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New words:
alternative, Area, benchmark, CAM, cancelled, capacity, carryforward, commonly, decision, employed, ESPP, forgo, GILTI, hindsight, Holland, implicit, inclusion, Index, indirect, iv, ix, lessor, life, Maintenance, minimal, noncancelable, OIS, Overnight, Pennsylvania, permissible, phasing, population, projected, proportional, proprietary, readily, reassessing, recast, redesignated, removal, remove, repayment, reserved, residual, retired, reversed, rolling, ROU, shorter, slight, SOFR, Supplemental, Swap, talent, temporary, treat, variable, vi, vii, viii, warehousing
Removed:
accurately, achieving, agent, Artisan, award, began, begun, Beinstein, center, Clarifying, Clontarf, committee, complementary, conclude, consistency, converting, Copperhead, costed, Crestwood, Cup, customary, deficiency, Denmark, disclose, discussed, distilling, Dr, Dublin, Emerging, enhance, enhanced, entitled, expanding, explain, extending, Force, generating, Glenn, global, Halpryn, Henry, Houston, identification, immaterial, implementing, impracticable, integrate, Kentucky, Knappogue, label, locally, modification, narrower, NY, operability, packaging, par, paying, penalty, practice, principle, prohibition, prospectively, Reclassification, reclassified, reconcile, reducing, refinance, reflecting, remediated, remediation, restructure, restructuring, Scandinavia, Scholl, space, sponsorship, store, stranded, subsequent, successful, target, Task, test, TX, understandability, unrealized, unsecured, Vector, venture, vest, visitor, York
Financial report summary
?Management Discussion
- Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for allowances for doubtful accounts and obsolete inventory, stock-based compensation expense, other expense (income), net, income (loss) from equity investment in non-consolidated affiliate, foreign exchange loss (income) and net income attributable to noncontrolling interests is a key metric we use in evaluating our financial performance. EBITDA, as adjusted, is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. We consider EBITDA, as adjusted, important in evaluating our performance on a consistent basis across various periods. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables our Board of Directors and management to monitor and evaluate the business on a consistent basis. We use EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and allocation of capital resources. We believe that EBITDA, as adjusted, eliminates items that are not indicative of our core operating performance or are based on management’s estimates, such as allowance accounts, are due to changes in valuation, such as the effects of changes in foreign exchange or do not involve a cash outlay, such as stock-based compensation expense. Our presentation of EBITDA, as adjusted, should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items or by non-cash items, such as stock-based compensation, which is expected to remain a key element in our long-term incentive compensation program. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, income from operations, net income and cash flows from operating activities.