EarthLink Reports Strong Third Quarter Earnings

EarthLink, Inc. (Nasdaq: ELNK),
the nation's next generation Internet service provider (ISP), today announced
financial results for its third quarter ending September 30, 2005. Highlights
for the quarter include:
- Net income of $36.4 million, or $0.27 per share, an increase of $0.03
per share over the third quarter of 2004
- Income from operations of $43.0 million
- Adjusted EBITDA (a non-GAAP measure) of $55.5 million
- Free cash flow (a non-GAAP measure) of $45.0 million

"EarthLink, once again, achieved strong financial results with one of our
most profitable quarters on record," said Garry Betty, EarthLink's president
and chief executive officer. "EarthLink's profits and cash flow continue to
help fuel our efforts to become a total communications company serving the
voice, data and wireless needs of our customers."
"As we seek to expand our value dial-up and broadband service offerings, I
am proud to report that Wireless Philadelphia selected EarthLink earlier this
month to develop and implement the nation's largest municipal Wi-Fi broadband
network. We believe our partnership can serve as a competitive high-speed
alternative for those who live in, work in or visit the City of Philadelphia."

Third Quarter Financial Results

Subscribers
During the third quarter, EarthLink continued to grow its broadband and
value dial-up services. The company maintained its position as the fastest
growing value narrowband ISP by adding 90,000 net PeoplePC Online subscribers
and strengthened its position as the leading non-facilities based broadband
provider by adding 49,000 net broadband subscribers in the quarter. In
addition, the loss of 193,000 net premium narrowband subscribers in the
quarter reflects the company's continued ability to effectively manage its
premium narrowband services despite the decline in the overall premium
narrowband market. EarthLink ended the third quarter with 1.14 million
PeoplePC Online subscribers, 2.51 million premium narrowband subscribers, 1.54
million broadband subscribers, and 131,000 web hosting accounts.
Overall, the average monthly churn rate was 4.7 percent during the third
quarter, consistent with the rate experienced in the third quarter of 2004,
but a slight increase from the 4.5 percent rate in the second quarter of 2005.

Revenues and Gross Margins Before Sales Incentives
Broadband revenues were $109.3 million, an increase of 4.2 percent over
the prior year quarter, driven by the growth in broadband subscribers offset
by a decline in average revenue per user. Web hosting, advertising and other
value-added services revenues were $26.4 million, a 20.9 percent improvement
compared to the prior year quarter, driven primarily by increases in search-
related advertising revenues and ancillary services revenues, such as Internet
call waiting and security-related services. Narrowband revenues were $181.2
million, a decrease of 16.6 percent from the prior year quarter. The decline
in narrowband revenues was largely due to the shift in the mix of our
narrowband customer base as premium narrowband subscribers migrate to
broadband, and we continue to add PeoplePC Online subscribers. For the
quarter, total revenues were $317.0 million, a 7.8 percent decrease from the
third quarter of 2004.
Gross margins before sales incentives (a non-GAAP measure) expanded to a
record 71.6 percent of total revenues during the third quarter of 2005, a 170
basis point improvement from the prior year quarter. The increase in gross
margins before sales incentives was due to continuing improvements in both
narrowband and broadband telecommunications costs per subscriber. While gross
margins before sales incentives on a percentage basis continued to increase,
gross margins before sales incentives were $226.8 million for the third
quarter of 2005, a decrease of 5.6 percent from the third quarter of 2004,
driven primarily by lower premium narrowband revenues.

Profitability
EarthLink increased its adjusted EBITDA (a non-GAAP measure) margin to
17.5 percent on $55.5 million, a 150 basis point increase compared to the
third quarter of 2004 margin on adjusted EBITDA of $55.2 million. This was a
result of lower sales and marketing expenditures due to a decrease in gross
subscriber additions compared to the third quarter of 2004.
Net income for the quarter was $36.4 million, or $0.27 per share, compared
to $37.6 million, or $0.24 per share, in the prior year quarter. The decline
in net income was primarily attributable to the following:
- $4.6 million of losses from equity affiliates recorded in the current
year quarter related to the SK-EarthLink wireless joint venture
- $4.3 million increase in income tax expense primarily associated with
the realization of net operating loss (NOL) carry-forwards of acquired
companies
- $1.0 million unfavorable change in facility exit and restructuring
costs, primarily associated with severance for outsourcing certain
activities during the third quarter of 2005

