Financial and Operational Highlights you told him in the past. You can also use IPTV to freely  exchange content from one medium to another – such as  (1) Our financial results in 2004 and 2003 exclude the financial results of the directories business, which we sold in November 2002.  Our financial results before that date include those of that business. In 2002, the directories business contributed $501 million of revenues  and $311 million of EBITDA.  All told, IPTV serves as one piece of the greater broadband  home picture and is indicative of what potential lies ahead. (2) The terms EBITDA (Earnings before interest, taxes, depreciation and amortization) and free cash flow do not have a standardized meaning  prescribed by Canadian generally accepted accounting principles (GAAP) and may not be comparable to similar measures presented by other publicly traded companies. Refer to pages 32 to 34 of this Annual Report for a description of these terms. Financial Highlights 2004 2003  2002 Revenue (in millions)$^{(1)}$  19,193 18,737 18,900 EBITDA (in millions) $^{(2)}$  7,564 7,410 7,384 Operating income (in millions) 2,976 4,121 3,625 Net earnings applicable to common shares (in millions) 1,523 1,744 2,342 Net earnings per common share  1.65 1.90 2.66 Net debt (in millions) 12,705 13,315 15,158 Net debt to capitalization ratio  42.8% 44.0% 48.4% Free cash flow (in millions)$^{(2)}$ 898 1,589 (783) Cash from operating activities (in millions) 5,519 5,968 4,424 Capital expenditures (in millions) 3,364 3,167 3,709 Capital intensity  17.5% 16.9% 19.6% common characteristic – to go unnoticed and compromise  your privacy and security. They’re called viruses, spyware,  and adware and, as one study concludes, 91% of computers  have at least one of them. In June 2004, Sympatico rapidly became Canada’s most  popular website - reaching nearly 90% of Canadians with  online access. It is also serves as the most popular Internet  Service Provider with nearly X% more than its nearest  competitor. By being at the forefront of Canadian Internet,  comes responsibility.  Undaunted, we’ve responded by introducing the industry’s  leading security solutions to our Sympatico subscribers. Top- of-the-line security features such as e-mail anti-spam, e-mail  anti-virus, anti-spyware and parental control features. We’ve  also led an extensive information campaign helping web users  Operational Highlights 2004 2003  2002 Customer connections (thousands) Local telephone 12,905 13,051 13,154 Cellular and personal communications (PCS) 4,925 4,412 3,898 Paging 427 524 639 High-speed Internet access  1,808 1,458 1,100 Dial-up Internet access  743 869 957 Video 1,503 1,387 1,304 Digital equivalent access lines  4,335 3,867 3,683 26,646 25,568 24,735 Net activations (thousands) Cellular and personal communications (PCS) 513 514 452 High-speed Internet access  350 358 343 Video 116 83 235