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OVERLAND PARK, Kan. (BUSINESS WIRE), October 31, 2012 - Sprint (NYSE: S) recently announced the 2012 recipients of its Denver Local Giving Program. In total, three area non-profit organizations were awarded grants as part of this signature community-support program. The Denver Local Giving Program awards Sprint Foundation grants totaling $50,000 to area non-profits that support Sprint's philanthropic focus areas of youth development (including mentoring, leadership and academic achievement), arts and culture, and environmental stewardship. Grants were presented and recipient organizations honored at a local reception last night.
The 2012 grant recipients are as follows:
Big Brothers Big Sisters of Colorado was awarded a $25,000 Sprint Foundation grant. The funding will be used to support its Community Based Mentoring program, which serves 1,100 children each year, and its Sports Buddies program, which is designed to engage male volunteers to mentor boys in the community who are in need of male role models. There are 500 children who participate in this program each year and attend or participate in sports-based activities.
Denver Kids, Inc. was awarded a $15,000 Sprint Foundation grant. The funding will be used for one-on-one educational counseling, volunteer mentoring, post-secondary guidance and planning, and parent and student engagement. Denver Kids works with at-risk youth in 151 schools, directly impacting more than 1,000 students each year in order to help them reach their full academic potential.
Denver Museum of Nature & Science was awarded a $10,000 Sprint Foundation grant for its Passport to Health Program, which impacts more than 3,000 Denver-area fifth-grade students and their families. Through hands-on education courses, students will learn about and advocate healthy options and behaviors. Teachers are provided with health resources for their classrooms and the families of the students receive a free one-year membership to the museum.
Sprint is a long-time supporter of the Denver community, and this is the fourth year Sprint has conducted the Denver Local Giving Program. In total, through this and similar programs, Sprint has provided more than $215,000 in support to Denver-area non-profits, including Colorado Uplift and Lone Tree Cultural Arts Foundation. To learn more about either program, please visit www.sprint.com/localgiving.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served nearly 56 million customers at the end of the third quarter of 2012 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in its 2012 Green Rankings, listing it as one of the nation's greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.
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(BUSINESS WIRE), October 30, 2012 - Sprint's fifth annual Veterans Day Celebration will be held Thursday, Nov. 8, at the World Headquarters Campus in Overland Park. This event will be co-hosted by Sprint Campus tenants JP Morgan and Black & Veatch.
Sprint values and honors members of the military who serve our country and is widely recognized for its strong commitment to the military and veterans. Sprint was recently recognized as a 2012 Most Valuable Employer for Military for the fourth year in a row from CivilianJobs.com, as well as the #2 happiest company for U.S. veterans in 2012 by CareerBliss.
Sprint has approximately 1,500 veteran employees, and 44 Sprint employees are currently deployed. VETS, Sprint's military Employee Resource Group, has more than 800 employee members active in 36 states and Puerto Rico.
Veterans Day Celebration on the Sprint Campus Thursday, Nov. 8 11 a.m. to 2 p.m. – Aircraft will land at 11 a.m. Sprint World Headquarters Campus at 117th and Nall in Overland Park Media note: Media vehicles must be in place by 10:30 a.m. for military aircraft landing. *Interview opportunities with Sprint organizers and military personnel will be available during the event.
Exhibits and attractions include:
U.S. Army helicopters: AH-64 Apache, UH-60 Blackhawk and CH-57 Chinook
U.S. Army Reserve and National Guard ground equipment, Signal Corps, Military Police, Transportation Co.
Historical military vehicles
312th Army band
Overland Park Police and Fire departments – SWAT team, bomb squad and K9 demonstrations
Johnson County Sheriff's Office – Crime Lab, weapons display, SWAT armored vehicle
Fraternal military organizations, including the Marine Corps League and American Legion
Vietnam Veterans of America Huey display helicopter
Slugger, KC Wolf and 1-2 Missouri Comets players
Fort Leavenworth, Fort Leonard Wood and National WW1 Museum indoor displays
Sprint 4G Team
This event is open to the public and kids are welcome.
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OVERLAND PARK, Kan. (BUSINESS WIRE), October 29, 2012 - Entering its second season as the Official Wireless Service Partner of the National Basketball Association, Sprint (NYSE: S) is bringing NBA fans closer to the action on the court with NBA Game Time from Sprint, which lets fans follow live coverage of every NBA game all season long.
Only with NBA Game Time from Sprint can fans watch live games on the Sprint TV ESPN channel and receive free and unlimited access to all the features of NBA Game Time Plus including live radio broadcasts, game video alerts and real-time scores and statistics. And it's all free with a Truly Unlimitedsm data plan only from Sprint.
"NBA fans are more passionate about the game than ever and NBA Game Time from Sprint enables them to track all of the NBA action real-time, wherever their busy lives take them," said Steve Gaffney, vice president-Corporate Marketing. "Only the Sprint Truly Unlimited plans let fans watch or listen to all the action as much as they want without worrying about costly overages, throttling or metering they could see from other national wireless carriers with shared data plans."
NBA Game Time from Sprint is available on smartphones with either the iOS 4.3+ or Android™ 2.2+ operating systems. Fans can download NBA Game Time from Sprint using the iTunes App Store or Google Play, or by visiting www.sprint.com/nba.
NBA Game Time from Sprint delivers the following fan benefits:
Free with any Unlimited data plan from Sprint
Live NBA games on the Sprint TV® ESPN channel
Live home and away radio broadcasts
Real-time scores, stats and alerts
Game video highlights and video alerts
20 percent off NBA League Pass Mobile*
In addition to NBA Game Time from Sprint, fans can watch live NBA games throughout the season and replay games on demand with a full season of archives with a subscription to NBA League Pass Mobile. Sprint customers will receive an exclusive discount of 20 percent off the regular price of NBA League Pass Mobile for the 2012-13 season. Blackout restrictions apply to local and national broadcast games, concluding April 17, 2013.
