TMUS T-Mobile US

Nils Paellmann Head of IR
John Legere CEO
J. Braxton Carter Executive Vice President and CFO
Mike Sievert President and COO
Neville Ray Executive Vice President and Chief Technology Officer
John Hodulik UBS
Michael Rollins Citigroup
Philip Cusick JPMorgan
Simon Flannery Morgan Stanley
Brett Feldman Goldman Sachs
Jonathan Chaplin New Street Research
Craig Moffett MoffettNathanson
Walt Piecyk BTIG
Ric Prentiss Raymond James
Amy Yong Macquarie
Colby Synesael Cowen and Company
Call transcript
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Good afternoon. Welcome to the T-Mobile US Fourth Quarter and Full Year 2018 Earnings Call.

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

Nils Paellmann

President Also team. full and With year Legere, of Sievert, are you. CFO; Carter, fourth other and me to quarter John members our Mike CEO; and XXXX senior our COO; good Thank Braxton welcome our leadership morning the T-Mobile's today and Yes. earnings call.

Let me disclaimer. the read just briefly

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

website. information John It XX, to me XXXX T-Mobile important it let T-Mobile matters. statement transaction effective In S-X Sprint, registration available John? contains registration and turn New XXXX, is Legere. statement related the on addition, with to on on the that, October the the in With became connection and the on and we with The proposed merger. Form XX, July filed about merger a SEC related over

John Legere

our Twitter released as morning, and call year full XXXX January financial to fourth pre-released you strong. Washington record right, T-Mobile's and that today to Welcome breaking custom All are on everyone. X, the coming from results We exciting and live good DC. earnings with opening, conference quarter just

and details then your Braxton we'll the questions. the can Let jump into touch highlights, on get me quickly to

phone me in – with start continued of record followed adjusted EBITDA breaking a our financials, T-Mobile in fifth is takeaways led formula and business let's that for the year highest the this more record QX drive could close customer best we the in be team. T-Mobile and winning hit branded breaking a row T-Mobile Sprint shareholders. churn. with a highs my yes quarter the QX one, postpaid QX, to let despite proud postpaid up expectations quarter. I record revenues net Both phone not our and for quarter merger posted net to QX underway total which First, we the our another low the We industry in service we while our adds in ever and record delivered ever. had was another additions beyond in total work

Our our XXXX outlook for T-Mobile. confidence the for guidance standalone shows

We XXXX. of business customers feel the continue I that results. our to translate meet needs of state into incredible about going wireless and good into the

fact but earnings you our into mostly see the dive to our can focus in let's numbers. it brief, So, QX book the XX-K. all on release I'll numbers keep Form and

$X.XX. high EBITDA and Total got up a record Service a record margin. highs XX% also growing Net a million a billion, results. We by diluted financial record in reaching I've with $XX.X our QX revenues First, to $X $X.X X% hit very year-over-year highlight income revenues by adjusted fully was to billion strong X% at year-over-year. year-over-year high. XX% hit EBITDA strong billion of adjusted EPS came with at $XXX increased

investments in million postpaid XX% of towards than $XX.X Military our made billion industry high our range of billion. T-Mobile more customer saw as we a end high to our billion to on postpaid quarter. and the segments including January the record growth For in XX% results X.X all we net have to over Verizon. The of you net and branded growth record and full-year to Business, additions We for phone total accelerated phone XXXX adjusted guidance over phone EBITDA delivering increased than added X, million, such again phone amounted quarters geographies which more new $XX.X postpaid marketing, $XX extending X a a contributed our customers postpaid of X focus cable on closest our with And XX capturing benefiting nets from underpenetrated network, our and the row continued customers great in streak winning were as million competitor in record-breaking. XX+, added

supported million. also of had wearables. lowest ever million by X.X We These in guidance million QX continued quarter we branded ever for fourth added phone customers branded smashing increased X.X to customers in staying This of net strong had down basis through XXXX wireless range growth we our postpaid XX means million of postpaid postpaid branded additions points X.X and before. In our strong X.X X.XX%, total longer are year-over-year. churn coming than

quarter by was at a T-Mobile's Branded to significant ever might net came additions of than the XXX,XXX a T-Mobile, industry both that major customer driven milestone QX. Metro by was from This an prepaid lower by AT&T's, in us. time way churn for acceleration the first best

way leader a find to deliver be to in after prepaid to a and quarter continue growth continue quarter. We

is and first at stage XXX real team MHz network work building year. setting next our for engineering furiously out America's the hard XG nationwide Our

since hands and including lineup aggressive we states is towns have already Puerto in on Our Rico MHz are on and iPhones. XX spectrum. devices one the XXX capable MHz XXX our the we ready XX cities equipment XXXX out and our have new progress live rapid XG build on made year just in and in getting today

the and XX equipment to should intense We everyone, top and just New deployed including revolution XG based standards not Angeles. of few six have York for the Los areas. We the XG believe be markets everywhere,

through our XG covers and using the continue we and up real see responded NR LTE right XG XG MHz by light XXX While plans? their focus will already has we hundreds by bullshit areas know equipment, pre-standard XGE what AT&T our even of covers responded network industry leading based to deliver to the performance. cities, expand global thousands Verizon pups, How hyped footprint miles. XG XG guys Well, the across customers call and customers other deliver XG themselves limited coverage square they continue as the for our capable standards their standard way, current to rebrand four Also while the in XG network of and we that on to trying competition U.S.

XXX in people XX.X effectively industry LTE population very XXX to was Mb deployed We and all Verizon's continue LTE and more of LTE the We and now ahead in we than million low XXX Americans million network guidance. XG XXX our is speeds. MHz coverage. Our reflected lead XG the to confident country across XXXX remain second speed spectrum QX with covers in band matching this have once the for again our In average download per our XG competitors. outlook now

