Clearwire Reports First Quarter 2013 Results *Q1 Total Revenues of $318.0 Million Increased 2% Sequentially, Down 1% Year Over Year *Retail Subscribers Up 8% Sequentially and 10% Year Over Year on Record Gross Additions *Approximately 1,300 TDD-LTE Sites Commissioned at Quarter-End; On Track to Meet 2,000 Site Milestone by End of June 2013 BELLEVUE, Wash., April 25, 2013 (GLOBE NEWSWIRE) -- Clearwire Corporation (Nasdaq:CLWR), a leading provider of 4G wireless broadband services in the U.S., today reported its financial and operating results for first quarter 2013. "Our ongoing focus ondriving our retail business cash contribution, controlling costs and maintaining liquiditycontinues to yield results," said Erik Prusch, President and CEO of Clearwire. "Our day-to-day focus on delivering for our customers and the substantial progress on the TDD-LTE network build demonstrate the company's commitment to execution during this transition period." First quarter 2013 total revenue increased 2% over fourth quarter 2012 primarily due to sequential retail revenue growth. On a year over year basis, total revenue declined 1% to $318.0 million, reflecting slight declines in both wholesale and retail revenue over the prior year period.First quarter wholesale revenue of $114.9 million declined 1% sequentially on lower revenue related to the amortization of the second quarter 2011 Sprint wholesale settlement (the "Sprint Settlement").On a year over year basis, wholesale revenue declined 2% primarily due to a decrease in the non-Sprint wholesale customer base as well as lower Sprint Settlement revenue. Wholesale revenue in first quarter 2013, fourth quarter 2012 and first quarter 2012 reflect the fixed wholesale WiMAX revenue terms of the November 2011 4G MVNO Agreement with Sprint which will continue through 2013. Retail revenue and other revenue increased 4% sequentially and decreased 1% year over year to $203.1 million in first quarter 2013.Retail average revenue per user (ARPU) was $43.49 representing sequential and year over year decreases of $(0.61) and $(3.34), respectively, primarily due to lower equipment lease revenue under the no-contract offering that was fully launched in first quarter 2012. Clearwire ended first quarter 2013 with approximately 9.4 million total subscribers.First quarter 2013 retail subscribers increased 10% year over year and 8% sequentially to approximately 1.5 million retail subscribers.Retail net subscriber additions during the period were 108,000 reflecting 4.2% churn and record gross additions of approximately 287,000.During the period, wholesale subscribers declined 18% year over year and 3% sequentially on 270,000 wholesale net subscriber losses to approximately 7.9 million wholesale subscribers at the end of first quarter 2013.The decline in wholesale subscribers, which consist primarily of Sprint 3G/4G smartphone customers, is primarily due to the discontinuation of postpaid WiMAX offerings by Sprint. Retail cost per gross addition (CPGA) was a company record low $143 in first quarter 2013 compared to $155 in fourth quarter 2012 and $242 in first quarter 2012. Both the sequential and year over year improvements are primarily due to improved efficiencies in retail selling expenses associated with our no-contract offering and higher gross adds, partially offset by increased equipment subsidies. Excluding $9.3 million of merger-related expenses, first quarter 2013 Adjusted EBITDA loss was $(42.2) million. Inclusive of merger-related expenses, Adjusted EBITDA loss in first quarter 2013 was $(51.5) million, representing a $(13.3) million increase compared to first quarter 2012 Adjusted EBITDA loss of $(38.2) million.The increase is primarily due to merger-related expenses, as well as lower revenue and higher COGS (excluding non-cash expenses) on a year over year basis. Cash, cash equivalents and investments (invested primarily in U.S. Treasury securities) as of March 31, 2013 was approximately $797.4 million, a sequential decrease of $71.2 million from December 31, 2012. The sequential decrease primarily reflects cash payments for capital expenditures and operating expenses, which was partially offset by $80 million drawn against the interim financing facility provided by Sprint in conjunction with our merger agreement, as well as payments from Sprint for wholesale WiMAX services and cash inflows from our retail business. As compared to March 31, 2012, cash, cash equivalents and investments decreased by $635.1 million. First quarter 2013 capex of $50 million increased $27 million over prior year period capex of $23 million primarily due to increased expenditures for Clearwire's TDD-LTE network deployment.Compared to fourth quarter 2012 capex of $102 million, first quarter 2013 capex decreased $52 million primarily due to a decline in network equipment received as compared to the prior quarter. At the end of first quarter 2013, Clearwire operated networks in the U.S. covering areas where approximately 136 million people reside, including approximately 134 million people in markets where we provide 4G services. At the end of the period our TDD-LTE network consisted of approximately 1,300 commissioned sites. Results of Operations Cost of goods and services and network costs (COGS) in first quarter 2013 decreased 19% to $213.2 million compared to $263.8 million in first quarter 2012. These amounts include non-cash charges for network equipment reserves and other write-downs of $4.7 million and $56.4 million in first quarters 2013 and 2012, respectively, and other non-cash network-related expenses of $17.7 million and $26.6 million in first quarters 2013 and 2012, respectively. The year over year decrease in network equipment reserves and other write-downs is primarily due to a decrease in charges for network equipment not required to support our network deployment plans or sparing requirements.The year over year decrease in other non-cash network related expenses is primarily due to a higher provision for unused tower-related leases and other network agreements in first quarter 2012. Excluding non-cash expenses, COGS increased 6% year over year primarily due to an increase in customer premise equipment sales associated with our no contract retail model, as well as higher tower- and network-related expenses in conjunction with our ongoing LTE build. Selling, general and administrative (SG&A) expense in first quarter 2013 decreased slightly to $141.1 million from $142.7 million in first quarter 2012. The decrease is primarily attributable to lower sales and marketing, call center and facilities expenses, mostly offset by higher commissions, employee-related costs and general and administrative expenses related to the proposed merger with Sprint. First quarter 2013 reported net loss from continuing operations attributable to Clearwire was $(227.0) million, or $(0.33) per basic share compared to $(182.1) million, or $(0.40) per basic share, respectively in the prior year period.Including the effects of discontinued operations, first quarter 2013 reported net loss attributable to Clearwire was $(227.0) million, or $(0.33) per basic share, compared to $(181.8) million or $(0.40), respectively in the prior year period. CLEARWIRE CORPORATION SUMMARY FINANCIAL AND OPERATING DATA FROM CONTINUING OPERATIONS (In thousands) (Unaudited) Three months ended March 31, 2013 December 31, September 30, March 31, 2012 2012 2012 REVENUES: Retail revenue $202,997 $194,451 $197,215 $204,810 Wholesale revenue 114,917 116,590 116,498 117,821 Other revenue 128 200 169 8 Total revenues 318,042 311,241 313,882 322,639 OPERATING EXPENSES: Cost of goods and services and network costs (exclusive of 213,181 208,322 211,540 263,790 items shown separately below) Selling, general and administrative 141,101 138,489 139,365 142,655 expense Depreciation and 183,633 194,873 210,781 177,973 amortization Spectrum lease 83,399 83,387 82,513 79,708 expense Loss from abandonment of network and other 414 (1,099) 2,588 80,400 assets Total operating 621,728 623,972 646,787 744,526 expenses OPERATING LOSS (303,686) (312,731) (332,905) (421,887) LESS NON-CASH ITEMS: Non-cash expenses 63,413 70,041 67,310 66,664 Non-cash write-downs 5,116 1,805 16,551 139,056 Depreciation and 183,633 194,873 210,781 177,973 amortization Total non-cash items 252,162 266,719 294,642 383,693 Adjusted EBITDA $(51,524) $(46,012) $(38,263) $(38,194) Adjusted EBITDA (16)% (15)% (12)% (12)% margin KEY OPERATING METRICS (k for '000's, MM for '000,000's) Total net subscriber (162)k (906)k (468)k 586k additions Wholesale (270)k (915)k (489)k 537k Retail 108k 9k 21k 49k Total subscribers 9,413k 9,581k 10,488k 11,000k Wholesale (1) 7,944k 8,220k 9,136k 9,659k Retail 1,469k 1,361k 1,353k 1,341k Retail ARPU $43.49 $44.10 $45.06 $46.83 Churn Wholesale 5.3 % 7.3 % 5.4 % 3.0 % Retail 4.2 % 5.0 % 5.1 % 3.7 % Retail CPGA $143 $155 $191 $242 Capital expenditures $50MM $102MM $34MM $23MM Domestic 4G covered 134MM 135MM 133MM 132MM POPS Cash, cash equivalents and $797MM $869MM $1,184MM $1,433MM investments (1) Includes non-launched markets. Based on the terms of the November 2011 Amended MVNO Agreement between Clearwire and Sprint, which provides for unlimited WiMAX service to Sprint retail customers in exchange for fixed payments in 2012 and 2013, fluctuations in the wholesale subscriber base will not necessarily correlate to wholesale revenue. Management Webcast Clearwire executives will host a conference call and simultaneous webcast to discuss the company's first quarter 2013 financial