Management believes that these metrics reflect the organic, core
operating performance of the company, and therefore are useful to analysts and investors in providing supplemental information that helps them understand, model and forecast the evolution of our operating business.
As we have outlined below, we believe that Aviat is deeply undervalued and significant opportunities exist to improve
the operating performance of the Company based on actions within the control of management and the Board of Directors (the «Board»).
One of his first observations is that
the operating performance of a company and performance of its common share price are not similar.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage
performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we
operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their
performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the
Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
The
Company considers EBITDA to be an important measure used to evaluate
operating performance, and the measure is frequently used by securities analysts, investors and other interested parties in the evaluation
of companies in the industry, but this figure should not be considered in isolation.
This press release contains «forward - looking statements» within the meaning
of the Private Securities Litigation Reform Act
of 1995, including statements regarding the
company's 2018 financial
performance, the
company's growth strategy, the
company's capital allocation strategy, the
company's tax planning strategies and the
performance of the markets in which the
company operates.
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.
Examples
of forward - looking statements in this news release include statements regarding the effectiveness
of the
Company's products, the potential outcome
of clinical studies, the future success
of development activities and the future growth and
operating and financial
performance of the
Company.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins
operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support,
performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8)
company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins
operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins
operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined
company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial
performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined
company, to retain and hire key personnel.
The
company considers same - property NOI as an important
operating performance measure because it is frequently used by securities analysts and investors to measure only the net
operating income
of properties that have been owned by the
company for the entire current and prior year reporting periods.
NAREIT FFO: A supplemental non-GAAP measure utilized to evaluate the
operating performance of real estate
companies.
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
company considers NAREIT FFO an important supplemental measure
of our
operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation
of REITs, many
of which present NAREIT FFO when reporting results.
According to the International Business Brokers Association, a
company's value is determined by a compilation
of factors such as sales, earnings,
performance, market outlook, personnel, net book value, and the fair market replacement value
of equivalent
operating assets.
Free cash flow (FCF) is a measure
of a
company's financial
performance, calculated as
operating cash flow minus capital expenditures.
FORWARD - LOOKING STATEMENTS; ADDITIONAL INFORMATION Certain statements in this document, including statements relating to the proposed combination
of SolarCity Corporation («SolarCity») and Tesla Motors, Inc. («Tesla») and the combined
company's future financial condition,
performance and
operating results, strategy and plans are «forward - looking statements» within the meaning
of the Private Securities Litigation Reform Act
of 1995.
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.
Midland National is accredited by the Better Business Bureau, and has earned an A + (Superior) rating from A.M. Best, a large third - party independent reporting and rating
company that rates an insurance
company on the basis
of the
company's financial strength,
operating performance and ability to meet its ongoing obligations to policyholders.
Performance goals are established in the context
of, and consistent with, the
company's enterprise strategy and financial
operating plans each fiscal year.
But these metrics may not be solely a reflection
of a
company's
operating performance.
In the second quarter
of fiscal 2017, the
company performed an interim impairment assessment on the intangible assets
of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh Gourmet reporting unit as
operating performance was well below expectations and a new leadership team
of the Campbell Fresh division initiated a strategic review which led to a revised outlook for future sales, earnings, and cash flow.
Because there is no public market for our common stock, our board
of directors determined the common stock fair value at the stock option grant date by considering several objective and subjective factors, including the price paid by investors for our preferred stock, our actual and forecasted
operating and financial
performance, market conditions and
performance of comparable publicly traded
companies, developments and milestones in our
company, the rights and preferences
of our common and preferred stock, the likelihood
of achieving a liquidity event, and transactions involving our preferred stock.
The additional factors considered when determining any changes in fair value between the most recent valuation report and the grant dates included, when available, the prices paid in recent transactions involving our equity securities, as well as our
operating and financial
performance, current industry conditions and the market
performance of comparable publicly traded
companies.
The stock markets in general have experienced substantial volatility that has often been unrelated to the
operating performance of particular
companies.
The
Company believes Adjusted EPS provides important comparability
of underlying
operating results, allowing investors and management to assess
operating performance on a consistent basis.
PREVISIONI; ULTERIORI INFORMAZIONI Certain statements in this document, including statements relating to the proposed combination
of SolarCity Corporation («SolarCity») and Tesla Motors, Inc. («Tesla») and the combined
company's future financial condition,
performance and
operating results, strategy and plans are «forward - looking statements» within the meaning
of the Private Securities Litigation Reform Act
of 1995.
The
Company's chief
operating decision - maker is the chief executive officer who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenue by geographic region for purposes
of allocating resources and evaluating financial
performance.
