ROHSTOFF INTERNATIONAL

12:00 | 06.02.2018
Atkore International Group Inc. Announces First Quarter 2018 Results

Atkore International Group Inc. (the “Company” or “Atkore”) (NYSE: ATKR)
announced earnings for its fiscal 2018 first quarter ended December 29,
2017 (“first quarter”).

“Atkore delivered strong results in the first quarter of fiscal 2018,”
commented John Williamson, Atkore President and Chief Executive Officer.
“We drove organic volume growth, generated productivity savings and
realized accretive earnings from integrating recent acquisitions that
contributed toward double-digit year over year improvements in EBITDA
and EPS,” Williamson added.
2018 First Quarter Results

 

 
Three months ended
 

 

 

 

December 29,
 

 
December 30,

($ in thousands)

2017

2016

Change

% Change
Net sales

 

Electrical Raceway

$

316,523

$

242,385

$

74,138

30.6

%

Mechanical Products & Solutions

98,574

95,681

2,893

3.0

%

Eliminations

(539

)

(475

)

(64

)

13.5

%

Consolidated operations

$

414,558

 

$

337,591

 

$

76,967

 

22.8

%

 

Adjusted EBITDA

Electrical Raceway

$

56,160

$

42,117

$

14,043

33.3

%

Mechanical Products & Solutions

10,809

15,781

(4,972

)

(31.5

)%

Unallocated

(8,482

)

(8,007

)

(475

)

5.9

%

Consolidated operations

$

58,487

 

$

49,891

 

$

8,596

 

17.2

%

 

* Not meaningful

 

Net sales increased $77.0 million, or 22.8%, to $414.6 million for the
three months ended December 29, 2017, as compared to $337.6 million for
the prior-year period. Net sales increased $30.7 million due to higher
volume of products sold for the metal electrical conduit and fittings,
armored cable and fittings, mechanical pipe and metal framing and
fittings product categories. Additionally, net sales increased $25.2
million resulting from the acquisitions of Marco Cable Management
(“Marco”), Flexicon Limited (“Flexicon”) and Calpipe Industries, LLC
(“Calpipe”) during the second half of fiscal 2017. Lastly, Net sales
increased $19.0 million due to higher net average selling prices
resulting from the pass-through of higher input costs.

Gross profit increased $5.2 million, or 5.7%, to $96.9 million for the
three months ended December 29, 2017, as compared to $91.7 million for
the prior-year period. Gross profit increased primarily due to the
acquisitions of Marco, Flexicon and Calpipe during the second half of
fiscal 2017 and higher volume of products sold, partially offset by
higher input costs.

Net income increased $9.8 million, or 56.4%, to $27.2 million for the
three months ended December 29, 2017, as compared to $17.4 million for
the prior-year period, primarily due to a loss on extinguishment of debt
of $9.8 million during fiscal 2017, lower interest expense of $3.2
million and lower income tax expense of $3.0 million due to the one-time
tax benefit of the revaluation of the company’s deferred tax liabilities
as a result of the enactment of new tax legislation H.R.1. on December
22, 2017. The increase in net income was partially offset by higher
selling, general, and administrative costs and intangible amortization
expense resulting from the acquisitions of Marco, Flexicon and Calpipe
in the second half of fiscal 2017.

Adjusted EBITDA increased by $8.6 million, or 17.2%, to $58.5 million
for the three months ended December 29, 2017, as compared to $49.9
million for the prior-year period. The increase was primarily due to
higher volume of products sold, incremental Adjusted EBITDA from
acquisitions during the second half of fiscal 2017 and improved
manufacturing productivity within the Mechanical Products and Solutions
(“MP&S”) segment. Adjusted EBITDA margins decreased slightly to
approximately 14.1% during the three months ended December 29, 2017, as
compared to 14.8% for the prior-year period.

Diluted earnings per share were $0.41 for the three months ended
December 29, 2017, as compared to $0.26 in the prior-year period.
Adjusted net income per diluted share increased to $0.46 for the three
months ended December 29, 2017, as compared to $0.28 for the prior-year
period.
Segment ResultsElectrical Raceway
Electrical Raceway Net sales increased $74.1 million, or 30.6%, to
$316.5 million for the three months ended December 29, 2017, as compared
to $242.4 million for the prior-year period. The increase was due
primarily to $25.3 million of higher volume of products sold within the
metal electrical conduit and fittings and armored cable and fittings
product categories and $25.2 million of additional sales from the
acquisitions of Marco, Flexicon and Calpipe during the second half of
fiscal 2017. Additionally, Net sales increased $21.8 million resulting
from the pass-through impact of higher input costs of copper and
increased market prices within the PVC electrical conduit and fittings
market.

