T-Mobile US Inc
For the period ended Sep 30, 2024. Filed Oct 23, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 23, 2024
TMUS$162.01+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0001283699-24-000111
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsPerformance MeasuresCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-23.
0001283699-24-000142
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsPerformance MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 319 previous paragraphs and 332 current paragraphs.
158 unchanged; 112 reworded; 50 added; 39 removed; 10 previous and 12 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (50)
Current report
Joint Ventures
Current report
•Higher average postpaid accounts.
Current report
Prepaid revenues increased $243 million, or 10%, for the three months ended and increased $377 million, or 5%, for the nine months ended September 30, 2024, primarily from:
Current report
•Lower MVNO revenues, including the impact from the Ka’ena Acquisition, and lower DISH and TracFone MVNO revenue; and
Current report
•Lower MVNO revenues, including the impact from the Ka’ena Acquisition, and lower DISH and TracFone MVNO revenue;
Current report
Equipment revenues increased $131 million, or 4%, for the three months ended and decreased $400 million, or 4%, for the nine months ended September 30, 2024.
Current report
•A net decrease in the total number of devices sold, driven by lower Assurance Wireless and prepaid devices, partially offset by higher postpaid devices; and
Current report
•A net decrease in the total number of devices sold, driven by lower prepaid and Assurance Wireless devices, partially offset by higher postpaid devices; partially offset by
Current report
•$140 million of severance and related costs associated with the August 2023 workforce reduction recognized in the prior year;
Current report
•Higher site costs related to the continued build-out of our nationwide 5G network.
Current report
•Lower employee costs, primarily due to reduced headcount;
Current report
•$140 million of severance and related costs associated with the August 2023 workforce reduction recognized in the prior year; and
Current report
•Higher site costs related to the continued build-out of our nationwide 5G network.
Current report
•A net decrease in the total number of devices sold, driven by lower Assurance Wireless and prepaid devices, partially offset by higher postpaid devices; mostly offset by
Current report
The slight decrease for the nine months ended September 30, 2024, was primarily from:
Current report
•A net decrease in the total number of devices sold, driven by lower prepaid and Assurance Wireless devices, partially offset by higher postpaid devices; partially offset by
Current report
•$331 million of severance and related costs associated with the August 2023 workforce reduction recognized in the prior year; and
Current report
•$331 million of severance and related costs associated with the August 2023 workforce reduction recognized in the prior year; and
Current report
Depreciation and amortization decreased slightly for the three months ended and increased $270 million, or 3%, for the nine months ended September 30, 2024.
Current report
Interest expense, net increased slightly.
Current report
•Net tax benefits recognized from a remeasurement of deferred tax assets and liabilities in certain state jurisdictions.
Current report
•Net tax benefits recognized from a remeasurement of deferred tax assets and liabilities in certain state jurisdictions.
Current report
Our effective tax rate was 23.1% and 24.6% for the nine months ended September 30, 2024 and 2023, respectively.
Current report
•Severance and related costs associated with the August 2023 workforce reduction of $353 million, net of tax, for the three and nine months ended September 30, 2023.
Current report
Postpaid net account additions decreased 71,000, or 18%, for the three months ended and decreased 138,000, or 14%, for the nine months ended September 30, 2024, primarily from fewer High Speed Internet only additions, including from the impact of sunsetting certain promotional pricing in 2024.
Current report
Total net customer additions increased 294,000, or 23%, for the three months ended and was relatively flat for the nine months ended September 30, 2024.
Current report
•Higher postpaid other net customer additions, primarily due to
Current report
The slight decrease for the nine months ended September 30, 2024, was primarily from:
Current report
Postpaid phone churn decreased slightly for the three months ended September 30, 2024, and was relatively flat for the nine months ended September 30, 2024.
Current report
Postpaid ARPA increased $5.77, or 4%, for the three months ended and increased $4.08, or 3%, for the nine months ended September 30, 2024, primarily from:
Current report
•The impact from rate plan optimizations; partially offset by
Current report
Postpaid phone ARPU increased $0.86, or 2%, for the three months ended and increased $0.42, or 1%, for the nine months ended September 30, 2024, primarily from:
Current report
•The impact from rate plan optimizations; partially offset by
Current report
•Higher Selling, general and administrative expenses, excluding Special Items.
