EX-99.2 3 c25224exv99w2.htm ADJUSTED EBITDA 2007 exv99w2
 

Exhibit 99.2
Adjusted EBITDA
2007
(unaudited)
The following table presents adjustments reconciling income before taxes shown in the Company’s audited financial statements to Adjusted EBITDA calculated in accordance with the Company’s Credit Agreement. Adjusted EBITDA is a non-GAAP financial measure and has been included because it is a basis upon which our management assesses and will assess our operating performance. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP. Our measure of adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
         
    Adjusted
    EBITDA
(in thousands)   2007
Income before taxes, January 1, 2007 to November 13, 2007
  $ 200,125  
Income before taxes, November 14, 2007 to December 31, 2007
    (47,566 )
 
       
Income before taxes, 2007
    152,559  
 
       
Net interest expense
    55,921  
Amortization & depreciation
    24,751  
 
       
Adjustments per Credit Agreement:
       
Non-cash compensation
    82,077  
Deal related expenses
    61,944  
Retention, severance and recruiting expense
    19,990  
Structured products distribution expense
    23,565  
Non-recurring net gains
    (4,602 )
Pro forma savings
    7,000  
Debt and investment related expenses
    33,295  
 
       
 
       
Adjusted EBITDA
  $ 456,500