NTELOS 8-K Regulation FD Disclosure

Investor Presentation

Fourth Quarter 2010 Update

Exhibit 99.1

1

Use of Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures that

are not determined in accordance with US generally accepted accounting

principles.  These financial performance measures are not indicative of cash

provided or used by operating activities and exclude the effects

of certain

operating, capital and financing costs and may differ from comparable

information provided by other companies, and they should not be considered

in isolation, as an alternative to, or more meaningful than measures of

financial performance determined in accordance with US generally

accepted

accounting principles.  These financial performance measures are

commonly

used in the industry and are presented because NTELOS believes they

provide relevant and useful information to investors.  NTELOS utilizes these

financial performance measures to assess its ability to meet future capital

expenditure and working capital requirements, to incur indebtedness if

necessary, and to fund continued growth.  NTELOS also uses these

financial

performance measures to evaluate the performance of its business, for

budget planning purposes and as factors in its employee compensation

programs.

2

Special Note Regarding Forward-Looking

Statements

Any statements contained in this presentation that are not statements of

historical fact, including statements about our beliefs and expectations, are

forward-looking statements and should be evaluated as such. The words

“anticipates,”

“believes,”

“expects,”

“intends,”

“plans,”

“estimates,”

“targets,”

“projects,”

“should,”

“may,”

“will”

and similar words and expressions are

intended to identify forward-looking statements. Such forward-looking

statements reflect, among other things, our current expectations, plans and

strategies, and anticipated financial results, all of which are subject to known

and unknown risks, uncertainties and factors that may cause our actual results

to differ materially from those expressed or implied by these forward-looking

statements. Many of these risks are beyond our ability to control or predict.

Because of these risks, uncertainties and assumptions, you should not place

undue reliance on these forward-looking statements. Furthermore, forward-

looking statements speak only as of the date they are made. We do not

undertake any obligation to update or review any forward-looking information,

whether as a result of new information, future events or otherwise. Important

factors with respect to any such forward-looking statements, including certain

risks and uncertainties that could cause actual results to differ from those

contained in the forward-looking statements, include, but are not limited to:

3

Special Note Regarding Forward-Looking

Statements (cont.)

rapid development and intense competition in the telecommunications industry;

our ability to successfully integrate the operations of the FiberNet business; the

failure to realize synergies and cost savings from the acquisition of the FiberNet

business or delay in realization thereof; adverse economic conditions; operating

and financial restrictions imposed by our senior credit facility; our cash and capital

requirements; declining prices for our services; the potential to experience a high

rate of customer turnover; our dependence on our affiliation with Sprint Nextel

(“Sprint”); a potential increase in our roaming rates and wireless handset subsidy

costs; the potential for Sprint to build networks in our markets; federal and state

regulatory

fees,

requirements

and

developments;

loss

of

our

cell

sites;

the

rates

of

penetration in the wireless telecommunications industry; our reliance on certain

suppliers and vendors; Failure to complete the business separation of the wireless

and

wireline

operations

in

an

orderly

fashion

as

currently

structured

and

other

unforeseen difficulties that may occur. These risks and uncertainties are not

intended

to

represent

a

complete

list

of

all

risks

and

uncertainties

inherent

in

our

business, and should be read in conjunction with the more detailed cautionary

statements and risk factors included in our SEC filings, including our Annual

Reports filed on Forms 10-K.

Company Overview

Company Overview

•

Leading provider of wireless and wireline communications services in Virginia, West Virginia,

Pennsylvania and Maryland

•

Key Operating Strategies

•

Facilities based

•

Retail & Wholesale

•

Multiple products

•

Disciplined approach to capital investments

•

Leverage brand

•

Exclusive strategic wholesale Sprint agreement through July 2015

•

Wireline business includes a fiber-based CLEC with double digit strategic high-speed

broadband product revenue growth and an RLEC with strong Adjusted EBITDA margins

•

Continued

revenue

growth

fueled

by

investments

in

cell

sites

and

fiber

network

upgrades

and acquisitions

•

Strong growth in Free Cash Flow

•

Company has announced intention to separate the wireless and wireline businesses

5

6

Regionally-Focused Service Provider

($ in millions)

(1)

As of December 31, 2010 or for the year ended December 31, 2010.

(2)

Throughout this presentation, year over year (YOY) comparisons are calculated using

the year ended on December 31, 2009 and December 31, 2010.

