RDOF Auction 904 Postmortem Summary - Wireless 20\ 20 PDF Free Download

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RDOF Auction 904PostmortemSummary1

2RDOF Auction 904 Postmortem Report1.2.3.4.5.6.7.Executive SummaryOverall RDOF Auction 904 ResultsRDOF Auction Results by StateOverview of Results for Top 10 WinnersOther RDOF WinnersState by State ResultsRDOF Auction Next StepsCopyright 2020 Wireless 20/20. All Rights Reserved.

3Executive Summary - RDOF Auction 904 Phase 1Overall RDOF Results 9.2B for RuralBroadband Awardedfor 49 states covering5.2 million of5.9 million targetlocations.Gigabit Tier winnersmay be claiming tooffer speeds that arenot feasible withexisting technology.Speed TierThe Majority of CGB’swere won at the GigabitSpeed TierEven with the reducedaward, all winnersmust submit a longform application byJanuary 29Copyright 2020 Wireless 20/20. All Rights Reserved.Percent WonGigabit85% ( 8.285 B)Above Baseline100 Mbps/20 Mbps15%( 0.938 B)Baseline 25/3 Mbps 0% ( 0.007B)Starlink (SpaceX) won 94% ofAbove Baseline Funds,losing only to Gigabit bidders3

4Executive Summary - RDOF Auction 904 Phase 1 ResultsAuction 904RDOF Phase 1Opened 10/29/2020Closed 11/25/2020386 Qualified Bidders180 Winning Bidders, 9.2B for Rural BroadbandAwarded for 49 states5.2 million of 5.9 milliontarget locationsOnly 57% of 16 billionMajor Winner ResultsCompanyAuctionWinningsLocations/StatesLTD Broadband 1.3 billion528,000/15Charter ComCCO Holdings 1.22 billion1 million24 statesRural ElectricCooperative 1.1 billion618,00022 statesSpaceX 885.5 million642,000/35Windstream 522.9 million192,567/18AMG TechSome WISPs bid on realistic 100 Mbpsservices only to be outbid by otherWISPs that are claiming to offer speedsthat are not feasible with existingtechnology. This raises questions ofwhether the FCC has any credibilitywhen it makes auction rules.ResoundNetworks, LLC 429.2 million 310,681,609Market ComparisonCable operators, electric coops,incumbent telcos, LEO satelliteand fixed wireless providers.206,136/12219,2397 statesMajor MarketResults 370.9 million127,188/8FrontierStarry 268,851,316108,506/9CenturyLink 262.4 million77,257/20Copyright 2020 Wireless 20/20. All Rights Reserved.85% of locations received lowersubsidy than expected.Majority of locations will bereceiving Gigabit broadband —far above the 25/3 Mbps minimumlevel of service that providers couldbid on in the RDOF Auction 904.4

6RDOF Auction Results by StateRDOF SupportWinning BiddersLocationsMaine 71,175,908427,755129,445Maryland 48,023,869537,76115200,612Massachusetts 32,631,916225,480 695,158,12915364,878Michigan 362,985,05513249,263 249,833,709876,216Minnesota 408,150,74522142,841Connecticut 4,210,41122,899Mississippi 495,725,79912218,990Delaware 13,302,04827,757Missouri 346,297,66017199,211Florida 191,753,60911141,625Montana 125,815,439645,984Georgia 326,454,11215179,455Nebraska 60,377,5361043,435Hawaii 24,740,78228,081Nevada 63,536,610530,584Idaho 112,489,827840,706Illinois 378,310,11019159,967NewHampshire 25,257,660417,740Indiana 169,379,96411152,983New Jersey 10,739,47418,686Iowa 143,892,5441153,819New Mexico 165,209,7181864,170Kansas 62,107,4821246,827New York 99,891,7151046,647Kentucky 148,978,7671198,909North Carolina 166,580,4419155,137Louisiana 342,207,31513175,692Ohio 170,038,20511191,093StateRDOF SupportWinning BiddersLocationsAlabama 330,804,82713196,460Arizona 195,847,6687Arkansas 424,243,217CaliforniaColoradoStateCopyright 2020 Wireless 20/20. All Rights Reserved.6

