RESTON, Va., March 9, 2017 /PRNewswire/ -- NII Holdings, Inc.
(NASDAQ: NIHD) today announced its financial results for the fourth
quarter and full year of 2016. For the quarter, the Company
generated consolidated operating revenues of $248 million, consolidated adjusted operating
income before depreciation and amortization (adjusted OIBDA) of
$0.2 million and a consolidated
operating loss of $57 million. The
Company's consolidated adjusted OIBDA excludes the impact of
non-cash asset impairments, restructuring charges and other unusual
items. For the full year, the Company generated consolidated
operating revenues of $985 million,
consolidated adjusted OIBDA of $22
million and a consolidated operating loss of $1.53 billion. Capital expenditures were
$26 million for the quarter and
$51 million for the full year. The
Company reported 3G net subscriber additions of 39,600 in the
quarter, which were offset by 110,100 subscriber losses on the
Company's iDEN network.
"During the year, our team in Brazil made significant progress in our
efforts to turn around our business, leading to better operating
trends on our 3G platform, including increasing local currency ARPU
and decreasing churn," said Steve
Shindler, Chief Executive Officer. "Heading into 2017, we
are focused on continuing to improve our 3G operations while
managing the decline of our iDEN business. At the same time, we are
actively exploring strategic options to provide sources of funding
that will allow us to meet our future obligations and grow our
business or find a buyer for our Company."
Nextel Brazil's average monthly service revenue per subscriber
(ARPU) for the fourth quarter of 2016 was $20, a 26% increase on a reported basis, and an
8% increase on a constant currency basis, compared to the same
quarter last year. Nextel Brazil's average monthly churn rate for
the fourth quarter was 3.65%, a 9 basis point decrease compared to
the same quarter last year. Nextel Brazil's cost per gross addition
(CPGA) was $100 for the fourth
quarter of 2016, an $8 increase on a
reported basis, and a 7% decrease on a constant currency basis,
compared to the same quarter last year. Nextel Brazil's cash cost
per user (CCPU) was $19 for the
fourth quarter of 2016, a $3 increase
on a reported basis, and a 1% increase on a constant currency
basis, compared to the same quarter last year.
At the end of 2016, the Company's sources of funding included
$331 million of cash and short-term
investments, $163 million of cash
held in escrow to secure indemnification obligations in connection
with the sale of Nextel Mexico and $87
million in cash pledged as collateral to secure certain
performance bonds in Brazil.
During 2017, the Company is required to pay an estimated
$225 million for principal and
interest in connection with its debt service obligations, including
capital leases, and expects operational free cash burn to be
between $200 million and $250
million.
"During 2016, we executed on a number of initiatives to address
our cost structure and preserve our liquidity, which resulted in
lower cash burn compared to the previous year," said Dan Freiman, Chief Financial Officer. "However,
the challenges we're facing in Brazil and our ongoing debt service
requirements are continuing to place significant pressure on our
liquidity. As previously announced, our local lenders in
Brazil agreed to a standstill
agreement during which time we will collaborate with them to work
through long-term modifications to the loan agreements that better
align with our business and allow us to continue to invest in our
Brazilian operations."
Additional details regarding the Company's results, including a
more detailed explanation on local currency operating metrics, are
included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2016 that was
filed with the Securities and Exchange Commission today. In 2015,
the Company sold its operations in Mexico and Argentina, and as a result, all results
presented in this press release reflect these markets as
discontinued operations. Additional operational and financial
details, including a quarterly earnings presentation, are also
available under the Company's Investor Relations link at
www.nii.com.
In addition to the financial results prepared in accordance with
accounting principles generally accepted in the United States (GAAP) provided throughout
this press release and in the attached financial tables, NII
Holdings has presented consolidated adjusted OIBDA, as well as
Nextel Brazil's ARPU, CCPU, and CPGA. These measures are non-GAAP
financial measures and should be considered in addition to, but not
as substitutes for, the information prepared in accordance with
GAAP. Reconciliations from GAAP results to these non-GAAP financial
measures are provided in the notes to the attached financial
tables. To view these and other reconciliations of non-GAAP
financial measures that the Company uses, visit the investor
relations link at www.nii.com.
About NII Holdings, Inc.
NII Holdings, Inc., a publicly held company based in
Reston, Virginia, is a provider of
differentiated mobile communication services for businesses and
high value consumers in Brazil.
NII Holdings, operating under the Nextel brand, offers fully
integrated wireless communication tools with digital cellular voice
services, data services and wireless Internet access. Visit the
Company's website at www.nii.com.
Nextel, the Nextel logo and Nextel Direct Connect are
trademarks and/or service marks of Nextel Communications,
Inc.
Visit NII Holdings' news room for news and to access our
markets' news centers: nii.com/newsroom.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. This news release includes
"forward-looking statements" within the meaning of the securities
laws. The statements in this news release regarding the business
and economic outlook, future performance, modifications to loan
agreements, future funding or possible strategic transactions and
guidance, as well as other statements that are not historical
facts, are forward-looking statements. Forward-looking statements
are estimates and projections reflecting management's judgment
based on currently available information and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking
statements. With respect to these forward-looking statements,
management has made assumptions regarding, among other things, the
Company's ability to fund the business and meet its business plans,
customer growth and retention, pricing, network usage, operating
costs, the timing of various events, the economic and regulatory
environment and the foreign currency exchange rates that will
prevail during 2017. Future performance cannot be assured and
actual results may differ materially from those in the
forward-looking statements. Some factors that could cause actual
results to differ include the risks and uncertainties relating to:
the impact of liquidity constraints, including the inability to
access escrowed and pledged funds when expected, our ability to
reach agreement with lenders on amendments to the terms of our
financing arrangements, the impact of more intense competitive
conditions and changes in economic conditions in Brazil, the performance of the Company's
networks, the Company's ability to provide services that customers
want or need, the ability of the Company to continue as a going
concern, the Company's ability to execute its business plan,
and the additional risks and uncertainties that are described in
NII Holdings' Annual Report on Form 10-K for the year ended
December 31, 2016, as well as in
other reports filed from time to time by NII Holdings with the
Securities and Exchange Commission. This press release speaks only
as of its date, and NII Holdings disclaims any duty to update the
information herein.