results at 4:30 p.m. Eastern Time today. A live broadcast of the conference call will be available online on the company's investor relations website located at http://investors.clearwire.com. Interested parties can access the conference call by dialing 1-877-392-9886, or from outside the U.S. by dialing 1-707-287-9329, at least five minutes prior to the start time. A replay of the call will be available beginning at approximately 7:30 p.m. Eastern Time on April 25, through Thursday, May 2, by calling 1-855-859-2056, or from outside the U.S. by dialing 1-404-537-3406. The passcode for the replay is 36445633. About Clearwire Clearwire Corporation (Nasdaq:CLWR), through its operating subsidiaries, is a leading provider of 4G wireless broadband services offering services in areas of the U.S. where more than 130 million people live. The company holds the deepest portfolio of wireless spectrum available for data services in the U.S.Clearwire serves retail customers through its own CLEAR^® brand as well as through wholesale relationships with some of the leading companies in the retail, technology and telecommunications industries, including Sprint and NetZero.The company is constructing a next-generation 4G LTE Advanced-ready network to address the capacity needs of the market,and is also working closely with the Global TDD-LTE Initiative to further the TDD-LTE ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com. Forward-Looking Statements This release, and other written and oral statements made by Clearwire from time to time, contain forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding future financial and operating performance and financial condition; proposed transactions; network development and market launch plans; strategic plans and objectives; industry conditions; the strength of the balance sheet; and liquidity and financing needs. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan" and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are: *Our business has become increasingly dependent on our wholesale partners, and Sprint in particular. Additionally, our current business plans depend on our ability to attract new wholesale partners with substantial requirements for additional data capacity, which is subject to a number of risks and uncertainties. If we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into new agreements with additional wholesale partners for significant new wholesale commitments in a timely manner, our business prospects, results of operations and financial condition could be adversely affected, or we could be forced to consider all available alternatives, including financial restructuring. *If the proposed merger with Sprint fails to close for any reason, we believe that we will require substantial additional capital to fund our business and to further develop our network; such capital may not be available on acceptable terms or at all.If the merger fails to close and the funding under our Note Purchase Agreement with Sprint was no longer available, we would have to significantly curtail substantially all of our LTE network build plan to conserve cashand there would likely be substantial doubtabout our ability to continue as a going concern for the next twelve months. Additionally, if the proposed merger with Sprint fails to close and we are unable to obtain sufficient additional capital, or we fail to generate sufficient revenue from our businesses to meet our ongoing obligations, our business prospects, financial condition and results of operations will likely be materially and adversely affected, and we will be forced to consider all available alternatives, including financial restructuring. *We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future. *Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.Further, unless we are able to secure the required shareholder approvals to increase the number of authorized shares under our Certificate of Incorporation, we may not have enough authorized but unissued shares available to raise sufficient additional capital through an equity financing. *Sprint owns a majority of our common shares, is our largest shareholder, and may have, or may develop in the future, interests that may diverge from other stockholders. *Our proposed merger with Sprint is subject to certain regulatory conditions that may not be satisfied on a timely basis, or at all, and is also conditioned on the consummation of the Sprint-Softbank (or a similar merger) transaction. If the merger with Sprint fails because it is not adopted by our shareholders, then under certain circumstances Sprint may gain significant additional control over us by acquiring the Clearwire shares held by other parties to our Equityholders' Agreement, pursuant to the terms of