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T-Mobile Overtakes AT&T as America'due south #2 Wireless Provider and Continues to Deliver Manufacture-Leading Customer Growth with Potent Financial Results in Q2 2020

Aug 06, 2020

BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile Usa, Inc. (NASDAQ: TMUS):

Industry-Leading Customer Growth and Sprint Merger Event in Overtaking AT&T as #2 Wireless Provider

  • 1,245,000 total cyberspace additions, best in industry
  • 1,112,000 postpaid net additions, best in manufacture
  • 253,000 postpaid telephone net additions with postpaid phone churn of 0.eighty%
  • 133,000 prepaid net additions with prepaid churn of ii.81%
  • 98.iii million total customers at the stop of Q2 2020, 2nd near in industry

Stiff Fiscal Results in Start Quarter as New T-Mobile

  • Total revenues of $17.vii billion and service revenues of $13.two billion
  • Net income(1) of $110 1000000 and diluted earnings per share ("EPS") of $0.09
  • Adjusted EBITDA(1) of $seven.0 billion
  • Net cash provided past operating activities of $777 one thousand thousand
  • Free Greenbacks Flow, excluding gross payments for the settlement of interest rate swaps(1) related to merger financing of $1.iv billion

Edifice Transformative Nationwide 5G Network and Delivering Merger Synergies

  • America'southward largest 5G network covering more than 250 million people across 1.3 meg foursquare miles, more than double AT&T's geographic coverage and exponentially more Verizon
  • More than 10 pct of Sprint postpaid customer traffic has already been moved over to the T-Mobile network and site decommissioning has begun
  • Accelerated rationalization of retail stores and organizational redesign to pull forward synergies

__________________________________________________________

(1)

Adapted EBITDA and Costless Cash Flow are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these not-GAAP financial measures to the about direct comparable financial measures are provided in the Reconciliation of Not-GAAP Financial Measures to GAAP Financial Measures tables. We are non able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that impact GAAP Net income including, but not limited to, Income tax expense, stock-based compensation expense and Interest expense. Adapted EBITDA should not be used to predict Net income as the difference between the two measures is variable.

T-Mobile US, Inc. (NASDAQ: TMUS) reported 2d quarter results today, highlighted past overtaking AT&T in total branded customers as America's #2 wireless provider and another quarter of manufacture-leading customer growth. In the visitor'south first quarter since closing the Dart merger and during an unprecedented social and economic climate, the New T-Mobile established itself as the undisputed growth leader in wireless by standing to lead the manufacture in total branded net customer additions for the 22nd consecutive quarter.

Since closing its merger with Dart on Apr one, 2020, T-Mobile has been driving hard on integration and remains highly confident in its ability to unlock massive synergies and build the world'southward best 5G network. Already, the company has unified employees and customers under one brand, converting thousands of legacy Sprint stores to magenta and adding the tools and systems to serve all customers in all stores. T-Mobile also amped up contest similar never before to gloat this event with its contempo supercharged Un-carrier deal — bachelor merely for a express fourth dimension this summer, customers can get four lines of unlimited data for just $25 each per calendar month plus revenue enhancement including access to the nation's largest 5G network.

"Surpassing AT&T to go #2 was a huge milestone to kick off Q2, but that was only the beginning! In our start quarter as a combined visitor, T-Mobile led the industry in total branded customer adds – even in a challenging environment – and there is no doubt that we are THE leading growth company in wireless," said Mike Sievert, T-Mobile CEO. "Now we're setting our sights on #1 – in customer selection and customers' hearts – and we'll get in that location past doing ONLY what the Un-carrier can practise: offer customers the nigh advanced 5G network AND the best value while standing to brand big moves that fix client hurting points and disrupt this industry. I'm excited near what's to come in this new T-Mobile era – we're merely getting started!"

