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New York Stock Exchange May 31st, 2018Investor Day 2018
New York Stock Exchange
May 31st, 2018Investor Day 2018 VP, Investor RelationsTracy KrummeDisclaimer
Non-GAAP Financial Measures
To supplement our financial results presented in accordance with US GAAP, this presentation includes the following
measures defined by the Securities and Exchange Commission as non -GAAP financial measures: earnings before
interest, tax, depreciation and amortization (EBITDA); adjusted EBITDA; non -GAAP net income; non -GAAP diluted
Earnings per share (EPS) and Free Cash Flow (FCF). EBITDA is calculated as earnings before interest, tax, depreciation
and amortization, where interest includes unwinding of the discount rate for contingent liabilities. Prior year amounts were
amended accordingly. Non -GAAP net income and non -GAAP EPS exclude stock -based compensation expense,
amortization of fair value adjustments to intangible assets and impairment thereof and other acquisitions related costs that
may include changes in the fair value of contingent consideration liabilities. Non -GAAP diluted EPS are calculated as
non-GAAP net income divided by weighted average number of diluted shares. Free Cash Flow is calculated as operating
cash flow less capital expenditure which consists of purchases of property, plant and equipment and intangible assets as
defined in the cash flow statement .
We adjust our non -GAAP financial measures to exclude stock based compensation, because it is a non -cash expense.
We also adjust our non -GAAP financial measures to exclude the change in fair value of contingent consideration,
because we believe these expenses are not indicative of what we consider to be normal course of operations. Our non -
GAAP financial measures are adjusted to exclude amortization of purchased intangible assets in order to allow
management and investors to evaluate our results from operating activities as if these assets have been developed
internally rather than acquired in a business combination. Finally, we adjust our non -GAAP financial measures to exclude
acquisition -related costs, which comprise payments to consulting firms as well as fees paid upon successful completion of
acquisition; as well as certain incentive payments for members of management of the acquired companies as provided for
in the acquisition agreements. These payments are based on performance of the acquired businesses and are classified
as part of management compensation rather than part of purchase consideration. These costs vary with the size and
complexity of each acquisition and are generally inconsistent in amount and frequency, and therefore, we believe that
they may not be indicative of the size and volume of future acquisition -related costs .
We provide these non -GAAP financial measures because we believe that they present a better measure of our core
business and management uses them internally to evaluate our ongoing performance. Accordingly, we believe that these
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