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Avaya Reports Fourth Fiscal Quarter and Fiscal Year 2012 Results

Revenues up Sequentially to $1.28 Billion

SANTA CLARA, CA -- (Marketwire) -- 12/11/12 -- Avaya Inc.

Fourth Quarter 2012

  • Revenue of $1.28 billion
  • Operating Income of $76 Million, Non-GAAP Operating Income(1) of $206 Million
  • Adjusted EBITDA(1) of $267 Million

Avaya Inc., a global provider of business communications and collaboration systems, software and services, today reported results for the fourth quarter and full-year ended September 30, 2012. For the fourth fiscal quarter, revenue was $1.28 billion, up 2% compared to the prior quarter and down 10% compared to the fourth fiscal quarter of fiscal 2011. Operating income was $76 million compared to operating income of $23 million for the prior quarter and $84 million for the fourth quarter of fiscal 2011. Fourth quarter adjusted EBITDA was $267 million which compares to adjusted EBITDA of $225 million for the prior quarter and $293 million for the fourth quarter of fiscal 2011. Cash flow from operations was $104 million for the fourth quarter. Cash and cash equivalents was $337 million as of September 30, 2012 up 24% from the prior quarter.

For fiscal 2012, Avaya reported revenue of $5.17 billion, down 7% compared to fiscal 2011 revenue of $5.55 billion. Operating income improved by $209 million to $115 million in fiscal 2012 compared to an operating loss of $94 million in fiscal 2011. Fiscal 2012 adjusted EBITDA of $971 was unchanged compared to fiscal 2011.

"Fiscal 2012 was challenged by cautious or deferred spending in several sectors. We are encouraged by our performance over the last two quarters and our operating income improvement for the year," said Kevin Kennedy, President and CEO, Avaya. "We've introduced new products in the small and medium business segment and in open mobile enterprise collaboration, as well as made an important video acquisition in Radvision. Continued expense management and surgical restructuring enabled double digit sequential quarterly improvements in adjusted EBITDA. Adjusted EBITDA as a percentage of revenue of 18.8% for fiscal 2012 was at its highest level in over six years. As we move forward in fiscal 2013 we remain focused on growth via new product absorption and continued productivity improvements."

Fourth Fiscal Quarter Highlights

  • Revenue of $1.28 billion increased 2% compared to the prior quarter and decreased 10% compared to the fourth quarter of fiscal 2011
  • Gross margin was 50.6% compared to 49.8% for the prior quarter and 50.6% for the fourth quarter of fiscal 2011
  • Non-GAAP gross margin(1) was 54.7% compared to 53.9% for the prior quarter and 55.0% for the fourth quarter of fiscal 2011
  • Adjusted EBITDA was $267 million or 20.9% of revenue compared to $225 million or 18.0% of revenue for the prior quarter and $293 million or 20.6% for the fourth quarter of fiscal 2011
  • Global Communications Solutions revenue of $588 million increased 4.8% compared to the prior quarter and decreased 15.0% compared to the fourth quarter of fiscal 2011
  • Networking revenue of $64 million decreased 13.5% compared to the prior quarter and decreased 16.9% compared to the fourth quarter of 2011
  • Avaya Global Services revenue of $625 million increased 1.5% compared to the prior quarter and decreased 4.0% compared to the fourth quarter of 2011
  • Revenue from the U.S. represented 54% of revenue for the fourth quarter, EMEA represented 26% of revenue for the fourth quarter, Asia - Pacific represented 10% of revenue for the fourth quarter and Americas International represented 10% of revenue for the fourth quarter
  • The Company had $337 million in cash and cash equivalents as of September 30, 2012

(1) Refer to Supplemental Financial Information accompanying this press release for a reconciliation of GAAP to non-GAAP numbers.

Conference Call and Webcast
Avaya will host a conference call to discuss these results at 5:00 p.m. EST on Tuesday, December 11, 2012. To access the conference call, dial 800-882-9327 in the U.S. or Canada and 706-645-9730 for international callers and provide the operator the conference passcode number of 76646392. To ensure you are on the call from the start, we suggest you access the call 10-15 minutes prior to the start of the call.

WEBCAST Information: Avaya will webcast this conference call live. To ensure that you are on the webcast, we suggest that you access our website (www.avaya.com/investors) 10-15 minutes prior to the start. Supplementary materials accompanying the conference call are available at the same location. Following the live webcast, a replay will be available on our archives at the same web address.

About Avaya
Avaya is a global provider of business collaboration and communications solutions, providing unified communications, contact centers, networking and related services to companies of all sizes around the world. For more information please visit www.avaya.com.

