OKLAHOMA CITY, Nov. 9, 2000 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today announced record results for its third quarter ended September 30, 2000, including gains of 42 percent in total revenues and 52 percent in EBITDA, compared with the third quarter last year. Revenues for the period reached $143.7 million, versus $101.0 million last year, and EBITDA was $61.5 million, compared with $40.4 million in the third quarter of 1999.
EBITDA represents earnings before interest, taxes, depreciation, amortization, equity in earnings of unconsolidated subsidiaries, loss from discontinued operations, and extraordinary items. The revenue and EBITDA totals above do not reflect Dobson's 50 percent joint venture ownership in American Cellular Corporation, which Dobson accounts for on an equity basis as a "loss from investment in joint venture" (Table 1).
The Company's third quarter net loss applicable to common shareholders was $44.1 million, or $0.47 per share, based on average shares of 93.8 million. The net loss includes payment in kind of $17.1 million in preferred stock dividends and a $12.5 million loss from investment in the American Cellular joint venture. In the third quarter last year, Dobson recorded a net loss applicable to common shareholders of $44.4 million, or $0.81 per share (based on an average 54.8 million shares), after a $16.0 million loss from discontinued operations and payment in kind of $18.6 million in preferred stock dividends. Last year's third quarter included no joint venture-related loss, because the Dobson/AT&T Wireless (NYSE:AWE) joint venture acquired American Cellular in the first quarter of 2000.
"The Company has made significant progress in achieving its goals for the year," said Everett Dobson, chairman and chief executive officer. "We continue to enjoy strong growth in revenues and EBITDA, to acquire strategic properties that should support future growth, and to build out the most powerful wireless network in the rural sector.
"Our rapid transition to digital continues to drive higher average revenue per unit," he said. "The integration of American Cellular has been smooth, and our partnership with AT&T Wireless obviously remains a cornerstone of our strategic growth plan. Today, nine months after our IPO, we are more encouraged than ever by the opportunities immediately ahead. Dobson is well positioned to capitalize on them."
On November 8, 2000, Dobson filed Form 8-K documents with the Securities and Exchange Commission. The filing disclosed a contingent sale of $200 million in Series A Convertible Preferred Stock that, if approved, would further strengthen Dobson's financial resources as it prepares to participate in the Federal Communications Commission C and F Block Broadband Spectrum Auction (FCC Auction No. 35). Dobson has been "grand-fathered" as a Designated Entity to participate in the auction, which is scheduled to commence on December 12, 2000.
Proportionate, Pro Forma Results
Dobson's proportionate, pro forma results for the third quarter, including its 50 percent ownership in the American Cellular joint venture and other acquisitions, reflected even greater progress toward key objectives (Table 3). On this basis, Dobson reported total revenues of $202.1 million, an increase of 21 percent over the same quarter last year.
The Company added approximately 80,000 gross subscribers during the quarter, of which 74 percent were digital. In the immediately previous quarter, 60 percent of gross adds were digital, and, through early November, 85-to-90 percent of Dobson's fourth quarter gross adds have been digital.
Net additions for the third quarter were 28,500, bringing Dobson's total base to 854,100 at September 30, 2000. Based on October results and normal holiday season trends, the Company expects fourth quarter net subscriber additions of at least 43,000 (see Fourth Quarter Outlook below).
From June 30 to September 30, 2000, the digital component of Dobson's subscriber base increased from approximately 176,500 to 270,000 subscribers -- or from 22.0 percent of its total base to 31.6 percent. This reflects in part the Company's success in transitioning analog customers to digital calling plans.
The remainder of Dobson's subscriber base at September 30, 2000 consisted of 67.2 percent analog subscribers and 1.2 percent prepaid.
The strong growth in Dobson's digital segment strengthened average revenue per unit (ARPU) to $42 for the third quarter, on par with ARPU for the same period last year and four percent higher than ARPU for the second quarter ended June 30, 2000. Digital ARPU for the third quarter was $49, higher by 39 percent than analog ARPU of $36.
Third quarter churn increased to 2.15 percent, compared with 1.86 percent last year (proportionate, pro forma). In the Dobson/Sygnet markets in Ohio, Pennsylvania and western New York, average monthly churn increased to 2.4 percent.
