The company also announced second quarter ad sales and full year adjusted net debt guidance as well as affirming its existing full year financial guidance for net revenue, adjusted EBITDA and free cash flow.
(dollars in millions)
|Year over year change in net ad sales||(13%) – (14%)|
|Net revenue||$1,225 to $1,300|
|Adjusted EBITDA (1)||$500 to $575|
|Free cash flow (1)||$300 to $375|
The outlook for 2012 operating income (midpoint) and cash flow from operations (midpoint) are $120 million and $360 million, respectively.Important information regarding operating results and related reconciliations of non-GAAP financial measures to the most comparable GAAP measures can be found in the schedules and related footnotes to this press release, which should be thoroughly reviewed. All figures are preliminary and subject to change pending the filing of our Quarterly Report on Form 10-Q. Advertising sales is a non-GAAP statistical measure and consist of sales of advertising in print directories distributed during the period and Internet-based products and services with respect to which such advertising first appeared publicly during the period.