Current report
Net cash provided by operating activities increased $845 million, or 16%, for the three months ended and increased $3.0 billion, or 22%, for the nine months ended September 30, 2024.
Current report
The use of cash for the nine months ended September 30, 2024, was primarily from:
Current report
•$2.6 billion in Purchases of spectrum licenses and other intangible assets, including deposits, primarily for the first tranche of 600 MHz licenses purchased from Channel 51 License Co LLC and LB License Co, LLC (see Note 6 – Goodwill, Spectrum License Transactions and Other Intangible Assets of the Notes to the Condensed Consolidated Financial Statements); and
Current report
Net cash provided by financing activities increased $6.0 billion from a net use of cash for the three months ended September 30, 2023, to a net source of cash for the three months ended September 30, 2024. Net cash used in financing activities decreased $3.3 billion, or 38%, for the nine months ended September 30, 2024.
Current report
The source of cash for the three months ended September 30, 2024, was primarily from:
Showing the first 40 of 50 passages. Open the source sections for the rest.
Removed paragraphs (39)
Previous report
NM- Not meaningful
Previous report
Prepaid revenues increased $148 million, or 6%, for the three months ended and increased $134 million, or 3%, for the six months ended June 30, 2024, primarily from:
Previous report
•Lower MVNO revenues, primarily due to DISH servicing more of its Boost customers with their standalone network, the impact from the Ka’ena Acquisition and the migration of legacy TracFone customers off of the T-Mobile network, partially offset by growth in other MVNO partners; and
Previous report
•Lower MVNO revenues, primarily due to DISH servicing more of its Boost customers with their standalone network and the migration of legacy TracFone customers off of the T-Mobile network, partially offset by growth in other MVNO partners; and
Previous report
Equipment revenues decreased $63 million, or 2%, for the three months ended and decreased $531 million, or 8%, for the six months ended June 30, 2024.
Previous report
•A net decrease in the total number of devices sold, driven by lower Assurance Wireless, prepaid and postpaid upgrade units, partially offset by higher postpaid gross addition related devices; partially offset by
Previous report
•A net decrease in the total number of devices sold, driven by lower Assurance Wireless, prepaid and postpaid upgrade units, partially offset by higher postpaid gross addition related devices; partially offset by
Previous report
•Higher Merger synergies.
Previous report
•Higher Merger synergies.
Previous report
Offsetting impacts for the three months ended June 30, 2024, primarily included:
Previous report
•A net decrease in the total number of devices sold, driven by lower Assurance Wireless, prepaid and postpaid upgrade units, partially offset by higher postpaid gross addition related devices; partially offset by
Previous report
•A net decrease in the total number of devices sold, driven by lower Assurance Wireless, prepaid and postpaid upgrade units, partially offset by higher postpaid gross addition related devices; partially offset by
Previous report
•A decrease of $180 million in Merger-related costs, including the $100 million gain recognized in the current period for the extension fee previously paid by DISH associated with the DISH License Purchase Agreement; and
Previous report
•Higher Merger synergies; partially offset by
Previous report
•Higher Merger synergies; partially offset by
Previous report
Interest expense, net was relatively flat.
Previous report
Postpaid net account additions increased slightly for the three months ended and decreased 67,000, or 11%, for the six months ended June 30, 2024.
Previous report
•Higher deactivations and fewer High Speed Internet only additions due to the sunsetting of promotional pricing, as well as a higher mix of High Speed Internet customers from existing accounts.
Previous report
•Higher deactivations and fewer High Speed Internet only additions due to the sunsetting of promotional pricing, as well as a higher mix of High Speed Internet customers from existing accounts; partially offset by
Previous report
Total net customer additions decreased 168,000, or 10%, for the three months ended and decreased 315,000, or 10% for the six months ended June 30, 2024.
