[January 30, 2013] |
|
West Corporation Reports Fourth Quarter and Full Year 2012 Results and Provides 2013 Guidance
OMAHA, Neb. --(Business Wire)--
West Corporation, a leading provider of technology-driven communication
services, today announced its fourth quarter and full year 2012 results.
|
Financial Summary (unaudited)
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
Percent
|
|
|
2012
|
|
|
2011
|
|
|
Percent
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
Change
|
Revenue
|
|
|
$680.2
|
|
|
$624.9
|
|
|
8.8%
|
|
|
$2,638.0
|
|
|
$2,491.3
|
|
|
5.9%
|
EBITDA1
|
|
|
$182.0
|
|
|
$143.5
|
|
|
26.8%
|
|
|
$663.1
|
|
|
$648.8
|
|
|
2.3%
|
EBITDA Margin
|
|
|
26.8%
|
|
|
23.0%
|
|
|
|
|
|
25.1%
|
|
|
26.0%
|
|
|
|
Adjusted EBITDA1
|
|
|
$187.1
|
|
|
$168.2
|
|
|
11.3%
|
|
|
$713.1
|
|
|
$681.4
|
|
|
4.7%
|
Adjusted EBITDA Margin
|
|
|
27.5%
|
|
|
26.9%
|
|
|
|
|
|
27.0%
|
|
|
27.3%
|
|
|
|
Cash Flows from Operations
|
|
|
$75.0
|
|
|
$57.6
|
|
|
30.2%
|
|
|
$318.9
|
|
|
$348.2
|
|
|
-8.4%
|
Cash Flows used in Investing
|
|
|
($36.3)
|
|
|
($37.5)
|
|
|
NM
|
|
|
($201.6)
|
|
|
($329.4)
|
|
|
NM
|
Cash Flows from (used in) Financing
|
|
|
($9.3)
|
|
|
$0.2
|
|
|
NM
|
|
|
($33.1)
|
|
|
($23.2)
|
|
|
NM
|
Net Income
|
|
|
$32.7
|
|
|
$21.2
|
|
|
54.4%
|
|
|
$125.5
|
|
|
$127.5
|
|
|
-1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 See Reconciliation of Financial Measures below.
Consolidated Operating Results For the fourth quarter of
2012, revenue was $680.2 million compared to $624.9 million for the same
quarter of the previous year, an increase of 8.8 percent. Revenue from
an acquired entity2 was $22.1 million during the fourth
quarter of 2012. The Unified Communications segment had revenue of
$363.1 million in the fourth quarter of 2012, an increase of 8.8 percent
over the same quarter of the previous year. The Communication Services
segment had revenue of $320.5 million in the fourth quarter of 2012, 9.2
percent higher than the fourth quarter of 2011. The Company's
platform-based businesses3 had revenue of $479.9 million in
the fourth quarter of 2012, an increase of 11.3 percent over the same
quarter of the previous year.
For the year ended December 31, 2012, revenue was $2,638.0 million
compared to $2,491.3 million for 2011, an increase of 5.9 percent.
Revenue from platform-based businesses increased 7.2 percent in 2012 to
$1,886.5 million while revenue from agent-based services increased 2.8
percent in 2012 to $762.1 million.
EBITDA for the fourth quarter of 2012 was $182.0 million, or 26.8
percent of revenue, compared to $143.5 million, or 23.0 percent of
revenue, for the fourth quarter of 2011. For the year ended December 31,
2012, EBITDA was $663.1 million, or 25.1 percent of revenue, compared to
$648.8 million, or 26.0 percent of revenue in 2011.
Adjusted EBITDA for the fourth quarter of 2012 was $187.1 million, or
27.5 percent of revenue, compared to $168.2 million, or 26.9 percent of
revenue, for the fourth quarter of 2011. For the year ended December 31,
2012, Adjusted EBITDA was $713.1 million, or 27.0 percent of revenue,
compared to $681.4 million, or 27.3 percent of revenue in 2011. A
reconciliation of EBITDA and Adjusted EBITDA to cash flow from operating
activities is presented below.
