Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

1463d41408315c7406759913aa5d7b0410a009b25a3bf3c15319c1beddeabbb0

T-Mobile US, Inc. is a leading provider of mobile communications services in the United States, Puerto Rico, and the U.S. Virgin Islands, offering voice, messaging, and data services primarily through its 4G LTE and 5G networks **[0001283699-24-000008_tmus-20231231.htm:85]** **[0001283699-24-000008_tmus-20231231.htm:7]**. The company operates under the flagship brands T-Mobile and Metro by T-Mobile and provides a wide selection of wireless devices, including smartphones, tablets, wearables, and home broadband routers, along with accessories and equipment installment plans (EIP) for financing device purchases **[0001283699-24-000008_tmus-20231231.htm:85]** **[0001283699-24-000008_tmus-20231231.htm:7]**. T-Mobile's most popular service plan is Go5G Plus, which offers unlimited talk, text, and data, 5G access, and other features **[0001283699-24-000008_tmus-20231231.htm:7]**. In addition to mobile services, T-Mobile provides High Speed Internet through a fixed wireless product that utilizes their 5G network, offering an alternative to traditional landline internet services **[0001283699-24-000008_tmus-20231231.htm:7]**.

1. **Postpaid Services** - Offers mobile communication services to customers who are billed after usage, contributing significantly to service revenues **[0001283699-24-000008_tmus-20231231.htm:7]**.
2. **Prepaid Services** - Provides mobile services to customers who pay in advance, catering to those who prefer not to commit to long-term contracts **[0001283699-24-000008_tmus-20231231.htm:7]**.
3. **Wholesale Wireless Services** - Allows partners to sell services using T-Mobile's network, expanding the company's reach through third-party vendors **[0001283699-24-000008_tmus-20231231.htm:7]**.
4. **High Speed Internet** - Delivers internet services through a fixed wireless product utilizing the 5G network, providing an alternative to traditional landline internet **[0001283699-24-000008_tmus-20231231.htm:7]**.
5. **Wireless Devices and Accessories** - Sells a variety of devices such as smartphones, tablets, wearables, and home broadband routers, along with related accessories **[0001283699-24-000008_tmus-20231231.htm:85]** **[0001283699-24-000008_tmus-20231231.htm:7]**.
6. **Specialized Service Plans** - Offers tailored plans for specific customer segments, including Military and Veterans, First Responders, and customers aged 55 and over **[0001283699-24-000008_tmus-20231231.htm:7]**.

677807dbbe9eafe10742a44f034ce6111d77cc1c43b48bc1802d13dbe9a9f9f5

4be19a8a7daed992a47879596aa70227df7d59458a1460856aeba23a2c9d517b

| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Postpaid Revenues        | 11,725  **[0001283699-23-000007_tmus12312022ex992.htm:7]**  | 11,862  **[0001283699-23-000087_tmus-20230331.htm:38]**  | 12,100  **[0001283699-23-000133_tmus06302023ex991.htm:1]**  | 12,288  **[0001283699-23-000151_tmus-20230930.htm:23]**  | 12,500  **[0001283699-24-000004_tmus12312023ex991.htm:0]**  | 12,631  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 12,899  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 13,308  **[0001283699-24-000142_tmus-20240930.htm:28]**  |
| Prepaid Revenues         | 2,449  **[0001283699-23-000007_tmus12312022ex992.htm:7]**   | 2,417  **[0001283699-23-000087_tmus-20230331.htm:38]**   | N/A         | 2,473  **[0001283699-23-000151_tmus-20230930.htm:3]**  | N/A         | 2,403  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 2,592  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 2,716  **[0001283699-24-000142_tmus-20240930.htm:28]**  |
| Wholesale and Other Service Revenues | 1,344  **[0001283699-23-000007_tmus12312022ex992.htm:7]**  | 1,267  **[0001283699-23-000087_tmus-20230331.htm:38]**  | N/A         | 1,153  **[0001283699-23-000151_tmus-20230930.htm:3]**  | N/A         | 1,062  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 938  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 701  **[0001283699-24-000142_tmus-20240930.htm:28]**  |
| Total Service Revenues   | 15,518  **[0001283699-23-000007_tmus12312022ex992.htm:7]**  | 15,546  **[0001283699-23-000087_tmus-20230331.htm:38]**  | 15,700  **[0001283699-23-000133_tmus06302023ex991.htm:1]**  | 15,914  **[0001283699-23-000149_tmus09302023ex991.htm:1]**  | 16,000  **[0001283699-24-000004_tmus12312023ex991.htm:3]**  | 16,096  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 16,429  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 16,725  **[0001283699-24-000142_tmus-20240930.htm:3]**  |
| Equipment Revenues       | 4,451  **[0001283699-23-000007_tmus12312022ex992.htm:7]**   | 3,719  **[0001283699-23-000087_tmus-20230331.htm:38]**   | N/A         | 3,076  **[0001283699-23-000151_tmus-20230930.htm:3]**  | N/A         | 3,251  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 3,106  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 3,207  **[0001283699-24-000142_tmus-20240930.htm:3]**  |
| Other Revenues           | 304  **[0001283699-23-000007_tmus12312022ex992.htm:7]**     | 367  **[0001283699-23-000087_tmus-20230331.htm:38]**     | N/A         | 262  **[0001283699-23-000151_tmus-20230930.htm:3]**  | N/A         | 247  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 237  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 230  **[0001283699-24-000142_tmus-20240930.htm:3]**  |
| Total Revenues           | 20,273  **[0001283699-23-000007_tmus12312022ex992.htm:7]**  | 19,632  **[0001283699-23-000087_tmus-20230331.htm:38]**  | 19,200  **[0001283699-23-000133_tmus06302023ex991.htm:3]**  | 19,252  **[0001283699-23-000151_tmus-20230930.htm:3]**  | 20,500  **[0001283699-24-000004_tmus12312023ex991.htm:3]**  | 19,594  **[0001283699-24-000065_tmus-20240331.htm:3]**  | 19,772  **[0001283699-24-000111_tmus-20240630.htm:27]**  | 20,162  **[0001283699-24-000142_tmus-20240930.htm:3]**  |

846026e770bf76f6aca33db1b3376871662078a1cf9a73bda7e37d7651e0feac

1. Given your recent spectrum transactions involving the 3.45 GHz and 2.5 GHz bands, can you elaborate on how these moves align with your long-term spectrum strategy and network deployment plans, particularly regarding urban versus rural coverage priorities?  **[TMUS_3403409_6]** 

2. With Deutsche Telekom expressing intentions to increase its ownership stake in T-Mobile, how might this impact your capital allocation strategies, especially concerning share buybacks and investments in growth opportunities, and what should minority shareholders expect from this development?  **[TMUS_3403409_7]** 

3. Your guidance for postpaid phone net additions implies a potential deceleration in the fourth quarter; is this due to increasing competitive pressures or other factors, and how confident are you in achieving or exceeding this target?  **[TMUS_3403409_7]** 

4. Can you provide specific quantification of the expected cost savings or margin improvements from your digitalization initiatives, and how will you ensure these efforts translate into tangible financial benefits over the next few years?  **[TMUS_3403409_6]** 

5. Regarding the U.S. Cellular acquisition, can you detail the anticipated regulatory challenges and how you plan to integrate their assets to deliver both lower prices and better network experiences without disrupting your existing operations?  **[TMUS_3403409_15]** 

0c01f5f39ad8729d46c26058de3d50c7fb043cc0fa216e3213d6f02a07553326

- **AT&T Inc.** - Traditional Mobile Network Operator (MNO) and competitor in wireless communications services  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .
- **Verizon Communications, Inc.** - Traditional MNO and competitor in wireless communications services  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .
- **DISH Network Corporation** - Competitor as it continues to grow its network  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .
- **Comcast Corporation** - Smaller and regional provider offering wireless services under MVNO agreements  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .
- **Charter Communications, Inc.** - Smaller and regional provider offering wireless services under MVNO agreements  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .
- **Cox Communications, Inc.** - Smaller and regional provider offering wireless services under MVNO agreements  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .
- **Altice USA, Inc.** - Smaller and regional provider offering wireless services under MVNO agreements  **[0001283699-24-000008_tmus-20231231.htm:9]** **[0001283699-24-000008_tmus-20231231.htm:17]** .

