Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)

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TMUS_992_Q224.pdf

48 tables

p3 · table 1 · Footnotes

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FootnoteText
(1)AT&T Inc. historically does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry leading claims are based on consensus expectations if results are not yet reported.
(2)Core Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. We are not able to forecast Net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Net income, including, but not limited to, Income tax expense and Interest expense. Core Adjusted EBITDA should not be used to predict Net income as the difference between this measure and Net income is variable.

p4 · table 2 · Postpaid Accounts

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QuarterPostpaid AccountsPostpaid Net Account Additions
Q2 202329,112299
Q3 202329,498386
Q4 202329,797299
Q1 202430,015218
Q2 202430,316301

p4 · table 3 · Postpaid ARPA & Postpaid Phone ARPU

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PeriodQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Postpaid ARPA$138.94$139.83$140.23$140.88$142.54
Postpaid Phone ARPU (Sequential)$48.84$48.93$48.91$48.79$49.07

p5 · table 4 · Postpaid Customers

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PeriodQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Total postpaid customers95,08696,31298,05299,272100,610
Postpaid phone net customer additions1,5611,5701,2261,2201,338
Postpaid other net customer additions801376636688561
Black portion of other additions760850934532777

p5 · table 5 · Postpaid Phone Churn

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QuarterQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Postpaid Phone Churn0.77%0.87%0.96%0.86%0.80%

p6 · table 6 · Prepaid Customers

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QuarterPrepaid CustomersPrepaid Net Customer Additions (Losses)
Q2 202321,516124
Q3 202321,59579
Q4 202321,64853
Q1 202421,600(48)
Q2 202425,283179

p6 · table 7 · High Speed Internet Customers

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PeriodQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
**Year-Over-Year**
Postpaid High Speed Internet net customer additions3,6784,2354,7765,1815,587
Prepaid High Speed Internet net customer additions509557541405406
High Speed Internet customers447505481346358
**Sequential**
Postpaid High Speed Internet net customer additions3,6784,2354,7765,1815,587
Prepaid High Speed Internet net customer additions509557541405406
High Speed Internet customers447505481346358

p7 · table 8 · Service Revenues

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QuarterService Revenues
Q2 2023$15,738
Q3 2023$15,914
Q4 2023$16,043
Q1 2024$16,096
Q2 2024$16,429

p7 · table 9 · Year-Over-Year Postpaid Service Revenues

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PeriodDriverQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Year-Over-YearHigher average postpaid accounts$12,899
Higher postpaid ARPA$12,070$12,288$12,472$12,631
SequentialHigher postpaid ARPA
Higher average postpaid accounts

p8 · table 10 · Equipment Revenues

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QuarterEquipment SalesLease Revenues
Q2 2023$3,169
Q3 2023$3,076
Q4 2023$4,131
Q1 2024$3,251$3,216
Q2 2024$3,106$3,080

p8 · table 11 · Year-Over-Year Cost of Equipment Sales, exclusive of D&A

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QuarterCost of Equipment Sales, excl. D&A ($ in millions)% of Equipment Sales, excl. D&A
Q2 2023$4,088131.9%
Q3 2023$4,249140.6%
Q4 2023$5,608135.8%
Q1 2024$4,399136.8%
Q2 2024$4,088132.7%

p9 · table 12 · Cost of Services, exclusive of D&A

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QuarterCost of Services, ex. D&A and Special ItemsMerger-related costsOther Special Items% of Srvc revs, ex. D&A and Special Items
Q2 2023$2,916$2,72017.3%
Q3 2023$2,886$2,61216.4%
Q4 2023$2,792$2,64616.5%
Q1 2024$2,688$2,58016.0%
Q2 2024$2,664$2,59115.8%

p9 · table 13 · Selling, General and Administrative (SG&A) Expense

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PeriodQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
SG&A expense, ex. Special Items$5,272$5,334$5,280$5,138$5,142
Merger-related costs (gain), net$5,138$4,940$5,164$5,103$5,187
% of Srvc revs, ex. Special Items32.6%31.0%32.2%31.7%31.6%

p10 · table 14 · Net Income

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QuarterQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Net Income ($ millions)$2,221$2,142$2,014$2,374$2,925
% of Service revenues14.1%13.5%12.6%14.7%17.8%

