Financial Statement Model Example Stephen Castellano
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Transcript of Financial Statement Model Example Stephen Castellano
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Ascendere Associates LLCContact: Steve Castellano [email protected]
Level 3 CommunicationsSegment 2002 2003 2004 2005E 2006E 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016ECommunications 1,101.0 1,947.0 1,685.0 1,649.6 1,533.5 1,572.0 1,650.6 1,766.1 1,872.1 1,965.7 2,044.3 2,105.6 2,168.8 2,233.9 2,278.6 Information Services 1,896.0 1,999.0 1,936.0 1,923.2 1,884.8 1,847.1 1,810.1 1,773.9 1,738.4 1,703.7 1,669.6 1,636.2 1,603.5 1,571.4 1,540.0 Coal Mining 84.0 80.0 91.0 89.6 94.0 98.7 103.7 108.8 114.3 120.0 126.0 132.3 138.9 145.9 153.2 Other 30.0 - - - - - - - - - - - - - - Revenue 5 - - - - - - - - - - - - - - - Total revenue 3,111.0 4,026.0 3,712.0 3,662.4 3,512.3 3,517.8 3,564.4 3,648.9 3,724.8 3,789.4 3,839.9 3,874.2 3,911.2 3,951.2 3,971.7
Communications 209.0 370.0 436.0 446.0 440.0 440.0 412.6 441.5 468.0 491.4 511.1 526.4 542.2 558.5 569.6 Information Services 1,742.0 1,836.0 1,758.0 1,834.0 1,856.0 1,856.0 1,665.3 1,632.0 1,599.4 1,567.4 1,536.0 1,505.3 1,475.2 1,445.7 1,416.8 Coal Mining 57.0 58.0 67.0 55.0 56.0 56.0 82.9 87.1 91.4 96.0 100.8 105.8 111.1 116.7 122.5 Other - - - - - - - - - - - - - - - Revenue 5 - - - - - - - - - - - - - - - Total cost of services 2,008.0 2,264.0 2,261.0 2,335.0 2,352.0 2,352.0 2,160.9 2,160.6 2,158.8 2,154.8 2,147.9 2,137.6 2,128.5 2,120.9 2,109.0
Communications 892.0 1,577.0 1,249.0 1,231.5 1,150.2 1,179.0 1,237.9 1,324.6 1,404.1 1,474.3 1,533.2 1,579.2 1,626.6 1,675.4 1,708.9 Information Services 154.0 163.0 178.0 170.6 150.8 147.8 144.8 141.9 139.1 136.3 133.6 130.9 128.3 125.7 123.2 Coal Mining 27.0 22.0 24.0 19.7 18.8 19.7 20.7 21.8 22.9 24.0 25.2 26.5 27.8 29.2 30.6 Other 30.0 - - - - - - - - - - - - - - Revenue 5 - - - - - - - - - - - - - - - Gross profit 1,103.0 1,762.0 1,451.0 1,421.8 1,319.7 1,346.5 1,403.5 1,488.3 1,566.0 1,634.6 1,692.0 1,736.6 1,782.7 1,830.3 1,862.7
Communications 81.0% 81.0% 74.1% 74.7% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0%Information Services 8.1% 8.2% 9.2% 8.9% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%Coal Mining 32.1% 27.5% 26.4% 22.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%Other 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Revenue 5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Gross margin 35.5% 43.8% 39.1% 38.8% 37.6% 38.3% 39.4% 40.8% 42.0% 43.1% 44.1% 44.8% 45.6% 46.3% 46.9%
Communications 0.0% 76.8% -13.5% -2.1% -7.0% 2.5% 5.0% 7.0% 6.0% 5.0% 4.0% 3.0% 3.0% 3.0% 2.0%Information Services 0.0% 5.4% -3.2% -0.7% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0%Coal Mining 0.0% -4.8% 13.8% -1.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Revenue 5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Y/Y Revenue growth 0.0% 29.4% -7.8% -1.3% -4.1% 0.2% 8.0% 10.0% 9.0% 8.0% 7.0% 6.0% 6.0% 6.0% 5.0%
Communications 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Information Services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Coal Mining 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Revenue 5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Sequential revenue growth 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3/4/2015 1:35 PM
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Ascendere Associates Contact: Steve Castellano stev
Level 3 CommunicationsSegmentCommunicationsInformation ServicesCoal MiningOtherRevenue 5Total revenue
CommunicationsInformation ServicesCoal MiningOtherRevenue 5Total cost of services
CommunicationsInformation ServicesCoal MiningOtherRevenue 5Gross profit
CommunicationsInformation ServicesCoal MiningOtherRevenue 5Gross margin
CommunicationsInformation ServicesCoal MiningOtherRevenue 5Y/Y Revenue growth
CommunicationsInformation ServicesCoal MiningOtherRevenue 5Sequential revenue growth
1Q02 2Q02 3Q02 4Q02 2002 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04 3Q04 4Q04 2004 1Q05 2Q05 3Q05E 4Q05E 2005E 1Q06E 2Q06E 3Q06E 4Q06E 2006E 1Q07E 2Q07E 3Q07E 4Q07E 2007E278.0 276.0 274.0 273.0 1,101.0 705.0 430.0 413.0 399.0 1,947.0 389.0 391.0 423.0 482.0 1,685.0 510.0 371.0 378.6 390.0 1,649.6 382.5 374.7 382.4 393.9 1,533.5 390.2 382.2 393.9 405.7 1,572.0 80.0 447.0 746.0 623.0 1,896.0 506.0 491.0 437.0 565.0 1,999.0 494.0 503.0 392.0 547.0 1,936.0 483.0 520.0 384.2 536.1 1,923.2 473.3 509.6 376.5 525.3 1,884.8 463.9 499.4 368.9 514.8 1,847.1 20.0 20.0 22.0 22.0 84.0 16.0 16.0 24.0 24.0 80.0 16.0 24.0 25.0 26.0 91.0 17.0 19.0 26.3 27.3 89.6 17.9 20.0 27.6 28.7 94.0 18.7 20.9 28.9 30.1 98.7 8.0 7.0 7.0 8.0 30.0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
