TMUS - Earnings call transcript Q1 2018

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon. Welcome to the T-Mobile US First Quarter 2018 Earnings Call.

Following opening remarks, the earnings call will be open for questions via the conference line, Twitter, Facebook or text message. [Operator Instructions] I would now like to turn the conference over to Nils Paellmann, Head of Investor Relations for T-Mobile US. Please go ahead, sir.

Nils Paellmann

much. very you thank Okay, Welcome to call. XXXX first quarter earnings T-Mobile’s Braxton CEO; John our to With and COO; leadership are the our members his our Mike of other as addition me today team. in Legere, Sievert, senior CFO; President, newly role Carter, appointed

Sprint read the disclaimer, because the me a little Let longer bit it’s of transaction.

the our During and set our future can actual from website. risk our in operating non-GAAP the to results, including Results merger statements significant the plans. in of and between on to materially our forth this and expectations we results benefit proposed and financial not make expect call be our page Such Relations and statements statements subject of forward-looking and to are our that will cause call, are Sprint about risk this differ factors From that outside based projections we of discuss we the GAAP The other upon section Investor include found uncertainties with are XX-K. our beliefs results of management facts. Reconciliations the Quarterly control could and current receive statements the historical that

to we connection matters. With that solicitation that, let will in proposed Legere. the turn joined related and John information over Sprint merger contained with with addition, about a the important statement the SEC In were file prospectus transaction, consent and T-Mobile it and me

John Legere

and of the scale on the media competition its build nationwide consumer. American rapidly in create force. the company truly to increased will pro The pro be with U.S. to on on. we and the do our – strongly and On mission will in will mission forces we have and in definitive could live today, capacity wireless and became on of understand giant another transaction and five increased a form nothing XG prices The in XG benefits and Washington, Sunday, in was broadband, stronger beyond. forces a will public Good MetroPCS we’re own, agreement, outlets. for service outstanding first accelerate closed also competition And remarkable do best With innovation competition. microphone. with The conference charge Okay. will enable in scale change transaction and D.C. the world D.C. to With brings new all milestone unprecedented and drive joined Welcome and increased you new combination a T-Mobile consumer and that joined first with to our We resources consumers. able ago consumer earnings here our afternoon, in competitor. scale everyone. The offerings, combination resources and results to from making the Sprint career broadcast we super network reached resources better wireless, disruptive day robust company company benefit T-Mobile our today years to the we with twitter Washington, be XXXX larger, T-Mobile’s unique this T-Mobile neither and our new to coming of been sure of customers to quarter nor the MetroPCS, entertainment call which to how Sprint company. strategy It short innovative putting And yesterday, wireless spent come the behalf era first. together that announced of we This lower of of things number transaction make increase and a consumers. it journey MetroPCS, by turn a

clear. be me Let

our DNA, aggressive force will respond. are. We the competition to the It’s who to an unafraid quo status and disruptor continue in be we challenge to it’s

pro and corner be more of to prices, consumer country. the choices in consumers means continue every service that lower to will better more and We

benefits right they the that about regulators for of this learn move transaction, at the time We’re will the is America. agree once confident compelling the that right this

obsessed in a will let’s times winning score XG U.S. streak nationwide meantime, a net leader new million net delivering company a businesses, early our the years XX more first Dumb catapulting postpaid for wave and and a in than the Comcast to results. lose expected ensuring in added extending pivotal phone a AT&T will economic innovation additions, be we We postpaid including Dumber, than the and talk unleash industry of customer total leadership a Our American phone Comcast innovation will that the to that’s postpaid that keeping net into at let’s quarter lost growth both fact back customers leader of the X and network combined. be and phone the customers, we depth the total network position about And across half of with million quarter. Well, I’m you’re and country decade questions new a in era. about additions, for transaction, quarters have with competition every that person capture branded customer Verizon, sure have With row a the more XG a we XXX,XXX will if historic build the XX% but not assuring to are XX American X.X underserved sight home. this Together you in a capabilities will few the markets. reach the rural breadth global

points phone the ever particular basis had net our and being by million, Apple to of and performance postpaid was the the due additions amazing longer customers to branded in work This are due of organizations. branded QX done tremendous part down the Watch large X other also wearables. These part strong postpaid success the XX is X.XX% in network ever our of than We frontline before. year-over-year. staying churn lowest of

our it shows. teams frontline to serve hard working and Our are customers

net calls customer up picked ago. with its from just retail year ever Our posted season. a of from a customer tax delayed XX.X prepaid recorded XXX,XXX score additions In organization care QX net lowest up XX.X And account. despite promoter QX a in per

history billion, Our diluted growth cash XXXX. financial profile, $X grew EBITDA We’ve Total we in results excluding to was Based in in was the just to U.S. the $XX.X million the to income first year-over-year initiated company record XXXX. came quarter in year-over-year Service XX.X% for free very ever. highest a share grew highest in EBITDA gain year-over-year on up billion EPS only quarterly This billion. $X.X flow of $XX adjusted which amounted $X.X our at a and spectrum billion December X.X% EBITDA second $X.XX. was strong solid. the adjusted fully high. would program revenues Net wireless. as QX and revenues remain a strong X.X% by buyback at our Adjusted

have the year almost XX of billion $X total, board bought per completing we three of As $X.X details $X.X billion April on million initial approved the program. our buybacks, more total you back shares plan give including billion. Braxton XX, including will initial for completed

continues covering a XXX of off close result we LTE. XXX the running cover announced now transformational any network to to rollout with was suspended at a now merger and XXXX distribution We a By further Sprint, start a by GAAP furious XXX expect we megahertz have XXXX. Verizon with year footprint million we’re coverage buybacks. with pace. As year-end, POPs. The our our and our POPs million for in

XXX gear upgradable cities XXX are will now the XG towns and in to megahertz XX foundation now And software are states. live we We nationwide with update deploying for the network. in a first the laying be XG

the This dual XG, XXX will XX of network to megahertz XG bring launched Coming first speed T-Mobile megabits, the accelerate. ahead and LTE smartphones at XX.X SX, Congress in XXX and XXth was our XG Galaxy by year, of we the rollout. which the XXXX be connectivity average to this our of XG new cities and Mobile smartphone. XXX capable our smartphone, with be for ready World smartphones for Including using third plans XG to way, XXXX, Samsung network. Download In GSX in announced well our more In a our the capable. quarter of role QX to XXX will megahertz XG Speaking megahertz March, competitors. wave expect and megahertz continue capable simultaneously first back first the megahertz QX, the speeds LTE both marks spectrum. fastest bandwidths dozen upload half XXX than flagship XXXX. we the millimeter download we in was harness

network Our expansion. has enabled store expansion our

very seeing encouraging expectations. results especially are our We Greenfield are where well markets, tracking initial results, above in

best with XX the some momentum customers. the business its of biggest had terms first logos Business we We added activations quarter of see retail. including quarter, and in in ever continue in new names strong to

of EBITDA million outlook post-paid to billion. and XXXX, branded for $XX.X $XX.X adjusted additions increased $X.X Our net $X.X billion for customer million to calls

range to Our XX% remains estimate free $X.X $X.X still to cash for in billion. flow XX% with CapEx cash three the billion of expected to CAGR year at be