•

Average of 23.0 MHz of spectrum

•

5.8 million covered POPs

•

432K

(1)

retail subscribers

•

Data ARPU growth of 33% driven by EV-DO

upgrade and expanded prepay data offerings

•

Wholesale revenues (primarily Sprint Nextel

agreement) of $116 million

•

36% Adjusted EBITDA margin

Wireless ($406M Revenue / $148M Adj. EBITDA)

(1) (2)

7

Wireline: Repositioning as High Speed Data Provider

(1)

($ in millions)

(1)

As of December 31, 2010 or for the year ended December 31, 2010.

•

Competitive Segment

•

Commercial or Institutional

Healthcare

Government

Education

Regional Banking

•

55% YoY growth in strategic broadband and

video services

•

56% Adjusted EBITDA margin

•

Integration of 2,200 fiber route mile assets of

Allegheny Energy, Inc. complete

•

Acquisition of FiberNet closed December 1, 2010

•

RLEC -

Growth in Data and Video

•

98% DSL coverage with 6 MB speed

•

23% IPTV penetration of homes passed with fiber;

30%-35% penetration of neighborhoods available over

24 months

Wireline ($139M Revenue / $78M Adj. EBITDA)

(1)

Strong Free Cash Flow Growth

($ in millions)

Total Adj. EBITDA/

Margin %

Actual includes FiberNet as of 12/1/2010

Proforma Includes FiberNet Results for 1/1/2010 –

11/30/2010

(2)

(1)

Throughout

this

presentation,

Free

Cash

Flow

is

defined

as

Consolidated

Adjusted

EBITDA

less

CAPEX,

exclusive

of

assets

acquired

from

Allegheny Energy, Inc. on December 31, 2009.

Free Cash Flow

(1)

$613

Total Revenue

$147

NTELOS Actual

Proforma FiberNet 1/1/10 –

11/30/10

(2)

(2)

FiberNet

results

are

based

on

unaudited

financial

statements

and

exclude

certain

expenses

from

FiberNet’s

former

parent,

which

relate

to

the FiberNet business.  Additional adjustments may be made following completion of the audit of the FiberNet financial statements.

8

Wireless Overview

10

Revenue

(1)

Wholesale and Data Poised to Drive Wireless Growth

($ in millions)

Adjusted EBITDA/Margin %

(1)

Refer to Form 10-K for 2010 for explanation and impact of change from gross to net reporting of

handset insurance revenues and costs effective April 1, 2008.

11

4Q‘09 to 4Q‘10 Wireless Results

($ in millions)

Revenue

Adjusted EBITDA

$68

$68

$66

$66

$66

$28

$28

$28

$29

$31

$5

$5

$5

$8

$6

$102

$100

$102

$104

$100

$0

$50

$100

4Q’09

1Q’10

2Q’10

3Q'10

4Q'10

Subscriber

Wholesale

Equipment/Other

$36

$38

$38

$36

$35

$0

$25

$50

4Q’09

1Q’10

2Q’10

3Q'10

4Q'10

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

Total subscriber revenues increased $0.3 million from 3Q’10 to 4Q’10

Postpay subscriber revenues increased $0.7 million from 3Q’10 to 4Q’10

Wireless Growth Initiatives

NTELOS brand positioned as the best value in wireless

Leveraging extensive retail presence while growing indirect distribution channel

“Hub and Spoke”

distribution

Branded exclusive dealers program launched

Overall refurbish of retail stores

Approximately

139,000

total

device

upgrades

in

2010,

up

17%

from

2009

The most complete nationwide coverage with no roaming

Hagerstown and Martinsburg markets launched in 3Q’10

Emphasis on Postpay plans

Expansion of data products and services

Device line up includes a variety of smartphones & data-centric brands and models

Smartphone and data card penetration of postpay base 21% for 4Q’10, up from 14% in

4Q’09

FRAWG expansion to western markets 3Q’10

New Prepay pricing July 1 –

ARPU for new sales up more than $3

Focus on churn improvement resulting in positive trends

12

Distribution Update

Shifting direct distribution to Postpay focused, company owned locations

Relocation of Corporate Retail locations to high profile, highly visible locations: Portsmouth,