NBA League Pass Mobile fan benefits include:
Save 20 percent with the Sprint exclusive discount
40+ live NBA games a week
Full game replays all season long
Live in-game statistics
On-demand video highlights
During the season, the NBA Game Time app from Sprint will drive several fan-interactive programs. Sprint will serve as the presenting sponsor of Fan Night, which allows fans to vote on NBA.com and, via the NBA Game Time app, to decide what game is aired on NBA TV each Tuesday. Sprint will also be the presenting partner of NBA All-Star Balloting, which allows fans globally to vote to determine the starters for the NBA All-Star Game and, for the first time, fans will be able to vote directly from the NBA Game Time app.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served nearly 56 million customers at the end of the third quarter of 2012 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in its 2012 Green Rankings, listing it as one of the nation's greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.
* Sprint exclusive discount available for the 2012-2013 season.
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I wish to invite you to participate as agent/fund manager to Mubadala Development Company individualized equity investment portfolio management program. Mubadala Development Company is a Abu Dhabi based international investment company with a primary focus on private and public equity in the Middle East with over 500 billions of private and corporate investment portfolios.
We are privately looking for businessmen and women who will be willing to act as investment portfolio holders and administrators. We currently have a back-log of an Excess Maximum Return Capital Profit (EMRCP) of an average of 1.2% on each private investment and corporate portfolio under our administration and control and we wish to re-invest this fund by putting it into the management of private businessmen and corporations with good business ideas that can generate at least 10% ROI per annum over maximum of 5 years duration.
The funds will be disbursed based on a clear loan of 5% interest rate per annum for 5 years renewable tenure.
All sign-up contracts briefings and investment portfolio management files will be handled in Dubai, United Arab Emirates. For further details please contact me directly with my contact email:
OVERLAND PARK, Kan. (BUSINESS WIRE), October 28, 2012 - As Hurricane Sandy continues a path towards the East Coast and is projected to merge with a nor'easter in the Mid-Atlantic and Northeast regions, Sprint (NYSE:S) is preparing its network, mobilizing Network Disaster Recovery staff, and strategically staging Sprint Emergency Response Team (ERT) personnel and resources to serve customers and mitigate storm impact.
Sprint's preparations include:
Actively monitoring the continued path of Hurricane Sandy and the nor'easter while instituting flood prevention measures at Sprint network facilities and retail stores.
Fully fueling all permanent generators and mobilizing portable generators into threatened areas to ensure they're available to meet response needs based on the current track and intensity of Sandy and the nor'easter.
Verifying operational readiness of generators and emergency equipment at all mobile switching centers and network Points of Presence (POP) – the facilities where traffic enters and leaves the company's global IP network, which facilitate dedicated data services for Sprint's corporate and government customers, as well as other critical communications.
Ensuring Sprint network strike teams are on standby and ready to deploy following Sandy's landfall and the nor'easter's impact.
Providing any local public safety agency in need of emergency communications assistance with 14 days of service free of charge for 25 Sprint ERT wireless devices in states where an official "state of emergency" has been declared, including Connecticut Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C.
Preparing and mobilizing the Sprint Emergency Response Team's SatCOLT (Satellite Cell on Light Truck) assets, mobile phone and broadband devices, reservist staff and other equipment at its Sterling, Va. hub to provide wireless communications service to local first responders, emergency command centers and other public safety officials in the field.
Additionally, throughout 2012, Sprint's Network Disaster Recovery team conducted a series of exercises, workshops and drills in the Northeast focused on hurricane preparedness training, tactical planning, service restoration and incident management.
Sprint's commitment to consumers, first responders and emergency medical officials
Created in 2002, the Sprint Emergency Response Team is a group of seasoned personnel with expertise in providing immediate restoration of wireless voice, data and IP service, Sprint Mobile Broadband devices, and fully charged Sprint Direct Connect phones to facilitate coordination among disaster relief and emergency response agencies, public safety officials and medical personnel.
Sprint ERT maintains a 24-hour hotline, 365 days a year, to rapidly address client needs. Since its creation, Sprint ERT has conducted more than 5,200 deployments, and provided emergency wireless support for more than 1,250 events.
Wireless consumers residing in Sandy's projected path are also encouraged to use the following tips to prepare for a hurricane, severe flood or other natural disasters:
Keep your wireless phone and backup batteries fully charged, and be aware that an interruption of wireline and commercial power could affect wireless calls.
If possible, get extra batteries and charge them.
In times of commercial power outages, a car adapter for your wireless phone should enable you to recharge the battery.
Keep phones and necessary accessories in a sealed plastic bag to avoid water damage.
Load family and emergency numbers into your wireless phone.
Use your Sprint camera phone to take digital pictures or video of your property and valuables before the storm hits, so you have "before" pictures in the event of any storm damage.
Wireless networks sometimes experience heavy traffic during emergency events, so rather than call, remember to use Sprint® Direct Connect® or send a text message.
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served nearly 56 million customers at the end of the third quarter of 2012 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in its 2012 Green Rankings, listing it as one of the nation's greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.
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Photo Release -- Clearwire Releases Research Reports from IDC and ABI Highlighting Spectrum Holdings and TDD-LTE Ecosystem
"LTE TDD - Making the Most of 4G" by ABI Research Now Available
"Validating the Market for TDD LTE in the U.S. Marketplace" by IDC Now Available
BELLEVUE, Wash., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Clearwire (Nasdaq:CLWR), a leading provider of 4G mobile broadband services in the U.S., today made available two commissioned research studies that outline the growing prominence of the global TDD-LTE ecosystem and an analysis of Clearwire's vast spectrum holdings.
