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MetroPCS Reports Third Quarter 2012 Results
Posted: 30-Oct-2012 [Source: MetroPCS]

[MetroPCS reported a decrease of $9 million in revenues compared to last year's third quarter and ended the quarter with approximately 9.0 million subscribers.]

Dallas -- MetroPCS Communications, Inc. (PCS), the nation's leading provider of no annual contract, unlimited, flat-rate wireless communications service, today announced financial and operational results for the quarter ended September 30, 2012. MetroPCS reported quarterly Adjusted EBITDA of $466 million for the third quarter 2012 and ended the quarter with approximately 9.0 million subscribers.

Roger D. Linquist, Chairman and Chief Executive Officer of MetroPCS, said, "With a primary focus on generating Adjusted EBITDA and cash flow during the third quarter, we are pleased to report the highest Adjusted EBITDA margin in Company history of 41.5%. Late in the third quarter, we launched 4G LTE For All and while still early, we are pleased with initial results, including customer upgrades and churn. As we enter the fourth quarter, our 4G LTE For All efforts are in full-swing and with over one million 4G LTE subscribers at the end of the third quarter, we believe we are well positioned to meet the current demands for high-speed wireless broadband service. During the fourth quarter, we plan to focus on re-energizing subscriber growth, which we expect will put incremental pressure on our CPGA and CPU. With a robust 4G LTE handset line-up that is growing, we believe our 4G LTE For All initiative provides unmatched value, with all taxes and regulatory fees included.

"Our recently announced proposed business combination with T-Mobile is exciting as it will create a value leader in wireless with a clear path to offering 4G LTE service over 20x20MHz. It also provides MetroPCS customers with broader network coverage and deeper spectrum as well as the ability to gain full access to a broad array of handsets and services. We plan to continue to challenge the wireless market and compete aggressively with our 4G LTE For All service offerings," Linquist concluded. Quarterly Consolidated Results

Consolidated service revenues of approximately $1.1 billion for the third quarter of 2012, a decrease of $9 million, or 1%, when compared to the prior year's third quarter.

Income from operations increased $115 million, or 65%, for the third quarter of 2012 when compared to the prior year's third quarter. Net income for the quarter was $193 million and includes a $53 million gain on settlement related to certain securities that was recognized during the quarter. On a non-GAAP basis excluding the gain on settlement, net income would have been $140 million or $0.38 per common share, an increase of 102% or $0.19 per common share. Adjusted EBITDA of $466 million increased by $139 million for the third quarter of 2012, or 42%, when compared to the prior year's third quarter. Average revenue per user (ARPU) of $40.50 for the third quarter of 2012 represents a decrease of $0.30 when compared to the third quarter of 2011. The decrease in ARPU was primarily attributable to promotional service plans partially offset by continued demand for our 4G LTE service plans. The Company's cost per gross addition (CPGA) of $202 for the third quarter of 2012 represents an increase of $8 when compared to the prior year's third quarter. The increase is primarily driven by a 47% decrease in gross additions as compared to the three months ended September 30, 2011. Cost per user (CPU) was $18.38 in the third quarter of 2012, a 6% decrease over the third quarter of 2011. The decrease in CPU is primarily driven by a decrease in retention expense for existing customers, a decrease in long distance cost and a decrease in taxes and regulatory fees. These items were partially offset by an increase in costs associated with our 4G LTE network upgrade and an increase in commissions paid to independent retailers for customer reactivations. During the quarter we experienced $2.47 in CPU directly related to handset upgrades compared to $3.88 in the prior year's third quarter. Churn decreased 80 basis points from 4.5% to 3.7% when compared to the third quarter of 2011. The decrease in churn was primarily driven by continued investments in our network and lower year-to-date subscriber growth.

Financial Guidance for 2012

For the year ending December 31, 2012, MetroPCS today reaffirms its prior guidance, originally provided on February 23, 2012. MetroPCS currently expects to incur capital expenditures in the range of $900 million to $1.0 billion on a consolidated basis for the year ending December 31, 2012.

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