[May 03, 2017] |
|
Sprint Returns to Net Operating Revenue Growth, Near-Record Operating Income, and Positive Adjusted Free Cash Flow* with Fiscal Year 2016 Results
Sprint Corporation (NYSE: S) today reported operating results for
the fiscal year 2016 fourth quarter and full year, including annual
growth in net operating revenues for the first time in three years and
more than twice as many postpaid phone net additions as last year. The
company also reported its highest annual operating income in 10 years at
$1.8 billion, Adjusted EBITDA* of nearly $10 billion for the year, which
grew 22 percent year-over-year, and positive adjusted free cash flow*.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170503005676/en/
*This table excludes (i) our secured revolving bank credit facility, which will expire in 2021 and has no outstanding balance, (ii) $215 million in letters of credit outstanding under the unsecured revolving bank credit facility, (iii) $540 million of capital leases and other obligations, and (iv) net premiums and debt financing costs. (Photo: Business Wire)
For the fiscal fourth quarter, the company reported operating income of
$470 million and Adjusted EBITDA* of $2.7 billion, both improvements of
more than $450 million year-over-year.
"Sprint took a big step forward in the second year of our turnaround
plan," said Sprint CEO Marcelo Claure. "Net operating revenues returned
to growth and cost reductions accelerated, leading to the highest
operating income in a decade and a return to positive adjusted free cash
flow*."
Postpaid Phone Net Additions More Than Double Year-Over-Year and
Prepaid Returns to Growth
Sprint's focus on delivering the most attractive value proposition in
wireless resulted in 930,000 postpaid phone net additions in fiscal year
2016, more than twice as many as the prior year. The company also
reported its highest postpaid phone gross additions in four years and
improved its share of gross additions for the second year in a row.
In a competitive quarter where Verizon and AT&T introduced new unlimited
data plans, Sprint added 42,000 postpaid phone customers and recorded
its tenth consecutive quarter of year-over-year improvement. Sprint
continued to take share and has now added more postpaid phone customers
than Verizon for five consecutive quarters and more than AT&T for 10
consecutive quarters.
The company also saw significant improvements in its prepaid business in
the quarter, adding 180,000 customers and returning to customer growth
for the first time in two years. With the resurgence of prepaid and the
continued growth in postpaid phone customers, the company reported
positive net additions for both in the same quarter for the first time
in four years.
The company also reported the following results:
-
Total net additions were 187,000 in the quarter, including postpaid
net losses of 118,000, prepaid net additions of 180,000, and wholesale
and affiliate net additions of 125,000. For the full year, total net
additions were 1.9 million, including postpaid net additions of
811,000, prepaid net losses of 1.1 million, and wholesale and
affiliate net additions of 2.1 million.
-
Postpaid phone churn was 1.58 percent and total postpaid churn was
1.75 percent in the quarter. For the full year, postpaid phone churn
of 1.48 percent was the lowest in company history and total postpaid
churn was 1.62 percent.
Another Year of Significant Cost Reductions
Sprint continued to make progress on its multi-year plan to transform
the way it does business and significantly lower its cost structure. The
company delivered $2.1 billion of year-over-year reductions in cost of
service and selling, general and administrative expenses in fiscal year
2016, bringing the two-year total reduction to $3.4 billion.
The company also reported the following financial results:
-
Net operating revenues of $8.5 billion in the quarter grew 6 percent
year-over-year and increased year-over-year for the third consecutive
quarter. For the full year, net operating revenues of $33.3 billion
grew 4 percent and increased year-over-year for the first time in
three years.
-
Net loss of $283 million, or $0.07 per share, in the quarter compared
to a net loss of $554 million, or $0.14 per share, in the year-ago
period, an improvement of $271 million, or $0.07 per share. For the
full year, net loss of $1.2 billion, or $0.30 per share, compared to a
net loss of $2 billion, or $0.50 per share, in the year-ago period, an
improvement of $789 million, or $0.20 per share.
-
Operating income of $470 million in the quarter compared to $8 million
in the year-ago period, an improvement of $462 million. For the full
year, operating income of $1.8 billion improved by $1.5 billion
year-over-year and reached its highest level in 10 years.
-
Adjusted EBITDA* of $2.7 billion in the quarter grew year-over-year by
$522 million or 24 percent. For the full year, Adjusted EBITDA* of
nearly $10 billion grew year-over-year by $1.8 billion or 22 percent.
-
Net cash provided by operating activities of $1.3 billion in the
quarter was in line with the year-ago period. For the full year, net
cash provided by operating activities was $4.2 billion compared to
$3.9 billion in the year-ago period.
-
Adjusted free cash flow* was $80 million in the quarter compared to
$603 million in the year-ago period. For the full year, adjusted free
cash flow* was positive $607 million compared to negative $1.4 billion
in the year-ago period, an improvement of $2 billion.
Obtaining Lower Cost Funding to Retire Higher Cost Debt
Sprint continued to execute its financing strategy of diversifying its
funding sources, lowering its cost of capital, and reducing its future
cash interest expenses. During the quarter Sprint replaced its $3.3
billion unsecured revolving bank credit facility with a new $6 billion
secured credit facility, consisting of a $4 billion seven-year term loan
and a $2 billion four-year revolving bank credit facility. At closing,
the company borrowed $4 billion on the term loan facility at a rate of
LIBOR plus 250 basis points, which is about half of Sprint's current
effective interest rate.
The company also retired approximately $1.6 billion of debt maturities
with higher interest payments in the quarter, including $1 billion of
9.125 percent senior notes, $300 million associated with its Network
LeaseCo facility, and $250 million related to the early retirement of
tranche 4 of its EDC facility.
