Form 10-K for the Fiscal Year Ended December 31, 2021
2022-09-19 to 2022-09-26 · 2 questions
· 1 letter from the SEC, 1 from the company
Non-GAAP measuresKey metrics
Second Quarter 2022 Financial Highlights · Consolidated Results, page 2
SEC asked (1)
We note your disclosure that adjusted EBITDAR information is a valuation metric and should not be used as an operating metric. We further note your presentation of Adjusted EBITDAR margin. Please tell us what consideration you gave to your inclusion of this margin resulting in Adjusted EBITDAR also being viewed a measure of your operating performance.
MGM answered
In future filings, the Company will revise its presentation to remove Adjusted EBITDAR margin. Read in the reply ↗
In its next report
First report after the company's reply of 2022-09-22: 10-Q filed 2022-11-02 ↗, against the 10-Q filed 2022-08-03 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Adjusted Diluted Earnings Per Share, page 3
SEC asked (2)
We note your adjustment for loss (gain) related to equity investments to arrive at adjusted diluted earnings per share. Please tell us the nature of this adjustment and how it is derived.
MGM answered
Loss (gain) related to equity investments reflects the net unrealized loss (gain) relating to equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value.
If there are additional comments or questions, please do not hesitate to contact the undersigned at (212) 530-5022. Read in the reply ↗
In its next report
First report after the company's reply of 2022-09-22: 10-Q filed 2022-11-02 ↗, against the 10-Q filed 2022-08-03 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Also in this review: closing letter, 2022-09-26