Cash flows from operations were $75.0 million for the fourth quarter of
2012 compared to $57.6 million in the same quarter last year. For the
year 2012, cash flows from operations were $318.9 million, $29.3 million
lower than 2011, primarily due to higher cash taxes of $53.5 million in
2012.
2 Revenue from an acquired entity includes the acquisition of
HyperCube in the Communication Services segment. 3
Platform-based businesses include the Unified Communications segment,
Intrado, West Interactive and HyperCube.
Balance Sheet and Liquidity At December 31, 2012, West
Corporation had cash and cash equivalents totaling $179.1 million and
working capital of $303.4 million. Interest expense was $77.1 million
during the three months ended December 31, 2012 compared to $65.9
million during the comparable period last year. The Company's pro forma
Adjusted EBITDA to net debt ratio was 5.34x at December 31, 2012.
During the fourth quarter of 2012, the Company invested $44.3 million in
capital expenditures primarily for software and computer equipment. For
the full year 2012, the Company invested $128.4 million, or 4.9 percent
of revenue, in capital expenditures.
2013 Guidance For 2013, the Company expects the results
presented below. This guidance assumes no acquisitions or changes in the
current operating environment, capital structure, exchange rates and
reduced unrealized synergies. The two most significant exchange rates
used for 2013 guidance are the British Pound Sterling at 1.59 and the
Euro at 1.27.
Year-over-year Adjusted EBITDA comparisons are impacted by unrealized
synergies related to the Company's HyperCube acquisition. The Company
had approximately $9.3 million of unrealized synergies included in the
2012 Adjusted EBITDA. In the 2013 guidance, the anticipated unrealized
synergies are approximately $4 million.
|
|
|
|
|
|
|
|
|
|
2012 Actual
|
|
|
2013 Guidance
|
Revenue ($B)
|
|
|
$2.638
|
|
|
$2.715 - $2.770
|
EBITDA ($M)
|
|
|
$663.1
|
|
|
$685 - $715
|
Adjusted EBITDA ($M)
|
|
|
$713.1
|
|
|
$710 - $740
|
Cash Flows from Operations ($M)
|
|
|
$318.9
|
|
|
$320 - $350
|
Capital Expenditures ($M)
|
|
|
$128.4
|
|
|
$130 - $140
|
|
|
|
|
|
|
|
The Company estimates that platform-based services will represent
approximately 74 percent of 2013 revenue. Assuming the Company's results
are within the guidance stated above and no additional acquisitions or
refinancing transactions are made in 2013, the Company expects its
Adjusted EBITDA to net debt ratio to decrease from 5.34x at the end of
2012 to between 4.8x and 5.1x at the end of 2013.
Conference Call The Company will hold a conference call to
discuss these topics on Thursday, January 31, 2013 at 11:00 AM Eastern
Time (10:00 AM Central Time). Investors may access the call by visiting
the Financials section of the West Corporation website at www.west.com
and clicking on the Webcast link. A replay of the call will be available
on the Company's website at www.west.com.
About West Corporation West Corporation is a leading
provider of technology-driven communication services. West offers its
clients a broad range of communications and network infrastructure
solutions that help them manage or support critical communications.
West's customer contact solutions and conferencing services are designed
to improve its clients' cost structure and provide reliable,
high-quality services. West also provides mission-critical services,
such as public safety and emergency communications.
Founded in 1986 and headquartered in Omaha, Nebraska, West serves
Fortune 1000 companies and other clients in a variety of industries,
including telecommunications, retail, financial services, public safety,
technology and healthcare. West has sales and operations in the United
States, Canada, Europe, the Middle East, Asia Pacific and Latin America.
For more information on West Corporation, please call 1-800-841-9000 or
visit www.west.com.