Total liquidity was $10.9 billion at the end of the quarter, including
$8.3 billion of cash, cash equivalents and short-term investments.
Additionally, the company has $1.2 billion of availability under vendor
financing agreements that can be used toward the purchase of 2.5GHz
network equipment.
New Technology Expected to Continue Network Improvements
Sprint is unlocking the value of the largest spectrum holdings in the
U.S. in a capital-efficient manner and third party sources continue to
validate the company's network performance improvements.
-
Independent mobile analytics firm RootMetrics® awarded Sprint over 30
percent more first-place (outright or shared) Metropolitan area
RootScore® Awards (from 103 to 135) for reliability, speed, data,
call, text, or overall network performance in the 76 markets measured
in the first half of 2017 compared to the year-ago testing period.1
Additionally, Sprint ranked #2 nationally in Call performance for the
fourth consecutive time in the second half of 2016 report, including
more metro Call RootScore awards (108) than Verizon, AT&T, or T-Mobile
for the first time ever.
-
Sprint's overall network reliability continues to beat T-Mobile and
performs within 1 percent of Verizon and AT&T, based on an analysis of
Nielsen data.2
As previously announced, Sprint helped develop a breakthrough innovation
called High Performance User Equipment (HPUE), a new technology that
extends the coverage of its 2.5GHz spectrum by up to 30 percent to
nearly match its mid-band 1.9GHz spectrum performance on capable
devices. In one of the fastest progressions from global standard
approval to commercial availability, HPUE-capable devices are already
available to Sprint customers, including the recently launched LG G6,
Samsung Galaxy S8, and ZTE Max XL.
The company will be announcing another exciting technology innovation on
today's conference call.
Fiscal Year 2017 Outlook
-
The company expects Adjusted EBITDA* of $10.7 billion to $11.2 billion.
-
The company expects operating income of $2 billion to $2.5 billion.
-
The company expects cash capital expenditures, excluding devices
leased through indirect channels, of $3.5 billion to $4 billion.
Conference Call and Webcast
-
Date/Time: 8:30 a.m. (ET) Wednesday, May 3, 2017
-
Call-in Information
-
U.S./Canada: 866-360-1063 (ID: 3938447)
-
International: 443-961-0242 (ID: 3938447)
-
Webcast available at www.sprint.com/investors
-
Additional information about results is available on our Investor
Relations website
|
1 Rankings based on RootMetrics Metro RootScore Reports
from 1H 2016, 2H 2016, and 1H 2017 and, National RootScore Report
from 2H 2016 for mobile performance as tested on best available
plans and devices on four mobile networks across all available
network types. Your experiences may vary. The RootMetrics award is
not an endorsement of Sprint. Visit www.rootmetrics.com for more
details.
|
2 Average network reliability (voice & data) based on
Sprint's analysis of latest Nielsen drive test data in the top 106
metro markets.
|
|
|
Wireless Operating Statistics (Unaudited)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Sprint platform (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net additions (losses) (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid
|
|
|
|
|
(118
|
)
|
|
|
|
405
|
|
|
|
|
56
|
|
|
|
|
|
811
|
|
|
|
|
1,245
|
|
Prepaid
|
|
|
|
|
180
|
|
|
|
|
(501
|
)
|
|
|
|
(264
|
)
|
|
|
|
|
(1,079
|
)
|
|
|
|
(1,309
|
)
|
Wholesale and affiliate
|
|
|
|
|
125
|
|
|
|
|
673
|
|
|
|
|
655
|
|
|
|
|
|
2,149
|
|
|
|
|
2,733
|
|
Total Sprint platform wireless net additions
|
|
|
|
|
187
|
|
|
|
|
577
|
|
|
|
|
447
|
|
|
|
|
|
1,881
|
|
|
|
|
2,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period connections (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid (d)
|
|
|
|
|
31,576
|
|
|
|
|
31,694
|
|
|
|
|
30,951
|
|
|
|
|
|
31,576
|
|
|
|
|
30,951
|
|
Prepaid (d) (e)
|
|
|
|
|
11,992
|
|
|
|
|
11,812
|
|
|
|
|
14,397
|
|
|
|
|
|
11,992
|
|
|
|
|
14,397
|
|
Wholesale and affiliate (d) (e)
|
|
|
|
|
16,134
|
|
|
|
|
16,009
|
|
|
|
|
13,458
|
|
|
|
|
|
16,134
|
|
|
|
|
13,458
|
|
Total Sprint platform end of period connections
|
|
|
|
|
59,702
|
|
|
|
|
59,515
|
|
|
|
|
58,806
|
|
|
|
|
|
59,702
|
|
|
|
|
58,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Churn
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid
|
|
|
|
|
1.75
|
%
|
|
|
|
1.67
|
%
|
|
|
|
1.72
|
%
|
|
|
|
|
1.62
|
%
|
|
|
|
1.61
|
%
|
Prepaid (e)
|
|
|
|
|
4.99
|
%
|
|
|
|
5.80
|
%
|
|
|
|
5.65
|
%
|
|
|
|
|
5.51
|
%
