Click here - Alpina Capital

pe
ne
t
r
a
t
i
on
c
onne
c
t
i
ons
ne
ta
dds
ARPU
S
e
l
e
c
t
e
dWi
r
e
l
e
s
sMe
t
r
i
c
s| F
our
t
hQua
r
t
e
r2014
Ve
r
i
z
on
AT&T
S
pr
i
nt
T
Mobi
l
e
T
r
a
c
F
one
USCe
l
l
ul
a
r
NT
e
l
os
E
BI
TDA
Selected Wireless Metrics
For the Fourth Quarter 2014
Traditional Carriers
Sprint
T-Mobile US Cellular
MVNO
TracFone
Verizon
AT&T
VZ
ATT
S
TMUS
USM
NTLS
AMX
108,211
120,554
44,655
43,501
4,760
449
26,006
Net Additions (000)
2,067
1,905
440
1,542
86
(8)
102
Covered POPs (MM)
297.0
297.0
––
288.0
32.0
5.9
––
Ticker
NTelos
Overall
Subscribers (000)
EBITDA ($MM)
$
7,654 $
5,240 $
1,034 $
1,451 $
96 $
31.4
$
72
LTM EBITDA ($MM)
$
35,219 $
25,068 $
6,034 $
4,715 $
365 $
132
$
655
55.34 $
42.04 $
58.90 $
48.26 $
60.10 $
52.35
$
20.00
CCPU
––
––
––
-
––
30.64
––
CPGA
––
––
––
-
––
1,086
––
Churn
1.4%
1.6%
2.3%
1.6%
3.6%
4.2%
Monthly Per-Subscriber Metrics
ARPU
EBITDA
$
$
23.58 $
14.49 $
7.72 $
Note: Metrics are for retail subscribers only.
Page 1
1.7%
11.12 $
6.73 $
23.29
$
0.92
Selected Reported Connection Metrics
Total Connections (000)
4Q '14 Reported Connections (000)
Verizon
AT&T
Sprint
T-Mobile
US Cellular
NTELOS
Tracfone
Postpay
102,079
75,931
29,495
27,185
4,200
139
-
Prepay
6,132
44,623
15,160
16,316
560
310
26,006
Total
108,211
120,554
44,655
43,501
4,760
449
26,006
Verizon (31.1%)
AT&T (34.6%)
Sprint (12.8%)
T-Mobile (12.5%)
US Cellular (1.4%)
NTELOS (0.1%)
Tracfone (7.5%)
Postpay Connections (000)
Prepay Connections (000)
Verizon (5.6%)
Verizon (42.7%)
AT&T (40.9%)
AT&T (31.8%)
Sprint (13.9%)
Sprint (12.3%)
T-Mobile (15%)
T-Mobile (11.4%)
US Cellular (0.5%)
US Cellular (1.8%)
NTELOS (0.3%)
NTELOS (0.1%)
Tracfone (23.8%)
Page 2
Selected Reported Connection Metrics
4Q '14 Reported Net Adds (000)
Postpay
1,986
854
30
1,379
52
(8)
-
Verizon
AT&T
Sprint
T-Mobile
US Cellular
NTELOS
Tracfone
Prepay
81
1,051
410
(87)
34
(0)
102
Total Net Adds (000)
2,500
Total
2,067
1,905
440
1,790
86
(8)
102
2,000
Verizon
1,500
AT&T
1,000
Sprint
T-Mobile
500
US Cellular
-
NTELOS
(500)
#REF!
