Beruflich Dokumente
Kultur Dokumente
Level 3 Communications
Segment
Communications
Information Services
Coal Mining
Other
Revenue 5
2002
1,101.0
1,896.0
84.0
30.0
-
2003
1,947.0
1,999.0
80.0
-
2004
1,685.0
1,936.0
91.0
-
2005E
1,649.6
1,923.2
89.6
-
2006E
1,533.5
1,884.8
94.0
-
2007E
1,572.0
1,847.1
98.7
-
2008E
1,650.6
1,810.1
103.7
-
2009E
1,766.1
1,773.9
108.8
-
2010E
1,872.1
1,738.4
114.3
-
2011E
1,965.7
1,703.7
120.0
-
2012E
2,044.3
1,669.6
126.0
-
2013E
2,105.6
1,636.2
132.3
-
2014E
2,168.8
1,603.5
138.9
-
2015E
2,233.9
1,571.4
145.9
-
2016E
2,278.6
1,540.0
153.2
-
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
Information Services
Coal Mining
Other
Revenue 5
209.0
1,742.0
57.0
-
370.0
1,836.0
58.0
-
436.0
1,758.0
67.0
-
446.0
1,834.0
55.0
-
440.0
1,856.0
56.0
-
440.0
1,856.0
56.0
-
412.6
1,665.3
82.9
-
441.5
1,632.0
87.1
-
468.0
1,599.4
91.4
-
491.4
1,567.4
96.0
-
511.1
1,536.0
100.8
-
526.4
1,505.3
105.8
-
542.2
1,475.2
111.1
-
558.5
1,445.7
116.7
-
569.6
1,416.8
122.5
-
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
892.0
154.0
27.0
30.0
-
1,577.0
163.0
22.0
-
1,249.0
178.0
24.0
-
1,231.5
170.6
19.7
-
1,150.2
150.8
18.8
-
1,179.0
147.8
19.7
-
1,237.9
144.8
20.7
-
1,324.6
141.9
21.8
-
1,404.1
139.1
22.9
-
1,474.3
136.3
24.0
-
1,533.2
133.6
25.2
-
1,579.2
130.9
26.5
-
1,626.6
128.3
27.8
-
1,675.4
125.7
29.2
-
1,708.9
123.2
30.6
-
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
Information Services
Coal Mining
Other
Revenue 5
81.0%
8.1%
32.1%
100.0%
0.0%
Communications
Information Services
Coal Mining
Other
Revenue 5
Gross margin
74.1%
9.2%
26.4%
0.0%
0.0%
74.7%
8.9%
22.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
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%
0.0%
0.0%
0.0%
0.0%
0.0%
76.8%
5.4%
-4.8%
0.0%
0.0%
-13.5%
-3.2%
13.8%
0.0%
0.0%
-2.1%
-0.7%
-1.6%
0.0%
0.0%
-7.0%
-2.0%
5.0%
0.0%
0.0%
2.5%
-2.0%
5.0%
0.0%
0.0%
5.0%
-2.0%
5.0%
0.0%
0.0%
7.0%
-2.0%
5.0%
0.0%
0.0%
6.0%
-2.0%
5.0%
0.0%
0.0%
5.0%
-2.0%
5.0%
0.0%
0.0%
4.0%
-2.0%
5.0%
0.0%
0.0%
3.0%
-2.0%
5.0%
0.0%
0.0%
3.0%
-2.0%
5.0%
0.0%
0.0%
3.0%
-2.0%
5.0%
0.0%
0.0%
2.0%
-2.0%
5.0%
0.0%
0.0%
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
Information Services
Coal Mining
Other
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%
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%
Communications
Information Services
Coal Mining
Other
Revenue 5
3/4/2015
81.0%
8.2%
27.5%
0.0%
0.0%
1:35 PM
Ascendere Associates
Contact: Steve Castellano stev
Level 3 Communications
Segment
Communications
Information Services
Coal Mining
Other
Revenue 5
1Q02
278.0
80.0
20.0
8.0
-
2Q02
276.0
447.0
20.0
7.0
-
Total revenue
386.0
750.0
66.0
67.0
13.0
-
62.0
407.0
15.0
-
Communications
Information Services
Coal Mining
Other
Revenue 5
3Q02
274.0
746.0
22.0
7.0
-
4Q02
273.0
623.0
22.0
8.0
-
2002
1,101.0
1,896.0
84.0
30.0
-
1,049.0
926.0
3,111.0
42.0
692.0
14.0
-
39.0
576.0
15.0
-
209.0
1,742.0
57.0
-
1Q03
705.0
506.0
16.0
-
2Q03
430.0
491.0
16.0
-
3Q03
413.0
437.0
24.0
-
4Q03
399.0
565.0
24.0
-
2003
1,947.0
1,999.0
80.0
-
1Q04
389.0
494.0
16.0
-
2Q04
391.0
503.0
24.0
-
3Q04
423.0
392.0
25.0
-
1,227.0
937.0
874.0
988.0
4,026.0
89.0
465.0
14.0
-
103.0
452.0
12.0
-
91.0
400.0
18.0
-
87.0
519.0
14.0
-
370.0
1,836.0
58.0
-
4Q04
482.0
547.0
26.0
-
2004
1,685.0
1,936.0
91.0
-
899.0
918.0
840.0
1,055.0
3,712.0
81.0
449.0
13.0
-
119.0
455.0
17.0
-
116.0
353.0
18.0
-
120.0
501.0
19.0
-
436.0
1,758.0
67.0
-
1Q05
510.0
483.0
17.0
-
2Q05
371.0
520.0
19.0
-
3Q05E
378.6
384.2
26.3
-
4Q05E
390.0
536.1
27.3
-
2005E
1,649.6
1,923.2
89.6
-
1Q06E
382.5
473.3
17.9
-
2Q06E
374.7
509.6
20.0
-
3Q06E
382.4
376.5
27.6
-
4Q06E
393.9
525.3
28.7
-
2006E
1,533.5
1,884.8
94.0
-
1Q07E
390.2
463.9
18.7
-
2Q07E
382.2
499.4
20.9
-
3Q07E
393.9
368.9
28.9
-
4Q07E
405.7
514.8
30.1
-
2007E
1,572.0
1,847.1
98.7
-
1,010.0
910.0
789.1
953.4
116.0
442.0
13.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
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
446.0
1,834.0
55.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
440.0
1,856.0
56.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
110.0
464.0
14.0
-
440.0
1,856.0
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
Communications
Information Services
Coal Mining
Other
Revenue 5
212.0
13.0
7.0
8.0
-
214.0
40.0
5.0
7.0
-
232.0
54.0
8.0
7.0
-
234.0
47.0
7.0
8.0
-
892.0
154.0
27.0
30.0
-
616.0
41.0
2.0
-
327.0
39.0
4.0
-
322.0
37.0
6.0
-
312.0
46.0
10.0
-
1,577.0
163.0
22.0
-
308.0
45.0
3.0
-
272.0
48.0
7.0
-
307.0
39.0
7.0
-
362.0
46.0
7.0
-
1,249.0
178.0
24.0
-
394.0
41.0
4.0
-
261.0
56.0
5.0
-
284.0
30.7
5.3
-
292.5
42.9
5.5
-
1,231.5
170.6
19.7
-
286.9
37.9
