The document provides Level 3 Communications' financial results for the first quarter of 2014. Some key highlights include:
- Core Network Services revenue grew 6.6% year-over-year to $1.457 billion, driven by 11% growth in Enterprise CNS.
- Gross margin improved to 61.8% due to higher margin CNS revenue growth.
- Adjusted EBITDA grew 23% year-over-year to $458 million.
- Free cash flow improved by $140 million year-over-year.
- Based on strong performance, Level 3 raised its full year 2014 guidance for Adjusted EBITDA growth to 14-18% and free cash flow to
This document provides Level 3 Communications' financial results for the second quarter of 2014. Some key highlights include:
- Core Network Services (CNS) revenue grew 6.9% year-over-year to $1.479 billion. Enterprise CNS revenue grew 11%.
- Gross margin increased to 62.3% compared to 60.6% in the second quarter of 2013.
- Adjusted EBITDA was $459 million or $463 million excluding transaction fees, up from $385 million in the prior year.
- Free cash flow improved to $62 million from $8 million in the second quarter of 2013.
Level 3 reiterated its outlook for 2014, expecting CNS
- Level 3 Communications reported third quarter 2014 results on November 5, 2014
- Key highlights included Core Network Services revenue growth of 5.8% year-over-year and Adjusted EBITDA of $471 million
- The company also reported generating $157 million in free cash flow year-to-date
- Level 3 Communications reported financial results for the fourth quarter of 2013, with revenue growth of 4.1% year-over-year for core network services on a constant currency basis.
- Adjusted EBITDA grew 11-14% for full year 2013 compared to 2012, while free cash flow was positive $29 million for 2013 excluding certain payments.
- The company expects continued revenue and adjusted EBITDA growth in 2014.
- In Q2 2013, Level 3 Communications reported a 7.1% year-over-year growth in enterprise core network services (CNS) revenue excluding certain items.
- Adjusted EBITDA grew 12% year-over-year excluding severance charges in both Q2 2013 and Q2 2012.
- The company expects stronger CNS revenue performance in the second half of 2013 and low double-digit EBITDA growth for the full year compared to 2012.
This document provides a summary of key information from Raymond James 37th Annual Institutional Investors Conference on March 8, 2016. It discusses TDS (NYSE: TDS), a telecommunications company that operates through its subsidiaries TDS Telecom and U.S. Cellular. The summary highlights TDS' focus on long-term value creation, conservative financing strategy, and history of annual dividend increases. Financial results for 2015 show growth in operating cash flow, operating income, and adjusted EBITDA for both U.S. Cellular and TDS Telecom compared to 2014. Key strategic priorities for 2016 include revenue growth, reducing costs, and increasing margins.
This document provides Level 3's fourth quarter and full year 2015 results. Some key highlights include:
- Revenue growth of 2.4% for CNS and Enterprise on a pro forma basis.
- Adjusted EBITDA growth of 16% year-over-year and margins expanding 400 basis points.
- Free cash flow of $658 million, exceeding expectations.
- Achieved $216 million in annualized run-rate synergies from the tw telecom acquisition, exceeding targets.
- Improved leverage ratio to 3.8x from 4.4x in the prior year.
Sprint reported its fiscal third quarter 2015 results, highlighting growing postpaid connections, improved churn rates, and raised full year guidance. Key points include: postpaid phone net additions were the highest in three years; churn was the lowest ever for a third quarter; and adjusted EBITDA guidance was increased due to stabilizing revenue and cost reductions. Significant steps were also taken to improve liquidity, including a $1.1 billion sale-leaseback transaction. The document also discussed network performance improvements through LTE Plus deployments.
This document provides Level 3 Communications' financial results for the second quarter of 2014. Some key highlights include:
- Core Network Services (CNS) revenue grew 6.9% year-over-year to $1.479 billion. Enterprise CNS revenue grew 11%.
- Gross margin increased to 62.3% compared to 60.6% in the second quarter of 2013.
- Adjusted EBITDA was $459 million or $463 million excluding transaction fees, up from $385 million in the prior year.
- Free cash flow improved to $62 million from $8 million in the second quarter of 2013.
Level 3 reiterated its outlook for 2014, expecting CNS
- Level 3 Communications reported third quarter 2014 results on November 5, 2014
- Key highlights included Core Network Services revenue growth of 5.8% year-over-year and Adjusted EBITDA of $471 million
- The company also reported generating $157 million in free cash flow year-to-date
- Level 3 Communications reported financial results for the fourth quarter of 2013, with revenue growth of 4.1% year-over-year for core network services on a constant currency basis.
- Adjusted EBITDA grew 11-14% for full year 2013 compared to 2012, while free cash flow was positive $29 million for 2013 excluding certain payments.
- The company expects continued revenue and adjusted EBITDA growth in 2014.
- In Q2 2013, Level 3 Communications reported a 7.1% year-over-year growth in enterprise core network services (CNS) revenue excluding certain items.
- Adjusted EBITDA grew 12% year-over-year excluding severance charges in both Q2 2013 and Q2 2012.
- The company expects stronger CNS revenue performance in the second half of 2013 and low double-digit EBITDA growth for the full year compared to 2012.
This document provides a summary of key information from Raymond James 37th Annual Institutional Investors Conference on March 8, 2016. It discusses TDS (NYSE: TDS), a telecommunications company that operates through its subsidiaries TDS Telecom and U.S. Cellular. The summary highlights TDS' focus on long-term value creation, conservative financing strategy, and history of annual dividend increases. Financial results for 2015 show growth in operating cash flow, operating income, and adjusted EBITDA for both U.S. Cellular and TDS Telecom compared to 2014. Key strategic priorities for 2016 include revenue growth, reducing costs, and increasing margins.
This document provides Level 3's fourth quarter and full year 2015 results. Some key highlights include:
- Revenue growth of 2.4% for CNS and Enterprise on a pro forma basis.
- Adjusted EBITDA growth of 16% year-over-year and margins expanding 400 basis points.
- Free cash flow of $658 million, exceeding expectations.
- Achieved $216 million in annualized run-rate synergies from the tw telecom acquisition, exceeding targets.
- Improved leverage ratio to 3.8x from 4.4x in the prior year.
Sprint reported its fiscal third quarter 2015 results, highlighting growing postpaid connections, improved churn rates, and raised full year guidance. Key points include: postpaid phone net additions were the highest in three years; churn was the lowest ever for a third quarter; and adjusted EBITDA guidance was increased due to stabilizing revenue and cost reductions. Significant steps were also taken to improve liquidity, including a $1.1 billion sale-leaseback transaction. The document also discussed network performance improvements through LTE Plus deployments.
