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    "title": "Footnotes",
    "subtitle": "",
    "markdown": "| Footnote | Text |\n| --- | --- |\n| (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. |\n| (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. |",
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  {
    "title": "Postpaid Accounts",
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    "markdown": "| Quarter | Postpaid Accounts | Postpaid Net Account Additions |\n| --- | --- | --- |\n| Q2 2023 | 29,112 | 299 |\n| Q3 2023 | 29,498 | 386 |\n| Q4 2023 | 29,797 | 299 |\n| Q1 2024 | 30,015 | 218 |\n| Q2 2024 | 30,316 | 301 |\n\n**Year-Over-Year**\n\nContinued growth in Postpaid accounts with a slight increase in net additions primarily due to:\n- Higher gross additions\n- Mostly offset by 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\n\n**Sequential**\n\nContinued growth in Postpaid accounts with an increase in net additions primarily due to:\n- Lower deactivations",
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  {
    "title": "Postpaid ARPA & Postpaid Phone ARPU",
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    "markdown": "| Period | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |\n| --- | --- | --- | --- | --- | --- |\n| Postpaid ARPA | $138.94 | $139.83 | $140.23 | $140.88 | $142.54 |\n| Postpaid Phone ARPU (Sequential) | $48.84 | $48.93 | $48.91 | $48.79 | $49.07 |",
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  {
    "title": "Postpaid Customers",
    "subtitle": "Year-Over-Year",
    "markdown": "| Period | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |\n| --- | --- | --- | --- | --- | --- |\n| Total postpaid customers | 95,086 | 96,312 | 98,052 | 99,272 | 100,610 |\n| Postpaid phone net customer additions | 1,561 | 1,570 | 1,226 | 1,220 | 1,338 |\n| Postpaid other net customer additions | 801 | 376 | 636 | 688 | 561 |\n| Black portion of other additions | 760 | 850 | 934 | 532 | 777 |",
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    "title": "Postpaid Phone Churn",
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    "markdown": "| Quarter | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |\n| --- | --- | --- | --- | --- | --- |\n| Postpaid Phone Churn | 0.77% | 0.87% | 0.96% | 0.86% | 0.80% |",
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      "Year-Over-Year: Postpaid phone churn increased 3 basis points primarily due to: Rate plan optimizations",
      "Sequential: Postpaid phone churn decreased 6 basis points primarily due to: Seasonally lower switching activity, Partially offset by rate plan optimizations"
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    "title": "Prepaid Customers",
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    "markdown": "| Quarter | Prepaid Customers | Prepaid Net Customer Additions (Losses) |\n| --- | --- | --- |\n| Q2 2023 | 21,516 | 124 |\n| Q3 2023 | 21,595 | 79 |\n| Q4 2023 | 21,648 | 53 |\n| Q1 2024 | 21,600 | (48) |\n| Q2 2024 | 25,283 | 179 |",
    "footnotes": [
      "Year-Over-Year: Prepaid net customer additions increased primarily due to: (1) Higher gross additions following the acquisition of Ka'ena Corporation, including its subsidiary brands Mint Mobile and Ultra Mobile (the \"Ka'ena Acquisition\"), (2) Lower churn, (3) Partially offset by continued moderation of prepaid industry growth.",
      "Sequential: Prepaid net customer additions increased primarily due to: (1) Lower seasonal churn, (2) Higher gross additions following the Ka'ena Acquisition"
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    "title": "High Speed Internet Customers",