These items were partially offset by the following:
- $3.9 million decrease in depreciation due primarily to declines in
capital expenditures over the past three years and disposed assets as a
result of the contact center restructurings
- $2.1 million decrease in acquisition-related amortization attributable
to subscriber base assets becoming fully amortized
- $1.8 million increase in interest and other income, net, related to
interest earned on investments in marketable securities
- $0.7 million impairment loss on equity investments in other companies
recorded in the prior year quarter
- $0.3 million increase in adjusted EBITDA (noted above)

Balance Sheet and Cash Flow
In the third quarter of 2005, EarthLink generated $45.0 million in free
cash flow (a non-GAAP measure), a $0.8 million decrease from the third quarter
of 2004, primarily related to an increase in capital expenditures during the
third quarter of 2005 compared to the third quarter of 2004.
During the third quarter of 2005, EarthLink repurchased approximately 5.0
million shares of its common stock for $46.5 million in accordance with its
share repurchase program. EarthLink had $192.1 million remaining under the
program as of September 30, 2005.
In the quarter, EarthLink made a scheduled cash investment of $39.0
million in SK-EarthLink, the 50/50 wireless joint-venture formed with SK-
Telecom in March of 2005. To date, EarthLink has invested $82.0 million in
cash and has committed to invest an additional $98.0 million in cash in the
SK-EarthLink joint venture over the next two years.
EarthLink's cash and marketable securities were $400.9 million as of
September 30, 2005, representing a $32.4 million decrease from the second
quarter of 2005.

Other Highlights
During the quarter, EarthLink continued its efforts to become a total
communications company while maintaining its commitment to customer
satisfaction and product innovation. EarthLink received the highest ranking
in PC World magazine's ISP Satisfaction Survey by outpacing its competition
with its high-speed cable offering. To strengthen its position as a leader in
fighting spyware and to enhance its existing suite of protection tools, the
company acquired the assets of Aluria, a privately held developer of
protection and security products for consumers, small businesses and
enterprise customers. To improve the user experience, EarthLink also added
customizable local search and news functionality to its myEarthLink start
page.
In October, EarthLink launched the next generation of its Voice over
Internet Protocol (VoIP) service, EarthLink trueVoice(SM). The service offers
considerable cost-savings over traditional telephone service and features
tools that further enhance the customer's Internet-based, voice communication
experience. EarthLink trueVoice adds to the company's portfolio of voice
services that also includes its vling(SM) product, currently in beta, which
enables high-speed access subscribers to instant message (IM) and make VoIP
calls free-of-charge.
Finally, Wireless Philadelphia selected EarthLink to develop and implement
the nation's largest municipal Wi-Fi broadband network. EarthLink intends to
implement a 135-square-mile, city-wide Wi-Fi mesh network, targeted to be
fully operational by the fourth quarter of 2006. Under the terms of the
agreement, which is expected to be finalized by the end of the year, EarthLink
will finance, build and manage the wireless network and market a 1Mbps service
for less than $20 per month. The initiative is part of EarthLink's next
generation broadband efforts to deploy a competitive alternative to DSL and
cable modem services.

Non-GAAP Measures
Adjusted EBITDA is defined as earnings before interest income and expense,
income taxes, depreciation and amortization, net losses of equity affiliate,
gain (loss) on investments in other companies, net, and facility exit and
restructuring costs. Adjusted EBITDA margin represents adjusted EBITDA
divided by total revenues.
Free cash flow is defined as income from operations before facility exit
costs, and depreciation and amortization, less purchases of property and
equipment and purchases of subscriber bases.
Gross margins before sales incentives, adjusted EBITDA, adjusted EBITDA
margin, and free cash flow are non-GAAP financial performance measures. They
should not be considered in isolation or as an alternative to measures
determined in accordance with U.S. generally accepted accounting principles.
Please refer to the Consolidated Financial Highlights for a reconciliation of
these non-GAAP financial performance measures to the most comparable measures
reported in accordance with U.S. generally accepted accounting principles and
Footnote 3 of the Consolidated Financial Highlights for a discussion of the
presentation, comparability and use of such financial performance measures.