"Given the market's resurgent interest in understanding both our TDD LTE technology choice and our spectrum holdings, we're sharing the independent findings from these recently commissioned research reports today," said John Saw, CTO of Clearwire. "The IDC and ABI reports highlight the benefits and economies of scale of TDD-LTE, our 2.5GHz to 2.6GHz frequency band (Band 41), and Clearwire's unmatched spectrum resources."
The first report is titled "Validating the Market for TDD LTE in the U.S. Marketplace" by John Byrne, Research Director for Wireless Infrastructure at IDC. The second report is titled "LTE TDD - Making the Most of 4G" by Phil Solis, Research Director, Devices, Content & Applications; and Jake Saunders, Vice President and Practice Director, Core Forecasting at ABI Research. Complementary copies of both reports are available at Clearwire's newsroom at http://www.clearwire.com/newsroom.
As the IDC report notes, "Clearwire is able to operate on a single bandwidth in excess of 130 MHz on average, including approximately 160 MHz on average in top 100 markets where capacity constraints are the most likely to emerge. As a result, Clearwire has the capability to generate much greater capacity and better network performance by virtue of a significantly fatter pipe vis-à-vis competitors."
The TDD-LTE ecosystem continues to grow with commercial or planned deployments in major population centers, including Japan, China, India, the European Union and Clearwire's deployment in the United States. The ABI Research report "estimates that global TDD LTE coverage will have addressable population coverage of 4.4 billion by 2014 if network rollouts in key countries are aggressive." The report also outlines the economies of scale for the device ecosystem and projects that "every LTE device will support both TDD and FDD technologies," given their commonality.
The reports explore different topic areas, such as:
The capacity and bandwidth constraints facing other U.S. wireless operators;
The challenges and timetables associated with acquiring new spectrum via auctions;
The pervasiveness of the 2.5GHz band among global operators;
The adoption of TDD-LTE by operators around the world, commonality with other LTE technologies, and the device ecosystem, and more.
About Clearwire
Clearwire Corporation (Nasdaq:CLWR), through its operating subsidiaries, is a leading provider of 4G wireless broadband services offering services in areas of the U.S. where more than 130 million people live. The company holds the deepest portfolio of wireless spectrum available for data services in the U.S. Clearwire serves retail customers through its own CLEAR® brand as well as through wholesale relationships with some of the leading companies in the retail, technology and telecommunications industries, including Sprint and NetZero. The company is constructing a next-generation 4G LTE Advanced-ready network to address the capacity needs of the market, and is also working closely with the Global TDD-LTE Initiative and China Mobile to further the TDD-LTE ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com.
This release, and other written and oral statements made by Clearwire from time to time, contain forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding future financial and operating performance and financial condition; proposed transactions; network development and market launch plans; strategic plans and objectives; industry conditions; the strength of the balance sheet; and liquidity and financing needs. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan" and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:
We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
Our business has become increasingly dependent on our wholesale partners, and Sprint in particular. If we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into new agreements with additional wholesale partners for significant new wholesale commitments in a timely manner, our business prospects, results of operations and financial condition could be adversely affected, or we could be forced to consider all available alternatives.
Sprint owns just less than a majority of our common shares, is our largest shareholder, and may have, or may develop in the future, interests that may diverge from other stockholders.
If our business fails to perform as we expect, if our assumptions underlying our cash projections prove to be inaccurate, or if we incur unforeseen expenses in the near term, we may require additional capital to fund our current business. Also, we will need substantial additional capital to fund our business and meet our financial obligations beyond the next 12 months. Such additional capital may not be available on acceptable terms or at all. If we fail to obtain additional capital, our business prospects, financial condition and results of operations will likely be materially and adversely affected, and we will be forced to consider all available alternatives.
Our current plans and projections are based on a number of assumptions about our future performance, which may prove to be inaccurate, such as our ability to substantially expand our wholesale business and the expected timing and costs of deploying LTE on our wireless broadband network.
We regularly evaluate our plans, and we may elect to pursue new or alternative strategies which we believe would be beneficial to our business, including among other things, expanding our network coverage to new markets, augmenting our network coverage in existing markets, changing our sales and marketing strategy and/or acquiring additional spectrum. Such modifications to our plans could significantly change our capital requirements.
We plan to deploy LTE on our wireless broadband network, alongside mobile WiMAX, and we will incur significant costs to deploy such technology. Additionally, LTE technology, or other alternative technologies that we may consider, may not perform as we expect on our network and deploying such technologies would result in additional risks to the company, including uncertainty regarding our ability to successfully add a new technology to our current network and to operate dual technology networks without disruptions to customer service, as well as our ability to generate new wholesale customers for the new network.
We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks, and will be dependent on commercial partners to deliver equipment and devices for our planned LTE network as well.
Many of our competitors for our retail business are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.
Future sales of large blocks of our common stock may adversely impact our stock price.
For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed on February 16, 2012, and subsequent Form 10-Q filings. Clearwire assumes no obligation to update or supplement such forward-looking statements.