Previous report
•Lower postpaid other net customer additions, primarily due to
Previous report
•Lower postpaid other net customer additions, primarily due to
Previous report
•Lower net additions from wearables; partially offset by
Previous report
Postpaid phone churn was flat for the six months ended June 30, 2024, impacted by:
Previous report
•Improved customer retention driven by value and network leadership; offset by
Previous report
Postpaid ARPA increased $3.60, or 3%, for the three months ended and increased $3.22, or 2%, for the six months ended June 30, 2024, primarily from:
Previous report
Postpaid phone ARPU was flat for the three months ended and six months ended June 30, 2024, primarily from:
Previous report
The increase for the six months ended June 30, 2024, was primarily from:
Previous report
The increase for the six months ended June 30, 2024, was primarily from:
Previous report
Net cash used in investing activities increased $191 million, or 13%, for the three months ended and increased $250 million, or 8%, for the six months ended June 30, 2024.
Previous report
The use of cash for the six months ended June 30, 2024, was primarily from:
Previous report
Net cash used in financing activities increased $3.4 billion, or 427%, for the three months ended and increased $2.7 billion, or 90%, for the six months ended June 30, 2024.
Previous report
The use of cash for the six months ended June 30, 2024, was primarily from:
Previous report
Adjusted Free Cash Flow increased $1.6 billion, or 54%, for the three months ended and increased $2.5 billion, or 48%, for the six months ended June 30, 2024, primarily from:
Previous report
On March 15, 2024, our Board of Directors declared a cash dividend of $0.65 per share on our issued and outstanding shares of common stock, which was paid on June 13, 2024, to stockholders of record as of the close of business on May 31, 2024.
Reworded paragraphs (112)
Previous wording
•the timing and effects of any future acquisition, divestiture, investment, or merger involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions;
Current wording
•the timing and effects of any future acquisition, divestiture, investment, joint venture or merger involving us, including our inability to obtain any required regulatory approval necessary to consummate any such transactions or to achieve the expected benefits of such transactions;
Previous wording
Our MD&A is provided as a supplement to, and should be read together with, our unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2024, included in Part I, Item 1 of this Form 10-Q, and audited consolidated financial statements, included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023. Except as expressly stated, the financial condition and results of operations discussed throughout our MD&A are those of T-Mobile US, Inc. and its consolidated subsidiaries.
Current wording
Our MD&A is provided as a supplement to, and should be read together with, our unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2024, included in Part I, Item 1 of this Form 10-Q, and audited consolidated financial statements, included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023. Except as expressly stated, the financial condition and results of operations discussed throughout our MD&A are those of T-Mobile US, Inc. and its consolidated subsidiaries.
Previous wording
During the three months ended June 30, 2024, we recognized a gain for the $100 million extension fee previously paid by DISH associated with the DISH License Purchase Agreement as a reduction to Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. The gain was presented as a reduction in Merger-related costs and excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA. See Note 6 – Goodwill, Spectrum License Transactions and Other Intangible Assets of the Notes to the Condensed Consolidated Financial Statements for more information.
Current wording
During the nine months ended September 30, 2024, we recognized a gain for the $100 million extension fee previously paid by DISH associated with the DISH License Purchase Agreement as a reduction to Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income. The gain was presented as a reduction in Merger-related costs and excluded from our calculations of Adjusted EBITDA and Core Adjusted EBITDA. See Note 6 – Goodwill, Spectrum License Transactions and Other Intangible Assets of the Notes to the Condensed Consolidated Financial Statements for more information.
Previous wording
As of June 30, 2024, we have incurred all restructuring and integration costs associated with the Sprint Merger, with the cash payments for the Merger-related costs extending beyond 2024. Cash payments extending beyond 2024 primarily relate to operating and financing leases for which we have recognized accelerated lease expense.
Current wording
As of June 30, 2024, we have incurred substantially all restructuring and integration costs associated with the Sprint Merger and, accordingly, no longer separately disclose Merger-related costs. The cash payments for the Merger-related costs incurred extend beyond 2024. Cash payments extending beyond 2024 primarily relate to operating and financing leases for which we have recognized accelerated lease expense.
