CAPEX and Depreciation

Consolidated basis, under generally accepted accounting principles in the United States of America (U.S. GAAP)

Since IIJ's consolidated financial statements are prepared under U.S. GAAP, capital expenditures (CAPEX) include capital leases. IIJ's CAPEX is mainly related to acquisition of telecommunication equipment, such as network equipment and back-office information systems.
Adjusted EBITDA is total of operating income and depreciation and amortization.