Electrical Raceway adjusted EBITDA increased $14.0 million, or 33.3%, to
$56.2 million for the three months ended December 29, 2017, as compared
to $42.1 million for the prior-year period. The increase was largely due
to higher volume of products sold and increased market prices within the
PVC electrical conduit and fittings market. Additionally, Adjusted
EBITDA increased $4.9 million due to acquisitions during the second half
of fiscal 2017.
Mechanical Products & Solutions (“MP&S”)
MP&S Net sales increased $2.9 million, or 3.0%, to $98.6 million for the
three months ended December 29, 2017, as compared to $95.7 million for
the prior-year period. The increase was primarily due to $5.4 million of
higher volume of products sold within the mechanical pipe and metal
framing and fittings product categories partially offset by lower net
average selling prices due to product mix.

MP&S Adjusted EBITDA decreased $5.0 million, or 31.5%, to $10.8 million
for the three months ended December 29, 2017, as compared to $15.8
million for the prior-year period. Adjusted EBITDA margins decreased to
11.0% or the three months ended December 29, 2017, as compared to 16.5%
for the three months ended December 30, 2016. Adjusted EBITDA decreased
primarily due to higher steel and freight costs partially offset by
improved manufacturing productivity and a higher volume of lower margin
products sold.
Recent Events
On February 2, 2018, the Company completed a stock repurchase
transaction whereby the Company repurchased from CD&R Allied Holdings,
L.P. (the “CD&R Investor”), a related party, approximately 17.2 million
shares of the Company’s common stock, par value $0.01 per share, at a
per share price equal to $21.77, which approximated fair value on the
date of pricing for a total purchase price of approximately $375
million, subject to the terms and conditions set forth in the stock
purchase agreement. As a result of the stock repurchase transaction, the
CD&R Investor ownership decreased to approximately 29%.

On February 2, 2018, the Company borrowed an incremental $425 million
under the First Lien Term Loan Facility at an interest rate of LIBOR
plus 2.75%. Under this financing transaction, the interest rate on the
pre-existing First Lien Term Loan Facility was also reduced to LIBOR
plus 2.75%. The Company used proceeds from the incremental borrowing to
i) repurchase common shares from the CD&R Investor, ii) repay all
outstanding loans under the ABL Credit Facility and iii) pay related
fees and expenses.
Second Quarter and Full-Year 2018 Guidance
The Company’s second quarter 2018 Adjusted EBITDA guidance will be in
the range of $0.42 – $0.48.

The Company reaffirms its expectation that fiscal year 2018 Adjusted
EBITDA will be in the range of $245.0 – $260.0 million and is updating
its Adjusted EPS guidance to be in the range to $1.95 – $2.15 due to the
expected impact of the federal tax reform and after giving effect to the
stock repurchase transaction described above.

Reconciliations of the forward-looking 2018 outlook for Adjusted EBITDA
and Adjusted EPS are not being provided as the Company does not
currently have sufficient data to accurately estimate the variables and
individual adjustments for such reconciliations.
Conference Call Information
Atkore management will host a conference call today, February 6, 2018,
at 8 a.m. Eastern time, to discuss the Company’s financial results. The
conference call may be accessed by dialing (877) 407-0789 (domestic) or
(201) 689-8562 (international). The call will be available for replay
until February 20, 2018. The replay can be accessed by dialing (844)
512-2921, or for international callers, (412) 317-6671. The passcode for
the live call and the replay is 13675354.

Interested investors and other parties can also listen to a webcast of
the live conference call by logging onto the Investor Relations section
of the Company’s website at http://investors.atkore.com.
The online replay will be available on the same website immediately
following the call.

