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.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.๐คฏ
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
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"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
2. Cautionary Statement & Pro Forma Adjustment
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 tw telecom 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 the tw telecom and 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.
Comparisons to prior periods are being presented on a โpro formaโ (PF) basis, assuming that the acquisition of tw
telecom took place on January 1, 2014. In addition, the growth rates disclosed in the presentation are on a year-
over-year basis. Revenue comparisons to prior periods are provided on a constant currency basis, unless
otherwise noted.
4. Company Overview
Over $8B Pro Forma FY 2014 Total Revenue
13,000 Employees
Connecting 60+ Countries and Counting
Approx. 350 Multi-tenant Data Centers
200,000+Route Miles of Fiber Globally
OurCompany
Over $2.2B Pro Forma FY 2014 Adjusted EBITDA
6. Comprehensive Portfolio
*Available in Latam and EMEA today
โข Private Line,
Wavelength, and
Ethernet Transport
โข IPVPN, VPLS and
EVPL
โข Converged
โข Dark Fiber &
Managed Fiber
โข Managed Network
Services
โข Cloud Connectivity
โข Data Centers
โข Managed Hosting
Services*
DATA
NETWORKS
โข Internet Services
โข Vyvxยฎ Solutions
โข Content Delivery
Network (CDN)
CONTENT
DISTRIBUTION
โข Voice
โข Contact Center
โข Unified
Communications
& Collaboration
โข Audio, Video
and Web
Conferencing
Services
VOICE AND
UC&C
โข DDoS Mitigation
โข Secure Access
โข Managed Security
โข Security
Consulting
SECURITY
โข WAN
Optimization
โข Website
Acceleration
โข Adaptive
Network Control
Solutions
APPLICATION
PERFORMANCE
7. Why Level 3 Wins
โข Broad and deep global network
๏ผ
Advantage vs. Most
Competitors
๏ผ
๏ผ
๏ผ
โข Dedicated customer account support
โข Superior customer experience
โข Technical expertise to design and manage large-scale complex solutions
Level 3โs global value proposition continues to resonate with specific needs of customers
โข Ease of doing business ๏ผ
โข Diversified product portfolio
๏ผ
15
8. Financial Update - Third Quarter 2015 Highlights
Strong Revenue Growth
๏Core Network Services revenue grew 5.5% year-over-year
๏North America Enterprise CNS revenue grew 8.3% year-over-year
Continued Adjusted EBITDA Growth
๏Adjusted EBITDA grew to $657 million(1)
Improving Free Cash Flow Trajectory
๏Generated Free Cash Flow of $247 million
(1) Includes $18 million of integration-related expenses
9. $1,894
$1,946
3Q14 PF 3Q15
CNS and Enterprise Revenue
CNS Revenue
($ in Millions)
3Q15 Enterprise CNS Pro Forma Revenue
Growth
Note: EMEA Enterprise growth excludes UK Government Business.
5.5%
Growth
Constant Currency
2.7%
Growth
As Reported
Revenue
Constant Currency
YoY%
As Reported
YoY%
Total Enterprise 8.3% 5.4%
North America 8.3% 8.3%
EMEA 8.3% 2.6%
Latin America 8.8% (10%)
10. Third Quarter 2015 Revenue
94%
CNS
6%
WVS
11%
EMEA
28%
Wholesale
9%
Latin
America
80%
North America
72%
Enterprise
Total Revenue Mix
CNS Revenue
Mix by Region
CNS Revenue Mix by
Customer Type
Metric
($ in millions)
CNS Revenue
WVS Revenue
Total Revenue
3Q15
$1,946
$116
$2,062
11. Third Quarter 2015 CNS Revenue by Services
$906M
9.0% YoY Growth
IP & Data Services
$590M
Transport & Fiber
$298M
0.6% YoY Growth
Voice Services
$152M
Colocation &
Datacenter
3.8% YoY Growth
2.1% YoY Growth
Note: Year-over-Year changes in revenue are pro forma and on a constant currency basis
30%
Transport
& Fiber
15%
Voice Services
8%
Colocation
& Datacenter
3Q15 Percent of
CNS Revenue by
Service Type
47%
IP & Data
Growth on an as reported basis:
โข IP& Data Services: 5.5% YoY Growth
โข Transport & Fiber: 2.6% YoY Growth
โข Voice Services: 1.3% YoY decline
โข Colocation & Datacenter: 3.8% YoY decline
12. Network Access and Adjusted EBITDA Margins
Continued margin expansion
Network Access Margins Adjusted EBITDA Margins(1)
64.8%
65.8%
3Q14 PF 3Q15
30.0%
31.9%
3Q14 PF 3Q15
(1) Includes $18 million and $8 million of tw telecom integration-related expenses in 3Q15 and 3Q14PF, respectively.
13. $612
$657
3Q14 PF 3Q15
Adjusted EBITDA and Adjusted EBITDA Run Rate Synergies
Adjusted EBITDA
($ in millions)
Adjusted EBITDA Synergies
Metric
($ in millions) 3Q15 Total
Network Access Cost
Synergies
$10 $35
Operating Expense
Synergies
$45 $135
Total Annualized
Run-Rate Synergies
$55 $170
$18 million of integration-related
expenses in 3Q15
$200 million of expected annualized
run-rate Adjusted EBITDA savings
(1) Includes $8 million of tw telecom integration-related expenses
(1)
14. 3Q14 PF 3Q15
Capital Expenditures and Free Cash Flow
Capital Expenditures
($ in millions)
Free Cash Flow
($ in millions)
$139
$247
Year to date, capital expenditures of
15% of total revenue
$302 $328
3Q14 PF 3Q15
15. Capital Structure Highlights
$300
$815
$2,570
$640
$3,600
$1,200
$900 $800
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
๏ As of September 30, 2015, the company had cash and cash equivalents of approximately $691 million
๏ Net Debt to LTM Adjusted EBITDA ratio of 4.0x, compared to 4.1x in the second quarter 2015(1)
๏ง Focused on the low end of target leverage range of 3 to 5 times
๏ Level 3 corporate credit rating now at BB-
๏ง Upgraded by Moodyโs from B2 from Ba3
๏ง Credit ratings as of September 30, 2015: Moodyโs: Ba3, Standard & Poorโs: BB-, Fitch: BB-
September 30, 2015 PF
($ in Millions)
(1) LTM Adjusted EBITDA excludes acquisition-related expenses of $184 million and $174 million as of the third quarter 2015 and second quarter 2015, respectively
Note: figures exclude capital leases and other debt of approximately $204 million
16. Summary
๏ Enterprise-driven Revenue Growth
๏ Focus on Profitable Growth
๏ Continued Adjusted EBITDA Growth
๏ Improving Free Cash Flow growth profile
๏ Continue to target low end of target leverage range of 3 to 5 times