Credit Statistic Formulas

Data Item Name Profitability

Operating EBITDA Operating EBITDA Margin (%) FFO Return on Adjusted Capital Free Cash Flow Margin (%) Operating EBIT + Depreciation & Amortization + Amortization of Goodwill & Intangibles Operating EBITDA / Revenue (Funds from Operations + Gross Interest Expense + Preferred Dividends + Rental Expense) / (Total Adjusted Debt with Equity Credit + Total Shareholders Equity (ex. Preferred Stock) + Preferred Stock, Non-Redeemable + Preferred Stock, Other + Minority Interest + Equity Credit) Free Cash Flow / Revenue

Calculation Definition

Coverages
FFO Interest Coverage Operating EBITDA/Gross Interest Expense FFO Fixed Charge Coverage FCF Debt Service Coverage Cash Flow from Operations/Capital Expenditures (Funds from Operations + Gross Interest Expense + Preferred Dividends) / ( Gross Interest Expense + Preferred Dividends) Operating EBITDA / Gross Interest Expense (Funds from Operations + Gross Interest Expense + Preferred Dividends + Rental Expense) / (Gross Interest Expense + Preferred Dividends + Rental Expense) (Free Cash Flow + Gross Interest Expense + Preferred Dividends) / (Gross Interest Expense + Preferred Dividends + Current Maturity) Cash Flow from Operations / (Capital Expenditures)

Leverage
Long-term Secured Debt/Operating EBITDA Long-term Secured Debt/FFO Total Debt with Equity Credit/Operating EBITDA FFO Adjusted Leverage Total Adjusted Debt/Operating EBITDAR FCF/Total Adjusted Debt Long-Term Senior Secured Debt / Operating EBITDA Long-Term Senior Secured Debt / Funds from Operations Total Debt with Equity Credit / Operating EBITDA Total Adjusted Debt with Equity Credit / (Funds from Operations + Gross Interest Expense + Preferred Dividends + Rental Expense) Total Adjusted Debt with Equity Credit / Operating EBITDAR Free Cash Flow / Total Adjusted Debt with Equity Credit

Balance Sheet
Short-Term Debt Long-Term Senior Secured Debt Long-Term Senior Unsecured Debt Long-Term Subordinated Debt Other Debt Equity Credit Total Debt with Equity Credit Off-Balance Sheet Debt Total Adjusted Debt with Equity Credit Total Short-Term Debt Bank Loan Secured Debt + Other Secured Debt + Accounts Receivable Securitizations (on balance sheet) Senior Long-Term Debt + Capital Leases + Non Recourse Unsecured Debt Subordinated Debt Other Debt + Preferred Stock Redeemable + Preferred Stock, Convertible Equity Credit for Unsecured Hybrid Debt + Equity Credit for Secured Hybrid Debt Long-Term Senior Secured Debt + Long-Term Senior Unsecured Debt + Long-Term Subordinated Debt + Other Debt - Equity Credit + Short-Term Debt (Rental Expense x 8) + Off-balance sheet debt and obligations Total Debt with Equity Credit + Off-Balance Sheet Debt

Cash Flow
Funds from Operations Change in Working Capital Cash Flow from Operations Total Non-Operating/Non-Recurring Cash Flow Capital Expenditures Common Dividends Free Cash Flow Net Acq. and Divest. Net Debt Proceeds Net Equity Proceeds Other (Inv. & Fin.) Total Change in Cash Ending Cash and Securities Balance Net Income + Depreciation & Amortization + Deferred Income Taxes + Amortization of Goodwill & Intangibles + (Gains) Loss From Sale of Asset and Investment + Asset Writedowns & Restructuring Costs + Minority Interest in Earnings + Other Operating Activities - Total NonOperating/Non-Recurring Cash Flow - Preferred Dividends Change in Receivables + Change in Inventory + Change in Payables & Accruals Funds from Operations + Change in Working Capital Total Non-Operating/Non-Recurring Cash Flow Capital Expenditures Common Dividends Cash Flow from Operations - Capital Expenditures - Common Dividends + Total NonOperating/Non-Recurring Cash Flow Acquisitions & Divestitures, Net Net Debt Proceeds Net Equity Proceeds Total Other (Inv. & Fin.) Cash Flow from Operations - Capital Expenditures - Common Dividends + Net Acq. and Divest. + Net Debt Proceeds + Net Equity Proceeds + Other (Inv. & Fin.) + Total Non-Operating/NonRecurring Cash Flow + Preferred Dividends Total Cash & Short-Term Investments

Income Statement
Revenue Revenue Growth (%) Operating EBIT Gross Interest Expense Total Revenues (Revenue - Revenue 1y) / Revenue 1y Operating EBIT Gross Interest Expense