Rayovac 2015 Annual Report Download - page 69

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Below is a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA for each segment and the
consolidated Spectrum Brands Holdings, Inc. group for the years ended September 30, 2015, 2014 and 2013:
SPECTRUM BRANDS HOLDINGS, INC.
Global
Batteries &
Appliances
Hardware &
Home
Improvement
Global Pet
Supplies
Home and
Garden
Global Auto
Care
Corporate /
Unallocated
Items Consolidated
(in millions)
For the year ended September 30, 2015
Net income (loss), as adjusted ........... $219.6 $166.5 $ 60.0 $108.3 $18.2 $(423.2) $149.4
Income tax expense(1) ................. — — — — — 43.9 43.9
Interest expense(1) .................... — — — — — 271.9 271.9
Depreciation and amortization ........... 71.0 39.4 39.7 13.3 6.6 — 170.0
EBITDA ............................ 290.6 205.9 99.7 121.6 24.8 (107.4) 635.2
Share based compensation .......... — — — — — 47.6 47.6
Acquisition and integration related
charges ....................... 4.6 9.1 13.7 2.3 3.8 25.3 58.8
Restructuring and related charges .... 9.2 9.7 8.9 0.6 — 0.3 28.7
Purchase accounting fair value
adjustment .................... — 0.8 2.2 — 18.7 — 21.7
Venezuela devaluation ............. 2.5 — — — — — 2.5
Other(2) ........................ — — — — — 6.1 6.1
Adjusted EBITDA .................... $306.9 $225.5 $124.5 $124.5 $47.3 $ (28.1) $800.6
For the Year Ended September 30, 2014
Net income (loss), as adjusted ........... $234.6 $157.2 $ 78.7 $ 88.1 $ — $(344.1) $214.5
Income tax expense(1) ................. — — — — — 59.0 59.0
Interest expense(1) .................... — — — — — 202.1 202.1
Depreciation and amortization ........... 73.1 40.4 31.5 12.6 — — 157.6
EBITDA ............................ 307.7 197.6 110.2 100.7 — (83.0) 633.2
Share based compensation .......... — — — — — 46.8 46.8
Acquisition and integration related
charges ....................... 7.8 4.4 — 1.1 — 6.8 20.1
Restructuring and related charges .... 11.1 8.3 3.0 — — 0.5 22.9
Other(3) ........................ — — — — — 1.3 1.3
Adjusted EBITDA .................... $326.6 $210.3 $113.2 $101.8 $ — $ (27.6) $724.3
For the Year Ended September 30, 2013
Net income (loss), as adjusted ........... $213.6 $ 75.4 $ 77.0 $ 77.7 $ — $(499.0) $ (55.3)
Income tax expense(1) ................. — — — — — 27.4 27.4
Interest expense(1) .................... — — — — — 375.6 375.6
Depreciation and amortization ........... 67.3 31.3 29.6 11.7 — — 139.9
EBITDA ............................ 280.9 106.7 106.6 89.4 — (96.0) 487.6
Share based compensation .......... — — — — — 43.9 43.9
Acquisition and integration related
charges ....................... 6.1 7.4 2.2 0.1 — 32.6 48.4
Restructuring and related charges .... 14.8 6.2 11.2 0.6 — 1.2 34.0
Pre-acquisition earnings of HHI(4) . . . — 30.3 — — — — 30.3
Purchase accounting fair value
adjustment .................... — 31.5 — — — — 31.5
Venezuela devaluation ............. 1.9 — — — — — 1.9
Adjusted EBITDA .................... $303.7 $182.1 $120.0 $ 90.1 $ — $ (18.3) $677.6
(1) The Company’s policy is to record income tax expense and interest expense on a consolidated basis.
Accordingly, such amounts are not reflected in the operating results of the operating segments and are
presented within Corporate/Unallocated Items.
55