2012 Q1 Form 10-Q Financial Statement

#000144530512001188 Filed on April 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $5.034B $1.194B
YoY Change 321.47% 23.07%
Cost Of Revenue $847.8M $750.7M
YoY Change 12.94% 25.53%
Gross Profit $4.186B $443.7M
YoY Change 843.48% 19.27%
Gross Profit Margin 83.16% 37.15%
Selling, General & Admin $176.6M $169.8M
YoY Change 4.02% 6.11%
% of Gross Profit 4.22% 38.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $152.8M $128.7M
YoY Change 18.75% 19.38%
% of Gross Profit 3.65% 29.01%
Operating Expenses $176.6M $169.8M
YoY Change 4.02% -36.65%
Operating Profit $497.0M $145.3M
YoY Change 241.96% 38.11%
Interest Expense $70.08M $56.56M
YoY Change 23.91% -184.42%
% of Operating Profit 14.1% 38.92%
Other Income/Expense, Net -$69.61M -$55.79M
YoY Change 24.76%
Pretax Income $28.66M $89.55M
YoY Change -67.99% 135.65%
Income Tax $7.658M $33.17M
% Of Pretax Income 26.72% 37.04%
Net Earnings $200.0M $56.38M
YoY Change 254.75% 148.79%
Net Earnings / Revenue 3.97% 4.72%
Basic Earnings Per Share $0.37 $0.16
Diluted Earnings Per Share $0.37 $0.15
COMMON SHARES
Basic Shares Outstanding 535.3M shares 357.0M shares
Diluted Shares Outstanding 535.3M shares 361.4M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.216B $1.659B
YoY Change 33.57% 39.53%
Cash & Equivalents $1.886B $1.856B
Short-Term Investments $330.0M $337.0M
Other Short-Term Assets $35.43M $228.0M
YoY Change -84.46% 27.37%
Inventory $252.0M $286.0M
Prepaid Expenses $70.64M
Receivables $81.00M $57.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.767B $2.230B
YoY Change 24.1% 44.99%
LONG-TERM ASSETS
Property, Plant & Equipment $4.007B $3.739B
YoY Change 7.17% 14.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.000M $19.00M
YoY Change -68.42% 216.67%
Other Assets $184.6M $124.0M
YoY Change 48.89% -30.34%
Total Long-Term Assets $6.742B $6.418B
YoY Change 5.05% 8.43%
TOTAL ASSETS
Total Short-Term Assets $2.767B $2.230B
Total Long-Term Assets $6.742B $6.418B
Total Assets $9.509B $8.648B
YoY Change 9.96% 15.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $452.0M $609.0M
YoY Change -25.78% 212.31%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $35.00M $28.00M
YoY Change 25.0% 40.0%
Total Short-Term Liabilities $778.0M $904.0M
YoY Change -13.93% 12.44%
LONG-TERM LIABILITIES
Long-Term Debt $4.726B $4.255B
YoY Change 11.07% 17.19%
Other Long-Term Liabilities $90.79M $179.0M
YoY Change -49.28% 11.88%
Total Long-Term Liabilities $90.79M $4.434B
YoY Change -97.95% 16.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $778.0M $904.0M
Total Long-Term Liabilities $90.79M $4.434B
Total Liabilities $6.551B $6.016B
YoY Change 8.9% 17.18%
SHAREHOLDERS EQUITY
Retained Earnings $1.180B
YoY Change
Common Stock $36.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.719M
YoY Change
Treasury Stock Shares 778.7K shares
Shareholders Equity $2.958B $2.633B
YoY Change
Total Liabilities & Shareholders Equity $9.509B $8.648B
YoY Change 9.96% 15.97%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $200.0M $56.38M
YoY Change 254.75% 148.79%
Depreciation, Depletion And Amortization $152.8M $128.7M
YoY Change 18.75% 19.38%
Cash From Operating Activities $136.9M $138.3M
YoY Change -1.02% -38.53%
INVESTING ACTIVITIES
Capital Expenditures $144.0M $187.0M
YoY Change -23.0% -234.27%
Acquisitions
YoY Change
Other Investing Activities $9.459M $19.33M
YoY Change -51.06% -142.29%
Cash From Investing Activities -$182.9M -$168.7M
YoY Change 8.39% -8.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.888M $2.456M
YoY Change -23.13%
Debt Paid & Issued, Net $6.347M $5.250M
YoY Change 20.9%
Cash From Financing Activities -$11.06M $555.4M
YoY Change -101.99% -1113.58%
NET CHANGE
Cash From Operating Activities $136.9M $138.3M
Cash From Investing Activities -$182.9M -$168.7M
Cash From Financing Activities -$11.06M $555.4M
Net Change In Cash -$57.04M $525.0M
YoY Change -110.87% -3647.43%
FREE CASH FLOW
Cash From Operating Activities $136.9M $138.3M
Capital Expenditures $144.0M $187.0M
Free Cash Flow -$7.112M -$48.72M
YoY Change -85.4% -113.37%

Facts In Submission

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CY2011Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Included In Net Income Tax
