Delaware | 20-0836269 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(425) | 378-4000 | ||||
(Registrant’s telephone number, including area code) | |||||
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.00001 per share | TMUS | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
☐
|
||||||||
Emerging growth company |
☐
|
Class | Shares Outstanding as of October 27, 2021 | ||||
Common Stock, par value $0.00001 per share | 1,249,053,529 |
(in millions, except share and per share amounts) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 4,055 | $ | 10,385 | |||||||
Accounts receivable, net of allowance for credit losses of $129 and $194
|
4,109 | 4,254 | |||||||||
Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $469 and $478
|
4,306 | 3,577 | |||||||||
Accounts receivable from affiliates | 21 | 22 | |||||||||
Inventory | 1,762 | 2,527 | |||||||||
Prepaid expenses | 943 | 624 | |||||||||
Other current assets | 1,576 | 2,496 | |||||||||
Total current assets | 16,772 | 23,885 | |||||||||
Property and equipment, net | 39,355 | 41,175 | |||||||||
Operating lease right-of-use assets | 27,446 | 28,021 | |||||||||
Financing lease right-of-use assets | 3,396 | 3,028 | |||||||||
Goodwill | 12,188 | 11,117 | |||||||||
Spectrum licenses | 92,589 | 82,828 | |||||||||
Other intangible assets, net | 5,047 | 5,298 | |||||||||
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $109 and $127
|
2,280 | 2,031 | |||||||||
Other assets | 3,052 | 2,779 | |||||||||
Total assets | $ | 202,125 | $ | 200,162 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable and accrued liabilities | $ | 8,735 | $ | 10,196 | |||||||
Payables to affiliates | 92 | 157 | |||||||||
Short-term debt | 2,096 | 4,579 | |||||||||
Short-term debt to affiliates | 2,240 | — | |||||||||
Deferred revenue | 914 | 1,030 | |||||||||
Short-term operating lease liabilities | 3,077 | 3,868 | |||||||||
Short-term financing lease liabilities | 1,154 | 1,063 | |||||||||
Other current liabilities | 939 | 810 | |||||||||
Total current liabilities | 19,247 | 21,703 | |||||||||
Long-term debt | 66,645 | 61,830 | |||||||||
Long-term debt to affiliates | 1,494 | 4,716 | |||||||||
Tower obligations | 2,862 | 3,028 | |||||||||
Deferred tax liabilities | 10,370 | 9,966 | |||||||||
Operating lease liabilities | 26,279 | 26,719 | |||||||||
Financing lease liabilities | 1,587 | 1,444 | |||||||||
Other long-term liabilities | 5,214 | 5,412 | |||||||||
Total long-term liabilities | 114,451 | 113,115 | |||||||||
Commitments and contingencies (Note 13) | |||||||||||
Stockholders' equity | |||||||||||
Common Stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,250,573,992 and 1,243,345,584 shares issued, 1,249,035,065 and 1,241,805,706 shares outstanding
|
— | — | |||||||||
Additional paid-in capital | 73,152 | 72,772 | |||||||||
Treasury stock, at cost, 1,538,927 and 1,539,878 shares issued
|
(13) | (11) | |||||||||
Accumulated other comprehensive loss | (1,478) | (1,581) | |||||||||
Accumulated deficit | (3,234) | (5,836) | |||||||||
Total stockholders' equity | 68,427 | 65,344 | |||||||||
Total liabilities and stockholders' equity | $ | 202,125 | $ | 200,162 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions, except share and per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Postpaid revenues | $ | 10,804 | $ | 10,209 | $ | 31,599 | $ | 26,055 | |||||||||||||||||||||
Prepaid revenues | 2,481 | 2,383 | 7,259 | 7,067 | |||||||||||||||||||||||||
Wholesale revenues | 944 | 930 | 2,776 | 1,663 | |||||||||||||||||||||||||
Other service revenues | 493 | 617 | 1,772 | 1,430 | |||||||||||||||||||||||||
Total service revenues | 14,722 | 14,139 | 43,406 | 36,215 | |||||||||||||||||||||||||
Equipment revenues | 4,660 | 4,953 | 15,221 | 11,339 | |||||||||||||||||||||||||
Other revenues | 242 | 180 | 706 | 502 | |||||||||||||||||||||||||
Total revenues | 19,624 | 19,272 | 59,333 | 48,056 | |||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Cost of services, exclusive of depreciation and amortization shown separately below | 3,538 | 3,314 | 10,413 | 8,051 | |||||||||||||||||||||||||
Cost of equipment sales, exclusive of depreciation and amortization shown separately below | 5,145 | 4,367 | 15,740 | 10,563 | |||||||||||||||||||||||||
Selling, general and administrative | 5,212 | 4,876 | 14,840 | 14,168 | |||||||||||||||||||||||||
Impairment expense | — | — | — | 418 | |||||||||||||||||||||||||
Depreciation and amortization | 4,145 | 4,150 | 12,511 | 9,932 | |||||||||||||||||||||||||
Total operating expenses | 18,040 | 16,707 | 53,504 | 43,132 | |||||||||||||||||||||||||
Operating income | 1,584 | 2,565 | 5,829 | 4,924 | |||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||
Interest expense | (780) | (765) | (2,392) | (1,726) | |||||||||||||||||||||||||
Interest expense to affiliates | (58) | (44) | (136) | (206) | |||||||||||||||||||||||||
Interest income | 2 | 3 | 7 | 21 | |||||||||||||||||||||||||
Other expense, net | (60) | (99) | (186) | (304) | |||||||||||||||||||||||||
Total other expense, net | (896) | (905) | (2,707) | (2,215) | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 688 | 1,660 | 3,122 | 2,709 | |||||||||||||||||||||||||
Income tax benefit (expense) | 3 | (407) | (520) | (715) | |||||||||||||||||||||||||
Income from continuing operations | 691 | 1,253 | 2,602 | 1,994 | |||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 320 | |||||||||||||||||||||||||
Net income | $ | 691 | $ | 1,253 | $ | 2,602 | $ | 2,314 | |||||||||||||||||||||
Net income | $ | 691 | $ | 1,253 | $ | 2,602 | $ | 2,314 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges, net of tax effect of $12, $12, $36, and $(261)
|
35 | 33 | 103 | (757) | |||||||||||||||||||||||||
Unrealized (loss) gain on foreign currency translation adjustment, net of tax effect of $0, $1, $0, and $1
|
(3) | 4 | — | 4 | |||||||||||||||||||||||||
Other comprehensive income (loss) | 32 | 37 | 103 | (753) | |||||||||||||||||||||||||
Total comprehensive income | $ | 723 | $ | 1,290 | $ | 2,705 | $ | 1,561 | |||||||||||||||||||||
Earnings per share | |||||||||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 1.01 | $ | 2.09 | $ | 1.79 | |||||||||||||||||||||
Discontinued operations | — | — | — | 0.29 | |||||||||||||||||||||||||
Basic | $ | 0.55 | $ | 1.01 | $ | 2.09 | $ | 2.08 | |||||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 1.00 | $ | 2.07 | $ | 1.78 | |||||||||||||||||||||
Discontinued operations | — | — | — | 0.28 | |||||||||||||||||||||||||
Diluted | $ | 0.55 | $ | 1.00 | $ | 2.07 | $ | 2.06 | |||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||
Basic | 1,248,189,719 | 1,238,450,665 | 1,246,441,464 | 1,111,511,964 | |||||||||||||||||||||||||
Diluted | 1,253,661,245 | 1,249,798,740 | 1,254,391,787 | 1,122,040,528 | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||||||
Net income | $ | 691 | $ | 1,253 | $ | 2,602 | $ | 2,314 | |||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||||||||
Depreciation and amortization | 4,145 | 4,150 | 12,511 | 9,932 | |||||||||||||||||||||||||
Stock-based compensation expense | 131 | 161 | 403 | 558 | |||||||||||||||||||||||||
Deferred income tax (benefit) expense | (27) | 335 | 410 | 743 | |||||||||||||||||||||||||
Bad debt expense | 105 | 143 | 259 | 489 | |||||||||||||||||||||||||
Losses (gains) from sales of receivables | 4 | (18) | (26) | 37 | |||||||||||||||||||||||||
Losses on redemption of debt | 55 | 108 | 184 | 271 | |||||||||||||||||||||||||
Impairment expense | — | — | — | 418 | |||||||||||||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||||||||||||||
Accounts receivable | (454) | (1,538) | (2,197) | (2,784) | |||||||||||||||||||||||||
Equipment installment plan receivables | (530) | (306) | (1,825) | (110) | |||||||||||||||||||||||||
Inventories | 41 | (549) | 904 | (1,613) | |||||||||||||||||||||||||
Operating lease right-of-use assets | 1,334 | 1,062 | 3,730 | 2,526 | |||||||||||||||||||||||||
Other current and long-term assets | (88) | (8) | (188) | (106) | |||||||||||||||||||||||||
Accounts payable and accrued liabilities | 111 | (964) | (1,245) | (2,630) | |||||||||||||||||||||||||
Short and long-term operating lease liabilities | (2,046) | (1,145) | (4,411) | (2,947) | |||||||||||||||||||||||||
Other current and long-term liabilities | (87) | (51) | (351) | (2,162) | |||||||||||||||||||||||||
Other, net | 92 | 139 | 157 | 230 | |||||||||||||||||||||||||
Net cash provided by operating activities | 3,477 | 2,772 | 10,917 | 5,166 | |||||||||||||||||||||||||
Investing activities | |||||||||||||||||||||||||||||
Purchases of property and equipment, including capitalized interest of $(46), $(108), $(187), and $(339)
|
(2,944) | (3,217) | (9,397) | (7,227) | |||||||||||||||||||||||||