Harrisonburg,

Winchester,

Military,

Morgantown

Mall,

Huntington,

Suffolk

Redesign

of

larger

new

company

owned

stores

that

incorporates

brand

position

with

hi-tech,

modern look and feel

Corporate Retail overhaul –

cultural change focused on Customer

Satisfaction

Training

Optimizing Full-Time/Part-Time employee usage for proper store coverage

Enhanced compensation rewards for upgrading and renewing customers

Explode Indirect Dealer channel to support higher prepay growth

New Exclusive Retailer Program (ERP)

Substantial increase in ERP dealers in 2010, with continued expansion planned for 2011

13

BlackBerry

Curve 8530

Novatel

MC760

Axesstel

MV440

Motorola

Quantico

BlackBerry

Tour 9630

Device Line-up 1Q 2011

Samsung

Stunt

LG 100

Novatel

MiFi

Franklin Wireless

U210

LG Ellipse

Kyocera

Torino

LG Nite

LG Wine II

Motorola

Grasp

LG Samba

Samsung

Messager

Touch

BlackBerry

Bold 9650

BlackBerry

Storm2 9550

Motorola

Milestone

Android

HTC  Desire

Android

LG  Axis

Android

Samsung

Profile

Samsung Gem

Android

(Feb)

Motorola Milestone X

Android

(Mar)

Samsung Contour

(Jan)

14

15

Successful Growth in Data Subscribers and Postpay

ARPU

Postpay

Retail ARPU

Postpay

Subscribers with EV-DO

Data Devices

58%

30%

47%

59%

0%

10%

20%

30%

40%

50%

60%

70%

6/30/08

6/30/09

6/30/10

12/31/10

EV-DO data services first offered in July, 2008

16

Wireless

Wholesale

Revenue

(1)

Strategic

Network

Alliance

Leverages

NTELOS’

Network

•

Sprint Nextel Strategic Network

Alliance through at least July 2015

•

$9 million monthly minimum revenue

guarantee

•

Attractive contribution margin

•

Growing Usage

•

Significant growth in both home &

travel data usage since EV-DO

launched

•

Voice traffic back on the rise

•

4Q’10 calculated revenues exceeded

the $9 million monthly minimum –

first time since rate reset in July 2009

($ in millions)

Attractive Margin Revenue Stream

(1)

Dollars in millions, excludes roaming.

Wireline

Overview

18

Adjusted EBITDA/Margin%

Revenue

Wireline

Provides Strong, Stable Cash Flow

($ in millions)

Note: Competitive -

Strategic includes voice and broadband data services, IPTV video, high-capacity network access and transport services.

(1) Results for FiberNet

are included from December 1, 2010.

Competitive

-

Strategic

Competitive

-

Other

RLEC

Competitive

RLEC

(1)

(1)

19

Adjusted EBITDA/Margin%

Revenue

Wireline

YTD ‘10 over YTD ‘09 Strong, Stable Cash Flow

($ in millions)

(1)

Includes contributions from acquisition of certain Allegheny fiber optic and network assets and related transport and data service contracts on

12/31/09

and

contributions

from

the

acquisition

of

FiberNet

from

12/1/10.

Competitive

-

Strategic

Competitive

-

Other

RLEC

(1)

(1)

NTELOS–FiberNet: A Strong Combination

Strategic Benefits of a Robust Mid-Atlantic Network

Continued regional broadband acquisition strategy

Enhanced position in West Virginia and accelerated growth in Pennsylvania and

Maryland with more capacity

Increased capacity and growth potential for carrier transport and fiber to the cell

Significant Financial Benefits

Free cash flow accretive day one with growth potential

Significant synergies from network operations with more diverse routes into

more second tier and rural markets

Value enhancement with improved competitive position and growth profile

Stronger Regional Operations

Opportunity to extend “best-in-class”

operator in West Virginia

Addition

of

key

personnel

resources

to

NTELOS’

wireline

operations

Existing technology and systems being leveraged and integrated quickly

20

21

Greensboro, NC

(1)

As of December 31, 2010 or for the year ended December 31, 2010.

