Non-Gaap Measures
From time to time we may publicly disclose certain "non-GAAP
financial measures" in the course of our financial presentations,
earnings releases, earnings conference calls and otherwise.
We believe that certain non-GAAP performance measures and ratios, which
our management uses in managing our business, may provide users of this
financial information additional meaningful comparisons between current
results and results in prior operating periods. Non-GAAP financial measures
should be viewed in addition to, and not as an alternative for, our reported
operating results or cash flow from operations or any other measure of
performance prepared in accordance with GAAP. In addition, our presentation
of these measures may not be comparable to similarly titled measures other
companies use.
We define EBITDA as net income (loss) plus the provision (benefit) for
income taxes, net interest expense, loss on early extinguishment of debt
and noncash goodwill impairments, depreciation, depletion and amortization.
We define EBITDA margin as the amount determined by dividing EBITDA by
total sales. We believe EBITDA and EBITDA margin are widely used by investors
for valuation and comparing our financial performance with the performance
of other building material companies. We also use EBITDA to monitor and
compare the financial performance of our operations. EBITDA does not give
effect to the cash we must use to service our debt or pay our income taxes
and thus does not reflect the funds actually available for capital expenditures.
We define Free Cash Flow as net cash provided by operations less capital
expenditures for property, plant and equipment, net of disposals. We consider
Free Cash Flow to be an important indicator of our ability to service our
debt and generate cash for acquisitions and other strategic investments.
We define Net Debt as total debt, including current maturities and capital
lease obligations, minus cash and cash equivalents. We believe that Net Debt
is useful to investors as a measure of our financial position.
We define Capitalization as the sum of the carrying values of our total debt,
including current maturities, and stockholders equity. We present Capitalization
and the ratio of our Net Debt to Capitalization because we measure our reliance
on debt by monitoring our Net Debt to Capitalization ratio.
EBITDA and EBITDA Margin Calculation
Free Cash Flow
Net Debt and Capitalization
Other Non-GAAP Financial Measures
UNAUDITED NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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