Acceleration Plan
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Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before
Income Taxes) - Measure of the Company's income (loss) before income taxes excluding the impact of
certain non-GAAP adjustment items from our U.S. GAAP financial statements. Non-GAAP adjustment
items include goodwill and other intangible and tangible asset impairments, restructuring and integration
related costs, unrealized mark-to-market gains and losses, potential or incurred losses related to certain
litigation accruals and settlements and gains and losses on sales of non-operating assets, among other
items included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We
consider these items to be necessary adjustments for purposes of evaluating our ongoing business
performance and are often considered non-recurring. Such adjustments are subjective, involve
significant management judgment and can vary substantially from company to company.
Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss)
attributable to MCBC) – Measure of net income (loss) attributable to MCBC excluding the impact of
non-GAAP adjustment items (as defined above), the related tax effects of non-GAAP adjustment items
and certain other discrete tax items.
Underlying net income (loss) attributable to MCBC per diluted share (also referred to as
Underlying Earnings per Share) (Closest GAAP Metric: Net income (loss) attributable to MCBC
per diluted share) - Measure of underlying net income (loss) attributable to MCBC (as defined above)
per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated
using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss)
attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we
include the incremental dilutive shares, using the treasury stock method, into the dilutive shares
outstanding.
Net debt to underlying earnings before interest, taxes, depreciation, and amortization
("Underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Income (Loss) Before Income
Taxes) - Measure of the Company's leverage calculated as Net debt (defined as current portion of long-
term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the
trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net Income (Loss)
excluding Interest expense (income), income tax expense (benefit), depreciation and amortization, and
the impact of non-GAAP adjustment items (as defined above). This measure is not the same as the
Company's maximum leverage ratio as defined under its revolving credit facility, which allows for other
adjustments in the calculation of net debt to EBITDA.
Constant currency - Constant currency is a non-GAAP measure utilized to measure performance,
excluding the impact of translational and certain transactional foreign currency movements, and is
intended to be indicative of results in local currency. As we operate in various foreign countries where
the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used
in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying
performance of each business without consideration of foreign currency movements. The percentage
changes for net sales and underlying income (loss) before income taxes in constant currency consider
the impact of foreign exchange by translating the current period local currency results (that also include
the impact of the comparable prior period currency hedging activities) at the average exchange rates
during the respective period throughout the year used to translate the financial statements in theView entire presentation