Exhibit 99.2
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(Amounts in thousands - unaudited)
| Adjusted EBITDA Reconciliation | Quarter Ended | Year Ended | ||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | December 31, | ||||||||||||||||
| 2018 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||||
| Net income / (loss) | $ | 17,300 | $ | 22,376 | $ | 22,580 | $ | (13,356 | ) | $ | 48,900 | |||||||||
| Restructuring and asset impairment charges, net | 1,243 | (199 | ) | 123 | 2,213 | 3,380 | ||||||||||||||
| Depreciation and amortization | 14,511 | 14,016 | 13,347 | 12,941 | 54,815 | |||||||||||||||
| Acquisition costs and other | 69 | 98 | 51 | (36 | ) | 182 | ||||||||||||||
| Long-term compensation expense | 1,287 | 1,731 | 2,677 | 2,000 | 7,695 | |||||||||||||||
| Lease expense | 2,450 | 2,450 | 2,432 | 3,758 | 11,090 | |||||||||||||||
| Interest expense, net | 4,351 | 4,674 | 5,630 | 4,142 | 18,798 | |||||||||||||||
| Other expense | - | 977 | - | - | 977 | |||||||||||||||
| Net periodic benefit expense / (income) | (558 | ) | (559 | ) | (558 | ) | 4,078 | 2,403 | ||||||||||||
| Provision / (benefit) for income taxes | 3,236 | 4,616 | 3,475 | (10,068 | ) | 1,259 | ||||||||||||||
| (Income) / loss from discontinued operations, net of tax | (845 | ) | (4,098 | ) | (1,589 | ) | 34,752 | 28,219 | ||||||||||||
| Adjusted EBITDA | $ | 43,044 | $ | 46,082 | $ | 48,168 | $ | 40,424 | $ | 177,718 | ||||||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| Quarter Ended | ||||||||
| March 31, 2018 | ||||||||
| After tax | Before tax | |||||||
| Income / (expense) items included in net income, net of tax: | ||||||||
| Restructuring and asset impairment charges, net | ||||||||
| One-time restructuring actions | $ | (623 | ) | $ | (794 | ) | ||
| Discontinued operations | ||||||||
| Income from discontinued operations | 845 | 845 | ||||||
| Total items included in net income, net of tax | $ | 222 | ||||||
| Net income | $ | 17,300 | ||||||
| Memo: Average shares outstanding (in thousands) | ||||||||
| Basic | 20,557 | |||||||
| Diluted | 20,952 | |||||||
| Income per common share (GAAP) | ||||||||
| Basic | $ | 0.84 | ||||||
| Diluted | 0.83 | |||||||
| Diluted adjusted earnings per share (non-GAAP) | $ | 0.82 | ||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| Quarter Ended | ||||||||
| June 30, 2018 | ||||||||
| After tax | Before tax | |||||||
| Income / (expense) items included in net income, net of tax: | ||||||||
| Restructuring and asset impairment charges, net | ||||||||
| One-time restructuring actions | $ | (75 | ) | $ | (75 | ) | ||
| Other expense | ||||||||
| Premium and other fees for re-pricing of Term Loan | (743 | ) | (977 | ) | ||||
| Discontinued operations | ||||||||
| Income from discontinued operations | 4,098 | 4,098 | ||||||
| Total items included in net income, net of tax | $ | 3,280 | ||||||
| Net income | $ | 22,376 | ||||||
| Memo: Average shares outstanding (in thousands) | ||||||||
| Basic | 20,597 | |||||||
| Diluted | 20,986 | |||||||
| Income per common share (GAAP) | ||||||||
| Basic | $ | 1.09 | ||||||
| Diluted | 1.07 | |||||||
| Diluted adjusted earnings per share (non-GAAP) | $ | 0.91 | ||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| Quarter Ended | ||||||||
| September 30, 2018 | ||||||||
| After tax | Before tax | |||||||
| Income / (expense) items included in net income, net of tax: | ||||||||
| Restructuring and asset impairment charges, net | ||||||||
| One-time restructuring actions | $ | (30 | ) | $ | (30 | ) | ||
