DALLAS--(BUSINESS WIRE)--Dex Media Holdings, Inc., one of the largest national providers of local business automation software, today announced financial results for first quarter 2017.
- Generated EBITDA and EBITDA margin growth over Q1 2016
- Reduced Net Debt by $106.9 million in the quarter
- With the above payments, our outstanding Net Debt stands at only $333.0 million, a 41% reduction since August 1, 2016
Additionally, Dex Media announced an increase in the ABL facility by $50.0 million to $200.0 million on April 21 by adding CIT Bank, N.A. to the facility.
“We began the year with a strong performance for the quarter. We are making steady progress in creating a lean operationally efficient company,” said Joe Walsh, Dex Media CEO and president.
First Quarter 2017 Results
|Customer Count, Period End (000)||(a)|
|Net Revenue ($mm)|
|Total Net Revenue||(a), (b)||$||268.6||$||313.2||($44.6||)||-14.2||%|
|Adjusted Pro Forma and Adj EBITDA ($mm)||(a), (c)||$||92.5||$||89.8||$||2.7||3.0||%|
|Adjusted Pro Forma and Adj EBITDA Margin %||34.4||%||28.7||%||5.8||%|
|Free Cash Flow ($mm)||(a), (d)||$||106.7||$||17.1||$||89.6||525.1||%|
|(a)||All figures presented are unaudited. Material changes may result from the completion of audit procedures.|
Net Revenue for Q1 2017 is presented on a pro forma basis as a result of fresh start accounting. Net Revenue for Q1 2016 has been adjusted to reflect the proper recognition of customer contracts that include both print and digital advertising solutions.
Adjusted Pro Forma EBITDA for Q1 2017 reflects operating revenues and expenses, excluding the impact of depreciation, amortization, interest expense, other non-cash/non-recurring items, plus pro forma adjustments associated with fresh start accounting. Adjusted EBITDA for Q1 2016 reflects operating revenues and expenses, excluding the impact of depreciation, amortization, interest expense and other non-cash/non-recurring items.
|(d)||Free Cash Flow reflects cash generated from operating activities, less capital expenditures, interest payments, and capital restructuring costs.|
Earnings Conference Call Information
Dex Media will host an investor conference call at 9 a.m. CDT on May 11, 2017. Individuals within the United States can access the conference call by dialing (888) 603-6873. International participants should dial 973-582-2706. The pass code is: 89653548.
Basis of Presentation and Non-GAAP Financial Measures
The financial information accompanying this release provides a reconciliation of GAAP to non-GAAP and adjusted pro forma non-GAAP results. Dex Media believes that the use of non-GAAP financial measures provides useful information to investors to gain an overall understanding of its current financial performance. Specifically, Dex Media believes the non-GAAP results provide useful information to management and investors by excluding certain nonrecurring items that Dex Media believes are not indicative of its core operating results. In addition, non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Dex Media's performance, and Dex Media believes that non-GAAP results provide investors with financial measures that most closely align to its internal financial measurement processes. Please visit http://account.dexmedia.com/CammsServlet?assetid=19169 to review additional financial information.
About Dex Media
Dex Media helps local businesses win and retain their customers, delivering measurable, lasting results. As the business management resource for hundreds of thousands of local businesses across the U.S., Dex helps business owners manage their customer relationships, internet presence, bookings, analytics and more from a single mobile platform. Dex provides critical expertise and support so business owners have a trusted, expert advisor just a click or phone call away. The company’s widely used consumer services include the DexKnows.com® and Superpages.com® search portals, mobile applications, as well as local print directories. To learn how Dex can help automate and streamline your business, please visit www.DexMedia.com.
Some statements included in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Statements that include the words “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “preliminary,” “intend,” “plan,” “project,” “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. You should not place undue reliance on these statements, as they are not guarantees of future performance. Forward-looking statements provide current expectations with respect to our financial performance and future events with respect to our business and industry in general. Forward-looking statements are based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: the Company's ability to maintain adequate liquidity to fund operations; the Company’s future operating and financial performance; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit facilities; our ability to retain existing business and obtain and retain new business; general economic or business conditions affecting the markets we serve; declining use of print yellow page directories by consumers; our ability to collect trade receivables from clients to whom we extend credit; credit risk associated with our reliance on small and medium sized businesses as clients; our ability to attract and retain key managers; increased competition in our markets; our ability to implement our business transformation program as planned; our ability to realize the anticipated benefits in the amounts and at the times expected from the business transformation program; our ability to obtain future financing due to changes in the lending markets or our financial position; our ability to maintain agreements with major Internet search and local media companies; reduced advertising spending and increased contract cancellations by our clients, which causes reduced revenue; our ability to anticipate or respond effectively to changes in technology and consumer preferences; and our ability to emerge from bankruptcy as a sustainable, viable business. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.
If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.