NTELOS Holdings Corp. - Investor Relations

Investor Relations

Financial Highlights

NTELOS HOLDINGS CORP. (NASDAQ - NTLS)

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

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Balance Sheet ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Cash and Cash Equivalents	99,456	68,108	46.03	76,197	122.10
Current Assets	175,689	124,859	40.71	159,071	41.79
Net PP&E	300,699	287,964	4.42	303,103	(3.17)
Intangible Assets	204,976	208,354	(1.62)	205,729	(1.46)
Total Assets	693,684	632,423	9.69	680,114	7.98
Short-term and Current Long-term Debt	5,400	5,182	4.21	5,429	(2.14)
Current Liabilities	75,937	56,778	33.74	63,331	79.62
Long-term Debt	488,046	453,058	7.72	488,650	(0.49)
Total Liabilities	651,145	580,699	12.13	635,579	9.80
Minority Interest and Mezzanine Equity	0	0	0.00	0	0.00
Equity	42,539	51,724	(17.76)	44,535	(17.93)
Total Capitalization, at Book Value	535,985	509,964	5.10	538,614	(1.95)

Income Statement ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Telecommunications Service Revenue	-	-	NA	-	NA
Operating Revenue	119,345	110,540	7.97	117,398	6.63
Cost of Revenue	44,535	39,200	13.61	47,420	(24.34)
Reported Net Operating Income	17,496	18,851	(7.19)	13,999	99.92
Recurring Earnings before Interest and Taxes	17,639	19,285	(8.54)	14,229	95.86
Recurring EBITDA	36,095	34,192	5.57	31,669	55.90
Net Income before Taxes	9,766	13,361	(26.91)	310	12,201.29
Net Income before Extraordinary Items	6,022	7,981	(24.55)	764	2,752.88
Net Income	6,022	7,981	(24.55)	764	2,752.88

Cash Flow Statement Highlights
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Cash Flow from Operating Activities	41,322	31,045	33.10	19,959	428.14
Cash Flow from Investing Activities	(16,946)	(12,986)	30.49	(18,328)	(30.16)
Cash Flow from Financing Activities	(1,117)	(9,901)	(88.72)	9,962	NM
Net Increase in Cash and Cash Equivalents	23,259	8,158	185.11	11,593	402.52
Recurring Levered Free Cash Flow	16,866	16,295	3.50	7,602	487.45

Balance Sheet Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Debt/ Book Capitalization	92.06	89.86	2.46	91.73	1.45
Debt/ Equity (x)	11.60	8.86	30.93	11.09	18.23
Equity/ Assets	6.13	8.18	(25.02)	6.55	(25.40)
Debt and Redeemable Preferred/ Equity (x)	11.60	8.86	30.93	11.09	18.23
Long-term Debt/ Book Capital	91.06	88.84	2.49	90.72	1.47
Debt and Redeemable Preferred/ Book Capital	92.06	89.86	2.46	91.73	1.45
Net Debt and Preferred/ Recurring EBITDA (x)	2.81	2.88	(2.48)	3.20	(48.07)

Income and Cash Flow Statement Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Operating Revenue Growth	7.97	(28.93)	NM	10.76	(103.80)
Recurring EBITDA Growth	5.57	(41.26)	NM	(3.40)	NM
Recurring Levered FCF Growth	3.50	(42.62)	NM	(42.39)	NM
Net Income Growth	(24.55)	(29.03)	(15.45)	NM	NM
EPS Growth	(32.43)	(28.85)	12.43	(90.00)	(255.86)
EPS Growth after Extra	(32.43)	(28.85)	12.43	NM	NM
Dividend Payout Ratio	168.00	113.51	48.00	NM	NM
Dividend Payout to Recurring Levered FCF	54.72	54.70	0.03	88.67	(153.19)

Profitability Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
ROAA	3.51	5.05	(154)	0.46	305
ROAE	55.33	62.07	(675)	6.60	4,872
ROACE	50.63	60.38	(976)	2.77	4,785
Return on Invested Capital	13.34	15.13	(180)	10.88	246
Recurring EBITDA Margin	30.24	30.93	(69)	26.98	327
Recurring Levered FCF Margin	14.13	14.74	(61)	6.48	766
Recurring Levered Free Cash Flow/ Recurring EBITDA	46.73	47.66	(93)	24.00	2,272
Liquidity Ratios (x)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Recurring EBITDA/ Interest Expense plus Pfd	4.90	6.30	(22)	4.76	12
Recurring Unlevered FCF/ Interest Expense	2.64	3.87	(32)	2.01	126
Cash Flow Coverage	6.61	6.72	(2)	4.00	261

Per Share Information ($)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Common Shares Outstanding (actual)	21,446,000	21,193,000	1.19	21,261,000	3.48
Avg Diluted Shares (actual)	21,550,000	21,152,000	1.88	21,380,000	3.18
Book Value	1.97	2.47	(20.34)	2.09	(23.47)
Common Dividends Declared	0.42	0.42	0.00	0.42	0.00
Basic EPS before Extra	0.26	0.38	(31.58)	0.02	4,800.00
Basic EPS after Extra	0.26	0.38	(31.58)	0.02	4,800.00
Diluted EPS before Extra	0.25	0.37	(32.43)	0.02	4,600.00
Diluted EPS after Extra	0.25	0.37	(32.43)	0.02	4,600.00
Recurring Levered FCF per Share	0.77	0.77	(0.03)	0.47	248.26

^† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

* Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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