Kleingedruckte lesen. Oder Warren Buffett formuliert das so: Ich investiere nicht in Dinge, die ich nicht verstehe - obwohl er solche Kandidaten auch schon wie DEX ONE schon gekauft hat - allerdings las er immer das Kleingedruckte wie das hier z.B.:
Reorganization items directly associated with the process of reorganizing the business under Chapter 11 of
the Bankruptcy Code were recorded on a separate line item on the unaudited condensed consolidated
statements of operations. The Predecessor Company had recorded $7.8 billion of reorganization items
during the one month ended January 31, 2010 associated with the gain on reorganization/settlement of
liabilities subject to compromise and the impact of fresh start accounting adjustments. The Predecessor
Company had recorded $7.1 million and $77.9 million of reorganization items during the three and nine
months ended September 30, 2009, respectively, associated with items such as professional fees, the writeoff
of unamortized deferred financing costs, net premiums / discounts and fair value adjustments due to
purchase accounting associated with long-term debt classified as liabilities subject to compromise, and
rejected leases. Additionally, liabilities were segregated between liabilities not subject to compromise and
liabilities subject to compromise on the unaudited condensed consolidated balance sheet at December 31,
2009. The Predecessor Company's senior notes, senior discount notes and senior subordinated notes were
classified as liabilities subject to compromise at December 31, 2009 and the Predecessor Company's credit
facilities were excluded from liabilities subject to compromise at December 31, 2009.
(4)
In conjunction with our adoption of fresh start accounting, an adjustment was established to record our
outstanding debt at fair value on the Fresh Start Reporting Date. The Company was required to record our
amended and restated credit facilities at a discount as a result of their fair value on the Fresh Start Reporting
Date. Therefore, the carrying amount of these debt obligations is lower than the principal amount due at
maturity. This fair value adjustment is amortized as an increase to interest expense over the remaining term
of the respective debt agreements and does not impact future scheduled interest or principal payments. The
unamortized fair value adjustment resulting from fresh start accounting was $99.1 million at September 30,
2010.
(5)
Net debt represents total debt less cash and cash equivalents on the respective date. Net debt - eliminating
fair value discount eliminates the fair value discount as a result of fresh start accounting described in Note 4
and represents principal amounts due at maturity. Net debt as of December 31, 2009 excludes $6.1 billion of
long-term debt classified as liabilities subject to compromise on the audited selected balance sheet data.
(6)
Advertising sales is a non-GAAP statistical measure and consists of sales of advertising in print directories
distributed during the period and Internet-based products and services with respect to which such advertising
first appeared publicly during the period. It is important to distinguish advertising sales from net revenue,
which is recognized under the deferral and amortization method. Combined advertising sales for the nine
months ended September 30, 2010 combines advertising sales of the Successor Company for the eight
months ended September 30, 2010 and the Predecessor Company for the one month ended January 31,
2010. Combined advertising sales for the three months ended March 31, 2010 combines advertising sales of
the Successor Company for the two months ended March 31, 2010 and the Predecessor Company for the
one month ended January 31, 2010. In order to provide more visibility into what the Company will book as
revenue in the future, we have introduced a non-GAAP statistical measure called bookings, which represent
sales activity associated with our print directories and Internet-based products and services during the
period. Bookings associated with our local customers represent signed contracts during the period. Bookings
associated with our national customers represent what has been published or fulfilled during the period.
Bookings for the three months ended September 30, 2010 were $389.4 million, representing a decline of
$65.2 million, or 14.3%, from bookings of $454.6 million for the Predecessor Company three months ended
September 30, 2009. Bookings for the nine months ended September 30, 2010 were $1,213.3 million,
representing a decline of $206.5 million, or 14.5%, from bookings of $1,419.8 million for the Predecessor
Company nine months ended September 30, 2009.
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