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Pool Corporation Reports Record 2012 Results And Provides 2013 Earnings Guidance

The table below presents a reconciliation of net income to Adjusted EBITDA. 

(Unaudited) Year Ended December 31,
(in thousands) 2012 2011
Net income $81,972 $71,993
Interest expense (1) 6,580 7,372
Provision for income taxes 56,744 45,319
Share-based compensation 8,465 8,233
Goodwill impairment 6,946 1,550
Equity earnings in unconsolidated investments (316) (209)
Depreciation 11,592 9,746
Amortization (2) 896 1,234
Adjusted EBITDA $172,879 $145,238
(1) Shown net of interest income and includes amortization of deferred financing costs as discussed below. 
(2) Excludes amortization of deferred financing costs of $388 for 2012 and $325 for 2011. This non-cash expense is included in Interest expense, net on the Consolidated Statements of Income. 

The table below presents a reconciliation of Adjusted EBITDA to net cash provided by operating activities. Please see page 5 for our Condensed Consolidated Statements of Cash Flows.
(Unaudited) Year Ended December 31,
(in thousands) 2012 2011
Adjusted EBITDA $172,879 $145,238
Interest expense, net of interest income (6,192) (7,047)
Provision for income taxes (56,744) (45,319)
(Gains) losses on foreign currency transactions (111) 592
Excess tax benefits from share-based compensation (4,487) (3,118)
Other 3,375 1,850
Change in operating assets and liabilities 10,358 (17,093)
Net cash provided by operating activities $119,078 $75,103
CONTACT: Craig K. Hubbard

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