[ { "name": "Canonical cash sweep", "description": "Move eligible cash through canonical net debt.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "net-debt": 61 }, "value_min": 1.607142857143, "value_max": 2.678571428571, "segments": [ { "start_step": 0, "end_step": 60, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "2.68×", "end_value_label": "1.61×" } ] }, "states": [ { "step": 0, "value": 2.678571428571, "value_label": "2.68×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 0.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 750.0, "net_debt_to_ebitda": 2.678571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 1, "value": 2.660714285714, "value_label": "2.66×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 5.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 745.0, "net_debt_to_ebitda": 2.660714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 2, "value": 2.642857142857, "value_label": "2.64×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 10.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 740.0, "net_debt_to_ebitda": 2.642857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 3, "value": 2.625, "value_label": "2.62×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 15.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 735.0, "net_debt_to_ebitda": 2.625, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 4, "value": 2.607142857143, "value_label": "2.61×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 20.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 730.0, "net_debt_to_ebitda": 2.607142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 5, "value": 2.589285714286, "value_label": "2.59×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 25.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 725.0, "net_debt_to_ebitda": 2.589285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 6, "value": 2.571428571429, "value_label": "2.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 30.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 720.0, "net_debt_to_ebitda": 2.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 7, "value": 2.553571428571, "value_label": "2.55×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 35.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 715.0, "net_debt_to_ebitda": 2.553571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 8, "value": 2.535714285714, "value_label": "2.54×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 40.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 710.0, "net_debt_to_ebitda": 2.535714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 9, "value": 2.517857142857, "value_label": "2.52×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 45.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 705.0, "net_debt_to_ebitda": 2.517857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 10, "value": 2.5, "value_label": "2.50×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 50.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 700.0, "net_debt_to_ebitda": 2.5, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 11, "value": 2.482142857143, "value_label": "2.48×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 55.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 695.0, "net_debt_to_ebitda": 2.482142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 12, "value": 2.464285714286, "value_label": "2.46×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 60.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 690.0, "net_debt_to_ebitda": 2.464285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 13, "value": 2.446428571429, "value_label": "2.45×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 65.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 685.0, "net_debt_to_ebitda": 2.446428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 14, "value": 2.428571428571, "value_label": "2.43×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 70.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 680.0, "net_debt_to_ebitda": 2.428571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 2.410714285714, "value_label": "2.41×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 75.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 675.0, "net_debt_to_ebitda": 2.410714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 2.392857142857, "value_label": "2.39×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 80.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 670.0, "net_debt_to_ebitda": 2.392857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 2.375, "value_label": "2.38×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 85.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 665.0, "net_debt_to_ebitda": 2.375, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 2.357142857143, "value_label": "2.36×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 90.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 660.0, "net_debt_to_ebitda": 2.357142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 2.339285714286, "value_label": "2.34×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 95.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 655.0, "net_debt_to_ebitda": 2.339285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 2.321428571429, "value_label": "2.32×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 100.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 650.0, "net_debt_to_ebitda": 2.321428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 2.303571428571, "value_label": "2.30×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 105.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 645.0, "net_debt_to_ebitda": 2.303571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 2.285714285714, "value_label": "2.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 110.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 640.0, "net_debt_to_ebitda": 2.285714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 2.267857142857, "value_label": "2.27×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 115.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 635.0, "net_debt_to_ebitda": 2.267857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 2.25, "value_label": "2.25×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 120.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 630.0, "net_debt_to_ebitda": 2.25, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 2.232142857143, "value_label": "2.23×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 125.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 625.0, "net_debt_to_ebitda": 2.232142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 2.214285714286, "value_label": "2.21×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 130.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 620.0, "net_debt_to_ebitda": 2.214285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 2.196428571429, "value_label": "2.20×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 135.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 615.0, "net_debt_to_ebitda": 2.196428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 2.178571428571, "value_label": "2.18×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 140.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 610.0, "net_debt_to_ebitda": 2.178571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 2.160714285714, "value_label": "2.16×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 145.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 605.0, "net_debt_to_ebitda": 2.160714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 2.125, "value_label": "2.12×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 155.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 595.0, "net_debt_to_ebitda": 2.125, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 2.107142857143, "value_label": "2.11×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 160.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 590.0, "net_debt_to_ebitda": 2.107142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 2.089285714286, "value_label": "2.09×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 165.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 585.0, "net_debt_to_ebitda": 2.089285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 2.071428571429, "value_label": "2.07×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 170.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 580.0, "net_debt_to_ebitda": 2.071428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 2.053571428571, "value_label": "2.05×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 175.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 575.0, "net_debt_to_ebitda": 2.053571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 2.035714285714, "value_label": "2.04×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 180.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 570.0, "net_debt_to_ebitda": 2.035714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 2.017857142857, "value_label": "2.02×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 185.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 565.0, "net_debt_to_ebitda": 2.017857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": 2.0, "value_label": "2.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 190.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 560.0, "net_debt_to_ebitda": 2.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": 1.982142857143, "value_label": "1.98×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 195.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 555.0, "net_debt_to_ebitda": 1.982142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": 1.964285714286, "value_label": "1.96×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 200.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 550.0, "net_debt_to_ebitda": 1.964285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": 1.946428571429, "value_label": "1.95×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 205.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 545.0, "net_debt_to_ebitda": 1.946428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": 1.928571428571, "value_label": "1.93×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 210.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 540.0, "net_debt_to_ebitda": 1.928571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": 1.910714285714, "value_label": "1.91×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 215.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 535.0, "net_debt_to_ebitda": 1.910714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": 1.892857142857, "value_label": "1.89×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 220.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 530.0, "net_debt_to_ebitda": 1.892857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": 1.875, "value_label": "1.88×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 225.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 525.0, "net_debt_to_ebitda": 1.875, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": 1.857142857143, "value_label": "1.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 230.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 520.0, "net_debt_to_ebitda": 1.857142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": 1.839285714286, "value_label": "1.84×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 235.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 515.0, "net_debt_to_ebitda": 1.839285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 240.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": 1.803571428571, "value_label": "1.80×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 245.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 505.0, "net_debt_to_ebitda": 1.803571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": 1.785714285714, "value_label": "1.79×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 250.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 500.0, "net_debt_to_ebitda": 1.785714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": 1.767857142857, "value_label": "1.77×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 255.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 495.0, "net_debt_to_ebitda": 1.767857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": 1.75, "value_label": "1.75×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 260.