EXHIBIT 99.2 

LEAP WIRELESS INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	December 31,		December 31,
	2006		2005
Assets
Cash and cash equivalents	$	374,939	$	293,073
Short-term investments		66,400		90,981
Restricted cash, cash equivalents and short-term investments		13,581		13,759
Inventories		90,185		37,320
Other current assets		53,527		29,237
Total current assets		598,632		464,370
Property and equipment, net		1,077,755		621,946
Wireless licenses		1,563,958		821,288
Assets held for sale		8,070		15,145
Goodwill		431,896		431,896
Other intangible assets, net		79,828		113,554
Deposits for wireless licenses		274,084		—
Other assets		58,745		38,119
Total assets	$	4,092,968	$	2,506,318
Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities	$	316,494	$	167,770
Current maturities of long-term debt		9,000		6,111
Other current liabilities		74,637		49,627
Total current liabilities		400,131		223,508
Long-term debt		1,676,500		588,333
Deferred tax liabilities		149,728		141,935
Other long-term liabilities		47,608		36,424
Total liabilities		2,273,967		990,200
Minority interests		30,000		1,761
Commitments and contingencies
Stockholders’ equity:
Preferred stock — authorized 10,000,000 shares, $.0001 par value; no shares issued and outstanding		—		—
Common stock — authorized 160,000,000 shares, $.0001 par value; 67,892,512 and 61,202,806 shares issued and outstanding at December 31, 2006 and 2005, respectively		7		6
Additional paid-in capital		1,769,772		1,511,580
Unearned share-based compensation		—		(20,942	)
Retained earnings		17,436		21,575
Accumulated other comprehensive income		1,786		2,138
Total stockholders’ equity		1,789,001		1,514,357
Total liabilities and stockholders’ equity	$	4,092,968	$	2,506,318