In evaluating EBITDA and adjusted EBITDA, you should be aware that in the future, we will incur expenses similar to the adjustments noted in this presentation. Our presentations of EBITDA and adjusted EBITDA should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider EBITDA and adjusted EBITDA alongside other financial performance measures, including our net income (loss) and other GAAP measures.
55
Free cash f low
We define free cash flow as net cash provided by operating activities less capital expenditures. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our business for purposes such as repaying maturing debt and funding business acquisitions.
Net cash (debt)
We define net cash (debt) as total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. The total principal amount of debt outstanding is comprised of the long-term debt and current maturities of long-term debt as presented in our consolidated balance sheets adding back any debt issuance costs and discounts. We believe that the presentation of net cash (debt) provides useful information to investors because our management reviews net cash (debt) as part of our oversight of overall liquidity, financial flexibility and leverage. Net cash (debt) is important when we consider opening new plants and expanding existing plants, as well as for capital expenditure requirements.
The following table reconciles our non-GAAP key financial measures to the most directly comparable GAAP measures:
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|
(in thousands)
|
|
Net sales
|
|
$
|
930,281
|
|
|
$
|
754,877
|
|
|
$
|
585,852
|
|
Change in deferred revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Blade-related deferred revenue at beginning of period (1)
|
|
|
(69,568
|
)
|
|
|
(65,520
|
)
|
|
|
(59,476
|
)
|
Blade-related deferred revenue at end of period (1)
|
|
|
81,048
|
|
|
|
69,568
|
|
|
|
65,520
|
|
Foreign exchange impact (2)
|
|
|
(196
|
)
|
|
|
5,499
|
|
|
|
8,211
|
|
Change in deferred revenue
|
|
|
11,284
|
|
|
|
9,547
|
|
|
|
14,255
|
|
Total billings
|
|
$
|
941,565
|
|
|
$
|
764,424
|
|
|
$
|
600,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
43,690
|
|
|
$
|
13,842
|
|
|
$
|
7,682
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
20,878
|
|
|
|
12,897
|
|
|
|
11,416
|
|
Interest expense (net of interest income)
|
|
|
12,286
|
|
|
|
17,270
|
|
|
|
14,404
|
|
Loss on extinguishment of debt
|
|
|
—
|
|
|
|
4,487
|
|
|
|
—
|
|
Income tax provision
|
|
|
13,080
|
|
|
|
6,995
|
|
|
|
3,977
|
|
EBITDA
|
|
|
89,934
|
|
|
|
55,491
|
|
|
|
37,479
|
|
Realized loss on foreign currency remeasurement
|
|
|
4,471
|
|
|
|
757
|
|
|
|
1,802
|
|
Share-based compensation expense
|
|
|
7,124
|
|
|
|
9,902
|
|
|
|
—
|
|
Adjusted EBITDA
|
|
$
|
101,529
|
|
|
$
|
66,150
|
|
|
$
|
39,281
|
|
(1)
|
Total billings is reconciled using the blade-related deferred revenue amounts at the beginning and the end of the period as follows:
|
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|
(in thousands)
|
|
Blade-related deferred revenue at beginning of period
|
|
$
|
69,568
|
|
|
$
|
65,520
|
|
|
$
|
59,476
|
|
Non-blade related deferred revenue at beginning of period
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total current and noncurrent deferred revenue at beginning of
period
|
|
$
|
69,568
|
|
|
$
|
65,520
|
|
|
$
|
59,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blade-related deferred revenue at end of period
|
|
$
|
81,048
|
|
|
$
|
69,568
|
|
|
$
|
65,520
|
|
Non-blade related deferred revenue at end of period
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total current and noncurrent deferred revenue at end of period
|
|
$
|
81,048
|
|
|
$
|
69,568
|
|
|
$
|
65,520
|
|
56
(2)
|
Represents the effect of the difference the exchange rate used by our various foreign subsidiaries on the invoice date versus the exchange rate used at the period-end balance sheet date.
|
Dostları ilə paylaş: |