p10 · table 15 · Diluted Earnings Per Share

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Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024
$1.86$1.82$1.67$2.00$2.49

p11 · table 16 · Core Adjusted EBITDA*

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$7,336$7,547$7,181$7,617$8,027

p11 · table 17 · Year-Over-Year Core Adjusted EBITDA drivers

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(empty)

p11 · table 18 · Sequential

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Detail
Core Adjusted EBITDA increased 5% primarily due to:
â–  Higher Service revenues
â–  Lower Cost of equipment sales
â–  Partially offset by lower Equipment revenues, excluding Lease revenues

p11 · table 19 · Year-Over-Year

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Explanation
Net cash provided by operating activities increased 27% primarily due to:
• Higher Net income, adjusted for non-cash income and expenses
• Lower net cash outflows from changes in working capital

p11 · table 20 · Net Cash Provided by Operating Activities ($ in millions)

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(empty)

p11 · table 21 · Sequential

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Details
Net cash provided by operating activities increased 9% primarily due to:
â– Higher Net income, adjusted for non-cash income and expenses
The impact of net payments for Merger-related costs on Net cash provided by operating activities was $241 million in Q2

p12 · table 22 · Cash Purchases of Property and Equipment, incl. Capitalized Interest

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QuarterCash Purchases ($ millions)% of Service Revenues
Q2 2023$2,78917.7%
Q3 2023$2,42415.2%
Q4 2023$1,5879.9%
Q1 2024$2,62716.3%
Q2 2024$2,04012.4%

p12 · table 23 · Adjusted Free Cash Flow

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CategoryDescription
Year-Over-Year
Adjusted Free Cash Flow increased 54% primarily due to:
• Higher Net cash provided by operating activities
• Lower Cash purchases of property and equipment
• Partially offset by lower proceeds related to securitization transactions, which were offset in Net cash provided by operating activities. There were no significant net cash proceeds during the quarter from securitization.
Sequential
Adjusted Free Cash Flow increased 33% primarily due to:
• Lower Cash purchases of property and equipment
• Higher Net cash provided by operating activities

p13 · table 24 · Net Debt (Excluding Tower Obligations) & Net Debt to LTM Net Income and Core Adj. EBITDA Ratios

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MetricQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Net Debt (excluding Tower Obligations)$73.7$72.8$72.4$73.9$73.5
Net Debt to LTM Net Income Ratio12.0x9.4x8.7x8.4x7.8x
Net Debt to LTM Core Adjusted EBITDA Ratio2.7x2.6x2.5x2.5x2.4x

p13 · table 25 · Stockholder Returns

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QuarterStock buybacksDividends paid
Q2 2023$3,525—
Q3 2023$2,675—
Q4 2023$2,988$747
Q1 2024$3,568$769
Q2 2024$2,277$759
Total$4,337$3,036

p14 · table 26 · 2024 Outlook

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MetricPreviousRevisedChange at Midpoint
Postpaid net customer additions5.2 to 5.6 million5.4 to 5.7 million150 thousand
Net income (1)N/AN/AN/A
Effective tax rate24% to 26%24% to 25%(50) bps
Core Adjusted EBITDA (2)$31.4 to $31.9 billion$31.5 to $31.8 billionNo change
Net cash provided by operating activities$21.6 to $22.3 billion$21.8 to $22.2 billion$50 million
Capital expenditures (3)$8.6 to $9.4 billion$8.7 to $9.1 billion$(100) million
Adjusted Free Cash Flow (4)$16.4 to $16.9 billion$16.6 to $17.0 billion$150 million