Certain statements contained in this press release are forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should" or "will" or other similar terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a list and description of such risks and uncertainties, please refer to Avaya's filings with the SEC that are available at www.sec.gov. Avaya disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The following financial tables are presented in accordance with GAAP, unless otherwise specified:


                                 Avaya Inc.
                   Consolidated Statements of Operations
                          (Unaudited; in millions)

                                                          For the twelve
                                 For the three months      months ended
                                  ended September 30,      September 30,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
REVENUE
  Products                       $     652  $     768  $   2,672  $   2,976
  Services                             625        651      2,499      2,571
                                 ---------  ---------  ---------  ---------
                                     1,277      1,419      5,171      5,547
                                 ---------  ---------  ---------  ---------
COSTS
  Products:
    Costs (exclusive of
     amortization of
     intangibles)                      283        320      1,145      1,314
    Amortization of technology
     intangible assets                  46         59        192        257
  Services                             302        322      1,248      1,344
                                 ---------  ---------  ---------  ---------
                                       631        701      2,585      2,915
                                 ---------  ---------  ---------  ---------
GROSS PROFIT                           646        718      2,586      2,632
                                 ---------  ---------  ---------  ---------
OPERATING EXPENSES
  Selling, general and
   administrative                      378        442      1,630      1,845
  Research and development             120        110        464        461
  Amortization of intangible
   assets                               57         58        226        226
  Restructuring and impairment
   charges, net                         15         23        147        189
  Acquisition-related costs              -          1          4          5
                                 ---------  ---------  ---------  ---------
                                       570        634      2,471      2,726
                                 ---------  ---------  ---------  ---------
OPERATING INCOME (LOSS)                 76         84        115        (94)
Interest expense                      (107)      (109)      (431)      (460)
Loss on extinguishment of debt           -          -          -       (246)
Other (expense) income, net            (13)         5        (20)         5
                                 ---------  ---------  ---------  ---------
LOSS BEFORE INCOME TAXES               (44)       (20)      (336)      (795)
(Benefit from) provision for
 income taxes                          (54)        79          8         68
                                 ---------  ---------  ---------  ---------
NET INCOME (LOSS)                $      10  $     (99) $    (344) $    (863)
                                 =========  =========  =========  =========


                                 Avaya Inc.
                        Consolidated Balance Sheets

                          (Unaudited; in millions)
                                                         September 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
ASSETS
Current assets:
  Cash and cash equivalents                        $       337  $       400
  Accounts receivable, net                                 782          755
  Inventory                                                255          280
  Deferred income taxes, net                                18            8
  Other current assets                                     252          274
                                                   -----------  -----------
TOTAL CURRENT ASSETS                                     1,644        1,717
                                                   -----------  -----------
  Property, plant and equipment, net                       364          397
  Deferred income taxes, net                                43           28
  Intangible assets, net                                 1,775        2,129
  Goodwill                                               4,188        4,079
  Other assets                                             180          196
                                                   -----------  -----------
TOTAL ASSETS                                       $     8,194  $     8,546
                                                   ===========  ===========
LIABILITIES
Current liabilities:
  Debt maturing within one year                    $        37  $        37
  Accounts payable                                         438          465
  Payroll and benefit obligations                          262          323
  Deferred revenue                                         616          639
  Business restructuring reserve, current portion           84          130
  Other current liabilities                                302          352
                                                   -----------  -----------
TOTAL CURRENT LIABILITIES                                1,739        1,946
                                                   -----------  -----------
  Long-term debt                                         6,084        6,120
  Pension obligations                                    1,763        1,636
  Other postretirement obligations                         360          502
  Deferred income taxes, net                               204          168
  Business restructuring reserve, non-current
   portion                                                  51           56
  Other liabilities                                        429          496
                                                   -----------  -----------
TOTAL NON-CURRENT LIABILITIES                            8,891        8,978
                                                   -----------  -----------
Commitments and contingencies
DEFICIENCY
  Common stock                                               -            -
  Additional paid-in capital                             2,926        2,692
  Accumulated deficit                                   (4,236)      (3,892)
  Accumulated other comprehensive loss                  (1,126)      (1,178)
                                                   -----------  -----------
TOTAL DEFICIENCY                                        (2,436)      (2,378)
                                                   -----------  -----------
TOTAL LIABILITIES AND DEFICIENCY                   $     8,194  $     8,546
                                                   ===========  ===========


                                 Avaya Inc.
                     Condensed Statements of Cash Flows
                          (Unaudited; in millions)

                                                     For the twelve months
                                                      ended September 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
Net cash (used for) provided by:
  Net loss                                         $      (344) $      (863)
  Operating Activities
    Adjustments to net loss                                610          637
    Changes in operating assets and liabilities           (222)         (74)
                                                   -----------  -----------
    Cash provided by (used for) operating
     activities                                             44         (300)
  Investing activities                                    (271)        (101)
  Financing activities                                     157          228
  Effect of exchange rate changes on cash and cash
   equivalents                                               7           (6)
                                                   -----------  -----------
Net decrease in cash and cash equivalents                  (63)        (179)
Cash and cash equivalents at beginning of year             400          579
                                                   -----------  -----------
Cash and cash equivalents at end of year           $       337  $       400
                                                   ===========  ===========


