Windstream 2014 Annual Report Download - page 11
Download and view the complete annual report
Please find page 11 of the 2014 Windstream annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21 -
22 -
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
 |
 |
| 7
Total Revenue Adjusted OIBDA Free Cash Flow
$2,140
$2,318
$5,830
$5,988
2013
(2.6%) Y/Y Change 36.7% Margins 76% Payout Ratio
2014 2013 2014 2013 2014
$794
$891
(in millions)
Strategic Highlights
During 2014, Windstream announced plans to spin off certain network assets including fiber, copper, real-
estate and other fixed assets into an independent, publicly traded real estate investment trust, or REIT, named
Communications Sales & Leasing, Inc. (“CS&L”). Windstream and CS&L will enter into a long-term, exclusive
lease allowing Windstream to operate the network and continue to provide advanced network communications
services to businesses and consumers. CS&L will become a new publicly traded real-estate investment trust that
invests in telecom assets.
Following the spin-off, Windstream stockholders will continue to own their Windstream shares and will also
receive 1 share of CS&L for every 5 Windstream shares held.
Transaction Provides Multiple Benefits to Investors and Customers
9Improves Windstream’s financial position and enables the Company to reduce debt by roughly 50%
9Allows increased investments to drive growth, improve long-term competitiveness, and enable Windstream to
better meet customers’ changing needs
9Creates two focused businesses with separate paths for growth
9Unlocks stockholder value by providing the ability to evaluate each entity separately using valuation techniques
aligned with each company’s asset mix, business outlook and strategic objections