(Purchases) refunds of spectrum licenses and other intangible assets, including deposits | (407) | 17 | (9,337) | (827) | |||||||||||||||||||||||||
Proceeds from sales of tower sites | — | — | 31 | — | |||||||||||||||||||||||||
Proceeds related to beneficial interests in securitization transactions | 1,071 | 855 | 3,099 | 2,325 | |||||||||||||||||||||||||
Net cash related to derivative contracts under collateral exchange arrangements | — | — | — | 632 | |||||||||||||||||||||||||
Acquisition of companies, net of cash and restricted cash acquired | (1,886) | — | (1,916) | (5,000) | |||||||||||||||||||||||||
Proceeds from the divestiture of prepaid business | — | 1,238 | — | 1,238 | |||||||||||||||||||||||||
Other, net | 14 | (25) | 46 | (209) | |||||||||||||||||||||||||
Net cash used in investing activities | (4,152) | (1,132) | (17,474) | (9,068) | |||||||||||||||||||||||||
Financing activities | |||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 1,989 | — | 11,758 | 26,694 | |||||||||||||||||||||||||
Payments of consent fees related to long-term debt | — | — | — | (109) | |||||||||||||||||||||||||
Repayments of financing lease obligations | (266) | (246) | (822) | (764) | |||||||||||||||||||||||||
Repayments of short-term debt for purchases of inventory, property and equipment and other financial liabilities | (76) | (231) | (167) | (407) | |||||||||||||||||||||||||
Repayments of long-term debt | (4,600) | (5,678) | (9,969) | (16,207) | |||||||||||||||||||||||||
Issuance of common stock | — | 2,550 | — | 19,840 | |||||||||||||||||||||||||
Repurchases of common stock | — | (2,546) | — | (19,536) | |||||||||||||||||||||||||
Proceeds from issuance of short-term debt | — | — | — | 18,743 | |||||||||||||||||||||||||
Repayments of short-term debt | — | — | — | (18,929) | |||||||||||||||||||||||||
Tax withholdings on share-based awards | (14) | (72) | (308) | (351) | |||||||||||||||||||||||||
Cash payments for debt prepayment or debt extinguishment costs | (45) | (58) | (116) | (82) | |||||||||||||||||||||||||
Other, net | (48) | 137 | (139) | 139 | |||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (3,060) | (6,144) | 237 | 9,031 | |||||||||||||||||||||||||
Change in cash and cash equivalents, including restricted cash | (3,735) | (4,504) | (6,320) | 5,129 | |||||||||||||||||||||||||
Cash and cash equivalents, including restricted cash | |||||||||||||||||||||||||||||
Beginning of period | 7,878 | 11,161 | 10,463 | 1,528 | |||||||||||||||||||||||||
End of period | $ | 4,143 | $ | 6,657 | $ | 4,143 | $ | 6,657 | |||||||||||||||||||||
(in millions, except shares) | Common Stock Outstanding | Treasury Shares at Cost | Par Value and Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 1,247,920,536 | $ | (14) | $ | 72,919 | $ | (1,510) | $ | (3,925) | $ | 67,470 | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | 691 | 691 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 32 | — | 32 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 147 | — | — | 147 | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 14,578 | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan | 917,444 | — | 100 | — | — | 100 | |||||||||||||||||||||||||||||||||||
Issuance of vested restricted stock units | 256,605 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock awards and stock options | (92,992) | — | (14) | — | — | (14) | |||||||||||||||||||||||||||||||||||
Transfers with NQDC plan | 18,894 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 1,249,035,065 | $ | (13) | $ | 73,152 | $ | (1,478) | $ | (3,234) | $ | 68,427 | ||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 1,241,805,706 | $ | (11) | $ | 72,772 | $ | (1,581) | $ | (5,836) | $ | 65,344 | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | 2,602 | 2,602 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 103 | — | 103 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 451 | — | — | 451 | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 195,618 | — | 10 | — | — | 10 | |||||||||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan | 2,189,697 | — | 225 | — | — | 225 | |||||||||||||||||||||||||||||||||||
Issuance of vested restricted stock units | 7,281,702 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock awards and stock options | (2,438,609) | — | (308) | — | — | (308) | |||||||||||||||||||||||||||||||||||
Transfers with NQDC plan | 951 | (2) | 2 | — | — | — | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 1,249,035,065 | $ | (13) | $ | 73,152 | $ | (1,478) | $ | (3,234) | $ | 68,427 | ||||||||||||||||||||||||||||||
(in millions, except shares) | Common Stock Outstanding | Treasury Shares at Cost | Par Value and Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 1,237,338,994 | $ | (12) | $ | 72,505 | $ | (1,658) | $ | (7,839) | $ | 62,996 | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | 1,253 | 1,253 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 37 | — | 37 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 177 | — | — | 177 | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 483,266 | — | 27 | — | — | 27 | |||||||||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan | 897,732 | — | 65 | — | — | 65 | |||||||||||||||||||||||||||||||||||
Issuance of vested restricted stock units | 2,383,098 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock awards and stock options | (648,872) | — | (72) | — | — | (72) | |||||||||||||||||||||||||||||||||||
Transfers with NQDC plan | 4,400 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||||||||
Shares issued in secondary offering (1)
|
24,750,000 | — | 2,550 | — | — | 2,550 | |||||||||||||||||||||||||||||||||||
Shares repurchased from SoftBank (2)
|
(24,750,000) | — | (2,546) | — | — | (2,546) | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 1,240,458,618 | $ | (11) | $ | 72,705 | $ | (1,621) | $ | (6,586) | $ | 64,487 | ||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 856,905,400 | $ | (8) | $ | 38,498 | $ | (868) | $ | (8,833) | $ | 28,789 | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | 2,314 | 2,314 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (753) | — | (753) | |||||||||||||||||||||||||||||||||||
Executive put option | (342,000) | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 601 | — | — | 601 | |||||||||||||||||||||||||||||||||||
Exercise of stock options | 794,853 | — | 42 | — | — | 42 | |||||||||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan | 2,144,036 | — | 148 | — | — | 148 | |||||||||||||||||||||||||||||||||||
Issuance of vested restricted stock units | 11,295,402 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Shares withheld related to net share settlement of stock awards and stock options | (3,703,906) | — | (351) | — | — | (351) | |||||||||||||||||||||||||||||||||||
Transfers with NQDC plan | (31,477) | (3) | 3 | — | — | — | |||||||||||||||||||||||||||||||||||
Shares issued in secondary offering (1)
|
198,314,426 | — | 19,766 | — | — | 19,766 | |||||||||||||||||||||||||||||||||||
Shares repurchased from SoftBank (1)
|
(198,314,426) | — | (19,536) | — | — | (19,536) | |||||||||||||||||||||||||||||||||||
Merger consideration | 373,396,310 | — | 33,533 | — | — | 33,533 | |||||||||||||||||||||||||||||||||||
Prior year Retained Earnings | — | — | — | — | (67) | (67) | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 1,240,458,618 | $ | (11) | $ | 72,705 | $ | (1,621) | $ | (6,586) | $ | 64,487 | ||||||||||||||||||||||||||||||
(in millions) | April 1, 2020 | ||||
Fair value of T-Mobile common stock issued to Sprint stockholders (1)
|
$ | 31,328 | |||
Fair value of T-Mobile replacement equity awards attributable to pre-combination service (2)
|
323 | ||||
Repayment of Sprint’s debt (including accrued interest and prepayment penalties) (3)
|
7,396 | ||||
Fair value of contingent consideration (4)
|
1,882 | ||||
Payment received from selling stockholder (5)
|
(102) | ||||
Total consideration exchanged | $ | 40,827 |
(in millions) | April 1, 2020 | ||||
Cash and cash equivalents | $ | 2,084 | |||
Accounts receivable | 1,775 | ||||
Equipment installment plan receivables | 1,088 | ||||
Inventory | 658 | ||||
Prepaid expenses | 140 | ||||
Assets held for sale | 1,908 | ||||
Other current assets | 637 | ||||
Property and equipment | 18,435 | ||||
Operating lease right-of-use assets | 6,583 | ||||
Financing lease right-of-use assets | 291 | ||||
Goodwill | 9,423 | ||||
Spectrum licenses | 45,400 | ||||
Other intangible assets | 6,280 | ||||
Equipment installment plan receivables due after one year, net | 247 | ||||
Other assets (1)
|
540 | ||||
Total assets acquired | 95,489 | ||||
Accounts payable and accrued liabilities | 5,015 | ||||
Short-term debt | 2,760 | ||||
Deferred revenue | 508 | ||||
Short-term operating lease liabilities | 1,818 | ||||
Short-term financing lease liabilities | 8 | ||||