386.0 750.0 1,049.0 926.0 3,111.0 1,227.0 937.0 874.0 988.0 4,026.0 899.0 918.0 840.0 1,055.0 3,712.0 1,010.0 910.0 789.1 953.4 3,662.4 873.7 904.3 786.5 947.9 3,512.3 872.8 902.6 791.8 950.6 3,517.8
66.0 62.0 42.0 39.0 209.0 89.0 103.0 91.0 87.0 370.0 81.0 119.0 116.0 120.0 436.0 116.0 110.0 110.0 110.0 446.0 110.0 110.0 110.0 110.0 440.0 110.0 110.0 110.0 110.0 440.0 67.0 407.0 692.0 576.0 1,742.0 465.0 452.0 400.0 519.0 1,836.0 449.0 455.0 353.0 501.0 1,758.0 442.0 464.0 464.0 464.0 1,834.0 464.0 464.0 464.0 464.0 1,856.0 464.0 464.0 464.0 464.0 1,856.0 13.0 15.0 14.0 15.0 57.0 14.0 12.0 18.0 14.0 58.0 13.0 17.0 18.0 19.0 67.0 13.0 14.0 14.0 14.0 55.0 14.0 14.0 14.0 14.0 56.0 14.0 14.0 14.0 14.0 56.0
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
146.0 484.0 748.0 630.0 2,008.0 568.0 567.0 509.0 620.0 2,264.0 543.0 591.0 487.0 640.0 2,261.0 571.0 588.0 588.0 588.0 2,335.0 588.0 588.0 588.0 588.0 2,352.0 588.0 588.0 588.0 588.0 2,352.0
212.0 214.0 232.0 234.0 892.0 616.0 327.0 322.0 312.0 1,577.0 308.0 272.0 307.0 362.0 1,249.0 394.0 261.0 284.0 292.5 1,231.5 286.9 281.0 286.8 295.4 1,150.2 292.6 286.7 295.4 304.3 1,179.0 13.0 40.0 54.0 47.0 154.0 41.0 39.0 37.0 46.0 163.0 45.0 48.0 39.0 46.0 178.0 41.0 56.0 30.7 42.9 170.6 37.9 40.8 30.1 42.0 150.8 37.1 40.0 29.5 41.2 147.8 7.0 5.0 8.0 7.0 27.0 2.0 4.0 6.0 10.0 22.0 3.0 7.0 7.0 7.0 24.0 4.0 5.0 5.3 5.5 19.7 3.6 4.0 5.5 5.7 18.8 3.7 4.2 5.8 6.0 19.7 8.0 7.0 7.0 8.0 30.0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
240.0 266.0 301.0 296.0 1,103.0 659.0 370.0 365.0 368.0 1,762.0 356.0 327.0 353.0 415.0 1,451.0 439.0 322.0 320.0 340.8 1,421.8 328.3 325.8 322.5 343.2 1,319.7 333.5 330.8 330.7 351.5 1,346.5
76.3% 77.5% 84.7% 85.7% 81.0% 87.4% 76.0% 78.0% 78.2% 81.0% 79.2% 69.6% 72.6% 75.1% 74.1% 77.3% 70.4% 75.0% 75.0% 74.7% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0%16.3% 8.9% 7.2% 7.5% 8.1% 8.1% 7.9% 8.5% 8.1% 8.2% 9.1% 9.5% 9.9% 8.4% 9.2% 8.5% 10.8% 8.0% 8.0% 8.9% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%35.0% 25.0% 36.4% 31.8% 32.1% 12.5% 25.0% 25.0% 41.7% 27.5% 18.8% 29.2% 28.0% 26.9% 26.4% 23.5% 26.3% 20.0% 20.0% 22.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
62.2% 35.5% 28.7% 32.0% 35.5% 53.7% 39.5% 41.8% 37.2% 43.8% 39.6% 35.6% 42.0% 39.3% 39.1% 43.5% 35.4% 40.6% 35.8% 38.8% 37.6% 36.0% 41.0% 36.2% 37.6% 38.2% 36.7% 41.8% 37.0% 38.3%
153.6% 55.8% 50.7% 46.2% 76.8% -44.8% -9.1% 2.4% 20.8% -13.5% 31.1% -5.1% -10.5% -19.1% -2.1% -25.0% 1.0% 1.0% 1.0% -7.0% 2.0% 2.0% 3.0% 3.0% 2.5%532.5% 9.8% -41.4% -9.3% 5.4% -2.4% 2.4% -10.3% -3.2% -3.2% -2.2% 3.4% -2.0% -2.0% -0.7% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0% -2.0%-20.0% -20.0% 9.1% 9.1% -4.8% 0.0% 50.0% 4.2% 8.3% 13.8% 6.3% -20.8% 5.0% 5.0% -1.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
217.9% 24.9% -16.7% 6.7% 29.4% -26.7% -2.0% -3.9% 6.8% -7.8% 12.3% -0.9% -7.5% -16.1% -1.3% -22.0% 4.0% 4.0% 4.0% -4.1% 5.0% 5.0% 6.0% 6.0% 0.2%
-0.7% -0.7% -0.4% 158.2% -39.0% -4.0% -3.4% -2.5% 0.5% 8.2% 13.9% 5.8% -78.0% 2.1% 3.0% -1.9% -2.0% 2.1% 3.0% -1.0% -2.0% 3.1% 3.0%458.8% 66.9% -16.5% -18.8% -3.0% -11.0% 29.3% -12.6% 1.8% -22.1% 39.5% -11.7% -73.1% -26.1% 39.5% -11.7% 7.7% -26.1% 39.5% -11.7% 7.7% -26.1% 39.5%
0.0% 10.0% 0.0% -27.3% 0.0% 50.0% 0.0% -33.3% 50.0% 4.2% 4.0% -34.6% -79.1% 38.2% 4.0% -34.6% 11.8% 38.2% 4.0% -34.6% 11.8% 38.2% 4.0%-12.5% 0.0% 14.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%94.3% 39.9% -11.7% 32.5% -23.6% -6.7% 13.0% -9.0% 2.1% -8.5% 25.6% -4.3% -75.5% -13.3% 20.8% -8.4% 3.5% -13.0% 20.5% -7.9% 3.4% -12.3% 20.1%
3/4/2015 1:35 PM
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Ascendere Associates LLCContact: Steve Castellano [email protected]
Level 3 CommunicationsIncome Statement 2002 2003 2004 2005E 2006E 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016ERevenue 3,111.0 4,026.0 3,712.0 3,662.4 3,512.3 3,517.8 3,564.4 3,648.9 3,724.8 3,789.4 3,839.9 3,874.2 3,911.2 3,951.2 3,971.7
Cost of services 2,008.0 2,264.0 2,261.0 2,240.6 2,192.6 2,171.3 2,160.9 2,160.6 2,158.8 2,154.8 2,147.9 2,137.6 2,128.5 2,120.9 2,109.0 Gross profit (loss) 1,103.0 1,762.0 1,451.0 1,421.8 1,319.7 1,346.5 1,403.5 1,488.3 1,566.0 1,634.6 1,692.0 1,736.6 1,782.7 1,830.3 1,862.7 Gross margin 35.5% 43.8% 39.1% 38.8% 37.6% 38.3% 39.4% 40.8% 42.0% 43.1% 44.1% 44.8% 45.6% 46.3% 46.9%
