Business Context and Reporting Period
This Form 8-K is a current report filed by Dex Media, Inc. on November 5, 2013. The filing announces the company's financial results for the third quarter ended September 30, 2013. The report incorporates a press release (Exhibit 99.1) by reference.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it defines the non-GAAP financial measures used in the accompanying press release to evaluate performance:
- Pro Forma Operating Revenue: Includes historical revenue from the acquired SuperMedia Inc., which is excluded from GAAP results due to acquisition accounting.
- EBITDA: Earnings before interest, taxes, gains on early extinguishment of debt, reorganization items, depreciation, and amortization.
- Adjusted Pro Forma EBITDA: EBITDA adjusted for unique items such as severance, merger transaction costs, integration costs, and post-employment benefits amortization.
- Free Cash Flow: Cash from operations minus additions to fixed assets and capitalized software.
- Adjusted Pro Forma Cash Provided by Operations: Includes historical cash from SuperMedia and excludes merger transaction costs.
Material Changes
The filing does not contain specific data comparing the current period to the prior comparable period. It notes that the company utilizes non-GAAP measures to better illustrate trends and operating results, particularly regarding the integration of SuperMedia Inc. and the impact of non-recurring items.
Guidance, Outlook, and Management Commentary
Management states that non-GAAP measures are provided to assist readers in understanding operational trends and are considered more indicative of future operating results than GAAP results due to the non-operational or non-recurring nature of adjusted items. These measures are used internally for strategic business planning, capital allocation, and incentive compensation. The filing explicitly states that this information should be considered in addition to, not instead of, GAAP financial statements.
Investor Verification Checklist
- Review the full text of the press release (Exhibit 99.1) for specific numerical results, as they are not included in this 8-K summary text.
- Verify the reconciliation between GAAP and non-GAAP measures to understand the magnitude of adjustments related to the SuperMedia acquisition.
- Confirm the specific impact of merger transaction costs and severance on the reported EBITDA.
- Check the company's official website or investor relations portal for the detailed financial schedules referenced in the press release.