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best casino slots Inc. (ticker: TEN, exchange: New York Stock Exchange)

22bet sportsbook,how does golf betting work,slot games no deposit free spins,best casino slots Delivers Strong First Quarter 2021 Results

May 6, 2021

LAKE FOREST, Ill., May 6, 2021 /PRfootball yesterday matchwire/ -- best casino slots (NYSE: TEN) today announced results for the first quarter ended March 31, 2021, including the following:

  • First quarter 2021 total revenue climbed 23% year-over-year to $4.7 billion. Value-add revenue for the first quarter 2021 increased to $3.6 billion, 13% higher versus the first quarter of last year, excluding positive currency impact of $104 million.
  • The Company reported first quarter 2021 net income of $65 million, or $0.79 per diluted share, versus a net loss of $839 million or $(10.34) per diluted share last year. Adjusted net income for the first quarter 2021 was $90 million, or $1.09 per diluted share.
  • First quarter 2021 EBIT* was $204 million, compared with a loss of $845 million in first quarter 2020. EBIT as a percent of revenue increased to 4.3% versus -22.0% in the prior year.
  • First quarter 2021 adjusted EBITDA** jumped 62% to $388 million, compared to $239 million in the first quarter of the prior year. Adjusted EBITDA as a percent of value-add revenue was 10.7%, a 310 basis point increase year-over-year.
  • Seasonally better first quarter 2021 cash flow and higher earnings resulted in a 0.4x improvement in net leverage ratio compared to December 31, 2020.
  • Quarter-end liquidity of $2.1 billion, including no balance drawn on the $1.5 billion revolving credit facility.
  • During the quarter, the Company completed refinancing to extend debt maturities of $800 million from 2024 to 2029, enhancing the Company's maturity profile and increasing financial flexibility.
best casino slots posts robust Q1 revenue growth, margin expansion, and raises 2021 full year guidance.

"The best casino slots team continues to build on the positive momentum from the second half of last year and delivered strong Q1 results.  Our disciplined performance focus, including our Accelerate+ program, resulted in margin expansion in all operating segments and better free cash flow performance," said Brian Kesseler, best casino slots CEO. "We're proud of the dedication of our team and their continuing progress on performance improvement."

Outlook
best casino slots is raising its full-year 2021 financial outlook***, and providing an outlook for the second quarter 2021:

Full Year 2021 - Revised


Second Quarter 2021

Revenue

$17.6-18.1B


Revenue

$4.35-4.55B

Value-Add Revenue

$13.5-14B


Value-Add Revenue

$3.3-3.5B

Adjusted EBITDA**

$1.35-1.45B


Adjusted EBITDA**

$325-355M

Net Debt (1)

Less than $4.2B


Net Leverage Target

~3.0x


(1) Total debt net of total cash balances.

* EBIT: Earnings before interest expense, income taxes and noncontrolling interests.

** Adjusted EBITDA: Adjusted earnings before interest expense, income taxes, noncontrolling interests, and depreciation and amortization.

*** At the midpoint, the Company estimates 2021 value-add adjusted EBITDA margin will increase 150 basis points year-over-year to 10.2%, a 20 basis point improvement from prior guidance.

"Based on our strong first quarter performance we are raising our full year 2021 guidance with improved revenue, margin and cash flow," Kesseler added. "We remain laser-focused on creating shareholder value in the near-term through debt reduction, and long-term by driving sustained growth from prioritized investments in the Motorparts, Performance Solutions and CTOHI business lines."

Earnings Conference Call Details
The Company will report its first quarter 2021 financial results before the market opens on Thursday, May 6, 2021 and host a webcast conference call the same day at 9:30 a.m. ET.  The purpose of the call is to discuss the Company's financial results for the first quarter 2021, as well as to provide other information regarding the company's outlook.

A live "listen only" webcast and presentation materials will be available on the investor section of the company's website at https://investors.tenneco.com. An archive of the webcast will be available approximately one hour after conclusion of the call for one year. 

Telephone participants are encouraged to pre-register for the conference call using the following link:

https://dpregister.com/sreg/10154604/e68fe5b068 

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator.  Participants may pre-register at any time, including up to and after the call start time. 

Those without internet access or unable to pre-register may dial in, using the passcode "best casino slots Inc."
PARTICIPANT DIAL IN (TOLL FREE): 1-833-366-1121
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-6733

Annual Meeting
The best casino slots Board of Directors has scheduled the company's annual meeting of shareholders for Friday, May 14, 2021 at 10:00 a.m. CT. The record date for shareholders eligible to vote at the meeting is March 24, 2021. This year's annual meeting will be held entirely online to allow for greater participation in light of the public health impact of the COVID-19 pandemic.

Attachment 1
Statements of Income (Loss) – 3 months
Balance Sheets
Statements of Cash Flows – 3 Months

Attachment 2
Reconciliation of GAAP to Non-GAAP Earnings Measures – 3 Months
Reconciliation of GAAP Revenue and Earnings to Non-GAAP Revenue and Earnings Measures – 3 Months
Reconciliation of GAAP Revenue to Non-GAAP Revenue Measures – 3 Months
Reconciliation of Non-GAAP Measures – Debt Net of Total Cash/Adjusted LTM EBITDA including noncontrolling interests
Reconciliation of GAAP to Non-GAAP Revenue Measures – Original Equipment, Original Equipment Service and Aftermarket Revenue – 3 Months
Reconciliation of GAAP to Non-GAAP Revenue and Earnings Measures – Q2, Q3, Q4 and FY 2020 Recast

About best casino slots
best casino slots is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide.  Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, best casino slots is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket.

