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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NII Holdings Inc | NASDAQ:NIHD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.17 | 2.15 | 2.22 | 0 | 01:00:00 |
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
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THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2016
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
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THE SECURITIES EXCHANGE ACT OF 1934
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||
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For the transition period from to
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Commission file number 0-32421
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Delaware
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91-1671412
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(State or other jurisdiction of
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|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
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|
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1875 Explorer Street, Suite 800
Reston, Virginia
(Address of principal executive offices)
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20190
(Zip Code)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
þ
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Number of Shares Outstanding
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Title of Class
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on May 6, 2016
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Common Stock, $0.001 par value per share
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100,896,091
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Page
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NII HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
Unaudited
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|||||||
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Successor Company
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||||||
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March 31,
2016
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December 31, 2015
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||||
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ASSETS
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|||||||
Current assets
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|
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Cash and cash equivalents
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$
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332,688
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|
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$
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342,184
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Short-term investments
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35,000
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84,317
|
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||
Accounts receivable, net of allowance for doubtful accounts of $49,298 and $39,033
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155,153
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|
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144,629
|
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||
Handset and accessory inventory
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18,456
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24,358
|
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||
Prepaid expenses and other
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145,668
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132,534
|
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Total current assets
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686,965
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728,022
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Property, plant and equipment, net
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582,172
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555,023
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Intangible assets, net
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962,907
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892,622
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Other assets
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471,816
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554,241
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Total assets
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$
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2,703,860
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$
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2,729,908
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||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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|||||||
Current liabilities
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Accounts payable
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$
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55,984
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|
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$
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43,765
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Accrued expenses and other
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274,084
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|
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268,858
|
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||
Deferred revenues
|
9,479
|
|
|
10,386
|
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||
Current portion of long-term debt
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581,448
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582,420
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||
Total current liabilities
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920,995
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|
905,429
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||
Long-term debt
|
90,279
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82,647
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Other long-term liabilities
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99,635
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197,837
|
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Total liabilities
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1,110,909
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1,185,913
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Commitments and contingencies (Note 8)
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|
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Stockholders’ equity
|
|
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|
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Undesignated preferred stock, par value $0.001, 10,000 shares authorized, no shares issued or outstanding
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—
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—
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Common stock, par value $0.001, 140,000 shares authorized, 100,006 shares issued and outstanding
|
100
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|
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100
|
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Paid-in capital
|
2,072,537
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2,070,497
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Accumulated deficit
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(317,471
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)
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(280,883
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)
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Accumulated other comprehensive loss
|
(162,215
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)
|
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(245,719
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)
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Total stockholders’ equity
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1,592,951
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1,543,995
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Total liabilities and stockholders’ equity
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$
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2,703,860
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$
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2,729,908
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|
NII HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)
Unaudited
|
||||||||
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Successor Company
|
|
|
Predecessor Company
|
||||
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Three Months Ended
|
|
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Three Months Ended
|
||||
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March 31, 2016
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March 31, 2015
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Operating revenues
|
|
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|
|
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|||
Service and other revenues
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$
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220,602
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|
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$
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340,682
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Handset and accessory revenues
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5,955
|
|
|
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22,726
|
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226,557
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363,408
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Operating expenses
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|
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Cost of service (exclusive of depreciation and amortization included below)
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90,024
