Metro PCS 2008 Annual Report Download - page 42

33
• impact on our cash and available credit lines for use in financing future growth and working capital needs;
• obligations imposed on us by counterparties in such transactions that limit our ability to obtain additional
financing, our ability to compete in geographic areas or specific lines of business, or other aspects of our
operational flexibility;
• increasing cost and complexity of assuring the implementation and maintenance of adequate internal
control and disclosure controls and procedures, and of obtaining the reports and attestations required under
the Exchange Act;
• inability to attract and retain key personnel;
• impairment of relationships with employees, customers or vendors;
• difficulties in consolidating and preparing our financial statements due to poor accounting records, weak
financial controls and, in some cases, procedures at acquired entities not based on U.S. GAAP particularly
those entities in which we lack control; and
• inability to predict or anticipate market developments and capital commitments relating to the acquired
company, business or technology.
The anticipated benefit to us of any strategic transaction, acquisition or merger may never materialize. Future
investments, acquisitions or dispositions, or similar arrangements could result in dilutive issuances of our equity
securities, the incurrence of debt, contingent liabilities or amortization expenses, or write-offs of goodwill, any of
which could have an adverse effect on our business, financial condition and operating results. Any such transactions
may require us to obtain additional equity or debt financing, which may not be available on acceptable terms, or at
all.
Business, political, regulatory and economic factors may significantly affect our operations, the manner in
which we conduct our business and slow our rate of growth.
The United States economy has deteriorated significantly and may be depressed for the foreseeable future. Our
business could be affected by the economic conditions as well as consumer spending in the areas in which we
operate. These factors are outside of our control. As economic conditions deteriorate, our services may be
disproportionately and adversely affected due to the generally lower per capita income of our customer base (versus
the national facility-based wireless broadband mobile carriers) that may be disproportionately affected by any
disruption in the United States economy, including an economic downturn or recession. In addition, a number of our
customers work in industries which may be disproportionately affected by an economic slowdown or recession.
More generally, adverse changes in the economy are likely to negatively affect our customers’ ability to pay for
existing services and to decrease their interest in purchasing new services. The resulting impact of such economic
conditions on consumer spending could have a material adverse effect on demand for our services and on our
business, financial condition and operating results.
Additionally, due to changes in the political climate as a result of the outcome of recent state elections and the
Presidential election in the United States, we cannot predict with any certainty the nature and extent of the changes
in federal, state and local laws, regulations and policy we will face, or the effect of such elections on any pending
legislation, such as the immigration laws and policy. Any increased regulation, new policy initiatives, increased
taxes or any other changes in federal law may have an adverse effect on our business, financial condition and
operating results.
Recent disruptions in the financial markets could adversely affect our ability to obtain debt or equity on
reasonable terms or at all.
The wireless industry is a capital intensive business. To date, we have used internally generated funds and the
funds from the sale of debt and equity to finance our growth and build out of our existing and planned metropolitan
areas. If our current cash and excess internally generated cash flows are insufficient to fund our business plan,
improve and expand our network infrastructure and services, participate in new opportunities, engage in acquisitions
of additional spectrum or businesses or participate in future FCC auctions, or service our debt, we may be forced to