3.6
-
281.0
40.8
4.0
-
286.8
30.1
5.5
-
295.4
42.0
5.7
-
1,150.2
150.8
18.8
-
292.6
37.1
3.7
-
286.7
40.0
4.2
-
295.4
29.5
5.8
-
304.3
41.2
6.0
-
1,179.0
147.8
19.7
-
1,762.0
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
77.3%
8.5%
23.5%
0.0%
0.0%
70.4%
10.8%
26.3%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
74.7%
8.9%
22.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
75.0%
8.0%
20.0%
0.0%
0.0%
Gross profit
Communications
Information Services
Coal Mining
Other
Revenue 5
Gross margin
240.0
266.0
301.0
296.0
1,103.0
659.0
370.0
365.0
368.0
76.3%
16.3%
35.0%
100.0%
0.0%
77.5%
8.9%
25.0%
100.0%
0.0%
84.7%
7.2%
36.4%
100.0%
0.0%
85.7%
7.5%
31.8%
100.0%
0.0%
81.0%
8.1%
32.1%
100.0%
0.0%
87.4%
8.1%
12.5%
0.0%
0.0%
76.0%
7.9%
25.0%
0.0%
0.0%
78.0%
8.5%
25.0%
0.0%
0.0%
78.2%
8.1%
41.7%
0.0%
0.0%
62.2%
35.5%
28.7%
32.0%
35.5%
Communications
Information Services
Coal Mining
Other
Revenue 5
Y/Y Revenue growth
Communications
Information Services
Coal Mining
Other
Revenue 5
Sequential revenue growth
3/4/2015
81.0%
8.2%
27.5%
0.0%
0.0%
356.0
327.0
353.0
415.0
79.2%
9.1%
18.8%
0.0%
0.0%
69.6%
9.5%
29.2%
0.0%
0.0%
72.6%
9.9%
28.0%
0.0%
0.0%
75.1%
8.4%
26.9%
0.0%
0.0%
74.1%
9.2%
26.4%
0.0%
0.0%
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%
532.5%
-20.0%
0.0%
0.0%
55.8%
9.8%
-20.0%
0.0%
0.0%
50.7%
-41.4%
9.1%
0.0%
0.0%
46.2%
-9.3%
9.1%
0.0%
0.0%
76.8%
5.4%
-4.8%
0.0%
0.0%
-44.8%
-2.4%
0.0%
0.0%
0.0%
-9.1%
2.4%
50.0%
0.0%
0.0%
2.4%
-10.3%
4.2%
0.0%
0.0%
20.8%
-3.2%
8.3%
0.0%
0.0%
-13.5%
-3.2%
13.8%
0.0%
0.0%
31.1%
-2.2%
6.3%
0.0%
0.0%
-5.1%
3.4%
-20.8%
0.0%
0.0%
-10.5%
-2.0%
5.0%
0.0%
0.0%
-19.1%
-2.0%
5.0%
0.0%
0.0%
-2.1%
-0.7%
-1.6%
0.0%
0.0%
-25.0%
-2.0%
5.0%
0.0%
0.0%
1.0%
-2.0%
5.0%
0.0%
0.0%
1.0%
-2.0%
5.0%
0.0%
0.0%
1.0%
-2.0%
5.0%
0.0%
0.0%
-7.0%
-2.0%
5.0%
0.0%
0.0%
2.0%
-2.0%
5.0%
0.0%
0.0%
2.0%
-2.0%
5.0%
0.0%
0.0%
3.0%
-2.0%
5.0%
0.0%
0.0%
3.0%
-2.0%
5.0%
0.0%
0.0%
2.5%
-2.0%
5.0%
0.0%
0.0%
29.4%
-7.8%
-1.3%
-4.1%
0.2%
217.9%
24.9%
-16.7%
6.7%
-26.7%
-2.0%
-3.9%
6.8%
12.3%
-0.9%
-7.5%
-16.1%
-22.0%
4.0%
4.0%
4.0%
5.0%
5.0%
6.0%
6.0%
-0.7%
458.8%
0.0%
-12.5%
0.0%
-0.7%
66.9%
10.0%
0.0%
0.0%
-0.4%
-16.5%
0.0%
14.3%
0.0%
158.2%
-18.8%
-27.3%
0.0%
0.0%
-39.0%
-3.0%
0.0%
0.0%
0.0%
-4.0%
-11.0%
50.0%
0.0%
0.0%
-3.4%
29.3%
0.0%
0.0%
0.0%
-2.5%
-12.6%
-33.3%
0.0%
0.0%
0.5%
1.8%
50.0%
0.0%
0.0%
8.2%
-22.1%
4.2%
0.0%
0.0%
13.9%
39.5%
4.0%
0.0%
0.0%
5.8%
-11.7%
-34.6%
0.0%
0.0%
-78.0%
-73.1%
-79.1%
0.0%
0.0%
2.1%
-26.1%
38.2%
0.0%
0.0%
3.0%
39.5%
4.0%
0.0%
0.0%
-1.9%
-11.7%
-34.6%
0.0%
0.0%
-2.0%
7.7%
11.8%
0.0%
0.0%
2.1%
-26.1%
38.2%
0.0%
0.0%
3.0%
39.5%
4.0%
0.0%
0.0%
-1.0%
-11.7%
-34.6%
0.0%
0.0%
-2.0%
7.7%
11.8%
0.0%
0.0%
3.1%
-26.1%
38.2%
0.0%
0.0%
3.0%
39.5%
4.0%
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%
1:35 PM
Level 3 Communications
Income Statement
Revenue
2002
3,111.0
2003
4,026.0
2004
3,712.0
2005E
3,662.4
2006E
3,512.3
2007E
3,517.8
2008E
3,564.4
2009E
3,648.9
2010E
3,724.8
2011E
3,789.4
2012E
3,839.9
2013E
3,874.2
2014E
3,911.2
2015E
3,951.2
2016E
3,971.7
Cost of services
Gross profit (loss)
Gross margin
2,008.0
1,103.0
35.5%
2,264.0
1,762.0
43.8%
2,261.0
1,451.0
39.1%
2,240.6
1,421.8
38.8%
2,192.6
1,319.7
37.6%
2,171.3
1,346.5
38.3%
2,160.9
1,403.5
39.4%
2,160.6
1,488.3
40.8%
2,158.8
1,566.0
42.0%
2,154.8
1,634.6
43.1%
2,147.9
1,692.0
44.1%
2,137.6
1,736.6
44.8%
2,128.5
1,782.7
45.6%
2,120.9
1,830.3
46.3%
2,109.0
1,862.7
46.9%
Other expense
Restructuring and impairment charges
SG&A expense
181.0
934.0
45.0
1,046.0
16.0
956.0
19.0
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
EBITDA margin
(12.0)
-0.4%
479.0
12.9%
524.2
14.3%
441.7
12.6%
467.1
13.3%
512.4
14.4%
576.0
15.8%
634.8
17.0%
687.2
18.1%
732.0
19.1%
768.1
19.8%
804.9
20.6%
842.5
21.3%
869.8
21.9%
434.3
671.0
16.7%
801.0
827.0
695.0
693.1
703.4
532.0
440.7
453.3
470.5
488.7
500.2
518.8
537.5
556.4
(813.0)
nmf
(156.0)
nmf
(216.0)
nmf
(168.9)
nmf
(261.7)
nmf
(64.9)
nmf
78.1
2.2%
135.3
3.7%
181.5
4.9%
216.7
5.7%
243.3
6.3%
267.9
6.9%
286.1
7.3%
305.0
7.7%
313.4
7.9%
(560.0)
(567.0)
(485.0)
39.0
(530.4)
35.0
(554.6)
31.0
(556.8)
8.5
(479.8)
-
4.8
(426.1)
-
1.9
(302.1)
-
2.6
(201.8)
-
2.6
(37.0)
-
0.8
(30.7)
-
17.5
208.9
237.9
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)
Tax rate
Tax credit (expense)
-12.3%
121.0
-6.5%
50.0
1.3%
(6.0)
0.5%
(3.0)
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
Aftertax income
(860.0)
(721.0)
(458.0)
(649.6)
(775.4)
(582.0)
(393.2)
(285.9)
(118.7)
Extraordinary items
Discontinued operations
Cumulative effect of change in accounting principle
Income
2.0
5.0
(853.0)
(711.0)
(458.0)
(649.6)
(775.4)
(582.0)
407.3
617.3
565.9