p16 · table 27 · T-Mobile US, Inc. Condensed Consolidated Balance Sheets

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June 30, 2024December 31, 2023
Assets
Current assets
Cash and cash equivalents$ 6,417$ 5,135
Accounts receivable, net of allowance for credit losses of $160 and $1614,5634,692
Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $587 and $6233,7764,456
Inventory1,3191,678
Prepaid expenses1,059702
Other current assets2,1632,352
Total current assets19,29719,015
Property and equipment, net38,22240,432
Operating lease right-of-use assets26,24027,135
Financing lease right-of-use assets3,2713,270
Goodwill13,01512,234
Spectrum licenses98,66196,707
Other intangible assets, net2,9782,618
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $132 and $1501,7802,042
Other assets5,0934,229
Total assets$ 208,557$ 207,682
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued liabilities$ 7,591$ 10,373
Short-term debt5,8673,619
Deferred revenue1,098825
Short-term operating lease liabilities3,2023,555
Short-term financing lease liabilities1,2521,260
Other current liabilities4,0281,296
Total current liabilities23,03820,928
Long-term debt70,20369,903
Long-term debt to affiliates1,4961,496
Tower obligations3,7253,777
Deferred tax liabilities15,02213,458
Operating lease liabilities27,27228,240
Financing lease liabilities1,1331,236
Other long-term liabilities4,0323,929
Total long-term liabilities122,883122,039
Commitments and contingencies
Stockholders' equity
Common stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,269,805,042 and 1,262,904,154 shares issued, 1,166,772,891 and 1,195,807,331 shares outstanding——
Additional paid-in capital68,46367,705
Treasury stock, at cost, 103,032,151 and 67,096,823 shares issued(15,270)(9,373)
Accumulated other comprehensive loss(917)(964)
Retained earnings10,3607,347
Total stockholders' equity62,63664,715
Total liabilities and stockholders' equity$ 208,557$ 207,682

p17 · table 28 · T-Mobile US, Inc. Condensed Consolidated Statements of Comprehensive Income

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Three Months Ended June 30, 2024Three Months Ended March 31, 2024Three Months Ended June 30, 2023Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Revenues
Postpaid revenues$ 12,899$ 12,631$ 12,070$ 25,530$ 23,932
Prepaid revenues2,5922,4032,4444,9954,861
Wholesale and other service revenues9381,0621,2242,0002,491
Total service revenues16,42916,09615,73832,52531,284
Equipment revenues3,1063,2513,1696,3576,888
Other revenues237247289484656
Total revenues19,77219,59419,19639,36638,828
Operating expenses
Cost of services, exclusive of depreciation and amortization shown separately below2,6642,6882,9165,3525,977
Cost of equipment sales, exclusive of depreciation and amortization shown separately below4,0884,3994,0888,4878,676
Selling, general and administrative5,1425,1385,27210,28010,697
Loss (gain) on disposal group held for sale——17—(25)
Depreciation and amortization3,2483,3713,1106,6196,313
Total operating expenses15,14215,59615,40330,73831,638
Operating income4,6303,9983,7938,6287,190
Other expense, net
Interest expense, net(854)(880)(861)(1,734)(1,696)
Other (expense) income, net(8)2061215
Total other expense, net(862)(860)(855)(1,722)(1,681)
Income before income taxes3,7683,1382,9386,9065,509
Income tax expense(843)(764)(717)(1,607)(1,348)
Net income$ 2,925$ 2,374$ 2,221$ 5,299$ 4,161
Net income$ 2,925$ 2,374$ 2,221$ 5,299$ 4,161
Other comprehensive income, net of tax
Reclassification of loss from cash flow hedges, net of tax effect of $15, $15, $13, $30 and $274343408680
Net unrealized loss on fair value hedges, net of tax effect of $(10), $0, $0, $(10) and $0(30)——(30)—
Unrealized gain on foreign currency translation adjustment, net of tax effect of $0, $0, $0, $0 and $0——7—9
Amortization of actuarial gain, net of tax effect of $(1), $(2), $0, $(3) and $0(4)(5)—(9)—
Other comprehensive income938474789
Total comprehensive income$ 2,934$ 2,412$ 2,268$ 5,346$ 4,250
Earnings per share
Basic$ 2.50$ 2.00$ 1.86$ 4.50$ 3.45
Diluted$ 2.49$ 2.00$ 1.86$ 4.49$ 3.44
Weighted-average shares outstanding
Basic1,170,025,8621,185,298,4971,193,078,8911,177,662,1791,206,270,341
Diluted1,172,447,3531,189,092,0191,195,533,4991,180,929,8791,210,220,958

