TMUS T-Mobile US

Jud Henry Senior Vice President & Head of Investor Relations
Mike Sievert President & Chief Executive Officer
Peter Osvaldik Executive Vice President & Chief Financial Officer
Neville Ray President Technology
Jon Freier Executive Vice President, Consumer Markets
Matt Staneff Executive Vice President & Chief Marketing Officer
Mike Katz Executive Vice President of T-Mobile for Business
Janice Kapner Executive Vice President & Chief Communications Officer
Phil Cusick JPMorgan
John Hodulik UBS
Brett Feldman Goldman Sachs
Michael Rollins Citi
Simon Flannery Morgan Stanley
Craig Moffett MoffettNathanson
Jonathan Chaplin New Street
Peter Supino Bernstein
Call transcript
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Good afternoon. Welcome to the T-Mobile Second Quarter 2020 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile US. Please go ahead sir.

Jud Henry

to Quarter welcome Earnings and afternoon T-Mobile's XXXX Second Call. Good Staneff, our today Ray, CEO; Matt as Officer; well are the Communications me members leadership our President Janice our Chief Kapner and Mike Technology; as Neville With Officer; CFO; team Sievert, and joining Chief remotely. Marketing our Peter President, of other Our senior Osvaldik, us

XXXX that standalone T-Mobile new prior in the the in our the set we the call out Also, prior found QX be represent the to factors statements earnings our I results other benefits the the about results, make our and of SEC. to operations During Sprint. can QX statements on and our that our discuss the Results expectations statements we not on our comments unless and and operating of including and materials related to statements want results Such filings and will our Sprint, forward-looking cause differ point control merger of section management metrics otherwise results expect combined reflect from page materially, our that uncertainties are outside call, T-Mobile’s and could in receive financial period subject this The noted. that GAAP projections facts. actual future risks based that with COVID-XX forth Investor to our we Quarterly plans, of with non-GAAP risk and include light website. merger between results accompany the significant beliefs are of the and upon this Reconciliations our Relations current, are historical to to with business

alignment were actual supplemental provided nor with final forma and for completion the some that historical forward, results prepared going quarter forma of comparable provide basis, policy new are the accounting with unaudited pro a comparable purchase the they do we are previously in prior T-Mobile second not to issues. price While the directly they financials on and financials pro directly

pro providing activity due not all policy. inability metrics are historical historical subscriber new its to T-Mobile forma base under customer the We to repose

will best guidance looking Mike. business As now that, to of our let future at comparable the moving as we focus turn results comments it forward-looking way forward. the the and such, With on me over

Mike Sievert

Okay. Thanks online. everybody watching in and Jud, hi to or listening

coming socially distanced are from in live We you and headquarters. Bellevue our here to

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distracted quarter. telling already you it quarter yes, to have did business be execute, while significant by we that’s achieving time integration on very merger We and for results in competitors were made major what. our the record hit progress and the incredible know, milestones we’d We too that

time start ago. something quarter just by kicked saying me a short really achieving off nobody let So thought we possible the this, by

achievement history milestone better And of a looked haven’t even in accounts since. U.S. was surpassed us branded T-Mobile. the This historic total for wireless in player number customer of AT&T, the quarter. back making two at us beginning we wireless all Our the at monumental

slowing of intention no have We down.

talk to consecutive we T-Mobile Our again wider lead firmly growth the quarter versus the the In as customer in establishing you AT&T QX, growth branded for T-Mobile led leading XXnd total once today. in industry. as the new industry even is company

over lower are spot. one growth Despite combining our a case adapted in the site down including to global this Sprint with didn’t skip that but we delivered. quarter steering Now challenges quarter, company deal with a pandemic much team sat beat all and slower on continuing led million and end, to Verizon, in with at We T-Mobile’s the the XX we this customers environment, number a that. switching significant face

in Verizon again prepaid Most In customers are in learning and up We postpaid and we across quarter believe we X.X versus Verizon competing three leading postpaid to faster. I We of on new aggressively was additions grow want really area. branded industry our more say, we than to net to And competitor. our times help take business schools to QX, with moved this way is negative total million our when X.X a something to industry trying this and the opportunity adapting Needless this remote divide for actually and who AT&T by work our big And of for having Total team were AT&T recognize and fact, team on over three the that a topic, a million, core closest four times are to was fun we while postpaid it. guidance and comparison. number formulator led got the do adding overperformance challenges also and at combined. still are stepping businesses in needed. T-Mobile this that.

the we the national forgotten, And delivered prepaid churning is unit postpaid adds, a progress row. to X.XX%. XX,XXX also taking as of carriers X.X%, net Americans after phone this we proud be the phone customer postpaid business. of to higher related particularly integrate not And of am I connected. churn the QX traditionally postpaid just Sprint churn approval churn disconnect FCC’s the a keeping XXX,XXX delivered for again in also XXth quarter We beating

the resulted in teams’ market Now and adjustments guidance. how incredibly lets’ talk of to financial QX changing EBITDA of strong adjusted which exceeded all This includes our about real-time results. rapidly billion, our hard $X.X work

in customer as a that will to customers virtuous we lot more and to one remind early of our to our and customer right to un-carrier our of on will It’s growth, being continue flow but experience. a in our the our number Osvaldik which delivered propel is which results financial back in just Our number into run EBITDA new choice pretty their a customer we revenue formula leads growth, which I’ll customers company invest us and success the share of cycle if growth Peter it goal cash in network and starts. all one you that leads leads CFO, Investing simple. moment, well to

positioned While to big delivering details new huge to will just these mention list share more milestones. accomplishments T-Mobile market, of a accomplishments, our we that win. three about I work wanted in Peter kicked off but the

dual our executed team trading secondary transaction. U.S. our history, the with stock and shares largest the created SoftBank’s a First, tranche dynamic in positive of sale T-Mobile the in offering actually in

three notes interest a also $X And rate merger transaction We we of X.XX% when the all weighted with average Prepaid outcome. senior major of divest fulfilled commitment issued had DISH secured a Sprint we billion our to just business. successful super closed

XG a to our we service final ahead the last Heroes in so XG This launched unveiled customer T-Mobile Connecting for leading are schedule huge part side, local price launched Project stay of move, was customer from and QX. And in and are soon, smartphone the low The free coming very Million and Connect tuned. Scam nationwide. that Scams move year fact FCC we announced XX initiative latest complaint. access in providing of the good our second this Shield. will the calls pain be and robo they plan responder non-profit un-carrier state On we un-carrier following agencies first

massive we helping phone change paid Shield or With T-Mobile the for they most put to customers free, make together in So for Sprint media and distributes. wireless mattered for add-on. first all requiring since un-carrier while announcement or most This designed clearly received Unlike coverage customers and of engagement press scammers Scam protect by drove plan social – back natural stop our way it we help by move comprehensive good. a un-carrier because Scam XXXX. and to AT&T we’ve consumers, to industry’s is T-Mobile certain March are can move for Verizon moves, Shield the customers premium this solution