|
NII HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 (SUCCESSOR COMPANY)
AND
THE THREE MONTHS ENDED ENDED DECEMBER 31, 2015 (SUCCESSOR COMPANY)
(1) (2)
(in millions, except per share amounts)
|
|
Successor
Company
|
|
Three Months
Ended
December 31,
|
|
Three Months
Ended
December 31,
|
|
2016
|
|
2015
|
|
(unaudited)
|
|
|
|
|
|
Operating
revenues
Service and
other revenues
|
$
|
243.8
|
|
|
$
|
234.7
|
|
|
Handset and
accessory revenues
|
4.6
|
|
|
10.1
|
|
|
248.4
|
|
|
244.8
|
|
|
Operating
expenses
Cost of
service (exclusive of depreciation and amortization
included below)
|
96.2
|
|
|
100.7
|
|
|
Cost of
handsets and accessories
|
3.5
|
|
|
18.6
|
|
|
Selling,
general and administrative
|
148.5
|
|
|
142.9
|
|
|
Impairment,
restructuring and other charges
|
44.1
|
|
|
27.6
|
|
|
Depreciation
|
9.4
|
|
|
27.8
|
|
|
Amortization
|
4.0
|
|
|
9.3
|
|
|
305.7
|
|
|
326.9
|
|
|
Operating
loss
|
(57.3)
|
|
|
(82.1)
|
|
|
Other (expense)
income
Interest
expense, net
|
(31.9)
|
|
|
(26.7)
|
|
|
Interest
income
|
8.0
|
|
|
8.6
|
|
|
Foreign
currency transaction (losses) gains, net
|
(1.2)
|
|
|
6.9
|
|
|
Other expense
net
|
(2.7)
|
|
|
(2.1)
|
|
|
(27.8)
|
|
|
(13.3)
|
|
|
Loss from
continuing operations before reorganization items and income tax
provision
|
(85.1)
|
|
|
(95.4)
|
|
|
Reorganization
items
|
(0.1)
|
|
|
(0.7)
|
|
|
Income tax
benefit
|
0.4
|
|
|
5.5
|
|
|
Net loss from
continuing operations
|
(84.8)
|
|
|
(90.6)
|
|
|
Net loss from
discontinued operations, net of income taxes
|
(3.7)
|
|
|
(0.9)
|
|
|
Net
loss
|
$
|
(88.5)
|
|
|
$
|
(91.5)
|
|
|
|
|
|
|
Net loss from
continuing operations per common share, basic
|
$
|
(0.84)
|
|
|
$
|
(0.90)
|
|
|
Net loss from
discontinued operations per common share, basic
|
(0.04)
|
|
|
(0.01)
|
|
|
Net loss per
common share, basic
|
$
|
(0.88)
|
|
|
$
|
(0.91)
|
|
|
|
|
|
|
Net loss from
continuing operations per common share, diluted
|
$
|
(0.84)
|
|
|
$
|
(0.90)
|
|
|
Net loss from
discontinued operations per common share, diluted
|
(0.04)
|
|
|
(0.01)
|
|
|
Net loss per
common share, diluted
|
$
|
(0.88)
|
|
|
$
|
(0.91)
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding, basic
|
100.2
|
|
|
100.0
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding, diluted
|
100.2
|
|
|
100.0
|
|
|
NII HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2016 (SUCCESSOR COMPANY),
SIX MONTHS ENDED DECEMBER 31, 2015 (SUCCESSOR COMPANY),
SIX MONTHS ENDED JUNE 30, 2015 (PREDECESSOR COMPANY) AND
COMBINED YEAR ENDED DECEMBER 31, 2015 (COMBINED) (1) (2)
(in millions, except per share amounts)
|
|
|
Successor
Company
|
|
|
Predecessor
Company
|
|
Combined
|
|
Year Ended
December 31,
|
|
Six Months
Ended
December 31,
|
|
|
Six Months
Ended June
30,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
Service and
other revenues
|
$
|
963.2
|
|
|
$
|
501.1
|
|
|
|
$
|
643.9
|
|
|
$
|
1,145.0
|
|
|
Handset and
accessory revenues
|
21.8
|
|
|
28.3
|
|
|
|
39.8
|
|
|
68.1
|
|
|
985.0
|
|
|
529.4
|
|
|
|
683.7
|
|
|
1,213.1
|
|
|
Operating
expenses
Cost of
service (exclusive of depreciation and amortization
included below)
|
364.6
|
|
|
212.9
|
|
|
|
256.1
|
|
|
469.0
|
|
|
Cost of
handsets and accessories
|
29.3
|
|
|
46.9
|
|
|
|
121.1
|
|
|
168.0
|
|
|
Selling,
general and administrative
|
560.8
|
|
|
311.7
|
|
|
|
419.7
|
|
|
731.4
|
|
|
Impairment,
restructuring and other charges
|
1,384.8
|
|
|
32.3
|
|
|
|
36.8
|
|
|
69.1
|
|
|
Depreciation
|
135.4
|
|
|
64.1
|
|
|
|
126.8
|
|
|
190.9
|
|
|
Amortization
|
37.0
|
|
|
21.2
|
|
|
|
27.1
|
|
|
48.3
|
|
|
2,511.9
|
|
|
689.1
|
|
|
|
987.6
|
|
|
1,676.7
|
|
|
Operating
loss
|
(1,526.9)
|
|
|
(159.7)
|
|
|
|
(303.9)
|
|
|
(463.6)
|
|
|
Other (expense)
income
Interest
expense, net
|
(113.7)
|
|
|
(55.6)
|
|
|
|
(82.8)
|
|
|
(138.4)
|
|
|
Interest
income
|
37.7
|
|
|
17.2
|
|
|
|
15.3
|
|
|
32.5
|
|
|
Foreign
currency transaction gains (losses), net
|
76.6
|
|
|
(99.7)
|
|
|
|
(64.0)
|
|
|
(163.7)
|
|
|
Other expense,
net
|
(9.7)
|
|
|
(1.2)
|
|
|
|
(0.1)
|
|
|
(1.3)
|
|
|
(9.1)
|
|
|
(139.3)
|
|
|
|
(131.6)
|
|
|
(270.9)
|
|
|
Loss from
continuing operations before reorganization items
and income
tax provision
|
(1,536.0)
|
|
|
(299.0)
|
|
|
|
(435.5)
|
|
|
(734.5)
|
|
|
Reorganization
items
|
(0.8)
|
|
|
1.5
|
|
|
|