Visit saibazaar.in to learn more.

Investors and others should note that best casino slots routinely posts important information on its website and considers the Investor section, www.investors.tenneco.com, a channel of distribution. 

♦  Please see attachment 1 for information on the name change of the Ride Performance segment to "Performance Solutions." 

About Guidance
Revenue estimates and other forecasted information in this release are based on OE manufacturers' programs that have been formally awarded to the company; programs where best casino slots is highly confident that it will be awarded business based on informal customer indications consistent with past practices; and best casino slots's status as supplier for the existing program and its relationship with the customer.  This information is also based on anticipated vehicle production levels and pricing, including precious metals pricing and the impact of material cost changes. Unless otherwise indicated, our methodology does not attempt to forecast currency fluctuations, and accordingly, reflects constant currency. Certain elements of the restructuring and related expenses, legal settlements, substrate pricing, and other unusual charges we incur from time to time cannot be forecasted accurately.  In this respect, we are not able to forecast corresponding GAAP measures without unreasonable efforts on account of these factors and other factors not in our control.

Safe Harbor
This press release contains forward-looking statements. The words "will," "would," "could," "expect," "anticipate," and similar expressions (and variations thereof), identify these forward-looking statements. These forward-looking statements are based on the current expectations of the Company (including its subsidiaries).  Because these statements involve risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements.

Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include: general economic, business, market and social conditions, including the effects of the COVID-19 pandemic; disasters, local and global public health emergencies or other catastrophic events, where we or our customers do business, and any resultant disruptions; our ability (or inability) to successfully execute cost reduction, performance improvement and other plans, including our plans in response to the COVID-19 pandemic and our previously announced accelerated performance improvement plan ("Accelerate"), and to realize the anticipated benefits from these plans; changes in capital availability or costs, including increases in our cost of borrowing (i.e., interest rate increases), the amount of our debt, our ability to access capital markets at favorable rates, and the credit ratings of our debt and our financial flexibility to respond to COVID-19 pandemic; our ability to maintain compliance with the agreements governing our indebtedness and otherwise have sufficient liquidity through the COVID-19 pandemic; our working capital requirements; our ability to source and procure needed materials, components and other products, and services in accordance with customer demand and at competitive prices; the cost and outcome of existing and any future claims, legal proceedings or investigations; changes in consumer demand for our OE products or aftermarket products, prices and our ability to have our products included on top selling vehicles, including any shifts in consumer preferences; the continued evolution of the automotive industry towards car and ride sharing and autonomous vehicles; to the announced plans, in an effort to reduce greenhouse gas emissions, of governments and vehicle manufacturers to limit production of diesel and gasoline powered vehicles in various national and local jurisdictions globally; the cyclical nature of the global vehicle industry, including the performance of the global aftermarket sector and the impact of vehicle parts' longer product lives; changes in automotive and commercial vehicle manufacturers' production rates and their actual and forecasted requirements for our products, due to difficult economic conditions and/or regulatory or legal changes affecting internal combustion engines and/or aftermarket products; our dependence on certain large customers, including the loss of any of our large OE manufacturer customers (on whom we depend for a substantial portion of our revenues), or the loss of market shares by these customers if we are unable to achieve increased sales to other OE-customers or any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations; the overall highly competitive nature of the automotive and commercial vehicle parts industries, and any resultant inability to realize the sales represented by our awarded book of business (which is based on anticipated pricing and volumes over the life of the applicable program); risks inherent in operating a multi-national company; damage to the reputation of one or more of our leading brands; industry-wide strikes, labor disruptions at our facilities or any labor or other economic disruptions at any of our significant customers or suppliers or any of our customers' other suppliers; changes in distribution channels or competitive conditions in the markets and countries where we operate; customer acceptance of new products; our ability to successfully integrate, and benefit from, any acquisitions that we complete; the potential impairment in the carrying value of our long-lived assets, goodwill, and other intangible assets or the inability to fully realize our deferred tax assets; increases in the costs of raw materials or components, including our ability to successfully reduce the impact of any such cost increases through materials substitutions, cost reduction initiatives, customer recovery and other methods; the impact of the extensive, increasing, and changing laws and regulations to which we are subject, including environmental laws and regulations, which may result in our incurrence of environmental liabilities in excess of the amount reserved or increased costs or loss of revenues relating to products subject to changing regulation;  and the timing and occurrence (or non-occurrence) of other transactions, events and circumstances which may be beyond our control.

In addition, statements regarding the Company's ongoing review of strategic alternatives and the potential separation of the Company into a powertrain technology company and an aftermarket and ride performance company constitute forward-looking statements. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include (in addition to the risks set forth above): the ability to identify and consummate strategic alternatives that yield additional value for shareholders; the timing, benefits and outcome of the Company's strategic review process; the structure, terms and specific risk and uncertainties associated with any potential strategic alternative; potential disruptions in our business and stock price as a result of our exploration, review and pursuit of any strategic alternatives; the possibility that the Company may not complete a separation of the aftermarket and ride performance business from the powertrain technology business (or achieve some or all of the anticipated benefits of such a separation on the timeline contemplated or at all); the ability to retain and hire key personnel and maintain relationships with customers, suppliers or other business partners; the potential diversion of management's attention resulting from a separation or other strategic alternative; the risk the combined company and each separate company following a separation will underperform relative to our expectations; the ongoing transaction costs and risk that we may incur greater costs following a separation of the business or other strategic alternative; and the risk a separation is determined to be a taxable transaction. 

