Revenues have also increased each year since 2008, as has net income, return on equity, return on assets, operating margins, and net margins.

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The net cash proceeds are prior to any adjustment for potential tax liabilities which are likely to arise from the sale of spectrum assets even after utilizing the existing net operating losses.

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Free cash flow is calculated as GAAP net cash provided by operating activities less purchases of property and equipment and intangible assets.

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The higher the return on capital which he defines as pretax operating profit divided by the sum of net working capital and net fixed assets the more effectively a company is using its capital to generate profit.

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One of the balance sheet assets they accrue during this period are their tax-deductable Net Operating Losses (NOLs).

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