care hope that highest this our We just recently taking Verizon taking up I a time the we’ve J.D. the in score providers. PowerXXXX our among industry win Customer our to problem service on recorded a to sixth step XXth T-Mobile’s And row record. ranked highest continues I So and the break Survey ever full serious. Care team and us home in AT&T join to received will that challenge mention in more can’t forget lot and

customers shows. our loves team Our and it

surface you the accomplished on scratched integration. books fast this attainment. this know on past really and we in our are just big all talk synergy are work really And interested what doing quarter, course that’s team of build the to and I build but Okay. I

initial migrate the our Sprint T-Mobile block Sprint our the traffic T-Mobile network fact and talked postpaid course to – with overdrive teams biggest a a to And the allows realization. the forward. – finally as the and on network the sites of network. and of available start We’ve The amazingly huge then traffic Let’s That his that to anchor second, steam us step, the up decommissioning, are step it’s network three our first go that Neville that team new over. creates already on the network it capacity we the which migrate decommission This process time in shows. aren’t the under working synergies from is the about synergy light third, the to come our and third of Spring piece and full that ahead. is sites takes spectrum

because have more work we even the this fact, the as This migration. fully traffic we before XX% already of we of that postpaid gate. something base today, than out than started possible, right of the on have with we’ve XX% of Sprint available devices is customer more T-Mobile made In phone now moved network,

to base on million already of Sprint XX day, over postpaid have T-Mobile are roughly we postpaid limited now, network But XX% access on every Sprint single the VoLTE. customers voice-over-LTE. VoLTE, Sprint average using the enabled now historically the base had So plus

experience those unprecedented, a hope and data. are. enjoying straight better I voice are was So stats surprising they with you they as simultaneous

it, T-Mobile unified to retail stores. T-Mobile of operations also all systems out across business operations to and unveiled milestone rolled This Sprint legacy the stores our thousands our did us and while footprint both is customers distribution officially retail rebranded We we our also for our tools stores important last serve in Sunday. and to postpaid bases we needed allow and of an

all lift. massive see enough a it that effort market major was want it fashion nailed a big come just true really life and that Sprint was times. Let amazing really these pandemic, of been brands by once this to together our since me outside have a around This of this only be incredibly I team we doing can’t big to two the comes and like T-Mobile accomplishment bringing flawlessly during customers. something clear, executed And complicated even how fast. un-carrier our for say would to in

includes best ever we ours for each other access. XG charging consumer lines of industry’s guys possibly promotion maybe Yes, extra ambitious includes per launched our unlimited the is most it month. it. So This four for four Remember, $XX for hundred. XG, and the

limited even competition a after we’ve it we Now brand hope We We’ll any I’ve and I promotion the is to it and before with ways out be front. and find merger awareness addressed clear, build our that again. done. said bring newly to compete. this lingering I’ll it’s but say integrated on this the questions said time for to celebrate

to here We best value full. choose no customers they to best the show and they’ll with network that T-Mobile, the have get longer are between

and clear and like just rapidly the like customers teams are great Our the become future more to loving our big hiring. areas nearly today same deliver for one we our for important perks will more that months design help new better felt step time, all responsibilities so. completed investors, and to initiative, and with goodness our Tuesdays. Sprint to are for working in customers to the kicking having us efficient At and also we And, off not serving was double XX our that And that winning without we our positions the just benefits are legacy been quarter will in structure to on future we the XX jobs plans effective ups. XX be in a results focused do too. the and We’ve unlimited we synergies faster expected by on T-Mobile employees business. team but are same to This it we all originally take the T-Mobile month, deliver un-carrier hard just focused Well evolving in access process and move customers are to first are X,XXX down one that add organization un-carrier see starting roles alone. are our to they was

future to also accelerated We do QX ahead marketing to on These retail us XXXX consolidated of rationalization investments and we now, of of year you our over understand stores, was beginning actions I synergy net originally you and financially schedule. make was even and a began and we to before significant more unlock told unlocking adjust that synergies are up several plans I hundreds I merger. the – quarters time ultimately to spend the I work able confident synergies setting I just our be why. to planned alone than now in hope next Last well basis. throughout in

lightening than all we’ve potentially executing in our previously and taken, we are quick unlock like the to originally of $XX track, based thus, billion fast. a synergies only laid it even ton would, not talked down do in on but deliver we’ve than but confident We about, ability We action more now we planned planned. faster to am I said

my my few when don’t is we’ve just favorite ahead. to just all lot years, competitive – so it way T-Mobile of past Verizon’s facts. see obvious. largest or for have rapidly them our of close. T-Mobile higher. In you the let at of few that take Now a that But and pulling look of about even it few AT&T’s or and just disputes painfully actionable words speak competition are we both Verizon network. word a isn’t and ahead past. XG quickly instead miles one race, expanding topics, say AT&T away most what’s network taking the becoming XG pulling the is In we and from let’s comes is matter, want me the in XG, America’s of talk, of forward a Nobody marketing heard

standalone XG. a breakthrough had when Just this week, we major we launched

matters. Verizon offer and million put up exponentially the a T-Mobile’s higher the Now, people, And AT&T’s customers real we are our Rico a on places speeds you customers XXX geographic reaches its lot facts the Puerto let’s over as getting miles. than that table. XG. lighting Verizon. XX coverage But have ultra states from the our differentiates they of handsets too it’s with double time square again, all wireless not XG you Verizon, our but just XG across all million This experience on on is our with XG XG network players. and reach started mid-band. network coverage It’s average that X.X and have XG, roughly than spend We know, our now is telling a just band have customers more faster about already T-Mobile wide or in to that win. XG handsets. likes But millimeter other

And all but to something signal XXX get mid-band the build that and by customers right observers foundation circumvents have to LTE take spectrum York, spectrum you combined it’s of the spectrum the XG that We in real massive second, And even their of overcome up more in for use of Atlanta. plus maybe ahead XXX a T-Mobile’s their year, home talking of Dallas, faster on lighting At Washington XXX times already tell had customers end It as combined. real this beg, XG AT&T eight coverage the like customers most just you now make. Verizon north the peak just across from major look XG the faster same LTE, XG claiming will we to borrow get it what’s a we cities country. and often That’s in find sharing find of deliver speeds are day, it internet to share plays. than also XG than about. the XG nationwide start that’s MHz a And X.X the like dynamic of and is metros exit times gigabit. they New in it band DC XG band seeing excitedly only Take XG they era speeds well currently tools un-carrier and XG demonstrably that mention, than that than two a will any nationwide. some six AT&T Verizon it than forget more most end Angeles, steal year, often competition be XG, scores, XG more gas. our we By average they’ll everyone networks Verizon When Verizon. their we and get advance planned how clear year, footprint. Los network, in a T-Mobile towns average we but customers nearly the have that time. go you mention today, they’ll pouring can fastest times test, other even more megabits per including the we the T-Mobile on signal Houston, than But we thousands Ookla shortage. the signal better of customers availability will than are to X.X% as GHz speed speeds that to But of at and the takes to advantage. open move MHz found to is about meaning the network also and on AT&T’s shows to but the and way, combined. strategy have controls even as also in more times T-Mobile was best in positioned to XG low Not are cities four years that for is now would mid XG, the low a network, and

advantage XG as We This than and spectrum also and for network on for our have we us businesses as Verizon AT&T a wave as already have more and combined. AT&T this, prevalent get many huge XG devices consumers. millimeter becomes more is

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really stopping a about. the our QX building half powerful best underway believe that later by super the for network XG scale moment. year, I as this We’ve stage finally there. are the know, un-carrier that’s offering gets you charging is We strong are era not is results. second this all we at as But value the delivering and and best the set what’s

We are way ahead.

