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Clearwire Reports Record Fourth Quarter and Full Year 2011 Results
February 15, 2012 --
Record Fourth Quarter 2011 Revenue of $361.9 Million, Up 107% Year Over Year From $175.2 Million
Full Year Revenues of $1.25 Billion, Up 134% Year Over Year From $535.1 Million
Full Year Wholesale Revenues Up 876% Year Over Year to $493.7 Million
2011 Total Ending Subscribers of 10.4 Million, Up 140% Year Over Year from 4.3 Million
Achieves Positive Quarterly Adjusted EBITDA For the First Time of $22.5 Million
Average Smartphone 4G Usage Increased 88% Year Over Year in Fourth Quarter 2011
President and CEO, Erik Prusch, Appointed to Board of Directors
BELLEVUE, Wash., Feb. 15, 2012 (GLOBE NEWSWIRE) -- Clearwire Corporation (Nasdaq:CLWR), a leading provider of 4G wireless broadband services in the U.S., today reported its financial and operating results for fourth quarter and full year 2011.
"Our steadfast efforts to drive strong top line growth and contain costs delivered a successful year both financially and operationally while securing our position as one of the fastest growing U.S. telecommunications companies in 2011," said Erik Prusch, President and CEO of Clearwire. "During the year, we achieved key operational milestones, grew our funding resources, realized operating efficiencies and laid out a long-term vision that we expect will unlock the value of our deep spectrum portfolio through the most capacity-rich LTE deployment in the country."
Total revenue for full year 2011 increased 134% year over year to $1.25 billion, primarily driven by wholesale revenue which increased 876% to $493.7 million in 2011 from $50.6 million in 2010. Fourth quarter 2011 revenue was $361.9 million, a 107% increase over fourth quarter 2010 revenue of $175.2 million. Wholesale revenue in fourth quarter 2011 was a record $164.1 million, a quarter over quarter increase of 20% from $137.2 million in third quarter 2011. Fourth quarter 2011 retail revenue and other revenue was $197.8 million, a year over year increase of 33% from $148.9 million in fourth quarter 2010. Wholesale average revenue per user (ARPU) was $6.34 in fourth quarter 2011, up from $6.20 in third quarter 2011. Fourth quarter 2011 retail ARPU was $46.69, up from $45.52 in fourth quarter 2010.
Clearwire ended fourth quarter 2011 with approximately 10.4 million total subscribers, up 140% from 4.3 million subscribers in fourth quarter 2010. The subscriber base consists of 1.3 million retail subscribers and 9.1 million wholesale subscribers. During fourth quarter 2011, Clearwire added 873,000 total net new subscribers, reflecting 904,000 net new wholesale subscribers and a net loss of 31,000 retail subscribers during the period. Clearwire's wholesale subscribers consist primarily of Sprint 3G/4G smartphone customers.
Fourth quarter 2011 aggregate network usage by wholesale customers increased 22% compared to third quarter 2011, driven primarily by growth in aggregate smartphone usage, which increased 30% over the same period. Average 4G smartphone usage during the quarter increased 88% year over year in fourth quarter 2011. During full year 2011, total 4G network usage by wholesale and retail customers increased 165% as compared to full year 2010. Retail cost per gross addition (CPGA) was $259 in the fourth quarter 2011 compared to $420 in fourth quarter 2010. Retail churn was 3.9% in fourth quarter 2011, down from 4.2% in third quarter 2011.
Adjusted EBITDA in fourth quarter 2011 was $22.5 million, representing a $68.9 million improvement when compared to third quarter 2011 Adjusted EBITDA loss of $46.4 million.
Fourth quarter 2011 reported net loss from continuing operations attributable to Clearwire was $236.0 million, or $0.81 per basic share. Including the effects of discontinued operations, fourth quarter 2011 reported net loss attributable to Clearwire was $236.8 million, or $0.81 per basic share.
