*Per share amount does not equal the total due to rounding
⁽¹⁾       Management adjustments associated with integration, restructuring, transformational activities and asset impairments
⁽²⁾       Includes professional and transaction costs related to acquisitions, potential acquisitions and other business combination related items

 

Nexeo Solutions, Inc. and Subsidiaries
Adjusted EBITDA Reconciliation
(Unaudited, in millions)

	Three Months Ended June 30,
	2018				2017
Net income from continuing operations	$	17.5			$	10.2
Interest expense, net	13.3				13.5
Income tax expense	9.7				5.9
Depreciation and amortization	18.5				18.9
Other operating expenses, net (1)	(1.4		)		3.9
Adjusted EBITDA from continuing operations	$	57.6			$	52.4

⁽¹⁾       See Other Operating Expenses, Net table for additional detail

 

Nexeo Solutions, Inc. and Subsidiaries
Other Operating Expenses, Net
(Unaudited, in millions)

	Three Months Ended June 30,
	2018				2017
Management add-backs (1)	$	4.5			$	2.2
Change in fair value related to contingent consideration obligations	(8.7		)		(0.8		)
Foreign exchange (gains) losses, net (2)	1.0				(0.4		)
Compensation expense related to management equity plan (non-cash)	1.8				1.5
Inventory step up	—				1.2
Transaction related costs (3)	—				0.2
Other operating expenses, net	$	(1.4	)		$	3.9

⁽¹⁾       Management adjustments associated with integration, restructuring, transformational activities and asset impairments
⁽²⁾       Includes the impact of net realized and unrealized foreign exchange gains and losses related to transactions in currencies other than the functional currency of the respective legal entity for the purpose of evaluating the Company's performance and facilitating more meaningful comparisons of performance to other fiscal periods
⁽³⁾       Includes professional and transaction costs related to acquisitions, potential acquisitions and other business combination related items