ADT 2015 Annual Report Download - page 65
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GAAP TO NON-GAAP RECONCILIATIONS
THE ADT CORPORATION
GAAP to Non-GAAP Reconciliations
(Unaudited)
EBITDA and Pre-SAC EBITDA Before Special Items
For the
Twelve
Months Ended
For the
Twelve
Months Ended
For the
Twelve
Months Ended
($ in millions) September 25,
2015 September 26,
2014 September 27,
2013
Net Income (GAAP) $ 296 $ 304 $ 421
Interest expense, net 205 192 117
Income tax expense 141 128 221
Depreciation and intangible asset amortization 1,124 1,040 942
Amortization of deferred subscriber acquisition costs 141 131 123
Amortization of deferred subscriber acquisition revenue (163) (151) (135)
EBITDA $ 1,744 $ 1,644 $ 1,689
Restructuring and other, net 6 17 (1)
Acquisition and integration costs 4 7 2
Radio conversion costs 55 44 0
Separation costs 01723
Separation related other expense (income) (1) (1) 38 (23)
EBITDA before special items $ 1,808 $ 1,767 $ 1,690
EBITDA Margin before special items 50.6% 51.8% 51.1%
Foreign exchange impact (2) 15
Other adjustments (3) 25
EBITDA before specials, at constant currency, excluding other
adjustments $ 1,848
EBITDA before special items $ 1,808
Subscriber acquisition cost expenses, net of related revenue 434
Pre-SAC EBITDA before special items $ 2,242
(1) Relates to the 2012 Tax Sharing Agreement between Tyco, ADT and Pentair.
(2) Constant currency results above are calculated by translating current period amounts in local currency using a budgeted currency conversion rate.
(3) Adjustments related to items which were not contemplated in the annual incentive plan target setting process.
The ADT Corporation 2016 Proxy Statement 55
PROXY STATEMENT