LVLT - Level 3 Communications (L3) Message Board

To: Freedom Fighter who wrote (2899)	6/25/2001 7:01:57 PM
From: Freedom Fighter	of 3727

I should add that working capital is scheduled to be a net negative of 700 million over the 30 next months, but that amount is somewhat "soft" because it depends on what the actual revenues and cap ex are. One the plus side, in my last numbers crunching guesstimates I was using GAAP numbers for EBITDA. (being very conservative) "Cash" EBITDA numbers (due to dark fiber sales and other revenues) are already sharply positive and expected to grow. It is very unclear what these amounts will ultimately be, but the projected numbers are huge over the next 30 months. In any event, even if they are mildly positive (which seems a certainty) that more than offsets working capital requirements and adds to the margin of safety.