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Share Name | Share Symbol | Market | Type |
---|---|---|---|
T Mobile US Inc | NASDAQ:TMUS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.58 | -1.57% | 162.02 | 161.81 | 162.50 | 164.85 | 161.81 | 164.19 | 6,022,397 | 01:00:00 |
Customer Net Additions of 1.7M and Record-Low Postpaid Phone Churn of 0.88%; Record Service Revenue of $8.3B, Record Q1 Net Income of $908M and Record Adjusted EBITDA of $3.3B
T-Mobile US, Inc. (NASDAQ: TMUS):
Accelerated Customer Growth
Record Q1 Financial Performance (all percentages year-over-year)
Industry Leading Network Performance
Continued Strong Outlook for 2019
________________________________________________________________
(1) Adjusted EBITDA and 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 financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables. (2) 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, stock-based compensation expense and Interest expense. Adjusted EBITDA should not be used to predict Net income as the difference between the two measures is variable.T-Mobile US, Inc. (NASDAQ: TMUS) reported another record quarter in Q1 2019, with customer growth that accelerated year-over-year, all-time record-low postpaid phone churn, and record first quarter financials. The Un-carrier is off to a fast start to the year, delivering record-high Service revenues, record Q1 Net income and record Adjusted EBITDA - all while expecting to lead the industry in postpaid phone growth for the 21st consecutive quarter. This is further proof that doing right by customers is also good for business.
T-Mobile continues to give more value to customers without asking more from them, and customers responded once again this quarter. Q1 marks the 24th quarter in a row where T-Mobile delivered greater than 1 million total customer net additions, and another quarter with customer growth that accelerated year-over-year. The company also posted postpaid phone churn of 0.88% - an all-time record low for T-Mobile.
Investments that began years ago in new geographies, new customer segments and customer care continue to fuel T-Mobile’s momentum. The company continued to see strong response from new customer segments and rate plans, including T-Mobile for Business. Customer care continues to contribute to the strong results with T-Mobile’s Team of Experts continuing to drive record high levels of customer satisfaction while delivering operational efficiencies. T-Mobile isn’t stopping there and continues to make investments in future growth.
“Our results speak for themselves and our business continues to fire on all cylinders! Record Service revenues, record Q1 Net income and record Adjusted EBITDA - all while we continue to share the story and lay out the facts that our game changing merger with Sprint will be a win for consumers,” said John Legere, CEO of T-Mobile. “We’re off to a fast start in 2019 with customer growth that accelerated year-over-year, record low churn and we expect to lead the industry in postpaid phone growth. We’re executing on our business plan and our guidance shows that we expect our momentum to continue.”
Accelerated Customer Growth
T-Mobile continues to deliver strong customer growth, and Q1 2019 was no different. We expect to once again lead the industry in branded postpaid phone customer net additions and capture approximately 88% of industry growth.
Quarter (in thousands, except churn) Q1 2019 Q4 2018 Q1 2018 Total net customer additions 1,650 2,402 1,433 Branded postpaid net customer additions 1,019 1,358 1,005 Branded postpaid phone net customer additions 656 1,020 617 Branded postpaid other customer additions 363 338 388 Branded prepaid net customer additions 69 135 199 Total customers, end of period 81,301 79,651 74,040 Branded postpaid phone churn 0.88 % 0.99 % 1.07 % Branded prepaid churn 3.85 % 3.99 % 3.94 %Strong Financial Performance
T-Mobile’s record financial performance in Q1 2019 proves that taking care of customers is also good for stockholders. The Company continues to successfully translate customer growth into expected industry-leading service and total revenue growth. In Q1, the Un-carrier delivered record service revenues of $8.3 billion, record Q1 Net income of $908 million and record Adjusted EBITDA of $3.3 billion.
