##### 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 June 30, 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


|                                             |  |                                                                                                                                |    |      |    | 
|-------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------ | -- | ---- | -- | 
|                                             |  |                                                                                                                                |    | Page |   
|                                             |  |                                                                                                                                |    | No.  |   
|                                             |  |                                                                                                                                |    |      |   
|PART I: FINANCIAL INFORMATION                |  |                                                                                                                                | 2  |     
|Item 1.                                      |  | Financial Statements                                                                                                           |    |      | 2  | 
|                                             |  | Condensed Consolidated Balance Sheets
    (unaudited)  June 30, 2005 and December 31,
    2004                                |    |      | 2  | 
|                                             |  | Condensed Consolidated Statements of
    Operations (unaudited)  Three months and six months
    ended June 30, 2005 and 2004 |    |      | 3  | 
|                                             |  | Condensed Consolidated Statements of Cash
    Flows (unaudited)  Six months ended June 30,
    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                                    |  |                                                                                                                                | 25 |     
|Fourth Amendment to the Credit Agreement    
|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



---



##### 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        | 
|                                                                |                                        | June 30,                             |           |         | December 31, | 
|                                                                |                                        | 2005                                 |           |         | 2004         | 
|                                                                |                                        |                                      |           |         |              | 
|ASSETS                                                         
|Current assets                                                  |                                        |                                      |           |         |              |  |           |        
|                                                                | Cash and cash equivalents              |                                      | $         |        |              |  | $         | 8,933   |          
|                                                                | Accounts receivable, net               |                                      |           | 65,890  |              |  |           | 48,109  |          
|                                                                | Deferred directory costs               |                                      |           | 165,520 |              |  |           | 155,819 |          
|                                                                | Current deferred income taxes          |                                      |           | 26,897  |              |  |           | 5,265   |          
|                                                                | Other current assets                   |                                      |           | 9,092   |              |  |           | 7,259   |          
|                                                                |                                        |                                      |           |         |              | 
|                                                                |                                        | Total current assets                 |           |         | 267,399      |  |           |         | 225,385   | 
|Property, plant and equipment, net                              |                                        |                                      | 50,948    |         |              |  | 50,721    |        
|Goodwill                                                        |                                        |                                      | 2,190,715 |         |              |  | 2,190,715 |        
|Intangible assets, net                                          |                                        |                                      | 1,573,975 |         |              |  | 1,669,985 |        
|Deferred income taxes                                           |                                        |                                      |          |         |              |  | 10,438    |        
|Deferred financing costs                                        |                                        |                                      | 67,342    |         |              |  | 75,962    |        
|Other assets                                                    |                                        |                                      | 1,426     |         |              |  | 1,636     |        
|                                                                |                                        |                                      |           |         |              | 
|                                                                |                                        | Total Assets                         |           | $       | 4,151,805    |  |           | $       | 4,224,842 | 
|                                                                |                                        |                                      |           |         |              | 
|                                                               
|LIABILITIES AND OWNERS EQUITY                                 
|Current liabilities:                                            |                                        |                                      |           |         |              |  |           |        
|                                                                | Accounts payable                       |                                      | $         | 13,335  |              |  | $         | 9,398   |          
|                                                                | Employee compensation                  |                                      |           | 1,897   |              |  |           |        |          
|                                                                | Amounts due to affiliate               |                                      |           | 20,249  |              |  |           | 30,022  |          
|                                                                | Deferred revenue and customer deposits |                                      |           | 118,458 |              |  |           | 111,068 |          
|                                                                | Accrued interest payable               |                                      |           | 46,500  |              |  |           | 43,739  |          
|                                                                | Current portion of long-term debt      |                                      |           | 146,597 |              |  |           | 84,302  |          
|                                                                | Other accrued liabilities              |                                      |           | 6,116   |              |  |           | 8,295   |          
|                                                                |                                        |                                      |           |         |              | 
|                                                                |                                        | Total current liabilities            |           |         | 353,152      |  |           |         | 286,824   | 
|Long-term debt                                                  |                                        |                                      | 2,652,477 |         |              |  | 2,836,498 |        
|Post-retirement obligations                                     |                                        |                                      | 8,713     |         |              |  |          |        
|Amounts due to affiliate related to post-retirement obligations |                                        |                                      | 36,714    |         |              |  | 42,252    |        
|Deferred income taxes                                           |                                        |                                      | 33,689    |         |              |  |          |        
|Other liabilities                                               |                                        |                                      | 40        |         |              |  | 135       |        
|                                                                |                                        |                                      |           |         |              | 
|                                                                |                                        | Total Liabilities                    |           |         | 3,084,785    |  |           |         | 3,165,709 | 
|                                                                |                                        |                                      |           |         |              | 
|Commitments and contingencies (Note 9)                          |                                        |                                      |           |         |              |  |           |        
|Owners interest                                                |                                        |                                      | 1,067,020 |         |              |  | 1,084,327 |        
|Accumulated deficit                                             |                                        |                                      |          |         |              |  | (25,194   | )      
|                                                                |                                        |                                      |           |         |              | 
|                                                                |                                        | Total Owners Equity                 |           |         | 1,067,020    |  |           |         | 1,059,133 | 
|                                                                |                                        |                                      |           |         |              | 
|                                                                |                                        | Total Liabilities and Owners Equity |           | $       | 4,151,805    |  |           | $       | 4,224,842 | 
|                                                                |                                        |                                      |           |         |              | 



