While management believes that these non-GAAP
adjusted financial measures provide useful supplemental information to investors regarding the underlying performance of the company's business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP.
The company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP
adjusted financial measures provide investors with a better understanding of the company's historical results from its core business operations.
Management uses these non-GAAP
adjusted financial measures for internal reporting and forecasting purposes, when publicly providing its business outlook, to evaluate the company's performance and to evaluate and compensate the company's executives.
The GAAP financial measure most directly comparable to each non-GAAP
adjusted financial measure used or discussed, and a reconciliation of the differences between each non-GAAP
adjusted financial measure and the comparable GAAP financial measure, is included in this press release after the condensed consolidated financial statements.
Not exact matches
These
adjusted measures are not intended to replace the presentation of our
financial results in accordance with GAAP.
Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for income from operations, net income or any other
measure of
financial performance reported in accordance with U.S. Generally Accepted Accounting Principles («GAAP»).
Adjusted EBITDA is a non-GAAP
financial measure utilized by T - Mobile's management to monitor the
financial performance of our operations.
Adjusted net income in the first quarter, a non-GAAP financial measure defined below, was $ 3.0 million, or $ 0.05 per diluted share in 2018 compared to an adjusted net loss of $ 4.1 million, or $ 0.06 per diluted share
Adjusted net income in the first quarter, a non-GAAP
financial measure defined below, was $ 3.0 million, or $ 0.05 per diluted share in 2018 compared to an
adjusted net loss of $ 4.1 million, or $ 0.06 per diluted share
adjusted net loss of $ 4.1 million, or $ 0.06 per diluted share in 2017.
Organic Net Revenue,
Adjusted Operating Income (and
Adjusted Operating Income margin),
Adjusted EPS,
Adjusted Gross Profit (and
Adjusted Gross Profit margin), Free Cash Flow and presentation of amounts in constant currency are non-GAAP
financial measures.
See the attached Supplemental
Financial Information for a reconciliation of net loss, a GAAP
measure, to
adjusted EBITDA, a non-GAAP
measure, for the three months ended March 31, 2018 and 2017.
We believe that
adjusted diluted net income per share,
adjusted net income,
adjusted operating income,
adjusted operating income margin and
adjusted EBITDA are useful
measures for investors to review, because they provide a consistent
measure of the underlying
financial results of our ongoing business and, in our management's view, allow for a supplemental comparison against historical results and expectations for future performance.
Adjusted cash flows from operations, a non-GAAP
financial measure defined below, were $ 174.9 million in the first quarter of 2018, compared to $ 113.7 million in the comparable 2017 period.
Adjusted net sales, organic sales, adjusted operating profit, adjusted net income and adjusted earnings per share («EPS») are non-GAAP financial m
Adjusted net sales, organic sales,
adjusted operating profit, adjusted net income and adjusted earnings per share («EPS») are non-GAAP financial m
adjusted operating profit,
adjusted net income and adjusted earnings per share («EPS») are non-GAAP financial m
adjusted net income and
adjusted earnings per share («EPS») are non-GAAP financial m
adjusted earnings per share («EPS») are non-GAAP
financial measures.
Beyond then, we expect the company to sustain credit
measures that are consistent with its intermediate
financial risk profile, characterized by fully
adjusted debt to EBITDA of 2.5x - 3.0 x, funds from operations to debt of more than 25 %, and EBITDA interest coverage of more than 5.0 x.
In addition to reporting
financial results in accordance with U.S. GAAP, the Company also provides non-GAAP
measures that
adjust for the impacts of the NRD resolution and measurement period adjustment to the impact of enactment of the TCJA.
AND SUBSIDIARIES Non-GAAP
Financial Measures Reconciliation of
Adjusted EBITDA to Net Income (Unaudited)
To supplement our condensed consolidated
financial statements presented on a GAAP basis, RBI reports the following non-GAAP
financial measures: EBITDA,
Adjusted EBITDA,
Adjusted Net Income,
Adjusted Diluted Earnings per Share («
Adjusted Diluted EPS»), Combined Total Revenues, Combined
Adjusted EBITDA, Organic revenue growth and Organic
Adjusted EBITDA growth.
