OMAHA, Neb., Feb. 01, 2016 (GLOBE NEWSWIRE) -- West Corporation (Nasdaq:WSTC), a leading provider of technology-enabled communication services, today announced its fourth quarter and full year 2015 results.

Key Quarterly Highlights:
                       
Unaudited, in millions except per share amounts   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014     % Change     2015       2014     % Change
Revenue $ 568.4     $ 562.9       1.0 %   $ 2,280.3     $ 2,218.6       2.8 %
Adjusted EBITDA from Continuing Operations 1   165.1       173.4       -4.8 %     676.1       668.3       1.2 %
EBITDA from Continuing Operations 1   158.0       167.0       -5.4 %     649.3       649.2       0.0 %
Adjusted Operating Income 1   131.0       141.2       -7.2 %     551.8       541.5       1.9 %
Operating Income   105.0       116.7       -10.1 %     456.5       461.4       -1.1 %
Adjusted Income from Continuing Operations 1   63.7       68.1       -6.5 %     265.9       247.2       7.5 %
Income from Continuing Operations   42.3       34.9       21.4 %     190.9       134.6       41.8 %
Adjusted Earnings per Share from Continuing Operations - Diluted 1   0.75       0.79       -5.1 %     3.11       2.89       7.6 %
Earnings per Share from Continuing Operations - Diluted   0.50       0.41       22.0 %     2.24       1.57       42.7 %
Free Cash Flow from Continuing Operating Activities 1,2   86.9       75.5       15.2 %     274.0       279.2       -1.9 %
Cash Flows from Continuing Operating Activities   127.5       106.9       19.3 %     410.8       409.5       0.3 %
Cash Flows used in Continuing Investing Activities   (118.7 )     (38.4 )     208.7 %     (232.4 )     (524.4 )     -55.7 %
Cash Flows used in Continuing Financing Activities   (23.5 )     (135.9 )     -82.7 %     (388.2 )     (25.0 )   NM
                       

"2015 was an important year for West Corporation. We had strong cash flow generation and continued refining our portfolio of services. We divested several agent-based services businesses, made three acquisitions, refinanced our term loan, paid down debt and repurchased two million shares of stock. We believe these actions will enhance the growth of the Company going forward," said Tom Barker, chairman and chief executive officer.

"The adjusted organic growth 5 in our core business was 4.1 percent in the fourth quarter of 2015 and 3.3 percent for the year. With the expected growth in our non-conferencing businesses, we believe we will finish 2016 in a stronger growth position. As we move through the year, we will continue to focus on capital generation and deployment. In addition, in an effort to provide investors with enhanced visibility into how our underlying businesses are performing, we will now report results in four segments," Mr. Barker continued.

Dividend

The Company today also announced a $0.225 per common share dividend. The dividend is payable on March 3, 2016, to shareholders of record as of the close of business on February 22, 2016.

Operating Results Reflect Previous Divestiture

As previously disclosed, on March 3, 2015, the Company completed the sale of several of its agent-based services businesses. The operating results for the businesses that were sold have been reflected as discontinued operations in the Company's consolidated financial statements for all periods presented. Unless otherwise noted, the Company has presented herein its operating results from continuing operations, which excludes discontinued operations.

Change in Segment Reporting

During the fourth quarter of 2015, we implemented a revised organizational structure under which our reportable segments are as follows:
  • Unified Communications, including conferencing and collaboration services, unified communications services and telecom services;
  • Safety Services, including 9-1-1 network services, 9-1-1 telephony systems and services, 9-1-1 solutions for enterprise VoIP and UC and database management;
  • Interactive Services, including proactive notifications and mobility, IVR self-service, cloud contact center and professional services; and
  • Specialized Agent Services, including healthcare advocacy services, revenue generation and cost management services.

Consolidated Operating Results

For the fourth quarter of 2015, revenue was $568.4 million compared to $562.9 million for the same quarter of the previous year, an increase of 1.0 percent. Revenue from acquired entities was $5.2 million during the fourth quarter of 2015, contributing 0.9 percent to the Company's revenue growth. The Company's revenue growth rate was negatively impacted by $22.7 million, or 4.0 percent, from the impact of foreign currency exchange rate fluctuations and two previously disclosed client losses. Adjusted organic growth 5 for the fourth quarter was 4.1 percent.

For the year ended December 31, 2015, revenue was $2,280.3 million compared to $2,218.6 million for 2014, an increase of 2.8 percent. Revenue from acquired entities 3 was $71.9 million during 2015, contributing 3.2 percent to the Company's revenue growth. The Company's revenue growth rate was partially offset by $84.0 million, or 3.8 percent, from the impact of foreign currency exchange rate fluctuations and two previously disclosed client losses. Adjusted organic growth 5 for 2015 was 3.3 percent. Details of the Company's revenue growth are presented in the selected financial data table below.

The Unified Communications segment had revenue of $357.8 million in the fourth quarter of 2015, a 0.9 percent decrease compared to the same quarter of 2014. This decrease was partially due to $16.0 million from the two previously disclosed lost telecom services and conferencing clients and was offset by $1.4 million in revenue from Magnetic North, which was acquired on October 31, 2015.

The Safety Services segment had revenue of $72.9 million in the fourth quarter of 2015, a decrease of 1.9 percent from the fourth quarter of 2014.

The Interactive Services segment had revenue of $71.3 million in the fourth quarter of 2015, 13.5 percent higher than the same quarter last year. This increase included $3.8 million from the acquisitions of SchoolReach, SharpSchool and ClientTell.

The Specialized Agent Services segment had revenue of $73.1 million in the fourth quarter of 2015, an increase of 7.3 percent compared to the same quarter of 2014.

Adjusted EBITDA 1 for the fourth quarter of 2015 was $165.1 million compared to $173.4 million for the fourth quarter of 2014, a decrease of 4.8 percent. EBITDA 1 was $158.0 million in the fourth quarter of 2015 compared to $167.0 million in the fourth quarter of 2014. Adjusted EBITDA for 2015 was $676.1 million, or 29.7 percent of revenue, compared to $668.3 million, or 30.1 percent of revenue, in 2014. EBITDA was $649.3 million in 2015 compared to $649.2 million in 2014. 