an agreement with those other shareholders. Additionally, failure to complete the proposed merger could negatively impact our business and the market price of our Class A Common Stock, and substantial doubt may arise regarding our ability to continue as a going concern. *We are in the early stages of deploying LTE on our wireless broadband network, alongside mobile WiMAX, to remain competitive and to generate sufficient revenues for our business; we will incur significant costs to deploy such technology.Additionally, LTE technology, or other alternative technologies that we may consider, may not perform as we expect on our network and deploying such technologies would result in additional risks to the company, including uncertainty regarding our ability to successfully add a new technology to our current network and to operate dual technology networks without disruptions to customer service, as well as our ability to generate new wholesale customers for the new network. *We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks, and are dependent on commercial partners to deliver equipment and devices for our planned LTE network as well. *Many of our competitors for our retail business are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services. *Future sales of large blocks of our common stock may adversely impact our stock price. For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed on February 14, 2013, and subsequent SEC filings. Clearwire assumes no obligation to update or supplement such forward-looking statements. CLEARWIRE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) March 31, 2013 December 31, 2012 ASSETS Current assets: Cash and cash equivalents $172,108 $193,445 Short-term investments 625,297 675,112 Restricted cash 1,641 1,653 Accounts receivable, net of allowance of 19,769 22,769 $2,400 and $3,145 Inventory 16,098 10,940 Prepaids and other assets 83,672 83,769 Total current assets 918,585 987,688 Property, plant and equipment, net 2,120,081 2,259,004 Restricted cash 2,114 3,709 Spectrum licenses, net 4,237,640 4,249,621 Other intangible assets, net 21,576 24,660 Other assets 137,601 141,107 Total assets $7,437,597 $7,665,789 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $285,723 $177,855 Other current liabilities 279,001 227,610 Total current liabilities 564,724 405,465 Long-term debt, net 4,287,671 4,271,357 Deferred tax liabilities, net 191,136 143,992 Other long-term liabilities 913,772 963,353 Total liabilities 5,957,303 5,784,167 Commitments and contingencies Stockholders' equity: ClassA common stock, par value $0.0001, 2,000,000 shares authorized; 699,172 and 70 69 691,315shares outstanding ClassB common stock, par value $0.0001, 1,400,000 shares authorized; 773,733 shares 77 77 outstanding Additional paid-in capital 3,217,732 3,158,244 Accumulated other comprehensive income (loss) 15 (6) Accumulated deficit (2,573,346) (2,346,393) Total Clearwire Corporation stockholders' 644,548 811,991 equity Non-controlling interests 835,746 1,069,631 Total stockholders' equity 1,480,294 1,881,622 Total liabilities and stockholders' equity $7,437,597 $7,665,789 CLEARWIRE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2013 2012 Revenues $318,042 $322,639 Operating expenses: Cost of goods and services and network costs 213,181 263,790 (exclusive of items shown separately below) Selling, general and administrative expense 141,101 142,655 Depreciation and amortization 183,633 177,973 Spectrum lease expense 83,399 79,708 Loss from abandonment of network and other 414 80,400 assets Total operating expenses 621,728 744,526 Operating loss (303,686) (421,887) Other income (expense): Interest income 378 264 Interest expense (140,517) (136,686) Loss on derivative instruments (1,774) (4,862) Other income (expense), net 336 (13,268) Total other expense, net (141,577) (154,552) Loss from continuing operations before income (445,263) (576,439) taxes Income tax (provision) benefit (16,625) 15,413 Net loss from continuing operations (461,888) (561,026) Less: non-controlling interests in net loss from continuing operations of consolidated 234,935 378,972 subsidiaries Net loss from continuing operations (226,953) (182,054) attributable to Clearwire Corporation Net loss from discontinued operations attributable to Clearwire Corporation, net of — 231 tax Net loss attributable to Clearwire Corporation $(226,953) $(181,823) Net loss from continuing operations attributable to Clearwire Corporation per Class A common share: Basic $(0.33) $(0.40) Diluted $(0.33) $(0.44) Net loss attributable to Clearwire Corporation per Class A common share: Basic $(0.33) $(0.40) Diluted $(0.33) $(0.44) Weighted average Class A common shares outstanding: Basic 693,901 458,827 Diluted 693,901 1,298,530 