Liabilities held for sale | 475 | ||||
Other current liabilities | 681 | ||||
Long-term debt | 29,037 | ||||
Tower obligations | 950 | ||||
Deferred tax liabilities | 3,478 | ||||
Operating lease liabilities | 5,615 | ||||
Financing lease liabilities | 12 | ||||
Other long-term liabilities | 4,305 | ||||
Total liabilities assumed | 54,662 | ||||
Total consideration transferred | $ | 40,827 |
(in millions) | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||
Total revenues | $ | 19,269 | $ | 54,342 | |||||||||||||||||||
Income from continuing operations | 1,359 | 2,461 | |||||||||||||||||||||
Income from discontinued operations, net of tax | — | 677 | |||||||||||||||||||||
Net income | 1,359 | 3,138 |
(in millions) | July 1, 2021 | ||||
Inventory | $ | 2 | |||
Property and equipment | 136 | ||||
Operating lease right-of-use assets | 308 | ||||
Goodwill | 1,035 | ||||
Other intangible assets | 770 | ||||
Other assets | 7 | ||||
Total assets acquired | 2,258 | ||||
Short-term operating lease liabilities | 73 | ||||
Operating lease liabilities | 264 | ||||
Other long-term liabilities | 35 | ||||
Total liabilities assumed | 372 | ||||
Total consideration transferred | $ | 1,886 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
EIP receivables, gross | $ | 7,164 | $ | 6,213 | |||||||
Unamortized imputed discount | (330) | (325) | |||||||||
EIP receivables, net of unamortized imputed discount | 6,834 | 5,888 | |||||||||
Allowance for credit losses | (248) | (280) | |||||||||
EIP receivables, net of allowance for credit losses and imputed discount | $ | 6,586 | $ | 5,608 | |||||||
Classified on the balance sheet as: | |||||||||||
Equipment installment plan receivables, net of allowance for credit losses and imputed discount | $ | 4,306 | $ | 3,577 | |||||||
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount | 2,280 | 2,031 | |||||||||
EIP receivables, net of allowance for credit losses and imputed discount | $ | 6,586 | $ | 5,608 | |||||||
Originated in 2021 | Originated in 2020 | Originated prior to 2020 |
Total EIP Receivables, net of
unamortized imputed discounts |
||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Prime | Subprime | Prime | Subprime | Prime | Subprime | Prime | Subprime | Grand total | ||||||||||||||||||||||||||||||||||||||||||||
Current - 30 days past due | $ | 2,726 | $ | 1,917 | $ | 1,218 | $ | 712 | $ | 95 | $ | 38 | $ | 4,039 | $ | 2,667 | $ | 6,706 | |||||||||||||||||||||||||||||||||||
31 - 60 days past due | 17 | 30 | 9 | 14 | 1 | 1 | 27 | 45 | 72 | ||||||||||||||||||||||||||||||||||||||||||||
61 - 90 days past due | 6 | 10 | 4 | 6 | — | 1 | 10 | 17 | 27 | ||||||||||||||||||||||||||||||||||||||||||||
More than 90 days past due | 4 | 9 | 3 | 8 | 2 | 3 | 9 | 20 | 29 | ||||||||||||||||||||||||||||||||||||||||||||
EIP receivables, net of unamortized imputed discount | $ | 2,753 | $ | 1,966 | $ | 1,234 | $ | 740 | $ | 98 | $ | 43 | $ | 4,085 | $ | 2,749 | $ | 6,834 | |||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Accounts Receivable Allowance | EIP Receivables Allowance | Total | Accounts Receivable Allowance | EIP Receivables Allowance | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses and imputed discount, beginning of period | $ | 194 | $ | 605 | $ | 799 | $ | 61 | $ | 399 | $ | 460 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance adjustment due to implementation of the new credit loss standard | — | — | — | — | 91 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||
Bad debt expense | 127 | 132 | 259 | 261 | 228 | 489 | |||||||||||||||||||||||||||||||||||||||||||||||
Write-offs, net of recoveries | (192) | (164) | (356) | (114) | (130) | (244) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in imputed discount on short-term and long-term EIP receivables | N/A | 109 | 109 | N/A | 60 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Impact on the imputed discount from sales of EIP receivables | N/A | (104) | (104) | N/A | (111) | (111) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses and imputed discount, end of period | $ | 129 | $ | 578 | $ | 707 | $ | 208 | $ | 537 | $ | 745 | |||||||||||||||||||||||||||||||||||||||||
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Other current assets | $ | 388 | $ | 388 | |||||||
Other assets | 170 | 120 | |||||||||
Other long-term liabilities | 3 | 4 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Other current assets | $ | 207 | $ | 378 | |||||||
Other current liabilities | 344 | 357 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Derecognized net service receivables and EIP receivables | $ | 2,459 | $ | 2,528 | |||||||
Other current assets | 595 | 766 | |||||||||
of which, deferred purchase price | 594 | 764 | |||||||||
Other long-term assets | 170 | 120 | |||||||||
of which, deferred purchase price | 170 | 120 | |||||||||
Other current liabilities | 344 | 357 | |||||||||
Other long-term liabilities | 3 | 4 | |||||||||
Net cash proceeds since inception | 1,753 | 1,715 | |||||||||
Of which: | |||||||||||
Change in net cash proceeds during the year-to-date period | 38 | (229) | |||||||||
Net cash proceeds funded by reinvested collections | 1,715 | 1,944 | |||||||||
(in millions) | Goodwill | ||||
Balance as of December 31, 2019, net of accumulated impairment losses of $10,766
|
$ | 1,930 | |||
Goodwill from acquisitions in 2020 | 9,405 | ||||
Layer3 goodwill impairment | (218) | ||||
Balance as of December 31, 2020 | 11,117 | ||||
Purchase price adjustment of goodwill from acquisitions in 2020 | 22 | ||||
Goodwill from acquisitions in 2021 | 1,049 | ||||
Balance as of September 30, 2021 | $ | 12,188 | |||
Accumulated impairment losses at September 30, 2021 | $ | (10,984) | |||
Weighted Average Useful Life (in years) |
Fair Value as of April 1, 2020
(in millions) |
||||||||||
Spectrum licenses | Indefinite-lived | $ | 45,400 | ||||||||
Tradenames (1)
|
2 years
|
207 | |||||||||
Customer relationships |
8 years
|
4,900 | |||||||||
Favorable spectrum leases |
18 years
|
745 | |||||||||
Other intangible assets |
7 years
|
428 | |||||||||
Total intangible assets acquired | $ | 51,680 |
(in millions) | 2021 | ||||||||||
Spectrum licenses, beginning of year | $ | 82,828 | |||||||||
Spectrum license acquisitions | 9,515 | ||||||||||
Spectrum licenses transferred to held for sale | (15) | ||||||||||
Costs to clear spectrum | 261 | ||||||||||
Spectrum licenses, end of period | $ | 92,589 | |||||||||
Useful Lives | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Amount | Accumulated Amortization | Net Amount | Gross Amount | Accumulated Amortization | Net Amount | |||||||||||||||||||||||||||||||||||
Customer relationships |
Up to 8 years
|
$ | 4,903 | $ | (1,643) | $ | 3,260 | $ | 4,900 | $ | (865) | $ | 4,035 | ||||||||||||||||||||||||||||
Reacquired rights |
Up to 9 years
|
770 | (23) | 747 | — | — | — | ||||||||||||||||||||||||||||||||||
Tradenames and patents |
Up to 19 years
|
610 | (511) | 99 | 598 | (412) | 186 | ||||||||||||||||||||||||||||||||||
Favorable spectrum leases |
Up to 27 years
|
731 | (64) | 667 | 790 | (35) | 755 | ||||||||||||||||||||||||||||||||||
Other |
Up to 10 years
|
377 | (103) | 274 | 377 | (55) | 322 | ||||||||||||||||||||||||||||||||||
Other intangible assets | $ | 7,391 | $ | (2,344) | $ | 5,047 | $ | 6,665 | $ | (1,367) | $ | 5,298 | |||||||||||||||||||||||||||||
(in millions) | Estimated Future Amortization | ||||
Twelve Months Ending September 30, | |||||
2022 | $ | 1,128 | |||
2023 | 956 | ||||
2024 | 799 | ||||
2025 | 641 | ||||
2026 | 480 | ||||
Thereafter | 1,043 | ||||
Total | $ | 5,047 | |||
Level within the Fair Value Hierarchy | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
(in millions) |
Carrying Amount (1)
|
Fair Value (1)
|
Carrying Amount (1)
|
Fair Value (1)
|
|||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Senior Unsecured Notes to third parties | 1 | $ | 31,408 | $ | 33,465 | $ | 29,966 | $ | 32,450 | ||||||||||||||||||||
Senior Notes to affiliates | 2 | 3,734 | 3,884 | 4,716 | 4,991 | ||||||||||||||||||||||||
Senior Secured Notes to third parties | 1 | 37,264 | 39,802 | 36,204 | 40,519 | ||||||||||||||||||||||||
(in millions) |
December 31,
2020 |
Proceeds from Issuances and Borrowings (1)
|
Note Redemptions (1)
|
Repayments |
Reclassifications (1)
|
Other (2)
|
September 30,
2021 |
||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 4,579 | $ | — | $ | (2,250) | $ | (1,063) | $ | 920 | $ | (90) | $ | 2,096 | |||||||||||||||||||||||||||||||||
Long-term debt | 61,830 | 11,758 | (5,737) | (23) | (920) | (263) | 66,645 | ||||||||||||||||||||||||||||||||||||||||
Total debt to third parties | 66,409 | 11,758 | (7,987) | (1,086) | — | (353) | 68,741 | ||||||||||||||||||||||||||||||||||||||||