Industry-Leading Customer Growth and Sprint Merger Result in Overtaking AT&T every bit #2 Wireless Provider

  • Net customer additions were 1,245,000 in Q2 2020, the 22nd consecutive quarter of industry-leading functioning in this category. The total customer count increased to 98.3 million(2), overtaking AT&T in total branded customers across both postpaid and prepaid.
  • Postpaid net client additions were one,112,000 in Q2 2020, the xth consecutive quarter of industry-leading performance in this category.
  • Postpaid phone net customer additions were 253,000 in Q2 2020, the 26th consecutive quarter of leading the national carriers, and postpaid telephone churn was 0.80%. The total postpaid telephone customer count increased to 65.1 million(3), overtaking AT&T in total postpaid phone customers.
  • Postpaid other net customer additions were 859,000 in Q2 2020, leading the industry as new opportunities in T-Mobile for Business organization developed primarily due to COVID-19.
  • Prepaid internet customer additions were 133,000 in Q2 2020 and prepaid churn was ii.81%.

__________________________________________________________

(2)

Includes internet reduction of fourteen.1 million customers related to divested prepaid customers and alignment to New T-Mobile subscriber policies in Q2 2020.

(3)

Includes net reduction of i.9 million customers related to divested prepaid customers and alignment to New T-Mobile subscriber policies in Q2 2020.

The following table reflects the combined company results of New T-Mobile for Q2 2020, while prior periods stand for the historical results of standalone T-Mobile.

Quarter

Six Months Ended
June 30,

(in thousands, except churn)

Q2 2020

Q1 2020

Q2 2019

2020

2019

Net customer additions

1,245

649

1,239

i,894

2,327

Postpaid net client additions

1,112

777

1,108

1,889

2,127

Postpaid phone internet customer additions

253

452

710

705

1,366

Postpaid other client additions

859

325

398

1,184

761

Prepaid net customer (losses) additions

133

(128)

131

v

200

Full customers, end of catamenia(2)

98,327

68,543

65,983

98,327

65,983

Postpaid phone churn

0.80

%

0.86

%

0.78

%

0.82

%

0.83

%

Prepaid churn

ii.81

%

three.52

%

3.49

%

3.17

%

three.67

%

Potent Financial Results in Beginning Quarter as New T-Mobile

  • Total service revenues increased year-over-year to $13.ii billion in Q2 2020, driven by the Dart merger and continued client growth at T-Mobile. Total service revenues exclude approximately $1.0 billion of Boost revenues that are reflected in discontinued operations.
  • Total revenues increased year-over-year to $17.7 billion in Q2 2020, driven past the Sprint merger and continued client growth at T-Mobile. Total revenues exclude approximately $1.three billion of Boost revenues that are reflected in discontinued operations.
  • Net income decreased yr-over-year to $110 million and EPS decreased year-over-twelvemonth to $0.09 in Q2 2020, primarily due to the Sprint merger and merger-related costs, impacts of COVID-19, and non-cash impairments.
    • Merger-related costs were $798 1000000 pre-tax and $635 million, net of tax, in Q2 2020.
    • COVID-19-related costs were $341 million pre-tax and $253 meg, net of taxation, in Q2 2020.
    • Non-cash impairment charges of $418 1000000 pre-tax and $366 million, net of tax, in Q2 2020 were related to changes in a postpaid billing organization architecture strategy and a strategic shift in the product offering plans for Layer3 enabled through the merger.
  • Adjusted EBITDA increased year-over-year to $7.0 billion in Q2 2020 primarily due to the Sprint merger and connected customer growth at T-Mobile, also as higher lease revenues included in equipment revenue.
  • Net greenbacks provided by operating activities decreased year-over-yr to $777 million in Q2 2020, as it included the sometime negative touch of $2.3 billion in gross payments for the settlement of involvement rate swaps related to merger financing.
  • Cash purchases of holding and equipment including capitalized involvement increased year-over-year to $2.3 billion in Q2 2020, equally the company began network integration activities related to the Dart merger and continued the build-out of its nationwide 5G network.
  • Free Cash Flow, excluding gross payments for the settlement of interest rate swaps related to merger financing, increased year-over-year to $1.4 billion in Q2 2020.

