AMD revenue falls as PC sales continue to fall

About AMD

AMD (NASDAQ: AMD) designs and integrates technology that powers millions of intelligent devices, including personal computers, tablets, game consoles and cloud servers that define the new era of surround computing. AMD solutions enable people everywhere to realize the full potential of their favorite devices and applications to push the boundaries of what is possible. For more information, visit www.amd.com.

Cautionary Statement

This earnings press release and the conference call remarks contain forward-looking statements concerning AMD; its expected first quarter of 2015 revenue; the trajectory of the Computing and Graphics segment; and the features, functionality and availability of its future products, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "pro forma," "estimates," "anticipates," "plans," "projects," "would" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this release are based on current beliefs, assumptions and expectations, speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include the possibility that Intel Corporation's pricing, marketing and rebating programs, product bundling, standard setting, new product introductions or other activities may negatively impact AMD's plans; that AMD will require additional funding and may be unable to raise sufficient capital on favorable terms, or at all; that customers stop buying AMD's products or materially reduce their operations or demand for AMD's products; that AMD may be unable to develop, launch and ramp new products and technologies in the volumes that are required by the market at mature yields on a timely basis; that AMD's third-party foundry suppliers will be unable to transition AMD's products to advanced manufacturing process technologies in a timely and effective way or to manufacture AMD's products on a timely basis in sufficient quantities and using competitive process technologies; that AMD will be unable to obtain sufficient manufacturing capacity or components to meet demand for its products or will not fully utilize its projected manufacturing capacity needs at GLOBALFOUNDRIES, Inc. (GF) microprocessor manufacturing facilities; that AMD's requirements for wafers will be less than the fixed number of wafers that it agreed to purchase from GF or GF encounters problems that significantly reduce the number of functional die it receives from each wafer; that AMD is unable to successfully implement its long-term business strategy; that the completion and impact of the 2014 restructuring plan and AMD's transformation initiatives could adversely affect AMD; that AMD inaccurately estimates the quantity or type of products that its customers will want in the future or will ultimately end up purchasing, resulting in excess or obsolete inventory; that AMD is unable to manage the risks related to the use of its third-party distributors and add-in-board (AIB) partners or offer the appropriate incentives to focus them on the sale of AMD's products; that AMD may be unable to maintain the level of investment in research and development that is required to remain competitive; that there may be unexpected variations in market growth and demand for AMD's products and technologies in light of the product mix that it may have available at any particular time; that global business and economic conditions will not improve or will worsen; that PC market conditions will not improve or will worsen; that demand for computers will be lower than currently expected; and the effect of political or economic instability, domestically or internationally, on AMD's sales or supply chain. Investors are urged to review in detail the risks and uncertainties in AMD's Securities and Exchange Commission filings, including but not limited to the Quarterly Report on Form 10-Q for the quarter ended September 27, 2014.

AMD, the AMD Arrow logo, AMD Opteron, AMD Radeon and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and used to identify companies and products and may be trademarks of their respective owner.

1. In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP operating income, non-GAAP net income (loss), non-GAAP earnings (loss) per share and non-GAAP gross margin. These non-GAAP financial measures reflect certain adjustments as presented in the tables in this earnings press release. AMD also provided adjusted EBITDA and non-GAAP free cash flow as supplemental measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD's performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. Refer to the data tables at the end of this earnings press release.
2. Intel Core i7 4690X with 16GB DDR3-1866, AMD Radeon™ R9 290X Windows 8.1 64-bit comparing launch drivers 13.12 and 14.501. All tests run at 3840x2160. Bioshock Infinite @ ultra scored 30.47 vs 36.24.
3. AMD A10 7850K with R7 graphics, 2x4GB DDR3 2400, Windows 8.1 64-bit comparing Catalyst drivers 14.2 and 14.50. In Batman Arkham Origins @ 1080P, PHYSX=off GEOMETRYDETAIL=normal DYNAMICSHADOWS=normal MOTIONBLUR=off DOF=normal DISTORTION=off LENSFLARES=off LIGHTSHAFTS=off REFLECTIONS=off AO=normal we see an uplift from 34.96FPS to 45.2FPS.
4. FreeSync is an AMD technology designed to reduce or eliminate screen tears in games and videos by allowing the monitor's refresh rate to be controlled by and synchronized to the Radeon R-series graphics card or APU Radeon R-series graphics. Requires DisplayPort 1.2a compliant monitors that support DisplayPort Adaptive-Sync and an AMD desktop 2014 A-series APU with Radeon R-series graphics, with forthcoming FreeSync-enabled driver. Support for use with multiple monitors planned. Confirm supported technologies with system manufacturer before purchase.

