Century Casinos North American Property Footprint and East Region Market Overview
APPENDIX
Non-GAAP Financial Measures
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CENTURY™
CASINOS
Adjusted EBITDAR (continued). Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc.
shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined
in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other
companies. Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net
earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other
items.
The Company defines Adjusted Net Debt Leverage as the Company's trailing twelve-month Adjusted EBITDAR minus the Company's trailing twelve-month
Rent Payments divided by Net Debt (as defined below) and cash in casinos. The Company believes this metric provides insight into the cushion it has on its
financial maintenance covenants. The Company's Consolidated First Lien Net Leverage Ratio (as defined in the Goldman Credit Agreement) is not to exceed
5.5X.
The Company defines Debt Leverage as the Company's trailing twelve-month Adjusted EBITDAR minus the Company's trailing twelve-month Rent Payments
divided by Total Principal Debt. Similar metrics are commonly used by the Company's peers, and the Company believes that this metric provides a useful
comparison for investors. The Company's computation of Total Principal Debt to Adjusted EBITDAR may be different from, and therefore may not be
comparable to, similar measures used by other companies within the gaming industry.
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