Adjusted EBITDA,
Adjusted Net Income, and
Adjusted Diluted Earnings per Share are non-GAAP
financial measures.
AND SUBSIDIARIES Non-GAAP
Financial Measures Organic Growth in Revenue and
Adjusted EBITDA Three Months Ended March 31, 2018 (Unaudited)
Therefore, we believe that the presentation of non-GAAP
financial measures that
adjust for the amortization of intangible assets provides investors and others with a consistent basis for comparison across accounting periods.
To supplement our condensed consolidated
financial statements, which are prepared and presented in accordance with U.S. GAAP, we present the following non-GAAP
financial measures: ex-TAC revenues,
adjusted EBITDA,
adjusted EBITDA margin,
adjusted ex-TAC EBITDA margin,
adjusted net income,
adjusted net income margin and
adjusted ex-TAC net income margin.
Additionally,
adjusted EBITDA is a key
financial measure used by the compensation committee of our board of directors in connection with the payment of bonuses to our executive officers.
And it
adjusts leverage ratios — the
measure of a bank's
financial sustainability — for such entities.
In addition, our
financial measures (revenue and
adjusted EBITDA margin) are important indicators of our ability to monetize our solutions and achieve profitability.
Adjusted EBITDA has limitations as a
financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related
financial information prepared in accordance with GAAP.
Adjusted Revenue has limitations as a
financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related
financial information prepared in accordance with GAAP.
Adjusted Revenue is a non-GAAP financial measure that we define as our total net revenue less transaction costs, adjusted to eliminate the effect of activity under our payment processing agreement with St
Adjusted Revenue is a non-GAAP
financial measure that we define as our total net revenue less transaction costs,
adjusted to eliminate the effect of activity under our payment processing agreement with St
adjusted to eliminate the effect of activity under our payment processing agreement with Starbucks.
For more information on
Adjusted Revenue, see the section titled «-- Key Operating Metrics and Non-GAAP
Financial Measures.»
Because of these limitations, you should consider
Adjusted Revenue alongside other
financial performance
measures, including total net revenue and our
financial results presented in accordance with GAAP.
Definitions of EBITDA and
adjusted EBITDA, which are non-GAAP
financial measures, and a reconciliation to GAAP net income within the range of $ 37 million to $ 43 million, are included below.
In particular, the exclusion of the effect of the Fitbit Force recall, which primarily impacted our results for the fourth quarter of 2013 and the first quarter of 2014, discussed in «Management's Discussion and Analysis of
Financial Condition and Results of Operations — Fitbit Force Product Recall» and certain expenses in calculating
adjusted EBITDA can provide a useful
measure for period - to - period comparisons of our business.
Additionally, management uses
adjusted financial information as key performance
measures of results of operations for the purpose of evaluating performance internally.
The «
Adjusted Financial Information» provided in the attached reflects the following non-GAAP financial
Financial Information» provided in the attached reflects the following non-GAAP
financial financial measures:
This press release includes certain
financial measures such as
Adjusted EBITDA, pretax income and diluted earnings per share, which exclude certain items under each
measure and are not considered generally accepted accounting principles («GAAP»)
measures as defined under SEC rules.
Controllable income (loss) is a non-GAAP
financial measure defined as net income (loss)
adjusted for items outside of management's control and non-recurring items.
Organic Net Sales,
Adjusted EBITDA, Constant Currency
Adjusted EBITDA and
Adjusted EPS are non-GAAP
financial measures.
While HP Co. reports its
financial results in accordance with U.S. GAAP, some
financial performance targets under HP Co.'s incentive plans are based on non-GAAP
financial measures that have been
adjusted to exclude certain items.
To supplement the
financial information, the Company has presented Organic Net Sales,
Adjusted EBITDA, and
Adjusted EPS, which are considered non-GAAP
financial measures.
To supplement the
financial information, the Company has presented Organic Net Sales,
Adjusted EBITDA, Constant Currency
Adjusted EBITDA, and
Adjusted EPS, which are considered non-GAAP
financial measures.