Adjusted operating income 1 for the fourth quarter of 2015 was $131.0 million, or 23.0 percent of revenue, compared to $141.2 million, or 25.1 percent of revenue, in the same quarter of 2014, a decrease of 7.2 percent. Operating income was $105.0 million in the fourth quarter of 2015 compared to $116.7 million in the fourth quarter of 2014. For the full year 2015, adjusted operating income was $551.8 million compared to $541.5 million in 2014. Operating income for 2015 was $456.5 million compared to 2014 operating income of $461.4 million.

Adjusted income from continuing operations 1 was $63.7 million in the fourth quarter of 2015, a decrease of 6.5 percent from the same quarter of 2014. Income from continuing operations increased 21.4 percent to $42.3 million in the fourth quarter of 2015 compared to $34.9 million in the same quarter of 2014. In 2015, adjusted income from continuing operations was $265.9 million, an increase of 7.5 percent compared to 2014. Income from continuing operations in 2015 was $190.9 million compared to $134.6 million in 2014, an increase of 41.8 percent. The growth in 2015 net income was primarily due to decreased interest expense as a result of the Company's debt repayment in 2015 and refinancing activities in 2014.

Balance Sheet, Cash Flow and Liquidity

At December 31, 2015, West Corporation had cash and cash equivalents totaling $182.3 million and working capital of $243.1 million. Interest expense was $38.4 million during the three months ended December 31, 2015 compared to $42.9 million during the comparable period the prior year. Interest expense was $154.3 million in 2015 compared to $188.1 million in 2014.

The Company's net debt to pro forma adjusted EBITDA ratio, as calculated pursuant to the Company's senior secured term debt facilities 4, was 4.68x at December 31, 2015.

Cash flows from operations were $410.8 million for the twelve months ended December 31, 2015 compared to $409.5 million in 2014. Free cash flow 1,2 decreased 1.9 percent to $274.0 million in 2015 compared to $279.2 million in 2014. 

During the fourth quarter of 2015, the Company closed on a new $250 million term loan due 2021. The loan will bear interest at a rate of LIBOR + 3.50% with a 0.75% LIBOR floor. Proceeds of the new term loan, together with cash on hand, were used to retire in full the $250 million remaining outstanding on the term loan due July 2016.

"We ended 2015 in a strong financial position, with more than $180 million of cash on our balance sheet and no funded debt maturities until mid-2018. During the year we generated more than $400 million of cash from operations and reduced our debt by nearly $260 million while lowering our interest expense by nearly $34 million," said Jan Madsen, chief financial officer.

During the fourth quarter of 2015, the Company invested $40.6 million, or 7.1 percent of revenue, in capital expenditures, primarily for software and computer equipment. For the full year 2015, the Company invested $136.8 million, or 6.0 percent of revenue, in capital expenditures. 

2016 Guidance

For 2016, the Company expects the results presented in the table below. This guidance assumes no acquisitions or changes in the current operating environment, capital structure or exchange rates. The two most significant exchange rates used for 2016 guidance are the British Pound Sterling at 1.43 and the Euro at 1.05. These foreign currency exchange rates, reflected in the guidance below, would negatively impact 2016 revenue by approximately $24 million and 2016 adjusted diluted earnings per share by $0.05 as compared to 2015 actual rates.
   
In millions except per share and leverage ratio  
  2015 Actual   2016 Guidance
Revenue $ 2,280.3     $2,276 - $2,346
Adjusted EBITDA from Continuing Operations 1 $ 676.1     $653 - $679
EBITDA from Continuing Operations 1 $ 649.3     $627 - $653
Adjusted Operating Income 1 $ 551.8     $524 - $551
Operating Income $ 456.5     $433 - $458
Adjusted Income from Continuing Operations 1 $ 265.9     $249 - $264
Income from Continuing Operations $ 190.9     $177 - $191
Adjusted Earnings per Share from Continuing Operations - Diluted 1 $ 3.11     $2.93 - $3.09
Earnings per Share from Continuing Operations - Diluted $ 2.24     $2.08 - $2.24
Cash Flows from Continuing Operating Activities $ 410.8     $390 - $420
Capital Expenditures $ 136.8     $135 - $160
Free Cash Flow from Continuing Operating Activities 1,2 $ 274.0     $235 - $265
Net Debt to pro forma Adjusted EBITDA ratio 4.68x   4.48x - 4.68x
Full year average diluted share count   85.4     84.8 - 85.2
       

"We expect the Company to generate significant free cash flow again this year. We plan to use this cash, along with the $180 million in cash on our balance sheet, to make West Corporation more valuable with acquisitions, debt reduction, dividends and buybacks, while continuing to invest in the core business. We currently expect to use $75 million for dividends, $100-$150 million to pay down debt and an equal amount for acquisitions and stock buybacks in 2016. We expect to end the year with an improving growth profile, a more diverse stream of revenue and less debt," said Tom Barker.

"The previously disclosed lost telecom services client is expected to negatively impact 2016 revenue by approximately $45 million, primarily in the first half of the year," continued Mr. Barker.

Share Repurchase Program

The Company's Board of Directors has approved a share repurchase program under which the Company may repurchase up to an aggregate of $75 million of its outstanding common stock. Purchases under the program may be made from time to time through open market purchases, block transactions or privately negotiated transactions. The Company expects to fund the program using its cash on hand and cash generated from operations. The program may be suspended or discontinued at any time without prior notice.

Conference Call

The Company will hold a conference call to discuss these topics on Tuesday, February 2, 2016 at 11:00 AM Eastern Time (10:00 AM Central Time). Investors may access the call by visiting the Financials section of the West Corporation website at www.west.com and clicking on the Webcast link. A replay of the call will be available on the Company's website at www.west.com.

About West Corporation

West Corporation (Nasdaq:WSTC) is a global provider of communication and network infrastructure solutions. West helps manage or support essential enterprise communications with services that include unified communications services, safety services, interactive services such as automated notifications, telecom services and specialty agent services.