p18 · table 29 · T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows

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Three Months Ended June 30, 2024Three Months Ended March 31, 2024Three Months Ended June 30, 2023Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Operating activities
Net income$ 2,925$ 2,374$ 2,221$ 5,299$ 4,161
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization3,2483,3713,1106,6196,313
Stock-based compensation expense164140167304344
Deferred income tax expense7477157031,4621,314
Bad debt expense255282213537435
Losses from sales of receivables2521514689
Loss on remeasurement of disposal group held for sale——22—9
Changes in operating assets and liabilities
Accounts receivable(1,286)(416)(1,514)(1,702)(2,782)
Equipment installment plan receivables155277246432398
Inventory221170362391491
Operating lease right-of-use assets8728569291,7281,937
Other current and long-term assets(416)160354(256)212
Accounts payable and accrued liabilities38(1,734)(864)(1,696)(1,746)
Short- and long-term operating lease liabilities(1,148)(1,017)(1,183)(2,165)(2,192)
Other current and long-term liabilities(360)(172)(466)(532)(649)
Other, net8157413872
Net cash provided by operating activities5,5215,0844,35510,6058,406
Investing activities
Purchases of property and equipment, including capitalized interest of $(8), $(9), $(14), $(17) and $(28)(2,040)(2,627)(2,789)(4,667)(5,790)
Purchases of spectrum licenses and other intangible assets, including deposits(156)(61)(33)(217)(106)
Proceeds from sales of tower sites——2—8
Proceeds related to beneficial interests in securitization transactions9588901,3091,8482,654
Acquisition of companies, net of cash acquired(390)——(390)—
Other, net(50)1124(39)19
Net cash used in investing activities(1,678)(1,787)(1,487)(3,465)(3,215)
Financing activities
Proceeds from issuance of long-term debt2,1363,4733,4505,6096,463
Repayments of financing lease obligations(351)(327)(304)(678)(610)
Repayments of long-term debt(2,723)(223)(223)(2,946)(354)
Repurchases of common stock(2,387)(3,594)(3,591)(5,981)(8,210)
Dividends on common stock(759)(769)—(1,528)—
Tax withholdings on share-based awards(16)(192)(70)(208)(257)
Other, net(34)(34)(46)(68)(89)
Net cash used in financing activities(4,134)(1,666)(784)(5,800)(3,057)
Change in cash and cash equivalents, including restricted cash and cash held for sale(291)1,6312,0841,3402,134
Cash and cash equivalents, including restricted cash and cash held for sale
Beginning of period6,9385,3074,7245,3074,674
End of period$ 6,647$ 6,938$ 6,808$ 6,647$ 6,808

p19 · table 30 · T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Continued)

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Three Months Ended June 30, 2024Three Months Ended March 31, 2024Three Months Ended June 30, 2023Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Supplemental disclosure of cash flow information
Interest payments, net of amounts capitalized$ 935$ 896$ 896$ 1,831$ 1,736
Operating lease payments1,4571,3441,4832,8012,797
Income tax payments107795114122
Non-cash investing and financing activities
Non-cash beneficial interest obtained in exchange for securitized receivables$ 833$ 661$ 1,109$ 1,494$ 2,228
Change in accounts payable and accrued liabilities for purchases of property and equipment(232)(894)(408)(1,126)(737)
Operating lease right-of-use assets obtained in exchange for lease obligations3444876748311,113
Financing lease right-of-use assets obtained in exchange for lease obligations311263324574563
Contingent and other deferred consideration related to the Ka'ena Acquisition210——210—

p20 · table 31 · T-Mobile US, Inc. Supplementary Operating and Financial Data

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Customers, end of period
Postpaid phone customers (1)73,37274,13274,98275,93676,46877,24574,13277,245
Postpaid other customers (1)20,15320,95421,33022,11622,80423,36520,95423,365
Total postpaid customers93,52595,08696,31298,05299,272100,61095,086100,610
Prepaid customers (2)21,39221,51621,59521,64821,60025,28321,51625,283
Total customers114,917116,602117,907119,700120,872125,893116,602125,893
Adjustments to customers (1) (2)———170—3,504—3,504

p20 · table 32 · Net customer additions (losses)