Forward-Looking Statements This press release contains
forward-looking statements. Forward-looking statements can be identified
by the use of words such as "may," "should," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "intends,"
"continue" or similar terminology. These statements reflect only West's
current expectations and are not guarantees of future performance or
results. These statements are subject to risks and uncertainties that
could cause actual results to differ materially from those contained in
the forward-looking statements. These risks and uncertainties include,
but are not limited to, competition in West's highly competitive
industries; increases in the cost of voice and data services or
significant interruptions in these services; West's ability to keep pace
with its clients' needs for rapid technological change and systems
availability; the continued deployment and adoption of emerging
technologies; the loss, financial difficulties or bankruptcy of any key
clients; the effects of global economic trends on the businesses of
West's clients; the non-exclusive nature of West's client contracts and
the absence of revenue commitments; security and privacy breaches of the
systems West uses to protect personal data; the cost of pending and
future litigation; the cost of defending West against intellectual
property infringement claims; extensive regulation affecting many of
West's businesses; West's ability to protect its proprietary information
or technology; service interruptions to West's data and operation
centers; West's ability to retain key personnel and attract a sufficient
number of qualified employees; increases in labor costs and turnover
rates; the political, economic and other conditions in the countries
where West operates; changes in foreign exchange rates; West's ability
to complete future acquisitions and integrate or achieve the objectives
of its recent and future acquisitions; future impairments of our
substantial goodwill, intangible assets, or other long-lived assets; and
West's ability to recover consumer receivables on behalf of its clients.
In addition, West is subject to risks related to its level of
indebtedness. Such risks include West's ability to generate sufficient
cash to service its indebtedness and fund its other liquidity needs;
West's ability to comply with covenants contained in its debt
instruments; the ability to obtain additional financing; the incurrence
of significant additional indebtedness by West and its subsidiaries; and
the ability of West's lenders to fulfill their lending commitments. West
is also subject to other risk factors described in documents filed by
the company with the United States Securities and Exchange Commission.
These forward-looking statements speak only as of the date on which the
statements were made. West undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent required
by applicable law.
|
|
WEST CORPORATION
|
CONDENSED STATEMENTS OF OPERATIONS
|
(Unaudited, in thousands except selected operating data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
% Change
|
|
|
2012
|
|
|