At the end of fourth quarter 2011, Clearwire operated networks in the U.S. covering areas where approximately 134 million people reside, including approximately 132 million people in markets where we provide 4G services.
2012 Outlook
For full year 2012 Clearwire expects total revenue of $1.15 billion to $1.25 billion and Adjusted EBITDA loss of approximately $250 million to $350 million. Capital expenditures in 2012 are expected to total approximately $450 million to $550 million, with most of the spend occurring in the second half of the year.
Erik Prusch Appointed to Board of Directors
Clearwire's President and Chief Executive Officer, Erik Prusch, has been appointed to the company's Board of Directors. Prusch was nominated by Eagle River according to their rights under the Equityholders' Agreement and approved by the existing board members on February 10, 2012.
Results of Continuing Operations
Cost of goods and services and network costs (COGS) for fourth quarter 2011 increased 4% to $294.0 million compared to $282.5 million for third quarter 2011. These amounts include non-cash charges for network equipment reserves and other write-downs of $6.4 million and $38.7 million in the fourth and third quarters of 2011, respectively, and other non-cash network charges of $115.4 million and $65.2 million in the fourth and third quarters of 2011, respectively. The increase in other non-cash network charges in the fourth quarter was primarily due to an increased cease-to-use liability for tower-related leases. Excluding non-cash expenses, COGS decreased 4% quarter over quarter primarily due to reductions in software and hardware maintenance costs.
Selling, general and administrative (SG&A) expense for the fourth quarter 2011 decreased 27% to $128.5 million compared to $176.5 million for the third quarter 2011. The decrease is primarily attributable to reduced marketing activity, lower commission expenses, and a decline in employee-related expenses resulting from workforce reductions.
Total non-cash write-downs of $129.4 million in fourth quarter 2011 includes $123.0 million of loss from abandonment of network and other assets primarily related to write-downs of uncompleted WiMAX network development projects that were abandoned in the quarter as a result of our plans to build and launch service on an LTE network.
Fourth quarter 2011 capital expenditures (capex) were $23 million, up from $17 million in third quarter 2011 primarily due to prior quarter favorable settlements on capex purchases which offset new capex in third quarter 2011. The company ended fourth quarter 2011 with cash and investments of approximately $1.11 billion invested primarily in U.S. Treasury securities, including $716 million total net proceeds from a public equity offering and Sprint equity contribution which were completed in December 2011. In January 2012, Clearwire completed an offering of $300 million First Priority Senior Secured Notes due 2016 and received cash payments from Sprint totaling $172 million, including $150 million related to a promissory note which will be repaid through a reduction in the amounts due to us by Sprint for WiMAX service in two installments in January 2013 and 2014. Due to the repayment terms, this promissory note will be reported as deferred revenue in our financial statements.
CLEARWIRE CORPORATION | |||||
SUMMARY OF FINANCIAL DATA FROM CONTINUING OPERATIONS | |||||
(In thousands) | |||||
(Unaudited) | |||||
Three months ended | |||||
Actual | Pro forma (1) | Actual | |||
December 31, | September 30, | June 30, | June 30, | December 31, | |
2011 | 2011 | 2011 | 2011 | 2010 | |
REVENUES: | |||||
Retail revenues | $ 197,640 | $ 194,789 | $ 190,583 | $ 190,583 | $ 148,205 |
Wholesale revenues | 164,082 | 137,162 | 102,624 | 131,522 | 26,223 |
Other revenue | 148 | 226 | 506 | 506 | 722 |
Total revenues | 361,870 | 332,177 | 293,713 | 322,611 | 175,150 |
OPERATING EXPENSES: | |||||
Cost of goods and services and network costs (exclusive of items shown separately below) | 293,999 | 282,459 | 433,363 | 433,363 | 271,652 |