700.9
683.8
903.8
701.7
925.2
726.7
951.7
751.7
976.7
781.7
1,006.7
811.7
1,036.7
($0.03)
($0.02)
$1.19
$0.96
$0.70
$0.70
$0.75
$0.57
$0.61
$0.46
$0.62
$0.48
$0.66
$0.51
($2.11)
($2.09)
($1.27)
($1.26)
($0.67)
($0.67)
($0.93)
($0.93)
($1.07)
($1.07)
($0.77)
($0.77)
($2.09)
($2.09)
($1.26)
($1.26)
($0.67)
($0.67)
($0.93)
($0.93)
($1.07)
($1.07)
35.5%
30.0%
25.7%
-0.4%
43.8%
26.0%
20.5%
16.7%
39.1%
25.8%
18.7%
12.9%
38.8%
24.0%
18.9%
14.3%
37.6%
25.0%
20.0%
12.6%
Gross Margin
SG&A as % of sales
Depreciation as % of sales
EBITDA Margin
3/4/2015
(393.2)
(285.9)
(118.7)
0.0%
17.5
-
0.0%
208.9
-
0.0%
237.9
-
1.0
-
3.0
-
5.3
-
287.1
308.0
318.8
0.0%
287.1
-
0.0%
308.0
-
0.0%
318.8
-
17.5
208.9
237.9
287.1
308.0
318.8
841.7
1,066.7
871.7
1,096.7
901.7
1,126.7
931.7
1,156.7
961.7
1,186.7
991.7
1,216.7
1,021.7
1,246.7
$0.71
$0.56
$0.75
$0.60
$0.79
$0.63
$0.81
$0.65
$0.82
$0.66
$0.84
$0.68
$0.85
$0.69
$0.85
$0.70
($0.50)
($0.50)
($0.35)
($0.35)
($0.14)
($0.14)
$0.02
$0.02
$0.23
$0.19
$0.26
$0.21
$0.30
$0.24
$0.31
$0.25
$0.31
$0.26
($0.77)
($0.77)
($0.50)
($0.39)
($0.35)
($0.28)
($0.14)
($0.11)
$0.02
$0.02
$0.23
$0.19
$0.26
$0.21
$0.30
$0.24
$0.31
$0.25
$0.31
$0.26
38.3%
25.0%
15.1%
13.3%
39.4%
25.0%
12.2%
14.4%
40.8%
25.0%
12.1%
15.8%
42.0%
25.0%
12.2%
17.0%
43.1%
25.0%
12.4%
18.1%
44.1%
25.0%
12.7%
19.1%
44.8%
25.0%
12.9%
19.8%
45.6%
25.0%
13.3%
20.6%
46.3%
25.0%
13.6%
21.3%
46.9%
25.0%
14.0%
21.9%
1:35 PM
Level 3 Communications
Income Statement
Revenue
1Q02
386.0
2Q02
750.0
3Q02
1,049.0
4Q02
926.0
2002
3,111.0
1Q03
1,227.0
2Q03
937.0
3Q03
874.0
4Q03
988.0
2003
4,026.0
1Q04
899.0
2Q04
918.0
3Q04
840.0
4Q04
1,055.0
2004
3,712.0
Cost of services
Gross profit (loss)
Gross margin
146.0
240.0
62.2%
484.0
266.0
35.5%
748.0
301.0
28.7%
630.0
296.0
32.0%
2,008.0
1,103.0
35.5%
568.0
659.0
53.7%
567.0
370.0
39.5%
509.0
365.0
41.8%
620.0
368.0
37.2%
2,264.0
1,762.0
43.8%
543.0
356.0
39.6%
591.0
327.0
35.6%
487.0
353.0
42.0%
640.0
415.0
39.3%
2,261.0
1,451.0
39.1%
Other expense
Restructuring and impairment charges
SG&A expense
253.0
47.0
240.0
3.0
228.0
131.0
213.0
181.0
934.0
11.0
270.0
9.0
275.0
14.0
250.0
11.0
251.0
45.0
1,046.0
2.0
235.0
243.0
234.0
14.0
244.0
16.0
956.0
EBITDA
EBITDA margin
(13.0)
-3.4%
(21.0)
-2.8%
(48.0)
-5.2%
(12.0)
-0.4%
378.0
30.8%
101.0
11.6%
106.0
10.7%
119.0
14.2%
157.0
14.9%
479.0
12.9%
70.0
6.7%
86.0
9.2%
671.0
16.7%
119.0
13.2%
84.0
9.2%
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
EBIT
Operating margin
(223.0)
-57.8%
(211.0)
-28.1%
(130.0)
-12.4%
(249.0)
-26.9%
(813.0)
-26.1%
171.0
13.9%
(142.0)
-15.2%
(109.0)
-12.5%
(76.0)
-7.7%
(156.0)
-3.9%
(60.0)
-6.7%
(93.0)
-10.1%
(51.0)
-6.1%
(216.0)
-5.8%
Interest income
Interest (expense)
Gain on early extinguishment of debt
Other income (expense)
9.0
(129.0)
134.0
6.0
(131.0)
180.0
8.0
(154.0)
(24.0)
6.0
(146.0)
255.0
(182.0)
29.0
(560.0)
255.0
108.0
5.0
(140.0)
74.0
5.0
(143.0)
(176.0)
5.0
(156.0)
(2.0)
3.0
(128.0)
41.0
(3.0)
18.0
(567.0)
41.0
(107.0)
3.0
(127.0)
38.0
3.0
(118.0)
146.0
3.0
(120.0)
(3.0)
(12.0)
-1.1%
(61.0)
4.0
(120.0)
197.0
(142.0)
13.0
(485.0)
197.0
39.0
Pretax income
(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)
Tax rate
Tax credit (expense)
-56.9%
119.0
0.0%
-
0.0%
-
-0.6%
2.0
-12.3%
121.0
0.0%
-
-4.6%
12.0
-23.3%
38.0
-6.5%
50.0
0.7%
(1.0)
1.6%
(1.0)
0.0%
-
5.5%
(4.0)
1.3%
(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)
4.0
5.0
(6.0)
-
Aftertax income
Extraordinary items
Discontinued operations
Cumulative effect of change in accounting prin
1.0
-
1.0
5.0
2.0
5.0
0.0%
-
3.0
-
4.0
-
5.0
5.0
Income
(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
461.3
398.7
468.7
410.9
624.9
428.4
642.4
407.3
617.3
680.0
763.0
484.4
493.4
653.1
714.1
446.2
529.2
565.9
700.9
680.0
763.0
682.6
746.6
685.1
749.1
687.7
770.7
683.8
903.8
($0.03)
($0.03)
($0.05)
($0.04)
$0.17
$0.11
($0.11)
($0.07)
($0.03)
($0.02)
$0.56
$0.50
$0.18
$0.17
$0.15
$0.14
$0.24
$0.20
$1.19
$0.96
$0.18
$0.16
$0.12
$0.11
$0.17
$0.16
$0.23
$0.20
$0.70
$0.53
($0.23)
($0.23)
($0.39)
($0.39)
($0.73)
($0.73)
($0.73)
($0.73)
($2.11)
($2.09)
$0.16
$0.14
($0.94)
($0.95)
($0.38)
($0.38)
($0.28)
($0.27)
($1.27)
($1.26)
($0.22)
($0.22)
($0.09)
($0.09)
($0.25)
($0.25)
($0.11)
($0.11)
($0.67)
($0.67)
($0.23)
($0.23)
($0.39)
($0.39)
($0.73)
($0.73)
($0.73)
($0.73)
($2.09)
($2.09)
$0.18
$0.16
($0.95)
($0.95)
($0.38)
($0.38)
($0.27)
($0.27)
($1.26)
($1.26)
($0.22)
($0.22)
($0.09)
($0.09)
($0.25)
($0.25)
($0.11)
($0.11)
($0.67)
($0.67)
62.2%
65.5%
54.4%
-3.4%
35.5%
32.0%
25.3%
-2.8%
28.7%
21.7%
19.1%
6.7%
32.0%
23.0%
21.7%
-5.2%
35.5%
30.0%
25.7%
-0.4%
53.7%
22.0%
16.9%
30.8%
39.5%
29.3%
24.3%
9.2%
41.8%
28.6%
24.0%
11.6%
37.2%