Other expense - - - - - - - - - - - - - - - Restructuring and impairment charges 181.0 45.0 16.0 19.0 - - - - - - - - - - - SG&A expense 934.0 1,046.0 956.0 878.6 878.1 879.4 891.1 912.2 931.2 947.3 960.0 968.5 977.8 987.8 992.9 EBITDA (12.0) 671.0 479.0 524.2 441.7 467.1 512.4 576.0 634.8 687.2 732.0 768.1 804.9 842.5 869.8 EBITDA margin -0.4% 16.7% 12.9% 14.3% 12.6% 13.3% 14.4% 15.8% 17.0% 18.1% 19.1% 19.8% 20.6% 21.3% 21.9%
Depreciation & amortization 801.0 827.0 695.0 693.1 703.4 532.0 434.3 440.7 453.3 470.5 488.7 500.2 518.8 537.5 556.4 EBIT (813.0) (156.0) (216.0) (168.9) (261.7) (64.9) 78.1 135.3 181.5 216.7 243.3 267.9 286.1 305.0 313.4 Operating margin nmf nmf nmf nmf nmf nmf 2.2% 3.7% 4.9% 5.7% 6.3% 6.9% 7.3% 7.7% 7.9%
Interest income 39.0 35.0 31.0 8.5 4.8 1.9 2.6 2.6 0.8 1.0 3.0 5.3 Interest (expense) (560.0) (567.0) (485.0) (530.4) (554.6) (556.8) (479.8) (426.1) (302.1) (201.8) (37.0) (30.7) - - - Gain on early extinguishment of debt - - - - - - - - - Other income (expense) 108.0 (107.0) 39.0 15.0 - - - - - - - - - - - Pretax income (981.0) (771.0) (452.0) (646.6) (775.4) (582.0) (393.2) (285.9) (118.7) 17.5 208.9 237.9 287.1 308.0 318.8
Tax rate -12.3% -6.5% 1.3% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Tax credit (expense) 121.0 50.0 (6.0) (3.0) - - - - - - - - - - - Aftertax income (860.0) (721.0) (458.0) (649.6) (775.4) (582.0) (393.2) (285.9) (118.7) 17.5 208.9 237.9 287.1 308.0 318.8
Extraordinary items - - - - - - - - - - - - - - - Discontinued operations 2.0 5.0 - - - - - - - - - - - - - Cumulative effect of change in accounting principle - - - - - - - - - - - - Income (853.0) (711.0) (458.0) (649.6) (775.4) (582.0) (393.2) (285.9) (118.7) 17.5 208.9 237.9 287.1 308.0 318.8
Weighted average shares Basic 407.3 565.9 683.8 701.7 726.7 751.7 781.7 811.7 841.7 871.7 901.7 931.7 961.7 991.7 1,021.7 Fully diluted 617.3 700.9 903.8 925.2 951.7 976.7 1,006.7 1,036.7 1,066.7 1,096.7 1,126.7 1,156.7 1,186.7 1,216.7 1,246.7
EBITDA per share Basic ($0.03) $1.19 $0.70 $0.75 $0.61 $0.62 $0.66 $0.71 $0.75 $0.79 $0.81 $0.82 $0.84 $0.85 $0.85 Fully diluted ($0.02) $0.96 $0.70 $0.57 $0.46 $0.48 $0.51 $0.56 $0.60 $0.63 $0.65 $0.66 $0.68 $0.69 $0.70
Earnings per share, after tax Basic ($2.11) ($1.27) ($0.67) ($0.93) ($1.07) ($0.77) ($0.50) ($0.35) ($0.14) $0.02 $0.23 $0.26 $0.30 $0.31 $0.31 Fully diluted ($2.09) ($1.26) ($0.67) ($0.93) ($1.07) ($0.77) ($0.50) ($0.35) ($0.14) $0.02 $0.19 $0.21 $0.24 $0.25 $0.26
Earnings per share, after additional items Basic ($2.09) ($1.26) ($0.67) ($0.93) ($1.07) ($0.77) ($0.50) ($0.35) ($0.14) $0.02 $0.23 $0.26 $0.30 $0.31 $0.31 Fully diluted ($2.09) ($1.26) ($0.67) ($0.93) ($1.07) ($0.77) ($0.39) ($0.28) ($0.11) $0.02 $0.19 $0.21 $0.24 $0.25 $0.26
Gross Margin 35.5% 43.8% 39.1% 38.8% 37.6% 38.3% 39.4% 40.8% 42.0% 43.1% 44.1% 44.8% 45.6% 46.3% 46.9%SG&A as % of sales 30.0% 26.0% 25.8% 24.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%Depreciation as % of sales 25.7% 20.5% 18.7% 18.9% 20.0% 15.1% 12.2% 12.1% 12.2% 12.4% 12.7% 12.9% 13.3% 13.6% 14.0%EBITDA Margin -0.4% 16.7% 12.9% 14.3% 12.6% 13.3% 14.4% 15.8% 17.0% 18.1% 19.1% 19.8% 20.6% 21.3% 21.9%
3/4/2015 1:35 PM
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Ascendere Associates LLCContact: Steve Castellano steve@as
Level 3 CommunicationsIncome StatementRevenue
Cost of servicesGross profit (loss)Gross margin
Other expenseRestructuring and impairment chargesSG&A expenseEBITDAEBITDA margin
Depreciation & amortizationEBITOperating margin
Interest incomeInterest (expense)Gain on early extinguishment of debtOther income (expense)Pretax income
Tax rateTax credit (expense)Aftertax income
Extraordinary itemsDiscontinued operationsCumulative effect of change in accounting prinIncome
Weighted average shares Basic Fully diluted
EBITDA per share Basic Fully diluted
Earnings per share, after tax Basic Fully diluted
Earnings per share, after additional items Basic Fully diluted
Gross MarginSG&A as % of salesDepreciation as % of salesEBITDA Margin
1Q02 2Q02 3Q02 4Q02 2002 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04 3Q04 4Q04 2004386.0 750.0 1,049.0 926.0 3,111.0 1,227.0 937.0 874.0 988.0 4,026.0 899.0 918.0 840.0 1,055.0 3,712.0
146.0 484.0 748.0 630.0 2,008.0 568.0 567.0 509.0 620.0 2,264.0 543.0 591.0 487.0 640.0 2,261.0 240.0 266.0 301.0 296.0 1,103.0 659.0 370.0 365.0 368.0 1,762.0 356.0 327.0 353.0 415.0 1,451.0 62.2% 35.5% 28.7% 32.0% 35.5% 53.7% 39.5% 41.8% 37.2% 43.8% 39.6% 35.6% 42.0% 39.3% 39.1%
