Here were my five takeaways from the quarterly update:
The good parts
[1] Commercial building revenue has almost tripled since since Q1/16
It would be interesting to know if the bulk of this came from newly leveraged Phone Names customers - if yes, then the acquisition was a wise move.
[2] 68% of residential customers are on speeds greater than 25Mbps, compared to NBN’s 18%
I think certain politicians/NBN reps would have us believe that most people are content with 12Mbps connections. If the NBN's CVC charges stay unchanged, this is where Spirit can leave NBN in the dust.
The not so good parts
[3] Residential customer pentetration growth per building is up to 1% per quarter
That's 1% higher than stagnation/saturation point.
[4] Charting the number of 'connected apartments'
This metric is true enough, and while it reflects the results of new capex, it's a bit misleading.
A better term would be 'connectable apartments' or 'potential total customers'. Let's say next quarter there are 25,000 'connected' apartments - that would look good on the chart, but the number doesn't counts for little if the apartments are not signed to Spirit, sitting vacant, etc. A more informative chart metric would be the number of customers each quarter (currently 7,713 as opposed to the 20,786 'connected' apartments).
The wild card
[5] 3% of residential connections are on 200 Mbps plans.
I think this would be a point of distinction against other ISPs, and I wonder if it's the highest percentage of any ISP in the country.
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