##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-Q





|   |  |                                                                                             
|-- |  | --------------------------------------------------------------------------------------------
|þ  |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934 
|  
|   |  | For the quarterly period ended March 31, 2005                                               
|OR
|  
|o  |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
|  
|   |  | For the transition period
    from           to                                             

Commission File Number: 333-112694


Dex Media West LLC


(Exact name of registrant as specified in its charter)


|                                                                    |  |                                      
|------------------------------------------------------------------- |  | -------------------------------------
|Delaware                                                            |  | 25-1903487                           
|(State or other jurisdiction of
     incorporation or organization) |  | (IRS Employer
    Identification No.)

198 Inverness Drive West


Englewood, Colorado


80112


(Address of principal executive offices)


(303) 784-2900


(Registrants telephone number, including area code)


þ o


o þ


THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL 
 INSTRUCTIONS H(1)(a) AND (b) OF FORM 10-Q AND IS
THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE
FORMAT.










---










TABLE OF CONTENTS


|                                             |  |                                                                                                                  |    |  |    | 
|-------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------- | -- |  | -- | 
|PART I: FINANCIAL INFORMATION                |  |                                                                                                                  | 2  | 
|Item 1.                                      |  | Financial Statements                                                                                             |    |  | 2  | 
|                                             |  | Condensed Consolidated Balance Sheets
    (unaudited)  March 31, 2005 and
    December 31, 2004                 |    |  | 2  | 
|                                             |  | Condensed Consolidated Statements of
    Operations (unaudited)  Three months ended
    March 31, 2005 and 2004 |    |  | 3  | 
|                                             |  | Condensed Consolidated Statements of Cash
    Flows (unaudited)  Three months ended March 31,
    2005 and 2004 |    |  | 4  | 
|                                             |  | Notes to Condensed Consolidated Financial
    Statements (unaudited)                                             |    |  | 5  | 
|Item 2.                                      |  | Managements Narrative Analysis of
    Results of Operations*                                                    |    |  | 14 | 
|Item 3.                                      |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                   |    |  | 22 | 
|Item 4.                                      |  | Controls and Procedures                                                                                          |    |  | 22 | 
|PART II: OTHER INFORMATION                   |  |                                                                                                                  | 23 | 
|Item 1.                                      |  | Legal Proceedings                                                                                                |    |  | 23 | 
|Item 2.                                      |  | Unregistered Sales of Equity Securities and
    Use of Proceeds                                                  |    |  | 23 | 
|Item 3.                                      |  | Defaults Upon Senior Securities                                                                                  |    |  | 23 | 
|Item 4.                                      |  | Submission of Matters to a Vote of Security
    Holders                                                          |    |  | 23 | 
|Item 5.                                      |  | Other Information                                                                                                |    |  | 23 | 
|Item 6.                                      |  | Exhibits                                                                                                         |    |  | 23 | 
|Signature                                    |  |                                                                                                                  | 24 | 
|Certification of CEO Pursuant to Section 302
|Certification of CFO Pursuant to Section 302








|  |                                                                                                                                                                                                                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* | Pursuant to General Instructions H(2)(a) of Form 10-Q:
    (i) the information called for by Item 2 of
    Part I, Managements Discussion and Analysis of
    Financial Condition and Results of Operations, has been omitted
    and (ii) the registrant is providing a managements
    narrative analysis of results of operations.

1



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##### Table of Contents






PART I.


FINANCIAL INFORMATION







|        |                     
|------- | --------------------
|Item 1. | Financial Statements

DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.





CONDENSED CONSOLIDATED BALANCE SHEETS


(Dollars in thousands)


(Unaudited)