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130,102
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Cost of handsets and accessories
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11,166
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|
|
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55,774
|
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Selling, general and administrative
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133,411
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|
|
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195,878
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Impairment, restructuring and other charges
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5,915
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|
|
|
7,296
|
|
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Depreciation
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30,110
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|
|
|
66,086
|
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Amortization
|
9,995
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|
|
|
14,083
|
|
||
|
280,621
|
|
|
|
469,219
|
|
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Operating loss
|
(54,064
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)
|
|
|
(105,811
|
)
|
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Other (expense) income
|
|
|
|
|
|
|
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Interest expense, net
|
(25,222
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)
|
|
|
(35,273
|
)
|
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Interest income
|
9,724
|
|
|
|
6,438
|
|
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Foreign currency transaction gains (losses), net
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39,642
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(78,508
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)
|
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Other (expense) income, net
|
(2,496
|
)
|
|
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9,237
|
|
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21,648
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|
|
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(98,106
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)
|
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Loss from continuing operations before reorganization items and income tax provision
|
(32,416
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)
|
|
|
(203,917
|
)
|
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Reorganization items (Note 2)
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(375
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)
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(13,609
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)
|
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Income tax provision
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(16
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)
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(881
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)
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Net loss from continuing operations
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(32,807
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)
|
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(218,407
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)
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Loss from discontinued operations, net of income taxes
|
(3,781
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)
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(91,110
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)
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Net loss
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$
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(36,588
|
)
|
|
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$
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(309,517
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)
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Net loss from continuing operations per common share, basic and diluted
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$
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(0.33
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)
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$
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(1.27
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)
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Net loss from discontinued operations per common share, basic and diluted
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(0.04
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)
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(0.53
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)
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Net loss per common share, basic and diluted
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$
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(0.37
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)
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$
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(1.80
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)
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|
|
||||
Weighted average number of common shares outstanding, basic and diluted
|
100,005
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|
|
|
172,363
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|
||
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||||
Comprehensive income (loss), net of income taxes
|
|
|
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|
||||
Foreign currency translation adjustment
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$
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83,504
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|
|
|
$
|
(235,248
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)
|
Other
|
—
|
|
|
|
3,363
|
|
||
Other comprehensive income (loss)
|
83,504
|
|
|
|
(231,885
|
)
|
||
Net loss
|
(36,588
|
)
|
|
|
(309,517
|
)
|
||
Total comprehensive income (loss)
|
$
|
46,916
|
|
|
|
$
|
(541,402
|
)
|
NII HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands)
Unaudited
|
||||||||||||||||||||||
|
Common Stock
|
|
Paid-in Capital
|
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders’ Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance, December 31, 2015
—
Successor
Company
|
100,001
|
|
|
100
|
|
|
2,070,497
|
|
|
(280,883
|
)
|
|
(245,719
|
)
|
|
1,543,995
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,588
|
)
|
|
—
|
|
|
(36,588
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,504
|
|
|
83,504
|
|
|||||
Share-based compensation activity
|
5
|
|
|
—
|
|
|
2,040
|
|
|
—
|
|
|
—
|
|
|
2,040
|
|
|||||
Balance, March 31, 2016
—
Successor Company
|
100,006
|
|
|
$
|
100
|
|
|
$
|
2,072,537
|
|
|
$
|
(317,471
|
)
|
|
$
|
(162,215
|
)
|
|
$
|
1,592,951
|
|
NII HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Unaudited
|
||||||||
|
Successor Company
|
|
|
Predecessor Company
|
||||
|
Three Months Ended March 31, 2016
|
|
|
Three Months Ended March 31, 2015
|
||||
|
|
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|||
Net loss
|
$
|
(36,588
|
)
|
|
|
$
|
(309,517
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|||
Loss from discontinued operations
|
3,781
|
|
|
|
91,110
|
|
||
Amortization of debt (premiums) discounts and financing costs
|
(48
|
)
|
|
|
4,545
|
|
||
Depreciation and amortization
|
40,105
|
|
|
|
80,169
|
|
||
Provision for losses on accounts receivable
|
19,650
|
|
|
|
20,461
|
|
||
Foreign currency transaction (gains) losses, net
|
(39,642
|
)
|
|
|
78,508
|
|
||
Impairment charges, restructuring charges and losses on disposals of fixed assets
|
920
|
|
|
|
6,197
|
|
||
Share-based payment expense
|
1,868
|
|
|
|
1,116
|
|
||
Other, net
|
2,688
|
|
|
|
(11,500
|
)
|
||
Change in assets and liabilities:
|
|
|
|
|
|
|||
Accounts receivable
|
(15,816
|
)
|
|
|
(21,550
|
)
|
||
Prepaid value-added taxes
|
11,850
|
|
|
|
(9,341
|
)
|
||
Handset and accessory inventory
|
7,597
|
|
|
|
(4,092
|
)
|
||
Prepaid expenses and other
|
(5,629
|
)
|
|
|
(1,409
|
)
|
||
Other long-term assets
|
(3,128
|
)
|
|
|
19,703
|
|
||
Accrued value-added taxes
|
(2,248
|
)
|
|
|
7,115
|
|
||
Other long-term liabilities
|
3,299
|
|
|
|
3,506
|
|
||
Accounts payable, accrued expenses, deferred revenues and other
|
(6,819
|
)
|
|
|
(32,464
|
)
|
||
Total operating cash used in continuing operations
|
(18,160
|
)
|
|
|
(77,443
|
)
|
||
Total operating cash used in discontinued operations
|
—
|
|
|
|
(93,412
|
)
|
||
Net cash used in operating activities
|
(18,160
|
)
|
|
|
(170,855
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|||
Capital expenditures
|
(8,436
|
)
|
|
|
(45,781
|
)
|
||
Purchases of investments
|
(216,488
|
)
|
|
|
(342,867
|
)
|
||
Proceeds from sales of investments
|
271,106
|
|
|
|
333,055
|
|
||
Change in restricted cash, escrow accounts and other deposits
|
(8,578
|
)
|
|
|
(5,939
|
)
|
||
Other, net
|
(1,781
|
)
|
|
|
(3,990
|
)
|
||
Total investing cash provided by (used in) continuing operations
|
35,823
|
|
|
|
(65,522
|
)
|
||
Total investing cash used in discontinued operations
|
(2,163
|
)
|
|
|
(51,344
|
)
|
||
Net cash provided by (used in) investing activities
|
33,660
|
|
|
|
(116,866
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Net proceeds from debtor-in-possession loan
|
—
|
|
|
|
340,375
|
|
||
Repayments under equipment financing facility
|
(24,413
|
)
|
|
|
—
|
|
||
Repayments under tower financing and other
|
(243
|
)
|
|
|
(1,632
|
)
|
||
Total financing cash (used in) provided by continuing operations
|
(24,656
|
)
|
|
|
338,743
|
|
||
Total financing cash used in discontinued operations
|
—
|
|
|
|
(2,823
|
)
|
||
Net cash (used in) provided by financing activities
|
(24,656
|
)
|
|
|
335,920
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(340
|
)
|
|
|
(5,056
|
)
|
||
Change in cash and cash equivalents related to discontinued operations
|
—
|
|
|
|
88,079
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(9,496
|
)
|
|
|
131,222
|
|
||
Cash and cash equivalents, beginning of period
|
342,184
|
|
|
|
334,194
|
|
||
Cash and cash equivalents, end of period
|
$
|
332,688
|
|
|
|
$
|
465,416
|
|
Note 1.
|
Basis of Presentation
|
Note 2.
