Non-GAAP Measures

The tables below include financial information prepared in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Amounts labeled as Actual represent historical results.

 

Projected EBITDA is an estimate of the company’s net income plus interest, taxes, depreciation and amortization for the twelve months ended December 31, 2016, December 31, 2015 and December 31, 2014.  EBITDA is not a measurement under GAAP in the United States and may not be similar to EBITDA measures of other companies.  Non-GAAP financial information should be considered in addition to, but not as a substitute for, information prepared in accordance with GAAP.  The company believes that EBITDA provides useful information to management and investors as an indicator of the company’s operating performance.

Projected EBITDA is only an estimate and contains forward-looking information.  The company has made a number of assumptions in preparing the projection, including assumptions as to the components of the projected EBITDA.  These assumptions may or may not prove to be correct.  In order to provide projections with respect to EBITDA, the company must estimate amounts for the GAAP measures that are components of the reconciliation of projected EBITDA.  By providing these estimates, the company is in no way indicating that it is providing projections on those GAAP components of the reconciliation. The projected EBITDA and component amounts are subject to various risks and uncertainties, and do not guarantee actual results for the period indicated. Factors, risks and uncertainties that could cause actual results to differ materially from those projected include those discussed in the documents that we file with the Securities and Exchange Commission. We undertake no obligation to update or revise any of the projections, whether as a result of new information, future developments or otherwise.

Projected EBITDA can be reconciled to the company’s projected net income for the period indicated, as follows:

Projected free cash flow is an estimate of our operating cash flow adjusted for restricted cash and capital expenditures, net . Projected free cash flow is not a measurement under GAAP in the United States and may not be similar to free cash flow measures used by other companies. Our management utilizes free cash flow as a measure of cash generated from operations, and we believe that projected free cash flow provides useful information to investors regarding the amount of cash that we estimate that we will generate from operations over a certain period.

Projected free cash flow is only an estimate and contains forward-looking information.  We have made a number of assumptions in preparing the projections, including assumptions as to the components of the projected free cash flow.  These assumptions may or may not prove to be correct.  In order to provide projections with respect to free cash flow, we must estimate amounts for the GAAP measures that are components of the reconciliation of projected free cash flow.  By providing these estimates, we are in no way indicating that we are providing projections on those GAAP components of the reconciliation.  The projected free cash flow and component amounts are subject to various risks and uncertainties, and do not guarantee actual results for the period indicated.  Factors, risks and uncertainties that could cause actual results to differ materially from those projected include those discussed in the documents that we file with the Securities and Exchange Commission.  We undertake no obligation to update or revise any of the projections, whether as a result of new information, future developments or otherwise.

Projected free cash flow can be reconciled to our projected net cash flow from operating activities in the particular fiscal period, as follows:


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