0001037016-13-000010.txt : 20130228 0001037016-13-000010.hdr.sgml : 20130228 20130228064718 ACCESSION NUMBER: 0001037016-13-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130228 DATE AS OF CHANGE: 20130228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NII HOLDINGS INC CENTRAL INDEX KEY: 0001037016 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 911671412 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32421 FILM NUMBER: 13649009 BUSINESS ADDRESS: STREET 1: 1875 EXPLORER ST. STREET 2: SUITE 1000 CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 7033905100 MAIL ADDRESS: STREET 1: 1875 EXPLORER ST. STREET 2: SUITE 1000 CITY: RESTON STATE: VA ZIP: 20190 FORMER COMPANY: FORMER CONFORMED NAME: NEXTEL INTERNATIONAL INC DATE OF NAME CHANGE: 19970919 FORMER COMPANY: FORMER CONFORMED NAME: MCCAW INTERNATIONAL LTD DATE OF NAME CHANGE: 19970402 8-K 1 a20128-k.htm FORM 8-K 2012 8-K


                                                                                                            

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________

FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2013
___________

NII HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)
000-32421
(Commission File Number)
91-1671412 
(IRS Employer
Identification No.)
 
 
 
1875 Explorer Street, Suite 1000
Reston, Virginia
 (Address of principal executive offices)

20190
(Zip Code)

Registrant's telephone number, including area code: (703) 390-5100

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
                                                                                                            





Item 2.02. Results of Operations and Financial Condition.    

Year and Fourth Quarter 2012 Results. On February 28, 2013, NII Holdings, Inc. issued a press release announcing certain financial and operating results for the year and quarter ended December 31, 2012. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.

Item 9.01. Financial Statements and Exhibits.     
    
 (d) Exhibits.
Exhibit No.
 
Description
 
 
 
99.1
 
Press Release dated February 28, 2013
 






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                    
    
 
 
NII HOLDINGS, INC.
 
 
(Registrant)
 
 
 
 
 
 
Dated: February 28, 2013
 
By: /s/ SHANA C. SMITH     
 
 
Shana C. Smith
 
 
Vice President and Assistant Secretary





EXHIBIT INDEX
Exhibit No.
 
Description
 
 
 
99.1
 
Press Release dated February 28, 2013



 EX-99.1 2 nihd-12312012x10kxex991.htm EXHIBIT 99.1 NIHD-12.31.2012-10K-Ex 99.1


Exhibit 99.1

 
NII HOLDINGS ANNOUNCES 2012 FOURTH QUARTER AND
YEAR-END RESULTS
 

•
Full year 2012 net subscriber additions of 650,000, resulting in an ending subscriber base of 11.4 million subscribers
 
•
Full year 2012 consolidated operating revenues of $6.1 billion
 
•
Full year 2012 consolidated adjusted operating income before depreciation and amortization (adjusted OIBDA) of $936 million

 
RESTON, Va., February 28, 2013 - NII Holdings, Inc. [NASDAQ: NIHD] today announced its consolidated financial results for the fourth quarter and full year 2012. For the full year 2012, the Company added 650,000 net subscribers to its network, bringing its total year-end subscriber base to 11.4 million, a 6 percent increase over year-end 2011. Financial results for the full year 2012 included consolidated operating revenues of $6.1 billion, a 10 percent decrease compared to 2011; consolidated adjusted OIBDA, which excludes the impact of non-cash asset impairment and restructuring charges, of $936 million, a 41 percent decrease compared to 2011, and a consolidated operating loss of $123 million. For the full year 2012, the Company generated a net loss of $765 million, or $4.46 per basic share. Capital expenditures were $1.5 billion for the full year 2012.
 
For the fourth quarter of 2012, the Company added about 2,000 net subscribers to its network. This level of net subscriber additions reflects the impact of the Company's strategic decision to accelerate the deactivation of unprofitable customers in Brazil, which resulted in a 292,000 net subscriber loss in Brazil for the quarter. Financial results for the fourth quarter of 2012 included consolidated operating revenues of $1.5 billion, consolidated adjusted OIBDA of $128 million, and a consolidated operating loss of $379 million. The operating loss for the fourth quarter of 2012 reflects one-time charges associated with the Company's actions to improve its subscriber base in Brazil and a $299 million non-cash asset impairment charge to write down the value of its assets in Chile.
 
“While we achieved a number of important milestones in 2012, our financial results for the year did not meet expectations. In 2013, we intend to improve on our execution while we complete our investments in key initiatives that will enable us to drive long-term value and more profitable growth in the future. These key initiatives include the deployment of our new 3G networks in Sao Paulo and Rio de Janeiro and the expansion of our coverage footprint in Mexico,” said Steve Shindler, NII Holdings' chairman and interim chief executive officer. 
 
NII Holdings' consolidated average monthly service revenue per subscriber (ARPU) was $38 for the full year 2012, down from $48 in the prior year. The Company also reported consolidated average monthly churn of 2.64 percent for the full year 2012, a 90 basis point increase compared with the monthly churn rate for the full year 2011. Consolidated cost per gross add (CPGA) was $275 for the full year 2012, a $28 decrease from 2011.

The Company ended 2012 with $4.9 billion in total debt and $1.6 billion in consolidated cash and investments, resulting in $3.3 billion of net debt at the end of the year.





