EBITDA, Adjusted EBITDA and Adjusted EBITDAR have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: H they do not reflect our cash expenditures for capital expenditures or contractual commitments; @ they do not reflect the cost of our non-cash stock-based compensation or our SAR plan or long term incentive plan or the expense associated with allocating Profits Participation LP Units (as defined below) to employees; & they do not reflect changes in, or cash requirements for, our working capital; M@ they do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness: BH they do not reflect management fees; ‘ H although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will offen have to be replaced in the future, and our non-GAAP measures do not reflect cash requirements for such replacements or the related expense; @ they do not reflect the impact of earnings or charges resulting from the significant costs we have incurred in integrating KinderCare, and we are likely to incur significant integration costs in future acquisitions; @ other companies, including other companies in our industry, may calculate these measures differently than we do, limiting their usefulness as a comparative measure; and @ they do not comply with the requirements of Item 10(e} of Regulation S-K or Regulation G of the Securities and Exchange Commission (“SEC"). Because of these limitations, EBITDA, Adjusted EBITDA and Adjusted EBITDAR should not be considered as measures of discretionary cash available to us to invest in the growth of our business or reduce our indebtedness. We compensate for these limitations by relying on our GAAP results as well as these non-GAAP measures. For more information, see our consolidated finan