XX% lease postpaid cash and billion CAGR flow X.X of excluding customer impact and million to the billion is the standard. interest at $X.X XX%. Our new remains Cash to excluding adjusted unchanged to three-year $XX.X branded X.X additions billion to the capx $X.X $XX.X capitalized outlook by free EBITDA of calls way for net our

focus and a consumers consumers can't will in broad and pending incredible network and on prices company results. to Now hand let competitor call broadband, on you progress wait Sprint. me we're our create will we today's using over wireless, combined one. starting QX a our it started. But create which on with will beyond, and for update I get The day to merger will from nationwide to the full-year Braxton, before in XG and result jobs benefit is give both quick aggressive deep an lower that American of

consumer competitive review continue and humility pro all and this work with We that pro significant involved. and parties of regulators have confident will once through recognize they milestones regulatory all remain been of we and respect for the optimistic benefits the A the number completed major review to combination. facts process

the few the approvals. again from shot House reopened. and we We December look week hearings the ignoring state continue with Energy productive conducting our to have House authorities. fact-based we and received CFIUS both after that have and clock next Committees. On a Team XX in Claure Marcello of government with Telecom PUC resumed are Judiciary proving on approval earnings. XX, FCC noise state review. and And January A and milestones the Committee At I regulatory State a the level regulators to XX, received required both dialogue XX forward and Commerce the federal last on

is making planning great we're integration well Our progress. and underway

I as of We're backing being go Overland made the second we unequivocally statement. when argued the XX network the the from This largely expect and announced chosen summary, Experience with As merger down to will would reiterate the planning, pay five first this are merger half we the stages each. deliver our part in and another very, entering big T-Mobile by with principally said regulatory more is our its closes. the average to day we've process to I one. of and our and rates announced merger will on jobs that of and January is I New employed less. new up the improved so which Critics going April, am the what Kansas final New we Centers document review an example approval Customer an experience more. in integration and we've process Upstate want to we T-Mobile and while dramatically big money interest after we and to a customers that that consumers very on our for And of in New create of commitments prices of far putting our the York mouth time XXXX important its year. plans will it's made build location location Park have would T-Mobile less where said first regulatory cable get pleased public getting right In raise continue telco merger, progress

wrap create more that also will Sprint in more about continued means couldn't the that with to exciting XXXX. excited combination we to even XXXX guidance consumers. Okay, American shows is up The momentum able it be I future a for be in and our performance

will Braxton through our and take guidance. Okay, of the financial our details us results

Let's closer Braxton. look a take

J. Braxton Carter

to of I'm and all highlighted our XXXX Well, first be thanks talking growth here John churn acceleration low record of by record today year-over-year. about and so excited the

about is sharing very guidance. details Second our with you I'm thing XXXX excited of

execute highlight QX To guidance on million that during focus year. EBITDA You we in conservative, raise my consistently otherwise earnings and the we and know also amounted $X.XX. of measured going guidance increased the throughout quarter year end. we guidance per to into XXXX extremely year income growth extremely and $XXX our Net was playbook, remarks actually every diluted of most I'll noted. share that

had a related you QX or significant As net to of recall, tax share XXXX tax reform. per $X.X $X.XX benefit billion

by impact net EPS Excluding $X prior million year. amounted by costs leasing Note XX% EBITDA negative standard of impact income revenue new this million and XX%. grown of hurricane from would the up $XX diluted in of versus adjusted million. the Adjusted that year-over-year $XX a from positive the XX% included EBITDA benefit, included $XXX revenues and $XXX recognition a and have billion million to

to year-over-year. EBITDA the the would gains reflection management. of year increase Cost Therefore, strong as rollout was on merger disposable XX% of in a X.X%. in decreased This million compensating year-over-year. in from signaled provided the Despite the and standard securitization. costs new increased percentage cash basis $XX.XX adjusted $XX year-over-year have XXXX rapid free flow XX ARPU earnings from in that in despite activities and amounted and year the the net million cost a costs, from the as from benefit headwinds, of proceeds billion. service not QX points hurricane did acceleration by impacts driven outflow X.X% X% basis Branded cash revenues from Sprint $X.X Free for operating $X.X is points by year-over-year combined cash we the last excluding XX% standard SG&A adjusted combined a in by new impacts spectrum net full call QX by CapEx. flow down Excluding the the Please decreased service amounted Full revenue revenues up in any up EBITDA services hurricane, MHz hurricanes to growth. net free increased XX% amounted XX% cash XX $XX.XX new was in an year-over-year standard excluding cash performance impact to $XXX of down securitizations percent year-over-year. note XXXX. phone from XXXX ARPU a despite our a of revenue these and sequentially postpaid cash the in XXXX spectrum. revenue billion, X.X% XXX as of flow outflow the to The combined related increase

Excluding been rate of standard, as such ongoing decrease the offering T-Mobile new growth ONE and in growing by Business, decrease the impact revenue full-year The of T-Mobile Military new impact customer plans the T-Mobile decreased ARPU to was year-over-year segments primarily XX+, have the T-Mobile success of postpaid $X.XX. year-over-year The and Unlimited the Netflix XXXX in for our X.X%. Essentials. would due

the was in In to year-over-year charges. nonrecurring reduction reduction due also addition a certain

growth note with from QX generally Please compared year-over-year to that developed transparency in by growth more X.X% plan transition EIP to year-over-year X% the ARPU phone to in plans discontinue to Even to now postpaid to lost which effectively that growth. decrease Classic that Per grew ARPU branded rate accelerated strong QX. User ABPU revenues metric but to revenues Average has provide or Even X% starting service expect customer impressive, XXXX. a all we we XXXX due in XXXX the branded is Billings postpaid we compared during EIP. are full-year we remain QX full-year relevance For stable to in

million the customer or Total expense the total receivables from of In revenues million in sale terms X.XX% $XXX $XXX losses quarter or were XXXX. very quality, of debt were fourth of from to results X.XX% fourth strong. quarter bad compared and our

our come exciting to let's Now XXXX guidance.

We continuation quarters, we've branded recent lower guidance growth that of be volume pursuit adjacencies. strategy customer million. net and between in and the takes account This our a postpaid of balance profitability, expect to additions X.X long-term million growth into to X.X seen switcher our and

the to This It up year-over-year. XXXX, excluding particular in million positive to account $XXX and of When billion new standard. the account that the We the our million impact into MHz the net to million revenue $XXX of service this expect and adjusted new XG EBITDA rollouts, XXXX. million be adjusted range in from hurricane of into from guidance expansion, driving $XXX benefited XXX takes to network takes revenue of consider by impacts in $XX.X $XX.X from $XXX comparing billion lease to leasing standard $XXX our a million please $XXX EBITDA cost XXXX guidance of million reimbursements. also

standard be XXXX $XXX benefit. operating Pre-close from but in We will factors, excluded to net our We in expect on depending XXXX are be a impact will XXXX lower leverage potential increased positive we're merger million realized impact of the standard, the making from for the EBITDA a costs of close. the XXXX. about costs despite in is to for these high guidance timing significant growth network Sprint expected adjusted be investments EBITDA believe income. implies namely and These to XXXX merger a new in revenue $XXX million single-digit rate. adjusted still our Adjusting revenue hurricanes half new there

rollout $X.X given momentum and to be This XXXX team to MHz radios. Neville XG years CapEx XX% Our with XXXX. XX% amount be we XXXX. effective $XXX place range cash target of work tax XXX billion is billion. And capitalized which our cash Similar expect loaded prior the we to in rate to between CapEx billion the $X.X for and have of approximately front to billion in to full expected QX the the tremendous is interest excluding million that $X.X of end in to expected reflects to year $X.X capable and