- - - - - - - - - - - - - - - - 47.0 3.0 131.0 181.0 11.0 9.0 14.0 11.0 45.0 2.0 - - 14.0 16.0
253.0 240.0 228.0 213.0 934.0 270.0 275.0 250.0 251.0 1,046.0 235.0 243.0 234.0 244.0 956.0 (13.0) (21.0) 70.0 (48.0) (12.0) 378.0 86.0 101.0 106.0 671.0 119.0 84.0 119.0 157.0 479.0 -3.4% -2.8% 6.7% -5.2% -0.4% 30.8% 9.2% 11.6% 10.7% 16.7% 13.2% 9.2% 14.2% 14.9% 12.9%
210.0 190.0 200.0 201.0 801.0 207.0 228.0 210.0 182.0 827.0 179.0 177.0 170.0 169.0 695.0 (223.0) (211.0) (130.0) (249.0) (813.0) 171.0 (142.0) (109.0) (76.0) (156.0) (60.0) (93.0) (51.0) (12.0) (216.0) -57.8% -28.1% -12.4% -26.9% -26.1% 13.9% -15.2% -12.5% -7.7% -3.9% -6.7% -10.1% -6.1% -1.1% -5.8%
(61.0) 9.0 6.0 8.0 6.0 29.0 5.0 5.0 5.0 3.0 18.0 3.0 3.0 3.0 4.0 13.0
(129.0) (131.0) (154.0) (146.0) (560.0) (140.0) (143.0) (156.0) (128.0) (567.0) (127.0) (118.0) (120.0) (120.0) (485.0) - - - 255.0 255.0 - - - 41.0 41.0 - - - 197.0 197.0
134.0 180.0 (24.0) (182.0) 108.0 74.0 (176.0) (2.0) (3.0) (107.0) 38.0 146.0 (3.0) (142.0) 39.0 (209.0) (156.0) (300.0) (316.0) (981.0) 110.0 (456.0) (262.0) (163.0) (771.0) (146.0) (62.0) (171.0) (73.0) (452.0)
-56.9% 0.0% 0.0% -0.6% -12.3% 0.0% 0.0% -4.6% -23.3% -6.5% 0.7% 1.6% 0.0% 5.5% 1.3%119.0 - - 2.0 121.0 - - 12.0 38.0 50.0 (1.0) (1.0) - (4.0) (6.0) (90.0) (156.0) (300.0) (314.0) (860.0) 110.0 (456.0) (250.0) (125.0) (721.0) (147.0) (63.0) (171.0) (77.0) (458.0)
- - - - - - - - - - - - - - - - - 1.0 1.0 2.0 4.0 (6.0) 3.0 4.0 5.0 - - - - - - - - 5.0 5.0 5.0 - - - 5.0 - - - - -
(90.0) (156.0) (299.0) (313.0) (853.0) 119.0 (462.0) (247.0) (121.0) (711.0) (147.0) (63.0) (171.0) (77.0) (458.0)
391.3 398.7 410.9 428.4 407.3 680.0 484.4 653.1 446.2 565.9 680.0 682.6 685.1 687.7 683.8 461.3 468.7 624.9 642.4 617.3 763.0 493.4 714.1 529.2 700.9 763.0 746.6 749.1 770.7 903.8
($0.03) ($0.05) $0.17 ($0.11) ($0.03) $0.56 $0.18 $0.15 $0.24 $1.19 $0.18 $0.12 $0.17 $0.23 $0.70($0.03) ($0.04) $0.11 ($0.07) ($0.02) $0.50 $0.17 $0.14 $0.20 $0.96 $0.16 $0.11 $0.16 $0.20 $0.53
($0.23) ($0.39) ($0.73) ($0.73) ($2.11) $0.16 ($0.94) ($0.38) ($0.28) ($1.27) ($0.22) ($0.09) ($0.25) ($0.11) ($0.67)($0.23) ($0.39) ($0.73) ($0.73) ($2.09) $0.14 ($0.95) ($0.38) ($0.27) ($1.26) ($0.22) ($0.09) ($0.25) ($0.11) ($0.67)
($0.23) ($0.39) ($0.73) ($0.73) ($2.09) $0.18 ($0.95) ($0.38) ($0.27) ($1.26) ($0.22) ($0.09) ($0.25) ($0.11) ($0.67)($0.23) ($0.39) ($0.73) ($0.73) ($2.09) $0.16 ($0.95) ($0.38) ($0.27) ($1.26) ($0.22) ($0.09) ($0.25) ($0.11) ($0.67)
62.2% 35.5% 28.7% 32.0% 35.5% 53.7% 39.5% 41.8% 37.2% 43.8% 39.6% 35.6% 42.0% 39.3% 39.1%65.5% 32.0% 21.7% 23.0% 30.0% 22.0% 29.3% 28.6% 25.4% 26.0% 26.1% 26.5% 27.9% 23.1% 25.8%54.4% 25.3% 19.1% 21.7% 25.7% 16.9% 24.3% 24.0% 18.4% 20.5% 19.9% 19.3% 20.2% 16.0% 18.7%-3.4% -2.8% 6.7% -5.2% -0.4% 30.8% 9.2% 11.6% 10.7% 16.7% 13.2% 9.2% 14.2% 14.9% 12.9%
3/4/2015 1:35 PM
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Ascendere Associates LLCContact: Steve Castellano steve@as
Level 3 CommunicationsIncome StatementRevenue
Cost of servicesGross profit (loss)Gross margin
Other expenseRestructuring and impairment chargesSG&A expenseEBITDAEBITDA margin
Depreciation & amortizationEBITOperating margin
Interest incomeInterest (expense)Gain on early extinguishment of debtOther income (expense)Pretax income
Tax rateTax credit (expense)Aftertax income
Extraordinary itemsDiscontinued operationsCumulative effect of change in accounting prinIncome
Weighted average shares Basic Fully diluted
EBITDA per share Basic Fully diluted
Earnings per share, after tax Basic Fully diluted
Earnings per share, after additional items Basic Fully diluted
Gross MarginSG&A as % of salesDepreciation as % of salesEBITDA Margin
1Q05 2Q05 3Q05E 4Q05E 2005E 1Q06E 2Q06E 3Q06E 4Q06E 2006E 1Q07E 2Q07E 3Q07E 4Q07E 2007E1,010.0 910.0 789.1 953.4 3,662.4 873.7 904.3 786.5 947.9 3,512.3 872.8 902.6 791.8 950.6 3,517.8
571.0 588.0 469.1 612.5 2,240.6 545.4 578.5 464.0 604.7 2,192.6 539.3 571.8 461.1 599.2 2,171.3 439.0 322.0 320.0 340.8 1,421.8 328.3 325.8 322.5 343.2 1,319.7 333.5 330.8 330.7 351.5 1,346.5 43.5% 35.4% 40.6% 35.8% 38.8% 37.6% 36.0% 41.0% 36.2% 37.6% 38.2% 36.7% 41.8% 37.0% 38.3%
- - - - - - - - - - - - - - - 15.0 4.0 - - 19.0 - - - - - - - - - -
226.0 217.0 197.3 238.3 878.6 218.4 226.1 196.6 237.0 878.1 218.2 225.6 197.9 237.7 879.4 198.0 101.0 122.7 102.5 524.2 109.9 99.7 125.8 106.2 441.7 115.3 105.2 132.8 113.8 467.1 19.6% 11.1% 15.6% 10.8% 14.3% 12.6% 11.0% 16.0% 11.2% 12.6% 13.2% 11.7% 16.8% 12.0% 13.3%