|
|
|
|
5.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data - connected devices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period connections (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail postpaid
|
|
|
|
|
2,001
|
|
|
|
|
1,960
|
|
|
|
|
1,771
|
|
|
|
|
|
2,001
|
|
|
|
|
1,771
|
|
Wholesale and affiliate
|
|
|
|
|
10,880
|
|
|
|
|
10,594
|
|
|
|
|
8,575
|
|
|
|
|
|
10,880
|
|
|
|
|
8,575
|
|
Total
|
|
|
|
|
12,881
|
|
|
|
|
12,554
|
|
|
|
|
10,346
|
|
|
|
|
|
12,881
|
|
|
|
|
10,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint platform ARPU (1) (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid
|
|
|
|
$
|
47.34
|
|
|
|
$
|
49.70
|
|
|
|
$
|
51.68
|
|
|
|
|
$
|
49.77
|
|
|
|
$
|
53.39
|
|
Prepaid (e)
|
|
|
|
$
|
30.08
|
|
|
|
$
|
27.61
|
|
|
|
$
|
27.72
|
|
|
|
|
$
|
28.01
|
|
|
|
$
|
27.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint platform postpaid phone
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid phone net additions
|
|
|
|
|
42
|
|
|
|
|
368
|
|
|
|
|
22
|
|
|
|
|
|
930
|
|
|
|
|
438
|
|
Postpaid phone end of period connections (d)
|
|
|
|
|
26,079
|
|
|
|
|
26,037
|
|
|
|
|
25,316
|
|
|
|
|
|
26,079
|
|
|
|
|
25,316
|
|
Postpaid phone churn
|
|
|
|
|
1.58
|
%
|
|
|
|
1.57
|
%
|
|
|
|
1.56
|
%
|
|
|
|
|
1.48
|
%
|
|
|
|
1.52
|
%
|
|
NON-GAAP RECONCILIATION - ABPA*, POSTPAID PHONE ARPU AND ABPU*
(Unaudited)
|
(Millions, except accounts, connections, ABPA*, ARPU, and ABPU*)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Sprint platform ABPA* (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid service revenue
|
|
|
|
$
|
4,493
|
|
|
|
$
|
4,686
|
|
|
|
$
|
4,793
|
|
|
|
|
$
|
18,677
|
|
|
|
$
|
19,463
|
|
Add: Installment plan billings
|
|
|
|
|
343
|
|
|
|
|
291
|
|
|
|
|
287
|
|
|
|
|
|
1,172
|
|
|
|
|
1,190
|
|
Add: Lease revenue
|
|
|
|
|
842
|
|
|
|
|
887
|
|
|
|
|
662
|
|
|
|
|
|
3,295
|
|
|
|
|
1,838
|
|
Total for Sprint platform postpaid connections
|
|
|
|
$
|
5,678
|
|
|
|
$
|
5,864
|
|
|
|
$
|
5,742
|
|
|
|
|
$
|
23,144
|
|
|
|
$
|
22,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint platform postpaid accounts (in thousands)
|
|
|
|
|
11,405
|
|
|
|
|
11,413
|
|
|
|
|
11,358
|
|
|
|
|
|
11,378
|
|
|
|
|
11,248
|
|
Sprint platform postpaid ABPA* (b)
|
|
|
|
$
|
165.92
|
|
|
|
$
|
171.28
|
|
|
|
$
|
168.49
|
|
|
|
|
$
|
169.51
|
|
|
|
$
|
166.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Sprint platform postpaid phone ARPU and
ABPU* (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid phone service revenue
|
|
|
|
$
|
4,228
|
|
|
|
$
|
4,420
|
|
|
|
$
|
4,512
|
|
|
|
|
$
|
17,578
|
|
|
|
$
|
18,331
|
|
Add: Installment plan billings
|
|
|
|
|
309
|
|
|
|
|
261
|
|
|
|
|
268
|
|
|
|
|
|
1,061
|
|
|
|
|
1,116
|
|
Add: Lease revenue
|
|
|
|
|
829
|
|
|
|
|
873
|
|
|
|
|
649
|
|
|
|
|
|
3,240
|
|
|
|
|
1,799
|
|
Total for Sprint platform postpaid phone connections
|
|
|
|
$
|
5,366
|
|
|
|
$
|
5,554
|
|
|
|
$
|
5,429
|
|
|
|
|
$
|
21,879
|
|
|
|
$
|
21,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint platform postpaid average phone connections (in thousands)
|
|
|
|
|
26,053
|
|
|
|
|
25,795
|
|
|
|
|
25,297
|
|
|
|
|
|
25,659
|
|
|
|
|
25,020
|
|
Sprint platform postpaid phone ARPU (a)
|
|
|
|
$
|
54.10
|
|
|
|
$
|
57.12
|
|
|
|
$
|
59.45
|
|
|
|
|
$
|
57.09
|
|
|
|
$
|
61.05
|
|
Sprint platform postpaid phone ABPU* (c)
|
|
|
|
$
|
68.66
|
|
|
|
$
|
71.77
|
|
|
|
$
|
71.53
|
|
|
|
|
$
|
71.06
|
|
|
|
$
|
70.77
|
|
(a) ARPU is calculated by dividing service revenue by the
sum of the monthly average number of connections in the applicable
service category. Changes in average monthly service revenue reflect
connections for either the postpaid or prepaid service category who
change rate plans, the level of voice and data usage, the amount of
service credits which are offered to connections, plus the net
effect of average monthly revenue generated by new connections and
deactivating connections. Sprint platform postpaid phone ARPU
represents revenues related to our postpaid phone connections.
|
(b) Sprint platform postpaid ABPA* is calculated by
dividing service revenue earned from connections plus installment
plan billings and lease revenue by the sum of the monthly average
number of accounts during the period.
|
(c) Sprint platform postpaid phone ABPU* is calculated
by dividing postpaid phone service revenue earned from postpaid
phone connections plus installment plan billings and lease revenue
by the sum of the monthly average number of postpaid phone
connections during the period.