The following table reflects the combined company results of New T-Mobile for Q2 2020, while prior periods stand for the historical results of standalone T-Mobile.

(in millions, except EPS)

Quarter

Six Months Ended
June thirty,

Q2 2020
vs.
Q1 2020

Q2 2020
vs.
Q2 2019

YTD 2020
vs.
YTD 2019

Q2 2020

Q1 2020

Q2 2019

2020

2019

Total service revenues

$

13,230

$

8,846

$

8,546

$

22,076

$

16,937

49.half-dozen

%

54.viii

%

thirty.iii

%

Full revenues

17,671

11,113

10,979

28,784

22,059

59.0

%

61.0

%

xxx.v

%

Net income

110

951

939

one,061

i,847

(88.iv)

%

(88.iii)

%

(42.6)

%

EPS

0.09

1.10

1.09

1.00

ii.14

(91.8)

%

(91.7)

%

(53.3)

%

Adjusted EBITDA

7,017

iii,665

three,461

10,682

6,745

91.5

%

102.7

%

58.4

%

Net cash provided by operating activities

777

1,617

2,147

ii,394

3,539

(51.9)

%

(63.8)

%

(32.four)

%

Greenbacks purchases of property and equipment, including capitalized interest

2,257

1,753

ane,789

iv,010

three,720

28.eight

%

26.2

%

7.viii

%

Free Cash Flow, excluding gross payments for the settlement of involvement rate swaps

1,441

732

1,169

2,173

1,787

96.9

%

23.3

%

21.6

%

Edifice Transformative Nationwide 5G Network and Delivering Merger Synergies

  • 5G Leadership: America's largest 5G network has service in more 7,500 cities and towns covering more than 250 million people across i.3 one thousand thousand square miles, more than double AT&T's geographic coverage and exponentially more than Verizon.
    • A new report from Open Indicate ranks the T-Mobile network first for 5G availability, meaning Un-carrier customers get a 5G signal more oft than customers on any other network -- more than twice as often every bit AT&T and 56 times more often than Verizon! Plus, a new report from Ookla measuring 4G and 5G from over one million customer devices shows that T-Mobile has 5G in almost 4x more than cities than Verizon and AT&T combined (and 32x more cities than Verizon alone). And T-Mobile customers with a 5G-capable device experience faster overall download and upload speeds than Verizon customers.
    • T-Mobile already has mid-ring 5G service using 2.5 GHz spectrum live in eight major markets including Atlanta, Chicago, Dallas, Houston, Los Angeles, New York City, Philadelphia and Washington D.C. The functioning of mid-band 5G is incredible, delivering average download speeds in the 300 Mbps range and peak speeds hitting ane Gbps for customers with compatible 5G devices.
    • T-Mobile recently became the first operator in the globe to launch a commercial nationwide standalone 5G network, allowing the United nations-carrier to massively expand its 5G footprint, bring adjacent-gen connectivity to more places and pave the way for future groundbreaking applications.
    • T-Mobile controls an boilerplate of 319 MHz of combined low and mid-ring spectrum on average nationwide. This spectrum position is nearly double that of AT&T and virtually three times that of Verizon. In addition, T-Mobile controls 1,160 MHz of mmWave spectrum nationwide, more than AT&T.
  • Sprint Customer Experience: With 85 pct of the Sprint postpaid phone base already having a device that is uniform with the T-Mobile network, the network team is quickly improving the experience for these customers.
    • More 10 percentage of Dart postpaid client traffic has already been moved over to the T-Mobile network and site decommissioning has begun
    • Approximately 75 per centum of Sprint postpaid customers are enabled on VoLTE and enjoying a improve voice experience, including simultaneous voice and data services
  • Merger Synergies: The company remains highly confident in its ability to deliver $43 billion of synergies and accomplish the $half-dozen billion of annualized price savings from the Dart merger. In addition to strong progress on network integration, T-Mobile has accelerated the rationalization of retail stores and organizational redesign in gild to pull forward synergies.

