Starwood will be conducting a conference call to discuss the fourth quarter financial results
at 10:30 a.m. (EST) today at (706) 758-8744. The conference call will be available through
a simultaneous web cast in the Investor Relations/Press Releases section of the
Company’s website at http://www.starwoodhotels.com. A replay of the conference call will
also be available from 1:30 p.m. (EST) today through February 11, 2010 at 12:00 midnight
(EST) on both the Company’s website and via telephone replay at (706) 645-9291 (pass
code #46323963).
Definitions
All references to EPS, unless otherwise noted, reflect earnings per diluted share from
continuing operations attributable to Starwood’s common shareholders. All references to
continuing operations, discontinued operations and net income reflect amounts attributable
to Starwood’s common shareholders (i.e. excluding amounts attributable to noncontrolling
interests). All references to “net capital expenditures” mean gross capital expenditures for
timeshare and fractional inventory net of cost of sales. EBITDA represents net income
before interest expense, taxes, depreciation and amortization. The Company believes that
EBITDA is a useful measure of the Company’s operating performance due to the
significance of the Company’s long-lived assets and level of indebtedness. EBITDA is a
commonly used measure of performance in its industry which, when considered with
GAAP measures, the Company believes gives a more complete understanding of the
Company’s operating performance. It also facilitates comparisons between the Company
and its competitors. The Company’s management has historically adjusted EBITDA (i.e.,
“Adjusted EBITDA”) when evaluating operating performance for the total Company as well
as for individual properties or groups of properties because the Company believes that the
inclusion or exclusion of certain recurring and non-recurring items, such as restructuring,
goodwill impairment and other special charges and gains and losses on asset dispositions
and impairments, is necessary to provide the most accurate measure of core operating
results and as a means to evaluate comparative results. The Company’s management
also uses Adjusted EBITDA as a measure in determining the value of acquisitions and
dispositions and it is used in the annual budget process. The Company has historically
reported this measure to its investors and believes that the continued inclusion of Adjusted
EBITDA provides consistency in its financial reporting and enables investors to perform
more meaningful comparisons of past, present and future operating results and provides a
means to evaluate the results of its core on-going operations. EBITDA and Adjusted
EBITDA are not intended to represent cash flow from operations as defined by GAAP and
such metrics should not be considered as an alternative to net income, cash flow from
operations or any other performance measure prescribed by GAAP. The Company’s
calculation of EBITDA and Adjusted EBITDA may be different from the calculations used
by other companies and, therefore, comparability may be limited.
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