CONTACT: Investor Relations: Alice Ryder, 425-636-5828 alice.ryder@clearwire.com Media Relations: Susan Johnston, 425-216-7913 susan.johnston@clearwire.com JLM Partners for Clearwire: Mike DiGioia or Jeremy Pemble, 206-381-3600 mike@jlmpartners.com or jeremy@jlmpartners.com
Clearwire and Tier 1 U.S. Operators Estimated Spectrum Holdings
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Clearwire Corporation 4400 CARILLON PT , Kirkland, WA 98033-7353 Service provided by Shareholder.com
Raises Guidance for 2012 Adjusted EBITDA; Lowers 2012 Capex Guidance
$1.2 Billion Cash, Cash Equivalents and Investments at Quarter-End
Significant Advancements in Global TDD-LTE and 2.5GHz Ecosystem
BELLEVUE, Wash., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Clearwire Corporation (Nasdaq:CLWR), a leading provider of 4G wireless broadband services in the U.S., today reported its financial and operating results for third quarter 2012.
"Recent developments in the U.S. wireless industry serve as a direct reminder of the key strategic role deep spectrum resources and a global LTE ecosystem will play in the long-term success of any 4G mobile broadband operator," said Erik Prusch, President and CEO of Clearwire. "Clearwire's unmatched spectrum assets and focus on serving major population centers will be the foundation on which we will build a critical 4G LTE network positioned to serve the needs of the industry and the rapidly growing base of 4G customers across the country."
"Globally, our ecosystem choices continue to gain traction with a growing list of TDD-LTE deployments and we believe the recent decision in China to allocate 190 MHz of 2.5GHz spectrum to our preferred spectrum band, 3GPP Band 41, to deploy TDD-LTE networks will generate even greater interest from chipset, device and infrastructure vendors. The rising tide of TDD-LTE networks globally in the 2.5GHz band will ultimately allow Clearwire to realize significant economies of scale and provide a valuable competitive advantage."
Third quarter 2012 revenue declined slightly year over year to $313.9 million primarily due to a year over year decline in wholesale revenue. Third quarter 2012 wholesale revenue of $116.5 million, was relatively flat as compared to second quarter 2012 wholesale revenue of $117.6 million, and down (15)% year over year reflecting the fixed wholesale WiMAX revenue terms of the November 2011 Sprint agreement which took effect in 2012. Retail and other revenue increased 1% year over year to $197.4 million in third quarter 2012. Retail ARPU for third quarter 2012 was $45.06, representing a decrease of $(1.99) year over year as compared to $47.05 in third quarter 2011 primarily due to lower equipment lease and activation revenue under the new no-contract offering.
Clearwire ended third quarter 2012 with approximately 10.5 million total subscribers, up 10% from 9.5 million subscribers in third quarter 2011. The subscriber base consists of 1.4 million retail subscribers and 9.1 million wholesale subscribers, reflecting 21,000 retail net subscriber adds and 489,000 wholesale net subscriber losses during third quarter 2012. Wholesale subscribers consist primarily of Sprint 3G/4G smartphone customers.
Retail cost per gross addition (CPGA) was $191 in third quarter 2012 compared to $288 in third quarter 2011. The year over year improvement is primarily due to lower retail selling expenses associated with our no-contract offering as well as a lower cost structure resulting from our cost cutting initiatives in 2011. Retail churn was 5.1% in third quarter 2012, up from 4.2% in third quarter 2011. The increase in churn is primarily due to an increase in subscribers on no-contract plans, which were fully launched in first quarter 2012.
Adjusted EBITDA in third quarter 2012 was a loss of $(38.3) million, representing an $8.2 million improvement when compared to third quarter 2011 Adjusted EBITDA loss of $(46.4) million.
The company ended third quarter 2012 with cash, cash equivalents and investments of approximately $1.2 billion invested primarily in U.S. Treasury securities, reflecting a sequential decrease of $26 million from second quarter 2012. As compared to the prior year period, cash, cash equivalents and investments increased by $336 million.
Third quarter 2012 capex of $34 million related primarily to ongoing maintenance of Clearwire's mobile WiMAX network and the deployment of our LTE network, and increased $10 million and $17 million, respectively, as compared to $24 million in second quarter 2012 and $17 million of capex in third quarter 2011.
At the end of third quarter 2012, Clearwire operated networks in the U.S. covering areas where approximately 135 million people reside, including approximately 133 million people in markets where we provide 4G services, relatively flat as compared to the prior year period.
TDD-LTE and 2.5GHz Ecosystem Developments
Clearwire, as a founding member of the Global TDD-LTE Initiative (GTI), has continued to work closely with wireless infrastructure and carrier partners around the world to promote and develop the TDD-LTE ecosystem with an emphasis on expanding use of the 2.5GHz band we have established with standards bodies (Band 41) around the globe. The TDD-LTE ecosystem continues to grow with commercial or planned deployments in major population centers, and ABI Research recently estimated that continued rollouts of TDD-LTE networks would reach as many as 4.4 billion people worldwide by 2015. Significant progress was recently made on this front with the Ministry of Industry and Information Technology's (China's telecom regulator), announced plans to release the entire 190MHz of their 2.5GHz spectrum for TDD-LTE deployments in China and their adoption of the same Band 41 format advocated by Clearwire and other GTI members around the globe including Softbank Mobile (Softbank). Additionally, Softbank, who launched their TDD-LTE network in Japan in February 2012, broke new ground with their recent introduction of six TDD-LTE smartphones that also support the 2.5GHz band. We believe these developments further position Clearwire and our LTE wholesale partners to leverage significant economies of scale and innovation commensurate with a large global ecosystem of chipsets, devices and infrastructure equipment.
2012 Outlook
Clearwire continues to expect total revenue of $1.20 to $1.30 billion for full year 2012. The company expects 2012 Adjusted EBITDA loss of approximately $(150) to $(200) million, representing a $25 million improvement (at the midpoints) to previous guidance of $(175) to $(225) million.