Business Outlook
These statements are forward-looking, and actual results may differ
materially. See comments under "Cautionary Information Regarding Forward-
Looking Statements" below. EarthLink undertakes no obligation to update these
statements.
For the fourth quarter of 2005, EarthLink expects to report no net change
to a net addition of 50,000 subscribers. Revenues for the quarter are
expected to be $313 million to $316 million. EarthLink expects gross margins
before sales incentives to decline slightly as a result of lower revenues. The
company anticipates additional seasonal investments in sales and marketing
expenses driven by a higher level of gross subscriber additions compared to
the third quarter of 2005, the launch of its trueVoice telephone service, and
the initiation of its line-powered voice and data bundle market trials.
Accordingly adjusted EBITDA is expected to be in the range of $45.0 million to
$50.0 million. Net income is expected to be in the range of $22.0 million to
$29.0 million, including an expected equity method loss of $9.0 million to
$11.0 million attributable to EarthLink's proportionate share of the losses of
the SK-EarthLink joint venture.

Conference Call for Analysts and Investors
Investors in the U.S. and Canada interested in participating in the
conference call on October 20, 2005 at 8:30 a.m. Eastern Daylight Time (EDT)
may dial 1-800-706-0730 and reference the EarthLink call. Other international
investors may dial 1-706-634-5173 and also reference the EarthLink call.
EarthLink recommends dialing into the call approximately 10 minutes prior to
the scheduled start time. Investors also will have the opportunity to listen
to a live Webcast of the conference call via the Internet at the following
site:
http://phx.corporate-ir.net/phoenix.zhtml?c=77594&p=irol-IRHome .

A taped replay will be available beginning at 11:30 a.m. EDT on October
20, 2005 through midnight on October 27, 2005 by dialing 1-800-642-1687.
International callers should dial 1-706-645-9291. The replay confirmation code
is 1011613.
The Webcast of this call will be archived on our site at:
http://phx.corporate-ir.net/phoenix.zhtml?c=77594&p=irol-audioArchives .

About EarthLink
"EarthLink. We revolve around you(TM)." As the nation's next generation
Internet service provider, Atlanta-based EarthLink has earned an award-winning
reputation for outstanding customer service and its suite of online products
and services. Serving over five million subscribers, EarthLink offers what
every user should expect from their Internet experience: high-quality
connectivity, minimal online intrusions, and customizable features. Whether
it's dial-up, high-speed, voice, web hosting, wireless or "EarthLink Extras"
like home networking or security, EarthLink provides the tools that best let
individuals use and enjoy the Internet on their own terms. Learn more about
EarthLink by calling (800) EARTHLINK or visiting EarthLink's Web site at
http://www.EarthLink.net .