Roaming revenues increased 20 percent to $88.4 million, driven by a 41 percent gain in roaming minutes-of-use (MOUs). Offsetting the strong growth in MOUs were scheduled reductions in the roaming rates paid to Dobson by its major roaming partners. Roaming MOU growth was stronger and roaming yield declined less in the Dobson standalone properties than in the American Cellular properties.
EBITDA was $91.4 million, 20 percent higher than EBITDA in last year's third quarter on a proportionate, pro forma basis. EBITDA margin was particularly strong in the Dobson standalone properties, reflecting operating efficiencies in two key areas -- general and administrative expenses and cost of service in operating the Company's network. These gains were offset partially by higher digital equipment subsidies. On the American Cellular side, EBITDA margin declined due to higher equipment costs, more aggressive marketing and higher cost of network service, in line with the Company's strategy for these markets.
Dobson also continued to enhance the capacity and coverage of its network in the third quarter, with capital expenditures of $37.8 million in the Dobson standalone properties and $23.1 million in the American Cellular properties. The Company installed 67 new cell sites, bringing its total of owned and managed cell sites to 740 in the Dobson markets and 480 in the American markets at September 30, 2000. During the quarter the Company also added nearly 3,500 voice paths to its total managed network. Forty-four percent of its approximately 29,000 voice paths are now digital, constituting the rural wireless sector's most powerful backbone for new voice and data services. Digital voice technology is now deployed in 100 percent of Dobson's owned and managed markets.
Dobson also significantly increased the number of cellular digital packet data radios during the quarter, extending CDPD coverage to more than 75 percent of its voice coverage area. This was important to initiating the roll-out of its "WebMagic" wireless data product during the third quarter.
Capital expenditures year-to-date total $99.7 million in Dobson standalone and $46.3 million in American Cellular.
Fourth Quarter Outlook
Dobson expects continued strong growth in the quarter ending December 31, 2000, and in fiscal 2001. The Company expects fourth quarter operating metrics (proportionate, pro forma) to include:
-- Total revenues in a range of $180 million to $190 million,
compared with $155.3 million in the fourth quarter of 1999. The
Company's revenue expectation is based on continued growth in
service revenues and normal seasonal declines in roaming MOUs,
which normally reduces roaming revenues from the third quarter to
the fourth.
-- Higher operating costs due to normal seasonal increases in growth
subscriber additions, and increases in selling expenses and cost
of service.
-- EBITDA in a range of approximately $70 million to $75 million, in
line with historical trends and seasonal factors. This compares
with EDITDA for last year's fourth quarter of $62.5 million.
-- Further increases in depreciation and amortization costs and
interest costs, primarily due to the acquisition of the
Georgia 1 RSA; and
-- Net adds of 45,000 to 50,000. Dobson experienced strong gross
subscriber additions and improvement in churn in October, the
first month of the fourth quarter. These two trends and the
expectation of strong holiday sales support Dobson's anticipation
of stronger gross adds and net adds in the fourth quarter.
Dobson plans to discuss its guidance for the fourth quarter and fiscal 2001 on its third quarter conference call, as well as commenting on its general outlook for FCC Auction No. 35.
Conference Call and Guidance to Be Web-Cast
Dobson Communications will host its third quarter conference call on Friday, November 10, at 8:00 a.m. (ET). To participate, please call (800) 946-0712; the confirmation code is 797921. The third quarter conference call will also be web-cast live through Dobson's web site at www.dobson.net.
A replay of the call will be available at approximately noon on Friday, the 10th, by dialing (888) 203-1112, using the same confirmation code. The Company plans to archive the conference call on its web site shortly after the actual event.
Dobson Communications is a leading provider of cellular phone services to rural markets in the United States. Headquartered in Oklahoma City, the rapidly growing Company owns or manages wireless operations in 19 states. For additional information on the Company and its operations, please visit its web site at www.dobson.net.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include increased levels of competition, shortages of cellular handsets and other key equipment, restrictions on the Company's ability to finance its growth and other factors. A more extensive discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.
