**Title: Financial Analysis of Griffin and Lasky, Inc.****Overview:**Griffin and Lasky, Inc. (G&L) is an industrial supplier of automation equipment and machine tools to the automotive industry. The company recognizes revenue over the duration of long-term contracts and occasionally faces order cancellations. Below are key financial data points from recent years.**Financial Data Summary ($ in millions):**| | 20X1 | 20X2 | 20X3 ||------------|--------|--------|--------|| Sales | $571.5 | $619.5 | $730.6 || Accounts Receivable - Billed | 141.6 | 94.5 | 147.9 || Accounts Receivable - Unbilled | 104.5 | 249.4 | 202.7 || **Total Accounts Receivable** | 246.1 | 343.9 | 350.6 || Inventory | 57.4 | 74.8 | 102.3 || **Earnings Before Interest and Taxes (EBIT)** | 74.8 | 75.8 | 38.1 || Depreciation and Amortization | 14.8 | 15.4 | 19.3 || Plant Write-down | 0 | 0 | 30.3 |**Required Tasks:**1. **Compute EBITDA and Adjusted EBITDA:** - Calculate EBITDA by adding depreciation and amortization to EBIT for each year. - Calculate Adjusted EBITDA by excluding the plant write-down.2. **Analyze Profitability:** - Determine if G&L's profits are keeping pace with sales growth.3. **Days Receivables Outstanding:** - Compute the days receivables using year-end receivables for each year. Assume 365 days per year.**Interactive Exercise:**Complete the provided tabs with computed results for EBITDA, Adjusted EBITDA, and days receivables outstanding. Input your answers in millions of dollars, rounded to one decimal place.**Data Entry Table:**| | 20X1 | 20X2 | 20X3 ||------------|--------|--------|--------|| Earnings Before Interest and Taxes |

EBITDA means earnings before interest, tax, depreciation and amortization. Adjusted EBITDA, here, means the EBITDA before deducting plant write-down. In $ millions 20x1 20x2 20x3 Earnings before interest and taxes 74.8 75.8 38.1 Depreciation and amortization 14.8 15.4 19.3 EBITDA 89.6 91.2 57.4 Plant write down 30.3 Adjusted EBITDA 89.6 91.2 87.7Profitability ratio = Earnings before interest and taxes * 100/Sales Amounts in $ millions 20x1 20x2 20x3 Earnings before interest and taxes 74.8 75.8 38.1 Sales 571.5 619.5 730.6 Substitute the values in the formula. Profitability ratio 74.8 * 100/571.5 = 13.1% 75.8 * 100/619.5 = 12.2% 38.1 * 100/730.6 = 5.2% It can be seen that, the profitability ratio has been declined from 20x1 to 20x3. This signifies that the profits of G&L are not in pace with sales.Days receivables outstanding = 365 days * Accounts receivable/Sales Amounts in $ millions 20x1 20x2 20x3 Accounts receivable 246.1 343.9 350.6 Sales 571.5 619.5 730.6 Substitute the values in the formula. Days receivables outstanding 365 days * 246.1/571.5 = 157.1 days 365 days * 343.9/619.5 = 202.6 days 365 days * 350.6/730.6 = 175.2 days Hence, the days receivables outstanding for 20x1, 20x2 and 20x3 are 157.1 days, 202.6 days and 175.2 days respectively.