Finally, I note net interest of 23.4 million, just 11.4 %
of adjusted operating profit.
But on average over the last 3 years, UDG's operating free cash flow is barely over 60 %
of adjusted operating profit (which management obviously prefers to highlight).
, would still limit total interest paid to a reasonable 15 %
of adjusted operating profit.
Interest expense is now 11.5 %
of adjusted operating profit, which is comfortable — let's incorporate Kingspan's (surplus) cash pile as a valuation adjustment.
But leverage remains a big problem — EUR 255 million of net interest expense is a whopping 35 %
of adjusted operating profit.
Not exact matches
Wal - Mart Stores, the retailer's parent that also
operates the Sam's Club chain, said it expects profit for fiscal year 2019 to increase about 5 % over the expected
adjusted earnings
of $ 4.30 to $ 4.40 per share for the current fiscal year.
He's evidently still
adjusting to some
of the demands
of operating a publicly traded entity.
Adjusted operating income in first - quarter 2018 was $ 104.2 million, representing an increase
of $ 2.8 million or 2.8 percent compared to 2017.
Management believes analysts and investors use
Adjusted EBITDA as a supplemental measure to evaluate overall
operating performance and facilitate comparisons with other wireless communications companies because it is indicative
of T - Mobile's ongoing
operating performance and trends by excluding the impact
of interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock - based compensation, network decommissioning costs as they are not indicative
of T - Mobile's ongoing
operating performance and certain other nonrecurring income and expenses.
Other, net may not agree to the Condensed Consolidated Statements
of Comprehensive Income primarily due to certain non-routine
operating activities, such as other special items that would not be expected to reoccur, and are therefore excluded in
Adjusted EBITDA.
The company maintains its full year 2018 outlook
of Organic Net Revenue growth
of 1 to 2 percent,
Adjusted Operating Income margin
of approximately 17 percent and double - digit
Adjusted EPS growth on a constant - currency basis.
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.
Together they had combined
adjusted pre-tax
operating income (EBIDTA)
of US$ 474 million, which is expected to grow this year to between US$ 600 and US$ 640 million.
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.
Non-GAAP measures include
adjusted diluted net income per share,
adjusted net income,
adjusted operating income,
adjusted operating income margin and
adjusted EBITDA, in each case excluding the impacts
of certain identified items.
Franchisees who
operate most U.S. McDonald's restaurants will be tasked with sorting out the human elements
of mobile ordering — namely how to best
adjust kitchen layouts, work flows and staffing, said Richard Adams, a former McDonald's franchisee who now advises McDonald's restaurant operators.
FFO as
adjusted is generally calculated by the Company as NAREIT FFO excluding certain transactional income and expenses and non-
operating impairments which management believes are not reflective
of the results within the company's
operating real estate portfolio.
FFO as
Adjusted: A supplemental non-GAAP measure that the company believes is more reflective
of its core
operating performance and provides investors and analysts an additional measure to compare the company's performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative
of our core
operating performance.
The businesses who listen and
adjust how they
operate accordingly will earn the loyalty
of this growing and fiercely loyal base
of customers as a result.
Elsewhere, broadcaster Sky reported an 11 percent drop in
adjusted operating profit in the first nine months
of its fiscal year, due to additional costs with the English Premier League and a weaker advertising market.
On a personal return, you can deduct up to 30 % to 50 %
of your
adjusted gross income, with the amount depending upon the charity's IRS category.Organizations such as churches, schools and private -
operating foundations fall into the 50 % category; veterans» and fraternal societies are in the 30 % category.
«Based on 2017 production mix, if the proposed tariff
of 25 % on imported steel translates into a similar magnitude
of increase in steel prices, it would impact each firm by roughly $ 1 billion, representing 12 % and 7 %
of their 2017
adjusted operating income, respectively,» Kostin said.
If we can construct rewards for individual robots, it is possible to use this feedback approach at scale to ensure that the combined network
of robots
operates efficiently,
adjusts based on a diverse set
of feedback, and remains generally well - behaved.
Miller thinks that the company can meet his revenue projection
of $ 403 million and $ 70 million in
adjusted operating cash flow (AOCF).
The Company believes that discussion
of results
adjusted for this item is meaningful to investors as it provides a useful analysis
of ongoing underlying
operating trends.
Adjusted EBITDA, as defined above, also represents our measure
of segment income for each
of our three
operating segments.
Adjusted Net Income and
Adjusted Diluted EPS are used by management to evaluate the
operating performance
of the business, excluding certain non-cash and other specifically identified items that management believes are not relevant to management's assessment
of operating performance or the performance
of an acquired business.
Adjusted EBITDA is used by management to measure
operating performance
of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management's assessment
of operating performance or the performance
of an acquired business.
Adjusted Net Income is defined as net income excluding (i) franchise agreement amortization, which is a non-cash expense arising as a result
of acquisition accounting that may hinder the comparability
of our
operating results to our industry peers, (ii) amortization
of deferred financing costs and debt issuance discount, a non-cash component
of interest expense, and (gains) losses on early extinguishment
of debt, which are non-cash charges that vary by the timing, terms and size
of debt financing transactions, (iii)(income) loss from equity method investments, net
of cash distributions received from equity method investments, (iv) other
operating expenses (income), net, and (v) other specifically identified costs associated with non-recurring projects.