2



---



##### Table of Contents



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         |         |        | Six Months Ended |  
|                        |                                       | June 30,                   |         |        | June 30,         |  
|                        |                                       |                            |         |        |                  |  
|                        |                                       | 2005                       |         |        | 2004             |   |         | 2005   |         |   | 2004    |        
|                        |                                       |                            |         |        |                  |   |         |        |         |   |         |        
|Revenue                 |                                       | $                          | 235,347 |        |                  | $ | 216,895 |        |         | $ | 465,812 |         |         | $ | 424,283 |        
|Operating expenses:     |                                       |                            |         |        |                  |   |         |        |         |   |         |         |         |   |         |        
|                        | Cost of revenue                       |                            |         | 70,785 |                  |   |         | 66,913 |         |   |         | 140,529 |         |   |         | 129,735 |        
|                        | General and administrative expense    |                            |         | 26,071 |                  |   |         | 23,708 |         |   |         | 49,669  |         |   |         | 46,458  |        
|                        | Bad debt expense                      |                            |         | 5,889  |                  |   |         | 5,719  |         |   |         | 10,956  |         |   |         | 11,827  |        
|                        | Depreciation and amortization expense |                            |         | 4,440  |                  |   |         | 4,245  |         |   |         | 8,463   |         |   |         | 8,084   |        
|                        | Amortization of intangibles           |                            |         | 48,005 |                  |   |         | 57,829 |         |   |         | 96,010  |         |   |         | 115,658 |        
|                        |                                       |                            |         |        |                  |   |         |        |         |   |         |        
|                        |                                       | Total operating expenses   |         |        | 155,190          |   |         |        | 158,414 |   |         |         | 305,627 |   |         |         | 311,762 | 
|                        |                                       |                            |         |        |                  |   |         |        |         |   |         |        
|                        |                                       | Operating income           |         |        | 80,157           |   |         |        | 58,481  |   |         |         | 160,185 |   |         |         | 112,521 | 
|Other (income) expense: |                                       |                            |         |        |                  |   |         |        |         |   |         |         |         |   |         |        
|                        | Interest income                       |                            |         | (538   | )                |   |         | (185   | )       |   |         | (705    | )       |   |         | (328    | )      
|                        | Interest expense                      |                            |         | 47,715 |                  |   |         | 52,723 |         |   |         | 104,404 |         |   |         | 107,899 |        
|                        | Other income, net                     |                            |         | (1,122 | )                |   |         |       |         |   |         | (1,090  | )       |   |         |        |        
|                        |                                       |                            |         |        |                  |   |         |        |         |   |         |        
|                        |                                       | Income before income taxes |         |        | 34,102           |   |         |        | 5,943   |   |         |         | 57,576  |   |         |         | 4,950   | 
|Income tax provision    |                                       |                            | 13,331  |        |                  |   | 2,358   |        |         |   | 22,497  |         |         |   | 1,964   |        
|                        |                                       |                            |         |        |                  |   |         |        |         |   |         |        
|                        |                                       | Net income                 |         | $      | 20,771           |   |         | $      | 3,585   |   |         | $       | 35,079  |   |         | $       | 2,986   | 
|                        |                                       |                            |         |        |                  |   |         |        |         |   |         |        