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 490.0, "net_debt_to_ebitda": 1.75, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": 1.732142857143, "value_label": "1.73×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 265.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 485.0, "net_debt_to_ebitda": 1.732142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": 1.714285714286, "value_label": "1.71×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 270.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 480.0, "net_debt_to_ebitda": 1.714285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": 1.696428571429, "value_label": "1.70×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 275.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 475.0, "net_debt_to_ebitda": 1.696428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": 1.678571428571, "value_label": "1.68×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 280.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 470.0, "net_debt_to_ebitda": 1.678571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": 1.660714285714, "value_label": "1.66×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 285.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 465.0, "net_debt_to_ebitda": 1.660714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": 1.642857142857, "value_label": "1.64×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 290.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 460.0, "net_debt_to_ebitda": 1.642857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": 1.625, "value_label": "1.62×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 295.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 455.0, "net_debt_to_ebitda": 1.625, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": 1.607142857143, "value_label": "1.61×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 300.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 450.0, "net_debt_to_ebitda": 1.607142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } } ] }, { "name": "Borrowing sensitivity", "description": "Change noncurrent borrowings.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "net-debt": 61 }, "value_min": 0.714285714286, "value_max": 3.571428571429, "segments": [ { "start_step": 0, "end_step": 60, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "0.71×", "end_value_label": "3.57×" } ] }, "states": [ { "step": 0, "value": 0.714285714286, "value_label": "0.71×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 200.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 350.0, "net_debt": 200.0, "net_debt_to_ebitda": 0.714285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 1, "value": 0.761904761905, "value_label": "0.76×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 213.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 363.333333333333, "net_debt": 213.333333333333, "net_debt_to_ebitda": 0.761904761905, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 2, "value": 0.809523809524, "value_label": "0.81×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 226.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 376.666666666667, "net_debt": 226.666666666667, "net_debt_to_ebitda": 0.809523809524, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 3, "value": 0.857142857143, "value_label": "0.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 240.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 390.0, "net_debt": 240.0, "net_debt_to_ebitda": 0.857142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 4, "value": 0.904761904762, "value_label": "0.90×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 253.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 403.333333333333, "net_debt": 253.333333333333, "net_debt_to_ebitda": 0.904761904762, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 5, "value": 0.952380952381, "value_label": "0.95×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 266.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 416.666666666667, "net_debt": 266.666666666667, "net_debt_to_ebitda": 0.952380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 6, "value": 1.0, "value_label": "1.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 280.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 430.0, "net_debt": 280.0, "net_debt_to_ebitda": 1.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 7, "value": 1.047619047619, "value_label": "1.05×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 293.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 443.333333333333, "net_debt": 293.333333333333, "net_debt_to_ebitda": 1.047619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 8, "value": 1.095238095238, "value_label": "1.10×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 306.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 456.666666666667, "net_debt": 306.666666666667, "net_debt_to_ebitda": 1.095238095238, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 9, "value": 1.142857142857, "value_label": "1.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 320.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 470.0, "net_debt": 320.0, "net_debt_to_ebitda": 1.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 10, "value": 1.190476190476, "value_label": "1.19×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 333.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 483.333333333333, "net_debt": 333.333333333333, "net_debt_to_ebitda": 1.190476190476, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 11, "value": 1.238095238095, "value_label": "1.24×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 346.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 496.666666666667, "net_debt": 346.666666666667, "net_debt_to_ebitda": 1.238095238095, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 12, "value": 1.285714285714, "value_label": "1.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 360.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 510.0, "net_debt": 360.0, "net_debt_to_ebitda": 1.285714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 13, "value": 1.333333333333, "value_label": "1.33×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 373.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 523.333333333333, "net_debt": 373.333333333333, "net_debt_to_ebitda": 1.333333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 14, "value": 1.380952380952, "value_label": "1.38×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 386.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 536.666666666667, "net_debt": 386.666666666667, "net_debt_to_ebitda": 1.380952380952, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 1.428571428571, "value_label": "1.43×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 400.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 550.0, "net_debt": 400.0, "net_debt_to_ebitda": 1.428571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 1.47619047619, "value_label": "1.48×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 413.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 563.333333333333, "net_debt": 413.333333333333, "net_debt_to_ebitda": 1.47619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 1.52380952381, "value_label": "1.52×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 426.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 576.666666666667, "net_debt": 426.666666666667, "net_debt_to_ebitda": 1.52380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 1.571428571429, "value_label": "1.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 440.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 590.0, "net_debt": 440.0, "net_debt_to_ebitda": 1.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 1.619047619048, "value_label": "1.62×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 453.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 603.333333333333, "net_debt": 453.333333333333, "net_debt_to_ebitda": 1.619047619048, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 1.666666666667, "value_label": "1.67×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 466.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 616.666666666667, "net_debt": 466.666666666667, "net_debt_to_ebitda": 1.666666666667, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 1.714285714286, "value_label": "1.71×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 480.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 630.0, "net_debt": 480.0, "net_debt_to_ebitda": 1.714285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 1.761904761905, "value_label": "1.76×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 493.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 643.333333333333, "net_debt": 493.333333333333, "net_debt_to_ebitda": 1.761904761905, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 1.809523809524, "value_label": "1.81×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 506.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 656.666666666667, "net_debt": 506.666666666667, "net_debt_to_ebitda": 1.809523809524, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 1.857142857143, "value_label": "1.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 520.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 670.0, "net_debt": 520.0, "net_debt_to_ebitda": 1.857142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 1.904761904762, "value_label": "1.90×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 533.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 683.333333333333, "net_debt": 533.333333333333, "net_debt_to_ebitda": 1.904761904762, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 1.952380952381, "value_label": "1.95×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 546.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 696.666666666667, "net_debt": 546.666666666667, "net_debt_to_ebitda": 1.952380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 2.0, "value_label": "2.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 560.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 710.0, "net_debt": 560.0, "net_debt_to_ebitda": 2.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 2.047619047619, "value_label": "2.05×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 573.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 723.333333333333, "net_debt": 573.333333333333, "net_debt_to_ebitda": 2.047619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 2.095238095238, "value_label": "2.10×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 586.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 736.666666666667, "net_debt": 586.666666666667, "net_debt_to_ebitda": 2.095238095238, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 2.190476190476, "value_label": "2.19×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 613.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 763.333333333333, "net_debt": 613.333333333333, "net_debt_to_ebitda": 2.190476190476, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 2.238095238095, "value_label": "2.24×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 626.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 776.666666666667, "net_debt": 626.666666666667, "net_debt_to_ebitda": 2.238095238095, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 2.285714285714, "value_label": "2.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 640.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 790.0, "net_debt": 640.0, "net_debt_to_ebitda": 2.285714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 2.333333333333, "value_label": "2.33×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 653.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 803.333333333333, "net_debt": 653.333333333333, "net_debt_to_ebitda": 2.333333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 2.380952380952, "value_label": "2.38×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 666.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 816.666666666667, "net_debt": 666.666666666667, "net_debt_to_ebitda": 2.380952380952, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 2.428571428571, "value_label": "2.43×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 680.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 830.0, "net_debt": 680.0, "net_debt_to_ebitda": 2.428571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 2.47619047619, "value_label": "2.48×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 693.