[November 08, 2012] |
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T-Mobile USA Reports Third Quarter 2012 Financial Results
BELLEVUE, Wash. --(Business Wire)--
T-Mobile USA, Inc. ("T-Mobile") today reported its third quarter 2012
results, which demonstrate that successful execution of the Company's
Challenger Strategy continues to improve performance in key operational
and financial areas. T-Mobile ended the third quarter of 2012 with 33.3
million customers, a net addition of 160,000 customers compared to the
second quarter of 2012. The sequential improvement was driven primarily
by the continued expansion of branded prepaid customers and a reduction
in branded contract net customer losses. The Company's branded prepaid
customer growth was its best quarterly performance of this year and
exceeded the annual growth reported in 2011.
In the quarter, the Company reported adjusted OIBDA of $1.2 billion and
an adjusted OIBDA margin of 29%, which are down sequentially and from
the third quarter of 2011. As expected, third quarter 2012 adjusted
OIBDA reflects higher advertising expenditures related to the Company's
brand re-launch.
Third Quarter 2012 Financial Summary
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Customer Results
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Quarter Ended
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(thousands)
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Sept 30, 2012
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June 30, 2012
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Sept 30, 2011
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Y-o-Y %?
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Customers, end of period2
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Branded contract customers
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20,809
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21,300
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23,074
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(10
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%)
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Branded prepaid customers
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5,659
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5,295
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4,599
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23
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%
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Total branded customers
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26,468
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26,595
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27,673
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(4
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%)
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M2M customers
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2,954
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2,786
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2,525
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17
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%
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MVNO customers
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3,905
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3,787
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3,514
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11
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%
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Total wholesale customers
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6,859
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6,573
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6,038
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14
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%
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Total T-Mobile USA customers, end of period
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33,327
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33,168
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33,711
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(1
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%)
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Thereof, contract Customers
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23,763
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24,086
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25,598
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(7
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%)
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Thereof, prepaid Customers
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9,564
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9,082
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8,113
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18
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%
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Net customer additions/(losses)2
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Branded contract customers
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(492
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(557
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(389
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(26
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%)
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Branded prepaid customers
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365
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227
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254
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44
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%
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Total branded customers
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(127
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(330
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(135
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6
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%
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M2M customers
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168
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95
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204
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(18
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%)
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MVNO customers
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119
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30
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57
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109
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%
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Total wholesale customers
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287
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125
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261
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10
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%
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Total T-Mobile USA net customer additions/(losses)
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160
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(205
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)
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126
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27
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%
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Thereof, contract net customer additions/(losses)
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(324
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)
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(462
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(186
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)
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(74
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%)
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Thereof, prepaid net customer additions/(losses)
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483
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257
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312
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55
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%
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Note: Certain customer numbers may not add due to rounding.
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Branded Customers
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Branded prepaid net customer additions, excluding MVNO, were 365,000
in the third quarter of 2012; up from the second quarter of 2012
branded prepaid net customer additions of 227,000 and up from 254,000
in the third quarter of 2011.
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The sequential and year-on-year improvement was due to the
continued popularity of the Monthly4G plans compared to
traditional contract plans and competitive offers.
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Branded contract net customer losses, excluding M2M, were 492,000 in
the third quarter of 2012, compared to 557,000 net customer losses in
the second quarter of 2012 and 389,000 net customer losses in the
third quarter of 2011.
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Sequentially, the Company's churn reduction efforts, along with
its network improvements and expanded value priced offerings,
enabled it to improve its branded contract performance even with
the iPhone 5 launch in September. The Company also benefitted from
the strategic phase-out of certain discontinued products, which
historically had higher churn. Branded contract gross adds
increased by 17% compared to the second quarter.
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Year-on-year, the increase in net branded contract customer losses
was due to lower gross customer additions in line with general
industry trends, partially offset by improvements in branded
contract deactivations. The lower gross additions were also driven
in part by the Company's credit risk optimization initiatives.
Additionally, year-on-year comparisons were impacted by the timing
of the iPhone 4S launch in the fourth quarter of 2011, whereas the
iPhone 5 launched in the third quarter of this year.
Wholesale
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M2M net customer additions were 168,000 in the third quarter of 2012,
compared to net customer additions of 95,000 in the second quarter of
2012 and net customer additions of 204,000 in the third quarter of
2011.
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The sequential change was driven by higher M2M customer additions
and lower M2M customer deactivations. The year-on-year change was
driven by higher M2M deactivations. M2M customers, which have
significantly lower ARPU (averaging less than $1) than branded
contract customers, totaled 3.0 million at September 30, 2012.
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MVNO customers increased slightly in the third quarter of 2012,
totaling 3.9 million customers as of September 30, 2012.
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Sequentially MVNO net customer additions increased primarily due
to higher MVNO gross customer additions. Year-on-year, MVNO net
customer additions increased due primarily to fewer MVNO
deactivations.
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Churn Results
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Quarter Ended
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Sept 30, 2012
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June 30, 2012
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Sept 30, 2011
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Y-o-Y bps?
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Branded churn3
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3.10%
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2.90%
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3.20%
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-10 bps
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Branded contract churn3
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2.30%
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2.10%
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2.60%
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-30 bps
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Branded prepaid churn3
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6.20%
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6.00%
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6.50%
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-30 bps
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Churn from branded customers was 3.1% in the third quarter of 2012, up
20 basis points from the second quarter of 2012 and down 10 basis
points from the third quarter of 2011.
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Sequentially, the increase in branded customer churn was driven by
both higher branded contract and branded prepaid churn, due in
part to seasonality as well as the competitive pressures from the
iPhone 5 launch in the third quarter of 2012. Additionally, the
Company historically experiences seasonally higher churn in the
third quarter of each year.