To learn more about the Company, please visit the company’s website at http://investors.atkore.com.
About Atkore International Group Inc.
Atkore International Group Inc. is a leading manufacturer of Electrical
Raceway products primarily for the non-residential construction and
renovation markets and Mechanical Products & Solutions for the
construction and industrial markets. The Company manufactures a broad
range of end-to-end integrated products and solutions that are critical
to its customers’ businesses and employs approximately 3,500 people at
61 manufacturing and distribution facilities worldwide. The Company is
headquartered in Harvey, Illinois.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the Federal Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to, statements
relating to financial outlook. Some of the forward-looking statements
can be identified by the use of forward-looking terms such as
“believes,” “expects,” “may,” “will,” “shall,” “should,” “would,”
“could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,”
“plans,” “estimates,” “anticipates” or other comparable terms.
Forward-looking statements include, without limitation, all matters that
are not historical facts. Forward-looking statements are subject to
known and unknown risks and uncertainties, many of which may be beyond
our control. We caution you that forward-looking statements are not
guarantees of future performance or outcomes and that actual performance
and outcomes, including, without limitation, our actual results of
operations, financial condition and liquidity, and the development of
the market in which we operate, may differ materially from those made in
or suggested by the forward-looking statements contained in this press
release. In addition, even if our results of operations, financial
condition and cash flows, and the development of the market in which we
operate, are consistent with the forward-looking statements contained in
this press release, those results or developments may not be indicative
of results or developments in subsequent periods.

A number of important factors, including, without limitation, the risks
and uncertainties discussed under the caption “Risk Factors” in our
Annual Report on Form 10-K, filed with the U.S. Securities and Exchange
Commission (“SEC”) on November 29, 2017 could cause actual results and
outcomes to differ materially from those reflected in the
forward-looking statements. Additional factors that could cause actual
results and outcomes to differ from those reflected in forward-looking
statements include, without limitation: declines in, and uncertainty
regarding, the general business and economic conditions in the United
States and international markets in which we operate; weakness or
another downturn in the United States non-residential construction
industry; changes in prices of raw materials; pricing pressure, reduced
profitability, or loss of market share due to intense competition;
availability and cost of third-party freight carriers and energy; high
levels of imports of products similar to those manufactured by us;
changes in federal, state, local and international governmental
regulations and trade policies; adverse weather conditions; failure to
generate sufficient cash flow from operations or to raise sufficient
funds in the capital markets to satisfy existing obligations and support
the development of our business; failure of our indemnification
agreements in connection with acquisitions to adequately protect us from
liabilities; increased costs relating to future capital and operating
expenditures to maintain compliance with environmental, health and
safety laws; reduced spending by, deterioration in the financial
condition of, or other adverse developments with respect to, one or more
of our top customers; increases in our working capital needs, which are
substantial and fluctuate based on economic activity and the market
prices for our main raw materials, including as a result of failure to
collect, or delays in the collection of, cash from the sale of
manufactured products; work stoppage or other interruptions of
production at our facilities as a result of disputes under existing
collective bargaining agreements with labor unions or in connection with
negotiations of new collective bargaining agreements, as a result of
supplier financial distress, or for other reasons; challenges attracting
and retaining key personnel or high-quality employees; changes in our
financial obligations relating to pension plans that we maintain in the
United States; reduced production or distribution capacity due to
interruptions in the operations of our facilities or those of our key
suppliers; loss of a substantial number of our third-party agents or
distributors or a dramatic deviation from the amount of sales they
generate; security threats, attacks, or other disruptions to our
information systems, or failure to comply with complex network security,
data privacy and other legal obligations or the failure to protect
sensitive information; possible impairment of goodwill or other
long-lived assets as a result of future triggering events, such as
declines in our cash flow projections or customer demand; safety and
labor risks associated with the manufacture and in the testing of our
products; product liability, construction defect and warranty claims and
litigation relating to our various products, as well as government
inquiries and investigations, and consumer, employment, tort and other
legal proceedings; our ability to protect our intellectual property and
other material proprietary rights; risks inherent in doing business
internationally; our inability to introduce new products effectively or
implement our innovation strategies; the inability of our customers to
pay off the credit lines extended to them by us in a timely manner and
the negative impact on customer relations resulting from our collections
efforts with respect to non-paying or slow-paying customers; our
inability to continue importing raw materials, component parts and/or
finished goods; changes as a result of recently enacted tax reform; the
incurrence of liabilities and the issuance of additional debt or equity
in connection with acquisitions, joint ventures or divestitures; failure
to manage acquisitions successfully, including identifying, evaluating,
and valuing acquisition targets and integrating acquired companies,
businesses or assets; the incurrence of liabilities in connection with
violations of the U.S. Foreign Corrupt Practices Act and similar foreign
anti-corruption laws; the incurrence of additional expenses, increase in
complexity of our supply chain and potential damage to our reputation
with customers resulting from regulations related to “conflict
minerals”; disruptions or impediments to the receipt of sufficient raw
materials resulting from various anti-terrorism security measures;
restrictions contained in our debt agreements; failure to generate cash
sufficient to pay the principal of, interest on, or other amounts due on
our debt; the significant influence the Clayton, Dubilier & Rice LLC
investor will have continued to have over corporate decisions; and other
factors described from time to time in documents that we file with the
SEC. The Company assumes no obligation to update the information
contained herein, which speaks only as of the date hereof.
Non-GAAP Financial Information
This press release includes certain financial information, not prepared
in accordance with generally accepted accounting principles in the
United States (“GAAP”). Because not all companies calculate non-GAAP
financial information identically (or at all), the presentations herein
may not be comparable to other similarly titled measures used by other
companies. Further, these measures should not be considered substitutes
for the performance measures derived in accordance with GAAP. See
non-GAAP reconciliations below in this press release for a
reconciliation of these measures to the most directly comparable GAAP
financial measures.
Adjusted EBITDA and Adjusted EBITDA Margin
We use Adjusted EBITDA and Adjusted EBITDA Margin in evaluating the
performance of our business, and we use each in the preparation of our
annual operating budgets and as indicators of business performance and
profitability. We believe Adjusted EBITDA and Adjusted EBITDA Margin
allow us to readily view operating trends, perform analytical
comparisons and identify strategies to improve operating performance.