3



---



##### Table of Contents



DEX MEDIA WEST LLC


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





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(Dollars in thousands)


(Unaudited)


|                                    |                                                       |                                                              |                                       |          |         |          |         |          |         |          |  
|----------------------------------- | ----------------------------------------------------- | ------------------------------------------------------------ | ------------------------------------- | -------- | ------- | -------- | ------- | -------- | ------- | -------- | -
|                                    |                                                       | Six Months Ended                                             |                                      
|                                    |                                                       | June 30,                                                     |                                      
|                                    |                                                       |                                                              |                                      
|                                    |                                                       | 2005                                                         |                                       |          | 2004    |         
|                                    |                                                       |                                                              |                                       |          |         |         
|Operating activities:               |                                                       |                                                              |                                       |          |         |          |         |         
|                                    | Net income                                            |                                                              | $                                     | 35,079   |         |          | $       | 2,986    |        
|                                    | Adjustments to net income:                            |                                                              |                                       |          |         |          |         |          |        
|                                    |                                                       | Bad debt expense                                             |                                       |          | 10,956  |          |         |          | 11,827  |         
|                                    |                                                       | Depreciation and amortization expense                        |                                       |          | 8,463   |          |         |          | 8,084   |         
|                                    |                                                       | Amortization of intangibles                                  |                                       |          | 96,010  |          |         |          | 115,658 |         
|                                    |                                                       | Amortization of deferred financing costs                     |                                       |          | 10,750  |          |         |          | 13,108  |         
|                                    |                                                       | Stock-based compensation expense                             |                                       |          | 514     |          |         |          | 177     |         
|                                    |                                                       | Loss on disposition of assets                                |                                       |          | 28      |          |         |          | 9       |         
|                                    |                                                       | Deferred tax provision                                       |                                       |          | 22,497  |          |         |          | 1,964   |         
|                                    | Changes in operating assets and liabilities:          |                                                              |                                       |          |         |          |         |          |        
|                                    |                                                       | Accounts receivable                                          |                                       |          | (28,737 | )        |         |          | (18,852 | )       
|                                    |                                                       | Deferred directory costs                                     |                                       |          | (9,701  | )        |         |          | (20,698 | )       
|                                    |                                                       | Other current assets                                         |                                       |          | (1,833  | )        |         |          | 2,554   |         
|                                    |                                                       | Other long term assets                                       |                                       |          | 210     |          |         |          |        |         
|                                    |                                                       | Accounts payable and other liabilities                       |                                       |          | 1,685   |          |         |          | (954    | )       
|                                    |                                                       | Accrued interest                                             |                                       |          | 2,761   |          |         |          | (6,012  | )       
|                                    |                                                       | Deferred revenue and customer deposits                       |                                       |          | 7,390   |          |         |          | 48,158  |         
|                                    |                                                       | Amounts due to affiliates                                    |                                       |          | (7,805  | )        |         |          | (26,676 | )       
|                                    |                                                       | Employee benefit plan obligations                            |                                       |          | 577     |          |         |          |        |         
|                                    |                                                       | Other long-term liabilities                                  |                                       |          | (95     | )        |         |          | (383    | )       
|                                    |                                                       | Amounts due to affiliate related to post-retirement benefits |                                       |          | 2,598   |          |         |          | 3,242   |         
|                                    |                                                       |                                                              |                                       |          |         |         
|                                    |                                                       |                                                              | Cash provided by operating activities |          |         | 151,347  |         |          |         | 134,192  |  
|                                    |                                                       |                                                              |                                       |          |         |         
|Investing activities:               |                                                       |                                                              |                                       |          |         |          |         |         
|                                    | Expenditures for property, plant and equipment        |                                                              |                                       | (1,672   | )       |          |         | (3,795   | )      
|                                    | Capitalized software development costs                |                                                              |                                       | (7,046   | )       |          |         | (17,156  | )      
|                                    | Acquisition of Dex West                               |                                                              |                                       |         |         |          |         | 5,251    |        
|                                    |                                                       |                                                              |                                       |          |         |         
|                                    |                                                       |                                                              | Cash used for investing activities    |          |         | (8,718   | )       |          |         | (15,700  | )
|                                    |                                                       |                                                              |                                       |          |         |         
|Financing activities:               |                                                       |                                                              |                                       |          |         |          |         |         
|                                    | Proceeds from borrowings on revolving credit facility |                                                              |                                       | 79,500   |         |          |         | 23,000   |        
|                                    | Repayments of borrowings on revolving credit facility |                                                              |                                       | (36,000  | )       |          |         | (23,000  | )      
|                                    | Payments on long-term debt                            |                                                              |                                       | (165,226 | )       |          |         | (108,000 | )      
|                                    | Payment of financing costs                            |                                                              |                                       | (2,130   | )       |          |         | (1,659   | )      
|                                    | Distribution to owner                                 |                                                              |                                       | (27,706  | )       |          |         | (11,689  | )      
|                                    |                                                       |                                                              |                                       |          |         |         
|                                    |                                                       |                                                              | Cash used for financing activities    |          |         | (151,562 | )       |          |         | (121,348 | )
|                                    |                                                       |                                                              |                                       |          |         |         
|Cash and cash equivalents:          |                                                       |                                                              |                                       |          |         |          |         |         
|                                    | Decrease                                              |                                                              |                                       | (8,933   | )       |          |         | (2,856   | )      
|                                    | Beginning balance                                     |                                                              |                                       | 8,933    |         |          |         | 4,658    |        
|                                    |                                                       |                                                              |                                       |          |         |         
|                                    |                                                       |                                                              | Ending balance                        |          | $       |         |         |          | $       | 1,802    |  
|                                    |                                                       |                                                              |                                       |          |         |         
|Supplemental cash flow disclosures: |                                                       |                                                              |                                       |          |         |          |         |         
|Interest paid                       |                                                       | $                                                            | 94,185                                |          |         | $        | 100,857 |         



