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TheStreet Open House

Level 3 Reports First Quarter 2011 Results

Financial Results

           

First

Fourth

First

Metric

Quarter

Quarter

Quarter

($ in millions)       2011      

2010

      2010  
Total Communications Revenue     $ 914       $ 904       $ 900  
Other Revenue     $ 15       $ 17       $ 10  
Total Consolidated Revenue     $ 929       $ 921       $ 910  
Consolidated Adjusted EBITDA (1)     $ 225       $ 226       $ 200  
Capital Expenditures     $ 115       $ 117       $ 82  
Unlevered Cash Flow (1)     $ 41       $ 183       $ 51  
Free Cash Flow (1)       ($115 )     $ 73         ($90 )
Communications Gross Margin (1)       60.9 %       61.1 %       58.8 %
Communications Adjusted EBITDA Margin (1)       24.6 %       24.6 %       22.4 %

(1) See schedule of non-GAAP metrics for definition and reconciliation to GAAP measures.

Communications Business

Revenue

Total Communications Revenue for the first quarter 2011 was $914 million, compared to $904 million for the fourth quarter 2010 and $900 million for the first quarter 2010.

                   
First Fourth First
Communications Revenue Quarter Quarter Percent Quarter Percent
($ in millions)       2011       2010     Change       2010     Change
Wholesale     $ 351     $ 347     1 %     $ 343     2 %
Large Enterprise and Federal     $ 144     $ 144     --       $ 136     6 %
Mid-Market     $ 155     $ 151     3 %     $ 151     3 %
Europe     $ 79     $ 78     1 %     $ 71     11 %
Core Network Services     $ 729     $ 720     1 %     $ 701     4 %
Wholesale Voice Services     $ 164     $ 161     2 %     $ 165     (1 %)
Other Communications Services     $ 21     $ 23     (9 %)     $ 34     (38 %)
Total Communications Services     $ 914     $ 904     1 %     $ 900     2 %

Core Network Services

Core Network Services revenue was $729 million in the first quarter 2011, an increase of approximately 1 percent compared to $720 million in the fourth quarter 2010, and an increase of approximately 4 percent compared to $701 million in the first quarter 2010. On a constant currency basis, European revenue increased slightly sequentially and increased 10 percent year-over-year.

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