Outlook for H2 2020

  • Postpaid internet customer additions are expected to be between 1.7 1000000 and one.9 million.
  • Adjusted EBITDA is expected to be in the range of $12.4 billion to $12.vii billion. Our Adjusted EBITDA target includes leasing revenues of $2.four billion to $ii.half dozen billion.
  • Cash purchases of belongings and equipment, including capitalized interest are expected to be betwixt $6.5 billion and $6.ix billion.
  • Merger and integration-related costs are expected to be $800 one thousand thousand to $1 billion earlier taxes. These costs are excluded from Adapted EBITDA but volition impact Net income and cash flows.
  • Internet greenbacks provided past operating activities, including payments for merger and integration-related costs, is expected to be in the range of $five.3 billion to $5.7 billion.
  • Free Greenbacks Catamenia, including payments for merger and integration-related costs, is expected to exist in the range of $300 million to $500 million. Free Cash Flow guidance does not presume whatsoever material net cash inflows from securitization.

Financial Results

For more than details on T-Mobile'due south Q2 2020 fiscal results, including the Investor Factbook with detailed financial tables, please visit T-Mobile US, Inc.'s Investor Relations website at http://investor.t-mobile.com.

Earnings Call Information

Date/Time

  • Thursday, August half dozenthursday, 2020 at 4:30 p.thou. (EDT)

Access via Phone (audio only):

Please programme on accessing the call 10 minutes prior to the scheduled start time.

  • US/Canada: 866-575-6534
  • International: +1 323-794-2094
  • Participant Passcode: 4205072

Access via Webcast:

The earnings call will be circulate live via our Investor Relations website at http://investor.t-mobile.com. A replay of the earnings call will be bachelor for two weeks starting shortly afterward the call concludes and can be accessed past dialing 888-203-1112 (price free) or +i-719-457-0820 (international). The passcode required to heed to the replay is 4205072.

Submit Questions via Twitter:

Send a tweet to @TMobileIR or @MikeSievert using $TMUS

Contact Data

  • Media Relations: [email protected]
  • Investor Relations: [email protected]

T-Mobile Social Media

Investors and others should notation that we announce textile fiscal and operational information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We besides intend to use certain social media accounts equally means of disclosing data about us and our services and for complying with our disclosure obligations under Regulation FD (the @TMobileIR Twitter account (https://twitter.com/TMobileIR) and the @MikeSievert Twitter (https://twitter.com/MikeSievert) account, which Mr. Sievert likewise uses every bit a means for personal communications and observations). The data we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public briefing calls and webcasts. The social media channels that nosotros intend to use equally a means of disclosing the data described above may be updated from time to time as listed on our investor relations website.

About T-Mobile Us, Inc.

T-Mobile Usa, Inc. (NASDAQ: TMUS) is America's supercharged United nations-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile's customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more than information please visit: http://www.t-mobile.com.

