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SuperMedia Announces Fourth Quarter And Full Year 2011 Results

SuperMedia (NASDAQ:SPMD) today announced its financial results for the fourth quarter and full year 2011.

“We believe we made good progress during 2011, as expense reduction initiatives drove adjusted EBITDA results of $602 million, reflecting improved EBITDA margin. Utilization of related cash flows and efforts to efficiently deleverage also allowed us to reduce our debt,” said president and CEO Peter McDonald. “Initiatives in these areas continue into 2012.

“In addition, we recognize the small and medium businesses in our markets need a trusted marketing advisor to navigate the confusing proliferation of local media choices across search, mobile, social and traditional media. We are very focused on being that trusted marketing partner as we continue to work to improve our revenue trends with our new sales approach.”

Fourth Quarter and Full Year Results Summary

 
    Quarter Ended

December 31,

    Year Ended

December 31,

 
Percentage Percentage
2011   2010 Inc/(Dec) 2011   2010 Inc/(Dec)
 
Revenue – GAAP $ 384 $ 426 -9.9% $ 1,642 $ 1,176 39.6%
Adjusted Revenue - non-GAAP* $ 384 $ 468 -17.9% $ 1,642 $ 2,002 -18.0%
 
EBITDA - non-GAAP $ 133 $ 126 5.6% -$424 $ 90 nm
Adjusted EBITDA - non-GAAP* $ 139 $ 151 -7.9% $ 602 $ 651 -7.5%
 
EBITDA margin - non-GAAP 34.6 % 29.6 % +500bps -25.8 % 7.7 % -340bps
Adjusted EBITDA - non-GAAP* 36.2 % 32.3 % +390bps 36.7 % 32.5 % +420bps
 
Ad Sales -16.1 % -15.3 % -80bps -16.8 % -16.9 % 10bps
 
Free Cash Flow¹ - non-GAAP $ 225 $ 464
 
Total Debt at December 31 $ 1,745 $ 2,171
 
*2010 includes pro forma adjustments
 
SuperMedia reports financial results in accordance with United States generally accepted accounting principles (“GAAP”) and on a non-GAAP basis, referred to as “adjusted and adjusted pro forma”. Our non-GAAP basis measures are described and reconciled to the corresponding GAAP measures in the accompanying financial schedules. These results were adjusted for certain unique costs including an impairment charge, reorganization items, severance costs, restructuring costs and certain other non-recurring costs and the impact of fresh start accounting in 2010.
 

EBITDA is determined by adjusting net income for interest, taxes, gain on early extinguishment of debt, reorganization items, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by total operating revenue. Management believes that EBITDA and EBITDA margin are useful to investors and other users of our financial information in evaluating our operating performance. EBITDA and EBITDA margin are used internally to evaluate current operating expense efficiency and operating profitability by excluding interest, taxes, gain on early extinguishment of debt, reorganization, depreciation and amortization items. In addition, EBITDA is used internally for incentive compensation purposes.

 

¹Free cash flow is cash provided by operating activities less capital expenditures (including capitalized software).

 
 

Fourth quarter (Q4) 2011 GAAP operating revenue was $384 million compared to $426 million in Q4 2010. Q4 2011 non-GAAP operating revenue of $384 million declined 17.9 percent compared to Q4 2010 non-GAAP adjusted pro forma operating revenue of $468 million (adjusted pro forma explanation see note below: “Basis of Presentation and Non-GAAP Financial Measures”).

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