Cautionary Information Regarding Forward-Looking Statements
This press release includes "forward-looking" statements (rather than
historical facts) that are subject to risks and uncertainties that could cause
actual results to differ materially from those described. Although we believe
that the expectations expressed in these forward-looking statements are
reasonable, we cannot promise that our expectations will turn out to be
correct. Our actual results could be materially different from and worse than
our expectations. We disclaim any obligation to update any forward-looking
statements contained herein, except as may be required pursuant to applicable
law. With respect to forward-looking statements in this press release, the
company seeks the protections afforded by the Private Securities Litigation
Reform Act of 1995. These risks include, without limitation, (1) that we may
not be able to successfully implement our broadband strategy which would
materially and adversely affect our subscriber growth rates, future overall
revenues and profitability; (2) that we may not successfully enhance existing
or develop new products and services in a cost-effective manner to meet
customer demand in the rapidly evolving market for Internet, wireless and
wireline communications services, including our various voice initiatives; (3)
that our service offerings may fail to be competitive with existing and new
competitors; (4) that competitive product, price, or marketing pressures could
cause us to lose existing customers to competitors, or may cause us to reduce
prices for our services which would adversely impact average revenue per user;
(5) that our commercial and alliance arrangements, including marketing
arrangements with Sprint and Dell, may be terminated or may not be as
beneficial to us as we anticipate; (6) that the continued decline of our
narrowband revenues may adversely affect us; (7) that we may experience
significant fluctuations in our operating results and rate of growth and we
may not be able to sustain profitability; (8) that our third-party network
providers may be unwilling or unable to provide Internet, wireline and
wireless telecommunications access; (9) that we may be unable to maintain or
increase our customer levels if we do not have uninterrupted and reasonably
priced access to local and long distance telecommunications systems for
delivering dial-up and/or broadband access, including, specifically, that
integrated local exchange carriers and cable companies may not provide last
mile broadband access to us on a wholesale basis or on terms or at prices that
allow us to grow and be profitable in the broadband market; (10) that service
interruptions or impediments could harm our business; (11) that we may not be
able to protect our proprietary technologies or successfully defend
infringement claims and may be required to enter licensing arrangements on
unfavorable terms; (12) that we may be accused of infringing upon the
intellectual property rights of third parties, which is costly to defend and
could limit our ability to use certain technologies in the future; (13) that
government regulations could force us to change our business practices; (14)
that we may not realize the benefits we are seeking from the SK-EarthLink
joint venture transaction or other investment activities as a result of lower
than predicted revenues or subscriber levels of the companies in which we
invest, larger funding requirements for those companies or otherwise; (15)
that our third-party providers for technical and customer support and billing
services may be unable to provide these services on an economical basis or at
all; (16) that if we are unable to successfully defend against legal actions,
we could face substantial liabilities; (17) that we may be unable to
continually develop effective business systems, processes and personnel to
support our business; (18) that we may be unable to hire and retain qualified
personnel, including our key executive officers; (19) that provisions in our
certificate of incorporation, bylaws and shareholder rights plan could limit
our share price and delay a change of management; (20) that our stock price
has been volatile historically and may continue to be volatile; and (21) that
some other unforeseen difficulties may occur. This list is intended to
identify some of the principal factors that could cause actual results to
differ materially from those described in the forward-looking statements
included herein. These factors are not intended to represent a complete list
of all risks and uncertainties inherent in the company's business, and should
be read in conjunction with the more detailed cautionary statements and risk
factors included in EarthLink's filings with the Securities and Exchange
Commission.



Consolidated Financial Highlights

Three Months Ended Nine Months Ended
September 30, September 30,
2004 2005 2004 2005
Statement of Operations Data (dollars in thousands, except per share data)
Revenues:
Narrowband access $217,232 $181,242 $665,451 $570,420
Broadband access 104,863 109,308 313,234 330,382
Web hosting 11,682 9,939 36,321 31,075
Advertising and other
value-added services 10,197 16,507 29,118 45,547
Total revenues 343,974 316,996 1,044,124 977,424

Operating costs and expenses:
Telecommunications service
and equipment costs 103,660 90,156 329,364 279,017
Sales incentives 2,148 2,222 7,709 6,744
Total cost of revenues 105,808 92,378 337,073 285,761

Sales and marketing 110,790 92,749 311,971 291,249
Operations and
customer support 60,340 57,821 194,716 178,729
General and administrative 24,054 26,891 78,374 82,328
Acquisition-related
amortization 4,883 2,828 19,417 9,668
Facility exit and
restructuring costs (1) 269 1,301 28,991 2,008
Total operating costs and
expenses 306,144 273,968 970,542 849,743

Income from operations 37,830 43,028 73,582 127,681
Gain (loss) on investments in
other companies, net (726) - (726) 2,437
Net losses of equity affiliate - (4,592) - (6,934)
Interest income and other, net 1,584 3,400 4,330 9,211
Income before income taxes 38,688 41,836 77,186 132,395
Provision for income taxes (2) 1,136 5,401 1,766 18,765
Net income $37,552 $36,435 $75,420 $113,630

Basic net income per share $0.25 $0.28 $0.48 $0.82

Diluted net income per share $0.24 $0.27 $0.47 $0.80

Basic weighted average common
shares outstanding 152,970 132,444 155,917 139,056

Diluted weighted average
common shares outstanding 156,056 134,709 159,186 141,621

Other Financial Data

Net Earnings Before Facility
Exit and Restructuring Costs
(a non-GAAP measure) (3):
Net income $37,552 $36,435 $75,420 $113,630
Facility exit and
restructuring costs (1) 269 1,301 28,991 2,008
Net earnings before
facility exit and
restructuring costs (3) $37,821 $37,736 $104,411 $115,638

