(2) Includes capitalized lease obligations of $3.2 million and $0.1 million as of December 31, 2015 and 2014, respectively, which are included in Other liabilities on the Consolidated Balance Sheet.
(3) EBITDAis defined as consolidated net income before interest expense, income tax expense, depreciation and amortization.
Adjusted EBITDA, which is a measure defined in our credit agreements, means EBITDAadjusted for certain items which are described in the table below.
We have included a reconciliation of EBITDAand Adjusted EBITDAin the table below.
Both EBITDA and Adjusted EBITDA are considered non-GAAP financial measures.
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP.
Non-GAAP measures used by us may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
We believe that EBITDA and Adjusted EBITDA provide helpful information with respect to our operating performance and cash flows including our ability to meet our future debt service, capital expenditures and working capital requirements.
Adjusted EBITDA is also the primary measure used in certain key covenants and definitions contained in the credit agreement governing our Senior Secured Term Loan Facility (“Term Loan”), including the excess cash flow payment provision, the restricted payment covenant and the net leverage ratio.
These covenants and definitions are material components of the Term Loan as they are used in determining the interest rate applicable to the Term Loan, our ability to make certain investments, incur additional debt, and make restricted payments, such as dividends and share repurchases, as well as whether we are required to make additional principal prepayments on the Term Loan beyond the quarterly amortization payments.
For further details regarding the Term Loan, see Note 8 (Long-Term Debt) to the accompanying Consolidated Financial Statements.
The following unaudited table sets forth reconciliations of net income to EBITDA and EBITDA to Adjusted EBITDA for the periods presented:
## Table 0 ##
(a) During the years ended December 31, 2015, 2014, 2013, 2012, and 2011, we recorded net losses on extinguishments of long-term debt.
The losses represented the difference between the amount paid upon extinguishment, including call premiums and expenses paid to the debt holders and agents, and the net carrying amount of the extinguished debt, adjusted for a portion of the unamortized deferred financing costs.
(b) Represents our share of net income/loss from our equity investments.
Our 35% share of Kelway’s net loss includes our 35% share of an expense related to certain equity awards granted by one of the sellers to Kelway coworkers in July 2015 prior to the acquisition.
(c) Primarily includes expenses related to the acquisition of Kelway.
(d) Represents the gain resulting from the remeasurement of our previously held 35% equity investment to fair value upon the completion of the acquisition of Kelway
The results of certain key business metrics are as follows:
## Table 1 ##
(1) As a result of the adoption of Accounting Standards Update (ASU) 2015-03 during the second quarter of 2015, historical periods have been revised to reflect the change in the presentation of deferred financing costs, which are now shown as a reduction of Long-term debt, instead of being presented as a separate asset on the Consolidated Balance Sheet.
In the third quarter of 2015, we adopted ASU 2015-15 which allows entities to present deferred financing costs for line-ofcredit arrangements as an asset.
We retroactively adjusted the deferred financing costs and Long-term debt liability presented in historical periods to align it to the current period presentation.
(2) Cash conversion cycle is defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable, based on a rolling three-month average.
Results of Operations Year Ended December 31, 2015 Compared to Year Ended December 31, 2014 Results of operations, in dollars and as a percentage of Net sales, for the years ended December 31, 2015 and 2014 are as follows:
## Table 2 ##
(1) Percentages may not total due to rounding.
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) prices for commitments to sell real estate loans to certain government-sponsored entities and other parties.
Interest rate swap agreements used for interest rate risk management The estimated fair value of interest rate swap agreements used for interest rate risk management represents the amount the Company would have expected to receive or pay to terminate such agreements.
Other commitments and contingencies As described in note 20, in the normal course of business, various commitments and contingent liabilities are outstanding, such as loan commitments, credit guarantees and letters of credit.
The Company’s pricing of such financial instruments is based largely on credit quality and relationship, probability of funding and other requirements.
Loan commitments often have fixed expiration dates and contain termination and other clauses which provide for relief from funding in the event of significant deterioration in the credit quality of the customer.
The rates and terms of the Company’s loan commitments, credit guarantees and letters of credit are competitive with other financial institutions operating in markets served by the Company.
The Company believes that the carrying amounts, which are included in other liabilities, are reasonable estimates of the fair value of these financial instruments.
The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company.
The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities.
Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise.
Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made.
Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.20.
Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding.
The following table presents the Company’s significant commitments.
Certain of these commitments are not included in the Company’s consolidated balance sheet.