12f90fbaf4c4149334b630ae27a3b77cea00fb365757b7f0f7c7b7def9c5a134

b6d330c0389e1c57ec352b303d3a309793879982c72b467127a421d3b809e312

5565e50dc42b522f6410ade0dba1f95913f2152752594e1449ee0e30761915dd

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Total Postpaid Customer Net Additions**: Expected to be between **5.6 million and 5.8 million**, up 150,000 at the midpoint relative to the prior guidance  **[TMUS_3403409_4]** .
  2. **Postpaid Phone Customer Net Additions**: Expected to be approximately **3 million** for the full year  **[TMUS_3403409_4]** .
  3. **Postpaid ARPA (Average Revenue Per Account)**: Expected to be up around **3% year-over-year**  **[TMUS_3403409_4]** .
  4. **Core Adjusted EBITDA**: Expected to be between **$31.6 billion and $31.8 billion** for the full year, up $50 million at the midpoint  **[TMUS_3403409_4]** .
  5. **Cash CapEx**: Expected to be between **$8.8 billion and $9 billion**, unchanged at the midpoint  **[TMUS_3403409_4]** .
  6. **Adjusted Free Cash Flow**: Expected to be in the range of **$16.7 billion to $17 billion**, up $50 million at the midpoint  **[TMUS_3403409_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Total Postpaid Customer Net Additions**: Expected to be between **5.4 million and 5.7 million**, up 150,000 at the midpoint  **[TMUS_3395275_3]** .
  2. **Postpaid Phone Net Customer Additions**: Expected to be approximately half of the total postpaid additions  **[TMUS_3395275_3]** .
  3. **Postpaid ARPA (Average Revenue Per Account)**: Expected to be up to **3% higher year-over-year**  **[TMUS_3395275_3]** .
  4. **Core Adjusted EBITDA**: Expected to be between **$31.5 billion and $31.8 billion**, unchanged at the midpoint  **[TMUS_3395275_3]** .
  5. **Cash CapEx**: Expected to be between **$8.7 billion and $9.1 billion**  **[TMUS_3395275_3]** .
  6. **Adjusted Free Cash Flow**: Expected to be in the range of **$16.6 billion to $17 billion**, up $150 million at the midpoint  **[TMUS_3395275_3]** .
  7. **Impact of ACP (Affordable Connectivity Program)**: Expected to be in the range of **$350 million to $450 million**  **[TMUS_3395275_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Total Postpaid Net Customer Additions**: Expected to be between **5.2 million and 5.6 million**, up $150,000 at the midpoint  **[TMUS_3380816_3]** .
  2. **Full Year Postpaid ARPA (Average Revenue Per Account)**: Expected to grow up to **3%** in 2024  **[TMUS_3380816_3]** .
  3. **Core Adjusted EBITDA**: Expected to be between **$31.4 billion and $31.9 billion**, up 9% year-over-year at the midpoint  **[TMUS_3380816_3]** .
  4. **Cash CapEx**: Expected to be between **$8.6 billion and $9.4 billion**  **[TMUS_3380816_3]** .
  5. **Adjusted Free Cash Flow**: Expected to be in the range of **$16.4 billion to $16.9 billion**, up 23% over last year at the midpoint  **[TMUS_3380816_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Total Postpaid Net Customer Additions**: Expected to be between **5 million and 5.5 million**  **[TMUS_3370837_3]** .
  2. **Core Adjusted EBITDA**: Expected to be between **$31.3 billion and $31.9 billion**, representing nearly a 9% year-over-year increase at the midpoint  **[TMUS_3370837_3]** .
  3. **Cash CapEx**: Expected to be between **$8.6 billion and $9.4 billion**  **[TMUS_3370837_3]** .
  4. **Free Cash Flow**: Expected to be in the range of **$16.3 billion to $16.9 billion**, up approximately 22% over the previous year at the midpoint  **[TMUS_3370837_4]** .
  5. **Postpaid ARPA (Average Revenue Per Account)**: Expected to increase by approximately **2%** in 2024  **[TMUS_3370837_4]** .

06684791ddfb4f00e9c5b4175ef1e4ecd5d71f3cd76b6a45589010520817321c

| Name              | Position                                              | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|-------------------|-------------------------------------------------------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| G. Michael Sievert| President and Chief Executive Officer                 | April 2020       | G. Michael (Mike) Sievert is the President and CEO of T-Mobile US, Inc. He joined T-Mobile in November 2012 as Executive Vice President and Chief Marketing Officer. Prior to T-Mobile, he held leadership roles at Clearwire Corporation, Switchbox Labs, Microsoft Corporation, AT&T Wireless, E*TRADE Financial, Procter & Gamble, and IBM  **[0001193125-24-117940_d562184ddef14a.htm:43]** **[0001193125-23-126842_d435364ddef14a.htm:41]** .               |
| Peter Osvaldik    | Executive Vice President and Chief Financial Officer  | July 2020        | Peter Osvaldik is responsible for leading the financial, procurement, and supply chain functions at T-Mobile. He was previously the Chief Accounting Officer and Senior Vice President of Finance. Before T-Mobile, he worked at Outerwall Inc. and PricewaterhouseCoopers LLP  **[0001193125-24-117940_d562184ddef14a.htm:45]** **[0001193125-23-126842_d435364ddef14a.htm:42]** .                                                                             |
| Mark W. Nelson    | Executive Vice President and General Counsel          | October 2021     | Mark W. Nelson oversees T-Mobile's legal and government affairs. He practiced law for over 25 years at Cleary Gottlieb Steen & Hamilton LLP, specializing in mergers, antitrust counseling, litigation, and regulatory proceedings  **[0001193125-24-117940_d562184ddef14a.htm:47]** **[0001193125-23-126842_d435364ddef14a.htm:45]** .                                                                                                                        |
| Michael J. Katz   | President, Marketing, Strategy & Products             | October 2023     | Michael J. Katz leads the Marketing, Product, Strategy, T-Ads, and Wholesale teams at T-Mobile. He has been with T-Mobile for over 20 years, previously serving as President of the Business Group and Chief Marketing Officer  **[0001193125-24-117940_d562184ddef14a.htm:47]** .                                                                                                                             |
| Jonathan A. Freier| President, Consumer Group                             | N/A              | Jonathan A. Freier leads consumer-facing brands and operations for postpaid and prepaid customer segments at T-Mobile. He began his wireless career in 1994 with Western Wireless, T-Mobile's predecessor, and has over 25 years of experience in the telecommunications industry  **[0001193125-24-117940_d562184ddef14a.htm:46]** **[0001193125-23-126842_d435364ddef14a.htm:44]** .                                                                         |
| Callie R. Field   | President, Business Group                             | N/A              | Callie R. Field leads the T-Mobile for Business team. She started her career at T-Mobile in 2004 and has held various leadership roles, including Executive Vice President and Chief Customer Experience Officer  **[0001193125-24-117940_d562184ddef14a.htm:46]** **[0001193125-23-126842_d435364ddef14a.htm:43]** .                                                                                                                                        |
| Néstor Cano       | Executive Vice President, Transformation and Chief Information and Digital Officer | June 2023        | Néstor Cano oversees T-Mobile's IT teams and infrastructure. He was previously the Executive Vice President, Integration and Transformation & Strategic Advisor to the CEO. Before T-Mobile, he was COO at Sprint and held leadership roles at Tech Data  **[0001193125-24-117940_d562184ddef14a.htm:45]** **[0001283699-24-000008_tmus-20231231.htm:38]** **[0001193125-24-117940_d562184ddef14a.htm:17]** .                                                                                              |
| Ulf Ewaldsson     | President, Technology                                 | April 10, 2023   | Ulf Ewaldsson was previously the Executive Vice President & Chief Network Officer and Senior Vice President of Technology Transformation at T-Mobile. Before joining T-Mobile, he held leadership positions at Telefonaktiebolaget LM Ericsson, including CTO and Chief Strategy Officer  **[0001193125-23-126842_d435364ddef14a.htm:43]** **[0001193125-24-117940_d562184ddef14a.htm:46]** .                                                               |
| Deeanne King      | Executive Vice President and Chief People Officer     | N/A              | Deeanne King leads the human resources function at T-Mobile. She has over 30 years of experience, primarily at Sprint, where she was Chief Human Resources Officer and Chief Diversity Officer. She joined T-Mobile after the merger with Sprint  **[0001193125-24-117940_d562184ddef14a.htm:47]** **[0001193125-23-126842_d435364ddef14a.htm:44]** .                                                                                                          |