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Postpaid phone customers5387608509345327771,2981,309
Postpaid other customers7558013766366885611,5561,249
Total postpaid customers1,2931,5611,2261,5701,2201,3382,8542,558
Prepaid customers261247953(48)179150131
Total net customer additions1,3191,6851,3051,6231,1721,5173,0042,689
Migrations from prepaid to postpaid plans145140155170145140285285

p20 · table 33 · Churn

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Churn
Postpaid phone churn0.89%0.77%0.87%0.96%0.86%0.80%0.83%0.83%
Prepaid churn2.76%2.62%2.81%2.86%2.75%2.54%2.69%2.64%

p20 · table 34 · Postpaid Upgrade Rate

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MetricQ1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Postpaid upgrade rate
Postpaid device upgrade rate3.2%2.6%2.7%3.2%2.4%2.3%5.8%4.9%

p21 · table 35 · T-Mobile US, Inc. Supplementary Operating and Financial Data

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
**Accounts, end of period**
Total postpaid customer accounts28,81329,11229,49829,79730,01530,31629,11230,316

p21 · table 36 · Net account additions

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(in thousands)Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Net account additions
Postpaid net account additions287299386299218301586519

p21 · table 37 · High speed internet customers, end of period

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Postpaid high speed internet customers2,8553,3023,8074,2884,6344,9923,3024,992
Prepaid high speed internet customers314376428488547595376595
Total high speed internet customers, end of period3,1693,6784,2354,7765,1815,5873,6785,587

p21 · table 38 · High speed internet - net customer additions

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Postpaid high speed internet customers445447505481346358892704
Prepaid high speed internet customers786252605948140107
Total high speed internet net customer additions5235095575414054061,032811

p21 · table 39 · Device Financing

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
**Device financing - equipment installment plans**
Gross EIP financed$3,335$2,858$3,116$4,275$3,218$3,037$6,193$6,255
EIP billings$3,871$3,732$3,622$3,829$3,880$3,604$7,603$7,484
EIP receivables, net$7,262$6,745$6,349$6,498$5,967$5,556$6,745$5,556
**Device financing - leased devices**
Lease revenues$147$69$53$43$35$26$216$61
Leased device depreciation$58$46$37$29$22$15$104$37

p21 · table 40 · Operating measures

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(in dollars)Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Operating measures
Postpaid ARPA$ 138.04$ 138.94$ 139.83$ 140.23$ 140.88$ 142.54$ 138.49$ 141.71
Postpaid phone ARPU48.6348.8448.9348.9148.7949.0748.7348.93
Prepaid ARPU37.9837.9838.1837.5537.1835.9437.9836.52

p22 · table 41 · T-Mobile US, Inc. Supplementary Operating and Financial Data (continued)

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended 2023Six Months Ended 2024
Financial measures
Service revenues$ 15,546$ 15,738$ 15,914$ 16,043$ 16,096$ 16,429$ 31,284$ 32,525
Equipment revenues$ 3,719$ 3,169$ 3,076$ 4,174$ 3,251$ 3,106$ 6,888$ 6,357
Lease revenues147695343352621661
Equipment sales$ 3,572$ 3,100$ 3,023$ 4,131$ 3,216$ 3,080$ 6,672$ 6,296
Total revenues$ 19,632$ 19,196$ 19,252$ 20,478$ 19,594$ 19,772$ 38,828$ 39,366
Net income$ 1,940$ 2,221$ 2,142$ 2,014$ 2,374$ 2,925$ 4,161$ 5,299
Net income margin12.5 %14.1 %13.5 %12.6 %14.7 %17.8 %13.3 %16.3 %
Adjusted EBITDA$ 7,199$ 7,405$ 7,600$ 7,224$ 7,652$ 8,053$ 14,604$ 15,705
Adjusted EBITDA margin46.3 %47.1 %47.8 %45.0 %47.5 %49.0 %46.7 %48.3 %
Core Adjusted EBITDA$ 7,052$ 7,336$ 7,547$ 7,181$ 7,617$ 8,027$ 14,388$ 15,644
Core Adjusted EBITDA margin45.4 %46.6 %47.4 %44.8 %47.3 %48.9 %46.0 %48.1 %
Cost of services, exclusive of depreciation and amortization$ 3,061$ 2,916$ 2,886$ 2,792$ 2,688$ 2,664$ 5,977$ 5,352
Merger-related costs20817812014610773386180
Other Special Items2318154—1—411
Cost of services, excluding depreciation and amortization and Special Items$ 2,830$ 2,720$ 2,612$ 2,646$ 2,580$ 2,591$ 5,550$ 5,171
Cost of equipment sales, exclusive of depreciation and amortization$ 4,588$ 4,088$ 4,249$ 5,608$ 4,399$ 4,088$ 8,676$ 8,487
Merger-related recoveries(9)—(3)———(9)—
Cost of equipment sales, excluding depreciation and amortization and Special Items$ 4,597$ 4,088$ 4,252$ 5,608$ 4,399$ 4,088$ 8,685$ 8,487
Selling, general and administrative$ 5,425$ 5,272$ 5,334$ 5,280$ 5,138$ 5,142$ 10,697$ 10,280
Merger-related costs (gain), net159983510223(82)257(59)
Other Special Items873635914123712349
Selling, general and administrative, excluding Special Items$ 5,179$ 5,138$ 4,940$ 5,164$ 5,103$ 5,187$ 10,317$ 10,290
Total bad debt expense and losses from sales of receivables$ 260$ 264$ 274$ 265$ 303$ 280$ 524$ 583
Bad debt and losses from sales of receivables as a percentage of Total revenues1.3 %1.4 %1.4 %1.3 %1.5 %1.4 %1.4 %1.5 %
Cash purchases of property and equipment including capitalized interest$ 3,001$ 2,789$ 2,424$ 1,587$ 2,627$ 2,040$ 5,790$ 4,667
Capitalized interest14146610982817
Net cash proceeds from securitization$ (29)$ (31)$ (33)$ (21)$ (29)$ (30)$ (60)$ (59)
Net cash payments for Merger-related costs$ 484$ 728$ 345$ 416$ 293$ 241$ 1,212$ 534

