I need to cover our Safe Harbor statement, which can be found on Page 2 of our 4Q '11 earnings presentation, and that says that information on this call and in the presentation contain financial estimates and other forward-looking statements that are subject to risks and uncertainties. Actual results may vary significantly from those statements. A discussion of factors that may affect future results is contained in Level 3's filings with the Securities and Exchange Commission.

Finally, please note that on today's call, we will be referring to certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measure and the most comparable GAAP financial measures are available in the press release, which is posted on our website at www.level3.com.

With that, I'll turn the call over to Jim.

James Crowe

Thanks, Valerie. As is our normal custom, in our prepared remarks, we'll start with our Chief Financial Officer, Sunit Patel, who will discuss results for the quarter and the year and provide an outlook for 2012. Jeff Storey will take over and discuss operational and matters including segment results, pricing trends, status of integration. I'll provide some strategic commentary, and then we'll open it up for questions. Sunit?

Sunit S. Patel

Thank you, Jim, and good morning, everyone. Before I review the details, I'd like to start on Slide 3, with some highlights of the combined company and our performance for the quarter. Our quality and diversification revenue base improved significantly with the combination with Global Crossing. By now we have about $6.3 billion in annual revenues, with 62% of the revenues from enterprise customers, and we expect that percentage to grow in the future.

By comparison, in 2010, only about 40% of Level 3's revenues were from enterprise customers. About 71% of our CNS revenue are from the U.S., 17% from EMEA and 12% from Latin America. Our credit profile improved sharply as we reduced net debt to adjusted EBITDA from about 7x at the end of 2010 to less than 6x at the end of 2011. On a standalone basis, Level 3 had a great year. We grew CNS revenues every quarter throughout the year, with sharp improvement in the fourth quarter, and grew adjusted EBITDA 13% for the full year 2010 (sic) [ 2011 ], excluding the effects of the Global Crossing acquisition.

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