|                                                                                              |                                        |                                      |           |         |              |  |           |         |           | 
|--------------------------------------------------------------------------------------------- | -------------------------------------- | ------------------------------------ | --------- | ------- | ------------ |  | --------- | ------- | --------- | 
|                                                                                              |                                        | As of                                |           |         | As of        | 
|                                                                                              |                                        | March 31,                            |           |         | December 31, | 
|                                                                                              |                                        | 2005                                 |           |         | 2004         | 
|                                                                                              |                                        |                                      |           |         |              | 
|ASSETS                                                                                       
|Current assets:                                                                               |                                        |                                      |           |         |              |  |           |        
|                                                                                              | Cash and cash equivalents              |                                      | $         |        |              |  | $         | 8,933   |          
|                                                                                              | Accounts receivable, net               |                                      |           | 52,399  |              |  |           | 48,109  |          
|                                                                                              | Deferred directory costs               |                                      |           | 169,832 |              |  |           | 155,819 |          
|                                                                                              | Current deferred income taxes          |                                      |           | 23,995  |              |  |           | 5,265   |          
|                                                                                              | Other current assets                   |                                      |           | 9,752   |              |  |           | 7,259   |          
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                              |                                        | Total current assets                 |           |         | 255,978      |  |           |         | 225,385   | 
|Property, plant and equipment, net                                                            |                                        |                                      | 51,021    |         |              |  | 50,721    |        
|Goodwill                                                                                      |                                        |                                      | 2,190,715 |         |              |  | 2,190,715 |        
|Intangible assets, net                                                                        |                                        |                                      | 1,621,980 |         |              |  | 1,669,985 |        
|Deferred income taxes                                                                         |                                        |                                      |          |         |              |  | 10,438    |        
|Deferred financing costs                                                                      |                                        |                                      | 70,994    |         |              |  | 75,962    |        
|Other assets                                                                                  |                                        |                                      | 1,636     |         |              |  | 1,636     |        
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                              |                                        | Total Assets                         |           | $       | 4,192,324    |  |           | $       | 4,224,842 | 
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                             
|LIABILITIES AND OWNERS EQUITY                                                               
|Current liabilities:                                                                          |                                        |                                      |           |         |              |  |           |        
|                                                                                              | Accounts payable                       |                                      | $         | 18,924  |              |  | $         | 9,398   |          
|                                                                                              | Employee compensation                  |                                      |           | 3,350   |              |  |           |        |          
|                                                                                              | Amounts due to affiliate               |                                      |           | 17,302  |              |  |           | 30,022  |          
|                                                                                              | Deferred revenue and customer deposits |                                      |           | 119,983 |              |  |           | 111,068 |          
|                                                                                              | Accrued interest payable               |                                      |           | 24,861  |              |  |           | 43,739  |          
|                                                                                              | Current portion of long-term debt      |                                      |           | 110,859 |              |  |           | 84,302  |          
|                                                                                              | Other accrued liabilities              |                                      |           | 15,066  |              |  |           | 8,295   |          
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                              |                                        | Total current liabilities            |           |         | 310,345      |  |           |         | 286,824   | 
|Long-term debt                                                                                |                                        |                                      | 2,754,941 |         |              |  | 2,836,498 |        
|Post-retirement and other post-employment benefit obligations                                 |                                        |                                      | 8,472     |         |              |  |          |        
|Amounts due to affiliate related to post-retirement and other
    post-employment obligations |                                        |                                      | 35,616    |         |              |  | 42,252    |        
|Deferred income taxes                                                                         |                                        |                                      | 17,456    |         |              |  |          |        
|Other liabilities                                                                             |                                        |                                      | 56        |         |              |  | 135       |        
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                              |                                        | Total Liabilities                    |           |         | 3,126,886    |  |           |         | 3,165,709 | 
|                                                                                              |                                        |                                      |           |         |              | 
|Commitments and contingencies (Note 9)                                                        |                                        |                                      |           |         |              |  |           |        
|Owners interest                                                                              |                                        |                                      | 1,076,325 |         |              |  | 1,084,327 |        
|Accumulated deficit                                                                           |                                        |                                      | (10,887   | )       |              |  | (25,194   | )      
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                              |                                        | Total Owners Equity                 |           |         | 1,065,438    |  |           |         | 1,059,133 | 
|                                                                                              |                                        |                                      |           |         |              | 
|                                                                                              |                                        | Total Liabilities and Owners Equity |           | $       | 4,192,324    |  |           | $       | 4,224,842 | 
|                                                                                              |                                        |                                      |           |         |              | 



2



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.





CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(Dollars in thousands)


(Unaudited)


|                               |                                       |                                   |         |        |         |   |         |        |         |  
|------------------------------ | ------------------------------------- | --------------------------------- | ------- | ------ | ------- | - | ------- | ------ | ------- | -
|                               |                                       | Three Months Ended                |        
|                               |                                       | March 31,                         |        
|                               |                                       |                                   |        
|                               |                                       | 2005                              |         |        | 2004    |  
|                               |                                       |                                   |         |        |         |  
|Revenue                        |                                       | $                                 | 230,465 |        |         | $ | 207,388 |       
|Operating expenses:            |                                       |                                   |         |        |         |   |         |       
|                               | Cost of revenue                       |                                   |         | 69,744 |         |   |         | 62,822 |        
|                               | General and administrative expense    |                                   |         | 23,598 |         |   |         | 22,749 |        
|                               | Bad debt expense                      |                                   |         | 5,067  |         |   |         | 6,109  |        
|                               | Depreciation and amortization expense |                                   |         | 4,023  |         |   |         | 3,839  |        
|                               | Amortization of intangibles           |                                   |         | 48,005 |         |   |         | 57,829 |        
|                               |                                       |                                   |         |        |         |  
|                               |                                       | Total operating expenses          |         |        | 150,437 |   |         |        | 153,348 |  
|                               |                                       |                                   |         |        |         |  
|                               |                                       | Operating income                  |         |        | 80,028  |   |         |        | 54,040  |  
|Other (income) expense:        |                                       |                                   |         |        |         |   |         |       
|                               | Interest income                       |                                   |         | (167   | )       |   |         | (143   | )      
|                               | Interest expense                      |                                   |         | 56,689 |         |   |         | 55,176 |        
|Other (income) expense, net    |                                       |                                   | 32      |        |         |   |        |       
|                               |                                       |                                   |         |        |         |  
|                               |                                       | Income (loss) before income taxes |         |        | 23,474  |   |         |        | (993    | )
|Income tax provision (benefit) |                                       |                                   | 9,167   |        |         |   | (394    | )     
|                               |                                       |                                   |         |        |         |  
|                               |                                       | Net income (loss)                 |         | $      | 14,307  |   |         | $      | (599    | )
|                               |                                       |                                   |         |        |         |  



3



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(Dollars in thousands)


(Unaudited)