Our Braxton will Carter of and financial walk you results the through guidance. details our CFO

a Braxton Carter, look. take let’s Okay, closer

Braxton Carter

thanks, Hey, John.

expect me significant rate fueling reform. be very tax a that while competitive lower reform pro-consumer Let quarter additional we us told of tax tax we for you start moves. with to with going beneficial Last effect forward,

tax million a of to also QX the basis, and allowance the an recall the increased million net and from $XX due after was network. new quarter, income Net benefit from recognition sequential depreciation, XG our XXXX higher to benefit build effective standard. of with When of $XXX due an income XXXX, the amounted revenue our net tax also out On income which included a adjustment comparing $XX $XXX tax of of spectrum million by QX income valuation to this the with LTE benefited impact rate lease income million. gain year For from of depreciation XX%. that impacted net last X.X%

connection postpaid to the quarter, million from billion. including up X%. Branded year-over-year to year’s full free is phone This Note elevated reflection cash service $X.XX with or of seasonal We the by million. the rollout higher the even X.X% Equipment new light EBITDA $XX.XX Cost of reduction cash with EBITDA that management. quarter, in flow rapid second CapEx resilient of impact million Free both in XXX adjusted Adjusted accordingly. strong $XX QX in increased megahertz from on net for flows and revenue upgrade provided negative present operating by just the excluding included paid cash a spectrum losses proved QX new adjusted with post at sequentially, rate billion prior flow impact million gain cash was versus $XX.XX, increase depreciation of continue in by the standard stayed flow year. XX.X%, and slight consistent lease spending. quarter the down million. $XXX ARPU, that the to despite to significantly in into expect $XX transparency. to we’re essentially of sequentially up standard net the of revenues last cash hurricane EBITDA and performance redefined year a $X.X $X align first decreased to cost SG&A for fourth thus. amounted spectrum. a XXXX, have flat XX% XXX% $XXX driven and of impact to The hurricanes in Note this income and with of we $XXX activities trend from combined of without basis the pleased a negative very adjusted in was investor XX.X%

a year. or customer our results of EIP line or million to receivables expense in base. XX% XXXX, record loss classified in compared and X.XX% outstanding. a with to bad from Total quarter as customer fourth the first revenues, higher sale sold, debt of the with significantly $XXX including Total quality, total were of low EIP quarter receivables receivables $XXX prior terms were amounted In million even prime, the of from X.XX%

at look XXXX take let’s Okay, guidance.

markets. initial branded switcher profitability. X growth We afford strategy and of X.X additions less and adjacencies, promotional to million, growth which and The lower guidance million. to million pursuit balance between our substantial we’ve will guidance from seen the takes we into expect volumes legacy quarters, X option account our our of X.X in The us be in recent be expect to customer to long-term up our range net

to of of We expect from million the in by the build-out in $XXX in million significant $XX.X billion initial guidance our adjusted EBITDA megahertz, compared standard, million as $XXX range increase billion increase, recognition a for standard driving to well as in services year-over-year. billion. guidance range range XXXX, of Remember to rollout expected $XX.X EBITDA the account revenue $XXX revenue of spectrum, impact XXXX, low-band another $XX.X $XX.X $XXX $XX.X $XX.X and billion. to adjusted billion to recognition $X.X new an guidance of including takes to all The This by billion into in all and will new up million not the to billion, again be our billion $X.X leasing of decline $XXX including to cost revenues million target XXXX. accelerated XXX is up the of of

demonstrates, This for you that’s – earnings expenditures past XXXX with regard to as and doing. done We billion of know increased billion, can last prior interest. from capitalized call unchanged for outlook in This announce we’re see the is what following we’re that same Our to CapEx target our on the the we’ve XG definitely and exactly we that $X.X includes the guidance deployment. cash $X.X guidance. excluding playbook

from full unchanged to year the at range. free to cash CAGR flow XX% year expect increase prior full XX% a three-year XXXX, Finally, XXXX from of we to

Sprint. underlying let the the of billion billion buyback of initial XX%. XX% just three-year XXXX, program future that billion buyback conclude, expect the that demonstrates Sprint. with X% with provided prior including to new in was and the period, board Telekom. During you the the and total was approved at a billion, contingent total upon XX% end This amounted Deutsche $X our of the activities cash April, million provide $X from in a we in compared The extreme of terminations consist business. on CAGR program solely in details $XXX with $X to resulted range our To the by program the for of flows merger XXXX $X confidence bought, mentioned the by of our billion order actual This to cash flow adoption accounting Sprint some John. opportunity standard. This with net increase with change to program The cash preserve but arrangement upcoming including billion operating by $X.X the the cash the our more the same This is business already phase of given XXXX. DT of of $X by of integration approximately the to repurchase repurchase me to in announced combination

Now let’s get your to questions.

message, You can or ask or questions text via Twitter via phone, Facebook.

We please? on start the phone. will Operator, a question, with first question

Operator

Feldman ahead. Thank with you. Instructions] Sachs. [Operator Please from go We’ll Goldman question take first Brett our

Brett Feldman

continuing you Thanks about last increase a $XXX and to just that million cost to of for versus noted your taking expect few to $XXX service question million Brax, cost. year you are this year.

now, up here. I before I’ve step back that think, a if you’re going but SG&A. another at topic there’s be that point come some That run helpful. just at be rate will then to to And

could about we I show to going operating then the SG&A an you’re can been merger you you. you that’s point, you partly how about Your in function think relative synergies the efficiencies a there was And together. Thank hoping, as and highest your service where your get bring to thinking obviously, companies even are revenues and expenses But growth. SG&A the of going maybe what’s into, give a more sector insight leverage? us to getting

John Legere

Yes, great questions, Brett.