We define Adjusted EBITDA as net income (loss) before: depreciation and
amortization, interest expense, net, loss (gain) on extinguishment of
debt, income tax expense (benefit), restructuring and impairments,
stock-based compensation, consulting fees, multi-employer pension
withdrawal, certain legal matters, transaction costs, gain on sale of
joint venture and other items, such as inventory reserves and
adjustments and realized or unrealized gain (loss) on foreign currency
transactions. We believe Adjusted EBITDA, when presented in conjunction
with comparable accounting principles generally accepted in the United
States of America (“GAAP”) measures, is useful for investors because
management uses Adjusted EBITDA as a profitability measure in evaluating
the performance of our business.

We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of
Net sales.
Net Income Margin
We define Net Income Margin as Net income as a percentage of Net sales.
Adjusted Net Income and Adjusted Net Income per Share
We use Adjusted net income and Adjusted net income per share in
evaluating the performance of our business and profitability. Management
believes that these measures provide useful information to investors by
offering additional ways of viewing the Company’s results that, when
reconciled to the corresponding GAAP measure provide an indication of
performance and profitability excluding the impact of unusual and or
non-cash items. We define Adjusted net income as net income before
consulting fees, loss on extinguishment of debt, stock-based
compensation expense, gain on sale of joint venture, certain legal
matters and other items. We define Adjusted net income per share as
basic or diluted earnings per share excluding the per share impact of
consulting fees, loss on extinguishment of debt, stock-based
compensation, gain on sale of joint venture, certain legal matters and
other items.
Leverage Ratio – Net debt/Adjusted EBITDA
We define leverage ratio as the ratio of net debt (total debt less cash
and cash equivalents) to Adjusted EBITDA on a trailing twelve month
(“TTM”) basis. We believe the leverage ratio is useful to investors as
an alternative liquidity measure.

 
ATKORE INTERNATIONAL GROUP INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 

 

 
Three months ended

 

 
December 30, 2016(in thousands, except per share data)

December 29, 2017

As Adjusted*
Net sales

$

414,558

$

337,591

Cost of sales

317,691

 

245,926

 

Gross profit

96,867

91,665

Selling, general and administrative

51,595

43,928

Intangible asset amortization

8,687

 

5,589

 

Operating income

36,585

42,148

Interest expense, net

6,594

9,830

Loss on extinguishment of debt

9,805

Other expense (income), net

286

 

(376

)

Income before income taxes

29,705

22,889

Income tax expense

2,516

 

5,507

 

Net income

$

27,189

 

$

17,382

 

 

Weighted-Average Common Shares Outstanding

Basic

63,316

62,642

Diluted

65,989

65,920

Net income per share

Basic

$

0.43

$

0.28

Diluted

$

0.41

$

0.26

* Adjusted due to the adoption of Accounting Standards Update 2017-07
Compensation – Retirement Benefits (Topic 715): Improving the
Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost.

