DOCSLIB.ORG

United States Securities and Exchange Commission Form

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
United States Securities and Exchange Commission Form Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ————————————————————— FORM 10-Q ————————————————————— QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF x 1934 For the quarterly period ended June 30, 2016 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF o 1934 For the transition period from to Commission File number 1-04721 ————————————————————— SPRINT CORPORATION (Exact name of registrant as specified in its charter) ————————————————————— Delaware 46-1170005 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 6200 Sprint Parkway, Overland Park, Kansas 66251 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (855) 848-3280 ————————————————————— Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer x Accelerated filer o Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes o No x COMMON SHARES OUTSTANDING AT AUGUST 4, 2016 : Sprint Corporation Common Stock 3,978,362,186 Table of Contents SPRINT CORPORATION TABLE OF CONTENTS Page Reference Item PART I — FINANCIAL INFORMATION 1. Financial Statements 1 Consolidated Balance Sheets 1 Consolidated Statements of Comprehensive Loss 2 Consolidated Statements of Cash Flows 3 Consolidated Statement of Stockholders' Equity 4 Notes to the Consolidated Financial Statements 5 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32 3. Quantitative and Qualitative Disclosures About Market Risk 53 4. Controls and Procedures 53 PART II — OTHER INFORMATION 1. Legal Proceedings 55 1A. Risk Factors 55 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 3. Defaults Upon Senior Securities 55 4. Mine Safety Disclosures 55 5. Other Information 56 6. Exhibits 56 Signature 57 Exhibit Index 58 Table of Contents PART I — FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) SPRINT CORPORATION CONSOLIDATED BALANCE SHEETS June 30, March 31, 2016 2016 (in millions, except share and per share data) ASSETS Current assets: Cash and cash equivalents $ 3,780 $ 2,641 Short-term investments 1,304 — Accounts and notes receivable, net of allowance for doubtful accounts and deferred interest of $44 and $39, respectively 1,113 1,099 Device and accessory inventory 816 1,173 Prepaid expenses and other current assets 1,949 1,920 Total current assets 8,962 6,833 Property, plant and equipment, net 19,715 20,297 Intangible assets Goodwill 6,575 6,575 FCC licenses and other 40,175 40,073 Definite-lived intangible assets, net 4,157 4,469 Other assets 811 728 Total assets $ 80,395 $ 78,975 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,841 $ 2,899 Accrued expenses and other current liabilities 4,245 4,374 Current portion of long-term debt, financing and capital lease obligations 5,603 4,690 Total current liabilities 11,689 11,963 Long-term debt, financing and capital lease obligations 31,354 29,268 Deferred tax liabilities 14,006 13,959 Other liabilities 3,844 4,002 Total liabilities 60,893 59,192 Commitments and contingencies Stockholders' equity: Common stock, voting, par value $0.01 per share, 9.0 billion authorized, 3.975 billion issued 40 40 Paid-in capital 27,582 27,563 Treasury shares, at cost — (3) Accumulated deficit (7,680) (7,378) Accumulated other comprehensive loss (440) (439) Total stockholders' equity 19,502 19,783 Total liabilities and stockholders' equity $ 80,395 $ 78,975 See Notes to the Consolidated Financial Statements 1 Table of Contents SPRINT CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended June 30, 2016 2015 (in millions, except per share amounts) Net operating revenues: Service $ 6,516 $ 7,037 Equipment 1,496 990 8,012 8,027 Net operating expenses: Cost of services (exclusive of depreciation and amortization included below) 2,099 2,393 Cost of products (exclusive of depreciation and amortization included below) 1,419 1,365 Selling, general and administrative 1,917 2,187 Severance and exit costs 16 13 Depreciation 1,680 1,241 Amortization 287 347 Other, net 233 (20) 7,651 7,526 Operating income 361 501 Other (expense) income: Interest expense (615) (542) Other income, net 8 4 (607) (538) Loss before income taxes (246) (37) Income tax (expense) benefit (56) 17 Net loss $ (302) $ (20) Basic net loss per common share $ (0.08) $ (0.01) Diluted net loss per common share $ (0.08) $ (0.01) Basic weighted average common shares outstanding 3,975 3,967 Diluted weighted average common shares outstanding 3,975 3,967 Other comprehensive (loss) income, net of tax: Net unrealized holding (losses) gains on securities and other $ (2) $ 2 Net unrecognized net periodic pension and other postretirement benefits 1 2 Other comprehensive (loss) income (1) 4 Comprehensive loss $ (303) $ (16) See Notes to the Consolidated Financial Statements 2 Table of Contents