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    "markdown": "| Period | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |\n| --- | --- | --- | --- | --- | --- |\n| **Year-Over-Year** |\n| Postpaid High Speed Internet net customer additions | 3,678 | 4,235 | 4,776 | 5,181 | 5,587 |\n| Prepaid High Speed Internet net customer additions | 509 | 557 | 541 | 405 | 406 |\n| High Speed Internet customers | 447 | 505 | 481 | 346 | 358 |\n| **Sequential** |\n| Postpaid High Speed Internet net customer additions | 3,678 | 4,235 | 4,776 | 5,181 | 5,587 |\n| Prepaid High Speed Internet net customer additions | 509 | 557 | 541 | 405 | 406 |\n| High Speed Internet customers | 447 | 505 | 481 | 346 | 358 |",
    "footnotes": [
      "Postpaid High Speed Internet net customer additions (magenta bar)",
      "Prepaid High Speed Internet net customer additions (black bar)",
      "High Speed Internet customers (line with circles)"
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    "title": "Service Revenues",
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    "markdown": "| Quarter | Service Revenues |\n| --- | --- |\n| Q2 2023 | $15,738 |\n| Q3 2023 | $15,914 |\n| Q4 2023 | $16,043 |\n| Q1 2024 | $16,096 |\n| Q2 2024 | $16,429 |\n\n### Year-Over-Year\n\nService revenues increased 4% primarily due to:\n- Increase in Postpaid service revenues\n- An increase in Prepaid service revenues, driven by the impact of the Ka'ena Acquisition\n- Partially offset by a decrease in Wholesale and other service revenues driven primarily by lower Affordable Connectivity Program revenues and the impact of the Ka'ena Acquisition\n\n### Sequential\n\nService revenues increased 2% primarily due to:\n- Increase in Postpaid service revenues\n- An increase in Prepaid service revenues, driven by the impact of the Ka'ena Acquisition",
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  {
    "title": "Year-Over-Year Postpaid Service Revenues",
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    "title": "Equipment Revenues",
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    "markdown": "| Quarter | Equipment Sales | Lease Revenues |\n| --- | --- | --- |\n| Q2 2023 | $3,169 | |\n| Q3 2023 | $3,076 | |\n| Q4 2023 | $4,131 | |\n| Q1 2024 | $3,251 | $3,216 |\n| Q2 2024 | $3,106 | $3,080 |",
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      "Year-Over-Year: Equipment revenues decreased 2% primarily due to: (1) 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; (2) Partially offset by a slightly higher average revenue per device sold, net of promotions, primarily driven by an increase in the high end phone mix; (3) Additionally partially offset by higher liquidation revenue primarily due to a higher number of in-house liquidated devices, which included 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",
      "Sequential analysis available separately"
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    "title": "Cost of Services, exclusive of D&A",
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    "markdown": "| Quarter | Cost of Services, ex. D&A and Special Items | Merger-related costs | Other Special Items | % of Srvc revs, ex. D&A and Special Items |\n| --- | --- | --- | --- | --- |\n| Q2 2023 | $2,916 | $2,720 | | 17.3% |\n| Q3 2023 | $2,886 | $2,612 | | 16.4% |\n| Q4 2023 | $2,792 | $2,646 | | 16.5% |\n| Q1 2024 | $2,688 | $2,580 | | 16.0% |\n| Q2 2024 | $2,664 | $2,591 | | 15.8% |",
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      "Sequential: Cost of services, exclusive of D&A, decreased slightly primarily due to: Slightly lower Merger-related costs related to network decommissioning and integration"
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    "title": "Selling, General and Administrative (SG&A) Expense",
    "subtitle": "Year-Over-Year",
    "markdown": "| Period | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |\n| --- | --- | --- | --- | --- | --- |\n| SG&A expense, ex. Special Items | $5,272 | $5,334 | $5,280 | $5,138 | $5,142 |\n| Merger-related costs (gain), net | $5,138 | $4,940 | $5,164 | $5,103 | $5,187 |\n| % of Srvc revs, ex. Special Items | 32.6% | 31.0% | 32.2% | 31.7% | 31.6% |",
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  {
    "title": "Net Income",