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Year-on-year, branded churn decreased as a result of churn
reduction initiatives focused on improving the overall quality of
the Company's branded customer base. These initiatives include
credit risk optimization efforts and re-contracting its most loyal
branded contract customers. The Company's branded churn also
benefitted year-on-year from the discontinuation of certain
products that had higher churn, such as FlexPay Contract and
FlexPay No Contract.
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Branded contract churn was 2.3% in the third quarter of 2012, up 20
basis points from the second quarter of 2012 and down 30 basis points
from the third quarter of 2011.
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The sequential increase in branded contract churn was due to
seasonality and the iPhone 5 launch in the third quarter. The
year-on-year improvement in branded contract churn was the result
of the Company's continued churn reduction initiatives, as
discussed above.
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Branded prepaid churn was 6.2% in the third quarter of 2012, up 20
basis points from the second quarter of 2012 and down 30 basis points
from the third quarter of 2011.
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The sequential increase in branded prepaid churn was due to
seasonally higher churn in the third quarter of the year.
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The year-on-year decrease in branded prepaid churn was driven
primarily by the continued success of the Monthly4G products,
which have lower churn, as well as the strategic phase-out of
high-churn products, such as FlexPay No Contract.
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ARPU Results
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Quarter Ended
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Sept 30, 2012
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June 30, 2012
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Sept 30, 2011
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Y-o-Y %?
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($)
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ARPU (branded contract) 4
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56.59
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57.35
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58.50
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(3.3%)
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ARPU (branded prepaid) 4
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27.35
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26.81
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24.31
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12.5%
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ARPU (blended)4
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42.78
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43.88
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46.22
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(7.4%)
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Data ARPU (branded contract)5
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19.45
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19.16
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17.62
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10.4%
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Data ARPU (branded)5
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17.40
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17.21
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15.97
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9.0%
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Branded contract Average Revenue Per User ("ARPU"), excluding M2M
customers, was $56.59 in the third quarter of 2012, down from $57.35
in the second quarter of 2012 and down from $58.50 in the third
quarter of 2011.
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Sequentially and year-on-year, branded contract ARPU decreased due
to lower voice revenue, impacted by the shift to Value plans,
which results in recording lower service revenues while
recognizing higher equipment revenues at the time of sale.
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Branded contract data ARPU was $19.45 in the third quarter of
2012, an increase of 1.5% from the second quarter of 2012 and an
increase of 10.4% from the third quarter of 2011. These increases
were driven by the continued adoption of data plans and higher
smartphone penetration. In addition, the sequential and
year-on-year improvements were partially due to the new Unlimited
Nationwide 4G Data plan introduced in the third quarter of 2012.
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3G/4G smartphones used by contract customers accounted for 11.8
million or 57% of total branded contract customers, compared to
11.6 million or 54% in the second quarter of 2012 and 10.1 million
or 44% in the third quarter of 2011.
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Branded prepaid ARPU, excluding MVNO customers, was $27.35 in the
third quarter of 2012, up 2.0% from the second quarter of 2012 and up
12.5% from the third quarter of 2011.
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Year-on-year, branded prepaid ARPU increased primarily due to the
continued success of the Monthly4G products which have higher ARPU
than the Company's Pay-As-You-Go prepaid products.
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Branded data ARPU in the third quarter of 2012 amounted to $17.40 per
branded customer, an increase of 1.1% from the second quarter of 2012
and an increase of 9.0% from the third quarter of 2011.
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3G/4G smartphone sales were 2.3 million units in the third quarter
of 2012, up 9.5% from 2.1 million units in the second quarter of
2012 and a 27.8% increase from 1.8 million units sold in the third
quarter of 2011. Smartphone sales accounted for 77% of units sold,
or 94% of handset sales revenues, in the third quarter of 2012, up
from 71% of units sold and 86% of handset sales revenues in the
second quarter of 2012 and 52% of units sold and 77% of handset
sales revenues in the third quarter of 2011. This result reflects
strong sales of the Samsung Galaxy S® III in particular.
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Blended ARPU was $42.78 in the third quarter of 2012, down from $43.88
in the second quarter of 2012 and down from $46.22 in the third
quarter of 2011 primarily due to a change in customer mix towards
Value plans, branded prepaid customers and wholesale customers, which
traditionally all have lower ARPU.
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Financial Results
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Quarter Ended
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($ millions)
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Sept 30, 2012
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June 30, 2012
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Sept 30, 2011
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Y-o-Y %?
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Service revenues4
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4,261
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4,381
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4,666
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(8.7%)
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Branded Revenues4
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4,021
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4,127
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4,407
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(8.8%)
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Thereof, branded contract revenues
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3,571
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3,713
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4,081
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(12.5%)
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Thereof, branded prepaid revenues
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450
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414
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326
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38.0%
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Total revenues
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4,893
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4,883
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5,228
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(6.4%)
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Adjusted OIBDA6
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1,226
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1,338
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1,445
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(15.2%)
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Adjusted OIBDA margin7
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29%
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31%
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31%
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-2 pp
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Capital expenditures8
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717
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539
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741
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(3.2%)
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Revenue
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Service revenues were $4.3 billion in the third quarter of 2012, down
2.7% from the second quarter of 2012 and down 8.7% from the third
quarter of 2011.