Short-term debt to affiliates | — | — | — | — | 2,231 | 9 | 2,240 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt to affiliates | 4,716 | — | (996) | — | (2,231) | 5 | 1,494 | ||||||||||||||||||||||||||||||||||||||||
Total debt | $ | 71,125 | $ | 11,758 | $ | (8,983) | $ | (1,086) | $ | — | $ | (339) | $ | 72,475 |
(in millions) | Principal Issuances | Premiums/Discounts and Issuance Costs | Net Proceeds from Issuance of Long-Term Debt | Issue Date | |||||||||||||||||||
2.250% Senior Notes due 2026
|
$ | 1,000 | $ | (7) | $ | 993 | January 14, 2021 | ||||||||||||||||
2.625% Senior Notes due 2029
|
1,000 | (7) | 993 | January 14, 2021 | |||||||||||||||||||
2.875% Senior Notes due 2031
|
1,000 | (6) | 994 | January 14, 2021 | |||||||||||||||||||
2.625% Senior Notes due 2026
|
1,200 | (7) | 1,193 | March 23, 2021 | |||||||||||||||||||
3.375% Senior Notes due 2029
|
1,250 | (7) | 1,243 | March 23, 2021 | |||||||||||||||||||
3.500% Senior Notes due 2031
|
1,350 | (8) | 1,342 | March 23, 2021 | |||||||||||||||||||
2.250% Senior Notes due 2026
|
800 | (2) | 798 | May 13, 2021 | |||||||||||||||||||
3.375% Senior Notes due 2029
|
1,100 | 6 | 1,106 | May 13, 2021 | |||||||||||||||||||
3.500% Senior Notes due 2031
|
1,100 | 6 | 1,106 | May 13, 2021 | |||||||||||||||||||
Total of Senior Notes issued | $ | 9,800 | $ | (32) | $ | 9,768 | |||||||||||||||||
3.400% Senior Secured Notes due 2052
|
$ | 1,300 | $ | (11) | $ | 1,289 | August 13, 2021 | ||||||||||||||||
3.600% Senior Secured Notes due 2060
|
700 | 1 | 701 | August 13, 2021 | |||||||||||||||||||
Total of Senior Secured Notes issued | $ | 2,000 | $ | (10) | $ | 1,990 | |||||||||||||||||
(in millions) | Principal Amount |
Write-off of Issuance Cost and Consent Fees (1)
|
Redemption Premium (2)
|
Redemption Date | Redemption Price | ||||||||||||||||||||||||
6.500% Senior Notes due 2026
|
$ | 2,000 | $ | 36 | $ | 65 | March 27, 2021 | 103.250 | % | ||||||||||||||||||||
6.000% Senior Notes due 2023
|
1,300 | 10 | — | May 23, 2021 | 100.000 | % | |||||||||||||||||||||||
6.000% Senior Notes due 2024
|
1,000 | 9 | — | May 23, 2021 | 100.000 | % | |||||||||||||||||||||||
5.125% Senior Notes due 2025
|
500 | 3 | 6 | May 23, 2021 | 101.281 | % | |||||||||||||||||||||||
4.500% Senior Notes due 2026
|
1,000 | 5 | 23 | August 23, 2021 | 102.250 | % | |||||||||||||||||||||||
7.250% Senior Notes due 2021
|
2,250 | — | — | September 15, 2021 | N/A | ||||||||||||||||||||||||
Total Senior Notes to third parties redeemed | $ | 8,050 | $ | 63 | $ | 94 | |||||||||||||||||||||||
4.500% Senior Notes to affiliates due 2026
|
$ | 1,000 | $ | 4 | $ | 22 | August 23, 2021 | 102.250 | % | ||||||||||||||||||||
Total Senior Notes to affiliates redeemed | $ | 1,000 | $ | 4 | $ | 22 | |||||||||||||||||||||||
3.360% Secured Series 2016-1 A-1 Notes due 2021
|
$ | 656 | $ | — | $ | — | August 20, 2021 | N/A | |||||||||||||||||||||
4.738% Secured Series 2018-1 A-1 Notes due 2025
|
263 | — | — | Various | N/A | ||||||||||||||||||||||||
Other debt | 167 | — | — | Various | N/A | ||||||||||||||||||||||||
Total Repayments | $ | 1,086 | $ | — | $ | — |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Property and equipment, net | $ | 2,591 | $ | 2,838 | |||||||
Tower obligations | 2,862 | 3,028 | |||||||||
Other long-term liabilities | 1,712 | 1,712 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Postpaid service revenues | |||||||||||||||||||||||||||||
Postpaid phone revenues | $ | 9,952 | $ | 9,532 | $ | 29,102 | $ | 24,450 | |||||||||||||||||||||
Postpaid other revenues | 852 | 677 | 2,497 | 1,605 | |||||||||||||||||||||||||
Total postpaid service revenues | $ | 10,804 | $ | 10,209 | $ | 31,599 | $ | 26,055 | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Equipment revenues from the lease of mobile communication devices | $ | 770 | $ | 1,350 | $ | 2,725 | $ | 2,936 |
(in millions) | Contract Assets | Contract Liabilities | |||||||||||||||
Balance as of December 31, 2020 | $ | 278 | $ | 824 | |||||||||||||
Balance as of September 30, 2021 | 262 | 792 | |||||||||||||||
Change | $ | (16) | $ | (32) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Amounts included in the beginning of year contract liability balance | $ | 29 | $ | 5 | $ | 753 | $ | 543 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions, except shares and per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Income from continuing operations | $ | 691 | $ | 1,253 | $ | 2,602 | $ | 1,994 | |||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 320 | |||||||||||||||||||||||||
Net income | $ | 691 | $ | 1,253 | $ | 2,602 | $ | 2,314 | |||||||||||||||||||||
Weighted average shares outstanding - basic | 1,248,189,719 | 1,238,450,665 | 1,246,441,464 | 1,111,511,964 | |||||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||
Outstanding stock options and unvested stock awards | 5,471,526 | 11,348,075 | 7,950,323 | 10,528,564 | |||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 1,253,661,245 | 1,249,798,740 | 1,254,391,787 | 1,122,040,528 | |||||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 1.01 | $ | 2.09 | $ | 1.79 | |||||||||||||||||||||
Discontinued operations | — | — | — | 0.29 | |||||||||||||||||||||||||
Earnings per share - basic | $ | 0.55 | $ | 1.01 | $ | 2.09 | $ | 2.08 | |||||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 1.00 | $ | 2.07 | $ | 1.78 | |||||||||||||||||||||
Discontinued operations | — | — | — | 0.28 | |||||||||||||||||||||||||
Earnings per share - diluted | $ | 0.55 | $ | 1.00 | $ | 2.07 | $ | 2.06 | |||||||||||||||||||||
Potentially dilutive securities: | |||||||||||||||||||||||||||||
Outstanding stock options and unvested stock awards | 127,732 | 54,485 | 87,968 | 30,469 | |||||||||||||||||||||||||
SoftBank contingent consideration (1)
|
48,751,557 | 48,751,557 | 48,751,557 | 32,738,272 | |||||||||||||||||||||||||
(in millions) | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | Incurred to Date | ||||||||||||||
Contract termination costs | $ | 5 | $ | 14 | $ | 192 | |||||||||||
Severance costs | (3) | 16 | 401 | ||||||||||||||
Network decommissioning | 36 | 90 | 587 | ||||||||||||||
Total restructuring plan expenses | $ | 38 | $ | 120 | $ | 1,180 | |||||||||||
(in millions) |
December 31,
2020 |
Expenses Incurred | Cash Payments |
Adjustments for Non-Cash Items (1)
|
September 30,
2021 |
||||||||||||||||||||||||
Contract termination costs | $ | 81 | $ | 14 | $ | (73) | $ | (1) | $ | 21 | |||||||||||||||||||
Severance costs | 52 | 16 | (63) | (3) | 2 | ||||||||||||||||||||||||
Network decommissioning | 30 | 90 | (88) | (16) | 16 | ||||||||||||||||||||||||
Total | $ | 163 | $ | 120 | $ | (224) | $ | (20) | $ | 39 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Accounts payable | $ | 4,101 | $ | 5,564 | |||||||
Payroll and related benefits | 1,205 | 1,163 | |||||||||
Property and other taxes, including payroll | 1,606 | 1,540 | |||||||||
Interest | 824 | 771 | |||||||||
Commissions | 278 | 399 | |||||||||
Toll and interconnect | 229 | 217 | |||||||||
Advertising | 64 | 135 | |||||||||
Other | 428 | 407 | |||||||||
Accounts payable and accrued liabilities | $ | 8,735 | $ | 10,196 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Interest payments, net of amounts capitalized | $ | 884 | $ | 940 | $ | 2,742 | $ | 1,889 | |||||||||||||||||||||
Operating lease payments | 2,251 | 1,349 | 5,165 | 3,493 | |||||||||||||||||||||||||
Income tax payments | 38 | 63 | 123 | 118 | |||||||||||||||||||||||||
Non-cash investing and financing activities | |||||||||||||||||||||||||||||
Non-cash beneficial interest obtained in exchange for securitized receivables | 891 | 1,535 | 3,361 | 4,634 | |||||||||||||||||||||||||
Non-cash consideration for the acquisition of Sprint | — | — | — | 33,533 | |||||||||||||||||||||||||
Change in accounts payable and accrued liabilities for purchases of property and equipment | 113 | (216) | (427) | (555) | |||||||||||||||||||||||||
Leased devices transferred from inventory to property and equipment | 214 | 599 | 1,032 | 2,352 | |||||||||||||||||||||||||
Returned leased devices transferred from property and equipment to inventory | (309) | (433) | (1,170) | (1,030) | |||||||||||||||||||||||||
Short-term debt assumed for financing of property and equipment | — | — | — | 38 | |||||||||||||||||||||||||
Operating lease right-of-use assets obtained in exchange for lease obligations | 985 | 11,833 | 2,939 | 13,046 | |||||||||||||||||||||||||
Financing lease right-of-use assets obtained in exchange for lease obligations | 623 | 219 | 1,109 | 912 |
(in millions) |
