Non U.S. GAAP Measures

Accelleron uses certain non-U.S. GAAP financial measures and alternative performance measures that are not required by, or presented in accordance with, U.S. GAAP. Accelleron presents non-U.S. GAAP financial measures and alternative performance measures because they are used by management in monitoring the business and because Accelleron believes that these non-U.S. GAAP financial measures and similar measures are frequently used by securities analysts, investors and other interested parties in evaluating companies in its industry.

The definitions of the non-U.S. GAAP financial measures and alternative performance measures are as follows:

Performance measure Definition
Organic Revenue Growth Revenue growth at constant currency and adjusted for M&A-related effects
Operational Earnings before Interest and Taxes (Operational EBIT) Income from operations excluding, as applicable, restructuring, related and implementation costs, changes in the amount recorded for obligations related to divested businesses occurring after the divestment date, changes in estimates relating to opening balance sheets of acquired businesses, gains and losses from sale of businesses, acquisition- and divestment related expenses and integration costs, certain other non-operational items, as well as foreign exchange/commodity timing differences in income from operations
Operational Earnings before Interest, Taxes and Amortization (Operational EBITA) Income from operations excluding acquisition-related amortization and further excluding, as applicable, restructuring, related and implementation costs, changes in the amount recorded for obligations related to divested businesses occurring after the divestment date (i.e. changes in obligations related to divested businesses), changes in estimates relating to opening balance sheets of acquired businesses (i.e. changes in pre-acquisition estimates), gains and losses from sale of businesses (including fair value adjustment on assets and liabilities held for sale), acquisition- and divestment-related expenses and integration costs, certain other non-operational items, as well as foreign exchange/commodity timing differences in income from operations consisting of (a) unrealized gains and losses on derivatives (foreign exchange, commodities, embedded derivatives), (b) realized gains and losses on derivatives where the underlying hedged transaction has not yet been realized, and (c) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities)
Operational EBITDA Operational EBIT excluding depreciation and amortization
Operational EBITA Margin Operational EBITA as a percentage of revenues
Operational Net Income Net income adjusted for, as applicable, acquisition-related amortization, restructuring, related and implementation costs, changes in the amount recorded for obligations related to divested businesses occurring after the divestment date, changes in estimates relating to opening balance sheets of acquired businesses, gains and losses from sale of businesses, acquisition- and divestment-related expenses and integration costs, certain other non-operational items, as well as foreign exchange/commodity timing differences in income from operations
Free Cash Flow Net cash provided by operating activities less net cash used in investing activities
Free Cash Flow Conversion Free cash flow divided by reported net income, expressed as a percentage
Net Leverage Interest-bearing liabilities (including finance leases) net of cash and cash equivalents, divided by last twelve months operational EBITDA

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