171.0 166.0 177.1 179.0 693.1 180.0 175.0 173.7 174.8 703.4 171.1 146.2 108.1 106.6 532.0 27.0 (65.0) (54.4) (76.5) (168.9) (70.1) (75.2) (47.8) (68.6) (261.7) (55.8) (41.0) 24.7 7.2 (64.9) 2.7% -7.1% -6.9% -8.0% -4.6% -8.0% -8.3% -6.1% -7.2% -7.5% -6.4% -4.5% 3.1% 0.8% -1.8%
(104.0) (120.0) 4.0 10.0 12.1 11.6 35.5 10.9 10.4 9.9 9.8 41.0 9.9 10.0 9.9 9.8 39.6
(114.0) (139.0) (138.4) (139.0) (530.4) (136.3) (138.5) (139.5) (140.3) (554.6) (136.8) (139.1) (140.1) (140.8) (556.8) - -
6.0 9.0 - - 15.0 - - - - - - - - - - (77.0) (185.0) (180.7) (203.9) (646.6) (195.5) (203.4) (177.4) (199.1) (775.4) (182.7) (170.1) (105.5) (123.8) (582.0)
0.0% 1.6% 0.0% 0.0% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%- (3.0) - - (3.0) - - - - - - - - - -
(77.0) (188.0) (180.7) (203.9) (649.6) (195.5) (203.4) (177.4) (199.1) (775.4) (182.7) (170.1) (105.5) (123.8) (582.0)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(77.0) (188.0) (180.7) (203.9) (649.6) (195.5) (203.4) (177.4) (199.1) (775.4) (182.7) (170.1) (105.5) (123.8) (582.0)
690.2 695.5 705.5 715.5 701.7 711.7 721.7 731.7 741.7 726.7 736.7 746.7 756.7 766.7 751.7 912.2 917.5 930.5 940.5 925.2 936.7 946.7 956.7 966.7 951.7 961.7 971.7 981.7 991.7 976.7
$0.29 $0.15 $0.17 $0.14 $0.75 $0.15 $0.14 $0.17 $0.14 $0.61 $0.16 $0.14 $0.18 $0.15 $0.62$0.22 $0.11 $0.13 $0.11 $0.57 $0.12 $0.11 $0.13 $0.11 $0.46 $0.12 $0.11 $0.14 $0.11 $0.48
($0.11) ($0.27) ($0.26) ($0.28) ($0.93) ($0.27) ($0.28) ($0.24) ($0.27) ($1.07) ($0.25) ($0.23) ($0.14) ($0.16) ($0.77)($0.11) ($0.27) ($0.26) ($0.28) ($0.93) ($0.27) ($0.28) ($0.24) ($0.27) ($1.07) ($0.25) ($0.23) ($0.14) ($0.16) ($0.77)
($0.11) ($0.27) ($0.26) ($0.28) ($0.93) ($0.27) ($0.28) ($0.24) ($0.27) ($1.07) ($0.25) ($0.23) ($0.14) ($0.16) ($0.77)($0.11) ($0.27) ($0.26) ($0.28) ($0.93) ($0.27) ($0.28) ($0.24) ($0.27) ($1.07) ($0.25) ($0.23) ($0.14) ($0.16) ($0.77)
43.5% 35.4% 40.6% 35.8% 38.8% 37.6% 36.0% 41.0% 36.2% 37.6% 38.2% 36.7% 41.8% 37.0% 38.3%22.4% 23.8% 25.0% 25.0% 24.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%16.9% 18.2% 10.0% 10.0% 18.9% 10.0% 10.0% 10.0% 10.0% 20.0% 10.0% 10.0% 10.0% 10.0% 15.1%19.6% 11.1% 15.6% 10.8% 14.3% 12.6% 11.0% 16.0% 11.2% 12.6% 13.2% 11.7% 16.8% 12.0% 13.3%
3/4/2015 1:35 PM
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Ascendere Associates LLCContact: Steve Castellano [email protected]
Level 3 CommunicationsCash flow statement ($ millions) 2002 2003 2004 2005E 2006E 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E
Cash flow from operating activitiesNet earnings (loss) (853.0) (711.0) (458.0) (649.6) (775.4) (582.0) (393.2) (285.9) (118.7) 17.5 208.9 237.9 287.1 308.0 318.8 Income from discontinued operations - (5.0) - - - - - Extraordinary gain on debt extinguishments, net (255.0) - - - - - - Cumulative effect of change in accounting principle - (5.0) - - - - - Adjustments to reconcile net income (loss):Depreciation and amortization 801.0 827.0 695.0 693.1 703.4 532.0 434.3 440.7 453.3 470.5 488.7 500.2 518.8 537.5 556.4 Accreted interest on long-term discount debt 110.0 106.0 75.0 34.2 23.8 20.4 - - - - - - - - - Accrued interest on long-term debt 9.0 25.0 (27.0) 18.2 5.6 4.9 (20.0) (5.5) (24.0) (14.1) 10.4 4.1 - - - Amortization of debt issuance costs 40.0 42.0 16.0 16.0 15.2 15.2 12.6 11.0 7.3 5.1 - - - - - Gain on debt extinguishments, net - (41.0) (197.0) - - - - - - - - - - - - Induced conversion expense on convertible debt 88.0 200.0 - - - - - - - - - - - - - Deferred income taxes - (57.0) - - - - - - - - - - - - - Deferred revenue 49.0 (267.0) (65.0) (186.4) (35.1) (35.2) (35.6) (36.5) (37.2) (37.9) (38.4) (38.7) (39.1) (39.5) (39.7) Gain on sale of property, plant and equipment and other assets (189.0) (74.0) (39.0) (2.0) - - - - - - - - - - - Non cash loss on impairments and asset sales 182.0 - - 4.0 - - - - - - - - - - - Non-cash compensation expense attributable to stock awards 181.0 86.0 46.0 41.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 Other (17.0) (11.0) (7.0) (17.0) - - - - - - - - - - - Changes in working capital (Increase) Decrease in Receivables (26.0) (26.0) 27.0 32.1 64.5 10.1 13.9 29.7 31.9 34.0 16.7 17.8 18.1 18.4 19.2 Other (Increase) decrease in current assets (77.0) 41.0 15.0 15.7 4.6 (0.2) 0.7 15.7 13.0 11.9 12.6 11.1 7.4 7.5 5.8 Increase (Decrease) in Payables (340.0) (55.0) (37.0) (34.5) (10.1) (4.5) (2.2) (0.1) (0.4) (0.8) (1.4) (2.2) (1.9) (1.6) (2.5) Increase (Decrease) in other current liabilities (116.0) (48.0) (108.0) (28.3) (2.4) (1.1) (2.7) (0.0) (0.1) (0.2) (0.3) (0.5) (0.5) (0.4) (0.6) Net cash provided (used) by operating activities (423.0) 24.0 (64.0) (63.6) 34.1 (0.5) 47.8 209.2 365.0 526.0 737.1 769.8 829.9 869.9 897.4
