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8-K - FORM 8-K - NTELOS HOLDINGS CORP.d8k.htm
Investor Presentation
Fourth Quarter 2010 Update
Exhibit 99.1


1
Use of Non-GAAP Financial Measures
Included in this presentation are certain non-GAAP financial measures that
are not determined in accordance with US generally accepted accounting
principles.  These financial performance measures are not indicative of cash
provided or used by operating activities and exclude the effects
of certain
operating, capital and financing costs and may differ from comparable
information provided by other companies, and they should not be considered
in isolation, as an alternative to, or more meaningful than measures of
financial performance determined in accordance with US generally
accepted
accounting principles.  These financial performance measures are
commonly
used in the industry and are presented because NTELOS believes they
provide relevant and useful information to investors.  NTELOS utilizes these
financial performance measures to assess its ability to meet future capital
expenditure and working capital requirements, to incur indebtedness if
necessary, and to fund continued growth.  NTELOS also uses these
financial
performance measures to evaluate the performance of its business, for
budget planning purposes and as factors in its employee compensation
programs.


2
Special Note Regarding Forward-Looking
Statements
Any statements contained in this presentation that are not statements of
historical fact, including statements about our beliefs and expectations, are
forward-looking statements and should be evaluated as such. The words
“anticipates,”
“believes,”
“expects,”
“intends,”
“plans,”
“estimates,”
“targets,”
“projects,”
“should,”
“may,”
“will”
and similar words and expressions are
intended to identify forward-looking statements. Such forward-looking
statements reflect, among other things, our current expectations, plans and
strategies, and anticipated financial results, all of which are subject to known
and unknown risks, uncertainties and factors that may cause our actual results
to differ materially from those expressed or implied by these forward-looking
statements. Many of these risks are beyond our ability to control or predict.
Because of these risks, uncertainties and assumptions, you should not place
undue reliance on these forward-looking statements. Furthermore, forward-
looking statements speak only as of the date they are made. We do not
undertake any obligation to update or review any forward-looking information,
whether as a result of new information, future events or otherwise. Important
factors with respect to any such forward-looking statements, including certain
risks and uncertainties that could cause actual results to differ from those
contained in the forward-looking statements, include, but are not limited to:


3
Special Note Regarding Forward-Looking
Statements (cont.)
rapid development and intense competition in the telecommunications industry;
our ability to successfully integrate the operations of the FiberNet business; the
failure to realize synergies and cost savings from the acquisition of the FiberNet
business or delay in realization thereof; adverse economic conditions; operating
and financial restrictions imposed by our senior credit facility; our cash and capital
requirements; declining prices for our services; the potential to experience a high
rate of customer turnover; our dependence on our affiliation with Sprint Nextel
(“Sprint”); a potential increase in our roaming rates and wireless handset subsidy
costs; the potential for Sprint to build networks in our markets; federal and state
regulatory
fees,
requirements
and
developments;
loss
of
our
cell
sites;
the
rates
of
penetration in the wireless telecommunications industry; our reliance on certain
suppliers and vendors; Failure to complete the business separation of the wireless
and
wireline
operations
in
an
orderly
fashion
as
currently
structured
and
other
unforeseen difficulties that may occur. These risks and uncertainties are not
intended
to
represent
a
complete
list
of
all
risks
and
uncertainties
inherent
in
our
business, and should be read in conjunction with the more detailed cautionary
statements and risk factors included in our SEC filings, including our Annual
Reports filed on Forms 10-K.


Company Overview


Company Overview
Leading provider of wireless and wireline communications services in Virginia, West Virginia,
Pennsylvania and Maryland
Key Operating Strategies
Facilities based
Retail & Wholesale
Multiple products
Disciplined approach to capital investments
Leverage brand
Exclusive strategic wholesale Sprint agreement through July 2015
Wireline business includes a fiber-based CLEC with double digit strategic high-speed
broadband product revenue growth and an RLEC with strong Adjusted EBITDA margins
Continued
revenue
growth
fueled
by
investments
in
cell
sites
and
fiber
network
upgrades
and acquisitions
Strong growth in Free Cash Flow
Company has announced intention to separate the wireless and wireline businesses
5