1,956.9
|
|
|
1,958.4
|
|
|
Income tax benefit
(provision)
|
2.9
|
|
|
5.0
|
|
|
|
(2.0)
|
|
|
3.0
|
|
|
Net (loss) income
from continuing operations
|
(1,533.9)
|
|
|
(292.5)
|
|
|
|
1,519.4
|
|
|
1,226.9
|
|
|
Net (loss) income
from discontinued operations, net of
income
taxes
|
(20.0)
|
|
|
11.6
|
|
|
|
221.1
|
|
|
232.7
|
|
|
Net (loss)
income
|
$
|
(1,553.9)
|
|
|
$
|
(280.9)
|
|
|
|
$
|
1,740.5
|
|
|
$
|
1,459.6
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
from continuing operations per common
share, basic
|
$
|
(15.32)
|
|
|
$
|
(2.93)
|
|
|
|
$
|
8.73
|
|
|
|
|
Net (loss) income
from discontinued operations per common
share, basic
|
(0.20)
|
|
|
0.12
|
|
|
|
1.27
|
|
|
|
|
Net (loss) income
per common share, basic
|
$
|
(15.52)
|
|
|
$
|
(2.81)
|
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
from continuing operations per common
share, diluted
|
$
|
(15.32)
|
|
|
$
|
(2.93)
|
|
|
|
$
|
8.71
|
|
|
|
|
Net (loss) income
from discontinued operations per common
share, diluted
|
(0.20)
|
|
|
0.12
|
|
|
|
1.27
|
|
|
|
|
Net (loss) income
per common share, diluted
|
$
|
(15.52)
|
|
|
$
|
(2.81)
|
|
|
|
$
|
9.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding,
basic
|
100.1
|
|
|
100.0
|
|
|
|
172.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding,
diluted
|
100.1
|
|
|
100.0
|
|
|
|
172.7
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS (1) (2)
(in millions, except par values)
|
|
Successor
Company
|
|
December 31,
2016
|
|
December
31, 2015
|
|
|
|
|
|
ASSETS
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
257.4
|
|
|
$
|
342.2
|
|
|
Short-term
investments
|
73.9
|
|
|
84.3
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of $54.2 and
$39.0
|
153.8
|
|
|
144.6
|
|
|
Handset and accessory
inventory
|
8.3
|
|
|
24.4
|
|
|
Prepaid expenses and
other
|
280.1
|
|
|
132.5
|
|
|
Total current
assets
|
773.5
|
|
|
728.0
|
|
|
Property, plant
and equipment, net
|
129.5
|
|
|
555.0
|
|
|
Intangible assets,
net
|
243.7
|
|
|
892.6
|
|
|
Other
assets
|
271.8
|
|
|
554.3
|
|
|
Total
assets
|
$
|
1,418.5
|
|
|
$
|
2,729.9
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
|
69.2
|
|
|
$
|
43.8
|
|
|
Accrued expenses and
other
|
271.9
|
|
|
268.8
|
|
|
Deferred
revenues
|
11.6
|
|
|
10.4
|
|
|
Current portion of
long-term debt
|
540.5
|
|
|
582.4
|
|
|
Total current
liabilities
|
893.2
|
|
|
905.4
|
|
|
Long-term
debt
|
215.8
|
|
|
82.6
|
|
|
Other long-term
liabilities
|
143.5
|
|
|
197.9
|
|
|
Total
liabilities
|
1,252.5
|
|
|
1,185.9
|
|
|
Stockholders'
equity
|
|
|
|
|
Undesignated
preferred stock, par value $0.001, 10.0 shares authorized, no
shares
issued or
outstanding
|
—
|
|
|
—
|
|
|
Common stock, par
value $0.001, 140.0 shares authorized, 100.3 shares issued
and
outstanding — 2016, 100.0 shares issued and
outstanding — 2015
|
0.1
|
|
|
0.1
|
|
|
Paid-in
capital
|
2,076.6
|
|
|
2,070.5
|
|
|
Accumulated
deficit
|
(1,834.8)
|
|
|
(280.9)
|
|
|
Accumulated other
comprehensive loss
|
(75.9)
|
|
|
(245.7)
|
|
|
Total stockholders'
equity
|
166.0
|
|
|
1,544.0
|
|
|
Total liabilities and
stockholders' equity
|
$
|
1,418.5
|
|
|
$
|
2,729.9
|
|
|
CONSOLIDATED CASH
FLOW DATA (1) (2)
(in millions)
|
|
Successor
Company
|
|
|
Predecessor
Company
|
|
Combined
|
|
Year Ended
December 31,
|
|
Six Months
Ended
December 31,
|
|
|
Six Months
Ended
June 30,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
$
|
342.2
|
|
|
$
|
423.1
|
|
|
|
$
|
334.2
|
|
|
$
|
334.2
|
|
|
Net cash used in
operating activities
|
(45.2)
|
|
|
(78.4)
|
|
|
|
(254.8)
|
|
|
(333.2)
|
|
|
Net cash provided by
(used in) investing activities
|
54.4
|
|
|
(1.0)
|
|
|
|
1,027.8
|
|
|
1,026.8
|
|
|
Net cash used in
financing activities
|
(93.0)
|
|
|
(25.1)
|
|
|
|
(778.2)
|
|
|
(803.3)
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(1.0)
|
|
|
0.9
|
|
|
|
(9.2)
|
|
|
(8.3)
|
|
|
Change in cash and
cash equivalents related to discontinued
operations
|
—
|
|
|
22.7
|
|
|
|
103.3
|
|
|
126.0
|
|
|
Cash and cash
equivalents, end of period
|
$
|
257.4
|
|
|
$
|
342.2
|
|
|
|
$
|
423.1
|
|
|
$
|
342.2
|
|
|
(1) In
accordance with the requirements of reorganization accounting, we
adopted the provisions of fresh-start accounting as of June 30,
2015 and became a new entity for financial reporting purposes.
