11 D e f init ions A dj ust ed E B I T D A I s c al c ul at ed by addi ng and deduc t i ng as appl i c abl e c er t ai n ex pens es c os t s c har g es or benef i t s i nc ur r ed i n s uc h per i od w hi c h i n m anag em ent s v i ew ar e ei t her not i ndi c at i v e of under l y i ng bus i nes s per f or m anc e or i m pac t t he abi l i t y t o as s e ss t he oper at i ng per f or m anc e of our bus i nes s i nc l udi ng a g ai n l os s on f or ei g n ex c hang e and s al e of pr oper t y pl ant and eq u ip m ent b s har e bas ed pay m ent s c ac q ui s i t i on i nt eg r at i on and ot her c os t s i nc l uded i n s el l i ng g ener al and adm i ni s t r at i v e ex pens es r el at ed t o ac q ui s i t i on ac t i v i t y d ac q ui s i t i on r ebr andi ng and ot her i nt eg r at i on c os t s i nc l uded i n c os t of s al es r el at ed t o ac q ui s i t i on a c t i v i t y e ma rk to m ar k et l os s on f uel hedg e f def er r ed pur c has e c ons i der at i on g c os t s as s oc i at ed w i t h t he I P O h c o st s as s oc i at ed w i t h t he ex t i ng ui s hm ent of t he P I K N ot es t he 2022 N ot es and t he 2023 N ot es and i unbi l l ed r ev enue r ev er s al W e us e A dj us t ed E B I T D A t o f ac i l i t at e a c om par i s on of our oper at i ng per f or m anc e on a c ons i s t ent bas i s r ef l ec t i ng f ac t or s and t r ends a f fe c t i ng our bus i nes s A cqui si t i on E B I T D A R epr es ent s f or t he appl i c abl e per i od m anag em ent s es t i m at es of t he annual A dj us t ed E B I T D A of an ac q ui r ed bus i nes s bas ed on i t s m os t r ec ent l y av ai l abl e hi s t or i c al f i nanc i al i nf or m at i on at t he t i m e of ac q ui s i t i on as adj us t ed t o a g i v e ef f ec t t o t he el i m i nat i on of ex pens es r el at ed t o t he pr i or ow ner s and c er t ai n ot her c os t s and ex pens es t hat ar e not i ndi c at i v e of t he u nde r ly in g bus i nes s per f or m anc e i f any as i f s uc h bus i nes s had been ac q ui r ed on t he f i r s t day of s uc h per i od A c q ui s i t i on E B I T D A adj us t m ent s and b g i v e ef f ec t t o c ont r ac t and ac q ui s i t i on annual i z at i on f or c ont r ac t s ent er ed i nt o and ac q ui s i t i ons c om p le t ed by s uc h ac q ui r ed bus i nes s pr i or t o our ac q ui s i t i on Fur t her adj us t m ent s ar e m ade t o s uc h annual A dj us t ed E B I T D A t o r ef l ec t es t i m at e d oper at i ng c os t s av i ng s and s y ner g i es i f any ant i c i pat ed t o be r eal i z ed upon ac q ui s i t i on and i nt eg r at i on of t he bus i nes s i nt o o ur oper at i ons W e us e A c q ui s i t i on E B I T D A f or t he ac q ui r ed bus i nes s es t o adj us t our A dj us t ed E B I T D A t o i nc l ude a pr opor t i onal am o unt of t he A c q ui s i t i on E B I T D A of t he ac q ui r ed bus i nes s es bas ed upon t he r es pec t i v e num ber of m ont hs of oper at i on f or s uc h per i od pr i or t o t he dat e of our ac q ui s i t i on of eac h s uc h bus i nes s R un R at e E B I T D A R epr es ent s A dj us t ed E B I T D A f or t he appl i c abl e per i od as adj us t ed t o g i v e ef f ec t t o m anag em ent s es t i m at es of a A c q ui s i t i on E B I T D A A dj us t m ent s and b t he i m pac t of annual i z at i on of c er t ai n new m uni c i pal and di s pos al c ont r ac t s and c o st s av i ng s i ni t i at i v es ent er ed i nt o c om m enc ed or i m pl em ent ed as appl i c abl e i n s uc h per i od as i f s uc h c ont r ac t s or c os t s s av in g s i ni t i at i v es had been ent er ed i nt o c om m enc ed or i m pl em ent ed as appl i c abl e on t he f i r s t day of s uc h per i od T hes e adj us t m ent s r ef l ec t m ont hl y al l oc at i ons of A c q ui s i t i on E B I T D A f or t he ac q ui r ed bus i nes s es bas ed on s t r ai g ht l i ne pr or at i on A s a r es ul t t hes e es t im at es do not t ak e i nt o ac c ount t he s eas onal i t y of a par t i c ul ar ac q ui r ed bus i nes s W hi l e w e do not bel i ev e t he s eas onal i t y of any one a cq u i r ed bus i nes s i s m at er i al w hen ag g r egat ed w i t h ot her ac q ui r ed bus i nes s es t he es t i m at es m ay r es ul t i n a hi g her or l ow er adj us t m ent to our R un R at e E B I T D A t han w oul d hav e r es ul t ed had w e adj us t ed f or t he ac t ual r es ul t s of eac h of t he ac q ui r ed bus i nes s es f or t he pe r io d pr i or t o our ac q ui s i t i on N et Lev er age I s a s uppl em ent al m eas ur e us ed by m anag em ent t o ev al uat e t he under l y i ng t r ends i n t he bus i nes s and c api t al al l oc at i on s t r at egi es N et l ev er ag e i s eq ual t o our g r os s debt r educ ed by our c as h and c as h eq ui v al ent s di v i ded by R un R at e EBI T D A