PREMIERE GLOBAL SERVICES, INC. ATLANTA, Feb. 17, 2015 /PRNewswire/ -- Premiere Global Services, Inc. (NYSE: PGI), the world's largest pure-play provider of collaboration software and services, today announced final results for the fourth quarter and fiscal year ended December 31, 2014.
Fourth Quarter 2014 Financial Results
In the fourth quarter of 2014, net revenue increased to $139.2 million, compared to $134.6 million in the fourth quarter of 2013. Non-GAAP revenue totaled $139.6 million* in the fourth quarter of 2014. SaaS revenue grew 79% year-over-year, totaling $17.4 million in the fourth quarter of 2014, compared to $9.7 million in the fourth quarter of 2013. Diluted EPS from continuing operations was $0.07 in the fourth quarter of 2014, compared to diluted EPS from continuing operations of $(0.03) in the fourth quarter of 2013. Non-GAAP diluted EPS from continuing operations was $0.22* in the fourth quarter of 2014, compared to non-GAAP diluted EPS from continuing operations of $0.20* in the fourth quarter of 2013.
Fourth
Quarter
2014
Results* Constant Adjusted
Currency ** Growth **
($ in
millions,
except per
share data) 4Q13 4Q14
------------ ---- ----
Non-GAAP
revenue $134.6 $139.6 $142.2 6%
SaaS revenue $9.7 $17.4 $17.7 82%
Gross margin 57.3% 59.7% 59.7% 240 BPs
Adjusted
EBITDA $24.1 $24.4 $24.7 2%
Non-GAAP
diluted EPS
from
continuing
operations $0.20 $0.22 $0.22 10%
"We had another strong year of performance in 2014, with accelerating sales of our next-generation cloud products and increasing momentum in our strategic transition to a SaaS model, while at the same time generating higher normalized free cash flow of $1.15* per share," said Boland T. Jones, PGi founder, chairman and CEO. "We continue to make meaningful enhancements to our collaboration software and services portfolio through both our internal development and acquisition efforts, which we believe positions us well for growth in 2015 and beyond."
2014 Financial Results
In 2014, net revenue total $567.1 million, compared to $526.9 million in 2013. Non-GAAP revenue totaled $567.5 million* in 2014. SaaS revenue grew 58% year-over-year, totaling $53.2 million in 2014, compared to $33.6 million in 2013. Diluted EPS from continuing operations was $0.38 in 2014, compared to diluted EPS from continuing operations of $0.40 in 2013. Non-GAAP diluted EPS from continuing operations totaled $0.88* in 2014, compared to non-GAAP diluted EPS from continuing operations of $0.78* in 2013.
2014 Results* Constant Adjusted
Currency ** Growth **
($ in millions, except per
share data) 2013 2014
-------------------------- ---- ----
Non-GAAP revenue $526.9 $567.5 $568.7 8%
SaaS revenue $33.6 $53.2 $53.0 58%
Gross margin 57.1% 59.0% 58.9% 180 BPs
Adjusted EBITDA $92.5 $101.6 $101.4 10%
Non-GAAP diluted EPS from
continuing operations $0.78 $0.88 $0.88 13%
2015 Financial Outlook
The following statements are based on PGi's current expectations. These statements contain forward-looking statements and company estimates and anticipated results, and actual results may differ materially. PGi assumes no duty to update any forward-looking statements made in this press release.
Based on current business trends and prevailing foreign currency exchange rates, and assuming no additional acquisitions, PGi continues to anticipate that results in 2015 will be within the following ranges: non-GAAP revenue is projected to be in the range of $575-$585 million* and non-GAAP diluted EPS from continuing operations are projected to be in the range of $0.89-$0.92*. These ranges include an estimated negative year-over-year impact from changes in foreign currency exchange rates of approximately $19 million and $0.03* to non-GAAP revenue and non-GAAP diluted EPS from continuing operations, respectively. PGi anticipates that its SaaS revenue will increase over 50% in 2015 compared to 2014.