|
Emergence from Chapter 11 Proceedings and Fresh Start Accounting
|
•
|
NII Holdings canceled all shares of its common stock, preferred stock and other equity interests that existed prior to June 26, 2015;
|
•
|
NII Holdings amended and restated its Bylaws and filed an Amended and Restated Certificate of Incorporation authorizing the Company to issue up to
140,000,000
shares of common stock, par value
$0.001
per share, and up to
10,000,000
shares of undesignated preferred stock, par value
$0.001
per share;
|
•
|
NII Holdings issued
99,999,992
shares of new common stock, with a per share value of
$20.68
, and distributed cash of
$776.3 million
to the holders of claims and service providers in comprehensive settlement of numerous integrated claims and disputes approved by the Bankruptcy Court in connection with the confirmation of the Plan of Reorganization;
|
•
|
In accordance with the Plan of Reorganization, all of the obligations of the Debtors with respect to the following indebtedness were canceled:
|
•
|
$700.0 million
aggregate principal amount of
7.875%
senior notes due 2019 issued by NIIT pursuant to an indenture, dated as of May 23, 2013, among NIIT (as issuer), the Company (as guarantor), and Wilmington Trust National Association (as trustee) and all amendments, supplements or modifications thereto and extensions thereof;
|
•
|
$900.0 million
aggregate principal amount of
11.375%
senior notes due 2019 issued by NIIT pursuant to an indenture, dated as of February 19, 2013, among NIIT (as issuer), the Company (as guarantor), and Wilmington Trust National Association (as trustee) and all amendments, supplements or modifications thereto and extensions thereof;
|
•
|
$1.45 billion
aggregate principal amount of
7.625%
senior notes due 2021 issued by NII Capital Corp. pursuant to an indenture, dated as of March 29, 2011, among NII Capital Corp. (as issuer), each of the guarantors party thereto and Wilmington Savings Fund Society, FSB (as successor trustee) and all amendments, supplements or modifications thereto and extensions thereof;
|
•
|
$500.0 million
aggregate principal amount of
8.875%
senior notes due 2019 issued by NII Capital Corp. pursuant to an indenture, dated as of December 15, 2009, among NII Capital Corp. (as issuer), each of the guarantors party thereto and U.S. Bank National Association (as successor trustee) and all amendments, supplements or modifications thereto and extensions thereof; and
|
•
|
$800.0 million
aggregate principal amount of
10.0%
senior notes due 2016 issued by NII Capital Corp. pursuant to an indenture, dated as of August 18, 2009, among NII Capital Corp. (as issuer), each of the guarantors party thereto and Wilmington Savings Fund Society, FSB (as successor trustee) and all amendments, supplements or modifications thereto and extensions thereof.
|
Note 3.
|
Supplemental Financial Statement Information
|
|
Successor Company
|
||||||
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Cash collateral related to performance bonds
|
$
|
61,174
|
|
|
$
|
47,450
|
|
Value-added taxes
|
31,468
|
|
|
33,467
|
|
||
Other prepaid assets
|
15,867
|
|
|
11,934
|
|
||
Other current assets
|
37,159
|
|
|
39,683
|
|
||
|
$
|
145,668
|
|
|
$
|
132,534
|
|
|
Successor Company
|
||||||
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Land
|
$
|
2,913
|
|
|
$
|
2,655
|
|
Building and leasehold improvements
|
12,955
|
|
|
11,765
|
|
||
Network equipment, communication towers and network software
|
551,170
|
|
|
492,814
|
|
||
Software, office equipment, furniture and fixtures and other
|
75,336
|
|
|
65,747
|
|
||
Less: Accumulated depreciation
|
(98,130
|
)
|
|
(59,987
|
)
|
||
|
544,244
|
|
|
512,994
|
|
||
Construction in progress
|
37,928
|
|
|
42,029
|
|
||
|
$
|
582,172
|
|
|
$
|
555,023
|
|
|
|
|
Successor Company
|
||||||||||||||||||||||
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Average Useful Life (Years)
|
|
Gross Carrying
Value
|
|
Accumulated
Amortization
|
|
Net Carrying
Value
|
|
Gross Carrying
Value
|
|
Accumulated
Amortization
|
|
Net Carrying
Value
|
||||||||||||
|
|
|
(in thousands)
|
||||||||||||||||||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Licenses
|
26
|
|
$
|
931,659
|
|
|
$
|
(26,878
|
)
|
|
$
|
904,781
|
|
|
$
|
850,818
|
|
|
$
|
(16,314
|
)
|
|
$
|
834,504
|
|
Tradename
|
26
|
|
38,700
|
|
|
(1,116
|
)
|
|
37,584
|
|
|
38,700
|
|
|
(744
|
)
|
|
37,956
|
|
||||||
Customer relationships
|
4
|
|
25,282
|
|
|
(4,740
|
)
|
|
20,542
|
|
|
23,042
|
|
|
(2,880
|
)
|
|
20,162
|
|
||||||
|
|
|
$
|
995,641
|
|
|
$
|
(32,734
|
)
|
|
$
|
962,907
|
|
|
$
|
912,560
|
|
|
$
|
(19,938
|
)
|
|
$
|
892,622
|
|
|
Successor Company
|
||||||
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Cash in escrow
—
Nextel Mexico sale
|
$
|
186,617
|
|
|
$
|
186,593
|
|
Brazil judicial deposits
|
67,009
|
|
|
54,289
|
|
||
Cash in escrow — Nextel Peru sale
|
34,356
|
|
|
34,353
|
|
||
Short-term cash in escrow — Nextel Argentina sale
|
6,000
|
|
|
6,000
|
|
||
|
$
|
293,982
|
|
|
$
|
281,235
|
|
|
Successor Company
|
||||||
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Restricted cash
|
$
|
287,982
|
|
|
$
|
275,235
|
|
Cash collateral related to performance bonds
|
99,491
|
|
|
94,236
|
|
||
Equity interest in Nextel Argentina
|
—
|
|
|
108,148
|
|
||
Other
|
84,343
|
|
|
76,622
|
|
||
|
$
|
471,816
|
|
|
$
|
554,241
|
|
|
Successor Company
|
||||||
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
(in thousands)
|
||||||
Network system and information technology
|
$
|
48,472
|
|
|
$
|
32,079
|
|
Payroll related items and commissions
|
34,656
|
|
|
31,734
|
|
||
Non-income based taxes
|
32,333
|
|
|
33,097
|
|
||
Capital expenditures
|
18,336
|
|
|
25,182
|
|
||
Other
|
140,287
|
|
|
146,766
|
|
||
|
$
|
274,084
|
|
|
$
|
268,858
|
|
|
Successor Company
|
|
|
Predecessor Company
|
||||
|
Three Months Ended March 31,
|
|
|
Three Months Ended March 31,
|
||||
|
2016
|
|
|
2015
|
||||
|
(in thousands)
|
|||||||
Capital expenditures
|
|
|
|
|
|
|||
Cash paid for capital expenditures, including capitalized interest on property, plant and equipment
|
$
|
8,436
|
|
|
|
$
|
45,781
|
|
Change in capital expenditures accrued and unpaid or financed, including interest capitalized
|
(881
|
)
|
|
|
(30,863
|
)
|
||
|
$
|
7,555
|
|
|
|
$
|
14,918
|
|
Note 4.