Forward-Looking Statements

This advice includes forward-looking statements inside the significant of the Individual Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information apropos T-Mobile U.s.a., Inc.'s future results of operations, are frontward-looking statements. These forward-looking statements are by and large identified by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "could" or like expressions. Forward-looking statements are based on current expectations and assumptions, which are subject area to risks and uncertainties and may crusade actual results to differ materially from the forrard-looking statements. Important factors that could affect time to come results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the post-obit: the failure to realize the expected benefits and synergies of the merger with Sprint Corporation ("Sprint"), pursuant to the Business concern Combination Agreement with Sprint and the other parties named therein (as amended, the "Business concern Combination Agreement"), and the other transactions contemplated by the Business concern Combination Agreement (collectively, the "Transactions") in the expected timeframes, in part or at all; adverse economic, political or market conditions in the U.S. and international markets, including those caused past the coronavirus disease 2019 ("COVID-19") pandemic, and the impact that any of the foregoing may have on u.s. and our customers and other stakeholders; costs of or difficulties in integrating Sprint's network and operations into our network and operations, including intellectual property and communications systems, administrative and information technology infrastructure and accounting, financial reporting and internal command systems; changes in primal customers, suppliers, employees or other business relationships as a upshot of the consummation of the Transactions; the chance that our business organisation, investor confidence in our financial results and stock price may exist adversely affected if our internal controls are non constructive; the risk of future material weaknesses resulting from the differences between T-Mobile'south and Dart's internal controls environments equally nosotros piece of work to integrate and align policies and practices; the impacts of the actions we have taken and atmospheric condition we have agreed to in connection with the regulatory proceedings and approvals of the Transactions including the acquisition of Sprint's prepaid wireless business by DISH Network Corporation ("DISH") (excluding the Assurance brand Lifeline customers and the prepaid wireless customers of Shenandoah Telecommunications Company and Swiftel Communications, Inc.), including customer accounts, inventory, contracts, intellectual property and certain other specified avails (the "Prepaid Transaction"), the complaint and proposed final judgment agreed to by u.s.a., DT, Sprint, SoftBank and DISH with the U.Southward. District Courtroom for the District of Columbia, which was approved past the Court on April ane, 2020, the proposed commitments filed with the Secretarial assistant of the FCC, which we announced on May 20, 2019, certain national security commitments and undertakings, and any other commitments or undertakings entered into, including but not express to those we accept made to certain states and nongovernmental organizations; the ongoing commercial and transition services arrangements entered into in connection with such Prepaid Transaction, which we completed on July 1, 2020; the supposition of pregnant liabilities, including the liabilities of Sprint in connection with, and significant costs, including financing costs, related to the Transactions; our power to make payments on debt or to repay existing or future indebtedness when due or to comply with the covenants contained therein; adverse changes in the ratings of our debt securities or agin conditions in the credit markets; natural disasters, public health crises, including the COVID-19 pandemic, terrorist attacks or similar incidents; competition, industry consolidation and changes in the market for wireless services, which could negatively affect our power to attract and retain customers; the effects of any future merger, investment, or acquisition involving us, as well as the effects of mergers, investments or acquisitions in the technology, media and telecommunications manufacture; breaches of our and/or our third-party vendors' networks, information technology and data security, resulting in unauthorized access to customer confidential information; the inability to implement and maintain effective cybersecurity measures over disquisitional business organisation systems; challenges in implementing our business strategies or funding our operations, including payment for additional spectrum or network upgrades; the bear on on our networks and business organization from major system and network failures; difficulties in managing growth in wireless data services, including network quality; material changes in bachelor applied science and the effects of such changes, including product substitutions and deployment costs and operation; the timing, scope and financial touch on of our deployment of advanced network and business organization technologies; the occurrence of high fraud rates related to device financing, customer credit cards, dealers, subscriptions or account take over fraud; our disability to retain and hire central personnel; whatsoever changes in the regulatory environments in which nosotros operate, including any increase in restrictions on the ability to operate our networks and changes in data privacy laws; unfavorable outcomes of existing or future litigation or regulatory deportment, including litigation or regulatory actions related to the Transactions; the possibility that we may be unable to adequately protect our intellectual property rights or be defendant of infringing the intellectual property rights of others; changes in revenue enhancement laws, regulations and existing standards and the resolution of disputes with any taxing jurisdictions; the possibility that we may be unable to renew our spectrum leases on attractive terms or acquire new spectrum licenses or leases at reasonable costs and terms; whatsoever disruption or failure of third parties (including key suppliers) to provide products or services; textile adverse changes in labor matters, including labor campaigns, negotiations or boosted organizing activity, and any resulting financial, operational and/or reputational bear upon; changes in accounting assumptions that regulatory agencies, including the U.S. Securities and Exchange Committee, may require, which could result in an impact on earnings; and interests of our significant stockholders that may differ from the interests of other stockholders. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forrad-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except every bit required by law.