Clearwire plans to have 2,000 LTE sites on air by the end of June 2013 and expects to start receiving Sprint prepayment installments in June 2013. Full year 2012 capital expenditures (capex) are now expected to total $125 to $175 million as compared to most recently provided guidance of $350 to $400 million. The decline in capex guidance is primarily due to the company's decision to defer a portion of its LTE build in order to better align capex with the expected receipt of LTE revenues.
Results of Operations
Cost of goods and services and network costs (COGS) in third quarter 2012 decreased 25% to $211.5 million compared to $282.5 million for third quarter 2011. These amounts include non-cash charges for network equipment reserves and other write-downs of $5.9 million and $38.7 million in third quarters 2012 and 2011, respectively, and other non-cash network-related charges of $19.7 million and $65.2 million in third quarters 2012 and 2011, respectively. The year over year decrease in non-cash charges for network equipment reserves is primarily due to a decline in write-downs of network equipment no longer required for deployment or sparing as we solidified our LTE network plans. The year over year decrease in other non-cash network related charges is primarily due to a higher provision for unused tower-related leases and other network agreements in third quarter 2011. Excluding non-cash expenses, COGS increased 4% year over year primarily due to an increase in customer premise equipment sales since the launch of our no contract retail model, which requires customers to purchase rather than lease devices, at the beginning of 2012.
Selling, general and administrative (SG&A) expense in third quarter 2012 decreased 21% to $139.4 million compared to $176.5 million in third quarter 2011. The decrease is primarily attributable to the continuing effects of actions taken in conjunction with Clearwire's cost cutting initiatives in 2011 including lower employee-related expenses resulting from headcount reductions and outsourcing of the customer care function, reduced marketing spend, as well as decreased selling commission expense associated with our no-contract product offering which was launched at the beginning of 2012.
Third quarter 2012 reported net loss from continuing operations attributable to Clearwire was $(41.3) million, or $(0.07) per basic share as compared to $(83.5) million, or $(0.34) per basic share, respectively in the prior year period. Including the effects of discontinued operations, third quarter 2012 reported net loss attributable to Clearwire was $(213.8) million, or $(0.38) per basic share, which increased as compared to $(84.8) million or $(0.35), respectively in the prior year period primarily due to a decrease in the loss allocated to non-controlling interests which resulted from the conversion of Class B common shares to Class A common shares by Time Warner Cable and Comcast during the period.
CLEARWIRE CORPORATION
SUMMARY FINANCIAL AND OPERATING DATA FROM CONTINUING OPERATIONS
(In thousands)
(Unaudited)
Three months ended
September 30,
June 30,
March 31,
September 30,
2012
2012
2012
2011
REVENUES:
Retail revenue
$ 197,215
$ 199,156
$ 204,810
$ 194,789
Wholesale revenue
116,498
117,560
117,821
137,162
Other revenue
169
216
8
226
Total revenues
313,882
316,932
322,639
332,177
OPERATING EXPENSES:
Cost of goods and services and network costs (exclusive of items shown separately below)
211,540
224,426
263,790
282,459
Selling, general and administrative expense
139,365
137,693
142,655
176,469
Depreciation and amortization
210,781
184,566
177,973
165,560
Spectrum lease expense
82,513
81,190
79,708
77,696
Loss from abandonment of network and other assets
2,588
317
80,400
29,129
Total operating expenses
646,787
628,192
744,526
731,313
OPERATING LOSS
(332,905)
(311,260)
(421,887)
(399,136)
LESS NON-CASH ITEMS:
Non-cash expenses
67,310
77,893
66,664
119,321
Non-cash write-downs
16,551
14,369
139,056
67,810
Depreciation and amortization
210,781
184,566
177,973
165,560
Total non-cash items
294,642
276,828
383,693
352,691
Adjusted EBITDA
$ (38,263)
$ (34,432)
$ (38,194)
$ (46,445)
Adjusted EBITDA margin
(12)%
(11)%
(12)%
(14)%
KEY OPERATING METRICS (k for '000's, MM for '000,000's)
Total net subscriber additions
(468)k
(41)k
586k
1,893k
Wholesale
(489)k
(34)k
537k
1,858k
Retail
21k
(8)k
49k
35k
Total subscribers
10,488k
10,957k
11,000k
9,541k
Wholesale (1)
9,136k
9,625k
9,659k
8,219k
Retail
1,353k
1,333k
1,341k
1,322k
Retail ARPU
$ 45.06
$ 46.12
$ 46.83
$ 47.05
Churn
Wholesale
5.4 %
3.6 %
3.0 %
1.5 %
Retail
5.1 %
4.4 %
3.7 %
4.2 %
Retail CPGA
$191
$226
$242
$288
Capital expenditures
$ 34MM
$ 24MM
$ 23MM
$ 17MM
Domestic 4G covered POPS
133MM
134MM
132MM
133MM
Cash, cash equivalents and investments
$ 1,184MM
$ 1,210MM
$ 1,433MM
$ 711MM
(1) Includes non-launched markets. Based on the terms of the November 2011 Amended MVNO Agreement between Clearwire and Sprint, which provides for unlimited WiMAX service to Sprint retail customers in exchange for fixed payments in 2012 and 2013, fluctuations in the wholesale subscriber base will not necessarily correlate to wholesale revenue.
Management Webcast
Clearwire executives will host a conference call and simultaneous webcast to discuss the company's third quarter 2012 financial results at 4:30 p.m. Eastern Time today. A live broadcast of the conference call will be available online on the company's investor relations website located at http://investors.clearwire.com.
Interested parties can access the conference call by dialing 1-877-392-9886, or from outside the U.S. by dialing 1-707-287-9329, at least five minutes prior to the start time. A replay of the call will be available beginning at approximately 7:30 p.m. Eastern Time on October 25, through Thursday, November 1, by calling 1-855-859-2056, or from outside the U.S. by dialing 1-404-537-3406. The passcode for the replay is 39779854.