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 843.333333333333, "net_debt": 693.333333333333, "net_debt_to_ebitda": 2.47619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": 2.52380952381, "value_label": "2.52×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 706.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 856.666666666667, "net_debt": 706.666666666667, "net_debt_to_ebitda": 2.52380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": 2.571428571429, "value_label": "2.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 720.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 870.0, "net_debt": 720.0, "net_debt_to_ebitda": 2.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": 2.619047619048, "value_label": "2.62×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 733.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 883.333333333333, "net_debt": 733.333333333333, "net_debt_to_ebitda": 2.619047619048, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": 2.666666666667, "value_label": "2.67×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 746.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 896.666666666667, "net_debt": 746.666666666667, "net_debt_to_ebitda": 2.666666666667, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": 2.714285714286, "value_label": "2.71×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 760.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 910.0, "net_debt": 760.0, "net_debt_to_ebitda": 2.714285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": 2.761904761905, "value_label": "2.76×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 773.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 923.333333333333, "net_debt": 773.333333333333, "net_debt_to_ebitda": 2.761904761905, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": 2.809523809524, "value_label": "2.81×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 786.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 936.666666666667, "net_debt": 786.666666666667, "net_debt_to_ebitda": 2.809523809524, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": 2.857142857143, "value_label": "2.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 800.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 950.0, "net_debt": 800.0, "net_debt_to_ebitda": 2.857142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": 2.904761904762, "value_label": "2.90×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 813.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 963.333333333333, "net_debt": 813.333333333333, "net_debt_to_ebitda": 2.904761904762, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": 2.952380952381, "value_label": "2.95×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 826.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 976.666666666667, "net_debt": 826.666666666667, "net_debt_to_ebitda": 2.952380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": 3.0, "value_label": "3.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 840.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 990.0, "net_debt": 840.0, "net_debt_to_ebitda": 3.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": 3.047619047619, "value_label": "3.05×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 853.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1003.333333333333, "net_debt": 853.333333333333, "net_debt_to_ebitda": 3.047619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": 3.095238095238, "value_label": "3.10×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 866.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1016.666666666667, "net_debt": 866.666666666667, "net_debt_to_ebitda": 3.095238095238, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": 3.142857142857, "value_label": "3.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 880.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1030.0, "net_debt": 880.0, "net_debt_to_ebitda": 3.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": 3.190476190476, "value_label": "3.19×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 893.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1043.333333333333, "net_debt": 893.333333333333, "net_debt_to_ebitda": 3.190476190476, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": 3.238095238095, "value_label": "3.24×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 906.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1056.666666666667, "net_debt": 906.666666666667, "net_debt_to_ebitda": 3.238095238095, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": 3.285714285714, "value_label": "3.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 920.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1070.0, "net_debt": 920.0, "net_debt_to_ebitda": 3.285714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": 3.333333333333, "value_label": "3.33×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 933.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1083.333333333333, "net_debt": 933.333333333333, "net_debt_to_ebitda": 3.333333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": 3.380952380952, "value_label": "3.38×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 946.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1096.666666666667, "net_debt": 946.666666666667, "net_debt_to_ebitda": 3.380952380952, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": 3.428571428571, "value_label": "3.43×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 960.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1110.0, "net_debt": 960.0, "net_debt_to_ebitda": 3.428571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": 3.47619047619, "value_label": "3.48×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 973.333333333333, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1123.333333333333, "net_debt": 973.333333333333, "net_debt_to_ebitda": 3.47619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": 3.52380952381, "value_label": "3.52×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 986.666666666667, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1136.666666666667, "net_debt": 986.666666666667, "net_debt_to_ebitda": 3.52380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": 3.571428571429, "value_label": "3.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 1000.0, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 1150.0, "net_debt": 1000.0, "net_debt_to_ebitda": 3.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } } ] }, { "name": "Lease-policy comparison", "description": "Compare the same statement with leases included and excluded.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "net-debt": 61 }, "value_min": 1.821428571429, "value_max": 2.142857142857, "segments": [ { "start_step": 0, "end_step": 60, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "1.82×", "end_value_label": "2.14×" } ] }, "states": [ { "step": 0, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 1, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 2, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 3, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 4, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 5, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 6, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 7, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 8, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 9, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 10, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 11, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 12, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 13, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 14, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 1.821428571429, "value_label": "1.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": false }, "output": { "ebitda": 280.0, "gross_debt": 660.0, "net_debt": 510.0, "net_debt_to_ebitda": 1.821428571429, "lease_policy": "excluded", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } } ] }, { "name": "EBITDA earnings bridge", "description": "Move net income while other add-backs stay fixed.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "net-debt": 61 }, "value_min": 1.428571428571, "value_max": 4.285714285714, "segments": [ { "start_step": 0, "end_step": 60, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "4.29×", "end_value_label": "1.43×" } ] }, "states": [ { "step": 0, "value": 4.285714285714, "value_label": "4.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -20.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 140.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.285714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 1, "value": 4.147465437788, "value_label": "4.15×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -15.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 144.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.147465437788, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 2, "value": 4.017857142857, "value_label": "4.02×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -10.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 149.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.017857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 3, "value": 3.896103896104, "value_label": "3.90×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -6.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 154.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.896103896104, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 4, "value": 3.781512605042, "value_label": "3.78×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -1.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 158.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.781512605042, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 5, "value": 3.673469387755, "value_label": "3.67×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 3.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 163.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.673469387755, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 6, "value": 3.571428571429, "value_label": "3.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 8.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 168.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 7, "value": 3.474903474903, "value_label": "3.47×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 12.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 172.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.474903474903, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 8, "value": 3.383458646617, "value_label": "3.38×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 17.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 177.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.383458646617, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 9, "value": 3.296703296703, "value_label": "3.30×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 22.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 182.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.296703296703, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 10, "value": 3.214285714286, "value_label": "3.21×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 26.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 186.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.214285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 11, "value": 3.135888501742, "value_label": "3.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 31.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 191.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.135888501742, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 12, "value": 3.061224489796, "value_label": "3.06×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 36.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 196.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.061224489796, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 13, "value": 2.990033222591, "value_label": "2.99×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 40.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 200.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.990033222591, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 14, "value": 2.922077922078, "value_label": "2.92×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 45.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 205.