4



---



##### Table of Contents






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



5



---



##### Table of Contents



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







6



---



##### Table of Contents



DEX MEDIA WEST LLC


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


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting for Advertising Barter
Transactions.


Revenue
Arrangements with Multiple Deliverables.




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







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

Accounting for Stock Issued to
Employees,


7



---



##### Table of Contents



DEX MEDIA WEST LLC


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


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting
for Stock-Based Compensation,


|           |                                                                                                                                                                                |                    |   |        |                  |  |   |       |   |  |      |        |   |  |   |       |  
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------ | - | ------ | ---------------- |  | - | ----- | - |  | ---- | ------ | - |  | - | ----- | -
|           |                                                                                                                                                                                | Three Months Ended |   |        | Six Months Ended | 
|           |                                                                                                                                                                                | June 30,           |   |        | June 30,         | 
|           |                                                                                                                                                                                |                    |   |        |                  | 
|           |                                                                                                                                                                                | 2005               |   |        | 2004             |  |   | 2005  |   |  | 2004 |       
|           |                                                                                                                                                                                |                    |   |        |                  |  |   |       |   |  |      |       
|Net Income |                                                                                                                                                                                |                    |   |        |                  |  |   |       |   |  |      |        |   |  |   |      
|           | As reported                                                                                                                                                                    |                    | $ | 20,771 |                  |  | $ | 3,585 |   |  | $    | 35,079 |   |  | $ | 2,986 |  
|           | Add: Stock-based employee compensation expense included in
    reported net income, net of related tax effects                                                                 |                    |   | 160    |                  |  |   | 95    |   |  |      | 314    |   |  |   | 107   |  
|           | 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 |                    |   | (246   | )                |  |   | (164  | ) |  |      | (496   | ) |  |   | (238  | )
|           |                                                                                                                                                                                |                    |   |        |                  |  |   |       |   |  |      |       
|           | Pro forma                                                                                                                                                                      |                    | $ | 20,685 |                  |  | $ | 3,516 |   |  | $    | 34,897 |   |  | $ | 2,855 |  
|           |                                                                                                                                                                                |                    |   |        |                  |  |   |       |   |  |      |       



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







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

Share-based Payment. Share-based Payment


8



---



##### Table of Contents



DEX MEDIA WEST LLC


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


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






Accounting Changes and Error Corrections  a
replacement of APB Opinion No. 20 and FASB Statement
No. 3.