Data Driving Wireline Growth

(1)

Competitive

($84M Revenues / $38M Adj. EBITDA)

(1)

•

Includes operations of FiberNet from 12/1/10

•

Revenue growth of 25% YoY

•

Adjusted EBITDA growth of 32% YoY

•

45% YTD Adjusted EBITDA margin

•

Strategic broadband and video revenue

growth of 30% YOY to $73 million

•

5,800 mile existing fiber network including

recently acquired Allegheny and FiberNet fiber

networks

•

4 markets launched in 2010

•

Repositioning assets (data/video)

•

Broadband customer penetration at 59%

•

IPTV now is available to over 10,000 homes 

•

Continued strong Adjusted EBITDA margin

RLEC  ($55M Revenue / $40M Adj. EBITDA)

(1)

Transport/Data/IP Revenue

Competitive Growth Drivers

($ in millions)

ILEC Broadband –

Customer Penetration

(3) Revenue before intercompany eliminations

(3)

$

$14.7

$19.8

$24.8

$30.8

$36.8

$44.9

NTELOS

Competitive Revenue

FiberNet Revenue

(1)

FY 2010

(2)

NTELOS before intercompany eliminations

(1)(2)

(1)

22

Financial Overview

$130

$119

$91

$93

$86

$0

$20

$40

$60

$80

$100

$120

$140

2006

2007

2008

2009

2010

Free Cash Flow

Consolidated CapEx

($ in millions)

Accelerating Consolidated Free Cash Flow

$32

$37

$31

$35

$27

$21

$25

$33

$31

$41

$6

$7

$9

$20

$11

$41

$59

$22

$12

$132

$108

$110

$87

$91

$0

$25

$50

$75

$100

$125

$150

2006

2007

2008

2009

2010

Wireless

Wireline

Other

Discretionary

(1)

(1)

Includes incremental EVDO investment and strategic fiber builds.

(2)

Includes approximately $11M for a new wireless prepaid billing platform and a web portal.

2006 –

2010: 11% CAGR

(2)

24

February 25, 2011

($ in millions)

(1)

Debt balances and related ratios are based on actual debt outstanding.  Refer to Form 10-K for the year ended December 31, 2010 for carrying

basis of debt obligations which are reported net of unamortized original issuance discounts.

(2)

Pro forma reflects FiberNet adjusted EBITDA as if the acquisition closing occurred on 1/1/2010. FiberNet results are based on unaudited

financial statements and exclude certain expenses from FiberNet’s former parent, which relate to the FiberNet business.  Additional

adjustments

may

be

made

following

completion

of

the

audit

of

the

FiberNet

financial

statements.

Results

are

before

synergies

of

$7

million

to

$9 million expected to be achieved in 2012, following the completion of integration.

Capitalization

25

1st lien senior secured credit facility

(1)

$        607

$        633

$        751

Capital leases

1

$            2

$            3

Revolver

-

$           -

$           -

Total Debt

$        608

$        635

$        754

Cash

$          66

$          51

$          15

Net Debt

(total debt less cash)

$        542

$        584

$        739

Adjusted EBITDA

$        223

$        227

$        220

Net Debt Leverage Ratio

2.4x

2.6x

3.4x

Proforma Adjusted EBITDA

(2)

$        243

Proforma Net Debt Leverage Ratio

(2)

3.0x

2008

2009

2010

Proposed Separation of Wireless and Wireline Operations

26

Positioned as leading independent

rural / regional carrier

Participate in future industry

consolidation / competitive

rationalization

New growth opportunities

Organic and acquisitive

Enhances

Strategic

Flexibility

Wireless

Wireline

Focus on wireless substitution for

voice / data / video

LTE investment

Expand wholesale business

Further expand service offerings

Leverage

position

as

carriers’

carrier

in region

Enhances

operational

Initiatives

Optimize capital structures to reflect growth expectations of

respective

businesses

Create opportunity to revisit optional dividend policy

More effectively structure employee compensation

Offer investors “pure play”

investment opportunity

Enhances

Financial

Returns

Strategic Benefits: Two distinct assets with different opportunity sets

Consistently Strong Financial Performance

Numerous Catalysts for Sustainable Topline Growth

Focused on Long-Term Net Income and Free Cash Flow Growth

Diversified Business Model

Network Upgrade Drives Wireless Growth

Data Revenue Growth

High-Margin Wholesale Revenue

Strong Performing and Growing Regional Wireline Business Focused

on

Data Transport and IP based Services

Scalable Systems for Continued Expansion

Experienced Management Team

Successful acquisition integration track record

Summary

27

Appendix

29

Adjusted EBITDA Reconciliation

($ in millions)