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    "markdown": "| Quarter | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |\n| --- | --- | --- | --- | --- | --- |\n| Net Income ($ millions) | $2,221 | $2,142 | $2,014 | $2,374 | $2,925 |\n| % of Service revenues | 14.1% | 13.5% | 12.6% | 14.7% | 17.8% |",
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      "Year-Over-Year: Net income was $2.9 billion and Diluted earnings per share was $2.49 in Q2 2024, compared to $2.2 billion and $1.86 in Q2 2023, primarily due to the factors described above and included the following, net of tax: Merger-related costs of $207 million, or $0.17 per share, in Q2 2023",
      "Sequential: Net income was $2.9 billion and Diluted earnings per share was $2.49 in Q2 2024, compared to $2.4 billion and $2.00 in Q1 2024, primarily due to the factors described above and included the following, net of tax: Merger-related costs of $97 million, or $0.08 per share, in Q1 2024"
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    "title": "Core Adjusted EBITDA*",
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    "markdown": "| $7,336 | $7,547 | $7,181 | $7,617 | $8,027 |",
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    "title": "Year-Over-Year",
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    "markdown": "| Explanation |\n| --- |\n| Net cash provided by operating activities increased 27% primarily due to: |\n| \u2022 Higher Net income, adjusted for non-cash income and expenses |\n| \u2022 Lower net cash outflows from changes in working capital |",
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    "title": "Net Cash Provided by Operating Activities ($ in millions)",
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    "markdown": "| | Details |\n| --- | --- |\n| Net cash provided by operating activities increased 9% primarily due to: | |\n| \u25a0 | Higher Net income, adjusted for non-cash income and expenses |\n| | The impact of net payments for Merger-related costs on Net cash provided by operating activities was $241 million in Q2 |",
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    "title": "Cash Purchases of Property and Equipment, incl. Capitalized Interest",
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    "markdown": "| Quarter | Cash Purchases ($ millions) | % of Service Revenues |\n| --- | --- | --- |\n| Q2 2023 | $2,789 | 17.7% |\n| Q3 2023 | $2,424 | 15.2% |\n| Q4 2023 | $1,587 | 9.9% |\n| Q1 2024 | $2,627 | 16.3% |\n| Q2 2024 | $2,040 | 12.4% |",
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      "Year-Over-Year: Cash purchases of property and equipment, including capitalized interest, decreased 27% primarily due to: Increased capital efficiencies from accelerated investments in our nationwide 5G network build-out in previous years",
      "Sequential: Cash purchases of property and equipment, including capitalized interest, decreased 22% primarily due to: Increased capital efficiencies from accelerated investments in our nationwide 5G network build-out in previous years"
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    "title": "Adjusted Free Cash Flow",
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    "markdown": "| Category | Description |\n| --- | --- |\n| Year-Over-Year | |\n| | Adjusted Free Cash Flow increased 54% primarily due to: |\n| | \u2022 Higher Net cash provided by operating activities |\n| | \u2022 Lower Cash purchases of property and equipment |\n| | \u2022 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. |\n| | |\n| Sequential | |\n| | Adjusted Free Cash Flow increased 33% primarily due to: |\n| | \u2022 Lower Cash purchases of property and equipment |\n| | \u2022 Higher Net cash provided by operating activities |",
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      "Year-Over-Year values: Q2 2023 = $2,877; Q3 2023 = $4,003; Q4 2023 = $4,305; Q1 2024 = $3,347; Q2 2024 = $4,439"
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      "Total debt, excluding tower obligations, at the end of Q2 2024 was $80.0 billion.",