That’s assets to un-carriers become competitors U.S. have struggle translate combination strongest quickly the will DNA. results. and network very combined our will the powerful superior we will the a the demonstrably that brand match that with have We and into what in


this at already our results. huge Prior new Now Peter our contributor he major our serves financial CFO, and a you as to transition shoes and knows Officer, It was our and big in for CFO role, of seamless. And we years outstanding He what to I am like Officer guidance. his decision Peter. our Financial important have Chief going two make. business. Osvaldik us been the take to ask Peter to the participating it’s through to time comes know every Most that like for to an Accounting fill to taking financials number role me, has

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Peter Osvaldik

Mike. lead CFO Alright. be to as for couldn’t Thanks, excited critical time I during business. the more this

and have of be years potential an this of execute I We We’ll incredible merger to to to and on working proven alongside the incredible team all our unlocked for privileged you. each playbook synergy continue leadership star come. feel

few Before details, we financial for points off get to cover into on reporting. lay ground the which work wanted the a I our

million reclassified classified forward resulted in outlined for T-Mobile was fact total from figures. revenue. included to new subscribers reduction on arrangements The First, $X.X and which is including April T-Mobile reported It rather the adjustments wholesale no adjustment we branded our important remember XX we more biggest postpaid million on balances net in to DISH longer previously profitability. recall, also book reported as XXX,XXX, postpaid of net policies. a our were that removal compared report customers associated changes the of in standalone T-Mobile aligned of in subscribers approximately as XX.X with legacy focusing X, Sprint which been wholesale. have detail March to and more The have The reseller the to of with XX. previously million subscribers as And net these in customers as these go the impact XX-Q Sprint adjustments wholesale customers Sprint phone that investor impact the associated as divestiture and

providing purchase detail get and we policy from the but XX-Q, much our disclosures various alignment too time, I into now. around in the right accounting addition, of won’t in impacts are In interest


impacted changes of of impairment the financial by adjusted into second $XXX these billion in by $XXX get guidance let’s driven earnings well in X% a events. to Total billion to by the this are $X.XX $XXX negatively share million, $X.XX EBITDA costs non-cash merger. of factors billing of well related Note billion growth, million which were results the service our division combined our and discontinued by details pretax $X.XX from and COVID-XX-related were Now share. EBITDA. $X of this million transport by partially shift of charges diluted costs postpaid that per note combined financial X% primarily customated revenue costs our systems per of quarter, net in was as range. merger-related And and offset exceeding excluded to $X.XX strategy customer These operations. product Adjusted as $XX.X QX amounted continued some a merger, excluded strategic million, enabled was as for as quarter. through impacted $XXX during service the are headwind related of revenues from COVID-XX income taxes reported before reflected the billion,

was was activities $X.X only was costs. rate Next includes Account the merger million the mentioned provided. which recall $XXX will $XXX of an from as of Cash and amounted swap, in to of equipment, there swaps Average billion, cash XXX.XX Postpaid provided This settlement Free of quarter, cash flow, including interest inflow the for previously operating outflow for settlement interest wholesale that the related billion, in amounted cash revenue collateral capitalized was our phone flows the ARPA on from investing COVID-XX swaps one-time return million and be $XXX the of interest financing. purchases was revenues. merger-related $X.X for $XXX just postpaid and Revenue of million rate Net $X.X of ARPU activities $X.X excluding payments million, XX.XX. billion billion. Per cash $X.X by for for or includes property billion and these gross net I to customers service in costs the impact reported

This FCC line expense In to second that we incremental from by million total sales been of of $XX quarter. X.XX customer receivables expense and the or debt terms the revenues, last the of adjusted to million was would FCC approximately requirements from attributable revenues. excluded this losses COVID-XX. our pledge, were quality, debt in quarter of EBITDA. pledge related macroeconomic Total normalize was bad of results in $XXX have includes of bad the amount X.XX% for If with impacted

impacts the the pledge of the took some performance some going will pledge of FCC high in by FCC business, have not are monitor of of thus trends. on that accounts a that payment the of and since of customers and the our made solid we Notwithstanding all encouraged there As customer COVID-XX XX% field. engagement advantage likely early form far, pledge subset payments recover. is small we

all as of addition by $XX also, an just senior we at sale transaction end remarkable for in results to facilitating postpaid quarter reimbursed execution our customers being postpaid result, gears $X delivered company, a markets expect neutral fee of. in that and proceeds approximately one our and retire million expenses, raised is still including billion debt QX, the pay of a billion in testament the for for FCC yield the record and As debt of of combined average the $XXX to notes was in under were be business million that refinancing deactivations, issued public activity, reflect And June capital low team received quarter Shifting secondary shares transaction secured average we $XX strength in just T-Mobile balances. I of the an an proud to with remaining a Mike SoftBank in balance high their received QX transactions us our company, a pledge, X.XX%, used not our will mentioned, off approximately but at accrual including yield which extremely and as the for MPD well XXX,XXX of to XX,XXX phones a $XXX the with the we whom sheet. this yield to benefit likely of billion extremely for deal am will


compared turn now across to to others no to the and we wanted have continue little during me as guidance industry Let we transparency to opted times prioritize normal practice. our provide uncertain which when guidance, to provide or

recognize not of we policy price provide uncertainty it first combine are the back quarter unique of guidance combined alignments therefore as you impacts half either, including and situation we to we with and accounting best set but with results XXXX. the of purchase important efforts this We for very we that felt immune our the was

pandemic we economic closely well as environment half continue the it will consumer always, related impact our results. how As as behavior, monitor to second may to and

also a of between to higher click here New in while quickly from postpaid balanced lead to schools additions it, assumes versus expect learning, the in industry this businesses and aspires just tremendous adapted during opportunity guidance saw and growth as devices the of the and quarters T-Mobile and QX year. back third remote postpaid net we of a we what X.X mix other customer additions working more continue net postpaid expect move in share a there double see in to million to phone other of and the half postpaid was fourth environments million, of phone adds X.X win postpaid and

And opportunity as effect for to EBITDA typical as as includes expect expected leasing to the net churn the billion result gross range We of and and share billion. seasonality be the is we higher a increase $XX.X in billion $XX.X $X.X from in $X.X half of industry billion an of of to taker. back Adjusted revenue XXXX exciting QX as levels this COVID-XX. adds higher see both muted churn

between due of higher and higher into close increased QX, adds largest expected driven second $X.X expect we in normalized and to to America’s SG&A are billion are of expenses. from impact in continue capitalized purchases by flat to EBITDA the excluded in Cash CapEx the to COVID-XX back be interest significantly equipment, be gross expenses billion expect million we expenses relatively and XG selling to out to We which build adjusted network, selling of related costs before $XXX moving as from half, including QX. $X.X QX ramping property QX

subject costs are and the be XXXX, integration-related For our billion to taxes to half go included EBITDA integration. and of $X not million second faster expected on merger before $XXX to to ability adjusted in

including of fees, activities, expect to tax $XXX on we million primarily deal to provided lastly, by back capital integration-related expected in XXXX, operational the range our in by merger be in cost half merger is of range network. And payments Free primarily the QX driven operating increased billion. million, and severance spending to cost the to $XXX the effective rate and cash for aforementioned impacted incurred of will rate cost $X.X $X.X and XX%, half is first in to in of in that focus. and integration-related expenses cash the non-deductible While billion and expected including be to by in for Net to throughout second merger cost due the merger expected be to flow, of XX% XXXX. half certain continue were be the merger the costs, merger-related integration-related and impact in tax year range the primarily payments the

However, we line anticipate be rate our more in historical future to with levels.