2005

2006

2007

2008

2009

2010

Consolidated

Operating Income

$53

$61

$100

$115

$130

$121

Depreciation and Amortization

83

85

97

103

92

89

Capital and Operational Restructuring

Charges

15

-

-

-

-

-

Accretion of Asset Retirement Obligations

1

1

1

1

1

1

Advisory Termination Fees

-

13

-

-

-

-

Gain on Sale of Assets

(9)

-

-

-

-

-

Secondary Offering Costs

-

-

1

-

-

-

Equity Based Compensation

4

13

4

3

3

6

Acquisition Related Charges

-

-

-

-

-

3

Voluntary Early Retirement and Workforce Reduction Plans

-

-

-

1

1

-

Adjusted EBITDA

$147

$172

$203

$223

$227

$220

30

Adjusted EBITDA Reconciliation

($ in millions)

2005

2006

2007

2008

2009

2010

Wireless

Operating Income

$32

$53

$71

$85

$97

$88

Depreciation and Amortization

57

58

70

73

63

58

Equity Based Compensation

-

-

-

-

-

1

Voluntary Early Retirement and Workforce Reduction Plans

-

-

-

-

1

-

Accretion of Asset Retirement Obligations

1

1

1

1

1

1

Adjusted EBITDA

$90

$112

$142

$159

$162

$148

Wireline

Operating Income

$36

$39

$38

$41

$43

$47

Depreciation and Amortization

25

26

27

27

29

31

Voluntary Early Retirement and Workforce Reduction Plans

-

-

-

1

-

-

Adjusted EBITDA

$61

$65

$65

$69

$72

$78

31

ARPU

Reconciliation

($ in thousands, except for subscribers and ARPU data)

Year Ended:

Three  Months Ended:

December 31, 2009

December 31, 2010

December 31, 2009

December 31, 2010

Average Revenue per Handset/Unit (ARPU) ¹

(amounts in thousands except for subscribers and ARPU)

Operating Revenues

133,349

$                

141,544

$                

549,700

$             

545,684

$            

Less: Wireline and other operating revenue

(30,961)

(39,168)

(125,022)

(139,288)

Wireless communications revenue

102,388

102,376

424,678

406,396

Less: Equipment revenue from sales to new customers

(1,972)

(1,936)

(6,379)

(8,233)

Less: Equipment revenue from sales to existing customers

(3,915)

(3,240)

(18,453)

(14,893)

Less: Wholesale revenue

(28,396)

(30,559)

(118,266)

(115,619)

Plus (Less): Other revenues, eliminations and adjustments

(625)

100

(574)

(559)

Wireless gross subscriber revenue

67,480

$                  

66,741

$                  

281,006

$             

267,092

$            

Less:  Paid in advance subscriber revenue

(16,190)

(13,335)

(67,974)

(58,918)

(Less) Plus:  Adjustments

387

(427)

(483)

(276)

Wireless gross postpay subscriber revenue 

51,677

$                  

52,979

$                  

212,549

$             

207,898

$            

Average subscribers

436,970

431,151

440,207

437,735

Total ARPU 

51.48

$                    

51.60

$                    

53.20

$                  

50.85

$                 

Average postpay subscribers

306,361

305,556

310,852

303,986

Postpay ARPU 

56.23

$                    

57.79

$                    

56.98

$                  

56.99

$                 

Wireless gross subscriber revenue 

67,480

$                  

66,741

$                  

281,006

$             

267,092

$            

Less: Wireless voice and other feature revenue

(54,585)

(49,201)

(232,271)

(203,657)

Wireless data revenue

12,895

$                  

17,540

$                  

48,735

$                

63,435

$               

Average subscribers

436,970

431,151

440,207

437,735

Total Data ARPU 

9.84

$                     

13.56

$                    

9.23

$                   

12.08

$                 

Wireless gross postpay subscriber revenue

51,677

$                  

52,979

$                  

212,549

$             

207,898

$            

Less: Wireless postpay voice and other feature revenue

(41,803)

(39,590)

(175,031)

(158,890)

Wireless postpay data revenue

9,874

$                    

13,389

$                  

37,518

$                

49,008

$               

Average postpay subscribers

306,361

305,556

310,852

303,986

Postpay data ARPU 

10.74

$                    

14.61

$                    

10.06

$                  

13.43

$                 

(1)

Average monthly revenues per subscriber/unit with service, or ARPU, is an industry metric that measures service revenues per period divided by the

weighted average number of subscribers with service during that period. ARPU as defined may not be similar to ARPU measures of other companies,

is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company’s

statement of operations. The Company closely monitors the effects of new rate plans and service offerings on ARPU in order to determine their

effectiveness.  ARPU provides management useful information concerning the appeal of NTELOS rate plans and service offerings and the Company’s

performance in attracting and retaining high value customers.