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CY2011Q1 us-gaap Other Comprehensive Income Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
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CY2011Q4 us-gaap Other Liabilities Noncurrent
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CY2012Q1 us-gaap Other Nonoperating Income Expense
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CY2011Q1 us-gaap Other Nonoperating Income Expense
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CY2011Q1 us-gaap Payments Of Debt Issuance Costs
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CY2011Q1 us-gaap Payments To Acquire Intangible Assets
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CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2012Q1 us-gaap Preferred Stock Shares Authorized
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CY2012Q1 us-gaap Preferred Stock Value
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CY2012Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2011Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2012Q1 us-gaap Proceeds From Stock Options Exercised
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal Universal Service Fund (&#8220;FUSF&#8221;), E-911 and various other fees are assessed by various governmental authorities in connection with the services that the Company provides to its customers. The Company offers a family of service plans, which include all applicable taxes and regulatory fees (&#8220;tax inclusive plans&#8221;). The Company reports regulatory fees for the tax inclusive plans in cost of service on the accompanying condensed consolidated statements of income and comprehensive income. When the Company separately assesses these regulatory fees on its customers for those service plans that do not include taxes or regulatory fees, the Company reports these regulatory fees on a gross basis in service revenues and cost of service on the accompanying condensed consolidated statements of income and comprehensive income. For the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March 31, 2012 and 2011</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$12.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$18.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of FUSF, E-911 and other fees on a gross basis. Sales, use and excise taxes for all service plans are reported on a net basis in selling, general and administrative expenses on the accompanying condensed consolidated statements of income and comprehensive income.</font></div></div>
CY2011Q1 us-gaap Sales Revenue Goods Net
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144160000 USD
CY2012Q1 us-gaap Sales Revenue Goods Net
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CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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169771000 USD
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49200000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
2957776000 USD
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
602881 shares
CY2012Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
6832000 USD
CY2012Q1 us-gaap Treasury Stock Value
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CY2012Q1 us-gaap Undistributed Earnings
UndistributedEarnings
20844000 USD
CY2011Q1 us-gaap Undistributed Earnings
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55904000 USD
CY2012Q1 pcs Other Current Assets Condensed Consolidating
OtherCurrentAssetsCondensedConsolidating
705691000 USD
CY2011Q4 pcs Other Current Liabilities Condensed Consolidating
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816723000 USD
CY2011Q1 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
55904000 USD
CY2012Q1 us-gaap Undistributed Earnings Diluted
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CY2012Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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361406194 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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364283160 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