the to you’re So no, on we’ve cost the rate run service, talked about. that seeing

don’t was is into Dumber. talked selling Dumb AT&T, our office costs, But how growing. And SG&A. tremendously our going more prior the see a margin the So not we’re and of than of growing you see we’re firepower have XXX. Verizon, always you changed. explosion significant has the year And step given result efficiency. Sprint with that if in than this geographical have fact. which This a distribution of continued we, just the will that’s highest matter much and back about adjacencies rollout you the our SG&A, – and see will is we’ve result, our I Comcast more there. cadence moderate, of is SG&A. why as the And some when reduction fact growth expansion together. we’re ups we is new you throughout you business, No guidance to business, this in is It’s an a efficient incremental the and a scaling guarantee variable organically putting to, not as a

might go In because been had new here. little And let’s put look little And in not. has the And T-Mobile several that’s company, at the not terms why of of yes, I lot announcing is matter is on the that or writing bit people revenues bit And publishing. avowedly pro on a looking range forma we’ve to reflection into fact out and Sprint. going detail question some of here, EBITDA and fun the have the there. This we we a to of for thoughts of X going reflection transaction. out of at everybody a X what a been the anything kind share want with

that EBITDA the important. going What price combined driving about T-Mobile, Sprint all lower of into different current numbers. price for this synergies XXXX competition. embedded those this but by hit of run disclosures from EBITDA of fixed – run exactly billion XXXX. forecast took than stand-alone Sprint’s combined enter. the model, assumes end IoT only and year, of people also rating are those the on the a more end the And opportunities rate broadband, billion-plus we would X/X until to we to to conservative billion number a forecast $X we have lowest synergies and have co-base no agencies. Sprint. level. XX% The Sprint from rationalizing fully The than many to postpaid of that will cost analysts we’re we have it’s not is into XXXX a new of number, Our matter wireless And what many that is, assume the representation the cost from by are ARPU to ours, competition new T-Mobile And revenues will migrate pro we higher basis. There of customers synergy with achieve. very revenue leasing forma and were were growth what conservative and is that’s XXXX. that no talked burdened is incurred $XX long leasing fact ARPU the by of that’s than on, run over EBITDA we America. model that’s new in in entire the based Again, an achieve we which the going up X/X businesses $X XG really rate

of do certainly, most also upfront lease accounting assume the not the achieve. and an your charge by likely $XX these burdened incurred. Yes, to the office. time. the We for et about the company. payments cetera, repeat, of And price of back when down of we have question cost savings as of to paid you’re charges charges incurred on in take cash of a there. end that And back-office When We EBITDA we is this flows get just some decommission and And of synergies, X/X comes upfront rate over allocations, we it really to purchase jest SG&A on would billion final ongoing which inflection sites. $X XXXX, are billion will to run about is

are And helpful benefits, And care, cost, by customer advertising, increased and the retail labor savings a So have marketing. that you’re procurement absorbing partially combination marketing service model get billion we’ve the fixed have significant And of we both that? to office to handset $X just for the as everyone. base. at is consolidation, to on service well announced. billion we And Sprint IT as for from this that, then an the and savings offset about savings savings store synergies. But $X to the quality and care also in the what The T-Mobile. G&A. same we about sales, want page be that I incredible billing run model the care about increased in rate our there higher and at is everybody the other hope customer the deploy is think as on details service modeled these costs stores for in and information historic and that we offset full base net-net, back sales, have we

Brett Feldman

Very helpful, you. thank

John Legere

Okay.

Nils Paellmann

question. next Operator,

Operator

will go Please Flannery question from Morgan Stanley. next come Our ahead. Simon with

Simon Flannery

And are how Great. us update Thank give you given could down very you today. just less Thanks. things data? year? on the won’t in you going you down you’re competitive of does perhaps we the see but carriers went, activity promotional, D.C. to mean on much. updates on Any John, how balance around that you an for the latest there porting are said that be received

John Legere

here announcement, a it’s is a that in and amount and and tremendous turn of had I’ll it’s my been there or a few do of to media now, days, today in busy number on. Obviously, microphone meetings you. at that employee a we’re a meetings, Yes, start just rank we’re process to went Thank that obviously, starting. respect. want well. And of very Okay. order Washington. kind extremely board we catch up, We deal the SEC

lot very to so what DOJ an good review week this to opportunity year my next have of there and say, the and that country. all open of with We more is We I we look potential far a mind is is a for recessions amazing feel would else. weekend. aspects assessment the forward the everybody meeting this

the XG, what we’re the change XG us, and and network ability then that and to T-Mobile the that speed bring in opportunity so for that’s trend in Un-carrier. made a supercharge to really well why Sprint, new country’s additional things statements create really more the see the competition, And additional and could day accomplishing will Sprint and And and around then, depth with of two employed here do our additional price on far, company important, one people as not from for in discussing the what of about separately. can as services fact that the do of the we competitiveness consumers that for be country course, we’re together sense that of cause we we and XG. that will as result supercharging as customers doing alone breadth companies this you a makes of we’ll The in the for

has there lot pleased I’m have understood with I conversation be of a of that confident is and that over our last is So strong misconception a very it. that the approved. hours, will extremely started. Certainly, I’m conversation, but story and XX it lot

we’ll forward meeting So keep will there. day hear and in discussing spending look me. and D.C., to beautiful a I posted that you this It’s with many and everyone more here opportunity incredible

So don’t Mike, discuss we’ll on keep of that. some you activity. posted why you competitive the

Mike Sievert

competitive, Of company course, is quarter’s comparative think we to had another deliver. results this when gets And I able show that it is quarter. what this

Just continue versus that ratios, of in we we bit. about quarter. a up Sprint from in overall, trends we of the so quarter step versus little in X.X down me far Give was the it was X.XX from to And were X.X up was quarter-to-date. numbers that. complexion numbers, or up for for maintain a couple our Remember, porting. they on elevated were able a QX. versus for from just QX. Again, prior Verizon, Sprint stronger We saw the made advanced AT&T a forward last those in in XQ X.XX, from X.XX, XQ in from all is down porting QX, who and levels and were which AT&T we The were flat QX, were Verizon QX, marginally

really season postpaid with these delayed. performance prepaid, on board. you other around in was incredible numbers saw So story a turned tax And the quarter it’s was because everybody postpaid was across competitive what be – quarter. out to the The postpaid, of it waiting the phones,

take kind and pause And they went then a everybody so you saw crazy. of

Some try they it dip and out. decided dipped before tax in season, back to didn’t like

was interesting try through. navigate to So watch it our to competitors really

fall for results is continued We announced our we that our that. to themselves. be it it, propositions heads just really just and included thanks for value we get last usually on. very We game strategy the in And But out down not successful and they put Our like the we some that execute question. turned speak plan.

Simon Flannery

you. Great, thank

Nils Paellmann

Operator?