The risks included here are not exhaustive.  The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. Additional information regarding these risk factors and uncertainties is, and will be, detailed from time to time in the Company's SEC filings, including but not limited to its annual report on Form 10-K for the year ended December 31, 2020.

Investor inquiries:
Linae Golla
847-482-5162
lgolla@tenneco.com

Rich Kwas
248-849-1340
rich.kwas@tenneco.com

Media inquiries:
Bill Dawson
847-482-5807
bdawson@tenneco.com

ATTACHMENT 1

TENNECO INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Unaudited

(millions, except per share amounts)



Three Months Ended

March 31,


2021


2020*

Net sales and operating revenues:




Motorparts

$

719



$

706


Performance Solutions

787



669


Clean Air - Value-add revenues

1,036



845


Clean Air - Substrate sales

1,088



700


Powertrain

1,101



916


          Total net sales and operating revenues

4,731



3,836


Costs and expenses:




   Cost of sales (exclusive of depreciation and amortization)

4,061



3,339


   Selling, general, and administrative

255



249


   Depreciation and amortization

155



171


   Engineering, research, and development

72



77


   Restructuring charges, net and asset impairments

25



484


   Goodwill and intangible impairment charges



383


          Total costs and expenses

4,568



4,703


Other income (expense):




Non-service pension and other postretirement benefit (costs) credits

3



1


Equity in earnings (losses) of nonconsolidated affiliates, net of tax

22



13


Gain (loss) on extinguishment of debt

8




Other income (expense), net

8



8



41



22


Earnings (loss) before interest expense, income taxes, and noncontrolling interests

204



(845)


   Interest expense

(70)



(75)


Earnings (loss) before income taxes and noncontrolling interests

134



(920)


Income tax (expense) benefit

(47)



94


Net income (loss)

87



(826)


Less: Net income (loss) attributable to noncontrolling interests

22



13


Net income (loss) attributable to best casino slots Inc.

$

65



$

(839)






Basic earnings (loss) per share:




Earnings (loss) per share

$

0.80



$

(10.34)


Weighted average shares outstanding

82.0



81.2


Diluted earnings (loss) per share:




Earnings (loss) per share

$

0.79



$

(10.34)


Weighted average shares outstanding

82.5



81.2


_______________________________________

* Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results have been conformed to reflect the Company's current operating segments.

 

ATTACHMENT 1

TENNECO INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(dollars in millions)




March 31, 2021


December 31, 2020


Assets





Cash and cash equivalents

$

626



$

798



Restricted cash

5



5



Receivables, net

2,822


(a)

2,528


(a)

Inventories

1,830



1,743



Prepayments and other current assets

589



619



Other noncurrent assets

3,010



3,102



Property, plant, and equipment, net

2,955



3,057



Total assets

$

11,837



$

11,852



Liabilities and Shareholders' Equity





Short-term debt, including current maturities of long-term debt

$

124



$

162



Accounts payable

3,090



2,917



Accrued compensation and employee benefits

431



365



Accrued income taxes

65



54



Accrued expenses and other current liabilities

1,053



1,188



Long-term debt

5,111


(b)

5,171


(b)

Deferred income taxes

94



89



Pension and postretirement benefits

1,062



1,101



Deferred credits and other liabilities

511



546



Redeemable noncontrolling interests

87



78



Total best casino slots Inc. shareholders' equity (deficit)

(96)



(119)



Noncontrolling interests

305



300



Total liabilities, redeemable noncontrolling interests, and equity

$

11,837



$

11,852














March 31, 2021


December 31, 2020


(a) Accounts receivable net of:





Accounts receivable outstanding and derecognized

$

976



$

956








(b) Long-term debt composed of:





Revolver Borrowings

$



$



LIBOR plus 2.25% Term Loan A due 2019 through 2023(1)

1,490



1,520



LIBOR plus 3.00% Term Loan B due 2019 through 2025

1,610



1,612



$225 million of 5.375% Senior Notes due 2024

223



223



$500 million of 5.000% Senior Notes due 2026

495



494



€300 million of Euribor plus 4.875% Euro Floating Rate Notes due 2024(2)



370



€350 million of 5.000% Euro Fixed Rate Notes due 2024(2)



445



$500 million of 7.875% Senior Secured Notes due 2029

490



489



$800 million of 5.125% Senior Secured Notes due 2029(3)

786





Other Debt, primarily foreign instruments

23



23




5,117



5,176



Less: maturities classified as current

6



5



Total long-term debt

$

5,111



$

5,171



____________________________

(1)

The interest rate on Term Loan A at December 31, 2020 was LIBOR plus 2.50%.

(2)

The Company satisfied and discharged all of its 4.875% Euro Floating Rate Notes due 2024 and 5.000% Euro Fixed Rate Notes due 2024 on March 17, 2021.

(3)

On March 17, 2021, the Company issued $800 million aggregate principal amount of 5.125% senior secured notes due April 15, 2029.

