Level 3 Communications also reported earnings this week and provided a peek into cash flow and earnings with their latest acquisition, TW Telecom. Even with their latest acquisition, Level 3 remains a global story – about 22% of the pro forma 2014 core network service revenue comes from Europe, the Middle East, Africa or Latin America. On the conference call, CEO Jeff Storey said that one of its initial synergy initiatives is to sell Level 3's global capabilities into the TW Telecom base. A small take rate across the TW Telecom base would have a meaningful impact to non-U.S. revenue and margins.