Adjusted for certain non-cash charges LPL earned 52 cents per share, or 2 cents above Street estimates.
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Such covenants are typically related to net profit, which includes non-cash charges such as depreciation and amortization.
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The year over year decrease in non-cash charges for network equipment reserves is primarily due to a decline in write-downs of network equipment no longer required for deployment or sparing as we solidified our LTE network plans.
Net losses (operating income less debt payments and non-cash charges such as depreciation) for the parent company were likely much greater than operating losses some years as the team was investing heavily in its regional sports channel, YES Network.
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One person who has seen the book said the bankrupt team, which is being sold in a court-supervised auction, had operating profit (earnings before interest, taxes, depreciation and amortization) in the single digits in 2011 but a significant net loss after debt payments and non-cash charges.
Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our "recurring core business operating results, " meaning our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature.
The year over year decrease in other non-cash network related charges is primarily due to a higher provision for unused tower-related leases and other network agreements in third quarter 2011.
First, some of the losses are non-cash and relate to charges associated with the granting of options.
The sanguine point out that this has no effect on cashflow, since such charges are non-cash items.
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The numbers also include and do not pull out charges for non-cash items like stock-based compensation, which was significant as the company did a major ramp up in growth from 600 to 5, 000 employees in 2011.
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