We have eliminated this expense from
adjusted net income as it is non-cash in nature and is not indicative
of our ongoing
operating performance.
We eliminate these acquisition - related expenses from
adjusted EBITDA and
adjusted net income to provide management and investors a tool for comparing on a period - to - period basis our
operating performance in the ordinary course
of operations.
Because we hold significant assets and liabilities in currencies other than our Russian ruble
operating currency, and because foreign exchange fluctuations are outside
of our operational control, we believe that it is useful to present
adjusted net income and related margin measures excluding these effects, in order to provide greater clarity regarding our
operating performance.
The company did not provide an
adjusted earnings figure, but doing the tax and per - share math on its published non-GAAP
operating income lands in the vicinity
of Wall Street's $ 1.67 estimate.
Accordingly, we believe that
adjusted EBITDA provides useful information to investors and others in understanding and evaluating our
operating results in the same manner as our management and board
of directors.
«Non-GAAP Income from Operations» is defined as our non-GAAP income from operations (revenues less cost
of revenues and
operating expenses, excluding the impact
of stock - based compensation expense and amortization
of acquisition - related intangible assets), as
adjusted to exclude certain acquisitions and not including the impact
of amounts payable under the Kokua Bonus Plan.
Adjusted consolidated net
operating income1 was $ 57.5 million, or $ 1.10 per diluted share, for the first quarter
of 2018, compared to a loss
of $ 3.9 million, or $ 0.08 per diluted share, for the first quarter
of 2017.
We have included
adjusted EBITDA in this prospectus because it is a key measure used by our management and board
of directors to understand and evaluate our core
operating performance and trends, to prepare and approve our annual budget and to develop short - and long - term operational plans.
Forward - looking statements may include, among others, statements concerning our projected
adjusted income (loss) from operations outlook for 2018, on both a consolidated and segment basis; projected total revenue growth and global medical customer growth, each over year end 2017; projected growth beyond 2018; projected medical care and
operating expense ratios and medical cost trends; our projected consolidated
adjusted tax rate; future financial or
operating performance, including our ability to deliver personalized and innovative solutions for our customers and clients; future growth, business strategy, strategic or operational initiatives; economic, regulatory or competitive environments, particularly with respect to the pace and extent
of change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; the proposed merger (the «Merger») with Express Scripts Holding Company («Express Scripts») and other statements regarding Cigna's future beliefs, expectations, plans, intentions, financial condition or performance.
Highlights Revenues increased by 15 %, with Group organic [1] revenue growth
of 5.2 %
Adjusted operating profit margin improved to 15.3 % from 14.6 %
Adjusted profit before tax up 21 % to # 29.3 m
Adjusted diluted earnings...
That means executives can pay employees (and themselves) with stock instead
of cash, buy back shares to offset the dilution, and increase these
adjusted metrics without doing anything to improve real
operating performance.
To
adjust the supply
of liquidity in the market, the Bank
operates in the market by either buying or selling securities, which is the stuff you read in textbooks.
We can think
of no reason why, at a minimum, the Estimates can not be
adjusted to include the grossing
of spending, refundable tax credits, and the EI
Operating Account.
The company reported per - share
adjusted operating income
of $ 1.69, easily beating analysts» estimates
of $ 1.29 per share.
Pro forma net sales,
Adjusted EBITDA and
Adjusted EPS for the three months ended March 29, 2015 include the
operating results
of Kraft on a pro forma basis, as if Kraft had been acquired as
of December 30, 2013.
Performance for class B, C, M, R, and Y shares prior to their inception is derived from the historical performance
of class A shares,
adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher
operating expenses for such shares (with the exception
of Putnam Tax - Free High Yield Fund and Putnam AMT - Free Municipal Fund, which are based on the historical performance
of class B shares).
«
Adjusted earnings for these periods exclude the mark - to - market effects
of non-qualifying hedges, the net effect
of other than temporary impairments (OTTI) on certain investments,
operating results from the Spain solar project and merger - related expenses.
Our personal consulting service will help you set - up chart
of accounts based on industry the Company
operates in and
adjust settings based on needs
of the Company.
Accordingly, we believe that
adjusted EBITDA provides useful information to investors and others in understanding and evaluating our
operating results, enhancing the overall understanding
of our past performance and future prospects, and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision - making.
Estimates
of prospective long - term returns for the S&P 500 reflect our standard valuation methodology, focusing on the relationship between current market prices and earnings, dividends and other fundamentals,
adjusted for variability over the economic cycle (see for example Investment, Speculation, Valuation, and Tinker Bell, The Likely Range
of Market Returns in the Coming Decade and Valuing the S&P 500 Using Forward
Operating Earnings).
«We believe that
adjusted EBITDA is an important measure
of our
operating performance because it allows management, investors and analysts to evaluate and assess our core
operating results after removing the impact
of changes in our capital structure, income - tax status and method
of vehicle financing, and other items
of a nonoperational nature that affect comparability,» Zipcar said in its most recent filing.