Subject: [NEXTEL-1] Jefferies & Company, Inc. On Nextel

From: Marcel <[email-masked]>
Date: Thu, 24 Apr 2003 16:58:39 -0400

Jefferies & Company, Inc.

NXTL: Reit Hold - In 1Q, NXTL reported 480k net additions & $906 mm in EBITDA, above our
expectations for 410k & $894 mm, respectively. NXTL continues to execute at the operating
level and in the process, take market share from its competitors. Additionally, the
company repurchased its debt again during the quarter, lowering current interest expense
below expectations and removing the future burden associated with the retired leverage.
For 03, we expect net adds of 1.6 mm and churn of 2.0%, up from our old ests of 1.45 mm &
churn of 2.1%. We expect total revs of $10.0 bn (previous est: $9.9 billion) and EBITDA of
$3.93 bn (unchanged). Our EPS est falls to $0.97 from $0.98. We are cautious at these
levels; NXTL will need to show its high ARPU is sustainable, that push-to-talk is cannot
be copied by its CDMA competitors, & that its network expanding technology works, to
justify further price improvement.

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