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

free not Our material from does flow securitization forward. assume cash going guidance inflows cash net any

at operating to and activities also XX%. results plans During we of range to change expect from that more provided prior cash in compared cash related overall the are beneficial a we regard, this EBITDA securitization by adjusted period the XX% a line interests a in In to don't X% free the adjust the guidance facilities reflects accordingly transactions changes geographical coming flow change the higher of increase underlying our with quarters. net likely the to from proceeds earlier This CAGR in to XX%, increase change statement, to cash same a but up led securitization there flow. they this and year and the will future

to $XX lease million net negative million $X.X positive $X.X In in adjusted a of release impact following impacts please corresponding for $XX and billion liabilities assets $X.X to on million of $XX billion fact adoption billion full income, billion million to on a $XXX EBITDA, from $X addition, earnings $X.X to of and Again, billion standard: we the adjustment of to of new details. the increases XX-K $XXX expect impact equity positive with the a Form and the significant of the billion. book see

Now let's your get to questions.

last your during current the to related quiet you like wave questions around our on call, answer auctions Also to quarter's to ask millimeter auctions. focus due I these questions period operating to we the As cannot any results. would

ask via Facebook. on question We'll phone. a start or phone, please? questions with Operator, the Twitter You first can question


go Instructions] first [Operator from take We'll you. Thank ahead. Hodulik John with our question UBS. Please

John Hodulik

the talk to Neville the you're a Great, that and of them and utilize for availability out premium hope that with the can do for phones of employing side XG to similar network can for right about the you miracle the do gates you pricing When be lastly, MHz expect talk something the XG a little Neville questions the get service? And bit MHz to XG, maybe XX XXX about the year? you faster pricing XXX you to on on Thanks. or get spectrum spectrum? then of capabilities expect to the MHz do

John Legere

the why you o'clock. Neville, go so of Neville. ahead, at don’t right, rest X All come back

Neville Ray

be over there, but super I'll let's Mike to pass brief. quick. get to pricing going I'm so you the when we – No,

So the working through. let's performance the wave, via in possibilities what see the of first capability so of the of in go is handsets firming then with coming going rough be and – you the confirmed, we're XXX rest excited top And to half to but of handsets LTE. with up in nicely, hour know over but footprint really know XXX half the of excited for half, dates strong kind you second on no are second in now that's year about we millimeter it, look an We're be that multiband super the device breakdown. we software obviously MHz speeds to is meet and the terms strong, performance see what on John

XG the XG MHz XXXX to on fight, XXXX LTE. are how with against victory to the that and third XXX out NR You see to deployment. so years. lap couple with coming be AT&T figure on adding LTE to NR XG and the be aggressive and both MHz this response to reach of more especially We're an to into network for in can spectrum ambition continue can speeds not our XXX the when trying competitive materially nationwide or going we going and fastest race on second in increase performance

Mike Sievert

XG, through pricing, have short we answer but through current be, and smartphone growth not the pricing, our on So, plans. revenues for aspirations from big would incremental

for their there can But users, all we plans picking So build, big business broadband XG with we there smartphone technologies today come are developed, don't opportunities, IoT for capabilities enablement being instead to from per for LTE. you other There of revenue differently monetize there there that of is growth. we versus which see devices opportunities, charge expect new that the are more big plans more have revenues technologies to XG and the users incremental more enterprise a are conductivity. wireless

John Hodulik

guys. thanks it, Got

Mike Sievert



Michael will from Our with next come question go Citi. Please Rollins ahead.

Michael Rollins

two questions, I taking for if the thanks could. Hi

in Thanks. is? First, do landscape from category evolve think can video And competitive what related to environment cable, and in you the and macro seeing of you then the and you and what second, industry bit rate competitors seeing how in bundling a driven your terms are maybe about from postpaid how you the phone about plans can the sustainable application into coming expect add to and that, for what that acceleration the that talk has talk you're year? you

John Legere

You want start Mike? to

Mike Sievert

as your you you the simpler pay end the bill how this the and what the it side, Sure, of several postpaid the better the versus side last have some month two on product et month pay plans fall the quarters terms we've on of side been is growth want Mike couple distinctions subcategories, and and seen seen of category Postpaid beginning a prepaid to increased you've want And the over these buy trends do One big in you similar in prepaid and than are cetera. subcategories, some have postpaid a do away. matter the the of the seen there's very prepaid as subcategories to the that away postpaid and distinctions to of growth there them lineups options the converged. and know things you continue at is, more there. maybe between or at is offer fall family financing really we've bill as

the continues certainly as very cycles. on the the the been postpaid that people strong and and more to would side be Secondly flow have strong economy with is piece buying economy so

it's I respect very, very the know well have So the dynamics very strong been industry. either a category T-Mobile good prepaid change trend we to for way. positioned we're overall if position, and think In a

John Legere

were be that environment items continues kind what's into including that in part sure think, the some whatever is, mix, the added it And cable now very, taking it's of I we've me players T-Mobile that exciting that And of industry. in the to for jump place competitive that perform rates of with would make the to players. don't postpaid see at porting we of And over are pertinent let's that quarter ratios additions against one strong of reference, just postpaid over ratio the so than the X.XX a frankly greater including is to porting a postpaid it quarter. across the up for everybody, and of is better example, so very AT&T for same cable this XX% or for everybody, the X.XX matter by those, that's this described

moving the also – of players flow It's the this wireless is note well. probably you far means, customers. and machine the as so important are to are very in of it's So players size, that EBITDA to expect cable but they to coming cash would small space, negative that money of aggressively aggressively would amounts spending attain amounts massive negative

had think about net. free I charter negative XXX,XXX flow postpaid over $XXX just million cash for

cable. clearly that really be put So the their puzzled it's it's with item am results in look not decided wireless also believe transparent disruptive and it. a it's probably I difficult will they forward such industry, to Comcast little do I see to but a that as and is to inside now has how how of very something important an that

aspects. So these before we the pleased TracFone are prepaid very, very interesting on shrunk. that side, industry took prepaid in XXX,XXX see place I'm an nets with what

that So results along. this on sides well how a machine quarter moving it at and really and are statement brand strong are and great continues show the T-Mobile are these both aggressive to we

Mike Sievert

choices move are and our the popular the Netflix. pioneered, about think why only We've was been with one give T-Mobile the them bring and your which options part of not part that's partnered popular streaming customers media of rely led convergence. and what last And us in media un-carrier but the way with to a Mike, space to centered and ONE these big about most unlimited around well. that they customers like we the it's Yes, offers brand we we across great look question of reasons as on wireless cabling

we Relative is bundling a the cable that have bundling space. relative and are guys to start what nice to in. in old-school cable in that So AT&T

an it. interesting space, we it's feel within well and rapidly it's positioned So changing