Table 1
Dobson Communications Corporation
Statements of Operations
(Includes American Cellular ownership on an equity basis and other
acquisitions on the basis of actual impact only, not pro forma)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
($ in thousands, except per share data)
(unaudited)
Operating Revenue
Service revenue $ 72,839 $ 53,066 $ 196,012 $ 150,032
Roaming revenue 64,474 43,991 163,798 107,296
Equipment & other
revenue 6,425 3,934 17,950 9,952
----------- ----------- ----------- -----------
Total 143,738 100,991 377,760 267,280
Operating Expenses
(excluding deprecia-
tion & amortization)
Cost of service 35,928 25,876 88,157 67,903
Cost of equipment 11,284 6,703 33,839 18,562
Marketing & selling 17,102 13,247 50,724 34,957
General &
administrative 17,916 14,728 51,828 40,795
----------- ----------- ----------- -----------
Total 82,230 60,554 224,548 162,217
EBITDA 61,508 40,437 153,212 105,063
Depreciation &
amortization (44,779) (30,120) (122,875) (100,020)
----------- ----------- ----------- -----------
Operating income 16,729 10,317 30,337 5,043
Minority interest (1,407) (645) (3,704) (2,125)
Loss from investment
in joint venture(1) (12,477) -- (30,436) --
Other income 2,515 1,508 7,497 3,411
----------- ----------- ----------- -----------
Income before interest
& income taxes 5,360 11,180 3,694 6,329
Interest expense (41,238) (26,836) (107,378) (82,364)
Income tax benefit 8,892 5,952 27,834 28,892
----------- ----------- ----------- -----------
Loss from continuing
operations (26,986) (9,704) (75,850) (47,143)
Loss from discontinued
operations,
net of income tax -- (16,032) -- (41,811)
Extraordinary expense,
net of income tax -- -- (20,387) --
----------- ----------- ----------- -----------
Net Loss (26,986) (25,736) (96,237) (88,954)
Dividends on
preferred stock (17,100) (18,641) (109,071) (50,513)
----------- ----------- ----------- -----------
Net loss applicable
to common share-
holders $ (44,086) $ (44,377) $ (205,308) $ (139,467)
=========== ========== =========== ===========
Basic net loss
applicable to
common share-
holders per common
share:
Continuing
operations $ (0.29) $ (0.18) $ (0.86) $ (0.86)
Discontinued
operations -- (0.29) -- (0.76)
Extraordinary
expense -- -- (0.23) --
Dividends on
preferred
stock (0.18) (0.34) (1.24) (0.92)
----------- ----------- ----------- -----------
Basic net loss
applicable to
common share-
holders per
common share: $ (0.47) $ (0.81) $ (2.33) $ (2.54)
----------- ----------- ----------- -----------
Basic weighted
average common
shares
outstanding 93,788,684 54,823,354 87,941,001 54,823,354
=========== ========== =========== ===========
----------------------------------------------------------
(1) Represents the Company's 50% ownership in the Net Loss from
American Cellular.
Detailed as follows: For the three months
ended September 30, 2000
------------------------
EBITDA 57,589
Depreciation and Amortization (45,039)
Interest Expense (43,829)
Other Income, net 88
Income tax benefit 6,237
-------
Net Loss of American Cellular (100%) (24,954)
=======
Table 2
Dobson Communications Corporation
Selected Financial Data
September 30, 2000
------------------
($ in millions)
Cash Equivalents and Restricted Cash
Unrestricted cash and cash equivalents $ 148.8
Escrow for towers sold to American Tower Company 2.0
Escrow for Interest on Dobson/Sygnet Senior Notes 35.9
---------
Total Cash $ 186.7
=========
Long-term debt: (1)
Dobson Operating Co., L.L.C. credit facility $ 705.3
Dobson/Sygnet credit facility 341.3
DCC 10.875% Senior Notes, net 297.9
Dobson/Sygnet Senior Notes 200.0
Other 3.9
---------
Total debt $ 1,548.4
=========
Senior Exchangeable Preferred Stock
12.25% $ 303.2
13.00% 199.8
---------
Total Senior Exchangeable Preferred Stock $ 503.0
=========
Nine Months Ended
September 30, 2000
------------------
($ in millions)
Capital Expenditures $ 99.7
=========
(1) Does not include our proportionate interest in American
Cellular's long-term debt of $1.67 billion.