|                                    |                                                       |                                                                                            |                                       |         |         |         |        |         |         |         |  
|----------------------------------- | ----------------------------------------------------- | ------------------------------------------------------------------------------------------ | ------------------------------------- | ------- | ------- | ------- | ------ | ------- | ------- | ------- | -
|                                    |                                                       | Three Months Ended                                                                         |                                      
|                                    |                                                       | March 31,                                                                                  |                                      
|                                    |                                                       |                                                                                            |                                      
|                                    |                                                       | 2005                                                                                       |                                       |         | 2004    |        
|                                    |                                                       |                                                                                            |                                       |         |         |        
|Operating activities:               |                                                       |                                                                                            |                                       |         |         |         |        |        
|                                    | Net income (loss)                                     |                                                                                            | $                                     | 14,307  |         |         | $      | (599    | )      
|                                    | Adjustments to net income (loss):                     |                                                                                            |                                       |         |         |         |        |         |        
|                                    |                                                       | Bad debt expense                                                                           |                                       |         | 5,067   |         |        |         | 6,109   |        
|                                    |                                                       | Depreciation and amortization expense                                                      |                                       |         | 4,023   |         |        |         | 3,839   |        
|                                    |                                                       | Amortization of intangibles                                                                |                                       |         | 48,005  |         |        |         | 57,829  |        
|                                    |                                                       | Amortization of deferred financing costs                                                   |                                       |         | 5,226   |         |        |         | 6,862   |        
|                                    |                                                       | Stock-based compensation expense                                                           |                                       |         | 253     |         |        |         |        |        
|                                    |                                                       | Loss on disposition of assets                                                              |                                       |         | 32      |         |        |         |        |        
|                                    |                                                       | Deferred tax provision (benefit)                                                           |                                       |         | 9,167   |         |        |         | (394    | )      
|                                    | Changes in operating assets and liabilities:          |                                                                                            |                                       |         |         |         |        |         |        
|                                    |                                                       | Accounts receivable                                                                        |                                       |         | (9,357  | )       |        |         | (11,323 | )      
|                                    |                                                       | Deferred directory costs                                                                   |                                       |         | (14,013 | )       |        |         | (22,075 | )      
|                                    |                                                       | Other current assets                                                                       |                                       |         | (2,493  | )       |        |         | 2,395   |        
|                                    |                                                       | Accounts payable and other liabilities                                                     |                                       |         | 17,678  |         |        |         | 10,240  |        
|                                    |                                                       | Accrued interest                                                                           |                                       |         | (18,878 | )       |        |         | (28,371 | )      
|                                    |                                                       | Deferred revenue and customer deposits                                                     |                                       |         | 8,915   |         |        |         | 33,883  |        
|                                    |                                                       | Amounts due to affiliates                                                                  |                                       |         | (10,753 | )       |        |         | (13,743 | )      
|                                    |                                                       | Other long-term liabilities                                                                |                                       |         | (79     | )       |        |         |        |        
|                                    |                                                       | Employee benefit plan obligations                                                          |                                       |         | 335     |         |        |         |        |        
|                                    |                                                       | Amounts due to affiliate related to post-retirement and other
    post-employment benefits |                                       |         | 1,500   |         |        |         | 1,700   |        
|                                    |                                                       |                                                                                            |                                       |         |         |        
|                                    |                                                       |                                                                                            | Cash provided by operating activities |         |         | 58,935  |        |         |         | 46,352  |  
|                                    |                                                       |                                                                                            |                                       |         |         |        
|Investing activities:               |                                                       |                                                                                            |                                       |         |         |         |        |        
|                                    | Expenditures for property, plant and equipment        |                                                                                            |                                       | (664    | )       |         |        | (4,505  | )      
|                                    | Capitalized software development costs                |                                                                                            |                                       | (3,691  | )       |         |        | (11,143 | )      
|                                    | Acquisition of Dex West                               |                                                                                            |                                       |        |         |         |        | 5,251   |        
|                                    |                                                       |                                                                                            |                                       |         |         |        
|                                    |                                                       |                                                                                            | Cash used for investing activities    |         |         | (4,355  | )      |         |         | (10,397 | )
|                                    |                                                       |                                                                                            |                                       |         |         |        
|Financing activities:               |                                                       |                                                                                            |                                       |         |         |         |        |        
|                                    | Proceeds from borrowings on revolving credit facility |                                                                                            |                                       |        |         |         |        | 23,000  |        
|                                    | Repayments of borrowings on revolving credit facility |                                                                                            |                                       |        |         |         |        | (23,000 | )      
|                                    | Payments on long-term debt                            |                                                                                            |                                       | (55,000 | )       |         |        | (30,000 | )      
|                                    | Payment of financing costs                            |                                                                                            |                                       | (258    | )       |         |        | (157    | )      
|                                    | Distribution to owner                                 |                                                                                            |                                       | (8,255  | )       |         |        | (2,087  | )      
|                                    |                                                       |                                                                                            |                                       |         |         |        
|                                    |                                                       |                                                                                            | Cash used for financing activities    |         |         | (63,513 | )      |         |         | (32,244 | )
|                                    |                                                       |                                                                                            |                                       |         |         |        
|Cash and cash equivalents:          |                                                       |                                                                                            |                                       |         |         |         |        |        
|                                    | (Decrease) increase                                   |                                                                                            |                                       | (8,933  | )       |         |        | 3,711   |        
|                                    | Beginning balance                                     |                                                                                            |                                       | 8,933   |         |         |        | 4,658   |        
|                                    |                                                       |                                                                                            |                                       |         |         |        
|                                    |                                                       |                                                                                            | Ending balance                        |         | $       |        |        |         | $       | 8,369   |  
|                                    |                                                       |                                                                                            |                                       |         |         |        
|Supplemental cash flow disclosures: |                                                       |                                                                                            |                                       |         |         |         |        |        
|Interest paid                       |                                                       | $                                                                                          | 65,692                                |         |         | $       | 76,735 |        



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.





NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(Unaudited)




|   |                        
|-- | -----------------------
|1. | Description of business



|    |            
|--- | -----------
|(a) | The Company









|    |           
|--- | ----------
|(b) | Operations





|    |                                    
|--- | -----------------------------------
|(c) | Dex Medias Initial Public Offering





|   |                      
|-- | ---------------------
|2. | Basis of Presentation



|    |        
|--- | -------
|(a) | General



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|    |                  
|--- | -----------------
|(b) | Reclassifications





|   |                                           
|-- | ------------------------------------------
|3. | Summary of Significant Accounting Policies



|    |                            
|--- | ---------------------------
|(a) | Principles of Consolidation





|    |                 
|--- | ----------------
|(b) | Use of Estimates





|    |                    
|--- | -------------------
|(c) | Revenue Recognition





Accounting for
Advertising Barter Transactions.