 

ATTACHMENT 1

TENNECO INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(dollars in millions)



Three Months Ended March

31,


2021


2020

Operating Activities




Net income (loss)

$

87



$

(826)


Adjustments to reconcile net income (loss) to cash (used) provided by operating activities:




Goodwill and intangible impairment charges



383


Depreciation and amortization

155



171


Deferred income taxes

(4)



(166)


Stock-based compensation

5



2


Restructuring charges and asset impairments, net of cash paid



454


Change in pension and other postretirement benefit plans

(1)



(19)


Equity in earnings of nonconsolidated affiliates

(22)



(13)


Cash dividends received from nonconsolidated affiliates

57



13


Loss (gain) on sale of assets and other

(9)




Changes in operating assets and liabilities:




Receivables

(452)



139


Inventories

(120)



(73)


Payables and accrued expenses

240



(136)


Accrued interest and accrued income taxes

8



29


Other assets and liabilities

6



(110)


Net cash (used) provided by operating activities

(50)



(152)


Investing Activities




Proceeds from sale of assets

7



2


Net proceeds from sale of business

1




Cash payments for property, plant, and equipment

(95)



(137)


Proceeds from deferred purchase price of factored receivables

115



56


Other



2


Net cash (used) provided by investing activities

28



(77)


Financing Activities




Proceeds from term loans and notes

813



67


Repayments of term loans and notes

(862)



(84)


Debt issuance costs of long-term debt

(11)



(8)


Borrowings on revolving lines of credit

1,382



3,161


Payments on revolving lines of credit

(1,394)



(2,659)


Issuance (repurchase) of common shares

(2)



(1)


Net increase (decrease) in bank overdrafts



(2)


Distributions to noncontrolling interest partners

(7)



(2)


Other

(49)



11


Net cash (used) provided by financing activities

(130)



483


Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

(20)



(50)


Increase (decrease) in cash, cash equivalents, and restricted cash

(172)



204


Cash, cash equivalents, and restricted cash, beginning of period

803



566


Cash, cash equivalents, and restricted cash, end of period

$

631



$

770


Supplemental Cash Flow Information




Cash paid during the period for interest

$

65



$

67


Cash paid during the period for income taxes, net of refunds

$

46



$

41


Lease assets obtained in exchange for new operating lease liabilities

$

15



$

51


Non-cash Investing Activities




Period end balance of accounts payable for property, plant, and equipment

$

91



$

96


Deferred purchase price of receivables factored in the period

$

135



$

60


Reduction in assets from redeemable noncontrolling interest transaction with owner

$



$

53


 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP(1) TO NON-GAAP EARNINGS MEASURES(2)

Unaudited

(dollars in millions, except per share amounts)



Q1 2021


Q1 2020


Net

income

(loss)

attributable

to best casino slots

Inc.


Per

Share


Net income

(loss)

attributable to

noncontrolling

interests


Income

tax

(expense)

benefit


EBIT


EBITDA

(3)


Net

income

(loss)

attributable

to best casino slots

Inc.


Per

Share


Net income

(loss)

attributable to

noncontrolling

interests


Income

tax

(expense)

benefit


EBIT


EBITDA

(3)

Earnings (Loss) Measures

$

65



$

0.79



$

22



$

(47)



$

204



$

359



$

(839)



$

(10.34)



$

13



$

94



$

(845)



$

(674)


Adjustments:
























Restructuring and related expenses (5)

28



0.33





(3)



31



28



31



0.38





(8)



39



34


Loss on sale of business



0.01





(1)



1



1














Other costs (including strategic and transaction related) (6)

8



0.10







8



8



19



0.23





(6)



25



25


Gain on debt extinguishment

(8)



(0.10)







(8)



(8)














Goodwill and intangibles impairment charge (7)













366



4.52



5



(12)



383



383


Asset impairments (8)













371



4.57



7



(93)



471



471


Noncontrolling interests adjustments (9)













11



0.14



(11)








Net tax adjustments

(3)



(0.04)





(3)







15



0.19





15






Adjusted Net income, EPS, NCI, Tax, EBIT, and EBITDA (4)

$

90



$

1.09



$

22



$

(54)



$

236



$

388



$

(26)



$

(0.31)



$

14



$

(10)



$

73



$

239































Q1 2021


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net income (loss) attributable to best casino slots Inc.













$

65


Net income (loss) attributable to noncontrolling interests













22


Net income (loss)













87


Income tax (expense) benefit













(47)


Interest expense













(70)


EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests













204


Depreciation and amortization













155


Total EBITDA including noncontrolling interests (3)

$

102



$

43



$

149



$

115



$

409



$

(50)



$

359


Restructuring and related expenses(5)

2



4



9



11



26



2



28


Loss on sale of business

1









1





1


Other costs (including strategic and transaction related) (6)





(1)





(1)



9



8


Gain on debt extinguishment 











(8)



(8)


Adjusted EBITDA (4)

$

105



$

47



$

157



$

126



$

435



$

(47)



$

388

















Q1 2020*


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net income (loss) attributable to best casino slots Inc.













$

(839)


Net income (loss) attributable to noncontrolling interests













13


Net income (loss)













(826)


Income tax (expense) benefit













94


Interest expense













(75)


EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests













(845)


Depreciation and amortization













171


Total EBITDA including noncontrolling interests (3)

$

(40)



$

(674)



$

99



$

27



$

(588)



$

(86)



$

(674)


Restructuring and related expenses(5)

3



25



1





29



5



34


Goodwill and intangible impairment charges (7)

110



232





41



383





383


Asset impairments (8)



455







455



16



471


Other costs (including strategic and transaction related) (6)





4





4



21



25


Adjusted EBITDA (4)

$

73



$

38



$

104



$

68



$

283



$

(44)



$

239


___________________________________

* Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results have been conformed to reflect the Company's current operating segments.     