6
Regionally-Focused Service Provider
($ in millions)
(1)
As of December 31, 2010 or for the year ended December 31, 2010.
(2)
Throughout this presentation, year over year (YOY) comparisons are calculated using
the year ended on December 31, 2009 and December 31, 2010.
Average of 23.0 MHz of spectrum
5.8 million covered POPs
432K
(1)
retail subscribers
Data ARPU growth of 33% driven by EV-DO
upgrade and expanded prepay data offerings
Wholesale revenues (primarily Sprint Nextel
agreement) of $116 million
36% Adjusted EBITDA margin
Wireless ($406M Revenue / $148M Adj. EBITDA)
(1) (2)


7
Wireline: Repositioning as High Speed Data Provider
(1)
($ in millions)
(1)
As of December 31, 2010 or for the year ended December 31, 2010.
Competitive Segment
Commercial or Institutional
Healthcare
Government
Education
Regional Banking
55% YoY growth in strategic broadband and
video services
56% Adjusted EBITDA margin
Integration of 2,200 fiber route mile assets of
Allegheny Energy, Inc. complete
Acquisition of FiberNet closed December 1, 2010
RLEC -
Growth in Data and Video
98% DSL coverage with 6 MB speed
23% IPTV penetration of homes passed with fiber;
30%-35% penetration of neighborhoods available over
24 months
Wireline ($139M Revenue / $78M Adj. EBITDA)
(1)


Strong Free Cash Flow Growth
($ in millions)
Total Adj. EBITDA/
Margin %
Actual includes FiberNet as of 12/1/2010
Proforma Includes FiberNet Results for 1/1/2010 –
11/30/2010
(2)
(1)
Throughout
this
presentation,
Free
Cash
Flow
is
defined
as
Consolidated
Adjusted
EBITDA
less
CAPEX,
exclusive
of
assets
acquired
from
Allegheny Energy, Inc. on December 31, 2009.
Free Cash Flow
(1)
$613
Total Revenue
$147
NTELOS Actual
Proforma FiberNet 1/1/10 –
11/30/10
(2)
(2)
FiberNet
results
are
based
on
unaudited
financial
statements
and
exclude
certain
expenses
from
FiberNet’s
former
parent,
which
relate
to
the FiberNet business.  Additional adjustments may be made following completion of the audit of the FiberNet financial statements.
8


Wireless Overview


10
Revenue
(1)
Wholesale and Data Poised to Drive Wireless Growth
($ in millions)
Adjusted EBITDA/Margin %
(1)
Refer to Form 10-K for 2010 for explanation and impact of change from gross to net reporting of
handset insurance revenues and costs effective April 1, 2008.


11
4Q‘09 to 4Q‘10 Wireless Results
($ in millions)
Revenue
Adjusted EBITDA
$68
$68
$66
$66
$66
$28
$28
$28
$29
$31
$5
$5
$5
$8
$6
$102
$100
$102
$104
$100
$0
$50
$100
4Q’09
1Q’10
2Q’10
3Q'10
4Q'10
Subscriber
Wholesale
Equipment/Other
$36
$38
$38
$36
$35
$0
$25
$50
4Q’09
1Q’10
2Q’10
3Q'10
4Q'10
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
Total subscriber revenues increased $0.3 million from 3Q’10 to 4Q’10
Postpay subscriber revenues increased $0.7 million from 3Q’10 to 4Q’10


Wireless Growth Initiatives
NTELOS brand positioned as the best value in wireless
Leveraging extensive retail presence while growing indirect distribution channel
“Hub and Spoke”
distribution
Branded exclusive dealers program launched
Overall refurbish of retail stores
Approximately
139,000
total
device
upgrades
in
2010,
up
17%
from
2009
The most complete nationwide coverage with no roaming
Hagerstown and Martinsburg markets launched in 3Q’10
Emphasis on Postpay plans
Expansion of data products and services
Device line up includes a variety of smartphones & data-centric brands and models
Smartphone and data card penetration of postpay base 21% for 4Q’10, up from 14% in
4Q’09
FRAWG expansion to western markets 3Q’10
New Prepay pricing July 1 –
ARPU for new sales up more than $3
Focus on churn improvement resulting in positive trends
12


Distribution Update
Shifting direct distribution to Postpay focused, company owned locations
Relocation of Corporate Retail locations to high profile, highly visible locations: Portsmouth,
Harrisonburg,
Winchester,
Military,
Morgantown
Mall,
Huntington,
Suffolk
Redesign
of
larger
new
company
owned
stores
that
incorporates
brand
position
with
hi-tech,
modern look and feel
Corporate Retail overhaul –
cultural change focused on Customer
Satisfaction
Training
Optimizing Full-Time/Part-Time employee usage for proper store coverage
Enhanced compensation rewards for upgrading and renewing customers
Explode Indirect Dealer channel to support higher prepay growth
New Exclusive Retailer Program (ERP)
Substantial increase in ERP dealers in 2010, with continued expansion planned for 2011
13