(in millions, except EPS) QuarterQ1 2019vs.Q4 2018
Q1 2019vs.Q1 2018
Q1 2019 Q4 2018 Q1 2018 Total service revenues $ 8,277 $ 8,189 $ 7,806 1.1 % 6.0 % Total revenues 11,080 11,445 10,455 (3.2 )% 6.0 % Net income 908 640 671 41.9 % 35.3 % EPS 1.06 0.75 0.78 41.3 % 35.9 % Adjusted EBITDA(1) 3,284 2,970 2,956 10.6 % 11.1 % Cash purchases of property and equipment, including capitalized interest 1,931 1,184 1,366 63.1 % 41.4 % Net cash provided by operating activities 1,392 954 770 45.9 % 80.8 % Free Cash Flow(1) 618 1,220 668 (49.3 )% (7.5 )% (1) Adjusted EBITDA and 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 financial measures are provided in the Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures tables.The following discussion is for the three months ended March 31, 2019, compared to the same period in 2018 unless otherwise stated.
Industry Leading Network Performance
We continue to increase and expand the coverage and capacity of our network to better serve our customers. 99% of Americans are covered by our 4G LTE network, enabling a network experience that is second to none. T-Mobile has delivered the fastest combined average of download and upload speeds for 21 quarters in a row. Our rapid deployment of LTE in 600 MHz provides customers with even better coverage and sets the stage for the first nationwide standards-based 5G network in 2020. Highlights from Q1 2019 included:
Continued Strong 2019 Outlook
We expect postpaid net customer additions between 3.1 and 3.7 million in 2019, up from prior guidance of 2.6 to 3.6 million.
Net income is not available on a forward-looking basis.
Adjusted EBITDA is expected to be between $12.7 and $13.2 billion in 2019, unchanged from prior guidance. Our Adjusted EBITDA target includes leasing revenues of $0.6 to $0.7 billion, also unchanged from prior guidance.
Cash purchases of property and equipment, excluding capitalized interest of approximately $400 million, are expected to be between $5.4 and $5.7 billion and cash purchases of property and equipment, including capitalized interest, are expected to be between $5.8 and $6.1 billion in 2019, both unchanged from prior guidance. Cash purchases of property and equipment in 2019 include expenditures for 5G and 600 MHz deployment.
Net cash provided by operating activities three-year CAGR from full-year 2016 to full-year 2019, excluding payments for merger-related costs, is expected to be between 32% and 35%, up from the prior range of 17% to 21%, driven primarily by improvements in the contractual terms of factoring agreements which led to an accounting geography change with the “Proceeds related to beneficial interests in securitization transactions” line in the cash flow statement but do not impact overall Free Cash Flow.
Three-year CAGR guidance (2016 - 2019) for Free Cash Flow, excluding payments for merger-related costs, is unchanged at 46% to 48%.
Financial Results
For more details on T-Mobile’s Q1 2019 financial results, including the Investor Factbook with detailed financial tables and reconciliations of certain historical non-GAAP measures disclosed in this release to the most comparable measures under GAAP, please visit T-Mobile US, Inc.’s Investor Relations website at http://investor.t-mobile.com.
T-Mobile Social Media
Investors and others should note that the Company announces material financial and operational information to its investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company also intends to use the @TMobileIR Twitter account (https://twitter.com/TMobileIR) and the @JohnLegere Twitter (https://twitter.com/JohnLegere), Facebook and Periscope accounts, which Mr. Legere also uses as a means for personal communications and observations, as means of disclosing information about the Company and its services and for complying with its disclosure obligations under Regulation FD. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our press releases, SEC filings and public conference calls and webcasts. The social media channels that the Company intends to use as a means of disclosing the information described above may be updated from time to time as listed on the Company’s investor relations website.
About T-Mobile US, Inc.
As America’s Un-carrier, T-Mobile US, Inc. (NASDAQ: TMUS) is redefining the way consumers and businesses buy wireless services through leading product and service innovation. Our advanced nationwide 4G LTE network delivers outstanding wireless experiences to 81.3 million customers who are unwilling to compromise on quality and value. Based in Bellevue, Washington, T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile and Metro by T-Mobile. For more information, please visit http://www.t-mobile.com or join the conversation on Twitter using $TMUS.