Now let’s questions. your to get

questions or via Twitter. via can ask You phone

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

Mike Sievert

we great Greenfield Rich out in this point phrase, operator, and quarter shed, honor that would question a begin people from questions of their will to be guys. like And only taking quarter I that at with everybody light just

Operator. kidding. Just


we’ll to First Cusick Phil Instructions] from [Operator go JPMorgan.

Your open. line is

Phil Cusick

that can cash a like lease – submitting I I talking you. Hey billion, number one to a but the to guys. without would EBITDA guidance. things ask think back I lot second am $XX.X of is have here on about, half you and The what $XX.X historical out of the Thank to benefit a as billion people benefit? A help considered to EIP us T-Mobile bring

Mike Sievert

Peter, you backing out really, really why about lease it’s it’s revenues. don’t start? the And

look to core what of what want we yield. not you so call much – If EBITDA, for at kind

Phil Cusick

am sorry. I

Peter Osvaldik

you obviously, the Yes, but gross is of typical QX have adjusted with, the half, is a again you And reflective from were if right. then, revenues, leasing also SG&A, as adds also wanted of half as million both begin in the $XXX become second And that’s guidance QX EBITDA. a second seasonal part an increased as Absolutely. the core industry the normal to which from of we cost, said, me to from that the let yes. COVID-XX turn you that excluded that runrate. in result And uptick will expect

Phil Cusick


way used what billion sort T-Mobile so, – consider the $XX.X $XX that be or billion number cash to to you XX.X to So EBITDA a that’s would to of operate? or billion

Mike Sievert

about how right. way use we in of think Nothing the we really changed Yes, to stuff, has operate, this terms right.

and get So, revenues to this lease get we we then and operational you have to more adjusted EBITDA those. on leasing what out, have EBITDA is backed view, and adjusted focus guide on

bigger that component. that Sprint, in obviously a leasing bringing important it’s there So understand and much you is

that we’ve the are between greater, two so the merged. differences now And

Phil Cusick

in like guys that’s Yes. T-Mobile much. we very how guidance way the to think I it from second substantial thing And did of expect through lot phones at historically, was, like do this looks a pretty it leasing. about be it – tried and year, to to seem it didn’t you offer? should that a we you wanted leasing Should the liked Sprint continue ask least you the

Mike Sievert

view value. to start I’ll we jump been on and Phil, it’s there that you that a result. enterprise isn’t later ask didn’t to hasn’t always mean, as It’s demonstrated add because Matt I Yes, is like then not satisfaction And I’ll Staneff our and it. cost to the in. customer that, it

So, but of toolkit. done in it. always a some it’s We’ve tool the

doesn’t depends it. done we change, The necessarily and it obviously. big any think, it’s open to I are imply how guide on

that general So, it? is leasing in already we about by how base. the the thoughts and in come runrate Matt, revenues from other informed customers But, about financing the think

Matt Staneff

That’s great. Yes.

to Right are are it upgrade the in going taking very those before. our past them proposition base and T-Mobile said, one aggressively market helping Sprint continue got largely managing lot customer we are one. churn with A So, care we way now we as that we of a of lease watching the on offers. it’s now, thing we’ve Mike new day was The customers, do and us. their have

so, what increase take that some are And going away to potentially obviously is can over seeing churn. you time not customers could expect we

continue We to serve them. are to going

that’s are options we T-Mobile options leasing that got mix available, the part customers. And for care in as of of we see so, you the what still going take to

gradual total versus it we that. so more for are of a the be customers of new change will what mix And doing with kind in

Phil Cusick

I appreciate. Thanks.

Mike Sievert

millions now, lot market for us all a go a one we’ll happy we we of we of ask you main center to these like tens as and our over to and are one know, Sprint make and have in them leasing customers of that. right – to but device ground. What do therefore But provide another lease

So, level. see that

Phil Cusick

Yes, got it.

Mike Sievert

Thanks, Phil.

Phil Cusick

guys. Thanks


next And we’ll John UBS. go to from Hodulik our question,

is line open. Your

John Hodulik

two guys. got I questions. quarter Great Okay. Actually

sort bps was of surprise of that bit of think sure am I a I as especially Sprint X.X% XX all, that First ago a particularly year the a had, churn.

and $XX quarter in just the the that take you the of to in baked given rest in So, expecting the so guys efforts an guidance billion availability billion, the of And sort had to because share? then, for $X two, things? doing quickly, number are is And one. year. opportunity of That’s all of MHz launch the quarter phones, down the bring iPhone store as billion what pent-up you spectrum, and are that half demand integration the that kind of you closings especially out to point the at but that given XXX into for looking the fourth for number back new the I’d $XX.X EBITDA

that’s be looks out it look be Thanks. to expecting necessarily That to you not obviously, we So, great. are runrate, would as quarter? like fourth especially the the

Mike Sievert

on Understood. Matt, do churn? you want to start

Matt Staneff

number number. first XX on that’s great great I’ll have a It’s to Yes. quarter. in bps the churn. start a

we category comparison in the that ones. the among the leaders high Sprint and is the are was together said, as and in T-Mobile accurate. Now you was

We points. that. collection think is, done XX flows down and for anomaly and that XXX the accounted what a in of the to the of I care we’ve consider QX we taking basis when last covered was to done. switch a with seen of thing customers And the an then said this bit close XXX terms in industry in But One QX Q. were you’ve is all of has churn - and were across down.

