Free Cash Flow Yield definition
Free Cash Flow Yield means the Company’s “Free Cash Flow” divided by the Company’s “Market Value.” “Free Cash Flow” means “net cash provided by (used in) operating activities exclusive of management (and mortgage) programs” (as reported); plus “management (and mortgage) programs: cash provided by (used in) operating activities” (as reported) plus non-program related interest actually paid; plus “management (and mortgage) programs: cash provided by (used in) investing activities” (as reported); plus “management (and mortgage) programs: cash provided by (used in) financing activities” (as reported); less “property and equipment additions” (as reported); less “cash utilized for net assets acquired and acquisition related payments” (as reported), adjusted to exclude the cash impact of CUC accounting irregularities and related litigation and the existing BNP Paribas litigation (as reported); less “provision for income taxes” calculated assuming a 27% aggregate effective tax rate (such taxes calculated on Adjusted EBITDA, less “non-program related depreciation and amortization” (as reported) (plus cash taxes actually paid); less “acquisition and integration related costs: amortization of pendings and listings” (as reported)).