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.922077922078, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 2.857142857143, "value_label": "2.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 50.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 210.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.857142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 2.795031055901, "value_label": "2.80×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 54.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 214.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.795031055901, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 2.73556231003, "value_label": "2.74×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 59.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 219.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.73556231003, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 2.678571428571, "value_label": "2.68×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 64.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 224.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.678571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 2.623906705539, "value_label": "2.62×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 68.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 228.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.623906705539, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 2.571428571429, "value_label": "2.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 73.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 233.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 2.521008403361, "value_label": "2.52×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 78.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 238.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.521008403361, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 2.472527472527, "value_label": "2.47×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 82.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 242.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.472527472527, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 2.425876010782, "value_label": "2.43×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 87.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 247.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.425876010782, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 2.380952380952, "value_label": "2.38×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 92.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 252.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.380952380952, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 2.337662337662, "value_label": "2.34×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 96.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 256.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.337662337662, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 2.295918367347, "value_label": "2.30×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 101.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 261.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.295918367347, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 2.255639097744, "value_label": "2.26×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 106.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 266.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.255639097744, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 2.216748768473, "value_label": "2.22×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 110.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 270.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.216748768473, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 2.179176755448, "value_label": "2.18×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 115.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 275.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.179176755448, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 2.107728337237, "value_label": "2.11×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 124.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 284.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.107728337237, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 2.073732718894, "value_label": "2.07×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 129.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 289.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.073732718894, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 2.040816326531, "value_label": "2.04×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 134.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 294.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.040816326531, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 2.008928571429, "value_label": "2.01×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 138.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 298.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.008928571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 1.978021978022, "value_label": "1.98×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 143.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 303.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.978021978022, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 1.948051948052, "value_label": "1.95×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 148.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 308.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.948051948052, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 1.918976545842, "value_label": "1.92×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 152.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 312.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.918976545842, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": 1.890756302521, "value_label": "1.89×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 157.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 317.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.890756302521, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": 1.863354037267, "value_label": "1.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 162.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 322.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.863354037267, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": 1.836734693878, "value_label": "1.84×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 166.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 326.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.836734693878, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": 1.810865191147, "value_label": "1.81×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 171.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 331.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.810865191147, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": 1.785714285714, "value_label": "1.79×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 176.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 336.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.785714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": 1.761252446184, "value_label": "1.76×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 180.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 340.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.761252446184, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": 1.737451737452, "value_label": "1.74×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 185.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 345.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.737451737452, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": 1.714285714286, "value_label": "1.71×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 190.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 350.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.714285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": 1.691729323308, "value_label": "1.69×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 194.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 354.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.691729323308, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": 1.669758812616, "value_label": "1.67×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 199.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 359.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.669758812616, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": 1.648351648352, "value_label": "1.65×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 204.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 364.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.648351648352, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": 1.627486437613, "value_label": "1.63×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 208.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 368.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.627486437613, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": 1.607142857143, "value_label": "1.61×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 213.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 373.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.607142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": 1.587301587302, "value_label": "1.59×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 218.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 378.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.587301587302, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": 1.567944250871, "value_label": "1.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 222.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 382.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.567944250871, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": 1.549053356282, "value_label": "1.55×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 227.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 387.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.549053356282, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": 1.530612244898, "value_label": "1.53×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 232.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 392.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.530612244898, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": 1.512605042017, "value_label": "1.51×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 236.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 396.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.512605042017, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": 1.495016611296, "value_label": "1.50×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 241.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 401.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.495016611296, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": 1.477832512315, "value_label": "1.48×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 246.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 406.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.477832512315, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": 1.461038961039, "value_label": "1.46×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 250.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 410.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.461038961039, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": 1.444622792937, "value_label": "1.44×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 255.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 415.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.444622792937, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": 1.428571428571, "value_label": "1.43×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 260.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 420.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.428571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } } ] }, { "name": "D&A sensitivity", "description": "Change depreciation and amortization.