25.4%
18.4%
10.7%
43.8%
26.0%
20.5%
16.7%
39.6%
26.1%
19.9%
13.2%
35.6%
26.5%
19.3%
9.2%
42.0%
27.9%
20.2%
14.2%
39.3%
23.1%
16.0%
14.9%
39.1%
25.8%
18.7%
12.9%
Gross Margin
SG&A as % of sales
Depreciation as % of sales
EBITDA Margin
3/4/2015
1:35 PM
Level 3 Communications
Income Statement
1Q05
1,010.0
2Q05
910.0
3Q05E
789.1
4Q05E
953.4
2005E
3,662.4
1Q06E
873.7
2Q06E
904.3
3Q06E
786.5
4Q06E
947.9
2006E
3,512.3
1Q07E
872.8
2Q07E
902.6
3Q07E
791.8
4Q07E
950.6
2007E
3,517.8
Cost of services
Gross profit (loss)
Gross margin
571.0
439.0
43.5%
588.0
322.0
35.4%
469.1
320.0
40.6%
612.5
340.8
35.8%
2,240.6
1,421.8
38.8%
545.4
328.3
37.6%
578.5
325.8
36.0%
464.0
322.5
41.0%
604.7
343.2
36.2%
2,192.6
1,319.7
37.6%
539.3
333.5
38.2%
571.8
330.8
36.7%
461.1
330.7
41.8%
599.2
351.5
37.0%
2,171.3
1,346.5
38.3%
Other expense
Restructuring and impairment charges
SG&A expense
15.0
226.0
4.0
217.0
197.3
238.3
19.0
878.6
218.4
226.1
196.6
237.0
878.1
218.2
225.6
197.9
237.7
879.4
EBITDA
EBITDA margin
198.0
19.6%
101.0
11.1%
122.7
15.6%
102.5
10.8%
524.2
14.3%
109.9
12.6%
99.7
11.0%
125.8
16.0%
106.2
11.2%
441.7
12.6%
115.3
13.2%
105.2
11.7%
132.8
16.8%
113.8
12.0%
467.1
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
2.7%
(104.0)
4.0
(114.0)
6.0
(65.0)
-7.1%
(120.0)
10.0
(139.0)
9.0
(54.4)
-6.9%
(76.5)
-8.0%
(168.9)
-4.6%
(70.1)
-8.0%
(75.2)
-8.3%
(47.8)
-6.1%
(68.6)
-7.2%
(261.7)
-7.5%
(55.8)
-6.4%
(41.0)
-4.5%
24.7
3.1%
7.2
0.8%
(64.9)
-1.8%
12.1
(138.4)
11.6
(139.0)
35.5
(530.4)
10.9
(136.3)
10.4
(138.5)
9.9
(139.5)
9.8
(140.3)
41.0
(554.6)
9.9
(136.8)
10.0
(139.1)
9.9
(140.1)
9.8
(140.8)
39.6
(556.8)
(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%
(3.0)
0.0%
-
0.0%
-
0.5%
(3.0)
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
0.0%
-
(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)
Revenue
EBIT
Operating margin
Interest income
Interest (expense)
Gain on early extinguishment of debt
Other income (expense)
Pretax income
Tax rate
Tax credit (expense)
Aftertax income
Extraordinary items
Discontinued operations
Cumulative effect of change in accounting prin
15.0
Income
(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
912.2
695.5
917.5
705.5
930.5
715.5
940.5
701.7
925.2
711.7
936.7
721.7
946.7
731.7
956.7
741.7
966.7
726.7
951.7
736.7
961.7
746.7
971.7
756.7
981.7
766.7
991.7
751.7
976.7
$0.29
$0.22
$0.15
$0.11
$0.17
$0.13
$0.14
$0.11
$0.75
$0.57
$0.15
$0.12
$0.14
$0.11
$0.17
$0.13
$0.14
$0.11
$0.61
$0.46
$0.16
$0.12
$0.14
$0.11
$0.18
$0.14
$0.15
$0.11
$0.62
$0.48
($0.11)
($0.11)
($0.27)
($0.27)
($0.26)
($0.26)
($0.28)
($0.28)
($0.93)
($0.93)
($0.27)
($0.27)
($0.28)
($0.28)
($0.24)
($0.24)
($0.27)
($0.27)
($1.07)
($1.07)
($0.25)
($0.25)
($0.23)
($0.23)
($0.14)
($0.14)
($0.16)
($0.16)
($0.77)
($0.77)
($0.11)
($0.11)
($0.27)
($0.27)
($0.26)
($0.26)
($0.28)
($0.28)
($0.93)
($0.93)
($0.27)
($0.27)
($0.28)
($0.28)
($0.24)
($0.24)
($0.27)
($0.27)
($1.07)
($1.07)
($0.25)
($0.25)
($0.23)
($0.23)
($0.14)
($0.14)
($0.16)
($0.16)
($0.77)
($0.77)
43.5%
22.4%
16.9%
19.6%
35.4%
23.8%
18.2%
11.1%
40.6%
25.0%
10.0%
15.6%
35.8%
25.0%
10.0%
10.8%
38.8%
24.0%
18.9%
14.3%
37.6%
25.0%
10.0%
12.6%
36.0%
25.0%
10.0%
11.0%
41.0%
25.0%
10.0%
16.0%
36.2%
25.0%
10.0%
11.2%
37.6%
25.0%
20.0%
12.6%
38.2%
25.0%
10.0%
13.2%
36.7%
25.0%
10.0%
11.7%
41.8%
25.0%
10.0%
16.8%
37.0%
25.0%
10.0%
12.0%
38.3%
25.0%
15.1%
13.3%
Gross Margin
SG&A as % of sales
Depreciation as % of sales
EBITDA Margin
3/4/2015
1:35 PM
Level 3 Communications
Cash flow statement ($ millions)
2002
2003
2004
2005E
2006E
2007E
2008E
2009E
2010E
2011E
2012E
2013E
2014E
2015E
2016E
(853.0)
(255.0)
-
(711.0)
(5.0)
(5.0)
(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
801.0
110.0
9.0
40.0
88.0
49.0
(189.0)
182.0
181.0
(17.0)
827.0
106.0
25.0
42.0
(41.0)
200.0
(57.0)
(267.0)
(74.0)
86.0
(11.0)
695.0
75.0
(27.0)
16.0
(197.0)
(65.0)
(39.0)
46.0
(7.0)
693.1
34.2
18.2
16.0
(186.4)
(2.0)
4.0
41.0
(17.0)
703.4
23.8
5.6
15.2
(35.1)
40.0
-
532.0
20.4
4.9
15.2
(35.2)
40.0
-
434.3
(20.0)
12.6
(35.6)
40.0
-
440.7
(5.5)
11.0
(36.5)
40.0
-
453.3
(24.0)
7.3
(37.2)
40.0
-
470.5
(14.1)
5.1
(37.9)
40.0
-
488.7
10.4
(38.4)
40.0
-
500.2
4.1
(38.7)
40.0
-
518.8
(39.1)
40.0
-
537.5
(39.5)
40.0
-
556.4
(39.7)
40.0
-
(26.0)
(77.0)
(340.0)
(116.0)
(423.0)
(26.0)
41.0
(55.0)
(48.0)
24.0
27.0
15.0
(37.0)
(108.0)
(64.0)
32.1
15.7
(34.5)
(28.3)
(63.6)
64.5
4.6
(10.1)
(2.4)
34.1
10.1
(0.2)
(4.5)
(1.1)
(0.5)
13.9
0.7
(2.2)
(2.7)
47.8
29.7
15.7
(0.1)
(0.0)
209.2
31.9
13.0
(0.4)
(0.1)
365.0
34.0
11.9
(0.8)
(0.2)
526.0
16.7
12.6
(1.4)
(0.3)
737.1
17.8
11.1
(2.2)
(0.5)
769.8
18.1
7.4
(1.9)
(0.5)
829.9
18.4
7.5
(1.6)
(0.4)
869.9
19.2
5.8
(2.5)
(0.6)
897.4
