AND IS BEING ISSUED TO A LIMITED NUMBER OF
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Adjusted EBITDA and Adjusted EBITDAR are not measurements of our financial
as further described in this Memorandum and (ii)
investors and other interested parties in the
we evaluated the KinderCare acquisition and our 2003
you are encouraged to evaluate each adjustment and whether you consider it
in evaluating Adjusted EBITDA and Adjusted EBITDAR
Adjusted EBITDA and Adjusted EBITDAR have limitations as analytical tools
and our non-GAAP measures do not reflect cash
and we are likely to incur significant integration costs in future
limiting their usefulness as a comparative measure; and
see our consolidated financial statements and the notes to those statements
which involve risks and uncertainties. You can
and likely will seek to register additional marks in the future.
""Children's Discovery Centers"" and ""Medallion School Partnerships.""