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    "title": "2024 Outlook",
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    "markdown": "| Metric | Previous | Revised | Change at Midpoint |\n| --- | --- | --- | --- |\n| Postpaid net customer additions | 5.2 to 5.6 million | 5.4 to 5.7 million | 150 thousand |\n| Net income (1) | N/A | N/A | N/A |\n| Effective tax rate | 24% to 26% | 24% to 25% | (50) bps |\n| Core Adjusted EBITDA (2) | $31.4 to $31.9 billion | $31.5 to $31.8 billion | No change |\n| Net cash provided by operating activities | $21.6 to $22.3 billion | $21.8 to $22.2 billion | $50 million |\n| Capital expenditures (3) | $8.6 to $9.4 billion | $8.7 to $9.1 billion | $(100) million |\n| Adjusted Free Cash Flow (4) | $16.4 to $16.9 billion | $16.6 to $17.0 billion | $150 million |",
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      "(1) 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 GAAP 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.",
      "(2) Management uses Core Adjusted EBITDA as a measure to monitor the financial performance of our operations, excluding the impact of lease revenues from our related device financing programs. Our guidance ranges assume lease revenues of approximately $100 million for 2024.",
      "(3) Capital expenditures means cash purchases of property and equipment, including capitalized interest.",
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    "title": "T-Mobile US, Inc. Condensed Consolidated Balance Sheets",
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    "markdown": "| | June 30, 2024 | December 31, 2023 |\n| --- | --- | --- |\n| Assets |  |  |\n| Current assets |  |  |\n| Cash and cash equivalents | $ 6,417 | $ 5,135 |\n| Accounts receivable, net of allowance for credit losses of $160 and $161 | 4,563 | 4,692 |\n| Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $587 and $623 | 3,776 | 4,456 |\n| Inventory | 1,319 | 1,678 |\n| Prepaid expenses | 1,059 | 702 |\n| Other current assets | 2,163 | 2,352 |\n| Total current assets | 19,297 | 19,015 |\n| Property and equipment, net | 38,222 | 40,432 |\n| Operating lease right-of-use assets | 26,240 | 27,135 |\n| Financing lease right-of-use assets | 3,271 | 3,270 |\n| Goodwill | 13,015 | 12,234 |\n| Spectrum licenses | 98,661 | 96,707 |\n| Other intangible assets, net | 2,978 | 2,618 |\n| Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $132 and $150 | 1,780 | 2,042 |\n| Other assets | 5,093 | 4,229 |\n| Total assets | $ 208,557 | $ 207,682 |\n| Liabilities and Stockholders' Equity |  |  |\n| Current liabilities |  |  |\n| Accounts payable and accrued liabilities | $ 7,591 | $ 10,373 |\n| Short-term debt | 5,867 | 3,619 |\n| Deferred revenue | 1,098 | 825 |\n| Short-term operating lease liabilities | 3,202 | 3,555 |\n| Short-term financing lease liabilities | 1,252 | 1,260 |\n| Other current liabilities | 4,028 | 1,296 |\n| Total current liabilities | 23,038 | 20,928 |\n| Long-term debt | 70,203 | 69,903 |\n| Long-term debt to affiliates | 1,496 | 1,496 |\n| Tower obligations | 3,725 | 3,777 |\n| Deferred tax liabilities | 15,022 | 13,458 |\n| Operating lease liabilities | 27,272 | 28,240 |\n| Financing lease liabilities | 1,133 | 1,236 |\n| Other long-term liabilities | 4,032 | 3,929 |\n| Total long-term liabilities | 122,883 | 122,039 |\n| Commitments and contingencies |  |  |\n| Stockholders' equity |  |  |\n| 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 | \u2014 | \u2014 |\n| Additional paid-in capital | 68,463 | 67,705 |\n| Treasury stock, at cost, 103,032,151 and 67,096,823 shares issued | (15,270) | (9,373) |\n| Accumulated other comprehensive loss | (917) | (964) |\n| Retained earnings | 10,360 | 7,347 |\n| Total stockholders' equity | 62,636 | 64,715 |\n| Total liabilities and stockholders' equity | $ 208,557 | $ 207,682 |",
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    "title": "T-Mobile US, Inc. Condensed Consolidated Statements of Comprehensive Income",