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





|                                  |        |                     |         |           |              |   |          |          |   |   |         |           |  |  |            |     | 
|--------------------------------- | ------ | ------------------- | ------- | --------- | ------------ | - | -------- | -------- | - | - | ------- | --------- |  |  | ---------- | --- | 
|                                  |        | As of June 30, 2005 |        
|                                  |        |                     |        
|                                  |        | Gross               |         |           |             
|                                  |        | Carrying            |         |           | Accumulated  |   |          | Net Book |   |   |        
|Intangible Assets                 |        | Value               |         |           | Amortization |   |          | Value    |   |   | Life    |          
|                                  |        |                     |         |           |              |   |          |          |   |   |         |          
|Customer relationships  local    |        | $                   | 890,000 |           |              | $ | (295,269 | )        |   | $ | 594,731 |           |  |  | 20  years  | (1)
|Customer relationships  national |        |                     | 252,000 |           |              |   | (59,792  | )        |   |   | 192,208 |           |  |  | 25  years  | (1)
|Non-compete/publishing agreements |        |                     | 359,000 |           |              |   | (16,598  | )        |   |   | 342,402 |           |  |  | 39 years   |    
|Dex Trademark                     |        |                     | 385,000 |           |              |   |         |          |   |   | 385,000 |           |  |  | Indefinite |    
|Qwest Dex Trademark agreement     |        |                     | 65,000  |           |              |   | (28,048  | )        |   |   | 36,952  |           |  |  | 4 years    |    
|Advertising agreement             |        |                     | 26,000  |           |              |   | (3,318   | )        |   |   | 22,682  |           |  |  | 14 years   |    
|                                  |        |                     |         |           |              |   |          |          |   |   |         |          
|                                  | Totals |                     | $       | 1,977,000 |              |   | $        | (403,025 | ) |   | $       | 1,573,975 |  |  |            |     | 
|                                  |        |                     |         |           |              |   |          |          |   |   |         |          

|                                  |        |                         |         |           |              |   |          |          |   |   |         |           |  |  |            |     | 
|--------------------------------- | ------ | ----------------------- | ------- | --------- | ------------ | - | -------- | -------- | - | - | ------- | --------- |  |  | ---------- | --- | 
|                                  |        | 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



---



##### Table of Contents



DEX MEDIA WEST LLC


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


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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



|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          |           |         |              |   |           |         | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------- | --------- | ------- | ------------ | - | --------- | ------- | 
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                | June 30, |           |         | December 31, |  
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                | 2005     |           |         | 2004         |  
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          |           |         |              |  
|Notes Payable to Banks: (equal right of payment)                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          |           |         |              |   |           |        
|                                                                                                                                                                                                                                                                            | Notes payable to banks, Tranche A term loan, bearing
    interest at adjusted London Interbank Offer Rates
    (LIBOR) plus the current applicable interest spread
    of 1.25% (weighted average of 4.57% at June 30, 2005) |          | $         | 391,841 |              |   | $         | 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 4.93% at June 30, 2005)                                      |          |           | 916,933 |              |   |           | 981,152 | 
|Revolving loan bearing interest at Alternative Base Rate
    (ABR) plus the current applicable interest spread of
    0.25% and at adjusted LIBOR plus the current applicable interest
    spread of 1.25% (weighted average interest rate of 4.75% at
    June 30, 2005) |                                                                                                                                                                                                                                |          | 43,500    |         |              |   |          |        
|Unsecured Notes Payable: (in descending order of right
    of payment; senior notes equal right of payment)                                                                                                                                                                 |                                                                                                                                                                                                                                |          |           |         |              |   |           |        
|                                                                                                                                                                                                                                                                            | 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 | 
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          |           |         |              |  
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          | 2,799,074 |         |              |   | 2,920,800 |        
|Less: current portion of long-term debt                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                |          | (146,597  | )       |              |   | (84,302   | )      
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          |           |         |              |  
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                | $        | 2,652,477 |         |              | $ | 2,836,498 |        
|                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                |          |           |         |              |  