Previous wording
On April 24, 2024, we entered into a merger agreement with a fund operated by EQT, Infrastructure VI fund (“Fund VI”), for the joint acquisition by us and Fund VI of Lumos, a fiber-to-the-home platform (“Lumos”), from EQT’s predecessor fund, EQT Infrastructure III. The Lumos joint acquisition is expected to close in late 2024 or early 2025, subject to customary closing conditions and regulatory approvals. At closing, we expect to invest approximately $950 million in the joint venture to acquire a 50% equity interest and all existing Lumos fiber customers. The funds invested by us will be used to fund future fiber builds. In addition, pursuant to the merger agreement, we expect to make an additional capital contribution of approximately $500 million in 2027 or 2028. The joint venture will focus on market identification and selection, network engineering and design, network deployment, and customer installation, with us owning customer relationships and selling fiber service under the T-Mobile brand. Upon closing of the transaction, we expect to account for the Lumos joint venture under the equity method of accounting and recognize service revenues for the acquired Lumos fiber customers and wholesale costs paid to the joint venture for network access reflected in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.
Current wording
On April 24, 2024, we entered into a merger agreement with a fund operated by EQT, Infrastructure VI fund (“Fund VI”), for the joint acquisition by us and Fund VI of Lumos (“Lumos”), a fiber-to-the-home platform, from EQT’s predecessor fund, EQT Infrastructure III. The Lumos joint acquisition is expected to close in early 2025, subject to customary closing conditions and regulatory approvals. At closing, we expect to invest approximately $950 million in the joint venture to acquire a 50% equity interest and all existing Lumos fiber customers. The funds invested by us will be used to fund future fiber builds. In addition, pursuant to the merger agreement, we expect to make an additional capital contribution of approximately $500 million in 2027 or 2028 for the existing business plan.
Previous wording
Subsequent to June 30, 2024, on July 18, 2024, we entered into a definitive agreement with KKR & Co. Inc. (“KKR”) to establish a joint venture to acquire Metronet Holdings, LLC and certain of its affiliates (collectively, “Metronet”), a fiber-to-the-home platform. This arrangement is expected to close in 2025, subject to customary closing conditions and regulatory approvals. At closing, we expect to invest approximately $4.9 billion in the joint venture to acquire a 50% equity interest and all existing residential fiber customers, as well as funding the joint venture. We do not anticipate making further capital contributions following the closing. The joint venture will focus on build plans, network engineering and design, network deployment, and customer installation, with us owning customer relationships and selling fiber service under the T-Mobile brand. Upon the closing of the transaction, we expect to account for the Metronet joint venture under the equity method of accounting and recognize service revenues for the acquired Metronet fiber customers and wholesale costs paid to the joint venture for network access reflected in Cost of services on our Condensed Consolidated Statements of Comprehensive Income.
Current wording
On July 18, 2024, we entered into a definitive agreement with KKR & Co. Inc. (“KKR”) to establish a joint venture to acquire Metronet Holdings, LLC and certain of its affiliates (collectively, “Metronet”), a fiber-to-the-home platform. This arrangement is expected to close in 2025, subject to customary closing conditions and regulatory approvals. At closing, we expect to invest approximately $4.9 billion in the joint venture to acquire a 50% equity interest and all existing residential fiber customers, as well as funding the joint venture. We do not anticipate making further capital contributions following the closing for the existing business plan.
Previous wording
Prior to the Ka’ena Acquisition, Ka’ena was a wholesale partner of the Company for which we recognized service revenues within Wholesale and other service revenues. Upon the closing of the Ka’ena Acquisition, this relationship was effectively terminated, and the Company acquired Ka’ena’s prepaid customer relationships and will recognize service revenues associated with these customers within Prepaid revenues and operating expenses primarily within Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income subsequent to the Acquisition Date.
Current wording
Prior to the Ka’ena Acquisition, Ka’ena was a wholesale partner of the Company for which we recognized service revenues within Wholesale and other service revenues. Upon the closing of the Ka’ena Acquisition, this relationship was effectively terminated, and the Company acquired Ka’ena’s prepaid customer relationships and began to recognize service revenues associated with these customers within Prepaid revenues and operating expenses primarily within Selling, general and administrative expenses on our Condensed Consolidated Statements of Comprehensive Income subsequent to the Acquisition Date.