 
ATKORE INTERNATIONAL GROUP INC.CONDENSED CONSOLIDATED BALANCE SHEETS
 
(in thousands, except share and per share
data)
 

 
December 29, 2017
 

 
September 30, 2017Assets

Current Assets:

Cash and cash equivalents

$

39,761

$

45,718

Accounts receivable, less allowance for doubtful accounts of $1,230
and $1,239, respectively

203,733

224,427

Inventories, net

203,841

200,003

Prepaid expenses and other current assets

23,216

 

35,611

 

Total current assets

470,551

505,759

Property, plant and equipment, net

207,487

208,619

Intangible assets, net

337,067

344,289

Goodwill

148,061

147,716

Deferred income taxes

1,881

1,657

Non-trade receivables

7,004

 

7,052

 
Total Assets

$

1,172,051

 

$

1,215,092

 
Liabilities and Equity

Current Liabilities:

Short-term debt and current maturities of long-term debt

$

4,215

$

4,215

Accounts payable

116,747

125,618

Income tax payable

2,218

2,581

Accrued compensation and employee benefits

18,365

26,387

Other current liabilities

50,554

 

53,036

 

Total current liabilities

192,099

211,837

Long-term debt

527,802

571,863

Deferred income taxes

12,191

17,464

Other long-term tax liabilities

6,771

6,771

Pension liabilities

24,600

25,239

Other long-term liabilities

19,920

 

21,047

 
Total Liabilities

783,383

 

854,221

 

Equity:

Common stock, $0.01 par value, 1,000,000,000 shares authorized,
63,519,172 and 63,305,434 shares issued and outstanding, respectively

636

634

Treasury stock, held at cost, 260,900 and 260,900 shares,
respectively

(2,580

)

(2,580

)

Additional paid-in capital

430,118

423,232

Accumulated deficit

(21,920

)

(42,433

)

Accumulated other comprehensive loss

(17,586

)

(17,982

)
Total Equity

388,668

 

360,871

 
Total Liabilities and Equity

$

1,172,051

 

$

1,215,092

 

 
ATKORE INTERNATIONAL GROUP INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 

 

 
Three months ended(in thousands)

December 29, 2017
 

 
December 30, 2016
Operating activities:

Net income

$

27,189

$

17,382

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

17,210

13,628

Deferred income taxes

(5,334

)

(357

)

Loss on extinguishment of debt

9,805

Stock-based compensation expense

3,564

2,720

Other adjustments to net income

1,559

1,831

Changes in operating assets and liabilities, net of effects from
purchase price adjustments

Accounts receivable

19,967

31,957

Inventories

(5,396

)

(18,615

)

Other, net

(9,819

)

(26,182

)

Net cash provided by operating activities

48,940

32,169

Investing activities:

Capital expenditures

(8,235

)

(3,964

)

Proceeds from sale of assets held for sale

3,024

Other, net

784

 

14

 

Net cash used for investing activities

(7,451

)

(926

)

Financing activities:

Borrowings under credit facility

204,000

Repayments under credit facility

(247,000

)

Repayments of short-term debt

(1,250

)

(4,200

)

Repayments of long-term debt

(637,350

)

Issuance of long-term debt

498,750

Payment for debt financing costs and fees

(4,294

)

Issuance of common stock

3,314

4,680

Repurchase of common stock

(6,681

)

Other, net

(48

)

 

Net cash used for financing activities

(47,665

)

(142,414

)

Effects of foreign exchange rate changes on cash and cash equivalents

219

 

(1,135

)

Decrease in cash and cash equivalents

(5,957

)

(112,306

)

Cash and cash equivalents at beginning of period

45,718

 

200,279

 

Cash and cash equivalents at end of period

$

39,761

 

$

87,973

 
Supplementary Cash Flow information

Capital expenditures, not yet paid

$

615

$

173

 
ATKORE INTERNATIONAL GROUP INC.ADJUSTED EBITDA
 

The following table presents reconciliations of Adjusted EBITDA to
net income for the periods presented:

 

 

 
Three months ended(in thousands)

December 29, 2017
 

 
December 30, 2016
Net income

$

27,189

$

17,382

Interest expense, net

6,594

9,830

Income tax expense

2,516

5,507

Depreciation and amortization

17,210

13,628

Loss on extinguishment of debt

9,805

Restructuring and impairments

262

389

Stock-based compensation

3,564

2,720

Transaction costs

645

1,560

Other (a)

507

 

(10,930

)

Adjusted EBITDA

$

58,487

 

$

49,891

 

 

(a)

 

Represents other items, such as inventory reserves and adjustments,
realized or unrealized gain (loss) on foreign currency transactions
and release of certain indemnified uncertain tax positions.