6c94e94496ac69b21c36c8b6033edca80915ca4b7cee95eab446004e1d456a5f

| Program Details          | Program 1        |
|--------------------------|------------------|
| Approval Date            | **September 6, 2023**  **[0001283699-24-000142_tmus-20240930.htm:30]**  |
| End Date/Duration        | **October 1, 2023 - December 31, 2024**  **[0001283699-24-000142_tmus-20240930.htm:30]**  |
| Total additional amount  | **$19.0 billion**  **[0001283699-24-000142_tmus-20240930.htm:30]**  |
| Remaining authorization amount | **$6.4 billion** (as of October 18, 2024)  **[0001283699-24-000142_tmus-20240930.htm:30]**  |
| Details                  | The program is designed to return value to shareholders through share repurchases and cash dividends. The timing and amount depend on factors like share prices, economic conditions, and company performance. The program can be suspended or discontinued at any time.  **[0001283699-24-000008_tmus-20231231.htm:133]**  |

7606a0d2dce6ea8a0047b302257ad7227af1302d51d6d60bc28c17e4ee396d21

**Annual guidance for FY 2024:**
- **Total Postpaid Customer Net Additions**: 5.6 million to 5.8 million  **[TMUS_3403409_4]**  (raised from 5.4 million to 5.7 million  **[TMUS_3395275_3]** )  
- **Postpaid Phone Customer Net Additions**: 3 million  **[TMUS_3403409_4]**  (raised from approximately half of 5.4 million to 5.7 million  **[TMUS_3395275_3]** )  
- **Postpaid ARPA**: up around 3% year-over-year  **[TMUS_3403409_4]**  (no change from up to 3% higher year-over-year  **[TMUS_3395275_3]** )  
- **Core Adjusted EBITDA**: $31.6 billion to $31.8 billion  **[TMUS_3403409_4]**  (raised from $31.5 billion to $31.8 billion  **[TMUS_3395275_3]** )  
- **Cash CapEx**: $8.8 billion to $9.0 billion  **[TMUS_3403409_4]**  (no change from $8.7 billion to $9.1 billion  **[TMUS_3395275_3]** )  
- **Adjusted Free Cash Flow**: $16.7 billion to $17.0 billion  **[TMUS_3403409_4]**  (raised from $16.6 billion to $17.0 billion  **[TMUS_3395275_3]** )  

fb38950e6bc85ea03ab13611e07796aa1ba0f60294dcdc7d3cd8db0f11048702

| Name                     | Start Date | End Date   | Reason for Change                                                                 |
|--------------------------|------------|------------|----------------------------------------------------------------------------------|
| Deloitte & Touche LLP    | 2022  **[0001283699-23-000016_tmus-20221231.htm:80]**    | Present    | Current auditor.                                                                |
| PricewaterhouseCoopers LLP (PwC) | N/A        | April 13, 2022  **[0001283699-22-000073_tmus-20220413.htm:1]**  | The change was made as part of a comprehensive selection process and to align with Deutsche Telekom AG's auditor, Deloitte, in compliance with European Union regulations on auditor rotation requirements.  **[0001283699-22-000073_tmus-20220413.htm:1]**  |

6d91d7e94352af6f3a715c299b6a747fe77c14d9b55a7e73e2e46bcf995639b7

6fe6f73a72f42b11fbf76085a159817322401976f8720c4915b09ebd3c9c28ea

- T-Mobile increased its 2025 service revenue growth guidance to approximately **5%**, up from the previous **4%**, reflecting strong financial momentum and confidence in continued customer growth.  **[TMUS_3413529_3]** ,  **[TMUS_3413529_4]**
- The company is pursuing strategic acquisitions and partnerships, including **U.S. Cellular**, **MetroNet**, and **Lumos**, which are expected to be accretive and enhance future growth opportunities.  **[TMUS_3413529_8]**
- T-Mobile provided its highest-ever guidance for total postpaid customer net additions of between **5.5 million and 6 million** in 2025, indicating strong demand across all business segments and confidence in capturing market share.  **[TMUS_3413529_3]** ,  **[TMUS_3413529_8]** ,  **[TMUS_3413529_4]**

7bbf539e4fc41562b54c39ac9a3c6015b59b9ef46b1ab9941187507fb8402666

- **Declining wholesale revenue due to major partners offloading traffic**: T-Mobile anticipates that **2025 will be the low point for wholesale revenue**, as partners like **TracFone and DISH are building their own networks and moving off T-Mobile's**, ultimately reducing their contributions to zero. This reduction in wholesale revenue could pressure overall revenue growth and offset gains elsewhere.  **[TMUS_3413529_4]**
- **Significant capital investments and integration risks from acquisitions**: The company is embarking on several acquisitions and joint ventures, including **U.S. Cellular, MetroNet, and Lumos**, which, while potentially value-accretive in the long run, could impact **free cash flow** due to required capital investments. Additionally, there are risks associated with integrating these businesses, and the company provided limited details on the expected **EBITDA** contributions or potential operational challenges.  **[TMUS_3413529_6]** **[TMUS_3413529_8]**
- **Potential capacity constraints limiting fixed wireless growth**: T-Mobile manages fixed wireless customer additions carefully to **avoid network congestion**, especially in highly utilized cells. This suggests that there may be **limits to growth in fixed wireless broadband** due to capacity constraints, which could hinder the company's ability to sustain its current rate of customer additions in this segment.  **[TMUS_3413529_7]**

eb44d544934af824d7f07dc400df89e635d4f4708a7f0e9f3118c23d2eec0d3a

1. **Capital Allocation and Buybacks**  
   **Q:** How are you thinking about the pace of buybacks in 2025 given acquisitions?  
   **A:** We have contemplated all announced acquisitions and JV partnerships, including U.S. Cellular and MetroNet Lemos, in our authorization for up to **$14 billion** in 2025.  **[TMUS_3413529_6]**  We expect buyback pacing in 2025 to be more **ratable during the year** as we approach shareholder returns.  **[TMUS_3413529_6]** 

2. **Revenue and Subscriber Guidance**  
   **Q:** What's driving the 5% service revenue growth guidance and confidence in subscriber growth?  
   **A:** Growth is driven by slowing wholesale decline and accelerating **ARPA growth**.  **[TMUS_3413529_4]**  We're outperforming expectations across all areas, gaining share in top 100 markets and rapidly in smaller and rural areas that represent over **40% of the country**.  **[TMUS_3413529_4]**  Exceptional performance in T-Mobile for Business gives us confidence to **tune up our guidance** as we enter 2025.  **[TMUS_3413529_4]** 

