Unlevered

There are material limitations to using Unlevered Cash Flow to measure the company against some of its competitors as it excludes certain material items such as payments on and repurchases of long-term debt, interest income and cash interest expense.

unknown title 2011

For the full year 2010, Unlevered Cash Flow was $425 million compared to $559 million in 2009.

unknown title 2011

Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, as it is an indicator of the operational strength and performance of the company and, measured over time, provides management and investors with a sense of the growth pattern of the business.

unknown title 2011

Unlevered Cash Flow should not be used as a substitute for net change in cash and cash equivalents on the Consolidated Statements of Cash Flows.

unknown title 2011

There are material limitations to using Unlevered Cash Flow to measure the company against some of its competitors as it excludes certain material items such as payments on and repurchases of long-term debt, interest income and cash interest expense.

unknown title 2011

Unlevered Cash Flow is defined as net cash provided by used in operating activities less capital expenditures, plus cash interest paid and less interest income all as disclosed in the Consolidated Statements of Cash Flows or the Consolidated Statements of Operations.

unknown title 2011

In addition to Adjusted EBITDA, management uses Unlevered Free Cash Flow, which measures the ability of Adjusted EBITDA to cover capital expenditures.

unknown title 2011

Unlevered cash flow is free cash flow with interest paid on outstanding debt added back in.

unknown title 2011

During the second quarter 2011, Unlevered Cash Flow was

unknown title 2011

Unlevered Cash Flow should not be used as a substitute for net change in cash and cash equivalents on the Consolidated Statements of Cash Flows.

unknown title 2011