In February 2013, the Company issued $750 million principal amount of 113/8% senior notes due 2019 through one of its Luxembourg subsidiaries. The size of the offering was increased from the originally announced $400 million to $750 million. The notes are guaranteed by the Company.

“We are pleased with the outcome of our recent senior notes offering. The high level of demand for the notes allowed us to upsize the offering to $750 million,” said Juan Figuereo, NII Holdings' executive vice president and chief financial officer. “With our existing cash and investment balances, the funds received from the offering and over $500 million in committed equipment financing available to us, we are in a strong liquidity position as we complete and load our 3G networks. We are continuing to pursue other strategies to enhance our capital structure and liquidity, including the potential sale of our tower assets in Mexico and Brazil.”
 
Additional information relating to NII Holdings' fourth quarter and 2012 results will be provided on the Company's earnings call on Thursday, February 28, 2013 from 8:30 AM to 9:15 AM EST. The call is available via webcast, online at www.nii.com on the Investor Relations page or by phone at the numbers below.
 
Phone:
Domestic
1 877 703 6102 pass-code: NII HOLDINGS
International
+1 857 244 7301 pass-code: NII HOLDINGS
Please click here for additional Global Access Numbers
All participants are asked to dial in 10-15 minutes prior to the start of the conference call. If you are unable to participate, a rebroadcast of the conference call will be available for two weeks following the call. The call will also be available via webcast, online at www.nii.com on the Investor Relations page.
Conference Call Replay:
Domestic
1 888 286 8010 pass-code: 87381158
International
+1 617 801 6888 pass-code: 87381158
 
In addition to the preliminary results prepared in accordance with accounting principles generally accepted in the United States (GAAP) provided throughout this press release, NII Holdings has presented consolidated adjusted OIBDA, ARPU, CPGA and Net Debt. These measures are non-GAAP financial measures and should be considered in addition to, but not as substitutes for, the information prepared in accordance with GAAP. Reconciliations from GAAP results to these non-GAAP financial measures are provided in the notes to the attached financial table. To view these and other reconciliations of non-GAAP financial measures that the Company uses and information about how to access the conference call discussing NII Holdings' fourth quarter and full year 2012 results, visit the investor relations link at www.nii.com.
 
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in Reston, Va., is a provider of differentiated mobile communication services for businesses and high value consumers in Latin America. NII Holdings, operating under the Nextel brand in Brazil, Mexico, Argentina, Peru and Chile, offers fully integrated wireless communications tools with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect® and International Direct ConnectSM, a digital two-way radio. NII Holdings is a Fortune 500 and Barron's 500 company, and has also been named one of the best places to work among multinationals in Latin America by the Great Place to Work® Institute. The Company trades on the NASDAQ market under the symbol NIHD. Visit the Company's website at www.nii.com.
Nextel, the Nextel logo and Nextel Direct Connect are trademarks and/or service marks of Nextel Communications, Inc.
Visit NII Holdings' news room for news and to access our markets' news centers: nii.com/newsroom.




Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. This news release includes “forward-looking statements” within the meaning of the securities laws. The statements in this news release regarding the business outlook, future performance and forward-looking guidance, as well as other statements that are not historical facts, are forward-looking statements. Forward-looking statements are estimates and projections reflecting management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. With respect to these forward-looking statements, management has made assumptions regarding, among other things, network usage, customer growth and retention, pricing, operating costs, the timing of various events, the economic and regulatory environment and the foreign exchange rates that will prevail during 2013. Future performance cannot be assured and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include the risks and uncertainties relating to the impact of more intense competitive conditions and changes in economic conditions in the markets we serve; the impact on our financial results, and potential reductions in the recorded value of our assets, that may result from fluctuations in foreign currency exchange rates and, in particular, fluctuations in the relative values of the currencies of the countries in which we operate compared to the U.S. dollar; the risk that our network technologies will not perform properly or support the services our customers want or need, including the risk that technology developments to support our services will not be timely delivered; the risk that customers in the markets we serve will not find our services attractive; unexpected results of litigation; and the additional risks and uncertainties that are described in NII Holdings' Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as in other reports filed from time to time by NII Holdings with the Securities and Exchange Commission. This press release speaks only as of its date, and NII Holdings disclaims any duty to update the information herein.

Media Contacts:
 
NII Holdings, Inc.
1875 Explorer Street, Suite 1000
Reston, VA. 20190
(703) 390-5100
www.nii.com
 
Investor Relations: Tim Perrott
(703) 390-5113
tim.perrott@nii.com
 
Media Relations: Claudia Restrepo
(786) 251-7020
claudia.restrepo@nii.com







NII HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS AND THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(in millions, except per share amounts)

 
Year Ended
  December 31,
 
Three Months Ended
              December 31,
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
Operating revenues
  Service and other revenues
$
5,779.2

 
$
6,403.5

 
$
1,395.2

 
$
1,519.4

  Digital handset and accessory revenues
307.3

 
331.4

 
70.4

 
79.9

 
6,086.5

 
6,734.9

 
1,465.6

 
1,599.3

Operating expenses
  Cost of service (exclusive of depreciation and amortization
    included below)
1,690.5

