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@@@ Adjusted EBITDA: is a non-GAAP financial measure and may not be comparable to similarly named measures used by other companies. We believe this measure provides management with a more complete understanding of the underlying results and trends and an enhanced overall understanding of our financial liquidity and prospects for the future. Adjusted EBITDA is the primary metric for measuring our business results, forecasting and determining future capital investment allocations and is used by the Board of Directors to determine incentive compensation for future periods. Adjusted EBITDA is defined as Adjusted Net Income (Loss), excluding depreciation and amortization of <a href=http://www.louisvuittontassenkopen.com>Louis Vuitton Tassen Kopen</a> property and equipment, amortization of customer loyalty payments, interest and income taxes. Capital expenditures, which impact depreciation and amortization, Customer Loyalty Payments, interest expense and income tax expense, are reviewed separately by management. Adjusted EBITDA is disclosed so investors have the same tools available to management when evaluating the results of Travelport. Adjusted EBITDA is a critical measure as it is required to calculate our key financial ratios under the covenants contained in our credit agreements. These ratios use a number which is broadly computed from Adjusted EBITDA for the last twelve months and consolidated net debt, as at the balance sheet date and are known as the Total Leverage Ratio and Senior Secured Leverage Ratio. Travelport is currently in compliance with all of its financial covenants. A breach of these covenants could result in a default under the senior secured credit agreement, second lien credit agreement and the indentures governing the notes.

Adjusted Free Cash Flow: is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. Adjusted Free Cash Flow is defined as net cash provided by (used in) operating activities of continuing operations, adjusted to remove the impact of cash paid for other adjusting items which we believe are unrelated to our ongoing operations and to deduct capital expenditures on property and equipment additions including capital lease repayments. We believe Adjusted Free Cash Flow provides management and investors with a more complete understanding of the underlying liquidity of the core operating businesses and its ability to meet current and future financing and investing needs.
Adjusted Net Income (Loss): is a non-GAAP financial measure and may not be comparable to similarly named measures used by other companies. We believe this measure provides management with a more complete understanding of the underlying results and trends. Adjusted Net Income (Loss) is disclosed so investors have the same tools available to management when evaluating the results of Travelport. Adjusted Net Income (Loss) is defined as net <a href=http://www.louisvuittontassenkopen.com>Louis Vuitton</a> income (loss) from continuing operations excluding amortization of acquired intangible assets, gain/(loss) on early extinguishment of debt, equity in earnings/(losses) of investment in Orbitz Worldwide, the contribution from the terminated master services agreement ("MSA") with United Airlines, gain on sale of Orbitz Worldwide and items that are excluded under our debt covenants, such as non-cash equity-based compensation, certain corporate and restructuring costs, certain litigation and related costs, and other non-cash items such as foreign currency gains/(losses) on euro denominated debt and earnings hedges along with any income taxes related to these exclusions.
Customer Loyalty Payments: development advance payments that are made with the objective of increasing the number of clients or improving customer loyalty with travel agents or travel providers. The amortization of such payments is excluded from Adjusted EBITDA under the terms of our senior secured credit agreement and our second lien credit agreement.
Trading Working Capital: is a non-GAAP financial measure and may not <a href=http://www.louisvuittontassenkopen.com>Geodkoop Louis Vuitton</a> be comparable to similarly named measures used by other companies. Trading Working Capital is defined as assets and liabilities directly related to our core trading operations (accounts receivables and deferred revenue from travel providers and travel agencies, current prepaid travel agency incentive payments and accounts payable and accrued liabilities for commissions and incentives).
Travel Commerce Platform Reported Segments ("Segments"): Travel provider revenue generating units sold by our travel agency network, geographically presented by region based upon point of sale location.
Travel Commerce Platform RevPas ("RevPas"): Travel Commerce Platform revenue divided by the number of Travel Commerce Platform Reported Segments.
Unlevered Adjusted Free Cash Flow: is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. Unlevered Adjusted Free Cash Flow is defined as Adjusted Free Cash Flow Adjusted to remove the impact of interest payments.
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