|
(d) As part of the transaction involving Shenandoah
Telecommunications Company (Shentel), 186,000 and 92,000
subscribers were transferred in May 2016 from postpaid and
prepaid, respectively, to affiliates. An additional 270,000
nTelos' subscribers are now part of our affiliate relationship
with Shentel and are being reported in wholesale and affiliate
subscribers during the quarter ended June 30, 2016.
|
(e) As a result of aligning all prepaid brands,
including prepaid affiliate subscribers, under one churn and
retention program as of December 31, 2016, end of period prepaid
and affiliate subscribers were reduced by 1,234,000 and 21,000,
respectively.
|
|
|
Wireless Device Financing Summary (Unaudited)
|
(Millions, except sales, connections, and sales and connections
mix)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid sales (in thousands)
|
|
|
|
|
3,471
|
|
|
|
|
4,812
|
|
|
|
|
3,438
|
|
|
|
|
|
15,298
|
|
|
|
|
16,394
|
|
Postpaid sales mix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidy/other
|
|
|
|
|
18
|
%
|
|
|
|
20
|
%
|
|
|
|
37
|
%
|
|
|
|
|
24
|
%
|
|
|
|
36
|
%
|
Installment plans
|
|
|
|
|
40
|
%
|
|
|
|
37
|
%
|
|
|
|
18
|
%
|
|
|
|
|
34
|
%
|
|
|
|
13
|
%
|
Leasing
|
|
|
|
|
42
|
%
|
|
|
|
43
|
%
|
|
|
|
45
|
%
|
|
|
|
|
42
|
%
|
|
|
|
51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installment plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installment sales financed
|
|
|
|
$
|
696
|
|
|
|
$
|
1,036
|
|
|
|
$
|
311
|
|
|
|
|
$
|
2,884
|
|
|
|
$
|
1,059
|
|
Installment billings
|
|
|
|
$
|
343
|
|
|
|
$
|
291
|
|
|
|
$
|
287
|
|
|
|
|
$
|
1,172
|
|
|
|
$
|
1,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
|
|
$
|
842
|
|
|
|
$
|
887
|
|
|
|
$
|
662
|
|
|
|
|
$
|
3,295
|
|
|
|
$
|
1,838
|
|
Lease depreciation
|
|
|
|
$
|
911
|
|
|
|
$
|
837
|
|
|
|
$
|
550
|
|
|
|
|
$
|
3,116
|
|
|
|
$
|
1,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased device additions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for capital expenditures - leased devices
|
|
|
|
$
|
395
|
|
|
|
$
|
767
|
|
|
|
$
|
568
|
|
|
|
|
$
|
1,925
|
|
|
|
$
|
2,292
|
|
Transfers from inventory - leased devices
|
|
|
|
$
|
639
|
|
|
|
$
|
1,095
|
|
|
|
$
|
621
|
|
|
|
|
$
|
2,920
|
|
|
|
$
|
3,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased devices in property, plant and equipment, net
|
|
|
|
$
|
4,162
|
|
|
|
$
|
4,454
|
|
|
|
$
|
3,645
|
|
|
|
|
$
|
4,162
|
|
|
|
$
|
3,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased device and receivables financings net proceeds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from MLS sale
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
1,055
|
|
|
|
$
|
1,136
|
|
Repayments to MLS
|
|
|
|
|
(151
|
)
|
|
|
|
(176
|
)
|
|
|
|
-
|
|
|
|
|
|
(653
|
)
|
|
|
|
-
|
|
Proceeds from lease securitization
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
600
|
|
|
|
|
|
-
|
|
|
|
|
600
|
|
Repayments of lease securitization
|
|
|
|
|
(102
|
)
|
|
|
|
(55
|
)
|
|
|
|
-
|
|
|
|
|
|
(255
|
)
|
|
|
|
-
|
|
Proceeds from receivables securitization
|
|
|
|
|
100
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
100
|
|
|
|
|
-
|
|
Repayments of receivables securitization
|
|
|
|
|
(161
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
(161
|
)
|
|
|
|
-
|
|
Net (repayments) proceeds of financings related to devices and receivables
|
|
|
|
$
|
(314
|
)
|
|
|
$
|
(231
|
)
|
|
|
$
|
600
|
|
|
|
|
$
|
86
|
|
|
|
$
|
1,736
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions, except per share data)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Net operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenue
|
|
|
|
$
|
6,116
|
|
|
|
$
|
6,323
|
|
|
|
$
|
6,574
|
|
|
|
|
$
|
25,368
|
|
|
|
$
|
27,174
|
|
Equipment revenue
|
|
|
|
|
2,423
|
|
|
|
|
2,226
|
|
|
|
|
1,497
|
|
|
|
|
|
7,979
|
|
|
|
|
5,006
|
|
Total net operating revenues
|
|
|
|
|
8,539
|
|
|
|
|
8,549
|
|
|
|
|
8,071
|
|
|