3. **ARPU Growth Drivers**  
   **Q:** Is ARPU growth driven by selling more into the base and bundled customer growth?  
   **A:** Yes, **ARPU is driven by growth across all vectors**, including customers self-selecting higher rate plans and momentum in high-speed broadband.  **[TMUS_3413529_5]**  We've achieved the highest-ever year-over-year **fixed broadband ARPU growth**.  **[TMUS_3413529_5]**  Addressing outdated legacy rate plans offers additional **tailwinds** for ARPA growth in 2025.  **[TMUS_3413529_5]** 

4. **Broadband Pricing Strategy**  
   **Q:** How are you approaching broadband pricing and market segmentation?  
   **A:** We're focusing on **competitively priced constructs** that address value shoppers while providing more value when customers trade up.  **[TMUS_3413529_6]**  Changes made in Q4 allowed us to compete for price-discerning customers while realizing significant gains in broadband **ARPA**.  **[TMUS_3413529_6]**  We see opportunities to deepen ARPU within core broadband services and associated offerings.  **[TMUS_3413529_6]** 

5. **Vistar Acquisition and Advertising Ambitions**  
   **Q:** What does the Vistar acquisition indicate about your advertising ambitions?  
   **A:** The Vistar acquisition presents an opportunity to **transform the out-of-home advertising industry**.  **[TMUS_3413529_5]**  By combining Vistar's technology with our customer intelligence, we aim to bring **measurability and impact** to outdoor advertising.  **[TMUS_3413529_5]**  Our goal is to make digital outdoor media **addressable** for the first time, offering marketers insights into media performance and consumer engagement.  **[TMUS_3413529_5]** 

6. **Wholesale Philosophy and MVNO Strategy**  
   **Q:** What's your wholesale philosophy and pricing strategy for MVNO opportunities?  
   **A:** We seek partners who can target audiences better than we can with our existing brands.  **[TMUS_3413529_7]**  Our pricing aims for a **great return on our network**, ensuring margins are attractive at the wholesale level.  **[TMUS_3413529_7]**  We carefully manage capacity to avoid network congestion due to fixed wireless, approving applicants only if sectors have **excess capacity**.  **[TMUS_3413529_7]** 

a6fa739e7816d3a9ebbe805cff5c010ac8db34f19978dc8ef78d835f934ab541

T-Mobile boosts 2025 service revenue growth guidance to 5% (up from 4%), expecting 5.5M–6M postpaid net additions. Wholesale revenue may dip as partners offload traffic, but acquisitions like U.S. Cellular, MetroNet, and Lumos could lift long-term expansion.

12f374046351a2dcb3b01580e89bbf6ae53ee3073b5f2f73e79321d897ec9573

b7462aa330e770a57a831f5ac761fd25f3a408e32e5d96311a2d6d6f74ba1a5c

**Annual guidance for FY 2025:**  
- **Postpaid Customer Net Additions**: 5.5–6.0 million  **[TMUS_3413529_3]**  (no change from 5.6–5.8 million  **[TMUS_3403409_4]** )  
- **Postpaid Phone Customer Net Additions**: Approximately half of the total net adds (≈2.75–3.0 million)  **[TMUS_3413529_3]**  (no change from ~3.0 million  **[TMUS_3403409_4]** )  
- **Service Revenue Growth**: ~5%  **[TMUS_3413529_3]**  (no prior guidance)  
- **Postpaid ARPA Growth**: ~3%  **[TMUS_3413529_3]**  (no change from ~3%  **[TMUS_3403409_4]** )  
- **Core Adjusted EBITDA**: $33.1B–$33.6B  **[TMUS_3413529_3]**  (raised from $31.6B–$31.8B  **[TMUS_3403409_4]** )  
- **Cash CapEx**: ~$9.5B  **[TMUS_3413529_3]**  (raised from $8.8B–$9.0B  **[TMUS_3403409_4]** )  
- **Adjusted Free Cash Flow**: $17.3B–$18.0B  **[TMUS_3413529_3]**  (raised from $16.7B–$17.0B  **[TMUS_3403409_4]** )  
- **Wholesale Revenue**: Expected to reach a low point in 2025  **[TMUS_3413529_4]**  (no prior guidance)  
- **Pending M&A Impact**: Not included in guidance  **[TMUS_3413529_3]**  (no prior guidance)  

fb473f0b3820d204196a1d81308319386d9cb2fe7b8433ea0f8ec68a42d2f0fc

8b7c9d6e598e5019c7147994a6b39602841584c83eb6cd4d8c7a519d7c25027b

| Year | Amount Due (in millions) | Debt Type | Interest Rate (%) | % of Total Debt |
|------|--------------------------|-----------|-------------------|-----------------|
| 2025 | $4,068 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.500% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.500 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.2% = (4,068 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2025 | $3,131 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.738% Series 2018-1 A-1 Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.738 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.0% = (3,131 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2026 | $5,500 **[0001283699-25-000012_tmus-20241231.htm:124]** | 1.500% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 1.500 **[0001283699-25-000012_tmus-20241231.htm:124]** | 7.0% = (5,500 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2027 | $4,500 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.750% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.750 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.7% = (4,500 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2028 | $9,689 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.050% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.050 **[0001283699-25-000012_tmus-20241231.htm:124]** | 12.4% = (9,689 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2029 | $5,671 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.400% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.400 **[0001283699-25-000012_tmus-20241231.htm:124]** | 7.2% = (5,671 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2030 | $7,000 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.875% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.875 **[0001283699-25-000012_tmus-20241231.htm:124]** | 8.9% = (7,000 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2031 | $7,950 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.250% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.250 **[0001283699-25-000012_tmus-20241231.htm:124]** | 10.1% = (7,950 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2032 | $3,777 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.700% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.700 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.8% = (3,777 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2033 | $3,850 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.050% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.050 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.9% = (3,850 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2034 | $2,250 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.150% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.150 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.9% = (2,250 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2035 | $900 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.700% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.700 **[0001283699-25-000012_tmus-20241231.htm:124]** | 1.1% = (900 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2036 | $673 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.850% Senior Notes (EUR-denominated) **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.850 **[0001283699-25-000012_tmus-20241231.htm:124]** | 0.9% = (673 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2040 | $2,000 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.375% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.375 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.6% = (2,000 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2041 | $2,500 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.000% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.000 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.2% = (2,500 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2050 | $3,000 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.500% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.500 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.8% = (3,000 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2051 | $3,000 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.300% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.300 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.8% = (3,000 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2052 | $2,800 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.400% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.400 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.6% = (2,800 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2053 | $1,750 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.650% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.650 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.2% = (1,750 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2054 | $3,250 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.750% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.750 **[0001283699-25-000012_tmus-20241231.htm:124]** | 4.1% = (3,250 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2055 | $1,650 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.250% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.250 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.1% = (1,650 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2060 | $1,700 **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.600% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 3.600 **[0001283699-25-000012_tmus-20241231.htm:124]** | 2.2% = (1,700 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |
| 2062 | $750 **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.800% Senior Notes **[0001283699-25-000012_tmus-20241231.htm:124]** | 5.800 **[0001283699-25-000012_tmus-20241231.htm:124]** | 1.0% = (750 / 78,300) * 100 **[0001283699-25-000012_tmus-20241231.htm:125]** **[0001283699-25-000012_tmus-20241231.htm:124]** |

