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Backhaul Savings:
System Operating Expenses
Backhaul Percentage
Estimated Backhaul Costs
Reduction in Backhaul Costs
Backhaul Savings
2008
838.9
20.0%
167.8
0.0%
0.0
2009
956.3
20.0%
191.3
7.0%
13.4
2010
1,075.8
20.0%
215.2
12.0%
25.8
2011
1,183.4
20.0%
236.7
22.2%
52.5
2012
1,266.3
20.0%
253.3
30.0%
76.0
2010
0.70
911
638
0.0506
387
2011
1.00
939
939
0.0506
570
2012
1.20
967
1,160
0.0506
704
Table 5
Wireless Business Subscribers:
Average Monthly Subscribers (in MM's)
Average Monthly Minutes
Total Monthly Minutes
Revenue Per Minute
Annual Business Revenue Increase
2008
0.30
859
258
0.0506
156
2009
0.50
885
442
0.0506
269
193030709.xlsx.ms_office Tables 4 - 5
2008
4,194.3
14.0%
2009
4,781.5
14.0%
2010
5,379.2
12.5%
2011
5,917.2
10.0%
2012
6,331.4
7.0%
Equipment Revenue
Equipment Revenue/Service Revenue (1)
314.8
7.5%
358.8
7.5%
403.7
7.5%
444.1
7.5%
475.2
7.5%
Operating Expenses:
System Operating Expenses
System Operating Exp./Service Revenue
838.9
20.0%
956.3
20.0%
1,075.8
20.0%
1,183.4
20.0%
1,266.3
20.0%
755.5
240.0%
861.2
240.0%
968.9
240.0%
1,065.8
240.0%
1,140.4
240.0%
1,803.6
40.0%
2,056.2
40.0%
2,313.2
40.0%
2,544.5
40.0%
2,722.6
40.0%
705.2
804.0
867.4
922.4
952.9
Tax Rate
40.0%
40.0%
40.0%
40.0%
40.0%
41.67x
154.36x
1.38%
35.54x
14.01x
6.85x
41.67x
154.36x
1.38%
35.54x
14.01x
6.85x
41.67x
154.36x
1.38%
35.54x
14.01x
6.85x
41.67x
154.36x
1.38%
35.54x
14.01x
6.85x
41.67x
154.36x
1.38%
35.54x
14.01x
6.85x
631.3
14.0%
719.7
14.0%
867.4
15.0%
970.1
15.3%
1,055.0
15.5%
(1) Based on a 360-day year. Days Payable, Deferred Service Revenue, and Days Accrued Liabilities are
based on total cash operating expenses.
(2) Includes investments in property, plant & equipment, as well as licenses and customer lists.
193030709.xlsx.ms_office Exhibit 1
Exhibit 2
Region
Central US
Mid-Atlantic
New England
Northwest
New York
Total
Penetration
5.9%
10.1%
18.3%
18.8%
30.6%
7.4%
Region
Central US
Mid-Atlantic
New England
Northwest
New York
Total
Penetration
11.8%
16.1%
22.1%
18.8%
30.6%
13.6%
193030709.xlsx.ms_office Exhibit 2
2005
301
372
111,972
251.3%
2.1%
2006
310
385
119,350
219.9%
2.1%
2007
477
487
232,299
239.8%
1.7%
2005
45.24
625
0.0724
2006
47.23
704
0.0671
2007
51.13
859
0.0595
193030709.xlsx.ms_office Exhibit 3
2005
2,827.0
203.7
3,030.8
604.1
511.9
1,217.7
697.0
490.1
206.9
84.9
66.7
18.1
54.5
261.3
95.9
165.5
10.5
155.0
2006
3,214.4
258.7
3,473.2
639.7
568.9
1,399.6
865.0
555.5
309.5
93.7
93.1
50.8
(46.6)
313.1
120.6
192.5
13.0
179.5
2007
3,679.2
267.0
3,946.3
717.1
640.2
1,555.6
1,033.3
582.3
451.1
84.7
90.0
83.1
7.0
546.5
216.7
329.8
15.1
314.7
193030709.xlsx.ms_office Exhibit 4
2005
29.0
0.0
362.4
92.7
32.1
8.2
15.5
539.9
2006
32.9
249.0
407.4
117.2
35.0
0.0
13.4
854.9
2007
204.5
16.4
435.5
101.0
41.6
18.6
16.2
833.8
2,553.0
1,362.3
47.6
225.4
172.1
4.7
481.2
30.0
5,416.2
2,628.8
1,494.3
26.2
4.9
150.3
4.5
485.5
31.1
5,680.6
2,595.1
1,482.4