About Clearwire
Clearwire Corporation (Nasdaq:CLWR), through its operating subsidiaries, is a leading provider of 4G wireless broadband services offering services in areas of the U.S. where more than 130 million people live. The company holds the deepest portfolio of wireless spectrum available for data services in the U.S. Clearwire serves retail customers through its own CLEAR® brand as well as through wholesale relationships with some of the leading companies in the retail, technology and telecommunications industries, including Sprint and NetZero. The company is constructing a next-generation 4G LTE Advanced-ready network to address the capacity needs of the market, and is also working closely with the Global TDD-LTE Initiative and China Mobile to further the TDD-LTE ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com.
This release, and other written and oral statements made by Clearwire from time to time, contain forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding future financial and operating performance and financial condition; proposed transactions; network development and market launch plans; strategic plans and objectives; industry conditions; the strength of the balance sheet; and liquidity and financing needs. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan" and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:
We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
Our business has become increasingly dependent on our wholesale partners, and Sprint in particular. If we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into new agreements with additional wholesale partners for significant new wholesale commitments in a timely manner, our business prospects, results of operations and financial condition could be adversely affected, or we could be forced to consider all available alternatives.
Sprint owns just less than a majority of our common shares, is our largest shareholder, and may have, or may develop in the future, interests that may diverge from other stockholders.
If our business fails to perform as we expect, if our assumptions underlying our cash projections prove to be inaccurate, or if we incur unforeseen expenses in the near term, we may require additional capital to fund our current business. Also, we will need substantial additional capital to fund our business and meet our financial obligations beyond the next 12 months. Such additional capital may not be available on acceptable terms or at all. If we fail to obtain additional capital, our business prospects, financial condition and results of operations will likely be materially and adversely affected, and we will be forced to consider all available alternatives.
Our current plans and projections are based on a number of assumptions about our future performance, which may prove to be inaccurate, such as our ability to substantially expand our wholesale business and the expected timing and costs of deploying LTE on our wireless broadband network.
We regularly evaluate our plans, and we may elect to pursue new or alternative strategies which we believe would be beneficial to our business, including among other things, expanding our network coverage to new markets, augmenting our network coverage in existing markets, changing our sales and marketing strategy and/or acquiring additional spectrum. Such modifications to our plans could significantly change our capital requirements.
We plan to deploy LTE on our wireless broadband network, alongside mobile WiMAX, and we will incur significant costs to deploy such technology. Additionally, LTE technology, or other alternative technologies that we may consider, may not perform as we expect on our network and deploying such technologies would result in additional risks to the company, including uncertainty regarding our ability to successfully add a new technology to our current network and to operate dual technology networks without disruptions to customer service, as well as our ability to generate new wholesale customers for the new network.
We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks, and will be dependent on commercial partners to deliver equipment and devices for our planned LTE network as well.
Many of our competitors for our retail business are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.
Future sales of large blocks of our common stock may adversely impact our stock price.
For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed on February 16, 2012, and subsequent Form 10-Q filings. Clearwire assumes no obligation to update or supplement such forward-looking statements.
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
September 30, 2012
December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents
$ 247,748
$ 891,929
Short-term investments
935,920
215,655
Restricted cash
2,178
1,000
Accounts receivable, net of allowance of $4,241 and $5,542
58,077
83,660
Inventory
13,906
23,832
Prepaids and other assets
81,659
71,083
Total current assets
1,339,488
1,287,159
Property, plant and equipment, net
2,351,561
3,014,277
Restricted cash
3,406
7,619
Spectrum licenses, net
4,263,367
4,298,254
Other intangible assets, net
28,718
40,850
Other assets
144,040
157,797
Assets of discontinued operations
19,078
36,696
Total assets
$ 8,149,658
$ 8,842,652
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$ 291,505
$ 157,172
Other current liabilities
206,965
122,756
Total current liabilities
498,470
279,928
Long-term debt, net
4,244,435
4,019,605
Deferred tax liabilities, net
183,374
152,182
Other long-term liabilities
916,564
719,703
Liabilities of discontinued operations
19,093
25,196
Total liabilities
5,861,936
5,196,614
Stockholders' equity:
Class A Common Stock, par value $0.0001, 2,000,000 shares authorized; 682,759 and 452,215 shares outstanding
68
45
Class B common stock, par value $0.0001, 1,400,000 shares authorized; 782,207 and 839,703 shares outstanding
78
83
Additional paid-in capital
3,128,081
2,714,634
Accumulated other comprehensive income
2,655
2,793
Accumulated deficit
(2,159,239)
(1,617,826)
Total Clearwire Corporation stockholders' equity
971,643
1,099,729
Non-controlling interests
1,316,079
2,546,309
Total stockholders' equity