(218.0)
215.0
(410.0)
200.0
130.0
(16.0)
(11.0)
(191.0)
28.0
9.0
58.0
(2.0)
(161.0)
(288.0)
8.0
21.0
70.0
(410.0)
30.0
(597.0)
(319.0)
(268.0)
(1.0)
150.0
(648.0)
4.0
(10.0)
(773.0)
(245.9)
(4.0)
(249.9)
(246.2)
(4.0)
(250.2)
(249.5)
(4.0)
(253.5)
(255.4)
(4.0)
(259.4)
(260.7)
(4.0)
(264.7)
(265.3)
(4.0)
(269.3)
(268.8)
(4.0)
(272.8)
(271.2)
(4.0)
(275.2)
(273.8)
(4.0)
(277.8)
(276.6)
(4.0)
(280.6)
(278.0)
(4.0)
(282.0)
490.0
(159.0)
1.0
332.0
848.0
(772.0)
3.0
79.0
985.0
(1,027.0)
(42.0)
877.0
(130.0)
747.0
(1.0)
(1.0)
1,000.0
(1,143.6)
(143.6)
(506.0)
1,500.0
(1,624.0)
1,000.0
(880.0)
1,200.0
(1,575.0)
(296.4)
(506.0)
(124.0)
(375.0)
(296.4)
(49.0)
4.0
37.0
8.0
(16.0)
17.0
1,297.0
(147.0)
1,150.0
1,150.0
(13.0)
1,137.0
1,137.0
(686.0)
451.0
451.0
(105.6)
345.4
345.4
(215.8)
129.7
129.7
(251.7)
(122.0)
(122.0)
(349.3)
(471.4)
414.0
466.0
582.0
-
394.0
953.0
29.0
10.0
1,007.0
410.0
139.0
309.0
76.0
(2.0)
421.0
13.0
-
461.8
(3.0)
-
510.0
-
516.3
-
486.3
-
(471.4)
(556.2)
(1,027.6)
(1,027.6)
(23.7)
(1,051.3)
120.0
-
(1,051.3)
376.8
(674.5)
(674.5)
89.3
(585.2)
(585.2)
198.1
(387.1)
26.6
-
26.6
-
(387.1)
552.1
165.0
165.0
589.3
754.3
754.3
615.4
1,369.7
3/4/2015
420.6
-
318.9
-
210.8
-
1:35 PM
Level 3 Communications
Cash flow statement ($ millions)
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)
(1.0)
(313.0)
1.0
(255.0)
-
(853.0)
(255.0)
-
119.0
(4.0)
(462.0)
6.0
(247.0)
(3.0)
(121.0)
(4.0)
(711.0)
(5.0)
(147.0)
-
(63.0)
-
(171.0)
-
(77.0)
-
(458.0)
-
(77.0)
-
(188.0)
-
(180.7)
-
(203.9)
-
(649.6)
-
801.0
110.0
9.0
40.0
88.0
49.0
(189.0)
182.0
181.0
(17.0)
207.0
26.0
5.0
(348.0)
(69.0)
23.0
(3.0)
228.0
28.0
9.0
5.0
(2.0)
190.0
12.0
2.0
25.0
2.0
210.0
27.0
(8.0)
28.0
(2.0)
10.0
(13.0)
(3.0)
15.0
(1.0)
265.0
72.0
(424.0)
17.0
(220.0)
201.0
28.0
19.0
36.0
211.0
68.0
23.0
(89.0)
136.0
27.0
14.0
(132.0)
(32.0)
135.0
(57.0)
14.0
(26.0)
(77.0)
(340.0)
(116.0)
(423.0)
118.0
50.0
(199.0)
(30.0)
(111.0)
(97.0)
(3.0)
73.0
1.0
16.0
(89.0)
114.0
(9.0)
6.0
(2.0)
88.0
(31.0)
50.0
(396.0)
33.0
(345.0)
(45.0)
51.0
(23.0)
85.0
228.0
(218.0)
215.0
(410.0)
200.0
130.0
(16.0)
(11.0)
(25.0)
6.0
7.0
16.0
(1.0)
(94.0)
2.0
(90.0)
(88.0)
(1.0)
(1.0)
488.0
(7.0)
481.0
(61.0)
1.0
(60.0)
490.0
(159.0)
1.0
332.0
(47.0)
(5.0)
(1.0)
12.0
3.0
(4.0)
(4.0)
1.0
(49.0)
4.0
1,297.0
(187.0)
1,110.0
(59.0)
1,051.0
1,051.0
(85.0)
966.0
210.0
27.0
(21.0)
3.0
(130.0)
23.0
2.0
64.0
(7.0)
190.0
28.0
18.0
5.0
(76.0)
97.0
(102.0)
44.0
53.0
(2.0)
200.0
27.0
(7.0)
(4.0)
(5.0)
20.0
(94.0)
2.0
37.0
(22.0)
35.0
(15.0)
(165.0)
(4.0)
(65.0)
(194.0)
(102.0)
114.0
(72.0)
(157.0)
(53.0)
18.0
200.0
6.0
(14.0)
18.0
1,110.0
966.0
179.0
1,145.0
1,297.0
(147.0)
1,150.0
(5.0)
(5.0)
827.0
106.0
25.0
42.0
(41.0)
200.0
(57.0)
(267.0)
(74.0)
86.0
(11.0)
179.0
18.0
18.0
4.0
(16.0)
(32.0)
9.0
(5.0)
177.0
19.0
(31.0)
4.0
(147.0)
1.0
(2.0)
10.0
(3.0)
170.0
18.0
9.0
3.0
15.0
2.0
10.0
6.0
151.0
3.0
(70.0)
(5.0)
91.0
182.0
25.0
24.0
4.0
(37.0)
(57.0)
82.0
(4.0)
23.0
(9.0)
(198.0)
(9.0)
141.0
(14.0)
28.0
(26.0)
41.0
(55.0)
(48.0)
24.0
121.0
30.0
(136.0)
(35.0)
8.0
(46.0)
(8.0)
52.0
(8.0)
(45.0)
(65.0)
15.0
(5.0)
(10.0)
5.0
(61.0)
(52.0)
2.0
(11.0)
30.0
(1.0)
(32.0)
(49.0)
5.0
18.0
10.0
7.0
26.0
(191.0)
28.0
9.0
58.0
(2.0)
(161.0)
(48.0)
25.0
41.0
9.0
27.0
(1.0)
(1.0)
(13.0)
3.0
(10.0)
361.0
(15.0)
346.0
487.0
(743.0)
(256.0)
848.0
(772.0)
3.0
79.0
6.0
2.0
15.0
1.0
20.0
3.0
37.0
8.0
1,150.0
(198.0)
952.0
952.0
(39.0)
913.0
(4.0)
2.0
913.0
403.0
1,316.0
1,316.0
(179.0)
1,137.0
1,150.0
(13.0)
1,137.0
3/4/2015
116.0
32.0
-
79.0
39.0
313.0
-
130.0
90.0
(14.0)
-
89.0
305.0
283.0
-
414.0
466.0
582.0
-
109.0
20.0
139.0
-
101.0
754.0
9.0
600.0
10.0
-
109.0
64.0
29.0
1.0
57.0
-
75.0
115.0
350.0
400.0
309.0
76.0
(2.0)
394.0
953.0
29.0
10.0
1,007.0
410.0
139.0
309.0
76.0
(2.0)
695.0
75.0
(27.0)
16.0
(197.0)
(65.0)
(39.0)
46.0
(7.0)
171.0
17.0
15.0
4.0
(174.0)
(1.0)
11.0
(3.0)
166.0
6.0
20.0
4.0
5.0
(1.0)
4.0
10.0
(12.0)
177.1
5.5
23.7
4.1
(7.9)
10.0
(1.0)
179.0
5.7
(40.5)
4.0
(9.5)
10.0
(1.0)
101.0
10.0
(120.0)
(69.0)
(16.0)
27.0
15.0
(37.0)
(108.0)
(64.0)
100.0
22.0
(127.0)
(24.0)
(66.0)
(114.0)
(11.0)
102.0
(2.0)
(11.0)
24.4
1.6
(3.8)
(0.9)
52.1
21.7
3.1
(5.8)
(1.4)
(38.7)
693.1
34.2
18.2
16.0
(186.4)
(2.0)
4.0
41.0
(17.0)
32.1
15.7
(34.5)
(28.3)
(63.6)
(70.0)
6.0
(4.0)
(410.0)
7.0
(471.0)
(84.0)
2.0
(1.0)
20.0
3.0
(90.0)
(86.0)
1.0
9.0
11.0
(63.0)
(288.0)
8.0
21.0
70.0
(410.0)
30.0
(597.0)
(319.0)
(61.0)
(1.0)
50.0
1.0
(11.0)
(85.0)
2.0
100.0
(648.0)
3.0
(10.0)
(638.0)
(55.2)
(1.0)
(56.2)
(66.7)
(1.0)
(67.7)
(268.0)
(1.0)
150.0
(648.0)
4.0
(10.0)
(773.0)
(1.0)
(1.0)
(75.0)
(75.0)
(1.0)
985.0
(1,027.0)
(42.0)
(25.0)
877.0
(105.0)
(1.0)
985.0
(950.0)