Selling, general and administrative expense | 128,502 | 176,469 | 178,232 | 178,232 | 223,898 |
Depreciation and amortization | 169,962 | 165,560 | 169,640 | 169,640 | 175,161 |
Spectrum lease expense | 79,556 | 77,696 | 76,620 | 76,620 | 72,389 |
Loss from abandonment of network and other assets | 123,000 | 29,129 | 376,350 | 376,350 | 169,239 |
Total operating expenses | 795,019 | 731,313 | 1,234,205 | 1,234,205 | 912,339 |
OPERATING LOSS | (433,149) | (399,136) | (940,492) | (911,594) | (737,189) |
LESS NON-CASH ITEMS: | |||||
Non-cash expenses | 156,308 | 119,321 | 71,388 | 71,388 | 71,946 |
Non-cash write-downs | 129,358 | 67,810 | 590,948 | 590,948 | 224,499 |
Depreciation and amortization | 169,962 | 165,560 | 169,640 | 169,640 | 175,161 |
Total non-cash items | 455,628 | 352,691 | 831,976 | 831,976 | 471,606 |
Adjusted EBITDA | $ 22,479 | $ (46,445) | $ (108,516) | $ (79,618) | $ (265,583) |
Adjusted EBITDA margin | 6% | -14% | -37% | -25% | -152% |
KEY OPERATING METRICS (k for '000's, MM for '000,000's) | |||||
Total net subscriber additions | 873k | 1,893k | 1,543k | 1,543k | 1,540k |
Wholesale | 904k | 1,858k | 1,504k | 1,504k | 1,417k |
Retail | (31)k | 35k | 39k | 39k | 123k |
Total subscribers | 10,414k | 9,541k | 7,648k | 7,648k | 4,345k |
Wholesale(2) | 9,122k | 8,219k | 6,360k | 6,360k | 3,246k |
Retail | 1,292k | 1,322k | 1,288k | 1,288k | 1,099k |
ARPU | |||||
Wholesale | $6.34 | $6.20 | $6.18 | $7.92 | $3.52 |
Retail | $46.69 | $47.05 | $47.59 | $47.59 | $45.52 |
Churn | |||||
Wholesale | 2.9% | 1.5% | 1.3% | 1.3% | 1.4% |
Retail | 3.9% | 4.2% | 3.9% | 3.9% | 3.8% |
Retail CPGA | $259 | $288 | $313 | $313 | $420 |
Capital expenditures | $23MM | $17MM | $56MM | $56MM | $589MM |
Domestic 4G covered POPS | 132MM | 133MM | 132MM | 132MM | 112MM |
Cash, cash equivalents and investments | $1,108MM | $711MM | $848MM | $848MM | $1,748MM |
(1) Pro Forma revenue includes the impact of approximately $16.1 million of wholesale revenue related to Q1 2011 that was recorded in Q2 2011 and approximately $12.8 million of wholesale revenue recorded in Q2 2011 to settle disputes related to prior usage. | |||||
(2) Includes non-launched markets. | |||||
CLEARWIRE CORPORATION | ||
SUMMARY OF FINANCIAL DATA FROM CONTINUING OPERATIONS | ||
(In thousands) | ||
(Unaudited) | ||
Year ended | ||
December 31, | December 31, | |
2011 | 2010 | |
REVENUES: | ||
Retail revenues | $ 758,254 | $ 480,761 |
Wholesale revenues | 493,661 | 50,593 |
Other revenues | 1,551 | 3,749 |
Total revenues | 1,253,466 | 535,103 |
OPERATING EXPENSES: | ||
Cost of goods and services and network costs (exclusive of items shown separately below) | 1,249,966 | 912,776 |
Selling, general and administrative expense | 698,067 | 870,980 |
Depreciation and amortization | 687,636 | 454,003 |
Spectrum lease expense | 308,693 | 279,993 |
Loss from abandonment of network and other assets | 700,341 | 180,001 |
Total operating expenses | 3,644,703 | 2,697,753 |
OPERATING LOSS | (2,391,237) | (2,162,650) |
LESS NON-CASH ITEMS: | ||
Non-cash expenses | 423,260 | 305,869 |
Non-cash write-downs | 966,441 | 345,727 |
Depreciation and amortization | 687,636 | 454,003 |
Total non-cash items | 2,077,337 | 1,105,599 |
Adjusted EBITDA | $ (313,900) | $ (1,057,051) |
Adjusted EBITDA margin | -25% | -198% |
KEY OPERATING METRICS (k for '000's, MM for '000,000's) | ||
Total net subscriber additions | 6,069k | 3,769k |
Wholesale | 5,876k | 3,200k |
Retail | 193k | 569k |
Total subscribers | 10,414k | 4,345k |
Wholesale(1) | 9,122k | 3,246k |
Retail | 1,292k | 1,099k |
ARPU | ||
Wholesale | $6.44 | $4.10 |
Retail | $47.04 | $43.65 |
Churn | ||
Wholesale | 1.9% | 1.5% |
Retail | 3.8% | 3.4% |
Retail CPGA | $292 | $452 |
Capital expenditures | $226MM | $2,655MM |
Domestic 4G covered POPS | 132MM | 112MM |
Cash, cash equivalents and investments | $1,108MM | $1,748MM |
(1) Includes non-launched markets. | ||
Management Webcast