p22 · table 42 · (in millions, except share and per share amounts)

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Stockholder returns
Total repurchases$ 4,766$ 3,525$ 2,675$ 2,241$ 3,568$ 2,277$ 8,291$ 5,845
Total shares repurchased32,963,94025,183,83819,313,15915,464,10721,933,79013,979,84358,147,77835,913,633
Average purchase price per share$ 144.57$ 140.00$ 138.48$ 144.95$ 162.69$ 162.85$ 142.59$ 162.75
Total dividends paid$ —$ —$ —$ 747$ 769$ 759$ —$ 1,528
Dividends per share$ —$ —$ —$ 0.65$ 0.65$ 0.65$ —$ 1.30
Total stockholder returns$ 4,766$ 3,525$ 2,675$ 2,988$ 4,337$ 3,036$ 8,291$ 7,373
Cumulative stockholder returns$ 7,766$ 11,291$ 13,966$ 16,954$ 21,291$ 24,327$ 11,291$ 24,327

p23 · table 43 · T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Net income$ 1,940$ 2,221$ 2,142$ 2,014$ 2,374$ 2,925$ 4,161$ 5,299
**Adjustments:**
Interest expense, net8358617908498808541,6961,734
Other (income) expense, net(9)(6)(41)(12)(20)8(15)(12)
Income tax expense6317177056297648431,3481,607
Operating income3,3973,7933,5963,4803,9984,6307,1908,628
Depreciation and amortization3,2033,1103,1873,3183,3713,2486,3136,619
Stock-based compensation (1)173155152164140147328287
Merger-related costs (gain), net (2)358276152248130(9)634121
Legal-related (recoveries) expenses, net (3)(43)——1—15(43)15
(Gain) loss on disposal group held for sale(42)17————(25)—
Other, net (4)1535451313132220735
Adjusted EBITDA7,1997,4057,6007,2247,6528,05314,60415,705
Lease revenues(147)(69)(53)(43)(35)(26)(216)(61)
Core Adjusted EBITDA$ 7,052$ 7,336$ 7,547$ 7,181$ 7,617$ 8,027$ 14,388$ 15,644
Net income margin (Net income divided by Service revenues)12.5 %14.1 %13.5 %12.6 %14.7 %17.8 %13.3 %16.3 %
Adjusted EBITDA margin (Adjusted EBITDA divided by Service revenues)46.3 %47.1 %47.8 %45.0 %47.5 %49.0 %46.7 %48.3 %
Core Adjusted EBITDA margin (Core Adjusted EBITDA divided by Service revenues)45.4 %46.6 %47.4 %44.8 %47.3 %48.9 %46.0 %48.1 %

p24 · table 44 · T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)