2011
|
|
|
% Change
|
Revenue
|
|
|
$
|
680,171
|
|
|
|
$
|
624,884
|
|
|
|
8.8
|
%
|
|
|
$
|
2,638,024
|
|
|
|
$
|
2,491,325
|
|
|
|
5.9
|
%
|
Cost of services
|
|
|
|
317,772
|
|
|
|
|
281,060
|
|
|
|
13.1
|
%
|
|
|
|
1,224,459
|
|
|
|
|
1,113,289
|
|
|
|
10.0
|
%
|
Selling, general and administrative expenses
|
|
|
|
237,257
|
|
|
|
|
249,201
|
|
|
|
-4.8
|
%
|
|
|
|
935,390
|
|
|
|
|
909,908
|
|
|
|
2.8
|
%
|
Operating income
|
|
|
|
125,142
|
|
|
|
|
94,623
|
|
|
|
32.3
|
%
|
|
|
|
478,175
|
|
|
|
|
468,128
|
|
|
|
2.1
|
%
|
Interest expense, net
|
|
|
|
76,995
|
|
|
|
|
65,931
|
|
|
|
16.8
|
%
|
|
|
|
271,543
|
|
|
|
|
269,416
|
|
|
|
0.8
|
%
|
Other expense (income), net
|
|
|
|
(9,730
|
)
|
|
|
|
(4,317
|
)
|
|
|
125.4
|
%
|
|
|
|
(977
|
)
|
|
|
|
(5,815
|
)
|
|
|
NM
|
|
Income before tax
|
|
|
|
57,877
|
|
|
|
|
33,009
|
|
|
|
75.3
|
%
|
|
|
|
207,609
|
|
|
|
|
204,527
|
|
|
|
1.5
|
%
|
Income tax
|
|
|
|
25,170
|
|
|
|
|
11,821
|
|
|
|
112.9
|
%
|
|
|
|
82,068
|
|
|
|
|
77,034
|
|
|
|
6.5
|
%
|
Net income
|
|
|
$
|
32,707
|
|
|
|
$
|
21,188
|
|
|
|
54.4
|
%
|
|
|
$
|
125,541
|
|
|
|
$
|
127,493
|
|
|
|
-1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED SEGMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unified Communications
|
|
|
$
|
363,120
|
|
|
|
$
|
333,783
|
|
|
|
8.8
|
%
|
|
|
$
|
1,451,301
|
|
|
|
$
|
1,364,032
|
|
|
|
6.4
|
%
|
Communication Services
|
|
|
|
320,509
|
|
|
|
|
293,497
|
|
|
|
9.2
|
%
|
|
|
|
1,198,320
|
|
|
|
|
1,137,900
|
|
|
|
5.3
|
%
|
Intersegment eliminations
|
|
|
|
(3,458
|
)
|
|
|
|
(2,396
|
)
|
|
|
-44.3
|
%
|
|
|
|
(11,597
|
)
|
|
|
|
(10,607
|
)
|
|
|
-9.3
|
%
|
Total
|
|
|
$
|
680,171
|
|
|
|
$
|
624,884
|
|
|
|
8.8
|
%
|
|
|
$
|
2,638,024
|
|
|
|
$
|
2,491,325
|
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unified Communications
|
|
|
$
|
21,930
|
|
|
|
$
|
21,545
|
|
|
|
1.8
|
%
|
|
|
$
|
88,253
|
|
|
|
$
|
85,566
|
|
|
|
3.1
|
%
|
Communication Services
|
|
|
|
24,639
|
|
|
|
|
22,448
|
|
|
|
9.8
|
%
|
|
|
|
94,169
|
|
|
|
|
86,342
|
|
|
|
9.1
|
%
|
Total
|
|
|
$
|
46,569
|
|
|
|
$
|
43,993
|
|
|
|
5.9
|
%
|
|
|
$
|
182,422
|
|
|
|
$
|
171,908
|
|
|
|
6.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unified Communications
|
|
|
$
|
91,279
|
|
|
|
$
|
72,466
|
|
|
|
26.0
|
%
|
|
|
$
|
384,565
|
|
|
|
$
|
363,226
|
|
|
|
5.9
|
%
|
Communication Services
|
|
|
|
33,863
|
|
|
|
|
22,157
|
|
|
|
52.8
|
%
|
|
|
|
93,610
|
|
|
|
|
104,902
|
|
|
|
-10.8
|
%
|
Total
|
|
|
$
|
125,142
|
|
|
|
$
|
94,623
|
|
|
|
32.3
|
%
|
|
|
$
|
478,175
|
|
|
|
$
|
468,128
|
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unified Communications
|
|
|
|
25.1
|
%
|
|
|
|
21.7
|
%
|
|
|
15.7
|
%
|
|
|
|
26.5
|
%
|
|
|
|
26.6
|
%
|
|
|
-0.4
|
%
|
Communication Services
|
|
|
|
10.6
|
%
|
|
|
|
7.5
|
%
|
|
|
41.3
|
%
|
|
|
|
7.8
|
%
|
|
|
|
9.2
|
%
|
|
|
-15.2
|
%
|
Total
|
|
|
|
18.4
|
%
|
|
|
|
15.1
|
%
|
|
|
21.9
|
%
|
|
|
|
18.1
|
%
|
|
|
|
18.8
|
%
|
|
|
-3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED OPERATING DATA ($M):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operations
|
|
|
|
75.0
|
|