68a601dcd12a16a2d48a20f9076d4073c2f88589390c0ab835510eb3704923c2

ad19d488a488a15cbc53f8e1e5548c2ae7ef13dbaa1f932c0ab6daca96f864fa

a47fff8fb8f14a9c75ec319b6c5a7eaa3b15630496f01ad27873cc33c97e33f9

- **T-Mobile is experiencing strong growth in the enterprise segment**, delivering their **strongest postpaid net additions ever in enterprise** and achieving their **lowest churn in enterprise**. This growth is attributed to their focus on enterprise solutions and strategic partnerships, such as with Delta and the U.S. Coast Guard.  **[TMUS_3380816_5]**
- **T-Mobile is expanding into fiber broadband through a joint venture with EQT to acquire Lumos**, aiming to pass **3.5 million homes by 2028**. This strategic move allows T-Mobile to augment its broadband offerings, relieve pressure on the 5G network, and serve more customers, potentially expanding their total addressable market.  **[TMUS_3380816_6]**
- **T-Mobile continues to extend its lead in 5G network performance**, with **average speeds double that of competitors** and **85% of their traffic on tri-band 5G sites**. Their advanced network deployment and technologies result in a differentiated customer experience, supporting customer loyalty and competitive advantage.  **[TMUS_3380816_13]**

4d9752f3eecc87d70a9d007d9687e49e655d6657167a298afecf425ca3a602e1

- T-Mobile achieved **777,000 postpaid phone net additions in Q2 2024**, marking the **highest Q2 ever** in the company's history, with growth across both rural and urban markets.  **[TMUS_3395275_6]**
- The company continues to lead in network performance, sweeping every category for overall network performance in the latest Opensignal and Ookla tests, contributing to high customer satisfaction and low churn rates.  **[TMUS_3395275_6]**
- T-Mobile is executing significant capital returns, with **almost 150 million shares already repurchased** and plans to deliver **up to $8.7 billion in shareholder returns, including dividends, for the year**, demonstrating strong financial performance and commitment to shareholder value.  **[TMUS_3395275_6]**

b99b68228f8bcc62bc1922ce8a522c757bac694bcc84cf71959e2ccc7fbb0d86

- **Strong Growth in Smaller Markets and Rural Areas:** T-Mobile achieved its highest win share ever in Q2 and surpassed it in Q3, driving switching and winning decisions in smaller markets and rural areas. The company is **#1 in Net Promoter Score**, which is **20% higher** than the next highest competitor, building customer advocacy and loyalty.  **[TMUS_3403409_8]**
- **Record Performance in Business Segment:** T-Mobile's business group beat its benchmark competitor in postpaid phone net adds, postpaid net adds, and invoice churn. The enterprise segment had its **best activations on record**, with considerable growth across all solutions and new customer wins like **American Airlines** and **New York Life Insurance**. This marks the **ninth consecutive quarter** of positive trends in all segments against competitors.  **[TMUS_3403409_8]**
- **Rapid Growth in Broadband Customers:** T-Mobile delivered industry-leading net adds in broadband, reaching a major milestone of **6 million customers in just 3 years**, which is halfway to its long-term target of **12 million customers by 2028**. The growth is fueled by its leading 5G network and high customer satisfaction, with average speeds matching cable providers.  **[TMUS_3403409_17]**

63284daf5d20083453e936135fda6893f97691d8b1b2a3a6f19b0a76f7c27a31

- **Limited Fiber Investment and Convergence Strategy**: T-Mobile's cautious approach to fiber deployment and its **limited appetite for further fiber transactions** may hinder its competitiveness in the long term, especially as competitors expand their fiber footprints and leverage convergence to gain market share.  **[TMUS_3395275_6]** **[TMUS_3395275_4]** **[TMUS_3395275_9]**
- **Negative Financial Impact from ACP Roll-Off**: The anticipated **impact of the Affordable Connectivity Program (ACP) roll-off is expected to negatively affect T-Mobile's financial performance** by $350 million to $450 million, with the majority occurring in the second half of 2024, particularly in Q4. This could lead to lower service revenues and EBITDA.  **[TMUS_3395275_3]** **[TMUS_3395275_5]**
- **Uncertainty in Predicting Industry Trends**: T-Mobile acknowledges **difficulty in predicting industry trends**, including upgrade cycles and switching activity, which introduces uncertainty in their financial guidance and may impact their ability to meet growth and profitability targets.  **[TMUS_3395275_13]** **[TMUS_3395275_5]**

2ec96681f6c232178ae80e2b2edf4d22e0c77f43de4fbbebf1628c5da2355d0d

- *1. Fixed Wireless Access (FWA) growth may be slowing due to capacity constraints**, potentially limiting future broadband customer additions. T-Mobile executives acknowledged that they are not able to meet all the demand for broadband with their fixed wireless network, suggesting capacity limitations.  **[TMUS_3380816_5]** **[TMUS_3380816_14]**
- *2. Pressure on Average Revenue Per User (ARPU) due to increased focus on lower-ARPU business customers**, which may impact revenue growth. The company has seen ARPU trending down for a couple of quarters due to the mix shift towards business customers who typically have lower ARPU.  **[TMUS_3380816_12]**
- *3. Potential risks from the expected expiration of the Affordable Connectivity Program (ACP) funding**, which could lead to customer churn in the prepaid segment and impact financial performance. T-Mobile expects the ACP funding to end and is preparing for its impact on customers, particularly in the prepaid and wholesale segments.  **[TMUS_3380816_7]**

fcbc41cbc2644100685598db2b13d8724f0b5051052948ac695bf74bceb6bfda

1. **Fiber Strategy**  
   **Q:** Will T-Mobile pursue more fiber deals like Lumos and Metronet?  
   **A:** We have limited appetite for further transactions in this space. While we are open-minded to the right opportunities, we're not currently working on another deal like this. The acquisitions of Lumos, which will pass **3.5 million homes by 2028**  **[TMUS_3395275_4]** , and Metronet, which will pass **6.5 million homes by 2030**  **[TMUS_3395275_4]** , give us a significant footprint. Our focus is on pure-play fiber with best-in-class assets, and we believe these deals are smart and positive for our shareholders.  **[TMUS_3395275_4]** 

2. **Capital Allocation and Shareholder Returns**  
   **Q:** Is T-Mobile still aiming for up to $60 billion in shareholder returns by 2026?  
   **A:** Yes, our multiyear capital allocation plan remains on track. We've already repurchased almost **150 million shares**  **[TMUS_3395275_6]**  and will issue our fourth dividend by the end of this year.  **[TMUS_3395275_6]**  While exact timing is hard to predict, we anticipate reaching our up to **$60 billion** shareholder return target by mid-2026.  **[TMUS_3395275_6]**  We're balancing investments in the core business and value-accretive opportunities like spectrum purchases and acquisitions, all while maintaining our shareholder return commitments.  **[TMUS_3395275_6]** 

3. **Affordable Connectivity Program (ACP) Impact**  
   **Q:** How will the wind-down of the ACP affect T-Mobile's financials?  
   **A:** The ACP wind-down will have a **$350 million to $450 million** impact  **[TMUS_3395275_5]** , with the majority occurring in the second half of the year, especially in Q4.  **[TMUS_3395275_5]**  This primarily affects our wholesale and other service revenues. We didn't participate in ACP through our postpaid brand and had only a small number of customers through Metro; most ACP customers were served through our Assurance brand and wholesale partners.  **[TMUS_3395275_5]** 

4. **Postpaid Phone Net Additions**  
   **Q:** What's driving the strength in postpaid phone net adds, and where are they coming from?  
   **A:** We achieved **777,000 postpaid phone net additions** in Q2, our highest Q2 ever.  **[TMUS_3395275_6]**  Growth is strong across both smaller markets and rural areas—which represent **40% of the U.S. population**  **[TMUS_3395275_6]** —and top 100 markets. In rural areas, we experienced the highest switching ever this quarter due to network and distribution expansion. We're attracting prime customers seeking a better network experience, leveraging our best-in-class 5G network and Ultra Capacity capabilities.  **[TMUS_3395275_6]** 