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Mar 31, 2023Jun 30, 2023Sep 30, 2023Dec 31, 2023Mar 31, 2024Jun 30, 2024
Short-term debt$5,215$7,731$3,437$3,619$5,356$5,867
Short-term financing lease liabilities1,1801,2201,2861,2601,2651,252
Long-term debt68,03568,64670,36569,90371,36170,203
Long-term debt to affiliates1,4951,4951,4961,4961,4961,496
Financing lease liabilities1,2841,2541,2731,2361,1631,133
Less: Cash and cash equivalents(4,540)(6,647)(5,030)(5,135)(6,708)(6,417)
Net debt (excluding tower obligations)$72,669$73,699$72,827$72,379$73,933$73,534
Divided by: Last twelve months Net income$3,817$6,146$7,780$8,317$8,751$9,455
Net debt (excluding tower obligations) to LTM Net income Ratio19.012.09.48.78.47.8
Divided by: Last twelve months Adjusted EBITDA$28,070$28,471$29,032$29,428$29,881$30,529
Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio2.62.62.52.52.52.4
Divided by: Last twelve months Core Adjusted EBITDA$26,980$27,698$28,517$29,116$29,681$30,372
Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio2.72.72.62.52.52.4

p24 · table 45 · Adjusted Free Cash Flow is calculated as follows:

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Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Six Months Ended June 30, 2023Six Months Ended June 30, 2024
Net cash provided by operating activities$4,051$4,355$5,294$4,859$5,084$5,521$8,406$10,605
Cash purchases of property and equipment, including capitalized interest(3,001)(2,789)(2,424)(1,587)(2,627)(2,040)(5,790)(4,667)
Proceeds from sales of tower sites6222——8—
Proceeds related to beneficial interests in securitization transactions1,3451,3091,1311,0318909582,6541,848
Adjusted Free Cash Flow$2,401$2,877$4,003$4,305$3,347$4,439$5,278$7,786
Net cash provided by operating activities margin26.1%27.7%33.3%30.3%31.6%33.6%26.9%32.6%
Adjusted Free Cash Flow margin15.4%18.3%25.2%26.8%20.8%27.0%16.9%23.9%

p25 · table 46 · The current guidance range for Adjusted Free Cash Flow is calculated as follows:

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MetricFY 2024 Guidance RangeFY 2024 Guidance Range
LowHigh
Net cash provided by operating activities$ 21,800$ 22,200
Cash purchases of property and equipment, including capitalized interest(8,700)(9,100)
Proceeds related to beneficial interests in securitization transactions (1)3,5003,900
Adjusted Free Cash Flow$ 16,600$ 17,000

p25 · table 47 · The previous guidance range for Adjusted Free Cash Flow was calculated as follows:

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FY 2024 Guidance RangeLowHigh
Net cash provided by operating activities$ 21,600$ 22,300
Cash purchases of property and equipment, including capitalized interest(8,600)(9,400)
Proceeds related to beneficial interests in securitization transactions (1)3,4004,000
Adjusted Free Cash Flow$ 16,400$ 16,900