|
|
|
57.6
|
|
|
|
30.2
|
%
|
|
|
|
318.9
|
|
|
|
|
348.2
|
|
|
|
-8.4
|
%
|
Term loan facility
|
|
|
|
2,417.7
|
|
|
|
|
1,916.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior and senior subordinated notes
|
|
|
|
1,600.0
|
|
|
|
|
1,600.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from platform-based services ($M) (3)
|
|
|
|
479.9
|
|
|
|
|
431.2
|
|
|
|
11.3
|
%
|
|
|
|
1,886.5
|
|
|
|
|
1,759.0
|
|
|
|
7.2
|
%
|
Revenue from agent-based services ($M)
|
|
|
|
203.2
|
|
|
|
|
196.0
|
|
|
|
3.7
|
%
|
|
|
|
762.1
|
|
|
|
|
741.5
|
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheets
|
|
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
%
|
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
179,111
|
|
|
|
$
|
93,836
|
|
|
|
90.9
|
%
|
Trust and restricted cash
|
|
|
|
14,518
|
|
|
|
|
16,446
|
|
|
|
-11.7
|
%
|
Accounts receivable, net
|
|
|
|
444,411
|
|
|
|
|
413,813
|
|
|
|
7.4
|
%
|
Deferred income taxes receivable
|
|
|
|
13,148
|
|
|
|
|
10,068
|
|
|
|
30.6
|
%
|
Prepaid assets
|
|
|
|
42,129
|
|
|
|
|
37,042
|
|
|
|
13.7
|
%
|
Other current assets
|
|
|
|
67,775
|
|
|
|
|
50,581
|
|
|
|
34.0
|
%
|
Total current assets
|
|
|
|
761,092
|
|
|
|
|
621,786
|
|
|
|
22.4
|
%
|
Net property and equipment
|
|
|
|
364,896
|
|
|
|
|
350,855
|
|
|
|
4.0
|
%
|
Goodwill
|
|
|
|
1,816,851
|
|
|
|
|
1,762,635
|
|
|
|
3.1
|
%
|
Other assets
|
|
|
|
505,314
|
|
|
|
|
492,242
|
|
|
|
2.7
|
%
|
Total assets
|
|
|
$
|
3,448,153
|
|
|
|
$
|
3,227,518
|
|
|
|
6.8
|
%
|
Current liabilities
|
|
|
$
|
457,668
|
|
|
|
$
|
418,300
|
|
|
|
9.4
|
%
|
Long-term obligations
|
|
|
|
3,992,531
|
|
|
|
|
3,500,940
|
|
|
|
14.0
|
%
|
Other liabilities
|
|
|
|
247,640
|
|
|
|
|
204,691
|
|
|
|
21.0
|
%
|
Total liabilities
|
|
|
|
4,697,839
|
|
|
|
|
4,123,931
|
|
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit
|
|
|
|
(1,249,686
|
)
|
|
|
|
(896,413
|
)
|
|
|
-39.4
|
%
|
Total liabilities and stockholders' deficit
|
|
|
$
|
3,448,153
|
|
|
|
$
|
3,227,518
|
|
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
NM: Not Meaningful
|
|
Reconciliation of Financial Measures The common definition
of EBITDA is "Earnings Before Interest Expense, Taxes, Depreciation and
Amortization." In evaluating liquidity, we use earnings before interest
expense, share based compensation, taxes, depreciation and amortization,
minority interest, certain litigation settlement costs, other non-cash
reserves, transaction costs and after acquisition synergies and
excluding unrestricted subsidiaries, or "Adjusted EBITDA." EBITDA and
Adjusted EBITDA are not measures of financial performance or liquidity
under generally accepted accounting principles ("GAAP"). EBITDA and
Adjusted EBITDA should not be considered in isolation or as a substitute
for net income, cash flows from operations or other income or cash flows
data prepared in accordance with GAAP. Adjusted EBITDA, as presented,
may not be comparable to similarly titled measures of other companies.
EBITDA and Adjusted EBITDA are presented as we understand certain
investors use these as measures to assess our ability to service debt.
