Entravision Communications Corporation Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities (In thousands; unaudited) The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows: Three-Month Period Nine-Month Period Ended September 30, Ended September 30, ------------------- ------------------- 2012 2011 2012 2011 ---- ---- ---- ---- Consolidated adjusted EBITDA (1) $21,640 $15,125 $51,521 $41,132 Interest expense (8,671) (9,444) (26,730) (28,346) Interest income 10 - 23 2 Income tax (expense) benefit (1,228) (1,952) (4,294) (4,321) Amortization of syndication contracts (175) (154) (556) (1,297) Payments on syndication contracts 435 551 1,369 1,506 Non-cash stock-based compensation included in direct operating expenses (45) (51) (101) (155) Non-cash stock-based compensation included in selling, general and administrative expenses (222) (157) (546) (472) Non-cash stock-based compensation included in corporate expenses (498) (287) (1,116) (732) Depreciation and amortization (4,013) (5,015) (12,436) (14,172) Other income (loss) - - - 687 Gain (loss) on debt extinguishment - - (1,230) - Net income (loss) 7,233 (1,384) 5,904 (6,168) Depreciation and amortization 4,013 5,015 12,436 14,172 Deferred income taxes 1,080 1,827 3,485 3,444 Amortization of debt issue costs 569 556 1,706 1,642 Amortization of syndication contracts 175 154 556 1,297 Payments on syndication contracts (435) (551) (1,369) (1,506) Non-cash stock-based compensation 765 495 1,763 1,359 Other (income) loss - - - (687) Gain (loss) on debt extinguishment - - 1,230 - Changes in assets and liabilities, net of effect of acquisitions and dispositions: (Increase) decrease in restricted cash - - - 809 (Increase) decrease in accounts receivable 260 50 (3,511) 1,655 (Increase) decrease in prepaid expenses and other assets (879) (308) (1,056) (261) Increase (decrease) in accounts payable, accrued expenses and other liabilities (5,468) (10,267) (7,466) (11,050) Cash flows from operating activities $7,313 $(4,413) $13,678 $4,706 ====== ======= ======= ====== (1)Consolidated adjusted EBITDA is defined on page 1.