Diluted earnings per share
before facility exit and
restructuring costs (3) $0.24 $0.28 $0.66 $0.82

Earnings Before Interest;
Income Taxes; Depreciation
and Amortization; Net
Losses of Equity Affiliate;
Gain (Loss) on Investments in
Other Companies, Net; and
Facility Exit and Restructuring
Costs (Adjusted EBITDA, a
non-GAAP measure) (3):

Reconciliation of net
income to Adjusted EBITDA (3):
Net income $37,552 $36,435 $75,420 $113,630
Provision for income
taxes (2) 1,136 5,401 1,766 18,765
Depreciation and amortization 17,105 11,194 62,005 36,704
Gain (loss) on investments in
other companies, net 726 - 726 (2,437)
Net losses of equity affiliate - 4,592 - 6,934
Interest income and other, net (1,584) (3,400) (4,330) (9,211)
Facility exit and
restructuring costs (1) 269 1,301 28,991 2,008
Adjusted EBITDA (3) $55,204 $55,523 $164,578 $166,393

Adjusted EBITDA margin
(a non-GAAP measure) (3):
Total revenues $343,974 $316,996 $1,044,124 $977,424

Adjusted EBITDA as a
percentage of total
revenues (3) 16.0% 17.5% 15.8% 17.0%

Depreciation and amortization:
Depreciation - cost
of revenues $6,154 $4,438 $20,725 $14,276
Depreciation - other 6,068 3,928 21,863 12,760
Acquisition-related
amortization 4,883 2,828 19,417 9,668
Depreciation and
amortization $17,105 $11,194 $62,005 $36,704

Gross Margins Before
Sales Incentives (a
non-GAAP measure) (3):
Total revenues $343,974 $316,996 $1,044,124 $977,424

Total cost of revenues 105,808 92,378 337,073 285,761
Sales incentives (2,148) (2,222) (7,709) (6,744)
Telecommunications
service and
equipment costs 103,660 90,156 329,364 279,017

Gross margins before
sales incentives (3) $240,314 $226,840 $714,760 $698,407

Gross margins before
sales incentives as a
percentage of
total revenues 69.9% 71.6% 68.5% 71.5%

Free Cash Flow (a non-
GAAP measure) (3):

Reconciliation of income from
operations to free cash
flow (3):
Income from operations $37,830 $43,028 $73,582 $127,681
Facility exit and
restructuring costs (1) 269 1,301 28,991 2,008
Depreciation and amortization 17,105 11,194 62,005 36,704
Purchases of property and
equipment (9,121) (10,137) (21,465) (26,659)
Purchases of subscriber bases (276) (356) (1,984) (4,806)
Free cash flow (3) $45,807 $45,030 $141,129 $134,928



Other Data

Sept. 30, Dec. 31, June 30, Sept. 30,
2004 2004 2005 2005
Key Operating Data:
Narrowband subscribers 3,973,000 3,880,000 3,753,000 3,650,000
Broadband subscribers 1,280,000 1,364,000 1,495,000 1,544,000
Web hosting accounts 149,000 144,000 136,000 131,000
Total subscriber count
at end of period 5,402,000 5,388,000 5,384,000 5,325,000

Number of employees
at end of period (4) 2,040 2,067 1,965 1,823


Sept. 30, Dec. 31, June 30, Sept. 30,
2004 2004 2005 2005
(in thousands)
Balance Sheet Data:
Cash and marketable
securities $508,298 $530,970 $433,318 $400,911
Stockholders' equity 522,715 547,607 496,880 490,191



Reconciliation of Guidance Provided in
Non-GAAP Measures (amounts are estimates) (3)

Three
Months Year
Ending Ending
Dec. 31, Dec. 31,
2005 2005
(in millions)
Reconciliation of Net
Income to Adjusted
EBITDA (3):
Net income $22 - $29 $135 - $142
Provision for income
taxes 4 23
Depreciation 9 37
Acquisition-related
amortization 2 12
Gain on investments in
other companies, net - (2)
Net losses of equity
affiliate 9 - 11 15 - 17
Interest income and
other, net (3) (13)
Facility exit and
restructuring costs - 2
Adjusted EBITDA (3) $45 - $50 $211 - $216

Footnotes

1.During the quarter ended March 31, 2004, EarthLink executed a plan to
restructure and streamline its contact center operations. In connection
with the plan, EarthLink closed contact center operations in Harrisburg,
Pennsylvania; Roseville, California; San Jose, California; and Pasadena,
California and reduced its contact center operations in Atlanta,
Georgia. Approximately 1,140 employees were directly impacted, primarily
customer support personnel. As a result of the plan, EarthLink recorded
facility exit costs of $30.2 million during the quarter ended March 31,
2004.