6



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Revenue
Arrangements with Multiple Deliverables.




| |                        
| | -----------------------
| | (d)     Cost of Revenue







| |                                     
| | ------------------------------------
| | (e)     Stock-Based
    Compensation

Accounting for Stock Issued to
Employees, Accounting for Stock-Based
Compensation,


|                  |                                                                                                                                                                                |                    |   |        |      |  |   |      |  
|----------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------ | - | ------ | ---- |  | - | ---- | -
|                  |                                                                                                                                                                                | Three Months Ended |  
|                  |                                                                                                                                                                                | March 31,          |  
|                  |                                                                                                                                                                                |                    |  
|                  |                                                                                                                                                                                | 2005               |   |        | 2004 | 
|                  |                                                                                                                                                                                |                    |   |        |      | 
|Net Income (Loss) |                                                                                                                                                                                |                    |   |        |      |  |   |     
|                  | As reported                                                                                                                                                                    |                    | $ | 14,307 |      |  | $ | (599 | )
|                  | Add: Stock-based employee compensation expense included in
    reported net income (loss), net of related tax effects                                                          |                    |   | 155    |      |  |   | 12   |  
|                  | Deduct: Stock-based employee compensation expense determined
    under minimum value or fair value based method, as applicable,
    for all awards, net of related tax effects |                    |   | (250   | )    |  |   | (74  | )
|                  |                                                                                                                                                                                |                    |   |        |      | 
|                  | Pro forma                                                                                                                                                                      |                    | $ | 14,212 |      |  | $ | (661 | )
|                  |                                                                                                                                                                                |                    |   |        |      | 

7



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                 
| | --------------------------------
| | (f)     Income Tax
    Provision







| |                                     
| | ------------------------------------
| | (g)     New Accounting
    Standards





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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                               
|-- | ------------------------------
|4. | Goodwill and Intangible Assets





As of March 31, 2005


|                                  |        |          |         |           |              |   |          |          |   |   |         |           |  |  |            |     | 
|--------------------------------- | ------ | -------- | ------- | --------- | ------------ | - | -------- | -------- | - | - | ------- | --------- |  |  | ---------- | --- | 
|                                  |        | Gross    |         |           |              |   |          |          |  
|                                  |        | Carrying |         |           | Accumulated  |   |          | Net Book |   |   |        
|Intangible Assets                 |        | Value    |         |           | Amortization |   |          | Value    |   |   | Life    |          
|                                  |        |          |         |           |              |   |          |          |   |   |         |          
|Customer relationships  local    |        | $        | 890,000 |           |              | $ | (261,225 | )        |   | $ | 628,775 |           |  |  | 20  years  | (1)
|Customer relationships  national |        |          | 252,000 |           |              |   | (52,447  | )        |   |   | 199,553 |           |  |  | 25  years  | (1)
|Non-compete/publishing agreements |        |          | 359,000 |           |              |   | (14,308  | )        |   |   | 344,692 |           |  |  | 39 years   |    
|Dex Trademark                     |        |          | 385,000 |           |              |   |         |          |   |   | 385,000 |           |  |  | Indefinite |    
|Qwest Dex Trademark agreement     |        |          | 65,000  |           |              |   | (24,179  | )        |   |   | 40,821  |           |  |  | 4 years    |    
|Advertising agreement             |        |          | 26,000  |           |              |   | (2,861   | )        |   |   | 23,139  |           |  |  | 14 years   |    
|                                  |        |          |         |           |              |   |          |          |   |   |         |          
|                                  | Totals |          | $       | 1,977,000 |              |   | $        | (355,020 | ) |   | $       | 1,621,980 |  |  |            |     | 
|                                  |        |          |         |           |              |   |          |          |   |   |         |          

