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Revenue growth rate up almost 8% over previous year, and almost 3% over previous quarter, in advance of merger with Level 3

tw telecom 2Q Revenue Growth Accelerates

Light Reading
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Light Reading
7/30/2014
50%
50%

LITTLETON, Colo. -- tw telecom inc., a national provider of managed services, including business Ethernet, converged and IP-VPN solutions to enterprises across the U.S. and to their global locations, today announced its second quarter 2014 financial results, including $419.7 million of revenue, $11.1 million of net income, $138.4 million of Modified EBITDA or $142.5 million of M-EBITDA excluding merger-related costs, $109.3 million of net cash provided by operating activities and $20.0 million of levered free cash flow.

Highlights for the Second Quarter 2014

  • Grew total revenue at a higher rate, including 2.8% sequentially and 7.8% year over year
  • Grew enterprise revenue 2.3% sequentially and 8.7% year over year
  • Grew data and Internet revenue 3.8% sequentially and 15.0% year over year
  • Generated net income of $11.1 million, or $0.08 basic EPS, or $13.5 million of net income, or $0.10 basic EPS excluding merger-related costs8
  • Achieved M-EBITDA of $138.4 million, representing a 33.0% M-EBITDA margin1or 33.9% excluding merger-related costs
  • Delivered $109.3 million of net cash provided by operating activities
  • Achieved $20.0 million of levered free cash flow, or $24.1 million excluding merger-related costs

The Company’s growth initiatives have resulted in strong second quarter bookings, or sales, which grew compared to the same period in the prior year and over the prior quarter.

Based on strong business trends, the Company remains confident in its previous outlook for revenue and Modified EBITDA margin. This included the expectation that its 2014 revenue growth rate will be greater than that of 2013 and Modified EBITDA margin (excluding merger-related costs) will begin to expand toward the end of the year, as a result of anticipated higher revenue growth.

The Company continues to expect business fluctuations to impact sequential trends in revenue, margins and cash flow. This includes the timing, as well as any seasonality of sales and installations, usage, rate changes, disputes, settlements, repricing for contract renewals, and fluctuations in revenue churn, expenses, capital expenditures and taxes and fees.

tw telecom inc. (Nasdaq: TWTC)

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