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  "documentTitle": "Federal Signal | Investor Presentation Deck | 30 slides",
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  "presentationDate": "2024-02-01 00:00:00",
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      "text": "FEDERAL SIGNAL\nMoves. Cleans. Protects.",
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      "text": "Adjusted EBITDA and Adjusted EBITDA Margin\nThe Company uses adjusted EBITDA and the ratio of adjusted EBITDA to net sales (\"adjusted EBITDA margin\"), as additional measures which are representative of its underlying performance and to improve the comparability of results across reporting periods. We believe that investors use versions of these metrics in a similar manner. For these reasons, the Company believes that adjusted EBITDA and adjusted EBITDA margin are meaningful metrics to investors in evaluating the Company's underlying financial performance. Other companies may use different methods to calculate adjusted EBITDA and adjusted EBITDA margin. Adjusted EBITDA is a non-GAAP measure that represents the total of net income, interest expense, pension settlement charges, hearing loss settlement charges, acquisition and integration-related expenses (benefits), coronavirus-related expenses, restructuring activity, executive severance costs, debt settlement charges, purchase accounting effects, other income/expense, income tax expense, depreciation and amortization expense, and the impact of adoption of a new lease accounting standard, where applicable. Consolidated adjusted EBITDA margin is a non-GAAP measure that represents the total of net income, interest expense, pension settlement charges, hearing loss settlement charges, acquisition and integration-related expenses (benefits), coronavirus-related expenses, restructuring activity, executive severance costs, debt settlement charges, purchase accounting effects, other income/expense, income tax expense, depreciation and amortization expense, and the impact of adoption of a new lease accounting standard, where applicable, divided by net sales for the applicable period(s).",
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      "kind": "source-note",
      "text": "Source: Company Filings",
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      "text": "(a) Excludes purchase accounting effects reflected in depreciation and amortization of $0.3 M, $0.4 M, $0.5 M, $0.6 M, $0.4 M and $0.4 M for 2016, 2017, 2018,\n2019, 2020 and 2021, respectively.\n(b) Adjustment to exclude recognition of deferred gain associated with historical sale lease-back transactions. Effective 2019, the Company no longer recognizes the\ngain due to the adoption of new lease accounting standard.",
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      "text": "($ in millions)\n2016\n2017\n2018\n2019\n2020\n2021\n2022\n2023\nNet income\n39.4 $\n60.5 $\n93.7 $\n108.4 $\n96.1 $\n100.6 $\n120.4 $\n157.4\nAdd (less):\nInterest expense\n1.9\n7.3\n9.3\n7.9\n5.7\n4.5\n10.3\n19.7\nPension settlement charges\n6.1\n10.3\nHearing loss settlement charges\n1.5\n0.4\nAcquisition and integration-related expenses (benefits)\n1.4\n2.7\n1.5\n2.5\n2.1\n(2.1)\n(0.5)\n0.4\nCoronavirus-related expenses\n2.3\n1.2\nRestructuring\n1.7\n0.6\n1.3\nExecutive severance costs\n0.7\nDebt settlement charges\n0.1\nPurchase accounting effects (a)\n3.6\n4.4\n0.7\n0.2\n0.3\n0.3\n0.7\nOther expense (income), net\n1.8\n(0.8)\n0.6\n0.6\n1.1\n(1.7)\n(0.5)\n1.8\nIncome tax expense\n17.4\n0.5\n17.9\n30.2\n28.5\n17.0\n30.5\n45.6\nDepreciation and amortization\n19.1\n30.0\n36.4\n41.5\n44.8\n50.4\n54.7\n60.4\nDeferred gain recognition (b)\n(1.9)\n(2.0)\n(1.9)\nAdjusted EBITDA\n$ 84.7 $\n111.5 $\n158.6 $\n191.3 $\n182.2 $\n180.5 $\n215.0 $\n286.0\nNet Sales\n$ 707.9 $\n898.5\n$1,089.5 $1,221.3 $1,130.8 $1,213.2 $ 1,434.8 $ 1,722.7\nAdjusted EBITDA Margin\n12.0%\n12.4%\n14.6%\n15.7%\n16.1%\n14.9%\n15.0%\n16.6%",
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      "text": "Appendix V: Non-GAAP Measures (Adjusted EBITDA)",
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