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    Mccaw 1992

    Uploaded by

    jeffrey friedman
    This spreadsheet models financial projections for McCaw Cellular and AT&T. Assumptions can be toggled between the outlooks of McCaw and AT&T by changing an entry in cell B9. The model provides projections for several years including revenues, expenses, operating income, depreciation and amortization, capital expenditures, and free cash flow.

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    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd

    Mccaw 1992

    Uploaded by

    jeffrey friedman
    215 views4 pages
    This spreadsheet models financial projections for McCaw Cellular and AT&T. Assumptions can be toggled between the outlooks of McCaw and AT&T by changing an entry in cell B9. The model provides projections for several years including revenues, expenses, operating income, depreciation and amortization, capital expenditures, and free cash flow.

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    Original Title

    mccaw1992

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    © Attribution Non-Commercial (BY-NC)

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    This spreadsheet models financial projections for McCaw Cellular and AT&T. Assumptions can be toggled between the outlooks of McCaw and AT&T by changing an entry in cell B9. The model provides projections for several years including revenues, expenses, operating income, depreciation and amortization, capital expenditures, and free cash flow.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    215 views4 pages

    Mccaw 1992

    Uploaded by

    jeffrey friedman
    This spreadsheet models financial projections for McCaw Cellular and AT&T. Assumptions can be toggled between the outlooks of McCaw and AT&T by changing an entry in cell B9. The model provides projections for several years including revenues, expenses, operating income, depreciation and amortization, capital expenditures, and free cash flow.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 4

    McCawtn.

    xls
    This spreadsheet is provided to support instructor preparation of UVA-F-1142 and 1143, "McCaw Cellular" and "AT
    Assumptions may be toggled between ATT and McCaw outlooks by changing the entry in cell B9: either "mccaw" o

    Exhibit TN10
    Financial Forecast of McCaw Cellular Prepared By AT&T, Remaining Portion of LIN Broadcasting Purchased

    Modeling Assumptions:
    att

    AT&T
    Annual Pop 0.01
    Annual Pen 0.16
    Purchase Ry

    33603
    Direct Costs & Exp. (e 0.331906 0.3297942 0.3215772 0.3135106
    Direct Cost Increment -0.025
    Marketing Expenses (%0.264339 0.2559573 0.225341 0.1982133
    Marketing Expense In -0.12
    Depreciation + Amortiz 0.352406 0.3478795 0.3305435 0.3139612
    D&A Increment (%) -0.05
    CapEx per Net Subscri 1190 1020 870 785
    1190 ATT 1020 870 785
    1147 McCaw 1000 850 750
    Net Working Captial ( 198 150 75 38
    198 ATT 150 75 38
    198 McCaw 150 60 24
    Tax Rate 0.36

    3 Mths Full Year

    Date 9/30/1992 12/31/1992 12/31/1993 12/31/1994


    Discount Periods 0 0.2520548 1.2486339 2.2520548

    McCaw Pops (millions) 45 45.113003 45.562582 46.019774


    Penetration (From Penetration Growth Factor 0.0212 0.0220081 0.0255165 0.0296141
    McCaw Subscribers 0.94 0.9928521 1.1625954 1.362835

    LIN Pops (millions) 26.4 26.466295 26.730048 26.998268


    LIN Penetration 0.0238 0.0247072 0.0286458 0.033246
    LIN Subscribers 0.595 0.6539086 0.7657044 0.8975854
    McCaw Share of LIN Subscribers 0.3094 0.3400325 0.3981663 0.4667444
    McCaw Share of LIN POPs 13.728 13.762473 13.899625 14.039099

    Proportionate McCaw POPs 58.5 58.875476 59.462207 60.058873


    Proportionate McCaw Subscribers
    Beginning Subscribers (millions) 0 1.2494 1.3328845 1.5607617
    Subscribers Added 0 0.0834845 0.2278772 0.2688177
    Ending Subscribers 1.2494 1.3328845 1.5607617 1.8295794
    Period Average Subscribers 0 1.2911423 1.4468231 1.6951705

    Avg. Net Rev./Sub/month ($) 76.88627 72.7788 68.70354


    Total Net Service Revenue (millions) 297.81334 1263.5766 1397.5706
    % Growth Net Service Revenue 0.1060434

    Direct Costs & Expenses (except Mktg) -98.217122 -406.33747 -438.15326


    Marketing -76.227504 -284.73557 -277.01715
    Operating Cash Flow 123.36871 572.50358 682.4002
    Depreciation & Amortization (millions) -103.60314 -417.667 -438.78295
    Cellular Operating Income (millions) 19.765571 154.83657 243.61724

    After-Tax Cellular Operating Income (millions) 12.649966 99.095405 155.91504


    (+) Depreciation & Amortization 103.60314 417.667 438.78295
    (-) CapEx -85.154229 -198.25315 -211.02186
    (-) DNWC 0 85.159606 44.095254
    Free Cash Flow 31.098878 403.66887 427.77138
    1143, "McCaw Cellular" and "AT&T".
    entry in cell B9: either "mccaw" or "att".