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    "markdown": "| | Three Months Ended June 30, 2024 | Three Months Ended March 31, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 |\n| --- | --- | --- | --- | --- | --- |\n| Supplemental disclosure of cash flow information |  |  |  |  |  |\n| Interest payments, net of amounts capitalized | $ 935 | $ 896 | $ 896 | $ 1,831 | $ 1,736 |\n| Operating lease payments | 1,457 | 1,344 | 1,483 | 2,801 | 2,797 |\n| Income tax payments | 107 | 7 | 95 | 114 | 122 |\n| Non-cash investing and financing activities |  |  |  |  |  |\n| Non-cash beneficial interest obtained in exchange for securitized receivables | $ 833 | $ 661 | $ 1,109 | $ 1,494 | $ 2,228 |\n| Change in accounts payable and accrued liabilities for purchases of property and equipment | (232) | (894) | (408) | (1,126) | (737) |\n| Operating lease right-of-use assets obtained in exchange for lease obligations | 344 | 487 | 674 | 831 | 1,113 |\n| Financing lease right-of-use assets obtained in exchange for lease obligations | 311 | 263 | 324 | 574 | 563 |\n| Contingent and other deferred consideration related to the Ka'ena Acquisition | 210 | \u2014 | \u2014 | 210 | \u2014 |",
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    "title": "T-Mobile US, Inc. Supplementary Operating and Financial Data",
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    "markdown": "| | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2024 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Customers, end of period |  |  |  |  |  |  |  |  |\n| Postpaid phone customers (1) | 73,372 | 74,132 | 74,982 | 75,936 | 76,468 | 77,245 | 74,132 | 77,245 |\n| Postpaid other customers (1) | 20,153 | 20,954 | 21,330 | 22,116 | 22,804 | 23,365 | 20,954 | 23,365 |\n| Total postpaid customers | 93,525 | 95,086 | 96,312 | 98,052 | 99,272 | 100,610 | 95,086 | 100,610 |\n| Prepaid customers (2) | 21,392 | 21,516 | 21,595 | 21,648 | 21,600 | 25,283 | 21,516 | 25,283 |\n| Total customers | 114,917 | 116,602 | 117,907 | 119,700 | 120,872 | 125,893 | 116,602 | 125,893 |\n| Adjustments to customers (1) (2) | \u2014 | \u2014 | \u2014 | 170 | \u2014 | 3,504 | \u2014 | 3,504 |",
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    "markdown": "| | Mar 31, 2023 | Jun 30, 2023 | Sep 30, 2023 | Dec 31, 2023 | Mar 31, 2024 | Jun 30, 2024 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Short-term debt | $5,215 | $7,731 | $3,437 | $3,619 | $5,356 | $5,867 |\n| Short-term financing lease liabilities | 1,180 | 1,220 | 1,286 | 1,260 | 1,265 | 1,252 |\n| Long-term debt | 68,035 | 68,646 | 70,365 | 69,903 | 71,361 | 70,203 |\n| Long-term debt to affiliates | 1,495 | 1,495 | 1,496 | 1,496 | 1,496 | 1,496 |\n| Financing lease liabilities | 1,284 | 1,254 | 1,273 | 1,236 | 1,163 | 1,133 |\n| Less: Cash and cash equivalents | (4,540) | (6,647) | (5,030) | (5,135) | (6,708) | (6,417) |\n| Net debt (excluding tower obligations) | $72,669 | $73,699 | $72,827 | $72,379 | $73,933 | $73,534 |\n| Divided by: Last twelve months Net income | $3,817 | $6,146 | $7,780 | $8,317 | $8,751 | $9,455 |\n| Net debt (excluding tower obligations) to LTM Net income Ratio | 19.0 | 12.0 | 9.4 | 8.7 | 8.4 | 7.8 |\n| Divided by: Last twelve months Adjusted EBITDA | $28,070 | $28,471 | $29,032 | $29,428 | $29,881 | $30,529 |\n| Net debt (excluding tower obligations) to LTM Adjusted EBITDA Ratio | 2.6 | 2.6 | 2.5 | 2.5 | 2.5 | 2.4 |\n| Divided by: Last twelve months Core Adjusted EBITDA | $26,980 | $27,698 | $28,517 | $29,116 | $29,681 | $30,372 |\n| Net debt (excluding tower obligations) to LTM Core Adjusted EBITDA Ratio | 2.7 | 2.7 | 2.6 | 2.5 | 2.5 | 2.4 |",
    "footnotes": [
      "Net debt (excluding tower obligations) to the LTM Net income, LTM Adjusted EBITDA and LTM Core Adjusted EBITDA ratios are calculated as follows:"
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    "title": "Adjusted Free Cash Flow is calculated as follows:",