References to the "Successor Company" relate to NII Holdings on or
subsequent to June 30, 2015. References to the "Predecessor
Company" relate to NII Holdings prior to June 30, 2015.
|
|
|
(2) On
September 11, 2015, we entered into a binding agreement relating to
the sale of all of the outstanding equity interests of Nextel
Argentina. On January 27, 2016, the agreement was amended to permit
Grupo Clarin or any of its affiliates to exercise the right to
acquire the remaining 51% equity interest prior to receiving
regulatory approval, and Grupo Clarin and its affiliate immediately
acquired the remaining 51% of Nextel Argentina for no additional
proceeds. In connection with this sale, we have reported the
results for Nextel Argentina as discontinued operations throughout
this document.
|
|
NII HOLDINGS, INC.
AND SUBSIDIARIES
OPERATING RESULTS AND METRICS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 (SUCCESSOR
COMPANY),
YEAR ENDED DECEMBER 31, 2016 (SUCCESSOR COMPANY),
THREE MONTHS ENDED DECEMBER 31, 2015 (SUCCESSOR COMPANY),
SIX MONTHS ENDED DECEMBER 31, 2015 (SUCCESSOR COMPANY) AND
SIX MONTHS ENDED JUNE 30, 2015 (PREDECESSOR COMPANY)
(UNAUDITED)
|
|
Nextel
Brazil
|
|
(dollars in
millions, except ARPU and CPGA, and subscribers in
thousands)
|
|
|
|
|
|
|
Successor
Company
|
|
|
Three Months
Ended
December 31,
|
|
|
2016
|
|
2015
|
|
|
Service and other
revenues
|
$
|
243.8
|
|
|
$
|
234.6
|
|
|
|
|
|
|
|
|
Handset and accessory
revenues
|
4.6
|
|
|
10.1
|
|
|
|
Cost of handsets and
accessories
|
(3.5)
|
|
|
(18.6)
|
|
|
|
Handset and accessory
net subsidy
|
1.1
|
|
|
(8.5)
|
|
|
|
Cost of service
(exclusive of depreciation and amortization)
|
(96.2)
|
|
|
(100.7)
|
|
|
|
Selling, general and
administrative
|
(141.2)
|
|
|
(130.5)
|
|
|
|
Adjusted operating
income (loss) before depreciation and
amortization
|
$
|
7.5
|
|
|
$
|
(5.1)
|
|
|
|
|
|
|
|
|
Subscriber
units
|
|
|
|
|
|
iDEN
|
822.7
|
|
|
1,552.0
|
|
|
|
WCDMA
|
2,815.2
|
|
|
2,744.7
|
|
|
|
Total
subscriber units in commercial service (as of December
31)
|
3,637.9
|
|
|
4,296.7
|
|
|
|
|
|
|
|
|
iDEN net subscriber
losses
|
(110.1)
|
|
|
(211.5)
|
|
|
|
WCDMA net subscriber
additions
|
39.6
|
|
|
68.5
|
|
|
|
Total
net subscriber losses
|
(70.5)
|
|
|
(143.0)
|
|
|
|
|
|
|
|
|
Migrations from
iDEN to WCDMA
|
29.3
|
|
|
78.5
|
|
|
|
|
|
|
|
|
iDEN subscriber
churn
|
4.71
|
%
|
|
4.48
|
%
|
|
|
WCDMA subscriber
churn
|
3.31
|
%
|
|
3.27
|
%
|
|
|
Churn
(%)
|
3.65
|
%
|
|
3.74
|
%
|
|
|
|
|
|
|
|
ARPU
(1)
|
$
|
20
|
|
|
$
|
16
|
|
|
|
|
|
|
|
|
CPGA
(1)
|
$
|
100
|
|
|
$
|
92
|
|
|
|
|
|
|
|
|
CCPU
(1)
|
$
|
19
|
|
|
$
|
16
|
|
|
|
(1) For
information regarding ARPU, CPGA and CCPU, see "Non-GAAP
Reconciliations for the Three Months Ended December 31, 2016
(Successor Company), Year Ended December 31, 2016 (Sucessor
Company), Six Months Ended December 31, 2015 (Successor Company)
and Six Months Ended June 30, 2015 (Predecessor Company)" included
in this release.