 
1,789.4

 
427.4

 
429.9

  Cost of digital handset and accessory sales
915.1

 
855.9

 
219.2

 
212.6

  Selling, general and administrative
2,324.4

 
2,343.1

 
602.9

 
629.1

  Provision for doubtful accounts
220.6

 
161.9

 
88.2

 
40.5

  Impairment and restructuring charges
330.4

 
—

 
306.5

 
—

  Depreciation
678.2

 
614.2

 
184.3

 
150.8

  Amortization
50.6

 
38.9

 
16.4

 
9.4

 
6,209.8

 
5,803.4

 
1,844.9

 
1,472.3

Operating (loss) income
(123.3
)
 
931.5

 
(379.3
)
 
127.0

Other income (expense)
  Interest expense
(373.2
)
 
(322.1
)
 
(98.9
)
 
(49.3
)
  Interest income
34.1

 
34.2

 
8.6

 
9.3

  Foreign currency transaction (losses) gains, net
(53.4
)
 
(37.0
)
 
(11.2
)
 
2.8

  Other expense, net
(27.3
)
 
(37.2
)
 
(5.9
)
 
(20.5
)
 
(419.8
)
 
(362.1
)
 
(107.4
)
 
(57.7
)
(Loss) income before income tax provision
(543.1
)
 
569.4

 
(486.7
)
 
69.3

Income tax provision
(222.1
)
 
(344.2
)
 
(106.2
)
 
(66.1
)
Net (loss) income
$
(765.2
)
 
$
225.2

 
$
(592.9
)
 
$
3.2

 
 
 
 
 
 
 
 
Net (loss) income per common share, basic
$
(4.46
)
 
$
1.31

 
$
(3.45
)
 
$
0.02

Net (loss) income per common share, diluted
$
(4.46
)
 
$
1.30

 
$
(3.45
)
 
$
0.02

 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding,
   basic
171.5

 
170.6

 
171.7

 
171.2

Weighted average number of common shares outstanding,
   diluted
171.5

 
172.8

 
171.7

 
172.2


CONSOLIDATED BALANCE SHEET DATA
(in millions)
 
December 31,
 
December 31,
 
2012
 
2011
 
 
 
 
Cash and cash equivalents
$
1,383.5

 
$
2,322.9

Short-term investments
204.8

 
343.4

Accounts receivable, less allowance for
doubtful accounts of $112.9 and $66.3
705.7

 
858.5

Property, plant and equipment, net
3,884.9

 
3,481.9

Intangible assets, net
1,164.7

 
1,182.4

Total assets
9,223.1

 
9,822.1

Total debt
4,866.2

 
4,818.2

Total liabilities
6,906.6

 
6,684.0

Stockholders' equity
2,316.5

 
3,138.1







NII HOLDINGS, INC. AND SUBSIDIARIES
OPERATING RESULTS AND METRICS
FOR THE YEARS AND THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(UNAUDITED)

NII Holdings, Inc.
(subscribers in thousands)
 
 
 
 
 
 
 
 
 
Year Ended
             December 31,
 
Three Months Ended
              December 31,
 
2012
 
2011
 
2012
 
2011
Total digital subscribers (as of December 31)
11,361.5

 
10,711.9

 
11,361.5

 
10,711.9

  Net subscriber additions
649.6

 
1,684.4

 
2.2

 
466.6

  Churn (%)
2.64
%
 
1.74
%
 
3.40
%
 
1.78
%
 
 
 
 
 
 
 
 
Average monthly revenue per handset/unit in service (ARPU) (1)
$
38

 
$
48

 
$
36

 
$
43

 
 
 
 
 
 
 
 
Cost per gross add (CPGA) (1)
$
275

 
$
303

 
$
260

 
$
299


Nextel Brazil
(dollars in millions, except ARPU and CPGA, and subscribers in thousands)
 
 
Year Ended
December 31,
 
Three Months Ended
             December 31,
 
2012
 
2011
 
2012
 
2011
Operating revenues
  Service and other revenues
$
2,756.2

 
$
3,293.9

 
$
640.0

 
$
775.2

  Digital handset and accessory revenues
146.2

 
162.9

 
32.3

 
40.4

 
2,902.4

 
3,456.8

 
672.3

 
815.6

Operating expenses
  Cost of service (exclusive of depreciation and amortization included
    below)
909.9

 
1,024.7

 
210.8

 
246.3

  Cost of digital handset and accessory sales
210.3

 
254.8

 
46.3

 
66.6

  Selling, general and administrative
921.3

 
996.2

 
246.4

 
262.7

  Provision for doubtful accounts
186.3

 
133.8

 
78.5

 
33.6

Segment earnings
674.6

 
1,047.3

 
90.3

 
206.4

  Impairment and restructuring charges
2.4

 
—

 
—

 
—

  Management fee and other
33.7

 
40.0

 
(7.0
)
 
10.1

  Depreciation and amortization
320.7

 
311.3

 
88.2

 
74.8

Operating income
$
317.8

 
$
696.0

 
$
9.1

 
$
121.5

 
 
 
 
 
 
 
 
Total digital subscribers (as of December 31)
3,846.3

 
4,115.2

 
3,846.3

 
4,115.2

  Net subscriber (deactivations) additions
(269.0
)
 
796.1

 
(291.7
)
 
192.2

  Churn (%)
2.96
%
 
1.58
%
 
4.69
%
 
1.63
%
 
 
 
 
 
 
 
 
ARPU (1)
$
49

 
$
65

 
$
47

 
$
56

 
 
