Matthews International(MATW) - 2025 Q3 - Quarterly Results

Fiscal 2025 Third Quarter Overview Fiscal 2025 Third Quarter Financial Highlights Matthews International Corporation reported a significant increase in GAAP EPS for Q3 FY2025, driven by the SGK divestiture gain. Both Memorialization and Industrial Technologies segments showed higher adjusted EBITDA, while the company successfully reduced outstanding debt and corporate costs - GAAP Earnings per share increased to $0.49 from $0.06 a year ago[3][6] - Memorialization and Industrial Technologies segments reported higher adjusted EBITDA[3][6] - Outstanding debt was reduced by $120 million[6][9] - The company is realizing benefits from cost reduction actions, including an 11.4% ($4.9 million) year-to-date reduction in corporate and non-operating costs[4][6] - Strategic alternatives evaluation is progressing well, with an update expected in the coming months[6][11] - The company maintains its fiscal 2025 outlook for adjusted EBITDA of at least $190 million[6][12] President and CEO Commentary Joseph C. Bartolacci, President and CEO, expressed satisfaction with Q3 FY2025 operating results, highlighting the positive impact of the SGK divestiture and cost reduction initiatives. He noted segment-specific performance, including the Memorialization segment's growth from the Dodge Company acquisition and the Industrial Technologies segment's recovery in warehouse automation despite the Tesla dispute. He also emphasized significant debt reduction and the progress of strategic alternatives - GAAP EPS of $0.49 for Q3 FY2025, up from $0.06 a year ago, significantly influenced by the SGK divestiture gain[3] - Cost reduction actions initiated last year were a key contributor to year-over-year improvement in the Industrial Technologies segment and a reduction in corporate and non-operating costs[4] - Memorialization segment sales were higher due to the acquisition of The Dodge Company, which is expected to be accretive to earnings[5] - Industrial Technologies segment saw a modest sales decline due to the Tesla dispute, but outstanding quotes are now over $150 million post-favorable ruling, with warehouse automation sales improving[8] - Consolidated outstanding debt was reduced by $120 million in Q3 FY2025, primarily from SGK divestiture proceeds[9] - Propelis Group (formed from SGK merger) has shown solid operating results and increased projected cost synergy estimates to approximately $60 million[10] - The Board, with J.P. Morgan, is evaluating strategic alternatives to improve shareholder value, with an update expected in several months[11] - The company maintains its fiscal 2025 adjusted EBITDA guidance of at least $190 million, including its estimated 40% share of Propelis adjusted EBITDA[12] Consolidated Financial Performance Third Quarter Fiscal 2025 Consolidated Results Consolidated sales for Q3 FY2025 decreased significantly due to the SGK divestiture, but net income attributable to Matthews saw a substantial increase, primarily driven by the gain on the SGK sale. Adjusted EBITDA remained relatively consistent year-over-year, though non-GAAP adjusted EPS declined | ($ in millions, except per share data) | Q3 FY2025 | Q3 FY2024 | Change | % Change | | :----------------------------------- | :-------- | :-------- | :----- | :------- | | Sales | $349.4 | $427.8 | $(78.4) | (18.3)% | | Net income attributable to Matthews | $15.4 | $1.8 | $13.6 | NM | | Diluted earnings per share | $0.49 | $0.06 | $0.43 | NM | | Non-GAAP adjusted net income | $9.2 | $17.3 | $(8.1) | (46.9)% | | Non-GAAP adjusted EPS | $0.28 | $0.56 | $(0.28)| (50.0)% | | Adjusted EBITDA | $44.6 | $44.7 | $(0.2) | (0.4)% | - Consolidated sales decreased by $78.4 million (18.3%) to $349.4 million, primarily due to the $80.2 million impact of the SGK divestiture[12][14] - Net income attributable to the Company increased to $15.4 million ($0.49 per share) from $1.8 million ($0.06 per share) in the prior year, largely due to the gain on the SGK divestiture[12][15] - Non-GAAP adjusted earnings per share decreased to $0.28 from $0.56 a year ago[12][15] - Adjusted EBITDA