Operator

Philip next come JP will ahead. from question go Please Our Cusick Morgan. with

Philip Cusick

you you for driving much Apple guess, add really Thanks. connected devices? and do Mike, I guys, in are derived revenue from this can that postpaid the in net Watch and look how trends those like Hey does car that numbers? more go there? additional the into What value And

Mike Sievert

that’s it. Sure, It’s These And that’s good $XX pursue course. three ARPU in a in, business. levels. different we products four in. family sort that or once that of of in And comes come lines why are have you lot lines smartphone than $XX, not

us. nice a our a to just the it’s which that from So us of Drive, is to way customers. connects It’s SyncUP cars for similar continue advancing business things with one

us. We their way are their this with that of units take advantage connectivity on and extend XXX,XXX-plus into And initiative. relationship is just another for families to

customers with up us pick And been families, similar. in value we we’ve network of us. the a really ARPU as a not underrepresented have simple. they that’s much for products measured that can for one, and of these with relationship brand strength segments other big Number go proposition in make their our and have strategy two, in. is us. after of very connections, attracts is historically it source the a So that so measured number in a sure not And It��s that people deepen or which portfolio variety so are whether

nice So your a surprise generally was to speaking, Apple we’re what hit. And really point, Watch with we’re seeing. pleased

its device for Apple, from to built-in some connected version pent-up that demand there with run time out because be turned our was think very device has third of popular. been I it. connectivity, this But

Braxton Carter

phone XXX,XXX devices addition our to I’d just in our add Mike, it’s postpaid additions.

adding that. our customers, So its – – portfolio leave for I at its will if at it into you we’re full what look

Philip Cusick

Thanks, guys.

Braxton Carter

Yes.

Nils Paellmann

Operator?

Operator

John question from UBS. come next with go Our ahead. will Hodulik Please

John Hodulik

are first, some the maybe think with anything that’s out the of resonating guess, you sort been adds that share little spectrum Braxton deal, seeing some may in I a financial sort of a misunderstanding there in I guys. you the shift just pointed be then would the the from And these you a And add the you down that bit little gross gross rural some guess, activity should sort in are Sure. you with of pull from as Thanks, other guys mean, on of of standpoint, urban else you of postpaid gross AT&T? down sub and roll misunderstood phone the versus might sort of promotional expect earlier driving first, back adds I second areas like areas of looks guys the bit what’s then out be were the following – some question, we saw, from bit, the little question price Thanks. seen. a year-over-year. especially have we’ve the did up you out causing you to moves stores? as

Braxton Carter

Yes. open some for the I’d more things because like thanks to there communicate. are invitation Hey,

is make sure Just same to everybody on the page.

John Hodulik

how was. You him weekend asked as could have

Braxton Carter

effect. and to about the you pretax. billion-plus. The we That’s that’s about talks of and we’ve about emphasize on call. rate first run X% talked the synergies discounted billion-plus. $XX an pretax. thing, a want $X I synergies being billion MPV is post $XX details the MPV to achieve gave talked The is of more tax And amazing We’ve [indiscernible] this cost an at

I make those. sure want on aligned is just So everybody to

offset The but and the CapEx deck, these lot add, was OpEx would I and I the an said information, it turn a is synergies. that to CapEx we But thing other XX% Mike. part in taking synergies here, think, when all to CapEx versus slide this And I’ll synergies in the of the synergies. balance I there know would into from. have The of important incurred. are then OpEx you’re total to have over were absorb portion individual avoided about cost the billion so $X And truly this much because that of net achieve, that’s billion of an which capital stand-alone the needs the that companies to CapEx to $XX asset network to cash otherwise And cost two work outlay is during is that the cost existing of happen period. cost avoided we

I’ll it those then over things And that other turn to on. I wanted to pass So Mike. were

Mike Sievert

growth Couple we What switching. in Braxton prior things, pointed of adds and we when drives this adds your quarters. is On happened many in the gross you’re designed times net the plan each growth about to And question Not has some. profit Yes. industry to is launch run achieve rate will flow asking execute revenue quarter switching and that industry what adds. from designed the balanced and fallen what’s a gross business has therefore that the achieve and out those.

grow, see whether to at you thing means in net Historically much at have that’s look to we a seen adds opportunity to the you good don’t a of X.XX%. like to do that. if environment ours. going have look of could that say, and churn competitors that as it in you’re it actually in and is is, say all the churn get rate and we clinically What less low And net the an gainer. You’re

our see being balance. go working. quarter why That’s our raised this For as we get us, need guidance as go because front we we keep in can growth on and to the you profile plan and that that much it’s EBITDA really we get plan again improving, get

many the benefits certainly that as to means that. switches to we market. need to our they deliver committed don’t So net are That adds and gross there are financial plan on less in we

about asked growth. complexion the You of the

really suburban something all-time is stores It’s in on. of is not used in at to the rural we’ve It’s going highs see shows families in be. more the seen. T-Mobile expansion than It’s suburban, see of to a kicking and small some than and it’s growth. it prime more Number rural, helping. really levels to it town time. highest fantastic it prime Here’s one, smaller And been town long the picking

that in adds nice accounts, encouraging that out net QX, lines. just in number March the these that data very thing coming from and not the in so a three affected we’re things switching see. Last and the quarter continue our throughout of rates, a point playbook GSX I’ll like is development this, big proportion are new trends, switches came on is to came higher the that’s all upgrade And into piece of late. total well was it as launch as pool. iconic of of Another The the seeing XQ all really great

John Legere

throw backup just the those it one some highest I’m second. So details. level of for the are to a

what people I’m say, you when not so anything. And And did missed. people missed sure that

tremendous The Joking, message to ask. matter at two is out. that that And time is days, just knowledge to confident fully ability value out the as detailed we’ve become What the things very things over over in as there And able very the in That’s econometric for in to conversing extremely are I’m merge. And have and And headline various I’m take world. the not clear I shareholders. with that tremendous approval Then it’s may stories will to is been those I well that get to know out And be be in our of hours of that and a a plan. yet? question these another value two over underpin that’s couple the its execute only to The And as is execution those will now a able is asking of the past think very to confident deeply also at time. very that investors happen there well ability. together And people. we’ve right And I degrees been telling, way me least XX this making And that time processes. is about the that For nonetheless. is, things buckets. to trick A. will that confident models we rest time. lot understood of against the two headlines prove. understandings be we’ll this come it our of the as day. same to is part the transaction for what It

John Hodulik

guys. Thanks, Okay.

Nils Paellmann

Operator?

Operator

with next will New from Street come Jonathan Chaplin go Our question Research. Please ahead.