 
 
 
 
 
 
CPGA (1)
$
256

 
$
284

 
$
293

 
$
312






Nextel Mexico
(dollars in millions, except ARPU and CPGA, and subscribers in thousands)
 
 
Year Ended
December 31,
 
Three Months Ended
             December 31,
 
2012
 
2011
 
2012
 
2011
Operating revenues
  Service and other revenues
$
2,033.3

 
$
2,165.6

 
$
505.2

 
$
498.4

  Digital handset and accessory revenues
76.3

 
83.8

 
15.6

 
18.5

 
2,109.6

 
2,249.4

 
520.8

 
516.9

Operating expenses
  Cost of service (exclusive of depreciation and amortization included
    below)
413.5

 
436.0

 
123.3

 
97.5

  Cost of digital handset and accessory sales
505.0

 
436.2

 
115.5

 
104.7

  Selling, general and administrative
614.4

 
612.8

 
161.9

 
153.3

  Provision for doubtful accounts
15.7

 
17.2

 
4.2

 
4.6

Segment earnings
561.0

 
747.2

 
115.9

 
156.8

  Impairment and restructuring charges
0.4

 
—

 
—

 
—

  Management fee and other
125.5

 
122.2

 
27.6

 
20.3

  Depreciation and amortization
203.0

 
197.2

 
56.1

 
44.4

Operating income
$
232.1

 
$
427.8

 
$
32.2

 
$
92.1

 
 
 
 
 
 
 
 
Total digital subscribers (as of December 31)
3,901.7

 
3,695.4

 
3,901.7

 
3,695.4

  Net subscriber additions
206.4

 
334.1

 
40.7

 
72.0

  Churn (%)
2.05
%
 
1.79
%
 
2.07
%
 
2.01
%
 
 
 
 
 
 
 
 
ARPU (1)
$
40

 
$
45

 
$
39

 
$
40

 
 
 
 
 
 
 
 
CPGA (1)
$
435

 
$
413

 
$
455

 
$
381


Nextel Argentina
(dollars in millions, except ARPU and CPGA, and subscribers in thousands)
 
 
Year Ended
December 31,
 
Three Months Ended
             December 31,
 
2012
 
2011
 
2012
 
2011
Operating revenues
  Service and other revenues
$
636.8

 
$
596.6

 
$
160.2

 
$
156.9

  Digital handset and accessory revenues
48.4

 
52.3

 
12.8

 
13.3

 
685.2

 
648.9

 
173.0

 
170.2

Operating expenses
  Cost of service (exclusive of depreciation and amortization included
    below)
187.6

 
186.7

 
43.2

 
48.0

  Cost of digital handset and accessory sales
79.6

 
88.1

 
20.2

 
23.0

  Selling, general and administrative
224.6

 
198.8

 
57.5

 
56.1

  Provision for doubtful accounts
12.4

 
6.5

 
3.2

 
1.5

Segment earnings
181.0

 
168.8

 
48.9

 
41.6

  Impairment and restructuring charges
0.1

 
—

 
—

 
—

  Management fee and other
29.2

 
18.0

 
8.6

 
0.6

  Depreciation and amortization
45.4

 
42.2

 
11.4

 
10.5

Operating income
$
106.3

 
$
108.6

 
$
28.9

 
$
30.5

 
 
 
 
 
 
 
 
Total digital subscribers (as of December 31)
1,755.6

 
1,388.2

 
1,755.6

 
1,388.2

  Net subscriber additions
367.4

 
234.3

 
63.1

 
134.1

  Churn (%)
2.31
%
 
1.54
%
 
3.16
%
 
1.43
%
 
 
 
 
 
 
 
 
ARPU (1)
$
29

 
$
35

 
$
27

 
$
35

 
 
 
 
 
 
 
 
CPGA (1)
$
118

 
$
197

 
$
107

 
$
135






Nextel Peru
(dollars in millions, except ARPU and CPGA, and subscribers in thousands)
 
 
Year Ended
December 31,
 
Three Months Ended
             December 31,
 
2012
 
2011
 
2012
 
2011
Operating revenues
  Service and other revenues
$
314.0

 
$
321.9

 
$
77.0

 
$
82.5

  Digital handset and accessory revenues
29.3

 
32.2

 
6.6

 
7.6

 
343.3

 
354.1

 
83.6

 
90.1

Operating expenses
  Cost of service (exclusive of depreciation and amortization included
    below)
116.1

 
107.7

 
29.9

 
27.5

  Cost of digital handset and accessory sales
85.3

 
71.9

 
23.4

 
16.5

  Selling, general and administrative
152.6

 
136.6

 
41.2

 
36.5

  Provision for doubtful accounts
3.3

 
2.6

 
0.9

 
0.7

Segment (losses) earnings
(14.0
)
 
35.3

 
(11.8
)
 
8.9

  Impairment and restructuring charges
0.6

 
—

 
—

 
—

  Management fee and other
21.6

 
30.0

 
6.7

 
6.9

  Depreciation and amortization
79.2

 
64.9

 
20.4

 
18.5

Operating loss
$
(115.4
)
 
$
(59.6
)
 
$
(38.9
)
 
$
(16.5
)
 
 
 
 
 
 
 
 
Total digital subscribers (as of December 31)
1,659.5

 
1,434.8

 
1,659.5

 
1,434.8

  Net subscriber additions
224.7

 
306.6

 
144.9

 
62.5

  Churn (%)
3.12
%
 
2.21
%
 
3.40
%
 
2.71
%
 
 
 
 
 
 
 
 
ARPU (1)
$
16

 
$
19

 
$
15

 
$
18

 
 
 
 
 
 
 
 
CPGA (1)
$
140

 
$
143

 
$
107

 
$
135


(1) For information regarding ARPU and CPGA, see “Non-GAAP Reconciliations for the Years and Three Months Ended December 31, 2012 and 2011” included in this release.