Cash flow from investing activitiesCapital spending (218.0) (191.0) (288.0) (268.0) (245.9) (246.2) (249.5) (255.4) (260.7) (265.3) (268.8) (271.2) (273.8) (276.6) (278.0) Release of capital expenditure accruals 215.0 28.0 8.0 - - - - - - - - - - - - Decrease (increase) in restricted cash and securities, net (410.0) 9.0 21.0 (1.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Proceed from sales and maturities of marketable securities 200.0 - 70.0 150.0 - - - - - - - - - - - (Purchase) of marketable securities - - (410.0) (648.0) - - - - - - - - - - - Proceeds from sale of property, plant and equipment, and other 130.0 58.0 30.0 4.0 - - - - - - - - - - - Investments and acquisitions (16.0) (2.0) - (10.0) - - - - - - - - - - - Net cash used for investing activities (11.0) (161.0) (597.0) (773.0) (249.9) (250.2) (253.5) (259.4) (264.7) (269.3) (272.8) (275.2) (277.8) (280.6) (282.0)
(319.0) Cash flow from financing activitiesLong-term debt borrowings, net of issuance costs 490.0 848.0 985.0 877.0 - - 1,000.0 - 1,500.0 1,000.0 1,200.0 - - - - Purchases of and payments on long-term debt, including current (159.0) (772.0) (1,027.0) (130.0) - (1.0) (1,143.6) (506.0) (1,624.0) (880.0) (1,575.0) (296.4) - - - Proceeds from stock options exercised 1.0 3.0 - - - - - Cash provided (used) for financing activities 332.0 79.0 (42.0) 747.0 - (1.0) (143.6) (506.0) (124.0) 120.0 (375.0) (296.4) - - -
Net cash provided by discontinued operations (49.0) 37.0 - - - - - - - - - - - - - Effect of Exchange Rates on Cash and Cash Equivalents 4.0 8.0 17.0 (16.0) - - - - - - - - - - -
Cash and cash equivalents, beginning of period 1,297.0 1,150.0 1,137.0 451.0 345.4 129.7 (122.0) (471.4) (1,027.6) (1,051.3) (674.5) (585.2) (387.1) 165.0 754.3 Increase (Decrease) in cash and cash equivalents (147.0) (13.0) (686.0) (105.6) (215.8) (251.7) (349.3) (556.2) (23.7) 376.8 89.3 198.1 552.1 589.3 615.4 Ending cash balance 1,150.0 1,137.0 451.0 345.4 129.7 (122.0) (471.4) (1,027.6) (1,051.3) (674.5) (585.2) (387.1) 165.0 754.3 1,369.7
Total cash and marketable securities
SupplementalCash interest paid 414.0 394.0 421.0 461.8 510.0 516.3 486.3 420.6 318.9 210.8 26.6 26.6 - - - Income taxes paid - - 13.0 (3.0) - - - - - - - - - - - Common stock issued in exchange for long-term debt 466.0 953.0 - - - - - - - - - - - - - Common stock issued for Telverse acquisition - 29.0 - - - - - - - - - - - - - Accrued interest paid with common stock - 10.0 - - - - - - - - - - - - - Long-term debt principal retired by issuing common stock 582.0 1,007.0 - - - - - - - - - - - - -
Settlement of obligation with restricted securities - 410.0 - - - - - - - - - - - - - Long-term debt extinguished due to sale of toll road operations - 139.0 - - - - - - - - - - - - - Capital leases assumed in Genuity transaction - 309.0 - - - - - - - - - - - - - Decrease in deferred revenue related to Genuitytransaction - 76.0 - - - - - - - - - - - - - Warrants cancelled in exchange for construction services - (2.0) - - - - - - - - - - - - -
3/4/2015 1:35 PM
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Ascendere Associates LLCContact: Steve Castellano [email protected]
Level 3 CommunicationsCash flow statement ($ millions)
Cash flow from operating activitiesNet earnings (loss)Income from discontinued operationsExtraordinary gain on debt extinguishments, netCumulative effect of change in accounting principleAdjustments to reconcile net income (loss):Depreciation and amortizationAccreted interest on long-term discount debtAccrued interest on long-term debtAmortization of debt issuance costsGain on debt extinguishments, netInduced conversion expense on convertible debtDeferred income taxesDeferred revenueGain on sale of property, plant and equipment and other assetsNon cash loss on impairments and asset salesNon-cash compensation expense attributable to stock awardsOtherChanges in working capital (Increase) Decrease in Receivables Other (Increase) decrease in current assets Increase (Decrease) in Payables Increase (Decrease) in other current liabilitiesNet cash provided (used) by operating activities
Cash flow from investing activitiesCapital spendingRelease of capital expenditure accrualsDecrease (increase) in restricted cash and securities, netProceed from sales and maturities of marketable securities(Purchase) of marketable securitiesProceeds from sale of property, plant and equipment, and other Investments and acquisitionsNet cash used for investing activities