Q1 2019 Earnings Call, Livestream and Webcast Access Information
Access via Phone (audio only):
Date: Thursday, April 25, 2019 Time: 4:30 p.m. (EDT) US/Canada: 800-667-5617 International: +1 334-323-0505 Participant Passcode: 9958066Please plan on accessing the earnings call ten minutes prior to the scheduled start time.
Access via Social Media:
The @TMobileIR Twitter account will live-tweet the earnings call.
Submit Questions via Twitter:
Twitter: Send a tweet to @TMobileIR or @JohnLegere using $TMUSAccess via Webcast:
The earnings call will be broadcast live via our Investor Relations website at http://investor.t-mobile.com. A replay of the earnings call will be available for two weeks starting shortly after the call concludes and can be accessed by dialing 888-203-1112 (toll free) or +1 719-457-0820 (international). The passcode required to listen to the replay is 9958066.
To automatically receive T-Mobile financial news by e-mail, please visit the T-Mobile Investor Relations website, http://investor.t-mobile.com, and subscribe to E-mail Alerts.
Forward-Looking Statements
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information concerning T-Mobile US, Inc.’s future results of operations, are forward-looking statements. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “could,” or similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties and may cause actual results to differ materially from the forward-looking statements. Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the following: the failure to obtain, or delays in obtaining, required regulatory approvals for the merger (the “Merger”) with Sprint Corporation (“Sprint”), pursuant to the Business Combination Agreement with Sprint and other parties therein (the “Business Combination Agreement”) and the other transactions contemplated by the Business Combination Agreement (collectively, the “Transactions”), and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transactions, or the failure to satisfy any of the other conditions to the Transactions on a timely basis or at all; the occurrence of events that may give rise to a right of one or both of the parties to terminate the Business Combination Agreement; adverse effects on the market price of our common stock or on our or Sprint’s operating results because of a failure to complete the Merger in the anticipated timeframe or at all; inability to obtain the financing contemplated to be obtained in connection with the Transactions on the expected terms or timing or at all; the ability of us, Sprint and the combined company to make payments on debt or to repay existing or future indebtedness when due or to comply with the covenants contained therein; adverse changes in the ratings of our or Sprint’s debt securities or adverse conditions in the credit markets; negative effects of the announcement, pendency or consummation of the Transactions on the market price of our common stock and on our or Sprint’s operating results, including as a result of changes in key customer, supplier, employee or other business relationships; significant costs related to the Transactions, including financing costs, and unknown liabilities of Sprint or that may arise; failure to realize the expected benefits and synergies of the Transactions in the expected timeframes or at all; costs or difficulties related to the integration of Sprint’s network and operations into our network and operations; the risk of litigation or regulatory actions related to the Transactions; the inability of us, Sprint or the combined company to retain and hire key personnel; the risk that certain contractual restrictions contained in the Business Combination Agreement during the pendency of the Transactions could adversely affect our or Sprint’s ability to pursue business opportunities or strategic transactions; adverse economic, political or market conditions in the U.S. and international markets; competition, industry consolidation, and changes in the market for wireless services, which could negatively affect our ability to attract and retain customers; the effects of any future merger, investment, or acquisition involving us, as well as the effects of mergers, investments, or acquisitions in the technology, media and telecommunications industry; challenges in implementing our business strategies or funding our operations, including payment for additional spectrum or network upgrades; the possibility that we may be unable to renew our spectrum licenses on attractive terms or acquire new spectrum licenses at reasonable costs and terms; difficulties in managing growth in wireless data services, including network quality; material changes in available technology and the effects of such changes, including product substitutions and deployment costs and performance; the timing, scope and financial impact of