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SEC Filings

CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 425 on 05/26/2015
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GAAP Reconciliations – FY 2014
Existing Charter Time Warner Cable Bright House New Charter
Consolidated net income (loss) $(183) $2,031 $751 $2,599
Plus: Interest expense, net 911 1,419 38 2,368
Income tax expense 236 1,217 - 1,453
Depreciation and amortization 2,102 3,371 416 5,889
Stock compensation expense 55 126 5 186
Loss on deriviative instruments, net 7 - - 7
Other, net 62 190 (5) 247
Adjusted EBITDA per Audited Financials 1) $3,190 $8,354 $1,205 $12,749
S-X Pro Forma Adjustments 2)
Plus: Cap labor 112 112
Expenses related to pension and other items not included in transaction 57 57
S-X Pro Forma EBITDA $3,190 $8,354 $1,374 $12,918
1) Adjusted EBITDA is defined as net loss plus net interest expense, income taxes, depreciation and amortization, stock compensation expense, (gain) loss on derivative instruments, net, and other operating expenses, such as merger and acquisitions costs, special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or non-recurring items, and is unaffected by our capital structure or investment activities.
2) S-X Pro Forma Adjustments are (i) directly attributable to the Bright House transaction, (ii) factually supportable, and (iii) expected to have continuing impact on the combined results of pro forma Charter as permitted under regulation S-X.
3) The above schedules are presented in order to reconcile adjusted EBITDA, a non-GAAP measure, to the most directly comparable GAAP measure in accordance with Section 401(b) of the Sarbanes-Oxley Act.
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