Investor Presentaiton
Non-GAAP Financial Measures
In an effort to provide investors with additional information regarding the Company's results as determined by accounting principles generally
accepted in the United States ("GAAP"), the Company also provides non-GAAP information that management believes is useful to investors. These
non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should not consider any of
these non-GAAP measures in isolation or as a substitute for analysis of the Company's results as reported under GAAP. These non-GAAP measures
may not be comparable to similarly titled measures used by other companies.
The Company presents adjusted net income, adjusted net income per diluted share, adjusted operating income, adjusted operating margin,
adjusted EBITDA and adjusted EBITDA margin as performance measures because management uses these measures to evaluate the Company's
underlying performance on a consistent basis across periods and to make decisions about operational strategies. Management also believes these
measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company's recurring
performance.
The Company presents net debt and net debt leverage as performance measures because management uses them to evaluate its capital
management and financial position, and the investment community commonly uses them as measures of indebtedness. The Company presents
free cash flow to assist management and investors in analyzing the Company's ability to generate liquidity from its operating activities.
The calculations of these non-GAAP measures and reconciliations to GAAP results are included as an attachment to this presentation, which has
been posted online at www.muellerwaterproducts.com. The Company does not reconcile forward-looking non-GAAP measures to the comparable
GAAP measures, as permitted by Regulation S-K, as certain items, e.g., expenses related to corporate development activities, transactions, pension
expenses/(benefits) and corporate restructuring, may have not yet occurred, are out of the Company's control and/or cannot be reasonably
predicted without unreasonable efforts. Additionally, such reconciliation would imply a degree of precision and certainty regarding relevant items
that may be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company's financial performance.
MUELLER
2View entire presentation