7RDOF Auction Results by State (continued)StateRDOF SupportWinning BiddersLocationsOklahoma 154,556,45013126,153Oregon 212,027,0911081,634Pennsylvania 368,743,20013184,505Rhode Island 1,273,78413,678South Carolina 121,245,9879108,833South Dakota 52,285,517610,051Tennessee 148,625,82611155,220Texas 362,662,93422310,962Utah 31,384,525310,373Vermont 32,533,635419,330Virginia 238,644,93316186,475Washington 222,768,5329100,422West Virginia 362,066,6609119,267Wisconsin 373,715,05114240,546Wyoming 57,471,5431118,966 3,706,2351530Mariana IslandsCopyright 2020 Wireless 20/20. All Rights Reserved.7

8RDOF Auction 904 Phase 1 Opened10/29/2020Closed11/25/2020386 Qualified Bidders - 180 Winning Bidders 9.2B for Rural Broadband AwardedOnly 57.5% of Phase 1 16 billion5.2 million of 5.9 million target locations,rural census block groups in 49 statesTop 10 winners won 76% of total 9.2 billionRDOF Winning CompanyBidding entityAmountLocationsStatesLikely Technology1.LTD BroadbandLTD Broadband LLC 1,320,920,719528,08815Gigabit fiber and fixed wireless2.CharterCCO Holdings, LLC 1,222,613,8701,057,69524Gigabit fiber3.Rural Electric CooperativeRural Electric Cooperative Consortium 1,104,395,953618,47622Gigabit fiber4.SpaceX StarlinkSpace Exploration Technologies Corp. 885,509,638642,92535LEO satellites5.WindstreamWindstream Services LLC 522,888,779192,56718Gigabit fiber and fixed wireless6.NextlinkAMG Technology Investment Group LLC 429,228,073206,13612Gigabit Fiber and fixed wireless7.FrontierFrontier Communications 370,900,833127,1888Gigabit fiber8.Resound NetworksResound Networks, LLC 310,681,609219,2397Gigabit fiber and fixed wireless9.StarryConnect Everyone LLC 268,851,316108,5069mmWave fixed wireless and FiberCenturyLink, Inc. 262,367,61477,25720Gigabit fiber and fixed wireless10. CenturyLinkCopyright 2020 Wireless 20/20. All Rights Reserved.8

GIGABIT WINNERSPaulBunyan MD,LLCElectricCooperative,Inc.Wilkes .2%ContinentalElectricCooperative0%0%0%0%0%0%Bay Springs DivideTelephoneCompany,Inc.0%0%0%0%0%0%Corporation 0%0%0%Communications0%Consortium2020Frontier C1%TalkieCommunications,Inc.1% 1%LLC1% Inc.Consolidated Communications,1%MercuryWireless,Inc.1%Co-op Connections1% Consortium1%Point Broadband Fiber1% Holding, LLCProspero Broadband1% Consortium1% ConsortiumRDOF USA1%NexTier Consortium2%Segnem Egere Consortium2%NRTC Phase I RDOF Consortium2%Consortium of AEG and HeronBroadband I2%California Internet, L.P. dba GeoLinks3%LTD Broadband LLC16%CCO Holdings, LLC15%Etheric Communications LLC3%CenturyLink, Inc.3%Connect Everyone LLC3%Resound Networks, LLC4%Frontier Communications Corporation4%AMG Technology Investment Group LLC5%Rural Electric Cooperative Consortium13%Windstream Services LLC6%Copyright 2020 Wireless 20/20. All Rights Reserved.10

14LTD Broadband RDOF WinningsCopyright 2020 Wireless 20/20. All Rights Reserved. 1.3 billion 528,000 locations 15 states1. California2. Colorado3. Texas4. Oklahoma5. Kansas6. Nebraska7. South Dakota8. North Dakota9. 14.Indiana15.Ohio 14

16Charter Communications/CCO Holdings, LLC Copyright 2020 Wireless 20/20. All Rights Reserved.Charter currentcoverage 102.7 mHHs in 42 states.Charter added2.3m internetsubscribers in thepast 12 months 1.2 billion inRDOF funding1.05 millionlocations 24 statesExpandingCharter’s ruralfootprintAll Gigabit/Low Latency16