SPRINT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended June 30, 2016 2015 (in millions) Cash flows from operating activities: Net loss $ (302) $ (20) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,967 1,588 Provision for losses on accounts receivable 93 163 Share-based and long-term incentive compensation expense 15 18 Deferred income tax expense (benefit) 46 (13) Amortization of long-term debt premiums, net (80) (78) Loss on disposal of property, plant and equipment 120 — Contract terminations 96 — Other changes in assets and liabilities: Accounts and notes receivable (106) (1,683) Deferred purchase price from sale of receivables (117) 1,184 Inventories and other current assets (98) (315) Accounts payable and other current liabilities (1,016) (867) Non-current assets and liabilities, net (159) 83 Other, net 83 68 Net cash provided by operating activities 542 128 Cash flows from investing activities: Capital expenditures - network and other (473) (1,802) Capital expenditures - leased devices (405) (544) Expenditures relating to FCC licenses (15) (26) Proceeds from sales and maturities of short-term investments — 138 Purchases of short-term investments (1,304) (175) Proceeds from sales of assets and FCC licenses 27 1 Other, net (25) (3) Net cash used in investing activities (2,195) (2,411) Cash flows from financing activities: Proceeds from debt and financings 3,255 346 Repayments of debt, financing and capital lease obligations (294) (26) Debt financing costs (175) (1) Other, net 6 14 Net cash provided by financing activities 2,792 333 Net increase (decrease) in cash and cash equivalents 1,139 (1,950) Cash and cash equivalents, beginning of period 2,641 4,010 Cash and cash equivalents, end of period $ 3,780 $ 2,060 See Notes to the Consolidated Financial Statements 3 Table of Contents SPRINT CORPORATION CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (in millions) Common Stock Treasury Shares Accumulated Other Paid-in Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total Balance, March 31, 2016 3,974 $ 40 $ 27,563 1 $ (3) $ (7,378) $ (439) $ 19,783 Net loss (302) (302) Other comprehensive loss, net of tax (1) (1) Issuance of common stock, net 1 — (1) 3 3 Share-based compensation expense 15 15 Other, net 4 4 Balance, June 30, 2016 3,975 $ 40 $ 27,582 — $ — $ (7,680) $ (440) $ 19,502 See Notes to the Consolidated Financial Statements 4 Table of Contents SPRINT CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS INDEX Page Reference 1. Basis of Presentation 6 2. New Accounting Pronouncements 6 3. Funding Sources 7 4. Financial Instruments 11 5. Property, Plant and Equipment 11 6. Intangible Assets 12 7. Accounts Payable 14 8. Long-Term Debt, Financing and Capital Lease Obligations 14 9. Severance and Exit Costs 17 10. Income Taxes 18 11. Commitments and Contingencies 19 12. Per Share Data 21 13. Segments 21 14. Related-Party Transactions 23 15. Guarantor Financial Information 25 5 Table of Contents Index for Notes to the Consolidated Financial Statements SPRINT CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 1. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended March 31, 2016 .
Load more

Recommended publications
  • US-CHINA TRADE WAR Uneasy Truce
    Xi Jinping and China’s new era Japan Emperor’s enthronement WeWork’s debacle MCI(P) 087/05/2019 November 2019 INDEPENDENT • INSIDER • INSIGHTS ON ASIA Best New Print Product and Best News Brand in Asia-Pacic, International News Media Association (INMA) Global Media Awards 2019 US-CHINA TRADE WAR Uneasy truce A partial trade deal is on the anvil for the world’s two leading superpowers. Will it be the breakthrough for global trade? Or, will hostilities prevail? WE BRING YOU SINGAPORE AND THE WORLD UP TO DATE IN THE KNOW News | Live blog | Mobile pushes Web specials | Newsletters | Microsites WhatsApp | SMS Special Features IN THE LOOP ON THE WATCH Facebook | Twitter | Instagram Videos | FB live | Live streams To subscribe to the free newsletters, go to str.sg/newsletters All newsletters connect you to stories on our straitstimes.com website. Data Digest Airlines’ emissions rising faster than predicted FLYING FREQUENTLY IS DAMAGING THE trajectory, aviation emissions could roughly environment at a rate far higher than estimated, triple by 2050, by which time aviation emissions says a new report by the United Nations’ might account for 25 per cent of the global carbon International Civil Aviation Organisation (ICAO). budget, it adds. Greenhouse gas emissions from commercial Flights within the Asia-Pacific region emitted aviation totalled 918 million tonnes last year, the largest share of passenger transport-related accounting for 2.4 per cent of global CO2 CO2 at 25 per cent of the global total. The leading emissions from fossil fuel use and a 32 per cent countries in this list are China, Japan, India and increase over the past five years.