Previous wording
For more information regarding our acquisition of UScellular Wireless Assets, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.
Current wording
For more information regarding our acquisition of UScellular’s wireless operations, see Note 2 – Business Combinations of the Notes to the Condensed Consolidated Financial Statements.
Previous wording
The following discussion and analysis is for the three and six months ended June 30, 2024, compared to the same period in 2023, unless otherwise stated.
Current wording
The following discussion and analysis is for the three and nine months ended September 30, 2024, compared to the same periods in 2023, unless otherwise stated.
Previous wording
Total revenues increased $576 million, or 3%, for the three months ended and increased $538 million, or 1%, for the six months ended June 30, 2024. The components of these changes are discussed below.
Current wording
Total revenues increased $910 million, or 5%, for the three months ended and increased $1.4 billion, or 2%, for the nine months ended September 30, 2024. The components of these changes are discussed below.
Previous wording
Postpaid revenues increased $829 million, or 7%, for the three months ended and increased $1.6 billion, or 7%, for the six months ended June 30, 2024, primarily from:
Current wording
Postpaid revenues increased $1.0 billion, or 8%, for the three months ended and increased $2.6 billion, or 7%, for the nine months ended September 30, 2024.
Previous wording
Wholesale and other service revenues decreased $286 million, or 23%, for the three months ended and decreased $491 million, or 20%, for the six months ended June 30, 2024.
Current wording
Wholesale and other service revenues decreased $452 million, or 39%, for the three months ended and decreased $943 million, or 26%, for the nine months ended September 30, 2024.
Previous wording
•Lower Affordable Connectivity Program and Lifeline revenues.
Current wording
•Lower Affordable Connectivity Program and Lifeline revenues; and
Previous wording
•A decrease of $643 million in device sales revenue, excluding purchased leased devices, primarily from:
Current wording
•An increase of $92 million in device sales revenue, excluding purchased leased devices, primarily from:
Previous wording
•Slightly higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; partially offset by
Current wording
•Higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; partially offset by
Previous wording
•An increase of $121 million in liquidation revenue, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing.
Current wording
•An increase of $63 million in liquidation revenue, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing.
Previous wording
•A decrease of $140 million in device sales revenue, excluding purchased leased devices, primarily from:
Current wording
•A decrease of $552 million in device sales revenue, excluding purchased leased devices, primarily from:
Previous wording
•Slightly higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; partially offset by
Current wording
•Higher average revenue per device sold, net of promotions, primarily driven by an increase in the high-end phone mix; and
Previous wording
•A decrease of $155 million in lease revenues, primarily due to a lower number of customer devices under lease as a result of the continued strategic shift in device financing from leasing to EIP; partially offset by
Current wording
•A decrease of $187 million in lease revenues, primarily due to a lower number of customer devices under lease as a result of the continued strategic shift in device financing from leasing to EIP; partially offset by
Previous wording
•An increase of $348 million in liquidation revenue, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing.
Current wording
•An increase of $412 million in liquidation revenue, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing.
Previous wording
Other revenues decreased $52 million, or 18%, for the three months ended and decreased $172 million, or 26%, for the six months ended June 30, 2024, primarily from the transition of certain device recovery programs from external sources to in-house processing, resulting in a change in presentation from Other revenues to Equipment revenues.
Current wording
Other revenues decreased $32 million, or 12%, for the three months ended and decreased $204 million, or 22%, for the nine months ended September 30, 2024, primarily from the transition of certain device recovery programs from external sources to in-house processing, resulting in a change in presentation from Other revenues to Equipment revenues.
Previous wording
Total operating expenses decreased $261 million, or 2%, for the three months ended and decreased $900 million, or 3%, for the six months ended June 30, 2024. The components of this change are discussed below.
Current wording
Total operating expenses decreased $290 million, or 2%, for the three months ended and decreased $1.2 billion, or 3%, for the nine months ended September 30, 2024. The components of this change are discussed below.
Previous wording
Cost of services, exclusive of depreciation and amortization, decreased $252 million, or 9%, for the three months ended and decreased $625 million, or 10%, for the six months ended June 30, 2024.