BlackBerry
Curve 8530
Novatel
MC760
Axesstel
MV440
Motorola
Quantico
BlackBerry
Tour 9630
Device Line-up 1Q 2011
Samsung
Stunt
LG 100
Novatel
MiFi
Franklin Wireless
U210
LG Ellipse
Kyocera
Torino
LG Nite
LG Wine II
Motorola
Grasp
LG Samba
Samsung
Messager
Touch
BlackBerry
Bold 9650
BlackBerry
Storm2 9550
Motorola
Milestone
Android
HTC  Desire
Android
LG  Axis
Android
Samsung
Profile
Samsung Gem
Android
(Feb)
Motorola Milestone X
Android
(Mar)
Samsung Contour
(Jan)
14


15
Successful Growth in Data Subscribers and Postpay
ARPU
Postpay
Retail ARPU
Postpay
Subscribers with EV-DO
Data Devices
58%
30%
47%
59%
0%
10%
20%
30%
40%
50%
60%
70%
6/30/08
6/30/09
6/30/10
12/31/10
EV-DO data services first offered in July, 2008


16
Wireless
Wholesale
Revenue
(1)
Strategic
Network
Alliance
Leverages
NTELOS’
Network
Sprint Nextel Strategic Network
Alliance through at least July 2015
$9 million monthly minimum revenue
guarantee
Attractive contribution margin
Growing Usage
Significant growth in both home &
travel data usage since EV-DO
launched
Voice traffic back on the rise
4Q’10 calculated revenues exceeded
the $9 million monthly minimum –
first time since rate reset in July 2009
($ in millions)
Attractive Margin Revenue Stream
(1)
Dollars in millions, excludes roaming.


Wireline
Overview


18
Adjusted EBITDA/Margin%
Revenue
Wireline
Provides Strong, Stable Cash Flow
($ in millions)
Note: Competitive -
Strategic includes voice and broadband data services, IPTV video, high-capacity network access and transport services.
(1) Results for FiberNet
are included from December 1, 2010.
Competitive
-
Strategic
Competitive
-
Other
RLEC
Competitive
RLEC
(1)
(1)


19
Adjusted EBITDA/Margin%
Revenue
Wireline
YTD ‘10 over YTD ‘09 Strong, Stable Cash Flow
($ in millions)
(1)
Includes contributions from acquisition of certain Allegheny fiber optic and network assets and related transport and data service contracts on
12/31/09
and
contributions
from
the
acquisition
of
FiberNet
from
12/1/10.
Competitive
-
Strategic
Competitive
-
Other
RLEC
(1)
(1)


NTELOS–FiberNet: A Strong Combination
Strategic Benefits of a Robust Mid-Atlantic Network
Continued regional broadband acquisition strategy
Enhanced position in West Virginia and accelerated growth in Pennsylvania and
Maryland with more capacity
Increased capacity and growth potential for carrier transport and fiber to the cell
Significant Financial Benefits
Free cash flow accretive day one with growth potential
Significant synergies from network operations with more diverse routes into
more second tier and rural markets
Value enhancement with improved competitive position and growth profile
Stronger Regional Operations
Opportunity to extend “best-in-class”
operator in West Virginia
Addition
of
key
personnel
resources
to
NTELOS’
wireline
operations
Existing technology and systems being leveraged and integrated quickly
20


21
Greensboro, NC
(1)
As of December 31, 2010 or for the year ended December 31, 2010.
Data Driving Wireline Growth
(1)
Competitive
($84M Revenues / $38M Adj. EBITDA)
(1)
Includes operations of FiberNet from 12/1/10
Revenue growth of 25% YoY
Adjusted EBITDA growth of 32% YoY
45% YTD Adjusted EBITDA margin
Strategic broadband and video revenue
growth of 30% YOY to $73 million
5,800 mile existing fiber network including
recently acquired Allegheny and FiberNet fiber
networks
4 markets launched in 2010
Repositioning assets (data/video)
Broadband customer penetration at 59%
IPTV now is available to over 10,000 homes 
Continued strong Adjusted EBITDA margin
RLEC  ($55M Revenue / $40M Adj. EBITDA)
(1)