19Rural Electric Cooperative Consortium 3rd largest recipient of FCC RDOF Funding190 Electric Co-ops formed a consortium andqualified to bid FCC’s RDOF AuctionRural Electric Cooperative Consortium won 1.1 billion for 618,000 locations in 22 statesElectric CoopsLocationArrowhead ElectricLutsen, MinnesotaBandera Electric CoopBandera, TexasBarry Electric Co-opCassville, MissouriBlue Ridge Mountain EMCYoung Harris, GeorgiaBuckeye Rural Electric CoopRio Grande, OhioCloverland Electric CoopDafter, MichiganConcho Valley Electric CoopSan Angelo, TexasContinental Divide Electric CoopGrants, New MexicoMohave Electric CooperativeBullhead City, ArizonaRoseau Electric CooperativeRoseau-MinnesotaRDOF WinnerTotal over 10 YearsLocationsStatesTechnologyService TierRural ElectricCooperative 1,104,395,953618,47622 statesGigabit fiberConexon worked with RECCRural Electric MembershipCooperatives to bringGigabit fiber to the hometo rural communities.Copyright 2020 Wireless 20/20. All Rights Reserved.19

21NextLink/AMG - RDOF WinningsCopyright 2020 Wireless 20/20. All Rights Reserved. 430 million 206,136 locations 12 states Received FCCpermission to bidGigabit wireless1. Colorado2. Idaho3. Illinois4. Iowa5. Kansas6. Michigan7. Louisiana8. Nebraska9. New Mexico10.Oklahoma11.Texas12.Wyoming 21

Resound Networks, LLC ReSound Networks is a Fixed-wireless ISPCo-founded in West Texas in 2016 by BryanWaldrip CEO, Chadd Giles COO and EricKingcade, CFO.Resound Networks provides broadband wirelessinternet across five states covering roughly50,000 sq. miles of eastern New Mexico, TexasPanhandle and Western Oklahoma.Central tower systems exist in Hobbs, NewMexico as well as Lubbock, Pampa, Wheeler,Shamrock and Wellington Texas. ReSound Networks won 310million for 219,239 locations inseven states.RDOF WinnerResoundNetworksTotal over 10 YearsLocationsStatesTechnologyService Tier 310 million219,2397 statesGigabit FiberFixed WirelessAbove Baseline10 mbps. 39.99 per month25 mbps. 59.99 per month50 mbps. 79.99 per month100 mbps. 99.99 per monthCopyright 2020 Wireless 20/20. All Rights Reserved.23

24Resound Networks, LLC 310 million 219,239 locations 7 states All Gigabit/Low Latency FWA ISP No fiber experience1. Arizona2. New Mexico3. Colorado4. Texas5. Oklahoma6. Kansas7. Arkansas Copyright 2020 Wireless 20/20. All Rights Reserved.24

26SpaceX Starlink 4th largest recipient of FCC RDOF FundingSpaceX received 886 million over 10 yearsfrom FCC to subsidize Starlink service to642,925 funded locations in 35 statesSpaceX will use 1,000 LEO satellites to beaminternet from space to high-tech antennasmounted on homes across rural AmericaSpaceX's Starlink internet service is currentlyin beta testing and is not yet fully operational.Starlink services in beta costs 99 per month,plus a one-time fee of 499 for the userterminal, mounting tripod and router.SpaceX could use the FCC funding to lowerprices or increase speeds which will varyfrom 50 Mbps to 150 Mbps.RDOF WinnerTotal over 10 YearsLocationsStatesTechnologyService TierSpaceX Starlink 886 million642,92535 statesLEO SatelliteAbove BaselineSpaceX Received 94% of all Above Baselineawards with 139 average per locationand is getting funds to serve 40 locations onNorthwestern University campusCopyright 2020 Wireless 20/20. All Rights Reserved.26

