Exhibit 99.2
Note: Readers should refer to the audio replays, when available, on our website (www.smtc.com)forclarification and accuracy.
Acquisition of MC Assembly Conference Call
GAAP Reconciliation
During today’s call, we have made reference to “Adjusted EBITDA” as a measurement of performance.
Adjusted EBITDA is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other companies. Adjusted EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, cash flows, revenue, or other measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA is not a completely representative measure of either the historical performance or, necessarily, the future potential of the combined entities. A reconciliation of our Adjusted EBITDA measures to GAAP-recognized measures is provided below:
Supplementary Information:
Reconciliation of Adjusted EBITDA
| | | Actual Three months ended | | Actual | | Actual Three month ended | | Forecasted
Three
months
ended | | Forecast |
| | | April 2,
2017 | | July 2,
2017 | | October 1,
2017 | | Dec. 31,
2017 | | Fiscal
Year 2017 | | April 1,
2018 | | July 1,
2018 | | September
30, 2018 | | December
30, 2018 | | Fiscal
2018 |
| | | | | | | | | | | | | | | | | | | | | |
| Net earnings (loss) | | $ | (377 | ) | | $ | (6,013 | ) | | | (551 | ) | | $ | (904 | ) | | $ | (7,845 | ) | | $ | 8 | | | $ | (97 | ) | | $ | 864 | | | $ | 700 | | | $ | 1,475 | |
| Add (deduct): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Depreciation | | | 979 | | | | 971 | | | | 839 | | | | 799 | | | | 3,588 | | | | 774 | | | | 769 | | | | 883 | | | | 895 | | | | 3,321 | |
| Interest | | | 179 | | | | 217 | | | | 229 | | | | 278 | | | | 903 | | | | 307 | | | | 403 | | | | 485 | | | | 505 | | | | 1,700 | |
| Income tax expense (recovery) | | | (7 | ) | | | 154 | | | | 78 | | | | 335 | | | | 560 | | | | 26 | | | | 234 | | | | 145 | | | | 179 | | | | 584 | |
| EBITDA | | $ | 774 | | | $ | (4,671 | ) | | $ | 595 | | | $ | 508 | | | $ | (2,794 | ) | | $ | 1,115 | | | $ | 1,309 | | | $ | 2,377 | | | $ | 2,279 | | | $ | 7,080 | |
| Stock compensation expense (reversal) | | | 203 | | | | (7 | ) | | | 77 | | | | 159 | | | | 432 | | | | 126 | | | | 77 | | | | 75 | | | | 105 | | | | 383 | |
| Restructuring charges | | | - | | | | 1,351 | | | | 326 | | | | 55 | | | | 1732 | | | | - | | | | 96 | | | | 58 | | | | 85 | | | | 239 | |
| Unrealized foreign exchange loss (gain) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| on unsettled forward exchange contracts | | | (1,272 | ) | | | (284 | ) | | | 118 | | | | 520 | | | | (918 | ) | | | (319 | ) | | | 89 | | | | (108 | ) | | | - | | | | (338 | ) |
| Adjusted EBITDA | | $ | (295 | ) | | $ | (3,611 | ) | | $ | 1,116 | | | $ | 1,242 | | | $ | (1,548 | ) | | $ | 922 | | | $ | 1,571 | | | $ | 2,402 | | | $ | 2,469 | | | $ | 7,364 | |
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