(1,000)
Postpay Net Adds (000)
2,500
4Q '14
3Q '14
2Q '14
Prepay Net Adds (000)
2,000
1,500
Sprint
500
T-Mobile
US Cellular
-
NTELOS
500
Sprint
T-Mobile
-
US Cellular
(500)
NTELOS
Tracfone
4Q '13
4Q '14
3Q '14
2Q '14
1Q '14
4Q '13
(1,000)
Page 3
4Q '14
1,000
AT&T
3Q '14
AT&T
Verizon
1,000
2Q '14
Verizon
1,500
1Q '14
2,000
(500)
1Q '14
4Q '13
Tracfone
Selected Wireless Metrics
Verizon
($MM, except per-unit measures)
3/31/13
6/30/13
9/30/13
12/31/13
16,728 $
17,078 $
17,516 $
3/31/14
6/30/14
9/30/14
12/31/14
17,987 $
18,078 $
18,356 $
Operating Revenues ($MM)
Service
$
Equipment
17,711 $
18,209
1,813
1,953
1,924
2,421
1,870
2,387
2,480
4,222
982
945
959
993
1,022
1,018
999
1,018
19,523
19,976
20,399
21,125
20,879
21,483
21,835
23,449
Cost of services and sales
5,651
5,799
5,652
6,546
5,856
6,742
7,043
9,184
Selling, general & administrative expense
5,448
5,666
5,801
6,261
5,644
5,649
5,698
6,611
Depreciation and Amortization
2,006
2,047
2,060
2,089
2,061
2,107
2,139
2,152
13,105
13,512
13,513
14,896
13,561
14,498
14,880
17,947
6,418
6,464
6,886
6,229
7,318
6,985
6,955
5,502
Other Revenues
Total Revenues
Operating Expenses
Total Operating Expenses
Operating Income
Segment EBITDA
$
Retail Connections
Retail Net Additions
Retail Churn
Retail postpaid ARPU
% smartphone phone base
$
8,424
$
8,511
$
8,946
$
8,318
$
9,379
$
9,092
$
9,094
$
7,654
98,930
100,124
101,150
102,799
103,330
104,637
106,156
108,211
720
1,038
1,061
1,653
549
1,427
1,525
2,067
1.3%
1.2%
1.3%
1.3%
1.4%
1.3%
1.3%
1.4%
56.28 $
56.48 $
57.26 $
56.96 $
57.64 $
57.05 $
56.81 $
61%
64%
67%
70%
72%
75%
77%
Page 4
55.34
79%
Selected Wireless Metrics
AT&T
($MM, except per-unit measures)
3/31/13
6/30/13
9/30/13
12/31/13
3/31/14
6/30/14
9/30/14
12/31/14
Operating Revenues
Data
$
5,125 $
5,356 $
5,509 $
5,729 $
-
$
-
$
-
$
-
Service Revenues
9,937
10,014
9,951
9,931
15,387
15,148
15,423
15,074
Equipment Revenues
1,629
1,921
2,020
2,777
2,479
2,782
2,914
4,785
16,691
17,291
17,480
18,437
17,866
17,930
18,337
19,859
Cost of Services and Equipment
10,180
10,770
10,982
12,576
10,882
11,568
11,855
14,619
Depreciation and Amortization
1,835
1,843
1,875
1,915
1,931
2,035
1,965
2,010
12,015
12,613
12,857
14,491
12,813
13,603
13,820
16,629
4,676
4,678
4,623
3,946
5,053
4,327
4,517
3,230
Total Operating Revenues
Operating Expenses
Total Operating Expenses
Operating Income
EBITDA
$
Covered POPs (MM)
Total Subscribers (000)
Net Adds (000)
Churn
Total ARPU
$
6,511
$
6,521
$
6,498
$
5,861
$
6,984
$
6,362
$
6,482
$
5,240
284
284
284
284
297
297
297
297
107,251
107,884
109,460
110,376
116,014
116,634
118,650
120,554
291
632
989
809
1,062
634
2,007
1,905
1.4%
1.4%
1.3%
1.4%
1.4%
1.5%
1.4%
1.6%
46.89 $
47.67 $
47.49 $
Page 5
47.58 $
45.98 $
43.41 $
43.71 $
42.04
Selected Wireless Metrics
Sprint
3/31/13
($MM, except per-unit measures)
6/30/13
9/30/13
12/31/13
3/31/14
6/30/14
9/30/14
12/31/14
Net Operating Revenues
Total Sprint platform
$
7,100 $
7,242 $
7,126 $
7,151 $
7,096 $
6,937 $
6,755 $
6,608
Total Nextel platform
176
116
181
171
159
150
135
124
Equipment revenue
813
820
710
1,161
999
1,106
1,039
1,701
8,089
8,178
8,017
8,483
8,254
8,193
7,929
8,433
Cost of services
2,171
2,292
2,327
2,248
2,106
2,049
1,988
1,902
Cost of products
2,293
2,298
2,153
2,731
2,038
2,158
2,372
2,952
Selling, general and administrative
2,230
2,294
2,356
2,444
2,273
2,193
2,199
2,545
Depreciation and amortization
1,393
1,526
1,448
1,470
1,224
1,212
1,232
1,259
632