    [Show full text]
  • 2008 International Telecommunications Data (Filed As of October 31, 2009)
    2008 International Telecommunications Data (Filed as of October 31, 2009) March 2010 Strategic Analysis and Negotiations Division Multilateral Negotiations and Industry Analysis Branch International Bureau This report is available for reference in the FCC’s Reference Information Center at 445 12th Street, S.W., Courtyard Level. Copies may be purchased by calling the FCC’s duplicating contractor, Best Copy and Printing, Inc., 445 12th Street, S.W., Room CY-B402, Washington, DC 20554, telephone 1-800-378-3160, facsimile 202-488-5563, or via e-mail www.bcpiweb.com. The report can also be downloaded [file name: CREPOR08.ZIP or CREPOR08.PDF] from www.fcc.gov/ib. 2008 International Telecommunications Data March 2010 Introduction This is the Federal Communications Commission’s (FCC’s) annual report compiling data on telecommunications service between the United States and international points. The data compiled in this report are for the year 2008. The data are compiled from reports submitted to the FCC by U.S. carriers pursuant to Section 43.61 of the Commission's rules.1 Section 43.61(a) directs carriers to file reports by July 31 which summarize international telecommunications service provided during the preceding calendar year. Carriers submit corrections of the data by October 31. The specific filing requirements are set forth in the Manual for Filing Section 43.61 Data (June 1995). Statistical Findings • U.S.-billed minutes increased 7.0% from 70.0 billion in 2007 to 74.9 billion in 2008. • In 2008, 77 U.S. facilities-based and facilities-resale carriers (see definitions on page 3) together reported that they billed $6.5 billion for international telephone service, and $816 million for international private line and other miscellaneous services, compared to $6.5 billion and $717 million, respectively, in 2007.
    [Show full text]
  • Press Release Contains Forward-Looking Statements Based on the Current Expectations of Searchlight Capital Partners, LP, Forgelight LLC and Grupo Televisa, S.A.B
    New Independent Directors Named to Univision Board World-Class U.S. Hispanic Business Leaders to Join Univision’s Newly Constituted Board as Independent Directors MIAMI, NEW YORK & MEXICO CITY – November 11, 2020 – Searchlight Capital Partners, LP (“Searchlight”), a global private investment firm and ForgeLight LLC (“ForgeLight”), an operating and investment company focused on the media and consumer technology sectors, and Grupo Televisa SAB (“Televisa”), a leading media company in the Spanish-speaking world, today announced the appointment of independent members to a reconstituted Board of Directors for Univision Holdings, Inc. (“Univision”), the leading U.S. Hispanic media company. The new Board will take effect upon the close of the previously announced acquisition of a majority ownership interest in Univision, expected to take place by the end of this year. The independent directors consist of four leading U.S. Hispanic business leaders who collectively possess a deep understanding of Univision’s U.S. Spanish-speaking audiences and the communities the company serves, backed by substantial financial and operational expertise across a variety of sectors. This new Board, after closing, will help oversee Univision’s strategy as it builds on recent content and programming momentum, expands its portfolio of advertising products, substantially enhances its digital presence, and features best-in-class content through its continued partnership with Televisa. The new directors include: • Marcelo Claure, Chief Executive Officer of Softbank Group International and Chief Operating Officer of SoftBank Group Corp; • Oscar Munoz, Executive Chairman of United Airlines Holdings, Inc.; • María Cristina “MC” González Noguera, Senior Vice President of Global Public Affairs for The Estée Lauder Companies; and • Gisel Ruiz, a 26-year veteran of Walmart Inc., having served most recently as Chief Operating Officer of Sam’s Club.