HKEx: 0023 — Meeting Date: April 8, 2016 The Bank
of East Asia received a letter from an investor addressing various concerns relating to the
Company's poor
operating performance and certain ongoing corporate governance problems, bringing these issues to the fore at the AGM.
As with our pay - for -
performance model,
operating cash flow is replaced with: (i) tangible book value for
companies in the Banks, Diversified Financials and Insurance sectors; and (ii) funds from operations for REITs, with the exception
of Mortgage and Specialized REITs.
The
company then uses its deep global
operating experience to improve long - term
performance on behalf
of its clients.
The
company generated
operating cash flow
of $ 37.8 million, which was the best quarterly
performance in five years.
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.
The reserve replacement ratio can help judge the
operating performance of an exploration and production
company.
«Driven by the robust
performance of our fundamental
operating indicators and continuous expansion, both geographic and into adjacent businesses, in 2015 Arca Continental's outstanding results distinguished us in our industry and the markets we serve,» the
company says.
These forward - looking statements relate to, among other things, current expectation
of the business environment in which the
company operates, potential future
performance, projections
of future
performance, and perceived opportunities in the market.
I am excited about this career opportunity to work for a family owned and
operated baking
company that believes in and maintains «Old World» baking tradition and product quality, while building for a future
of «World Class»
performance and customer satisfaction
«Just as investors use the DJSI to distinguish organizations that
operate in an ethical manner with an emphasis on long term
performance, they could use the IHS Index to assess an employer's commitment to workforce health and safety as they build portfolios
of sustainable
companies,» they write.
In Pueblo, for example, where GPS has a $ 7.4 million contract, student
performance slipped further at five
of the six schools the
company operates, The Denver Post reported.
«
Performance Matters, an
operating company of Weld North Holdings LLC, was created with a clear focus on understanding and positively influencing the critical relationship between professional development and student outcomes, which perfectly aligns us with TalentEd's commitment to empower talent and elevate education,» said Adam Klaber, CEO
of Performance Matters.
The Florida - based
company has been
operating for 30 years, is the world's largest aftermarket manufacturer
of performance Ford parts and works so closely with Ford it has access to its CAD data and pre-release models.
The
company's SVT, Team RS and Ford Racing subsidiaries now
operate under the unified banner
of Ford
Performance.
Schaeffler is currently working on a number
of volume production orders for high -
performance high - voltage hybrid modules and electric axles for battery -
operated vehicles without internal combustion engines, according to a
company statement.
Risks and uncertainties include without limitation the effect
of competitive and economic factors, and the
Company's reaction to those factors, on consumer and business buying decisions with respect to the
Company's products; continued competitive pressures in the marketplace; the ability
of the
Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product introductions and transitions, changes in product pricing or mix, and / or increases in component costs could have on the
Company's gross margin; the inventory risk associated with the
Company's need to order or commit to order product components in advance
of customer orders; the continued availability on acceptable terms, or at all,
of certain components and services essential to the
Company's business currently obtained by the
Company from sole or limited sources; the effect that the
Company's dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost
of products manufactured or services rendered; risks associated with the
Company's international operations; the
Company's reliance on third - party intellectual property and digital content; the potential impact
of a finding that the
Company has infringed on the intellectual property rights
of others; the
Company's dependency on the
performance of distributors, carriers and other resellers
of the
Company's products; the effect that product and service quality problems could have on the
Company's sales and
operating profits; the continued service and availability
of key executives and employees; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand
of products; and unfavorable results
of other legal proceedings.
Canada's largest consumer electronics retailer holds position # 24 on the latest version
of Interbrand's Top 25 Canadian brands, which is based on
company value and ability to
operate as an effective brand contributing to
performance.
The goal for active investors is to beat the market through expertise — forecasting the
operating performance of individual
companies.
Comparing the
performance of one stock to stocks
of other
companies that
operate in the same sector can also give you a good idea
of what its return is.
AFFO measures cash flow by removing the non-cash impact
of real estate depreciation along with several other items to give a more accurate look at a
company's
operating performance.
Company produced $ 28.3 mm
of operating cash flow in FY2010 (June), lower than previous years but decent given poor
operating performance and bloated cost structure.
Over the past several months, we have had in - depth discussions with the
Company's former Chief Executive Officer, Harald Braun, as well as the
Company's Chief Financial Officer, Tom Cronan, regarding our concerns about the deteriorating financial
performance of the
Company and the lack
of action to adjust
operating expenses in - line with the
Company's current business prospects.
The A.M. Best rating is a forward - looking and objective opinion regarding an insurer's relative creditworthiness based on a comprehensive analysis
of balance sheet strength,
operating performance, and
company profile.