|
|
|
33,347
|
|
|
|
|
32,180
|
|
Net operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation and amortization below)
|
|
|
|
|
1,736
|
|
|
|
|
1,925
|
|
|
|
|
2,245
|
|
|
|
|
|
7,861
|
|
|
|
|
9,439
|
|
Cost of products (exclusive of depreciation and amortization below)
|
|
|
|
|
1,980
|
|
|
|
|
1,985
|
|
|
|
|
1,551
|
|
|
|
|
|
7,077
|
|
|
|
|
5,795
|
|
Selling, general and administrative
|
|
|
|
|
2,002
|
|
|
|
|
2,080
|
|
|
|
|
1,939
|
|
|
|
|
|
7,994
|
|
|
|
|
8,479
|
|
Depreciation - network and other
|
|
|
|
|
960
|
|
|
|
|
1,000
|
|
|
|
|
1,042
|
|
|
|
|
|
3,982
|
|
|
|
|
4,013
|
|
Depreciation - leased devices
|
|
|
|
|
911
|
|
|
|
|
837
|
|
|
|
|
550
|
|
|
|
|
|
3,116
|
|
|
|
|
1,781
|
|
Amortization
|
|
|
|
|
239
|
|
|
|
|
255
|
|
|
|
|
300
|
|
|
|
|
|
1,052
|
|
|
|
|
1,294
|
|
Other, net
|
|
|
|
|
241
|
|
|
|
|
156
|
|
|
|
|
436
|
|
|
|
|
|
501
|
|
|
|
|
1,069
|
|
Total net operating expenses
|
|
|
|
|
8,069
|
|
|
|
|
8,238
|
|
|
|
|
8,063
|
|
|
|
|
|
31,583
|
|
|
|
|
31,870
|
|
Operating income
|
|
|
|
|
470
|
|
|
|
|
311
|
|
|
|
|
8
|
|
|
|
|
|
1,764
|
|
|
|
|
310
|
|
Interest expense
|
|
|
|
|
(631
|
)
|
|
|
|
(619
|
)
|
|
|
|
(552
|
)
|
|
|
|
|
(2,495
|
)
|
|
|
|
(2,182
|
)
|
Other income (expense), net
|
|
|
|
|
27
|
|
|
|
|
(60
|
)
|
|
|
|
5
|
|
|
|
|
|
(40
|
)
|
|
|
|
18
|
|
Loss before income taxes
|
|
|
|
|
(134
|
)
|
|
|
|
(368
|
)
|
|
|
|
(539
|
)
|
|
|
|
|
(771
|
)
|
|
|
|
(1,854
|
)
|
Income tax expense
|
|
|
|
|
(149
|
)
|
|
|
|
(111
|
)
|
|
|
|
(15
|
)
|
|
|
|
|
(435
|
)
|
|
|
|
(141
|
)
|
Net loss
|
|
|
|
$
|
(283
|
)
|
|
|
$
|
(479
|
)
|
|
|
$
|
(554
|
)
|
|
|
|
$
|
(1,206
|
)
|
|
|
$
|
(1,995
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per common share
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.14
|
)
|
|
|
|
$
|
(0.30
|
)
|
|
|
$
|
(0.50
|
)
|
Weighted average common shares outstanding
|
|
|
|
|
3,988
|
|
|
|
|
3,983
|
|
|
|
|
3,972
|
|
|
|
|
|
3,981
|
|
|
|
|
3,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
|
|
-111.2
|
%
|
|
|
|
-30.2
|
%
|
|
|
|
-2.8
|
%
|
|
|
|
|
-56.4
|
%
|
|
|
|
-7.6
|
%
|
|
NON-GAAP RECONCILIATION - NET LOSS TO ADJUSTED EBITDA* (Unaudited)
|
(Millions)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(283
|
)
|
|
|
$
|
(479
|
)
|
|
|
$
|
(554
|
)
|
|
|
|
$
|
(1,206
|
)
|
|
|
$
|
(1,995
|
)
|
Income tax expense
|
|
|
|
|
149
|
|
|
|
|
111
|
|
|
|
|
15
|
|
|
|
|
|
435
|
|
|
|
|
141
|
|
Loss before income taxes
|
|
|
|
|
(134
|
)
|
|
|
|
(368
|
)
|
|
|
|
(539
|
)
|
|
|
|
|
(771
|
)
|
|
|
|
(1,854
|
)
|
Other (income) expense, net
|
|
|
|
|
(27
|
)
|
|
|
|
60
|
|
|
|
|
(5
|
)
|
|
|
|
|
40
|
|
|
|
|
(18
|
)
|
Interest expense
|
|
|
|
|
631
|
|
|
|
|
619
|
|
|
|
|
552
|
|
|
|
|
|
2,495
|
|
|
|
|
2,182
|
|
Operating income
|
|
|
|
|
470
|
|
|
|
|
311
|
|
|
|
|
8
|
|
|
|
|
|
1,764
|
|
|
|
|
310
|
|
Depreciation - network and other
|
|
|
|
|
960
|
|
|
|
|
1,000
|
|
|
|
|
1,042
|
|
|
|
|
|
3,982
|
|
|
|
|
4,013
|
|
Depreciation - leased devices
|
|
|
|
|
911
|
|
|
|
|
837
|
|
|
|
|
550
|
|
|
|
|
|
3,116
|
|
|
|
|
1,781
|
|
Amortization
|
|
|
|
|
239
|
|
|
|
|
255
|
|
|
|
|
300
|
|
|
|
|
|
1,052
|
|
|
|
|
1,294
|
|
EBITDA* (3)
|
|
|
|
|
2,580
|
|
|
|
|
2,403
|
|
|
|
|
1,900
|
|
|
|
|
|
9,914
|
|
|
|
|
7,398
|
|
Loss (gain) from asset dispositions and exchanges, net (4)
|
|
|
|
|
-
|
|
|
|
|
28
|
|
|
|
|
81
|
|
|
|
|
|
(326
|
)
|
|
|
|
166
|
|
Severance and exit costs (5)
|
|
|
|
|
36
|
|
|
|
|
19
|
|
|
|
|
162
|
|
|
|
|
|
66
|
|
|
|
|
409
|
|
Contract terminations (6)
|
|
|
|
|
27
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
140
|
|
|
|
|
-
|
|
Litigation and other contingencies (7)
|
|
|
|
|
37
|
|
|
|
|
-
|
|
|
|
|
15
|
|
|
|
|
|
140
|
|
|
|
|
193
|
|
Reduction in liability - U.S. Cellular asset acquisition (8)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(20
|
)
|
Adjusted EBITDA* (3)
|
|
|
|
$
|
2,680
|
|
|
|
$
|
2,450
|
|
|
|
$
|
2,158
|
|
|
|
|
$
|
9,934
|
|
|
|
$
|