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "canonical-fixture", "canonical_output_match": true, "state_counts": { "net-debt": 61 }, "value_min": 1.666666666667, "value_max": 3.0, "segments": [ { "start_step": 0, "end_step": 60, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "3.00×", "end_value_label": "1.67×" } ] }, "states": [ { "step": 0, "value": 3.0, "value_label": "3.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 0.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 200.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 1, "value": 2.960526315789, "value_label": "2.96×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 2.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 202.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.960526315789, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 2, "value": 2.922077922078, "value_label": "2.92×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 5.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 205.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.922077922078, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 3, "value": 2.884615384615, "value_label": "2.88×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 8.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 208.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.884615384615, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 4, "value": 2.848101265823, "value_label": "2.85×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 10.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 210.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.848101265823, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 5, "value": 2.8125, "value_label": "2.81×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 13.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 213.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.8125, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 6, "value": 2.777777777778, "value_label": "2.78×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 16.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 216.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.777777777778, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 7, "value": 2.743902439024, "value_label": "2.74×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 18.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 218.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.743902439024, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 8, "value": 2.710843373494, "value_label": "2.71×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 21.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 221.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.710843373494, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 9, "value": 2.678571428571, "value_label": "2.68×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 24.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 224.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.678571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 10, "value": 2.647058823529, "value_label": "2.65×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 26.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 226.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.647058823529, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 11, "value": 2.616279069767, "value_label": "2.62×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 29.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 229.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.616279069767, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 12, "value": 2.586206896552, "value_label": "2.59×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 32.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 232.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.586206896552, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 13, "value": 2.556818181818, "value_label": "2.56×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 34.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 234.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.556818181818, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 14, "value": 2.52808988764, "value_label": "2.53×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 37.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 237.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.52808988764, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 2.5, "value_label": "2.50×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 40.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 240.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.5, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 2.472527472527, "value_label": "2.47×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 42.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 242.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.472527472527, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 2.445652173913, "value_label": "2.45×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 45.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 245.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.445652173913, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 2.41935483871, "value_label": "2.42×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 48.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 248.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.41935483871, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 2.393617021277, "value_label": "2.39×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 50.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 250.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.393617021277, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 2.368421052632, "value_label": "2.37×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 53.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 253.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.368421052632, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 2.34375, "value_label": "2.34×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 56.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 256.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.34375, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 2.319587628866, "value_label": "2.32×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 58.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 258.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.319587628866, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 2.295918367347, "value_label": "2.30×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 61.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 261.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.295918367347, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 2.272727272727, "value_label": "2.27×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 64.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 264.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.272727272727, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 2.25, "value_label": "2.25×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 66.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 266.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.25, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 2.227722772277, "value_label": "2.23×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 69.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 269.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.227722772277, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 2.205882352941, "value_label": "2.21×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 72.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 272.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.205882352941, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 2.184466019417, "value_label": "2.18×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 74.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 274.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.184466019417, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 2.163461538462, "value_label": "2.16×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 77.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 277.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.163461538462, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 2.142857142857, "value_label": "2.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.142857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 2.122641509434, "value_label": "2.12×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 82.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 282.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.122641509434, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 2.102803738318, "value_label": "2.10×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 85.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 285.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.102803738318, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 2.083333333333, "value_label": "2.08×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 88.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 288.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.083333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 2.064220183486, "value_label": "2.06×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 90.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 290.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.064220183486, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 2.045454545455, "value_label": "2.05×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 93.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 293.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.045454545455, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 2.027027027027, "value_label": "2.03×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 96.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 296.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.027027027027, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 2.008928571429, "value_label": "2.01×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 98.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 298.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 2.008928571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": 1.991150442478, "value_label": "1.99×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 101.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 301.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.991150442478, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": 1.973684210526, "value_label": "1.97×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 104.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 304.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.973684210526, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": 1.95652173913, "value_label": "1.96×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 106.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 306.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.95652173913, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": 1.939655172414, "value_label": "1.94×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 109.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 309.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.939655172414, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": 1.923076923077, "value_label": "1.92×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 112.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 312.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.923076923077, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": 1.906779661017, "value_label": "1.91×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 114.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 314.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.906779661017, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": 1.890756302521, "value_label": "1.89×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 117.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 317.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.890756302521, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": 1.875, "value_label": "1.88×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 120.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 320.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.875, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": 1.859504132231, "value_label": "1.86×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 122.