was relatively consistent at $44.6 million, but would be $51.3 million (up 14.6%) including the 40% interest in Propelis's estimated adjusted EBITDA for May and June 2025[12][15][18] Fiscal 2025 Year-to-Date Consolidated Results For the first nine months of fiscal 2025, consolidated sales declined, mainly due to the SGK divestiture and lower Industrial Technologies sales. Net income and non-GAAP adjusted EPS also decreased significantly year-over-year, as did adjusted EBITDA | ($ in millions, except per share data) | YTD FY2025 | YTD FY2024 | Change | % Change | | :----------------------------------- | :--------- | :--------- | :----- | :------- | | Sales | $1,178.8 | $1,349.0 | $(170.2)| (12.6)% |\n| Net income attributable to Matthews | $3.0 | $8.5 | $(5.5) | (64.7)% |\n| Diluted earnings per share | $0.10 | $0.27 | $(0.17)| (63.0)% |\n| Non-GAAP adjusted net income | $24.0 | $50.5 | $(26.5)| (52.5)% |\n| Non-GAAP adjusted EPS | $0.76 | $1.62 | $(0.86)| (53.1)% |\n| Adjusted EBITDA | $136.0 | $147.0 | $(11.0)| (7.5)% | - Consolidated sales for the nine months ended June 30, 2025, were $1.18 billion, a decrease of $170.2 million (12.6%) from $1.35 billion a year ago, primarily due to the SGK divestiture ($80.2 million impact) and lower Industrial Technologies sales[19][22] - Net income attributable to the Company for the nine months decreased to $3.0 million ($0.10 per share) from $8.5 million ($0.27 per share) in the prior year[19][23] - Non-GAAP adjusted earnings per share for the nine months decreased to $0.76 from $1.62 a year ago[19][23] - Adjusted EBITDA for the first nine months of fiscal 2025 was $136.0 million, down from $147.0 million a year ago[19][23] Segment Performance Memorialization Segment Performance The Memorialization segment reported higher sales in Q3 FY2025, primarily due to the acquisition of The Dodge Company, which is expected to be accretive to earnings. Despite modestly lower sales volumes for caskets and cemetery memorials, improved operating margins were achieved through inflationary price realization and productivity initiatives. Year-to-date sales were lower - Q3 FY2025 sales were higher than a year ago, primarily reflecting the acquisition of The Dodge Company, which is expected to be nicely accretive to earnings[5] - Sales volumes for caskets and cemetery memorials were modestly lower due to lower U.S. casketed deaths and prior year granite backlog reductions[5] - Earnings impact of declines was offset by inflationary price realization and significant productivity initiatives, leading to improved operating margins[7] | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Sales | $203,728 | $202,664 | $599,834 | $632,891 | | Adjusted EBITDA| $42,801 | $38,737 | $124,451 | $122,051 | Industrial Technologies Segment Performance The Industrial Technologies segment experienced a modest sales decline in Q3 FY2025, mainly due to the ongoing Tesla dispute impacting engineering sales. However, post-favorable ruling, outstanding quotes have grown significantly, and warehouse automation business sales were higher with improving order rates and backlog. Adjusted EBITDA for the quarter increased substantially - Reported a modest decline in sales for Q3 FY2025, primarily from lower engineering sales due to the Tesla dispute[8] - Following a favorable ruling in February 2025, outstanding quotes are over $150 million and converting to orders, with further increases expected[8] - Sales for the warehouse automation business were higher, reflecting ongoing market recovery and improved order rates/backlog[8] | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Sales | $87,901 | $91,731 | $249,269 | $319,241 | | Adjusted EBITDA| $9,047 | $4,196 | $16,921 | $23,846 | Brand Solutions Segment Performance (SGK/Propelis) The Brand Solutions segment, which included SGK prior to its divestiture on May 1, 2025, showed sales growth before the transaction. Post-divestiture, SGK was contributed to Propelis Group, in which Matthews holds a 40% equity interest. Propelis has reported solid operating results and increased its projected cost synergy estimates to $60 