|
Discontinued Operations
|
|
Successor Company
|
|
|
Predecessor Company
|
||||
|
Three Months Ended March 31,
|
|
|
Three Months Ended March 31,
|
||||
|
2016
|
|
|
2015
|
||||
Operating revenues
|
$
|
—
|
|
|
|
$
|
400,461
|
|
Operating expenses
|
—
|
|
|
|
(459,490
|
)
|
||
Other expense, net
|
—
|
|
|
|
(31,845
|
)
|
||
Loss before income tax provision
|
—
|
|
|
|
(90,874
|
)
|
||
Income tax provision
|
—
|
|
|
|
(207
|
)
|
||
|
—
|
|
|
|
(91,081
|
)
|
||
Loss on sales of Nextel Argentina, Nextel Mexico, Nextel Chile and Nextel Peru
|
(3,781
|
)
|
|
|
(29
|
)
|
||
Loss from discontinued operations, net of income taxes
|
$
|
(3,781
|
)
|
|
|
$
|
(91,110
|
)
|
Note 5.
|
Impairment, Restructuring and Other Charges
|
|
Successor Company
|
|
|
Predecessor Company
|
||||
|
Three Months Ended March 31,
|
|
|
Three Months Ended March 31,
|
||||
|
2016
|
|
|
2015
|
||||
Brazil
|
$
|
4,265
|
|
|
|
$
|
5,654
|
|
Corporate
|
1,650
|
|
|
|
1,642
|
|
||
Total impairment, restructuring and other charges
|
$
|
5,915
|
|
|
|
$
|
7,296
|
|
Balance, December 31, 2015 — Successor Company
|
$
|
16,859
|
|
Restructuring charges
|
4,936
|
|
|
Cash payments
|
(11,370
|
)
|
|
Balance, March 31, 2016 — Successor Company
|
$
|
10,425
|
|
Note 6.
|
Debt
|
|
Successor Company
|
||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Brazil equipment financing facility
|
$
|
315,565
|
|
|
$
|
339,850
|
|
Brazil bank loans
|
262,948
|
|
|
240,396
|
|
||
Brazil capital lease and tower financing obligations
|
92,637
|
|
|
84,295
|
|
||
Other
|
577
|
|
|
526
|
|
||
Total debt
|
671,727
|
|
|
665,067
|
|
||
Less: current portion
|
(581,448
|
)
|
|
(582,420
|
)
|
||
|
$
|
90,279
|
|
|
$
|
82,647
|
|
Note 7.
|
Fair Value Measurements
|
|
Successor Company
|
||||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Principal Amount Outstanding
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Principal Amount Outstanding
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Brazil equipment financing
|
$
|
318,012
|
|
|
$
|
315,565
|
|
|
$
|
316,129
|
|
|
$
|
342,475
|
|
|
$
|
339,850
|
|
|
$
|
340,189
|
|
Brazil bank loans and other
|
257,062
|
|
|
263,525
|
|
|
264,553
|
|
|
234,320
|
|
|
240,922
|
|
|
229,366
|
|
||||||
|
$
|
575,074
|
|
|
$
|
579,090
|
|
|
$
|
580,682
|
|
|
$
|
576,795
|
|
|
$
|
580,772
|
|
|
$
|
569,555
|
|
Note 8.
|
Commitments and Contingencies
|
Note 9.
|
Income Taxes
|
Note 10.