                                                                            
                                                                            
ADVANCED MICRO DEVICES, INC.                                                
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                             
(Millions except per share amounts and percentages)                         
                                                                            
                                Three Months Ended           Year Ended     
                           ----------------------------  ------------------ 
                            Dec.  27,    Sep.  27,    Dec.  28,    Dec.  27,    Dec.  28,  
                                                          2014            2014            2013            2014            2013      
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Net  revenue                                $    1,239    $    1,429    $    1,589    $    5,506    $    5,299  
                                                                                                                                                        
Cost  of  sales                                      879              935          1,036          3,667          3,321  
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Gross  margin                                        360              494              553          1,839          1,978  
                                                                                                                                                        
Gross  margin  %                                      29%              35%              35%              33%              37%
                                                                                                                                                        
Research  and  development                238              278              293          1,072          1,201  
                                                                                                                                                        
Marketing,  general  and                                                                                                            
  administrative                                  144              150              169              604              674  
                                                                                                                                                        
Amortization  of  acquired                                                                                                        
  intangible  assets                                4                  3                  4                14                18  
                                                                                                                                                        
Restructuring  and  other                                                                                                          
  special  charges,  net                        71                  -                  -                71                30  
                                                                                                                                                        
Goodwill  impairment  charge            233                  -                  -              233                  -  
                                                                                                                                                        
Legal  settlements,  net                        -                  -              (48)                -              (48)
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Operating  income  (loss)                (330)              63              135            (155)            103  
                                                                                                                                                        
Interest  income                                      1                  1                  1                  3                  5  
Interest  expense                                (41)            (43)            (44)          (177)          (177)
Other  income  (expense),                                                                                                          
  net                                                            3                (2)              (2)            (69)              (5)
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Income  (loss)  before                                                                                                                
  income  taxes                                    (367)              19                90            (398)            (74)
                                                                                                                                                        
Provision  (benefit)  for                                                                                                          
  income  taxes                                        (3)                2                  1                  5                  9  
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Net  income  (loss)                    $      (364)  $          17    $          89    $      (403)  $        (83)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
Net  income  (loss)  per                                                                                                              
  share                                                                                                                                            
                                                                                                                                                        
    Basic                                        $    (0.47)  $      0.02    $      0.12    $    (0.53)  $    (0.11)
                                                                                                                                                        
    Diluted                                    $    (0.47)  $      0.02    $      0.12    $    (0.53)  $    (0.11)
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Shares  used  in  per  share                                                                                                        
  calculations                                                                                                                              
                                                                                                                                                        
    Basic                                                  776              770              759              768              754  
                                                                                                                                                        
    Diluted                                              776              785              766              768              754  
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
CONDENSED  CONSOLIDATED  STATEMENTS  OF  COMPREHENSIVE  INCOME  (LOSS)                        
(Millions)                                                                                                                                    
                                                                                                                                                        
                                                                Three  Months  Ended                      Year  Ended          
                                                      ----------------------------    ------------------  
                                                      Dec.  27,    Sep.  27,    Dec.  28,    Dec.  27,    Dec.  28,  
                                                          2014            2014            2013            2014            2013      
                                                                                                                                                        
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
Total  comprehensive  income                                                                                                    
  (loss)                                        $      (368)  $          15    $          89    $      (406)  $        (82)
                                                      --------    --------    --------    --------    --------  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                                                              
(Millions)                                                                                                                                    
                                                                                                                                                        
                                                                                              --------    --------    --------  
                                                                                              Dec.  27,    Sep.  27,    Dec.  28,  
                                                                                                  2014            2014            2013      
                                                                                                                                                        