|
|
Nextel
Brazil
|
|
(dollars in
millions, except ARPU and CPGA, and subscribers in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
|
Predecessor
Company
|
|
Combined
|
|
|
Year Ended
December 31,
|
|
Six Months
Ended
December 31,
|
|
|
Six Months
Ended
June 30,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2015
|
|
|
2015
|
|
2015
|
|
|
Service and other
revenues
|
$
|
963.1
|
|
|
$
|
501.0
|
|
|
|
$
|
643.8
|
|
|
$
|
1,144.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Handset and accessory
revenues
|
21.8
|
|
|
28.3
|
|
|
|
39.8
|
|
|
68.1
|
|
|
|
Cost of handsets and
accessories
|
(29.3)
|
|
|
(46.9)
|
|
|
|
(121.1)
|
|
|
(168.0)
|
|
|
|
Handset and accessory
net subsidy
|
(7.5)
|
|
|
(18.6)
|
|
|
|
(81.3)
|
|
|
(99.9)
|
|
|
|
Cost of service
(exclusive of depreciation and
amortization)
|
(364.6)
|
|
|
(212.8)
|
|
|
|
(256.2)
|
|
|
(469.0)
|
|
|
|
Selling, general and
administrative
|
(523.8)
|
|
|
(285.5)
|
|
|
|
(381.5)
|
|
|
(667.0)
|
|
|
|
Segment earnings
(losses)
|
67.2
|
|
|
(15.9)
|
|
|
|
(75.2)
|
|
|
(91.1)
|
|
|
|
Reversal of accrued
tax contingency
|
(8.1)
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
Adjusted operating
income (loss) before
depreciation and amortization
|
$
|
59.1
|
|
|
$
|
(15.9)
|
|
|
|
$
|
(75.2)
|
|
|
$
|
(91.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber
units
|
|
|
|
|
|
|
|
|
|
|
iDEN
|
822.7
|
|
|
|
|
|
|
|
1,552.0
|
|
|
|
WCDMA
|
2,815.2
|
|
|
|
|
|
|
|
2,744.7
|
|
|
|
Total
subscriber units in commercial service (as of
December
31)
|
3,637.9
|
|
|
|
|
|
|
|
4,296.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iDEN net subscriber
losses
|
(585.8)
|
|
|
|
|
|
|
|
(803.3)
|
|
|
|
WCDMA net subscriber
(losses) additions
|
(73.0)
|
|
|
|
|
|
|
|
760.2
|
|
|
|
Total
net subscriber losses
|
(658.8)
|
|
|
|
|
|
|
|
(43.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Migrations from
iDEN to WCDMA
|
143.5
|
|
|
|
|
|
|
|
312.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iDEN customer
churn
|
4.66
|
%
|
|
|
|
|
|
|
3.74
|
%
|
|
|
WCDMA customer
churn
|
3.73
|
%
|
|
|
|
|
|
|
3.17
|
%
|
|
|
Churn
(%)
|
4.00
|
%
|
|
|
|
|
|
|
3.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPU
(1)
|
$
|
19
|
|
|
|
|
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPGA
(1)
|
$
|
97
|
|
|
|
|
|
|
|
$
|
145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CCPU
(1)
|
$
|
17
|
|
|
|
|
|
|
|
$
|
18
|
|
|
NON-GAAP RECONCILIATIONS
FOR THE
THREE MONTHS ENDED DECEMBER 31, 2016
(SUCCESSOR COMPANY),
THE YEAR ENDED DECEMBER 31, 2016 (SUCCESSOR COMPANY),
THREE MONTHS ENDED DECEMBER 31,
2015 (SUCCESSOR COMPANY),
SIX MONTHS ENDED
DECEMBER 31, 2015 (SUCCESSOR COMPANY)
AND
SIX MONTHS ENDED JUNE 30,
2015 (PREDECESSOR COMPANY)
(UNAUDITED)
Consolidated OIBDA and Consolidated Adjusted OIBDA
Consolidated operating income before depreciation and
amortization, or OIBDA, represents operating income before
depreciation and amortization expense. Consolidated adjusted
operating income before depreciation and amortization, or adjusted
OIBDA, represents consolidated operating income before depreciation
expense, amortization expense, material asset impairments,
severance costs associated with publicly announced restructuring
plans and other material non-recurring or unusual charges.
Consolidated OIBDA and consolidated adjusted OIBDA are not
measurements under accounting principles generally accepted in
the United States, may not be
similar to consolidated OIBDA and consolidated adjusted OIBDA
measures of other companies and should be considered in addition
to, but not as substitutes for, the information contained in our
statements of operations. We believe that consolidated OIBDA and
consolidated adjusted OIBDA provide useful information to investors
because they are indicators of our operating performance,
especially in a capital intensive industry such as ours, since they
exclude items that are not directly attributable to ongoing
business operations. Consolidated OIBDA and consolidated adjusted
OIBDA can be reconciled to our consolidated statements of
operations as follows (in millions):
|
NII Holdings,
Inc.
|
|
|
Successor
Company
|
|
Three Months
Ended
December
31,
|
|
2016
|
|
2015
|
|
Consolidated
operating loss
|
$
|
(57.3)
|
|
|
$
|
(82.1)
|
|
|
Consolidated
depreciation
|
9.4
|
|
|
27.8
|
|
|
Consolidated
amortization
|
4.0
|
|
|
9.3
|
|
|
Consolidated
OIBDA
|
(43.9)
|
|
|
(45.0)
|
|
|
Asset impairment
charges
|
23.6
|
|
|
8.6
|
|
|
Restructuring
charges
|
20.5
|
|
|
19.0
|
|
|
Consolidated adjusted
OIBDA
|
$
|
0.2
|
|
|
$
|
(17.4)
|
|
|
|
|
|
|
NII Holdings,
Inc.