For over 25 years, West has provided reliable, high-quality, voice and data services. West serves clients in a variety of industries including telecommunications, retail, financial services, public safety, technology and healthcare. West has a global organization with sales and operations in the United States, Canada, Europe, the Middle East, Asia Pacific and Latin America. For more information on West Corporation, please call 1-800-841-9000 or visit www.west.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue" or similar terminology. The statements contained in the 2016 guidance and other statements concerning the Company's prospects and potential uses of cash are forward-looking statements. These statements reflect only West's current expectations and are not guarantees of future performance or results. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, competition in West's highly competitive markets; increases in the cost of voice and data services or significant interruptions in these services; West's ability to keep pace with its clients' needs for rapid technological change and systems availability; the continued deployment and adoption of emerging technologies; the loss, financial difficulties or bankruptcy of any key clients; security and privacy breaches of the systems West uses to protect personal data; the effects of global economic trends on the businesses of West's clients; the non-exclusive nature of West's client contracts and the absence of revenue commitments; the cost of pending and future litigation; the cost of defending against intellectual property infringement claims; the effects of extensive regulation affecting many of West's businesses; West's ability to protect its proprietary information or technology; service interruptions to West's data and operation centers; West's ability to retain key personnel and attract a sufficient number of qualified employees; increases in labor costs and turnover rates; the political, economic and other conditions in the countries where West operates; changes in foreign exchange rates; West's ability to complete future acquisitions, integrate or achieve the objectives of its recent and future acquisitions; and future impairments of our substantial goodwill, intangible assets, or other long-lived assets. In addition, West is subject to risks related to its level of indebtedness. Such risks include West's ability to generate sufficient cash to service its indebtedness and fund its other liquidity needs; West's ability to comply with covenants contained in its debt instruments; West's ability to obtain additional financing; the incurrence of significant additional indebtedness by West and its subsidiaries; and the ability of West's lenders to fulfill their lending commitments. West is also subject to other risk factors described in documents filed by the Company with the United States Securities and Exchange Commission. 

These forward-looking statements speak only as of the date on which the statements were made. West undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

   
  WEST CORPORATION    
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    
(Unaudited, in thousands except per share data)  
                 
    Three Months Ended December 31,    
      2015           2014               2015      
    Actual       Actual     % Change     Adjusted (1)    
Revenue $ 568,430     $ 562,938       1.0 %   $ 568,430    
Cost of services   239,389       234,419       2.1 %     239,389    
Selling, general and administrative expenses   224,071       211,809       5.8 %     198,043    
Operating income   104,970       116,710       -10.1 %     130,998    
Interest expense, net   38,411       42,911       -10.5 %     33,787    
Debt call premium and accelerated amortization of                
deferred financing costs   2,304       21,574       -89.3 %     -    
Other expense (income), net   (1,178 )     (1,493 )   NM     (1,178 )  
Income from continuing operations before tax   65,433       53,718       21.8 %     98,389    
Income tax expense attributed to continuing operations   23,093       18,834       22.6 %     34,723    
Income from continuing operations   42,340       34,884       21.4 %     63,666    
Income from discontinued operations, net of income taxes   19,935       13,374       49.1 %     19,935    
Net income $ 62,275     $ 48,258       29.0 %   $ 83,601    
                 
Weighted average shares outstanding:                
Basic   83,243       84,178           83,243    
Diluted   84,809       86,033           84,809    
                 
Earnings per share - Basic:                
Continuing operations $ 0.51     $ 0.41       24.4 %   $ 0.76    
Discontinued operations   0.24       0.16       50.0 %     0.24    
Total Earnings Per Share - Basic $ 0.75     $ 0.57       31.6 %   $ 1.00    
                 
Earnings per share - Diluted:                
Continuing operations $ 0.50     $ 0.41       22.0 %   $ 0.75    
Discontinued operations   0.24       0.15       60.0 %     0.24    
Total Earnings Per Share - Diluted $ 0.74     $ 0.56       32.1 %   $ 0.99    
                 
                 
SELECTED FINANCIAL DATA:                
                 
        Contribution            
Changes in Revenue - 4Q15 compared to 4Q14:       to Rev. Growth            
Revenue for the three months ended Dec. 31, 2014 $ 562,938                
Revenue from acquired entities 3   5,163       0.9 %          
Revenue from previously disclosed lost conferencing client   (2,400 )     -0.4 %          
Revenue from previously disclosed lost telecom services client   (13,600 )     -2.4 %          
Estimated impact of foreign currency exchange rates   (6,680 )     -1.2 %          
Adjusted organic growth, net   23,009       4.1 %          
Revenue for the three months ended Dec. 31, 2015 $ 568,430       1.0 %          
                 
                 
    Three Months Ended December 31,        
      2015           2014              
SELECTED REPORTABLE SEGMENT DATA:   Actual       Actual     % Change      
Revenue:                
Unified Communications $ 357,780     $ 361,001       -0.9 %      
Safety Services   72,863       74,264       -1.9 %      
Interactive Services   71,332       62,839       13.5 %      
Specialized Agent Services   73,143       68,146       7.3 %      
Intersegment eliminations   (6,688 )     (3,312 )   NM      
Total $ 568,430     $ 562,938       1.0 %      
                 
Depreciation:                
Unified Communications $ 17,713     $ 18,338       -3.4 %      
Safety Services   5,027       5,202       -3.4 %      
Interactive Services   3,978       3,303       20.4 %      
Specialized Agent Services   2,566       1,343       91.1 %      
Total $ 29,284     $ 28,186       3.9 %      
                 
Amortization:                
Unified Communications - SG&A $ 3,618     $ 3,968       -8.8 %      
Safety Services - SG&A   5,436       4,816       12.9 %      
Safety Services - COS   3,088       3,219       -4.1 %      
Interactive Services - SG&A   4,512       3,922       15.0 %      
Specialized Agent Services - SG&A   5,411       5,336       1.4 %      
Deferred financing costs   4,624       5,075       -8.9 %      
Accelerated deferred financing costs   2,304       3,853       -40.2 %      
Total $ 28,993     $ 30,189       -4.0 %      
                 
Share-based compensation:                
Unified Communications $ 3,399     $ 3,516       -3.3 %      
Safety Services   973       982       -0.9 %      
Interactive Services   611       606       0.8 %      
Specialized Agent Services   1,157       415       178.8 %      
Total $ 6,140     $ 5,519       11.3 %      
                 
Cost of services:                
Unified Communications $ 163,296     $ 163,629       -0.2 %      
Safety Services   27,441       26,790       2.4 %      
Interactive Services   15,926       13,097       21.6 %      
Specialized Agent Services   37,400       32,216       16.1 %      
Intersegment eliminations   (4,674 )     (1,313 )   NM      
Total $ 239,389     $ 234,419       2.1 %      
                 