our deployment of advanced network and business technologies; the impact on our networks and business from major technology equipment failures; breaches of our and/or our third-party vendors’ networks, information technology and data security, resulting in unauthorized access to customer confidential information; natural disasters, terrorist attacks or similar incidents; unfavorable outcomes of existing or future litigation; any changes in the regulatory environments in which we operate, including any increase in restrictions on the ability to operate our networks and changes in data privacy laws; any disruption or failure of our third parties’ or key suppliers’ provisioning of products or services; material adverse changes in labor matters, including labor campaigns, negotiations or additional organizing activity, and any resulting financial, operational and/or reputational impact; changes in accounting assumptions that regulatory agencies, including the Securities and Exchange Commission (“SEC”), may require, which could result in an impact on earnings; changes in tax laws, regulations and existing standards and the resolution of disputes with any taxing jurisdictions; the possibility that the reset process under our trademark license results in changes to the royalty rates for our trademarks; the possibility that we may be unable to adequately protect our intellectual property rights or be accused of infringing the intellectual property rights of others; our business, investor confidence in our financial results and stock price may be adversely affected if our internal controls are not effective; the occurrence of high fraud rates related to device financing, credit card, dealers, or subscriptions; and interests of a majority stockholder may differ from the interests of other stockholders. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.
Important Additional Information
In connection with the Transactions, T-Mobile US, Inc. (“T-Mobile”) has filed a registration statement on Form S-4 (File No. 333-226435), which contains a joint consent solicitation statement of T-Mobile and Sprint Corporation (“Sprint”), that also constitutes a prospectus of T-Mobile (the “joint consent solicitation statement/prospectus”), and each party will file other documents regarding the Transactions with the SEC. The registration statement on Form S-4 was declared effective by the SEC on October 29, 2018, and T-Mobile and Sprint commenced mailing the joint consent solicitation statement/prospectus to their respective stockholders on October 29, 2018. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT CONSENT SOLICITATION STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain these documents free of charge from the SEC’s website or from T-Mobile or Sprint. The documents filed by T-Mobile may be obtained free of charge at T-Mobile’s website, at www.t-mobile.com, or at the SEC’s website, at www.sec.gov, or from T-Mobile by requesting them by mail at T-Mobile US, Inc., Investor Relations, 1 Park Avenue, 14th Floor, New York, NY 10016, or by telephone at 212-358-3210. The documents filed by Sprint may be obtained free of charge at Sprint’s website, at www.sprint.com, or at the SEC’s website, at www.sec.gov, or from Sprint by requesting them by mail at Sprint Corporation, Shareholder Relations, 6200 Sprint Parkway, Mailstop KSOPHF0302-3B679, Overland Park, Kansas 66251, or by telephone at 913-794-1091.
Participants in the Solicitation
T-Mobile and Sprint and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of consents in respect of the Transactions. Information about T-Mobile’s directors and executive officers is available in T-Mobile’s proxy statement dated April 26, 2018, for its 2018 Annual Meeting of Stockholders. Information about Sprint’s directors and executive officers is available in Sprint’s proxy statement dated June 26, 2018, for its 2018 Annual Meeting of Stockholders, and in Sprint’s subsequent Current Report on Form 8-K filed with the SEC on July 2, 2018. Other information regarding the participants in the consent solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint consent solicitation statement/prospectus. Investors should read the joint consent solicitation statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from T-Mobile or Sprint as indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
T-Mobile US, Inc.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)
This Press Release includes non-GAAP financial measures. The 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 the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. T-Mobile is 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, stock-based compensation expense and Interest expense. Adjusted EBITDA should not be used to predict Net income as the difference between the two measures is variable.