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of services, exclusive of depreciation and amortization | $ | 279 | $ | 79 | $ | 200 | 253 | % | $ | 688 | $ | 119 | $ | 569 | 478 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost of equipment sales | 236 | — | 236 | NM | 340 | — | 340 | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 440 | 209 | 231 | 111 | % | 836 | 1,110 | (274) | (25) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Merger-related costs | $ | 955 | $ | 288 | $ | 667 | 232 | % | $ | 1,864 | $ | 1,229 | $ | 635 | 52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash payments for Merger-related costs | $ | 617 | $ | 379 | $ | 238 | 63 | % | $ | 1,084 | $ | 910 | $ | 174 | 19 | % |
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid revenues | $ | 10,804 | $ | 10,209 | $ | 595 | 6 | % | $ | 31,599 | $ | 26,055 | $ | 5,544 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid revenues | 2,481 | 2,383 | 98 | 4 | % | 7,259 | 7,067 | 192 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale revenues | 944 | 930 | 14 | 2 | % | 2,776 | 1,663 | 1,113 | 67 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other service revenues | 493 | 617 | (124) | (20) | % | 1,772 | 1,430 | 342 | 24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total service revenues | 14,722 | 14,139 | 583 | 4 | % | 43,406 | 36,215 | 7,191 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment revenues | 4,660 | 4,953 | (293) | (6) | % | 15,221 | 11,339 | 3,882 | 34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 242 | 180 | 62 | 34 | % | 706 | 502 | 204 | 41 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 19,624 | 19,272 | 352 | 2 | % | 59,333 | 48,056 | 11,277 | 23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of services, exclusive of depreciation and amortization shown separately below | 3,538 | 3,314 | 224 | 7 | % | 10,413 | 8,051 | 2,362 | 29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of equipment sales, exclusive of depreciation and amortization shown separately below | 5,145 | 4,367 | 778 | 18 | % | 15,740 | 10,563 | 5,177 | 49 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 5,212 | 4,876 | 336 | 7 | % | 14,840 | 14,168 | 672 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment expense | — | — | — | NM | — | 418 | (418) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,145 | 4,150 | (5) | — | % | 12,511 | 9,932 | 2,579 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 18,040 | 16,707 | 1,333 | 8 | % | 53,504 | 43,132 | 10,372 | 24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 1,584 | 2,565 | (981) | (38) | % | 5,829 | 4,924 | 905 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (780) | (765) | (15) | 2 | % | (2,392) | (1,726) | (666) | 39 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense to affiliates | (58) | (44) | (14) | 32 | % | (136) | (206) | 70 | (34) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 2 | 3 | (1) | (33) | % | 7 | 21 | (14) | (67) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | (60) | (99) | 39 | (39) | % | (186) | (304) | 118 | (39) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expense, net | (896) | (905) | 9 | (1) | % | (2,707) | (2,215) | (492) | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 688 | 1,660 | (972) | (59) | % | 3,122 | 2,709 | 413 | 15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 3 | (407) | 410 | (101) | % | (520) | (715) | 195 | (27) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 691 | 1,253 | (562) | (45) | % | 2,602 | 1,994 | 608 | 30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | NM | — | 320 | (320) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 691 | $ | 1,253 | $ | (562) | (45) | % | $ | 2,602 | $ | 2,314 | $ | 288 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Cash Flows Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 3,477 | $ | 2,772 | $ | 705 | 25 | % | $ | 10,917 | $ | 5,166 | $ | 5,751 | 111 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (4,152) | (1,132) | (3,020) | 267 | % | (17,474) | (9,068) | (8,406) | 93 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (3,060) | (6,144) | 3,084 | (50) | % | 237 | 9,031 | (8,794) | (97) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 6,811 | 7,129 | (318) | (4) | % | 20,622 | 17,811 | 2,811 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Adjusted EBITDA | 6,041 | 5,779 | 262 | 5 | % | 17,897 | 14,875 | 3,022 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free Cash Flow, excluding gross payments for the settlement of interest rate swaps | 1,559 | 352 | 1,207 | 343 | % | 4,534 | 2,525 | 2,009 | 80 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Current assets | $ | 15,673 | $ | 22,638 | |||||||||||||||||||
Noncurrent assets | 174,561 | 165,294 | |||||||||||||||||||||
Current liabilities | 18,035 | 19,982 | |||||||||||||||||||||
Noncurrent liabilities | 115,104 | 112,930 | |||||||||||||||||||||
Due to non-guarantors | 7,842 | 7,433 | |||||||||||||||||||||
Due to related parties | 3,826 | 4,873 | |||||||||||||||||||||
Due from related parties | 21 | 22 |
Nine Months Ended September 30, 2021
|
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Total revenues | $ | 58,289 | $ | 67,112 | |||||||||||||||||||||||||
Operating income | 3,635 | 4,335 | |||||||||||||||||||||||||||
Net income | 727 | 1,148 | |||||||||||||||||||||||||||
Revenue from non-guarantors | 1,229 | 1,496 | |||||||||||||||||||||||||||
Operating expenses to non-guarantors | 1,992 | 2,127 | |||||||||||||||||||||||||||
Other expense to non-guarantors | (109) | (114) | |||||||||||||||||||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||||||||
Current assets | $ | 9,013 | $ | 2,646 | |||||||||||||
Noncurrent assets | 9,334 | 26,278 | |||||||||||||||
Current liabilities | 11,556 | 4,209 | |||||||||||||||
Noncurrent liabilities | 69,262 | 65,161 | |||||||||||||||
Due from non-guarantors | 1,293 | 25,993 | |||||||||||||||
Due to related parties | 3,826 | 4,786 | |||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Total revenues | $ | 1 | $ | 10 | |||||||
Operating loss | (248) | (15) | |||||||||
Net loss | (1,127) | (2,229) | |||||||||
Revenue from non-guarantors | 2 | 6 | |||||||||
Other income, net, from non-guarantors | 1,386 | 1,084 | |||||||||
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Current assets | $ | 9,013 | $ | 2,646 | |||||||
Noncurrent assets | 18,383 | 35,330 | |||||||||
Current liabilities | 11,627 | 4,281 | |||||||||
Noncurrent liabilities | 74,289 | 70,253 | |||||||||
Due from non-guarantors | 10,342 | 35,046 | |||||||||
Due to related parties | 3,826 | 4,786 | |||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Total revenues | $ | 1 | $ | 10 | |||||||
Operating loss | (248) | (15) | |||||||||
Net loss | (1,070) | (2,165) | |||||||||
Revenue from non-guarantors | 2 | 6 | |||||||||
Other income, net, from non-guarantors | 1,662 | 1,085 | |||||||||
As of September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | # | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customers, end of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid phone customers (1)(2)
|
69,418 | 65,794 | 3,624 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid other customers (1)(2)
|
16,495 | 13,938 | 2,557 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total postpaid customers | 85,913 | 79,732 | 6,181 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid customers (1)
|
21,007 | 20,630 | 377 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total customers | 106,920 | 100,362 | 6,558 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired customers, net of base adjustments (2)
|
818 | 29,228 | (28,410) | (97) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Postpaid phone customers | Postpaid other customers | Total postpaid customers | Prepaid customers | Total customers | ||||||||||||||||||||||||
Reconciliation to beginning customers | |||||||||||||||||||||||||||||
T-Mobile customers as reported, end of period March 31, 2020 | 40,797 | 7,014 | 47,811 | 20,732 | 68,543 | ||||||||||||||||||||||||
Sprint customers as reported, end of period March 31, 2020 | 25,916 | 8,428 | 34,344 | 8,256 | 42,600 | ||||||||||||||||||||||||
Total combined customers, end of period March 31, 2020 | 66,713 | 15,442 | 82,155 | 28,988 | 111,143 | ||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||
Reseller reclassification to wholesale customers (1)
|
(199) | (2,872) | (3,071) | — | (3,071) | ||||||||||||||||||||||||
EIP reclassification from postpaid to prepaid (2)
|
(963) | — | (963) | 963 | — | ||||||||||||||||||||||||
Divested prepaid customers (3)
|
— | — | — | (9,207) | (9,207) | ||||||||||||||||||||||||
Rate plan threshold (4)
|
(182) | (918) | (1,100) | — | (1,100) | ||||||||||||||||||||||||
Customers with non-phone devices (5)
|
(226) | 226 | — | — | — | ||||||||||||||||||||||||
Collection policy alignment (6)
|
(150) | (46) | (196) | — | (196) | ||||||||||||||||||||||||
Miscellaneous adjustments (7)
|
(141) | (43) | (184) | (302) | (486) | ||||||||||||||||||||||||
Total Adjustments | (1,861) | (3,653) | (5,514) | (8,546) | (14,060) | ||||||||||||||||||||||||