Adjusted EBITDA is also used in our debt covenants, although the precise
adjustments used to calculate Adjusted EBITDA included in our credit
facility and indentures vary in certain respects among such agreements
and from those presented below. Set forth below is a reconciliation of
EBITDA and Adjusted EBITDA to cash flows from operations.
|
|
|
|
|
|
|
Amounts in thousands
|
|
|
Three Months Ended Dec. 31,
|
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Cash flows from operating activities
|
|
|
$
|
74,969
|
|
|
|
$
|
57,579
|
|
|
|
$
|
318,916
|
|
|
|
$
|
348,187
|
|
Income tax expense
|
|
|
|
25,170
|
|
|
|
|
11,821
|
|
|
|
|
82,068
|
|
|
|
|
77,034
|
|
Deferred income tax expense
|
|
|
|
8,999
|
|
|
|
|
(1,294
|
)
|
|
|
|
(1,318
|
)
|
|
|
|
(23,716
|
)
|
Interest expense, net of amortization
|
|
|
|
77,142
|
|
|
|
|
66,107
|
|
|
|
|
271,951
|
|
|
|
|
269,863
|
|
Other - finance fees
|
|
|
|
424
|
|
|
|
|
433
|
|
|
|
|
1,166
|
|
|
|
|
2,520
|
|
Provision for share based compensation
|
|
|
|
(2,573
|
)
|
|
|
|
(19,804
|
)
|
|
|
|
(25,849
|
)
|
|
|
|
(23,341
|
)
|
Amortization of debt issuance costs
|
|
|
|
(4,016
|
)
|
|
|
|
(3,393
|
)
|
|
|
|
(17,321
|
)
|
|
|
|
(13,449
|
)
|
Gain (loss) on disposal of equipment
|
|
|
|
617
|
|
|
|
|
(34
|
)
|
|
|
|
432
|
|
|
|
|
(232
|
)
|
Asset impairment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(3,715
|
)
|
|
|
|
-
|
|
Changes in operating assets and liabilities,
|
|
|
|
|
|
|
|
|
|
|
|
|
net of business acquisitions
|
|
|
|
1,280
|
|
|
|
|
32,127
|
|
|
|
|
36,818
|
|
|
|
|
11,952
|
|
EBITDA
|
|
|
|
182,012
|
|
|
|
|
143,542
|
|
|
|
|
663,148
|
|
|
|
|
648,818
|
|
Provision for share based compensation
|
|
|
|
2,573
|
|
|
|
|
19,804
|
|
|
|
|
25,849
|
|
|
|
|
23,341
|
|
Site closures, settlements and other costs
|
|
|
|
909
|
|
|
|
|
1,422
|
|
|
|
|
4,358
|
|
|
|
|
2,233
|
|
Acquisition synergies and transaction costs
|
|
|
|
325
|
|
|
|
|
5,358
|
|
|
|
|
15,476
|
|
|
|
|
14,314
|
|
Non-cash foreign currency loss (gain)
|
|
|
|
1,273
|
|
|
|
|
(2,725
|
)
|
|
|
|
1,581
|
|
|
|
|
(6,454
|
)
|
Litigation costs
|
|
|
|
-
|
|
|
|
|
768
|
|
|
|
|
2,663
|
|
|
|
|
(895
|
)
|
Adjusted EBITDA
|
|
|
$
|
187,092
|
|
|
|
$
|
168,169
|
|
|
|
$
|
713,075
|
|
|
|
$
|
681,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in thousands
|
|
|
Three Months Ended Dec. 31,
|
|
|
Twelve Months Ended Dec. 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Cash flows from operating activities
|
|
|
$
|
74,969
|
|
|
|
$
|
57,579
|
|
|
|
$
|
318,916
|
|
|
|
$
|
348,187
|
|
Cash flows used in investing activities
|
|
|
$
|
(36,335
|
)
|
|
|
$
|
(37,474
|
)
|
|
|
$
|
(201,622
|
)
|
|
|
$
|
(329,441
|
)
|
Cash flows from (used in) financing activities
|
|
|
$
|
(9,287
|
)
|
|
|
$
|
162
|
|
|
|
$
|
(33,130
|
)
|
|
|
$
|
(23,180
|
)
|
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