                                                                                              --------    --------    --------  
                                                                                                                                                        
Assets                                                                                                                                            
                                                                                                                                                        
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $        805    $        640    $        869  
    Marketable  securities                                                          235              298              228  
    Accounts  receivable,  net                                                    818              973              832  
    Inventories,  net                                                                    685              897              884  
    Prepaid  expenses  and  other  current  assets                  193              212                71  
                                                                                                                                                        
                                                                                              --------    --------    --------  
                                                                                                                                                        
            Total  current  assets                                                2,736          3,020          2,884  
                                                                                                                                                        
Long-term  marketable  securities                                              -                  -                90  
Property,  plant  and  equipment,  net                                    302              328              346  
Acquisition  related  intangible  assets,  net                      65                69                78  
Goodwill                                                                                        320              553              553  
Other  assets                                                                                344              355              386  
                                                                                              --------    --------    --------  
                                                                                                                                                        
Total  Assets                                                                      $    3,767    $    4,325    $    4,337  
                                                                                              ========    ========    ========  
                                                                                                                                                        
Liabilities  and  Stockholders'  Equity                                                                                
                                                                                                                                                        
Current  liabilities:                                                                                                                
    Short-term  debt                                                            $        177    $        102    $          60  
    Accounts  payable                                                                    421              498              519  
    Payable  to  GLOBALFOUNDRIES                                                212              317              364  
    Accrued  and  other  current  liabilities                          558              555              530  
    Deferred  income  on  shipments  to  distributors              72                94              145  
                                                                                                                                                        
                                                                                              --------    --------    --------  
                                                                                                                                                        
            Total  current  liabilities                                      1,440          1,566          1,618  
                                                                                                                                                        
Long-term  debt                                                                        2,035          2,106          1,998  
Other  long-term  liabilities                                                  105              118              177  
                                                                                                                                                        
Stockholders'  equity:                                                                                                              
    Capital  stock:                                                                                                                        
        Common  stock,  par  value                                                      8                  8                  7  
        Additional  paid-in  capital                                        6,949          6,928          6,894  
        Treasury  stock,  at  cost                                                (119)          (118)          (112)
    Accumulated  deficit                                                        (6,646)      (6,282)      (6,243)
    Accumulated  other  comprehensive  loss                              (5)              (1)              (2)
                                                                                                                                                        
                                                                                              --------    --------    --------  
                                                                                                                                                        
            Total  stockholders'  equity                                        187              535              544  
                                                                                                                                                        
                                                                                              --------    --------    --------  
                                                                                                                                                        
Total  Liabilities  and  Stockholders'  Equity          $    3,767    $    4,325    $    4,337  
                                                                                              ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
CONDENSED  CONSOLIDATED  STATEMENT  OF  CASH  FLOWS                                                            
(Millions)                                                                                                                                    
                                                                                                                Three                              
                                                                                                              Months                              
                                                                                                                Ended        Year  Ended  
                                                                                                          ----------    ----------  
                                                                                                            Dec.  27,        Dec.  27,    
                                                                                                                2014                2014        
                                                                                                                                                        
                                                                                                          ----------    ----------  
                                                                                                                                                        
Cash  flows  from  operating  activities:                                                                              
    Net  Loss                                                                                      $          (364)  $          (403)
    Adjustments  to  reconcile  net  loss  to  net  cash                                                          
      provided  by  (used  in)  operating  activities:                                                            
        Depreciation  and  amortization                                                        48                  203  
        Employee  stock-based  compensation  expense                                16                    81  
        Non-cash  interest  expense                                                                  6                    17  
        Net  (gain)  loss  on  debt  redemptions                                            (3)                  61  
        Goodwill  impairment  charge                                                            233                  233  
        Restructuring  and  other  special  charges,  net                          14                    14  
        Other                                                                                                        (4)                (13)
    Changes  in  operating  assets  and  liabilities:                                                            
        Accounts  receivable                                                                          151                      7  
        Inventories                                                                                          213                  199  
        Prepaid  expenses  and  other  assets                                                36                (120)
        Payable  to  GLOBALFOUNDRIES                                                          (106)              (153)
        Accounts  payable,  accrued  liabilities  and  other                (124)              (224)
                                                                                                          ----------    ----------  
Net  cash  provided  by  (used  in)  operating  activities    $            116    $            (98)
                                                                                                          ----------    ----------  
                                                                                                                                                        
