Attached files
file | filename |
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8-K - FORM 8-K - Revel AC, Inc. | d457469d8k.htm |
EX-4.1 - SECOND SUPPLEMENTAL INDENTURE - Revel AC, Inc. | d457469dex41.htm |
EX-10.1 - SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT - Revel AC, Inc. | d457469dex101.htm |
EX-10.3 - SECOND AMENDMENT TO FIRST LIEN INTERCREDITOR AGREEMENT - Revel AC, Inc. | d457469dex103.htm |
EX-10.2 - THIRD AMENDMENT TO FIRST LIEN CREDIT AGREEMENT - Revel AC, Inc. | d457469dex102.htm |
EX-10.4 - AMENDED AND RESTATED MASTER DISBURSEMENT AGREEMENT - Revel AC, Inc. | d457469dex104.htm |
EX-99.1 - PRESS RELEASE - Revel AC, Inc. | d457469dex991.htm |
Exhibit 99.2
Financial Information
EBITDA Overview (Unaudited) ($ in millions, unless noted otherwise) |
October 2012 | November 2012 | ||||||
Gaming Revenue |
$ | 9.0 | $ | 6.3 | ||||
Non-Gaming Revenue |
6.0 | 4.2 | ||||||
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Gross Revenue |
$ | 15.0 | $ | 10.5 | ||||
Promotional Allowances |
(2.4 | ) | (2.5 | ) | ||||
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Net Revenue |
$ | 12.6 | $ | 8.0 | ||||
Operating Expenses |
(25.7 | ) | (18.3 | ) | ||||
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EBITDA |
($ | 13.1 | ) | ($ | 10.3 | ) |
EBITDA Reconciliation (Unaudited) ($ in millions, unless noted otherwise) |
October 2012 | November 2012 | ||||||
Net Loss |
($ | 30.3 | ) | ($ | 27.6 | ) | ||
Depreciation Expense |
4.4 | 4.1 | ||||||
Interest Expense (Net) |
12.8 | 13.2 | ||||||
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EBITDA |
($ | 13.1 | ) | ($ | 10.3 | ) |
Non-GAAP Measure EBITDA
EBITDA is used by the management of Revel AC, Inc. (the Company) as a measure of operating performance. EBITDA is calculated as the net income (loss) attributable to the Company before interest, income taxes, depreciation and amortization. Management has presented EBITDA information as a supplemental disclosure to the reported US GAAP measures because it believes that this measure is commonly used as a measure of performance and a basis for the valuation of companies in the gaming and hospitality industry. Certain items excluded from EBITDA may be recurring in nature and should not be disregarded in the evaluation of the Companys earnings performance. However, management believes that the exclusion of such items provides a meaningful analysis of current results and trends as these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. EBITDA should not be construed as an alternative to operating income or net income, as an indicator of the Companys performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or as any other measure determined in accordance with US GAAP. Also, other companies in the gaming and hospitality industry that report EBITDA information may calculate EBITDA in a different manner.