Cash Flow:  Net income plus depreciation and amortization

EBIT:  Earnings before interest and taxes

EBITDA:  Earnings before interest, taxes, depreciation and amortization

FYE:  fiscal year-end

IBD:  Interest-bearing debt

Latest Reported Period:  Most recent reported trailing twelve months when available.  If not and two or more quarters of interim financial statements are available, these are annualized.  Otherwise, the most recent fiscal year end equals the most recent period.

MVE:  Market value of equity (see Normalization Procedures for calculation of MVE)

MVIC:  Market value of invested capital (see Normalization Procedures for calculation of MVIC)

Normalized EBITDA, EBIT, pretax earnings, net income, cash flow:  EBITDA, EBIT, pretax earnings, net income and cash flow after applying the normalization procedures outlined herein.

Pass-thru entity:  Entity where the primary income tax liability is passed through to owners (e.g. S Corporation, limited liability company limited partnership or general partnership).