This document contains a summary of Sprint's fiscal 2Q15 earnings results conference call. It discusses positive postpaid phone net additions for the first time in over two years and best ever postpaid churn. It also notes continued network improvement and making progress versus competition, with Sprint surpassing AT&T in postpaid phone net additions for the 4th consecutive quarter. Financial metrics such as EBITDA, ABPA, ABPU, net debt and free cash flow are also defined.
- Nielsen reported its 4th quarter and full year 2015 results on February 11, 2016.
- For the full year 2015, Nielsen saw revenue growth of 5.0% in constant currency and adjusted EBITDA growth of 7.2% in constant currency. Adjusted net income per share grew 12.4% in constant currency.
- Nielsen is executing on its strategic initiatives in Watch and Buy and reiterated its 2016 guidance for 4-6% constant currency revenue growth and 50-70 basis points of adjusted EBITDA margin expansion.
- Genworth Financial reported its financial results for the fourth quarter of 2013, with net operating income up 20% year-over-year and 39% sequentially.
- Key drivers included improved performance in U.S. mortgage insurance from lower losses and favorable tax items, as well as higher earnings in the U.S. life insurance division.
- Global mortgage insurance earnings were up 23% sequentially due to lower losses across platforms in Canada, Australia and the U.S.
Level 3 communications bof aml 2015 leveraged finance conference finalLevel3_Communications
Level 3 Communications provided a presentation at the Bank of America 2015 Leveraged Finance Conference. The presentation contained forward-looking statements about the company's performance and ability to achieve its goals, which are subject to uncertainties. It also noted that historical comparisons are presented on a pro forma basis assuming the tw telecom acquisition occurred on January 1, 2014. In the third quarter of 2015, Level 3 reported strong revenue growth, continued adjusted EBITDA growth, and an improving free cash flow trajectory. Key highlights included core network services revenue growth of 5.5% and North America enterprise revenue growth of 8.3%. Adjusted EBITDA grew to $657 million. The company generated $247 million in free cash flow.
BGC Partners reported strong financial results for Q4 2015 and FY 2015. Revenues for Q4 2015 were up 34% to $692 million and up 43% for FY 2015 to $2.64 billion. Pre-tax distributable earnings were up 26% for Q4 2015 and 34% for FY 2015. BGC maintained a highly diverse revenue base across its financial services and real estate segments. The company has a strong liquidity position of over $1 billion and low leverage of 0.96x, maintaining an investment grade credit profile.
Third quarter 2015 results saw:
- Completion of nationwide 4G LTE network and strong data usage growth.
- Postpaid churn of 1.41% and prepaid net additions of 12,000.
- Adjusted EBITDA of $257 million, up 47% from prior year excluding one-time rewards program termination.
- Guidance increased for full year operating cash flow to $540-620 million and Adjusted EBITDA to $710-790 million.
Genworth MI Canada Inc. reported its financial results for the first quarter of 2014. Net operating income increased 7% year-over-year to $91 million. The loss ratio was 20% and the expense ratio was 19%, leading to a combined ratio of 39%. The minimum capital test ratio remained strong at 229%. Genworth also announced a 15% average premium rate increase effective May 1, 2014 and successfully extended its debt maturity profile.
Rossi Residencial reported its 3Q13 and 9M13 operational and financial results. Operationally, new launches totaled R$665 million in 3Q13, in line with the company's strategic plan to focus on more profitable metropolitan regions. Gross sales were R$616 million in 3Q13. Financially, net revenue was R$492 million in 9M13, while adjusted EBITDA was R$405 million. The company generated R$199 million in operational cash flow excluding interest in 9M13.
The TDS Annual Meeting of Shareholders provided an overview of the company's performance and strategic priorities. U.S. Cellular achieved postpaid customer growth and reduced churn in 2015 while significantly improving profitability. For 2016, U.S. Cellular aims to add customers, grow revenues, manage costs, and invest in its network. TDS Telecom increased IPTV and broadband connections in 2015 through acquisitions and stimulus projects. It will focus on targeted fiber deployment and leveraging wireline capabilities. Both companies aim for profitable growth through innovative services while maintaining operational efficiency.
- Level 3 reported second quarter 2015 results on July 29, 2015
- Core Network Services revenue grew 5.4% year-over-year on a constant currency basis
- Adjusted EBITDA grew to $665 million with a margin of 32.3%
- The company generated $102 million in free cash flow and reduced annualized interest expenses through capital markets transactions
- Level 3 reported first quarter 2016 results on April 28, 2016
- Revenue grew 3.6% year-over-year on a constant currency and pro forma basis to $1.947 billion
- Adjusted EBITDA grew 15% year-over-year on a pro forma basis to $710 million
- The company reiterated its 2016 business outlook for 10-12% Adjusted EBITDA growth and $1-1.1 billion in free cash flow
The document provides financial results for Level 3 Communications for the second quarter of 2016. Some key highlights include:
- Core Network Services revenue grew 5.3% year-over-year. North America CNS revenue grew 5.9% and Latin America grew 9.6%.
- Adjusted EBITDA increased 10% to $715 million. Free cash flow was $264 million.
- The company lowered its net debt to adjusted EBITDA leverage ratio to 3.5x.
- For full year 2016, the company expects adjusted EBITDA growth of 10-12% and free cash flow of $1-1.1 billion.
The document provides an overview of the company's second quarter 2017 results. It summarizes that postpaid handset growth and reduced churn led to 23,000 postpaid net additions. Average revenue and billings per user declined year-over-year. Adjusted OIBDA decreased 9% to $163 million due to lower service revenues and equipment sales, partially offset by lower expenses. Guidance for 2017 remains unchanged with estimated revenues of $3.8-4 billion and adjusted OIBDA of $550-650 million.
The document provides third quarter 2016 financial results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular's postpaid net losses were 6,000 due to lower gross additions, but postpaid churn was low at 1.34%. Equipment sales revenues increased 38% year-over-year.
- TDS Telecom's wireline, cable, and hosted/managed services businesses saw stable to modest growth in operating revenues and adjusted EBITDA compared to the prior year.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cellular and $1
This presentation summarizes Internap's 3rd quarter 2016 earnings results. Revenue declined year-over-year primarily due to lower IP connectivity pricing and customer churn. The company reported a large net loss that included a non-cash goodwill impairment charge. Looking forward, the new CEO plans to improve operations, cut costs, and explore ways to recapitalize the business in order to focus on growth. Financial guidance for 2016 was reaffirmed with some minor adjustments to revenue and adjusted EBITDA expectations.