-
Sequentially and year-on-year, quarterly service revenues
decreased due to branded contract customer losses, which were
partially offset by the increased adoption of data plans in the
contract and prepaid customer base. Additionally, branded prepaid
revenues increased compared to the second quarter of 2012 and the
third quarter of 2011, a result of the continued success of the
Monthly4G plans. Service revenues were also negatively impacted by
growth in the adoption of the Company's Value plans, which do not
include subsidized handset equipment. However, handset equipment
sales sold in connection with Value plans result in higher
equipment revenues than traditional bundled price plans, as
described below.
-
Data service revenues, including messaging, were $1.4 billion in
the third quarter of 2012, consistent with both the second quarter
of 2012 and the third quarter of 2011. Data service revenues,
excluding messaging revenues, accounted for over 70% of total data
service revenues and increased 8.7% year-on-year.
-
Total revenues, including service, equipment sales, and other
revenues, were $4.9 billion in the third quarter of 2012, consistent
with the second quarter of 2012 and down from $5.2 billion in the
third quarter of 2011.
-
Compared to the third quarter of 2011, total revenues changed due
primarily to branded contract customer losses, as described above.
Additionally, equipment revenues increased year-on-year, despite
lower overall sales volumes, due to handset program changes in
connection with the Company's Value plans and stronger smartphone
sales. As a result, total revenues declined less than service
revenues compared to the third quarter of 2011.
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The Company's Value plans, which were first introduced in the
third quarter of 2011, allow customers to subscribe to wireless
services without the purchase of or upfront payment for a bundled
handset, resulting in reduced initial costs, benefitting adjusted
OIBDA and net income within the quarter. Qualifying customers may
separately purchase handsets at any time, either deferring
payments over 20-month installment contracts or paying the full
price at the point-of-sale. Compared to traditional bundled price
plans, Value plans result in recording lower service revenues over
the service contract period, while recognizing higher equipment
revenues at the time of the sale. In the third quarter of 2012,
Value plan customers accounted for over 50% of the branded
contract gross additions, compared with 41% of branded contract
gross additions in the second quarter of 2012. Additionally, Value
plans made up 23% of the branded contract customer base at the end
of the third quarter of 2012. This is up from 20% at the end of
the second quarter of 2012.
Adjusted OIBDA and OIBDA
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T-Mobile USA reported adjusted OIBDA of $1.2 billion in the third
quarter of 2012, down 8.4% from the second quarter of 2012 and down
15.2% from the third quarter of 2011.
-
Adjusted OIBDA in the third quarter of 2012 excludes a net benefit
of $140 million, primarily consisting of a gain associated with a
spectrum swap, offset by employee severance costs as a result of
restructuring initiatives announced in the first and second
quarters of 2012. Adjusted OIBDA in the second quarter of 2012
excludes special transaction related charges of $67 million
consisting of employee severance costs associated with
restructuring initiatives, while the third quarter of 2011
excludes special transaction related charges of $51 million
primarily consisting of employee retention benefit expenses
related to the terminated AT&T transaction.
-
Sequentially, adjusted OIBDA decreased as a result of planned
higher operating expenses associated with the Company's
re-branding campaign and lower service revenues driven by branded
customer losses. Year-on-year, adjusted OIBDA decreased as a
result of lower service revenues due primarily to branded contract
customer losses and increased expenses associated with the
Company's rebranding initiatives. Adjusted OIBDA margin was 29% in
the third quarter of 2012, down from 31% in both the second
quarter of 2012 and the third quarter of 2011.
-
On October 3, 2012, Deutsche Telekom and MetroPCS announced their
intent to combine T-Mobile USA and MetroPCS, which triggered an
impairment assessment of indefinite-lived assets. As a result of
the impairment assessment, T-Mobile USA recorded a non-cash
impairment charge of $8.1 billion related to goodwill for the
quarter ended September 30, 2012. These charges have no effect on
the Company's business operations, current cash balance or future
cash flows.
Operating Expenses
-
Total operating expenses were $12.5 billion in the third quarter of
2012 and included the impairment, restructuring charges, AT&T
transaction costs, and a gain associated a spectrum swap. Excluding
these non-recurring items for comparative purposes, total operating
expenses were $4.5 billion in the third quarter of 2012, up 3.0% from
the second quarter of 2012 and down 0.4% from the third quarter of
2011.
-
Losses from equipment subsidies in the third quarter of 2012 were
$312 million (equipment revenues of $554 million, less cost of
equipment sales of $866 million), consistent with the second
quarter of 2012 and down 19.6% from the third quarter of 2011. The
year-on-year decrease in net subsidy was due primarily to handset
program changes from the Company's Value plans.
-
Equipment subsidies related to customer acquisition were $79
million in the third quarter of 2012, compared to $83 million
in the second quarter of 2012 and $151 million in the third
quarter of 2011.
-
Equipment subsidies related to customer retention were $233
million in the third quarter of 2012, compared to $227 million
in the second quarter of 2012 and $237 million in the third
quarter of 2011.
-
Network expenses of $1.1 billion in the third quarter of 2012
decreased 3.1% from the second quarter of 2012, and decreased 8.6%
from the third quarter of 2011. This sequential and year-on-year
decrease was due primarily to lower roaming expenses and reduced
rates for providing long distance service to customers.
Additionally, due to the transition to enhanced backhaul (e.g.
fiber) over the past year, the Company was able to accommodate
higher data volumes year-on-year without significant increases in
network costs.
-
Customer acquisition expenses in the third quarter of 2012 of $823
million increased 9.6% from the second quarter of 2012 and
increased 3.5% from the third quarter of 2011. Compared to the
second quarter of 2012, the increase was primarily due to higher
advertising expenses associated with new promotional campaigns,
the Company's rebranding initiative and higher volume-based
commission expenses. The year-on-year increase was due primarily
to higher advertising expenses.
