Adjusted EPS
EPS excluding adjusting items.
Adjusted EBITDA
EBITDA excluding adjusting items and depreciation on landlord contributions on leased properties - cost re-imbursements.
Adjusted gross profit
Gross profit excluding adjusting items.
Adjusted Net Income
Net income excluding adjusting items.
Adjusting items
Adjusting items reflects the impact of adjustments, both incomes and costs not indicative of the underlying performance, which are considered to be significant in nature and/or size.
Ancillary services
Additional services provided alongside workspace solutions that include virtual office services, day offices, short-term meeting rooms and other on‑demand support services.
Capital-light
Business centres operating under a variable lease, joint-venture, managed and franchised arrangements.
Company-owned (“CO”)
Locations the Company operates directly and recognises full revenue and costs of the centre.
Digital and Professional Services (“DPS”)
Services and technology provided to customers and landlords.
EBIT
Earnings before interest and tax.
EBITDA
Earnings before interest, tax, depreciation and amortisation.
EPS
Earnings per share.
Expansions
A general term which includes new business centres established by IWG and acquired centres in the year.
Fee income
Total fee income relating to the Managed & Franchised business.
Franchise and JV Fees
Fees in connection with centres not operated by IWG.
Growth capital expenditure
Capital expenditure in respect of centres which opened during the current or prior financial period and technology spend supporting operational growth.
Growth-related landlord contributions (leased properties)
Landlord contributions received in respect of leased properties which opened during the current or prior financial period.
IWG Network
Company-owned and Managed & Franchised comprises the IWG Network.
Maintenance capital expenditure (leased properties)
Capital expenditure in respect of centres owned for a full 12-month period prior to the start of the financial year and operated throughout the current financial year, which therefore have a full-year comparative.
Maintenance-related landlord contributions (leased properties)
Landlord contributions received in respect of properties leased for a full 12-month period prior to the start of the financial year and operated throughout the current financial year, which therefore have a full-year comparative.
Managed & Franchised (“M&F”)
Locations the Company receives a franchise or management fee for providing services to centres. Managed centres are operated by the Company; franchise locations are operated by the franchise holder. The Company only recognises the fee as revenue. The Company is not responsible for capital expenditures in the centres and does not recognise the related centre operating costs.
Net debt
Operations cash and cash equivalents, adjusted for both short and long-term debt, and the portion of derivatives that hedge the principal component of debt. Net debt excludes lease liabilities.
Occupancy
Occupied square metres divided by total inventory square metres expressed as a percentage where contracts are in place with a minimum term of one month.
Other fee income
Other fees received including those in connection with the set up and opening of centres
Rooms
The yearly average total business centre square meters divided by a standard room of seven square metres.
Recurring fee revenue
Ongoing monthly revenue earned from Managed & Franchised customers for the continued use of workspaces, centres and related services.
RevPAR
Monthly average IWG Network revenue, divided by the average available number of rooms, excluding rooms opened and closed in the period.
Share buyback programme
Refers to the programme that permits the Company to repurchase its own shares in the open market.
System-wide revenue
Refers to the total revenue generated across IWG network, including revenue from franchise, managed centre and joint-venture partners, but excluding related fee income.
Tenant Incentive (‘TI’) amortisation
The amortisation of tenant improvements (often called leasehold improvements allowances or landlord contributions) received from landlords on properties that the company leases.
TSR
Total shareholder return.