| Interest expense | ||||||||
| Acceleration of the amortization of debt issue costs and OID | (735 | ) | (967 | ) | ||||
| Discontinued operations | ||||||||
| Income from discontinued operations | 1,589 | 1,589 | ||||||
| Total items included in net income, net of tax | $ | 824 | ||||||
| Net income | $ | 22,580 | ||||||
| Memo: Average shares outstanding (in thousands) | ||||||||
| Basic | 20,605 | |||||||
| Diluted | 21,036 | |||||||
| Income per common share (GAAP) | ||||||||
| Basic | $ | 1.10 | ||||||
| Diluted | 1.07 | |||||||
| Diluted adjusted earnings per share (non-GAAP) | $ | 1.03 | ||||||
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| Quarter Ended | ||||||||
| December 31, 2018 | ||||||||
| After tax | Before tax | |||||||
| Income / (expense) items included in net loss, net of tax: | ||||||||
| Restructuring and asset impairment charges, net | ||||||||
| One-time restructuring actions | $ | (1,516 | ) | $ | (1,995 | ) | ||
| Net periodic benefit income / (expense) | ||||||||
| Pension actuarial loss | (3,978 | ) | (5,234 | ) | ||||
| Provision for income taxes | ||||||||
| Reversal of valuation allowance in Brazil | 14,417 | 14,417 | ||||||
| Reversal of U.S. tax credits | (3,029 | ) | (3,029 | ) | ||||
| Discontinued operations | ||||||||
| Income from discontinued operations | 9,248 | 9,248 | ||||||
| Europe fair value adjustment | (44,000 | ) | (44,000 | ) | ||||
| Total items included in net income, net of tax | $ | (28,858 | ) | |||||
| Net loss | $ | (13,356 | ) | |||||
| Memo: Average shares outstanding (in thousands) | ||||||||
| Basic | 20,607 | |||||||
| Diluted | 20,607 | |||||||
| Income per common share (GAAP) | ||||||||
| Basic | $ | (0.65 | ) | |||||
| Diluted | (0.65 | ) | ||||||
| Diluted adjusted earnings per share (non-GAAP)* | $ | 0.74 | ||||||
*For the three months ended December 31, 2018, diluted share count of 21 million was used to calculate diluted adjusted earnings per share.
TOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CERTAIN ITEMS INCLUDED IN NET INCOME
(Amounts in thousands, except per share amounts - unaudited)
| Year Ended | ||||||||
| December 31, 2018 | ||||||||
| After tax | Before tax | |||||||
| Income / (expense) items included in net income, net of tax: | ||||||||
| Restructuring and asset impairment charges, net | ||||||||
| One-time restructuring actions | $ | (2,244 | ) | $ | (2,894 | ) | ||
| Interest expense | ||||||||
| Acceleration of the amortization of debt issue costs and OID | (735 | ) | (967 | ) | ||||
| Net periodic benefit income / (expense) | ||||||||
| Pension actuarial loss | (3,978 | ) | (5,234 | ) | ||||
| Other expense | ||||||||
| Premium and other fees for re-pricing of Term Loan | (743 | ) | (977 | ) | ||||
| Provision for income taxes | ||||||||
| Reversal of valuation allowance in Brazil | 14,417 | 14,417 | ||||||
| Reversal of U.S. tax credits | (3,029 | ) | (3,029 | ) | ||||
| Discontinued operations | ||||||||
| Income from discontinued operations | 15,781 | 15,781 | ||||||
| Europe fair value adjustment | (44,000 | ) | (44,000 | ) | ||||
| Total items included in net income, net of tax | $ | (24,531 | ) | |||||
| Net income | $ | 48,900 | ||||||
| Memo: Average shares outstanding (in thousands) | ||||||||
| Basic | 20,592 | |||||||
| Diluted | 20,996 | |||||||
| Income per common share (GAAP) | ||||||||
| Basic | $ | 2.37 | ||||||
| Diluted | 2.33 | |||||||
| Diluted adjusted earnings per share (non-GAAP) | $ | 3.50 | ||||||