Transport/Data/IP Revenue
Competitive Growth Drivers
($ in millions)
ILEC Broadband –
Customer Penetration
(3) Revenue before intercompany eliminations
(3)
$
$14.7
$19.8
$24.8
$30.8
$36.8
$44.9
NTELOS
Competitive Revenue
FiberNet Revenue
(1)
FY 2010
(2)
NTELOS before intercompany eliminations
(1)(2)
(1)
22


Financial Overview


$130
$119
$91
$93
$86
$0
$20
$40
$60
$80
$100
$120
$140
2006
2007
2008
2009
2010
Free Cash Flow
Consolidated CapEx
($ in millions)
Accelerating Consolidated Free Cash Flow
$32
$37
$31
$35
$27
$21
$25
$33
$31
$41
$6
$7
$9
$20
$11
$41
$59
$22
$12
$132
$108
$110
$87
$91
$0
$25
$50
$75
$100
$125
$150
2006
2007
2008
2009
2010
Wireless
Wireline
Other
Discretionary
(1)
(1)
Includes incremental EVDO investment and strategic fiber builds.
(2)
Includes approximately $11M for a new wireless prepaid billing platform and a web portal.
2006 –
2010: 11% CAGR
(2)
24


February 25, 2011
($ in millions)
(1)
Debt balances and related ratios are based on actual debt outstanding.  Refer to Form 10-K for the year ended December 31, 2010 for carrying
basis of debt obligations which are reported net of unamortized original issuance discounts.
(2)
Pro forma reflects FiberNet adjusted EBITDA as if the acquisition closing occurred on 1/1/2010. FiberNet results are based on unaudited
financial statements and exclude certain expenses from FiberNet’s former parent, which relate to the FiberNet business.  Additional
adjustments
may
be
made
following
completion
of
the
audit
of
the
FiberNet
financial
statements.
Results
are
before
synergies
of
$7
million
to
$9 million expected to be achieved in 2012, following the completion of integration.
Capitalization
25
1st lien senior secured credit facility
(1)
$        607
$        633
$        751
Capital leases
1
$            2
$            3
Revolver
-
$           -
$           -
Total Debt
$        608
$        635
$        754
Cash
$          66
$          51
$          15
Net Debt
(total debt less cash)
$        542
$        584
$        739
Adjusted EBITDA
$        223
$        227
$        220
Net Debt Leverage Ratio
2.4x
2.6x
3.4x
Proforma Adjusted EBITDA
(2)
$        243
Proforma Net Debt Leverage Ratio
(2)
3.0x
2008
2009
2010


Proposed Separation of Wireless and Wireline Operations
26
Positioned as leading independent
rural / regional carrier
Participate in future industry
consolidation / competitive
rationalization
New growth opportunities
Organic and acquisitive
Enhances
Strategic
Flexibility
Wireless
Wireline
Focus on wireless substitution for
voice / data / video
LTE investment
Expand wholesale business
Further expand service offerings
Leverage
position
as
carriers’
carrier
in region
Enhances
operational
Initiatives
Optimize capital structures to reflect growth expectations of
respective
businesses
Create opportunity to revisit optional dividend policy
More effectively structure employee compensation
Offer investors “pure play”
investment opportunity
Enhances
Financial
Returns
Strategic Benefits: Two distinct assets with different opportunity sets


Consistently Strong Financial Performance
Numerous Catalysts for Sustainable Topline Growth
Focused on Long-Term Net Income and Free Cash Flow Growth
Diversified Business Model
Network Upgrade Drives Wireless Growth
Data Revenue Growth
High-Margin Wholesale Revenue
Strong Performing and Growing Regional Wireline Business Focused
on
Data Transport and IP based Services
Scalable Systems for Continued Expansion
Experienced Management Team
Successful acquisition integration track record
Summary
27


Appendix


29
Adjusted EBITDA Reconciliation
($ in millions)
2005
2006
2007
2008
2009
2010
Consolidated
Operating Income
$53
$61
$100
$115
$130
$121
Depreciation and Amortization
83
85
97
103
92
89
Capital and Operational Restructuring
Charges
15
-
-
-
-
-
Accretion of Asset Retirement Obligations
1
1
1
1
1
1
Advisory Termination Fees
-
13
-
-
-
-
Gain on Sale of Assets
(9)
-
-
-
-
-
Secondary Offering Costs
-
-
1
-
-
-
Equity Based Compensation
4
13
4
3
3
6
Acquisition Related Charges
-
-
-
-
-
3
Voluntary Early Retirement and Workforce Reduction Plans
-
-
-
1
1
-
Adjusted EBITDA
$147
$172
$203
$223
$227
$220


