Nov. 14 at 4:49 PM
$CCOI Gregory Williams
TD Cowen, Research Division
Dave, first question is on the dividend cut. Do you see the company returning to a
$4 dividend level as you reach that 4x leverage?...
David Schaeffer
Founder, Chairman, CEO & President
Yes, sure. Let me try to answer both of your excellent questions, Greg. First of all, on the reduction in the dividend until we reach a net leverage target of 4x. This was not taken lightly. It was actively debated by the Board, and we weighed feedback from equity holders, as well as feedback from bondholders, and we felt in aggregate, this was the best strategy. Two, once we have reached that target, we are committed to continuing to return capital to shareholders at a similar rate to what we were doing previously. What I cannot commit to is an exact restart where we left off on a per share per quarter rate. We also may be more aggressive in doing buybacks than dividends.