|
Segment Reporting
|
|
Nextel Brazil
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||
|
(in thousands)
|
||||||||||
Three Months Ended March 31, 2016 — Successor Company
|
|
|
|
|
|
|
|
|
|||
Operating revenues
|
$
|
226,503
|
|
|
$
|
54
|
|
|
$
|
226,557
|
|
Segment earnings (losses)
|
$
|
3,760
|
|
|
$
|
(11,804
|
)
|
|
$
|
(8,044
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|||
Impairment, restructuring and other charges
|
|
|
|
|
(5,915
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
(40,105
|
)
|
|||
Foreign currency transaction gains, net
|
|
|
|
|
|
|
39,642
|
|
|||
Interest expense and other, net
|
|
|
|
|
|
|
(17,994
|
)
|
|||
Loss from continuing operations before reorganization items and income tax
provision
|
|
|
|
|
|
|
$
|
(32,416
|
)
|
||
Capital expenditures
|
$
|
7,555
|
|
|
$
|
—
|
|
|
$
|
7,555
|
|
|
|
|
|
|
|
||||||
Three Months Ended March 31, 2015 — Predecessor Company
|
|
|
|
|
|
|
|
|
|||
Operating revenues
|
$
|
363,356
|
|
|
$
|
52
|
|
|
$
|
363,408
|
|
Segment earnings (losses)
|
$
|
3,523
|
|
|
$
|
(21,869
|
)
|
|
$
|
(18,346
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|||
Impairment, restructuring and other charges
|
|
|
|
|
(7,296
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
(80,169
|
)
|
|||
Foreign currency transaction losses, net
|
|
|
|
|
|
|
(78,508
|
)
|
|||
Interest expense and other, net
|
|
|
|
|
|
|
(19,598
|
)
|
|||
Loss from continuing operations before reorganization items and income tax
provision
|
|
|
|
|
|
|
$
|
(203,917
|
)
|
||
Capital expenditures
|
$
|
14,828
|
|
|
$
|
90
|
|
|
$
|
14,918
|
|
|
|
|
|
|
|
||||||
March 31, 2016
—
Successor Company
|
|
|
|
|
|
|
|
|
|||
Identifiable assets
|
$
|
2,099,708
|
|
|
$
|
604,152
|
|
|
$
|
2,703,860
|
|
December 31, 2015 — Successor Company
|
|
|
|
|
|
|
|
|
|||
Identifiable assets
|
$
|
1,989,753
|
|
|
$
|
740,155
|
|
|
$
|
2,729,908
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
|
•
|
our consolidated financial condition as of March 31, 2016 and December 31, 2015 and our consolidated results of operations for the three-month periods ended March 31, 2016 and 2015; and
|
•
|
significant factors that we believe could affect our prospective financial condition and results of operations.
|
•
|
mobile telephone voice service;
|
•
|
wireless data services, including text messaging services, mobile internet services and email services;
|
•
|
push-to-talk services, including Direct Connect
®
, Prip and International Direct Connect
®
services, which allow subscribers to talk to each other instantly;
|
•
|
other value-added services, including location-based services, which include the use of Global Positioning System, or GPS, technologies; digital media services; and a wide ranging set of applications available via our content management system, as well as the Android
TM
open application market;
|
•
|
business solutions, such as security, work force management, logistics support and other applications that help our business subscribers improve their productivity; and
|
•
|
voice and data roaming services outside of our coverage areas.
|
•
|
aligning our costs with our current business through continuous evaluation and streamlining of all capital and operating expenditures;
|
•
|
focusing on higher value customer segments that generate higher average revenue per user, or ARPU, and lower customer turnover;
|
•
|
utilizing the most profitable sales channels;
|
•
|
offering a superior customer experience, including a reliable and high quality wireless network; and
|
•
|
building on the strength of the unique positioning of the Nextel brand.
|
•
|
revenue recognition;
|
•
|
allowance for doubtful accounts;
|
•
|
depreciation of property, plant and equipment;
|
•
|
amortization of intangible assets;
|
•
|
valuation of long-lived assets;
|
•
|
foreign currency;
|
•
|
loss contingencies; and
|
•
|
income taxes.
|
|
Successor Company
|
|
|
Predecessor Company
|
|
Actual Percent Change From Prior Year
|
|||
|
Three Months Ended March 31,
|
|
|||||||
|
2016
|
|
|
2015
|
|
||||
Brazilian real
|
3.91
|
|
|
|
2.86
|
|
|
(37
|
)%
|
|
Predecessor Company
|
|
|
Successor Company
|
|||||||||||
|
2015
|
|
2016
|
||||||||||||
|
March
|
|
June
|
|
|
September
|
|
December
|
|
March
|
|||||
Brazilian real
|
3.21
|
|
|
3.10
|
|
|
|
3.97
|
|
|
3.90
|
|
|
3.56
|
|
|
Successor Company
|
|
|
Predecessor Company
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March, 31 2016
|
|
|
Three Months Ended March 31, 2015
|
|
Actual Change from
Previous Year
|
|
Constant Currency Change from Previous Year
|
||||||||||
|
|
|
|
Dollars
|
|
Percent
|
|
Percent
|
||||||||||
|
(dollars in thousands)
|
|
|
|||||||||||||||
Brazil segment earnings
|
3,760
|
|
|
|
3,523
|
|
|
237
|
|
|
7
|
%
|
|
46
|
%
|
|||
Corporate segment losses and eliminations
|
(11,804
|
)
|
|
|
(21,869
|
)
|
|
10,065
|
|
|
(46
|
)%
|
|
(46
|
)%
|
|||
Consolidated segment losses
|
(8,044
|
)
|
|
|
(18,346
|
)
|
|
10,302
|
|
|
(56
|
)%
|
|
(58
|
)%
|
|||
Impairment, restructuring and other charges
|
(5,915
|
)
|
|
|
(7,296
|
)
|
|
1,381
|
|
|
(19
|
)%
|
|
2
|
%
|
|||
Depreciation and amortization
|
(40,105
|
)
|
|
|
(80,169
|
)
|
|
40,064
|
|
|
(50
|
)%
|
|
(32
|
)%
|
|||
Operating loss
|
(54,064
|
)
|
|
|
(105,811
|
)
|
|
51,747
|
|
|
(49
|
)%
|
|
(35
|
)%
|
|||
Interest expense, net
|
(25,222
|
)
|
|
|
(35,273
|
)
|
|
10,051
|
|
|
(28
|
)%
|
|
7
|
%
|
|||
Interest income
|
9,724
|
|
|
|
6,438
|
|
|
3,286
|
|
|
51
|
%
|
|
105
|
%
|
|||
Foreign currency transaction gains (losses), net
|
39,642
|
|
|
|
(78,508
|
)
|
|
118,150
|
|
|
(150
|
)%
|
|
(169
|
)%
|
|||
Other (expense) income, net
|
(2,496
|
)
|
|
|
9,237
|
|
|
(11,733
|
)
|
|
(127
|
)%
|
|
(137
|
)%
|
|||
Loss from continuing operations before reorganization items and income tax provision
|
(32,416
|
)
|
|
|
(203,917
|
)
|
|
171,501
|
|
|
(84
|
)%
|
|
(79
|
)%
|
|||
Reorganization items
|
(375
|
)
|
|
|
(13,609
|
)
|
|
13,234
|
|
|
(97
|
)%
|
|
(97
|
)%
|
|||
Income tax provision
|
(16
|
)
|
|
|
(881
|
)
|
|
865
|
|
|
(98
|
)%
|
|
(98
|
)%
|
|||
Net loss from continuing operations
|
(32,807
|
)
|
|
|
(218,407
|
)
|
|
185,600
|
|
|
(85
|
)%
|
|
(80
|
)%
|
|||
Loss from discontinued operations, net of income taxes
|
(3,781
|
)
|
|
|
(91,110
|
)
|
|
87,329
|
|
|
(96
|
)%
|
|
(96
|
)%
|
|||
Net loss
|
$
|
(36,588
|
)
|
|
|
$
|
(309,517
|
)
|
|
$
|
272,929
|
|
|
(88
|
)%
|
|
(86
|
)%
|
1.