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 322.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.859504132231, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": 1.844262295082, "value_label": "1.84×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 125.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 325.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.844262295082, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": 1.829268292683, "value_label": "1.83×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 128.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 328.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.829268292683, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": 1.814516129032, "value_label": "1.81×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 130.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 330.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.814516129032, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": 1.8, "value_label": "1.80×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 133.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 333.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.8, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": 1.785714285714, "value_label": "1.79×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 136.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 336.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.785714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": 1.771653543307, "value_label": "1.77×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 138.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 338.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.771653543307, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": 1.7578125, "value_label": "1.76×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 141.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 341.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.7578125, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": 1.744186046512, "value_label": "1.74×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 144.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 344.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.744186046512, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": 1.730769230769, "value_label": "1.73×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 146.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 346.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.730769230769, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": 1.717557251908, "value_label": "1.72×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 149.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 349.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.717557251908, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": 1.704545454545, "value_label": "1.70×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 152.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 352.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.704545454545, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": 1.691729323308, "value_label": "1.69×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 154.666666666667, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 354.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.691729323308, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": 1.679104477612, "value_label": "1.68×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 157.333333333333, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 357.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.679104477612, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": 1.666666666667, "value_label": "1.67×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 160.0, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 360.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 1.666666666667, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } } ] }, { "name": "Net-cash boundary", "description": "Cross net debt equal to zero.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "net-debt": 38, "net-cash": 23 }, "value_min": -0.535714285714, "value_max": 0.892857142857, "segments": [ { "start_step": 0, "end_step": 37, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "0.89×", "end_value_label": "0.01×" }, { "start_step": 38, "end_step": 60, "state": "net-cash", "decision": "net-debt-divided-by-ebitda", "start_value_label": "-0.01×", "end_value_label": "-0.54×" } ] }, "states": [ { "step": 0, "value": 0.892857142857, "value_label": "0.89×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 500.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 250.0, "net_debt_to_ebitda": 0.892857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 1, "value": 0.869047619048, "value_label": "0.87×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 506.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 243.333333333333, "net_debt_to_ebitda": 0.869047619048, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 2, "value": 0.845238095238, "value_label": "0.85×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 513.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 236.666666666667, "net_debt_to_ebitda": 0.845238095238, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 3, "value": 0.821428571429, "value_label": "0.82×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 520.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 230.0, "net_debt_to_ebitda": 0.821428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 4, "value": 0.797619047619, "value_label": "0.80×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 526.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 223.333333333333, "net_debt_to_ebitda": 0.797619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 5, "value": 0.77380952381, "value_label": "0.77×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 533.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 216.666666666667, "net_debt_to_ebitda": 0.77380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 6, "value": 0.75, "value_label": "0.75×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 540.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 210.0, "net_debt_to_ebitda": 0.75, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 7, "value": 0.72619047619, "value_label": "0.73×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 546.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 203.333333333333, "net_debt_to_ebitda": 0.72619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 8, "value": 0.702380952381, "value_label": "0.70×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 553.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 196.666666666667, "net_debt_to_ebitda": 0.702380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 9, "value": 0.678571428571, "value_label": "0.68×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 560.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 190.0, "net_debt_to_ebitda": 0.678571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 10, "value": 0.654761904762, "value_label": "0.65×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 566.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 183.333333333333, "net_debt_to_ebitda": 0.654761904762, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 11, "value": 0.630952380952, "value_label": "0.63×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 573.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 176.666666666667, "net_debt_to_ebitda": 0.630952380952, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 12, "value": 0.607142857143, "value_label": "0.61×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 580.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 170.0, "net_debt_to_ebitda": 0.607142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 13, "value": 0.583333333333, "value_label": "0.58×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 586.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 163.333333333333, "net_debt_to_ebitda": 0.583333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 14, "value": 0.559523809524, "value_label": "0.56×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 593.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 156.666666666667, "net_debt_to_ebitda": 0.559523809524, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 0.535714285714, "value_label": "0.54×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 600.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 150.0, "net_debt_to_ebitda": 0.535714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 0.511904761905, "value_label": "0.51×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 606.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 143.333333333333, "net_debt_to_ebitda": 0.511904761905, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 0.488095238095, "value_label": "0.49×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 613.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 136.666666666667, "net_debt_to_ebitda": 0.488095238095, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 0.464285714286, "value_label": "0.46×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 620.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 130.0, "net_debt_to_ebitda": 0.464285714286, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 0.440476190476, "value_label": "0.44×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 626.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 123.333333333333, "net_debt_to_ebitda": 0.440476190476, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 0.416666666667, "value_label": "0.42×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 633.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 116.666666666667, "net_debt_to_ebitda": 0.416666666667, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 0.392857142857, "value_label": "0.39×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 640.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 110.0, "net_debt_to_ebitda": 0.392857142857, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 0.369047619048, "value_label": "0.37×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 646.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 103.333333333333, "net_debt_to_ebitda": 0.369047619048, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 0.345238095238, "value_label": "0.35×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 653.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 96.666666666667, "net_debt_to_ebitda": 0.345238095238, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 0.321428571429, "value_label": "0.32×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 660.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 90.0, "net_debt_to_ebitda": 0.321428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 0.297619047619, "value_label": "0.30×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 666.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 83.333333333333, "net_debt_to_ebitda": 0.297619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 0.27380952381, "value_label": "0.27×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 673.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 76.666666666667, "net_debt_to_ebitda": 0.27380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 0.25, "value_label": "0.25×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 680.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 70.0, "net_debt_to_ebitda": 0.25, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 0.22619047619, "value_label": "0.23×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 686.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 63.333333333333, "net_debt_to_ebitda": 0.22619047619, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 0.202380952381, "value_label": "0.20×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 693.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 56.666666666667, "net_debt_to_ebitda": 0.202380952381, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 0.178571428571, "value_label": "0.18×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 700.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 50.0, "net_debt_to_ebitda": 0.178571428571, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 0.154761904762, "value_label": "0.15×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 706.