Table 3
Dobson Communications Corporation
Proportionately Consolidated Pro Forma Selected Financial Information
(Includes 50% of American Cellular's operations to represent
proportionate ownership and pro forma effect of all acquisitions,
including Oklahoma 6 RSA, as if they had occurred at the beginning
of the periods presented)
For the
Quarter Ended 9/30/99 12/31/99 3/31/00 6/30/00 9/30/00
($ in thousands except per subscriber data)
(unaudited)
Operating Revenue
Service revenue $ 86,476 $ 86,485 $ 88,217 $ 97,287 $104,760
Roaming revenue 73,575 61,221 62,361 76,325 88,371
Equipment &
other
revenue 6,850 7,554 7,518 8,948 8,937
-------- -------- -------- -------- --------
Total 166,901 155,260 158,096 182,560 202,068
Operating Expenses
(excluding
depreciation
& amortization)
Cost of service 39,737 34,304 33,816 38,962 47,823
Cost of equipment 10,216 14,407 14,557 14,696 15,768
Marketing &
selling 18,605 21,755 21,707 22,197 23,398
General &
administrative 22,372 22,311 23,895 24,273 23,658
-------- -------- -------- -------- --------
Total 90,930 92,777 93,975 100,128 110,647
-------- -------- -------- -------- --------
EBITDA (1) $ 75,971 $ 62,483 $ 64,121 $ 82,432 $ 91,421
======== ======== ======== ======== ========
EBITDA Margin 45.52% 40.24% 40.56% 45.15% 45.24%
Pops (000s) 9,134 9,265 9,265 9,265 9,265
Post-paid
Gross Adds 72,300 88,000 82,200 75,300 80,000
Net Adds 34,100 45,100 42,900 33,400 26,300
Subscribers 702,500 741,200 784,200 817,700 844,000
Churn 1.86% 1.99% 1.72% 1.74% 2.15%
Average Service
Revenue per
Subscriber $ 42 $ 40 $ 38 $ 40 $ 42
Average Service
and Roaming
Revenue per
Subscriber $ 78 $ 68 $ 66 $ 72 $ 77
Pre-paid
Net Adds -- 500 1,600 1,200 2,200
Subscribers 4,600 5,100 6,700 7,900 10,100
Total
Net Adds 34,100 45,600 44,500 34,600 28,500
Subscribers 707,100 746,300 790,900 825,600 854,100
Penetration 7.74% 8.05% 8.54% 8.91% 9.22%
(1) Includes $1.3 million, $1.5 million, $1.7 million, $1.9 million
and $2.1 million of EBITDA for the quarters ended September 30,
1999, December 31, 1999, March 31, 2000, June 30, 2000 and
September 30, 2000, respectively, related to minority interests.
Table 4
Dobson Communications Corporation
Consolidated Pro Forma Financial Information for cellular operations
applicable to Dobson Communications 13% Senior Exhangeable Preferred
Stock and 10.875% Senior Notes
(100% of Dobson Communications - includes both DOC LLC and
Dobson/Sygnet on a pro forma basis as if all acquisitions had
occurred at the beginning of the periods and no American Cellular
operations)
For the
Quarter Ended 9/30/99 12/31/99 3/31/00 6/30/00 9/30/00
($ in thousands except per subscriber data)
(unaudited)
Operating Revenue
Service revenue $ 63,829 $ 62,477 $ 64,240 $ 70,408 $ 75,283
Roaming revenue 52,171 42,998 46,423 56,317 64,958
Equipment &
other revenue 5,038 5,538 5,662 6,462 6,574
-------- -------- -------- -------- --------
Total 121,038 111,013 116,325 133,187 146,815
Operating Expenses
(excluding
depreciation &
amortization)
Cost of service 31,975 26,905 26,233 30,611 36,928
Cost of equipment 7,660 11,293 11,959 11,496 11,552
Marketing &
selling 14,789 17,202 17,796 17,635 17,602
General &
administrative 16,679 16,918 17,802 18,299 18,106