-
General and administrative expenses in the third quarter of 2012
of $840 million decreased 3.6% from the second quarter of 2012 and
decreased 3.0% from the third quarter of 2011. The sequential
decrease was due primarily to lower employee related costs
associated with organizational restructuring initiatives and lower
bad debt reflecting improved customer collection rates. The
year-on-year decrease was primarily related to lower employee
related costs. In addition, general and administrative expenses
benefitted sequentially and year-on-year as a result of continued
cost management programs.
-
Depreciation and amortization expenses of $825 million in the
third quarter of 2012 were consistent sequentially and increased
12.9% from the third quarter of 2011. The year-on-year increase
was primarily due to assets placed into service and accelerated
depreciation related to network modernization initiatives.
Capital Expenditures
-
Cash capital expenditures (excluding spectrum licenses) were $717
million in the third quarter of 2012, an increase of 33% from the
second quarter of 2012 and a decrease of 3.2% from the third quarter
of 2011.
-
Sequentially, higher cash capital expenditures were a result of
the network modernization transformation. As a result of the
network modernization initiatives, capital expenditures are
expected to continue to rise in the fourth quarter of 2012
compared to the fourth quarter of 2011. Year-on-year, the decrease
in cash capital expenditures was a result of payment timing
differences.
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T-MOBILE USA
|
Condensed Consolidated Balance Sheets
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(dollars in millions)
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(unaudited)
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September 30,
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December 31,
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2012
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2011
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Assets
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|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
430
|
|
|
|
|
$
|
390
|
|
Receivables from affiliates
|
|
|
|
|
325
|
|
|
|
|
|
1,820
|
|
Accounts receivable, net of allowances of $410 and $347*,
respectively
|
|
|
|
|
2,636
|
|
|
|
|
|
2,697
|
|
Inventory
|
|
|
|
|
497
|
|
|
|
|
|
455
|
|
Current portion of net deferred tax assets
|
|
|
|
|
669
|
|
|
|
|
|
668
|
|
Other current assets
|
|
|
|
|
786
|
|
|
|
|
|
572
|
|
Total current assets
|
|
|
|
|
5,343
|
|
|
|
|
|
6,602
|
|
Property and equipment, net of accumulated depreciation of $17,410
and $15,599, respectively
|
|
|
|
|
12,535
|
|
|
|
|
|
12,703
|
|
Goodwill
|
|
|
|
|
-
|
|
|
|
|
|
8,134
|
|
Spectrum licenses
|
|
|
|
|
14,360
|
|
|
|
|
|
12,814
|
|
Other intangible assets, net of accumulated amortization of $237
and $216, respectively
|
|
|
|
|
43
|
|
|
|
|
|
61
|
|
Long-term investments and other assets
|
|
|
|
|
332
|
|
|
|
|
|
295
|
|
Total assets
|
|
|
|
$
|
32,613
|
|
|
|
|
$
|
40,609
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
$
|
2,848
|
|
|
|
|
$
|
3,058
|
|
Current payables to affiliates
|
|
|
|
|
1,578
|
|
|
|
|
|
1,046
|
|
Other current liabilities
|
|
|
|
|
436
|
|
|
|
|
|
400
|
|
Total current liabilities
|
|
|
|
|
4,862
|
|
|
|
|
|
4,504
|
|
Long-term payables to affiliates
|
|
|
|
|
13,620
|
|
|
|
|
|
15,049
|
|
Deferred tax liabilities
|
|
|
|
|
3,614
|
|
|
|
|
|
3,282
|
|
Deferred rents and other long-term liabilities
|
|
|
|
|
2,112
|
|
|
|
|
|
1,989
|
|
Total long-term liabilities
|
|
|
|
|
19,346
|
|
|
|
|
|
20,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholder's equity:
|
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
|
|
31,600
|
|
|
|
|
|
31,600
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(9
|
)
|
|
|
|
|
(28
|
)
|
Accumulated deficit
|
|
|
|
|
(23,186
|
)
|
|
|
|
|
(15,787
|
)
|
Total stockholder's equity
|
|
|
|
|
8,405
|
|
|
|
|
|
15,785
|
|
Total liabilities and stockholder's equity
|
|
|
|
$
|
32,613
|
|
|
|
|
$
|
40,609
|
|
|
|
|
|
|
|
|
|
|
* Certain prior year items have been reclassified to conform to
current year presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T-MOBILE USA
|
Condensed Consolidated Statements of Operations
|
(dollars in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Branded Contract
|
|
|
|
$
|
3,571
|
|
|
|
$
|
3,713
|
|
|
|
$
|
4,081
|
|
Branded Prepaid
|
|
|
|
|