       
































NON-GAAP RECONCILIATIONS
FOR THE YEARS AND THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(UNAUDITED)


Consolidated OIBDA and Consolidated Adjusted OIBDA

Consolidated operating income before depreciation and amortization, or OIBDA, represents operating income before depreciation and amortization expense. Consolidated adjusted operating income before depreciation and amortization, or adjusted OIBDA, represents consolidated operating income before depreciation expense, amortization expense, material non-cash asset impairments, and severance and contract termination costs associated with publicly announced restructuring plans. During the fourth quarter of 2012, we converted our consolidated OIBDA metric to a consolidated adjusted OIBDA metric to better align this metric with our business objectives. Consolidated OIBDA and consolidated adjusted OIBDA are not measurements under accounting principles generally accepted in the United States, may not be similar to consolidated OIBDA and consolidated adjusted OIBDA measures of other companies and should be considered in addition to, but not as substitutes for, the information contained in our statements of operations. We believe that consolidated OIBDA and consolidated adjusted OIBDA provide useful information to investors because they are indicators of our operating performance, especially in a capital intensive industry such as ours, since they exclude items that are not directly attributable to ongoing business operations. Consolidated OIBDA and consolidated adjusted OIBDA can be reconciled to our consolidated statements of operations as follows (in millions):

NII Holdings, Inc.
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
2012
 
2011
 
2012
 
2011
Consolidated operating (loss) income
$
(123.3
)
 
$
931.5

 
$
(379.3
)
 
$
127.0

Consolidated depreciation
678.2

 
614.2

 
184.3

 
150.8

Consolidated amortization
50.6

 
38.9

 
16.4

 
9.4

Consolidated operating income (loss)
  before depreciation and amortization
605.5

 
1,584.6

 
(178.6
)
 
287.2

Chile non-cash asset impairment charge
298.9

 
—

 
298.9

 
—

Other non-cash asset impairment charges
23.9

 
—

 
—

 
—

Restructuring charges
7.6

 
—

 
7.6

 
—

Consolidated adjusted operating income
  before depreciation and amortization
$
935.9

 
$
1,584.6

 
$
127.9

 
$
287.2

 
 
 
 
 
 
 
 

 
Adjusted OIBDA Guidance Range (1)(2)
 
 
Year Ending
December 31,
 
 
2013
 
Operating loss
$
                (200) - (175)

 
Depreciation
 
                  750 - 765

 
Amortization
 
                        50 - 60

 
Operating income before
  depreciation and amortization
 
                   600 - 650


Non-cash asset impairment charges
 
—

 
Restructuring charges
 
—

 
Adjusted operating income before
  depreciation and amortization
$
                   600 - 650

 
 
 
 
 

(1) The Company's guidance estimate for OIBDA for the year ending December 31, 2013 includes the impact of approximately $40 million of non-cash equity compensation expense. This estimate is predicated on a number of assumptions, including the assumption that foreign currency exchange rates and general economic conditions in its markets will remain relatively stable during the year. The information regarding the Company's outlook and objectives for 2013, including its guidance estimate for OIBDA for the year ended December 31, 2013, is forward looking and is based upon management's current beliefs, as well as a number of assumptions concerning future events, and as such, should be taken in the context of the risks and uncertainties identified in the “Safe Harbor” Statement under the Private Securities Litigation Reform Act




of 1995 included above and of the risks and uncertainties outlined in the SEC filings of NII Holdings, Inc., including the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and the Company's other filings with the SEC.

(2) Does not take into account the impact of the potential impairment of certain information systems that we have decided in 2013 to repurpose or no longer use in certain of our operations, as well as other potential non-cash charges that could be required in 2013.

Average Monthly Revenue Per Handset/Unit in Service (ARPU)
Average monthly revenue per handset/unit in service, or ARPU, is an industry term that measures service revenues, which we refer to as subscriber revenues, per period from our customers divided by the weighted average number of handsets in commercial service during that period. ARPU is not a measurement under accounting principles generally accepted in the United States, may not be similar to ARPU measures of other companies and should be considered in addition, but not as a substitute for, the information contained in our statements of operations. We believe that ARPU provides useful information concerning the appeal of our rate plans and service offerings and our performance in attracting and retaining high value customers. Other revenue includes revenues for such services as roaming, handset maintenance, cancellation fees, analog and other. ARPU can be calculated and reconciled to our consolidated statement of operations as follows (in millions, except ARPU):
NII Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Consolidated service and other revenues
$
5,779.2

 
$
6,403.5

 
$
1,395.2

 
$
1,519.4

 
Less: consolidated other revenues
(655.7
)
 
(768.7
)
 
(156.0
)
 
(181.2
)
 
Total consolidated subscriber revenues
$
5,123.5

 
$
5,634.8

 
$
1,239.2

 
$
1,338.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARPU calculated with subscriber revenues
$
38