8,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin*
|
|
|
|
|
43.8
|
%
|
|
|
|
38.7
|
%
|
|
|
|
32.8
|
%
|
|
|
|
|
39.2
|
%
|
|
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for capital expenditures - network and other
|
|
|
|
$
|
529
|
|
|
|
$
|
478
|
|
|
|
$
|
722
|
|
|
|
|
$
|
1,950
|
|
|
|
$
|
4,680
|
|
Cash paid for capital expenditures - leased devices
|
|
|
|
$
|
395
|
|
|
|
$
|
767
|
|
|
|
$
|
568
|
|
|
|
|
$
|
1,925
|
|
|
|
$
|
2,292
|
|
|
|
|
WIRELESS STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Net operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sprint platform (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postpaid
|
|
|
|
$
|
4,493
|
|
|
|
$
|
4,686
|
|
|
|
$
|
4,793
|
|
|
|
|
$
|
18,677
|
|
|
|
$
|
19,463
|
|
Prepaid
|
|
|
|
|
1,067
|
|
|
|
|
1,077
|
|
|
|
|
1,203
|
|
|
|
|
|
4,438
|
|
|
|
|
4,986
|
|
Wholesale, affiliate and other
|
|
|
|
|
184
|
|
|
|
|
183
|
|
|
|
|
155
|
|
|
|
|
|
693
|
|
|
|
|
703
|
|
Total Sprint platform
|
|
|
|
|
5,744
|
|
|
|
|
5,946
|
|
|
|
|
6,151
|
|
|
|
|
|
23,808
|
|
|
|
|
25,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions (2)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
|
-
|
|
|
|
|
219
|
|
Total service revenue
|
|
|
|
|
5,744
|
|
|
|
|
5,946
|
|
|
|
|
6,154
|
|
|
|
|
|
23,808
|
|
|
|
|
25,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment revenue
|
|
|
|
|
2,423
|
|
|
|
|
2,226
|
|
|
|
|
1,497
|
|
|
|
|
|
7,979
|
|
|
|
|
5,006
|
|
Total net operating revenues
|
|
|
|
|
8,167
|
|
|
|
|
8,172
|
|
|
|
|
7,651
|
|
|
|
|
|
31,787
|
|
|
|
|
30,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation and amortization below)
|
|
|
|
|
1,448
|
|
|
|
|
1,649
|
|
|
|
|
1,922
|
|
|
|
|
|
6,674
|
|
|
|
|
8,069
|
|
Cost of products (exclusive of depreciation and amortization below)
|
|
|
|
|
1,980
|
|
|
|
|
1,985
|
|
|
|
|
1,551
|
|
|
|
|
|
7,077
|
|
|
|
|
5,795
|
|
Selling, general and administrative
|
|
|
|
|
1,944
|
|
|
|
|
2,032
|
|
|
|
|
1,868
|
|
|
|
|
|
7,741
|
|
|
|
|
8,141
|
|
Depreciation - network and other
|
|
|
|
|
911
|
|
|
|
|
947
|
|
|
|
|
991
|
|
|
|
|
|
3,779
|
|
|
|
|
3,812
|
|
Depreciation - leased devices
|
|
|
|
|
911
|
|
|
|
|
837
|
|
|
|
|
550
|
|
|
|
|
|
3,116
|
|
|
|
|
1,781
|
|
Amortization
|
|
|
|
|
239
|
|
|
|
|
255
|
|
|
|
|
300
|
|
|
|
|
|
1,052
|
|
|
|
|
1,294
|
|
Other, net
|
|
|
|
|
232
|
|
|
|
|
150
|
|
|
|
|
434
|
|
|
|
|
|
480
|
|
|
|
|
1,045
|
|
Total net operating expenses
|
|
|
|
|
7,665
|
|
|
|
|
7,855
|
|
|
|
|
7,616
|
|
|
|
|
|
29,919
|
|
|
|
|
29,937
|
|
Operating income
|
|
|
|
$
|
502
|
|
|
|
$
|
317
|
|
|
|
$
|
35
|
|
|
|
|
$
|
1,868
|
|
|
|
$
|
440
|
|
|
|
WIRELESS NON-GAAP RECONCILIATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
502
|
|
|
|
$
|
317
|
|
|
|
$
|
35
|
|
|
|
|
$
|
1,868
|
|
|
|
$
|
440
|
|
Loss (gain) from asset dispositions and exchanges, net (4)
|
|
|
|
|
-
|
|
|
|
|
28
|
|
|
|
|
81
|
|
|
|
|
|
(326
|
)
|
|
|
|
166
|
|
Severance and exit costs (5)
|
|
|
|
|
27
|
|
|
|
|
13
|
|
|
|
|
160
|
|
|
|
|
|
45
|
|
|
|
|
385
|
|
Contract terminations (6)
|
|
|
|
|
27
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
140
|
|
|
|
|
-
|
|
Litigation and other contingencies (7)
|
|
|
|
|
37
|
|
|
|
|
-
|
|
|
|
|
15
|
|
|
|
|
|
140
|
|
|
|
|
193
|
|
Reduction in liability - U.S. Cellular asset acquisition (8)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(20
|
)
|
Depreciation - network and other
|
|
|
|
|
911
|
|
|
|
|
947
|
|
|
|
|
991
|
|
|
|
|
|
3,779
|
|
|
|
|
3,812
|
|
Depreciation - leased devices
|
|
|
|
|
911
|
|
|
|
|
837
|
|
|
|
|
550
|
|
|
|
|
|
3,116
|
|
|
|
|
1,781
|
|
Amortization
|
|
|
|
|
239
|
|
|
|
|
255
|
|
|
|
|
300
|
|
|
|
|
|
1,052
|
|
|
|
|
1,294
|
|
Adjusted EBITDA* (3)
|
|
|
|
$
|
2,654
|
|
|
|
$
|
2,397
|
|
|
|
$
|
2,132
|
|
|
|
|
$
|
9,814
|
|
|
|
$
|
8,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin*
|
|
|
|
|
46.2
|
%
|
|
|
|
40.3
|
%
|
|
|
|
34.6
|
%
|
|
|
|
|
41.2
|
%
|
|
|
|