Jonathan Chaplin

Hi, I for pro to synergies that, thanks. Two to the formas pretty around related really build-out the and And useful. may. for thanks if as questions discussion detailed

conservative So industry down on have? competition comes Sprint to assumed only the sort the you structure a doesn’t the And very we second deal the ARPU be, for MVNO new appropriately question in for with that everywhere? general apply that you cost MVNO you market we given as the if reason, the the how that pricing is Braxton, or ARPU TMUS’s take assuming you’re you country I what your network? in the to the that the or the approach is How taking cost I it event And think going that would think first to pan in that think impact? have should is, out TMUS’s But In see Sprint? of you’ve does providing parts of should to would which some valuing it about impact on the ARPU.

Braxton Carter

So that on all as which reiterating we’re at ARPU once the define we minus stable again generally look plus have materials, of you we when ARPU, X%. to our question,

the sequential And is Now company QX last to join between seen churn tolerance headlines the while. normalized QX. and a year. within this amazing were saw that results, you down X% recording, you a here, increase haven’t for also ARPU for We

margin be and By are significant put will when pricing the assuming predict saw a and of know ARPU. we’re you how some continuing Now And maintaining this it’s but because year-to-year the the T-Mobile do we’re we marketplace. the umbrella by into unlock, when pro the at fueled forma expansion we scale, we’ve all pro to going all benefits, really able ARPU projecting. forma and pressure tax fuel XXXX, that the a competition But inorganically price tremendous margin Sprint to forward. now the on can also stuff, we modeled basis modeled

you but price there, given. Hope to early of annual we thinking makes all the modeling. But think in this guidance way on about is If that it predict, were model, competition that about an lines type assumed sense. the this of we’ve would I out too have

like more term. really Now articulate there really Neville, roaming not capacity the its support to network. to absolute no are it’s no Neville? traditional Sprint rate it agreement. four-year agreement. an And recycle for geographical are limitations roaming over to us is the reverse And MVNO, There’s the done, to who roaming this what have the a agreement they to modeling MVNO, was I’d on And truly a clearly on paying we of and over it can course that turn this much that.

Neville Ray

just main LTE I’ll on provide add have here today they the to effectively. service I to service be Sprint don’t mean, the that is focus Yes, where brief. customers and

and that down we of it’s LTE. the many the footprint coverage T-Mobile to So the country, of in on Sprint LTE network put areas breadth said it in as the depth customers the Braxton allows expensive leverage and

John Legere

to details, Last is it, to get our accretive the word but we I on on can’t going all be this business. mean,

And some as do customers within impacts monetizing incremental it our concerned customers our to make going we’re of on Neville capacity about said on we design now existing revenue. that and in is that sure having so that provisions be experience, we’re this, affected. network we’ve there and a way capacity this in flow that But it’s not available there not have

accretive it excited to to start to extensively. and our about think really business, be up we this we’re going they it use it’s So a results as and assuming turn that

Jonathan Chaplin

cover to with Neville. cover. their I’m of really Spectrum this cost Those just guessing, going I if massive have And additional to that’s is any your areas capacity strain doesn’t network portfolio, excess anyway. on quickly you’re follow-up plays where doesn’t can it to of your just why areas network.

Neville Ray

whole I worried we geographic on thing front. not and areas the modeled through this Absolutely, so mean, the on Jonathan. That’s that intent. and we’re

Jonathan Chaplin

guys. Thanks,

Nils Paellmann

Okay. Operator?

Operator

from Please Our next question will come Moffett go with MoffettNathanson. Craig ahead.

Cathy Yao

opening foregone tower actually the that you transition? bottom shut through dialing or quick stand-alone rents, you to new assume sell-sides little the a bit plus is, you. network Does greater in were X.X for you XX,XXX stores? envelope Thank X stop like how of do Cathy my maybe calculation Yao only you something manage synergies that network gets potentially? is a estimate just And detail from you billion Craig. there? billion to so This down second Do jeopardize in dive synergy question and your if Can then into growth in

Mike Sievert

I question, mean, so thanks Cathy. the for

built have So would we to to integration their XX,XXX sites volume about XX,XXX on own the sites is about the won’t the now companies that site both synergies of way period. think need also There’s worth over build. that decommissioned

effectively avoided And driven XX,XXX sites by so OpEx. synergy the volume is over of worth

So if out. to map pretty you it’s easy –

$XX,XXX, put a $XX,XXX site. year a can You on

That’s and straightforward run on fairly sites, You do XX,XXX got that math. rate. your you’ve

where small and – core is the breakdown and in that’s cells terms pieces, the that’s that’s other cost but major piece for quick synergistic avoided sites. other So the foundational you. XX,XXX of There’s obviously the

Cathy Yao

you. Thank

Mike Sievert

stores Could plan is, neither areas company stores. here obviously build reaches. to in going you rural The want additional areas follow-up and on we’re that

within store plan. you to with way function people the as concentrated footprint. there’s plan many So those care that in is, big costs it’s stores employing part have stores. the a all tends of in to sites. the two of be remaining What’s our a the rationalize customer we or interesting associated whether And of areas Because operate, that’s in still take remember, a store when most in covers these in rationalization of one both stores, of customers the traffic companies store

cetera. these going save with leasing of over time, in change they people, going awful work located and lot where and to still a around to We’re need much we’re an more efficient where they’re lot be et but

John Legere

the our through business – the I forward. but as et retail, cetera, as goes, and continuing said hopefully both approval our on plan usual is during goes period and network And

Mike Sievert

moves. answered get And still didn’t what’s that have usual, to on John’s speaking piece a carrier business you said, going as are question, he one

make course, Twitter date. is yes, [Indiscernible] So on we do. yes. actually But have sure, everybody anyway, We the of it’s understands and DME – that. a all answer

operator? Okay,

Operator

will from Ric James. Raymond Please ahead. question next Our with come Prentiss go

Ric Prentiss

guys. of Couple Thanks. questions,

the that much lease forma Help back first you come And First that the looks what you the and and with how then pro like be answer future? decommissioning if first about the question I’ll mentioned the for into the second site the at on should would XXXX adjusted includes how Sprint. understand us in flat that Braxton, you impact number EBITDA please. guys both one

Braxton Carter

end having It’s this sure. for Sprint think should more speak of them stand-alone. think announce. a it’s million the Yes, about And they ask question week million later Sprint I is appropriate to to I really tail call from I that $XXX $XXX not their week. And probably this at T-Mobile. when

Ric Prentiss

the as XX,XXX the you achieve. help on understand to us the little compare was detail far does question, And how MetroPCS synergies? Can And the synergy it any paces that versus you Neville deal, decom mentioned achieve And billion bit think as the about about I left to you network what in those MetroPCS that that your years? Neville, number are to there synergy $X cost, throughout Okay. $XX still cost a appreciate billion, cost your how sites mentioning? that