    [Show full text]
  • Owner Operated Companies July 12, 2021
    OUR VIEWS ON ECONOMIC AND OTHER EVENTS AND THEIR EXPECTED IMPACT ON INVESTMENTS JULY 12, 2021 The views of the Portfolio Management Team contained in this report are as of July 12, 2021 and this report is not intended to provide legal, accounting, tax or specific investment advice. Views, portfolio holdings and allocations may have changed subsequent to this date. This research and information, including any opinion, is compiled from various sources believed to be reliable but it cannot be guaranteed to be current, accurate or complete. It is for information only, and is subject to change without notice. The contents of this Newsletter reflect the different assumptions, views and analytical methods of the analysts who prepared them. OWNER OPERATED COMPANIES the end of 2021. Clearco has hired two new executives to lead product and technology development in the last two months, including Katrina SoftBank Group Shackelford, a former director of product at Amazon.com Inc. Clearco Corp. (“SoftBank”) is part of a growing list of Canadian tech companies that have achieved - A SoftBank unicorn status this year. In the first quarter, Canadian companies raised Group Corp. fund is leading $2.5 billion in venture capital funding, according to KPMG. a US$215 million investment SoftBank - SoftBank Group Corp. plans to invest an additional US$5 in Clear Finance Technology billion in Latin American companies, according to people familiar with Corp a Canadian growth capital the matter. The board is close to approving the new capital allocation, start-up that provides money which would double its commitment to the region to $10 billion, one of to small online businesses.
    [Show full text]
  • Acquisition of Brightstar Corp. Shares
    October 19, 2013 SoftBank Corp. Acquisition of Brightstar Corp. Shares SoftBank Corp. (“SoftBank”) announced that it has entered into agreements yesterday (October 18, 2013, JST/EDT) with the major shareholders (the “Sellers”*1) of mobile device distributor Brightstar Corp. of the United States (“Brightstar”) pursuant to which SoftBank will acquire Brightstar shares (the “Transaction”). In the Transaction, SoftBank will invest a total of USD 1.26 billion (approx. JPY 124.7 billion*2) into certain U.S. subsidiaries. Such U.S. subsidiaries will purchase 100% of the shares of Brightstar for approximately USD 1.105 billion (approx. JPY 109.4 billion*2) cash consideration, and U.S. subsidiary shares as noted in 3. (5) below. As a result of the Transaction, SoftBank will indirectly own approximately 57% of the voting power, and common stock, of the shares of a U.S. subsidiary that will own 100% of Brightstar, making Brightstar a subsidiary of SoftBank. Furthermore, SoftBank plans to gradually exercise the Warrant (defined below) to increase its ownership in the U.S. subsidiary to approximately 70% of the voting power, and common stock, over the five year period following step (1) of “2. Transaction Method.” [Note] *1 Including Mr. Marcelo Claure and LG BRIGHTSTAR, L.P., as listed in “6. About the Shareholders whose Shares will be Acquired.” [Note] *2 Converted at USD = JPY 99. 1. Reason for Transaction Brightstar is the world’s largest specialized wireless distributor*3 and a leading provider of diversified services focused on enhancing the performance and results of the key participants in the wireless device value chain: manufacturers, operators and retailers.
    [Show full text]
  • Printmgr File
    IMPORTANT NOTICE NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO U.S. PERSONS OR OTHERWISE THAN TO PERSONS TO WHOM IT CAN LAWFULLY BE DISTRIBUTED IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached offering memorandum. You are advised to read this disclaimer carefully before accessing, reading or making any other use of the attached offering memorandum. In accessing the attached offering memorandum, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. CONFIRMATION OF YOUR REPRESENTATION: You have accessed the attached document on the basis that you have confirmed your representation to the issuer and to Deutsche Bank AG, London Branch, Citigroup Global Markets Limited, Goldman Sachs International, Morgan Stanley & Co. International plc, Mizuho International plc, Mizuho Securities Asia Limited, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International, J.P. Morgan Securities plc, UBS AG Hong Kong Branch, Barclays Bank PLC, BNP Paribas, Credit Suisse (Hong Kong) Limited, Daiwa Capital Markets Europe Limited, ING Bank N.V., Singapore Branch, Nomura International plc and SMBC Nikko Capital Markets Limited (together, the “Initial Purchasers”) that (1) you are not a U.S. Person, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or a dealer or professional fiduciary acting
    [Show full text]
  • Printmgr File
    OFFERING MEMORANDUM STRICTLY CONFIDENTIAL NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA OR TO U.S. PERSONS SoftBank Group Corp. $2,750,000,000 6.000% Undated Subordinated NC6 Resettable Notes $1,750,000,000 6.875% Undated Subordinated NC10 Resettable Notes Issue Price: 100.00% The $2,750,000,000 6.000% Undated Subordinated NC6 Resettable Notes (the “NC6 Notes”) and the $1,750,000,000 6.875% Undated Subordinated NC10 Resettable Notes (the “NC10 Notes” and, together with the NC6 Notes, the “Notes” and each, a “Tranche,” the terms and conditions of both Tranches being together, the “Conditions”)) will be issued by SoftBank Group Corp. (the “Company”) on or about July 19, 2017 (the “Issue Date”). The Notes will bear interest on their principal amount from (and including) the Issue Date to (but excluding) July 19, 2023 (in the case of the NC6 Notes) and July 19, 2027 (in the case of the NC10 Notes) at a rate of 6.000 percent and 6.875 percent per annum respectively. Thereafter, the prevailing interest rate on the NC6 Notes and the NC10 Notes shall be 4.226 percent and 4.854 percent per annum, respectively, above the 5 Year Swap Rate for the relevant Reset Period (as defined in the relevant Conditions) and from (and including) July 19, 2038 (in the case of the NC6 Notes) and July 19, 2042 (in the case of the NC10 Notes) (each, a “Second Step-up Date”) the applicable interest rate on the NC6 Notes and the NC10 Notes shall be 4.976 percent and 5.604 percent per annum, respectively, above the 5 Year Swap Rate for the relevant Reset Period.