T-Mobile Usa, Inc.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)

This Press Release includes non-GAAP financial measures. The not-GAAP financial measures should be considered in improver to, but non as a substitute for, the information provided in accordance with GAAP. Reconciliations for the not-GAAP financial measures to the most direct comparable GAAP fiscal measures are provided below. T-Mobile is not able to forecast Cyberspace income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP internet income including, merely not express to, Income tax expense, stock-based compensation expense and Interest expense. Adjusted EBITDA should not be used to predict Net income as the difference between the 2 measures is variable.

Adjusted EBITDA is reconciled to Cyberspace income as follows:

Quarter

Six Months Concluded
June 30,

(in millions)

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

2019

2020

Net income

$

782

$

795

$

640

$

908

$

939

$

870

$

751

$

951

$

110

$

ane,847

$

one,061

Adjustments:

Income from discontinued operations, cyberspace of tax

(320)

(320)

(Loss) income from continuing operations

782

795

640

908

939

870

751

951

(210)

i,847

741

Interest expense

196

194

194

179

182

184

182

185

776

361

961

Interest expense to affiliates

128

124

104

109

101

100

98

99

63

210

162

Interest income

(half dozen)

(5)

(2)

(viii)

(iv)

(5)

(seven)

(12)

(6)

(12)

(18)

Other expense, net

64

(3)

3

(7)

22

(3)

(iv)

10

195

15

205

Income tax expense

286

335

198

295

301

325

214

306

2

596

308

Operating income

1,450

ane,440

1,137

1,476

1,541

i,471

1,234

1,539

820

3,017

2,359

Depreciation and acquittal

one,634

1,637

1,640

1,600

1,585

1,655

1,776

1,718

iv,064

three,185

v,782

Operating income from discontinued operations (1)

432

432

Stock-based compensation (two)

106

102

85

93

111

108

111

123

139

204

262

Merger-related costs

41

53

102

113

222

159

126

143

798

335

941

COVID-nineteen-related costs

117.00

341.00

458

Impairment expense

418.00

418

Other, net (3)

2

7

half dozen

2

2

iii

(5)

25

5

$

iv

30

Adjusted EBITDA

$

3,233

$

three,239

$

2,970

$

3,284

$

3,461

$

3,396

$

3,242

$

3,665

$

seven,017

$

6,745

$

10,682

(i)

Following the Prepaid Transaction, starting on July one, 2020, we volition provide MVNO services to customers of the divested brands. We have included the operating income from discontinued operations in our conclusion of Adapted EBITDA to reflect EBITDA contributions of the Prepaid Business that will be replaced by the MVNO Agreement starting time on July 1, 2020.

(2)

Stock-based compensation includes payroll revenue enhancement impacts and may non hold to stock-based compensation expense in the consolidated financial statements. Additionally, certain stock-based compensation expenses associated with the Transactions have been included in Merger-related costs.

(3)

Other, cyberspace may not agree to the Condensed Consolidated Statements of Comprehensive Income, primarily due to certain non-routine operating activities, such equally other special items that would non be expected to reoccur or are not reflective of T-Mobile's ongoing operating performance, and are therefore excluded in Adjusted EBITDA.

Adjusted EBITDA - Earnings before Interest expense, net of Involvement income, Income tax expense, Depreciation and acquittal expense, not-cash Stock-based compensation and certain expenses non reflective of T-Mobile'south ongoing operating performance, such as merger-related costs and COVID-19-related costs. Adjusted EBITDA is a non-GAAP financial measure utilized by T-Mobile'southward management to monitor the financial performance of our operations. T-Mobile uses Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance, and as a benchmark to evaluate T-Mobile's operating operation in comparison to its competitors. Management believes analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate overall operating performance and facilitate comparisons with other wireless communications companies because it is indicative of T-Mobile's ongoing operating functioning and trends by excluding the affect of Involvement expense from financing, not-greenbacks depreciation and amortization from capital investments, non-greenbacks stock-based compensation, network decommissioning costs and costs related to the Transactions, incremental costs directly owing to COVID-nineteen and damage expense, as they are non indicative of T-Mobile's ongoing operating operation, as well as certain other nonrecurring income and expenses. Adapted EBITDA has limitations every bit an belittling tool and should not be considered in isolation or as a substitute for income from operations, Net income or any other measure out of fiscal functioning reported in accordance with U.Due south. Generally Accepted Accounting Principles ("GAAP").