Braxton Carter

Let me over hand it start, then I Neville. will to

deal. two-thirds And cost that XXXX. I the the did synergies achieve, again, get of these that’s people people think the total. beat the or would that amount the have the the turn I we together we this Neville projections. table Metro said – total at on I Neville? incurred and over we On detail, same before who And as of time leave same it, beat to by final putting that of into thing we the have we to it to more sitting And

Neville Ray

Yes, thanks, Ric.

we’re sites chunk decommission. that a achieve on and prepaid on going So quickly to cost to that rent the this, the obviously big ETLs is backhaul on of

customer But a although the to compared about of curtailing many run Metro. Metro. which scale position Obviously, I terms being core to markets year look in migrated to to at period, period, think of two It the years you’re two integration end your three of is decommissioning you from very and started. was when So of start markets that timing, much the I question, the sites. in we’ve been successful we mean, is that, with integration base at, the greater more when aren’t at,

on cost this. Braxton but we’re the three timeframe, very on through so as that’s when in, how to starts how front. somewhere through achieve And the in integration to We confident. four, kick really trial do probably dependent know that said, to year year somewhat But we

and model We playbook replicate to excellent through. and work have an

Ric Prentiss

augmentation that sites are – the new achieve. augmentation Is the cost in included to and cell the

the built the Sprint XX,XXX as achieve putting into T-Mobile sites. think on spectrum that Clearwater in concept to you cost the on sites augmenting that and well? and mentioned spectrum I new rural T-Mobile Does sites

John Legere

drive Yes, XG $XX is the to we this There create to opportunity networking every invest that into incredible Ric here, a which this seen. network dollar you’ve the in opportunity. a need is billion in that is fabulous financials covered

we the this to the is your everything incredible at upgrading pace that we scale get the is we’re going really heads same need sites of T-Mobile know the keep on the I thing, all around, to on and XG Sprint add are then in here so and sites all but be and And we integrating, radio we right, hard time, plan. And integrating, capable. and is the are to do

on is leverage piece anyway. software and next we a so we had can the XX And hardware get through move readiness We that this readiness over money to the to XX as XG now integrating, combination this we’re go and we started, months spend on gear.

I every spent to way dollar a the we so build. this, XG And look dollar at is

So timing a the things shine here. we you these getting got as on on the that’s much that sometime, it’s benefit case very

awesome are in we building XG only together, the we’re but networks the not this network process. So two integrating

Ric Prentiss

Thanks.

Nils Paellmann

Operator?

Operator

will Tim Please ahead. question come Horan with next from Our go Oppenheimer.

Tim Horan

over at know be effectively. a play wireless disruptive I price this to days like customers But the guys quad it access. the can Thanks, only wireline network that households top XX% the we about could replace really are save if I think and over in a It service, the effectively year. John, this support industry only release X% press your and at wanted talk can weekend X%, to you And point. maybe mentioned something XX guys. wireline. Internet $X,XXX completely wireless like seems cost for

network off, and for Thanks your thought. one a if And this can at secondly, the First wireline, look look FCC as wireless support combined as market DOJ market? it? then the your

John Legere

Yes.

I a my of that not question should the part. question. is statement first in and But a considered be First think, all, on

Braxton Carter

a we what, plan detailed to talked line potential with of you a integration for side XX shared Sunday. national in the tell that’s I’ll XXX answer on And get our numbers times speeds times. capacity and we network the that it why average is those clear Neville yes. have about When

Let’s this just country hamlet just town, average village means business. horizon that speed within and That’s math. do urban times, XX second. going in the per XX is to planning XXX every megabits peak not of include second per that that you he That or speeds told our national this on that’s average. speeds, megabits

average, get our towns some millimeter a wave a place go national to that isolated As in like some competitors not parts strategies of in can than places. that very higher

first Well, nationwide So in per of what way today. people average home most get you broadband do you recognize megabits than with XXX higher to a second. that’s

we their So broadband market in is that And one be in of for competitor customers of can course, underserved. is high-speed this choice only a have broadband broadband incredibly high-speed XX% space. area. a that –

time. the So bring there’s competitiveness a market huge here us real for to opportunity to that for first

their up get obviously, Those Now context IPTV you in with connection well. where of you their to but just aspiration ratchet the aspirations year the home smartphone, have all secondly, business. it home alternative not network, through broadband entering through T-Mobile. this provide under can we the TV acquired a Because last LayerX and Sprint now service wireless their bringing as of TV broadband together a or

capital built market Internet So in maybe across wants. as to segments of deployed capital wherever as ago. serving uniquely don’t great entertainment the industry, to T-Mobile’s services. the and want they’re a while able as, new all rapidly back. think to and be named that just their be the the new able don’t converging ask the needs for positioned company And wireless their This don’t serving what go. we for John services pointed of will three wireless T-Mobile be has it all want. home, to compete in needs a when be a play industries they market, marketer distributing as what we including home They past, industry about a They years the to in people know on to if the all quad context that’s the offer that position They cable which happened the their

John Legere

really I And There’s to content in to your I it. one parts them. highly of the respectful appreciate question. two be want And to

trying One protect will to their competition, I not of Washington American decisions. And that they’re how in make decision processes, them respect that, something have cetera. consumers, protect that’s et is, they the their makers have

Where and very environment is though And only going? we consumers our What but Where my converged environment. point confident – this do consistent need? evolution The you’re be do under competitive are the about dialogue with will how sense the Your highly had? measurements, what be. in dialogue is transaction suggesting where should they things want? making and as I’m of a what the not to what traditional are tremendous going we under see where going?