Cash flow from financing activitiesLong-term debt borrowings, net of issuance costsPurchases of and payments on long-term debt, including currentProceeds from stock options exercisedCash provided (used) for financing activities
Net cash provided by discontinued operationsEffect of Exchange Rates on Cash and Cash Equivalents
Cash and cash equivalents, beginning of periodIncrease (Decrease) in cash and cash equivalents Ending cash balance
Total cash and marketable securities
SupplementalCash interest paidIncome taxes paidCommon stock issued in exchange for long-term debt Common stock issued for Telverse acquisition Accrued interest paid with common stock Long-term debt principal retired by issuing common stock
Settlement of obligation with restricted securitiesLong-term debt extinguished due to sale of toll road operationsCapital leases assumed in Genuity transactionDecrease in deferred revenue related to GenuitytransactionWarrants cancelled in exchange for construction services
1Q02 2Q02 3Q02 4Q02 2002 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04 3Q04 4Q04 2004 1Q05 2Q05 3Q05E 4Q05E 2005E
(90.0) (156.0) (299.0) (313.0) (853.0) 119.0 (462.0) (247.0) (121.0) (711.0) (147.0) (63.0) (171.0) (77.0) (458.0) (77.0) (188.0) (180.7) (203.9) (649.6) - - (1.0) 1.0 - (4.0) 6.0 (3.0) (4.0) (5.0) - - - - - - - - - -
(255.0) (255.0) - - - - - (5.0) - - - (5.0) - - - - - - - - - -
210.0 190.0 200.0 201.0 801.0 207.0 228.0 210.0 182.0 827.0 179.0 177.0 170.0 169.0 695.0 171.0 166.0 177.1 179.0 693.1 27.0 28.0 27.0 28.0 110.0 26.0 28.0 27.0 25.0 106.0 18.0 19.0 18.0 20.0 75.0 17.0 6.0 5.5 5.7 34.2
(21.0) 18.0 (7.0) 19.0 9.0 - 9.0 (8.0) 24.0 25.0 18.0 (31.0) 9.0 (23.0) (27.0) 15.0 20.0 23.7 (40.5) 18.2 3.0 5.0 (4.0) 36.0 40.0 5.0 5.0 28.0 4.0 42.0 4.0 4.0 3.0 5.0 16.0 4.0 4.0 4.1 4.0 16.0
(130.0) (76.0) (5.0) 211.0 - - (2.0) (2.0) (37.0) (41.0) - (147.0) - (50.0) (197.0) - - - - - - - 20.0 68.0 88.0 - 190.0 10.0 - 200.0 - - - - - - - - - - - - - - - - - - (57.0) (57.0) - - - - - - - - - -
23.0 97.0 (94.0) 23.0 49.0 (348.0) 12.0 (13.0) 82.0 (267.0) (16.0) 1.0 15.0 (65.0) (65.0) (174.0) 5.0 (7.9) (9.5) (186.4) 2.0 (102.0) - (89.0) (189.0) (69.0) 2.0 (3.0) (4.0) (74.0) (32.0) (2.0) 2.0 (7.0) (39.0) (1.0) (1.0) - - (2.0) - 44.0 2.0 136.0 182.0 - - - - - - - - - - - 4.0 - - 4.0
64.0 53.0 37.0 27.0 181.0 23.0 25.0 15.0 23.0 86.0 9.0 10.0 10.0 17.0 46.0 11.0 10.0 10.0 10.0 41.0 (7.0) (2.0) (22.0) 14.0 (17.0) (3.0) 2.0 (1.0) (9.0) (11.0) (5.0) (3.0) 6.0 (5.0) (7.0) (3.0) (12.0) (1.0) (1.0) (17.0)
- - - - 35.0 (194.0) 265.0 (132.0) (26.0) 118.0 (97.0) 151.0 (198.0) (26.0) 121.0 (46.0) 101.0 (149.0) 27.0 100.0 (114.0) 24.4 21.7 32.1
(15.0) (102.0) 72.0 (32.0) (77.0) 50.0 (3.0) 3.0 (9.0) 41.0 30.0 (8.0) 10.0 (17.0) 15.0 22.0 (11.0) 1.6 3.1 15.7 (165.0) 114.0 (424.0) 135.0 (340.0) (199.0) 73.0 (70.0) 141.0 (55.0) (136.0) 52.0 (120.0) 167.0 (37.0) (127.0) 102.0 (3.8) (5.8) (34.5)
(4.0) (72.0) 17.0 (57.0) (116.0) (30.0) 1.0 (5.0) (14.0) (48.0) (35.0) (8.0) (69.0) 4.0 (108.0) (24.0) (2.0) (0.9) (1.4) (28.3) (65.0) (157.0) (220.0) 14.0 (423.0) (111.0) 16.0 91.0 28.0 24.0 8.0 (45.0) (16.0) (11.0) (64.0) (66.0) (11.0) 52.1 (38.7) (63.6)
(53.0) (89.0) (31.0) (45.0) (218.0) (25.0) (65.0) (52.0) (49.0) (191.0) (48.0) (70.0) (84.0) (86.0) (288.0) (61.0) (85.0) (55.2) (66.7) (268.0) - 114.0 50.0 51.0 215.0 6.0 15.0 2.0 5.0 28.0 - 6.0 2.0 - 8.0 - - - - -
18.0 (9.0) (396.0) (23.0) (410.0) 7.0 (5.0) (11.0) 18.0 9.0 25.0 (4.0) (1.0) 1.0 21.0 (1.0) 2.0 (1.0) (1.0) (1.0) 200.0 - - - 200.0 - (10.0) - 10.0 - 41.0 - 20.0 9.0 70.0 50.0 100.0 - - 150.0
- - - - - - - - - - - (410.0) - - (410.0) - (648.0) - - (648.0) 6.0 6.0 33.0 85.0 130.0 16.0 5.0 30.0 7.0 58.0 9.0 7.0 3.0 11.0 30.0 1.0 3.0 - - 4.0
(14.0) (2.0) - - (16.0) (1.0) - (1.0) - (2.0) - - - - - - (10.0) - - (10.0) 18.0 88.0 (345.0) 228.0 (11.0) (94.0) (61.0) (32.0) 26.0 (161.0) 27.0 (471.0) (90.0) (63.0) (597.0) (11.0) (638.0) (56.2) (67.7) (773.0)
(319.0)
2.0 - 488.0 - 490.0 - - 361.0 487.0 848.0 - - - 985.0 985.0 - 877.0 - - 877.0 (90.0) (1.0) (7.0) (61.0) (159.0) (1.0) (13.0) (15.0) (743.0) (772.0) (1.0) (75.0) (1.0) (950.0) (1,027.0) (25.0) (105.0) - - (130.0)
- - - 1.0 1.0 - 3.0 - - 3.0 - - - - - (88.0) (1.0) 481.0 (60.0) 332.0 (1.0) (10.0) 346.0 (256.0) 79.0 (1.0) (75.0) (1.0) 35.0 (42.0) (25.0) 772.0 - - 747.0
(47.0) (1.0) 3.0 (4.0) (49.0) 6.0 15.0 (4.0) 20.0 37.0 - - - - - - - - - - (5.0) 12.0 (4.0) 1.0 4.0 2.0 1.0 2.0 3.0 8.0 (2.0) 2.0 2.0 15.0 17.0 (5.0) (11.0) - - (16.0)
