Dish Network 2013 Annual Report Download - page 68

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58
58
(1) For the quarters ended March 31, June 30 and September 30, 2013, Pay-TV ARPU has been adjusted by
$0.10, $0.09 and $0.07, respectively, to exclude discontinued operations. For the quarters ended March 31,
June 30, September 30, and December 31, 2012, Pay-TV ARPU has been adjusted by $0.12, $0.13, $0.13
and $0.12, respectively, to exclude discontinued operations.
(2) Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted
EBITDA is defined as “Net income (loss) attributable to DISH Network” less “Income (loss) from
discontinued operations, net of tax” plus “Interest expense, net of amounts capitalized” net of “Interest
income,” “Income tax (provision) benefit, net” and “Depreciation and amortization.”
Adjusted EBITDA is not a measure determined in accordance with accounting principles generally
accepted in the United States (“GAAP”) and should not be considered a substitute for operating income, net
income or any other measure determined in accordance with GAAP. Adjusted EBITDA is used as a
measurement of operating efficiency and overall financial performance and we believe it to be a helpful
measure for those evaluating companies in the pay-TV industry. Conceptually, Adjusted EBITDA
measures the amount of income from continuing operations generated each period that could be used to
service debt, pay taxes and fund capital expenditures. Adjusted EBITDA should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with GAAP.
The following tables reconcile quarterly Adjusted EBITDA with the most directly comparable financial measure
calculated and presented in accordance with GAAP.
March 31 June 30 September 30 December 31
2013 Quarterl
y
Non-GAAP Reconciliations (Unaudited)
Ad
j
usted EBITDA
Adjusted EBITDA................................................................................................. 698,108$ 430,574$ 787,844$ 888,281$
Interest expense, net............................................................................................. (124,363) (170,987) (149,427) (151,343)
Income tax (provision) benefit, net...................................................................... (126,419) 40,358 (38,140) (175,625)
Depreciation and amortization............................................................................. (230,170) (304,642) (253,036) (266,178)
Income (loss) from continuing operations attributable to DISH Network............... 217,156 (4,697) 347,241 295,135
Plus: Income (loss) from discontinued operations, net of tax............................... (1,558) (6,354) (32,334) (7,097)
Net income (loss) attributable to DISH Network................................................ 215,598$ (11,051)$ 314,907$ 288,038$
2012 Quarterl
y
Non-GAAP Reconciliations (Unaudited)
Ad
j
usted EBITDA
Adjusted EBITDA................................................................................................. 871,371$ 769,001$ 45,310$ 721,804$
Interest expense, net............................................................................................. (130,974) (88,681) (110,036) (107,454)
Income tax (provision) benefit, net...................................................................... (185,440) (148,969) 146,120 (143,702)
Depreciation and amortization............................................................................. (202,606) (294,350) (230,956) (236,572)
Income (loss) from continuing operations attributable to DISH Network............... 352,351 237,001 (149,562) 234,076
Plus: Income (loss) from discontinued operations, net of tax............................... 7,959 (11,269) (8,899) (24,970)
Net income (loss) attributable to DISH Network................................................ 360,310$ 225,732$ (158,461)$ 209,106$
For the Three Months Ended
(In thousands)