Cash  flows  from  investing  activities:                                                                              
    Purchases  of  property,  plant  and  equipment                                (22)                (95)
    Purchases  of  available-for-sale  securities                              (144)              (790)
    Proceeds  from  the  sales  and  maturities  of                                                                  
      available-for-sale  securities                                                        209                  873  
                                                                                                          ----------    ----------  
Net  cash  provided  by  (used  in)  investing  activities    $              43    $            (12)
                                                                                                          ----------    ----------  
                                                                                                                                                        
Cash  flows  from  financing  activities:                                                                              
    Net  proceeds  from  grants  and  allowances                        $                3    $                8  
    Proceeds  from  issuance  of  common  stock                                            -                      4  
    Proceeds  from  borrowings,  net                                                            75              1,155  
    Repayments  of  long-term  debt  and  capital  lease                                                        
      obligations                                                                                            (72)          (1,115)
    Other                                                                                                              -                    (6)
                                                                                                          ----------    ----------  
Net  cash  provided  by  financing  activities                        $                6    $              46  
                                                                                                          ----------    ----------  
Net  increase  (decrease)  in  cash  and  cash  equivalents                165                  (64)
                                                                                                          ----------    ----------  
Cash  and  cash  equivalents  at  beginning  of  period          $            640    $            869  
                                                                                                          ----------    ----------  
Cash  and  cash  equivalents  at  end  of  period                      $            805    $            805  
                                                                                                          ----------    ----------  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
ADVANCED  MICRO  DEVICES,  INC.                                                                                                
SELECTED  CORPORATE  DATA                                                                                                          
(Millions  except  headcount)                                                                                                  
                                                                                                                                                        
                                                                                                                                                        
                                                              Three  Months  Ended                        Year  Ended          
-------------------------------------------------------    -------------------
                                                                                                                                                        
Segment  and  Category            Dec.  27,    Sep.  27,    Dec.  28,      Dec.  27,    Dec.  28,  
  Information                                2014            2014            2013              2014            2013      
                                                                                                                                                        
-------------------------------------------------------    -------------------
                                                                                                                                                        
    Computing  and  Graphics                                                                                                        
      (1)                                                                                                                                            
        Net  revenue                      $        662    $        781    $        888      $    3,132    $    3,720  
        Operating  loss                $        (56)  $        (17)  $        (15)    $        (76)  $      (101)
                                                                                                                                                        
    Enterprise,  Embedded                                                                                                            
      and  Semi-Custom  (2)                                                                                                            
        Net  revenue                                577              648              699            2,374          1,577  
        Operating  income                      109              108              129                399              295  
                                                                                                                                                        
    All  Other  (3)                                                                                                                          
        Net  revenue                                    -                  -                  2                    -                  2  
        Operating  income                                                                                                                
          (loss)                                      (383)            (28)              21              (478)            (91)
                                                                                                                                                        
    Total                                                                                                                                          
        Net  revenue                      $    1,239    $    1,429    $    1,589      $    5,506    $    5,299  
        Operating  income                                                                                                                
          (loss)                              $      (330)  $          63    $        135      $      (155)  $        103  
                                                                                                                                                        
-------------------------------------------------------    -------------------
                                                                                                                                                        
Other  Data                                                                                                                                    
                                                                                                                                                        
    Depreciation  and                                                                                                                    
      amortization,                                                                                                                        
      excluding  amortization                                                                                                      
      of  acquired  intangible                                                                                                      
      assets                                  $          44    $          46    $          50      $        189    $        218  
    Capital  additions              $          22    $          29    $          21      $          95    $          84  
    Adjusted  EBITDA  (4)          $          96    $        133    $        165      $        505    $        412  
    Cash,  cash  equivalents                                                                                                        
      and  marketable                                                                                                                      
      securities,  including                                                                                                        
      long-term  marketable                                                                                                          
      securities                          $    1,040    $        938    $    1,187      $    1,040    $    1,187  
    Non-GAAP  free  cash  flow                                                                                                      
      (5)                                        $          94    $        (11)  $            0      $      (193)  $      (232)
    Total  assets                        $    3,767    $    4,325    $    4,337      $    3,767    $    4,337  
    Total  debt                            $    2,212    $    2,208    $    2,058      $    2,212    $    2,058  
    Headcount                                    9,687        10,149        10,671            9,687        10,671  
                                                                                                                                                        