Selling, general and administrative expenses:                
Unified Communications $ 107,346     $ 108,951       -1.5 %      
Safety Services   39,986       38,005       5.2 %      
Interactive Services   48,968       40,292       21.5 %      
Specialized Agent Services   29,785       26,560       12.1 %      
Intersegment eliminations   (2,014 )     (1,999 )     0.8 %      
Total $ 224,071     $ 211,809       5.8 %      
                 
Operating income:                
Unified Communications $ 87,138     $ 88,421       -1.5 %      
Safety Services   5,436       9,469       -42.6 %      
Interactive Services   6,438       9,450       -31.9 %      
Specialized Agent Services   5,958       9,370       -36.4 %      
Total $ 104,970     $ 116,710       -10.1 %      
                 
Operating margin:                
Unified Communications   24.4 %     24.5 %          
Safety Services   7.5 %     12.8 %          
Interactive Services   9.0 %     15.0 %          
Specialized Agent Services   8.1 %     13.7 %          
Total   18.5 %     20.7 %          
                 

 
  WEST CORPORATION    
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    
(Unaudited, in thousands except per share data)  
                 
    Year Ended December 31,    
      2015           2014               2015      
    Actual       Actual     % Change     Adjusted (1)    
Revenue $ 2,280,259     $ 2,218,594       2.8 %   $ 2,280,259    
Cost of services   970,693       943,331       2.9 %     970,693    
Selling, general and administrative expenses   853,116       813,856       4.8 %     757,804    
Operating income   456,450       461,407       -1.1 %     551,762    
Interest expense, net   154,068       187,834       -18.0 %     134,427    
Debt call premium and accelerated amortization of                
deferred financing costs   2,304       73,309     NM     -    
Other expense (income), net   1,405       (7,026 )   NM     1,405    
Income from continuing operations before tax   298,673       207,290       44.1 %     415,930    
Income tax expense attributed to continuing operations   107,757       72,679       48.3 %     150,063    
Income from continuing operations   190,916       134,611       41.8 %     265,867    
Income from discontinued operations, net of income taxes   50,924       23,794       114.0 %     52,942    
Net income $ 241,840     $ 158,405       52.7 %   $ 318,809    
                 
Weighted average shares outstanding:                
Basic   83,420       84,007           83,420    
Diluted   85,394       85,507           85,394    
                 
Earnings per share - Basic:                
Continuing operations $ 2.29     $ 1.60       43.1 %   $ 3.19    
Discontinued operations   0.61       0.29       110.3 %     0.62    
Total Earnings Per Share - Basic $ 2.90     $ 1.89       53.4 %   $ 3.81    
                 
Earnings per share - Diluted:                
Continuing operations $ 2.24     $ 1.57       42.7 %   $ 3.11    
Discontinued operations   0.59       0.28       110.7 %     0.62    
Total Earnings Per Share - Diluted $ 2.83     $ 1.85       53.0 %   $ 3.73    
                 
                 
SELECTED FINANCIAL DATA:                
                 
        Contribution            
Changes in Revenue - 2015 compared to 2014:       to Rev. Growth            
Revenue for the fiscal year 2014 $ 2,218,594                
Revenue from acquired entities 3   71,905       3.2 %          
Revenue from previously disclosed lost conferencing client   (28,600 )     -1.3 %          
Revenue from previously disclosed lost telecom services client   (18,600 )     -0.8 %          
Estimated impact of foreign currency exchange rates   (36,720 )     -1.7 %          
Adjusted organic growth, net   73,680       3.3 %          
Revenue for the fiscal year 2015 $ 2,280,259       2.8 %          
                 
                 
    Year Ended December 31,        
      2015           2014              
SELECTED REPORTABLE SEGMENT DATA:   Actual       Actual     % Change      
Revenue:                
Unified Communications $ 1,467,711     $ 1,491,639       -1.6 %      
Safety Services   281,391       278,317       1.1 %      
Interactive Services   265,664       235,481       12.8 %      
Specialized Agent Services   276,983       224,621       23.3 %      
Intersegment eliminations   (11,490 )     (11,464 )   NM      
Total $ 2,280,259     $ 2,218,594       2.8 %      
                 
Depreciation:                
Unified Communications $ 69,769     $ 71,677       -2.7 %      
Safety Services   18,847       19,217       -1.9 %      
Interactive Services   14,385       12,167       18.2 %      
Specialized Agent Services   8,213       4,242       93.6 %      
Total $ 111,214     $ 107,303       3.6 %      
                 
Amortization:                
Unified Communications - SG&A $ 13,414     $ 17,771       -24.5 %      
Safety Services - SG&A   19,055       16,682       14.2 %      
Safety Services - COS   12,592       12,216       3.1 %      
Interactive Services - SG&A   16,210       12,908       25.6 %      
Specialized Agent Services - SG&A   19,779       13,657       44.8 %      
Deferred financing costs   19,641       20,035       -2.0 %      
Accelerated deferred financing costs   2,304       11,601       -80.1 %      
Total $ 102,995     $ 104,870       -1.8 %      
                 
Share-based compensation:                
Unified Communications $ 13,119     $ 9,649       36.0 %      
Safety Services   3,697       3,002       23.2 %      
Interactive Services   2,328       1,822       27.8 %      
Specialized Agent Services   3,781       1,101       243.4 %      
Total $ 22,925     $ 15,574       47.2 %      
                 
Cost of services:                
Unified Communications $ 673,475     $ 685,593       -1.8 %      
Safety Services   108,742       103,752       4.8 %      
Interactive Services   59,125       49,118       20.4 %      
Specialized Agent Services   135,672       109,584       23.8 %      
Intersegment eliminations   (6,321 )     (4,716 )   NM      
Total $ 970,693     $ 943,331       2.9 %      
                 
Selling, general and administrative expenses:                
Unified Communications $ 415,815     $ 441,912       -5.9 %      
Safety Services   150,064       144,092       4.1 %      
Interactive Services   181,384       151,132       20.0 %      
Specialized Agent Services   111,022       83,468       33.0 %      
Intersegment eliminations   (5,169 )     (6,748 )     -23.4 %      
Total $ 853,116     $ 813,856       4.8 %      
                 