Current wording
Cost of services, exclusive of depreciation and amortization, decreased $164 million, or 6%, for the three months ended and decreased $789 million, or 9%, for the nine months ended September 30, 2024.
Previous wording
•A decrease of $206 million in Merger-related costs related to network decommissioning and integration;
Current wording
•$120 million in Merger-related costs related to network decommissioning and integration recognized in the prior year; and
Previous wording
•A decrease of $105 million in Merger-related costs related to network decommissioning and integration;
Current wording
•A decrease of $326 million in Merger-related costs related to network decommissioning and integration;
Previous wording
Cost of equipment sales, exclusive of depreciation and amortization, was flat for the three months ended and decreased $189 million, or 2%, for the six months ended June 30, 2024.
Current wording
Cost of equipment sales, exclusive of depreciation and amortization, increased $58 million, or 1%, for the three months ended and decreased $131 million, or 1%, for the nine months ended September 30, 2024.
Previous wording
•An increase of $99 million in liquidation costs, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing; offset by
Current wording
•An increase of $50 million in liquidation costs, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing; mostly offset by
Previous wording
•A decrease of $65 million in device cost of equipment sales, excluding purchased leased devices, primarily from:
Current wording
•A decrease of $39 million in device cost of equipment sales, excluding purchased leased devices, primarily from:
Previous wording
•Higher average cost per device sold, primarily driven by a shift in the high-end phone mix.
Current wording
•Higher average cost per device sold, primarily driven by an increase in the high-end phone mix.
Previous wording
•A decrease of $356 million in device cost of equipment sales, excluding purchased leased devices, primarily from:
Current wording
•A decrease of $394 million in device cost of equipment sales, excluding purchased leased devices, primarily from:
Previous wording
•Higher average cost per device sold, primarily driven by a shift in the high-end phone mix; partially offset by
Current wording
•Higher average cost per device sold, primarily driven by an increase in the high-end phone mix; mostly offset by
Previous wording
•An increase of $255 million in liquidation costs, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing.
Current wording
•An increase of $305 million in liquidation costs, primarily due to a higher number of in-house liquidated devices, including the impact from the transition of certain device recovery programs from external sources to in-house processing.
Previous wording
Selling, general and administrative expenses decreased $130 million, or 2%, for the three months ended and decreased $417 million, or 4%, for the six months ended June 30, 2024.
Current wording
Selling, general and administrative expenses decreased $148 million, or 3%, for the three months ended and decreased $565 million, or 4%, for the nine months ended September 30, 2024.
Previous wording
•A decrease of $316 million in Merger-related costs, including the $100 million gain recognized in the current period for the extension fee previously paid by DISH associated with the DISH License Purchase Agreement;
Current wording
•A decrease of $351 million in Merger-related costs, including the $100 million gain recognized during the nine months ended September 30, 2024, for the extension fee previously paid by DISH associated with the DISH License Purchase Agreement;
Previous wording
•Higher costs as a result of the Ka’ena Acquisition.
Current wording
•Higher costs as a result of the Ka’ena Acquisition; and
Previous wording
•Higher legal expenses, including the settlement associated with the FCC Notices of Apparent Liability (See Note 13 – Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements); and
Current wording
•Higher legal expenses, including the settlement associated with the FCC Notices of Apparent Liability (See Note 13 – Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements).
Previous wording
Loss (gain) on disposal group held for sale was a loss of $17 million for the three months ended June 30, 2023, and a gain of $25 million for the six months ended June 30, 2023, related to the sale of the Wireline Business on May 1, 2023. There was no gain or loss on disposal group held for sale for the three and six months ended June 30, 2024.
Current wording
Gain on disposal group held for sale was $25 million for the nine months ended September 30, 2023, related to the sale of the Wireline Business on May 1, 2023. There was no gain or loss on disposal group held for sale for the three and nine months ended September 30, 2024, and the three months ended September 30, 2023.
Previous wording
Depreciation and amortization increased $138 million, or 4%, for the three months ended and increased $306 million, or 5%, for the six months ended June 30, 2024, primarily from higher depreciation expense from the acceleration of certain technology assets as we continue to modernize our network, technology systems and platforms.
