Post Holdings, Inc. (NYSE:POST) Q4 2019 Earnings Conference Call - Final Transcript
Nov 22, 2019 • 09:00 am ET
Jeff A. Zadoks
a brief explanation of how we will report the Active Nutrition business going forward.
As Rob mentioned, the structure of the IPO and related transactions is complicated, but I will keep this discussion at a high level. The IPO did not impact our fourth quarter of fiscal 2019 reporting. Prospectively, Post will continue to consolidate the BellRing business but will report a non-controlling interest for the 29% beneficially owned by its public shareholders.
BellRing Brands, Inc., will have its own SEC filings, earnings releases and conference calls, which may overlap, but not necessarily duplicate post disclosures. We have designated BellRing Brands, Inc. and its subsidiaries as unrestricted under the terms of our credit agreements. As such, neither BellRing nor Post are obligors or guarantors of the other party's debt. Accordingly, we will report leverage statistics proposed independent of BellRing debt and adjusted EBITDA.
Post pro forma net leverage on this basis is approximately 4.8 times. This reflects a $1.225 billion term loan repayment we made in October, following the close of the IPO. Turning to guidance, we expect adjusted EBITDA for fiscal 2020 to be in the range of $1.22 billion to $1.27 billion, including a 100% contribution from BellRing. Additionally, we expect to make capital expenditure investments in fiscal 2020 of between $240 million and $260 million.
Finally, exclusive of BellRing, we estimate cash taxes for fiscal 2020 will be approximately $95 million, and we expect cash interest expense to be approximately $315 million.
With that, I'd like to turn the call back over to the operator for questions. Operator?