Cincinnati Bell 2010 Annual Report Download - page 7
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Use of Non-GAAP Financial Measures
This report contains information about free cash flow
and adjusted earnings before interest, taxes, depreciation
and amortization (Adjusted EBITDA). These are
non-GAAP financial measures used by Cincinnati Bell
management when evaluating results of operations and
cash flow. Management believes these measures also
provide users of the financial statements with additional
and useful comparisons of current results of operations
and cash flows with past and future periods. Non-GAAP
financial measures should not be construed as being more
important than comparable GAAP measures. Detailed
reconciliations of free cash flow and Adjusted EBITDA
to comparable GAAP financial measures are available at
http://investor.cincinnatibell.com (see Fourth Quarter
2010 Earnings Release Tables).
1Adjusted EBITDA provides a useful measure of operational
performance. The Company defines Adjusted EBITDA as
GAAP operating income plus depreciation, amortization,
restructuring charges, asset impairments, and other special
items. Adjusted EBITDA should not be considered as an
alternative to comparable GAAP measures of profitability
and may not be comparable with the measure as defined by
other companies.
2Free cash flow provides a useful measure of operational
performance, liquidity and financial health. The Company
defines free cash flow as cash provided by (used in)
operating, financing and investing activities, adjusted for the
issuance and repayment of debt, debt issuance costs, the
repurchase of common stock, and the proceeds from the sale
or the use of funds from the purchase of business operations,
including transaction costs. Free cash flow should not be
considered as an alternative to net income (loss), operating
income (loss), cash flow from operating activities, or the
change in cash on the balance sheet and may not be
comparable with free cash flow as defined by other
companies. Although the Company feels that there is no
comparable GAAP measure for free cash flow, the financial
information available as described above reconciles free cash
flow to the net increase (decrease) in cash and cash
equivalents.
3Adjusted EBITDA margin provides a useful measure of
operational performance. The Company defines Adjusted
EBITDA margin as Adjusted EBITDA divided by revenue.
Adjusted EBITDA margin should not be considered as an
alternative to comparable GAAP measures of profitability
and may not be comparable with the measure as defined by
other companies.
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