T-Mobile US, Inc.
Reconciliation of Not-GAAP Financial Measures to GAAP Financial Measures (continued)
(Unaudited)

Cyberspace debt (excluding tower obligations) to last twelve months internet income and Adjusted EBITDA ratios are calculated equally follows:

(in millions, except cyberspace debt ratios)

Mar 31,
2019

Jun 30,
2019

Sep 30,
2019

Dec 31,
2019

Mar 31,
2020

Jun 30,
2020

Short-term debt

$

250

$

300

$

475

$

25

$

$

iii,818

Short-term debt to affiliates

598

2,000

1,235

Short-term financing lease liabilities

911

963

1,013

957

918

1,040

Long-term debt

10,952

10,954

10,956

10,958

ten,959

62,783

Long-term debt to affiliates

13,985

13,985

xiii,986

13,986

11,987

4,706

Financing lease liabilities

1,224

1,314

1,440

1,346

1,276

1,416

Less: Cash and greenbacks equivalents

(1,439)

(one,105)

(one,653)

(ane,528)

(1,112)

(11,076)

Internet debt (excluding tower obligations)

$

26,481

$

26,411

$

26,217

$

25,744

$

26,028

$

63,922

Divided by: Last twelve months Net income

$

3,125

$

3,282

$

3,357

$

iii,468

$

iii,511

$

ii,682

Net debt (excluding tower obligations) to final twelve months Cyberspace income Ratio

8.5

8.0

seven.eight

7.iv

seven.4

23.viii

Divided by: Concluding twelve months Adapted EBITDA

$

12,726

$

12,954

$

xiii,111

$

thirteen,383

$

13,764

$

17,320

Cyberspace debt (excluding belfry obligations) to last twelve months Adjusted EBITDA Ratio

2.ane

2.0

2.0

1.9

1.9

3.seven

Net debt is divers as Curt-term debt, Curt-term debt to affiliates, Short-term financing lease liabilities, Long-term debt (excluding tower obligations), Long-term debt to affiliates, and Financing charter liabilities less Greenbacks and cash equivalents. Concluding twelve months Net income and Adjusted EBITDA reflect combined visitor results of New T-Mobile for Q2 2020 and standalone T-Mobile for prior periods.

Free Greenbacks Menstruum and Free Cash Menses, excluding gross payments for the settlement of interest rate swaps, are calculated every bit follows:

Quarter

Six Months Ended
June 30,

(in millions)

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

2019

2020

Net cash provided past operating activities

$

ane,392

$

2,147

$

1,748

$

one,537

$

i,617

$

777

$

three,539

$

2,394

Cash purchases of property and equipment

(one,931)

(1,789)

(1,514)

(1,157)

(1,753)

(2,257)

(iii,720)

(four,010)

Proceeds related to beneficial interests in securitization transactions

1,157

839

900

980

868

602

ane,996

1,470

Proceeds from sales of belfry sites

38

Cash payments for debt prepayment or debt extinguishment costs

(28)

(24)

(28)

(24)

Free Greenbacks Catamenia

618

i,169

i,134

1,398

732

(902)

1,787

(170)

Gross cash paid for the settlement of involvement charge per unit swaps

2,343

2,343

Gratuitous Cash Menses, excluding gross payments for the settlement of interest rate swaps

618

1,169

1,134

1,398

732

ane,441

1,787

2,173

Costless Greenbacks Flow - Net greenbacks provided by operating activities less Cash purchases of property and equipment, including Proceeds from sales of tower sites and Proceeds related to beneficial interests in securitization transactions and less Cash payments for debt prepayment of debt extinguishment costs. Free Cash Menses is utilized by T-Mobile'southward management, investors, and analysts to evaluate cash available to pay debt and provide further investment in the concern.