million - SGK reported sales growth for Q3 FY2025 prior to its divestiture on May 1, 2025[14] - The SGK business was contributed to Propelis Group, with Matthews receiving 40% common equity, $50 million preferred equity, and $250 million cash proceeds ($228 million net)[16] - Propelis Group has indicated solid operating results since the May 1, 2025 closing date and recently increased its projected cost synergy estimates to approximately $60 million[10] - Matthews' 40% portion of Propelis's estimated adjusted EBITDA for May and June 2025 was $6.7 million[18] | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Sales | $57,748 | $133,438 | $329,745 | $396,910 | | Adjusted EBITDA| $5,004 | $16,054 | $32,892 | $44,317 | Strategic Developments and Financial Position Divestiture of the SGK Business On May 1, 2025, Matthews International contributed its SGK business to a new entity, Propelis, in exchange for a 40% equity stake, a preferred equity investment, and significant cash proceeds. This divestiture was a major factor in the company's Q3 financial results and debt reduction - On May 1, 2025, the SGK business was contributed to Propelis in exchange for 40% common equity, a $50 million preferred equity investment, and $250 million in cash proceeds ($228 million net)[16] - The consolidated financial information in the release reflects SGK's results only through the closing date, with Matthews' 40% interest in Propelis's results to be reported on a one-quarter lag[17] - The gain on the divestiture of SGK was the most significant factor in the increase in net income attributable to the Company for Q3 FY2025[15] - The SGK divestiture contributed to a $120 million reduction in consolidated outstanding debt during Q3 FY2025[9] Strategic Alternatives Evaluation Matthews International is actively evaluating strategic alternatives with the support of J.P. Morgan to enhance shareholder value and better align with the organization's underlying value. This evaluation is expected to conclude within the next several months - The strategic alternatives evaluation is progressing well, with the Board and J.P. Morgan identifying several options for further consideration[11] - The goal of the evaluation is to improve shareholder value and achieve better alignment with the underlying value of the organization[11] - The company expects to complete this evaluation over the next several months and will provide an update to shareholders[11] Debt Reduction and Financial Management Matthews International significantly reduced its consolidated outstanding debt by $120 million in Q3 FY2025, primarily utilizing proceeds from the SGK divestiture. The company anticipates further debt reduction in Q4 FY2025 based on operating cash flow projections and the potential sale of its European packaging business, leading to an improved Net Debt Leverage Ratio - Consolidated outstanding debt was reduced by $120 million during Q3 FY2025, mainly from SGK divestiture proceeds, partially offset by the Dodge Company acquisition and other transaction costs[9] - Further debt reduction is expected in Q4 FY2025, driven by current operating cash flow projections and the potential sale of the European packaging business[9] | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | | :--------------------- | :------------ | :------------- | :---------------- | :----------------- | | Total debt | $702,499 | $822,180 | $809,211 | $776,467 | | Less: Cash and cash equivalents | $(20,383) | $(40,246) | $(33,513) | $(40,816) | | Net Debt | $682,116 | $781,934 | $775,698 | $735,651 | | Adjusted EBITDA (trailing 12 months) | $194,116 | $194,312 | $199,698 | $205,157 | | Net Debt Leverage Ratio| 3.5 | 4.0 | 3.9 | 3.6 | Company Information and Outlook About Matthews International Corporation Matthews International Corporation is a global provider operating through two core businesses: Industrial Technologies and Memorialization, both focused on efficiency, growth, and innovation. The company also holds a significant investment in Propelis, a brand solutions business, and employs over 5,400 people across 19 countries - Matthews