Clearwire Corp /DE

CIK:0001442505|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues	$ 318,042	$ 322,639
Operating expenses:
Cost of goods and services and network costs (exclusive of items shown separately below)	213,181	263,790
Selling, general and administrative expense	141,101	142,655
Depreciation and amortization	183,633	177,973
Spectrum lease expense	83,399	79,708
Loss from abandonment of network and other assets	414	80,400
Total operating expenses	621,728	744,526
Operating loss	(303,686)	(421,887)
Other income (expense):
Interest income	378	264
Interest expense	(140,517)	(136,686)
Loss on derivative instruments	(1,774)	(4,862)
Other income (expense), net	336	(13,268)
Total other expense, net	(141,577)	(154,552)
Loss from continuing operations before income taxes	(445,263)	(576,439)
Income tax (provision) benefit	(16,625)	15,413
Net loss from continuing operations	(461,888)	(561,026)
Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries	234,935	378,972
Loss from Continuing Operations Attributable to Parent	(226,953)	(182,054)
Net income (loss) from discontinued operations attributable to Clearwire Corporation	0	231
Net loss attributable to Clearwire Corporation	$ (226,953)	$ (181,823)
Net loss from continuing operations attributable to Clearwire Corporation per Class A common share:
Basic	$ (0.33)	$ (0.40)
Diluted	$ (0.33)	$ (0.44)
Net loss attributable to Clearwire Corporation per Class A Common Share:
Basic	$ (0.33)	$ (0.40)
Diluted	$ (0.33)	$ (0.44)

Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Cash flows from operating activities:

Net loss from continuing operations

$ (461,888)

$ (561,026)

Adjustments to reconcile net loss to net cash used in operating activities:

Deferred income taxes

16,194

(15,863)

Non-cash loss on derivative instruments

1,774

4,862

Accretion of debt discount

12,593

^[1]

10,188

^[1]

Depreciation and amortization

183,633

177,973

Amortization of spectrum leases

13,212

14,216

Non-cash rent expense

40,560

46,382

Loss on property, plant and equipment

5,116

139,056

Other non-cash activities

9,644

18,696

Changes in assets and liabilities:

Inventory

(5,269)

5,070

Accounts receivable

844

(42,662)

Prepaids and other assets

1,695

(11,198)

Deferred revenue

(36,630)

154,246

Accounts payable and other liabilities

113,429

119,897

Net cash provided by (used in) operating activities of continuing operations

(105,093)

59,837

Net cash provided by operating activities of discontinued operations

5,814

Net cash provided by (used in) operating activities

(105,093)

65,651

Cash flows from investing activities:

Payments to acquire property, plant and equipment

(37,510)

(21,867)

Purchases of available-for-sale investments

(249,988)

(1,022,287)

Disposition of available-for-sale investments

299,450

117,953

Other investing activities

1,599

(845)

Net cash provided by (used in) investing activities of continuing operations

13,551

(927,046)

Net cash provided by investing activities of discontinued operations

Net cash provided by (used in) investing activities

13,551

(926,987)

Cash flows from financing activities:

Principal payments on long-term debt

(9,844)

(6,295)

Proceeds from issuance of long-term debt

80,000

300,000

Debt financing fees

(6,205)

Proceeds from issuance of common stock

Net cash provided by financing activities of continuing operations

70,202

287,500

Net cash (used in) provided by financing activities of discontinued operations

Net cash provided by financing activities

70,202

287,500

Effect of foreign currency exchange rates on cash and cash equivalents

(2,269)

Net decrease in cash and cash equivalents

(21,337)

(576,105)

Cash and cash equivalents:

Beginning of period cash and cash equivalents, including discontinued

172,108

317,639

Less: cash and cash equivalent of discontinued operations at end of period

7,505

Cash and cash equivalents of continuing operations at end of period

172,108

310,134

Supplemental cash flow disclosures:

Cash paid for interest including capitalized interest paid

338

732

Non-cash investing activities:

Fixed asset purchases in accounts payable and accrued expenses

17,558

14,050

Fixed asset purchases financed by long-term debt

19,287

Non-cash financing activities:

Vendor financing obligations

(9,474)

Capital lease obligations

(9,813)

Class A common stock issued for repayment of long-term debt

88,456

Repayment of Long-term Debt Through Issuances of Class A common stock

$ 0

$ (88,456)

[1]	Includes non-cash amortization of deferred financing fees which are classified as Other assets on the condensed consolidated balance sheets.

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 172,108	$ 193,445
Short-term investments	625,297	675,112
Restricted cash	1,641	1,653
Accounts receivable, net of allowance	19,769	22,769
Inventory	16,098	10,940
Prepaids and other assets	83,672	83,769
Total current assets	918,585	987,688
Property, plant and equipment, net	2,120,081	2,259,004
Restricted cash	2,114	3,709
Spectrum licenses, net	4,237,640	4,249,621
Other intangible assets, net	21,576	24,660
Other assets	137,601	141,107
Total assets	7,437,597	7,665,789
Current liabilities:
Accounts payable and accrued expenses	285,723	177,855
Other current liabilities	279,001	227,610
Total current liabilities	564,724	405,465
Long-term debt, net	4,287,671	4,271,357
Deferred tax liabilities, net	191,136	143,992
Other long-term liabilities	913,772	963,353
Total liabilities	5,957,303	5,784,167
Commitments and contingencies (Note 12)
Stockholders' equity:
Additional paid-in capital	3,217,732	3,158,244
Accumulated other comprehensive income	15	(6)
Accumulated deficit	(2,573,346)	(2,346,393)
Total Clearwire Corporation stockholders' equity	644,548	811,991
Non-controlling interests	835,746	1,069,631
Total stockholders' equity	1,480,294	1,881,622
Total liabilities and stockholders' equity	7,437,597	7,665,789
Common Class A [Member]
Stockholders' equity:
Common stock	70	69
Common Class B [Member]
Stockholders' equity:
Common stock	$ 77	$ 77