-------------------------------------------------------    -------------------
                                                                                                                                                        
(1)  Computing  and  Graphics  segment  primarily  includes  desktop  and  notebook    
        processors,  chipsets,  discrete  graphics  processing  units  (GPUs)  and          
        professional  graphics.                                                                                                    
                                                                                                                                                        
(2)  Enterprise,  Embedded  and  Semi-Custom  segment  primarily  includes  server    
        and  embedded  processors,  dense  servers,  semi-custom  System-on-Chip  (SoC)
        products,  development  services  and  technology  for  game  consoles.                
                                                                                                                                                        
(3)  All  Other  category  primarily  includes  certain  expenses  and  credits  that  
        are  not  allocated  to  any  of  the  operating  segments.  Also  included  in        
        this  category  are  amortization  of  acquired  intangible  assets  and                
        employee  stock-based  compensation  expense.  In  addition,  the  Company  also
        included  the  following  for  the  indicated  periods:  for  fourth  quarter  of  
        2014,  the  Company  included  a  goodwill  impairment,  net  restructuring  and  
        other  special  charges  and  a  lower  of  cost  or  market  inventory                      
        adjustment;  for  2014,  the  Company  included  a  goodwill  impairment,  net      
        restructuring  and  other  special  charges,  a  lower  of  cost  or  market            
        inventory  adjustment,  loss  on  debt  repurchase  and  workforce  rebalancing  
        severance  charges;  for  the  fourth  quarter  of  2013,  the  Company  included  
        net  legal  settlements;  and  for  2013,  the  Company  included  net                      
        restructuring  and  other  special  charges  and  net  legal  settlements.            
                                                                                                                                                        
