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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 157.80

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To: Cooters who wrote (24716)	7/18/2002 10:00:13 AM
From: Cooters	Read Replies (2) of 197314

PCS CC notes: - $825M EBITDA for Q2 excluded the $62M charge for prior periods related to FCC decision about access charges. - They have held their nationwide pricing plans constant for 7-8 months now, though they have added some regional plans, where they do compete with the regional plans offered by other carriers. - Attribute QoQ decline in churn to 2.9% to decrease in turnover of Prime customers. Still believe work needs to be done on involuntary disconnections, which is why credit policies have been tightened. - 4.5% of the base upgraded phones in Q2. They expect that to go higher in H2 due to 3G rollout. - They added 300 cell sites and 1250 carriers in Q2. Expect full year numbers will be 2400 and 3300. Total are currently 18,300 and 30,500. - 3G rollout will occur this summer, stated several times with no specific date. Still finishing up support services and sales/support training. - Virgin USA subs will not be included in PCS numbers. - They expect excitement generated by 3G rollout to go way beyond users wanting these services, increasing store traffic and customer additions for non-data users as well. - The prepaid product they are selling through WalMart has been out for 7-9 months, not the more recent timeframes cited by reports(like SSB, I believe). They do not expect this product to be a big part of their business. - They expect to hold, or even maybe reduce, handset subsidies moving into 3G, due to demand for the higher-end color devices(not requiring a large subsidy). - Subsidies for existing customers(upgrades) average less than new customers because they use rebates frequently for new customers that are not available for upgrades. - Weak answers about PTT(priorities) and whether 1.8M 3G handsets currently in base can download java midlets. - Holding to 2.5M-2.7M net adds for year, though it could be challenging. Cooters Repeat of previous highlights for reference: - 60% of phone sales in Q2 were 1x. - 1.8M 1x in base now. - 1x rollout will occur this summer. - Avg mins now almost 660/month. - 1.6M gross adds, 2.9% churn - 2.5M wireless web users, ARPU>$1 - ARPU $63

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