2,287,722
3,646,038
Total liabilities and stockholders' equity
$ 8,149,658
$ 8,842,652
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
2012
2011
Revenues
$ 313,882
$ 332,177
Operating expenses:
Cost of goods and services and network costs (exclusive of items shown separately below)
211,540
282,459
Selling, general and administrative expense
139,365
176,469
Depreciation and amortization
210,781
165,560
Spectrum lease expense
82,513
77,696
Loss from abandonment of network and other assets
2,588
29,129
Total operating expenses
646,787
731,313
Operating loss
(332,905)
(399,136)
Other income (expense):
Interest income
555
534
Interest expense
(139,040)
(128,596)
Gain (loss) on derivative instruments
(906)
59,729
Other income (expense), net
137
(1,261)
Total other expense, net
(139,254)
(69,594)
Loss from continuing operations before income taxes
(472,159)
(468,730)
Income tax benefit (provision)
151,749
(10,727)
Net loss from continuing operations
(320,410)
(479,457)
Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries
279,066
395,955
Net loss from continuing operations attributable to Clearwire Corporation
(41,344)
(83,502)
Net loss from discontinued operations attributable to Clearwire Corporation, net of tax
(172,437)
(1,289)
Net loss attributable to Clearwire Corporation
$ (213,781)
$ (84,791)
Net loss from continuing operations attributable to Clearwire Corporation per Class A Common Share:
Basic
$ (0.07)
$ (0.34)
Diluted
$ (0.22)
$ (0.53)
Net loss attributable to Clearwire Corporation per Class A Common Share:
Basic
$ (0.38)
$ (0.35)
Diluted
$ (0.34)
$ (0.54)
Weighted average Class A Common Shares outstanding:
Basic
558,083
248,796
Diluted
1,462,272
914,864
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Nine Months Ended
September 30,
2012
2011
Revenues
$ 953,453
$ 891,596
Operating expenses:
Cost of goods and services and network costs (exclusive of items shown separately below)
699,756
955,967
Selling, general and administrative expense
419,713
569,565
Depreciation and amortization
573,320
517,674
Spectrum lease expense
243,411
229,137
Loss from abandonment of network and other assets
83,305
577,341
Total operating expenses
2,019,505
2,849,684
Operating loss
(1,066,052)
(1,958,088)
Other income (expense):
Interest income
1,352
2,063
Interest expense
(414,382)
(377,133)
Gain on derivative instruments
4,895
148,227
Other income (expense), net
(13,414)
966
Total other expense, net
(421,549)
(225,877)
Loss from continuing operations before income taxes
(1,487,601)
(2,183,965)
Income tax benefit (provision)
175,138
(28,422)
Net loss from continuing operations
(1,312,463)
(2,212,387)
Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries
945,886
1,751,483
Net loss from continuing operations attributable to Clearwire Corporation
(366,577)
(460,904)
Net loss from discontinued operations attributable to Clearwire Corporation, net of tax
(174,836)
(19,580)
Net loss attributable to Clearwire Corporation
$ (541,413)
$ (480,484)
Net loss from continuing operations attributable to Clearwire Corporation per Class A Common Share:
Basic
$ (0.72)
$ (1.87)
Diluted
$ (0.97)
$ (2.34)
Net loss attributable to Clearwire Corporation per Class A Common Share:
Basic
$ (1.06)
$ (1.95)
Diluted
$ (1.10)
$ (2.42)
Weighted average Class A Common Shares outstanding:
Basic
508,461
246,621
Diluted
1,376,314
955,507
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2012
2011
Cash flows from operating activities:
Net loss from continuing operations
$ (1,312,463)
$ (2,212,387)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes
(176,488)
27,374
Non-cash gain on derivative instruments
(4,895)
(148,227)
Accretion of discount on debt
30,648
30,390
Depreciation and amortization
573,320
517,674
Amortization of spectrum leases
40,062
40,699
Non-cash rent expense
149,918
205,098
Loss on property, plant and equipment
169,975
837,083
Other non-cash activities
34,219
22,847
Changes in assets and liabilities:
Inventory
8,506
8,608
Accounts receivable
15,684
(68,767)
Prepaids and other assets
6,605
19,371
Prepaid spectrum licenses
(2,283)
(4,371)
Deferred revenue
157,291
71,806
Accounts payable and other liabilities
128,157
10,910
Net cash used in operating activities of continuing operations
(181,744)
(641,892)
Net cash provided by operating activities of discontinued operations
397
1,284
Net cash used in operating activities
(181,347)
(640,608)
Cash flows from investing activities:
Payments to acquire property, plant and equipment
(73,152)
(387,099)
Purchases of available-for-sale investments
(1,496,966)
(857,035)
Disposition of available-for-sale investments
777,953
847,222
Other investing activities
(807)
22,078
Net cash used in investing activities of continuing operations
(792,972)
(374,834)
Net cash provided by (used in) investing activities of discontinued operations
59
(3,030)
Net cash used in investing activities
(792,913)
(377,864)
Cash flows from financing activities:
Principal payments on long-term debt
(19,492)
(23,633)
Proceeds from issuance of long-term debt
300,000
--
Debt financing fees
(6,205)
(1,158)
Proceeds from issuance of common stock
58,468
3,619
Net cash provided by (used in) financing activities of continuing operations
332,771
(21,172)
Net cash provided by financing activities of discontinued operations
--
--
Net cash provided by (used in) financing activities
332,771
(21,172)
Effect of foreign currency exchange rates on cash and cash equivalents
(2,236)
(4,145)
Net decrease in cash and cash equivalents
(643,725)
(1,043,789)
Cash and cash equivalents:
Beginning of period
893,744
1,233,562
End of period
250,019
189,773
Less: cash and cash equivalents of discontinued operations at end of period
2,271
1,574
Cash and cash equivalents of continuing operations at end of period
$ 247,748
$ 188,199
Definitions of Terms and Reconciliations of Non-GAAP Financial Measures to Unaudited Condensed Consolidated Statements of Operations
The company utilizes certain non-GAAP financial measures which are widely used in the telecommunications industry and are not calculated based on accounting principles generally accepted in the United States of America (GAAP). Other companies may calculate these measures differently.