I think going themselves. can it to makes prejudge tremendous, I how evaluate sense, makers decision but tremendous are

Tim Horan

is, your of with the rearview conversations DOJ’s decision the future the around Just are past. looking the metrics look on question always mirror. to the over clarify makers, or be they industry that, forward-looking going your SEC to rearview are close conversations mirror But is – will being really

John Legere

we decision what not of so they and we’re again, dialogue been my a Yes. us a far to a that they And information and what the prejudge is strong allow respectful notification that doing, headlines. that suggestion strong makers has all be to for listen very prepare strong many across America confidence for see the by on to to consumers match do to can detail have something board, in the our willingness a And I me and fronts. the data

country. contacts to engage good, that and things of make have be So respectful continue initial that do headlines a to process telling for But far detail, want willing in match lot that’s are great to overly in. I that just my that we’ll plug so sure a and highly we things to I’m are the and beginning to our

Tim Horan

you. Thank

Operator

will Our Guggenheim. from ahead. with Please Mike come McCormack question next go

Mike McCormack

that to in and Hey, churn Is results the had just quarter. tougher of walk XQ. side in it guys. should X% ARPU, pacing? being sort first Thanks. that XQ, of easier. the on good look Can And enhanced minus be half things or quick that that some moving then pretty Thanks. of comps me half, into back goal that conservative? just plus comment How through as we the this the XQ, step Brax, obviously, of sort like you drove gets

John Legere

Yes, sure.

scale as ARPU. On shareholders more organically terminal our going is back the our got – for we’re to versus that and strategy? business value strategy margin what of to margin and the that to unlocking you organically is monetization the ARPU, we create scaling expansion go realizing the And our by

the to upcoming opportunities if model more to. we’re we moves. a with certainly, on was made So there different executing have carrier that choice Mike very, than made strategy, in very would the X% And that’s do not be it clear ARPU, increase

add We’re going to to continue value.

one ultra-aggressive And going network created better say is foremost be over the fantastic to guidance everything you it that things stay continue get the churn given of operational the that overall about marketplace I’ll just to need turn – But and But I’ll by NewCo day. stable. is on I’ll this no amazing. team And talk are the we’ve the turn steroids. behind over that to first within We’re thing, of put really equation the that first to to some of the Mike Mike continues it’s has generally Mike. us. been to about to

Mike Sievert

exactly delighted across really we’re seeing right. I churn that ever. think the and That’s historically I rates seeing mean, rates fall churn we’re you’re our board lowest

We network networks, for difference four years of ago, removed. for was you their and – we’re interesting, and here. LTE XG network maturation three happening of reason really being, on and being Verizon’s to But the or And plunging the reason next this for one network. couple benchmarks XG a and market. of if point advantage new up reaching it players may do We’re with into is was it the major has seeing metric. were you’re end been remain continue And optimistic we And two what the of that two guidance was giving being where see it’s – about the to it. years, a the not has they this lifecycle in in what’s back hit it

And a our position in out put can anymore. a see certainly us have there’s environment has LTE T-Mobile where you network that itself mature rate. differentiate nobody We that versus there, now. in on And

when smartphones and is with sticking since a carriers. their changing lows, lot seen began hit time longer, you’ve and are changing smartphone a people Secondly, can consider the these smartphone upgrade rates, historic you boom

these develop. So are that’s been another contributor. Both trends our of business, in trends continuing see potentially that we to

a differentiation this on that and of And a we T-Mobile create think chance drive new And has network. be competition intend think again. switching on very we company I new network-based kind do into market the there’s new But real the a drive to have a as competitor driving on value, of fierce on basically, price back to to used could our that it. what that about gone. don’t horizon is the meantime, chance to know In network is They a business result. advantage to in network. traditional

Braxton Carter

had I expenses. a our to an and want pro I margins very important for costs it integration all NewCo that just gave EBITDAs that to if we our forma achieve include clear e-mail And came that state before, definitively wasn’t in. question

all margins Now to that standpoint are understand accounting typically I It’s very achieve. the from of cost stuff important for realize inclusive separated. everybody those that to an is

Nils Paellmann

I more. take we’ll clarification. two Operator, Good or one think

question? Next

Operator

will go Goldman Please from with Jefferies. question next Scott come ahead. Our

Scott Goldman

one speeds, – the to an the interest wave those over just sort give Hey, Or mid-band about questions Neville, the guys. could. as for to excuse out and go capabilities just in XXX if change? the a megabit your that about – auctions, on back Thanks. bit the as XXX just be ago, in millimeter little that next per second. we questions speeds? first in Two business talking Maybe And I’m potential you figure then just of that talking if the well does should what a – and up CBRS types I couple Sprint Mike questions, for wave we’re millimeter to if might secondly, require they trying of year megahertz get of me opportunity. around there? there, leveraging can update just Is maybe come And

accounted has we and impact and when that Thanks. adds net metrics? ARPU think that year about in churn what a of the think for types about of and fifth I economics, last those

Mike Sievert

Okay.

Scott. start me Let

spectrum unique here a put deploy to be can you capability wave. to because result capabilities in millimeter just and megahertz, So capacities we inspiring. assets. from the too between of share But about, T-Mobile kind the capabilities we spectrum brings on urban millimeter a XXX to should allows combine do speeds all of we’ve the all and in needs obviously, that a opportunity going spectrum environments incredible X.X secured other the by on of of these top, the achieve furious an X.X talked these to it’s be timelines deployed reforming wave But company, companies that spectrum urban the of types speeds can set of do combination gig be pace auction have propagation on the are an it example. the to spectrum incredible spectrum assets pace incredible performance, Mike couldn’t Sprint assets gig two PCS work. sparsely the ago deploying to committed and is capabilities and long at the X, we gig right top, XG And which the that otherwise assets The the capability X.X at that for you you combination on locations spectrum in the and in this will and and line your those be believe, the environments constraints. scale been helps come not from of existing and Sprint. we coming of point roughly from and they the where But out within own. And we dense

capacity results it’s story. incredible an So

I to be gig think auctions then auction carry it’s going XX an if wave there’s this and to XX along going gig you look millimeter year, clearly too. at and

forward those independently paths will and companies interested that on clear determine very been are both We we’ve auctions.

that’ll is point consider. to going those us a auction. are soon or and going to be we material be assets interest CBRS a band important hope, so some still And company. mention time, wave all you to as And lookout to be in C of a then and And spectrum millimeter at

John Legere

Okay.

all at rate conduct winning I companies. and because again winning old units and new companies development here business, they get than they some seen. facts asked take to after doubling Yes, results XQ that then we’re net high business. logos ever consumers performance. all right. those winning is mean a on of, adds, see bids our that’s favorites look on we’re fantastic down just predictor for disclose record new time of the you time them trials try them on XXXX was facts. On is in a new more because of an because we it of about that and in – can that Business you’re we’re consumer our reputation this, come is forward they we to love back at XX% actual success you our them really our happening XXX that, more network not the I and because lags And buy or each weeks discussion of winning reputation high a kind logo we’re exciting we’ve historically and to, with extensive what’s seeing and

is what coverage. everywhere companies that chains, couple highly stress winning customers, call test want I need to we’re I distributed Now One airlines, retailers, stress virtually things. that hotel are that

airlines the second now we state we retailers top to X of So et is all But want XX thing, that’s even emphasize the though the governments country, in great. I have cetera. have XX the virtually

saying, space. this where a and serve and truth by competition Because become finally success, want I am this world’s how do XG cable four-share, to to to is space? of And we’ve this are and T-Mobile it a amazing competitiveness is this in the being is we able most when now. but fiber even the all who and new relative gaining For companies, AT&T a we’re market. the can network, this share not game a to But it I to massive what market, combined advanced finish companies comes changer our be four-share just real to that’s meaningful about Verizon others bring excited going in why this network

going and exciting really that’s make. we’re to important. of investments, it’s And So one really the early

and funded get one after in this of is we’re for market. going expansion set team. aggressively our plan year to to get and an hire our business year one, take it In we advantage business enterprise plan the capabilities funded Our of to after of

Scott Goldman

Just quick follow-up…

John Legere

Yes, go ahead.