CLEARWIRE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2013 2012 Cash flows from operating activities: Net loss from continuing operations $(461,888) $(561,026) Adjustments to reconcile net loss to net cash used in operating activities: Deferred income taxes 16,194 (15,863) Non-cash loss on derivative instruments 1,774 4,862 Accretion of discount on debt 12,593 10,188 Depreciation and amortization 183,633 177,973 Amortization of spectrum leases 13,212 14,216 Non-cash rent expense 40,560 46,382 Loss on property, plant and equipment 5,116 139,056 Other non-cash activities 9,644 18,696 Changes in assets and liabilities: Inventory (5,269) 5,070 Accounts receivable 844 (42,662) Prepaids and other assets 1,695 (11,198) Deferred revenue (36,630) 154,246 Accounts payable and other liabilities 113,429 119,897 Net cash (used in) provided by operating (105,093) 59,837 activities of continuing operations Net cash provided by operating activities of — 5,814 discontinued operations Net cash (used in) provided by operating (105,093) 65,651 activities Cash flows from investing activities: Payments to acquire property, plant and equipment (37,510) (21,867) Purchases of available-for-sale investments (249,988) (1,022,287) Disposition of available-for-sale investments 299,450 117,953 Other investing activities 1,599 (845) Net cash provided by (used in) investing 13,551 (927,046) activities of continuing operations Net cash provided by investing activities of — 59 discontinued operations Net cash provided by (used in) investing 13,551 (926,987) activities Cash flows from financing activities: Principal payments on long-term debt (9,844) (6,295) Proceeds from issuance of long-term debt 80,000 300,000 Debt financing fees — (6,205) Proceeds from issuance of common stock 46 — Net cash provided by financing activities of 70,202 287,500 continuing operations Net cash provided by financing activities of — — discontinued operations Net cash provided by financing activities 70,202 287,500 Effect of foreign currency exchange rates on cash 3 (2,269) and cash equivalents Net decrease in cash and cash equivalents (21,337) (576,105) Cash and cash equivalents: Beginning of period 193,445 893,744 End of period 172,108 317,639 Less: cash and cash equivalents of discontinued — 7,505 operations at end of period Cash and cash equivalents of continuing $172,108 $310,134 operations at end of period Definitions of Terms and Reconciliations of Non-GAAP Financial Measures to Unaudited Condensed Consolidated Statements of Operations The company utilizes certain non-GAAP financial measures which are widely used in the telecommunications industry and are not calculated based on accounting principles generally accepted in the United States of America (GAAP). Other companies may calculate these measures differently. (1) Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is defined as consolidated operating loss excluding depreciation and amortization expenses, non-cash expenses related to operating leases (primarily towers, spectrum leases and buildings), stock-based compensation expense, loss from abandonment of network and other assets, charges for differences between recorded amounts and the results of physical counts, and charges for excessive and obsolete network equipment and CPE inventory. A reconciliation of operating loss to Adjusted EBITDA is as follows: Three months ended (Unaudited) March 31, 2013 December 31, September 30, March 31, 2012 2012 2012 (in thousands) Operating loss $(303,686) $(312,731) $(332,905) $(421,887) Non-cash expenses: Spectrum lease 38,916 36,260 39,833 36,415 expense Building and network related 14,856 25,256 18,741 24,183 expenses* Stock compensation 9,641 8,525 8,736 6,066 and other* Non-cash expenses 63,413 70,041 67,310 66,664 Non-cash write-downs: Loss from abandonment of 414 (1,099) 2,588 80,400 network and other assets Network equipment reserves and other 4,702 2,904 13,963 58,656 write-downs* Non-cash 5,116 1,805 16,551 139,056 write-downs Depreciation and 183,633 194,873 210,781 177,973 amortization Adjusted EBITDA $(51,524) $(46,012) $(38,263) $(38,194) *Amounts included in COGS and SG&A. In a capital-intensive industry, management believes Adjusted EBITDA to be a meaningful measure of the company's operating performance. The company provides this non-GAAP measure as a supplemental performance measure because management believes it facilitates comparisons of the company's operating performance from period to period and comparisons of the company's operating performance to that of other companies by backing out potential differences caused by non-cash expenses related to long-term leases, share-based compensation,non-cash write-downs and depreciation and amortization. Because this non-GAAP measure facilitates internal