Adjusted beginning customers as of April 1, 2020 | 64,852 | 11,789 | 76,641 | 20,442 | 97,083 |
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | # | % | 2021 | 2020 | # | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net customer additions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid phone customers | 673 | 689 | (16) | (2) | % | 2,073 | 1,394 | 679 | 49 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid other customers | 586 | 1,290 | (704) | (55) | % | 1,672 | 2,474 | (802) | (32) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total postpaid customers | 1,259 | 1,979 | (720) | (36) | % | 3,745 | 3,868 | (123) | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid customers | 66 | 56 | 10 | 18 | % | 293 | 61 | 232 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total customers | 1,325 | 2,035 | (710) | (35) | % | 4,038 | 3,929 | 109 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired customers, net of base adjustments | 806 | — | 806 | NM | 818 | 29,228 | (28,410) | (97) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Postpaid phone churn | 0.96 | % | 0.90 | % | 6 bps | 0.93 | % | 0.85 | % | 8 bps | |||||||||||||||||||||||||||||||||||||
Prepaid churn | 2.90 | % | 2.86 | % | 4 bps | 2.76 | % | 3.07 | % | -31 bps | |||||||||||||||||||||||||||||||||||||
As of September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | # | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, end of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total postpaid customer accounts (1)(2)
|
26,901 | 25,623 | 1,278 | 5 | % |
(in thousands) | Postpaid Accounts | |||||||
Reconciliation to beginning accounts | ||||||||
T-Mobile accounts as reported, end of period March 31, 2020 | 15,244 | |||||||
Sprint accounts, end of period March 31, 2020 | 11,246 | |||||||
Total combined accounts, end of period March 31, 2020 | 26,490 | |||||||
Adjustments | ||||||||
Reseller reclassification to wholesale accounts (1)
|
(1) | |||||||
EIP reclassification from postpaid to prepaid (2)
|
(963) | |||||||
Rate plan threshold (3)
|
(18) | |||||||
Collection policy alignment (4)
|
(76) | |||||||
Miscellaneous adjustments (5)
|
(47) | |||||||
Total Adjustments | (1,105) | |||||||
Adjusted beginning accounts as of April 1, 2020 | 25,385 |
(in millions, except average number of customers and ARPU) |
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Postpaid Phone ARPU | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid service revenues | $ | 10,804 | $ | 10,209 | $ | 595 | 6 | % | $ | 31,599 | $ | 26,055 | $ | 5,544 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Postpaid other revenues | (852) | (677) | (175) | 26 | % | (2,497) | (1,605) | (892) | 56 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid phone service revenues | 9,952 | 9,532 | 420 | 4 | % | 29,102 | 24,450 | 4,652 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: Average number of postpaid phone customers (in thousands) and number of months in period | 69,033 | 65,437 | 3,596 | 5 | % | 67,848 | 56,971 | 10,877 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid phone ARPU | $ | 48.06 | $ | 48.55 | $ | (0.49) | (1) | % | $ | 47.66 | $ | 47.69 | $ | (0.03) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Prepaid ARPU | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid service revenues | $ | 2,481 | $ | 2,383 | $ | 98 | 4 | % | $ | 7,259 | $ | 7,067 | $ | 192 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: Average number of prepaid customers (in thousands) and number of months in period | 20,936 | 20,632 | 304 | 1 | % | 20,886 | 20,591 | 295 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid ARPU | $ | 39.49 | $ | 38.49 | $ | 1.00 | 3 | % | $ | 38.61 | $ | 38.13 | $ | 0.48 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except average number of accounts, ARPA) |
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Postpaid ARPA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid service revenues | $ | 10,804 | $ | 10,209 | $ | 595 | 6 | % | $ | 31,599 | $ | 26,055 | $ | 5,544 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: Average number of postpaid accounts (in thousands) and number of months in period | 26,766 | 25,582 | 1,184 | 5 | % | 26,264 | 22,054 | 4,210 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postpaid ARPA | $ | 134.54 | $ | 133.03 | $ | 1.51 | 1 | % | $ | 133.68 | $ | 131.27 | $ | 2.41 | 2 | % |
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 691 | $ | 1,253 | $ | (562) | (45) | % | $ | 2,602 | $ | 2,314 | $ | 288 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | NM | — | (320) | 320 | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 691 | 1,253 | (562) | (45) | % | 2,602 | 1,994 | 608 | 30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 780 | 765 | 15 | 2 | % | 2,392 | 1,726 | 666 | 39 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense to affiliates | 58 | 44 | 14 | 32 | % | 136 | 206 | (70) | (34) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | (2) | (3) | 1 | (33) | % | (7) | (21) | 14 | (67) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | 60 | 99 | (39) | (39) | % | 186 | 304 | (118) | (39) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (3) | 407 | (410) | (101) | % | 520 | 715 | (195) | (27) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 1,584 | 2,565 | (981) | (38) | % | 5,829 | 4,924 | 905 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,145 | 4,150 | (5) | — | % | 12,511 | 9,932 | 2,579 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income from discontinued operations (1)
|
— | — | — | NM | — | 432 | (432) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation (2)
|
127 | 125 | 2 | 2 | % | 386 | 387 | (1) | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related costs | 955 | 288 | 667 | 232 | % | 1,864 | 1,229 | 635 | 52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
COVID-19-related costs | — | — | — | NM | — | 458 | (458) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment expense | — | — | — | NM | — | 418 | (418) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net (3)
|
— | 1 | (1) | (100) | % | 32 | 31 | 1 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 6,811 | 7,129 | (318) | (4) | % | 20,622 | 17,811 | 2,811 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | (770) | (1,350) | 580 | (43) | % | (2,725) | (2,936) | 211 | (7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Adjusted EBITDA
|
$ | 6,041 | $ | 5,779 | $ | 262 | 5 | % | $ | 17,897 | $ | 14,875 | $ | 3,022 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income margin (Net income divided by Service revenues) | 5 | % | 9 | % | -400 bps | 6 | % | 6 | % | — bps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues) | 46 | % | 50 | % | -400 bps | 48 | % | 49 | % | -100 bps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues)
|
41 | % | 41 | % | — bps | 41 | % | 41 | % | — bps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 3,477 | $ | 2,772 | $ | 705 | 25 | % | $ | 10,917 | $ | 5,166 | $ | 5,751 | 111 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (4,152) | (1,132) | (3,020) | 267 | % | (17,474) | (9,068) | (8,406) | 93 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (3,060) | (6,144) | 3,084 | (50) | % | 237 | 9,031 | (8,794) | (97) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended
September 30, |
Change |
Nine Months Ended
September 30, |
Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 3,477 | $ | 2,772 | $ | 705 | 25 | % | $ | 10,917 | $ | 5,166 | $ | 5,751 | 111 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash purchases of property and equipment | (2,944) | (3,217) | 273 | (8) | % | (9,397) | (7,227) | (2,170) | 30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of tower sites | — | — | — | NM | 31 | — | 31 | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds related to beneficial interests in securitization transactions | 1,071 | 855 | 216 | 25 | % | 3,099 | 2,325 | 774 | 33 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash payments for debt prepayment or debt extinguishment costs | (45) | (58) | 13 | (22) | % | (116) | (82) | (34) | 41 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free Cash Flow | 1,559 | 352 | 1,207 | 343 | % | 4,534 | 182 | 4,352 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross cash paid for the settlement of interest rate swaps | — | — | — | NM | — | 2,343 | (2,343) | (100) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free Cash Flow, excluding gross payments for the settlement of interest rate swaps | $ | 1,559 | $ | 352 | $ | 1,207 | 343 | % | $ | 4,534 | $ | 2,525 | $ | 2,009 | 80 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Description | Form | Date of First Filing | Exhibit Number | Filed Herein | |||||||||||||||||||||||||||