The document provides an overview of a company's fourth quarter 2015 results, accomplishments in 2015, and strategic priorities for 2016. It summarizes the company's financial results for Q4 2015 and full year 2015, noting declines in revenue but increases in operating cash flow. It outlines the company's strategic priorities for 2016, which include driving customer growth, reducing costs, managing investments, and continuing its fiber deployment. The document also summarizes 2015 results and 2016 priorities for the company's wireline, cable, and hosted services divisions.
First quarter 2017 financial results and strategic priorities for TDS and its subsidiaries U.S. Cellular and TDS Telecom.
Key highlights include:
- U.S. Cellular reduced postpaid handset churn to 1.08%, launched new unlimited plans, and saw adjusted EBITDA rise 11%.
- TDS Telecom grew revenues across wireline, cable, and hosted/managed services segments and increased adjusted EBITDA 13%.
- Guidance for 2017 remains unchanged with goals of growing revenues, operating cash flow, and adjusted EBITDA for both companies.
This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition, stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations concerning future cash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update forward-looking statements to take new information or future events into account or otherwise.
In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents non-GAAP financial performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net income, free cash flow, gross debt and net debt. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.
Level 3 Communications reported financial results for the fourth quarter and full year of 2014. Some key highlights included:
- For the fourth quarter of 2014, Level 3 standalone Core Network Services revenue grew 6.7% year-over-year to $1.497 billion. Adjusted EBITDA increased 8.3% to $470 million.
- For the full year 2014, Level 3 standalone revenue grew 6.1% to $5.849 billion. Adjusted EBITDA increased 19% to $1.869 billion. Free cash flow improved to $325 million compared to negative $47 million in 2013.
- The integration of tw telecom is progressing as planned. $38 million
- Level 3 reported first quarter 2015 results on April 29, 2015
- Key highlights included 6.0% year-over-year growth in core network services revenue, adjusted EBITDA of $635 million, and free cash flow of $51 million
- The company raised its outlook for full year 2015 adjusted EBITDA and free cash flow
BAML Leveraged Finanace Conference Investor Presentation Dec 2014Level3_Communications
Level 3 Communications is a global fiber network provider with over 200,000 miles of fiber and 13,000 employees. It generates over $8 billion in annual revenue. Enterprise services are its main growth area and account for around 70% of combined revenue following its acquisition of tw telecom. The acquisition further strengthens Level 3's position by expanding its metro footprint and market opportunity in the enterprise sector. On a pro forma basis, the combined company has $7.9 billion in annual revenue and a net debt to Adjusted EBITDA ratio of 4.5x following synergies of $240 million from operational efficiencies and reduced capital expenditures.
This document contains a summary of Sprint's fiscal 2Q15 earnings results conference call. It discusses positive postpaid phone net additions for the first time in over two years and best ever postpaid churn. It also notes continued network improvement and making progress versus competition, with Sprint surpassing AT&T in postpaid phone net additions for the 4th consecutive quarter. Financial metrics such as EBITDA, ABPA, ABPU, net debt and free cash flow are also defined.
- Nielsen reported its 4th quarter and full year 2015 results on February 11, 2016.
- For the full year 2015, Nielsen saw revenue growth of 5.0% in constant currency and adjusted EBITDA growth of 7.2% in constant currency. Adjusted net income per share grew 12.4% in constant currency.
- Nielsen is executing on its strategic initiatives in Watch and Buy and reiterated its 2016 guidance for 4-6% constant currency revenue growth and 50-70 basis points of adjusted EBITDA margin expansion.
- Genworth Financial reported its financial results for the fourth quarter of 2013, with net operating income up 20% year-over-year and 39% sequentially.
- Key drivers included improved performance in U.S. mortgage insurance from lower losses and favorable tax items, as well as higher earnings in the U.S. life insurance division.
- Global mortgage insurance earnings were up 23% sequentially due to lower losses across platforms in Canada, Australia and the U.S.
Level 3 communications bof aml 2015 leveraged finance conference finalLevel3_Communications
Level 3 Communications provided a presentation at the Bank of America 2015 Leveraged Finance Conference. The presentation contained forward-looking statements about the company's performance and ability to achieve its goals, which are subject to uncertainties. It also noted that historical comparisons are presented on a pro forma basis assuming the tw telecom acquisition occurred on January 1, 2014. In the third quarter of 2015, Level 3 reported strong revenue growth, continued adjusted EBITDA growth, and an improving free cash flow trajectory. Key highlights included core network services revenue growth of 5.5% and North America enterprise revenue growth of 8.3%. Adjusted EBITDA grew to $657 million. The company generated $247 million in free cash flow.
BGC Partners reported strong financial results for Q4 2015 and FY 2015. Revenues for Q4 2015 were up 34% to $692 million and up 43% for FY 2015 to $2.64 billion. Pre-tax distributable earnings were up 26% for Q4 2015 and 34% for FY 2015. BGC maintained a highly diverse revenue base across its financial services and real estate segments. The company has a strong liquidity position of over $1 billion and low leverage of 0.96x, maintaining an investment grade credit profile.
Third quarter 2015 results saw:
- Completion of nationwide 4G LTE network and strong data usage growth.
- Postpaid churn of 1.41% and prepaid net additions of 12,000.
- Adjusted EBITDA of $257 million, up 47% from prior year excluding one-time rewards program termination.
- Guidance increased for full year operating cash flow to $540-620 million and Adjusted EBITDA to $710-790 million.
Genworth MI Canada Inc. reported its financial results for the first quarter of 2014. Net operating income increased 7% year-over-year to $91 million. The loss ratio was 20% and the expense ratio was 19%, leading to a combined ratio of 39%. The minimum capital test ratio remained strong at 229%. Genworth also announced a 15% average premium rate increase effective May 1, 2014 and successfully extended its debt maturity profile.
Rossi Residencial reported its 3Q13 and 9M13 operational and financial results. Operationally, new launches totaled R$665 million in 3Q13, in line with the company's strategic plan to focus on more profitable metropolitan regions. Gross sales were R$616 million in 3Q13. Financially, net revenue was R$492 million in 9M13, while adjusted EBITDA was R$405 million. The company generated R$199 million in operational cash flow excluding interest in 9M13.
The TDS Annual Meeting of Shareholders provided an overview of the company's performance and strategic priorities. U.S. Cellular achieved postpaid customer growth and reduced churn in 2015 while significantly improving profitability. For 2016, U.S. Cellular aims to add customers, grow revenues, manage costs, and invest in its network. TDS Telecom increased IPTV and broadband connections in 2015 through acquisitions and stimulus projects. It will focus on targeted fiber deployment and leveraging wireline capabilities. Both companies aim for profitable growth through innovative services while maintaining operational efficiency.
- Level 3 reported second quarter 2015 results on July 29, 2015
- Core Network Services revenue grew 5.4% year-over-year on a constant currency basis
- Adjusted EBITDA grew to $665 million with a margin of 32.3%
- The company generated $102 million in free cash flow and reduced annualized interest expenses through capital markets transactions
- Level 3 reported first quarter 2016 results on April 28, 2016
- Revenue grew 3.6% year-over-year on a constant currency and pro forma basis to $1.947 billion
- Adjusted EBITDA grew 15% year-over-year on a pro forma basis to $710 million
- The company reiterated its 2016 business outlook for 10-12% Adjusted EBITDA growth and $1-1.1 billion in free cash flow
The document provides financial results for Level 3 Communications for the second quarter of 2016. Some key highlights include:
- Core Network Services revenue grew 5.3% year-over-year. North America CNS revenue grew 5.9% and Latin America grew 9.6%.
- Adjusted EBITDA increased 10% to $715 million. Free cash flow was $264 million.
- The company lowered its net debt to adjusted EBITDA leverage ratio to 3.5x.
- For full year 2016, the company expects adjusted EBITDA growth of 10-12% and free cash flow of $1-1.1 billion.
The document provides an overview of the company's second quarter 2017 results. It summarizes that postpaid handset growth and reduced churn led to 23,000 postpaid net additions. Average revenue and billings per user declined year-over-year. Adjusted OIBDA decreased 9% to $163 million due to lower service revenues and equipment sales, partially offset by lower expenses. Guidance for 2017 remains unchanged with estimated revenues of $3.8-4 billion and adjusted OIBDA of $550-650 million.
The document provides third quarter 2016 financial results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular's postpaid net losses were 6,000 due to lower gross additions, but postpaid churn was low at 1.34%. Equipment sales revenues increased 38% year-over-year.
- TDS Telecom's wireline, cable, and hosted/managed services businesses saw stable to modest growth in operating revenues and adjusted EBITDA compared to the prior year.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cellular and $1
This presentation summarizes Internap's 3rd quarter 2016 earnings results. Revenue declined year-over-year primarily due to lower IP connectivity pricing and customer churn. The company reported a large net loss that included a non-cash goodwill impairment charge. Looking forward, the new CEO plans to improve operations, cut costs, and explore ways to recapitalize the business in order to focus on growth. Financial guidance for 2016 was reaffirmed with some minor adjustments to revenue and adjusted EBITDA expectations.
The document provides an overview of a company's fourth quarter 2015 results, accomplishments in 2015, and strategic priorities for 2016. It summarizes the company's financial results for Q4 2015 and full year 2015, noting declines in revenue but increases in operating cash flow. It outlines the company's strategic priorities for 2016, which include driving customer growth, reducing costs, managing investments, and continuing its fiber deployment. The document also summarizes 2015 results and 2016 priorities for the company's wireline, cable, and hosted services divisions.
First quarter 2017 financial results and strategic priorities for TDS and its subsidiaries U.S. Cellular and TDS Telecom.
Key highlights include:
- U.S. Cellular reduced postpaid handset churn to 1.08%, launched new unlimited plans, and saw adjusted EBITDA rise 11%.
- TDS Telecom grew revenues across wireline, cable, and hosted/managed services segments and increased adjusted EBITDA 13%.
- Guidance for 2017 remains unchanged with goals of growing revenues, operating cash flow, and adjusted EBITDA for both companies.
This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition, stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations concerning future cash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update forward-looking statements to take new information or future events into account or otherwise.
In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents non-GAAP financial performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net income, free cash flow, gross debt and net debt. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.
Level 3 Communications reported financial results for the fourth quarter and full year of 2014. Some key highlights included:
- For the fourth quarter of 2014, Level 3 standalone Core Network Services revenue grew 6.7% year-over-year to $1.497 billion. Adjusted EBITDA increased 8.3% to $470 million.
- For the full year 2014, Level 3 standalone revenue grew 6.1% to $5.849 billion. Adjusted EBITDA increased 19% to $1.869 billion. Free cash flow improved to $325 million compared to negative $47 million in 2013.
- The integration of tw telecom is progressing as planned. $38 million
- Level 3 reported first quarter 2015 results on April 29, 2015
- Key highlights included 6.0% year-over-year growth in core network services revenue, adjusted EBITDA of $635 million, and free cash flow of $51 million
- The company raised its outlook for full year 2015 adjusted EBITDA and free cash flow
BAML Leveraged Finanace Conference Investor Presentation Dec 2014Level3_Communications
Level 3 Communications is a global fiber network provider with over 200,000 miles of fiber and 13,000 employees. It generates over $8 billion in annual revenue. Enterprise services are its main growth area and account for around 70% of combined revenue following its acquisition of tw telecom. The acquisition further strengthens Level 3's position by expanding its metro footprint and market opportunity in the enterprise sector. On a pro forma basis, the combined company has $7.9 billion in annual revenue and a net debt to Adjusted EBITDA ratio of 4.5x following synergies of $240 million from operational efficiencies and reduced capital expenditures.
This document provides a cautionary statement and discusses pro forma adjustments for Level 3 Communications. It notes that some statements made in the presentation are forward-looking and subject to uncertainties outside the company's control. It identifies key risks that could prevent Level 3 from achieving its goals, including successfully integrating acquisitions, managing risks associated with the global economy, and developing new services. The document also states that comparisons to prior periods are being presented on a pro forma basis, assuming the tw telecom acquisition occurred on January 1, 2014, and that growth rates are year-over-year.
- Level 3 reported financial results for the third quarter of 2013, with revenue growing 2.9% year-over-year on a constant currency basis driven by 7.4% growth in enterprise core network services revenue.
- Adjusted EBITDA, which excludes severance charges, grew 13% year-to-date compared to the first three quarters of 2012, with margins expanding.