(1) U.S. Generally Accepted Accounting Principles.


(2) best casino slots presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.


(3) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization.  EBITDA including noncontrolling interests is not a calculation based upon GAAP.  The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data.  In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income attributable to best casino slots Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity.  best casino slots has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance.  In addition, best casino slots believes its investors utilize and analyze the company's EBITDA including noncontrolling interests for similar purposes.  best casino slots also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors.  However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.


(4) Adjusted results are presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between periods.  Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded in future periods.  The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.


(5) Q1 2021 and Q1 2020 includes $3 million and $5 million of accelerated depreciation related to plant closures, respectively.


(6) Amounts in Q1 2020 included costs related to the acquisitions and expected separation.


(7) Non-cash asset impairment charge related to goodwill and intangibles.


(8) Asset impairment charges.


(9) Amount relates to adjustments made to mark certain redeemable noncontrolling interests to their redemption values.

 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP(1) REVENUE AND EARNINGS TO NON-GAAP REVENUE AND EARNINGS MEASURES(2)

UNAUDITED

(dollars in millions except percents)



Q1 2021


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net sales and operating revenues

$

719



$

787



$

2,124



$

1,101



$

4,731



$



$

4,731


Less: Substrate sales





1,088





1,088





1,088


Value-add revenues

$

719



$

787



$

1,036



$

1,101



$

3,643



$



$

3,643
















 EBITDA

$

102



$

43



$

149



$

115



$

409



$

(50)



$

359


 EBITDA as a % of revenue

14.2%



5.5%



7.0%



10.4%



8.6%





7.6%


 EBITDA as a % of value-add revenue

14.2%



5.5%



14.4%



10.4%



11.2%





9.9%
















 Adjusted EBITDA

$

105



$

47



$

157



$

126



$

435



$

(47)



$

388


 Adjusted EBITDA as a % of revenue

14.6%



6.0%



7.4%



11.4%



9.2%





8.2%


 Adjusted EBITDA as a % of value-add revenue

14.6%



6.0%



15.2%



11.4%



11.9%





10.7%

















Q1 2020


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net sales and operating revenues

$

706



$

669



$

1,545



$

916



$

3,836



$



$

3,836


Less: Substrate sales





700





700





700


Value-add revenues

$

706



$

669



$

845



$

916



$

3,136



$



$

3,136
















 EBITDA

$

(40)



$

(674)



$

99



$

27



$

(588)



$

(86)



$

(674)


 EBITDA as a % of revenue

(5.7)%



(100.7)%



6.4%



2.9%



(15.3)%





(17.6)%


 EBITDA as a % of value-add revenue

(5.7)%



(100.7)%



11.7%



2.9%



(18.8)%





(21.5)%
















 Adjusted EBITDA

$

73



$

38



$

104



$

68



$

283



$

(44)



$

239


 Adjusted EBITDA as a % of revenue

10.3%



5.7%



6.7%



7.4%



7.4%





6.2%


 Adjusted EBITDA as a % of value-add revenue

10.3%



5.7%



12.3%



7.4%



9.0%





7.6%


_____________________________________

(1) U.S. Generally Accepted Accounting Principles.    


(2) best casino slots presents the above reconciliation of revenues in order to reflect EBITDA and adjusted EBITDA as a percent of both total revenues and value-add revenues.  Substrate sales include precious metals pricing, which may be volatile.  Substrate sales occur when, at the direction of its OE customers, best casino slots purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While best casino slots original equipment customers assume the risk of this volatility, it impacts reported revenue.  Excluding substrate sales removes this impact.  Further, presenting EBITDA and adjusted EBITDA as a percent of value-add revenue assists investors in evaluating the company's operational performance without the impact of such substrate sales.  See prior pages for a discussion of EBITDA and adjusted EBITDA.

 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP(1) TO NON-GAAP REVENUE MEASURES(2)

Unaudited

(dollars in millions except percents)



Q1 2020 Value-

add Revenues


Currency


Volume, Mix

and Other


Q1 2021 Value-

add Revenues


% Change

increase

(decrease)

excluding

currency

Motorparts

$

706



$

9



$

4



$

719



0.6%

Performance Solutions

669



27



91



787



13.6%

Clean Air

845



27



164



1,036



19.4%

Powertrain

916



41



144



1,101



15.7%

Total best casino slots Inc.

$

3,136



$

104



$

403



$

3,643



12.9%

________________________________

(1) U.S. Generally Accepted Accounting Principles.    


(2) best casino slots presents the above reconciliation of revenues in order to reflect value-add revenues separately from the effects of doing business in currencies other than the U.S. dollar.  Additionally, substrate sales include precious metals pricing, which may be volatile.  Substrate sales occur when, at the direction of its OE customers, best casino slots purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While best casino slots original equipment customers assume the risk of this volatility, it impacts reported revenue.  Excluding substrate sales removes this impact.  best casino slots uses this information to analyze the trend in revenues before these factors.  best casino slots believes investors find this information useful in understanding period to period comparisons in the company's revenues.

