Windstream 2009 Annual Report Download - page 194

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Windstream Corporation
Unaudited Pro Forma Results From Current Businesses
Reconciliations of Non-GAAP Financial Measures, continued
Revenues and Sales from Current Businesses
for the twelve months ended December 31:
(Dollars in millions) 2009 2008
Revenues and sales under GAAP $2,996.6 $3,171.5
Pro forma adjustments:
D&E revenues and sales prior to acquisition 123.3 149.5
Lexcom revenues and sales prior to acquisition 39.9 44.4
Out of territory product distribution revenue and sales (38.5) (76.2)
Pro forma revenues and sales from current businesses $3,121.3 $3,289.2 $(167.9) -5%
Free Cash Flow
for the twelve months ended December 31:
(Dollars in millions) 2009 2008
Net cash provided from operations $1,120.8 $1,080.4
Additions to property, plant and equipment (298.1) (317.5)
Free cash flow (A) $ 822.7 $ 762.9 $ 59.8 8%
Weighted average shares outstanding 432.9 440.7
Free cash flow per share $ 1.90 $ 1.73
Dividends paid on common shares (B) $ 437.4 $ 445.2
Dividend payout ratio (B)/(A) 53% 58%
Common stock repurchased $ 121.3
Free cash flow returned to shareholders (C) $ 558.7
Percentage of free cash flow returned to shareholders (C)/(A) 68%
Pro Forma Financial Results Including Pending Acquisitions
for the twelve months ended December 31, 2009
(Dollars in millions)
Pro forma
Windstream NuVox Iowa
Pro forma
Combined
Revenue $3,121.3 $564.8 $ 272.0 $3,958.1
Operating income 1,015.7 14.5 42.0 1,072.2
Depreciation and amortization 575.6 99.1 83.8 758.5
OIBDA 1,591.3 113.6 125.8 1,830.7
Pension expense 91.9 — 0.6 92.5
Restructuring charges 9.1 — — 9.1
Restricted stock expense 18.4 2.3 4.8 25.5
Adjusted OIBDA $1,710.7 $115.9 $ 131.2 $1,957.8
2