88
187
123
23
248
2,007
9,042
8,372
9,080
7,764
7,635
8,039
10,665
490
558
Total net operating revenues
Net Operating Expenses
Other, net
-
Total net operating expenses
8,087
Operating Income (Loss)
Adjusted OIBDA
2
$
Subscribers (000)
1,395
(864)
$
1,294
(355)
$
1,206
(597)
$
1,053
$
1,837
$
1,793
(110)
$
1,370
(2,232)
$
1,034
45,958
45,878
46,909
47,059
45,175
44,452
44,215
44,655
Prepay
15,701
15,254
16,003
16,222
15,257
14,715
14,750
15,160
Postpay
30,257
30,624
30,906
30,837
29,918
29,737
29,465
29,495
580
(292)
(276)
380
(595)
(723)
(237)
440
Prepay
568
(486)
84
322
(364)
(542)
35
410
Postpay
12
194
(360)
58
(231)
(181)
(272)
30
1.8%
1.8%
2.0%
2.1%
2.1%
2.1%
2.2%
2.3%
Net Adds (000)
Postpaid Churn
Postpaid ARPU
$
63.67 $
64.20 $
64.28 $
Page 6
64.11 $
63.52 $
62.07 $
60.58 $
58.90
Selected Wireless Metrics
T-Mobile
3/31/13
($MM, except per-unit measures)
6/30/13
9/30/13
12/31/13
3/31/14
6/30/14
9/30/14
12/31/14
Net Operating Revenue
Contract
$
3,263 $
3,284 $
3,302 $
3,317 $
3,447 $
3,511 $
3,670 $
3,764
Prepaid
503
1,242
1,594
1,606
1,648
1,736
1,790
1,812
Roaming and other service
239
230
242
246
242
237
224
294
Equipment Sales
606
1,379
1,467
1,581
1,448
1,600
1,561
2,180
66
93
83
77
90
101
105
104
4,677
6,228
6,688
6,827
6,875
7,185
7,350
8,154
1,109
1,327
1,444
1,399
1,464
1,453
1,488
1,383
Cost of equipment sales
886
1,936
2,015
2,139
2,286
2,215
2,308
2,812
General and administrative
737
1,028
1,039
2,096
2,096
2,151
2,283
2,333
Customer acquisition
769
819
894
-
-
-
-
-
Depreciation
755
888
987
997
1,055
1,129
1,138
1,090
42
49
12
57
2
(725)
84
103
4,298
6,047
6,391
6,688
6,903
6,223
7,301
7,721
379
181
297
139
962
49
433
Other
Total
Operating Expenses
Network
Other
Total
Operating Income (Loss)
EBITDA
$
Covered POPs (MM)
1,469
$
1,265
$
1,344
$
1,239
(28)
$
1,088
$
1,088
$
1,088
$
1,451
288
288
288
288
288
288
288
288
35,117
35,718
36,390
37,371
39,159
40,169
41,959
43,501
Net Adds (000)
111
601
672
981
1,788
1,010
1,790
1,542
Churn--Postpay
1.9%
1.6%
1.7%
1.7%
1.5%
1.5%
1.6%
1.7%
Subscribers (000)
ARPU--Postpay
$
54.07 $
53.60 $
52.20 $
50.70 $
CCPU
25.00
26.00
25.00
24.00 –
CPGA
319
332
307
Page 7
317
50.48 $
–
49.32 $
49.84 $
48.26
-
-
-
-
-
-
Selected Wireless Metrics
US Cellular
3/31/13
($MM, except per-unit measures)
6/30/13
9/30/13
12/31/13
3/31/14
6/30/14
9/30/14
12/31/14
Net Operating Revenue
Service
$
Equipment
996.3 $
911.0 $
862.3 $
825.1 $
853.6 $
843.5 $
851.1 $
849.8
85.4
84.2
76.9
77.6
72.2
114.3
149.4
159.0
1,081.7
995.1
939.2
902.7
925.8
957.8
1,000.4
1,008.7
Cost of Services
216.3
192.3
177.4
177.4
180.6
187.1
199.8
202.4
Cost of Products
241.7
217.1
193.4
346.8
270.5
272.0
307.9
342.4
Selling, General and Admin.
420.1
404.1
410.5
442.7
395.6
404.3
397.5
394.6
Depreciation
189.8
202.6
201.0
210.4
167.8
148.3
149.0
141.0
12.4
(240.0)
0.2
(244.2)
(96.4)
(3.6)
(2.3)
4.7
Total
Operating Expenses
Contingencies and Other
Total
Operating Income
EBITDA
$
Covered POPs (MM)
Subscribers (000)
Net Adds (000)
Churn
ARPU
$
1,080.3
776.0
1.5
219.1
203.7
$
181.7
982.4
933.2
(43.2)
$
157.9
(30.5)
$
(64.3) $
918.0
1,008.1
7.8
79.2
1,051.8
(50.3)
$
94.4
1,058.3
(51.4)
$
95.3
(49.6)
$
96.1
31.8
31.8
31.8
31.8
31.8
31.8
31.8
32.0
5,005
4,968
4,875
4,774
4,684
4,653
4,674
4,760
(2)
(45)
(71)
(97)
(80)
(30)
21
86
1.8%
1.9%
2.0%
2.3%
2.6%
2.0%
1.6%
1.6%
57.63 $
57.45 $
58.36 $
Page 8
57.05 $
60.19 $
60.32 $
60.92 $
60.10
Selected Wireless Metrics
NTELOS Holdings Corp.
