Investor Presentaiton
Reconciliations: Non GAAP Financial Measures (cont'd)
TTM Pro forma Adjusted EBITDA
(unaudited, in millions)
Net income
Interest income
Interest expense
Income tax (benefit) expense
Depreciation and amortization expense
Interest expense, income tax and depreciation and amortization included in
equity in earnings from investments in affiliates
EBITDA
Gain on sales of assets, net
Gain on foreign currency transactions
Share-based compensation expense
Impairment loss
Impairment loss included in equity in earnings from investments in affiliates
Other loss, net
Transition costs
Other adjustment items
Adjusted EBITDA
Less: Adjusted EBITDA from hotels disposed of
Less: Spin-off adjustments
(2)
Pro-forma Adjusted EBITDA
Three Months Ended
March 31,
Year Ended
December 31,
TTM (1)
2017
2016
2016
March 31,
2017
2,350 $
23
30
46
(2,281)
14
70
3473
$
139
$
2,466
(2)
(2)
181
82
300
165
(2,213)
297
5
6
24
23
174
162
724
736
| € |||-|
(1)
(1)
(1)
(3)
(4)
3
3
15
15
17
17
25
25
1
26
27
3
11
8
177
180
814
811
(1)
(1)
(10)
(57)
(47)
$
177
$
170
$
756
$
763
(1) TTM March 31, 2017 is calculated as the three months ended March 31, 2017 plus the year ended December 31, 2016 less the three months ended March 31, 2016.
(2) Spin-off Adjustments include adjustments for incremental fees based on the terms of the post spin-off management agreements and estimated non-income taxes on
certain REIT leases.
35\
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