PGi will host a conference call today at 5:00 p.m., Eastern Time to discuss these results. To participate in the call, please dial-in to the appropriate number 5-10 minutes prior to the scheduled start time: (888) 244-2417 (U.S. and Canada) or (913) 312-1446 (International), participant passcode 9632989. The conference call will simultaneously be webcast. Please visit pgi.com for webcast details and conference call replay information, as well as the webcast archive and the text of the earnings release, including the financial and statistical information to be presented during the call.
* Non-GAAP Financial Measures
The company's non-GAAP revenue excludes the impact of purchase accounting adjustments related to deferred revenue. Adjusted EBITDA and non-GAAP diluted earnings per share (EPS) from continuing operations and projections of these items also exclude equity-based compensation, amortization expenses, non-recurring tax adjustments and related interest, restructuring costs, excise and sales tax expense and related interest, asset impairments, net legal settlements and related expenses, acquisition-related costs, foreign exchange transaction gains and losses and the impact of purchase accounting adjustments related to deferred revenue. Normalized free cash flow is net cash provided by operating activities from continuing operations before payments for restructuring costs and cash paid for acquisition-related costs less capital expenditures. Management uses these measures internally as a means of analyzing the company's current and future financial performance and identifying trends in our financial condition and results of operations. We have provided this information to investors to assist in meaningful comparisons of past, present and future operating results and to assist in highlighting the results of ongoing core operations. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the attached financial tables. These non-GAAP financial measures may differ materially from comparable or similarly titled measures provided by other companies and should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP.
** Constant Currency
These constant currency adjustments convert current period results using prior period (Q4-13 or FY-2013) average exchange rates calculated in the same manner as in footnote 5 to the Reconciliation of Non-GAAP Financial Measures table.
About Premiere Global Services, Inc. ? PGi
PGi is the world's largest pure-play provider of collaboration software and services. PGi's unified collaboration platform empowers business users and teams to connect, share ideas and manage projects with the simplicity and everywhere-access of the latest cloud technologies. PGi has a global presence in 25 countries, and its award-winning solutions provide a collaborative advantage to nearly 50,000 enterprise customers, including 75% of the Fortune 100(TM). In the last five years, PGi has helped over a billion people worldwide connect, collaborate and get work done--in teams, large groups and one-on-one. For more information, visit PGi at pgi.com.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties, many of which are beyond our control. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in PGi's forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of PGi's SaaS products, including iMeet(® )and GlobalMeet(®); our ability to attract new customers and to retain and further penetrate our existing customers; our ability to establish and maintain strategic reseller and distribution relationships; risks associated with challenging global economic conditions; price increases from our telecommunications service providers; service interruptions and network downtime, including undetected errors or defects in our software; technological obsolescence and our ability to upgrade our equipment or increase our network capacity; concerns regarding the security and privacy of our customers' confidential information; future write-downs of goodwill or other intangible assets; greater than anticipated tax and regulatory liabilities; restructuring and cost reduction initiatives and the market reaction thereto; our level of indebtedness; risks associated with acquisitions and divestitures; indemnification claims from the sale of our PGiSend business; our ability to protect our intellectual property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including further government regulations applicable to traditional telecommunications service providers and data privacy; risks associated with international operations and market expansion, including fluctuations in foreign currency exchange rates; and other factors described from time to time in our press releases, reports and other filings made with the Securities and Exchange Commission, including but not limited to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We do not undertake any obligation to update or to release publicly any revisions to forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release or the date of the statement, if a different date, or to reflect the occurrence of unanticipated events.
