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Clearwire Reports Second Quarter 2009 Results
Posted: 12-Aug-2009 [Source: Clearwire]

[Clearwire ends the second quarter with cash and short term investments of $2.5 billion.]

Kirkland, WA -- Key Operating Highlights

* Atlanta and Las Vegas Markets Launch CLEAR™ Adding nearly Five Million People and 1,800 Square Miles to Coverage Footprint

* Nationwide Roaming in CLEAR Markets Now Available via Clear 4G+ Mobile 4G/3G Service

* Now Targeting Over 40 Million Total Covered POPs for 2009; CLEAR 4G Network Set to Increase Five-Fold in 2H 2009 Reaching Over 30 Million People Across More Than 25 Markets by Year End

* Clearwire’s Wholesale Systems Platform Initialized; Sprint, Comcast and Time Warner Cable Announce 2009 4G Plans and Comcast Begins Launching Service Offerings

Key Performance Highlights – Q2 2009 vs. Pro Forma Q2 2008

* Portland and Late-Quarter Launch of Atlanta Generate Strong WiMAX Subscriber Additions Offsetting Higher Seasonal Churn in 46 US Pre-WiMAX Markets and Drive 12,000 Net Adds During Q2 2009

* Revenues Increase 9 Percent Driven by 11 Percent Subscriber Growth and ARPU Stable at $39.47

* Network Covered POPs Increase Nearly 40 Percent to 23.1 Million

* Design and Development Pipeline Includes More Than 20,000 Cell Sites to Fuel First U.S. 4G Network Build Plans

* Ends Second Quarter with Cash and Short Term Investments of $2.5 Billion

Clearwire Corporation (along with its subsidiaries, “Clearwire” or the “Company”), a leading provider of wireless broadband services, today reported its unaudited condensed consolidated financial and operating results for the second quarter ended June 30, 2009.

“The strides we have made in the past two months, including the launch of CLEAR in Atlanta and Las Vegas, nationwide roaming with the CLEAR 4G+ dual-mode modem and wholesale distribution with Comcast in Portland and Atlanta clearly demonstrate Clearwire’s ability to build on early momentum and begin to successfully execute against our aggressive growth plans,” said Bill Morrow, chief executive officer of Clearwire. “As we saw with Portland, we are experiencing strong early consumer adoption in our Atlanta market, and, true to the growing marketplace trends in wireless data, a significant portion of our 4G customers are taking advantage of a mobile product as part of their CLEAR service.”

“We are ramping very well by attracting strong consumer demand for our wireless 4G services in all of our new markets,” Morrow added. “In fact, as we head into the third quarter with Las Vegas now launched we are already seeing average daily WiMAX subscriber uptake in July outpacing what we achieved in June by over 75 percent. It is important to keep in mind that at the same time we are posting strong adds in our three CLEAR 4G markets we are also seeing the expected customer attrition in Clearwire’s large base of 46 U.S. pre-WiMAX markets resulting from seasonality and minimal sales and marketing in advance of migrating those markets to CLEAR 4G in the coming months.”

“The next wave of CLEAR launches in 2009 is on track to extend our 4G network to over 30 million people in more than 25 markets by the end of 2009 bringing Clearwire’s total network coverage in both legacy and 4G markets to over 40 million people,” Morrow continued. “With the 2009 addition of new markets like Chicago, Dallas/Ft. Worth and Philadelphia, and the migration of pre-WiMAX markets like Seattle, Charlotte and Honolulu, CLEAR’s super fast mobile Internet service is poised to achieve a critical mass of coverage and customers that will help propel the company forward into next year. Our focus remains on scaling the organization for continued growth by putting in place all of the resources necessary to successfully extend our wireless 4G network enabling us to cover as many as 120 million people with true broadband mobility across 80 markets by the end of 2010.”

“The addition of Huawei as a WiMAX RAN infrastructure provider strengthens an already impressive vendor line-up that brings together some of the leading names in wireless, technology and networking to build a dedicated mobile wireless data network designed to meet the growing demand for broadband connectivity and change the way the Internet affects us day to day,” added Morrow. “As thousands of our customers have already discovered, CLEAR is not just delivering a rich mobile Internet experience but a truly valuable service that keeps them connected to the people, information and experiences that matter most in their lives.”

2009 Market Launches

Clearwire expects to offer 4G service in markets covering 30 million people at the end of this year including in the following markets: Atlanta; Baltimore; Boise; Chicago; Las Vegas; Philadelphia; Charlotte, Raleigh, and Greensboro, NC; Honolulu and Maui, HI; Seattle and Bellingham, WA; Portland and Salem, OR; and Dallas/Ft. Worth, San Antonio, Austin, Abilene, Amarillo, Corpus Christi, Killeen/Temple, Lubbock, Midland/Odessa, Waco and Wichita Falls, Texas.

Business Outlook

Clearwire maintained its business outlook for 2009 and 2010, expecting ARPU to be generally sustained at current levels over this period of significant development and expansion of its wireless 4G network. The Company continues to anticipate that Churn will increase in its pre-WiMAX markets as the Company transitions these networks to mobile WiMAX technology and that CPGA will increase as new markets are launched, consistent with Clearwire’s past operating experience.

Clearwire continues to target total net cash spend, which represents the change in cash and short-term investment balances, in the range of $1.5 to $1.9 billion for the full year 2009. Year-to-date net cash spend through June 30, 2009 was $646 million. The company has introduced a 2009 consolidated network coverage target of more than 40 million people, including over 30 million people targeted to be covered by the Company’s CLEAR 4G service in more than 25 markets by year end. As announced in March, Clearwire is currently engaged in the development and construction of mobile WiMAX networks, as well as the long lead time cell site development work, to give the Company the ability to cover as many as 120 million people by the end of 2010. The ultimate scope and timing of Clearwire’s network build-out will largely be driven by the Company’s market by market success and the availability of additional capital.

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