 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF NON-GAAP MEASURES

Debt net of total cash / Adjusted LTM EBITDA including noncontrolling interests

Unaudited

(dollars in millions except ratios)



March 31,

2021


March 31,

2020

Total debt

$

5,235



$

6,012


Total cash, cash equivalents and restricted cash (total cash)

631



770


Debt net of total cash balances (1)

$

4,604



$

5,242


Adjusted LTM EBITDA including noncontrolling interests (2) (3)

$

1,194



$

1,327


Ratio of debt net of total cash balances to adjusted LTM EBITDA including noncontrolling interests (4)

3.9x



4.0x


 


Q2 2020


Q3 2020


Q4 2020


Q1 2021


Q1 2021 LTM

Net income (loss) attributable to best casino slots Inc.

$

(350)



$

(499)



$

167



$

65



$

(617)


Net income (loss) attributable to noncontrolling interests

10



19



19



22



70


Net income (loss)

(340)



(480)



186



87



(547)


Income tax (expense) benefit

101



(648)



(6)



(47)



(600)


Interest expense

(66)



(68)



(68)



(70)



(272)


EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests

(375)



236



260



204



325


Depreciation and amortization

159



151



158



155



623


Total EBITDA including noncontrolling interests (2)

$

(216)



$

387



$

418



$

359



$

948












Adjustments:










Restructuring and related expenses

105



24



6



28



163


Inventory write-down (5)

82



(9)







73


Other costs (including strategic and transaction related) (6)

8



4



1



8



21


Asset impairments (7)

29



3







32


Antitrust reserve change in estimate (8)





(11)





(11)


(Gain)/Loss on sale of assets or business





(2)



1



(1)


Gain on extinguishment of debt





(2)



(8)



(10)


OPEB curtailment (9)



(21)







(21)


Total Adjusted EBITDA including noncontrolling interests (3)

$

8



$

388



$

410



$

388



$

1,194




Q2 2019


Q3 2019


Q4 2019


Q1 2020


Q1 2020 LTM

Net income (loss) attributable to best casino slots Inc.

$

26



$

70



$

(313)



$

(839)



$

(1,056)


Net income (loss) attributable to noncontrolling interests

19



8



75



13



115


Net income (loss)

45



78



(238)



(826)



(941)


Income tax (expense) benefit

(14)



9



(14)



94



75


Interest expense

(82)



(79)



(80)



(75)



(316)


EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests

141



148



(144)



(845)



(700)


Depreciation and amortization

169



165



170



171



675


Total EBITDA including noncontrolling interests (2)

$

310



$

313



$

26



$

(674)



$

(25)












Adjustments:










Restructuring and related expenses

57



28



36



34



155


Goodwill and intangible impairment charges (10)



9



172



383



564


Asset impairments (7)







471



471


Other costs (including strategic and transaction related) (6)

27



30



30



25



112


Antitrust reserve change in estimate (8)



(9)







(9)


Cost reduction initiatives (11)

2



6



(1)





7


Costs to achieve synergies (12)

7



7



8





22


Purchase accounting charges (13)

3



11



2





16


Process harmonization (14)

1





16





17


Pension adjustments (15)





(2)





(2)


Warranty charge (16)

7



1







8


Brazil tax credit (17)



(22)







(22)


Out of period adjustment (18)



5







5


Impairment of assets held for sale



8







8


Total Adjusted EBITDA including noncontrolling interests (3)

$

414



$

387



$

287



$

239



$

1,327


_____________________________

(1) best casino slots presents debt net of total cash balances because management believes it is a useful measure of best casino slots's credit position and progress toward reducing leverage. The calculation is limited in that the company may not always be able to use cash to repay debt on a dollar-for-dollar basis.


(2) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon GAAP. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income (loss) attributable to best casino slots Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. best casino slots has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance. In addition, best casino slots believes its investors utilize and analyze the company's EBITDA including noncontrolling interests for similar purposes. best casino slots also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.


(3) Adjusted EBITDA including noncontrolling interests is presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between the periods. Similar adjustments to EBITDA including noncontrolling interests have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.


(4) best casino slots presents the above reconciliation of the ratio of debt net of total cash to Adjusted LTM EBITDA including noncontrolling interests to show trends that investors may find useful in understanding the company's ability to service its debt. For purposes of this calculation, Adjusted LTM EBITDA including noncontrolling interests is used as an indicator of the company's performance and debt net of total cash is presented as an indicator of the company's credit position and progress toward reducing the company's financial leverage. This reconciliation is provided as supplemental information and not intended to replace the company's existing covenant ratios or any other financial measures that investors may find useful in describing the company's financial position. See notes (1), (2) and (3) for a description of the limitations of using debt net of total cash, EBITDA including noncontrolling interests and Adjusted EBITDA including noncontrolling interests.


(5) Non-cash charge to write-down inventory in the Motorparts segment in connection with its initiative to rationalize its supply chain and distribution network.


(6) Amounts in prior periods included costs related to the acquisitions and expected separation.


(7) Asset impairment charges.


(8) Reduction in estimated antitrust accrual.


(9) OPEB curtailment as a result of an amended union agreement that eliminates healthcare benefits for future retirees.


(10) Non-cash asset impairment charge related to goodwill and intangibles.


(11) Costs related to cost reduction initiatives.


(12) Costs to achieve synergies related to the Acquisitions.


(13) This primarily relates to a non-cash charge to cost of sales for the amortization of the inventory fair value step-up recorded as part of the Acquisitions.


(14) Charge due to process harmonization.


(15) Charges related to pension derisking and other adjustments.


(16) Charge related to warranty. Although best casino slots regularly incurs warranty costs, this specific charge is of an unusual nature in the period incurred.


(17) Recovery of value-added tax in a foreign jurisdiction.


