Total revenue was better than expected, but the upside to the Domestic Telecom business was partly driven by the reclassification of Brightstar revenue into that segment. Presumably that will continue with the IPO. The beat to Cash EBITDA was driven by Sprint, which previously reported. Domestic telecom EBITDA also out performed.
EBITDA miss on revenue miss and the pro-forma business declined 0.6% sequentially in constant currency in Q2. The sequential decline was primarily a result of the mix of Interoute, which is declining 2% sequentially. Global Capacity, a prior acquisition, also remains a headwind. If we also strip out the revenue from the Accelerated Communications business,…
EBITDA of $745 million topped our estimate and consensus on higher ARPU and subscriber acquisition costs. Dish lost 151k total Pay TV subs, which was 2k less than our estimate and 16k less than consensus.
Cash EBITDA of $13.2 million was $2.5 million higher than expected mainly due to higher wholesale revenue and higher than expected sequential drop in G&A. DAS build out project and access fees (the cash component) were both below our estimates.
Revenue topped our estimate by $33 million and consensus by $42 million. We believe that upside was in the products segment, but the revenue reclass makes it hard to compare. Gross margins topped our estimate by 120 basis points.
Gross debt leverage dropped below 4.25x, enabling the company to upstream more than $200 million of cash from the operating company to the holding company. The question now is whether it will be used for accelerated dividend growth or share repurchase. Net debt leverage is currently at 2.8x, so the double digit EBITDA growth should…
Broadband CPE revenue rose 25% sequentially, but it was still a big miss relative to our estimates and declined 17% from last year as we continue to await the larger impact of the Docsis 3.1 upgrade cycle. Share repurchase is now front and center. $100 million or 4 million shares in Q2. 2 million more…
Cash EBITDA was slightly better than our estimate on upside from post-paid phone growth and despite the adjustment we make for cash collected from monthly phone payments (not on the income statement) that was lower than expected. Reported EBITDA was $110 million better than expected. Post-paid phone net adds grew y/y for the first time…
In February 2018, we profiled a new start-up called Locast.org (link), which provides broadcast TV signals to consumers for free over the Internet, as broadcast TV was intended. Unlike Aereo, which was shut down by the Supreme Court, Locast.org is utilizing the non-profit exemption for the retransmission of copyrighted works within the US Copyright Act…
Sprint’s Cash EBITDA of $2.0 billion beat our estimate by $350 million on lower than expected device upgrade rates and a 12% sequential decline in SG&A. Wireless service revenue was $122 lower than we expected on Post-paid phone ARPU, which dropped $1.28 sequentially, but was also impacted by accounting changes.
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