5. **Enterprise and Business Growth**  
   **Q:** How has recent success in enterprise contributed to T-Mobile's growth?  
   **A:** We outpaced our benchmark competitor in overall phone net additions and churn in the business segment.  **[TMUS_3395275_8]**  In SMB, we had our best quarter ever in postpaid phone net adds, up almost **20% year-over-year**.  **[TMUS_3395275_8]**  Our enterprise win share continues to exceed our overall share. Customers choose us for our best-in-class network and competitive pricing. For instance, the largest oil and gas company in the U.S. selected us for Advanced Network Solutions and mobile services for their workforce.  **[TMUS_3395275_8]** 

6. **Fixed Wireless Access (FWA) Penetration**  
   **Q:** What's the penetration of mobile wireless subscribers within your FWA broadband base?  
   **A:** We've reached **5.6 million homes** with our broadband product.  **[TMUS_3395275_7]**  The majority of these customers are existing T-Mobile mobile subscribers. The rest represent a "land-and-expand" strategy, where customers start with our broadband and then have the opportunity to add mobile services. Our FWA product has industry-leading satisfaction rates, outperforming even fiber and being **3× higher than cable**, with the satisfaction gap widening.  **[TMUS_3395275_7]** 

7. **Pricing Strategy and Sustainability**  
   **Q:** How sustainable is your current pricing strategy, and will you consider additional pricing actions?  
   **A:** Our longstanding strategy focuses on being the value leader, and we have no interest in changing that.  **[TMUS_3395275_7]**  We provide a value proposition that customers trust, leading to industry-leading service revenue growth. While we've made changes this year for the first time in a decade to keep up with the times, we remain committed to offering the best value in the marketplace. Our average revenue per account grew at well over **2%**  **[TMUS_3395275_7]** , reflecting healthy growth.

8. **Convergence and Fiber Strategy**  
   **Q:** Do you need a broader converged offer or coverage beyond current fiber deals?  
   **A:** We believe our mobile business stands strong on its own, and convergence is not necessary to compete effectively.  **[TMUS_3395275_9]**  While some customers prefer bundles and we offer them, we have zero evidence that a converged offer is required to succeed in mobile. We're open-minded over the long haul but will make decisions carefully. Our current fiber transactions provide a significant footprint, and we aim to execute them well before considering further expansion.  **[TMUS_3395275_9]** 

9. **Impact of iPhone Cycle and AI**  
   **Q:** How will the upcoming iPhone cycle, especially with AI features, affect your business?  
   **A:** We're excited about the potential of new iPhones with AI capabilities.  **[TMUS_3395275_5]**  While we've benefited from low upgrade rates recently, an increase due to a compelling new device would be a share-taking opportunity for us. Our business plan is designed to be responsive to market dynamics, and whether upgrade rates remain low or surge, we are well-positioned to benefit.  **[TMUS_3395275_5]** 

10. **Continued Fiber Investment**  
    **Q:** Is there a reason to believe you need larger capital-light fiber transactions?  
    **A:** Our appetite for further fiber transactions is limited. We're satisfied with the material footprint from our current deals with Lumos and Metronet and are not working on additional deals like these currently.  **[TMUS_3395275_8]**  While we're open to the right opportunities, any further investment would have to align perfectly with our strategy and objectives. We value our pure-play model and aim to maintain our focus on execution without significantly changing our company's complexion.  **[TMUS_3395275_8]** 

c451e2cb181f13211b65c17656e07df3789daf47e071ff21cefc9d252eb2fd29

- **Pending regulatory approvals for acquisitions (Lumos, Metronet, U.S. Cellular) could delay strategic plans**, impacting growth opportunities.  **[TMUS_3403409_15]**
- **Challenges to T-Mobile's plan to use PCS spectrum for direct-to-device service with Starlink may pose headwinds**, potentially affecting future service offerings.  **[TMUS_3403409_9]**
- **Uncertainty around future spectrum costs and investments for 6G could lead to higher expenses**, impacting long-term profitability.  **[TMUS_3403409_13]**

3df207cb0a538253623a498b43da707196def0144129e9b04e7cb1d3f06cdcb3

- **T-Mobile experienced an increase in postpaid phone churn in Q4 2023, rising by 9 basis points sequentially**, which may indicate intensifying competition and potential customer retention challenges.  **[TMUS_3370837_8]**
- **With merger synergies largely realized in 2023**, T-Mobile may face difficulties in achieving further cost reductions, potentially impacting margins and EBITDA growth. The company acknowledged that future growth will need to come from operating efficiencies and revenue growth rather than cost-cutting.  **[TMUS_3370837_10]**
- **Declining wholesale revenues** due to the loss of customers like Tracfone and DISH could negatively affect T-Mobile's total revenue growth. The company expects a continued year-over-year sequential decline in wholesale revenues but did not provide specific guidance on the magnitude.  **[TMUS_3370837_13]**

99e666b91a264c5982a71931991411a5accf3bccbbe5a8588598130e7ae12c7d

1. **Share Buyback Strategy**  
   **Q:** What's the plan for share buybacks going forward?  
   **A:** T-Mobile reevaluated its buyback strategy after the unexpected rise in share price. They are now executing more consistently in the marketplace and have been active in buybacks since the strategic change, while being thoughtful about various factors.  **[TMUS_3403409_5]** 

2. **EBITDA Guidance Increase**  
   **Q:** What's driving the EBITDA guidance increase for the year?  
   **A:** The guidance increase is due to higher net adds, with raised forecasts for total postpaid and postpaid phone adds. A noncash spectrum swap gain of about **$137 million** also contributed, offset by a higher ACP decline and hurricane costs, resulting in a net increase in guidance.  **[TMUS_3403409_16]** 

3. **Future 6G Costs**  
   **Q:** How do you view potential 6G cycle costs and impact on growth?  
   **A:** While it's premature, T-Mobile is optimistic about long-term trends. The next cycle may be more efficient due to advancements like AI RAN, potentially reducing deployment costs compared to prior cycles. They aim to drive future technologies that benefit T-Mobile customers.  **[TMUS_3403409_13]** 

4. **Pricing Strategy Balance**  
   **Q:** With industry price increases sticking, will you focus more on pricing over volume growth?  
   **A:** T-Mobile emphasizes value, leading to leading service revenue growth. While they keep up with industry trends, they're cautious about risking their value proposition. Any future changes will align with their commitment to superior value for customers.  **[TMUS_3403409_15]** 

5. **Spectrum Strategy Updates**  
   **Q:** What's the update on spectrum trading and plans for additional spectrum?  
   **A:** T-Mobile values spectrum for short, mid, and long term. They traded the 3.45 GHz spectrum as it's not part of their current plan and are satisfied with the outcome. The 800 MHz auction concluded without a qualifying bid, providing optionality to deploy or monetize it.  **[TMUS_3403409_6]** 

6. **U.S. Cellular Deal Progress**  
   **Q:** How is the U.S. Cellular deal progressing?  
   **A:** The process is going well, with expected closure in 2025. Regulatory reviews are underway, and T-Mobile believes the deal will benefit consumers by leading to lower pricing and better coverage for all customers.  **[TMUS_3403409_14]** 

7. **Postpaid Net Add Guidance**  
   **Q:** Is the [3 million] postpaid phone net add target conservative?  
   **A:** The approximate [3 million] target accounts for significant activity in the last months of Q4. While T-Mobile aims to outperform, they're cautious as the biggest months are ahead. Current quarter-to-date trends are strong and on plan.  **[TMUS_3403409_7]** 

8. **Consumer Wireless Outlook**  
   **Q:** Are you concerned about a deceleration in consumer wireless gross adds?  
   **A:** T-Mobile doesn't see notable indicators of changes in consumer behavior or macroeconomic concerns. The essential nature of their service makes them less sensitive to such trends, and customers continue to pay at traditional norms.  **[TMUS_3403409_12]** 