Current wording
The increase for the nine months ended September 30, 2024, was primarily from higher depreciation expense from the acceleration of certain technology assets in the first half of 2024 as we continue to modernize our network, technology systems and platforms and from the continued build-out of our nationwide 5G network.
Previous wording
Operating income, the components of which are discussed above, increased $837 million, or 22%, for the three months ended and increased $1.4 billion, or 20%, for the six months ended June 30, 2024.
Current wording
Operating income, the components of which are discussed above, increased $1.2 billion, or 33%, for the three months ended and increased $2.6 billion, or 24%, for the nine months ended September 30, 2024.
Previous wording
Other (expense) income, net was insignificant for both periods.
Current wording
Other income, net was insignificant for both periods.
Showing the first 40 of 112 pairs. Open the source sections for the rest.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
The joint ventures will focus on market identification and selection, build plans, network engineering and design, network deployment, and customer installation, with us owning customer relationships and selling fiber service under the T-Mobile brand. Upon closing of the transactions, we expect to account for the Lumos and Metronet joint ventures under the equity method of accounting and recognize service revenues for the acquired Lumos and Metronet fiber customers and wholesale costs paid to the joint ventures for network access within Cost of services on our Condensed Consolidated Statements of Comprehensive Income.
Current report — wording carried from elsewhere
•Higher postpaid ARPA. See “Postpaid ARPA” in the “Performance Measures” section of this MD&A; and
Current report — wording carried from elsewhere
•Higher income before income taxes; partially offset by
Current report — wording carried from elsewhere
•Slightly higher postpaid other net customer additions, primarily due to
Current report — wording carried from elsewhere
•Higher net additions from mobile internet devices, primarily due to higher prior year deactivations of lower ARPU mobile internet devices in the educational sector that were activated during the Pandemic and no longer needed; and
Current report — wording carried from elsewhere
•Lower net additions from wearables; and
Current report — wording carried from elsewhere
•Higher Equipment revenues, excluding lease revenues; partially offset by
Current report — wording carried from elsewhere
•$2.8 billion in Proceeds related to beneficial interests in securitization transactions.
Current report — wording carried from elsewhere
Free Cash Flow margin is utilized by management, investors, and analysts to evaluate the Company’s ability to convert service revenue efficiently into cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.
Current report — wording carried from elsewhere
On March 15, 2024, our Board of Directors declared a cash dividend of $0.65 per share on our issued and outstanding common stock, which was paid on June 13, 2024, to stockholders of record as of the close of business on May 31, 2024.
Current report — wording carried from elsewhere
On June 13, 2024, our Board of Directors declared a cash dividend of $0.65 per share on our issued and outstanding common stock, which was paid on September 12, 2024, to stockholders of record as of the close of business on August 30, 2024.
Current report — wording carried from elsewhere
Subsequent to September 30, 2024, from October 1, 2024, through October 18, 2024, we repurchased 4,186,019 shares of our common stock at an average price per share of $212.88 for a total purchase price of $891 million. As of October 18, 2024, we had up to $6.4 billion remaining under the 2023-2024 Stockholder Return Program for repurchases of shares and quarterly dividends through December 31, 2024.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
•Higher net additions from other connected devices; and
Previous report — wording carried elsewhere
The increase for the three months ended June 30, 2024, was primarily from:
Previous report — wording carried elsewhere
•Lower Cost of services, excluding Special Items.
Previous report — wording carried elsewhere
•Lower Cost of services, excluding Special Items; and
Previous report — wording carried elsewhere
The increase for the three months ended June 30, 2024, was primarily from:
Previous report — wording carried elsewhere
•$390 million of cash consideration, net of cash acquired, related to the Ka’ena Acquisition; and
Previous report — wording carried elsewhere
•$217 million in Purchases of spectrum licenses and other intangible assets, including deposits; partially offset by
Previous report — wording carried elsewhere
•$1.8 billion in Proceeds related to beneficial interests in securitization transactions.
Previous report — wording carried elsewhere
The use of cash for the three months ended June 30, 2024, was primarily from:
Previous report — wording carried elsewhere
•$2.9 billion in Repayments of long-term debt;