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2014 2013 2014 2013
---- ---- ---- ----
Net revenue $139,162 $134,625 $567,071 $526,865
Operating expenses:
Cost of revenue (exclusive of depreciation
and
amortization shown separately below) 56,055 57,428 232,563 225,994
Selling and marketing 36,956 32,502 149,198 134,426
General and administrative (exclusive of
expenses
shown separately below) 19,429 17,935 74,244 65,219
Research and development 5,712 4,875 20,367 16,574
Depreciation 8,978 8,729 35,226 33,758
Amortization 3,686 1,787 11,235 3,496
Excise and sales tax expense 385 1,891 385 1,969
Restructuring costs 675 3,065 743 3,506
Asset impairments 40 980 4,978 1,196
Net legal settlements and related expenses 8 7 180 598
Acquisition-related costs 2,324 2,348 8,162 5,392
Total operating expenses 134,248 131,547 537,281 492,128
------- ------- ------- -------
Operating income 4,914 3,078 29,790 34,737
----- ----- ------ ------
Other (expense) income:
Interest expense (2,760) (2,225) (9,378) (7,152)
Interest income 4 24 29 117
Other, net 302 84 1,298 214
Total other expense, net (2,454) (2,117) (8,051) (6,821)
------ ------ ------ ------
Income from continuing operations before income taxes 2,460 961 21,739 27,916
Income tax (benefit) expense (934) 2,241 4,296 9,062
---- ----- ----- -----
Net income (loss) from continuing operations 3,394 (1,280) 17,443 18,854
----- ------ ------ ------
Loss from discontinued operations, net of taxes (96) (120) (379) (538)
Net income (loss) $3,298 $(1,400) $17,064 $18,316
====== ======= ======= =======
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING 44,986 46,328 45,593 46,214
====== ====== ====== ======
Basic net income (loss) per share (1)
Continuing operations $0.08 $(0.03) $0.38 $0.41
Discontinued operations - - (0.01) (0.01)
Net income (loss) per share $0.07 $(0.03) $0.37 $0.40
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING 45,762 46,328 46,303 46,727
====== ====== ====== ======
Diluted net income (loss) per share
Continuing operations $0.07 $(0.03) $0.38 $0.40
Discontinued operations - - (0.01) (0.01)
Net income (loss) per share $0.07 $(0.03) $0.37 $0.39
(1) Column totals may not sum due to the effect of rounding on EPS.
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per share data)
December 31, December 31,
2014 2013
---- ----
ASSETS
CURRENT ASSETS
Cash and equivalents $40,220 $44,955
Accounts receivable (less allowances of $557 and $760,
respectively) 77,334 78,481
Prepaid expenses and other current assets 13,536 22,645
Income taxes receivable 1,897 2,316
Deferred income taxes, net 10,518 4,390
Total current assets 143,505 152,787
------- -------
PROPERTY AND EQUIPMENT, NET 100,954 105,724
OTHER ASSETS
Goodwill 386,416 341,382
Intangibles, net of amortization 102,350 78,637
Deferred income taxes, net 2,342 1,957
Other assets 20,734 17,621
TOTAL ASSETS $756,301 $698,108
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $57,211 $51,994
Income taxes payable 2,217 2,648
Accrued taxes, other than income taxes 17,562 11,190
Accrued expenses 37,807 34,402
Current maturities of long-term debt and capital lease
obligations 1,971 1,719
Accrued restructuring costs 958 2,104
Deferred income taxes, net 17 171
Total current liabilities 117,743 104,228
------- -------
LONG-TERM LIABILITIES
Long-term debt and capital lease obligations 332,825 272,467
Accrued restructuring costs - 77
Accrued expenses 26,906 29,570
Deferred income taxes, net 23,837 20,790
Total long-term liabilities 383,568 322,904
------- -------
SHAREHOLDERS' EQUITY
Common stock, $0.01 par value; 150,000,000 shares authorized,
47,378,794 and 48,338,335 shares issued and outstanding,
respectively 475 483
Additional paid-in capital 442,585 457,913
Accumulated other comprehensive gain (loss) (6,545) 11,169