Clearwire executives will host a conference call and simultaneous webcast to discuss the company's fourth quarter and full year 2011 financial results at 4:30 p.m. Eastern Time today. A live broadcast of the conference call will be available online on the company's investor relations website located at http://investors.clearwire.com.
Interested parties can access the conference call by dialing 1-877-392-9886, or from outside the United States by dialing 1-707-287-9329, at least five minutes prior to the start time. A replay of the call will be available beginning at approximately 7:30 p.m. Eastern Time on February 15, through Wednesday, February 22, by calling 1-855-859-2056, or from outside the United States by dialing 1-404-537-3406. The passcode for the replay is 46495945.
About Clearwire
Clearwire Corporation (Nasdaq:CLWR), through its operating subsidiaries, is a leading provider of 4G wireless broadband services. The company holds the deepest portfolio of wireless spectrum available for data services in the U.S. and provides coverage in areas of where more than 130 million people live. Clearwire serves retail customers through its own CLEAR® brand as well as through wholesale relationships with some of the leading companies in the communications, technology and retail industries. Strategic investors include Intel Capital, Comcast, Sprint, Google, Time Warner Cable, and Bright House Networks. The company plans to add to its current 4G offering by launching a next-generation 4G LTE Advanced-ready network to address the capacity needs of the market while also working closely with the Global TDD-LTE Initiative and China Mobile to advance the development of the TDD-LTE ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com.
Forward-Looking Statements
This release, and other written and oral statements made by Clearwire from time to time, contain forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding future financial and operating performance and financial condition; proposed transactions; network development and market launch plans; strategic plans and objectives; industry conditions; the strength of the balance sheet; and liquidity and financing needs. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan" and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:
We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
If our business fails to perform as we expect or if we incur unforeseen expenses in the near term, we may require additional capital to fund our current business. Also, we will need substantial additional capital over the long-term. Such additional capital may not be available on acceptable terms or at all. If we fail to obtain additional capital, our business prospects, financial condition and results of operations will likely be materially and adversely affected, and we will be forced to consider all available alternatives.
Our current plans and projections are based on a number of assumptions about our future performance, which may prove to be inaccurate, such as our ability to substantially expand our wholesale business and the expected timing and costs of deploying LTE on our wireless broadband network.
Our business has become increasingly dependent on our wholesale partners, and Sprint in particular. If we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into new agreements with additional wholesale partners for significant new wholesale commitments, our business prospects, results of operations and financial condition could be adversely affected, or we could be forced to consider all available alternatives.
We regularly evaluate our plans, and we may elect to pursue new or alternative strategies which we believe would be beneficial to our business, including among other things, expanding our network coverage to new markets, augmenting our network coverage in existing markets, changing our sales and marketing strategy and/or acquiring additional spectrum. Such modifications to our plans could significantly change our capital requirements.