-------- -------- -------- -------- --------
Total 71,103 72,318 73,790 78,041 84,188
-------- -------- -------- -------- --------
EBITDA (1) $ 49,935 $ 38,695 $ 42,535 $ 55,146 $ 62,627
======== ======== ======== ======== ========
EBITDA Margin 41.26% 34.86% 36.57% 41.40% 42.66%
Pops (000s) 6,679 6,810 6,810 6,810 6,810
Post-paid
Gross Adds 51,400 61,000 59,800 51,500 55,100
Net Adds 22,500 28,500 30,800 20,300 13,500
Subscribers 503,500 525,600 556,600 576,900 590,400
Churn 1.96% 2.12% 1.78% 1.83% 2.37%
Average Service
Revenue per
Subscriber $ 43 $ 41 $ 39 $ 41 $ 43
Average Service
and Roaming
Revenue per
Subscriber $ 78 $ 69 $ 68 $ 74 $ 80
Pre-paid
Net Adds (600) -- 300 900 2,000
Subscribers 3,300 3,300 3,600 4,500 6,500
Total
Net Adds 21,900 28,500 31,100 21,200 15,500
Subscribers 506,800 528,900 560,200 581,400 596,900
Penetration 7.59% 7.77% 8.23% 8.54% 8.77%
(1) Includes $1.3 million, $1.5 million, $1.7 million, $1.9 million
and $2.1 million of EBITDA for the quarters ended September 30,
1999, December 31, 1999, March 31, 2000, June 30, 2000 and
September 30, 2000, respectively, related to minority interests.
Table 5
American Cellular Corporation
Consolidated Financial Information
(100% American Cellular, exclusive of Dobson operations)
For the
Quarter Ended 9/30/99 12/31/99 3/31/00 6/30/00 9/30/00
($ in thousands except per subscriber data)
(unaudited)
Operating Revenue
Service revenue $ 45,295 $ 48,014 $ 47,953 $ 53,759 $ 58,954
Roaming revenue 42,807 36,447 31,877 40,015 46,827
Equipment &
other revenue 3,623 4,033 3,712 4,972 4,727
-------- -------- -------- -------- --------
Total 91,725 88,494 83,542 98,746 110,508
Operating Expenses
(excluding
depreciation &
amortization)
Cost of service 15,524 14,799 15,166 16,701 21,791
Cost of equipment 5,111 6,227 5,196 6,399 8,431
Marketing &
selling 7,632 9,106 7,822 9,124 11,593
General &
administrative 11,387 10,785 12,186 11,948 11,104
-------- -------- -------- -------- --------
Total 39,654 40,917 40,370 44,172 52,919
-------- -------- -------- -------- --------
EBITDA $ 52,071 $ 47,577 $ 43,172 $ 54,574 $ 57,589
======== ======== ======== ======== ========
EBITDA Margin 56.77% 53.76% 51.68% 55.27% 52.11%
Pops (000s) 4,911 4,911 4,911 4,911 4,911
Post-paid
Gross Adds 41,800 54,000 44,700 47,500 49,800
Net Adds 23,200 33,300 24,100 26,300 25,600
Subscribers 397,900 431,200 455,300 481,600 507,200
Churn 1.63% 1.70% 1.60% 1.55% 1.63%
Average Service
Revenue per
Subscriber $ 39 $ 39 $ 36 $ 38 $ 40
Average Service
and Roaming
Revenue per
Subscriber $ 76 $ 68 $ 60 $ 67 $ 71
Pre-paid
Net Adds 1,000 1,000 2,800 600 400
Subscribers 2,500 3,500 6,300 6,900 7,300
Total
Net Adds 24,200 34,300 26,900 26,900 26,000
Subscribers 400,400 434,700 461,600 488,500 514,500
Penetration 8.15% 8.85% 9.40% 9.95% 10.48%
Table 6
Dobson Operating Company LLC
Pro Forma Financial Information for cellular operations applicable to
Dobson Communications 12.25% Senior Exchangeable Preferred Stock
(Includes DOC LLC on a pro forma basis as if all acquisitions had
occurred at the beginning of the periods. Excludes Dobson/Sygnet and
American Cellular)
For the
Quarter Ended 9/30/99 12/31/99 3/31/00 6/30/00 9/30/00
($ in thousands except per subscriber data)