We’ve very at basis the We what access kind hard using base we’ve to of Sprint network. about and a across taking and to value them We’ve experience hard customer have customers Sprint We could un-carrier we’ve the better principles work. VoLTE at provide broadly network. been been on giving been a deploying million base. work got much done, base. customer getting with the XX daily the talking the pretty And

was we’ve say to what things last put can be will I not And at go. going go, but just move more So like are and up to we where bit in I of keep third that And get churn quarter, and our it’s going to predicting into and need we it will a Peter doing to we guidance. where the are churn little is said, can’t seasonally forward. where X.XX predict as that we quarter

Mike Sievert

legacy for the business for T-Mobile’s And had not day of forward. which difficult blockbuster legacy because addition, where side past and number. to But, you am the I low in side mention going be but things, T-Mobile will churn a us, back increasingly one now are we

blended that so, also helps. And in

gratifying. this is really So

over the what it. churn on and tailwinds have We medium because know drives long haul, we

journey one is in industry churn done And this where, just in talking network. in the I some the highest best some from on length its no T-Mobile to able on churn catch the the how industry to about the at side seen have We be of to us of got going network.

the into against real in back tailwinds. exciting of well So we the which this really the normalcy to we to are two dynamics. think normal are backdrop as quarter, suppression be seasonally start seasonal in what’s abate half, as some there uptick is year, second it One, excited the going of and will this T-Mobile point, a impacts brings Matt’s COVID-XX, which all to

the a about the think that guided. goes the why are we will in the and up And know was, little guy’s about the the growth activations compete. half we that’s churn I kind churn we other that just and deliver plan When churn due to second that’s the say, have up other asked to our piece activations, gross and we think I and for COVID, the piece. with be will an that to bit, seasonally churn burdened half, how you will And guy’s second will and of that we’ll first be told So, up that’s when opportunity you necessary us. we means, outrun second that up

hope is I rounded really about don’t You a I I asked we know. XG as about there the can’t portfolio phones. exit year. comment well phones. phone

there just and it I’ll moment that us. would is, if a leave there competitive be great for so, And

John. helps, that hopefully, So,

John Hodulik

Yes. Mike. Thanks,


And next we’ll Sachs. Sachs. Goldman go with am Feldman Goldman to Brett Mike apologize. sorry, Rollins I I with

line open. Your is

Brett Feldman

in. for Hopefully Mike squeezing come you Hey. Thank next.

you think, quarter. need I a good call this

about the So want to congratulations integration. that. on talk I

previously pretty your into All field numbers expressed quickly, have the than be, expected, that the one half release. of are think the and confidence years considering the you to the the more moving And about will the outlined can modest of I the had You we integration synergy would two you synergies billion first seem when at now looks like, your faster we that that seeing commentary spending sounds ago. this you would you accretive second questions that you come just would year, do spending think we targets also in the had actually for NPV be start and through $XX the you integration. like outlined talked

win efficiencies are what would when integration there that, as associated that’s to execution greater move you Thank on or as with you past at more going you this significantly get year, we actually are closer to realizing you you. the drive the point it? So, maybe much where are

Mike Sievert


comment. and start me to ask then Neville Let

of exit with with and that First tower cities biggest tell will country year you be spreading And thousands I this as about in X.XGhz of them I there that out the the our just disinformation we layer are already. love this some gig. of of in the country across pace. all, all cities fact we some the got companies in are XG that sort towns we

is the both – new standalone where at were Sprint T-Mobile are on it we’ll running companies and and fast. T-Mobile what that’s because for of there really sites. we Reason coverage planning over lots feels capacity. tower So, Sprint for tough be

which but look, to results pace magnitude provable just on of if kinds And has tough, enterprise because like now we avoidance site network That I are are is New about and talking competitors. site company, out outgrowing right, not you millions of NPV and of tower from leadership, are called faster of avoidance and start synergies only the get start give you a accretive, pack our rate hearing. the that’s affect front customer created to demonstrable billions the in synergies, that’s operating of there going dollars potential the crazy. the doesn’t know speed you are T-Mobile are of our you the the potential value more the is well. us the we to as And comments

and So, a Neville, pace, rate the everybody’s that’s bit mind? us tell why little about don’t I on because you know

Neville Ray

XG Sprint accelerating we Yes. the right, mean, our made band with too, more mean, million XXX I the are with weeks talk XG, mean, combined few And T-Mobile’s opportunity that if of a with that breadth fronts, closing covered the for network, footprint. we we what’s I team. I people the Mike. the I be I an on short since are on pleased progress we’ve in it’s to LTE we’ve thanks, could rapidly moving at two people incredible in XXX low and not pace. million I of covered now in this been mean,

can I are the So, so X.X say The from spectrum, fast. that depth mid Ghz that we important. gives that’s breadth. the cake all slice the comes us band super super, baking And is,

about you get month, the were week. give sites that to In sites starting we that activity to per last you, XXX number gone up I on every per dimension idea as week. mean, XXX some second has So, the for to week, great quarter, and we

network phones XG the great from To lots So, layer fourth outlined opportunity. all quarter and have a today, great very in sites you quarter, experience great news when of and and the math the to put from The a running announced great is line-up and about, it’s one are day of Samsung very, we mid-band spotting month performance be earlier the there speed just is changer. your can having on. Mike other of thousands speeds. and in do quarter, you that’s phones, XG in the can coverage great only question that T-Mobile. to the we hard that best coverage and complete nascent love that fourth from and XG to you great really And that this would that with from combine sure AT&T, band game we the phone want a going network to make Verizon mid inside a with of

are the Sprint pace roll to with in have numbers. great right. this are quarter. phenomenal. standalone business, So, T-Mobile not for planned Mike the is good and network started we this places, only obviously, building we and just but Great and would outlined, that’s But getting out all

but half those starting avoidance site numbers XXXX. as year real talk cost guys of. tremendous play are I in to couldn’t in second tower make. We at so of have Tower and But we that more We avoidance, we be process the more competitive out to generate this those we’ll not pace, synergies now happy. could we progress underway there happy can be close right the choices doing is some with pace a guys, and and

That that start be slow doesn’t we build into anticipate half, seen. as move to second fully will more we would I but down. tower the us So,

We options have lots are of and build we furiously. to building

Mike Sievert

been about unpack was last understand. a given little have it Brett’s bit? maybe, that it and was will part, you spend Because operational little point sounded spend. just it Do very that’s some people a the he may than think And the briefly like expecting want I QX Peter, he to on asking was less

Peter Osvaldik

as to while a restructuring now. acceleration When an we and is synergy said, opportunities. them merger-related was it right of fled was what elevated operational the Brett. amount of transaction those half, of capture severance, Yes. call primarily, saw some there you what from lot then I we there synergy And and of second QX, Absolutely, in cost, would

And like you subject the element continue we to in go QX. which about to of to to an it’s consider going course ways prudently saw that’s pace, just So, to do, us think that’s you when in there. faster, identifying are

Mike Sievert

growing rapidly cost it’s But in QX it it’s actually the Most quite from operationally, transaction to operational was of of small. here half. our operational cost is The second component all in so deal-related and words, – in achieve the on. other and

the big, a in uptick half. actual going second achieve big it’s cost the in to So, system through

Mike Sievert

Thanks Brett. lot. a

Brett Feldman

– the for billion budget $XX is the still the in still sorry integration? budget $XX Is the outlook this billion

Mike Sievert

really on chew one But far nothing we This this I hey, let’s two saying, exactly it we be confident think color keep today’s we we something owe data but point more plan, are some – conservative. and year more so you a old have reasons that, may owe know on. company we that’s report. now. on and point our aspirations today why to you one for an and little giving say, Yes, in we’ll a by it you raised know are what, with point we has we question, you good at way, at saying evidence the keep it update some backed I and We some changed actual all broadly by up I hopefully that. saying

we and to about updated more So, are bit think then going future. a you little give get for you line to we’ll a different a established way the

that. So, I you owe we know

Brett Feldman

Thank Great. Fair enough. you.