35.0
(25.0)
772.0
877.0
(130.0)
747.0
(2.0)
2.0
2.0
15.0
(5.0)
(11.0)
(16.0)
1,137.0
32.0
1,169.0
1,169.0
(589.0)
580.0
580.0
(105.0)
475.0
475.0
(24.0)
451.0
17.0
1,137.0
(686.0)
451.0
169.0
20.0
(23.0)
5.0
(50.0)
(65.0)
(7.0)
17.0
(5.0)
(149.0)
(17.0)
167.0
4.0
(11.0)
87.0
-
127.0
-
86.0
-
121.0
13.0
-
421.0
13.0
-
443.0
(107.0)
336.0
336.0
112.0
448.0
626.0
1,283.0
78.0
-
109.0
3.0
-
448.0
(4.1)
443.9
443.9
(106.5)
337.4
451.0
(105.6)
345.4
105.1
-
169.7
-
461.8
(3.0)
-
1:35 PM
Level 3 Communications
Cash flow statement ($ millions)
Cash flow from operating activities
Net earnings (loss)
Income from discontinued operations
Extraordinary gain on debt extinguishments, net
Cumulative effect of change in accounting principle
Adjustments to reconcile net income (loss):
Depreciation and amortization
Accreted interest on long-term discount debt
Accrued interest on long-term debt
Amortization of debt issuance costs
Gain on debt extinguishments, net
Induced conversion expense on convertible debt
Deferred income taxes
Deferred revenue
Gain on sale of property, plant and equipment and other assets
Non cash loss on impairments and asset sales
Non-cash compensation expense attributable to stock awards
Other
Changes in working capital
(Increase) Decrease in Receivables
Other (Increase) decrease in current assets
Increase (Decrease) in Payables
Increase (Decrease) in other current liabilities
Net cash provided (used) by operating activities
Cash flow from investing activities
Capital spending
Release of capital expenditure accruals
Decrease (increase) in restricted cash and securities, net
Proceed from sales and maturities of marketable securities
(Purchase) of marketable securities
Proceeds from sale of property, plant and equipment, and other
Investments and acquisitions
Net cash used for investing activities
Cash flow from financing activities
Long-term debt borrowings, net of issuance costs
Purchases of and payments on long-term debt, including current
Proceeds from stock options exercised
Cash provided (used) for financing activities
Net cash provided by discontinued operations
Effect of Exchange Rates on Cash and Cash Equivalents
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
5.7
22.3
3.8
(8.7)
10.0
-
175.0
5.9
(17.4)
3.8
(9.0)
10.0
-
173.7
6.1
18.3
3.8
(7.9)
10.0
-
174.8
6.2
(17.6)
3.8
(9.5)
10.0
-
28.0
4.2
(5.4)
(1.3)
43.1
11.1
0.2
(2.0)
(0.5)
(26.3)
17.8
0.1
(1.1)
(0.3)
43.1
(61.2)
(1.0)
(62.2)
(63.3)
(1.0)
(64.3)
171.1
6.2
16.7
3.8
(8.7)
10.0
-
146.2
6.4
(18.1)
3.8
(9.0)
10.0
-
108.1
6.6
18.3
3.8
(7.9)
10.0
-
106.6
1.1
(12.1)
3.8
(9.5)
10.0
-
7.5
0.2
(1.6)
(0.4)
(25.8)
703.4
23.8
5.6
15.2
(35.1)
40.0
64.5
4.6
(10.1)
(2.4)
34.1
10.6
0.0
(1.3)
(0.3)
25.4
0.1
0.1
(1.4)
(0.3)
(32.4)
(0.5)
(0.2)
(0.6)
(0.2)
32.1
(0.2)
(0.1)
(1.2)
(0.3)
(25.5)
532.0
20.4
4.9
15.2
(35.2)
40.0
10.1
(0.2)
(4.5)
(1.1)
(0.5)
(55.1)
(1.0)
(56.1)
(66.4)
(1.0)
(67.4)
(245.9)
(4.0)
(249.9)
(61.1)
(1.0)
(62.1)
(63.2)
(1.0)
(64.2)
(55.4)
(1.0)
(56.4)
(66.5)
(1.0)
(67.5)
(246.2)
(4.0)
(250.2)
(1.0)
(1.0)
(1.0)
(1.0)
345.4
(19.1)
326.3
326.3
(90.6)
235.7
235.7
(12.9)
222.8
222.8
(93.1)
129.7
345.4
(215.8)
129.7
129.7
(36.7)
93.0
93.0
(96.6)
(3.6)
(3.6)
(24.3)
(28.0)
(28.0)
(94.1)
(122.0)
129.7
(251.7)
(122.0)
104.0
-
146.9
-
110.9
-
148.2
-
510.0
-
109.6
-
147.6
-
110.9
-
148.2
-
516.3
-
3/4/2015
1:35 PM
Level 3 Communications
Balance sheet ($ millions)
Current assets
Cash and cash equivalents
Marketable securities
Restricted cash and securities
Receivables
Current assets of discontinued operations
Other
Total current assets
Property, plant and equipment
Less accumulated depreciation
Property, plant and equipment, net
Marketable securities
Restricted cash
Goodwill and Intangibles, net
Other assets, net
TOTAL ASSETS
Supplemental
Allowances for receivables
3/4/2015
2002
2003
2004
2005E
2006E
2007E
2008E
2009E
2010E
2011E
2012E
2013E
(471.4)
835.0
21.0
409.5
122.2
916.3
(1,027.6)
835.0
25.0
379.8
106.5
318.6
(1,051.3)
835.0
29.0
347.8
93.5
254.0
(674.5)
835.0
33.0
313.8
81.6
588.9
(585.2)
835.0
37.0
297.1
69.0
652.9
(387.1)
835.0
41.0
279.3
57.9
826.1
2014E
2015E
2016E
1,142.0
99.0
527.0
17.0
154.0
1,939.0
7,477.0
(1,472.0)
1,129.0
42.0
74.0
561.0
140.0
1,946.0
8,026.0
(2,299.0)
443.0
225.0
48.0
545.0
141.0
1,402.0
8,314.0
(2,994.0)
337.4
835.0
25.0
497.9
127.3
1,822.7
8,582.0
(3,654.0)
129.7
835.0
21.0
433.4
122.7
1,541.8
8,827.8
(4,305.2)
(122.0)
835.0
17.0
423.4
122.9
1,276.2
9,074.1
(4,811.1)
9,323.6
(5,230.7)
9,579.0
(5,664.6)
9,839.7
(6,111.0)
10,105.0
(6,574.6)
10,373.8
(7,056.4)
6,005.0
467.0
380.0
172.0
8,963.0
5,727.0
61.0
459.0
100.0
8,293.0
5,408.0
114.0
67.0
457.0
96.0
7,544.0
4,927.9