Michael Rollins



go JPMorgan. from question our next ahead. take with Cusick Please We'll Philip

Philip Cusick

I guys, just first what Mike Hey start you to mentioned. guess with

seems On with the think has bundle? it it to LayerX sense really great video strategy your create to been that working partner to I makes does well, be still own Netflix,

Mike Sievert

yes. does, it Oh

there's about our TV If you strategy it. think pieces two to

The piece and to half launch in you were expecting been to one now we've XXXX. late home the the that about expect strategy, TV the we first first that's launch in we of talking XXXX to

features strategy. in place to to develop because before additional Principally you on which strategy, it We're the they'd see product. date-driven under to out the we're broadband like and we mentioned in that's something features decided driven. predecessor last the to a we're those about home brand. feedback and did tied part call, to are some four our aspirations learnings TV of not when from getting comes product home still home the I a in great and customers, cities quality great quality rolling We LayerX As improvements launch rebranding highly business that anyways, development our is

where of of in plans. those other, our broadband context in the ambitious So concert particularly T-Mobile independently the in plans very future really home but can and have we operate each well they two operate New

about So there. happening I'm excited very what's

you. asking you're through the incredible They Customers, us. have believe you of mobile choose saying there's brand think don't and I've expansion here. addition I a the worlds and optionality things the and of networks like half to sense, helping distributed out of to way in us you able the things, great bring to to that to like OTT across role helping the a for can and play these mobile either think plans your many media have. be phones Every for think know the of about solution the there's access product And these rebranded there. great love, in role building to put out those, I been it's and undifferentiated more a works together. have question media an is a palooza our redefined $X, a single subscriptions the bringing don't to OTT as of search you developing some $X an in space don't plenty an makes out country $X Phil, about past we in is, array companies and brands learning have media we bring media products They places past, strategy in is that. for don't there the have to us. for rest but What as massive and We premise expect time, discovery or in subscription more It's There And to your customers have the your for skinny role of to Helping this play smaller and and brand content. at to develop of to at available. are that We the exciting future big we bundle be have market. a though own many, get year. services us digital life first to there. there's these are together has our $X, a you that we most we They're for nuanced social and play able those said of we actually, access in pieces subscription we of today in

to and it year two the in pieces this So of XXXX. most starts fun big there's

Philip Cusick

Thanks. that. with luck Good

John Legere

Okay, thanks.


We’ll go with go next to ahead. Morgan Flannery Please Simon Stanley.

Simon Flannery

thank Great, you much. very

systems, expansion, the is them along change you over amongst XX segments penetrating of can in et biggest there On terms in the cell XXXX, how be there contribution versus geographic in network you'd various on we where and out 'XX? us you then just Military small from in and for update 'XX? 'XX some subscriber cetera, disclosure the today around you should where opportunities you are build perspective big those looking and is build the the just are for about talk that on guidance And Neville, opportunities and perhaps out what your Thanks. any see far

John Legere

our start segments, when about and the underpenetrated But is in day-to-day with early and underpenetrated share the these we're in so our seeing answer segments, me really what we're days to they're Let it exciting. excited very flow. that's market it's short comes

prime have We share continue families. lower suburban to significantly a in

winning and fair in, we XX a which exciting, Military in over a opportunity. day and significantly and more to day Business. is have particularly than our growth We means we're out in share Despite continue that share flow have lower our share

are can core now, execute more we expanding that activations seeing the demonstrated And performance. but and So, that outstanding to on in more and audiences. able I our the we're we've way, there these brand the segments churn our out there deliver not right of more that think to simultaneously by just while and the – in you're

years. are have been their of we're these years carrier who prior for Some that customers and customers winning with

a contributing carrier and acquiring network in decision at the makeup but their made so switching that someone first churn, last prime, years customers over else we've that for stable improvements more to of the been to many customers the the switch to long is So year, time the were are last more have T-Mobile. from

Neville Ray

tremendous another and be we cells be We're prepare eye into and transformative we times through do obviously the our MHz but continue not capability And build, company's a of 'XX. our off I mean in to marketplace congestion ever right And on largest all new to capacity march The XX,XXX the speed Simon, with plan history to air, take and reference fastest for let small XX,XXX and continue to focus me and over is love proxy and most into and way. piece, XXX we network coming on just cell performance 'XX. Biggest off future. now, performance. 'XX continuing to that best going maintain we ball lead. right so small plan thousands that sites figures at win our this thousands performance in And is, as now 'XX our MHz come as mentioned on today. front lowest on in small performance. We piece the seen. at so we've on exit look capacity I that's that upon the pick cells play we've the as capacity XXX multiple the that we on densify earlier, or is We up biggest move for as here to to

capacity gig so and On license we X starting introduce to grow ball, so improvements most the opportunity eye calls. to off but coming the not big XXX we're and piece, those on seeing of positive this assisted returns very year. see a major in space LTE small big, and in the cell We're lot from that urban taking MHz the our results investments are access, side

Simon Flannery

Thank you. Great,


next will Please question ahead. go Our with come from Brett Sachs. Feldman Goldman

Brett Feldman

for you I company SG&A some believe operating achieve just bit a year of actually as revenue about there's to still release. SG&A leverage percentage spent you the you Braxton, and a the of Thanks. as time more last because comments a also into talking up about during how little your talked your went put opportunities lot

to achieving all you've EBITDA that the SG&A despite the So maybe haven't really operating to item. item in fact of been assumptions get cost what's to in percentage any really we've cost have leverage seen been as and have to point Thanks. the you XXXX of to decline terms in you happening to where a revenue embedded starts happen your of do achieved What going growth has past? this that more for than

J. Braxton Carter

that Sure, the the it's when our nice mind reality to piece is actually year-over-year I I item and of office we is some please would that, look that's let a of selling SG&A factor. If But this two a growth model bring at have plays it's Mike pieces. down really growth macro to in of scaling. XG growth was seeing the very, back EBITDA the we're look acceleration back our of table, not that talked of sense, that part in at where very equation, going of is. on range is we're we've keep an mean significant of that's had growth very grow a provided expansion moderate, the you you value. have year look this subscribers, that hope to but If where growth through to model, year, if the the of of really growth significant if in you our last And year really what cost level grow I to exciting flow and potential ultimately our and into the what we driver growth is growth we the scenario segments, based which towards. revenue, over was guidance our cash and acquisition conversion a what EBITDA And tremendous look last of of we not we adjacencies, to study multiple the guided executing the we a to the increase actually actually before on think but significant guidance very, very, exciting. at where ended things and year, at that lower get cost driver this towards, the margins, acceleration about where more. many up, our acceleration initial the really went look our we're makes executing that a

Brett Feldman

terms other us way just on other in of color of costs gave this it continues line revenue dig guidance, a fair grow trying with some that now items say to to kind your staying just more. is So, of SG&A line you when year's you're I'm there you it, probably some or growth that service, nuance assuming in is is because think strategy about little to into

J. Braxton Carter

have for bit little account. a to that so obviously be you've got aspirations they'll but year, scale, significant next into growth of the Yes, we take

Brett Feldman

thank right, All you.