Accumulated deficit (181,525) (198,589)
Total shareholders' equity 254,990 270,976
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $756,301 $698,108
======== ========
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Twelve Months Ended
December 31,
------------
2014 2013
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $17,064 $18,316
Loss from discontinued operations, net of taxes 379 538
--- ---
Net income from continuing operations 17,443 18,854
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 35,226 33,758
Amortization 11,235 3,496
Amortization of debt issuance costs 673 611
Net legal settlements and related expenses 180 598
Payments for legal settlements and related expenses (249) (510)
Deferred income taxes 1,827 3,068
Restructuring costs 743 3,506
Payments for restructuring costs (1,916) (2,469)
Asset impairments 4,978 1,196
Equity-based compensation 10,460 7,872
Excess tax benefits from share-based payment arrangements (588) (525)
Provision for doubtful accounts 456 514
Acquisition-related costs 8,162 5,392
Cash paid for acquisition-related costs (7,581) (3,863)
Changes in working capital, net of business acquisitions (2,149) 4,178
Net cash provided by operating activities from continuing operations 78,900 75,676
------ ------
Net cash used in operating activities from discontinued operations (313) (554)
---- ----
Net cash provided by operating activities 78,587 75,122
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (35,195) (31,774)
Business acquisitions, net of cash acquired (80,402) (101,963)
Other investing activities, net 1,700 (452)
Net cash used in investing activities from continuing operations (113,897) (134,189)
-------- --------
Net cash used in investing activities from discontinued operations - -
--- ---
Net cash used in investing activities (113,897) (134,189)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments under borrowing arrangements (146,040) (78,847)
Proceeds from borrowing arrangements 205,000 166,750
Payments of debt issuance costs (1,060) (1,258)
Excess tax benefits of share-based payment arrangements 588 525
Purchases and retirement of treasury stock, at cost (27,138) (4,066)
Exercise of stock options 963 -
Net cash provided by financing activities from continuing operations 32,313 83,104
------ ------
Net cash provided by financing activities from discontinued operations - -
--- ---
Net cash provided by financing activities 32,313 83,104
------ ------
Effect of exchange rate changes on cash and equivalents (1,738) (58)
------ ---
NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS (4,735) 23,979
------ ------
CASH AND EQUIVALENTS, beginning of period 44,955 20,976
CASH AND EQUIVALENTS, end of period $40,220 $44,955
======= =======
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2014 2013 2014 2013
---- ---- ---- ----
Non-GAAP Revenue (1)
Net revenue, as reported $139,162 $134,625 $567,071 $526,865
Impact of purchase accounting
adjustments related to deferred
revenue (2) 435 - 435 -
Non-GAAP revenue $139,597 $134,625 $567,506 $526,865
-------- -------- -------- --------
Non-GAAP Operating Income & Adjusted EBITDA (1)
Operating income, as reported $4,914 $3,078 $29,790 $34,737
Impact of purchase accounting
adjustments related to deferred
revenue (2) 435 - 435 -
Equity-based compensation 2,916 2,178 10,460 7,872
Amortization 3,686 1,787 11,235 3,496
Excise and sales tax expense 385 1,891 385 1,969
Restructuring costs 675 3,065 743 3,506
Asset impairments 40 980 4,978 1,196
Net legal settlements and
related expenses 8 7 180 598
Acquisition-related costs 2,324 2,348 8,162 5,392
Non-GAAP operating income $15,383 $15,334 $66,368 $58,766
Depreciation 8,978 8,729 35,226 33,758
Adjusted EBITDA $24,361 $24,063 $101,594 $92,524
------- ------- -------- -------