31.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for capital expenditures - network and other
|
|
|
|
$
|
468
|
|
|
|
$
|
389
|
|
|
|
$
|
577
|
|
|
|
|
$
|
1,591
|
|
|
|
$
|
4,089
|
|
Cash paid for capital expenditures - leased devices
|
|
|
|
$
|
395
|
|
|
|
$
|
767
|
|
|
|
$
|
568
|
|
|
|
|
$
|
1,925
|
|
|
|
$
|
2,292
|
|
|
|
WIRELINE STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions)
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Net operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voice
|
|
|
|
$
|
143
|
|
|
|
$
|
153
|
|
|
|
$
|
194
|
|
|
|
|
$
|
649
|
|
|
|
$
|
840
|
|
Data
|
|
|
|
|
39
|
|
|
|
|
41
|
|
|
|
|
37
|
|
|
|
|
|
166
|
|
|
|
|
171
|
|
Internet
|
|
|
|
|
276
|
|
|
|
|
281
|
|
|
|
|
316
|
|
|
|
|
|
1,147
|
|
|
|
|
1,284
|
|
Other
|
|
|
|
|
22
|
|
|
|
|
22
|
|
|
|
|
15
|
|
|
|
|
|
81
|
|
|
|
|
87
|
|
Total net operating revenues
|
|
|
|
|
480
|
|
|
|
|
497
|
|
|
|
|
562
|
|
|
|
|
|
2,043
|
|
|
|
|
2,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of services (exclusive of depreciation and amortization below)
|
|
|
|
|
402
|
|
|
|
|
400
|
|
|
|
|
467
|
|
|
|
|
|
1,686
|
|
|
|
|
1,962
|
|
Selling, general and administrative
|
|
|
|
|
49
|
|
|
|
|
49
|
|
|
|
|
74
|
|
|
|
|
|
238
|
|
|
|
|
328
|
|
Depreciation and amortization
|
|
|
|
|
47
|
|
|
|
|
51
|
|
|
|
|
50
|
|
|
|
|
|
195
|
|
|
|
|
194
|
|
Other, net
|
|
|
|
|
8
|
|
|
|
|
6
|
|
|
|
|
3
|
|
|
|
|
|
21
|
|
|
|
|
25
|
|
Total net operating expenses
|
|
|
|
|
506
|
|
|
|
|
506
|
|
|
|
|
594
|
|
|
|
|
|
2,140
|
|
|
|
|
2,509
|
|
Operating loss
|
|
|
|
$
|
(26
|
)
|
|
|
$
|
(9
|
)
|
|
|
$
|
(32
|
)
|
|
|
|
$
|
(97
|
)
|
|
|
$
|
(127
|
)
|
|
|
WIRELINE NON-GAAP RECONCILIATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
|
Year To Date
|
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
|
3/31/17
|
|
|
3/31/16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
$
|
(26
|
)
|
|
|
$
|
(9
|
)
|
|
|
$
|
(32
|
)
|
|
|
|
$
|
(97
|
)
|
|
|
$
|
(127
|
)
|
Severance and exit costs (5)
|
|
|
|
|
8
|
|
|
|
|
6
|
|
|
|
|
3
|
|
|
|
|
|
21
|
|
|
|
|
25
|
|
Depreciation and amortization
|
|
|
|
|
47
|
|
|
|
|
51
|
|
|
|
|
50
|
|
|
|
|
|
195
|
|
|
|
|
194
|
|
Adjusted EBITDA*
|
|
|
|
$
|
29
|
|
|
|
$
|
48
|
|
|
|
$
|
21
|
|
|
|
|
$
|
119
|
|
|
|
$
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin*
|
|
|
|
|
6.0
|
%
|
|
|
|
9.7
|
%
|
|
|
|
3.7
|
%
|
|
|
|
|
5.8
|
%
|
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for capital expenditures - network and other
|
|
|
|
$
|
19
|
|
|
|
$
|
24
|
|
|
|
$
|
74
|
|
|
|
|
$
|
94
|
|
|
|
$
|
279
|
|
|
|
CONDENSED CONSOLIDATED CASH FLOW INFORMATION (Unaudited)**
|
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/17
|
|
|
3/31/16
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,206
|
)
|
|
|
$
|
(1,995
|
)
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
8,150
|
|
|
|
|
7,088
|
|
Provision for losses on accounts receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
555
|
|
|
|
|
455
|
|
Share-based and long-term incentive compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
|
75
|
|
Deferred income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
433
|
|
|
|
|
123
|
|
Gains from asset dispositions and exchanges
|
|
|
|
|
|
|
|
|
|
|
|
|
(354
|
)
|
|
|
|
-
|
|
Amortization of long-term debt premiums, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(302
|
)
|
|
|
|
(316
|
)
|
Loss on disposal of property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
509
|
|
|
|
|
487
|
|
Litigation
|
|
|
|
|
|
|
|
|
|
|
|
|
140
|
|
|
|
|
193
|
|
Contract terminations
|
|
|
|
|
|
|
|
|
|
|
|
|
111
|
|
|
|
|
-
|
|
Other changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and notes receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,017
|
)
|
|
|
|
(1,663
|
)
|
Inventories and other current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,305
|
)
|
|
|
|
(3,065
|
)
|
Deferred purchase price from sale of receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