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
|
Predecessor
Company
|
|
Combined
|
|
Year Ended
December 31,
|
|
Six Months
Ended
December 31,
|
|
|
Six Months
Ended
June 30,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
|
2015
|
|
2015
|
|
Consolidated
operating loss
|
$
|
(1,526.9)
|
|
|
$
|
(159.7)
|
|
|
|
$
|
(303.9)
|
|
|
$
|
(463.6)
|
|
|
Consolidated
depreciation
|
135.4
|
|
|
64.1
|
|
|
|
126.8
|
|
|
190.9
|
|
|
Consolidated
amortization
|
37.0
|
|
|
21.2
|
|
|
|
27.1
|
|
|
48.3
|
|
|
Consolidated
OIBDA
|
(1,354.5)
|
|
|
(74.4)
|
|
|
|
(150.0)
|
|
|
(224.4)
|
|
|
Reversal of accrued
tax contingency
|
(8.1)
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
Asset impairment
charges
|
1,349.4
|
|
|
12.6
|
|
|
|
31.2
|
|
|
43.8
|
|
|
Restructuring
charges
|
35.4
|
|
|
19.7
|
|
|
|
5.7
|
|
|
25.4
|
|
|
Consolidated adjusted
OIBDA
|
$
|
22.2
|
|
|
$
|
(42.1)
|
|
|
|
$
|
(113.1)
|
|
|
$
|
(155.2)
|
|
|
|
|
|
|
|
|
|
|
Average Monthly Revenue Per Handset/Unit in Service
(ARPU)
Average monthly revenue per subscriber unit in service, or ARPU,
is an industry term that measures service revenues, which we refer
to as subscriber revenues, per period from our customers divided by
the weighted average number of subscriber units in commercial
service during that period. ARPU is not a measurement under
accounting principles generally accepted in the United States, may not be similar to ARPU
measures of other companies and should be considered in addition,
but not as a substitute for, the information contained in our
statements of operations. We believe that ARPU provides
useful information concerning the appeal of our rate plans and
service offerings and our performance in attracting and retaining
high value customers. Other revenue includes revenues for
such services as roaming, handset maintenance, cancellation fees,
analog and other. ARPU can be calculated as follows (in
millions, except ARPU):
|
Nextel
Brazil
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
Successor
Company
|
|
|
Combined
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
US$
|
|
|
Service and other
revenues
|
$
|
243.8
|
|
|
$
|
234.6
|
|
|
$
|
963.1
|
|
|
|
$
|
1,144.8
|
|
|
|
Less: other
revenues
|
(20.8)
|
|
|
(21.8)
|
|
|
(89.3)
|
|
|
|
(126.1)
|
|
|
|
Total subscriber
revenues
|
$
|
223.0
|
|
|
$
|
212.8
|
|
|
$
|
873.8
|
|
|
|
$
|
1,018.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPU
calculated with subscriber revenues
|
$
|
20
|
|
|
$
|
16
|
|
|
$
|
19
|
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPU
calculated with service and other revenues
|
$
|
22
|
|
|
$
|
18
|
|
|
$
|
21
|
|
|
|
$
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nextel
Brazil
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
Successor
Company
|
|
|
Combined
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
BRL
R$
|
|
|
Service and other
revenues
|
$
|
802.5
|
|
|
$
|
901.3
|
|
|
$
|
3,347.6
|
|
|
|
$
|
3,741.3
|
|
|
|
Less: other
revenues
|
(68.4)
|
|
|
(83.9)
|
|
|
(312.3)
|
|
|
|
(409.6)
|
|
|
|
Total subscriber
revenues
|
$
|
734.1
|
|
|
$
|
817.4
|
|
|
$
|
3,035.3
|
|
|
|
$
|
3,331.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPU
calculated with subscriber revenues
|
$
|
67
|
|
|
$
|
62
|
|
|
$
|
65
|
|
|
|
$
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPU
calculated with service and other revenues
|
$
|
73
|
|
|
$
|
68
|
|
|
$
|
72
|
|
|
|
$
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost per Gross Add (CPGA)
Cost per gross add, or CPGA, is an industry term that is
calculated by dividing our selling, marketing and handset and
accessory subsidy costs, excluding costs unrelated to initial
customer acquisition, by our new subscribers during the period, or
gross adds. CPGA is not a measurement under accounting
principles generally accepted in the
United States, may not be similar to CPGA measures of other
companies and should be considered in addition, but not as a
substitute for, the information contained in our statements of
operations. We believe CPGA is a measure of the relative cost
of customer acquisition. CPGA can be calculated as follows
(in millions, except CPGA):
|
Nextel
Brazil
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
Successor
Company
|
|
|
Combined
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
US$
|
|
|
Consolidated handset
and accessory revenues
|
$
|
4.6
|
|
|
$
|
10.1
|
|
|
$
|
21.8
|
|
|
|
$
|
68.1
|
|
|
|
Less: consolidated
uninsured handset replacement revenues
|
—
|
|
|
—
|
|
|
(0.3)
|
|
|
|
(0.7)
|
|
|
|
Consolidated handset
and accessory revenues, net
|
4.6
|
|
|
10.1
|
|
|
21.5
|
|
|
|
67.4
|
|
|
|
Less: consolidated
cost of handsets and accessories
|
3.5
|
|
|
18.6
|
|
|
29.3
|
|
|
|
168.0
|
|
|
|
Consolidated handset subsidy costs
|
(1.1)
|
|
|
8.5
|
|
|
7.8
|
|
|
|
100.6
|
|
|
|
Consolidated selling
and marketing
|
36.0
|
|
|
27.3
|
|
|
116.5
|
|
|
|
176.9
|
|
|
|
Costs per statement
of operations
|
34.9
|
|
|
35.8
|
|
|
124.3
|
|
|
|
277.5
|
|
|
|
Less: consolidated
costs unrelated to initial customer
acquisition
|
(2.0)
|
|
|
(3.6)
|
|
|
(7.3)
|
|
|
|
(20.5)
|
|
|
|
Customer acquisition costs
|
$
|
32.9
|
|
|
$
|
32.2
|
|
|
$
|
117.0
|
|
|
|
$
|
257.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost per Gross
Add
|
$
|
100
|
|
|
$
|
92
|
|
|
$
|
97
|
|
|
|
$
|
145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nextel
Brazil
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
Successor
Company
|
|
|
Combined
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
BRL
R$
|
|
|
Consolidated handset
and accessory revenues
|
$
|
15.1
|
|
|
$
|
39.0
|
|
|
$
|
76.6
|
|
|
|
$
|
219.6
|
|
|
|
Less: consolidated
uninsured handset replacement revenues
|
(0.1)
|
|
|
(0.1)
|
|
|
(1.0)
|
|
