Clearwire 2007 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2007 Clearwire annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 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
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

CLEARWIRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2007
December 31,
2006
(In thousands, except share and
per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ........................................ $ 876,752 $ 438,030
Short-term investments .......................................... 67,012 663,644
Restricted cash ................................................ 1,077 10,727
Restricted investments .......................................... — 69,401
Accounts receivable, net of allowance of $787 and $753 ................. 3,677 2,774
Notes receivable short-term, related party ............................ 2,134 4,409
Inventory . . . ................................................. 2,312 1,398
Prepaids and other assets ........................................ 36,748 19,219
Total current assets ........................................... 989,712 1,209,602
Property, plant and equipment, net ................................. 572,329 302,798
Restricted cash ................................................ 11,603 117
Restricted investments .......................................... — 16,269
Long-term investments .......................................... 88,632 —
Notes receivable long-term, related party ............................. 4,700 —
Prepaid spectrum license fees ..................................... 457,741 241,151
Spectrum licenses and other intangible assets, net ...................... 480,003 222,980
Goodwill .................................................... 35,666 30,908
Investments in equity investees .................................... 14,602 14,983
Other assets ................................................ 30,981 29,565
TOTAL ASSETS ................................................ $2,685,969 $2,068,373
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses ............................. $ 102,447 $ 108,216
(includes related party balances of $4,521 and $6,799)
Deferred rent . ................................................ 24,805 6,986
Deferred revenue .............................................. 10,010 5,599
Due to affiliate ................................................ 2 532
Current portion of long-term debt .................................. 22,500 1,250
Total current liabilities ........................................ 159,764 122,583
Long-term debt, net of discount of $0 and $110,007 .................... 1,234,375 644,438
Other long-term liabilities ........................................ 114,492 42,385
Total liabilities .............................................. 1,508,631 809,406
MINORITY INTEREST . . ......................................... 13,506 1,358
COMMITMENTS AND CONTINGENCIES (NOTE 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.0001, 5,000,000 shares authorized; no shares
issued or outstanding ........................................
Common stock, par value $0.0001, and additional paid-in capital,
350,000,000 shares authorized; Class A, 135,567,269 and
109,325,236 shares issued and outstanding ........................ 2,098,155 1,474,759
Class B, 28,596,685 shares issued and outstanding .................... 234,376 234,376
Common stock and warrants payable ................................ — 166
Deferred compensation .......................................... — (116)
Accumulated other comprehensive income............................ 17,333 6,990
Accumulated deficit ............................................ (1,186,032) (458,566)
Total stockholders’ equity ...................................... 1,163,832 1,257,609
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ................. $2,685,969 $2,068,373
See notes to consolidated financial statements
61