Operating income:                
Unified Communications $ 378,421     $ 364,134       3.9 %      
Safety Services   22,585       30,473       -25.9 %      
Interactive Services   25,155       35,231       -28.6 %      
Specialized Agent Services   30,289       31,569       -4.1 %      
Total $ 456,450     $ 461,407       -1.1 %      
                 
Operating margin:                
Unified Communications   25.8 %     24.4 %          
Safety Services   8.0 %     10.9 %          
Interactive Services   9.5 %     15.0 %          
Specialized Agent Services   10.9 %     14.1 %          
Total   20.0 %     20.8 %          
                 

 
WEST CORPORATION
  CONDENSED CONSOLIDATED BALANCE SHEETS  
(Unaudited, in thousands)
           
    December 31,       December 31,     %
      2015           2014       Change
Assets:          
Current assets:          
Cash and cash equivalents $ 182,338     $ 115,061       58.5 %
Trust and restricted cash   19,829       18,573       6.8 %
Accounts receivable, net   373,087       355,625       4.9 %
Income taxes receivable   19,332       -     NM
Prepaid assets   43,093       45,242       -4.8 %
Deferred expenses   65,781       65,317       0.7 %
Other current assets   22,040       30,575       -27.9 %
Assets held for sale   17,672       304,605       -94.2 %
Total current assets   743,172       934,998       -20.5 %
Property and Equipment:          
Property and equipment   1,053,678       1,045,769       0.8 %
Accumulated depreciation and amortization   (718,834 )     (695,739 )     3.3 %
Net property and equipment   334,844       350,030       -4.3 %
Goodwill   1,915,690       1,884,920       1.6 %
Intangible assets   370,021       388,166       -4.7 %
Other assets   248,552       259,961       -4.4 %
Total assets $ 3,612,279     $ 3,818,075       -5.4 %
Liabilities and Stockholders' Deficit:          
Current Liabilities:          
Accounts payable $ 92,935     $ 91,353       1.7 %
Deferred revenue   161,828       144,413       12.1 %
Accrued expenses   220,926       228,424       -3.3 %
Current maturities of long-term debt   24,375       16,246       50.0 %
Liabilities held for sale   -       84,788     NM
Total current liabilities   500,064       565,224       -11.5 %
Long-term obligations   3,375,750       3,642,540       -7.3 %
Deferred income taxes   102,530       96,632       6.1 %
Other long-term liabilities   186,073       173,320       7.4 %
Total liabilities   4,164,417       4,477,716       -7.0 %
           
Stockholders' Deficit:          
Common stock   85       84       1.2 %
Additional paid-in capital   2,193,193       2,155,864       1.7 %
Retained deficit   (2,607,415 )     (2,772,775 )     -6.0 %
Accumulated other comprehensive loss   (72,736 )     (37,506 )     93.9 %
Treasury stock at cost   (65,265 )     (5,308 )   NM
Total stockholders' deficit   (552,138 )     (659,641 )     -16.3 %
           
Total liabilities and stockholders' deficit $ 3,612,279     $ 3,818,075       -5.4 %
           

Supplemental Financial Information

The following is a summary of the unaudited quarterly results by reportable segment for the year ended December 31, 2015 and annual results for the previous three years.
    Year Ended       Year Ended       Three Months Ended       Year Ended    
    Dec. 31,       Dec. 31,     March 31,     June 30,       Sept. 30,       Dec. 31,       Dec. 31,    
SELECTED SEGMENT DATA:     2013           2014           2015           2015           2015           2015           2015      
Revenue:                            
Unified Communications $ 1,475,016     $ 1,491,639     $ 369,458     $ 374,651     $ 365,822     $ 357,780     $ 1,467,711    
Safety Services   259,120       278,317       68,578       66,138       73,812       72,863       281,391    
Interactive Services   224,440       235,481       62,467       63,628       68,237       71,332       265,664    
Specialized Agent Services   170,345       224,621       67,078       68,566       68,196       73,143       276,983    
Intersegment eliminations   (7,949 )     (11,464 )     (2,091 )     (1,092 )     (1,619 )     (6,688 )     (11,490 )  
Total $ 2,120,972     $ 2,218,594     $ 565,490     $ 571,891     $ 574,448     $ 568,430     $ 2,280,259    
                             
Cost of services:                            
Unified Communications $ 672,407     $ 685,593     $ 168,315     $ 173,127     $ 168,737     $ 163,296     $ 673,475    
Safety Services   94,464       103,752       26,505       26,678       28,118       27,441       108,742    
Interactive Services   46,465       49,118       13,662       13,569       15,968       15,926       59,125    
Specialized Agent Services   84,551       109,584       31,571       32,462       34,239       37,400       135,672    
Intersegment eliminations   (3,259 )     (4,716 )     (352 )     (570 )     (725 )     (4,674 )     (6,321 )  
Total $ 894,628     $ 943,331     $ 239,701     $ 245,266     $ 246,337     $ 239,389     $ 970,693    
                             
Selling, general and administrative expenses:                                
Unified Communications $ 444,018     $ 441,912     $ 107,230     $ 103,324     $ 97,915     $ 107,346     $ 415,815    
Safety Services   140,750       144,092       39,122       36,411       34,545       39,986       150,064    
Interactive Services   134,421       151,132       43,405       43,552       45,459       48,968       181,384    
Specialized Agent Services   60,551       83,468       27,078       27,427       26,732       29,785       111,022    
Intersegment eliminations   (4,690 )     (6,748 )     (1,739 )     (522 )     (894 )     (2,014 )     (5,169 )  
Total $ 775,050     $ 813,856     $ 215,096     $ 210,192     $ 203,757     $ 224,071     $ 853,116    
                             
Operating income:                            
Unified Communications $ 358,590     $ 364,134     $ 93,913     $ 98,200     $ 99,170     $ 87,138     $ 378,421    
Safety Services   23,907       30,473       2,951       3,049       11,149       5,436       22,585    
Interactive Services   43,554       35,231       5,400       6,507       6,810       6,438       25,155    
Specialized Agent Services   25,243       31,569       8,429       8,677       7,225       5,958       30,289    
Total $ 451,294     $ 461,407     $ 110,693     $ 116,433     $ 124,354     $ 104,970     $ 456,450    
                             