Starry - Connect Everyone LLC 9th largest recipient of FCC RDOF FundingConnect Everyone LLC from Chet Kanojia andJoe Lipowski who founded Starry in 2016Starry received 269 million over 10 yearsfrom FCC to subsidize mmWave fixed wirelessservice to 108,506 funded locations in 9 statesStarry internet service is currently focused onmulti-dwelling units in urban/suburban areas.Starry services cost 30/month for 100 Mbpsor 50/month for 200 Mbps downloads.Starry could use the FCC funding to expandthe coverage of its mmWave fixed wirelessservices using MU-MIMO technology to ruralareas in 9 new states.RDOF WinnerStarryCopyright 2020 Wireless 20/20. All Rights Reserved.Total over 10 YearsLocationsStatesTechnologyService Tier 269 million108,5069 statesmmWavefixed wireless28

29Windstream, Frontier, CCI and CenturyLink - Incumbent TelcosWindstream won 522.9 million for 192,567locations in 18 states Frontier received 370.9 million over 10 yearsfrom FCC to subsidize fiber and fixed wirelessservice to 127,188 locations in 8 states Frontier was able to prevent Chapter 11Bankruptcy from Interfering with RDOFParticipation CenturyLink won 262.3 million for 77,257locations in 20 states Consolidated Communications won 59 millionto deploy fiber and bring new gigabitbroadband 27,000 locations across 7 states RDOF WinnerTotal over10 YearsLocationsStatesTechnologyService TierWindstream 522.9 million192,56718 statesGigabit fiber &fixed wirelessFrontierCommunications 370.9 million127,1888 statesGigabit fiber &fixed wirelessCenturyLink 262.3 million77,25720 statesGigabit fiber &fixed wireless 59 million27,0007 statesGigabit fiber &fixed wirelessCCI (ConsolidatedCommunications)Incumbent Telcos received 1.2 billion inFCC RDOF Funding 425,000 locationswith a combination of Gigabit fiber andfixed wirelessCopyright 2020 Wireless 20/20. All Rights Reserved.29

31Other RDOF WinnersRDOF Winning CompanyAmountLocationsStatesService Tier/TechnologyEtheric Communications 248,634,96364,4631CaliforniaGeoLinks - California Internet 234,889,665128,2973AZ, CA, NVSegnem Egere Consortium 152,854,44057,3873Point Broadband Fiber, LLC 78,414,41334,4725Mercury Wireless, Inc. 68,310,842167,6846Commnet Wireless, LLC 28,436,93619,02810Pioneer Wireless 5,543,1421,6381Wisper-CABO 904 Consortium 4,974,4423,45313MIDCO 4,960,4736,5063Mediacom 2,254,6559,7524Hughes Network Systems, LLC 1,273,7843,6781Altice USA 849,8805,2206Redzone Wireless 507,7527551Barry Technology Services 14,502261Copyright 2020 Wireless 20/20. All Rights Reserved.MaineCBGs in Rhode Island – Above BaselineMaine31

Wireless 20/20 RDOF Tools and Software Wireless 20/20 offers a comprehensive set of tools to support Investorsconducting due diligence of FCC RDOF Auction winners and software tohelp clients prepare for auctions.These include: Reverse Auction Simulation Tool – RASTAuction Bidder BehaviorWiROI db – US Broadband Database Search ToolWiROI db – KML – Google Earth Mapping ToolsWiROI Spectrum DatabaseWiROI Business Case Analysis ToolsAuction Results Analysis Dashboard ToolsCustom WiROI Analysis and Mapping ToolsCopyright 2020 Wireless 20/20. All Rights Reserved.38

Thank You!Haig Sarkissian, New York, USAhaig@wireless2020.com 1 408 884-1561Randall Schwartz, San Francisco, USARandall@wireless2020.com 1 650 490-3090Berge Ayvazian, Boston, USAberge@wireless2020.com 1 617 803-6643Fred Campbell, New York, USAfred@wireless2020.com 1 845 642-8452All images are copyright to their respective owners and are protected under international copyright lawsCopyright 2020 Wireless 20/20. All Rights Reserved.39

Feb 19, 2021 · Resound Networks provides broadband wireless internet across five states covering roughly 50,000 sq. miles of eastern New Mexico, Texas Panhandle and Western Oklahoma. Central tower systems exist in Hobbs, New Mexico as well as Lubbock, Pampa, Wheeler, Shamrock and Wellington T