32

Summary of Operating Results

($ in thousands)

Year Ended:

Three Months Ended:

(1)

First quarter 2010 includes a $0.9 million charge related to severance benefits pursuant to an executive employment agreement.  

Please see Form 8-K filed with the SEC on March 12, 2010 for additional information.  First quarter 2009 includes a one-time cash

payment of $1.0 million to James A. Hyde, NTELOS' then newly hired president and COO.

December 31, 2009

December 31, 2010

December 31, 2009

December 31, 2010

Operating Revenues

Wireless PCS Operations

102,388

$                 

102,376

$              

424,678

$                 

406,396

$                 

Subscriber Revenues

67,754

66,273

280,191

266,193

Wholesale/Roaming Revenues, net

28,396

30,559

118,266

115,619

Equipment Revenues

5,887

5,177

24,832

23,126

Other Revenues

351

367

1,389

1,458

Wireline Operations 

RLEC

13,761

13,276

57,304

54,871

Competitive Wireline

17,083

25,737

67,237

83,885

Wireline Total

30,844

39,013

124,541

138,756

Other

117

155

481

532

133,349

$                 

141,544

$              

549,700

$                 

545,684

$                 

Operating Expenses

Wireless PCS Operations

66,523

$                   

67,270

$                

262,886

$                 

258,360

$                 

Cost of Sales and Services

Cost

ofSales

-

Equipment

8,118

8,043

35,440

29,665

Cost

ofSales

-

Access&

Other

10,575

8,749

43,804

37,032

Maintenance and Support

15,079

16,399

59,084

62,665

Customer Operations

27,435

28,301

102,451

104,818

Corporate Operations

5,316

5,778

22,107

24,180

Wireline Operations 

RLEC

3,611

3,488

14,403

14,516

Competitive Wireline

9,416

14,269

38,545

45,938

Wireline Total

13,027

17,757

52,948

60,454

Other

(1)

1,685

1,200

6,726

6,474

81,235

$                   

86,227

$                

322,560

$                 

325,288

$                 

Adjusted EBITDA

(a non-GAAP Measure)

(1)

Wireless PCS Operations

37.5%

35,865

$                   

35.0%

35,106

$                

34.3%

161,792

$                 

38.1%

148,036

$                 

Wireline Operations 

RLEC

76.9%

10,150

73.8%

9,788

73.7%

42,901

74.9%

40,355

Competitive Wireline

44.3%

7,667

44.9%

11,468

44.6%

28,692

42.7%

37,948

Wireline Total

59.2%

17,817

57.8%

21,256

54.5%

71,593

57.5%

78,303

Other

(1)

(1,568)

(1,045)

(6,245)

(5,943)

41.7%

52,114

$                   

39.1%

55,317

$                

39.1%

227,140

$                 

41.3%

220,396

$                 

Capital Expenditures

Wireless PCS Operations

8,369

$                     

9,433

$                  

50,747

$                   

39,187

$                   

Wireline Operations

RLEC

819

4,616

11,316

12,522

Competitive Wireline

4,754

5,802

26,023

28,230

Wireline Total

5,573

10,418

37,339

40,752

Other

2,943

3,311

19,805

10,754

16,885

$                   

23,162

$                

107,891

$                 

90,693

$                   

Wireless PCS Operations

27,496

$                   

25,673

$                

111,045

$                 

108,849

$                 

Wireline Operations

RLEC

9,331

5,172

31,585

27,833

Competitive Wireline

2,913

5,666

2,669

9,718

Wireline Total

12,244

10,838

34,254

37,551

Other

(1)

(4,511)

(4,356)

(26,050)

(16,697)

35,229

$                   

32,155

$                

119,249

$                 

129,703

$                 

(before depreciation & amortization, asset impairment charges, accretion of asset retirement obligations, equity based compensation, acquisition related charges, charges from

voluntary

early

retirement

and

workforce

reduction

plans and

costs related

to

the

planned

separation

of

the

wireless

and

wireline

companies,

a

non-GAAP

Measure

of

operating

expenses)

Adjusted EBITDA less Capital Expenditures

(a non-GAAP measure)