As of December 31, 2004


|                                  |        |          |         |           |              |   |          |          |   |   |         |           |  |  |            |     | 
|--------------------------------- | ------ | -------- | ------- | --------- | ------------ | - | -------- | -------- | - | - | ------- | --------- |  |  | ---------- | --- | 
|                                  |        | Gross    |         |           |              |   |          |          |  
|                                  |        | Carrying |         |           | Accumulated  |   |          | Net Book |   |   |        
|Intangible Assets                 |        | Value    |         |           | Amortization |   |          | Value    |   |   | Life    |          
|                                  |        |          |         |           |              |   |          |          |   |   |         |          
|Customer relationships  local    |        | $        | 890,000 |           |              | $ | (227,181 | )        |   | $ | 662,819 |           |  |  | 20  years  | (1)
|Customer relationships  national |        |          | 252,000 |           |              |   | (45,102  | )        |   |   | 206,898 |           |  |  | 25  years  | (1)
|Non-compete/publishing agreements |        |          | 359,000 |           |              |   | (12,019  | )        |   |   | 346,981 |           |  |  | 39 years   |    
|Dex Trademark                     |        |          | 385,000 |           |              |   |         |          |   |   | 385,000 |           |  |  | Indefinite |    
|Qwest Dex Trademark agreement     |        |          | 65,000  |           |              |   | (20,310  | )        |   |   | 44,690  |           |  |  | 4 years    |    
|Advertising agreement             |        |          | 26,000  |           |              |   | (2,403   | )        |   |   | 23,597  |           |  |  | 14 years   |    
|                                  |        |          |         |           |              |   |          |          |   |   |         |          
|                                  | Totals |          | $       | 1,977,000 |              |   | $        | (307,015 | ) |   | $       | 1,669,985 |  |  |            |     | 
|                                  |        |          |         |           |              |   |          |          |   |   |         |          






|    |                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------
|(1) | Amortization expense is calculated using a declining method in
    relation to estimated retention lives of acquired customers.

9



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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |               
|-- | --------------
|5. | Long-Term Debt



|                                        |                                                                                                                                                                                                                                |           |           |         |              |   |           |         | 
|--------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------- | --------- | ------- | ------------ | - | --------- | ------- | 
|                                        |                                                                                                                                                                                                                                | March 31, |           |         | December 31, |  
|                                        |                                                                                                                                                                                                                                | 2005      |           |         | 2004         |  
|                                        |                                                                                                                                                                                                                                |           |           |         |              |  
|Notes Payable to Banks:                 |                                                                                                                                                                                                                                |           |           |         |              |   |           |        
|                                        | Notes payable to banks, Tranche A term loan, bearing
    interest at adjusted London Interbank Offer Rates
    (LIBOR) plus the current applicable interest spread
    of 2.0% (weighted average of 4.91% at March 31, 2005) |           | $         | 474,458 |              |   | $         | 492,848 | 
|                                        | Notes payable to banks, Tranche B term loan, bearing
    interest at adjusted LIBOR plus the current applicable interest
    spread of 1.75% (weighted average of 4.66% at March 31,
    2005)                                 |           |           | 944,542 |              |   |           | 981,152 | 
|Unsecured Notes Payable:                |                                                                                                                                                                                                                                |           |           |         |              |   |           |        
|                                        | Unsecured senior notes payable, due August 2010, bearing
    interest at 8.5%                                                                                                                                                  |           |           | 385,000 |              |   |           | 385,000 | 
|                                        | Unsecured senior notes payable, due November 2011, bearing
    interest at 5.875%                                                                                                                                              |           |           | 300,000 |              |   |           | 300,000 | 
|                                        | Unsecured senior subordinated notes payable, due August 2013,
    bearing interest at 9.875%                                                                                                                                   |           |           | 761,800 |              |   |           | 761,800 | 
|                                        |                                                                                                                                                                                                                                |           |           |         |              |  
|                                        |                                                                                                                                                                                                                                |           | 2,865,800 |         |              |   | 2,920,800 |        
|Less: current portion of long-term debt |                                                                                                                                                                                                                                |           | (110,859  | )       |              |   | (84,302   | )      
|                                        |                                                                                                                                                                                                                                |           |           |         |              |  
|                                        |                                                                                                                                                                                                                                | $         | 2,754,941 |         |              | $ | 2,836,498 |        
|                                        |                                                                                                                                                                                                                                |           |           |         |              |  

7 8




|   |                                              
|-- | ---------------------------------------------
|6. | Derivative Instruments and Hedging Activities



7 8


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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                   
|-- | ------------------
|7. | Stock-Based Awards







8.     Pension and Other
Post-Retirement Benefits




| |                                
| | -------------------------------
| | (a)     General
    description





