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| | | | | | | Revised per Q1 slide presntation | | | 3Q10 | 4Q10 | 1Q11 | 2Q11 | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q12 | 4Q12 | 1Q13 | Residential (in 000's) | $630,294 | $606,927 | $589,166 | $576,304 | $560,913 | $544,144 | $542,000 | $534,000 | $531,397 | $521,615 | $514,798 | Business (in 000's) | $610,666 | $585,098 | $591,310 | $588,106 | $581,993 | $591,966 | $569,000 | $569,000 | $573,000 | $564,919 | $548,340 | Residential Customers | 3,538,095 | 3,445,193 | 3,338,306 | 3,251,959 | 3,174,915 | 3,103,766 | 3,038,918 | 2,978,896 | 2,932,163 | 2,887,063 | 2,859,229 | Business Customers | 354,233 | 343,823 | 333,396 | 326,763 | 319,379 | 309,900 | 302,142 | 296,458 | 291,394 | 286,106 | 281,052 | Total rev | $1,240,960 | $1,192,025 | $1,180,476 | $1,164,410 | $1,142,906 | $1,136,110 | $1,119,709 | $1,111,880 | $1,112,494 | $1,086,534 | $1,063,138 |
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| | Numbers in thousands | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | | Revenue: | Actual | Projected | | Residential Revenue | 2,270,527 | 2,118,224 | 2,048,000 | 2,004,000 | 1,965,000 | 1,935,000 | 1,919,000 | | Business Revenue | 2,353,375 | 2,317,212 | 2,200,000 | 2,151,000 | 2,093,000 | 2,034,000 | 1,981,000 | | Switched access and subsidy | 619,141 | 576,417 | 552,960 | 541,080 | 530,550 | 522,450 | 518,130 | | Total Revenue | 5,243,043 | 5,011,853 | 4,800,960 | 4,696,080 | 4,588,550 | 4,491,450 | 4,418,130 | | Operating expenses: | | | | | | | | | Network access expenses | 518,682 | 441,588 | 441,588 | 441,588 | 441,588 | 441,588 | 441,588 | | Other operating expenses | 2,278,419 | 2,234,553 | 2,146,029 | 2,099,148 | 2,064,848 | 2,066,067 | 2,066,067 | | Depreciation & amortization | 1,403,175 | 1,266,807 | 1,216,000 | 1,214,500 | 1,213,000 | 1,211,500 | 1,210,000 | | Acquisition & integration costs | 143,146 | 81,737 | 0 | 0 | 0 | 0 | 0 | | Total operating expenses | 4,343,422 | 4,024,685 | 3,803,617 | 3,755,236 | 3,719,436 | 3,719,155 | 3,717,655 | | | | | | | | | | | Operating income | 899,621 | 987,168 | 997,343 | 940,844 | 869,115 | 772,295 | 700,475 | | Investment income | 2,391 | 13,011 | 5,149 | 5,497 | 5,662 | 5,569 | 5,274 | | Losses on early extinguishment of debt | 0 | -90,363 | 0 | 0 | 0 | 0 | 0 | | Other income, net | 9,135 | 7,121 | 0 | 0 | 0 | 0 | 0 | | Interest expense | 665,196 | 687,985 | 613,625 | 590,416 | 568,459 | 549,348 | 533,837 | | Income before income taxes | 245,951 | 228,952 | 388,867 | 355,925 | 306,317 | 228,515 | 171,912 | | Income tax expense | 88,343 | 75,638 | 136,104 | 124,574 | 107,211 | 79,980 | 60,169 | | Net income(includes Mohave Cellular thru 2012) | 157,608 | 153,314 | 252,764 | 231,351 | 199,106 | 148,535 | 111,743 | | EPS (includes Mohave Cellular thru 2012) | $0.16 | $0.15 | $0.25 | $0.23 | $0.20 | $0.15 | $0.11 | | adjusted EBITDA | 2,485,000 | 2,395,000 | 2,228,343 | 2,170,344 | 2,097,115 | 1,998,795 | 1,925,475 | | Debt - cash | 7,992,314 | 7,615,965 | 7,233,520 | 6,882,498 | 6,573,730 | 6,338,902 | 6,179,558 | | Leverage Ratio (Company target = 2.50) | 3.22 | 3.18 | 3.25 | 3.17 | 3.13 | 3.17 | 3.21 | | | | | | | | | | | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Cash flows provided by (used) op. activities: | | | | | | | | Net income | 157,608 | 153,314 | 252,764 | 231,351 | 199,106 | 148,535 | 111,743 | | | | | | | | | Depreciation & amortization expense | 1,403,175 | 1,266,807 | 1,216,000 | 1,214,500 | 1,213,000 | 1,211,500 | 1,210,000 | Stock based compensation expense | 14,209 | 16,775 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | Pension/OPEB costs | 23,897 | 28,087 | 0 | 0 | 0 | 0 | 0 | Losses on early extinguishment of debt | 0 | 90,363 | 0 | 0 | 0 | 0 | 0 | Other non-cash adjustments | -28,036 | 10,319 | -9,000 | -9,000 | -9,000 | -9,000 | -9,000 | Deferred income taxes | 87,411 | 80,501 | 73,591 | 66,681 | 59,771 | 52,861 | 45,951 | Changes working capital items | -85,583 | -93,693 | -90,000 | -90,000 | -90,000 | -90,000 | -90,000 | Net cash provided by operating activities | 1,572,681 | 1,552,473 | 1,458,355 | 1,428,532 | 1,387,877 | 1,328,896 | 1,283,694 | | | | | | | | | Capital expenditures - Business operations | -748,361 | -748,407 | -675,000 | -675,000 | -675,000 | -675,000 | -675,000 | Capital expenditures - Integration activities | -76,478 | -54,097 | 0 | 0 | 0 | 0 | 0 | Free cash Flow (FCF) | 747,842 | 749,969 | 783,355 | 753,532 | 712,877 | 653,896 | 608,694 | Dividends paid | 746,387 | 399,390 | 400,910 | 402,510 | 404,110 | 405,710 | 407,310 | FCF payout ratio | 99.8% | 53.3% | 51.2% | 53.4% | 56.7% | 62.0% | 66.9% | Shares outstanding as of 10-K filing | 995,050 | 998,275 | 1,002,275 | 1,006,275 | 1,010,275 | 1,014,275 | 1,018,275 | | | | | | | | | Dividend | | | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | Debt paydown + dividends paid | | | 714,252 | 703,923 | 689,261 | 667,268 | 650,787 | Excess cash after Divy, debt paydown | | | 69,103 | 49,609 | 23,616 | -13,372 | -42,094 | Debt paydown | | | 313,342 | 301,413 | 285,151 | 248,186 | 201,384 | cash and cash equivalents | 326,094 | 1,326,532 | 735,635 | 785,244 | 808,860 | 795,488 | 753,394 |
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