International operates through two core global businesses: Industrial Technologies (precision technologies and intelligent processes) and Memorialization (memorials, caskets, cremation/incineration equipment)[25] - The company has a significant investment in Propelis, a brand solutions business formed from the merger of SGK and SGS & Co., offering integrated solutions[25] - Matthews International has over 5,400 employees in 19 countries on four continents[25] Fiscal 2025 Outlook Based on results through June 30, 2025, and fourth-quarter projections, Matthews International is maintaining its previous earnings guidance for fiscal 2025, expecting adjusted EBITDA of at least $190 million, which includes its estimated 40% share of Propelis's adjusted EBITDA - The company is maintaining its previous earnings guidance for fiscal 2025[12] - Adjusted EBITDA is projected to be at least $190 million for fiscal 2025[12] - The adjusted EBITDA guidance includes the estimated 40% share of Propelis adjusted EBITDA from May 1, 2025, through September 30, 2025[12] Webcast Details Matthews International hosted a conference call and webcast on Wednesday, August 6, 2025, to discuss its financial and operating results, corporate strategies, and outlook, followed by a Q&A session - A conference call and webcast were held on Wednesday, August 6, 2025, at 9:00 a.m. Eastern Time[24] - The webcast reviewed financial and operating results, corporate strategies, and outlook, including a question-and-answer session[24] - Access was available via phone at (201) 689-8471 and audio webcast at www.matw.com, with a transcript to be posted on the Investor Relations section of the website[24] Forward-looking Information This section contains forward-looking statements subject to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, including economic conditions, currency fluctuations, material costs, and the ability to achieve anticipated benefits from strategic transactions - Forward-looking statements are included under the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995[26] - Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from management's expectations[26] - Key risk factors include changes in economic conditions, foreign currency exchange rates, interest rates, material costs, goodwill impairment, environmental liabilities, service disruptions, changes in mortality/cremation rates, competitive pressures, ability to achieve cost-reduction objectives, and risks related to acquisitions, divestitures, and cybersecurity[26] Condensed Consolidated Financial Statements (Unaudited) Statements of Income The condensed consolidated statements of income show a significant increase in net income and diluted EPS for Q3 FY2025 compared to the prior year, primarily driven by a substantial gain on the sale of the SGK Business. However, year-to-date net income and EPS declined | (In thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Sales | $349,377 | $427,833 | $1,178,848 | $1,349,042 | | Gross profit | $121,956 | $131,837 | $391,760 | $412,372 | | Operating profit | $75,191 | $6,702 | $86,813 | $37,457 | | Net income attributable to Matthews | $15,387 | $1,777 | $2,999 | $8,501 | | Diluted earnings per share | $0.49 | $0.06 | $0.10 | $0.27 | | Non-GAAP earnings per share | $0.28 | $0.56 | $0.76 | $1.62 | - Sales decreased by 18.3% for the three months and 12.6% for the nine months ended June 30, 2025, primarily due to the SGK divestiture[27] - Operating profit significantly increased for both the three-month (NM) and nine-month (131.8%) periods, largely due to a $57,103 thousand gain on the sale of the SGK Business[27] - Net income attributable to Matthews increased substantially for the three months (NM) but decreased by 64.7% for the nine months ended June 30, 2025[27] Balance Sheet Information The condensed consolidated balance sheet shows a decrease in total assets from September 30, 2024, to June 30, 2025, primarily driven by reductions in goodwill, other intangible assets, and current assets. Total liabilities also decreased, while total shareholders' equity increased | (In thousands) | June 