T-Mobile US, Inc.
Reconciliation of Not-GAAP Financial Measures to GAAP Financial Measures (continued)
(Unaudited)

Our guidance range for Gratuitous Cash Period is calculated equally follows:

H2 2020

(in millions)

Guidance Range

Net greenbacks provided by operating activities

$

5,300

$

5,700

Greenbacks purchases of property and equipment

(six,500)

(vi,900)

Proceeds related to benign interests in securitization transactions

1,500

i,700

Free Greenbacks Flow

$

300

$

500

(1)

See Note 7 – Fair Value Measurements in our Quarterly Report on Form ten-Q for the quarter ended June thirty, 2020, for additional details.

The following tabular array illustrates the calculation of our operating measures ARPA and ARPU and reconciles these measures to the related service revenues:

(in millions, except boilerplate number of customers, ARPA and ARPU)

Quarter

Half dozen Months Concluded
June 30,

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

2019

2020

Calculation of Postpaid ARPA

Postpaid service revenues

$

v,493

$

5,613

$

5,746

$

5,821

$

5,887

$

nine,959

$

11,106

$

fifteen,846

Divided by: Boilerplate number of postpaid accounts (in thousands) and number of months in period

14,108

14,354

fourteen,602

14,881

15,155

25,424

xiv,231

20,289

Postpaid ARPA

$

129.77

$

130.36

$

131.15

$

130.39

$

129.47

$

130.57

$

130.07

$

130.xvi

Calculation of Postpaid Phone ARPU

Postpaid service revenues

$

5,493

$

5,613

$

five,746

$

5,821

$

5,887

$

ix,959

$

xi,106

$

xv,846

Less: Postpaid other revenues

(310)

(326)

(346)

(362)

(310)

(618)

(636)

(928)

Postpaid phone service revenues

$

5,183

$

5,287

$

5,400

$

5,459

$

5,577

$

9,341

$

10,470

$

fourteen,918

Divided by: Average number of postpaid phone customers (in thousands) and number of months in menstruation

37,504

38,226

38,944

39,736

40,585

64,889

37,865

52,737

Postpaid phone ARPU

$

46.07

$

46.10

$

46.22

$

45.79

$

45.fourscore

$

47.99

$

46.09

$

47.15

Calculation of Prepaid ARPU

Prepaid service revenues

$

2,386

$

2,379

$

ii,385

$

2,393

$

ii,373

$

2,311

$

4,765

$

4,684

Divided by: Average number of prepaid customers (in thousands) and number of months in period

21,122

21,169

20,837

20,691

20,759

20,380

21,146

20,570

Prepaid ARPU

$

37.65

$

37.46

$

38.16

$

38.54

$

38.11

$

37.lxxx

$

37.56

$

37.95

Average Acquirement Per Account (ARPA) - Boilerplate monthly postpaid service revenue earned per account. Postpaid service revenues for the specified flow divided by the average number of postpaid accounts during the menses, further divided by the number of months in the period.

Average Acquirement Per User (ARPU) - Average monthly Service revenues earned from customers. Service revenues for the specified period divided past the average customers during the menstruation, further divided past the number of months in the catamenia.

Postpaid phone ARPU excludes postpaid other customers and related revenues.

T-Mobile US Media Relations
[electronic mail protected]
or
Investor Relations
[e-mail protected]

Source: T-Mobile US, Inc.

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Source: https://investor.t-mobile.com/news-and-events/t-mobile-us-press-releases/press-release-details/2020/T-Mobile-Overtakes-ATT-as-Americas-2-Wireless-Provider-and-Continues-to-Deliver-Industry-Leading-Customer-Growth-with-Strong-Financial-Results-in-Q2-2020/default.aspx

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