Operating margin:                            
Unified Communications   24.3 %     24.4 %     25.4 %     26.2 %     27.1 %     24.4 %     25.8 %  
Safety Services   9.2 %     10.9 %     4.3 %     4.6 %     15.1 %     7.5 %     8.0 %  
Interactive Services   19.4 %     15.0 %     8.6 %     10.2 %     10.0 %     9.0 %     9.5 %  
Specialized Agent Services   14.8 %     14.1 %     12.6 %     12.7 %     10.6 %     8.1 %     10.9 %  
Total   21.3 %     20.8 %     19.6 %     20.4 %     21.6 %     18.5 %     20.0 %  
                             

Reconciliation of Non-GAAP Financial Measures

Adjusted Operating Income Reconciliation

Adjusted operating income is not a measure of financial performance under generally accepted accounting principles ("GAAP"). The Company believes adjusted operating income provides a relevant measure of operating profitability and a useful basis for evaluating the ongoing operations of the Company. Adjusted operating income is used by the Company to assess operating income before the impact of acquisitions and acquisition-related costs and certain non-cash items. Adjusted operating income should not be considered in isolation or as a substitute for operating income or other profitability data prepared in accordance with GAAP. Adjusted operating income, as presented, may not be comparable to similarly titled measures of other companies. Set forth below is a reconciliation of adjusted operating income from operating income. 
           
  Reconciliation of Adjusted Operating Income from Operating Income  
Unaudited, in thousands            
    Three Months Ended December 31,  
    2015       2014     % Change
Operating income $ 104,970     $ 116,710       -10.1 %
Amortization of acquired intangible assets   18,977       18,040      
Share-based compensation   6,140       5,519      
Secondary equity offering expense   (186 )     -      
M&A and acquisition-related costs   1,097       909      
Adjusted operating income $ 130,998     $ 141,178       -7.2 %
           
    Year Ended December 31,  
    2015       2014     % Change
Operating income $ 456,450     $ 461,407       -1.1 %
Amortization of acquired intangible assets   68,458       61,018      
Share-based compensation   22,925       15,574      
Secondary equity offering expense   855       -      
M&A and acquisition-related costs   3,074       3,467      
Adjusted operating income $ 551,762     $ 541,466       1.9 %
           

Adjusted Net Income and Adjusted Earnings per Share Reconciliation

Adjusted net income and adjusted earnings per share (EPS) are non-GAAP measures. The Company believes these measures provide a useful indication of profitability and basis for assessing the operations of the Company without the impact of bond redemption premiums, acquisitions and acquisition-related costs and certain non-cash items. Adjusted net income should not be considered in isolation or as a substitute for net income or other profitability metrics prepared in accordance with GAAP. Adjusted net income, as presented, may not be comparable to similarly titled measures of other companies. Set forth below is a reconciliation of adjusted net income from net income. 
           
  Reconciliation of Adjusted Net Income from Net Income  
Unaudited, in thousands except per share data          
CONTINUING OPERATIONS   Three Months Ended December 31,  
    2015       2014     % Change
Income from continuing operations $ 42,340     $ 34,884       21.4 %
           
Amortization of acquired intangible assets   18,977       18,040      
Amortization of deferred financing costs   4,624       5,075      
Accelerated amortization of deferred financing costs   2,304       3,853      
Share-based compensation   6,140       5,519      
Debt call premiums   -       17,721      
Secondary equity offering expense   (186 )     -      
M&A and acquisition-related costs   1,097       909      
Pre-tax total   32,956       51,117      
Income tax expense on adjustments   11,630       17,921      
Adjusted income from continuing operations $ 63,666     $ 68,080       -6.5 %
           
Diluted shares outstanding   84,809       86,033      
Adjusted EPS from continuing operations - diluted $ 0.75     $ 0.79       -5.1 %
           
           
DISCONTINUED OPERATIONS   Three Months Ended December 31,  
    2015       2014     % Change
Income from discontinued operations $ 19,935     $ 13,374       49.1 %
           
Amortization of acquired intangible assets   -       6,191      
Share-based compensation   -       30      
M&A and acquisition-related costs   -       1,268      
Pre-tax total   -       7,489      
Income tax benefit on adjustments   -       (10,314 )    
Adjusted income from discontinued operations $ 19,935     $ 31,177       -36.1 %
           
Diluted shares outstanding   84,809       86,033      
Adjusted EPS from discontinued operations - diluted $ 0.24     $ 0.36       -33.3 %
           
           
CONSOLIDATED   Three Months Ended December 31,  
    2015       2014     % Change
Net income $ 62,275     $ 48,258       29.0 %
           
Amortization of acquired intangible assets   18,977       24,231      
Amortization of deferred financing costs   4,624       5,075      
Accelerated amortization of deferred financing costs   2,304       3,853      
Share-based compensation   6,140       5,549      
Debt call premiums   -       17,721      
Secondary equity offering expense   (186 )     -      
M&A and acquisition-related costs   1,097       2,177      
Pre-tax total   32,956       58,606      
Income tax expense on adjustments   11,630       7,607      
Adjusted net income $ 83,601     $ 99,257       -15.8 %
           
Diluted shares outstanding   84,809       86,033      
Adjusted EPS - diluted $ 0.98     $ 1.15       -14.8 %
                       

 
           
  Reconciliation of Adjusted Net Income from Net Income  
Unaudited, in thousands except per share data          
CONTINUING OPERATIONS   Year Ended December 31,  
    2015       2014     % Change
Income from continuing operations $ 190,916     $ 134,611       41.8 %
           
Amortization of acquired intangible assets   68,458       61,018      
Amortization of deferred financing costs   19,641       20,035      
Accelerated amortization of deferred financing costs   2,304       11,601      
Share-based compensation   22,925       15,574      
Debt call premiums   -       61,708      
Secondary equity offering expense   855       -      
M&A and acquisition-related costs   3,074       3,467      
Pre-tax total   117,257       173,403      
Income tax expense on adjustments   42,306       60,792      
Adjusted income from continuing operations $ 265,867     $ 247,222       7.5 %
           
Diluted shares outstanding   85,394       85,507      
Adjusted EPS from continuing operations - diluted $ 3.11     $ 2.89       7.6 %
           