- The company refinanced $2.6 billion in debt, resulting in $23.5 million in annual net cash interest savings.
TCS reported financial results for the first quarter of fiscal year 2015, ending June 30, 2014. Revenue grew 2.6% quarter-over-quarter and 22.9% year-over-year in Indian Rupees. Operating margin was 26.3% and net income margin was 22.9%. Key highlights included strong growth in telecom, retail, and life sciences industries as well as an increase in large clients with over $50 million in annual revenues from TCS. The company added over 15,000 employees during the quarter.
TRR reported financial results for Q1 FY2015 with year-over-year growth. Net service revenue increased 14% to $92.6M driven by increases in the Energy, Environmental, and Infrastructure segments. Operating income grew 41% to $6M and net income increased 40% to $3.5M. The company will continue to invest in organic growth opportunities and pursue strategic acquisitions to expand its presence in key markets such as oil & gas, utilities, and transportation.
Progressive Waste Solutions Third Quarter 2014 Financial Results ProgressiveWaste
- Total company revenue increased 0.1% compared to Q3 2013, but grew 2.0% excluding the impact of foreign exchange. Organic revenue growth was 2.2% driven by higher price and volume.
- Adjusted EBITDA increased 3.7% to $139.8 million compared to Q3 2013. Adjusted EBITDA margins improved to 26.8% from 25.9% in Q3 2013.
- Capital expenditures decreased to $73.4 million from $97.8 million in Q3 2013, with lower spending on replacement capital. The company expects full year 2014 adjusted EPS and free cash flow to be higher than previously expected.
- Google reported financial results for Q2 2014 with total revenue of $15.96 billion, up 22% year-over-year and 3% quarter-over-quarter.
- Revenue from Google sites increased 23% year-over-year and 4% quarter-over-quarter while network revenues grew 7% year-over-year and 1% quarter-over-quarter.
- International revenues accounted for 58% of total revenue and grew faster than U.S. revenues both year-over-year and quarter-over-quarter.
- Q3 2014 highlights include strong performance in Canada driven by continued momentum with financial card partners and the refreshed Aeroplan program. EMEA growth slowed due to coalition programs.
- Gross billings increased 9.8% in Q3 driven by growth in Canada and proprietary loyalty businesses, offset by declines in US and APAC.
- Adjusted EBITDA was $63.9 million in Q3. Free cash flow before dividends was $56.3 million.
- 2014 guidance is confirmed with expected gross billings growth between 7-9% and adjusted EBITDA margin of approximately 12%.
T-Mobile reported strong customer growth in Q1 2014 with nearly 2.4 million total net additions. This included over 1.3 million branded postpaid net additions, marking a record quarter for postpaid customer additions. Service revenue grew year-over-year however Adjusted EBITDA declined due to increased promotional activity. T-Mobile expects continued growth in 2014 with projected branded postpaid net additions of 2.8-3.3 million and Adjusted EBITDA of $5.6-5.8 billion.
- TE Connectivity reported Q3 2014 earnings with sales of $3.58 billion, up 4% year-over-year. Adjusted EPS was $1.00, up 14% year-over-year.
- Adjusted operating margin was 15.4%, up 60 basis points from the prior year, driven by volume growth, product mix, and productivity gains.
- Free cash flow for the quarter was $530 million. The company returned $169 million to shareholders in the form of dividends and share repurchases.
- For the full year 2014, the company expects sales of $13.95 billion at the midpoint, up 5% from 2013. Adjusted EPS is expected to be
- Level 3 reported third quarter 2015 results on October 28, 2015
- Key highlights included year-over-year CNS enterprise revenue growth of 8.3% in North America and adjusted EBITDA of $657 million
- The company updated its full-year 2015 adjusted EBITDA growth outlook to 15-17% compared to previous outlook of 14-17%
The document is an investor presentation from Intuit given in March 2015 that provides an overview of the company's strategy, priorities, financial metrics and outlook. Some of the key points include:
- Intuit's mission is to improve customers' financial lives so profoundly that they can't imagine going back to the old way.
- The company's strategic priorities are to win online/mobile, grow globally, create a unified SMB profile, accelerate its "taxes are done" goal, and make everything a service.
- Intuit expects QuickBooks Online subscribers to grow to around 1 million in FY2015 and around 2 million in FY2017, with total revenue reaching approximately $5.8 billion.
- The presentation
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q3 2014 Earnings Call. For more information, check out http://investors.linkedin.com/.
- TE Connectivity reported Q2 2014 sales of $3.43 billion, up 6% organically versus the prior year. Adjusted EPS was $0.95, up 25% versus the prior year.
- For full year 2014, the company expects sales between $13.95-$14.1 billion, up 5% organically from the prior year. Adjusted EPS is expected to be between $3.78-$3.84, up 17% from the prior year.
- The company also announced the planned acquisition of SEACON Group, a leading provider of underwater connector technology, for $490 million. The acquisition is expected to close in the current fiscal year.
TCS reported financial results for the third quarter of fiscal year 2013-2014. Key highlights include:
- Revenue grew 1.5% quarter-over-quarter and 32.5% year-over-year to INR 212,940 million
- Operating income was INR 63,347 million, with an operating margin of 29.7%
- Net income reached INR 53,140 million, with a net margin of 25.0%
- Strong growth was seen in the manufacturing, telecom and life sciences industries
This document provides an overview and financial results for TRC Companies Inc.'s Q2 Fiscal 2015. Key points include:
- Net service revenue increased 10% year-over-year to $99.8 million.
- EBITDA increased 28% to $9.5 million and net income increased 29% to $4.0 million.
- The environmental and energy segments saw increases in net service revenue and profits while the infrastructure segment saw declines.
- The company aims to invest in organic growth and pursue strategic acquisitions to expand in key markets like oil/gas midstream.
- Markit reported strong financial results for Q3 2014, with revenue increasing 13.1% to a quarterly record of $269.7 million, driven by growth in all three business segments.
- Recurring revenue was 94.9% of total revenue, and recurring fixed revenue increased to 53.6% from 50.8% in Q3 2013. Adjusted EBITDA grew 14.5% to $126.8 million.
- The company saw organic growth across all segments, with Information growing 6.8% and Processing growing 12.5% due to increased trading volumes. Solutions achieved 26.2% growth driven by demand for its major products.
- Garmin reported strong revenue and earnings growth in Q3 2014, with revenue up 10% and pro forma EPS growth of 10%. The non-auto/mobile segments grew revenue 24% and contributed 56% of total revenue.