450
|
|
|
|
|
414
|
|
|
|
|
326
|
|
Total Branded Revenues
|
|
|
|
|
4,021
|
|
|
|
|
4,127
|
|
|
|
|
4,407
|
|
Wholesale
|
|
|
|
|
134
|
|
|
|
|
143
|
|
|
|
|
116
|
|
Roaming and other services
|
|
|
|
|
106
|
|
|
|
|
111
|
|
|
|
|
143
|
|
Total Service Revenues
|
|
|
|
|
4,261
|
|
|
|
|
4,381
|
|
|
|
|
4,666
|
|
Equipment sales
|
|
|
|
|
554
|
|
|
|
|
435
|
|
|
|
|
485
|
|
Other revenues
|
|
|
|
|
78
|
|
|
|
|
67
|
|
|
|
|
77
|
|
Total revenues
|
|
|
|
|
4,893
|
|
|
|
|
4,883
|
|
|
|
|
5,228
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Network, excluding depreciation and amortization
|
|
|
|
|
1,141
|
|
|
|
|
1,178
|
|
|
|
|
1,249
|
|
Cost of equipment sales
|
|
|
|
|
866
|
|
|
|
|
745
|
|
|
|
|
873
|
|
Customer acquisition, excluding depreciation and amortization
|
|
|
|
|
823
|
|
|
|
|
751
|
|
|
|
|
795
|
|
General and administrative, excluding depreciation and amortization
|
|
|
|
|
840
|
|
|
|
|
871
|
|
|
|
|
866
|
|
Depreciation and amortization
|
|
|
|
|
825
|
|
|
|
|
819
|
|
|
|
|
731
|
|
Impairment charges
|
|
|
|
|
8,134
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Restructuring costs
|
|
|
|
|
36
|
|
|
|
|
48
|
|
|
|
|
-
|
|
Other, net
|
|
|
|
|
(179
|
)
|
|
|
|
19
|
|
|
|
|
51
|
|
Total operating expenses*
|
|
|
|
|
12,486
|
|
|
|
|
4,431
|
|
|
|
|
4,565
|
|
Operating (loss) income
|
|
|
|
|
(7,593
|
)
|
|
|
|
452
|
|
|
|
|
663
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense, net
|
|
|
|
|
(130
|
)
|
|
|
|
(110
|
)
|
|
|
|
(137
|
)
|
(Loss) income before income taxes
|
|
|
|
|
(7,723
|
)
|
|
|
|
342
|
|
|
|
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
(83
|
)
|
|
|
|
(135
|
)
|
|
|
|
(194
|
)
|
Net (loss) income
|
|
|
|
|
(7,806
|
)
|
|
|
|
207
|
|
|
|
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on cash flow hedges and foreign currency
translation
|
|
|
|
|
23
|
|
|
|
|
(30
|
)
|
|
|
|
(56
|
)
|
Unrealized gain (loss) on available-for-sale securities
|
|
|
|
|
1
|
|
|
|
|
(2
|
)
|
|
|
|
(1
|
)
|
Total comprehensive (loss) income
|
|
|
|
$
|
(7,782
|
)
|
|
|
$
|
175
|
|
|
|
$
|
275
|
|
|
|
|
|
|
|
|
|
|
|
|
* Certain prior year items have been reclassified to conform to
current year presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T-MOBILE USA
|
Condensed Consolidated Statements of Cash Flows
|
(dollars in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
$
|
(7,806
|
)
|
|
|
$
|
207
|
|
|
|
$
|
332
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|
|
|
Impairment charges
|
|
|
|
|
8,134
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
|
|
825
|
|
|
|
|
819
|
|
|
|
|
731
|
|
Income tax expense
|
|
|
|
|
83
|
|
|
|
|
135
|
|
|
|
|
194
|
|
Bad debt expense
|
|
|
|
|
202
|
|
|
|
|
218
|
|
|
|
|
169
|
|
Other, net
|
|
|
|
|
(159
|
)
|
|
|
|
(8
|
)
|
|
|
|
7
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(282
|
)
|
|
|
|
(258
|
)
|
|
|
|
(320
|
)
|
Inventory
|
|
|
|
|
(53
|
)
|
|
|
|
(20
|
)
|
|
|
|
(41
|
)
|
Other current and non-current assets
|
|
|
|
|
(54
|
)
|
|
|
|
16
|
|
|
|
|
(25
|
)
|
Accounts payable and accrued liabilities
|
|
|
|
|
(82
|
)
|
|
|
|
(221
|
)
|
|
|
|
137
|
|
Accrued liabilities related to restructuring and AT&T
transaction-related costs
|
|
|
|
|
(10
|
)
|
|
|
|
(9
|
)
|
|
|
|
43
|
|
Net cash provided by operating activities
|
|
|
|
|
798
|
|
|
|
|
879
|
|
|
|
|
1,227
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
(717
|
)
|
|
|
|
(539
|
)
|
|
|
|
(741
|
)
|
Expenditures related to spectrum licenses
|
|
|
|
|
(369
|
)
|
|
|
|
(6
|
)
|
|
|
|
(7
|
)
|
Short-term affiliate loan receivable, net
|
|
|
|
|
280
|
|
|
|
|
(298
|
)
|
|
|
|
(425
|
)
|
Other, net
|
|
|
|
|
16
|
|
|
|
|
7
|
|
|
|
|
23
|
|
Net cash used in investing activities
|
|
|
|
|
(790
|
)
|
|
|
|
(836
|
)
|
|
|
|
(1,150
|
)
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
|
|
-
|
|
Net cash (used in) provided by financing activities
|
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
|
|
-
|
|
Change in cash and cash equivalents
|
|
|
|
|
7
|
|
|
|
|
44
|
|
|
|
|
77
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
|
423
|
|
|
|
|
379
|
|
|
|
|
344
|
|
End of period
|
|
|
|
$
|
430
|
|
|
|
$
|
423
|
|
|
|
$
|
421
|
|
|
|
|
|
|
|
|
|
|
|
|
T-MOBILE USA Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures (dollars in millions) (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 from the non-GAAP financial measures to the most
directly comparable GAAP financial measures are provided below following
Selected Data and the financial statements.
