💰 Financial Record

This document is page 75 of a financial report detailing the 'Management's Discussion and Analysis' of KLC's operations following its January 2005 acquisition of KinderCare. It outlines significant financial restructuring, including the assumption of over $1 billion in various debts (term, bridge, mortgage, and mezzanine) and a 'Real Estate Transaction' in November 2005 that split the company into operating (OpCo) and property (PropCo) entities. The text explains the non-standard (pro forma) accounting methods used to present these results, noting they do not strictly conform to SEC Regulation S-X Article 11.