7 8




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



7 8


10



---



##### Table of Contents



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





11



---



##### Table of Contents



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 June 30, |       
|                                    |  |                             |       
|                                    |  | 2005                        |        |   | 2004            |  
|                                    |  |                             |        |   |                 |  
|                                    |  | Pension                     |        |   | Post-Retirement |   |     | Pension |  |   | Post-Retirement |  
|                                    |  | Benefit                     |        |   | Benefits        |   |     | Benefit |  |   | Benefits        |  
|                                    |  |                             |        |   |                 |   |     |         |  |   |                 |  
|Service cost                        |  | $                           | 1,281  |   |                 | $ | 285 |         |  | $ | 1,471           |   |  | $ | 343 |  
|Interest cost                       |  |                             | 1,722  |   |                 |   | 562 |         |  |   | 1,713           |   |  |   | 414 |  
|Expected return on plan assets      |  |                             | (2,195 | ) |                 |   |    |         |  |   | (2,184          | ) |  |   |    |  
|Amortization of prior service costs |  |                             | (54    | ) |                 |   | (51 | )       |  |   |                |   |  |   | (57 | )
|Amortization of net (gain) loss     |  |                             |       |   |                 |   | 18  |         |  |   |                |   |  |   |    |  
|                                    |  |                             |        |   |                 |   |     |         |  |   |                 |  
|Total net periodic benefit cost     |  | $                           | 754    |   |                 | $ | 814 |         |  | $ | 1,000           |   |  | $ | 700 |  
|                                    |  |                             |        |   |                 |   |     |         |  |   |                 |  

|                                    |  |                           |        |   |                 |   |       |         |  |   |                 |   |  |   |       |  
|----------------------------------- |  | ------------------------- | ------ | - | --------------- | - | ----- | ------- |  | - | --------------- | - |  | - | ----- | -
|                                    |  | Six Months Ended June 30, |       
|                                    |  |                           |       
|                                    |  | 2005                      |        |   | 2004            |  
|                                    |  |                           |        |   |                 |  
|                                    |  | Pension                   |        |   | Post-Retirement |   |       | Pension |  |   | Post-Retirement |  
|                                    |  | Benefit                   |        |   | Benefits        |   |       | Benefit |  |   | Benefits        |  
|                                    |  |                           |        |   |                 |   |       |         |  |   |                 |  
|Service cost                        |  | $                         | 2,837  |   |                 | $ | 656   |         |  | $ | 2,942           |   |  | $ | 686   |  
|Interest cost                       |  |                           | 3,435  |   |                 |   | 1,033 |         |  |   | 3,426           |   |  |   | 828   |  
|Expected return on plan assets      |  |                           | (4,322 | ) |                 |   |      |         |  |   | (4,368          | ) |  |   |      |  
|Amortization of prior service costs |  |                           | (54    | ) |                 |   | (108  | )       |  |   |                |   |  |   | (114  | )
|Amortization of net (gain) loss     |  |                           |       |   |                 |   | 18    |         |  |   |                |   |  |   |      |  
|                                    |  |                           |        |   |                 |   |       |         |  |   |                 |  
|Total net periodic benefit cost     |  | $                         | 1,896  |   |                 | $ | 1,599 |         |  | $ | 2,000           |   |  | $ | 1,400 |  
|                                    |  |                           |        |   |                 |   |       |         |  |   |                 |  



Employers Accounting for Settlements and
Curtailments of Defined Benefit Pension Plans and for
Termination Benefits.




12



---



##### Table of Contents



DEX MEDIA WEST LLC


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


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting for Disclosure Requirements Related to the
Medicare Prescription Drug, Improvement and Modernization Act of
2003,




|   |                              
|-- | -----------------------------
|9. | Commitments and Contingencies





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







13



---



##### Table of Contents








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



Executive Overview




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





tm








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





14



---



##### Table of Contents





Results of Operations




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





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







15



---



##### Table of Contents







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







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





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



Items Affecting Comparability Between Periods






16



---



##### Table of Contents







| |                                                                                      
| | -------------------------------------------------------------------------------------
| | The Six Months Ended June 30, 2005 Compared to the
    Six Months Ended June 30, 2004