74.0
354.9
102.7
7,282.1
4,522.6
82.0
250.4
107.3
6,504.1
4,263.0
90.0
198.3
107.1
5,934.6
4,092.8
3,914.4
3,728.7
3,530.4
3,317.4
90.0
183.6
107.8
5,390.6
90.0
178.7
123.5
4,625.3
90.0
171.8
136.5
4,381.1
90.0
165.0
148.4
4,522.6
90.0
158.1
161.0
4,379.3
691.0
4.0
147.0
92.0
199.0
2.0
218.0
1,353.0
6,102.0
1,264.0
484.0
9,203.0
4.0
6,273.0
(132.0)
(6,385.0)
(240.0)
8,963.0
651.0
125.0
135.0
100.0
189.0
231.0
1,431.0
5,250.0
954.0
477.0
8,112.0
7.0
7,360.0
(90.0)
(7,096.0)
181.0
8,293.0
614.0
144.0
82.0
73.0
255.0
134.0
1,302.0
5,067.0
840.0
492.0
7,701.0
7.0
7,371.0
19.0
(7,554.0)
(157.0)
7,544.0
568.5
1.0
67.0
90.2
164.6
112.7
1,003.9
6,216.1
713.6
177.1
8,110.8
7.0
7,393.0
(6.0)
(8,222.6)
(828.6)
7,282.1
558.4
67.0
95.8
129.5
110.2
960.9
6,240.7
678.5
228.0
8,108.1
7.0
7,393.0
(6.0)
(8,998.0)
(1,604.0)
6,504.1
553.9
67.0
100.7
94.3
109.1
925.0
6,260.0
643.3
292.4
8,120.7
7.0
7,393.0
(6.0)
(9,580.1)
(2,186.1)
5,934.6
551.7
362.0
67.0
80.7
58.6
106.5
1,226.5
551.7
1,624.0
67.0
75.2
22.1
106.4
2,446.4
551.3
2,455.0
67.0
51.2
(15.1)
106.4
3,215.7
4,753.4
607.6
1,375.3
7,962.9
2,985.4
571.1
1,480.5
7,483.5
530.4
533.9
3,078.0
7,358.0
2,105.4
496.0
4,172.9
7,482.0
2.0
457.6
5,463.9
7,129.8
2.0
418.9
5,785.8
6,847.2
2.0
379.7
5,872.3
6,853.1
2.0
340.2
5,959.3
6,859.2
2.0
300.5
6,044.9
6,862.2
7.0
7,400.0
(6.0)
(9,973.3)
(2,572.3)
7.0
7,400.0
(6.0)
(10,259.2)
(2,858.2)
7.0
7,400.0
(6.0)
(10,377.9)
(2,976.9)
7.0
7,400.0
(6.0)
(10,360.4)
(2,959.4)
7.0
7,400.0
(6.0)
(10,151.5)
(2,750.5)
7.0
7,400.0
(6.0)
(9,913.5)
(2,512.5)
7.0
7,400.0
(6.0)
(9,626.5)
(2,225.5)
7.0
7,400.0
(6.0)
(9,318.5)
(1,917.5)
7.0
7,400.0
(6.0)
(8,999.7)
(1,598.7)
5,390.6
4,625.3
4,381.1
4,522.6
4,379.3
4,334.6
4,627.7
4,941.7
5,263.5
29.0
28.0
23.0
19.6
16.2
15.7
15
13
12
550.4
67.0
37.0
(53.0)
106.2
707.6
10
549.0
528.4
67.0
47.5
(91.4)
105.8
1,206.3
165.0
835.0
45.0
261.2
50.4
1,356.7
754.3
835.0
49.0
242.9
42.9
1,924.1
1,369.7
835.0
53.0
223.6
37.1
2,518.4
10,645.0
(7,556.6)
10,918.8
(8,075.4)
11,195.3
(8,612.9)
11,473.4
(9,169.3)
3,088.3
2,843.4
2,582.4
2,304.1
90.0
158.1
172.1
4,334.6
90.0
158.1
179.6
4,627.7
90.0
158.1
187.1
4,941.7
90.0
158.1
192.9
5,263.5
546.8
67.0
51.6
(130.1)
105.3
640.5
544.9
67.0
51.6
(169.3)
104.8
599.1
543.3
67.0
51.6
(208.8)
104.5
557.6
540.8
67.0
51.6
(248.5)
103.9
514.8
1:35 PM
1Q02
2Q02
3Q02
4Q02
2002
1Q03
2Q03
3Q03
4Q03
2003
1Q04
2Q04
3Q04
4Q04
2004
1Q05
2Q05
3Q05E
4Q05E
2005E
Current assets
Cash and cash equivalents
Marketable securities
Restricted cash and securities
Receivables
Current assets of discontinued operations
Other
Total current assets
1,110.0
136.0
351.0
86.0
1,683.0
1,051.0
146.0
696.0
190.0
2,083.0
963.0
541.0
443.0
121.0
2,068.0
1,142.0
99.0
527.0
17.0
154.0
1,939.0
1,142.0
99.0
527.0
17.0
154.0
1,939.0
944.0
79.0
420.0
117.0
1,560.0
915.0
69.0
507.0
139.0
1,630.0
1,317.0
495.0
355.0
17.0
102.0
2,286.0
1,129.0
42.0
74.0
561.0
140.0
1,946.0
1,129.0
42.0
74.0
561.0
140.0
1,946.0
1,161.0
47.0
429.0
110.0
1,747.0
547.0
221.0
52.0
476.0
122.0
1,418.0
467.0
225.0
50.0
375.0
115.0
1,232.0
443.0
225.0
48.0
545.0
141.0
1,402.0
443.0
225.0
48.0
545.0
141.0
1,402.0
336.0
290.0
42.0
437.0
117.0
1,222.0
448.0
329.0
27.0
544.0
132.0
1,480.0
443.9
835.0
26.0
519.6
130.4
1,954.9
337.4
835.0
25.0
497.9
127.3
1,822.7
337.4
835.0
25.0
497.9
127.3
1,822.7
7,627.0
(881.0)
7,663.0
(1,071.0)
7,631.0
(1,271.0)
7,477.0
(1,472.0)
7,477.0
(1,472.0)
7,502.0
(1,679.0)
7,848.0
(1,907.0)
7,902.0
(2,117.0)
8,026.0
(2,299.0)
8,026.0
(2,299.0)
8,074.0
(2,478.0)
8,144.0
(2,655.0)
8,228.0
(2,825.0)
8,314.0
(2,994.0)
8,314.0
(2,994.0)
8,375.0
(3,165.0)
8,460.0
(3,331.0)
8,515.2
(3,491.6)
8,582.0
(3,654.0)
8,582.0
(3,654.0)
6,746.0
6,592.0
6,360.0
6,005.0
6,005.0
6,043.0
5,941.0
5,785.0
5,727.0
5,727.0
5,598.0
5,466.0
5,402.0
5,408.0
5,408.0
5,277.0
5,158.0
5,023.7
4,927.9
4,927.9
Marketable securities
Restricted cash
Goodwill and Intangibles, net
Other assets, net
TOTAL ASSETS
252.0
370.0
9,051.0
377.0
292.0
9,344.0
375.0
291.0
9,094.0
467.0
380.0
172.0
8,963.0
467.0
380.0
172.0
8,963.0
469.0
505.0
186.0
8,763.0
474.0
481.0
142.0
8,668.0
58.0
495.0
124.0
8,748.0
61.0
459.0
100.0
8,293.0
61.0
459.0
100.0
8,293.0
63.0
445.0
99.0
7,952.0
189.0
62.0
463.0
90.0
7,688.0
164.0
65.0
448.0
84.0
7,395.0
114.0
67.0
457.0
96.0
7,544.0
114.0
67.0
457.0
96.0
7,544.0
70.0
438.0
92.0
7,099.0
506.0
70.0
421.0
98.0
7,733.0
72.0
387.9
99.6
7,538.1
74.0
354.9
102.7
7,282.1
74.0
354.9
102.7
7,282.1
690.0
30.0
143.0
65.0
127.0
277.0
1,332.0
975.0
10.0
152.0
83.0
240.0
231.0
1,691.0
560.0
12.0
173.0
74.0
158.0
234.0
1,211.0
691.0
4.0
147.0
92.0
199.0
2.0
218.0
1,353.0
691.0
4.0
147.0
92.0
199.0
2.0
218.0
1,353.0
