Full Press Release Details
Certain Supplemental Financial Information
As part of our preliminary offering memorandum that is being disseminated in connection with the Notes Offering, we are providing Further Adjusted EBITDA for the twelve
months ended June 30, 2020 to give effect to (i) net cost savings and synergies projected by the Company to be realized as a result of certain operational initiatives undertaken in response to the COVID-19 pandemic and in connection with our recent
acquisitions and (ii) costs incurred in connection with strategic initiatives and business optimization projects. We are also providing the ratio of adjusted total debt to Further Adjusted EBITDA and ratio of as adjusted net debt to Further
| For the Twelve Months Ended June 30, 2020 | ||||
| (dollars in thousands) | ||||
| Further Adjusted EBITDA | $ | 338,287 | ||
| Ratio of as adjusted total debt to Further Adjusted EBITDA (1)(2) | 2.7 | x | ||
| Ratio of as adjusted net debt to Further Adjusted EBITDA (1)(3) | 2.6 | x |
The following table shows the reconciliation of our Further Adjusted EBITDA to net income:
| For the Twelve Months Ended June 30, 2020 | ||||
| (dollars in thousands) | ||||
| Net Income | $ | 86,287 | ||
| Income tax expense | 35,378 | |||
| Interest expense, net & other | 39,186 | |||
| Depreciation and amortization | 76,252 | |||
| Depreciation (included in cost of revenue) | 500 | |||
| EBITDA (a)(b) | 237,603 | |||
| Acquisition and integration costs | 42,979 | |||
| Share-based compensation | 18,627 | |||
| Legal settlement accrual increases | - | |||
| Adjusted EBITDA (a)(b) | 299,209 | |||
| COVID-19 employee-related cost savings(c) | 28,874 | |||
| Restructured lease cost savings(d) | 3,698 | |||
| Strategic initiatives, acquisitions and other business optimization(e) | 6,506 | |||
| Further Adjusted EBITDA (a)(b) | $ | 338,287 |
| For the Year Ended December 31, 2019 (in thousands) | ||||
| Net Income | $ | 3,763 | ||
| Income tax expense (benefit) | (8,563 | ) | ||
| Interest expense, net & other | 8,014 | |||
| Depreciation and amortization | 7,207 | |||
| Depreciation (included in cost of revenue) | 2,899 | |||
| EBITDA | $ | 13,320 |
We may not realize the anticipated cost savings from our suspension or termination of certain employee benefits and headcount
reductions taken in response to the COVID-19 pandemic, cost savings from our restructured leases and synergy benefits from our previously consummated acquisitions, and the failure to realize such cost savings and synergy benefits could adversely
impact our business and our operating results.
We may not be able to achieve the full strategic and financial benefits expected to result from our suspension or termination of certain employee
benefits as a result of the COVID-19 pandemic, headcount reductions effected in response to the COVID-19 pandemic, our restructured leases and our previously consummated acquisitions, or such benefits may be delayed or not occur at all. We may not
achieve these and other anticipated benefits for a variety of reasons, including, among others, that unanticipated costs, charges and expenses will result from our suspension or termination of certain employee benefits and headcount reduction in
response to the COVID-19 pandemic, restructured leases and the acquisitions. If we fail to achieve some or all of the benefits expected to result from our suspension or termination of certain employee benefits as a result of the COVID-19 pandemic,
headcount reductions effected in response to the COVID-19 pandemic, our restructured leases and/or our previously consummated acquisitions, or if such benefits are delayed, our business could be harmed.