(18) Inventory losses attributable to prior periods.

 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP(1) TO NON-GAAP REVENUE MEASURES(2)

Unaudited

(dollars in millions)



Q1 2021


Original equipment

light vehicle revenues


Original equipment

commercial truck, off-

highway, industrial

and other revenues


Aftermarket &

original equipment

service revenues


Total

Net sales and operating revenues

$

2,905



$

774



$

1,052



$

4,731


Less: Substrate sales

906



149



33



1,088


Value-add revenues

$

1,999



$

625



$

1,019



$

3,643











Q1 2020 (3)


Original equipment

light vehicle revenues


Original equipment

commercial truck, off-

highway, industrial

and other revenues


Aftermarket &

original equipment

service revenues


Total

Net sales and operating revenues

$

2,264



$

532



$

1,040



$

3,836


Less: Substrate sales

573



107



20



700


Value-add revenues

$

1,691



$

425



$

1,020



$

3,136


 


Q1 2020

Value-add

Revenues


Currency


Volume,

Mix and

Other


Q1 2021

Value-add

Revenues


% Change

increase

(decrease)

excluding

currency

Original equipment light vehicle revenues

$

1,691



$

78



$

230



$

1,999



13.6%

Original equipment commercial truck, off-highway, industrial and other revenues

425



38



162



625



38.1%

Aftermarket & original equipment service revenues

1,020



(12)



11



1,019



1.1%

Total best casino slots Inc.

$

3,136



$

104



$

403



$

3,643



12.9%

________________________________________

(1) U.S. Generally Accepted Accounting Principles.                    


(2) best casino slots presents the above reconciliation of revenues in order to reflect value-add revenues separately from the effects of doing business in currencies other than the U.S. dollar.  Additionally, substrate sales include precious metals pricing, which may be volatile.  Substrate sales occur when, at the direction of its OE customers, best casino slots purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While best casino slots original equipment customers assume the risk of this volatility, it impacts reported revenue.  Excluding substrate sales removes this impact.  best casino slots uses this information to analyze the trend in revenues before these factors.  best casino slots believes investors find this information useful in understanding period to period comparisons in the company's revenues.


(3) Prior to the second quarter 2020, original equipment service revenues was previously classified within original equipment light vehicle revenues and original equipment commercial truck, off-highway, industrial and other revenues.

 

ATTACHMENT 2

TENNECO INC.

RECONCILIATION OF GAAP(1)  REVENUE AND EARNINGS TO NON-GAAP REVENUE AND EARNINGS MEASURES(2) - Q2, Q3, Q4 & FY 2020 RECAST

Unaudited

(dollars in millions)



Q2 2020


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net sales and operating revenues

$

559



$

378



$

1,140



$

560



$

2,637



$



$

2,637


Less: Substrate sales





623





623





623


Value-add revenues (3)

$

559



$

378



$

517



$

560



$

2,014



$



$

2,014
















As Previously Reported:














Total EBITDA including noncontrolling interests (4)

$

(52)



$

(70)



$

17



$

(62)



$

(167)



$

(49)



$

(216)


Adjustments:














Restructuring and related expenses

17



29



21



37



104



1



105


Inventory write-down

82









82





82


Asset impairments 

24







4



28



1



29


Other costs (including strategic and transaction related)











8



8


Adjusted EBITDA (5)

$

71



$

(41)



$

38



$

(21)



$

47



$

(39)



$

8
















Recasts for Transfer of Business Line:














Adjustment to Total EBITDA including noncontrolling interests



7





(7)








Recast Total EBITDA including noncontrolling interests (4)

(52)



(63)



17



(69)



(167)



(49)



(216)


Total adjustments (no change from what is noted above)

123



29



21



41



214



10



224


Recast Adjusted EBITDA (5)

$

71



$

(34)



$

38



$

(28)



$

47



$

(39)



$

8
















Recast Adjusted EBITDA as a % of value-add revenue (6)

12.7%



(9.0)%



7.4%



(5.0)%



2.3%





0.4%




Q3 2020


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net sales and operating revenues

$

730



$

679



$

1,919



$

928



$

4,256



$



$

4,256


Less: Substrate sales





961





961





961


Value-add revenues (3)

$

730



$

679



$

958



$

928



$

3,295



$



$

3,295
















As Previously Reported:














Total EBITDA including noncontrolling interests (4)

$

138



$

23



$

149



$

111



$

421



$

(34)



$

387


Adjustments:














Restructuring and related expenses

(1)



11



1



13



24





24


Inventory write-down

(9)









(9)





(9)


Asset impairments 

3









3





3


Other costs (including strategic and transaction related)



(2)



(1)





(3)



7



4


OPEB curtailment











(21)



(21)


Adjusted EBITDA (5)

$

131



$

32



$

149



$

124



$

436



$

(48)



$

388
















Recasts for Transfer of Business Line:














Adjustment to Total EBITDA including noncontrolling interests



23





(23)








Recast Total EBITDA including noncontrolling interests (4)

138



46



149



88



421



(34)



387


Total adjustments (no change from what is noted above)

(7)



9





13



15



(14)



1


Recast Adjusted EBITDA (5)

$

131



$

55



$

149



$

101



$

436



$

(48)



$

388
















Recast Adjusted EBITDA as a % of value-add revenue (6)

17.9%



8.1%



15.6%



10.9%



13.2%





11.8%




Q4 2020


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net sales and operating revenues