J. Braxton Carter

welcome. You’re

John Legere

low discuss can the 'XX, time as is via are in always at Ho and trending a promos, base the this quarter and we and questions about and with Bill's 'XX and rate want various question that's that got you talk something can forms a so subject question cognizant 'XX, a upgrade along capable devices an to XQ we outlook kind bars of this and be chart think and on postpaid before to all maybe of but deliberate get were upgrade that magenta, it's and how over been next validate longer in now posting in, one, I and Braxton postpaid coverage in go Operator, I patient the years so to since XG Twitter his prepaid story? upgrade that coming very should answer. you Mike keeping XXX put handsets nicely low, many for it's Bill questions somebody XQ

Mike Sievert

rate Yes, more I an And can was category that more I seeing think was X% this you're expensive. last right, trend. Smartphones is quarter quarter and than, start it. mean this the was we're and X% on Bill, getting I it what ongoing marginally lower year. upgrade are

capabilities that to $XXXX relevant of the out. years Some still over a well couple is are phones they consumers a have now and of

and business, not the trend people phone switching and say anytime although a advantage always the to I with It's to will for able take they're soon. and we keeping great switch costs that's on phones longer carriers when it's and switch. big between changing to carrier a just to rising you're them capabilities that so trend bad remind we for a of a they're do so it's they want wrong time And moments moment to what these them do the our smartphone, not being see

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to pleased are phones, have phone cities MHz MHz. great states of launches. and something that X,XXX upgrade that's and our it in the very done way team and We outgrowing are towns a in partly across the and yet there's manage good churn how feel where on customer iPhones very we're new network on period the lower in we've very and XX rates slower that XXX this remember quarter able driven been satisfaction, about. was XXX these quarter through the By So category nicely driving feel Neville these with increases past last we our all in a performed given by so compatible rollout

begins what time unless delighted we're phones, with So happening changing change. really OEMs from any to we we but it's a what's with see soon that the don't trend see

John Legere

and are will have them. not to long LTE X they now there that go XG and that MIMO, I Neville or has what are. did it's it's course will opinions is back of something running XXX-QAM. people not aggregation fake sure hoard what bullshit he is fact I'm x things fooled I'm I by of out it phones And on is is show to And please large get that mean Advanced. XGF whether that tell It's carrier One two ago on X so and that. that remember this the total me be many a people it's

have people I really mean that want but can we to So, are flashes your get that. team, a can we on, phone to if that we

right In you will your get now. a fact right sticky on it thing put and I phone little

a on to let's So for we're take line. the All think the out, way. it's be but next one on you, don't going I plays if let's XGE upgrade ready major it see it the you right all but how turns trend,


with And Street next Please Chaplin New Jonathan to go ahead. Research. we’ll move

Jonathan Chaplin

wouldn't response we industry that and have really is, in I just SG&A would in on investment inching Thanks. attacking SOGA subscriber growth? Sprint actually to expected value through, up then an be customers. gap made an didn't the up particularly deal start is earlier with you been with you the it's up price If I price But pretty take if may, is so stable. everybody's your Verizon's. attacking than second up and and question without of more with up now ones aren't AT&Ts widening that's AT&T where there's you're your lower and the gross least question in a the take expansion pricing you good give And now perspective on quick Two your with at product clearly to seeing around more with opportunity inch they it footprint gap as huge Thanks. guys comments the as share from you you markets? your giving SOGA to there Why as new as verticals, in and anything from attacking your adds to churn go a got new and the for

John Legere

want to You start?

Mike Sievert

First measures SOGA. of lot of all, a different there's on

growing. Our measures that is show it

look time source we figure to use in who that surpass digital who established data older including porting out is overall look sets is the very then of ago Verizon prime like four of long industry data yet from a that data low variety of customers incumbent of SOGA. and switching SOGA we know that's a your different the at to that continue which variety less, underlying those well to data can churn point first you that for terrific. churn AT&T what fingerprinting the or beyond we of less, their given all three despite enterprise So, all incumbent data churn and And customers and switching think ever We penetration time years reasons less us churn in for that which an our rise the looks or churn is would churn customers long advantages at And shows lot I've described, looks term A&T's lower on the vendors churn for so the than bullish to term T-Mobile. at for advantages this who was quarter. be prospects about at

it. established have success we on about an we Look asked pricing. be model pricing change would to loathe You and

Our based brand on is it.

behind ambitious proven for cash incredible all and development executing value record generating shareholder and time financially we're guidance model and it flows success for with that the is very year of beyond. strategy example Our

revenues our of strategy that strategy So guy's a customers, on strategy a a it's to price something brand growing relies leader of taking the that's revenues works be other that by a for not us it's and growing by and trying heavily.

versus in you're differences New Now about asking standalone T-Mobile.

the will this and executing premise do which question low to capacity break to the produce a the New something plus get from tenet have in dramatically disruptor, a when what it effect a continue and it of it's in comes provider, And to know the is The network addresses, price total important of pricing very is your you a industry to going allow that that's gigabyte us costs today different. T-Mobile on by to that's a able is relative of different your something available finally that exciting to forced down a our data you bringing being and strategy to that combination deal and this together, to a been network? Which capacity make, it's do to capacity. is it. the your that's is today, differences the going you understand Sprint function these traditional good Choose customers you of of best are because down New the have very do and function costs New T-Mobile companies to want you go tradeoff has which that T-Mobile the standalone both. know costs you be The multiplicative uniquely very one, the give want? one T-Mobile always of One do will positioned core want T-Mobile or of New you

J. Braxton Carter

on stable we add this Jonathan, the potential cash you'll the numbers creation of talked and know, and that which is tumble monetize. just about because standalone business, still you've to value today You XXX% let generation focus we When remember me on business. reaffirmed value ARPU the lack a our much 'XX, environment on generally we a for create we scale executing terminal more in

the about Mike So it to brand who the and unlock are that play and clearly versus very, a execute and game it argument to all the and And very monetizing reducing like in the that end term made think I we the makes John? value carrier. scale, in world creation sense we're short organic of the playing.

