[Investors have raised] honest, legitimate questions ... But we're near or already have hit bottom as an industry . . . we feel pretty good about the future.

There's no shame in losing this way. I'm proud.

This transaction represents a unique opportunity to expand Level 3's footprint in the southeastern region of the United States, where we have seen strong demand for our services.

Due to the unique strategic fit between the two companies and Level 3's past integration experience, we remain confident in our ability to successfully combine the businesses and conclude a smooth transition for customers. We commenced integration planning immediately after signing the definitive agreement in October, and we believe we are well positioned for a smooth integration process in keeping with our projected schedule.

You're going to see those two trends crisscross in the not-so-distant future,

It does not appear to be a Level 3 issue,