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 43.333333333333, "net_debt_to_ebitda": 0.154761904762, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 0.130952380952, "value_label": "0.13×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 713.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 36.666666666667, "net_debt_to_ebitda": 0.130952380952, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 0.107142857143, "value_label": "0.11×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 720.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 30.0, "net_debt_to_ebitda": 0.107142857143, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 0.083333333333, "value_label": "0.08×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 726.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 23.333333333333, "net_debt_to_ebitda": 0.083333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 0.059523809524, "value_label": "0.06×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 733.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 16.666666666667, "net_debt_to_ebitda": 0.059523809524, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 0.035714285714, "value_label": "0.04×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 740.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 10.0, "net_debt_to_ebitda": 0.035714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 0.011904761905, "value_label": "0.01×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 746.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": 3.333333333333, "net_debt_to_ebitda": 0.011904761905, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": -0.011904761905, "value_label": "-0.01×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 753.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -3.333333333333, "net_debt_to_ebitda": -0.011904761905, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": -0.035714285714, "value_label": "-0.04×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 760.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -10.0, "net_debt_to_ebitda": -0.035714285714, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": -0.059523809524, "value_label": "-0.06×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 766.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -16.666666666667, "net_debt_to_ebitda": -0.059523809524, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": -0.083333333333, "value_label": "-0.08×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 773.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -23.333333333333, "net_debt_to_ebitda": -0.083333333333, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": -0.107142857143, "value_label": "-0.11×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 780.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -30.0, "net_debt_to_ebitda": -0.107142857143, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": -0.130952380952, "value_label": "-0.13×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 786.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -36.666666666667, "net_debt_to_ebitda": -0.130952380952, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": -0.154761904762, "value_label": "-0.15×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 793.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -43.333333333333, "net_debt_to_ebitda": -0.154761904762, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": -0.178571428571, "value_label": "-0.18×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 800.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -50.0, "net_debt_to_ebitda": -0.178571428571, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": -0.202380952381, "value_label": "-0.20×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 806.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -56.666666666667, "net_debt_to_ebitda": -0.202380952381, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": -0.22619047619, "value_label": "-0.23×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 813.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -63.333333333333, "net_debt_to_ebitda": -0.22619047619, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": -0.25, "value_label": "-0.25×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 820.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -70.0, "net_debt_to_ebitda": -0.25, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": -0.27380952381, "value_label": "-0.27×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 826.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -76.666666666667, "net_debt_to_ebitda": -0.27380952381, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": -0.297619047619, "value_label": "-0.30×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 833.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -83.333333333333, "net_debt_to_ebitda": -0.297619047619, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": -0.321428571429, "value_label": "-0.32×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 840.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -90.0, "net_debt_to_ebitda": -0.321428571429, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": -0.345238095238, "value_label": "-0.35×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 846.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -96.666666666667, "net_debt_to_ebitda": -0.345238095238, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": -0.369047619048, "value_label": "-0.37×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 853.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -103.333333333333, "net_debt_to_ebitda": -0.369047619048, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": -0.392857142857, "value_label": "-0.39×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 860.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -110.0, "net_debt_to_ebitda": -0.392857142857, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": -0.416666666667, "value_label": "-0.42×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 866.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -116.666666666667, "net_debt_to_ebitda": -0.416666666667, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": -0.440476190476, "value_label": "-0.44×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 873.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -123.333333333333, "net_debt_to_ebitda": -0.440476190476, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": -0.464285714286, "value_label": "-0.46×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 880.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -130.0, "net_debt_to_ebitda": -0.464285714286, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": -0.488095238095, "value_label": "-0.49×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 886.666666666667, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -136.666666666667, "net_debt_to_ebitda": -0.488095238095, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": -0.511904761905, "value_label": "-0.51×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 893.333333333333, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -143.333333333333, "net_debt_to_ebitda": -0.511904761905, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": -0.535714285714, "value_label": "-0.54×", "state": "net-cash", "diagnostic": "net-cash · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 120, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 900.0, "include_lease_liabilities": true }, "output": { "ebitda": 280.0, "gross_debt": 750.0, "net_debt": -150.0, "net_debt_to_ebitda": -0.535714285714, "lease_policy": "included", "state": "net-cash", "reason": "net-debt-divided-by-ebitda" } } ] }, { "name": "Nonpositive EBITDA", "description": "Cross the package's meaningful-denominator gate.", "canonical_step": 30, "summary": { "focus_step": 30, "focus_kind": "comparison", "canonical_output_match": false, "state_counts": { "not-meaningful": 14, "net-debt": 47 }, "value_min": 0.0, "value_max": 900.000000000013, "segments": [ { "start_step": 0, "end_step": 13, "state": "not-meaningful", "decision": "nonpositive-ebitda", "start_value_label": "not meaningful", "end_value_label": "not meaningful" }, { "start_step": 14, "end_step": 60, "state": "net-debt", "decision": "net-debt-divided-by-ebitda", "start_value_label": "900.00×", "end_value_label": "3.00×" } ] }, "states": [ { "step": 0, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -220.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -60.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 1, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -215.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -55.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 2, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -211.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -51.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 3, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -207.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -47.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 4, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -202.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -42.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 5, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -198.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -38.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 6, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -194.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -34.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 7, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -189.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -29.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 8, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -185.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -25.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 9, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -181.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -21.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 10, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -176.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -16.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 11, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -172.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -12.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 12, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -168.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -8.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 13, "value": 0.0, "value_label": "not meaningful", "state": "not-meaningful", "diagnostic": "not-meaningful · nonpositive-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -163.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": -3.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": null, "lease_policy": "included", "state": "not-meaningful", "reason": "nonpositive-ebitda" } }, { "step": 14, "value": 900.000000000013, "value_label": "900.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -159.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 0.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 900.000000000013, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 15, "value": 120.0, "value_label": "120.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -155.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 5.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 120.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 16, "value": 64.285714285714, "value_label": "64.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -150.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 9.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 64.285714285714, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 17, "value": 43.90243902439, "value_label": "43.90×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -146.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 13.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 43.90243902439, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 18, "value": 33.333333333333, "value_label": "33.33×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -142.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 18.