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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                                                    
| | ---------------------------------------------------
| | (b)     Components of net
    periodic benefit cost



|                                    |  |                              |        |       |            |   |     |         |       |   |            |   |  |   |     |  
|----------------------------------- |  | ---------------------------- | ------ | ----- | ---------- | - | --- | ------- | ----- | - | ---------- | - |  | - | --- | -
|                                    |  | Three Months Ended March 31, |       
|                                    |  |                              |       
|                                    |  | 2005                         |        |       | 2004       |  
|                                    |  |                              |        |       |            |  
|                                    |  |                              |        | Post- |            |   |     |         | Post- |  
|                                    |  | Pension                      |        |       | Retirement |   |     | Pension |       |   | Retirement |  
|                                    |  | Benefit                      |        |       | Benefits   |   |     | Benefit |       |   | Benefits   |  
|                                    |  |                              |        |       |            |   |     |         |       |   |            |  
|Service cost                        |  | $                            | 1,556  |       |            | $ | 371 |         |       | $ | 1,471      |   |  | $ | 343 |  
|Interest cost                       |  |                              | 1,713  |       |            |   | 471 |         |       |   | 1,713      |   |  |   | 414 |  
|Expected return on plan assets      |  |                              | (2,127 | )     |            |   |    |         |       |   | (2,184     | ) |  |   |    |  
|Amortization of prior service costs |  |                              |       |       |            |   | (57 | )       |       |   |           |   |  |   | (57 | )
|                                    |  |                              |        |       |            |   |     |         |       |   |            |  
|Total net periodic benefit cost     |  | $                            | 1,142  |       |            | $ | 785 |         |       | $ | 1,000      |   |  | $ | 700 |  
|                                    |  |                              |        |       |            |   |     |         |       |   |            |  



9.     Commitments and
Contingencies






|    |                           
|--- | --------------------------
|10. | Related Party Transactions





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DEX MEDIA WEST LLC


AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF DEX MEDIA, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






13



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##### Table of Contents






Item 2.     Managements
Narrative Analysis of Results of Operations




Executive Overview




| |            
| | -----------
| | Our Company





tm








| |           
| | ----------
| | Background





14



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##### Table of Contents







Results of Operations




| |         
| | --------
| | Overview





| |        
| | -------
| | Revenue





Accounting for Advertising Barter
Transactions.


15



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##### Table of Contents





Revenue Arrangements with
Multiple Deliverables.




| |                
| | ---------------
| | Cost of Revenue







| |                                   
| | ----------------------------------
| | General and Administrative Expense





| |                     
| | --------------------
| | Income Tax Provision





| |                                              
| | ---------------------------------------------
| | Items Affecting Comparability Between Periods



16



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##### Table of Contents









| |                                                                                            
| | -------------------------------------------------------------------------------------------
| | The Three Months Ended March 31, 2005 Compared to the
    Three Months Ended March 31, 2004



|                                                               |                                                               |                        |        |         |         |   |        |         |         | 
|-------------------------------------------------------------- | ------------------------------------------------------------- | ---------------------- | ------ | ------- | ------- | - | ------ | ------- | ------- | 
|                                                               |                                                               | Three Months Ended     |       
|                                                               |                                                               | March 31,              |       
|                                                               |                                                               |                        |       
|                                                               |                                                               | 2005                   |        |         | 2004    |  
|                                                               |                                                               |                        |        |         |         |  
|                                                               |                                                               | (Dollars in thousands) |       
|Revenue:                                                       |                                                               |                        |        |         |         |   |        |        
|                                                               | Local directory services                                      |                        | $      | 191,671 |         |   | $      | 188,593 |        
|                                                               | National directory services                                   |                        |        | 32,311  |         |   |        | 11,738  |        
|                                                               | Qwest advertising                                             |                        |        | 1,894   |         |   |        | 2,098   |        
|                                                               | Other revenue                                                 |                        |        | 4,589   |         |   |        | 4,959   |        
|                                                               |                                                               |                        |        |         |         |  
|                                                               |                                                               | Total revenue          |        |         | 230,465 |   |        |         | 207,388 | 
|Cost of revenue                                                |                                                               |                        | 69,744 |         |         |   | 62,822 |        
|                                                               |                                                               |                        |        |         |         |  
|                                                               | Gross profit, excluding depreciation and amortization expense |                        | $      | 160,721 |         |   | $      | 144,566 |        
|                                                               | Gross margin                                                  |                        |        | 69.7%   |         |   |        | 69.7%   |        
|General and administrative expense, including bad debt expense |                                                               | $                      | 28,665 |         |         | $ | 28,858 |        



| |        
| | -------
| | Revenue





17



---



##### Table of Contents













| |                
| | ---------------
| | Cost of revenue











18



---



##### Table of Contents









| |             
| | ------------
| | Gross profit





| |                                   
| | ----------------------------------
| | General and administrative expense