Adjusted OIBDA is reconciled to operating income as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
|
Q2
|
|
|
Q1
|
|
|
Full Year
|
|
|
Q4
|
|
|
Q3
|
|
|
Q2
|
|
|
Q1
|
|
|
|
|
|
2012
|
|
|
|
|
2012
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
|
|
|
2011
|
|
|
|
|
2011
|
|
|
|
|
2011
|
|
|
|
|
2011
|
|
Adjusted OIBDA
|
|
|
|
$
|
1,226
|
|
|
|
$
|
1,338
|
|
|
|
$
|
1,274
|
|
|
|
$
|
5,310
|
|
|
|
$
|
1,400
|
|
|
|
$
|
1,445
|
|
|
|
$
|
1,277
|
|
|
|
$
|
1,188
|
|
Depreciation and amortization
|
|
|
|
|
(825
|
)
|
|
|
|
(819
|
)
|
|
|
|
(747
|
)
|
|
|
|
(2,982
|
)
|
|
|
|
(761
|
)
|
|
|
|
(731
|
)
|
|
|
|
(755
|
)
|
|
|
|
(735
|
)
|
Adjusted operating income (excl. impairment, restructuring and other
transaction-related costs)
|
|
|
|
|
401
|
|
|
|
|
519
|
|
|
|
|
527
|
|
|
|
|
2,328
|
|
|
|
|
639
|
|
|
|
|
714
|
|
|
|
|
522
|
|
|
|
|
453
|
|
Impairment charges
|
|
|
|
|
(8,134
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(6,420
|
)
|
|
|
|
(6,420
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Restructuring costs
|
|
|
|
|
(36
|
)
|
|
|
|
(48
|
)
|
|
|
|
(6
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Other transactions
|
|
|
|
|
176
|
|
|
|
|
(19
|
)
|
|
|
|
(24
|
)
|
|
|
|
(187
|
)
|
|
|
|
(123
|
)
|
|
|
|
(51
|
)
|
|
|
|
(13
|
)
|
|
|
|
-
|
|
Operating (loss) income
|
|
|
|
$
|
(7,593
|
)
|
|
|
$
|
452
|
|
|
|
$
|
497
|
|
|
|
$
|
(4,279
|
)
|
|
|
$
|
(5,904
|
)
|
|
|
$
|
663
|
|
|
|
$
|
509
|
|
|
|
$
|
453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Represents AT&T transaction-related costs incurred from the now
terminated AT&T acquisition of T-Mobile USA, Inc. from Deutsche
Telekom from Q2 2011 to Q3 2012, and a net gain from a spectrum swap
transacted in Q3 2012. Other transactions may not agree in total to
the Other, net classification in the Statement of Operations due to
certain routine operating activities that are not excluded from
Adjusted OIBDA.
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Forward-Looking Statements
This news release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. The
statements in this news release regarding the business outlook, expected
performance and forward-looking guidance, as well as other statements
that are not historical facts, are forward looking statements. The words
"estimate," "project," "forecast," "intend," "expect," "believe,"
"target," "providing guidance" and similar expressions are intended to
identify forward-looking statements.
Forward-looking statements are estimates and projections reflecting
management's judgment based on currently available information and
involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the forward-looking
statements. With respect to these forward-looking statements, management
has made assumptions regarding, among other things, customer and network
usage, customer growth and retention, pricing, operating costs, the
timing of various events and the economic and regulatory environment.
About T-Mobile USA
Based in Bellevue, Wash., T-Mobile USA, Inc. is the U.S. wireless
operation of Deutsche Telekom AG (OTCQX: DTEGY). By the end of the third
quarter of 2012, approximately 131 million mobile customers were served
by the mobile communication segments of the Deutsche Telekom group -
33.3 million by T-Mobile USA - all via a common technology platform
based on GSM and UMTS and additionally HSPA+ 21/HSPA+ 42. T-Mobile USA's
innovative wireless products and services help empower people to connect
to those who matter most. Multiple independent research studies continue
to rank T-Mobile USA among the highest in numerous regions throughout
the U.S. in wireless customer care and call quality.
In order to provide comparability with the results of other US wireless
carriers, all financial amounts are in US dollars and are based on
accounting principles generally accepted in the United States ("GAAP").
T-Mobile USA results are included in the consolidated results of
Deutsche Telekom, but differ from the information contained herein as,
among other things, Deutsche Telekom reports financial results in Euros
and in accordance with International Financial Reporting Standards
(IFRS).
For more information, please visit http://www.T-Mobile.com.
T-Mobile is a federally registered trademark of Deutsche Telekom AG. For
further information on Deutsche Telekom, please visit www.telekom.de/investor-relations.
Definitions of Terms
Since all companies do not calculate these figures in the same manner,
the information contained in this press release may not be comparable to
similarly titled measures reported by other companies.
1. A customer is defined as a SIM card with a unique T-Mobile USA mobile
identity number which generates revenue. Branded contract and branded
prepaid customers include FlexPay customers depending on the type of
rate plan selected. FlexPay customers with a contract are included in
branded contract customers, and FlexPay customers without a contract are
included in branded prepaid customers. Additionally, machine-to-machine
customers (also known as M2M) are included within contract customers,
some of which may not have monthly recurring charges required under
contract. Mobile virtual network operators (MVNO) are classified as
prepaid customers as they most closely align with this customer segment.
2. Prior quarter amounts have been restated to conform to current period
customer reporting classifications.
3. Churn is defined as the number of customers whose service was
discontinued, expressed as a rounded monthly percentage of the average
number of customers during the specified period. We believe that churn,
which is a measure of customer retention and loyalty, provides relevant
and useful information and is used by our management to evaluate the
operating performance of our business.
4. Average Revenue Per User ("ARPU") represents the average monthly
service revenue earned from customers. ARPU is calculated by dividing
service revenues for the specified period by the average customers
during the period, and further dividing by the number of months in the
period and rounding to the nearest dollar. We believe ARPU provides
management with useful information to evaluate the revenues generated
from our customer base.
