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0.2 |
9.3 |
(3) |
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Restructuring and related expenses |
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1.2 |
8.0 |
(4) |
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Non-cash charges related to preferred dividend rights |
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-- |
172.0 |
(5) |
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Predecessor loss on extinguishment of debt |
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-- |
18.8 |
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Manufacturer's profit in inventory (purchase accounting) |
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-- |
23.9 |
(6) |
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Predecessor Acquisition Costs |
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-- |
19.4 |
(7) |
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Successor Acquisition costs |
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-- |
12.7 |
(8) |
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Other expense (income) |
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4.2 |
(6.4) |
(9) |
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-- |
-- |
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Adjusted EBITDA |
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$162.4 |
$180.1 |
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Adjusted EBITDA |
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$162.4 |
$180.1 |
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Gross Capital Expenditures |
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13.4 |
10.8 |
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Change in Net Working Capital |
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1.5 |
0.1 |
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Free Cash Flow (FCF) |
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$147.5 |
$169.2 |
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Cash Conversion |
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0.9 |
0.9 |
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Accounts Receivable, Net |
134.6 |
139.0 |
140.5 |
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Inventories |
75.2 |
76.1 |
77.7 |
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Prepaid Expenses |
12.0 |
10.9 |
11.0 |
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Accounts Payable |
(49.5) |
(53.4) |
(56.2) |
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Accrued Expenses |
(37.4) |
(36.1) |
(36.4) |
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Net Working Capital |
135.0 |
136.5 |
136.6 |
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2013 Footnotes: |
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(1) Includes $31.3m in 2013 and $27.1m in 2012 for amortization expense that is added back in the "As Adjusted" Income Statement. |
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(2) Predecessor adjustment to other income for non-cash gain on foreign denominated debt. |
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(3) Predecessor stock compensation and long term incentive plan expense included in operating expenses. |
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(4) Includes restructuring expenses of $4.4m and $3.1m of reorganization costs adjusted out of operating expenses and $0.3m of reorganization costs adjusted out of cost of sales. |
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(5) Non-cash charge related to preferred stock dividend rights adjusted out of operating expenses. |
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(6) Manufacturer's profit in inventory purchase accounting adjustment associated with the Acquisition. Adjusted out of Cost of Sales. |
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(7) Predecessor transaction costs associated with the Acquisition. Adjusted out of operating expenses. |
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(8) Transaction costs associated with the Acquisition. Adjusted out of operating expenses. |
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(9) Primarily the reversal of one-time gain associated with retirement plan curtailment executed in conjunction with the Acquisition. |