3/31/13
($MM, except per-unit measures)
6/30/13
9/30/13
12/31/13
3/31/14
6/30/14
9/30/14
12/31/14
Revenues
Subscriber Revenues
$
Wholesale/Roaming Revenues, net
Equipment Revenues
71.8 $
73.2 $
74.2 $
74.7 $
74.6 $
73.3 $
72.6 $
71.2
47.6
46.7
56.7
47.1
40.0
37.9
37.2
37.9
7.5
6.6
9.8
19.3
-
-
-
-
119.3
119.9
130.9
121.8
122.1
117.8
119.6
128.3
Cost of Sales - Equipment
44.5
42.6
46.5
51.0
47.3
47.4
56.9
63.2
Customer Operations
31.0
30.0
32.2
37.5
34.1
31.3
26.4
27.4
Corporate Operations
7.9
7.8
8.2
8.4
9.7
9.2
8.6
14.2
83.4
80.3
86.9
96.9
91.2
88.0
91.8
104.8
Total
Operating Expenses
Total
EBITDA
$
Ending Subscribers
Net Additions
Monthly Blended Subscriber Churn
ARPU
$
37.4
$
41.2
$
45.6
$
26.7
$
33.9
$
34.4
$
32.8
$
31.4
451,000
454,800
457,100
464,600
468,000
458,100
457,200
448,900
11,400
3,800
2,300
7,500
3,400
400
(900)
(8,300)
2.8%
2.7%
3.1%
3.1%
3.0%
2.8%
3.1%
3.6%
53.87 $
53.82 $
54.29 $
54.11 $
53.31 $
52.79 $
52.88 $
52.35
CCPU
29.16
27.75
29.56
33.29
31.33
29.17
25.46
30.64
CPGA
918
1,062
1,045
1,003
877
1,048
1,137
1,086
Page 9
Selected Wireless Metrics
Tracfone
3/31/13
($MM, except per-unit measures)
Revenue
$
1,514.0
6/30/13
$
1,491.0
9/30/13
$
1,494.0
12/31/13
$
1,543.0
3/31/14
$
1,659.0
6/30/14
$
1,711.0
9/30/14
$
1,726.0
12/31/14
$
1,756.0
Operating Expenses
Cash
Depreciation
Total
Operating Income (EBIT)
EBITDA
$
Subscribers( 000)
Net Adds (000)
ARPU
Churn
$
1,446.0
1,335.0
1,289.0
1,424.0
1,441.0
1,503.0
1,569.0
1,684.0
9.0
10.0
9.0
12.0
8.0
9.0
8.0
17.0
1,455.0
1,345.0
1,298.0
1,436.0
1,449.0
1,512.0
1,577.0
1,701.0
59.0
146.0
196.0
107.0
210.0
199.0
149.0
55.0
68.0
$
156.0
$
205.0
$
119.0
$
218.0
$
208.0
$
157.0
$
72.0
23,230
23,038
23,043
23,659
25,511
25,519
25,904
26,006
838
(192)
5
616
1,852
8
385
102
19.00 $
3.7%
19.00 $
4.1%
20.00 $
4.1%
Page 10
20.00 $
3.6%
19.00 $
3.8%
21.00 $
3.8%
20.00 $
4.0%
20.00
4.2%
Selected Wireless Metrics
Contacts:
Rural Wireless Association, Inc.
Alpina Capital, LLC
Alpina Capital, LLC
10 G Street, NE
Tanya Sullivan
Scott Soden
Ed Moise
Suite 710
RWA Executive Director
Managing Partner
Managing Partner
100 Jackson Street, Suite 101
1521 Washington Avenue
Denver, CO 80206
New Orleans, LA 70130
Phone: (303) 242-5758
Phone: (303) 242-5756
Fax: (303) 484-5180
Fax: (303) 484-5180
scottsoden@alpinacapital.com
edmoise@alpinacapital.com
Washington, DC 20002
Phone: (202) 551-0025
DC office: 202-551-0025
Fax: (202) 371-1558
Mobile: 703-772-2235
http://ruralwireless.org/
tsullivan@ruralwireless.org
http://www.alpinacapital.com
This report is provided to members of the Rural Wireless Association, Inc. (RWA) by Alpina Capital, LLC (Alpina) and RWA. It is intended to be used for
informational purposes only and as a benchmark for RWA’s members’ wireless operations. It is not a solicitation, recommendation or offer to buy or to
sell securities of any kind. Except as expressly authorized by RWA and Alpina, you may not copy, reproduce, transmit, sell, display, distribute, publish,
broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any
manner, without the prior express written consent of both parties. You also agree not to use the information provided in this report for any unlawful
purpose. Information in the report may change from time to time and may be updated without notice. Neither RWA nor Alpina warrants that the
information contained in this report is accurate or complete.
Copyright © Rural Wireless Association, Inc. and Alpina Capital, LLC. All Rights Reserved.
Page 11