- All business segments except automotive/mobile saw revenue and operating income growth. Fitness revenue was up 43% and aviation was up 19%.
- Garmin updated full-year 2014 guidance with revenue expected to be around $2.85 billion and pro forma EPS expected to be approximately $3.10.
Level 3 Communications reported its second quarter 2017 results on August 2, 2017. The company reaffirmed its full year 2017 financial outlook and reported adjusted EBITDA of $744 million for the quarter, an increase over the previous year. Free cash flow for the quarter was $236 million. The company also reached its target leverage ratio of 3.0x for net debt to adjusted EBITDA. Level 3 provided cautionary statements regarding forward-looking statements and additional details on financial metrics and non-GAAP reconciliations.
Level 3 Communications reported its first quarter 2017 results on May 3, 2017. The company reaffirmed its full year 2017 financial outlook and reported adjusted EBITDA growth to $725 million in Q1 2017. Level 3 also lowered its leverage ratio to 3.1x and generated $173 million in free cash flow for the quarter. Additionally, the company's core network services revenue was flat year-over-year on a constant currency basis, with a core network services revenue churn rate of 1.1% for the quarter.
Level 3 Communications provides a presentation on its business and financial overview. Key points include:
- Level 3 has over $8 billion in annual revenue and provides connectivity to over 60 countries globally.
- The company focuses on enterprise customers and expanding its network to capture more market share.
- Financially, Level 3 has improved its credit ratings and reduced leverage over time through prudent management.
- CenturyLink plans to acquire Level 3 to create a leading global communications provider with increased scale.
Level 3 Communications reported its fourth quarter 2016 results in February 2017. The presentation included modified adjustments to prior period results and cautionary statements about forward-looking projections. It noted some statements were based on current expectations and were subject to risks and uncertainties that could cause actual results to differ materially. Important risk factors that could prevent Level 3 from achieving its goals included its ability to increase revenue, develop business support systems, manage network failures, protect its network security, develop new services, and integrate acquisitions. The presentation also provided additional information on the proposed combination of Level 3 and CenturyLink and directed investors to filings with the SEC for more details.
Level 3 Communications reported its third quarter 2016 results. Key highlights included:
- Network access margin of 66.8% and adjusted EBITDA margin of 35.2%
- 12% year-over-year growth in adjusted EBITDA
- Generated $281 million in free cash flow
- Provided full year 2016 business outlook of 10-12% adjusted EBITDA growth
The document also included financial details by segment, revenue by service type, expenses, adjusted EBITDA reconciliation, debt metrics, and non-GAAP definitions.
Level 3 Communications provides an investor presentation overviewing its global network, comprehensive product portfolio, and strategy. The strategy focuses on enterprise customers, expanding the network, delivering a superior customer experience, and evolving the product portfolio. Financial highlights include steady revenue growth, improved profitability, and reduced leverage over time through prudent capital allocation. The global network, product breadth, and focus on complex customer solutions position Level 3 for continued growth.
Level 3 Communications reported first quarter 2014 results with the following highlights:
- Core Network Services revenue grew 6.6% year-over-year to $1.457 billion driven by 11% growth in Enterprise CNS.
- Gross margin improved to 61.8% and Adjusted EBITDA grew 23% to $458 million.
- Based on strong performance, Level 3 raised its full year 2014 outlook for Adjusted EBITDA growth to 14-18% and Free Cash Flow to $250-300 million.
The document provides a cautionary statement about forward-looking statements made in a presentation. It notes that several important factors could prevent the company, Level 3, from achieving its goals, such as successfully integrating acquisitions, managing risks from economic uncertainty, obtaining financing, and adapting to technological changes. The statement advises that Level 3's forward-looking statements should be evaluated in light of the important risk factors in its SEC filings.
This document cautions that some statements made are forward-looking and subject to uncertainties. It identifies important risk factors that could prevent the company from achieving its goals, such as successfully integrating acquisitions, managing economic uncertainties, and developing new services. However, it also outlines how the company is well positioned for growth due to its large global network, broad portfolio, revenue growth, operating leverage, and improving credit profile.
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2. Issued on April 30, 2014
Cautionary Statement & Pro Forma Adjustment
2
Some statements made in this presentation are forward-looking in nature and are based on management's
current expectations or beliefs. These forward-looking statements are not a guarantee of performance and are
subject to a number of uncertainties and other factors, many of which are outside Level 3's control, which
could cause actual events to differ materially from those expressed or implied by the statements. Important
factors that could prevent Level 3 from achieving its stated goals include, but are not limited to, the company's
ability to: successfully integrate the Global Crossing acquisition or otherwise realize the anticipated benefits
thereof; manage risks associated with continued uncertainty in the global economy; maintain and increase
traffic on its network; develop and maintain effective business support systems; manage system and network
failures or disruptions; avert the breach of its network and computer system security measures; develop new
services that meet customer demands and generate acceptable margins; defend intellectual property and
proprietary rights; manage the future expansion or adaptation of its network to remain competitive; manage
continued or accelerated decreases in market pricing for communications services; obtain capacity for its
network from other providers and interconnect its network with other networks on favorable terms; attract and
retain qualified management and other personnel; successfully integrate future acquisitions; effectively
manage political, legal, regulatory, foreign currency and other risks it is exposed to due to its substantial
international operations; mitigate its exposure to contingent liabilities; and meet all of the terms and conditions
of its debt obligations. Additional information concerning these and other important factors can be found within
Level 3's filings with the Securities and Exchange Commission. Statements in this presentation should be
evaluated in light of these important factors. Level 3 is under no obligation to, and expressly disclaims any
such obligation to, update or alter its forward-looking statements, whether as a result of new information,
future events, or otherwise.
In 2013, the company accrued 60 percent of its annual employee bonus compensation expense in the form of
equity and 40 percent in cash, compared to 100 percent cash in 2014. The amount of the bonus accrued as
equity based compensation in the first quarter of 2013 was $15 million. SG&A, Adjusted EBITDA and Adjusted
EBITDA margin for the first quarter of 2013 have been adjusted on a pro forma basis to include the $15 million
to present the results on a consistent basis with the accrual of bonus compensation expense in 2014 as 100
percent cash.