|
Impairment, restructuring and other charges
|
2.
|
Depreciation and amortization
|
3.
|
Interest expense, net
|
4.
|
Foreign currency transaction gains (losses), net
|
5.
|
Other (expense) income, net
|
6.
|
Reorganization items
|
|
Successor Company
|
|
|
Predecessor Company
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended March 31, 2016
|
|
% of
Nextel Brazil’s
Operating Revenues
|
|
|
Three Months Ended March 31, 2015
|
|
% of
Nextel Brazil’s
Operating Revenues
|
|
Actual Change from
Previous Year
|
|
Constant Currency Change from Previous Year
|
||||||||||||
|
|
|
|
|
|
Dollars
|
|
Percent
|
|
Percent
|
||||||||||||||
|
(dollars in thousands)
|
|
|
|||||||||||||||||||||
Service and other revenues
|
$
|
220,548
|
|
|
97
|
%
|
|
|
$
|
340,630
|
|
|
94
|
%
|
|
$
|
(120,082
|
)
|
|
(35
|
)%
|
|
(11
|
)%
|
Handset and accessory revenues
|
5,955
|
|
|
3
|
%
|
|
|
22,726
|
|
|
6
|
%
|
|
(16,771
|
)
|
|
(74
|
)%
|
|
(64
|
)%
|
|||
Cost of handsets and accessories
|
(11,166
|
)
|
|
(5
|
)%
|
|
|
(55,774
|
)
|
|
(15
|
)%
|
|
44,608
|
|
|
(80
|
)%
|
|
(73
|
)%
|
|||
Handset and accessory net subsidy
|
(5,211
|
)
|
|
(2
|
)%
|
|
|
(33,048
|
)
|
|
(9
|
)%
|
|
27,837
|
|
|
(84
|
)%
|
|
(78
|
)%
|
|||
Cost of service (exclusive of
depreciation and amortization)
|
(90,024
|
)
|
|
(40
|
)%
|
|
|
(130,141
|
)
|
|
(36
|
)%
|
|
40,117
|
|
|
(31
|
)%
|
|
(5
|
)%
|
|||
Selling and marketing expenses
|
(22,070
|
)
|
|
(10
|
)%
|
|
|
(48,896
|
)
|
|
(14
|
)%
|
|
26,826
|
|
|
(55
|
)%
|
|
(38
|
)%
|
|||
General and administrative expenses
|
(99,483
|
)
|
|
(43
|
)%
|
|
|
(125,022
|
)
|
|
(34
|
)%
|
|
25,539
|
|
|
(20
|
)%
|
|
9
|
%
|
|||
Segment earnings
|
$
|
3,760
|
|
|
2
|
%
|
|
|
$
|
3,523
|
|
|
1
|
%
|
|
$
|
237
|
|
|
7
|
%
|
|
46
|
%
|
|
Predecessor Company
|
|
|
Successor Company
|
|||||||||||
|
Three Months Ended
|
|
|
Three Months Ended
|
|||||||||||
|
March 31, 2015
|
|
June 30,
2015
|
|
|
September 30, 2015
|
|
December 31, 2015
|
|
March 31, 2016
|
|||||
|
(subscribers in thousands)
|
||||||||||||||
iDEN subscriber units
|
2,667.5
|
|
|
2,414.5
|
|
|
|
2,166.2
|
|
|
1,842.0
|
|
|
1,552.0
|
|
WCDMA subscriber units
|
1,672.2
|
|
|
1,970.4
|
|
|
|
2,254.2
|
|
|
2,597.7
|
|
|
2,744.7
|
|
Total subscriber units in commercial service — beginning of period
|
4,339.7
|
|
|
4,384.9
|
|
|
|
4,420.4
|
|
|
4,439.7
|
|
|
4,296.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
iDEN net subscriber losses
|
(194.7
|
)
|
|
(189.0
|
)
|
|
|
(208.1
|
)
|
|
(211.5
|
)
|
|
(195.2
|
)
|
WCDMA net subscriber additions (losses)
|
239.9
|
|
|
224.5
|
|
|
|
227.3
|
|
|
68.5
|
|
|
(77.7
|
)
|
Total net subscriber additions (losses)
(1)
|
45.2
|
|
|
35.5
|
|
|
|
19.2
|
|
|
(143.0
|
)
|
|
(272.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Migrations from iDEN to WCDMA
|
58.3
|
|
|
59.3
|
|
|
|
116.2
(2)
|
|
|
78.5
|
|
|
41.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
iDEN subscriber units
|
2,414.5
|
|
|
2,166.2
|
|
|
|
1,842.0
|
|
|
1,552.0
|
|
|
1,315.1
|
|
WCDMA subscriber units
|
1,970.4
|
|
|
2,254.2
|
|
|
|
2,597.7
|
|
|
2,744.7
|
|
|
2,708.7
|
|
Total subscriber units in commercial service — end of period
|
4,384.9
|
|
|
4,420.4
|
|
|
|
4,439.7
|
|
|
4,296.7
|
|
|
4,023.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total customer turnover
(1)
|
3.15
|
%
|
|
3.34
|
%
|
|
|
3.54
|
%
|
|
3.74
|
%
|
|
4.34
|
%
|
iDEN customer turnover
|
3.25
|
%
|
|
3.54
|
%
|
|
|
3.94
|
%
|
|
4.48
|
%
|
|
4.80
|
%
|
WCDMA customer turnover
|
2.99
|
%
|
|
3.13
|
%
|
|
|
3.21
|
%
|
|
3.27
|
%
|
|
4.10
|
%
|
|
Predecessor Company