    [Show full text]
  • Sprint Nextel Reports Fourth Quarter and Full Year 2010 Results
    Sprint Nextel Reports Fourth Quarter and Full Year 2010 Results Company Release - 02/10/2011 07:00 Added nearly 1.1 million total wireless subscribers including net postpaid subscriber additions – both bests in nearly five years – and highest ever fourth quarter prepaid net subscriber additions ● Best ever fourth quarter and annual postpaid churn results ● Twelfth consecutive quarter of improvement in Customer Care Satisfaction and First Call Resolution ● Sequential and year-over-year total quarterly net operating revenue growth ● Free Cash Flow* of $913 million in the fourth quarter and $2.5 billion for 2010 The company’s fourth quarter and full year 2010 earnings conference call will be held at 8 a.m. EST today. Participants may dial 800-938-1120 in the U.S. or Canada (706-634-7849 internationally) and provide the following ID: 38599868, or may listen via the Internet at www.sprint.com/investor. OVERLAND PARK, Kan.--(BUSINESS WIRE)-- Sprint Nextel Corp. (NYSE: S) today reported that during the fourth quarter of 2010, the company achieved its best total company wireless subscriber additions and net postpaid additions since the first and second quarters of 2006, respectively. The company added nearly 1.1 million total wireless subscribers driven by net postpaid subscriber additions of 58,000, which include net subscriber additions of 519,000 for the Sprint brand - and the company’s best ever fourth quarter prepaid net subscriber additions of 646,000. The company delivered postpaid churn of 1.86 percent - the best postpaid churn result Sprint has reported in the fourth quarter of any year.
    [Show full text]
  • ANNUAL REPORT 2019 Softbank Group Corp
    ANNUAL REPORT 2019 SoftBank Group Corp. ANNUAL REPORT 2019 Disclaimers to be correct, and actual results, performance or achievements could User Guide materially differ from expectations. Persons viewing this annual report • This annual report provides relevant information about the Group and This PDF has various features to make it easy to use and to search for should not place undue reliance on forward-looking statements. We does not constitute or form any solicitation of investment including any information. It also contains links to external websites to allow you to undertake no obligation to update any of the forward-looking statements offer to buy or subscribe for any securities in any jurisdiction. refer to external information easily. contained in this annual report or any other forward-looking statements • This annual report contains forward-looking statements, beliefs or opinions we may make. Past performance is not an indicator of future results and regarding the Group, such as statements about the Group’s future the results of the Group in this annual report may not be indicative of, and business, future position and results of operations, including estimates, Contents are not an estimate, forecast or projection of our future results. forecasts, targets and plans for the Group. Without limitation, forward- • We do not guarantee the accuracy of information in this report regarding Click to go to the first page of each category. looking statements often include the words such as “targets”, “plans”, companies (including, but not limited to, those in which SoftBank Vision SoftBank Group Corp. “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, Towards the AI Era Essential Information Growth Strategy Management Organization Financial Section Corporate Information Fund has invested) other than the Group which has been quoted from ANNUAL REPORT 2019 006 “may”, “should”, “would”, “could” “anticipates”, “estimates”, “proj- public and other sources.