3. Issued on April 30, 2014
First Quarter 2014 Highlights
3
Nine consecutive quarters of Enterprise Core Network Services
(CNS) revenue growth on a constant currency basis
CNS revenue grew 6.6% YoY
Gross margin increased to 61.8% in 1Q14
Strong Adjusted EBITDA of $458 million
Based on strong first quarter performance and momentum we
are seeing, raising full year guidance:
Adjusted EBITDA is expected to grow 14-18%
• Prior outlook of 11-14%
Free Cash Flow is expected to be in the range of $250 to $300 million
• Prior outlook of $225 to $275 million
4. Issued on April 30, 2014
$871
$884
$905
$939
$962
1Q13 2Q13 3Q13 4Q13 1Q14 4
CNS By Region CNS By Customer Type
CNS revenue grew to $1.457
billion or 6.6% YoY on a constant
currency basis
Enterprise CNS grew 11% YoY on
a constant currency basis:
14% YoY from North America
13% YoY from Latin America
10% YoY from EMEA(1)
CNS revenue churn(2) was 1.5%
compared to 1.6% in the first
quarter 2013
Core Network Services
Revenue
72%
15%
13%
North America EMEA Latin America
66%
34%
Enterprise Wholesale
(1) Excludes EMEA UK Government CNS revenue
(2) Level 3 measures revenue churn as disconnects of Core Network Services
monthly recurring revenue as a percent of Core Network Services revenue. This
calculation excludes usage. Also included in the churn calculations are customers
who are disconnecting existing service, but are replacing their old service with
new, generally higher speed services
Total Enterprise CNS Revenue
($ in millions)
5. Issued on April 30, 2014
$577
$537
36.6%
33.4%
1Q13 1Q14
SG&A SG&A % total revenue
Level 3 Gross Margin and SG&A
5
Gross Margin improvement
driven by high margin CNS
revenue growth
SG&A improved as a result of
headcount reductions and non-
headcount savings
Gross Margin
($ in millions)
SG&A(1)
($ in millions)
$948
$995
60.1%
61.8%
1Q13 1Q14
GM $ GM %
(1) SG&A excludes non-cash compensation expense
(2) First quarter 2013 SG&A expense is adjusted to include the $15 million in bonus-related non-cash compensation
(2)
6. Issued on April 30, 2014
Level 3 Adjusted EBITDA and Capital Expenditures
6
Continued YoY double digit
growth
Capital expenditures are
expected to represent 12-13% of
revenue for 2014
Adjusted EBITDA(1)
($ in millions)
Capital Expenditures
($ in millions)
(1) First quarter 2013 Adjusted EBITDA and the resulting Adjusted EBITDA margin are adjusted by $15 million
$371
$458
23.5%
28.5%
1Q13 1Q14
Adj EBITDA Adj EBITDA % of Total Revenue
$169 $163
1Q13 1Q14
7. Issued on April 30, 2014
Level 3 Free Cash Flow
7
Free Cash Flow improved by
$140 million YoY, driven by
EBITDA improvements and cash
interest expense savings
Free Cash Flow – Year over Year
($ in millions)
Free Cash Flow – Rolling Four Quarters
($ in millions)
Strong improvement of $207
million in Free Cash Flow on a
rolling four quarter basis
($162)
($22)
1Q13 1Q14
($114)
$93
1Q13 1Q14
8. Issued on April 30, 2014
Debt Maturity Profile
8
Net Debt to Adjusted EBITDA ratio was 4.6x, compared to 5.3x in the first
quarter 2013
Focused on the lower end of target leverage range of 3 to 5 times
Average interest rate was 6.8%, compared to 7.4% in the first quarter 2013
2015 maturity is 7% Convertible Senior Notes that convert at $27
Cash on hand as of March 31, 2014 of $607 million
Note: Maturity chart excludes capital leases and other debt of approximately $82 million
March 31, 2014
($ in Millions)
$475
$300
$3,420 $3,471
$640
2014 2015 2016 2017 2018 2019 2020 2021
9. Issued on April 30, 2014
Full Year 2014 Business Outlook
9
Updated
Expect Adjusted EBITDA growth of 14-18% for the full year 2014 compared
to the full year 2013 (from a starting point of $1.565 billion)
Expect Free Cash Flow of $250 to $300 million for the full year 2014
Unchanged
For the full year 2014, expect CNS revenue growth to be higher than the
2.9% growth we saw for the full year 2013
Expect GAAP interest expense of approximately $600 million
Expect net cash interest expense of approximately $560 million
Expect capital expenditures of approximately 12-13% of total revenue
Expect depreciation and amortization of approximately $750 million for the
full year 2014
Expect GAAP income tax expense of approximately $70 million
14. Issued on April 30, 2014
14
Pursuant to Regulation G, the company is hereby providing definitions of non-GAAP financial metrics
and reconciliations to the most directly comparable GAAP measures.
The following describes and reconciles those financial measures as reported under accounting
principles generally accepted in the United States (GAAP) with those financial measures as adjusted
by the items detailed below and presented in the accompanying news release. These calculations are
not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping
with its historical financial reporting practices, the company believes that the supplemental presentation
of these calculations provides meaningful non-GAAP financial measures to help investors understand
and compare business trends among different reporting periods on a consistent basis.
In addition, measures referred to in the accompanying news release as being calculated “on a constant
currency basis” or "in constant currency terms" are non-GAAP metrics intended to present the relevant
information assuming a constant exchange rate between the two periods being compared. Such
metrics are calculated by applying the currency exchange rates used in the preparation of the prior
period financial results to the subsequent period results.
Schedule To Reconcile To Non-GAAP Financial Metrics
15. Issued on April 30, 2014
15
Schedule To Reconcile To Non-GAAP Financial Metrics
Consolidated Revenue is defined as total revenue from the Consolidated Statements of
Operations.
Core Network Services Revenue includes revenue from colocation and datacenter services,
transport and fiber, IP and data services, and voice services (local and enterprise.)
Gross Margin ($) is defined as total revenue less cost of revenue from the Consolidated
Statements of Operations.
Gross Margin (%) is defined as gross margin ($) divided by total revenue. Management
believes that gross margin is a relevant metric to provide to investors, as it is a metric that
management uses to measure the margin available to the company after it pays third party
network services costs; in essence, a measure of the efficiency of the company’s network.
Adjusted EBITDA is defined as net income (loss) from the Consolidated Statements of
Operations before income taxes, total other income (expense), non-cash impairment charges,
depreciation and amortization and non-cash stock compensation expense.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenue.
