This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Level 3 Reports First Quarter 2011 Results

Stocks in this article: LVLT

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.

2 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs