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Free Cash Flow & Revenue Trends

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Data source and additional information can be found here.

 

The following revenue trends reflect quarterly performance reported by WIN shown below the graph.

 

 

 

 

Projections from trends shown above.

(In millions)QUARTERLY SUPPLEMENTAL INFORMATION

2011

2012

2013

2014

2015

FINANCIAL RESULTS:

ACTUAL

 

 

 

 

 

PROJECTED

 

 

 

Service revenues:

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

 

 

Business

$868.3

$874.7

$882.6

$887.5

$896.2

$892.2

$906.5

$916.5

$914.3

$912.8

$916.2

$920.1

$919.6

$921.3

$922.9

$924.5

$925.9

$927.2

$928.5

$929.7

 

 

Consumer

       346.8

     347.1

     344.9

     339.6

     335.9

     335.7

     333.6

     334.3

     328.1

     327.0

     323.6

     317.7

     318.1

     315.6

     313.1

     310.6

     308.0

     305.5

     303.0

     300.5

 

 

Wholesale

       202.9

     207.0

     208.0

     202.4

     183.5

     173.6

     181.9

     169.0

     151.9

     150.7

     147.8

     143.1

     136.6

     131.5

     126.6

     121.8

     117.3

     112.9

     108.7

     104.7

 

 

Other

         74.4

       73.8

       68.7

       68.8

       66.5

       63.5

       59.6

       59.8

       57.0

       54.9

       55.3

       55.0

       53.1

       52.4

       51.9

       51.5

       51.4

       51.4

       51.6

       51.9

 

 

Total (Actual & Extended Trend) 

    1,492.4

  1,502.6

  1,504.2

  1,498.3

  1,482.1

  1,465.0

  1,481.6

  1,479.6

  2,845.6

  2,835.9

  1,442.9

  1,435.9

  1,427.4

  1,420.8

  1,414.5

  1,408.4

  1,402.6

  1,397.1

  1,391.8

  1,386.8

 

Product sales

         60.8

       53.7

       61.0

       66.1

       52.0

       65.3

       59.5

       54.4

       45.2

       56.3

       55.7

       55.4

       52.7

       58.4

       58.7

       58.6

       50.0

       60.0

       58.0

       56.1

 

 

Total revenues and sales

$1,553.2

$1,556.3

$1,565.2

$1,564.4

$1,534.1

$1,530.3

$1,541.1

$1,534.0

$2,890.8

$2,892.2

$1,498.6

$1,491.3

$1,480.1

$1,479.2

$1,473.2

$1,467.0

$1,452.6

$1,457.1

$1,449.8

$1,442.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

$635.9

$643.3

$640.6

$650.8

$661.0

$654.8

$672.1

$643.0

$639.6

$643.1

$643.2

$645.3

$644.2

$644.1

$643.4

$642.8

$640.0

$640.9

$639.5

$638.2

 

 

Cost of products sold

         47.0

       44.8

       51.9

       56.6

       44.3

       56.4

       56.0

       49.9

       42.6

       49.4

       46.2

       45.7

       45.6

       49.6

       49.4

       49.5

       42.5

       50.8

       49.0

       47.5

 

 

Selling, general and administrative

       266.1

     260.2

     262.4

     249.7

     242.8

     229.4

     222.2

     223.8

     228.0

     227.8

     234.7

     224.4

     222.7

     222.6

     221.7

     220.7

     218.6

     218.6

     217.5

     216.5

 

 

Costs and expenses excluding pension and share-based compensation

       949.0

     948.3

     954.9

     957.1

     948.1

     940.6

     950.3

     916.7

     910.2

     920.3

     924.3

     915.4

     912.4

     916.3

     914.6

     913.1

     901.1

     910.3

     906.0

     902.2

 

Adjusted OIBDA (B)

       604.2

     608.0

     610.3

     607.3

     586.0

     589.7

     590.7

     617.4

     586.3

     581.4

     574.5

     575.9

     567.6

     563.0

     558.6

     553.9

     551.5

     546.8

     543.8

     540.8

 

 

Pension expense (benefit)

(0.2)

 4.1

(0.7)

 163.1

(1.1)

 1.2

       (1.4)

       68.7

       (1.2)

         2.3

       (1.1)

   (115.3)

       (1.2)

         2.3

       (1.1)

   -

       (1.2)

         2.3

       (1.1)

   -

 

 

Share-based compensation

           7.9

         8.9

       11.4

       11.7

         7.4

         6.3

         5.6

       23.7

       12.3

       10.4

       11.2

       10.8

         9.2

         8.5

         9.4

       15.4

         9.6

         8.4

         8.7

       16.6

 

 

Restructuring charges

           0.1

         0.1

         0.5

         0.6

         0.9

       10.3

       11.9

         4.1

         4.9

         2.7

         1.5

         0.5

 

 

 

 

 

 

 

 

 

OIBDA (C)

       596.4

     594.9

     599.1

     431.9

     578.8

     571.9

     574.6

     520.9

     570.3

     566.0

     562.9

     679.9

     559.6

     552.1

     550.3

     653.8

     543.1

     536.1

     536.1

     639.4

 

 

