Tag Archives: free cash flow

Level 3 Fourth Quarter and Full Year 2011 Results

Company Expects Adjusted EBITDA Growth of 20 to 25 Percent in 2012

Fourth Quarter and Full Year 2011 Highlights

Excluding the effects of the Global Crossing acquisition, completed on Oct. 4, 2011, on a standalone basis, Level 3:

  • Grew Core Network Services revenue by 2.6 percent sequentially and 7.9 percent year-over-year, on a constant currency basis
  • Achieved double-digit Consolidated Adjusted EBITDA growth of 13 percent for the full year 2011 compared to the full year 2010
  • Generated $103 million of positive Free Cash Flow in the fourth quarter 2011 and negative $32 million for the full year 2011, exceeding annual Free Cash Flow projections by positive $83 million
  • Capital expenditures were $443 million for the full year 2011, approximately 12 percent of total revenue

 

For the Global Crossing business on a standalone basis:

  • Excluding UK Government revenue declines, “Invest and Grow” revenue was flat sequentially and increased three percent year-over-year, on a constant currency basis
  • Grew GC Impsat “Invest and Grow” revenue by two percent sequentially, and nine percent year-over-year, on a constant currency basis

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Hosted Solutions to be aquired by Windstream

Windstream Corp. (Nasdaq: WIN) announced today that it has entered into a definitive agreement with ABRY Partners to acquire Hosted Solutions Acquisition, LLC (Hosted Solutions) in an all-cash transaction valued at $310 million.

Hosted Solutions, based in Raleigh, N.C., is a leading regional data center and managed hosting provider focused on enterprise-class Infrastructure as a Service (IaaS) solutions (managed hosting, managed services, colocation, cloud computing and bandwidth) for small and medium-sized business customers as well as large enterprises. The company serves more than 600 customers and has approximately 125 employees.

The acquisition of Hosted Solutions will transform Windstream

PAETEC Q2 2010 financial and operating results

PAETEC Holding Corp. (NASDAQ GS: PAET) today announced second quarter 2010 financial and operating results. “Our second quarter is marked by continued expansion, from our sequential and year-over-year revenue growth, to the opening of new offices and rate centers nationally,” said Arunas A. Chesonis, chairman and CEO. “Over the last six months PAETEC has shown its commitment to growth by investing in businesses that allow us to deepen our customer relationships and enhance our product portfolio. Additionally, we successfully completed the Kenan to RevChain billing conversion during the second quarter, finalizing our integration of US LEC.” Financial results for second quarter 2010 included the following:

  • Revenue of $396.1 million;
  • Adjusted EBITDA* of $65.1 million;
  • Net loss of $7.5 million;
  • Free cash flow* of $33.7 million, which represented the 30th consecutive quarter in which PAETEC or its predecessor generated positive free cash flow;
  • Net cash provided by operating activities of $36.9 million; and
  • Cash, cash equivalents and short term investments of $125.6 million at June 30, 2010.

Quarterly Results – Second Quarter 2010 Compared to Second Quarter 2009
Revenue

  • Total revenue of $396.1 million increased 0.2% or $0.9 million for second quarter 2010 from second quarter 2009, primarily due to the inclusion of revenue from recently acquired companies that more than offset a decline in usage-based revenue and a $4.1 million decline in non-core basic telephone service revenue (“POTS”).
  • Core network services revenue increased $0.3 million to $284.9 million for second quarter 2010 from second quarter 2009.
  • Core carrier services revenue decreased 6.6% or $3.2 million for second quarter 2010 from second quarter 2009 due to lower usage-based revenue.
  • Integrated solutions revenue of $22.8 million increased 47.5% or $7.3 million over second quarter 2009 primarily due to PAETEC’s February 28, 2010 acquisition of US Energy Partners and June 7, 2010 acquisition of Quagga Corporation.

Link to Full press release (PDF-file)

Level 3 Q1 2010

First Quarter Financial Highlights

  • Continued sequential improvement in sales and churn
  • Consolidated Revenue of $910 million
  • Consolidated Adjusted EBITDA of $200 million

Level 3 Communications, Inc. (NASDAQ: LVLT) reported consolidated revenue of $910 million for the first quarter 2010, compared to consolidated revenue of $924 million for the fourth quarter 2009 and $980 million for the first quarter 2009.

The net loss for the first quarter 2010 was $238 million, or $0.14 per share. Excluding a loss of $54 million, or $0.03 per share on the extinguishment of debt, the net loss was $184 million, or $0.11 per share. The net loss for the fourth quarter 2009 was $182 million, or $0.11 per share, and $132 million or $0.08 per share for the first quarter 2009.

Consolidated Adjusted EBITDA was $200 million in the first quarter 2010, compared to $217 million in the fourth quarter 2009 and $250 million in the first quarter 2009.

“We are encouraged by the positive improvement we’ve seen this year for both sales and churn” said James Crowe, CEO of Level 3. “Ongoing broadband demand is providing sales opportunities across the company.

PAETEC Q1 2010

PAETEC Holding Corp. (NASDAQ GS: PAET) today announced first quarter 2010 financial and operating results. “We are pleased to announce that PAETEC is a Fortune 1000 member. PAETEC achieved this milestone through a decade of hard work, operational excellence, and disciplined management,” said Arunas A. Chesonis, chairman and CEO. “Solid access line additions and continued strengthening of the customer profile were clear highlights for this quarter and position PAETEC to take advantage of an improving economy.” Financial results for first quarter 2010 included the following:

  • Revenue of $390.1 million;
  • Adjusted EBITDA* of $65.5 million;
  • Net loss of $9.5 million;
  • Free cash flow* of $36.1 million, which represented the 29th consecutive quarter in which PAETEC or its predecessor generated positive free cash flow;
  • Net cash provided by operating activities of $7.8 million; and
  • A cash balance of $144.3 million at March 31, 2010.

Quarterly Results – First Quarter 2010 Compared to First Quarter 2009
Revenue

  • Total revenue of $390.1 million decreased 2.3% or $9.2 million for first quarter 2010 from first quarter 2009 primarily due to a decline in usage-based revenue and a $4.6 million decline in non-core basic telephone service revenue (“POTS”).
  • Core network services revenue decreased 1.1% or $3.1 million for first quarter 2010 from first quarter 2009 primarily due to a decline in usage-based revenue which was partially offset by a 5.0% increase in PAETEC’s data revenue, generated principally by sales of Dynamic IP and MPLS VPN products.
  • Core carrier services revenue decreased 9.2% or $4.5 million for first quarter 2010 from first quarter 2009 due to lower usage-based revenue.
  • Integrated solutions revenue of $16.5 million increased 23.2% or $3.1 million over first quarter 2009 as a result of growth in equipment sales and PAETEC’s February 28, 2010 acquisition of US Energy Partners.

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Qwest Q4 2009 and Qwest 2009 full year

Qwest Reports Fourth Quarter and Full Year 2009 Results Fourth Quarter and Full Year Highlights

  • Full year adjusted free cash flow of $1.9 billion, up 34% from prior year(a)
  • Full year adjusted EBITDA of $4.4 billion
  • Adjusted EBITDA margin of 36.2% in the fourth quarter on strong contributions from each segment; margin improves 220 basis points for the full year
  • Fourth quarter strategic revenue growth of 4% driven by demand for enterprise IP and mass markets broadband services
  • Completed successful migration to wireless reseller model
  • Strengthened balance sheet and improved financial flexibility

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