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Technology Stocks : Leap Wireless International (LWIN)
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To: pcstel who wrote (1229)2/3/2002 6:59:51 AM
From: Paul Smith  Read Replies (1) of 2737
 
"Once you subtract the roaming expenses paid to SprintPCS its adjusted ARPU is only $42..."

The difference between $60 and $42 ARPU @ PCSA is not EXPENSES PAID TO SPRINT but rather revenue coming from Sprint,...it is roaming revenue to AirGate and roaming expense to Sprint.

Leap has better assets than AirGate but the market seems to be more impressed by AirGate's affiliation with deep-pocketed Sprint (less risk of failure?) and must be assuming (incorrectly?) that AirGate will have better cash flow returns, in part due to roaming revenue from Sprint. My bet would be on Leap. We'll have to wait to see how it plays out.

As for Michigan, what surprises me is, if the system is so close to launch, why don't we see more Michigan job postings on the Leap web site? The lack of hiring in Michigan makes me think the launch is not a 1Q02 event. Am I missing something with that conclusion?
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