Service revenues include contract, prepaid, and roaming and other
service revenues, and do not include equipment sales and other revenues.
Data services revenues (including messaging and non-messaging revenue)
are a non-GAAP financial measure and are included in the various
components of service revenues. Handset insurance revenues are included
in contract service revenues.
Branded revenues include contract and prepaid revenues, and do not
include wholesale (M2M and MVNO), roaming, other service revenues,
equipment sales, and other revenues.
5. Data ARPU is defined as total data revenues divided by average total
customers during the period, rounded to the nearest ten cents. Total
data revenues include data revenues from contract customers, prepaid
customers, Wi-Fi revenues and data roaming revenues. Branded data
revenues exclude data revenues from M2M customers, MVNO, Wi-Fi revenues
and data roaming revenues. The relative value of data revenues from
bundled unlimited voice and data plans (including a relative value for
messaging and non-messaging data revenue) are included in total data
revenues.
6. Operating Income Before Interest, Depreciation, Amortization and
Impairment ("OIBDA") is a non-GAAP financial measure, which we define as
operating income before depreciation, amortization and impairment
charges. In a capital-intensive industry such as wireless
telecommunications, we believe OIBDA, as well as the associated
percentage margin calculation, to be meaningful measures of our
operating performance. OIBDA should not be construed as an alternative
to operating income or net income as determined in accordance with GAAP,
as an alternative to cash flows from operating activities as determined
in accordance with GAAP or as a measure of liquidity. We use OIBDA as an
integral part of our planning and internal financial reporting
processes, to evaluate the performance of our business by senior
management and to compare our performance with that of many of our
competitors. We believe that operating income is the financial measure
calculated and presented in accordance with GAAP that is the most
directly comparable to OIBDA. OIBDA is adjusted to exclude transactions
that are not reflective of our ongoing operating performance and is
detailed in the Reconciliation of Non-GAAP Financials Measures to GAAP
Financial Measures schedule.
7. Adjusted OIBDA margin is a non-GAAP financial measure, which we
define as adjusted OIBDA (as described in Note 6 above) divided by
service revenues.
8. Capital expenditures consist of amounts paid for construction and the
purchase of property and equipment.
9. High speed packet access plus (HSPA+ 21 and HSPA+ 42 technologies)
offers customers a 4G experience, including data speeds comparable to
other 4G network speeds currently available to mobile device users in
the United States.
10. Smartphones are defined as UMTS/HSPA/HSPA+ 21/HSPA+ 42 enabled
converged devices distributed by T-Mobile USA, which integrate voice and
data services.
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary Operating and Financial Data - US GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands)
|
|
|
Q3 2012
|
|
|
Q2 2012
|
|
|
Q1 2012
|
|
|
2011
|
|
|
Q4 2011
|
|
|
Q3 2011
|
|
|
Q2 2011
|
|
|
Q1 2011
|
Customers, end of period 1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded contract customers
|
|
|
20,809
|
|
|
21,300
|
|
|
21,857
|
|
|
22,367
|
|
|
22,367
|
|
|
23,074
|
|
|
23,463
|
|
|
23,999
|
Branded prepaid customers
|
|
|
5,659
|
|
|
5,295
|
|
|
5,068
|
|
|
4,819
|
|
|
4,819
|
|
|
4,599
|
|
|
4,345
|
|
|
4,416
|
Total branded customers
|
|
|
26,468
|
|
|
26,595
|
|
|
26,925
|
|
|
27,186
|
|
|
27,186
|
|
|
27,673
|
|
|
27,808
|
|
|
28,415
|
M2M customers
|
|
|
2,954
|
|
|
2,786
|
|
|
2,691
|
|
|
2,429
|
|
|
2,429
|
|
|
2,525
|
|
|
2,321
|
|
|
2,065
|
MVNO customers
|
|
|
3,905
|
|
|
3,787
|
|
|
3,756
|
|
|
3,569
|
|
|
3,569
|
|
|
3,514
|
|
|
3,456
|
|
|
3,154
|
Total wholesale customers
|
|
|
6,859
|
|
|
6,573
|
|
|
6,448
|
|
|
5,999
|