Non-GAAP Net Income from Continuing Operations (1)
Net income (loss) from
continuing operations, as
reported $3,394 $(1,280) $17,443 $18,854
Impact of purchase accounting
adjustments related to deferred
revenue (2) 334 - 308 -
Elimination of non-recurring
tax adjustments and related
interest (1,426) 1,939 (1,927) 687
Equity-based compensation 2,242 1,493 7,400 5,510
Amortization 2,834 1,225 7,949 2,447
Excise and sales tax expense 296 1,296 272 1,378
Excise and sales tax interest - 127 - 130
Restructuring costs 519 2,101 526 2,454
Asset impairments 31 672 3,522 837
Net legal settlements and
related expenses 6 5 127 419
Acquisition-related costs 1,787 1,610 5,775 3,774
Foreign exchange transaction
(gain)/loss (3) (140) (75) (490) (268)
Non-GAAP net income from
continuing operations $9,877 $9,113 $40,905 $36,222
------ ------ ------- -------
Non-GAAP Diluted EPS from Continuing Operations (1) (4)
Diluted net income (loss) per
share from continuing
operations, as reported $0.07 $(0.03) $0.38 $0.40
Impact of purchase accounting
adjustments related to deferred
revenue (2) 0.01 - 0.01 -
Elimination of non-recurring
tax adjustments and related
interest (0.03) 0.04 (0.04) 0.01
Equity-based compensation 0.05 0.03 0.16 0.12
Amortization 0.06 0.03 0.17 0.05
Excise and sales tax expense 0.01 0.03 0.01 0.03
Excise and sales tax interest - - - -
Restructuring costs 0.01 0.04 0.01 0.05
Asset impairments - 0.01 0.08 0.02
Net legal settlements and
related expenses - - - 0.01
Acquisition-related costs 0.04 0.03 0.12 0.08
Foreign exchange transaction
(gain)/loss (3) - - (0.01) (0.01)
Non-GAAP diluted EPS
from continuing
operations $0.22 $0.20 $0.88 $0.78
===== ===== ===== =====
(1) Management believes that presenting non-GAAP revenue, non-GAAP operating income, adjusted EBITDA, non-
GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations provide
useful information regarding underlying trends in the company's continuing operations. Management
expects equity-based compensation and amortization expenses to be recurring costs and presents non-
GAAP operating income, adjusted EBITDA, non-GAAP net income from continuing operations and non-GAAP
diluted EPS from continuing operations to exclude these non-cash items, as well as non-recurring items
that are unrelated to the company's ongoing operations, including the impact of purchase accounting
adjustments related to deferred revenue, non-recurring tax adjustments and related interest, excise and
sales tax expense, excise and sales tax interest, restructuring costs, asset impairments, net legal
settlements and related expenses, acquisition-related costs and foreign exchange transaction gains and
losses. These non-cash and non-recurring items are presented net of taxes for non-GAAP net income from
continuing operations and non-GAAP diluted EPS from continuing operations.
(2) Business combination accounting principles require us to write-down the deferred revenue associated with
software licenses and related support contracts assumed in our acquisitions. The revenue for these
support contracts is deferred and typically recognized over a one-year period, so our GAAP revenue for
the one-year period after an acquisition does not reflect the full amount of revenue that would have
been reported if the acquired deferred revenue was not written down to fair value. The non-GAAP
adjustment eliminates the effect of the deferred revenue write-down. We believe this adjustment to the
revenue from these contracts is useful to investors as an additional means to reflect revenue trends of
our business.
(3) Represents the impact of foreign exchange transaction gains and losses included in the Statements of
Operations in "Other, net".
(4) Column totals may not sum due to the effect of rounding on EPS.