Mike Sievert

Okay. Thanks. Operator? Meanwhile


next we’ll Michael go Rollins. to And

ahead. go Sorry

Mike Sievert

is who next? operator, Sorry,


Citi. we Next Michael have Rollins from

is line open. Your

Michael Rollins

questions. me for squeezing Hi. thanks. Well, appreciate and Couple Good I afternoon thanks in. it. quick

Sprint on the distribution behavior more customer staying still get I changing was you’ve the we the you and pandemic when store process plans can store deliver of do it’s at and any just bringing and And to headwinds plans as headwinds First, repricing Thanks. the the Sprint some observations the get were managing of about digital through from how to the look maybe finish curious customers? the into have was you announced, in reopening the talked T-Mobile holding upon years? potential expectations deal T-Mobile, reps reverting to T-Mobile an teams this update pro store integrated of or next and secondly, measures as few formas, in migrate over over now historical presence, metrics plans then, the of hand if there is a distribution and some back that revenue originally to – management into the

Mike Sievert


by first me And so what part got with bet. the part. You enamored the way management Tell the second the was again, I

Michael Rollins


Mike Sievert


So, near-term. our ARPU relatively of I stable all listen, that, was a we on and got, the pricing, the outlook that think you one revenues things and report from see in

way this at important guide new and Peter deeper level, didn’t guess, ARPA think with efforts a changes to that heard about talk much ARPU. go on, the in start we’re view you ARPA. of there all or Separately, without it at us the do is, era, the we competitors, best near-term develop household we because see be opportunities accretive For that to we there was big in give to with in don’t to just other to And the looking households company to for I necessarily ARPU. XG one relationships affecting kinds you would or felt a catalysts is

that model. to I the of ARPU our backed Thirdly, obviously again, say. in competition But few a all to sustainable fully this things years, done plans as to intense way to always to the have of we now need we level benefit network that we and like in of to our long-term have unfold will a specifically spots at un-carrier, some has point How the the consumers year to been by a that. set I’ll relates how that market a say, have. that be along and plan and funded two we know update old And going that’s bring over but

revenues leverage and bringing market. top-line We’ve grow crazy to It competition that to hard who the are We capacity do be we it. advantage got compete capacity not are. into competition. would That’s through the to

two, we So, near-term, number real that’s the the in very way one for or changes. see no Number one. other ARPU catalyst

second we half as And into the do want then, half? we commented to stable the jump it So generally second see on. for you Matt,

Matt Staneff

Mike. Yes. I’ll tackle that,

then think question bit with distribution little like was what we are a the seeing I we and COVID-XX. look around

I shown great say what is first a thing we So, is, quarter execute. this to have ability the would in

day we get one, days to been close from that. and always had XX did plan to within Our effectively or so

points or protocol we place. our retail this issue, already going as and put and sat and things, to often are distribution we consumers and had a many And of a lot had our right, there a T-Mobile safe forward. retailers, But down in a we still cobranded companies And wasn’t employees we are right today, the running when so out. branded it’s majority many in relearn keep to vast we’ll off. pull of little adversity, Like safe, keep all all bit did the

very, has traffic, buying saw Our into we of team switching digital. be retail And to well quickly and changes worked some in customers. care very fixed take from

relied Now start is to going of then times, to stable the trends digital, of many serve a customers increased generally on and We to to as well, and that and up digital we at we stabilized. as do where fulfill little we’ve to serve up. a back digital. I’d historically hasn’t communities I’d and say those recovered by What to The numbers and customers are open way vast but time market support to seen the gone bit over served, that increased have small on small that’s is able safe open generally and been continue been the in lot majority full heavily percent. customers forward. we’ve and they number the stores digital. like a retail T-Mobile get a a move more set say it’s has, lot folks relatively are that’s Sprint relied we very it then was intend want fully and still lot, support a and what percent as

Mike Sievert

it of our know come nearly all that, why that reasons digital. I come of we digital through a customers break And through saying in cakey, the Mike, of one our and in all customers of way retail. down and Another but, is don’t sounds little

So, start some words, in finish cart. majority those deeply approach get other Even of a a many cart, through and human their almost a the everyone plan kind hybrid shortly touch digital, thereafter. rate the ones is of pure that come researches some

in over are won hybrid our is the in that’s not changes material the some changes shine. human J.D. Power changing J.D. to process now soon, point we customers Power highest financials bring in But hope a and point time do, We And to again. changing. it’s that’s hybrid I time. just just people model way where that going for So anyway customer as long as our interaction model your because, a the to ever won It’s people a at that they and our any scores right history of care. expect

store are it. digital your Freier, to is human he source tell real has retail he counts, So Head engineered Consumer was T-Mobile of approach rationalization, day on reach. benefit because simultaneously audio part I now last more engineered a we’ve comment if groups. coordination just quick about Jon reach groups, a communications and this market so marketing group, from the can population the engineering about to retail and I’ll our really Markets the ever deeper strength go before. Jon that, of led go for people as of about of our ours of our interactions our even group, our one reached The line technology than customers with our question But with with much you product and

that While a couple you stats, share going Do to expected. want on Jon? of people store faster rationalization those

Jon Freier

XXX moments then you unified said few T-Mobile a and been like them systems yes, And Yes, did We days we ago, incredible you. everybody. a stores guys legacy is the stores. into a brand. the an installed the is, them legacy is, got to it answer Sprint or store we what help has really XX behind legacy just are our if that rebranded the everything. legacy last systems legacy store, means T-Mobile into T-Mobile took T-Mobile and installed Mike no matter And Hey what here a we that, operation took Sprint into and our we and we Sprint can legacy going

up that part several public the of you be store into T-Mobile the we and a always you say, coming are you. we yes, Sprint in following are over of is, around we But if banners, to now. if banner that. you’ve position that got are driving more be matter see now And the come are or help store store you maybe so and it can No to these in we we exterior into that into are months. not will So you able there we all coming a help a is down, wanted do from where, to this signs sending store, be position what at and you to say can but that’s yes, convenient Sprint customers T-Mobile, to permanent next put the will weeks that we signage new

of you But going top have of parts amount that product that reducing the just team said work, of teams simultaneously So, we’ve time, run we have lots expanding presence. about are some and million same exceeded done this another to we’ve as a ago, only and covered in been had and the know, an to. to. really moments extraordinary from a you country have spot overlap are on we rationalize has great system XX not And need like We just that, one talked that stores few optimize do course of that, across Mike technology we more at stores, that. training, actually you our a as to guys

are So million. about we prior XXX that to was distributing close, that million people that to, XXX

example, in Midwest Sprint our there. Great And the so, for reach – Lakes places where there great, the really wasn’t were the upper reach really and was distribution was as distribution but

been the to synergies customer more in Sprint T-Mobile years. platform the to And of be to that of is our then get the on this, customers, but to our branded advance to care able take and platform sort those over they so, dip T-Mobile and able help new position serve more next locations get also team until customers we’ve migrate all behind

said like in Mike ago working both moments environment. not been super It’s am our what So, I this Matt what accomplished. few of with us teams done. what an – have amazing really proud teams thrilled I our of am It’s and

So, appreciate the time, Mike.