|                                                               |                                                               |                        |         |         |         |   |         |         |         | 
|-------------------------------------------------------------- | ------------------------------------------------------------- | ---------------------- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                                               |                                                               | Six Months Ended       |        
|                                                               |                                                               | June 30,               |        
|                                                               |                                                               |                        |        
|                                                               |                                                               | 2005                   |         |         | 2004    |  
|                                                               |                                                               |                        |         |         |         |  
|                                                               |                                                               | (Dollars in thousands) |        
|Revenue:                                                       |                                                               |                        |         |         |         |   |         |        
|                                                               | Local directory services                                      |                        | $       | 386,125 |         |   | $       | 378,757 |        
|                                                               | National directory services                                   |                        |         | 64,693  |         |   |         | 31,416  |        
|                                                               | Qwest advertising                                             |                        |         | 3,848   |         |   |         | 4,304   |        
|                                                               | Other revenue                                                 |                        |         | 11,146  |         |   |         | 9,806   |        
|                                                               |                                                               |                        |         |         |         |  
|                                                               |                                                               | Total revenue          |         |         | 465,812 |   |         |         | 424,283 | 
|Cost of revenue                                                |                                                               |                        | 140,529 |         |         |   | 129,734 |        
|                                                               |                                                               |                        |         |         |         |  
|                                                               | Gross profit, excluding depreciation and amortization expense |                        | $       | 325,283 |         |   | $       | 294,549 |        
|                                                               | Gross margin                                                  |                        |         | 69.8    | %       |   |         | 69.4    | %      
|General and administrative expense, including bad debt expense |                                                               | $                      | 60,625  |         |         | $ | 58,285  |        



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







17



---



##### Table of Contents











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















18



---



##### Table of Contents





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





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















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





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



19



---



##### Table of Contents





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



Material Trends, Known Facts and Uncertainties




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







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





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







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

tm


20



---



##### Table of Contents







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





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







Cautionary Note Regarding Forward-Looking Statements




21



---



##### Table of Contents
















|        |                                                               
|------- | --------------------------------------------------------------
|Item 3. | Quantitative and Qualitative Disclosures About Market
    Risk








|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures







22



---



##### 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

|         |               |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-------- | ------------- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |               | Description
|         |               |            
|         | Exhibit  10.1 |             |  | Dex Media, Inc. Deferred Compensation Plan (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        
|         | Exhibit  10.2 |             |  | Dex Media, Inc. Corporate Aircraft Policy (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        
|         | Exhibit  10.3 |             |  | Dex Media, Inc. Financial Planning Benefit (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        
|         | Exhibit  10.4 |             |  | Dex Media, Inc. 2005 Bonus Plan Targets (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        
|         | Exhibit  10.5 |             |  | Fourth Amendment, dated as of June 16, 2005, to the Credit
    Agreement, dated as of September 9, 2003, as amended and
    restated as of July 27, 2004, by and among
    Dex Media, Inc., Dex Media West, Inc., Dex Media West
    LLC, JPMorgan Chase Bank, N.A. as administrative agent,
    J.P. Morgan Securities Inc. and Banc of America
    Securities LLC, as joint bookrunners and co-lead arrangers,
    and Bank of America, N.A., Wachovia Bank, National Association,
    Lehman Commercial Paper Inc. and Deutsche Bank Trust Company
    Americas, as co-syndication agents.

23



---



##### Table of Contents



|         |               |             |  |                                                                                                                              
|-------- | ------------- | ----------- |  | -----------------------------------------------------------------------------------------------------------------------------
|Exhibits |               | Description
|         |               |            
|        
|         | 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.

24



---



##### 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     
| | (Principal Financial Officer and Duly Authorized Officer)



25



---



##### Table of Contents






EXHIBIT INDEX


|         |               |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-------- | ------------- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |               | Description
|         |               |            
|         | Exhibit  10.1 |             |  | Dex Media, Inc. Deferred Compensation Plan (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        
|         | Exhibit  10.2 |             |  | Dex Media, Inc. Corporate Aircraft Policy (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        
|         | Exhibit  10.3 |             |  | Dex Media, Inc. Financial Planning Benefit (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        
|         | Exhibit  10.4 |             |  | Dex Media, Inc. 2005 Bonus Plan Targets (incorporated by
    reference to Dex Media, Inc.s Current Report on Form 8-K
    dated May 17, 2005).                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        
|         | Exhibit  10.5 |             |  | Fourth Amendment, dated as of June 16, 2005, to the Credit
    Agreement, dated as of September 9, 2003, as amended and
    restated as of July 27, 2004, by and among
    Dex Media, Inc., Dex Media West, Inc., Dex Media West
    LLC, JPMorgan Chase Bank, N.A. as administrative agent,
    J.P. Morgan Securities Inc. and Banc of America
    Securities LLC, as joint bookrunners and co-lead arrangers,
    and Bank of America, N.A., Wachovia Bank, National Association,
    Lehman Commercial Paper Inc. and Deutsche Bank Trust Company
    Americas, as co-syndication agents.
|        
|         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                

26