 
$
48

 
$
36

 
$
43

 
 
 
 
 
 
 
 
 
 
ARPU calculated with service and other revenues
$
43

 
$
54

 
$
41

 
$
48

 
 
 
 
 
 
 
 
 
 

Nextel Brazil
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Service and other revenues
$
2,756.2

 
$
3,293.9

 
$
640.0

 
$
775.2

 
Less: other revenues
(325.2
)
 
(405.1
)
 
(74.8
)
 
(95.6
)
 
Total subscriber revenues
$
2,431.0

 
$
2,888.8

 
$
565.2

 
$
679.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARPU calculated with subscriber revenues
$
49

 
$
65

 
$
47

 
$
56

 
 
 
 
 
 
 
 
 
 
ARPU calculated with service and other revenues
$
55

 
$
74

 
$
53

 
$
64

 
 
 
 
 
 
 
 
 
 





Nextel Mexico
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Service and other revenues
$
2,033.3

 
$
2,165.6

 
$
505.2

 
$
498.4

 
Less: other revenues
(220.9
)
 
(252.3
)
 
(53.0
)
 
(57.0
)
 
Total subscriber revenues
$
1,812.4

 
$
1,913.3

 
$
452.2

 
$
441.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARPU calculated with subscriber revenues
$
40

 
$
45

 
$
39

 
$
40

 
 
 
 
 
 
 
 
 
 
ARPU calculated with service and other revenues
$
45

 
$
51

 
$
43

 
$
45

 
 
 
 
 
 
 
 
 
 

Nextel Argentina
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Service and other revenues
$
636.8

 
$
596.6

 
$
160.2

 
$
156.9

 
Less: other revenues
(83.8
)
 
(83.3
)
 
(21.4
)
 
(21.3
)
 
Total subscriber revenues
$
553.0

 
$
513.3

 
$
138.8

 
$
135.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARPU calculated with subscriber revenues
$
29

 
$
35

 
$
27

 
$
35

 
 
 
 
 
 
 
 
 
 
ARPU calculated with service and other revenues
$
33

 
$
40

 
$
31

 
$
40

 
 
 
 
 
 
 
 
 
 

Nextel Peru
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Service and other revenues
$
314.0

 
$
321.9

 
$
77.0

 
$
82.5

 
Less: other revenues
(24.2
)
 
(25.3
)
 
(6.4
)
 
(6.6
)
 
Total subscriber revenues
$
289.8

 
$
296.6

 
$
70.6

 
$
75.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARPU calculated with subscriber revenues
$
16

 
$
19

 
$
15

 
$
18

 
 
 
 
 
 
 
 
 
 
ARPU calculated with service and other revenues
$
18

 
$
21

 
$
16

 
$
20

 
 
 
 
 
 
 
 
 
 




Cost per Gross Add (CPGA)
Cost per gross add, or CPGA, is an industry term that is calculated by dividing our selling, marketing and handset and accessory subsidy costs, excluding costs unrelated to initial customer acquisition, by our new subscribers during the period, or gross adds. CPGA is not a measurement under accounting principles generally accepted in the United States, may not be similar to CPGA measures of other companies and should be considered in addition, but not as a substitute for, the information contained in our statements of operations. We believe CPGA is a measure of the relative cost of customer acquisition. CPGA can be calculated and reconciled to our consolidated statements of operations as follows (in millions, except CPGA):
NII Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Consolidated digital handset and accessory revenues
$
307.3

 
$
331.4

 
$
70.4

 
$
79.9

 
Less: consolidated uninsured handset replacement revenues
(19.7
)
 
(23.2
)
 
(5.3
)
 
(5.1
)
 
Consolidated digital handset and accessory revenues, net
287.6

 
308.2

 
65.1

 
74.8

 
Less: consolidated cost of handset and accessory sales
915.1

 
854.9

 
219.2

 
212.6

 
    Consolidated handset subsidy costs
627.5

 
546.7

 
154.1

 
137.8

 
Consolidated selling and marketing
799.5

 
849.0

 
206.0

 
241.5

 
Costs per statement of operations
1,427.0

 
1,395.7

 
360.1

 
379.3

 
Less: consolidated costs unrelated to initial customer acquisition
(284.9
)
 
(261.2
)
 
(57.8
)
 
(62.6
)
 
    Customer acquisition costs
$
1,142.1

 
$
1,134.5

 
$
302.3

 
$
316.7

 
 
 
 
 
 
 
 
 
 
Cost per Gross Add
$
275

 
$
303

 
$
260

 
$
299

 
 
 
 
 
 
 
 
 
 

Nextel Brazil
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Digital handset and accessory revenues
$
146.2

 
$
162.9

 
$
32.3

 
$
40.4

 
Less: uninsured handset replacement revenues
(7.8
)
 
(10.3
)
 
(2.6
)
 
(2.0
)
 
Digital handset and accessory revenues, net
138.4

 
152.6

 
29.7

 
38.4

 
Less: cost of handset and accessory sales
210.3

 
254.9

 
46.3

 
66.6

 
    Handset subsidy costs
71.9

 
102.3

 
16.6

 
28.2

 
Selling and marketing
262.7

 
365.8

 
65.3

 
102.9

 
Costs per statement of operations
334.6

 
468.1

 
81.9

 
131.1

 
Less: costs unrelated to initial customer acquisition
(25.6
)
 
(42.8
)
 
(1.1
)
 
(10.0
)
 
    Customer acquisition costs
$
309.0

 
$
425.3

 
$
80.8

 
$
121.1

 
 
 
 
 
 
 
 
 
 
Cost per Gross Add
$
256

 
$
284

 
$
293

 
$
312

 
 
 
 
 
 
 
 
 
 





Nextel Mexico
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Digital handset and accessory revenues
$
76.3

 
$
83.8

 
$
15.6

 
$
18.5

 
Less: uninsured handset replacement revenues
(11.9
)
 
(12.8
)
 
(2.7
)
 
(3.1
)
 
Digital handset and accessory revenues, net
64.4

 
71.0

 
12.9

 
15.4

 
Less: cost of handset and accessory sales
505.0

 
436.2

 
115.5

 
104.7

 
    Handset subsidy costs
440.6

 
365.2

 
102.6

 
89.3

 
Selling and marketing
298.9

 
287.5

 
77.8

 
70.6

 
Costs per statement of operations
739.5

 
652.7

 
180.4

 
159.9

 
Less: costs unrelated to initial customer acquisition
(241.6
)
 
(201.5
)
 
(52.4
)
 
(48.2
)
 
    Customer acquisition costs
$
497.9

 
$
451.2

 
$
128.0

 
$
111.7

 
 
 
 
 
 
 
 
 
 
Cost per Gross Add
$
435

 
$
413

 
$
455

 
$
381

 
 
 
 
 
 
 
 
 
 

Nextel Argentina
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Digital handset and accessory revenues
$
48.4

 
$
52.3

 
$
12.8

 
$
13.3

 
Less: cost of handset and accessory sales
79.6

 
88.1

 
20.2

 
23.0

 
    Handset subsidy costs
31.2

 
35.8

 
7.4

 
9.7

 
Selling and marketing
68.7

 
64.3

 
17.8

 
18.7

 
Costs per statement of operations
99.9

 
100.1

 
25.2

 
28.4

 
Less: costs unrelated to initial customer acquisition
(4.6
)
 
(9.2
)
 
(1.0
)
 
(2.5
)
 
    Customer acquisition costs
$
95.3

 
$
90.9

 
$
24.2

 
$
25.9

 
 
 
 
 
 
 
 
 
 
Cost per Gross Add
$
118

 
$
197

 
$
107

 
$
135

 
 
 
 
 
 
 
 
 
 

Nextel Peru
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31,
 
Three Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
 
 
(unaudited)
 
Digital handset and accessory revenues
$
29.3

 
$
32.2

 
$
6.6

 
$
7.6

 
Less: cost of handset and accessory sales
85.3

 
71.9

 
23.4

 
16.5

 
    Handset subsidy costs
56.0

 
39.7

 
16.8

 
8.9

 
Selling and marketing
69.0

 
62.9

 
19.2

 
16.6

 
Costs per statement of operations
125.0

 
102.6

 
36.0

 
25.5

 
Less: costs unrelated to initial customer acquisition
(12.2
)
 
(7.2
)
 
(2.9
)
 
(1.7
)
 
    Customer acquisition costs
$
112.8

 
$
95.4

 
$
33.1

 
$
23.8

 
 
 
 
 
 
 
 
 
 
Cost per Gross Add
$
140

 
$
143

 
$
107

 
$
135

 
 
 
 
 
 
 
 
 
 






Net Debt

Net debt represents total debt less cash, cash equivalents, short-term and long-term investments. Net debt to consolidated operating income before depreciation and amortization represents net debt divided by consolidated operating income before depreciation and amortization. We include the cash in long-term investments to the items subtracted from total debt to calculate net debt. Net debt is not a measurement under accounting principles generally accepted in the United States, may not be similar to net debt measures of other companies and should be considered in addition to, but not as a substitute for, the information contained in our balance sheets. We believe that net debt and net debt to consolidated operating income before depreciation and amortization provide useful information concerning our liquidity and leverage. Net debt as of December 31, 2012 can be calculated as follows (in millions):

NII Holdings, Inc.
Total debt
$
4,866.2

Add: debt discounts
24.7

Less: cash and cash equivalents
1,383.5

Less: short-term investments
204.8

Net debt
$
3,302.6

 
 

Impact of Foreign Currency Fluctuations
The following table shows the impact of changes in foreign currency exchange rates on certain financial measures for the twelve and three months ended December 31, 2011 compared to the same period in 2012 by (i) adjusting the relevant measures for the twelve and three months ended December 31, 2011 to levels that would have resulted if the average foreign currency exchange rates for the twelve and three months ended December 31, 2011 were the same as the average foreign currency exchange rates that were in effect for the twelve and three months ended December 31, 2012; and (ii) comparing the actual and adjusted financial measures for the twelve and three months ended December 31, 2011 to the similar financial measures for the twelve and three months ended December 31, 2011 to show the percentage change in those measures before and after taking those adjustments into account. The amounts reflected in the following table for operating income before depreciation and amortization on a consolidated basis and segment earnings for Nextel Brazil, Nextel Mexico and Nextel Argentina, before the adjustments for changes in foreign currency exchange rates, are based on the calculations contained elsewhere in these non-GAAP reconciliations for the twelve and three months ended December 31, 2012 and 2011. The average foreign currency exchange rates for each of the relevant currencies during each of the twelve and three months ended December 31, 2012 and 2011 are included in the notes to the table below. The information reflected in the following table is not a measurement under accounting principles generally accepted in the United States and should be considered in addition to, but not as a substitute for, the information contained in our statements of operations. We believe that these calculations provide useful information concerning our relative performance for the twelve and three months ended December 31, 2012 compared to the same period in 2011 by removing the impact of the significant difference in the average foreign currency exchange rates in effect for those periods.
NII Holdings, Inc.
(dollars in thousands)
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
YTD 2011 Actual

YTD 2011 Adjustment (1)

YTD 2011 Normalized (1)
YTD 2012 Actual
YTD 2011
to YTD 2012
Actual Growth
Rate (2)
YTD 2011
to YTD 2012
Normalized
Growth Rate (3)
 
 
 
 
 
 
 
Consolidated:
 
 
 
 
 
 
  Operating revenues
$
6,734,946

$
(693,142
)
$
6,041,804

$
6,086,463

(10)%
1%
  Adjusted operating income before
    depreciation and amortization
1,584,639

(291,832
)
1,292,807

935,860

(41)%
(28)%
Nextel Brazil:
 
 
 
 
 
 
  Operating revenues
$
3,456,758

$
(501,378
)
$
2,955,380

$
2,902,350

(16)%
(2)%
  Segment earnings
1,047,297

(208,411
)
838,886

674,632

(36)%
(20)%
Nextel Mexico:
 
 
 
 
 
 
  Operating revenues
$
2,249,447

$
(132,094
)
$
2,117,353

$
2,109,573

(6)%
—
  Segment earnings
747,247

(54,552
)
692,695

561,059

(25)%
(19)%
Nextel Argentina:
 
 
 
 
 
 
  Operating revenues
$
648,926

$
(59,508
)
$
589,418

$
685,201

6%
16%
  Segment earnings
168,790

(28,957
)
139,833

180,956

7%
29%





NII Holdings, Inc.
(dollars in thousands)
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
 
 
4Q 2011 Actual

4Q 2011 Adjustment (1)

4Q 2011 Normalized (1)
4Q 2012 Actual
4Q 2011
to 4Q 2012
Actual Growth
Rate (2)
4Q 2011
to 4Q 2012
Normalized
Growth Rate (3)
 
 
 
 
 
 
 
Consolidated:
 
 
 
 
 
 
  Operating revenues
$
1,599,334

$
(94,798
)
$
1,504,536

$
1,465,594

(8)%
(3)%
  Adjusted operating income before
    depreciation and amortization
287,197

(37,480
)
249,717

127,878

(55)%
(49)%
Nextel Brazil:
 
 
 
 
 
 
  Operating revenues
$
815,644

$
(102,484
)
$
713,160

$
672,340

(18)%
(6)%
  Segment earnings
206,393

(36,586
)
169,807

90,274

(56)%
(47)%
Nextel Mexico:
 
 
 
 
 
 
  Operating revenues
$
516,931

$
26,553

$
543,484

$
520,788

1%
(4)%
  Segment earnings
156,781

9,750

166,531

115,922

(26)%
(30)%
Nextel Argentina:
 
 
 
 
 
 
  Operating revenues
$
170,230

$
(19,354
)
$
150,876

$
173,048

2%
15%
  Segment earnings
41,616

(9,126
)
32,490

48,914

18%
51%

(1)
The "4Q 2011 Normalized" and "YTD 2011 Normalized" amounts reflect the impact of applying the average foreign currency exchange rates for the twelve and three months ended December 31, 2012 to the operating revenues earned in foreign currencies and to the other components of each of the actual financial measures shown above for the twelve and three months ended December 31, 2011, other than certain components of those measures consisting of U.S. dollar-based operating expenses, which were not adjusted. The amounts included under the columns "4Q 2011 Adjustment" and "YTD 2011 Adjustment" reflect the amount determined by subtracting the "4Q 2011 Normalized" and "YTD 2011 Normalized" amounts calculated as described in the preceding sentence from the "4Q 2011 Actual" and "YTD 2011 Actual" amounts and reflect the impact of the year-over-year change in the average foreign currency exchange rates on each of the financial measures for the twelve and three months ended December 31, 2011. The average foreign currency exchange rates for each of the relevant currencies during the twelve and three months ended December 31, 2012 and 2011 for purposes of these calculations were as follows:

 
Year Ended December 31,
 
Three Months Ended December 31,
 
2012
 
2011
 
2012
 
2011
Brazilian real
1.95
 
1.67
 
2.06
 
1.80
Mexican peso
13.17
 
12.42
 
12.95
 
13.62
Argentine peso
4.55
 
4.13
 
4.80
 
4.26

(2)
The percentage amounts in these columns reflect the growth rates for each of the financial measures comparing the amounts in the "4Q 2012 Actual" and "YTD 2012 Actual" columns with those in the "4Q 2011 Actual" and "YTD 2011 Actual" columns.

(3)
The percentage amounts in these columns reflect the growth rates for each of the financial measures comparing the amounts in the "4Q 2012 Actual" and "YTD 2012 Actual" columns with those in the "4Q 2011 Normalized" and "YTD 2011 Normalized" columns.



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