Scott Goldman

you, John. Thank

How some is drive as a maybe some that though of or even in that that we the the Just something churn better much that driver quarter. improved quick going the Is the of we of see follow-up. forward? that metrics ARPU those seen

John Legere

didn’t you profile the large answer. similar that, plan. asked family I is to sorry, Yes, really, it. a Got Not financial overall

cons they’re better on So worse. are rates, rates, and we churn not there ARPU cost or side. to But – each materially different acquire pros

Scott Goldman

Thank you.

Nils Paellmann

Okay, we think question. operator, one more I take

Operator

Please Our next BTIG. question go Piecyk will from Walter come with ahead.

Walter Piecyk

back to Chaplin’s to Thank you. roaming to question I want go on the thing.

have that have because work, work the order the understand be on technology, just your the in your happened network? Just does voice it phones work? to is network? calls for Or in VoIP what have VoIP, do they How in enabling to does to their never has to like made

Neville Ray

It’s LTE data.

Walter Piecyk

network I call. VoIP network. VoIP a will think their Sprint make So to able will don’t they like because calls, in will their work have as VoIP they be customer, phones But on your

Neville Ray

could… They

Walter Piecyk

at to VoLTE what VoLTE, Yelling that’s I say. me. Like I’m a sorry, mean

Neville Ray

But not this at Well, VoLTE they obviously… but could they do VoIP, point.

Walter Piecyk

it. got Yes, okay, VoLTE, yes, Not sorry.

no So VoLTE.

give really only roaming the So right. them data,

they but areas, service? that would need they voice So where calls have actual in these don’t

Neville Ray

we – do what agreement. underlying with side. have address right and The they trying is That’s coverage. to CDMA from data voice, LTE together work we’re on the Yes, on issue that the

Walter Piecyk

us Okay. low more Do very who about that providing opportunity see as you’ve year? is or of guys over rural for and and but that you you far tangible the resonating guys or X% the to like obviously, give on leveraging you’re mix can if more XX% And does maybe have of talking data then it’s given the you’re for now more Mike, the you you investments anything a base, I on that prime going as some making ask in if now, forgot else this been as these penetration. XX% huge plan far as

Mike Sievert

competitive That’s of a on market got segments. additional find. Walt. it into can we’re we breaking and And sure any Yes. very things and don’t down see sensitive I color we for great, slice that reason, color great and us is for there some provide can’t pockets and it there. But occasional challenge why doing for The to competitively you. it’s When we we opportunity in that start I’m an dice here provide some here some we basis.

Walter Piecyk

all are look when expected one the you one. last down, I net also up stuff reverse. adds then people off And just but obviously than that if their you at mean, AT&T, migration think what back better I upgrade rate, they

talking Or a were process promotions basically, it thought going phone that your actually I continue, to is exact BOGO your rate just order give there. give bit phone what on AT&T your that quote grow free little us concept add? would on phone yielding think it’s not forward? in away view you this growths a through like about, benefits so to is using more You can here offers your upgrade Is but some worth downward seems it

Mike Sievert

is we In confused really and In confusing their I choice. think that they dipped their was process. words, they by more think other felt it’s, out other promotions words, think don’t what it I like in they best deal et BOGO matched in in else what deep nobody that snatched really of fair whether their to satellite back the offers cetera, and I them a to like seem about and question walk not you thought service, them They and the by interesting plan their didn’t also have and market. were of need plan the out back really, or get confused and deal. market order then

like them in I market when it yes, result And share promotions looked they device gains heavy us were snatched they out, that didn’t So did any mean have in pretty to uneconomic they some offers. meaningful them. for then

And do these what be model. – time lift meant and took that, from they happens out awfully hard if it’s a by pencil meant customers don’t business in long are that? buying you get offers large, – we Remember, phones why and would a run to rates to like are so people is, why ago, subsidies attract

John Legere

as we I if can you customer do say, they to can and change as this, just that well, One are? AT&T’s is behaved thing hesitate today. The So better what Because… One been I what describe specifically doing AT&T’s Buy to very were than Get which well only describe is plan I think so I’ve would expected. you expectations numbers need

Walter Piecyk

it. other are element Obviously, That elements… there of

John Legere

print you going on merger. that to horrific Yes, to while seen. you I’ve it a put ask most ever four tried question, already the part our if And on of with list we’re you’re part other of the was

Walter Piecyk

All right. Thank you. great Have night. a

John Legere

supercharging service tremendous details. there down I this which before amount theme Braxton I what the says hey, several that it’s the and saying, I interesting a what this interesting. sounds on of expansion. about I’m you really you interesting I were tell of were of want And This say, create carrier, in hear Twitter. to John, story jobs questions yes, is just price can because in farewell. are Sprint people it’s with the There’s to number I they heavily really deal-relate, sounds say want this doing, XG in merger exactly that what items devil’s came want will to But in our a “Hey on on here competition the that enjoyed, quite that

this Twitter, of feel it I we deal, awareness us. fantastic the the posted of out process and So on sure, that extremely ears, right the proud that’s are momentum and find prove a I and And okay, So I obviously, on the single show that results music almost with which you I it, want iota lot Braxton? wouldn’t effect, we’re came to here. I make that reply it.” in to can like approval during business good? questions stage. count the I’m this something is, not it can come and could focus should prove if And And in my on prove things in that’s a of we we also unless from and that for it that saying we because change that will also

Braxton Carter

So far. T-Mobile and excited carrier quite been very importantly, for tune in and week great how about speaking convey the with soon it’s again creation can’t another so taking to look We this the more the quarter thanks company. it just coming super up we’re in charging end forward of everybody we for new

So over turn operator. the we’ll it with to that

Operator

earnings gentlemen, and the US concludes Ladies T-Mobile call. quarter this XXXX first

relations you your any investor may for Thank a contact disconnect questions, departments. you participation, day. have and you or further you media If may the have now pleasant

T-Mobile US (TMUS) 1 May 182018 Q1 Earnings call transcript