$

730



$

776



$

2,117



$

1,027



$

4,650



$



$

4,650


Less: Substrate sales





1,071





1,071





1,071


Value-add revenues (3)

$

730



$

776



$

1,046



$

1,027



$

3,579



$



$

3,579
















As Previously Reported:














Total EBITDA including noncontrolling interests (4)

$

109



$

29



$

175



$

151



$

464



$

(46)



$

418


Adjustments:














Restructuring and related expenses

1



3



(1)



1



4



2



6


Other costs (including strategic and transaction related)





(3)





(3)



4



1


Antitrust reserve change in estimate





(11)





(11)





(11)


(Gain)/Loss on sale of assets



(3)







(3)



1



(2)


Gain on extinguishment of debt











(2)



(2)


Adjusted EBITDA (5)

$

110



$

29



$

160



$

152



$

451



$

(41)



$

410
















Recasts for Transfer of Business Line:














Adjustment to Total EBITDA including noncontrolling interests



28





(28)








Recast Total EBITDA including noncontrolling interests (4)

109



57



175



123



464



(46)



418


Total adjustments (no change from what is noted above)

1





(15)



1



(13)



5



(8)


Recast Adjusted EBITDA (5)

$

110



$

57



$

160



$

124



$

451



$

(41)



$

410
















Recast Adjusted EBITDA as a % of value-add revenue (6)

15.1%



7.3%



15.3%



12.1%



12.6%





11.5%




Q4 2020 YTD


Global Segments






Motorparts


Performance

Solutions


Clean Air


Powertrain


Total


Corporate


Total

Net sales and operating revenues

$

2,725



$

2,502



$

6,721



$

3,431



$

15,379



$



$

15,379


Less: Substrate sales





3,355





3,355





3,355


Value-add revenues (3)

$

2,725



$

2,502



$

3,366



$

3,431



$

12,024



$



$

12,024
















As Previously Reported:














Total EBITDA including noncontrolling interests (4)

$

155



$

(595)



$

440



$

130



$

130



$

(215)



$

(85)


Adjustments:














Restructuring and related expenses

20



68



22



51



161



8



169


Inventory write-down

73









73





73


Asset impairments

27



455





4



486



17



503


Other costs (including strategic and transaction related)



(2)







(2)



40



38


Antitrust reserve change in estimate





(11)





(11)





(11)


(Gain)/Loss on sale of assets



(3)







(3)



1



(2)


Gain on extinguishment of debt











(2)



(2)


OPEB curtailment











(21)



(21)


Goodwill and intangible impairment charges

110



113





160



383





383


Adjusted EBITDA (5)

$

385



$

36



$

451



$

345



$

1,217



$

(172)



$

1,045
















Recasts for Transfer of Business Line:














Adjustment to Total EBITDA including noncontrolling interests



(39)





39








Recast Total EBITDA including noncontrolling interests (4)

155



(634)



440



169



130



(215)



(85)


Total adjustments

230



750



11



96



1,087



43



1,130


Recast Adjusted EBITDA (5)

$

385



$

116



$

451



$

265



$

1,217



$

(172)



$

1,045
















Recast Adjusted EBITDA as a % of value-add revenue (6)

14.1%



4.6%



13.4%



7.7%



10.1%





8.7%


________________________________________

(1) U.S. Generally Accepted Accounting Principles.    


(2) best casino slots presents the above reconciliation of revenues in order to reflect EBITDA and adjusted EBITDA as a percent of value-add revenues.  Substrate sales include precious metals pricing, which may be volatile.  Substrate sales occur when, at the direction of its OE customers, best casino slots purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While best casino slots original equipment customers assume the risk of this volatility, it impacts reported revenue.  Excluding substrate sales removes this impact.  Further, presenting EBITDA and adjusted EBITDA as a percent of value-add revenue assists investors in evaluating the company's operational performance without the impact of such substrate sales.  See prior pages for a discussion of EBITDA and adjusted EBITDA.               


(3)  best casino slots presents the above reconciliation of revenues in order to reflect value-add revenues separately from substrate sales.  Substrate sales include precious metals pricing, which may be volatile.  Substrate sales occur when, at the direction of its OE customers, best casino slots purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While best casino slots original equipment customers assume the risk of this volatility, it impacts reported revenue.  Excluding substrate sales removes this impact.  best casino slots uses this information to analyze the trend in revenues before these factors.  best casino slots believes investors find this information useful in understanding period to period comparisons in the company's revenues.


(4) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization.  EBITDA including noncontrolling interests is not a calculation based upon GAAP.  The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data.  In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income attributable to best casino slots Inc. or operating income as an indicator of the company's operating performance, or as an alternative to operating cash flows as a measure of liquidity.  best casino slots has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company's performance.  In addition, best casino slots believes its investors utilize and analyze the company's EBITDA including noncontrolling interests for similar purposes.  best casino slots also believes EBITDA including noncontrolling interests assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors.  However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.               


(5) "Adjusted EBITDA" is EBITDA including noncontrolling interests (after giving effect to the reclassification and segment change described above) and is presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between the periods.  Similar adjustments to EBITDA including noncontrolling interests have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company's financial results in any particular period.         


(6)  best casino slots presents the above reconciliation in order to reflect Adjusted EBITDA as a percent of  value-add revenues.  Presenting Adjusted EBITDA as a percent of value-add revenue assists investors in evaluating the company's operational performance without the impact of substrate sales, which can be volatile.

 

SOURCE best casino slots Inc.

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