SuperMedia reduced its total debt obligation by $426 million in 2011. As of December 31, 2011, the total debt balance was $1,745 million, a reduction of over $1 billion in the last two years.
Earnings Call and Webcast Information
Individuals within the United States can access the earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 47153760. In order to ensure a prompt start time, please dial into the call by 9:50am (Eastern) this morning. A replay of the teleconference will be available at 800/585-8367. International callers can access the replay by calling 404/537-3406. The replay pass code is: 47153760. The replay will be available through March 10, 2012. In addition, a live Web cast will be available on SuperMedia’s Web site in the Investor Relations section at www.supermedia.com.
Basis of Presentation and Non-GAAP Financial MeasuresUpon emergence from bankruptcy on December 31, 2009, SuperMedia adopted fresh start accounting in accordance with GAAP. Accordingly, SuperMedia’s 2010 financial results were significantly affected. On December 31, 2009, the balances in deferred revenue and deferred directory costs were adjusted to their fair value of zero, which had a significant non-cash impact on 2010 consolidated statement of operations. Included in the 2011 and 2010 financial statements are adjustments made in order to provide investors with financial results more closely aligned to SuperMedia’s internal measurement. Pro forma adjustments are transactions related to the fresh start accounting included in the 2010 financial statements. Adjustments and pro forma adjustments are utilized to assist in the comparability of the periods presented. For the readers’ convenience, the financial information accompanying this release provides a reconciliation of GAAP to non-GAAP and adjusted pro forma non-GAAP results. SuperMedia believes that the use of non-GAAP financial measures provides useful information to investors to gain an overall understanding of its current financial performance. Specifically, SuperMedia believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses, gains and losses that SuperMedia believes are not indicative of its core operating results. In addition, non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring SuperMedia’s performance and SuperMedia believes that it is providing investors with financial measures that most closely align to its internal measurement processes.