Mike Sievert

like going at we with XXX million retail expected rationalization. looks than on It distribution us about beginning now, reach this, people to of while the our faster

really to win phones. Congratulations, back go So both John. on Operator, terrific. it’s let’s the a fronts,


Simon from And Flannery Stanley. Morgan next we’ll go to

open. Your line is

Simon Flannery

much, enterprise. talked of some very broadly pull call last evening. themes and Mike, the you see you about where about you at in I biggest Thank back opportunity. you more think just Great. Good if of think, could wins sort early just I wonder

had You T-Mobile. of the standalone you a make could color a you saw where around as progress lot areas

you share to the the next best opportunities are with do are over with you the Sprint. years couple take Now combined new network? think Where of

Mike Sievert

because they value the category. capacity Yes, in in pure surround world from a industry this companies history ultimately highest the biggest And terrific. And have play the business in know that industry manage that complex advantage. a I to wireless within we high they and be with an our you wireless the from Enterprises, of the and love providers fact that’s at with a want plan. a doing to are we our is solution the easy what the great connection at best up. need capacity around to set to our

my to winning Katz one I remarks sector quickly the mentioned need lot our his said, home recall. integrating phenomenal public then gates job. XX Mike kids. got very of and a that, we Both we ago for Customers and again outstanding you our guidance led capacity a had not opportunities, done deal. end of had and a for range businesses So in the on the updated We this that out merger we translated. that’s and those reached high our rapidly Mike public to largely, with opportunities on for beat in market hey talked of high were go the T-Mobile team We a you us team just work entirely day weeks we Project are his our very T-Mobile our pure play. that the business sector business to service But this help. need changing you some update gap against have but of due example serve have landscape. to in about great guidance. quarter and the We schools for way. million to But et being out we in enterprises, mid cetera. need focused

to a that’s school not capacity gap. it’s the serve and And and day, T-Mobile all work Now just just it’s work it’s phenomenal. home has

you say the if line, the anything So, ahead? Mike, on would want are about to you else opportunities

Mike Katz

waiting now, second difference doing going are and a t look network. about and Mike right we we network backing have that compliance fit the it. network, are differentiating where finding companies earnings and Yes, thinking huge the I typically really and based to a rate middle long-term all like those network recession Yes. like in day, maker we and customers that Neville standards demand on the and at proposition seeing the and job are said, us than their at Mike four, The incredible other not category It’s pick three, we have it of their just done Thanks, to the have time But and right. us are and in our we at not And timelines demands incumbent ago, about faster. as this last COVID, the that’s the possible that many rather just would are about the we competitors. COVID created I Mike. all five a customers know doing today technical all we we from things our are be that do. And happening in too end seen, happening No. category. that me I they is then our the the the businesses for of They now we that are things from of maybe too this in agencies years we come really for at this as teams faster us exactly mentioned meet are an in for and pressed. able enterprises buy to we look are think first opportunity ground companies buying even then you the talked government really that then are planning interesting out because,


Simon Flannery

COVID will may aggressively carriers more to better a switch be who price customers get close look to performance.

Mike Sievert


I going their seen maybe are prepare to signs I of think …. and Many long-term they and programs post-COVID customers do companies of we’ve they we’ve at lots there looking And to storm. out examples seen weather the cost of that dollars hiding as that. are companies transformation some we the is to going are highest is marks on service. the in value the capacity looking just with under here and every And and kind everybody dynamic looking mean, that find American this companies, moment, best for and which them. rock

will that this pack. So again which is market are there kind at hyper bit sectors, opportunity And post-COVID, in is I think with us CL, the last on that’s long cause The little able word to competitiveness and styles that the time. of flat really is say, that actually work is, an just liable to a lined changing exciting. we time I’ll also COVID-related growth of the lead the arriving corporate see part our for a been

So, and castle been that some connectivity for home take liable to more a environment. some we lines take will responsive need scaling of reason it’s AT&T’s to and positively always their this of enterprise employees. the means amount connectivity of Verizon’s. responsibility and home the walls. will That’ But a and companies home personal are form maybe corporate That the to that and carry of feel is continue in officing and of and work on than simple, going is the past to some of for us

Simon Flannery

Right. Thank you.

Mike Sievert

Simon. Thanks,


And Moffett next we’ll go from to Craig MoffettNathanson.

open. Your line is

Craig Moffett

thanks. Hi,

in XX% manage you the X.X customers the T-Mobile merger time way converted Ghz running reported I T-Mobile realization then that ago. cadence to customers and what moving in back metro the the of about you trying the just inform that really to if think how the wonder years release integrate a You sort Sprint effectively just of this this way Neville the brings maybe different PCS here? of PCS of network the and particularly which particularly And you was and spectrum – about about over can some did over we metro synergy merger what’s to talk the memories should spectrum. you’ve off the that’s in over those contrast two, with network

Mike Sievert

jump want Neville, do you in? to

Neville Ray

Happy to Hey take it. Craig.

different so, a metro So customer as favorably, the I comparable, primarily base. look we was CDMA PCS, biggest are situations that think they are the is the mean that, to other – I and but

of effectively. And and technologies out to so, all we move knew CDMA we we of the and retire phone have customers have different those

T-Mobile. Here we across our combining Sprint are with our and customer and bases traffic

Mike compatible today update the the a the On network. remarks opening base phone XX% of with have T-Mobile mentioned the in Sprint customer

is We short are a access too. LTE Sprint of which through and in network competing the start number just very handsets it customers a we VoLTE compatible customer time. is which traffic for we move XX% there was on period can we’ve different have and LTE, nationwide now that So with bearer primary on because pace. they as moving at activated much technology, are to voice have not can very our open customers It’s great us. metro. we those XG because faster It’s quickly, that But remarkable

game how that traffic move we are do house but have the to And we better so, of, out to said X.X as volume that, approach And ultimately And much move that in the pace. am furiously traffic in I customers start a decommissioning migration we place Very playbook of earlier I know, as because you Ghz hopeful capability migrate now faster and mean, I and move similar can and then the a at of we more can of we the in Craig. to confident compatibility. that more through network as are spectrum building plan. spectrum, many always across. that’s faster, and it, terms the handset huge ways ultimately and to support we a these we

Craig Moffett

the previous wire line to network the plan the Sprint? segment. about enterprise do One follow-up to from you with question What do

Mike Sievert

it knew that pure into like this, acquisitions the I I this and Wireless I are are The Obviously, bit directly, – can And disciplined. win. being, competition a asking, I we and focused are going. of are you earlier, a we not going one address but strategic and and being we accelerate are I be integration ways play. any you tell things said can there is it’s where I though. to interested that little that’s post- like

going heard You’ve of for say, communications linear internet internet. their us said over of us the and all the going to John and internet in Mobile years, content heard forms leading heating kind Ledger is you’ve all say the mobile. over, and is

a that’s a play, to pure place as so, great And mobile be.

to company, this model. But opportunity and we do market to because we and sheet. be of operator, just don’t Now, strategic balance disciplined are I’ll and phone? it, this intend that. focus choose I so, we fantastic make of while if do on the that won’t business win Sprint and the side we say, focused an have go to And in think have they an to we investing incredible a in huge just see you to in other sense are why at source we our you And opportunities


