Full year 2011 GAAP operating revenue was $1,642 million compared to $1,176 million GAAP operating revenue for full year 2010. Full year non GAAP operating revenue of $1,642 million declined 18.0 percent compared to 2010 non-GAAP adjusted pro forma operating revenue of $2,002 million.

Q4 2011 EBITDA, a non-GAAP measure, was $133 million compared to Q4 2010 EBITDA of $126 million. Q4 2011 EBITDA margin was 34.6 percent compared to Q4 2010 EBITDA margin of 29.6 percent. Q4 2011 adjusted EBITDA was $139 million compared to Q4 2010 adjusted pro forma EBITDA of $151 million, a decline of 7.9 percent. Q4 2011 adjusted EBITDA margin was 36.2 percent, a 390 basis point improvement, compared to Q4 2010 adjusted pro forma EBITDA margin of 32.3 percent.

Full year 2011 EBITDA, a non-GAAP measure, was a loss of $424 million, primarily due to the impairment charge of $1,003 million in the third quarter. Full year 2010 EBITDA was $90 million. Full year 2011 EBITDA margin was negative 25.8 percent compared to full year 2010 EBITDA margin of 7.7 percent. Full year 2011 adjusted EBITDA was $602 million compared to 2010 adjusted pro forma EBITDA of $651 million, a decline of 7.5 percent. Full year 2011 adjusted EBITDA margin was 36.7 percent, a 420 basis point improvement, compared to 2010 adjusted pro forma EBITDA margin of 32.5 percent.

Q4 2011 advertising sales, a non-GAAP measure, declined 16.1 percent, compared to a decline of 15.3 percent reported for the same period in 2010. Full year 2011 advertising sales declined 16.8 1 percent, compared to a decline of 16.9 percent for the same period in 2010.

Full year 2011 free cash flow, a non-GAAP measure, was $225 million, representing cash provided by operating activities of $244 million, less capital expenditures (including capitalized software) of $19 million. Full year 2010 free cash flow was $464 million, representing cash provided by operating activities of $509 million, less capital expenditures (including capitalized software) of $45 million. Free cash flow in 2011 includes a tax payment of $72 million related to 2010 tax obligations and 2010 free cash flow includes a federal income tax refund of $94 million. Cash on hand as of December 31, 2011 was $90 million.

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