Restructuring, impairment and transaction-related charges are included in Operating Income/(Loss) above.

 
 

QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin
For the Three Months Ended September 30, 2012 and 2011
(in millions)
(UNAUDITED)
   
Three Months Ended September 30,
2012     2011
Net earnings (loss) attributable to Quad/Graphics common shareholders $ 39.8 $ (22.4 )
 
Interest expense 21.7 25.4
Income tax expense (benefit) (1.9 ) 2.8
Depreciation and amortization 83.3   85.1  
 
EBITDA (Non-GAAP) $ 142.9 $ 90.9
EBITDA Margin (Non-GAAP) 13.7 % 8.2 %
 
Restructuring, impairment and transaction-related charges (1) 11.9 31.8
Loss on debt extinguishment 34.0
Loss from discontinued operations, net of tax   16.8  
 
Adjusted EBITDA from continuing operations (Non-GAAP) $ 154.8   $ 173.5  
Adjusted EBITDA Margin from continuing operations (Non-GAAP) 14.9 % 15.6 %
 
Adjusted EBITDA from discontinued operations (Non-GAAP) (2) $   $ 0.1  
Adjusted EBITDA Margin from discontinued operations (Non-GAAP) (2)   0.1 %
 
Adjusted EBITDA - consolidated (Non-GAAP) $ 154.8   $ 173.6  
Adjusted EBITDA Margin - consolidated (Non-GAAP) 14.9 % 14.6 %

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