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    "markdown": "| | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2024 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Net cash provided by operating activities | $4,051 | $4,355 | $5,294 | $4,859 | $5,084 | $5,521 | $8,406 | $10,605 |\n| 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) |\n| Proceeds from sales of tower sites | 6 | 2 | 2 | 2 | \u2014 | \u2014 | 8 | \u2014 |\n| Proceeds related to beneficial interests in securitization transactions | 1,345 | 1,309 | 1,131 | 1,031 | 890 | 958 | 2,654 | 1,848 |\n| Adjusted Free Cash Flow | $2,401 | $2,877 | $4,003 | $4,305 | $3,347 | $4,439 | $5,278 | $7,786 |\n| Net cash provided by operating activities margin | 26.1% | 27.7% | 33.3% | 30.3% | 31.6% | 33.6% | 26.9% | 32.6% |\n| Adjusted Free Cash Flow margin | 15.4% | 18.3% | 25.2% | 26.8% | 20.8% | 27.0% | 16.9% | 23.9% |",
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    "title": "The current guidance range for Adjusted Free Cash Flow is calculated as follows:",
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    "markdown": "| Metric | FY 2024 Guidance Range | FY 2024 Guidance Range |\n| --- | --- | --- |\n| | Low | High |\n| Net cash provided by operating activities | $ 21,800 | $ 22,200 |\n| Cash purchases of property and equipment, including capitalized interest | (8,700) | (9,100) |\n| Proceeds related to beneficial interests in securitization transactions (1) | 3,500 | 3,900 |\n| Adjusted Free Cash Flow | $ 16,600 | $ 17,000 |",
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    "title": "The previous guidance range for Adjusted Free Cash Flow was calculated as follows:",
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    "markdown": "| FY 2024 Guidance Range | Low | High |\n| --- | --- | --- |\n| Net cash provided by operating activities | $ 21,600 | $ 22,300 |\n| Cash purchases of property and equipment, including capitalized interest | (8,600) | (9,400) |\n| Proceeds related to beneficial interests in securitization transactions (1) | 3,400 | 4,000 |\n| Adjusted Free Cash Flow | $ 16,400 | $ 16,900 |",
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  {
    "title": "Definitions of Terms",
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    "markdown": "| | Definition |\n| --- | --- |\n| | 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. |\n| 1. Account | A 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. |\n| 2. Customer | A 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. |\n| 3. Churn | The 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. |\n| 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. |\n| 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. |\n| 4. Service revenues | Postpaid, including handset insurance, prepaid, wholesale and other service revenues. |\n| 5. Cost of services | Costs 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. |\n| 5. Cost of equipment sales | Costs 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. |\n| 5. Selling, general and administrative expenses | Costs 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. |\n| 6. Net income margin | Net income divided by Service revenues. |\n| 7. Adjusted EBITDA and Core Adjusted EBITDA | Adjusted 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\"). |\n| 8. Special Items | Certain 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. |\n| 9. Adjusted EBITDA margin and Core Adjusted EBITDA margin | Adjusted 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. |\n| 10. Net cash provided by operating activities margin | Net cash provided by operating activities margin is calculated as Net cash provided by operating activities divided by Service revenues. |\n| 11. Adjusted Free Cash Flow | Net 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. |\n| 12. Adjusted Free Cash Flow margin | Adjusted 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. |",
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