|
|
|
Successor Company
|
|||||||||||
|
Three Months Ended
|
|
|
Three Months Ended
|
|||||||||||
|
March 31, 2015
|
|
June 30,
2015 |
|
|
September 30, 2015
|
|
December 31, 2015
|
|
March 31, 2016
|
|||||
Total service ARPU (US$)
(1)
|
23
|
|
|
20
|
|
|
|
18
|
|
|
16
|
|
|
16
|
|
WCDMA service ARPU (US$)
|
25
|
|
|
22
|
|
|
|
19
|
|
|
17
|
|
|
16
|
|
iDEN service ARPU (US$)
|
22
|
|
|
19
|
|
|
|
17
|
|
|
15
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total service ARPU (BR)
(1)
|
66
|
|
|
62
|
|
|
|
62
|
|
|
62
|
|
|
62
|
|
WCDMA service ARPU (BR)
|
70
|
|
|
66
|
|
|
|
66
|
|
|
65
|
|
|
64
|
|
iDEN service ARPU (BR)
|
62
|
|
|
59
|
|
|
|
58
|
|
|
58
|
|
|
57
|
|
1.
|
Service and other revenues
|
2.
|
Handset and accessory net subsidy
|
3.
|
Cost of service
|
4.
|
Selling and marketing expenses
|
5.
|
General and administrative expenses
|
|
Successor Company
|
|
|
Predecessor Company
|
|
|
|
|
|||||||
|
Three Months Ended March 31, 2016
|
|
|
Three Months Ended March 31, 2015
|
|
Change from
Previous Year
|
|||||||||
|
|
|
|
Dollars
|
|
Percent
|
|||||||||
|
(dollars in thousands)
|
||||||||||||||
Service and other revenues
|
$
|
54
|
|
|
|
$
|
91
|
|
|
$
|
(37
|
)
|
|
(41
|
)%
|
General and administrative expenses
|
(11,858
|
)
|
|
|
(22,881
|
)
|
|
11,023
|
|
|
(48
|
)%
|
|||
Segment losses
|
$
|
(11,804
|
)
|
|
|
$
|
(22,790
|
)
|
|
$
|
10,986
|
|
|
(48
|
)%
|
|
Successor Company
|
|
|
Predecessor Company
|
||||
|
Three Months Ended March 31, 2016
|
|
|
Three Months Ended March 31, 2015
|
||||
|
|
|
|
|
||||
Cash and cash equivalents, beginning of period
|
$
|
342,184
|
|
|
|
$
|
334,194
|
|
Net cash used in operating activities
|
(18,160
|
)
|
|
|
(170,855
|
)
|
||
Net cash provided by (used in) investing activities
|
33,660
|
|
|
|
(116,866
|
)
|
||
Net cash (used in) provided by financing activities
|
(24,656
|
)
|
|
|
335,920
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(340
|
)
|
|
|
(5,056
|
)
|
||
Change in cash and cash equivalents related to discontinued operations
|
—
|
|
|
|
88,079
|
|
||
Cash and cash equivalents, end of period
|
$
|
332,688
|
|
|
|
$
|
465,416
|
|
•
|
the amount of revenue we are able to generate and collect from our subscribers, including our ability to increase the size of our subscriber base;
|
•
|
the amount of operating expenses required to provide our services;
|
•
|
the cost of acquiring and retaining customers, including the subsidies we incur to provide handsets to both our new and existing subscribers; and
|
•
|
changes in foreign currency exchange rates.
|
•
|
operating expenses and capital expenditures relating to our existing network and the planned deployment of LTE in other commercial areas in Brazil;
|
•
|
payments in connection with spectrum purchases, including ongoing spectrum license fees;
|
•
|
debt service requirements;
|
•
|
obligations relating to our tower financing arrangements and capital lease obligations;
|
•
|
cash taxes; and
|
•
|
other general corporate expenditures.
|
•
|
the amount we spend to enhance our WCDMA network in Brazil and deploy our planned LTE upgrade;
|
•
|
the extent to which we expand the coverage of our network in new or existing market areas;
|
•
|
the number of additional transmitter and receiver sites we build in order to increase system capacity, maintain system quality and meet our regulatory requirements, as well as the costs associated with the installation of network infrastructure and switching equipment; and
|
•
|
the costs we incur in connection with non-network related information technology projects.