We plan to deploy LTE on our wireless broadband network, alongside mobile WiMAX and we will incur significant costs to deploy such technology. Additionally, LTE technology, or other alternative technologies that we may consider, may not perform as we expect on our network and deploying such technologies would result in additional risks to the company, including uncertainty regarding our ability to successfully add a new technology to our current network and to operate dual technology networks without disruptions to customer service, as well as our ability to generate new wholesale customers for the new network.
We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks, and will be dependent on commercial partners to deliver equipment and devices for our planned LTE network as well.
Many of our competitors for our retail business are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.
Sprint owns just less than a majority of our common shares, is our largest shareholder, and has the contractual ability to obtain enough shares to hold the majority voting interest in the company, and Sprint may have, or may develop in the future, interests that may diverge from other stockholders.
Future sales of large blocks of our common stock may adversely impact our stock price.
For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed on February 22, 2011 and subsequent Form 10-Q filings. Clearwire assumes no obligation to update or supplement such forward-looking statements.
CLEARWIRE CORPORATION AND SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(In thousands, except par value) | ||
(Unaudited) | ||
December 31, | December 31, | |
2011 | 2010 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 891,929 | $ 1,230,242 |
Short-term investments | 215,655 | 502,316 |
Restricted cash | 1,000 | 1,000 |
Accounts receivable, net of allowance of $5,542 and $3,792 | 83,660 | 24,653 |
Inventory | 23,832 | 17,432 |
Prepaids and other assets | 71,083 | 82,580 |
Total current assets | 1,287,159 | 1,858,223 |
Property, plant and equipment, net | 3,014,277 | 4,447,374 |
Restricted cash | 7,619 | 29,355 |
Spectrum licenses, net | 4,298,254 | 4,348,882 |
Other intangible assets, net | 40,850 | 60,884 |
Other assets | 157,797 | 199,003 |
Assets of discontinued operations | 36,696 | 96,765 |
Total assets | $ 8,842,652 | $ 11,040,486 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable and accrued expenses | $ 157,172 | $ 448,789 |
Other current liabilities | 122,756 | 226,997 |
Total current liabilities | 279,928 | 675,786 |
Long-term debt, net | 4,019,605 | 4,017,019 |
Deferred tax liabilities, net | 152,182 | 838 |
Other long-term liabilities | 719,703 | 444,774 |
Liabilities of discontinued operations | 25,196 | 32,071 |
Total liabilities | 5,196,614 | 5,170,488 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Class A common stock, par value $0.0001, 2,000,000 and 1,500,000 shares authorized; 452,215 and 243,544 shares outstanding | 45 | 24 |
Class B common stock, par value $0.0001, 1,400,000 and 1,000,000 shares authorized; 839,703 and 743,481 shares outstanding | 83 | 74 |
Additional paid-in capital | 2,714,634 | 2,221,110 |
Accumulated other comprehensive income | 2,793 | 2,495 |
Accumulated deficit | (1,617,826) | (900,493) |
Total Clearwire Corporation stockholders' equity | 1,099,729 | 1,323,210 |
Non-controlling interests | 2,546,309 | 4,546,788 |
Total stockholders' equity | 3,646,038 | 5,869,998 |
Total liabilities and stockholders' equity | $ 8,842,652 | $ 11,040,486 |
CLEARWIRE CORPORATION AND SUBSIDIARIES | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
(In thousands, except per share data) | ||
(Unaudited) | ||
Three Months Ended | ||
December 31, | ||
2011 | 2010 | |
Revenues | $ 361,870 | $ 175,150 |
Operating expenses: | ||
Cost of goods and services and network costs (exclusive of items shown separately below) | 293,999 | 271,652 |