Adjusted EBITDA is reconciled to Net income as follows:
Quarter (in millions) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Net income $ 671 $ 782 $ 795 $ 640 $ 908 Adjustments: Interest expense 251 196 194 194 179 Interest expense to affiliates 166 128 124 104 109 Interest income (6 ) (6 ) (5 ) (2 ) (8 ) Other (income) expense, net (10 ) 64 (3 ) 3 (7 ) Income tax expense (benefit) 210 286 335 198 295 Operating income 1,282 1,450 1,440 1,137 1,476 Depreciation and amortization 1,575 1,634 1,637 1,640 1,600 Stock-based compensation (1) 96 106 102 85 93 Merger-related costs — 41 53 102 113 Other, net (2) 3 2 7 6 2 Adjusted EBITDA $ 2,956 $ 3,233 $ 3,239 $ 2,970 $ 3,284 (1) Stock-based compensation includes payroll tax impacts and may not agree to stock-based compensation expense in the consolidated financial statements. Additionally, certain stock-based compensation expenses associated with the Transactions have been included in Merger-related costs. (2) Other, net may not agree to the Condensed Consolidated Statements of Comprehensive Income primarily due to certain non-routine operating activities, such as other special items that would not be expected to reoccur or are not reflective of T-Mobile’s ongoing operating performance, and are therefore excluded in Adjusted EBITDA. Adjusted EBITDA - Earnings before Interest expense, net of Interest income, Income tax expense, Depreciation and amortization expense, non-cash Stock-based compensation and certain expenses not reflective of T-Mobile’s ongoing operating performance, such as merger-related costs. Adjusted EBITDA is a non-GAAP financial measure utilized by T-Mobile’s management to monitor the financial performance of our operations. T-Mobile uses Adjusted EBITDA internally as a measure to evaluate and compensate its personnel and management for their performance, and as a benchmark to evaluate T-Mobile’s operating performance in comparison to its competitors. Management believes analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate overall operating performance and facilitate comparisons with other wireless communications companies because it is 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, network decommissioning costs and costs related to the Transactions, as they are not indicative of T-Mobile’s ongoing operating performance, as well as certain other nonrecurring income and expenses. Adjusted EBITDA has limitations as an analytical tool 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”).T-Mobile US, Inc.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)
(Unaudited)
Net debt (excluding Tower obligations)(1) to last twelve months net income and Adjusted EBITDA ratios are calculated as follows:
(in millions, except net debt ratio) Mar 31,2018 Jun 30,2018 Sep 30,2018 Dec 31,2018 Mar 31,2019 Short-term debt $ 3,320 $ 1,004 $ 783 $ 841 $ 250 Short-term debt to affiliates 445 320 — — 598 Short-term financing lease liabilities 911 Long-term debt 12,127 12,065 11,993 12,124 10,952 Long-term debt to affiliates 14,586 14,581 14,581 14,582 13,985 Financing lease liabilities 1,224 Less: Cash and cash equivalents (2,527 ) (215 ) (329 ) (1,203 ) (1,439 ) Net debt (excluding Tower Obligations) $ 27,951 $ 27,755 $ 27,028 $ 26,344 $ 26,481 Divided by: Last twelve months Net income $ 4,509 $ 4,710 $ 4,955 $ 2,888 $ 3,125 Net Debt (excluding Tower Obligations) to last twelve months Net income 6.2 5.9 5.5 9.1 8.5 Divided by: Last twelve months Adjusted EBITDA $ 11,501 $ 11,722 $ 12,139 $ 12,398 $ 12,726 Net Debt (excluding Tower Obligations) to last twelve months Adjusted EBITDA Ratio 2.4 2.4 2.2 2.1 2.1Net debt is defined as Short-term debt, Short-term debt to affiliates, Short-term financing lease liabilities, Long-term debt (excluding tower obligations), Long-term debt to affiliates, and Financing lease liabilities less Cash and cash equivalents.