           
DISCONTINUED OPERATIONS   Year Ended December 31,  
    2015       2014     % Change
Income from discontinued operations $ 50,924     $ 23,794       114.0 %
           
Amortization of acquired intangible assets   41       7,700      
Share-based compensation   1,576       154      
M&A and acquisition-related costs   386       1,916      
Pre-tax total   2,003       9,770      
Income tax benefit on adjustments   (15 )     (4,375 )    
Adjusted income from discontinued operations $ 52,942     $ 37,939       39.5 %
           
Diluted shares outstanding   85,394       85,507      
Adjusted EPS from discontinued operations - diluted $ 0.62     $ 0.44       40.9 %
           
           
CONSOLIDATED   Year Ended December 31,  
    2015       2014     % Change
Net income $ 241,840     $ 158,405       52.7 %
           
Amortization of acquired intangible assets   68,499       68,718      
Amortization of deferred financing costs   19,641       20,035      
Accelerated amortization of deferred financing costs   2,304       11,601      
Share-based compensation   24,501       15,728      
Debt call premiums   -       61,708      
Secondary equity offering expense   855       -      
M&A and acquisition-related costs   3,460       5,383      
Pre-tax total   119,260       183,173      
Income tax expense on adjustments   42,291       56,417      
Adjusted net income $ 318,809     $ 285,161       11.8 %
           
Diluted shares outstanding   85,394       85,507      
Adjusted EPS - diluted $ 3.73     $ 3.33       12.0 %
                       

Free Cash Flow Reconciliation

The Company believes free cash flow provides a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, debt service, stock repurchases and distribution of earnings to shareholders. Free cash flow is calculated as cash flows from operating activities less cash capital expenditures. Free cash flow is not a measure of financial performance under GAAP. Free cash flow should not be considered in isolation or as a substitute for cash flows from operating activities or other liquidity measures prepared in accordance with GAAP. Free cash flow, as presented, may not be comparable to similarly titled measures of other companies. Set forth below is a reconciliation of free cash flow from cash flows from operating activities.
                       
  Reconciliation of Free Cash Flow from Operating Cash Flow  
Unaudited, in thousands                      
CONTINUING OPERATIONS   Three Months Ended December 31,       Year Ended December 31,  
    2015       2014     % Change     2015       2014     % Change
Cash flows from operating activities $ 127,547     $ 106,899       19.3 %   $ 410,768     $ 409,491       0.3 %
Cash capital expenditures   40,628       31,432       29.3 %     136,810       130,318       5.0 %
Free cash flow $ 86,919     $ 75,467       15.2 %   $ 273,958     $ 279,173       -1.9 %
                       
                       
DISCONTINUED OPERATIONS   Three Months Ended December 31,       Year Ended December 31,  
    2015       2014           2015       2014      
Cash flows from operating activities $ 15,419     $ 25,574         $ 7,222     $ 53,232      
Cash capital expenditures   -       5,602           1,930       20,398      
Free cash flow $ 15,419     $ 19,972         $ 5,292     $ 32,834      
                       
                       
CONSOLIDATED   Three Months Ended December 31,       Year Ended December 31,  
    2015       2014     % Change     2015       2014     % Change
Cash flows from operating activities $ 142,966     $ 132,473       7.9 %   $ 417,990     $ 462,723       -9.7 %
Cash capital expenditures   40,628       37,034       9.7 %     138,740       150,716       -7.9 %
Free cash flow $ 102,338     $ 95,439       7.2 %   $ 279,250     $ 312,007       -10.5 %
                       

EBITDA and Adjusted EBITDA Reconciliation

The common definition of EBITDA is "Earnings Before Interest Expense, Taxes, Depreciation and Amortization." In evaluating liquidity and performance, the Company uses "Adjusted EBITDA." The Company defines Adjusted EBITDA as earnings before interest expense, share-based compensation, taxes, depreciation and amortization and transaction costs. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP. Although the Company uses Adjusted EBITDA as a measure of its liquidity, the use of Adjusted EBITDA is limited because it does not include certain material costs, such as depreciation, amortization and interest, necessary to operate the business. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flow from operating activities or other income or cash flow data prepared in accordance with GAAP. Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is presented here as the Company understands investors use it as a measure of its historical ability to service debt and compliance with covenants in its senior credit facilities. Further, Adjusted EBITDA is presented here as the Company uses it to measure its performance and to conduct and evaluate its business during its regular review of operating results for the periods presented. The Company utilizes this non-GAAP measure to make decisions about the use of resources, analyze performance and measure management's performance with stated objectives. Set forth below is a reconciliation of EBITDA and Adjusted EBITDA from cash flow from operating activities and net income.
               
  Reconciliation of EBITDA and Adjusted EBITDA from Operating Cash Flow  
Unaudited, in thousands              
CONTINUING OPERATIONS   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014       2015       2014  
Cash flows from operating activities $ 127,547     $ 106,899     $ 410,768     $ 409,491  
Income tax expense   23,093       18,834       107,757       72,679  
Deferred income tax benefit (expense)   (14,888 )     (1,052 )     (8,930 )     26,632  
Interest expense and other financing charges   41,236       63,825       158,356       261,404  
Provision for share-based compensation   (6,140 )     (5,519 )     (22,925 )     (15,574 )
Amortization of deferred financing costs   (4,624 )     (5,075 )     (19,641 )     (20,035 )
Accelerated amortization of deferred financing costs   (2,304 )     (3,853 )     (2,304 )     (11,601 )
Other   (448 )     323       (672 )     316  
Changes in operating assets and liabilities,              
net of business acquisitions   (5,454 )     (7,392 )     26,884       (74,081 )
EBITDA   158,018       166,990       649,293       649,231  
Provision for share-based compensation   6,140       5,519       22,925       15,574  
Secondary equity offering expense   (186 )     -       855       -  
M&A and acquisition-related costs   1,097       909       3,074       3,467  
Adjusted EBITDA $ 165,069     $ 173,418     $ 676,147     $ 668,272  
               
               
Cash flows from operating activities $ 127,547     $ 106,899     $ 410,768     $ 409,491  
Cash flows used in investing activities $ (118,651 )   $ (38,438 )   $ (232,433 )   $ (524,376 )
Cash flows used in financing activities $ (23,453 )   $ (135,882 )   $ (388,243 )   $ (25,027 )
               