|
•
|
cash and cash equivalents on hand and short-term investments available to fund our operations;
|
•
|
restricted cash currently held in escrow to secure our indemnification obligations in connection with the sales of Nextel Argentina, Nextel Mexico and Nextel Peru;
|
•
|
the future return of cash pledged as collateral to secure certain performance bonds relating to our obligations to deploy our spectrum in Brazil;
|
•
|
cash proceeds from sales of assets, including the potential sale of additional transmitter and receiver sites in Brazil;
|
•
|
expected cash flows from our operation in Brazil;
|
•
|
the cost of purchasing spectrum, the financing available to fund such purchases, and timing of spectrum payments, including ongoing fees for spectrum use;
|
•
|
the anticipated level of capital expenditures required to meet both minimum build-out requirements and our planned deployment of the WCDMA network in Brazil, as well as our planned deployment of LTE in other commercial areas in Brazil;
|
•
|
our scheduled debt service obligations;
|
•
|
our other contractual obligations; and
|
•
|
cash income and other taxes.
|
•
|
based on the continued development of our business plans and strategy;
|
•
|
if we decide to expand into new markets or expand our geographic coverage or network capacity in our existing markets beyond our current plans, as a result of the construction of additional portions of our network or the acquisition of competitors or others;
|
•
|
if currency values in Brazil depreciate or appreciate relative to the U.S. dollar in a manner that is more significant than we currently expect and assume as part of our plans;
|
•
|
if economic conditions in Brazil do not improve or worsen;
|
•
|
if competitive practices in the mobile wireless telecommunications industry in Brazil change materially from those currently prevailing or from those now anticipated; or
|
•
|
if other presently unexpected circumstances arise that have a material effect on the cash flow or profitability of our business.
|
•
|
our ability to attract and retain customers;
|
•
|
our ability to satisfy the requirements of our debt obligations;
|
•
|
our ability to access sufficient debt or equity capital to meet any future operating and financial needs;
|
•
|
our ability to meet established operating goals and generate cash flow;
|
•
|
the availability of other funding sources, including the proceeds from the sales of Nextel Argentina, Nextel Mexico and Nextel Peru held in escrow and proceeds derived from other asset sales;
|
•
|
general economic conditions in Brazil and in the market segments that we are targeting for our services;
|
•
|
the political and social conditions in Brazil, including political instability, which may affect Brazil's economy and the regulatory scheme there;
|
•
|
the impact of foreign currency exchange rate volatility in the local currency in Brazil when compared to the U.S. dollar and the impact of related currency depreciation in Brazil;
|
•
|
our having reasonable access to and the successful performance of the technology being deployed in our service areas, and improvements thereon, including technology deployed in connection with the introduction of digital two-way mobile data or internet connectivity services in our markets;
|
•
|
the availability of adequate quantities of system infrastructure and subscriber equipment and components at reasonable pricing to meet our service deployment and marketing plans and customer demand;
|
•
|
risks related to the operation and expansion of our WCDMA network in Brazil, including the potential need for additional funding to support enhanced coverage and capacity, and the risk that new services supported by the WCDMA network will not attract enough subscribers to support the related costs of deploying or operating the network;
|
•
|
our ability to successfully scale our billing, collection, customer care and similar back-office operations to keep pace with customer growth as necessary, increased system usage rates and growth or to successfully deploy new systems that support those functions;
|
•
|
future legislation or regulatory actions relating to our services, other wireless communications services or telecommunications generally and the costs and/or potential customer impacts of compliance with regulatory mandates;
|
•
|
the ability to achieve and maintain market penetration and average subscriber revenue levels sufficient to provide financial viability to our network business;
|
•
|
the quality and price of similar or comparable wireless communications services offered or to be offered by our competitors, including providers of cellular services and personal communications services;
|
•
|
market acceptance of our new service offerings;
|
•
|
our ability to successfully manage and support our legacy iDEN network in Brazil;
|
•
|
equipment failure, natural disasters, terrorist acts or other breaches of network or information technology security; and
|
•
|
other risks and uncertainties described in Part I, Item 1A. "Risk Factors," in our annual report on Form 10-K for the year ended December 31, 2015 and, from time to time, in our other reports filed with the SEC.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Issuer Purchases of Equity Securities
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Per Share
|
|
Total Number of Shares Purchased as Part of Program
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
|
||||||
January 1, 2016 - January 31, 2016
|
|
2,566
|
|
(1)
|
$
|
5.05
|
|
|
2,566
|
|
|
|
||
February 1, 2016 - February 29, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||
March 1, 2016 - March 31, 2016
|
|
561
|
|
|
5.20
|
|
|
561
|
|
|
|
|||
Total
|
|
3,127
|
|
(1)
|
—
|
|
|
3,127
|
|
|
$
|
—
|
|
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Incorporated by Reference Filing Date
|
31.1
|
|
Statement of Chief Executive Officer Pursuant to Rule 13a-14(a).
|
|
|
|
|
|
|
31.2
|
|
Statement of Chief Financial Officer Pursuant to Rule 13a-14(a).
|
|
|
|
|
|
|
32.1
|
|
Statement of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350.
|
|
|
|
|
|
|
32.2
|
|
Statement of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.
|
|
|
|
|
|
|
101
|
|
The following materials from the NII Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
By:
|
/s/ TIMOTHY M. MULIERI
|
|
|
|
|
|
|
Timothy M. Mulieri
|
|
|
Vice President, Corporate Controller
|
|
|
(on behalf of the registrant and as Principal Accounting Officer)
|
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Incorporated by Reference Filing Date
|
31.1
|
|
Statement of Chief Executive Officer Pursuant to Rule 13a-14(a).
|
|
|
|
|
|
|
31.2
|
|
Statement of Chief Financial Officer Pursuant to Rule 13a-14(a).
|
|
|
|
|
|
|
32.1
|
|
Statement of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350.
|
|
|
|
|
|
|
32.2
|
|
Statement of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.
|
|
|
|
|
|
|
101
|
|
The following materials from the NII Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
1 Year NII Chart |
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