Windstream 2015 Annual Report Download - page 161

F-31
Forward-Looking Statements
This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes, and future filings on Form
10-K, Form 10-Q and Form 8-K and future oral and written statements by us and our management may include, certain forward-
looking statements. We claim the protection of the safe-harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 for this Annual Report on Form 10-K. Forward looking statements are subject to uncertainties that
could cause actual future events and results to differ materially from those expressed in the forward-looking statements. Forward
looking statements include, but are not limited to, statements about our expectation to return a portion of our cash flow to shareholders
through our dividend, expectations regarding our “network first” strategy to improve financial performance and increase market
share, expectations regarding revenue trends and growth, cost management, and improving margins in our business segments,
growth in adjusted OBIDA, the amount that Windstream may reduce its debt by selling its equity stake in CS&L and its ability to
improve its debt profile and reduce interest, expected levels of support from universal service funds or other government programs,
expected rates of loss of consumer households served or inter-carrier compensation, expected increases in high-speed Internet and
business data connections, including increasing availability of higher Internet speeds, expectations regarding expanding IPTV and
1 Gbps services to more locations and expanding our carrier network, our expected ability to fund operations, expected required
contributions to our pension plan, the completion and benefits from network investments related to the Connect America Fund to
fund the deployment of broadband services and forecasted capital expenditure amounts related to these investments, anticipated
benefits of Project Excel, anticipated capital expenditures and certain debt maturities from cash flows from operations, and expected
effective federal income tax rates. These and other forward-looking statements are based on estimates, projections, beliefs, and
assumptions that we believe are reasonable but are not guarantees of future events and results. Actual future events and our results
may differ materially from those expressed in these forward-looking statements as a result of a number of important factors.
Factors that could cause actual results to differ materially from those contemplated in our forward looking statements include,
among others:
• further adverse changes in economic conditions in the markets served by us;
• the extent, timing and overall effects of competition in the communications business;
• our election to accept state-wide offers under the FCC’s Connect America Fund, Phase 2, and the impact of such election
on our future receipt of federal universal service funds and capital expenditures;
• the impact of new, emerging or competing technologies;
• for certain operations where we lease facilities from other carriers, adverse effects on the availability, quality of service,
price of facilities and services provided by other carriers on which our services depend;
• unfavorable rulings by state public service commissions in proceedings regarding universal service funds, inter-carrier
compensation or other matters that could reduce revenues or increase expenses;
• material changes in the communications industry that could adversely affect vendor relationships with equipment and
network suppliers and customer relationships with wholesale customers;
• changes to our current dividend practice which is subject to our capital allocation policy and may be changed at any time
at the discretion of our board of directors;
• our ability to make rent payments under the master lease to CS&L, which may be affected by results of operations, changes
in our cash requirements, cash tax payment obligations, or overall financial position;
• unanticipated increases or other changes in our future cash requirements, whether caused by unanticipated increases in
capital expenditures, increases in pension funding requirements, or otherwise;
• the availability and cost of financing in the corporate debt markets;
• the potential for adverse changes in the ratings given to our debt securities by nationally accredited ratings organizations;
• earnings on pension plan investments significantly below our expected long term rate of return for plan assets or a
significant change in the discount rate or other actuarial assumptions;