Controllable income is a non-GAAP
financial measure defined as net (loss) income
adjusted for items outside of management's control and non-recurring items.
See schedule A-11 for a reconciliation of
Adjusted EBITDA,
Adjusted free cash flow and other non-GAAP
financial measures.
Management uses certain of these non-GAAP
measures, including
Adjusted EBITDA and segment
Adjusted EBITDA, as key metrics in the evaluation of underlying Company and segment performance, in making
financial, operating and planning decisions and, in part, in the determination of cash bonuses for its executive officers and employees.
Non-GAAP
financial measures, such as
Adjusted EBITDA (earnings before interest expense, taxes, depreciation and amortization) as adjusted, Adjusted EBITDA on an adjusted pro forma basis, adjusted net income, adjusted net income on a pro forma basis, and adjusted development margin are reconciled in the Press Release Schedules that
Adjusted EBITDA (earnings before interest expense, taxes, depreciation and amortization) as
adjusted, Adjusted EBITDA on an adjusted pro forma basis, adjusted net income, adjusted net income on a pro forma basis, and adjusted development margin are reconciled in the Press Release Schedules that
adjusted,
Adjusted EBITDA on an adjusted pro forma basis, adjusted net income, adjusted net income on a pro forma basis, and adjusted development margin are reconciled in the Press Release Schedules that
Adjusted EBITDA on an
adjusted pro forma basis, adjusted net income, adjusted net income on a pro forma basis, and adjusted development margin are reconciled in the Press Release Schedules that
adjusted pro forma basis,
adjusted net income, adjusted net income on a pro forma basis, and adjusted development margin are reconciled in the Press Release Schedules that
adjusted net income,
adjusted net income on a pro forma basis, and adjusted development margin are reconciled in the Press Release Schedules that
adjusted net income on a pro forma basis, and
adjusted development margin are reconciled in the Press Release Schedules that
adjusted development margin are reconciled in the Press Release Schedules that follow.
As a result,
adjusted EBITDA as used in this release is equivalent to the non-GAAP
financial measure adjusted EBITDA, as
adjusted, presented prior to the third quarter of 2013.
See schedule A-19 for a reconciliation of
adjusted EBITDA,
adjusted free cash flow and other non-GAAP
financial measures.
Non-GAAP
financial measures, such as
Adjusted EBITDA, adjusted net income, adjusted development margin, and adjusted free cash flow are reconciled in the Press Release Schedules that
Adjusted EBITDA,
adjusted net income, adjusted development margin, and adjusted free cash flow are reconciled in the Press Release Schedules that
adjusted net income,
adjusted development margin, and adjusted free cash flow are reconciled in the Press Release Schedules that
adjusted development margin, and
adjusted free cash flow are reconciled in the Press Release Schedules that
adjusted free cash flow are reconciled in the Press Release Schedules that follow.
In a recent study published in the
Financial Analysts Journal, Ang, Madhavan, and Sobczyk (2017)[1] highlighted that using regression - based factor loadings to
measure managers» factor exposures, even when conducted on a rolling basis, can be misleading due to excessively smoothed coefficients, given that active managers
adjust their exposures dynamically.
Adjusted book value is a common
measure used by security analysts to assess the value of
financial guarantee companies.
Adjust portfolios over economic and market cycles One of the best times to own high - yield bonds is during the expansion phase of an economic cycle, when
financial measures are increasing along with consumer confidence.
Coordinated with the Continuous Improvement and Design Department to reduce labor expense by 22 % Review
financial statements, sales and activity reports
Adjust projection data to
measure productivity and manage expenses Manage staff, prepare work schedules, and assign specific duties per leadership skills Establish and implement departmental policies, goals, objectives, and procedures Determine staffing requirements such as interviews, hiring, and training new employees Plan, direct, and coordinate activities such as sales promotions across multiple departments to exceed sales goals Coach and provide real time feedback to employees to assist with development and expectations Research and analyze process breakdowns and coordinate with appropriate employees to identify and solve problems Writes and administers effective documentation.