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      "text": "management and hotel services agreement and franchise agreement assets (key money assets) amortization and performance cure payments, which constitute payments to customers (Contra revenue);\nrevenues for reimbursed costs;\nreimbursed costs that we intend to recover over the long term;\nstock-based compensation expense;\ntransaction and integration costs;\ndepreciation and amortization;\nequity earnings (losses) from unconsolidated hospitality ventures;\ninterest expense;\ngains (losses) on sales of real estate and other;\nasset impairments;\nother income (loss), net; and\nbenefit (provision) for income taxes.",
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      "text": "Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization (\"Adjusted EBITDA\"): We use the term Adjusted EBITDA throughout this Investor Presentation. Adjusted EBITDA, as we define it, is a non-GAAP measure...",
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