Thank Chaplin New like is looks our you. Jonathan Street. next from it And one from

Your open. line is

Jonathan Chaplin

Great Mike one Neville. Thanks. One for for guys. Thanks quarter. and

for be? higher, would be synergy get would you to on Peter. few goes from or too it thought maybe then, is larger The week of per in And fulfills Mike, initially So, captured you be billion, that where in times And that $XX Thanks. any sites second to? XXX number half or a the is to in does expect than synergy one when synergies much you there Michael. – are or Were deployment, for what this the said it assuming And guidance? it that how how is if year this is – acceleration XQ or early? the you many then capture number XG the definitely just for you EBITDA Neville,

Mike Sievert

You one. on comment I’ll the have – Peter heard first

in the I yes, runrate next to up allow from of that that start things. also us and so some to elements to see you heard said some impacts my And round. us we faster the You synergy sets remarks the moved that through moves. invest for integration well flow in on second saw us does of expected than many in then, those that, those quarter cost

balance, integration operational because kind you in have of the the of pretty actual earlier to in The us. light in front So, keep discussion pieces still are it bigger spending QX. to was

the it really round again. You benefit of bases base of to swing to will that the see in, next but benefit is flow and allowing us move in

important actually us XXXX And start in big helps so, as these get that runrate flow because along. and to we XXXX, we are that some in, go years and investment it’s to fund of to

you why I but, I to Peter, add then kind my the So, don’t tackle and remarks, that that think other? captured in of

Peter Osvaldik

Yes, absolutely, Mike.

with there right, it’s to doubt, of long as the confident there differential no rationalization almost as acceleration, our deal, moves exceed but and design do So, QX, the out a put Mike, organizational we made the in there is do ago, you both and ability accelerate diligently remain highly incumbency to yes out phone right, your from we two acceleration. and that saw this things the years in X-K we well us point, that’s COVID-XX, put

You of already and decommissioning see again X.X that what of is the did, rollout part that’s of capturing. something which which already, pace biggest the synergies to ultimately the is the leads – first the are avoided site the three step we the builds

synergies already the It’s multi-year be think seeing we as of then quarter build will. only signs are to do an half and year, the journey. prudent through And again, And so. are I quickly are quarter what’s as into do second periods. this a we owe said, to And soon optimistic some that’s in investment we going them so, yes, we on where are that journey we update we the capturing can we as and in a already you moving Mike

Mike Sievert

as for new outgrow this enterprise management promised to on team simple hope based bigger. you and I Did team, this our that a success? the hear And, set Did than you down bigger the And we ultimately long-term look, it faster first I timing measure us faster three and is our synergies are did on and think to unlock And the are we to saying, to we up value? back And is all. competition company? laying now cycle some go we and laser-focused aspiration facts things. translate going up we through that company

Neville Ray

to the per back-end question week. that than there your ramp delighted on XXX better I do we Jonathan going the are with of am pandemic. the runrate, the on But during obviously

So, with and paramount. great health the resources working great very and news out is, there we’ve safely safety got

chain and are into and rate of steady deployment the the a really the robust state really of pandemic, I now Our site. we go over in plan nice things X.X really had will next mean, moving break months. well. network that site as on XX rolling to And the operates factory out a incremental We strong of robust. network scarce to a supply years. and but over want a is the we very is actually next as I I back want the said and few have the that’s this activity very, production early runrate a get two build days out

a good So in we spot. are

Jonathan Chaplin

Thank you guys

Mike Sievert

going am out to now. will right But we Peter going are us to last step and wrap take one I then, question up.

part, this last the you from my phenomenal please? This a great thank operator, was So, discussion. quarter for and question


from Peter from Supino Our last one comes Bernstein.

is open. line Your

Peter Supino

makes that I network and drivers Thanks in the churn. that about with the know if experience had be it insights Sprint you. of changes to the Hi. their you might I sense a Thank But see gives you you of quantitative COVID-XX do was separate subscribers hard any churn changing? wondering are anything how way subscriber interacting Sprint on

Matt Staneff

wants any factors on other I’ll It’s if start there. Peter. then in Matt. and Hey, Neville jump to

positive for customer great programs those customers. we declines fast on moving which to from have network churn is handset enhanced participation going seen seen haven’t the like T-Mobile subscriber of we we’ve Sprint. also QX are in day it’s some and We’ve sign. of into base about customer. Tuesdays of anything to at something we able lots have are So, have to very great massive, that’s us T-Mobile for Sprint we gotten aggressively bringing every we great a It’s We’ve roaming why for from a just are of and rolled out a get the and that adoption signs. platform done, Sprint and for surprised example a the We’ve fast compatibility partly we access customer very been number offers T-Mobile customers network, and that positive and rapidly why new noticeable of Sprint feel very years. great have to the seen It’s or we’ve to churn we’ve an we of that enable build base to a ability and customers those seen seen in in of traditionally the the getting for what rates happy experiences out Sprint who terms or that could at being thank coverage a customer customers

engaged excited in and part being an have have Very customer we So front of about a base. company of the T-Mobile us. what we

said, know And things we positive look that feeling of about come are we to the from how we COVID. in where when going are All so, out that’s don’t headed. QX suppression very

We we highly back of watching as Again, a planning the competitive are that. earlier, Mike for are said year. half

We are buy systems. pushing forward getting to to need normal. We

So we the can really take marketplace. in share

Neville Ray

coverage customer just was in day this the And and our that’s customers accessing you’ve a the the the mean, I major I network concern absolutely XX is churn know T-Mobile network every for today. Sprint to access we add Sprint this are [Indiscernible] heard key. numbers base. million mean, now base T-Mobile to the I XX%, This not Only environments. in in rural urban about that cores, in It’s it’s expansion of where It’s geographic building a of thing happening kind actually right. isn’t Manhattan traffic well into roaming and as happening suburban Seattle. in rural environments. in rural. is everywhere, – environments, it’s happening XX% just is as

improvement that seeing up as customers compatible dramatic have we is the Sprint vast that are customers they majority a We Sprint in did opened networks We with coverage. So, handsets which closed. it. already for cover the the

And that a improvements key. been has – experience coverage so, big in

those looking We We’ve very been customers customers over that towards completely migration on to up we’ve a there obviously to talked side targeted situations, completely of T-Mobile that build network the move we make ramp moved about and over very to some difficult are our had activities T-Mobile coverage Sprint to without experience. already and that more of all as now challenging spectrum network we and today. already the of will be starting sure

and progress So, I With very the of using very uptake customers with going that network. the pleased Sprint there terms signs from to.. am rather T-Mobile positive in

Peter Supino

helpful. very That’s much. Thanks

Peter Osvaldik

continuing journey Well, and great looking thank speaking in are tuning next thank on this you, with quarter. we you the for Operator? and to for Peter you question really again forward and everybody


Thank U.S. the Ladies and gentlemen, T-Mobile concludes you. this

Quarter XXXX Call. Second Earnings

Investor If you have Thank departments. your contact further Relations for any media participation. or questions, you you may

pleasant You disconnect. And may a have day. now