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share data)
(continued)
Prior Year Quarter Constant Currency Adjustments (5)
Impact of Impact of
Q4 - 14 (Constant currency) fluctuations in Q4 - 14 (Actual) 2014 fluctuations in 2014
foreign currency (Constant currency) foreign currency (Actual)
exchange rates exchange rates
(Unaudited, in thousands, except per share data) (Unaudited, in thousands, except per share data)
----------------------------------------------- -----------------------------------------------
$141,754 $(2,592) $139,162 $568,227 $(1,156) $567,071
Net Revenue
$89,050 $(283) $88,767 $356,845 $(1,049) $355,796
North America Net Revenue
$37,061 $(1,431) $35,630 $145,001 $2,127 $147,128
Europe Net Revenue
$15,643 $(878) $14,765 $66,381 $(2,234) $64,147
Asia Pacific Net Revenue
$15,588 $(205) $15,383 $65,995 $373 $66,368
Non-GAAP Operating Income
$24,695 $(334) $24,361 $101,353 $241 $101,594
Adjusted EBITDA
$9,965 $(88) $9,877 $40,429 $476 $40,905
Non-GAAP Net Income from Continuing Operations
$0.22 $ - $0.22 $0.88 $ - $0.88
Non-GAAP Diluted EPS from Continuing Operations
(5) Management also presents the non-GAAP financial measures described under note 1 above, as well as net revenue and segment net revenue, on a constant currency basis
compared to the same period in the previous year (Q4-13 or FY-2013) to exclude the effects of foreign currency exchange rates, which are not completely within management's
control, in order to facilitate period-to-period comparison of the company's financial results without the distortion of these fluctuations. These constant currency
adjustments
convert current quarter results using prior period (Q4-13) average exchange rates and current year results using prior year (FY-2013) average exchange rates.
Sequential Quarter Constant Currency Adjustments (6)
Impact of
Q4 - 14 (Constant currency) fluctuations in foreign currency exchange
rates Q4 - 14 (Actual)
-------------------------- ------------------------------------------ ---------------
(Unaudited, in thousands)
Net Revenue $141,562 $(2,400) $139,162
(6) Management also presents net revenue on a constant currency basis compared to the prior quarter (Q3-14) to exclude the effects of foreign currency
exchange rates, which are not completely within management's control, in order to facilitate period-to-period comparison of the company's financial
results without the distortion of these fluctuations. These constant currency adjustments convert current quarter results using prior period (Q3-14)
average exchange rates.
Organic Growth (7)
Impact of
December 31, fluctuations in foreign currency exchange
rates Acquisitions Organic net revenue growth December 31, Organic net revenue growth rate
2013 2014
---- ----
(Unaudited, in thousands, except percentages)
$134,625 $(2,590) $10,586 $(3,459) $139,162 -2.6%
Net Revenue, Three Months Ended
$526,865 $(2,484) $56,165 $(13,475) $567,071 -2.6%
Net Revenue, Twelve Months Ended
(7) Management defines "organic growth" as revenue changes excluding the impact of foreign currency exchange rate fluctuations and acquisitions made during the periods
presented and presents this non-GAAP financial measure to exclude the effect of these items that are not completely within management's control, such as foreign
currency exchange rate fluctuations, or do not reflect the company's ongoing core operations or underlying growth, such as acquisitions.
Normalized Free Cash Flow (8)
Twelve Months Ended
December 31,
------------
2014 2013
---- ----
Net cash provided by operating activities from continuing operations, as reported $78,900 $75,676
Plus: Payments for restructuring costs, as reported 1,916 2,469
Plus: Cash paid for acquisition-related costs, as reported 7,581 3,863
Less: Capital expenditures, as reported (35,195) (31,774)
Free cash flow $53,202 $50,234
======= =======
Free cash flow per share $1.15 $1.08
===== =====
Management defines "normalized free cash flow" as net cash provided by operating activities from continuing operations, before the impact of payments
for restructuring costs and cash payments for acquisition-related costs, less capital expenditures. Management believes that this non-GAAP measure
provides a relevant measure of the company's liquidity in evaluating its financial performance and ability to generate cash without additional
external financing in order to repay debt obligations, fund acquisitions and repurchase shares. Management utilizes diluted weighted-average shares
(8) outstanding in calculating free cash flow per share.
Media and Investor Contact:
Sean O'Brien
(404) 262-8462
sean.obrien@pgi.com
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SOURCE Premiere Global Services, Inc.