During the quarter ended September 30, 2005, EarthLink executed plans to
further streamline operations by outsourcing certain contact center and
credit and collections activities. Approximately 227 employees were
directly impacted. As a result of the plans, EarthLink recorded
restructuring costs of $1.3 million for severance and personnel related
costs.

EarthLink evaluates and adjusts its estimates for facility exit costs as
events occur. Such changes are recorded as facility exit costs. The
components of facility exit and restructuring costs for the periods
indicated were as follows:


Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2005 2004 2005
(in thousands)
Severance and personnel
related costs $- $1,343 $10,667 $1,343
Real estate and
telecommunications costs (128) (42) 9,759 665
Abandoned and disposed assets 397 - 8,565 -
Total facility exit costs $269 $1,301 $28,991 $2,008

2.The provision for income taxes during the three and nine months ended
September 30, 2005 consisted of $1.7 million and $4.4 million state
income and federal and state alternative minimum tax ("AMT") amounts
due, respectively, and the AMT was payable primarily due to the net
operating loss carryforward limitations associated with the AMT
calculation. The provision for income taxes during the three and nine
months ended September 30, 2005 also included a non-cash, deferred tax
provision of $3.7 million and $14.4 million, respectively, associated
with the utilization of net operating loss carryforwards which were
acquired in connection with the acquisitions of OneMain.com, Inc.,
PeoplePC Inc. and Cidco Incorporated.

EarthLink continues to maintain a valuation allowance against its
unrealized deferred tax assets, and EarthLink may recognize deferred
tax assets in future periods when they are estimated to be realizable.
To the extent EarthLink reports income in future periods, EarthLink
intends to use its net operating loss carryforwards to the extent
available to offset taxable income and reduce cash outflows for income
taxes.

3.Net earnings before facility exit and restructuring costs, including
the related diluted per share amounts; earnings before interest income
and expense, income taxes, depreciation and amortization (EBITDA), and
net losses of equity affiliate, gain on investments in other companies,
net, and facility exit and restructuring costs (Adjusted EBITDA);
adjusted EBITDA margin; and free cash flow are non-GAAP measures and are
not determined in accordance with U.S. generally accepted accounting
principles. These financial performance measures are not indicative of
cash provided or used by operating activities and may differ from
comparable information provided by other companies, and they should not
be considered in isolation, as an alternative to, or more meaningful
than measures of financial performance determined in accordance with
U.S. generally accepted accounting principles. These financial
performance measures are commonly used in the industry and are presented
because EarthLink believes they provide relevant and useful information
to investors. EarthLink utilizes these financial performance measures to
assess its ability to meet future capital expenditures and working
capital requirements, to incur indebtedness if necessary, and to fund
continued growth. EarthLink also uses these financial performance
measures to evaluate the performance of its business, for budget
planning purposes and as factors in its employee compensation programs.
Since the elements of these financial performance measures are
determined using the accrual basis of accounting and exclude the effects
of certain capital, financing, acquisition-related, and facility exit
and restructuring costs, investors should use them to analyze and
compare companies on the basis of current period operating performance.

Gross margins before sales incentives is also a non-GAAP measure and is
not determined in accordance with U.S. generally accepted accounting
principles. EarthLink utilizes and has presented gross margins before
sales incentives to allow investors to analyze margins on direct
telecommunications service and equipment costs incurred to generate
revenues. Gross margins before sales incentives should not be considered
in isolation, as an alternative to or more meaningful than measures of
financial performance determined in accordance with U.S. generally
accepted accounting principles and may differ materially from comparable
information provided by other companies.

4.Represents full-time equivalents.

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