|
|
(1.9)
|
|
|
|
Consolidated handset
and accessory revenues, net
|
15.0
|
|
|
38.9
|
|
|
75.6
|
|
|
|
217.7
|
|
|
|
Less: consolidated
cost of handsets and accessories
|
11.5
|
|
|
71.7
|
|
|
104.7
|
|
|
|
534.2
|
|
|
|
Consolidated handset subsidy costs
|
(3.5)
|
|
|
32.8
|
|
|
29.1
|
|
|
|
316.5
|
|
|
|
Consolidated selling
and marketing
|
119.2
|
|
|
105.2
|
|
|
401.4
|
|
|
|
571.9
|
|
|
|
Costs per statement
of operations
|
115.7
|
|
|
138.0
|
|
|
430.5
|
|
|
|
888.4
|
|
|
|
Less: consolidated
costs unrelated to initial customer
acquisition
|
(6.7)
|
|
|
(14.1)
|
|
|
(25.1)
|
|
|
|
(66.8)
|
|
|
|
Customer acquisition costs
|
$
|
109.0
|
|
|
$
|
123.9
|
|
|
$
|
405.4
|
|
|
|
$
|
821.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost per Gross
Add
|
$
|
330
|
|
|
$
|
353
|
|
|
$
|
335
|
|
|
|
$
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Cost per Handset/User
Cash cost per handset/unit, or CCPU, represents the sum of cost
of service, general and administrative expenses and customer
retention and other costs divided by average handsets in service
during the period and divided by the number of months in the
period. CCPU is not a measurement under accounting principles
generally accepted in the United
States, may not be similar to CCPU measures of other
companies and should not be considered in addition to, but not as a
substitute for, the information contained in our statements of
operations. We believe CCPU is a measure of the recurring
costs we incur on a monthly basis to provide service to our
subscribers. The CCPU calculation excludes material asset
impairments, severance costs associated with publicly announced
restructuring plans and other material non-recurring or unusual
charges and is calculated as follows (in thousands, except
CCPU):
|
Nextel
Brazil
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
Successor
Company
|
|
|
Combined
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
US$
|
|
|
Total selling,
general and administrative expenses
|
$
|
141.2
|
|
|
$
|
130.5
|
|
|
$
|
523.8
|
|
|
|
$
|
667.0
|
|
|
|
Less: selling and
marketing expenses
|
(36.0)
|
|
|
(27.3)
|
|
|
(116.5)
|
|
|
|
(176.9)
|
|
|
|
General and
administrative expenses
|
105.2
|
|
|
103.2
|
|
|
407.3
|
|
|
|
490.1
|
|
|
|
Cost of
service
|
96.2
|
|
|
100.7
|
|
|
364.6
|
|
|
|
469.0
|
|
|
|
Customer retention
costs and other
|
2.0
|
|
|
3.6
|
|
|
7.3
|
|
|
|
20.5
|
|
|
|
Total
|
$
|
203.4
|
|
|
$
|
207.5
|
|
|
$
|
779.2
|
|
|
|
$
|
979.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Cost per
User
|
$
|
19
|
|
|
$
|
16
|
|
|
$
|
17
|
|
|
|
$
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nextel
Brazil
|
|
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
Successor
Company
|
|
|
Combined
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
BRL
R$
|
|
|
Total selling,
general and administrative expenses
|
$
|
465.1
|
|
|
$
|
502.0
|
|
|
$
|
1,818.0
|
|
|
|
$
|
2,183.8
|
|
|
|
Less: selling and
marketing expenses
|
(119.2)
|
|
|
(105.2)
|
|
|
(401.4)
|
|
|
|
(571.9)
|
|
|
|
General and
administrative expenses
|
345.9
|
|
|
396.8
|
|
|
1,416.6
|
|
|
|
1,611.9
|
|
|
|
Cost of
service
|
316.6
|
|
|
386.8
|
|
|
1,297.4
|
|
|
|
1,538.3
|
|
|
|
Customer retention
costs and other
|
6.7
|
|
|
14.1
|
|
|
25.1
|
|
|
|
66.8
|
|
|
|
Total
|
$
|
669.2
|
|
|
$
|
797.7
|
|
|
$
|
2,739.1
|
|
|
|
$
|
3,217.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Cost per
User
|
$
|
61
|
|
|
$
|
60
|
|
|
$
|
59
|
|
|
|
$
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of Foreign Currency Fluctuations
The following table shows the impact of changes in foreign
currency exchange rates on certain financial measures for the three
and combined twelve months ended December
31, 2015 compared to the same periods in 2016 by (i)
adjusting the relevant measures for the three and combined twelve
months ended December 31, 2015 to
levels that would have resulted if the average foreign currency
exchange rates for the three and combined twelve months ended
December 31, 2015 were the same as
the average foreign currency exchange rates that were in effect for
the three and twelve months ended December
31, 2016; and (ii) comparing the actual and adjusted
financial measures for the three and combined twelve months ended
December 31, 2015 to the similar
financial measures for the three and twelve months ended
December 31, 2016 to show the
percentage change in those measures before and after taking those
adjustments into account. The amounts reflected in the following
table for operating income before depreciation and amortization on
a consolidated basis and segment earnings for Nextel Brazil, before
the adjustments for changes in foreign currency exchange rates, are
based on the calculations contained elsewhere in these non-GAAP
reconciliations for the three and combined twelve months ended
December 31, 2016 and 2015. The
average foreign currency exchange rates for each of the relevant
currencies during each of the three and twelve months ended
December 31, 2016 and the three and
combined twelve months ended December 31,
2015 are included in the notes to the table below. The
information reflected in the following table is not a measurement
under accounting principles generally accepted in the United States and should be considered in
addition to, but not as a substitute for, the information contained
in our statements of operations. We believe that these calculations
provide useful information concerning our relative performance for
the three and twelve months ended December
31, 2016 compared to the three and combined twelve months
ended December 31, 2015 by removing
the impact of the significant difference in the average foreign
currency exchange rates in effect for those periods.