Selling, general and administrative expense | 128,502 | 223,898 |
Depreciation and amortization | 169,962 | 175,161 |
Spectrum lease expense | 79,556 | 72,389 |
Loss from abandonment of network and other assets | 123,000 | 169,239 |
Total operating expenses | 795,019 | 912,339 |
Operating loss | (433,149) | (737,189) |
Other income (expense): | ||
Interest income | 272 | 870 |
Interest expense | (128,859) | (67,999) |
Gain on derivative instruments | (2,919) | 63,255 |
Other income (expense), net | (285) | 2,714 |
Total other expense, net | (131,791) | (1,160) |
Loss from continuing operations before income taxes | (564,940) | (738,349) |
Income tax provision | (78,406) | (221) |
Net loss from continuing operations | (643,346) | (738,570) |
Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries | 407,348 | 613,766 |
Net loss from continuing operations attributable to Clearwire Corporation | (235,998) | (124,804) |
Net loss from discontinued operations attributable to Clearwire Corporation | (851) | (3,208) |
Net loss attributable to Clearwire Corporation | $ (236,849) | $ (128,012) |
Net loss from continuing operations attributable to Clearwire Corporation per Class A common share: | ||
Basic | $ (0.81) | $ (0.51) |
Diluted | $ (0.81) | $ (0.79) |
Net loss attributable to Clearwire Corporation per Class A common share: | ||
Basic | $ (0.81) | $ (0.53) |
Diluted | $ (0.81) | $ (0.81) |
Weighted average Class A common shares outstanding: | ||
Basic | 291,634 | 243,544 |
Diluted | 291,634 | 1,011,395 |
CLEARWIRE CORPORATION AND SUBSIDIARIES | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
(In thousands, except per share data) | ||
(Unaudited) | ||
Year Ended | ||
December 31, | ||
2011 | 2010 | |
Revenues | $ 1,253,466 | $ 535,103 |
Operating expenses: | ||
Cost of goods and services and network costs (exclusive of items shown separately below) | 1,249,966 | 912,776 |
Selling, general and administrative expense | 698,067 | 870,980 |
Depreciation and amortization | 687,636 | 454,003 |
Spectrum lease expense | 308,693 | 279,993 |
Loss from abandonment of network and other assets | 700,341 | 180,001 |
Total operating expenses | 3,644,703 | 2,697,753 |
Operating loss | (2,391,237) | (2,162,650) |
Other income (expense): | ||
Interest income | 2,335 | 4,950 |
Interest expense | (505,992) | (152,868) |
Gain on derivative instruments | 145,308 | 63,255 |
Other income (expense), net | 681 | (2,671) |
Total other expense, net | (357,668) | (87,334) |
Loss from continuing operations before income taxes | (2,748,905) | (2,249,984) |
Income tax provision | (106,828) | (1,218) |
Net loss from continuing operations | (2,855,733) | (2,251,202) |
Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries | 2,158,831 | 1,775,840 |
Net loss from continuing operations attributable to Clearwire Corporation | (696,902) | (475,362) |
Net loss from discontinued operations attributable to Clearwire Corporation | (20,431) | (12,075) |
Net loss attributable to Clearwire Corporation | $ (717,333) | $ (487,437) |
Net loss from continuing operations attributable to Clearwire Corporation per Class A common share: | ||
Basic | $ (2.70) | $ (2.14) |
Diluted | $ (2.99) | $ (2.41) |
Net loss attributable to Clearwire Corporation per Class A common share: | ||
Basic | $ (2.78) | $ (2.19) |
Diluted | $ (3.07) | $ (2.46) |
Weighted average Class A common shares outstanding: | ||
Basic | 257,967 | 222,527 |
Diluted | 965,099 | 970,765 |
CLEARWIRE CORPORATION AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(In thousands) | |||||
(Unaudited) | |||||
Year Ended | |||||
December 31, | |||||
2011 | 2010 | ||||
Cash flows from operating activities: | |||||
Net loss from continuing operations | $ (2,855,733) | $ (2,251,202) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
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