<table><tr><td></td><td colspan="5">Years Ended December 31,</td></tr><tr><td>(in millions)</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Net income</td><td>$403.1</td><td>$244.9</td><td>$132.8</td><td>$119.0</td><td>$17.1</td></tr><tr><td>Depreciation and amortization</td><td>227.4</td><td>207.9</td><td>208.2</td><td>210.2</td><td>204.9</td></tr><tr><td>Income tax expense</td><td>243.9</td><td>142.8</td><td>62.7</td><td>67.1</td><td>11.2</td></tr><tr><td>Interest expense, net</td><td>159.5</td><td>197.3</td><td>250.1</td><td>307.4</td><td>324.2</td></tr><tr><td>EBITDA</td><td>1,033.9</td><td>792.9</td><td>653.8</td><td>703.7</td><td>557.4</td></tr><tr><td>Non-cash equity-based compensation</td><td>31.2</td><td>16.4</td><td>8.6</td><td>22.1</td><td>19.5</td></tr><tr><td>Net loss on extinguishment of long-term debt<sup>(a)</sup></td><td>24.3</td><td>90.7</td><td>64.0</td><td>17.2</td><td>118.9</td></tr><tr><td>Loss (income) from equity investments<sup>(b)</sup></td><td>10.1</td><td>-2.2</td><td>-0.6</td><td>-0.3</td><td>-0.1</td></tr><tr><td>Acquisition and integration expenses<sup>(c)</sup></td><td>10.2</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Gain on remeasurement of equity investment<sup>(d)</sup></td><td>-98.1</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other adjustments<sup>(e)</sup></td><td>6.9</td><td>9.2</td><td>82.7</td><td>23.9</td><td>21.6</td></tr><tr><td>Adjusted EBITDA<sup>(f)</sup></td><td>$1,018.5</td><td>$907.0</td><td>$808.5</td><td>$766.6</td><td>$717.3</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td>(dollars in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Net sales</td><td>$12,988.7</td><td>$12,074.5</td><td>$10,768.6</td></tr><tr><td>Gross profit</td><td>2,115.8</td><td>1,921.3</td><td>1,760.3</td></tr><tr><td>Income from operations</td><td>742.0</td><td>673.0</td><td>508.6</td></tr><tr><td>Net income</td><td>403.1</td><td>244.9</td><td>132.8</td></tr><tr><td>Non-GAAP net income</td><td>503.5</td><td>409.9</td><td>314.3</td></tr><tr><td>Adjusted EBITDA</td><td>1,018.5</td><td>907.0</td><td>808.5</td></tr><tr><td>Average daily sales</td><td>51.1</td><td>47.5</td><td>42.4</td></tr><tr><td>Net debt (defined as total debt minus cash and cash equivalents)<sup>(1)</sup></td><td>3,222.1</td><td>2,821.5</td><td>3,037.9</td></tr><tr><td>Cash conversion cycle (in days)<sup>(2)</sup></td><td>21</td><td>21</td><td>23</td></tr></table>
<table><tr><td></td><td colspan="4">Years Ended December 31,</td></tr><tr><td></td><td colspan="2">2015</td><td colspan="2">2014</td></tr><tr><td></td><td>Dollars inMillions</td><td>Percentage ofNet Sales<sup>-1</sup></td><td>Dollars inMillions</td><td>Percentage ofNet Sales</td></tr><tr><td>Net sales</td><td>$12,988.7</td><td>100.0%</td><td>$12,074.5</td><td>100.0%</td></tr><tr><td>Cost of sales</td><td>10,872.9</td><td>83.7</td><td>10,153.2</td><td>84.1</td></tr><tr><td>Gross profit</td><td>2,115.8</td><td>16.3</td><td>1,921.3</td><td>15.9</td></tr><tr><td>Selling and administrative expenses</td><td>1,226.0</td><td>9.4</td><td>1,110.3</td><td>9.2</td></tr><tr><td>Advertising expense</td><td>147.8</td><td>1.1</td><td>138.0</td><td>1.1</td></tr><tr><td>Income from operations</td><td>742.0</td><td>5.7</td><td>673.0</td><td>5.6</td></tr><tr><td>Interest expense, net</td><td>-159.5</td><td>-1.2</td><td>-197.3</td><td>-1.6</td></tr><tr><td>Net loss on extinguishments of long-term debt</td><td>-24.3</td><td>-0.2</td><td>-90.7</td><td>-0.8</td></tr><tr><td>Gain on remeasurement of equity investment</td><td>98.1</td><td>0.8</td><td>—</td><td>—</td></tr><tr><td>Other (expense) income, net</td><td>-9.3</td><td>-0.1</td><td>2.7</td><td>—</td></tr><tr><td>Income before income taxes</td><td>647.0</td><td>5.0</td><td>387.7</td><td>3.2</td></tr><tr><td>Income tax expense</td><td>-243.9</td><td>-1.9</td><td>-142.8</td><td>-1.2</td></tr><tr><td>Net income</td><td>$403.1</td><td>3.1%</td><td>$244.9</td><td>2.0%</td></tr></table>

Question: Does the value of Income from operations in 2014 greater than that in 2015?