                                 Avaya Inc.
                        Supplemental Revenue Tables
                          (Unaudited; in millions)

For the Three Months                       For the Three Months Ended
        Ended                                     September 30,
--------------------                 --------------------------------------
 Dec.   Mar.   June
  31,    31,    30,                     Revenues      Mix         Change
                                     ------------- ---------  -------------
 2011   2012   2012                   2012   2011  2012 2011  Amount   Pct.
------ ------ ------                 ------ ------ ---- ----  ------  -----

                     Revenue by
                      Segment
                     Global
                      Communications
$  667 $  574 $  561  Solutions      $  588 $  692   46%  49% $ (104) -15.0%
                       Purchase
                        accounting
     -     (1)    (1)   adjustments       -     (1)   0%   0%      1
    82     64     74 Networking          64     77    5%   5%    (13) -16.9%
------ ------ ------                 ------ ------ ---- ----  ------  -----
                     Total ECS
   749    637    634  product revenue   652    768   51%  54%   (116) -15.1%
   638    620    616 AGS                625    651   49%  46%    (26)  -4.0%
------ ------ ------                 ------ ------ ---- ----  ------  -----
$1,387 $1,257 $1,250 Total revenue   $1,277 $1,419  100% 100% $ (142) -10.0%
====== ====== ======                 ====== ====== ==== ====  ======  =====


                     Revenue by
                      Geography
$  748 $  678 $  666 U.S.            $  694 $  767   54%  54% $  (73)  -9.5%
------ ------ ------                 ------ ------ ---- ----  ------  -----
                     International:
   365    327    330   EMEA             327    382   26%  27%    (55) -14.4%
                       APAC - Asia
   126    117    128    Pacific         126    133   10%   9%     (7)  -5.3%
                       Americas
                        International
                        - Canada and
   148    135    126    Latin America   130    137   10%  10%     (7)  -5.1%
------ ------ ------                 ------ ------ ---- ----  ------  -----
                     Total
   639    579    584  International     583    652   46%  46%    (69) -10.6%
------ ------ ------                 ------ ------ ---- ----  ------  -----
$1,387 $1,257 $1,250 Total Revenue   $1,277 $1,419  100% 100% $ (142) -10.0%
====== ====== ======                 ====== ====== ==== ====  ======  =====

Use of Non-GAAP (Adjusted) Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with GAAP, including adjusted EBITDA, Non-GAAP gross margin and Non-GAAP operating income.

EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments permitted in calculating covenant compliance under our debt agreements as further described in our SEC filings.

We believe that including supplementary information concerning adjusted EBITDA is appropriate to provide additional information to investors to demonstrate compliance with our debt agreements and because it serves as a basis for determining management compensation. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. Accordingly, adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short-term, namely the company's pricing strategies, volume, costs and expenses of the organization.

Adjusted EBITDA has limitations as an analytical tool. Adjusted EBITDA does not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. While adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. Adjusted EBITDA does not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. In particular, based on our debt agreements the definition of adjusted EBITDA allows us to add back certain non-cash charges that are deducted in calculating net income (loss). Our debt agreements also allow us to add back restructuring charges, certain fees payable to our private equity sponsors and other specific cash costs and expenses as defined in the agreements and that portion of our pension costs, other post-employment benefits costs, and non-retirement post-employment benefits costs representing the amortization of pension service costs and actuarial gain or loss associated with these employment benefits. However, these are expenses that may recur, may vary and are difficult to predict. Further, our debt agreements require that adjusted EBITDA be calculated for the most recent four fiscal quarters. As a result, the measure can be disproportionately affected by a particularly strong or weak quarter. Further, it may not be comparable to the measure for any subsequent four-quarter period or any complete fiscal year.

Non-GAAP gross margin excludes the amortization of technology intangible assets, impairment of long lived assets, transition services agreement costs incurred in connection with the acquisition of Nortel's enterprise solutions business, share based compensation and purchase accounting adjustments. We have included Non-GAAP gross margin because we believe it provides additional useful information to investors regarding our operations by excluding those charges that management does not believe are reflective of the company's ongoing operating results when assessing the performance of the business.

Non-GAAP operating income excludes the amortization of technology intangible assets, restructuring and impairment charges, acquisition and integration related costs, share based compensation, impairment of long lived assets and purchase accounting adjustments. We have included Non-GAAP operating income because we believe it provides additional useful information to investors regarding our operations by excluding those charges that management does not believe are reflective of the company's ongoing operating results when assessing the performance of the business.