               
DISCONTINUED OPERATIONS   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014       2015       2014  
Cash flows from operating activities $ 15,419     $ 25,574     $ 7,222     $ 53,232  
Income tax expense   (19,717 )     (11,637 )     (372 )     (2,169 )
Deferred income tax expense   4,516       5,571       2,223       2,514  
Provision for share-based compensation   -       (30 )     (1,576 )     (154 )
Other   -       (2 )     29,596       (4 )
Changes in operating assets and liabilities,              
net of business acquisitions   -       (7,238 )     13,500       (8,409 )
EBITDA   218       12,238       50,593       45,010  
Provision for share-based compensation   -       30       1,576       154  
M&A and acquisition-related costs   -       1,268       386       1,916  
Gain on sale of business   (182 )     -       (46,838 )     -  
Adjusted EBITDA $ 36     $ 13,536     $ 5,717     $ 47,080  
               
               
Cash flows from operating activities $ 15,395     $ 25,574     $ 7,222     $ 53,232  
Cash flows from (used in) investing activities $ -     $ (5,336 )   $ 275,815     $ (20,530 )
Cash flows used in financing activities $ -     $ -     $ -     $ -  
               
  Reconciliation of EBITDA and Adjusted EBITDA from Operating Cash Flow, continued  
CONSOLIDATED   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014       2015       2014  
Cash flows from operating activities $ 142,966     $ 132,473     $ 417,990     $ 462,723  
Income tax expense   3,376       7,197       107,385       70,510  
Deferred income tax benefit (expense)   (10,372 )     4,519       (6,707 )     29,146  
Interest expense and other financing charges   41,236       63,825       158,356       261,404  
Provision for share-based compensation   (6,140 )     (5,549 )     (24,501 )     (15,728 )
Amortization of deferred financing costs   (4,624 )     (5,075 )     (19,641 )     (20,035 )
Accelerated amortization of deferred financing costs   (2,304 )     (3,853 )     (2,304 )     (11,601 )
Other   (448 )     321       28,924       312  
Changes in operating assets and liabilities,              
net of business acquisitions   (5,454 )     (14,630 )     40,384       (82,490 )
EBITDA   158,236       179,228       699,886       694,241  
Provision for share-based compensation   6,140       5,549       24,501       15,728  
Secondary equity offering expense   (186 )     -       855       -  
M&A and acquisition-related costs   1,097       2,177       3,460       5,383  
Gain on sale of business   (182 )     -       (46,838 )     -  
Adjusted EBITDA $ 165,105     $ 186,954     $ 681,864     $ 715,352  
               
CONSOLIDATED              
Cash flows from operating activities $ 142,966     $ 132,473     $ 417,990     $ 462,723  
Cash flows from (used in) investing activities $ (118,651 )   $ (43,774 )   $ 43,382     $ (544,906 )
Cash flows used in financing activities $ (23,453 )   $ (135,882 )   $ (388,243 )   $ (25,027 )
               

 
               
  Reconciliation of EBITDA and Adjusted EBITDA from Net Income  
Unaudited, in thousands                
CONTINUING OPERATIONS   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014       2015       2014  
Income from continuing operations $ 42,340     $ 34,884     $ 190,916     $ 134,611  
Interest expense and other financing charges   41,236       63,825       158,356       261,404  
Depreciation and amortization   51,349       49,447       192,264       180,537  
Income tax expense   23,093       18,834       107,757       72,679  
EBITDA   158,018       166,990       649,293       649,231  
Provision for share-based compensation   6,140       5,519       22,925       15,574  
Secondary equity offering expense   (186 )     -       855       -  
M&A and acquisition-related costs   1,097       909       3,074       3,467  
Adjusted EBITDA $ 165,069     $ 173,418     $ 676,147     $ 668,272  
               
               
DISCONTINUED OPERATIONS   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014       2015       2014  
Income from discontinued operations $ 19,935     $ 13,374     $ 50,924     $ 23,794  
Depreciation and amortization   -       10,501       41       23,385  
Income tax expense   (19,717 )     (11,637 )     (372 )     (2,169 )
EBITDA   218       12,238       50,593       45,010  
Provision for share-based compensation   -       30       1,576       154  
M&A and acquisition-related costs   -       1,268       386       1,916  
Gain on sale of business   (182 )     -       (46,838 )     -  
Adjusted EBITDA $ 36     $ 13,536     $ 5,717     $ 47,080  
               
               
CONSOLIDATED   Three Months Ended Dec. 31,       Year Ended Dec. 31,  
    2015       2014       2015       2014  
Net income $ 62,275     $ 48,258     $ 241,840     $ 158,405  
Interest expense and other financing charges   41,236       63,825       158,356       261,404  
Depreciation and amortization   51,349       59,948       192,305       203,922  
Income tax expense   3,376       7,197       107,385       70,510  
EBITDA   158,236       179,228       699,886       694,241  
Provision for share-based compensation   6,140       5,549       24,501       15,728  
Secondary equity offering expense   (186 )     -       855       -  
M&A and acquisition-related costs   1,097       2,177       3,460       5,383  
Gain on sale of business   (182 )     -       (46,838 )     -  
Adjusted EBITDA $ 165,105     $ 186,954     $ 681,864     $ 715,352  
               

1 See Reconciliation of Non-GAAP Financial Measures below. 2 Free cash flow is calculated as cash flows from operating activities less cash capital expenditures. 3 Revenue growth attributable to acquired entities for the fourth quarter of 2015 includes SchoolReach, SharpSchool, Magnetic North and ClientTell. Revenue growth attributable to acquired entities for the full year 2015 includes SchoolMessenger, Health Advocate, 911 Enable, SchoolReach, SharpSchool, Magnetic North and ClientTell. 4 Based on loan covenants. Covenant loan ratio is debt net of cash and excludes accounts receivable securitization debt. 5 Adjusted organic growth is provided on the Selected Financial Data tables and excludes revenue from acquired entities, revenue from previously disclosed lost clients and the estimated impact of foreign currency exchange rates.NM: Not Meaningful
AT THE COMPANY:       Dave PleissInvestor RelationsWest Corporation(402) 963-1500DMPleiss@west.com

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