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  "documentTitle": "Worthington Industries | Mergers and Acquisitions Presentation Deck | 22 slides",
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      "text": "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). Adjusted EBITDA consists of EBITDA (calculated by adding or subtracting, as appropriate, interest expense, income tax expense and depreciation and amortization to/from net earnings attributable to controlling interest), which is further adjusted to exclude impairment and restructuring charges (gains) as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of its ongoing operations. Management uses adjusted EBITDA as a measure of operating performance and to engage in financial and operational planning because it believes this measure provides additional perspective and, in some circumstances are more closely correlated to, the performance of the Company's ongoing operations. Additionally, management believes this non-GAAP measure provides useful information to investors because it allows for meaningful comparisons and analysis of trends in Worthington's businesses and enables investors to evaluate operations and future prospects in the same manner as management",
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      "text": "Worthington has provided in this presentation certain financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (\"non-GAAP\"). Non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP.",
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      "text": "Excludes the impact of the noncontrolling interests.",
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      "text": "Other includes divested businesses that are no longer part of the Company's management structure as well as unallocated corporate costs.",
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      "text": "Worthington Steel $38.7 $35.9 $28.3 $40.6 New Worthington 47.1 50.9 44.7 39.8 Other 6.4 7.8 9.2 15.1 Total capital expenditures $92.2 $94.6 $82.2 $95.5",
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      "text": "TTM August 31, 2022, Fiscal Year Ended May 31, 2022, 2021, 2020 (in millions) Worthington Steel $191.6 $259.0 $249.0 $80.5 New Worthington 346.6 340.3 232.0 208.1 Other 21.4 16.0 2.1 11.7 Total adjusted EBITDA $559.6 $615.3 $483.1 $300.3",
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      "text": "TTM August 31, 2022, Fiscal Year Ended May 31, 2022, 2021, 2020 (in millions) Net earnings attributable to controlling interest $311.0 $379.4 $723.8 $78.8 Interest expense 32.2 31.3 30.3 31.6 Income tax expense 94.4 115.0 176.3 26.3 Earnings before interest and taxes (EBIT) $437.6 $525.7 $930.4 $136.7 Incremental expense related to Level5 earnout 0.5 Impairment of goodwill and long-lived assets 2.1 2.0 13.7 81.8 Restructuring and other expense (income), net (5.9) (11.2) 55.9 9.0 Pension settlement charge 4.8 Loss on sale of investment in ArtiFlex 15.8 Incremental expenses related to Nikola gains Gains on investment in Nikola 50.6 Loss on early extinguishment of debt (655.1) Impairment of investment in unconsolidated joint venture 4.0 Gain on sale of assets within equity income 4.3 Gain on consolidation of Samuel (23.1) Other non-recurring expense (6.0) 0.9 Adjusted EBIT $454.9 $515.5 $395.5 $207.6 Depreciation and Amortization 104.7 98.8 87.6 92.7 Adjusted EBITDA $559.6 $615.3 $483.1 $300.3",
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      "text": "RECONCILIATION OF NON-GAAP MEASURES",
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