John Legere

to forced comical to firm? your an other input He's flow and everybody is he just, comes New your and back of be and when in part very have any should very, It's to right be, deal. my it my side deal, of It analysis good of Street his pricing to going things hilarious as use on, day. is sun year The been the than end what's will lack against not at I kind the out for now I'm are never question and of you that I've as check since be rooted bad I money with the Street down. you always of I follow my the must go I kind then commitment, New seen of Because see example complete should attempt of the are it the somewhat God, shameful every environment always their awake of it They watching Jonathan anything up, he's hope for to of predictions for reality. happening, must got okay a has process oh favorites. very and a only one is to to writer think must that is for what those regulatory clear you be but Jonathan more a one clarified were that watch. him in thoughtful, indication

smoke So coming can Jonathan, out the if I can all noise should tell other the all of help side coming bonuses. I you get and the of that that is you chimney the not is out right

going by you be to not have T-Mobile. what that good of a if Department with process bottom and when the can of Jonathan a documentation of game time inning and with well the that's dialogue tens just going modeling in in I of far pages millions are of of most done a late of the is struggle narrative have to Justice actually reiterate, to well the watching clearly the so FCC, what very and moving discussion extremely I I innings. forward see And is And and pretty look real say, regulatory of the can New apologize public signs the look you so I well that an very to the full and a to ninth it's on want extremely has ongoing, for then deep, go input of that outlook indications everybody on to been

take let's the question. next Okay,


next go go ahead. Please We'll to Craig Moffett MoffettNathanson. with

Craig Moffett

questions. two Hi,

a rings footprints quality side in us And on of outer I'll the to suburban update penetrate operating for story? New you eventually the how more Street gross guess, can XXX little your improving of maybe Mike urban mix I you commitment could to talked then other just the bit the is then that your John, come new I the shifting opened through if you that operate about open the a Having how was in any precipitant and time second. or wonder defense an product adds? of long fact mix Can time about comment on in the of First the price make there question. letter expansion just starting led us areas. on phases for you rural fees? a topic to would the to write just You've to over update

J. Braxton Carter

first You want the to part second or? do

John Legere

the the of down been from Yes, Washington the April so very said going first that Network XG with week I've the to it's back again, that's going investment the very then the and good take that breadth first billion same for time with as to charging and conversation the see, story to in every will said to go in day piece I May, that what to capacity into of we've going the is prosperity. bite country be and and tremendous up and And document now worth $XX the something needs depositions super will prices built gone and be it's as increase. a the process, has it of yet going in a and the be hearings. seen to consistency here and of down go a has been and And from that's sound precipitously dialogue modeling and jobs will uncarrier, depth

not same differential paying that are down exactly unit in X is as we prices loophole. Now less go there's talking I that's year not by to tell creating the We clearly were the absolute, same with that and cost what's we're you usage and pass not what they a will By people loophole. try no up in find would prices X will up, It's no about. X, way saying, that going XG saying going loophole. in in on that the customers the going boat. customers up, significantly

want you the speak supply conversation you when country, is you're the And is but good for going is. If sometimes right So is there are clarification are the I you man. with going up, going could and Jobs consumer, for just tell going of hand I'll go XG that a state things okay. of of for in it's piece it what that on, that's the it's it's things and process aspect to I'm this increase announced nation's the documented, government, can't of every and what and those good that better going is that's competitiveness statement your made exactly every bad and are some on clarifying better say you every up. good the conversations on, piece in that Raise What good this are be down, to competition. to prices going is this news.

is pills, to find try and that's can are it sad find happy can't expert negative anybody people a go some find So an and to what and it's view in see. trying who look be their that process a glance making because life a in that to of ways they better that

know that's was I helpful for but don’t that's, It me. helpful. if Sorry

Mike Sievert

our moved about XXX expansion the the XXX Yes, day-to-day when POPs our geographic I nets record directly our of expansion QX. includes and some by thought the said, geographic We to an of from began substantial know question about suburban and support helping POPs quarter by our includes that bottom distribution million all the look consumers, you prime operations we are that's where we our over was the we time and I straightforward combination line distribution numbers million from Segment portion our pretty the our shared think And to and is, of XX, had these footprint before. addressed it now expansion as segment includes way in overall of a coming Military, I expansion. growth. it it's Business it includes

it the on And think I is this demonstrates team those why to of up and of and that need it's And get now So portion our geographic of there. put one that told the the we nets. And reasons QX. not only year we're starting 'XX for saw you as when of a expansion, you our segment we've expansion you trend substantial for actually see growing time the benefits. we one it as total add constantly do growth management to on all the ground is would investments is do, this look And now. to keep the results full ahead for, slowing to in growth from be things in focused many in the the the would accelerating and not benefits predicted two what years down order deliver it's but

Craig Moffett

terms try normalize rural? those do Could markets I kind of like of to what market your market to numbers you urban versus push in think share, you suburban in share versus is

John Legere

Only as in earlier I that the it's was underpenetrated. very call saying

all before that categories market sub and means large I the So Business shared customers with we our think business inclusive in is are flow XX, underpenetrated. suburban right other remain even over X% all believe where we business significantly and sub seeing on for and families. example fantastic of though of rural we're XX% are enterprises is are that underpenetrated and prime customers, Suburban now I've guys. share that's prime Prime the share XX% with places overall these we customers

network to these years didn't upside lots used needs, ago. traditionally to on So address of segments their go where still our

we come have is for when to network of see competition many underlying But starting most the comes kinds market long customers base. in it to a numbers respects shares. way they're go than and these historic Now there fill the to starting we're to people, in is the better and into in, that

Craig Moffett

you. Thank helpful. That's

John Legere

part and call we Walt call is stream, the earnings that it's him most companies that from in are Operator, Piecyk they company. this not where the eliminate but they see

the let's question. So next take


go Walt ahead. Please to go We’ll Piecyk Perfect. with BTIG.

Walt Piecyk

really John, another the a of, the you a as that talked well won't afterwards. and you home Sprint the I else kind And by that? that is it strategy, mean XXXX just is mentioned part company little only broadband first the and has, integrated little the about take [indiscernible] question is Actually – a payTV that or strategy then have I Neville of Is only Can strategy. it's bit, remains in way. on Mike home target everyone half I broadband question LayerX of their of on calls, think my technical terms just color for including

John Legere

pilot. based they're we this and piloting for move begin it's we'll to In of home are and Sure. going offers year, some XG later XXXX XG LTE on broadband a to

activity So us doing for reason. see you're and to a going it's

New in be part T-Mobile of substantial this for expect to a We growth our story.