|
|
5,999
|
|
|
6,038
|
|
|
5,777
|
|
|
5,220
|
Total T-Mobile USA customers, end of period
|
|
|
33,327
|
|
|
33,168
|
|
|
33,373
|
|
|
33,185
|
|
|
33,185
|
|
|
33,711
|
|
|
33,585
|
|
|
33,635
|
Thereof, contract customers
|
|
|
23,763
|
|
|
24,086
|
|
|
24,548
|
|
|
24,797
|
|
|
24,797
|
|
|
25,598
|
|
|
25,784
|
|
|
26,065
|
Thereof, prepaid customers
|
|
|
9,564
|
|
|
9,082
|
|
|
8,824
|
|
|
8,389
|
|
|
8,389
|
|
|
8,113
|
|
|
7,801
|
|
|
7,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net customer additions/(losses)2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded contract customers
|
|
|
(492)
|
|
|
(557)
|
|
|
(510)
|
|
|
(2,206)
|
|
|
(706)
|
|
|
(389)
|
|
|
(536)
|
|
|
(574)
|
Branded prepaid customers
|
|
|
365
|
|
|
227
|
|
|
249
|
|
|
321
|
|
|
220
|
|
|
254
|
|
|
(71)
|
|
|
(82)
|
Total branded customers
|
|
|
(127)
|
|
|
(330)
|
|
|
(262)
|
|
|
(1,885)
|
|
|
(486)
|
|
|
(135)
|
|
|
(608)
|
|
|
(656)
|
M2M customers
|
|
|
168
|
|
|
95
|
|
|
262
|
|
|
556
|
|
|
(95)
|
|
|
204
|
|
|
256
|
|
|
192
|
MVNO customers
|
|
|
119
|
|
|
30
|
|
|
187
|
|
|
780
|
|
|
56
|
|
|
57
|
|
|
302
|
|
|
365
|
Total wholesale customers
|
|
|
287
|
|
|
125
|
|
|
449
|
|
|
1,336
|
|
|
(40)
|
|
|
261
|
|
|
558
|
|
|
557
|
Total T-Mobile USA net customer additions/(losses)
|
|
|
160
|
|
|
(205)
|
|
|
187
|
|
|
(549)
|
|
|
(526)
|
|
|
126
|
|
|
(50)
|
|
|
(99)
|
Thereof, contract net customer additions/(losses)
|
|
|
(324)
|
|
|
(462)
|
|
|
(248)
|
|
|
(1,650)
|
|
|
(802)
|
|
|
(186)
|
|
|
(281)
|
|
|
(382)
|
Thereof, prepaid net customer additions/(losses)
|
|
|
483
|
|
|
257
|
|
|
436
|
|
|
1,101
|
|
|
276
|
|
|
312
|
|
|
231
|
|
|
283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain customer numbers may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded contract churn3
|
|
|
2.30%
|
|
|
2.10%
|
|
|
2.50%
|
|
|
2.70%
|
|
|
3.00%
|
|
|
2.60%
|
|
|
2.60%
|
|
|
2.60%
|
Branded prepaid churn3
|
|
|
6.20%
|
|
|
6.00%
|
|
|
6.40%
|
|
|
6.70%
|
|
|
6.70%
|
|
|
6.50%
|
|
|
6.60%
|
|
|
7.00%
|
Branded churn3
|
|
|
3.10%
|
|
|
2.90%
|
|
|
3.20%
|
|
|
3.30%
|
|
|
3.60%
|
|
|
3.20%
|
|
|
3.20%
|
|
|
3.30%
|
Contract churn3
|
|
|
2.30%
|
|
|
2.20%
|
|
|
2.30%
|
|
|
2.60%
|
|
|
3.10%
|
|
|
2.40%
|
|
|
2.40%
|
|
|
2.40%
|
Blended churn3
|
|
|
3.40%
|
|
|
3.20%
|
|
|
3.30%
|
|
|
3.60%
|
|
|
4.00%
|
|
|
3.50%
|
|
|
3.30%
|
|
|
3.40%
|
($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPU (branded contract) 4
|
|
|
56.59
|
|
|
57.35
|
|
|
57.68
|
|
|
57.56
|
|
|
58.23
|
|
|
58.50
|
|
|
57.26
|
|
|
56.34
|
ARPU (contract) 4
|
|
|
49.95
|
|
|
50.90
|
|
|
51.81
|
|
|
52.57
|
|
|
52.52
|
|
|
53.05
|
|
|
52.52
|
|
|
52.21
|
ARPU (branded prepaid) 4
|
|
|
27.35
|
|
|
26.81
|
|
|
25.39
|
|
|
24.27
|
|
|
24.90
|
|
|
24.31
|
|
|
23.60
|
|
|
24.23
|
ARPU (prepaid) 4
|
|
|
20.60
|
|
|
20.58
|
|
|
19.29
|
|
|
18.38
|
|
|
19.12
|
|
|
18.23
|
|
|
17.99
|
|
|
18.13
|
ARPU (blended)4
|
|
|
42.78
|
|
|
43.88
|
|
|
44.52
|
|
|
45.86
|
|
|
45.52
|
|
|
46.22
|
|
|
45.86
|
|
|
45.82
|
Data ARPU (blended)5
|
|
|
14.53
|
|
|
14.45
|
|
|
14.38
|
|
|
13.71
|
|
|
14.16
|
|
|
13.98
|
|
|
13.56
|
|
|
13.13
|
Data ARPU (branded)5
|
|
|
17.40
|
|
|
17.21
|
|
|
16.94
|
|
|
15.54
|
|
|
16.45
|
|
|
15.97
|
|
|
15.25
|
|
|
14.55
|
Data ARPU (branded contract)5
|
|
|
19.45
|
|
|
19.16
|
|
|
18.84
|
|
|
17.07
|
|
|
18.13
|
|
|
17.62
|
|
|
16.72
|
|
|
15.91
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenues4
|
|
|
4,261
|
|
|
4,381
|
|
|
4,444
|
|
|
18,481
|
|
|
4,565
|
|
|
4,666
|
|
|
4,620
|
|
|
4,630
|
Total revenues
|
|
|
4,893
|
|
|
4,883
|
|
|
5,034
|
|
|
20,618
|
|
|
5,179
|
|
|
5,228
|
|
|
5,050
|
|
|
5,161
|
Adjusted OIBDA6
|
|
|
1,226
|
|
|
1,338
|
|
|
1,274
|
|
|
5,310
|
|
|
1,400
|
|
|
1,445
|
|
|
1,277
|
|
|
1,188
|
Adjusted OIBDA margin7
|
|
|
29%
|
|
|
31%
|
|
|
29%
|
|
|
29%
|
|
|
31%
|
|
|
31%
|
|
|
28%
|
|
|
26%
|
Capital expenditures8
|
|
|
717
|
|
|
539
|
|
|
747
|
|
|
2,729
|
|
|
551
|
|
|
741
|
|
|
688
|
|
|
749
|
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