9. **Handset Upgrade Cycle**  
   **Q:** How are you preparing for a potential AI-driven handset upgrade cycle?  
   **A:** Current upgrade rates are low as customers' needs are met with existing devices. If there's a robust upgrade cycle, T-Mobile is well-positioned to win, having consistently won when there's increased switching due to new devices. They expect to benefit from future cycles.  **[TMUS_3403409_10]** 

10. **Fixed Wireless Trends**  
    **Q:** With consistent   **[TMUS_3403409_5]**  quarterly net adds, is your [12 million] aspiration achievable?  
    **A:** T-Mobile is confident in their fixed wireless product's potential. While current run rates require gross adds to grow to meet the [12 million] aspiration by 2028, they see strong customer satisfaction and competitive speeds matching cable providers.  **[TMUS_3403409_17]** 

11. **ARPU Growth Drivers**  
    **Q:** Is the ARPU upside due to mix or price rise?  
    **A:** ARPU growth is driven by expanding customer relationships, including 5G home broadband and connected devices. Rate plan optimization was a minor factor; the 3% ARPA increase is mainly due to core customer expansion.  **[TMUS_3403409_14]** 

12. **Wholesale Revenue Outlook**  
    **Q:** What's the outlook for wholesale revenue given ACP and Mint Mobile impacts?  
    **A:** T-Mobile expects wholesale and other service revenue to reach a trough in 2025, with underlying growth in wholesale partnerships. The ACP decline is expected towards the higher end of the **$350 million to $450 million** range previously given, and the transition of TracFone to Verizon continues.  **[TMUS_3403409_5]** 

13. **Network Upgrade Plans**  
    **Q:** Can you comment on wireless network upgrade plans for next year?  
    **A:** T-Mobile uses a customer-driven coverage approach, utilizing AI to prioritize upgrades based on customer experience and business data. This allows efficient capital allocation, focusing on areas where customers value their build most, rather than broad priorities.  **[TMUS_3403409_11]** 

14. **SMRA Market Growth**  
    **Q:** Update on penetration in SMRA markets?  
    **A:** T-Mobile is pleased with growth in smaller markets and rural areas, representing 40% of the market. Q3 exceeded Q2, which was their highest win share quarter ever, demonstrating strong customer advocacy and switching gains.  **[TMUS_3403409_8]** 

15. **Business Vertical Expansion**  
    **Q:** Update on growth within the business vertical?  
    **A:** T-Mobile has beaten competitors in postpaid net adds and churn, seeing profitable growth across all segments. Significant customer wins include American Airlines, Lowe's, and several government and education entities, contributing to rising customer lifetime values.  **[TMUS_3403409_8]** 

16. **Digitalization Upside**  
    **Q:** Can you quantify potential cost improvements from digitalization efforts?  
    **A:** T-Mobile outlined an ambitious plan at Capital Markets Day, signaling a 2027 core adjusted EBITDA about **$10 billion** above 2023 levels. Much of this is driven by revenue growth from digitalization, operational improvements, and preventing customer problems. Full achievement of KPIs may provide upside beyond guidance.  **[TMUS_3403409_6]** 

17. **DT Ownership Increase**  
    **Q:** What's your understanding of DT's plans to increase T-Mobile ownership?  
    **A:** Deutsche Telekom mentioned wanting to increase their stake, but timing and method are up to them. Governance and board structure remain consistent, and they've been supportive of T-Mobile's strategy.  **[TMUS_3403409_7]** 

18. **AT&T Fiber Wholesale**  
    **Q:** Would leveraging AT&T's wholesale fiber network make sense for you?  
    **A:** While the future is hard to predict, T-Mobile is open to all future constructs. They're excited about their own fiber plans and intend to compete vigorously, aiming to be first to fiber in their markets.  **[TMUS_3403409_9]** 

19. **Direct-to-Device Challenges**  
    **Q:** Do challenges to your PCS spectrum use with Starlink pose a headwind?  
    **A:** T-Mobile doesn't see barriers to progress with their direct-to-device service. They're moving forward with beta testing, having successfully tested during hurricanes, and believe this is fundamentally good, proceeding despite FCC processes.  **[TMUS_3403409_9]** 

20. **ARPU Strength**  
    **Q:** Postpaid phone ARPU is up more than expected; can you explain the strength?  
    **A:** T-Mobile now expects about 75 basis points year-over-year ARPU increase, slightly higher than the previously expected 0.5%. However, ARPU is mix-driven, so they focus on ARPA, which shows continued strength, leading to an increased guidance of 3% year-over-year growth.  **[TMUS_3403409_8]** 

5cd247dae2ec2d255ff851b3624a39a061c1a7bfe5a93b035f3990f65d1097f2

1. **Mobile Pricing and ARPU Outlook**  
   **Q:** What is the outlook for mobile pricing and ARPU in 2024?  
   **A:** T-Mobile expects **2% growth in ARPA** for 2024, driven by customers moving up the rate card and optimizing rate plans and policies.  **[TMUS_3370837_6]**  They remain committed to their value leadership but see opportunities to monetize the **unprecedented value** delivered to customers.  **[TMUS_3370837_6]**  Service revenue growth in 2024 is anticipated to exceed the **3.1%** achieved in 2023.  **[TMUS_3370837_6]** 

2. **Fixed Wireless Growth and Pricing**  
   **Q:** How is Fixed Wireless performing, and what's the outlook?  
   **A:** With nearly **5 million customers** after two years, Fixed Wireless has strong demand, making T-Mobile one of the largest ISPs in America.  **[TMUS_3370837_5]**  They've moved away from promotional pricing to standard pricing, confident in the product's value.  **[TMUS_3370837_5]**  They're on track to reach **7–8 million subscribers** but see potential to surpass that target.  **[TMUS_3370837_5]** **[TMUS_3370837_12]** 

3. **Capital Allocation and Share Buybacks**  
   **Q:** What's influencing the pace of share buybacks and capital allocation?  
   **A:** T-Mobile is committed to delivering up to **$16 billion** in share buybacks and dividends in 2024.  **[TMUS_3370837_9]**  The pace slowed slightly due to the SoftBank share issuance but is expected to continue.  **[TMUS_3370837_9]**  They are not pursuing large acquisitions that would impact the buyback plan and have room for investment within their capital return program.  **[TMUS_3370837_18]** 

4. **Margin Expansion and EBITDA Growth**  
   **Q:** Are you still targeting a core EBITDA margin at or above 50%?  
   **A:** While aiming for margin expansion, T-Mobile focuses on leading and growing free cash flow margin relative to service revenue.  **[TMUS_3370837_9]**  The 2024 guidance midpoint reflects a **9% year-over-year** growth, which is **three times** the expectation of peers.  **[TMUS_3370837_10]** 

5. **Competition and Churn Trends**  
   **Q:** What's driving churn increase, and how is competition affecting you?  
   **A:** Churn increased by **9 basis points** sequentially, aligning with seasonal trends.  **[TMUS_3370837_8]**  T-Mobile is confident in reducing churn due to offering the best value and network.  **[TMUS_3370837_8]**  Competition remains consistent, and T-Mobile continues to win customers with unmatched value.  **[TMUS_3370837_8]** 

6. **Enterprise Business Performance**  
   **Q:** How is your enterprise business progressing beyond connectivity?  
   **A:** T-Mobile achieved its highest quarter and year in business postpaid phone net additions and gross adds.  **[TMUS_3370837_15]**  They've transformed their sales approach, partnering with CIOs and upgrading their product portfolio.  **[TMUS_3370837_15]**  New clients include Salesforce and REI, with deepened relationships with Delta, DoorDash, Meta, and UPS.  **[TMUS_3370837_15]** 

7. **Impact of ACP Program Changes**  
   **Q:** How does the potential end of ACP benefits affect your guidance?  
   **A:** T-Mobile's exposure to ACP is minimal, with **substantially none** in their reported base.  **[TMUS_3370837_7]**  Any potential impacts are fully embedded in their EBITDA guidance.  **[TMUS_3370837_7]** **[TMUS_3370837_12]** 