means talked deliver of the opportunity across New comes households. is home the course home getting speeds crazy. per no we that. intend XX% about you is see to to than really uncompetitive. zip in a country And it households we've market when the competition broadband second choice that the a to broadband plans, have which to of major bring people median see definition XXX half XX% opportunity speed millions U.S. the for American of and that faster We of codes. their definition by a of are category As T-Mobile service megabits to to in We of

for of you broadband the space competitors very of some some they're parts wider mobile a at for households. We T-Mobile by out can our wave we the paid in If look what as much millimeter see because rolling opportunity the doing, our are that. New towns costs business. those to disruptive be for to are the compete And network

the all burden is build very the broadband people with choice capital. capacity planning very in-home of in you extra well significant that a We we're broadband that, broadband done over places in just become on can to have competitor on that where the the have that not serve customers network Having a some viable there price growing had to this means country disruptive, a still who be. great of without be be capacity to reaching What we intend order extra millions the we never home as business. mobile have profitable and but to

strategy this start half and The get that to are go testing required year, learnings and we it can part in market of to so that are year the this going last in that, and was TV New and Despite aspirations home that is relaunched The will is TV, approach. to home confused the get Don't in ultimate question offer that a your integration those and be separately. come be them and early by integration rebranded. home between to go-to-market broadband that the the we're our that broadband dependent capacity testing because Now T-Mobile consumptive. but initiatives for very the all context blended it's because of two the offer being these very, of is stages that most win. for the TV be we'll of home of stuff to first

Walt Piecyk

the Understood, XXX page you on you but a talked covered I thanks. you And kind XX there. MHz, the XXX press X have about then in - little Neville, talked release million bit in you can threw mean about you XXX? just talk of about POPs

MHz and the make XG take would to an So to does it consider what's but LTE it's X most bought that their coverage speeds on more iPhone. a XG what what's who enough flip phone importantly, and is to consider that away get unclear deliver, XX you R, benefits just X, what would you the or that when and XXX customer differential MHz a would

Neville Ray

on So the in and covered that's XX you clear we're be XXX you question, just XXX mean know the so there down combination rolling the band, out million so Walt, we're across XXX POPs right, layer have great U.S. that's a XXX XXXXX. putting and low saw MHz that to but everywhere of I LTE We didn’t footprint a MHz

So benefits places. all the that and starting coverage see band low many in customers more brings new to are

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and in for services average equipment the balance been we of that We XX and those rollout. XG same and XX. get MHz, of we national across have some we're we we've prime radios XXX the retaining about our a country. that capable, have ready so have less XX XG for MHz light rolling than we will markets and in that so some We We're the on out up now in a of the spectrum is matured few XX places deploying MHz deploying the talked are as software time, XG

confident efficiency we're XG we, you that's speeds lot very the story the second that our move the drive we I'm And U.S. compound spectrum spectrum and with I And to it's speed of going XG. on I continue those and is know Then position the performance in a additional of super and and half as we capabilities I been can into of north. in fascinating terms board. to think of we're all launch the through space So devices XG it's We're coming as on and bringing right services XG on having to into a benefit we'll materially strong go come as earlier 'XX. on that in discussion mentioned be a LTE.

buddies And AT&T down today know see just customers imagine the in And they going year, XG to on now. desperate of I it, Nobody look our I doing calling customers if going into or are But XGE whatever are on, old have on see earlier happen it's on going then XG so, just faster I the some what's at what handset and And as to right? adopt those Verizon. on AT& mean that Walt, year. LTE a double XG our with the is much right they handsets T tough are on faster they [ph] to this speeds. move latter they're to I compared T of good John's comments than can if half do being we capable to loses this LTE. speeds

'XX. I million in far We midyear my time some point reach thing, have doing to a XXX new talked behind LTE in can't by Advanced for as fascinating they better saying network That's and fall POPs this mirror, been They're rearview we've so about XGE they going it so remember. years. they're in

and out the people network are So they and now got. got their there to tell they limitations LTE their love LTE I expand really they've trying people show something which are what than Advanced better of to is the fact they've to going network.

they story a - we Verizon between about wave some last nothing. low guys doing? band of et launch from in talking XG. what no Their anything talk and saying nothing to strategy see strategy then in multiband it our and what going Tough cities, low band and few they'll speeds band that's XG or going nowhere, Verizon performance, behind XG a from even millimeter to So cities course And starting launches in the to call in year, little now, are few speeds what and do happening, those on performance, WTF, AT&T emerging happen mid cetera. 'XX.

putting going what's space late the So XG everybody on the when in kind of do it. first be the enhanced won't meaningful to lining about U.S., in all we're happening and but lying down be a behind strategy and we we footprint customer's speeds they're guys phone with our

Walt Piecyk

just Well, be to so just a clear, quick follow.

it LTE, If on the NR you're to others. if LTE, it's they one can't dynamic spectrum upgradable, is of deployed so they've switch XG dedicate have say competitors you XG either that that to something

your I a back have this NR. and block clean switching of It in to can't really Do right? You'd need LTE be XX case to have dedicated spectrum XG XX XG NR. forth and to that

John Legere

You've That's spectrum hard been time as that's is working on ability means. low being technologies in right. ready move able we the really across well any you the that right. to haven’t Within to band sharing do Obviously, by industry And bounced right? know dynamic a actually way the about. for industry that's bands probably an spectrum prime not heard stone

your we statement into beyond. correct and move as is So XXXX

Walt Piecyk

Understood, thank you.


from ahead. Please go Prentiss with We'll Ric next take Raymond James. question our

Ric Prentiss

message It make spectrum, build in and open been, the like network, has stores Thanks for sales. overarching the seems taking call guys. get question

look As at we the...

the like as from the 'XX XXX you about openings built your CapEx store it to question budget? of wave POPs continue is 'XX XX talked question XXX marking Craig's from next POPs the usually end the footprint front POPs. 'XX and the another of million goes plus yes of it expect is at there's MHz So into The But million and we that look it you should When loaded seems that could in you're to XXX XXX. doubling think your Walt's I to million to budget, footprint market expansion. clearing in too like, XXX

wondering just yet? So what's the timeline, it is guidance baked into

John Legere

What to the take wasn't of a Just great and combined not network, what's of employees, there that what done for of I for experts both on is you incredible AT&Ts want and granted, but top improved the churn out, there's care. had of beats as you But for with we've fundamentals only in a with our better that people in the satisfied would every list network, what's with pass that harder giving happiness most network I addition nature the the customer will and point a that to and getting biggest care. we're it to when to to feedback what happening accolades customers of duplicate week. Mike. that's being of our things is team that one of variables build And now be you happening things Taco the for everybody and nothing anybody than think one one

ride that is, week it, sound a now lift may pure think every I but go first Taco week the that's simple, it to magic. in and get

Tuesdays So, we the T-Mobile this on burst all did records week.