4.1 | 8-K | 8/13/2021 | 4.3 | |||||||||||||||||||||||||||||
4.2 | 8-K | 8/13/2021 | 4.4 | |||||||||||||||||||||||||||||
4.3 | 8-K | 8/13/2021 | 4.5 | |||||||||||||||||||||||||||||
10.1 | X | |||||||||||||||||||||||||||||||
22.1 | X | |||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||
32.1* | X | |||||||||||||||||||||||||||||||
32.2* | X | |||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | X | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags) |
* | Furnished herein. | |||||||
SIGNATURES |
T-MOBILE US, INC. | |||||||||||
November 2, 2021 | /s/ Peter Osvaldik | ||||||||||
Peter Osvaldik | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer and Authorized Signatory) |
Description of Notes | ||
4.000% senior notes due 2022 | ||
4.000% senior notes due 2022-1 held by affiliate | ||
2.250% senior notes due 2026 | ||
2.625% senior notes due 2026 | ||
5.375% senior notes due 2027 | ||
5.375% senior notes due 2027-1 held by affiliate | ||
4.750% senior notes due 2028 | ||
4.750% senior notes due 2028-1 held by affiliate | ||
2.625% senior notes due 2029 | ||
3.375% senior notes due 2029 | ||
2.875% senior notes due 2031 | ||
3.500% senior notes due 2031 |
Description of Notes | ||
3.500% senior secured notes due 2025 | ||
1.500% senior secured notes due 2026 | ||
3.750% senior secured notes due 2027 | ||
2.050% senior secured notes due 2028 | ||
3.875% senior secured notes due 2030 | ||
2.250% senior secured notes due 2031 | ||
2.550% senior secured notes due 2031 | ||
4.375% senior secured notes due 2040 | ||
3.000% senior secured notes due 2041 | ||
4.500% senior secured notes due 2050 | ||
3.300% senior secured notes due 2051 | ||
3.400% senior secured notes due 2052 | ||
3.600% senior secured notes due 2060 |
Description of Notes | ||
7.875% senior notes due 2023 | ||
7.125% senior notes due 2024 | ||
7.625% senior notes due 2025 | ||
7.625% senior notes due 2026 |
Description of Notes | ||
11.500% senior notes due 2021 | ||
6.000% senior notes due 2022 |
Description of Notes | ||
6.875% senior notes due 2028 | ||
8.750% senior notes due 2032 |
Description of Notes | ||
4.738% Series 2018-1 A-1 Notes due 2025 | ||
5.152% Series 2018-1 A-2 Notes due 2028 |
Name of Subsidiary | Jurisdiction of Organization | Obligor Type | ||||||
Alda Wireless Holdings, LLC | Delaware | Guarantor | ||||||
American Telecasting Development, LLC | Delaware | Guarantor | ||||||
American Telecasting of Anchorage, LLC | Delaware | Guarantor | ||||||
American Telecasting of Columbus, LLC | Delaware | Guarantor | ||||||
American Telecasting of Fort Myers, LLC | Delaware | Guarantor | ||||||
American Telecasting of Ft. Collins, LLC | Delaware | Guarantor | ||||||
American Telecasting of Green Bay, LLC | Delaware | Guarantor | ||||||
American Telecasting of Lansing, LLC | Delaware | Guarantor | ||||||
American Telecasting of Little Rock, LLC | Delaware | Guarantor | ||||||
American Telecasting of Louisville, LLC | Delaware | Guarantor | ||||||
American Telecasting of Medford, LLC | Delaware | Guarantor | ||||||
American Telecasting of Monterey, LLC | Delaware | Guarantor | ||||||
American Telecasting of Redding, LLC | Delaware | Guarantor | ||||||
American Telecasting of Santa Barbara, LLC | Delaware | Guarantor | ||||||
American Telecasting of Seattle, LLC | Delaware | Guarantor | ||||||
American Telecasting of Sheridan, LLC | Delaware | Guarantor | ||||||
American Telecasting of Yuba City, LLC | Delaware | Guarantor | ||||||
APC Realty and Equipment Company, LLC | Delaware | Guarantor | ||||||
Assurance Wireless of South Carolina, LLC | Delaware | Guarantor | ||||||
Assurance Wireless USA, L.P. | Delaware | Guarantor | ||||||
ATI Sub, LLC | Delaware | Guarantor | ||||||
Broadcast Cable, LLC | Delaware | Guarantor | ||||||
Clear Wireless LLC | Nevada | Guarantor | ||||||
Clearwire Communications LLC | Delaware | Guarantor | ||||||
Clearwire Hawaii Partners Spectrum, LLC | Nevada | Guarantor | ||||||
Clearwire IP Holdings LLC | New York | Guarantor | ||||||
Clearwire Legacy LLC | Delaware | Guarantor | ||||||
Clearwire Spectrum Holdings II LLC | Nevada | Guarantor | ||||||
Clearwire Spectrum Holdings III LLC | Nevada | Guarantor | ||||||
Clearwire Spectrum Holdings LLC | Nevada | Guarantor | ||||||
Clearwire XOHM LLC | Delaware | Guarantor | ||||||
Fixed Wireless Holdings, LLC | Delaware | Guarantor | ||||||
Fresno MMDS Associates, LLC | Delaware | Guarantor | ||||||
IBSV LLC | Delaware | Guarantor | ||||||
Layer3 TV, LLC | Delaware | Guarantor | ||||||
MetroPCS California, LLC | Delaware | Guarantor | ||||||
MetroPCS Florida, LLC | Delaware | Guarantor | ||||||
MetroPCS Georgia, LLC | Delaware | Guarantor | ||||||
MetroPCS Massachusetts, LLC | Delaware | Guarantor | ||||||
MetroPCS Michigan, LLC | Delaware | Guarantor | ||||||
MetroPCS Nevada, LLC | Delaware | Guarantor | ||||||
MetroPCS New York, LLC | Delaware | Guarantor |
MetroPCS Pennsylvania, LLC | Delaware | Guarantor | ||||||
MetroPCS Texas, LLC | Delaware | Guarantor | ||||||
Nextel Communications of the Mid-Atlantic, Inc. | Delaware | Guarantor | ||||||
Nextel of New York, Inc. | Delaware | Guarantor | ||||||
Nextel Retail Stores, LLC | Delaware | Guarantor | ||||||
Nextel South Corp. | Georgia | Guarantor | ||||||
Nextel Systems, LLC | Delaware | Guarantor | ||||||
Nextel West Corp. | Delaware | Guarantor | ||||||
NSAC, LLC | Delaware | Guarantor | ||||||
PCTV Gold II, LLC | Delaware | Guarantor | ||||||
People’s Choice TV of Houston, LLC | Delaware | Guarantor | ||||||
PRWireless PR, LLC | Delaware | Guarantor | ||||||
PushSpring, LLC | Delaware | Guarantor | ||||||
SIHI New Zealand Holdco, Inc. | Kansas | Guarantor | ||||||
SpeedChoice of Detroit, LLC | Delaware | Guarantor | ||||||
SpeedChoice of Phoenix, LLC | Delaware | Guarantor | ||||||
Sprint (Bay Area), LLC | Delaware | Guarantor | ||||||
Sprint Capital Corporation | Delaware | Guarantor* | ||||||
Sprint Communications, Inc. | Kansas | Guarantor* | ||||||
Sprint Communications Company L.P. | Delaware | Guarantor | ||||||
Sprint Communications Company of New Hampshire, Inc. | New Hampshire | Guarantor | ||||||
Sprint Communications Company of Virginia, Inc. | Virginia | Guarantor | ||||||
Sprint Corporation | Delaware | Guarantor* | ||||||
Sprint eWireless, Inc. | Kansas | Guarantor | ||||||
Sprint International Communications Corporation | Delaware | Guarantor | ||||||
Sprint International Holding, Inc. | Kansas | Guarantor | ||||||
Sprint International Incorporated | Delaware | Guarantor | ||||||
Sprint International Network Company LLC | Delaware | Guarantor | ||||||
Sprint PCS Assets, L.L.C. | Delaware | Guarantor | ||||||
Sprint Solutions, Inc. | Delaware | Guarantor | ||||||
Sprint Spectrum LLC | Delaware | Guarantor | ||||||
Sprint Spectrum Realty Company, LLC | Delaware | Guarantor | ||||||
Sprint/United Management Company | Kansas | Guarantor | ||||||
SprintCom, Inc. | Kansas | Guarantor | ||||||
T-Mobile Central LLC | Delaware | Guarantor | ||||||
T-Mobile Financial LLC | Delaware | Guarantor | ||||||
T-Mobile Innovations LLC | Delaware | Guarantor | ||||||
T-Mobile Leasing LLC | Delaware | Guarantor | ||||||
T-Mobile License LLC | Delaware | Guarantor | ||||||
T-Mobile Northeast LLC | Delaware | Guarantor | ||||||
T-Mobile Puerto Rico Holdings LLC | Delaware | Guarantor | ||||||
T-Mobile Puerto Rico LLC | Delaware | Guarantor | ||||||
T-Mobile Resources LLC | Delaware | Guarantor | ||||||
T-Mobile South LLC | Delaware | Guarantor | ||||||
T-Mobile USA, Inc. | Delaware | Issuer |
T-Mobile West LLC | Delaware | Guarantor | ||||||
TMUS International LLC | Delaware | Guarantor | ||||||
TDI Acquisition Sub, LLC | Delaware | Guarantor | ||||||
Transworld Telecom II, LLC | Delaware | Guarantor | ||||||
TVN Ventures LLC | Delaware | Guarantor | ||||||
USST of Texas, Inc. | Texas | Guarantor | ||||||
Utelcom LLC | Kansas | Guarantor | ||||||
VMU GP, LLC | Delaware | Guarantor | ||||||
WBS of America, LLC | Delaware | Guarantor | ||||||
WBS of Sacramento, LLC | Delaware | Guarantor | ||||||
WBSY Licensing, LLC | Delaware | Guarantor | ||||||
WCOF, LLC | Delaware | Guarantor | ||||||
Wireless Broadband Services of America, L.L.C. | Delaware | Guarantor | ||||||
Wireline Leasing Co., Inc. | Delaware | Guarantor |
Name of
Issuer |
Issuer Jurisdiction of Organization | Number of Shares Owned | Percent of Interest Owned | Percent of Interest Pledged | ||||||||||
