Adjusted EBITDAR means (a) Adjusted EBITDA plus (b) cash rent expense (rent expense adjusted to remove effects of non-cash rent).
Adjusted EBITDAR for any period, the sum of (a) Consolidated EBITDA for such period, subject to adjustments permitted by Regulation S-X and such other adjustments as the Administrative Agent reasonably determines reflect the pro forma financial condition of the Borrower and may be used in the offering memorandum or prospectus for the Senior Notes, plus (b)(i) the Consolidated Lease Expense for the four most recent fiscal quarters ending not less than 45 days prior to the Closing Date less (ii) any such Consolidated Lease Expense for the period set out in (i) above with respect to any location made prior to the opening of the Unit at such location.
Adjusted EBITDAR means, for any period, the Facility Net Income for such period plus, without duplication, to the extent deducted in determining Facility Net Income, the sum of (i) Facility Interest Expense for such period, plus (ii) expense for income taxes paid or accrued for such period, plus (iii) all amounts attributable to the amount of the provision for depreciation and amortization for such period, plus (iv) the amount of other non-cash charges (other than the write-down of current assets for such period (as determined in accordance with GAAP), plus (v) Base Rent for such period, plus (vi) capital expenditures of $500 per bed (per annum) for such period (the parties recognizing and agreeing that such capital expenditures are not typically included in the definition of EBITDAR but will be for purposes of the definition of Lease Coverage Ratio), plus (vii) extraordinary losses for such period (as determined in accordance with GAAP), minus, to the extent included in Facility Net Income for such period, extraordinary gains for such period (as determined in accordance with GAAP), all calculated in connection with the Business.
Examples of Adjusted EBITDAR in a sentence
See the “Non-GAAP Financial Measures” section below for more information as well as the definitions of Adjusted EBITDA and Adjusted EBITDAR.
As noted within the “Non-GAAP Financial Measures” section below, Adjusted EBITDAR is presented on a consolidated basis outside the financial statements solely as a valuation metric or for reconciliation purposes.
The activities of such businesses are adjusted when computing Adjusted EBITDAR and Adjusted EBITDA until such time as a new business generates positive Adjusted EBITDA.
Adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, reflects the non-GAAP adjustments to net income that are reflected in the Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDAR in this press release.
In addition, Adjusted EBITDAR of the Other category includes our proportionate share of the net income or loss of Barstool Sports after adding back our share of non-operating items (such as interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense).
More Definitions of Adjusted EBITDAR
Adjusted EBITDAR has the meaning specified in Section 7.02.
Adjusted EBITDAR means, for any measurement period, the total (without duplication), in Dollars, of (all as determined in accordance with GAAP consistently applied): (i) EBITDAR for such period, plus (ii) Restructuring Costs deducted by the Borrowers in calculating the Borrowers' consolidated earnings for such period (subject, however, to the $5,000,000 cumulative cap set forth in the definition of Restructuring Costs), minus (iii) the aggregate amount of income taxes paid in cash by the Borrowers during such period, minus (iv) the aggregate capital expenditures (after deducting, but in no event below zero, the net cash proceeds actually received by Borrowers from any permitted sale of property, plant and equipment during the applicable measurement period excluding, however, any proceeds received in connection with the Sugar Land, Texas land and building sale transactions) (in each case as reported in the Borrowers' consolidated cash flow statement prepared in accordance with GAAP) exclusive of those capital expenditures made from funds borrowed by the applicable Borrower or pursuant to any capitalized lease (for purposes of this clause (iv) "funds borrowed" will not include funds borrowed from a Lender as a Revolving Loan) for such period, plus (v) any Required Capital Contributions contributed to the Borrowers in cash pursuant to the Maintenance Agreement during such period, plus (vi) any non-cash charges related to stock-based compensation expenses and non-cash write-offs or write-downs of unamortized debt issuance costs during such period, plus (vii) non-cash restructuring costs related to the write-down or write-off of property, plant and equipment and intangible assets and any other non-cash restructuring charges (excluding such non-cash charges related to Receivables or Inventory) during such period, plus (viii) any non-cash charge related to the Applied Materials litigation, to the extent that the net cash proceeds actually received by Borrowers are less than the net book value of Inventory directly related to Applied Materials, Inc. during such period, less (ix) any gain that results from any settlement, award or judgment related to the Applied Materials litigation, to the extent that the net cash proceeds actually received by Borrowers exceed the net book value of Inventory directly related to Applied Materials, Inc. during such period.
Adjusted EBITDAR means, for any fiscal period of SunSource Inc. and its Consolidated Subsidiaries, EBITDA plus rent expense (as determined in accordance with GAAP) minus Capital Expenditures.
Adjusted EBITDAR means EBITDAR as it may be adjusted by the Administrative Agent in the reasonable exercise of its sole discretion to include (i) pro forma additions related to Permitted Acquisitions and (ii) certain non-recurring charges and/or extraordinary items proposed by the Borrower to be included in EBITDAR. Following the closing of any Permitted Acquisition, the calculation of EBITDAR may be adjusted to take into account the financial impact of such Permitted Acquisition as if such Permitted Acquisition had occurred prior to, and the Subsidiary or Property acquired pursuant to such Permitted Acquisition had been owned by the Borrower or one of its consolidated Subsidiaries throughout, the entire calculation period prior to the date as of which such calculation is being made, but any such adjustment shall be calculated by the Administrative Agent in the reasonable exercise of its sole discretion.
Adjusted EBITDAR means, for any period (the "Subject Period"), the total of the following calculated without duplication for such period: (a) Borrower's EBITDAR; plus (b), on a pro forma basis, the pro forma EBITDAR of each Prior Target or, as applicable, the EBITDAR of a Prior Target attributable to the assets acquired from such Prior Target, for any portion of such Subject Period occurring prior to the date of the acquisition of such Prior Target or the related assets but only to the extent such EBITDAR for such Prior Target can be established in a manner satisfactory to the Agent based on financial statements of the Prior Target prepared in accordance with GAAP; minus (c) the EBITDAR of each Prior Company and, as applicable but without duplication, the EBITDAR of Borrower and each Subsidiary attributable to all Prior Assets, in each case for any portion of such Subject Period occurring prior to the date of the disposal of such Prior Companies or Prior Assets.
Adjusted EBITDAR is defined as net income before taxation plus depreciation expense plus amortization expense plus interest expense plus stock-based compensation plus non-cash/non-recurring gain or loss plus lease expense (COGS & G&A). Non-cash/non-recurring gains or losses shall not exceed $500,000.00 without Bank’s approval. This covenant shall be tested quarterly (as of March 31st, June 30th, September 30th, and December 31st) on a rolling four quarters basis.
Adjusted EBITDAR means, in respect of a particular period, the Company’s EBITDAR adjusted to reflect the EBITDAR of each Relevant Entity (Relevant Entity EBITDAR), provided that the amount of such adjustment shall be pro rata to the Company’s participation in the capital of the Relevant Entity.