1,297.0 1,110.0 1,051.0 966.0 1,297.0 1,150.0 952.0 913.0 1,316.0 1,150.0 1,137.0 1,169.0 580.0 475.0 1,137.0 443.0 336.0 448.0 443.9 451.0 (187.0) (59.0) (85.0) 179.0 (147.0) (198.0) (39.0) 403.0 (179.0) (13.0) 32.0 (589.0) (105.0) (24.0) (686.0) (107.0) 112.0 (4.1) (106.5) (105.6)
1,110.0 1,051.0 966.0 1,145.0 1,150.0 952.0 913.0 1,316.0 1,137.0 1,137.0 1,169.0 580.0 475.0 451.0 451.0 336.0 448.0 443.9 337.4 345.4
626.0 1,283.0
116.0 79.0 130.0 89.0 414.0 109.0 101.0 109.0 75.0 394.0 87.0 127.0 86.0 121.0 421.0 78.0 109.0 105.1 169.7 461.8 - - - - - - - - - - 13.0 13.0 - 3.0 - - (3.0)
32.0 39.0 90.0 305.0 466.0 20.0 754.0 64.0 115.0 953.0 - - - - - - - - - - - - - - - - - 29.0 - 29.0 - - - - - - - - - - - - - - - - 9.0 1.0 - 10.0 - - - - - - - - - - - 313.0 (14.0) 283.0 582.0 - 600.0 57.0 350.0 1,007.0 - - - - - - - - - - - - - - - - 10.0 - 400.0 410.0 - - - - - - - - - - - - - - - 139.0 - - - 139.0 - - - - - - - - - - - - - - - - - - 309.0 309.0 - - - - - - - - - - - - - - - 76.0 76.0 - - - - - - - - - - - - - - - (2.0) (2.0) - - - - - - -
3/4/2015 1:35 PM
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Ascendere Associates LLCContact: Steve Castellano [email protected]
Level 3 CommunicationsCash flow statement ($ millions)
Cash flow from operating activitiesNet earnings (loss)Income from discontinued operationsExtraordinary gain on debt extinguishments, netCumulative effect of change in accounting principleAdjustments to reconcile net income (loss):Depreciation and amortizationAccreted interest on long-term discount debtAccrued interest on long-term debtAmortization of debt issuance costsGain on debt extinguishments, netInduced conversion expense on convertible debtDeferred income taxesDeferred revenueGain on sale of property, plant and equipment and other assetsNon cash loss on impairments and asset salesNon-cash compensation expense attributable to stock awardsOtherChanges in working capital (Increase) Decrease in Receivables Other (Increase) decrease in current assets Increase (Decrease) in Payables Increase (Decrease) in other current liabilitiesNet cash provided (used) by operating activities
Cash flow from investing activitiesCapital spendingRelease of capital expenditure accrualsDecrease (increase) in restricted cash and securities, netProceed from sales and maturities of marketable securities(Purchase) of marketable securitiesProceeds from sale of property, plant and equipment, and other Investments and acquisitionsNet cash used for investing activities
Cash flow from financing activitiesLong-term debt borrowings, net of issuance costsPurchases of and payments on long-term debt, including currentProceeds from stock options exercisedCash provided (used) for financing activities
Net cash provided by discontinued operationsEffect of Exchange Rates on Cash and Cash Equivalents
Cash and cash equivalents, beginning of periodIncrease (Decrease) in cash and cash equivalents Ending cash balance
Total cash and marketable securities
SupplementalCash interest paidIncome taxes paidCommon stock issued in exchange for long-term debt Common stock issued for Telverse acquisition Accrued interest paid with common stock Long-term debt principal retired by issuing common stock
Settlement of obligation with restricted securitiesLong-term debt extinguished due to sale of toll road operationsCapital leases assumed in Genuity transactionDecrease in deferred revenue related to GenuitytransactionWarrants cancelled in exchange for construction services
1Q06E 2Q06E 3Q06E 4Q06E 2006E 1Q07E 2Q07E 3Q07E 4Q07E 2007E
(195.5) (203.4) (177.4) (199.1) (775.4) (182.7) (170.1) (105.5) (123.8) (582.0) - - - - - - - - - -
- - - - - - - - - -
180.0 175.0 173.7 174.8 703.4 171.1 146.2 108.1 106.6 532.0 5.7 5.9 6.1 6.2 23.8 6.2 6.4 6.6 1.1 20.4
22.3 (17.4) 18.3 (17.6) 5.6 16.7 (18.1) 18.3 (12.1) 4.9 3.8 3.8 3.8 3.8 15.2 3.8 3.8 3.8 3.8 15.2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(8.7) (9.0) (7.9) (9.5) (35.1) (8.7) (9.0) (7.9) (9.5) (35.2) - - - - - - - - - - - - - - - - - - - -
10.0 10.0 10.0 10.0 40.0 10.0 10.0 10.0 10.0 40.0 - - - - - - - - - -
- - 28.0 11.1 17.8 7.5 64.5 10.6 0.1 (0.5) (0.2) 10.1
4.2 0.2 0.1 0.2 4.6 0.0 0.1 (0.2) (0.1) (0.2) (5.4) (2.0) (1.1) (1.6) (10.1) (1.3) (1.4) (0.6) (1.2) (4.5) (1.3) (0.5) (0.3) (0.4) (2.4) (0.3) (0.3) (0.2) (0.3) (1.1) 43.1 (26.3) 43.1 (25.8) 34.1 25.4 (32.4) 32.1 (25.5) (0.5)
(61.2) (63.3) (55.1) (66.4) (245.9) (61.1) (63.2) (55.4) (66.5) (246.2) - - - - - - - - - -
(1.0) (1.0) (1.0) (1.0) (4.0) (1.0) (1.0) (1.0) (1.0) (4.0) - - - - - - - - - - - - - - - -