15.4
0.0
157.7
4.4
491.3
31.8
5,611.9
254.1
111.4
42.9
36.7
0.0
135.0
0.0
0.0
82.6
662.7
254.9
123.3
47.8
26.9
26.3
35.0
159.9
88.8
93.7
856.7
260.8
143.4
59.2
43.1
0.0
0.0
0.0
0.0
97.7
604.2
1,001.4
159.9
25.8
647.1
90.2
46.2
1,001.8
0.0
0.0
601.5
127.6
62.9
1,002.3
0.0
0.0
554.4
126.8
84.5
41.9
36.7
43.4
1,375.0
1,366.0
5,416.2
1,378.9
1,614.4
5,680.6
1,404.1
1,792.1
5,611.9
193030709.xlsx.ms_office Exhibit 5
Exhibit 6
Debt Repayment Schedule
Term Loan Amortization ($MM)
Annual
Payment
Interest Principal
Date:
41
5.50%
1/31/2008
41
17
24
2/28/2008
41
17
24
3/31/2008
41
17
24
4/30/2008
41
17
24
5/31/2008
41
17
24
6/30/2008
41
17
24
7/31/2008
41
17
24
8/31/2008
41
16
24
9/30/2008
41
16
24
10/31/2008
41
16
25
11/30/2008
41
16
25
12/31/2008
41
16
25
1/31/2009
41
16
25
2/28/2009
41
16
25
3/31/2009
41
16
25
4/30/2009
41
16
25
5/31/2009
41
15
25
6/30/2009
41
15
25
7/31/2009
41
15
26
8/31/2009
41
15
26
9/30/2009
41
15
26
10/31/2009
41
15
26
11/30/2009
41
15
26
12/31/2009
41
15
26
1/31/2010
41
14
26
2/28/2010
41
14
26
3/31/2010
41
14
27
4/30/2010
41
14
27
5/31/2010
41
14
27
6/30/2010
41
14
27
7/31/2010
41
14
27
8/31/2010
41
14
27
9/30/2010
41
14
27
10/31/2010
41
13
27
11/30/2010
41
13
28
12/31/2010
41
13
28
1/31/2011
41
13
28
2/28/2011
41
13
28
3/31/2011
41
13
28
4/30/2011
41
13
28
5/31/2011
41
12
28
Amortization
Balance
Period
3,758
120
3,734
1
3,710
2
3,687
3
3,663
4
3,639
5
3,615
6
3,590
7
3,566
8
3,542
9
3,517
10
3,492
11
3,468
12
3,443
13
3,418
14
3,393
15
3,367
16
3,342
17
3,317
18
3,291
19
3,265
20
3,239
21
3,214
22
3,188
23
3,161
24
3,135
25
3,109
26
3,082
27
3,055
28
3,029
29
3,002
30
2,975
31
2,948
32
2,920
33
2,893
34
2,865
35
2,838
36
2,810
37
2,782
38
2,754
39
2,726
40
2,698
41
Date:
6/30/2011
7/31/2011
8/31/2011
9/30/2011
10/31/2011
11/30/2011
12/31/2011
1/31/2012
2/28/2012
3/31/2012
4/30/2012
5/31/2012
6/30/2012
7/31/2012
8/31/2012
9/30/2012
10/31/2012
11/30/2012
12/31/2012
193030709.xlsx.ms_office Exhibit 6
Payment
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
2,176
Annual
Interest
5.50%
12
12
12
12
12
12
12
11
11
11
11
11
11
11
10
10
10
10
10
Principal
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
31
31
2,166
Amortization
Balance
Period
2,698
84
2,669
42
2,641
43
2,612
44
2,583
45
2,554
46
2,525
47
2,496
48
2,467
49
2,437
50
2,408
51
2,378
52
2,348
53
2,318
54
2,288
55
2,257
56
2,227
57
2,196
58
2,166
59
0
60
Exhibit 7
Comparable Companies:
Universal Mobile
Neuberger Wireless
Agile Connections
Big Country Communications
Rocky Mountain Wireless
Average
Equity
Market Value
118,497
189,470
21,079
26,285
7,360
Net
Debt
69,130
79,351
5,080
8,335
3,268
Debt/
Value
36.8%
29.5%
19.4%
24.1%
30.7%
28.1%
Debt/
Equity
58.3%
41.9%
24.1%
31.7%
44.4%
40.1%
Equity
Beta
0.86
0.89
1.17
0.97
1.13
1.00
193030709.xlsx.ms_office Exhibit 7
Revenue
43,882
42,684
34,698
38,896
4,064
EBIT EBITDA
11,795
16,949
7,020
14,099
1,631
9,914
6,702
12,614
510
1,028
Net
Income
3,794
4,103
(30)
3,384
240