R.R.donnelley Non-GAAP_SafeHarbor02/25/09
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R.R.donnelley Non-GAAP_SafeHarbor02/25/09

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    R.R.donnelley Non-GAAP_SafeHarbor02/25/09 R.R.donnelley Non-GAAP_SafeHarbor02/25/09 Presentation Transcript

    • Non-GAAP Financial Information The company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the company’s operating performance. Internally, the company uses this non-GAAP information as an indicator of business performance, and evaluates It ll th thi GAAP i f ti i di t fb i f d lt management’s effectiveness with specific reference to it. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. 1
    • Non-GAAP Financial Measures RR Donnelley occasionally uses numerical measures in investor presentations, earnings conference calls and other forums which are or may be considered Non-GAAP Financial Measures. We have provided below for your reference supplemental financial disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation. Adjusted EBITDA Adjusted EBITDA is not considered a measure of financial performance under U.S. generally accepted accounting principles (quot;GAAPquot;), and the items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance. Adjusted EBITDA should not be considered as an alternative to net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in our consolidated financial statements as an indicator of financial performance or liquidity. Adj t d EBITDA does not reflect cash available to fund cash requirements. Management believes Adj t d f li idit Adjusted d t fl t h il bl t f d h i tM t b li Adjusted EBITDA to be a meaningful indicator of our performance that provides useful information to investors regarding our financial condition and results of operations. Adjusted EBITDA is a non-GAAP financial measure commonly used by financial analysts and others who follow the industry to measure operating performance. Not all companies calculate Adjusted EBITDA in the same manner and the measure as presented may not be comparable to similarly titled measures presented by other companies We define Adjusted EBITDA as: Income (loss) from continuing operations before companies. restructuring and impairments – net, integration charges and depreciation and amortization. The calculation of adjusted EBITDA is as follows: Three Months Ended Twelve Months Ended December 31, Dec 31, In $ millions 2008 2008 2007 2006 2005 2004 2003 Income (loss) from continuing operations ($892.9) ($40.5) $315.1 $750.7 $450.4 $459.2 $292.7 Adjustments Restructuring and impairments - net 1,138.3 1,184.7 839.0 206.1 419.8 107.4 12.5 Integration charges - - - - 8.3 80.8 - Depreciation and amortization 154.0 640.6 598.3 463.3 425.0 385.5 270.3 Total Adjustments 1,292.3 1,825.3 1,437.3 669.4 853.1 573.7 282.8 Adjusted EBITDA $399.4 $1,784.8 $1,752.4 $1,420.1 $1,303.5 $1,032.9 $575.5 2
    • Non-GAAP Financial Measures RR Donnelley occasionally uses numerical measures in investor presentations, earnings conference calls and other forums which are or may be considered Non-GAAP Financial Measures. We have provided below for your reference supplemental financial disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation. ili ti Net Debt Net Debt is consolidated debt, including current maturities, less cash and cash equivalents. This non-GAAP measure should be used in addition to, but not as a substitute for, financial measures calculated and reported in accordance with GAAP. As of Dec 31, As of December 31, In $ millions 2008 2007 2006 2005 Short-term and current portion of long-term debt $923.5 $725.0 $23.5 $269.1 Long-term debt 3,203.3 3,601.9 2,358.6 2,365.4 Total Debt 4,126.8 4,326.9 2,382.1 2,634.5 Less cash and equivalents* 331.9 442.9 211.4 366.7 Net Debt $3,794.9 $3,884.0 $2,170.7 $2,267.8 *Includes restricted cash of $7.9 million and $63.9 million at 12/31/2008 and 12/31/2007, respectively. 3