Metro PCS 2009 Annual Report Download - page 72

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Item 6. Selected Financial Data
The following tables set forth selected consolidated financial data. We derived our selected consolidated financial
data as of and for the years ended December 31, 2005, 2006, 2007, 2008 and 2009 from our consolidated financial
statements. The historical selected financial data may not be indicative of future performance and should be read in
conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and
“Risk Factors” in this report.
Year Ended December 31,
2005 2006 2007 2008 2009
(In Thousands, Except Share and Per Share Data)
Statement of Operations Data:
Revenues:
Service revenues....................................................................................................... $ 872,100 $ 1,290,947 $ 1,919,197 $ 2,437,250 $ 3,130,385
Equipment revenues ................................................................................................. 166,328 255,916 316,537 314,266 350,130
Total revenues ......................................................................................................... 1,038,428 1,546,863 2,235,734 2,751,516 3,480,515
Operating expenses:
Cost of service (excluding depreciation and amortization disclosed separately
below) .................................................................................................................... 283,212 445,281 647,510 857,295 1,120,052
Cost of equipment .................................................................................................... 300,871 476,877 597,233 704,648 884,272
Selling, general and administrative expenses (excluding depreciation and
amortization disclosed separately below).............................................................. 162,476 243,618 352,020 447,582 567,730
Depreciation and amortization ................................................................................. 87,895 135,028 178,202 255,319 377,856
(Gain) loss on disposal of assets .............................................................................. (218,203) 8,806 655 18,905 (4,683
)
Total operating expenses......................................................................................... 616,251 1,309,610 1,775,620 2,283,749 2,945,227
Income from operations............................................................................................. 422,177 237,253 460,114 467,767 535,288
Other expense (income):
Interest expense ........................................................................................................ 58,033 115,985 201,746 179,398 270,285
Accretion of put option in majority-owned subsidiary............................................ 252 770 1,003 1,258 1,567
Interest and other income ......................................................................................... (8,658) (21,543) (63,936) (23,170) (2,629)
Impairment loss on investment securities................................................................ — — 97,800 30,857 2,386
Loss on extinguishment of debt ............................................................................... 46,448 51,518 — — —
Total other expense ................................................................................................. 96,075 146,730 236,613 188,343 271,609
Income before provision for income taxes................................................................ 326,102 90,523 223,501 279,424 263,679
Provision for income taxes ........................................................................................ (127,425) (36,717) (123,098) (129,986) (86,835)
Net income................................................................................................................. 198,677 53,806 100,403 149,438 176,844
Accrued dividends on Series D Preferred Stock....................................................... (21,006) (21,006) (6,499) — —
Accrued dividends on Series E Preferred Stock ....................................................... (1,019) (3,000) (929) — —
Accretion on Series D Preferred Stock ..................................................................... (473) (473) (148) — —
Accretion on Series E Preferred Stock...................................................................... (114) (339) (106) — —
Net income applicable to Common Stock................................................................. $ 176,065 $ 28,988 $ 92,721 $ 149,438 $ 176,844
Net income per common share(1):
Net income per common share - basic .................................................................. $ 0.71 $ 0.11 $ 0.29 $ 0.43 $ 0.50
Net income per common share - diluted ............................................................... $ 0.62 $ 0.10 $ 0.28 $ 0.42 $ 0.49
Weighted average shares(1):
Basic ...................................................................................................................... 135,352,396 155,820,381 287,692,280 349,395,285 351,898,898
Diluted ................................................................................................................... 153,610,589 159,696,608 296,337,724 355,380,111 355,942,921
Year Ended December 31,
2005 2006 2007 2008 2009
(In Thousands)
Other Financial Data:
Net cash provided by operating activities ................................................................. $ 283,216 $ 364,761 $ 589,306 $ 447,490 $ 899,349
Net cash used in investing activities ......................................................................... (905,228) (1,939,665) (517,088) (1,294,275) (1,116,954)
Net cash provided by financing activities ................................................................. 712,244 1,623,693 1,236,492 74,525 449,038
As of December 31,
2005 2006 2007 2008 2009
(In Thousands)
Balance Sheet Data:
Cash, cash equivalents & short-term investments .................................................... $ 503,131 $ 552,149 $ 1,470,208 $ 697,951 $ 1,154,313
Property and equipment, net...................................................................................... 831,490 1,256,162 1,891,411 2,847,751 3,252,213
Total assets ................................................................................................................ 2,158,981 4,153,122 5,806,130 6,422,148 7,386,017
Long-term debt (including current maturities).......................................................... 905,554 2,596,000 3,002,177 3,074,992 3,645,275
Series D Cumulative Convertible Redeemable Participating Preferred Stock......... 421,889 443,368 — — —
Series E Cumulative Convertible Redeemable Participating Preferred Stock ......... 47,796 51,135 — — —
Stockholders’ equity.................................................................................................. 367,906 413,245 1,848,746 2,034,323 2,288,142
_________________________________________
(1)See Note 16 to the consolidated financial statements included elsewhere in this report for an explanation of the calculation of basic and diluted net income per common share. The
calculation of basic and diluted net income per common share for the years ended December 31, 2005 and 2006 is not included in Note 16 to the consolidated financial statements.