30
Adjusted EBITDA Reconciliation
($ in millions)
2005
2006
2007
2008
2009
2010
Wireless
Operating Income
$32
$53
$71
$85
$97
$88
Depreciation and Amortization
57
58
70
73
63
58
Equity Based Compensation
-
-
-
-
-
1
Voluntary Early Retirement and Workforce Reduction Plans
-
-
-
-
1
-
Accretion of Asset Retirement Obligations
1
1
1
1
1
1
Adjusted EBITDA
$90
$112
$142
$159
$162
$148
Wireline
Operating Income
$36
$39
$38
$41
$43
$47
Depreciation and Amortization
25
26
27
27
29
31
Voluntary Early Retirement and Workforce Reduction Plans
-
-
-
1
-
-
Adjusted EBITDA
$61
$65
$65
$69
$72
$78


31
ARPU
Reconciliation
($ in thousands, except for subscribers and ARPU data)
Year Ended:
Three  Months Ended:
December 31, 2009
December 31, 2010
December 31, 2009
December 31, 2010
Average Revenue per Handset/Unit (ARPU) ¹
(amounts in thousands except for subscribers and ARPU)
Operating Revenues
133,349
$                
141,544
$                
549,700
$             
545,684
$            
Less: Wireline and other operating revenue
(30,961)
                   
(39,168)
                   
(125,022)
               
(139,288)
             
Wireless communications revenue
102,388
                  
102,376
                  
424,678
                
406,396
               
Less: Equipment revenue from sales to new customers
(1,972)
                    
(1,936)
                    
(6,379)
                  
(8,233)
                 
Less: Equipment revenue from sales to existing customers
(3,915)
                    
(3,240)
                    
(18,453)
                 
(14,893)
                
Less: Wholesale revenue
(28,396)
                   
(30,559)
                   
(118,266)
               
(115,619)
             
Plus (Less): Other revenues, eliminations and adjustments
(625)
                       
100
                        
(574)
                     
(559)
                    
Wireless gross subscriber revenue
67,480
$                  
66,741
$                  
281,006
$             
267,092
$            
Less:  Paid in advance subscriber revenue
(16,190)
                   
(13,335)
                   
(67,974)
                 
(58,918)
                
(Less) Plus:  Adjustments
387
                        
(427)
                       
(483)
                     
(276)
                    
Wireless gross postpay subscriber revenue 
51,677
$                  
52,979
$                  
212,549
$             
207,898
$            
Average subscribers
436,970
                  
431,151
                  
440,207
                
437,735
               
Total ARPU 
51.48
$                    
51.60
$                    
53.20
$                  
50.85
$                 
Average postpay subscribers
306,361
                  
305,556
                  
310,852
                
303,986
               
Postpay ARPU 
56.23
$                    
57.79
$                    
56.98
$                  
56.99
$                 
Wireless gross subscriber revenue 
67,480
$                  
66,741
$                  
281,006
$             
267,092
$            
Less: Wireless voice and other feature revenue
(54,585)
                   
(49,201)
                   
(232,271)
               
(203,657)
             
Wireless data revenue
12,895
$                  
17,540
$                  
48,735
$                
63,435
$               
Average subscribers
436,970
                  
431,151
                  
440,207
                
437,735
               
Total Data ARPU 
9.84
$                     
13.56
$                    
9.23
$                   
12.08
$                 
Wireless gross postpay subscriber revenue
51,677
$                  
52,979
$                  
212,549
$             
207,898
$            
Less: Wireless postpay voice and other feature revenue
(41,803)
                   
(39,590)
                   
(175,031)
               
(158,890)
             
Wireless postpay data revenue
9,874
$                    
13,389
$                  
37,518
$                
49,008
$               
Average postpay subscribers
306,361
                  
305,556
                  
310,852
                
303,986
               
Postpay data ARPU 
10.74
$                    
14.61
$                    
10.06
$                  
13.43
$                 
(1)
Average monthly revenues per subscriber/unit with service, or ARPU, is an industry metric that measures service revenues per period divided by the
weighted average number of subscribers with service during that period. ARPU as defined may not be similar to ARPU measures of other companies,
is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company’s
statement of operations. The Company closely monitors the effects of new rate plans and service offerings on ARPU in order to determine their
effectiveness.  ARPU provides management useful information concerning the appeal of NTELOS rate plans and service offerings and the Company’s
performance in attracting and retaining high value customers.