362718613 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
356988270 shares
CY2011Q1 pcs Advance Payments To Acquire Property Plant And Equipment
AdvancePaymentsToAcquirePropertyPlantAndEquipment
10371000 USD
CY2012Q1 pcs Advance Payments To Acquire Property Plant And Equipment
AdvancePaymentsToAcquirePropertyPlantAndEquipment
7352000 USD
CY2010Q4 pcs Asset Acquisition Acquired Intangible Assets Amount
AssetAcquisitionAcquiredIntangibleAssetsAmount
13600000 USD
CY2010Q4 pcs Asset Acquisition Acquired Property And Equipment Amount
AssetAcquisitionAcquiredPropertyAndEquipmentAmount
35600000 USD
CY2011Q2 pcs Asset Acquisition Purchase Price Adjustment
AssetAcquisitionPurchasePriceAdjustment
500000 USD
CY2011Q1 pcs Change In Intercompany Payables And Receivables Net Financing
ChangeInIntercompanyPayablesAndReceivablesNetFinancing
0 USD
CY2012Q1 pcs Change In Intercompany Payables And Receivables Net Financing
ChangeInIntercompanyPayablesAndReceivablesNetFinancing
0 USD
CY2011Q1 pcs Change In Intercompany Payables And Receivables Net Investing
ChangeInIntercompanyPayablesAndReceivablesNetInvesting
0 USD
CY2012Q1 pcs Change In Intercompany Payables And Receivables Net Investing
ChangeInIntercompanyPayablesAndReceivablesNetInvesting
0 USD
CY2011Q4 pcs Intercompany Payables
IntercompanyPayables
0 USD
CY2012Q1 pcs Intercompany Payables
IntercompanyPayables
0 USD
CY2011Q1 pcs Intercompany Profit Loss
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0 USD
CY2012Q1 pcs Intercompany Profit Loss
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0 USD
CY2011Q4 pcs Intercompany Receivables
IntercompanyReceivables
0 USD
CY2012Q1 pcs Intercompany Receivables
IntercompanyReceivables
0 USD
CY2011Q4 pcs Investment In Subsidiaries
InvestmentInSubsidiaries
0 USD
CY2012Q1 pcs Investment In Subsidiaries
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0 USD
CY2011Q4 pcs Other Current Assets Condensed Consolidating
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669629000 USD
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778033000 USD
CY2011Q4 pcs Other Noncurrent Assets Condensed Consolidating
OtherNoncurrentAssetsCondensedConsolidating
182298000 USD
CY2012Q1 pcs Other Noncurrent Assets Condensed Consolidating
OtherNoncurrentAssetsCondensedConsolidating
193023000 USD
CY2011Q1 pcs Other Nonoperating Income Expense Condensed Consolidating
OtherNonoperatingIncomeExpenseCondensedConsolidating
-770000 USD
CY2012Q1 pcs Other Nonoperating Income Expense Condensed Consolidating
OtherNonoperatingIncomeExpenseCondensedConsolidating
-478000 USD
CY2011Q4 pcs Other Stockholders Equity Condensed Consolidating
OtherStockholdersEquityCondensedConsolidating
2927564000 USD
CY2012Q1 pcs Other Stockholders Equity Condensed Consolidating
OtherStockholdersEquityCondensedConsolidating
2957740000 USD
CY2010Q4 pcs Payments To Acquire Assets
PaymentsToAcquireAssets
41100000 USD
CY2011Q1 pcs Payments To Acquire Assets
PaymentsToAcquireAssets
8000000 USD
CY2011Q1 pcs Percentage Undistributed Earnings Allocable To Common Shareholders
PercentageUndistributedEarningsAllocableToCommonShareholders
0.992
CY2012Q1 pcs Percentage Undistributed Earnings Allocable To Common Shareholders
PercentageUndistributedEarningsAllocableToCommonShareholders
0.992
CY2012Q1 pcs Provision For Recoveries From Allowance For Doubtful Accounts Receivable
ProvisionForRecoveriesFromAllowanceForDoubtfulAccountsReceivable
-107000 USD
CY2011Q1 pcs Provision For Recoveries From Allowance For Doubtful Accounts Receivable
ProvisionForRecoveriesFromAllowanceForDoubtfulAccountsReceivable
166000 USD
CY2012Q1 pcs Regulatory Fees
RegulatoryFees
12900000 USD
CY2011Q1 pcs Regulatory Fees
RegulatoryFees
18000000 USD
CY2011Q4 pcs Restricted Cash And Investments Fair Value Disclosure
RestrictedCashAndInvestmentsFairValueDisclosure
2576000 USD
CY2012Q1 pcs Restricted Cash And Investments Fair Value Disclosure
RestrictedCashAndInvestmentsFairValueDisclosure
2076000 USD
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001283699
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
363186192 shares
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
METROPCS COMMUNICATIONS INC

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