|
NII Holdings,
Inc.
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Successor
Company
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
4Q 2015
Actual
|
4Q 2015
Adjustment
(1)
|
4Q 2015
Normalized
(1)
|
|
4Q 2016
Actual
|
4Q
2015
to 4Q
2016
Actual B(W)
Growth (2)
|
4Q
2015
to 4Q
2016
Normalized
B(W) Growth
(3)
|
|
|
|
|
|
|
|
|
|
Consolidated:
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$
|
244,782
|
|
$
|
40,912
|
|
$
|
285,694
|
|
|
$
|
248,440
|
|
1%
|
(13)%
|
|
Adjusted
OIBDA
|
(17,387)
|
|
(855)
|
|
(18,242)
|
|
|
175
|
|
101%
|
101%
|
|
Nextel
Brazil:
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$
|
244,726
|
|
$
|
40,912
|
|
$
|
285,638
|
|
|
$
|
248,409
|
|
2%
|
(13)%
|
|
Adjusted
OIBDA
|
(5,117)
|
|
(855)
|
|
(5,972)
|
|
|
7,534
|
|
247%
|
226%
|
|
NII Holdings,
Inc.
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Combined
Predecessor and Successor
Company
|
|
|
Successor
Company
|
|
|
|
Year Ended
December 31,
|
|
|
|
YTD 2015
Actual
|
YTD 2015
Adjustment
(1)
|
YTD 2015
Normalized
(1)
|
|
|
YTD 2016
Actual
|
YTD
2015
to YTD
2016
B(W) Growth
(2)
|
YTD
2015
to YTD
2016
Normalized
B(W)
Growth
(3)
|
|
|
|
|
|
|
|
|
|
|
Consolidated:
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$
|
1,213,145
|
|
$
|
(55,608)
|
|
$
|
1,157,537
|
|
|
|
$
|
985,046
|
|
(19)%
|
(15)%
|
|
Adjusted
OIBDA
|
(155,241)
|
|
4,179
|
|
(151,062)
|
|
|
|
22,232
|
|
114%
|
115%
|
|
Nextel
Brazil:
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$
|
1,212,943
|
|
$
|
(55,608)
|
|
$
|
1,157,335
|
|
|
|
$
|
984,878
|
|
(19)%
|
(15)%
|
|
Adjusted
OIBDA
|
(91,159)
|
|
4,179
|
|
(86,980)
|
|
|
|
59,053
|
|
165%
|
168%
|
|
(1) The "4Q 2015 Normalized"
and "YTD 2015 Normalized" amounts reflect the impact of applying
the average foreign currency exchange rates for the three and
twelve months ended December 31, 2016 to the operating revenues
earned in foreign currencies and to the other components of each of
the actual financial measures shown above for the three and
combined twelve months ended December 31, 2015, other than certain
components of those measures consisting of U.S. dollar-based
operating expenses, which were not adjusted. The amounts included
under the columns "4Q 2015 Adjustment" and "YTD 2015 Adjustment"
reflect the amount determined by subtracting the "4Q 2015
Normalized" and "YTD 2015 Normalized" amounts calculated as
described in the preceding sentence from the "4Q 2015 Actual" and
"YTD 2015 Actual" amounts and reflect the impact of the
year-over-year change in the average foreign currency exchange
rates on each of the financial measures for the three and twelve
months ended December 31, 2016. The average foreign currency
exchange rates for each of the relevant currencies during the three
and twelve months ended December 31, 2016 and three and combined
twelve months ended December 31, 2015 for purposes of these
calculations were as follows:
|
|
Successor
Company
|
|
Combined
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Brazilian
real
|
3.29
|
|
3.84
|
|
3.49
|
|
3.33
|
|
(2) The percentage amounts in
these columns reflect the better, or B, or worse, or W, growth
rates for each of the financial measures comparing the amounts in
the "4Q 2016 Actual" and "YTD 2016 Actual" columns with those in
the "4Q 2015 Actual" and "YTD 2015 Actual" columns.
|
|
|
(3) The percentage amounts in
these columns reflect the better, or B, or worse, or W, growth
rates for each of the financial measures comparing the amounts in
the "4Q 2016 Actual" and "YTD 2016 Actual" columns with those in
the "4Q 2015 Normalized" and "YTD 2015 Normalized"
columns.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nii-holdings-reports-2016-fourth-quarter-and-year-end-results-300420842.html
SOURCE NII Holdings, Inc.