 
ATKORE INTERNATIONAL GROUP INC.SEGMENT INFORMATION
 

The following tables represent reconciliations of Net sales and
calculations of Adjusted EBITDA Margin by segment for the periods
presented:

 

 

 
Three months ended

December 29, 2017
 

 
December 30, 2016

 

 

 

 
Adjusted

 

 

 

 
Adjusted

Adjusted

EBITDA

Adjusted

EBITDA(in thousands)

Net sales

EBITDA

Margin

Net sales

EBITDA

Margin
Electrical Raceway

$

316,523

$

56,160

17.7

%

$

242,385

$

42,117

17.4

%

Mechanical Products & Solutions

98,574

$

10,809

11.0

%

95,681

$

15,781

16.5

%

Eliminations

(539

)

(475

)

Consolidated operations

$

414,558

 

$

337,591

 

 
ATKORE INTERNATIONAL GROUP INC.ADJUSTED NET INCOME PER SHARE
 

The following table presents reconciliations of Adjusted net
income to net income for the periods presented:

 

 

 
Three months ended(in thousands, except per share data)

December 29, 2017
 

 
December 30, 2016Net income

$

27,189

$

17,382

Stock-based compensation

3,564

2,720

Loss on extinguishment of debt

9,805

Other (a)

507

 

(10,930

)

Pre-tax adjustments to net income

4,071

1,595

Tax effect

(1,059

)

(571

)
Adjusted net income

$

30,201

$

18,406

 
Weighted-Average Common Shares Outstanding

Basic

63,316

62,642

Diluted

65,989

65,920

 
Net income per share

Basic

$

0.43

$

0.28

Diluted

$

0.41

$

0.26

 
Adjusted Net income per share

Basic

$

0.48

$

0.29

Diluted

$

0.46

$

0.28

 

(a)

 

Represents other items, such as inventory reserves and adjustments,
realized or unrealized gain (loss) on foreign currency transactions
and release of certain indemnified uncertain tax positions.

 
ATKORE INTERNATIONAL GROUP INC.LEVERAGE RATIO
 

The following table presents reconciliations of Net debt to Total
debt for the periods presented:

 

 

 
December 29,

 
September 30,

 
September 30,

 
September 25,

 
September 26,
($ in thousands)

2017

2017

2016

2015

2014

Short-term debt and current maturities of long-term debt

$

4,215

$

4,215

$

1,267

$

2,864

$

42,887

Long-term debt

527,802

 

571,863

 

629,046

 

649,344

 

649,980

 

Total debt

532,017

576,078

630,313

652,208

692,867

Less cash and cash equivalents

39,761

 

45,718

 

200,279

 

80,598

 

33,360

 

Net debt

$

492,256

$

530,360

$

430,034

$

571,610

$

659,507

 

TTM Adjusted EBITDA

$

236,204

$

227,608

$

235,002

$

163,949

$

126,597

 

Total debt/TTM Adjusted EBITDA

2.3

x

2.5

x

2.7

x

4.0

x

5.5

x

Net debt/TTM Adjusted EBITDA

2.1

x

2.3

x

1.8

x

3.5

x

5.2

x

 
ATKORE INTERNATIONAL GROUP INC.TRAILING TWELVE MONTHS ADJUSTED EBITDA
 

The following table presents a reconciliation of Adjusted EBITDA
for the trailing twelve months ended December 29, 2017:

 

 

 
TTM
 

 
Three months ended

December 29,

December 29,
 

 
September 30,
 

 
June 30,
 

 
March 31,(in thousands)

2017

2017

2017

2017

2017
Net income

$

94,446

$

27,189

$

20,857

$

27,465

$

18,935

Interest expense, net

23,362

6,594

5,726

5,811

5,231

Income tax expense

38,495

2,516

12,173

11,431

12,375

Depreciation and amortization

58,309

17,210

14,485

13,341

13,273

Restructuring and impairments

1,129

262

556

(101

)

412

Stock-based compensation

13,632

3,564

3,420

3,064

3,584

Certain legal matters

7,551

50

7,501

Transaction costs

3,863

645

2,235

845

138

Gain on sale of joint venture

(5,774

)

(5,774

)

Other

1,191

 

507

 

60

 

177

 

447

 

Adjusted EBITDA

$

236,204

 

$

58,487

 

$

59,562

 

$

62,033

 

$

56,122

 

View source version on businesswire.com: http://www.businesswire.com/news/home/20180206005418/en/


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