DST defines EBITDA as earnings from operations before interest expense , income taxes , depreciation and amortization . � � DST defines EBITDA Margin as EBITDA divided by operating revenues . � � These supplemental non-GAAP liquidity measures are provided in addition to , but not as a substitute for , cash flow from operations . � � As a measure of liquidity , the Company believes EBITDA is useful as an indicator of its ability to generate cash flow . � � EBITDA , as calculated by the Company , may not be consistent with computation of EBITDA by other companies . � � Historically the Company has analyzed Output Solutions income from operations and operating margin . � � The Company believes a useful measure of Output Solutions ' contribution to DST 's results is to focus on cash flow . � � DST management believes EBITDA is an appropriate measure of cash flow for Output Solutions and will be a primary measurement the Company intends to review going forward . � � A reconciliation of Output Solutions Segment income from operations to EBITDA is included in a schedule that accompanies this earnings release .