19



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##### Table of Contents





| |                            
| | ---------------------------
| | Amortization of intangibles





| |                 
| | ----------------
| | Interest expense





| |             
| | ------------
| | Income taxes



Material Trends, Known Facts and Uncertainties




| |                           
| | --------------------------
| | Directory Services Revenue







| |                  
| | -----------------
| | Segmented Pricing





| |            
| | -----------
| | Competition



20



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##### Table of Contents







| |         
| | --------
| | Internet

tm




| |             
| | ------------
| | Paper Prices





| |                         
| | ------------------------
| | New Accounting Standards





Cautionary Note Regarding Forward-Looking Statements




21



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##### Table of Contents












Item 3.     Quantitative and
Qualitative Disclosures About Market Risk







Item 4.     Controls and
Procedures








22



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##### Table of Contents






PART II.


OTHER INFORMATION





Item 1.     Legal
Proceedings









Item 2.     Unregistered
Sales of Equity Securities and Use of Proceeds







Item 3.     Defaults Upon
Senior Securities







Item 4.     Submission of
Matters to a Vote of Security Holders







Item 5.     Other
Information







Item 6.     Exhibits


|              |  |                                                                                                                                                                                                                                                                                                                                                              
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 10.1  |  | Senior Executive Incentive Bonus Plan of Dex Media, Inc.
    (incorporated by reference to Dex Media, Inc.s Current
    Report on Form 8-K dated February 17, 2005).                                                                                                                                                                                        
|Exhibit 10.2  |  | Form of Restricted Stock Agreement pursuant to the 2004
    Incentive Award Plan of Dex Media, Inc. (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated March 3, 2005).                                                                                                                                                 
|Exhibit 10.3* |  | Master Agreement for Printing Services dated as of
    March 31, 2005, by and between Dex Media, Inc., on behalf
    of itself and its subsidiaries Dex Media East LLC and Dex Media
    West LLC, and Quebecor World (USA) Inc. (incorporated by
    reference to Dex Media, Inc.s Quarterly Report on form
    10-Q for the quarter ended March 31, 2005).
|Exhibit 31.1  |  | Certification of Chief Executive Officer of Dex Media West LLC
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                                                                                                                                                
|Exhibit 31.2  |  | Certification of Chief Financial Officer of Dex Media West LLC
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                                                                                                                                                






|  |                                                                                                 
|- | ------------------------------------------------------------------------------------------------
|* | Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment.

23



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##### Table of Contents






SIGNATURE






| |                   
| | ------------------
| | Dex Media West LLC



| |     |                                  
| | --- | ---------------------------------
| | By: | /s/ Robert M. Neumeister,
    Jr.

| |                             
| | ----------------------------
| |                             
| | Robert M. Neumeister, Jr.   
| | Executive Vice President and
| | Chief Financial Officer     



24



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##### Table of Contents



EXHIBIT INDEX


|              |  |                                                                                                                                                                                                                                                                                                                                                              
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits      |  | Description                                                                                                                                                                                                                                                                                                                                                  
|              |  |                                                                                                                                                                                                                                                                                                                                                              
|Exhibit 10.1  |  | Senior Executive Incentive Bonus Plan of Dex Media, Inc.
    (incorporated by reference to Dex Media, Inc.s Current
    Report on Form 8-K dated February 17, 2005).                                                                                                                                                                                        
|Exhibit 10.2  |  | Form of Restricted Stock Agreement pursuant to the 2004
    Incentive Award Plan of Dex Media, Inc. (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated March 3, 2005).                                                                                                                                                 
|Exhibit 10.3* |  | Master Agreement for Printing Services dated as of
    March 31, 2005, by and between Dex Media, Inc., on behalf
    of itself and its subsidiaries Dex Media East LLC and Dex Media
    West LLC, and Quebecor World (USA) Inc. (incorporated by
    reference to Dex Media, Inc.s Quarterly Report on form
    10-Q for the quarter ended March 31, 2005).
|Exhibit 31.1  |  | Certification of Chief Executive Officer of Dex Media West LLC
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                                                                                                                                                
|Exhibit 31.2  |  | Certification of Chief Financial Officer of Dex Media West LLC
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                                                                                                                                                






|  |                                                                                                 
|- | ------------------------------------------------------------------------------------------------
|* | Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment.