DELAWARE | 1-33409 | 20-0836269 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2250 Lakeside Boulevard Richardson, Texas | 75082-4304 |
(Address of Principal Executive Offices) | (Zip Code) |
Item 9.01. | Financial Statements and Exhibits. |
EXHIBIT NUMBER | DESCRIPTION | |
99.1 | — | Press release, dated April 26, 2012, entitled "MetroPCS Reports First Quarter 2012 Results" |
METROPCS COMMUNICATIONS, INC. | |||||
Date: April 26, 2012 | By: | /s/ J. Braxton Carter | |||
J. Braxton Carter Chief Financial Officer and Vice Chairman |
• | Quarterly consolidated total revenues of approximately $1.3 billion, an increase of 7% over the first quarter of 2011 |
• | Quarterly service revenue of approximately $1.2 billion, an increase of 10% over the first quarter of 2011 |
• | Adjusted EBITDA of $262 million, a decrease of 8% over the first quarter of 2011 |
• | Quarterly churn of 3.1%, down 60 basis points from the fourth quarter of 2011 and flat when compared to the first quarter of 2011 |
• | Quarterly net subscriber additions of 132 thousand, resulting in a 7% increase in total subscribers over the prior twelve month period |
• | Quarterly ARPU of $40.56, an increase of $0.14 over first quarter 2011 |
• | Surpassed 580 thousand 4G LTE subscribers, representing over 6% of total subscribers |
(in millions, except percentages, per share, per subscriber and subscriber amounts) | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2012 | 2011 | Change | ||||||||||
Service revenues | $ | 1,159 | $ | 1,050 | 10 | % | ||||||
Total revenues | $ | 1,277 | $ | 1,194 | 7 | % | ||||||
Income from operations | $ | 98 | $ | 145 | -32 | % | ||||||
Net income | $ | 21 | $ | 56 | -63 | % | ||||||
Diluted EPS | $ | 0.06 | $ | 0.15 | $ | (0.09 | ) | |||||
Adjusted EBITDA(1) | $ | 262 | $ | 285 | (8 | )% | ||||||
Adjusted EBITDA as a | ||||||||||||
percentage of service revenues | 22.6 | % | 27.2 | % | (460 bps) | |||||||
ARPU(1) | $ | 40.56 | $ | 40.42 | $ | 0.14 | ||||||
CPGA(1) | $ | 235.45 | $ | 157.28 | $ | 78.17 | ||||||
CPU(1) | $ | 22.87 | $ | 19.79 | $ | 3.08 | ||||||
Churn-Average Monthly Rate | 3.1 | % | 3.1 | % | 0 bps | |||||||
Consolidated Subscribers | ||||||||||||
End of Period | 9,478,313 | 8,881,055 | 7 | % | ||||||||
Net Additions | 131,654 | 725,945 | -82 | % | ||||||||
Penetration of Covered POPs(2) | 9.3 | % | 9.0 | % | 30bps |
(1) | For a reconciliation of non-GAAP financial measures, please refer to the section entitled “Definition of Terms and Reconciliation of non-GAAP Financial Measures” included at the end of this release. |
(2) | Number of covered POPs covered by MetroPCS Communications, Inc. network increased 2.5 million from 3/31/11 to 3/31/12 to 102 million. |
• | Consolidated service revenues of approximately $1.2 billion for the first quarter of 2012, an increase of $109 million, or 10%, when compared to the prior year's first quarter. |
• | Income from operations decreased $47 million, or 32%, for the first quarter of 2012 when compared to the prior year's first quarter. |
• | Net income decreased $35 million, or 63%, for the first quarter of 2012 when compared to the prior year's first quarter. |
• | Adjusted EBITDA of $262 million decreased by $23 million for the first quarter of 2012, or 8%, when compared to the prior year's first quarter. |
• | Average revenue per user (ARPU) of $40.56 for the first quarter of 2012 represents an increase of $0.14 when compared to the first quarter of 2011. The increase in ARPU was primarily attributable to continued demand for our Wireless for All and 4G LTE service plans offset by an increase in family plan penetration from 35% of our customer base as of March 31, 2011 to 44% of our customer base as of March 31, 2012. |
• | The Company's cost per gross addition (CPGA) of $235 for the first quarter of 2012 represents an increase of $78 when compared to the prior year's first quarter. The increase is primarily driven by increased promotional activities and lower gross additions as compared to the three months ended March 31, 2011. |
• | Cost per user (CPU) increased to $22.87 in the first quarter of 2012, or a 16% increase over the first quarter of 2011. The increase in CPU is primarily driven by the increase in retention expense for existing customers, costs associated with our 4G LTE network upgrade and roaming expenses associated with Metro USA. During the quarter we experienced $7.13 in CPU directly related to handset upgrades compared to $4.60 in the prior year's first quarter. |
• | Churn decreased 60 basis points from 3.7% to 3.1%, when compared to the fourth quarter of 2011, and remained flat when compared to the first quarter of 2011. The sequential decrease in churn was primarily driven by continued investment in our network, aggressive retention programs, and normal seasonal trends. |
• | the highly competitive nature of our industry and changes in the competitive landscape; |
• | the current economic environment in the United States; disruptions to the credit and financial markets in the United States; and contractions or limited growth on consumer spending as a result of the uncertainty in the United States economy; |
• | our ability to manage our growth, achieve planned growth, manage churn rates, maintain our cost structure, and achieve additional economies of scale; |
• | our and our competitors' current and planned promotions, marketing, sales and other initiatives and our ability to respond and support them; |
• | our ability to negotiate and maintain acceptable agreements with our suppliers and vendors, including roaming arrangements; |
• | the seasonality of our business and any failure to have strong customer growth in the first and fourth quarters; |
• | increases or changes in taxes and regulatory fees or the services to, or the manner in, which such taxes and fees are applied; |
• | the rapid technological changes in our industry, our ability to adapt, respond and deploy new technologies, and successfully offer new services using such new technology; |
• | our ability to fulfill the demands and expectations of our customers, provide the customer care our customers demand, secure the products, services, applications, content and network infrastructure equipment we need, or which our customers or potential customers want, expect or demand; |
• | the availability of additional spectrum, our ability to secure additional spectrum, or secure it at acceptable prices, when we need it; |
• | our ability to manage our networks to deliver the services, content, service quality and speed our customers expect and demand and to maintain and increase capacity of our networks and business systems to satisfy the demands of our customers and the demands placed by devices on our networks; |
• | our ability to adequately defend against suits filed by others and to enforce or protect our intellectual property rights; |
• | our capital structure, including our indebtedness amounts and the limitations imposed by the covenants in our indebtedness and maintain our financial and disclosure controls and procedures; |
• | our inability to attract and retain key members of management and train personnel; |
• | our reliance on third parties to provide distribution, products, software content and services that are integral, used or sold by to our business and the ability of our suppliers to perform, develop and timely provide us with technological developments, products and services we need to remain competitive; |
• | possible disruptions or intrusions of our network, billing, operational support, and customer care systems which may limit or disrupt our ability to provide service or cause disclosure of our customer's information and the associated harm to our customers, our systems, and our goodwill; |
• | governmental regulation affecting our services and changes in government regulation, and the costs of compliance and our failure to comply with such regulations; and |
• | other factors described or referenced from time to time in our quarterly report on Form 10-Q, for the quarter ended March 31, 2012, to be filed on or before May 10, 2012, as well as subsequent quarterly reports on Form 10-Q, or current reports on Form 8-K, all of which are on file with the SEC and may be obtained free of charge through the SEC's website http://www.sec.gov, from the Company's website at www.metropcs.com under the investor relations tab, or from the Company by contacting the Investor Relations department. |
March 31, 2012 | December 31, 2011 | |||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 1,886,238 | $ | 1,943,282 | ||||
Short-term investments | 329,911 | 299,972 | ||||||
Inventories | 252,158 | 239,648 | ||||||
Accounts receivable (net of allowance for uncollectible accounts of $559 and $601 at March 31, 2012 and December 31, 2011, respectively) | 80,973 | 78,023 | ||||||
Prepaid expenses | 70,644 | 55,712 | ||||||
Deferred charges | 104,777 | 74,970 | ||||||
Deferred tax assets | 7,215 | 7,214 | ||||||
Other current assets | 35,434 | 44,772 | ||||||
Total current assets | 2,767,350 | 2,743,593 | ||||||
Property and equipment, net | 4,007,177 | 4,017,999 | ||||||
Restricted cash and investments | 2,076 | 2,576 | ||||||
Long-term investments | 6,319 | 6,319 | ||||||
FCC licenses | 2,541,657 | 2,539,041 | ||||||
Other assets | 184,628 | 173,403 | ||||||
Total assets | $ | 9,509,207 | $ | 9,482,931 | ||||
CURRENT LIABILITIES: | ||||||||
Accounts payable and accrued expenses | $ | 452,025 | $ | 512,346 | ||||
Current maturities of long-term debt | 34,610 | 33,460 | ||||||
Deferred revenue | 261,655 | 245,705 | ||||||
Other current liabilities | 29,743 | 25,212 | ||||||
Total current liabilities | 778,033 | 816,723 | ||||||
Long-term debt, net | 4,726,077 | 4,711,021 | ||||||
Deferred tax liabilities | 831,745 | 817,106 | ||||||
Deferred rents | 124,784 | 120,028 | ||||||
Other long-term liabilities | 90,792 | 90,453 | ||||||
Total liabilities | 6,551,431 | 6,555,331 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock, par value $0.0001 per share, 100,000,000 shares authorized; no shares of preferred stock issued and outstanding at March 31, 2012 and December 31, 2011 | — | — | ||||||
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 363,128,204 and 362,460,395 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively | 36 | 36 | ||||||
Additional paid-in capital | 1,795,586 | 1,784,273 | ||||||
Retained earnings | 1,180,422 | 1,159,418 | ||||||
Accumulated other comprehensive loss | (9,549 | ) | (9,295 | ) | ||||
Less treasury stock, at cost, 778,662 and 602,881 treasury shares at March 31, 2012 and December 31, 2011, respectively | (8,719 | ) | (6,832 | ) | ||||
Total stockholders’ equity | 2,957,776 | 2,927,600 | ||||||
Total liabilities and stockholders’ equity | $ | 9,509,207 | $ | 9,482,931 |
For the Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
REVENUES: | ||||||||
Service revenues | $ | 1,158,779 | $ | 1,050,217 | ||||
Equipment revenues | 117,811 | 144,160 | ||||||
Total revenues | 1,276,590 | 1,194,377 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of service (excluding depreciation and amortization expense of $132,223 and $111,828 shown separately below) | 388,927 | 341,417 | ||||||
Cost of equipment | 458,864 | 409,262 | ||||||
Selling, general and administrative expenses (excluding depreciation and amortization expense of $20,596 and $16,867 shown separately below) | 176,593 | 169,771 | ||||||
Depreciation and amortization | 152,819 | 128,695 | ||||||
Loss (gain) on disposal of assets | 1,120 | (105 | ) | |||||
Total operating expenses | 1,178,323 | 1,049,040 | ||||||
Income from operations | 98,267 | 145,337 | ||||||
OTHER EXPENSE (INCOME): | ||||||||
Interest expense | 70,083 | 56,561 | ||||||
Interest income | (375 | ) | (515 | ) | ||||
Other (income) expense, net | (103 | ) | (255 | ) | ||||
Total other expense | 69,605 | 55,791 | ||||||
Income before provision for income taxes | 28,662 | 89,546 | ||||||
Provision for income taxes | (7,658 | ) | (33,168 | ) | ||||
Net income | $ | 21,004 | $ | 56,378 | ||||
Other comprehensive income (loss): | ||||||||
Unrealized gains on available-for-sale securities, net of tax of $9 and $62, respectively | 17 | 99 | ||||||
Unrealized (losses) gains on cash flow hedging derivatives, net of tax benefit of $1,572 and tax of $376, respectively | (3,133 | ) | 600 | |||||
Reclassification adjustment for gains on available-for-sale securities included in net income, net of tax of $12 and $65, respectively | (25 | ) | (103 | ) | ||||
Reclassification adjustment for losses on cash flow hedging derivatives included in net income, net of tax benefit of $1,448 and $1,780, respectively | 2,887 | 2,877 | ||||||
Total other comprehensive (loss) income | (254 | ) | 3,473 | |||||
Comprehensive income | $ | 20,750 | $ | 59,851 | ||||
Net income per common share: | ||||||||
Basic | $ | 0.06 | $ | 0.16 | ||||
Diluted | $ | 0.06 | $ | 0.15 | ||||
Weighted average shares: | ||||||||
Basic | 362,718,613 | 356,988,270 | ||||||
Diluted | 364,283,160 | 361,406,194 |
For the Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 21,004 | $ | 56,378 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 152,819 | 128,695 | ||||||
(Recovery of) provision for uncollectible accounts receivable | (107 | ) | 166 | |||||
Deferred rent expense | 4,792 | 4,094 | ||||||
Cost of abandoned cell sites | 423 | 56 | ||||||
Stock-based compensation expense | 10,156 | 11,284 | ||||||
Non-cash interest expense | 1,831 | 1,993 | ||||||
Loss (gain) on disposal of assets | 1,120 | (105 | ) | |||||
Gain on sale of investments | (37 | ) | (168 | ) | ||||
Accretion of asset retirement obligations | 1,588 | 1,313 | ||||||
Deferred income taxes | 14,357 | 32,257 | ||||||
Changes in assets and liabilities: | ||||||||
Inventories | (12,510 | ) | (124,800 | ) | ||||
Accounts receivable, net | (2,844 | ) | 1,250 | |||||
Prepaid expenses | (14,904 | ) | (10,306 | ) | ||||
Deferred charges | (29,808 | ) | (18,679 | ) | ||||
Other assets | 10,423 | 8,645 | ||||||
Accounts payable and accrued expenses | (39,803 | ) | 28,083 | |||||
Deferred revenue | 15,950 | 17,542 | ||||||
Other liabilities | 2,454 | 615 | ||||||
Net cash provided by operating activities | 136,904 | 138,313 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property and equipment | (144,016 | ) | (187,032 | ) | ||||
Change in prepaid purchases of property and equipment | (7,352 | ) | (10,371 | ) | ||||
Proceeds from sale of property and equipment | 477 | 573 | ||||||
Purchase of investments | (192,415 | ) | (162,378 | ) | ||||
Proceeds from maturity of investments | 162,500 | 200,000 | ||||||
Change in restricted cash and investments | 500 | — | ||||||
Acquisitions of FCC licenses and microwave clearing costs | (2,584 | ) | (1,528 | ) | ||||
Cash used in asset acquisitions | — | (8,000 | ) | |||||
Net cash used in investing activities | (182,890 | ) | (168,736 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Change in book overdraft | (2,830 | ) | 52,887 | |||||
Proceeds from debt issuance, net of discount | — | 497,500 | ||||||
Debt issuance costs | — | (6,830 | ) | |||||
Repayment of debt | (6,347 | ) | (5,250 | ) | ||||
Payments on capital lease obligations | (1,558 | ) | (2,940 | ) | ||||
Purchase of treasury stock | (1,888 | ) | (2,456 | ) | ||||
Proceeds from exercise of stock options | 1,565 | 22,531 | ||||||
Net cash (used in) provided by financing activities | (11,058 | ) | 555,442 | |||||
(DECREASE) INCREASE CASH AND CASH EQUIVALENTS | (57,044 | ) | 525,019 | |||||
CASH AND CASH EQUIVALENTS, beginning of period | 1,943,282 | 796,531 | ||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 1,886,238 | $ | 1,321,550 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(in thousands, except average number of customers and ARPU) | ||||||||
Calculation of Average Revenue Per User (ARPU): | ||||||||
Service revenues | $ | 1,158,779 | $ | 1,050,217 | ||||
Less: Pass through charges | (16,504 | ) | (21,275 | ) | ||||
Net service revenues | $ | 1,142,275 | $ | 1,028,942 | ||||
Divided by: Average number of customers | 9,388,465 | 8,485,035 | ||||||
ARPU | $ | 40.56 | $ | 40.42 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(in thousands, except gross customer additions and CPGA) | ||||||||
Calculation of Cost Per Gross Addition (CPGA): | ||||||||
Selling expenses | $ | 95,541 | $ | 91,863 | ||||
Less: Equipment revenues | (117,811 | ) | (144,160 | ) | ||||
Add: Equipment revenue not associated with new customers | 94,069 | 75,234 | ||||||
Add: Cost of equipment | 458,864 | 409,262 | ||||||
Less: Equipment costs not associated with new customers | (294,829 | ) | (192,202 | ) | ||||
Gross addition expenses | $ | 235,834 | $ | 239,997 | ||||
Divided by: Gross customer additions | 1,001,636 | 1,525,880 | ||||||
CPGA | $ | 235.45 | $ | 157.28 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(in thousands, except average number of customers and CPU) | ||||||||
Calculation of Cost Per User (CPU): | ||||||||
Cost of service | $ | 388,927 | $ | 341,417 | ||||
Add: General and administrative expense | 81,052 | 77,908 | ||||||
Add: Net loss on equipment transactions unrelated to initial customer acquisition | 200,760 | 116,968 | ||||||
Less: Stock-based compensation expense included in cost of service and general and administrative expense | (10,156 | ) | (11,284 | ) | ||||
Less: Pass through charges | (16,504 | ) | (21,275 | ) | ||||
Total costs used in the calculation of CPU | $ | 644,079 | $ | 503,734 | ||||
Divided by: Average number of customers | 9,388,465 | 8,485,035 | ||||||
CPU | $ | 22.87 | $ | 19.79 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Calculation of Adjusted EBITDA: | ||||||||
Net income | $ | 21,004 | $ | 56,378 | ||||
Adjustments: | ||||||||
Depreciation and amortization | 152,819 | 128,695 | ||||||
Loss (gain) on disposal of assets | 1,120 | (105 | ) | |||||
Stock-based compensation expense | 10,156 | 11,284 | ||||||
Interest expense | 70,083 | 56,561 | ||||||
Interest income | (375 | ) | (515 | ) | ||||
Other (income) expense, net | (103 | ) | (255 | ) | ||||
Provision for income taxes | 7,658 | 33,168 | ||||||
Adjusted EBITDA | $ | 262,362 | $ | 285,211 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA: | ||||||||
Net cash provided by operating activities | $ | 136,904 | $ | 138,313 | ||||
Adjustments: | ||||||||
Interest expense | 70,083 | 56,561 | ||||||
Non-cash interest expense | (1,831 | ) | (1,993 | ) | ||||
Interest income | (375 | ) | (515 | ) | ||||
Other (income) expense, net | (103 | ) | (255 | ) | ||||
Recovery of (provision for) uncollectible accounts receivable | 107 | (166 | ) | |||||
Deferred rent expense | (4,792 | ) | (4,094 | ) | ||||
Cost of abandoned cell sites | (423 | ) | (56 | ) | ||||
Gain on sale and maturity of investments | 37 | 168 | ||||||
Accretion of asset retirement obligations | (1,588 | ) | (1,313 | ) | ||||
Provision for income taxes | 7,658 | 33,168 | ||||||
Deferred income taxes | (14,357 | ) | (32,257 | ) | ||||
Changes in working capital | 71,042 | 97,650 | ||||||
Adjusted EBITDA | $ | 262,362 | $ | 285,211 |
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