(1) In Q1 2019, the adoption of the new lease accounting standard resulted in a reclassification of capital lease liabilities previously included in Short-term debt and Long-term debt to Short-term financing lease liabilities and Financing lease liabilities in our Condensed Consolidated Balance Sheet. In Q1 2019, we redefined Net debt (excluding Tower obligations) to reflect the above changes in classification and present Net debt (excluding Tower obligations) on a consistent basis for investor transparency. The effects of this change are applied prospectively, consistent with the adoption of the standard. See Note 1 – Summary of Significant Accounting Policies in the Q1 2019 10-Q for additional details.Free Cash Flow is calculated as follows:
Quarter (in millions) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Net cash provided by operating activities $ 770 $ 1,261 $ 914 $ 954 $ 1,392 Cash purchases of property and equipment (1,366 ) (1,629 ) (1,362 ) (1,184 ) (1,931 ) Proceeds related to beneficial interests in securitization transactions 1,295 1,323 1,338 1,450 1,157 Cash payments for debt prepayment or debt extinguishment costs (31 ) (181 ) — — — Free Cash Flow $ 668 $ 774 $ 890 $ 1,220 $ 618 Net cash (used in) provided by investing activities $ (462 ) $ (306 ) $ (42 ) $ 231 $ (966 ) Net cash provided by (used in) financing activities $ 1,000 $ (3,267 ) $ (758 ) $ (311 ) $ (190 ) Free Cash Flow - Net cash provided by operating activities less Cash purchases of property and equipment, including Proceeds related to beneficial interests in securitization transactions and less Cash payments for debt prepayment of debt extinguishment costs. Free Cash Flow is utilized by T-Mobile’s management, investors, and analysts to evaluate cash available to pay debt and provide further investment in the business.T-Mobile US, Inc.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued)
(Unaudited)
Free Cash Flow three-year CAGR(1) is calculated as follows:
FY FY (in millions, except CAGR Range) 2016 2019 Guidance Range CAGR Range Net cash provided by operating activities $ 2,779 $ 6,400 $ 6,850 32 % 35 % Cash purchases of property and equipment (4,702 ) (5,800 ) (6,100 ) 7 % 9 % Proceeds related to beneficial interests in securitization transactions 3,356 3,900 3,900 Cash payments for debt prepayment or debt extinguishment costs — — (50 ) Free Cash Flow $ 1,433 $ 4,500 $ 4,600 46 % 48 % (1) The Net cash provided by operating activities and Free Cash Flow three-year CAGR figures exclude payments for merger-related costs.The following tables illustrate the calculation of our operating measure ARPU and reconciles this measure to the related service revenues:
(in millions, except average number of customers and ARPU) Quarter Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Calculation of Branded Postpaid Phone ARPU Branded postpaid service revenues $ 5,070 $ 5,164 $ 5,244 $ 5,384 $ 5,493 Less: Branded postpaid other revenues (259 ) (272 ) (289 ) (297 ) (310 ) Branded postpaid phone service revenues $ 4,811 $ 4,892 $ 4,955 $ 5,087 $ 5,183 Divided by: Average number of branded postpaid phone customers (in thousands) and number of months in period 34,371 35,051 35,779 36,631 37,504 Branded postpaid phone ARPU $ 46.66 $ 46.52 $ 46.17 $ 46.29 $ 46.07 Calculation of Branded Prepaid ARPU Branded prepaid service revenues $ 2,402 $ 2,402 $ 2,395 $ 2,399 $ 2,386 Divided by: Average number of branded prepaid customers (in thousands) and number of months in period 20,583 20,806 20,820 20,833 21,122 Branded prepaid ARPU $ 38.90 $ 38.48 $ 38.34 $ 38.39 $ 37.65 Average Revenue Per User (ARPU) - Average monthly Service revenues earned from customers. Service revenues for the specified period divided by the average customers during the period, further divided by the number of months in the period. Branded postpaid phone ARPU excludes branded postpaid other customers and related revenues.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190425005949/en/
Press Contact:Media RelationsT-Mobile US, Inc.mediarelations@t-mobile.comhttp://newsroom.t-mobile.com
Investor Relations Contact:Nils PaellmannT-Mobile US, Inc.investor.relations@t-mobile.comhttp://investor.t-mobile.com
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