Virgin Mobile Usa Inc (NYSE:VM)

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Friday, May 29, 2009

Financials

1st QUARTER 2009 vs. 2008 FINANCIAL SNAPSHOT ENDED MARCH

	1st Quarter 2009	1st Quarter 2008	Period Change
GAAP Revenue	$337.3 million	$318.1 million	6.04%
GAAP EPS	$0.19	$0.07	171.43%
Non-GAAP EPS ^a	$0.24	$0.07	243.86%
Adjusted EBITDA PER Share ^a	$0.75	$0.44	70.45%
Tax Rate	4.65%	8.39%	4.46%
Fully Tax-Adjusted EPS ^b	$0.13	$0.05	1.60%
Fully Tax-Adjusted Non-GAAP EPS ^b	$0.16	$0.05	$220.00
Fully Diluted Shares	70,399,000	64,828,000	8.59%

Source: See Release

FULL YEAR 2008 vs. 2007 FINANCIAL SNAPSHOT ENDED DECEMBER

	Full Year 2008	Full Year 2007	Period Change
GAAP Revenue	$1.3 billion	$1.3 billion	00.00%
GAAP EPS	$0.13	$0.08	62.50%
Non-GAAP EPS ^a	$0.26	$0.08	225.00%
Adjusted EBITDA PER Share ^a	$1.74	$1.87	-7.47%
Tax Rate	11.08%	7.07%	-56.72%
Fully Tax-Adjusted EPS ^b	$0.10	$0.06	66.67%
Fully Tax-Adjusted Non-GAAP EPS ^b	$0.20	$0.06	233.33%
Fully Diluted Shares	65,972,000	53,211,000	23.98%

Source: See Release

^a Excludes transition and restructuring costs related to the acquisition of Helio, the outsourcing of IT services to IBM and workforce reductions totaling approximately $5.4 million in the fourth quarter and $14.1 million in the full year 2008. Adjusted earnings (loss) per share also excludes the amortization of intangibles associated with the acquisition of Helio. Adjustments to earnings (loss) per share are net of minority interest and taxes. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information.For a more complete explanation of the company's definition of non-GAAP please refer to their First Quarter financial press release.

^bFor valuation purposes, The GeoTeam® prefers to adjust EPS to reflect a standard United States tax rate of 36%