(4)  Reconciliation  of  GAAP  operating  income  (loss)  to  Adjusted  EBITDA*            
                                                                Three  Months  Ended                      Year  Ended          
                                                      ----------------------------    ------------------  
                                                      Dec.  27,    Sep.  27,    Dec.  28,    Dec.  27,    Dec.  28,  
                                                          2014            2014            2013            2014            2013      
                                                      --------    --------    --------    --------    --------  
        GAAP  operating  income                                                                                                      
          (loss)                                $      (330)  $          63    $        135    $      (155)  $        103  
            Goodwill  impairment              233                  -                  -              233                  -  
                Restructuring  and                                                                                                      
                  other  special                                                                                                            
                  charges,  net                        71                  -                  -                71                30  
                Lower  of  cost  or                                                                                                        
                  market  inventory                                                                                                      
                  adjustment                            58                  -                  -                58                  -  
                Employee  stock-                                                                                                          
                  based                                                                                                                            
                  compensation                                                                                                              
                  expense                                  16                21                24                81                91  
                Amortization  of                                                                                                          
                  acquired                                                                                                                      
                  intangible  assets                4                  3                  4                14                18  
                Depreciation  and                                                                                                        
                  amortization                        44                46                50              189              218  
            Workforce                                                                                                                          
              rebalancing                                                                                                                    
              severance  charges                    -                  -                  -                14                  -  
                Legal  settlements,                                                                                                    
                  net                                            -                  -              (48)                -              (48)
                                                      --------    --------    --------    --------    --------  
        Adjusted  EBITDA                $          96    $        133    $        165    $        505    $        412  
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
(5)  Non-GAAP  free  cash  flow  reconciliation**                                                                
                                                                Three  Months  Ended                      Year  Ended          
                                                      ----------------------------    ------------------  
                                                      Dec.  27,    Sep.  27,    Dec.  28,    Dec.  27,    Dec.  28,  
                                                          2014            2014            2013            2014            2013      
                                                      --------    --------    --------    --------    --------  
        GAAP  net  cash  provided                                                                                                    
          by  (used  in)                                                                                                                      
          operating  activities    $        116    $          18    $          21    $        (98)  $      (148)
            Purchases  of                                                                                                                    
              property,  plant  and                                                                                                    
              equipment                                (22)            (29)            (21)            (95)            (84)
                                                      --------    --------    --------    --------    --------  
        Non-GAAP  free  cash                                                                                                            
          flow                                    $          94    $        (11)  $            0    $      (193)  $      (232)
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                                                                                                                                                        
        *  The  Company  presents  Adjusted  EBITDA  as  a  supplemental  measure  of  its  
        performance.  Adjusted  EBITDA  for  the  Company  is  determined  by  adjusting  
        operating  income  (loss)  for  depreciation  and  amortization,  employee          
        stock-based  compensation  expense  and  amortization  of  acquired                      
        intangible  assets.  In  addition,  the  Company  also  included  the  following  
        adjustments  for  the  indicated  periods:  for  fourth  quarter  of  2014,  the    
        Company  included  an  adjustment  for  goodwill  impairment,  net                          
        restructuring  and  other  special  charges  and  lower  of  cost  or  market          
        inventory  adjustment;  for  2014,  the  Company  included  an  adjustment  for    
        goodwill  impairment,  net  restructuring  and  other  special  charges,  lower  
        of  cost  or  market  inventory  adjustment  and  workforce  rebalancing                
        severance  charges;  for  the  fourth  quarter  of  2013,  the  Company  included  
        an  adjustment  for  net  legal  settlements;  and  for  2013,  the  Company            
        included  adjustments  for  net  restructuring  and  other  special  charges        
        and  net  legal  settlements.  The  Company  calculates  and  communicates            
        Adjusted  EBITDA  in  the  earnings  press  release  because  the  Company's          
        management  believes  it  is  of  importance  to  investors  and  lenders  in          
        relation  to  its  overall  capital  structure  and  its  ability  to  borrow          
        additional  funds.  In  addition,  the  Company  presents  Adjusted  EBITDA          
        because  it  believes  this  measure  assists  investors  in  comparing  its          
        performance  across  reporting  periods  on  a  consistent  basis  by  excluding  
        items  that  the  Company  does  not  believe  are  indicative  of  its  core            
        operating  performance.  The  Company's  calculation  of  Adjusted  EBITDA  may  
        or  may  not  be  consistent  with  the  calculation  of  this  measure  by  other    
        companies  in  the  same  industry.  Investors  should  not  view  Adjusted            
        EBITDA  as  an  alternative  to  the  GAAP  operating  measure  of  operating          
        income  (loss)  or  GAAP  liquidity  measures  of  cash  flows  from  operating,    
        investing  and  financing  activities.  In  addition,  Adjusted  EBITDA  does      
        not  take  into  account  changes  in  certain  assets  and  liabilities  as  well  
        as  interest  and  income  taxes  that  can  affect  cash  flows.                                
                                                                                                                                                        
        **  The  Company  also  presents  non-GAAP  free  cash  flow  in  the  earnings        
        press  release  as  a  supplemental  measure  of  its  performance.  Non-GAAP        
        free  cash  flow  is  determined  by  adjusting  GAAP  net  cash  provided  by          
        (used  in)  operating  activities  for  capital  expenditures.  The  Company        
        calculates  and  communicates  non-GAAP  free  cash  flow  in  the  financial        
        earnings  press  release  because  the  Company's  management  believes  it  is    
        of  importance  to  investors  to  understand  the  nature  of  these  cash              
        flows.  The  Company's  calculation  of  non-GAAP  free  cash  flow  may  or  may    
        not  be  consistent  with  the  calculation  of  this  measure  by  other                  
        companies  in  the  same  industry.  Investors  should  not  view  non-GAAP  free  
        cash  flow  as  an  alternative  to  GAAP  liquidity  measures  of  cash  flows        
        from  operating  activities.  The  Company  has  provided  reconciliations          
        within  the  earnings  press  release  of  these  non-GAAP  financial  measures    
        to  the  most  directly  comparable  GAAP  financial  measures.                                
                                                                                                                                                        
 




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