30, 2025 | September 30, 2024 | | :------------- | :------------ | :----------------- | | Total current assets | $516,279 | $632,543 | | Goodwill | $516,050 | $697,123 | | Other intangible assets, net | $83,840 | $126,026 | | Total assets | $1,705,965 | $1,834,890 | | Total current liabilities | $310,750 | $434,775 | | Long-term debt | $696,120 | $769,614 | | Total liabilities | $1,192,133 | $1,397,684 | | Total shareholders' equity | $513,832 | $437,206 | - Total assets decreased from $1,834,890 thousand at September 30, 2024, to $1,705,965 thousand at June 30, 2025[31] - Goodwill decreased by $181,073 thousand and other intangible assets, net, decreased by $42,186 thousand[31] - Total liabilities decreased from $1,397,684 thousand to $1,192,133 thousand, including a reduction in long-term debt[31] - Total shareholders' equity increased from $437,206 thousand to $513,832 thousand[31] Cash Flows Information For the nine months ended June 30, 2025, cash flows from operating activities turned negative, while investing activities generated a significant net cash inflow, primarily due to proceeds from the SGK Business sale. Financing activities resulted in a substantial net cash outflow, leading to an overall net decrease in cash and cash equivalents | (In thousands) | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------- | :------------------------------ | :------------------------------ | | Net cash (used in) provided by operating activities | $(33,881) | $43,336 | | Net cash provided by (used in) investing activities | $153,249 | $(38,631) | | Net cash used in financing activities | $(139,440) | $(4,096) | | Net change in cash and cash equivalents | $(20,433) | $644 | - Net cash used in operating activities was $33,881 thousand for the nine months ended June 30, 2025, compared to net cash provided of $43,336 thousand in the prior year[32] - Net cash provided by investing activities was $153,249 thousand, primarily driven by $228,004 thousand in proceeds from the sale of the SGK Business[32] - Net cash used in financing activities significantly increased to $139,440 thousand, mainly due to net proceeds from long-term debt, purchases of treasury stock, and dividends[32] - Overall, there was a net decrease of $20,433 thousand in cash and cash equivalents for the nine months ended June 30, 2025[32] Reconciliations of Non-GAAP Financial Measures Adjusted EBITDA Reconciliation The Adjusted EBITDA reconciliation provides a detailed breakdown of adjustments made to net income to arrive at Adjusted EBITDA, including income tax, interest expense, depreciation and amortization, acquisition/divestiture items, strategic initiatives, gain on SGK sale, and stock-based compensation. For Q3 FY2025, Adjusted EBITDA was $44.55 million, with an Adjusted EBITDA margin of 12.8% - Adjusted EBITDA for the three months ended June 30, 2025, was $44,550 thousand, with an Adjusted EBITDA margin of 12.8%[35] - Adjustments include a significant gain on the sale of the SGK Business ($57,103 thousand) and costs related to strategic initiatives and the Tesla dispute ($10,315 thousand for Q3 FY2025)[35] - For the nine months ended June 30, 2025, Adjusted EBITDA was $135,987 thousand, with an Adjusted EBITDA margin of 11.5%[35] | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $15,387 | $1,777 | $2,999 | $8,501 | | Income tax provision (benefit) | $43,477 | $(8,829) | $38,391 | $(10,677) | | Interest expense | $16,804 | $14,005 | $50,668 | $40,539 | | Depreciation and amortization | $15,836 | $23,657 | $56,571 | $70,441 | | Gain on sale of SGK Business | $(57,103) | — | $(57,103) | — | | Total Adjusted EBITDA | $44,550 | $44,746 | $135,987 | $147,028 | Adjusted Net Income and EPS Reconciliation The reconciliation of Adjusted Net Income and EPS details the non-GAAP adjustments made to GAAP net income, including acquisition/divestiture costs, strategic initiatives, the gain on SGK sale, and amortization. For Q3 FY2025, Adjusted Net Income was $9.189 million, resulting in an Adjusted EPS of $0.28, a decrease from the prior year - Adjusted net income for the three months ended June 30, 2025, was $9,189 thousand, resulting in an Adjusted EPS of $0.28, compared to $0.56 in the prior year[38] - Key adjustments include a $14,155 thousand after-tax gain on the sale of the SGK Business and $10,615 thousand for strategic initiatives and other charges for Q3 FY2025[38] - For the nine months ended June 30, 2025, Adjusted net income was $23,986 thousand, with an Adjusted EPS of $0.76, down from $1.62 a year ago[38] | (In thousands, except per share data) | Three Months Ended June 30, 2025 (per share) | Three Months Ended June 30, 2024 (per share) | Nine Months Ended June 30, 2025 (per share) | Nine Months Ended June 30, 2024 (per share) | | :------------------------------------ | :------------------------------------------- | :------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Net income attributable to Matthews | $15,387 ($0.49) | $1,777 ($0.06) | $2,999 ($0.10) | $8,501 ($0.27) | | Acquisition and divestiture costs | $(6,901) ($(0.22)) | $1,626 ($0.05) | $5,807 ($0.19) | $4,036 ($0.13) | | Strategic initiatives and other charges | $10,615 ($0.33) | $6,715 ($0.22) | $14,516 ($0.45) | $15,812 ($0.51) | | Gain on sale of SGK Business | $(14,155) ($(0.45)) | — (—) | $(14,155) ($(0.45)) | — (—) | | Amortization | $2,605 ($0.08) | $6,777 ($0.22) | $12,271 ($0.39) | $20,843 ($0.67) | | Adjusted net income | $9,189 ($0.28) | $17,298 ($0.56) | $23,986 ($0.76) | $50,469 ($1.62) | Constant Currency Sales and Adjusted EBITDA Reconciliation This reconciliation adjusts reported sales and Adjusted EBITDA for the impact of foreign exchange translation rates to provide a clearer view of underlying business performance. For Q3 FY2025, constant currency sales were slightly lower than reported, while constant currency Adjusted EBITDA also saw a minor adjustment - Constant currency sales for the quarter ended June 30, 2025, were $344,806 thousand, compared to reported sales of $349,377 thousand, reflecting a negative impact from foreign exchange rates[42] - Constant currency adjusted EBITDA for the quarter ended June 30, 2025, was $44,101 thousand, slightly lower than the reported $44,550 thousand[42] | (In thousands) | Reported Sales Q3 FY2025 | Changes in FX Rates Q3 FY2025 | Constant Currency Sales Q3 FY2025 | | :------------- | :----------------------- | :---------------------------- | :-------------------------------- | | Memorialization| $203,728 | $(222) | $203,506 | | Industrial Technologies | $87,901 | $(2,944) | $84,957 | | Brand Solutions| $57,748 | $(1,405) | $56,343 | | Consolidated | $349,377 | $(4,571) | $344,806 | | (In thousands) | Reported Adjusted EBITDA Q3 FY2025 | Changes in FX Rates Q3 FY2025 | Constant Currency Adjusted EBITDA Q3 FY2025 | | :------------- | :-------------------------------- | :---------------------------- | :------------------------------------------ | | Memorialization| $42,801 | $4 | $42,805 | | Industrial Technologies | $9,047 | $(150) | $8,897 | | Brand Solutions| $5,004 | $(384) | $4,620 | | Corporate and Non-Operating | $(12,302) | $81 | $(12,221) | | Consolidated | $44,550 | $(449) | $44,101 | Net Debt and Net Debt Leverage Ratio Reconciliation This reconciliation presents the company's net debt and net debt leverage ratio, which is calculated as outstanding debt (net of cash) relative to adjusted EBITDA. As of June 30, 2025, net debt significantly decreased, leading to an improved net debt leverage ratio of 3.5, down from 4.0 at March 31, 2025 - Net Debt as of June 30, 2025, was $682,116 thousand, a decrease from $781,934 thousand at March 31, 2025[43] - The Net Debt Leverage Ratio improved to 3.5 at June 30, 2025, from 4.0 at March 31, 2025[43] | (Dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | | :--------------------- | :------------ | :------------- | :---------------- | :----------------- | | Total debt | $702,499 | $822,180 | $809,211 | $776,467 | | Less: Cash and cash equivalents | $(20,383) | $(40,246) | $(33,513) | $(40,816) | | Net Debt | $682,116 | $781,934 | $775,698 | $735,651 | | Adjusted EBITDA (trailing 12 months) | $194,116 | $194,312 | $199,698 | $205,157 | | Net Debt Leverage Ratio| 3.5 | 4.0 | 3.9 | 3.6 |