Professional Documents
Culture Documents
Revenue Projections:
Operating Assumptions
2008
2009
2010
2011
2012
4,194.3
14.0%
4,781.5
14.0%
5,379.2
12.5%
5,917.2
10.0%
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%
1,594.3
4.43
184.53
3,873.7
10.76
448.35
4,357.9
12.11
504.39
4,793.7
13.32
554.83
5,129.2
14.25
593.67
Service Revenue
Service Revenue Growth
(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.
AIRTHREAD ACQUISITION
Licensing Agreemts
Customers
3,846
1,180
518
431
147
6,122
Penetration
5.9%
10.1%
18.3%
18.8%
30.6%
7.4%
Customers
3,846
1,180
518
431
147
6,122
Penetration
11.8%
16.1%
22.1%
18.8%
30.6%
13.6%
AIRTHREAD ACQUISITION
Customer Data:
Net Customer Additions
Cost Per Customer Addition
Cost of New Customer Additions
Cost of Equipment Sold/Equipment Revenue
2005
2006
2007
301
372
111,972
310
385
119,350
477
487
232,299
251.3%
219.9%
239.8%
2.1%
2.1%
1.7%
2005
2006
2007
45.24
625
0.0724
47.23
704
0.0671
51.13
859
0.0595
AIRTHREAD ACQUISITION
Income Statement
Operating Results:
Service Revenue
Plus: Equipment Sales
Total Revenue
Less: System Operating Expenses
Less: Cost of Equipment Sold
Less: Selling, General & Administrative
EBITDA
Less: Depreciation & Amortization
EBIT
Less: Interest Expense
Plus: Equity in Earnings of Affiliates
Plus: Gains (Losses) on Investments
Plus: Other Income
EBT
Less: Taxes
Income Before Minority Interest
Less: Minority Interest
Net Income
2005
2006
2007
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
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
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
AIRTHREAD ACQUISITION
Balance Sheet
Assets:
2005
2006
2007
29.0
0.0
362.4
92.7
32.1
8.2
15.5
539.9
32.9
249.0
407.4
117.2
35.0
0.0
13.4
854.9
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
AIRTHREAD ACQUISITION
Amortization Schedule
Payment
41
Annual
Interest
5.50%
Principal
Date:
1/31/2008
2/28/2008
3/31/2008
4/30/2008
5/31/2008
6/30/2008
7/31/2008
8/31/2008
9/30/2008
10/31/2008
11/30/2008
12/31/2008
1/31/2009
2/28/2009
3/31/2009
4/30/2009
5/31/2009
6/30/2009
7/31/2009
8/31/2009
9/30/2009
10/31/2009
11/30/2009
12/31/2009
1/31/2010
2/28/2010
3/31/2010
4/30/2010
5/31/2010
6/30/2010
7/31/2010
8/31/2010
9/30/2010
10/31/2010
11/30/2010
12/31/2010
1/31/2011
2/28/2011
3/31/2011
4/30/2011
5/31/2011
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
17
17
17
17
17
17
17
16
16
16
16
16
16
16
16
16
15
15
15
15
15
15
15
15
14
14
14
14
14
14
14
14
14
13
13
13
13
13
13
13
12
24
24
24
24
24
24
24
24
24
25
25
25
25
25
25
25
25
25
26
26
26
26
26
26
26
26
27
27
27
27
27
27
27
27
28
28
28
28
28
28
28
Balance
3,758
Amortization
Period
120
3,734
3,710
3,687
3,663
3,639
3,615
3,590
3,566
3,542
3,517
3,492
3,468
3,443
3,418
3,393
3,367
3,342
3,317
3,291
3,265
3,239
3,214
3,188
3,161
3,135
3,109
3,082
3,055
3,029
3,002
2,975
2,948
2,920
2,893
2,865
2,838
2,810
2,782
2,754
2,726
2,698
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Payment
41
Annual
Interest
5.50%
Principal
Date:
Balance
2,698
Amortization
Period
84
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
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
2,176
12
12
12
12
12
12
12
11
11
11
11
11
11
11
10
10
10
10
10
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
31
31
2,166
2,669
2,641
2,612
2,583
2,554
2,525
2,496
2,467
2,437
2,408
2,378
2,348
2,318
2,288
2,257
2,227
2,196
2,166
0
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
AIRTHREAD ACQUISITION
Comparable Companies:
Universal Mobile
Neuberger Wireless
Agile Connections
Big Country Communications
Rocky Mountain Wireless
Average
Wireless Comparables
Equity
Market Value
65,173
94,735
37,942
47,314
5,299
Net
Debt
60,160
27,757
9,144
15,003
2,353
Debt/
Value
48.0%
29.3%
19.4%
24.1%
30.7%
30.3%
Debt/
Equity
92.3%
41.4%
24.1%
31.7%
44.4%
46.8%
Equity
Beta
0.86
0.89
1.17
0.97
1.13
1.00
Revenue
43,882
42,684
34,698
38,896
4,064
EBIT
11,795
7,020
1,631
6,702
510
EBITDA
16,949
14,099
9,914
12,614
1,028
Net
Income
3,794
4,103
(30)
3,384
240