The following tables reconcile GAAP measures to non-GAAP measures:


                                 Avaya Inc.
             Supplemental Schedule of Non-GAAP Adjusted EBITDA
                          (Unaudited; in millions)

                                                          For the twelve
                                 For the three months      months ended
                                  ended September 30,      September 30,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Net income (loss)                $      10  $     (99) $    (344) $    (863)
  Interest expense                     107        109        431        460
  Interest income                        -         (2)        (3)        (5)
  Provision for income taxes           (54)        79          8         68
  Depreciation and amortization        138        155        564        653
                                 ---------  ---------  ---------  ---------
EBITDA                                 201        242        656        313
  Impact of purchase accounting
   adjustments                           1          2          3          -
  Restructuring charges, net            14         23        142        189
  Sponsors' fees                         2          2          7          7
  Acquisition-related costs              -          1          4          5
  Integration-related costs              5         10         19        132
  Loss on extinguishment of debt         -          -          -        246
  Third-party fees expensed in
   connection with the debt
   modification                          -          -          -          9
  Non-cash share-based
   compensation                          1          3          8         12
  Write-down of assets held for
   sale to net realizable value          1          -          5          1
  Loss on investments and sale
   of long-lived assets, net             -          -          3          1
  Impairment of long-lived
   assets                                4          -          6          -
  Reversal of contingent
   liability related to
   acquisition                          (1)         -         (1)         -
  Loss (gain) on foreign
   currency transactions                14         (5)        21        (12)
  Pension/OPEB/nonretirement
   postemployment benefits and
   long-term disability costs           25         15         98         68
                                 ---------  ---------  ---------  ---------
Adjusted EBITDA                  $     267  $     293  $     971  $     971
                                 =========  =========  =========  =========



                                 Avaya Inc.
             Supplemental Schedules of Non-GAAP Reconciliations
                          (Unaudited; in millions)

                                                          For the Twelve
                        For the Three Months Ended         Months Ended
                    ---------------------------------- --------------------
                     Sept.  Dec.   Mar.   June   Sept.  Sept.  Sept.  Sept.
                      30,    31,    31,    30,    30,    30,    30,    30,
                     2011   2011   2012   2012   2012   2010   2011   2012
                    ------ ------ ------ ------ ------ ------ ------ ------
Reconciliation of
 Non-GAAP Gross
 Profit and Non-GAAP
 Gross Margin
  GAAP Gross Profit $  718 $  704 $  613 $  623 $  646 $2,172 $2,632 $2,586
  GAAP Gross Margin   50.6%  50.8%  48.8%  49.8%  50.6%  42.9%  47.4%  50.0%

  Items excluded:
    Amortization of
     technology
     intangible
     assets             59     50     49     47     46    291    257    192
    TSA                  -      -      -      -      -     54     26      -
    Impairment of
     capitalized
     software
     development
     costs               -      -      -      2      4      -      -      6
    Share-based
     compensation        1      1      1      1      1      5      6      4
    Purchase
     accounting
     adjustments         2      -      1      1      1      5      -      3
                    ------ ------ ------ ------ ------ ------ ------ ------
  Non-GAAP Gross
   Profit           $  780 $  755 $  664 $  674 $  698 $2,527 $2,921 $2,791
                    ====== ====== ====== ====== ====== ====== ====== ======

  Non-GAAP Gross
   Margin             55.0%  54.4%  52.8%  53.9%  54.7%  49.9%  52.7%  54.0%
                    ====== ====== ====== ====== ====== ====== ====== ======

Reconciliation of
 Non-GAAP Operating
 Income
  GAAP Operating
   Income (Loss)    $   84 $   82 $  (66)$   23 $   76   (381)$  (94)$  115
    Percentage of
     Revenue             6%     6%    -5%     2%     6%    -8%    -2%     2%

  Items excluded:
    Amortization of
     acquired assets   117    106    105    104    103    509    483    418
    Restructuring
     and impairment
     charges, net       23     21     90     21     15    187    189    147
    Acquisition/
     integration-
     related costs      11      6      6      6      6    228    136     24
    Share-based
     compensation        3      3      2      2      1     19     12      8
    Impairment of
     capitalized
     software
     development
     costs               -      -      -      2      4      -      -      6
    Strategic
     initiative
     costs               -      -      -      -      -      6      -      -
    Purchase
     accounting
     adjustments         2      -      1      1      1      5      -      3

                    ------ ------ ------ ------ ------ ------ ------ ------
  Non-GAAP Operating
   Income           $  240 $  218 $  138 $  159 $  206 $  573 $  726 $  721
                    ====== ====== ====== ====== ====== ====== ====== ======

  Percentage of
   Revenue            16.9%  15.7%  11.0%  12.7%  16.1%  11.3%  13.1%  13.9%
                    ====== ====== ====== ====== ====== ====== ====== ======

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