8. **Wholesale Revenue Outlook**  
   **Q:** What is the expected impact of wholesale revenue declines?  
   **A:** A continued year-over-year decline in wholesale revenue is expected due to factors like TracFone and other carriers transitioning off the network.  **[TMUS_3370837_13]**  This decline is factored into their guidance.  **[TMUS_3370837_13]** 

9. **Upgrade Rates and Free Cash Flow**  
   **Q:** Will low upgrade rates affect free cash flow guidance?  
   **A:** Upgrade rates are expected to remain low as customers keep phones longer due to high costs and capable devices.  **[TMUS_3370837_11]**  This trend is incorporated into T-Mobile's free cash flow guidance.  **[TMUS_3370837_11]** 

10. **SpaceX Partnership Progress**  
    **Q:** What are the expectations for the SpaceX direct-to-device service?  
    **A:** Beta testing is expected this year, offering connectivity in unserved areas starting with text messaging and eventually voice and data.  **[TMUS_3370837_11]**  This service appeals to anyone in areas not covered by networks.  **[TMUS_3370837_11]** 

11. **Network Capacity and 5G Advancements**  
    **Q:** Can you update on the 15x capacity goal and 5G impact?  
    **A:** Network capacity is growing, staying ahead by transitioning from LTE to 5G.  **[TMUS_3370837_17]**  Their 5G coverage is over **twice** that of competitors.  **[TMUS_3370837_17]**  Network slicing was successfully demonstrated at Formula 1, enhancing high-demand event services.  **[TMUS_3370837_17]** 

12. **EPS Guidance Outlook**  
    **Q:** Will you provide EPS guidance in the future?  
    **A:** As merger-related costs diminish, T-Mobile plans to focus more on EPS.  **[TMUS_3370837_14]**  Significant costs in 2023 and some remaining in 2024 make immediate EPS guidance premature.  **[TMUS_3370837_14]** 

13. **Approach to Fixed Wireless Subscriber Target**  
    **Q:** How will you manage Fixed Wireless growth nearing your target?  
    **A:** T-Mobile will continue to meet demand appropriately, focusing on mainstream customers and fair pricing.  **[TMUS_3370837_16]**  They acknowledge it's early to tell if they'll exceed the **7–8 million** subscriber goal but are open to extending beyond it.  **[TMUS_3370837_16]** 

14. **Cost Efficiencies and Leverage**  
    **Q:** What initiatives aim to improve leverage and efficiency?  
    **A:** Beyond reaching merger synergy targets, T-Mobile is exploring efficiencies through network modernization and leveraging technologies like AI.  **[TMUS_3370837_10]**  They see ongoing opportunities to drive efficiencies while prioritizing customers.  **[TMUS_3370837_10]** 

15. **Progress in Rural Markets**  
    **Q:** How are you performing in smaller markets and rural areas?  
    **A:** T-Mobile has achieved a **17.5%** share of households in rural areas, up from **16.5%** nine months ago.  **[TMUS_3370837_5]**  They're on track to meet the **20%** goal by 2025 and are optimistic about exceeding it.  **[TMUS_3370837_5]** 

e1bc982495735578ca32442a0f9d401965616d488d3a17144d9ca395c5cc2619

- **Strong Growth in Underpenetrated Markets:** T-Mobile has increased its share of households in smaller markets and rural areas from **13% in 2021** to **17.5%** currently, and is on track to achieve its **20% goal by 2025**, with potential to exceed this target. This demonstrates significant growth potential beyond their current footprint.  **[TMUS_3370837_5]**
- **Rapid Expansion of Fixed Wireless Access (FWA):** In just two years, T-Mobile's Fixed Wireless product has reached nearly **5 million customers**, making it one of the largest ISPs in America. The company continues to see strong demand and high customer satisfaction, and believes there is still room to grow both in new customers and additional services, indicating a significant growth driver for the future.  **[TMUS_3370837_5]** ,  **[TMUS_3370837_15]**
- **Commitment to Capital Returns and Margin Expansion:** Despite completing merger synergies, T-Mobile expects **core adjusted EBITDA growth of nearly 9% year-over-year** in 2024, driven by industry-leading service revenue growth and operational efficiencies. The company has authorized up to **$16 billion** in share buybacks and dividends for 2024, reaffirming its commitment to significant capital returns with no large M&A transactions planned that would disrupt this.  **[TMUS_3370837_9]** ,  **[TMUS_3370837_7]**

0e7f95530aae0a0e40229a2245af70ba42452d7e745cf644f213b4eec45375a7

1. **Pricing Actions Impact**  
   **Q:** Will pricing actions affect subscriber performance?  
   **A:** We're not announcing any plans now.  **[TMUS_3380816_4]**  Any changes won't challenge our value leadership.  **[TMUS_3380816_4]**  Costs have risen, and we might adjust older rate plans.  **[TMUS_3380816_4]**  All outcomes are within our guidance.  **[TMUS_3380816_4]** 

2. **Fixed Wireless Growth**  
   **Q:** Can fixed wireless growth continue despite capacity constraints?  
   **A:** Our fixed wireless strategy serves excess capacity.  **[TMUS_3380816_6]**  We originally saw 7–8 million customers  **[TMUS_3380816_6]** ; we're exploring ways to extend that.  **[TMUS_3380816_6]**  Fiber can relieve pressure on 5G and expand our market.  **[TMUS_3380816_6]**  We have waiting lists where we lack capacity.  **[TMUS_3380816_6]** 

3. **ACP Program Ending**  
   **Q:** How will ACP ending affect your business?  
   **A:** We expect ACP funding to end, and it's factored into our guidance.  **[TMUS_3380816_7]**  We haven't participated in ACP for postpaid and have a small amount in prepaid.  **[TMUS_3380816_7]**  Most of our ACP exposure is via wholesale partners.  **[TMUS_3380816_7]**  We're helping customers transition to other plans.  **[TMUS_3380816_7]** 

4. **Fiber Strategy**  
   **Q:** What's your plan for fiber expansion?  
   **A:** We're opportunistically partnering to offer fiber that complements our 5G product.  **[TMUS_3380816_8]**  We believe we can generate superior returns due to our assets and know-how.  **[TMUS_3380816_8]**  We're excited about our partnership with EQT and Lumos.  **[TMUS_3380816_8]** 

5. **Margin Outlook**  
   **Q:** Can you discuss your margin trajectory?  
   **A:** EBITDA grew **8%**, with margins up nearly **200 bps** year-over-year.  **[TMUS_3380816_9]**  We continue to achieve significant run-rate synergies.  **[TMUS_3380816_9]**  Outsized profitable share gains drive service revenue growth.  **[TMUS_3380816_9]**  We're focused on converting service revenue to free cash flow.  **[TMUS_3380816_9]** 

6. **ARPU Trends**  
   **Q:** Why is ARPU declining?  
   **A:** ARPU is mix-driven; we're focusing on ARPA and expanding accounts.  **[TMUS_3380816_10]**  We expect ARPU to be up about **0.5%** this year.  **[TMUS_3380816_10]**  We're pursuing growth in enterprise and government, which have lower ARPUs but high lifetime values.  **[TMUS_3380816_10]** 

7. **Network Advantage**  
   **Q:** How are you maintaining network leadership?  
   **A:** We continue to extend our 5G lead.  **[TMUS_3380816_13]**  Our customers experience double the speeds of competitors.  **[TMUS_3380816_13]**  **85%** of our traffic is on sites with all three 5G bands.  **[TMUS_3380816_13]**  Our grid provides a consistent experience without toggling between bands.  **[TMUS_3380816_13]** 

4e09db70170afe57acc9432bdbf47ba4d14dfe2eba74941caa3b786f4e250488

T-Mobile US Inc (TMUS)

Financials