Windstream 2012 Annual Report Download - page 193

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WINDSTREAM CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED RESULTS (NON-GAAP) (A)
SUPPLEMENTAL INFORMATION
for the years 2012 and 2011
(In millions)
Reconciliation of Revenues under GAAP to Pro forma Revenues:
Revenues and sales under GAAP 6,156.3$ 4,281.2$
Pro forma adjustments:
PAETEC revenues and sales prior to acquisition - 1,962.5
Elimination of Windstream revenues from PAETEC prior to acquisition - (4.6)
Pro forma revenues and sales 6,156.3$ 6,239.1$
Reconciliation of Operating Income under GAAP to Pro forma adjusted OIBDA:
Operating income from continuing operations under GAAP 887.5$ 963.5$
Pro forma adjustments:
PAETEC pre-acquisition operating income, excluding M&I costs - 100.2
PAETEC intangible asset amortization adjustment - (60.4)
M&I costs 65.4 69.8
Pro forma operating income 952.9 1,073.1
Depreciation and amortization expense 1,297.6 847.5
PAETEC pre-acquisition depreciation and amortization expense - 301.7
Pro forma OIBDA (B) 2,250.5 2,222.3
Other adjustments:
Pension expense 67.4 166.3
Restructuring charges 27.4 1.3
Share-based compensation 43.2 24.1
PAETEC share-based compensation prior to acquisition - 15.8
Pro forma adjusted OIBDA (C) 2,388.5$ 2,429.8$
(A)
(B) OIBDA is operating income before depreciation and amortization.
(C)
2012
2011
Pro forma results adjusts results of operations under GAAP to include the acquisition of PAETEC, and to exclude all
merger and integration costs related to strategic transactions. PAETEC results include results from companies acquired
by PAETEC for periods prior to those acquisitions and excludes the results of operations of the energy business acquired
as part of PAETEC.
Pro forma adjusted OIBDA adjusts pro forma OIBDA for the impact of restructuring charges, pension expense and share-
based compensation.