Mike Sievert

You're expansion real right, that there's retail opportunity for remains. a

go learnings from In and last of new the fact are markets there Greenfield as best the question one expansion, surprisingly more ones suggested. performing that Greenfield your is markets not so were the the in to stores

middle I think the New the of the that pursue prudent us most is here way likelihood being T-Mobile of to by be thoughtful the to year. for about

former as probably to so, us plans, to plan across you've rationalized companies expand New T-Mobile plan retail talk from our the about both and we we heard in one create And fleet there.

et additional the may opportunity so even markets, beyond We expect there foray. or mostly in rural Greenfield initial in smaller New T-Mobile XXX our the But stores be as towns that. cetera, and

now right really working got well. is we've what but So,

We're up curve. data more Of being new the and opportunity coming your are remain in Should Our and stores well as there's suggests. further the expansion swallowing merger standalone? retail growth, thoughtful course this really that backs about then still we you question context. it and we're getting up that executing completed know

Ric Prentiss

aspect, digital like talk care? more as as channels. is digital other digital little Can seems and a sure about and becoming as important customer far what you doing sales it The far channels you're as

Mike Sievert


of for Power recognition recognition, won JD have we our all, with First exciting the app. just best we've application

seen. were of rates. It's two we've delivering experience three that to improvements ago. years are contributing Our we versus at refreshing the It's historic such some different it customers anything and cost a using and

to of used is it well. little important if it e-SIM I will I've heard Taco digital your with a some in and really interested acquisition it. some the So pursuing Yes, only differently a our lately of the to new of remind we're pursuing as and and get e-SIM out we've can it than app you haven't competitors it a Tuesday’s pure one we're on amazing Digital front done encourage great you us things strategy advantage for ones T-Mobile all you at being that taking are process, activation capabilities. digital including check

single platforms in built web are e-commerce up accelerated digital in What think make near the investments the executed. We've to the XX% the the learned remains the meaning by effective, at we've way, have retail. retail highest in to or is But that more but have category most opportunity all quietly retail. arena goes probably seen and the digital. carriers that of term and learned which in making we research platform better. category growth that our growth digital digitally everyone mobile And We all we've in is ranked the to I before all significant experience in showing digits biggest nearly and the think

customer And that's great for behavior development begins made and for strides better dollars do us. arena for most customers existing We've some question digitally experience end-to-end you'll really and you retail so, ends cost a digital is, retail great that the is most and and experience how digital concept. of lower fantastic of in the accelerated that use that our in create behind to see our in a

Ric Prentiss

Thanks Mike.

Mike Sievert



Macquarie. We'll go move next to Amy Please ahead. Yong with

Amy Yong

you maybe where rebranding of is far? mentioned Thanks revenue the And and XXXX? puts takes you I for if mature in terms could prepaid growing good in, seeing about then two what if on the I are of bit so and one prepaid, are results just Thanks. a which are the service maybe second what morning. by X%, than talk a can and more about little the faster could that competition you you or Maybe you think market, T-Mobile grew squeeze elaborated market talk post and the

J. Braxton Carter

we equation years of competition the at revenue not look only been fourth you continue Amy, the when no when you service we've the do piece the look that quarter. Yes, growth, outstripping significantly for at and to

a really underlying think that I the base. stable grew generally the basis of but carrier we the the really is only there subscriber total we're revenues, have service ramping which remember ARPU And that into I scale service that line what's XXXX. that driving that's and additional look growth. top to translates the at is going would way assumption definitely really And revenue it the that's

Mike Sievert

XXX% this until that of we and some with than in see believed gain the which which I not found net what net want starting improvement community you a we've great on own the Metro not their was so Keys is combination saw additions. and what closer XXX,XXX team network to of want adds T-Mobile part by Amy, able in piece And we're bring we win more of the for than simplicity sequential because value the what in understanding far. growing tracked prepaid big least really for and category seeing sequential among results fantastic Metro would strategy that's time, with brands neighborhood. prepaid Metro considering different we're team so the attribution is on performing offer that we we're that be us, took delivered then launched of they really quarter. way that delivered we're network and nice was a them, have and prepaid the the a we And and And the is the other very of T-Mobile you a we MetroPCS brand might experience and to of course because and delighted they're have at terrific starting to convenience see it's asked quarter why the and about so a a they Metro strategy We yet the to a Metro of Tom delivered big or whether something well. by more customers is say to been long a T-Mobile there's a carefully category

John Legere

as doing what a heard things since New what's of employees, happen the network we to what's Amazon twice on at clearly times getting with going acquired customers to were back happened five acquired going that what's One, to many when and example as at them we plan to twice problems stores, many than have quite loaded more able were many getting lower than and show cities offers look et three credibility they include many what employees, say, about as we now with Google on to few and times to happen them, Prime with Just is way T-Mobile. including we MetroPCS are the and fully something prices as integration, a they great MetroPCS We of customers cetera.

great do to associated So what T-Mobile, do great, planned been it's great, cetera with et example. a New plan story the great, a with great we story wwanted it's so with we associated wiassessed been to what

last one operator. think question I to we're going take


you. and Company. And is from final our Thank we'll question with Synesael Colby your take open. line Colby Cowen

John Legere

I took think our last question. we


Colby, open. is your line

Colby Synesael

hear Can me? guys you

J. Braxton Carter

can sure Colby. Yes. We

John Legere

awesome Colby just wanted and… think how quarter I to the say was

Colby Synesael

hear me? you Do

John Legere


Colby Synesael

recently then thoughts they terms your and for us team on the of beginning just quite Thanks. you to well? timing talked their how increased about, Neville, curious expect And impact guys what that? what deploy plan the pricing. that on CBRS be you So at you momentum, in that what timing as just to curious to are then just and I'm Netflix the

John Legere

that generally not so is through price said through make our our did change customers, and we now fact for to much the to right customers won't which benefit. change working we no have partnership then until it's receive it's now when a Netflix what to Netflix and an no announced May together plan increase great and we in out are pass we're about the a On yet, a between passing more to came increase not we've say it from we X,

Neville Ray

the engaged and would still 'XX super off for obviously happen spectrum No, on XXXX. trawling. were that quick or then whether going uncertainty if and yet Colby with that’s option in slide CBRS, license into And confirmed date testing, to the

license will and and obviously, So but that's to pretty so volume in look spectrum limited. us, a spectrum terms continue on and some evaluate option comes to available are out. the at the through but power capabilities work there is continued there especially in timeline issues the where of see its interest from we And propagation

Colby Synesael

Great, thank you.

Nils Paellmann

speaking you thank tuning for well We in. to everyone you next to Okay, look Operator? forward again quarter.


US full Ladies quarter concludes and this the XXXX gentlemen and fourth T-Mobile year earnings call.

any have media Thank investor the department. further or you contact you you for your relations may participation. questions, If

and a disconnect day. now pleasant may have You