NTELOS Holdings Corp. - Investor Relations

Investor Relations

Financial Highlights

NTELOS HOLDINGS CORP. (NASDAQ - NTLS)

Trend Analysis--Annual (click here for Quarterly Analysis)

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Balance Sheet ($000)
	2012Y	2011Y	2012/ 2011 Ch (%)	2010Y	2011/ 2010 Ch (%)
Cash and Cash Equivalents	76,197	59,950	27.10	15,187	294.75
Current Assets	159,071	123,124	29.20	113,937	8.06
Net PP&E	303,103	288,368	5.11	293,092	(1.61)
Intangible Assets	205,729	209,354	(1.73)	213,341	(1.87)
Total Assets	680,114	632,658	7.50	1,149,445	(44.96)
Short-term and Current Long-term Debt	5,429	4,412	23.05	8,017	(44.97)
Current Liabilities	63,331	55,751	13.60	97,886	(43.04)
Long-term Debt	488,650	453,997	7.63	739,109	(38.58)
Total Liabilities	635,579	581,524	9.30	970,586	(40.09)
Minority Interest and Mezzanine Equity	0	0	0.00	0	0.00
Equity	44,535	51,134	(12.91)	178,859	(71.41)
Total Capitalization, at Book Value	538,614	509,543	5.71	925,985	(44.97)

Income Statement ($000)
	2012Y	2011Y	2012/ 2011 Ch (%)	2010Y	2011/ 2010 Ch (%)
Telecommunications Service Revenue	-	-	NA	-	NA
Operating Revenue	453,989	422,629	7.42	406,793	3.89
Cost of Revenue	174,683	143,323	21.88	135,803	5.54
Reported Net Operating Income	63,142	66,254	(4.70)	74,882	(11.52)
Recurring Earnings before Interest and Taxes	65,439	73,909	(11.46)	78,819	(6.23)
Recurring EBITDA	128,697	136,992	(6.06)	136,835	0.11
Net Income before Taxes	33,004	39,803	(17.08)	49,594	(19.74)
Net Income before Extraordinary Items	20,328	23,440	(13.28)	29,343	(20.12)
Net Income	20,328	(21,946)	NM	46,225	NM

Cash Flow Statement Highlights
	2012Y	2011Y	2012/ 2011 Ch (%)	2010Y	2011/ 2010 Ch (%)
Cash Flow from Operating Activities	109,017	179,891	(39.40)	159,702	12.64
Cash Flow from Investing Activities	(71,633)	204,618	NM	(262,878)	NM
Cash Flow from Financing Activities	(21,137)	(319,815)	(93.39)	67,269	NM
Net Increase in Cash and Cash Equivalents	16,247	44,763	(63.70)	(35,907)	NM
Recurring Levered Free Cash Flow	35,362	53,208	(33.54)	35,695	49.06

Balance Sheet Ratios (%)
	2012Y	2011Y	2012/ 2011 Ch (bp)	2010Y	2011/ 2010 Ch (bp)
Debt/ Book Capitalization	91.73	89.96	1.96	80.68	11.50
Debt/ Equity (x)	11.09	8.96	23.75	4.18	114.62
Equity/ Assets	6.55	8.08	(18.98)	15.56	(48.06)
Debt and Redeemable Preferred/ Equity (x)	11.09	8.96	23.75	4.18	114.62
Long-term Debt/ Book Capital	90.72	89.10	1.82	79.82	11.63
Debt and Redeemable Preferred/ Book Capital	91.73	89.96	1.96	80.68	11.50
Net Debt and Preferred/ Recurring EBITDA (x)	3.09	5.01	(38.29)	4.31	16.26

Income and Cash Flow Statement Ratios (%)
	2012Y	2011Y	2012/ 2011 Ch (bp)	2010Y	2011/ 2010 Ch (bp)
Operating Revenue Growth	7.42	3.89	90.61	(26.00)	NM
Recurring EBITDA Growth	(6.06)	0.11	NM	(38.83)	NM
Recurring Levered FCF Growth	(33.54)	49.06	NM	(54.53)	NM
Net Income Growth	NM	NM	NM	(27.97)	NM
EPS Growth	(15.69)	(23.88)	(34.31)	(55.33)	(56.84)
EPS Growth after Extra	NM	NM	NM	(28.33)	NM
Dividend Payout Ratio	195.35	NM	NM	104.19	NM
Dividend Payout to Recurring Levered FCF	NM	84.32	NM	NM	NM

Profitability Ratios (%)
	2012Y	2011Y	2012/ 2011 Ch (bp)	2010Y	2011/ 2010 Ch (bp)
ROAA	3.16	(2.01)	517	4.45	(647)
ROAE	41.00	(13.17)	5,418	25.62	(3,880)
ROACE	36.85	(14.22)	5,107	24.78	(3,900)
Return on Invested Capital	12.46	9.45	301	7.74	171
Recurring EBITDA Margin	28.35	32.41	(407)	33.64	(122)
Recurring Levered FCF Margin	7.79	12.59	(480)	8.77	382
Recurring Levered Free Cash Flow/ Recurring EBITDA	27.48	38.84	(1,136)	26.09	1,275
Liquidity Ratios (x)
	2012Y	2011Y	2012/ 2011 Ch (bp)	2010Y	2011/ 2010 Ch (bp)
Recurring EBITDA/ Interest Expense plus Pfd	5.61	5.86	(4)	5.53	6
Recurring Unlevered FCF/ Interest Expense	2.41	3.75	(36)	2.90	29
Cash Flow Coverage	5.75	8.69	(34)	7.46	17

Per Share Information ($)
	2012Y	2011Y	2012/ 2011 Ch (%)	2010Y	2011/ 2010 Ch (%)
Common Shares Outstanding (actual)	21,261,000	21,087,000	0.83	20,982,000	0.50
Avg Diluted Shares (actual)	21,337,000	21,276,000	0.29	20,847,500	2.06
Book Value	2.09	2.45	(14.39)	8.56	(71.41)
Common Dividends Declared	1.68	2.10	(20.00)	2.24	(6.25)
Basic EPS before Extra	0.88	1.04	(15.38)	1.35	(22.96)
Basic EPS after Extra	0.88	(1.14)	NM	2.17	NM
Diluted EPS before Extra	0.86	1.02	(15.69)	1.34	(23.88)
Diluted EPS after Extra	0.86	(1.11)	NM	2.15	NM
Recurring Levered FCF per Share	1.65	2.49	(33.59)	1.71	45.41


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