p26 · table 48 · Definitions of Terms

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Definition
Operating and financial measures are utilized by T-Mobile's management to evaluate its operating performance and, in certain cases, its ability to meet liquidity requirements. Although companies in the wireless industry may not define measures in precisely the same way, T-Mobile believes the measures facilitate key operating performance comparisons with other companies in the wireless industry to provide management, investors and analysts with useful information to assess and evaluate past performance and assist in forecasting future performance.
1. AccountA billing account number that generates revenue. Postpaid accounts generally consist of customers that are qualified for postpaid service utilizing phones, High Speed Internet modems, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service.
2. CustomerA SIM number with a unique T-Mobile identifier which is associated with an account that generates revenue. Customers are qualified either for postpaid service utilizing phones, High Speed Internet modems, mobile internet devices, including tablets and hotspots, wearables, DIGITS or other connected devices, including SyncUP and IoT, where they generally pay after receiving service, or prepaid service, where they generally pay in advance of receiving service.
3. ChurnThe number of customers whose service was deactivated as a percentage of the average number of customers during the specified period further divided by the number of months in the period. The number of customers whose service was deactivated is presented net of customers that subsequently have their service restored within a certain period of time and excludes customers who received service for less than a certain minimum period of time.
4. Postpaid Average Revenue Per Account (Postpaid ARPA)Average monthly postpaid service revenue earned per account. Postpaid service revenues for the specified period divided by the average number of postpaid accounts during the period, further divided by the number of months in the period.
4. Average Revenue Per User (ARPU)Average monthly service revenue earned per customer. Service revenues for the specified period divided by the average number of customers during the period, further divided by the number of months in the period. Postpaid phone ARPU excludes postpaid other customers and related revenues.
4. Service revenuesPostpaid, including handset insurance, prepaid, wholesale and other service revenues.
5. Cost of servicesCosts directly attributable to providing wireless service through the operation of T-Mobile's network, including direct switch and cell site costs, such as rent, network access and transport costs, utilities, maintenance, associated labor costs, long distance costs, regulatory program costs, roaming fees paid to other carriers and data content costs.
5. Cost of equipment salesCosts of devices and accessories sold to customers and dealers, device costs to fulfill insurance and warranty claims, write-downs of inventory related to shrinkage and obsolescence, and shipping and handling costs.
5. Selling, general and administrative expensesCosts not directly attributable to providing wireless service for the operation of sales, customer care and corporate activities. These include all commissions paid to dealers and retail employees for activations and upgrades, labor and facilities costs associated with retail sales force and administrative space, marketing and promotional costs, customer support and billing, bad debt expense and administrative support activities.
6. Net income marginNet income divided by Service revenues.
7. Adjusted EBITDA and Core Adjusted EBITDAAdjusted EBITDA represents earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization, stock-based compensation and Special Items. Core Adjusted EBITDA represents Adjusted EBITDA less device lease revenues. Core Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures utilized by T-Mobile's management to monitor the financial performance of our operations. T-Mobile historically used Adjusted EBITDA and T-Mobile currently uses Core Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance. T-Mobile uses Adjusted EBITDA and Core Adjusted EBITDA as benchmarks to evaluate its operating performance in comparison to competitors. Management believes analysts and investors use Core Adjusted EBITDA and Adjusted EBITDA as supplemental measures to evaluate overall operating performance and to facilitate comparisons with other wireless communications services companies because they are indicative of T-Mobile's ongoing operating performance and trends by excluding the impact of Interest expense from financing, non-cash depreciation and amortization from capital investments, non-cash stock-based compensation and Special Items. Management believes analysts and investors use Core Adjusted EBITDA because it normalizes for the transition in the company's device financing strategy, by excluding the impact of device lease revenues from Adjusted EBITDA, to align with the related depreciation expense on leased devices, which is excluded from the definition of Adjusted EBITDA. Core Adjusted EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for Income from operations, Net income or any other measure of financial performance reported in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
8. Special ItemsCertain expenses, gains, and losses which are not reflective of our ongoing performance. Special Items include Merger-related costs (gain), net, (Gain) loss on disposal groups held for sale, certain legal-related recoveries and expenses, restructuring costs not directly attributable to the Merger (including severance), and other non-core gains and losses.
9. Adjusted EBITDA margin and Core Adjusted EBITDA marginAdjusted EBITDA margin is calculated as Adjusted EBITDA divided by Service revenues. Core Adjusted EBITDA margin is calculated as Core Adjusted EBITDA divided by Service revenues. Adjusted EBITDA margin and Core Adjusted EBITDA margin are non-GAAP financial measures utilized by T-Mobile's management to monitor the financial performance of our operations.
10. Net cash provided by operating activities marginNet cash provided by operating activities margin is calculated as Net cash provided by operating activities divided by Service revenues.
11. Adjusted Free Cash FlowNet cash provided by operating activities less cash payments for purchases of property and equipment, plus proceeds from sales of tower sites and proceeds related to beneficial interests in securitization transactions and less Cash payments for debt prepayment or debt extinguishment costs. Adjusted Free Cash Flow is utilized by T-Mobile's management, investors, and analysts of our financial information to evaluate cash available to pay debt, repurchase shares, pay dividends and provide further investment in the business.
12. Adjusted Free Cash Flow marginAdjusted Free Cash Flow margin is calculated as Adjusted Free Cash Flow divided by Service revenues. Adjusted Free Cash Flow Margin is utilized by T-Mobile's 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.