comparisons of the company's historical operating performance, management also uses this non-GAAP measure for business planning purposes and in measuring the company's performance relative to that of its competitors. In addition, Clearwire believes that Adjusted EBITDA and similar measures are widely used by investors, financial analysts and credit rating agencies as a measure of the company's financial performance over time and to compare the company's financial performance with that of other companies in the industry. (2) Retail ARPU (Average Revenue Per User) is total revenue less wholesale revenue, the revenue generated from the sales of devices, shipping revenue, and other revenue; divided by the weighted average number of retail subscribers in the period, divided by the number of months in the period. Management uses retail ARPU to identify average revenue per customer, to track changes in average retail customer revenues over time, to help evaluate how changes in the business, including changes in the company's service offerings and fees, affect average retail revenue per customer, and to assist in forecasting future service retail revenue. In addition, retail ARPU provides management with a useful measure to compare the company's customer retail revenue to that of other wireless communications providers. The company believes investors use retail ARPU primarily as a tool to track changes in the company's average retail revenue per customer and to compare Clearwire's per retail customer service revenues to those of other wireless communications providers. Three months ended (Unaudited) March 31, 2013 December 31, September 30, March 31, 2012 2012 2012 (in thousands) Total revenues $318,042 $311,241 $313,882 $322,639 Wholesale revenue (114,917) (116,590) (116,498) (117,821) Device and other (19,432) (15,763) (15,956) (20,718) revenue Retail ARPU revenue $183,693 $178,888 $181,428 $184,100 Average retail 1,408 1,352 1,342 1,310 customers Months in period 3 3 3 3 Retail ARPU $43.49 $44.10 $45.06 $46.83 (3) Churn, which measures customer turnover, is calculated as the number of subscribers that terminate service in a given period, divided by the weighted average number of subscribers in that period, divided by the number of months in that period. Retail customers are deactivated approximately 30 days after failing to pay their monthly bill or when they ask to terminate their service. Retail subscribers that discontinue service in the first 30 days of service for any reason, or in the first 90 days of service under certain circumstances, are deducted from the company's gross customer additions and therefore not included in any of the churn calculations. Management uses churn to measure retention of the company's subscribers, to measure changes in customer retention over time, and to help evaluate how changes in the business affect customer retention. The company believes investors use churn primarily as a tool to track changes in the company's customer retention. Other companies may calculate this measure differently. (4) Retail CPGA (Cost per Gross Addition) is selling, general and administrative costs, less general and administrative costs and acquired businesses costs (costs from entities that were acquired by Clearwire's predecessor entity) plus device equipment subsidies, divided by gross retail customer additions in the period. Three months ended (Unaudited) March 31, 2013 December 31, September 30, March 31, 2012 2012 2012 (in thousands) Selling, general $141,101 $138,489 $139,365 $142,655 and administrative Less: G&A and other (106,972) (113,103) (104,720) (95,408) Selling expense 34,129 25,386 34,645 47,247 Plus: Equipment 19,463 16,300 17,707 14,620 COGS Less:Equipment (12,417) (9,042) (9,396) (14,355) revenue Total retail CPGA $41,175 $32,644 $42,956 $47,512 Expense Total gross adds 287 211 225 196 Total retail CPGA $143 $155 $191 $242 Management uses retail CPGA to measure the efficiency of the company's customer acquisition efforts, to track changes in Clearwire's average cost of acquiring new subscribers over time, and to help evaluate how changes in the company's sales and distribution strategies affect the cost-efficiency of the company's customer acquisition efforts. Clearwire believes investors use retail CPGA primarily as a tool to track changes in the company's average cost of acquiring new subscribers. CONTACT: Investor Relations: Alice Ryder, 425-505-6494 email@example.com Media Relations: Susan Johnston, 425-505-6178 firstname.lastname@example.org JLM Partners for Clearwire: Mike DiGioia or Jeremy Pemble, 206-381-3600 email@example.com or firstname.lastname@example.org Clearwire Corporation Logo
Clearwire Reports First Quarter 2013 Results
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