(1) Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as consolidated operating loss less depreciation and amortization expenses, non-cash expenses related to operating leases (towers, spectrum leases and buildings), stock-based compensation expense, loss from abandonment of network and other assets, charges for differences between recorded amounts and the results of physical counts, and charges for excessive and obsolete network equipment and CPE inventory. A reconciliation of operating loss to Adjusted EBITDA is as follows:
Three months ended
(Unaudited)
September 30,
June 30,
March 31,
September 30,
2012
2012
2012
2011
(in thousands)
Operating loss
$ (332,905)
$ (311,260)
$ (421,887)
$ (399,136)
Non-cash expenses:
Spectrum lease expense
39,833
32,341
36,415
38,845
Building and network related rents*
18,741
38,468
24,183
70,584
Stock compensation and other*
8,736
7,084
6,066
9,892
Non-cash expenses
67,310
77,893
66,664
119,321
Non-cash write-downs:
Loss from abandonment of network and other assets
2,588
317
80,400
29,129
Network equipment reserves and other write-downs*
13,963
14,052
58,656
38,681
Non-cash write-downs
16,551
14,369
139,056
67,810
Depreciation and amortization
210,781
184,566
177,973
165,560
Adjusted EBITDA
$ (38,263)
$ (34,432)
$ (38,194)
$ (46,445)
*Amounts included in COGS and SG&A.
In a capital-intensive industry, management believes Adjusted EBITDA to be a meaningful measure of the company's operating performance. The company provides this non-GAAP measure as a supplemental performance measure because management believes it facilitates comparisons of the company's operating performance from period to period and comparisons of the company's operating performance to that of other companies by backing out potential differences caused by non-cash expenses related to long-term leases, share-based compensation and non-cash write-downs. Because this non-GAAP measure facilitates internal comparisons of the company's historical operating performance, management also uses this non-GAAP measure for business planning purposes and in measuring the company's performance relative to that of its competitors. In addition, Clearwire believes that Adjusted EBITDA and similar measures are widely used by investors, financial analysts and credit rating agencies as a measure of the company's financial performance over time and to compare the company's financial performance with that of other companies in the industry.
(2) Retail ARPU (Average Revenue Per User) is total revenue less wholesale revenue, the revenue generated from the sales of devices, shipping revenue, and other revenue; divided by the weighted average number of retail subscribers in the period, divided by the number of months in the period.
Management uses retail ARPU to identify average revenue per customer, to track changes in average retail customer revenues over time, to help evaluate how changes in the business, including changes in the company's service offerings and fees, affect average retail revenue per customer, and to assist in forecasting future service retail revenue. In addition, retail ARPU provides management with a useful measure to compare the company's customer retail revenue to that of other wireless communications providers. The company believes investors use retail ARPU primarily as a tool to track changes in the company's average retail revenue per customer and to compare Clearwire's per retail customer service revenues to those of other wireless communications providers.
Three months ended
(unaudited)
September 30,
June 30,
March 31,
September 30,
2012
2012
2012
2011
(in thousands)
Retail ARPU
Total revenues
$ 313,882
$ 316,932
$ 322,639
$ 332,177
Wholesale revenue
(116,498)
(117,560)
(117,821)
(137,162)
Device and other revenue
(15,956)
(14,694)
(20,718)
(10,797)
Retail ARPU revenue
181,428
184,678
184,100
184,218
Average retail customers
1,342
1,335
1,310
1,305
Months in period
3
3
3
3
Retail ARPU
$ 45.06
$ 46.12
$ 46.83
$ 47.05
(3) Churn, which measures customer turnover, is calculated as the number of subscribers that terminate service in a given month divided by the average number of subscribers in that month using the actual number of subscribers. Subscribers that discontinue service in the first 30 days of service for any reason, or in the first 90 days of service under certain circumstances, are deducted from the company's gross customer additions and therefore not included in any of the churn calculations. Wholesale churn is calculated as the wholesale subscriber deactivations during the reporting period divided by the weighted average wholesale subscriber base for the period divided by the number of months in the period. Retail churn is calculated as the retail subscriber deactivations during the reporting period divided by the weighted average retail subscriber base for the period divided by the number of months in the period. Management uses churn to measure retention of the company's subscribers, to measure changes in customer retention over time, and to help evaluate how changes in the business affect customer retention. The company believes investors use churn primarily as a tool to track changes in the company's customer retention. Other companies may calculate this measure differently.
(4) Retail CPGA (Cost per Gross Addition) is selling, general and administrative costs, less general and administrative costs and acquired businesses costs (costs from entities that were acquired by Clearwire's predecessor entity) plus device equipment subsidies, divided by gross retail customer additions in the period.
Three months ended
(Unaudited)
September 30,
June 30,
March 31,
September 30,
2012
2012
2012
2011
(in thousands)
Retail CPGA
Selling, general and administrative
$ 139,365
$ 137,693
$ 142,655
$ 176,469
G&A and other*
(96,370)
(99,719)
(95,143)
(118,923)
Total selling expense
42,995
37,974
47,512
57,546
Total gross adds
225
168
196
200
Total retail CPGA
$ 191
$ 226
$ 242
$ 288
* Net of equipment subsidy.
Management uses retail CPGA to measure the efficiency of the company's customer acquisition efforts, to track changes in Clearwire's average cost of acquiring new subscribers over time, and to help evaluate how changes in the company's sales and distribution strategies affect the cost-efficiency of the company's customer acquisition efforts. Clearwire believes investors use retail CPGA primarily as a tool to track changes in the company's average cost of acquiring new subscribers.
CONTACT: Investor Relations: Alice Ryder, 425-636-5828 alice.ryder@clearwire.com Media Relations: Susan Johnston, 425-216-7913 susan.johnston@clearwire.com JLM Partners for Clearwire: Mike DiGioia or Jeremy Pemble, 206-381-3600 mike@jlmpartners.com or jeremy@jlmpartners.com
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