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 33.333333333333, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 19, "value": 26.865671641791, "value_label": "26.87×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -137.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 22.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 26.865671641791, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 20, "value": 22.5, "value_label": "22.50×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -133.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 26.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 22.5, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 21, "value": 19.354838709677, "value_label": "19.35×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -129.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 31.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 19.354838709677, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 22, "value": 16.981132075472, "value_label": "16.98×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -124.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 35.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 16.981132075472, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 23, "value": 15.126050420168, "value_label": "15.13×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -120.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 39.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 15.126050420168, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 24, "value": 13.636363636364, "value_label": "13.64×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -116.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 44.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 13.636363636364, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 25, "value": 12.413793103448, "value_label": "12.41×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -111.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 48.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 12.413793103448, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 26, "value": 11.392405063291, "value_label": "11.39×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -107.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 52.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 11.392405063291, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 27, "value": 10.526315789474, "value_label": "10.53×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -103.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 57.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 10.526315789474, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 28, "value": 9.782608695652, "value_label": "9.78×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -98.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 61.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 9.782608695652, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 29, "value": 9.137055837563, "value_label": "9.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -94.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 65.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 9.137055837563, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 30, "value": 8.571428571429, "value_label": "8.57×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -90.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 70.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 8.571428571429, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 31, "value": 8.071748878924, "value_label": "8.07×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -85.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 74.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 8.071748878924, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 32, "value": 7.627118644068, "value_label": "7.63×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -81.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 78.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 7.627118644068, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 33, "value": 7.228915662651, "value_label": "7.23×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -77.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 83.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 7.228915662651, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 34, "value": 6.870229007634, "value_label": "6.87×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -72.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 87.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 6.870229007634, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 35, "value": 6.545454545455, "value_label": "6.55×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -68.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 91.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 6.545454545455, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 36, "value": 6.25, "value_label": "6.25×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -64.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 96.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 6.25, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 37, "value": 5.980066445183, "value_label": "5.98×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -59.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 100.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 5.980066445183, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 38, "value": 5.732484076433, "value_label": "5.73×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -55.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 104.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 5.732484076433, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 39, "value": 5.504587155963, "value_label": "5.50×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -51.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 109.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 5.504587155963, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 40, "value": 5.294117647059, "value_label": "5.29×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -46.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 113.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 5.294117647059, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 41, "value": 5.099150141643, "value_label": "5.10×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -42.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 117.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 5.099150141643, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 42, "value": 4.918032786885, "value_label": "4.92×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -38.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 122.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.918032786885, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 43, "value": 4.749340369393, "value_label": "4.75×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -33.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 126.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.749340369393, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 44, "value": 4.591836734694, "value_label": "4.59×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -29.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 130.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.591836734694, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 45, "value": 4.444444444444, "value_label": "4.44×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -25.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 135.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.444444444444, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 46, "value": 4.306220095694, "value_label": "4.31×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -20.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 139.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.306220095694, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 47, "value": 4.176334106729, "value_label": "4.18×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -16.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 143.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.176334106729, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 48, "value": 4.054054054054, "value_label": "4.05×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -12.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 148.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 4.054054054054, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 49, "value": 3.938730853392, "value_label": "3.94×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -7.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 152.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.938730853392, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 50, "value": 3.829787234043, "value_label": "3.83×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": -3.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 156.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.829787234043, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 51, "value": 3.726708074534, "value_label": "3.73×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 1.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 161.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.726708074534, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 52, "value": 3.629032258065, "value_label": "3.63×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 5.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 165.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.629032258065, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 53, "value": 3.536345776031, "value_label": "3.54×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 9.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 169.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.536345776031, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 54, "value": 3.448275862069, "value_label": "3.45×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 14.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 174.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.448275862069, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 55, "value": 3.364485981308, "value_label": "3.36×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 18.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 178.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.364485981308, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 56, "value": 3.284671532847, "value_label": "3.28×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 22.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 182.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.284671532847, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 57, "value": 3.208556149733, "value_label": "3.21×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 27.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 187.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.208556149733, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 58, "value": 3.135888501742, "value_label": "3.14×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 31.333333333333, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 191.333333333333, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.135888501742, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 59, "value": 3.066439522998, "value_label": "3.07×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 35.666666666667, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 195.666666666667, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.066439522998, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } }, { "step": 60, "value": 3.0, "value_label": "3.00×", "state": "net-debt", "diagnostic": "net-debt · net-debt-divided-by-ebitda", "guidance": "Observe EBITDA bridge, gross debt bridge, cash offset, lease policy, ratio, and reason. The decision boundary is net debt equals zero or EBITDA becomes nonpositive.", "input": { "net_income": 40.0, "interest_expense": 45, "income_tax_expense": 35, "depreciation_and_amortization": 80, "current_borrowings": 60, "noncurrent_borrowings": 600, "lease_liabilities": 90, "cash_and_cash_equivalents": 150, "include_lease_liabilities": true }, "output": { "ebitda": 200.0, "gross_debt": 750.0, "net_debt": 600.0, "net_debt_to_ebitda": 3.0, "lease_policy": "included", "state": "net-debt", "reason": "net-debt-divided-by-ebitda" } } ] } ]