    N Broadcasting Purchased

    0.3056729 0.2980104 0.2905601 0.2832961 0.2762137 0.2694436 0.2625575 0.2559935

    0.1744277 0.1534427 0.1350295 0.118826 0.1045669 0.0922523 0.0809482 0.0712344

    0.2982631 0.2833102 0.2691447 0.2556874 0.2429031 0.2309926 0.2191892 0.2082297

    745 700 650 600 550 500 450 450


    745 700 650 600 550 500 450 450
    650 575 550 520 500 500 450 450
    19 9 5 2.5 2.5 2.5 2.5 2.5
    19 9 5 2.5 2.5 2.5 2.5 2.5
    10 4 2 2 2 2 2 2

    12/31/1995 12/31/1996 12/31/1997 12/31/1998 12/31/1999 12/31/2000 12/31/2001 12/31/2002


    3.2520548 4.2547945 5.2547945 6.2547945 7.2547945 8.2349727 9.2575342 10.257534

    46.479972 46.946052 47.415512 47.889667 48.368564 48.842615 49.342117 49.835538


    0.0343524 0.039865 0.0462434 0.0536423 0.0622251 0.071969 0.0837641 0.0971664
    1.5966975 1.8715026 2.1926524 2.5689116 3.0097368 3.5151556 4.1330978 4.8423374

    27.26825 27.541684 27.8171 28.095271 28.376224 28.654334 28.947375 29.236849


    0.0385654 0.0447541 0.0519147 0.0602211 0.0698564 0.0807954 0.0940371 0.109083
    1.0516111 1.2326022 1.4441167 1.6919272 1.9822619 2.3151389 2.7221258 3.1892426
    0.5468377 1.2326022 1.4441167 1.6919272 1.9822619 2.3151389 2.7221258 3.1892426
    14.17949 27.541684 27.8171 28.095271 28.376224 28.654334 28.947375 29.236849

    60.659462 74.487735 75.232612 75.984939 76.744788 77.496949 78.289492 79.072387

    1.8295794 2.1435352 3.1041048 3.6367692 4.2608388 4.9919987 5.8302945 6.8552236


    0.3139558 0.9605696 0.5326644 0.6240696 0.7311599 0.8382958 1.0249291 1.1763564
    2.1435352 3.1041048 3.6367692 4.2608388 4.9919987 5.8302945 6.8552236 8.03158
    1.9865573 2.62382 3.370437 3.948804 4.6264187 5.4111466 6.3427591 7.4434018

    65.18496 62.06456 59.70215 57.53255 55.61654 53.33467 51.10382 49.21458


    1553.9239 1954.1548 2414.668 2726.2171 3087.6648 3463.2206 3889.6706 4395.8867
    0.111875 0.2575615 0.2356585 0.1290236 0.1325821 0.121631 0.1231368 0.1301437

    -474.99239 -582.35842 -701.60624 -772.32674 -852.85538 -933.1425 -1021.262 -1125.3185


    -271.04744 -299.85073 -326.05153 -323.94548 -322.86748 -319.49013 -314.86198 -313.13857
    807.88406 1071.9457 1387.0102 1629.9449 1911.942 2210.588 2553.5466 2957.4296
    -463.47823 -553.63193 -649.89501 -697.05946 -750.00323 -799.97848 -852.57381 -915.35437
    344.40583 518.31372 737.11523 932.88546 1161.9387 1410.6095 1700.9728 2042.0753

    220.41973 331.72078 471.75375 597.04669 743.64079 902.79009 1088.6226 1306.9282


    463.47823 553.63193 649.89501 697.05946 750.00323 799.97848 852.57381 915.35437
    -233.89709 -319.0574 -346.23185 -374.44175 -402.13796 -419.1479 -461.2181 -529.36037
    26.671892 14.130208 6.762195 6.980175 -1.6940369 -1.9618197 -2.3290311 -2.7516069
    476.67276 580.42552 782.17911 926.64457 1089.812 1281.6588 1477.6493 1690.1706

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