Alda Wireless Holdings, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting Development, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Anchorage, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Columbus, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Fort Myers, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Ft. Collins, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Green Bay, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Lansing, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Little Rock, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Louisville, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Medford, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Monterey, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Redding, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Santa Barbara, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Seattle, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Sheridan, LLC | Delaware | N/A | 100% | 100% | ||||||||||
American Telecasting of Yuba City, LLC | Delaware | N/A | 100% | 100% | ||||||||||
APC Realty and Equipment Company, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Assurance Wireless of South Carolina, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Assurance Wireless USA, L.P. | Delaware | N/A | 100% | 100% | ||||||||||
ATI Sub, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Broadcast Cable, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Clear Wireless LLC | Nevada | N/A | 100% | 100% | ||||||||||
Clearwire Hawaii Partners Spectrum, LLC | Nevada | 14,027,249 units | 100% | 100% | ||||||||||
Clearwire IP Holdings LLC | New York | N/A | 100% | 100% | ||||||||||
Clearwire Legacy LLC | Delaware | N/A | 100% | 100% | ||||||||||
Clearwire Spectrum Holdings II LLC | Nevada | N/A | 100% | 100% | ||||||||||
Clearwire Spectrum Holdings III LLC | Nevada | N/A | 100% | 100% | ||||||||||
Clearwire Spectrum Holdings LLC | Nevada | N/A | 100% | 100% | ||||||||||
Clearwire XOHM LLC | Delaware | N/A | 100% | 100% | ||||||||||
Fixed Wireless Holdings, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Fresno MMDS Associates, LLC | Delaware | N/A | 100% | 100% | ||||||||||
IBSV LLC | Delaware | N/A | 100% | 100% | ||||||||||
Layer3 TV, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Metro PCS California, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS Florida, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS Georgia, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS Massachusetts, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS Michigan, LLC | Delaware | N/A | 100% | 100% |
MetroPCS Nevada, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS New York, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS Pennsylvania, LLC | Delaware | N/A | 100% | 100% | ||||||||||
MetroPCS Texas, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Nextel Retail Stores, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Nextel Systems, LLC | Delaware | N/A | 100% | 100% | ||||||||||
NSAC, LLC | Delaware | N/A | 100% | 100% | ||||||||||
PCTV Gold II, LLC | Delaware | N/A | 100% | 100% | ||||||||||
People’s Choice TV of Houston, LLC | Delaware | N/A | 100% | 100% | ||||||||||
PRWireless PR, LLC | Delaware | N/A | 100% | 100% | ||||||||||
PushSpring, LLC | Delaware | N/A | 100% | 100% | ||||||||||
SIHI Mexico S. de R.L. de C.V. | Mexico | N/A | 100% | 65% | ||||||||||
SIHI New Zealand HoldCo, Inc. | Kansas | 100 | 100% | 100% | ||||||||||
SIHI Scandinavia AB | Sweden | N/A | 100% | 65% | ||||||||||
SpeedChoice of Detroit, LLC | Delaware | N/A | 100% | 100% | ||||||||||
SpeedChoice of Phoenix, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint (Bay Area), LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint (Thailand) Limited | Thailand | N/A | 100% | 65% | ||||||||||
Sprint Brasil Servicos de Telecomunicacoes Ltda. | Brazil | N/A | 100% | 65% | ||||||||||
Sprint Communications Company L.P. | Delaware | N/A | 100% | 4.94% | ||||||||||
Sprint Communications Company of New Hampshire, Inc. | New Hampshire | 1,000 | 100% | 100% | ||||||||||
Sprint Communications Company of Virginia, Inc. | Virginia | 100,000 | 100% | 100% | ||||||||||
Sprint Corporation | Delaware | 1,000 | 100% | 100% | ||||||||||
Sprint Hong Kong Limited | Hong Kong | None | 100% | 65% | ||||||||||
Sprint International Argentina SRL | Argentina | None | 100% | 65% | ||||||||||
Sprint International Australia Pty. Limited | Australia | None | 100% | 65% | ||||||||||
Sprint International Austria GmbH | Austria | None | 100% | 65% | ||||||||||
Sprint International Chile Limitada | Chile | N/A | 100% | 65% | ||||||||||
Sprint International Colombia Ltda. | Colombia | N/A | 100% | 65% | ||||||||||
Sprint International Communications Canada ULC | Canada | N/A | 100% | 65% | ||||||||||
Sprint International Communications Corporation | Delaware | 268,641 | 100% | 100% | ||||||||||
Sprint International Communications Singapore Pte. Ltd. | Singapore | N/A | 100% | 65% | ||||||||||
Sprint International Czech Republic S.R.O. | Czech Republic | N/A | 100% | 65% | ||||||||||
Sprint International do Brasil Ltda. | Brazil | N/A | 100% | 65% | ||||||||||
Sprint International Hungary Korlátolt Felelősségű Társaság | Hungary | N/A | 100% | 65% | ||||||||||
Sprint International Japan Corp. | Japan | N/A | 100% | 65% | ||||||||||
Sprint International Korea | Korea | N/A | 100% | 65% | ||||||||||
Sprint International Network Company LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint International New Zealand | New Zealand | N/A | 100% | 65% | ||||||||||
Sprint International Norway AS | Norway | N/A | 100% | 65% | ||||||||||
Sprint International Spain, S.L. | Spain | N/A | 100% | 65% |
Sprint International Taiwan Limited | Taiwan | N/A | 100% | 65% | ||||||||||
Sprint PCS Assets, L.L.C. | Delaware | N/A | 100% | 100% | ||||||||||
Sprint RUS LLC | Russia | N/A | 100% | 65% | ||||||||||
Sprint Spectrum Depositor II LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint Spectrum Depositor III LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint Spectrum Depositor LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint Spectrum LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint Spectrum Realty Company, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Sprint Telecom India Private Limited | India | N/A | 100% | 65% | ||||||||||
SprintLink Belgium BV | Belgium | N/A | 100% | 65% | ||||||||||
SprintLink Denmark ApS | Denmark | N/A | 100% | 65% | ||||||||||
SprintLink France SAS | France | N/A | 100% | 65% | ||||||||||
SprintLink Germany GmbH | Germany | N/A | 100% | 65% | ||||||||||
Sprintlink India Private Limited | India | N/A | 100% | 65% | ||||||||||
SprintLink International (Switzerland) GmbH | Switzerland | N/A | 100% | 65% | ||||||||||
Sprintlink International Malaysia SDN. BHD. | Malaysia | N/A | 100% | 65% | ||||||||||
SprintLink International Philippines, Inc. | Philippines | N/A | 100% | 65% | ||||||||||
SprintLink Ireland Limited | Ireland | N/A | 100% | 65% | ||||||||||
SprintLink Italy S.r.l. | Italy | N/A | 100% | 65% | ||||||||||
SprintLink Netherlands B.V. | Netherlands | N/A | 100% | 65% | ||||||||||
Sprintlink Poland sp.z o.o | Poland | N/A | 100% | 65% | ||||||||||
SprintLink UK Limited | United Kingdom | N/A | 100% | 65% | ||||||||||
TDI Acquisition Sub, LLC | Delaware | N/A | 100% | 100% | ||||||||||
TVN Ventures LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Central LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Financial LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Leasing LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile License LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Northeast LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Puerto Rico Holdings LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Puerto Rico LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile Resources LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile South LLC | Delaware | N/A | 100% | 100% | ||||||||||
T-Mobile USA, Inc. | Delaware | 1,000 | 100% | 100% | ||||||||||
T-Mobile West LLC | Delaware | N/A | 100% | 100% | ||||||||||
TMUS International LLC | Delaware | N/A | 100% | 100% | ||||||||||
Transworld Telecom II, LLC | Delaware | N/A | 100% | 100% | ||||||||||
USST of Texas, Inc. | Texas | 1,000 | 100% | 100% | ||||||||||
VMU GP, LLC | Delaware | N/A | 100% | 100% | ||||||||||
WBS of America, LLC | Delaware | N/A | 100% | 100% | ||||||||||
WBS of Sacramento, LLC | Delaware | N/A | 100% | 100% |
WBSY Licensing, LLC | Delaware | N/A | 100% | 100% | ||||||||||
WCOF, LLC | Delaware | N/A | 100% | 100% | ||||||||||
Wireless Broadband Services of America, L.L.C. | Delaware | N/A | 100% | 100% | ||||||||||
Wireline Leasing Co., Inc. | Delaware | N/A | 100% | 4.94% |
/s/ G. Michael Sievert | ||
G. Michael Sievert
Chief Executive Officer |
/s/ Peter Osvaldik | ||
Peter Osvaldik
Executive Vice President and Chief Financial Officer |
/s/ G. Michael Sievert | ||
G. Michael Sievert
Chief Executive Officer |
/s/ Peter Osvaldik | ||
Peter Osvaldik
Executive Vice President and Chief Financial Officer |