32
Summary of Operating Results
($ in thousands)
Year Ended:
Three Months Ended:
(1)
First quarter 2010 includes a $0.9 million charge related to severance benefits pursuant to an executive employment agreement.  
Please see Form 8-K filed with the SEC on March 12, 2010 for additional information.  First quarter 2009 includes a one-time cash
payment of $1.0 million to James A. Hyde, NTELOS' then newly hired president and COO.
December 31, 2009
December 31, 2010
December 31, 2009
December 31, 2010
Operating Revenues
Wireless PCS Operations
102,388
$                 
102,376
$              
424,678
$                 
406,396
$                 
Subscriber Revenues
67,754
66,273
280,191
266,193
Wholesale/Roaming Revenues, net
28,396
30,559
118,266
115,619
Equipment Revenues
5,887
5,177
24,832
23,126
Other Revenues
351
367
1,389
1,458
Wireline Operations 
RLEC
13,761
13,276
57,304
54,871
Competitive Wireline
17,083
25,737
67,237
83,885
Wireline Total
30,844
39,013
124,541
138,756
Other
117
155
481
532
133,349
$                 
141,544
$              
549,700
$                 
545,684
$                 
Operating Expenses
Wireless PCS Operations
66,523
$                   
67,270
$                
262,886
$                 
258,360
$                 
Cost of Sales and Services
Cost
ofSales
-
Equipment
8,118
8,043
35,440
29,665
Cost
ofSales
-
Access&
Other
10,575
8,749
43,804
37,032
Maintenance and Support
15,079
16,399
59,084
62,665
Customer Operations
27,435
28,301
102,451
104,818
Corporate Operations
5,316
5,778
22,107
24,180
Wireline Operations 
RLEC
3,611
3,488
14,403
14,516
Competitive Wireline
9,416
14,269
38,545
45,938
Wireline Total
13,027
17,757
52,948
60,454
Other
(1)
1,685
1,200
6,726
6,474
81,235
$                   
86,227
$                
322,560
$                 
325,288
$                 
Adjusted EBITDA
(a non-GAAP Measure)
(1)
Wireless PCS Operations
37.5%
35,865
$                   
35.0%
35,106
$                
34.3%
161,792
$                 
38.1%
148,036
$                 
Wireline Operations 
RLEC
76.9%
10,150
73.8%
9,788
73.7%
42,901
74.9%
40,355
Competitive Wireline
44.3%
7,667
44.9%
11,468
44.6%
28,692
42.7%
37,948
Wireline Total
59.2%
17,817
57.8%
21,256
54.5%
71,593
57.5%
78,303
Other
(1)
(1,568)
(1,045)
(6,245)
(5,943)
41.7%
52,114
$                   
39.1%
55,317
$                
39.1%
227,140
$                 
41.3%
220,396
$                 
Capital Expenditures
Wireless PCS Operations
8,369
$                     
9,433
$                  
50,747
$                   
39,187
$                   
Wireline Operations
RLEC
819
4,616
11,316
12,522
Competitive Wireline
4,754
5,802
26,023
28,230
Wireline Total
5,573
10,418
37,339
40,752
Other
2,943
3,311
19,805
10,754
16,885
$                   
23,162
$                
107,891
$                 
90,693
$                   
Wireless PCS Operations
27,496
$                   
25,673
$                
111,045
$                 
108,849
$                 
Wireline Operations
RLEC
9,331
5,172
31,585
27,833
Competitive Wireline
2,913
5,666
2,669
9,718
Wireline Total
12,244
10,838
34,254
37,551
Other
(1)
(4,511)
(4,356)
(26,050)
(16,697)
35,229
$                   
32,155
$                
119,249
$                 
129,703
$                 
(before depreciation & amortization, asset impairment charges, accretion of asset retirement obligations, equity based compensation, acquisition related charges, charges from
voluntary
early
retirement
and
workforce
reduction
plans and
costs related
to
the
planned
separation
of
the
wireless
and
wireline
companies,
a
non-GAAP
Measure
of
operating
expenses)
Adjusted EBITDA less Capital Expenditures
(a non-GAAP measure)