16. Issued on April 30, 2014
16
Schedule To Reconcile To Non-GAAP Financial Metrics
Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful
metrics to provide to investors, as they are an important part of the company’s internal reporting and are
key measures used by Management to evaluate profitability and operating performance of the company
and to make resource allocation decisions. Management believes such measures are especially
important in a capital-intensive industry such as telecommunications. Management also uses Adjusted
EBITDA and Adjusted EBITDA Margin to compare the company’s performance to that of its competitors
and to eliminate certain non-cash and non-operating items in order to consistently measure from period to
period its ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted
EBITDA excludes non-cash impairment charges and non-cash stock compensation expense because of
the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense
and income taxes because these items are associated with the company’s capitalization and tax
structures. Adjusted EBITDA also excludes depreciation and amortization expense because these non-
cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash
impacts of capital expenditures made in recent periods, which may be evaluated through cash flow
measures. Adjusted EBITDA excludes the gain (or loss) on extinguishment and modification of debt and
other, net because these items are not related to the primary operations of the company.
There are limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated
with comparing companies that use similar performance measures whose calculations may differ from the
company’s calculations. Additionally, this financial measure does not include certain significant items
such as interest income, interest expense, income taxes, depreciation and amortization, non-cash
impairment charges, non-cash stock compensation expense, the gain (or loss) on extinguishment and
modification of debt and net other income (expense). Adjusted EBITDA and Adjusted EBITDA Margin
should not be considered a substitute for other measures of financial performance reported in accordance
with GAAP.
17. Issued on April 30, 2014
17
Schedule To Reconcile To Non-GAAP Financial Metrics
Debt is defined as total gross debt including capital leases from the Consolidated
Balance Sheet.
Net Debt to Last Twelve Months (LTM) Adjusted EBITDA Ratio is defined as debt,
reduced by cash and cash equivalents and divided by LTM Adjusted EBITDA.
18. Issued on April 30, 2014
18
Schedule To Reconcile To Non-GAAP Financial Metrics
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities
less capital expenditures, plus cash interest paid and less interest income all as disclosed
in the Consolidated Statements of Cash Flows or the Consolidated Statements of
Operations. Management believes that Unlevered Cash Flow is a relevant metric to
provide to investors, as it is an indicator of the operational strength and performance of the
company and, measured over time, provides management and investors with a sense of
the underlying business’ growth pattern and ability to generate cash. Unlevered Cash Flow
excludes cash used for acquisitions and debt service and the impact of exchange rate
changes on cash and cash equivalents balances.
There are material limitations to using Unlevered Cash Flow to measure the company’s
cash performance as it excludes certain material items such as payments on and
repurchases of long-term debt, interest income, cash interest expense and cash used to
fund acquisitions. Comparisons of Level 3’s Unlevered Cash Flow to that of some of its
competitors may be of limited usefulness since Level 3 does not currently pay a significant
amount of income taxes due to net operating losses, and therefore, generates higher cash
flow than a comparable business that does pay income taxes. Additionally, this financial
measure is subject to variability quarter over quarter as a result of the timing of payments
related to accounts receivable and accounts payable and capital expenditures. Unlevered
Cash Flow should not be used as a substitute for net change in cash and cash equivalents
in the Consolidated Statements of Cash Flows.
19. Issued on April 30, 2014
19
Schedule To Reconcile To Non-GAAP Financial Metrics
Free Cash Flow is defined as net cash provided by (used in) operating activities less
capital expenditures as disclosed in the Consolidated Statements of Cash Flows .
Management believes that Free Cash Flow is a relevant metric to provide to investors,
as it is an indicator of the company’s ability to generate cash to service its debt. Free
Cash Flow excludes cash used for acquisitions, principal repayments and the impact of
exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Free Cash Flow to measure the company’s
performance as it excludes certain material items such as principal payments on and
repurchases of long-term debt and cash used to fund acquisitions. Comparisons of
Level 3’s Free Cash Flow to that of some of its competitors may be of limited usefulness
since Level 3 does not currently pay a significant amount of income taxes due to net
operating losses, and therefore, generates higher cash flow than a comparable
business that does pay income taxes. Additionally, this financial measure is subject to
variability quarter over quarter as a result of the timing of payments related to interest
expense, accounts receivable and accounts payable and capital expenditures. Free
Cash Flow should not be used as a substitute for net change in cash and cash
equivalents on the Consolidated Statements of Cash Flows.
20. Issued on April 30, 2014
20
Schedule To Reconcile To Non-GAAP Financial Metrics
(1)- Adjusted EBITDA and the resulting Adjusted EBITDA margin in the first quarter excludes $15 million in non-cash bonus related compensation.
($ in millions) Q1 2013(1)
Q1 2014
Consolidated Net Income (Loss) (78)$ 112$
Income Tax Expense (Benefit) 14 7
Total Other Expense 219 145
Depreciation and Amortization
Expense 194 184
Non-cash Compensation Expense 37 10
Non-cash Impairment — —
Consolidated Adjusted EBITDA 386$ 458$
Consolidated Revenue 1,577$ 1,609$
Adjusted EBITDA Margin 24.5 % 28.5 %
Level 3 Communications, Inc. and Consolidated
Adjusted EBITDA
21. Issued on April 30, 2014
21
Schedule To Reconcile To Non-GAAP Financial Metrics
2014
($ in millions) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 2013 Q1 2014
Net Cash Provided by Operating
Activities 183$ 70$ 400$ 7$ 216$ 104$ 386$ 141$ 660$ 847$
Capital Expenditures (180) (227) (198) (169) (208) (194) (189) (163) (774) (754)
Free Cash Flow 3$ (157)$ 202$ (162)$ 8$ (90)$ 197$ (22)$ (114)$ 93$
Cash Interest Paid 110 234 123 190 145 178 161 128 657 612
Interest Income (1) — — — — — — — (1) —
Unlevered Cash Flow 112$ 77$ 325$ 28$ 153$ 88$ 358$ 106$ 542$ 705$
Level 3 Communications, Inc. and Consolidated Subsidiaries
Cash Flows
2012 2013
Rolling Four
Quarter Basis
22. Issued on April 30, 2014
22
Schedule To Reconcile To Non-GAAP Financial Metrics
($ in millions)
Debt 8,388$
Cash and Cash Equivalents (607)
Net Debt 7,781$
LTM Adjusted EBITDA 1,696$
Net Debt to LTM Adjusted EBITDA Ratio 4.6
Net Debt to LTM Adjusted EBITDA ratio as of March 31, 2014
Level 3 Communications, Inc. and Consolidated Subsidiaries