(unaudited)
Operating Revenue
Service revenue $ 38,379 $ 37,771 $ 39,033 $ 41,824 $ 44,274
Roaming revenue 40,516 34,513 37,834 46,566 53,133
Equipment &
other revenue
3,679 3,601 3,552 3,805 4,546
--------- -------- -------- -------- --------
Total 82,574 75,885 80,419 92,195 101,953
Operating Expenses
(excluding
depreciation &
amortization)
Cost of service 23,760 20,114 19,948 22,203 27,025
Cost of equipment 4,401 6,074 6,580 6,597 7,477
Marketing &
selling 9,070 10,518 10,789 11,627 11,798
General &
administrative 11,825 12,401 12,081 12,237 11,568
--------- -------- -------- -------- --------
Total 49,056 49,107 49,398 52,664 57,868
--------- -------- -------- -------- --------
EBITDA (1) $ 33,518 $ 26,778 $ 31,021 $ 39,531 $ 44,085
========= ======== ======== ======== ========
EBITDA Margin 40.59% 35.29% 38.57% 42.88% 43.24%
Pops (000s) 4,305 4,448 4,448 4,448 4,448
Post-paid
Gross Adds 30,700 34,700 34,400 33,900 37,200
Net Adds 10,700 14,800 16,000 14,800 13,000
Subscribers 292,200 301,800 318,200 333,000 346,000
Churn 2.33% 2.26% 1.98% 1.95% 2.38%
Average Service
Revenue per
Subscriber $ 44 $ 42 $ 42 $ 42 $ 43
Average Service
and Roaming
Revenue per
Subscriber $ 91 $ 82 $ 82 $ 90 $ 95
Pre-paid
Net Adds (600) -- 300 900 1,800
Subscribers 3,300 3,300 3,600 4,500 6,300
Total
Net Adds 10,100 14,800 16,300 15,700 14,800
Subscribers 295,500 305,100 321,800 337,500 352,300
Penetration 6.86% 6.86% 7.23% 7.59% 7.92%
(1) Includes $1.3 million, $1.5 million, $1.7 million, $1.9 million
and $2.1 million of EBITDA for the quarters ended September 30,
1999, December 31, 1999, March 31, 2000, June 30, 2000 and
September 30, 2000, respectively, related to minority interests.
Table 7
Dobson/Sygnet Communications Company
Financial Information for cellular operations applicable to
Dobson/Sygnet 12.25% Senior Notes
(Excludes DOC LLC and American Cellular)
For the
Quarter Ended 9/30/99 12/31/99 3/31/00 6/30/00 9/30/00
($ in thousands except per subscriber data)
(unaudited)
Operating Revenue
Service revenue $ 25,450 $ 24,706 $ 25,191 $ 28,568 $ 30,995
Roaming revenue 11,655 8,484 8,589 9,751 11,824
Equipment &
other revenue 1,360 1,937 2,110 2,657 2,028
-------- -------- -------- -------- --------
Total 38,465 35,127 35,890 40,976 44,847
Operating Expenses
(excluding
depreciation &
amortization)
Cost of service 8,115 6,975 6,285 8,408 9,903
Cost of equipment 3,242 5,171 5,379 4,899 4,075
Marketing &
selling 5,737 6,568 7,007 6,008 5,804
General &
administrative 4,986 4,484 5,743 6,053 6,501
-------- -------- -------- -------- --------
Total 22,080 23,198 24,414 25,368 26,283
-------- -------- -------- -------- --------
EBITDA $ 16,385 $ 11,929 $ 11,476 $ 15,608 $ 18,564
======== ======== ======== ======== ========
EBITDA Margin 42.60% 33.96% 31.98% 38.09% 41.39%
Pops (1) (000s) 2,374 2,362 2,362 2,362 2,362
Post-paid
Gross Adds 20,700 26,300 25,400 17,700 17,900
Net Adds 11,800 13,700 14,800 5,500 500
Subscribers 211,300 223,800 238,400 243,900 244,400
Churn 1.43% 1.93% 1.52% 1.68% 2.37%
Average Service
Revenue per
Subscriber $ 41 $ 38 $ 36 $ 39 $ 42
Average Service
and Roaming
Revenue per
Subscriber $ 60 $ 51 $ 49 $ 53 $ 58
Penetration 8.90% 9.48% 10.09% 10.33% 10.35%