| Line Item | FY 2023A | FY 2024A | FY 2025A | FY 2026E | YoY Δ | Covenant |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Net Revenue | $389.4 | $412.8 | $438.5 | $451.2 | +2.9% | — |
| COGS | (248.6) | (267.4) | (289.2) | (301.8) | +4.4% | — |
| Gross Profit | $140.8 | $145.4 | $149.3 | $149.4 | +0.1% | — |
| SG&A | (64.2) | (68.5) | (72.1) | (74.6) | +3.5% | — |
| EBITDA | $94.8 | $95.1 | $96.0 | $96.2 | +0.2% | — |
| D&A | (16.8) | (18.2) | (19.5) | (21.4) | +9.7% | — |
| Interest Expense | (15.2) | (19.8) | (26.7) | (34.4) | +28.8% | — |
| Net Income | $48.3 | $42.6 | $35.1 | $28.8 | −18.0% | — |
| Balance Sheet | ||||||
| Total Debt | $228.5 | $266.3 | $316.8 | $355.9 | +12.4% | — |
| Cash & Equivalents | $52.4 | $42.1 | $34.6 | $28.3 | −18.2% | — |
| Net Debt | $176.1 | $224.2 | $282.2 | $327.6 | +16.1% | — |
| Key Credit Ratios | ||||||
| Total Debt / EBITDA | 2.4x | 2.8x | 3.3x | 3.7x | ≤ 4.00x | |
| EBITDA / Interest | 6.2x | 4.8x | 3.6x | 2.8x | ≥ 3.00x | |
| Fixed Charge Coverage | 2.4x | 2.1x | 1.8x | 1.6x | ≥ 1.25x | |
| Current Ratio | 1.8x | 1.6x | 1.4x | 1.3x | ≥ 1.10x | |
| Cash Flow | ||||||
| Operating Cash Flow | $82.6 | $78.2 | $74.5 | $71.8 | −3.6% | — |
| Capital Expenditures | (18.1) | (22.4) | (38.6) | (42.1) | +9.1% | — |
| Free Cash Flow | $64.5 | $55.8 | $35.9 | $29.7 | −17.3% | — |
| FCF / Total Debt | 28.2% | 21.0% | 11.3% | 8.3% | ≥ 10.0% | |
| Liquidity | ||||||
| Revolver Availability | $50.0 | $45.0 | $38.2 | $32.5 | −14.9% | — |
| Total Liquidity | $102.4 | $87.1 | $72.8 | $60.8 | −16.5% | — |
| Liquidity / Revenue | 26.3% | 21.1% | 16.6% | 13.5% | ≥ 12.5% | |
| Days Cash on Hand | 49 | 37 | 29 | 23 | ≥ 20 | |