    [Show full text]
  • In the Court of Chancery of the State of Delaware
    EFiled: Apr 07 2020 08:04AM EDT Transaction ID 65559679 Case No. 2020-0258- IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE THE WE COMPANY, ) ) Plaintiff, ) ) v. ) C.A. No. ___________ ) SOFTBANK GROUP CORP. and ) SOFTBANK VISION FUND (AIV M1) ) L.P., a Delaware limited partnership, ) ) Defendants. ) VERIFIED COMPLAINT Plaintiff The We Company (the “Company”), acting by and under the direction of the Special Committee (the “Committee”) of the Company’s Board of Directors (the “Board”), by and through its undersigned counsel, for its complaint against Defendant SoftBank Group Corp. (“SBG”) and SoftBank Vision Fund (AIV M1) L.P. (“Vision Fund” and, with SBG, “SoftBank”), upon knowledge as to itself and information and belief as to all other matters, alleges as follows: NATURE OF THE ACTION 1. On October 22, 2019, SBG, its affiliate Vision Fund, the Company, We Holdings LLC, and the Company’s co-founder and former CEO Adam Neumann entered into a Master Transaction Agreement, as amended on December 27, 2019 (the “MTA”).1 The MTA provided for a series of transactions, including a debt financing arrangement and the accelerated funding of an existing $1.5 billion warrant agreement among SoftBank and the Company. 2. The centerpiece bargained-for benefit to be received by the Company’s minority stockholders in the MTA was a tender offer, through which SoftBank would purchase up to $3 billion worth of the Company’s stock held by the Company’s stockholders (the “Tender Offer”). The Committee viewed the Tender Offer as a critical component of the MTA because it provided much-needed liquidity to the Company’s minority stockholders—many of whom are longtime Company employees who depended upon receiving value for their shares.
    [Show full text]
  • Annual Statistical Report
    ANNUAL STATISTICAL REPORT Statistical Data on Public Utilities in West Virginia Source: Annual Reports Submitted To The Public Service Commission Of West Virginia ______________________________ Condition at the Close of Year Ended December 31, 2010 or as Otherwise Noted Compiled by: Sharon Stewart, Executive Secretary Division, Annual Reports Section – 12/06/2011 WEST VIRGINIA PUBLIC SERVICE COMMISSION 2010 ANNUAL REPORT STATISTICS FISCAL YEAR 07/01/09 - 06/30/10 CALENDAR YEAR 01/01/10 - 12/31/10 TABLE OF CONTENTS Page Number List of Utilities ............................................................................................5 – 25 Annual Report Summary .................................................................................26 - - - - - - - - - - - - - - - - - - -- - - - Type of Utilities - - - - - - - - - - - - - - - - - - - - - - - - Telephone Companies ....................................................................... 27 - 29 Electric Companies ............................................................................ 30 - 36 Gas Companies ................................................................................. 37 - 39 Water Utilities: Privately Owned ...................................................................................40 Publicly Owned - Municipals ......................................................... 41 - 45 Publicly Owned - Districts ............................................................ 46 - 50 Associations and Authorities.............................................................
    [Show full text]
  • Owner Operated Companies March 1, 2021
    OUR VIEWS ON ECONOMIC AND OTHER EVENTS AND THEIR EXPECTED IMPACT ON INVESTMENTS MARCH 1, 2021 The views of the Portfolio Management Team contained in this report are as of March 1, 2021 and this report is not intended to provide legal, accounting, tax or specific investment advice. Views, portfolio holdings and allocations may have changed subsequent to this date. This research and information, including any opinion, is compiled from various sources believed to be reliable but it cannot be guaranteed to be current, accurate or complete. It is for information only, and is subject to change without notice. The contents of this Newsletter reflect the different assumptions, views and analytical methods of the analysts who prepared them. OWNER OPERATED COMPANIES $42.52 billion for the year, both reflecting large gains from its stocks. Operating income, which Buffett considers a more accurate measure of Ares Management performance, fell 9% for the year to $21.92 billion. The stock buybacks Corporation – have continued in 2021, with Berkshire repurchasing more than $4 plans to buy billion of its own stock. It ended 2020 with $138.3 billion of cash. Buffett 60% of the private markets also said Berkshire’s annual meeting will be held in Los Angeles rather business of AMP Limited’s than Omaha, allowing 97-year-old Vice Chairman Charlie Munger, a asset management arm for Californian, to re-join him and answering about 3 and a half hours of AU$1.35 billion (US$1.06 shareholder questions. Vice Chairmen Greg Abel, 58, and Ajit Jain, 69, billion), weeks after scrapping who are widely considered frontrunners to succeed Buffett as chief a bid for all of the Australian executive, will also be available to answer questions.
    [Show full text]