Reconciliation_of_Non_GAAP_Measures v2

Reconciliation_of_Non_GAAP_Measures v2 - Non-GAAP Measures...

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1 Non-GAAP Measures The Company’s presentations may include certain non -GAAP financial measures, such as its adjusted debt/EBITDAR ratio. This supplemental information should not be considered in isolation or as a substitute for related GAAP measures. The Company believes that its adjusted debt/EBITDAR ratio better enables management and investors to understand and analyze the Company’s level of indebtedness in relation to its capital structure. The Company defines adjusted debt/EBITDAR as follows: Adjusted Debt The Company defines adjusted debt as long-term debt, plus current installments of long-term debt, plus short-term debt as shown on the balance sheet, plus eight times operating rents, excluding the impact of stores no longer operated by the Company, for the last four quarters. The Company believes eight times operating rents is a reasonable industry standard for estimating the economic value of its leased assets.
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