Depreciation and amortization

       287.5

     280.5

     284.5

     296.7

     312.1

     320.0

     326.1

     338.7

     329.3

     332.2

     338.2

     341.2

     338.5

     336.8

     338.0

     341.0

     318.8

     306.6

     298.5

     294.5

 

Operating income

$308.9

$314.4

$314.6

$135.2

$266.7

$251.9

$248.5

$182.2

$241.0

$233.8

$224.7

$338.7

$221.1

$215.4

$212.3

$312.8

$224.3

$229.6

$237.6

$344.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from business and broadband:

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

 

 

 

 

 

 

 

 

 

 

Business service revenue

$868.3

$874.7

$882.6

$887.5

$896.2

$892.2

$906.5

$916.5

$914.3

$912.8

$916.2

$920.1

 

 

 

 

 

 

 

 

 

 

Business product sales

         43.9

       37.4

       43.0

       51.2

       37.0

       40.3

       43.2

       40.0

       30.5

       40.8

       41.0

       40.1

 

 

 

 

 

 

 

 

 

 

Consumer broadband service

       106.8

     109.9

     111.0

     110.9

     112.0

     113.8

     114.5

     116.3

     117.4

     120.1

     119.4

     119.3

 

 

 

 

 

 

 

 

 

 

Consumer broadband product sales

           7.9

         4.6

         6.0

         3.6

         1.6

         2.8

         0.7

         2.8

         1.4

         2.2

         4.1

         5.1

 

 

 

 

 

 

 

 

 

 

Business and broadband revenues

$1,026.9

$1,026.6

$1,042.6

$1,053.2

$1,046.8

$1,049.1

$1,064.8

$1,075.7

$1,063.6

$1,075.9

$1,080.7

$1,084.6

 

 

 

 

 

 

 

 

 

 

    Business and broadband as a percent of total revenues

66.1%

66.0%

66.6%

67.3%

68.2%

68.6%

69.1%

70.1%

71.1%

71.6%

72.1%

72.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL EXPENDITURES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring capital expenditures

$191.7

$197.9

$180.5

$175.2

$161.0

$187.3

$196.5

$190.4

$167.9

$170.3

$149.9

$134.2

$192.41

$192.30

$191.52

$190.71

$181.57

$182.13

$181.22

$180.37

 

Fiber to the tower and broadband stimulus

         14.8

       26.0

       42.2

       63.7

       62.3

       79.8

       92.5

       80.0

       66.0

       50.2

       37.5

       35.7

       21.3

       21.3

       21.3

       21.3

 

 

 

 

 

 

Adjusted capital expenditures (E)

$206.5

$223.9

$222.7

$238.9

$223.3

$267.1

$289.0

$270.4

$233.9

$220.5

$187.4

$169.9

$213.7

$213.6

$212.8

$212.0

$181.6

$182.1

$181.2

$180.4

 

 

Actual Capex

 

 

 

 

$226.1

$276.0

$307.3

$291.8

$243.5

$228.7

$193.8

$175.0

 

 

 

 

 

 

 

 

 

 

Actual Capex/Adjusted capital expenditures

 

 

 

 

1.01

1.03

1.06

1.08

1.04

1.04

1.03

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring capital expenditures as a percent of total revenues

12.3%

12.7%

11.5%

11.2%

10.5%

12.2%

12.8%

12.4%

11.2%

11.3%

10.0%

9.0%

13.0%

13.0%

13.0%

13.0%

12.5%

12.5%

12.5%

12.5%

 

 

Shares Outstanding (millions)

504

510

510

516

586

588

588

590

592

593

593

596

 

 

 

 

 

 

 

(A)Pro forma results adjusts results of operations under GAAP to exclude all merger and integration costs related to strategic transactions and the results of operations of the software and energy businesses acquired as part of the PAETEC
acquistion.
(B)Adjusted OIBDA is OIBDA before restructuring charges, pension expense and share-based compensation.
(C)OIBDA is operating income before depreciation and amortization.
(D)Margins are calculated by dividing the profitability measures by total revenues and sales.
(E)Adjusted capital expenditures exclude the impact of integration capital expenditures.

(In millions)    
Changes in working capital estimates   
     
 ProjectedActual
 2015201420132012
ASSETS 
Accounts receivable 628.7  622.2  635.3  609.0
Prepaid income taxes 29.7  23.3
Prepaid expenses and other 159.4  166.2  152.7  179.6
TOTAL 788.2  788.3  817.7  811.9
  
LIABILITIES: 
Accounts payable 380.4  374.8  385.9  363.7
Accrued taxes (adj. later) 104.2  104.2  104.2  104.3
Accrued interest (adj. later) 103.5  103.5  103.5  113.6
Other current liabilities 352.5  342.6  362.4  322.8
Other liabilities 551.9  605.5  498.3  712.7
TOTAL 1,492.5  1,530.6  1,454.3  1,617.1
  
WC Liability changes(38.2)76.3 (162.8) 
WC Asset changes(0.2)(29.4)5.8  
est. other, net(4.0)(4.0)(3.3) 
Changes in WC before tax & interest adj.(38.3)46.9 (160.3) 
Actual(158.5) 
Reconcile adjustment from 20131.8 1.8 1.8  
Adjustment for cash taxes not part of net income8766 
Adjustment for cash interest not part of net income-22-38.1-18.6 
Changes in WC before tax & interest adj.28.916.3-171.4