492.0
124.0
126.0
88.0
117.0
236.0
1,183.0
567.0
125.0
146.0
88.0
126.0
6.0
208.0
1,266.0
497.0
750.0
148.0
78.0
132.0
205.0
1,810.0
651.0
125.0
135.0
100.0
189.0
231.0
1,431.0
651.0
125.0
135.0
100.0
189.0
231.0
1,431.0
510.0
103.0
94.0
118.0
154.0
220.0
1,199.0
549.0
141.0
90.0
87.0
164.0
231.0
1,262.0
431.0
144.0
89.0
97.0
158.0
156.0
1,075.0
614.0
144.0
82.0
73.0
255.0
134.0
1,302.0
614.0
144.0
82.0
73.0
255.0
134.0
1,302.0
481.0
119.0
67.0
88.0
187.0
116.0
1,058.0
578.0
1.0
57.0
107.0
182.0
115.0
1,040.0
574.2
1.0
67.0
130.7
174.1
114.1
1,061.2
568.5
1.0
67.0
90.2
164.6
112.7
1,003.9
568.5
1.0
67.0
90.2
164.6
112.7
1,003.9
5,981.0
1,353.0
450.0
9,116.0
5,939.0
1,349.0
443.0
9,422.0
6,384.0
1,291.0
461.0
9,347.0
6,102.0
1,264.0
484.0
9,203.0
6,102.0
1,264.0
484.0
9,203.0
6,167.0
925.0
546.0
8,821.0
5,634.0
938.0
548.0
8,386.0
5,340.0
919.0
529.0
8,598.0
5,250.0
954.0
477.0
8,112.0
5,250.0
954.0
477.0
8,112.0
5,276.0
970.0
476.0
7,921.0
5,008.0
963.0
469.0
7,702.0
5,032.0
984.0
463.0
7,554.0
5,067.0
840.0
492.0
7,701.0
5,067.0
840.0
492.0
7,701.0
5,073.0
728.0
477.0
7,336.0
5,945.0
731.0
461.0
8,177.0
6,094.6
723.1
283.9
8,162.8
6,216.1
713.6
177.1
8,110.8
6,216.1
713.6
177.1
8,110.8
4.0
5,711.0
(163.0)
(5,617.0)
(65.0)
4.0
5,808.0
(117.0)
(5,773.0)
(78.0)
4.0
5,939.0
(125.0)
(6,072.0)
(254.0)
4.0
6,273.0
(132.0)
(6,385.0)
(240.0)
4.0
6,273.0
(132.0)
(6,385.0)
(240.0)
5.0
6,332.0
(129.0)
(6,266.0)
(58.0)
6.0
7,124.0
(120.0)
(6,728.0)
282.0
7.0
7,238.0
(120.0)
(6,975.0)
150.0
7.0
7,360.0
(90.0)
(7,096.0)
181.0
7.0
7,360.0
(90.0)
(7,096.0)
181.0
7.0
7,386.0
(119.0)
(7,243.0)
31.0
7.0
7,401.0
(116.0)
(7,306.0)
(14.0)
7.0
7,417.0
(106.0)
(7,477.0)
(159.0)
7.0
7,371.0
19.0
(7,554.0)
(157.0)
7.0
7,371.0
19.0
(7,554.0)
(157.0)
7.0
7,393.0
(6.0)
(7,631.0)
(237.0)
7.0
7,393.0
(6.0)
(7,838.0)
(444.0)
7.0
7,393.0
(6.0)
(8,018.7)
(624.7)
7.0
7,393.0
(6.0)
(8,222.6)
(828.6)
7.0
7,393.0
(6.0)
(8,222.6)
(828.6)
9,051.0
9,344.0
9,093.0
8,963.0
8,963.0
8,763.0
8,668.0
8,748.0
8,293.0
8,293.0
7,952.0
7,688.0
7,395.0
7,544.0
7,544.0
7,099.0
7,733.0
7,538.1
7,282.1
7,282.1
Supplemental
Allowances for receivables
3/4/2015
45
50
37
29
29.0
31
30
34
28
28.0
26
26
27
23
23
23
23
21
20
20
1:35 PM
Level 3 Communications
Balance sheet ($ millions)
Current assets
Cash and cash equivalents
Marketable securities
Restricted cash and securities
Receivables
Current assets of discontinued operations
Other
Total current assets
2Q06E
3Q06E
4Q06E
2006E
1Q07E
2Q07E
3Q07E
4Q07E
2007E
326.3
835.0
24.0
469.9
123.2
1,778.4
235.7
835.0
23.0
458.8
123.0
1,675.5
222.8
835.0
22.0
441.0
122.9
1,643.6
129.7
835.0
21.0
433.4
122.7
1,541.8
129.7
835.0
21.0
433.4
122.7
1,541.8
93.0
835.0
20.0
422.8
122.7
1,493.5
(3.6)
835.0
19.0
422.7
122.7
1,395.7
(28.0)
835.0
18.0
423.1
122.8
1,371.0
(122.0)
835.0
17.0
423.4
122.9
1,276.2
(122.0)
835.0
17.0
423.4
122.9
1,276.2
8,643.1
(3,817.5)
8,706.4
(3,980.6)
8,761.5
(4,142.3)
8,827.8
(4,305.2)
8,827.8
(4,305.2)
8,888.9
(4,469.1)
8,952.1
(4,608.1)
9,007.5
(4,709.1)
9,074.1
(4,811.1)
9,074.1
(4,811.1)
4,825.6
4,725.9
4,619.2
4,522.6
4,522.6
4,419.8
4,344.0
4,298.5
4,263.0
4,263.0
Marketable securities
Restricted cash
Goodwill and Intangibles, net
Other assets, net
TOTAL ASSETS
76.0
321.8
106.8
7,108.7
78.0
298.0
107.0
6,884.4
80.0
274.2
107.1
6,724.1
82.0
250.4
107.3
6,504.1
82.0
250.4
107.3
6,504.1
84.0
236.1
107.3
6,340.7
86.0
221.8
107.3
6,154.8
88.0
207.5
107.2
6,072.1
90.0
198.3
107.1
5,934.6
90.0
198.3
107.1
5,934.6
563.1
67.0
112.5
155.8
111.4
1,009.8
561.1
67.0
95.2
146.8
110.9
980.9
560.0
67.0
113.5
138.9
110.6
990.1
558.4
67.0
95.8
129.5
110.2
960.9
558.4
67.0
95.8
129.5
110.2
960.9
557.1
67.0
112.5
120.7
109.9
967.3
555.7
67.0
94.5
111.7
109.6
938.4
555.1
67.0
112.8
103.8
109.4
948.1
553.9
67.0
100.7
94.3
109.1
925.0
553.9
67.0
100.7
94.3
109.1
925.0
6,222.8
704.8
195.4
8,132.8
6,228.6
695.8
206.5
8,111.9
6,234.7
687.9
216.4
8,129.0
6,240.7
678.5
228.0
8,108.1
6,240.7
678.5
228.0
8,108.1
6,246.9
669.7
243.5
8,127.4
6,253.3
660.7
259.2
8,111.7
6,259.9
652.8
273.7
8,134.4
6,260.0
643.3
292.4
8,120.7
6,260.0
643.3
292.4
8,120.7
7.0
7,393.0
(6.0)
(8,418.1)
(1,024.1)
7.0
7,393.0
(6.0)
(8,621.5)
(1,227.5)
7.0
7,393.0
(6.0)
(8,798.9)
(1,404.9)
7.0
7,393.0
(6.0)
(8,998.0)
(1,604.0)
7.0
7,393.0
(6.0)
(8,998.0)
(1,604.0)
7.0
7,393.0
(6.0)
(9,180.7)
(1,786.7)
7.0
7,393.0
(6.0)
(9,350.9)
(1,956.9)
7.0
7,393.0
(6.0)
(9,456.3)
(2,062.3)
7.0
7,393.0
(6.0)
(9,580.1)
(2,186.1)
7.0
7,393.0
(6.0)
(9,580.1)
(2,186.1)
7,108.7
6,884.4
6,724.1
6,504.1
6,504.1
6,340.7
6,154.8
6,072.1
5,934.6
5,934.6
Supplemental
Allowances for receivables
3/4/2015
1Q06E
18
18
17
16
16
16
16
16
16
16
1:35 PM