(289
|
)
|
|
|
|
2,478
|
|
Accounts payable and other current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
(365
|
)
|
|
|
|
(574
|
)
|
Non-current assets and liabilities, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(308
|
)
|
|
|
|
111
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
323
|
|
|
|
|
500
|
|
Net cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
4,168
|
|
|
|
|
3,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures - network and other
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,950
|
)
|
|
|
|
(4,680
|
)
|
Capital expenditures - leased devices
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,925
|
)
|
|
|
|
(2,292
|
)
|
Expenditures relating to FCC licenses
|
|
|
|
|
|
|
|
|
|
|
|
|
(83
|
)
|
|
|
|
(98
|
)
|
Change in short-term investments, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,444
|
)
|
|
|
|
166
|
|
Proceeds from sales of assets and FCC licenses
|
|
|
|
|
|
|
|
|
|
|
|
|
219
|
|
|
|
|
62
|
|
Proceeds from sale-leaseback transaction
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
1,136
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(42
|
)
|
|
|
|
(29
|
)
|
Net cash used in investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,225
|
)
|
|
|
|
(5,735
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt and financings
|
|
|
|
|
|
|
|
|
|
|
|
|
10,966
|
|
|
|
|
1,355
|
|
Repayments of debt, financing and capital lease obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,417
|
)
|
|
|
|
(899
|
)
|
Debt financing costs
|
|
|
|
|
|
|
|
|
|
|
|
|
(358
|
)
|
|
|
|
(11
|
)
|
Other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
95
|
|
|
|
|
24
|
|
Net cash provided by financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
5,286
|
|
|
|
|
469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
229
|
|
|
|
|
(1,369
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
|
|
|
|
|
|
|
2,641
|
|
|
|
|
4,010
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,870
|
|
|
|
$
|
2,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO CONSOLIDATED FREE CASH FLOW* (NON-GAAP)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
Year to Date
|
|
|
|
3/31/17
|
|
|
12/31/16
|
|
|
3/31/16
|
|
|
3/31/17
|
|
|
3/31/16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
1,268
|
|
|
|
$
|
650
|
|
|
|
$
|
1,294
|
|
|
|
$
|
4,168
|
|
|
|
$
|
3,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures - network and other
|
|
|
|
(529
|
)
|
|
|
|
(478
|
)
|
|
|
|
(722
|
)
|
|
|
|
(1,950
|
)
|
|
|
|
(4,680
|
)
|
Capital expenditures - leased devices
|
|
|
|
(395
|
)
|
|
|
|
(767
|
)
|
|
|
|
(568
|
)
|
|
|
|
(1,925
|
)
|
|
|
|
(2,292
|
)
|
Expenditures relating to FCC licenses, net
|
|
|
|
(37
|
)
|
|
|
|
(14
|
)
|
|
|
|
(23
|
)
|
|
|
|
(83
|
)
|
|
|
|
(98
|
)
|
Proceeds from sales of assets and FCC licenses
|
|
|
|
93
|
|
|
|
|
60
|
|
|
|
|
26
|
|
|
|
|
219
|
|
|
|
|
62
|
|
Other investing activities, net
|
|
|
|
(6
|
)
|
|
|
|
134
|
|
|
|
|
(4
|
)
|
|
|
|
92
|
|
|
|
|
(29
|
)
|
Free cash flow* (9)
|
|
|
$
|
394
|
|
|
|
$
|
(415
|
)
|
|
|
$
|
3
|
|
|
|
$
|
521
|
|
|
|
$
|
(3,140
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (repayments) proceeds of financings related to devices and
receivables
|
|
|
|
(314
|
)
|
|
|
|
(231
|
)
|
|
|
|
600
|
|
|
|
|
86
|
|
|
|
|
1,736
|
|
Adjusted free cash flow*
|
|
|
$
|
80
|
|
|
|
$
|
(646
|
)
|
|
|
$
|
603
|
|
|
|
$
|
607
|
|
|
|
$
|
(1,404
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Certain prior period amounts have been reclassified to conform to
the current period presentation.
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
|
3/31/17
|
|
|
3/31/16
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
2,870
|
|
|
|
$
|
2,641
|
|
Short-term investments
|
|
|
|
5,444
|
|
|
|
|
-
|
|
Accounts and notes receivable, net
|
|
|
|
4,138
|
|
|
|
|
1,099
|
|
Device and accessory inventory
|
|
|
|
1,064
|
|
|
|
|
1,173
|
|
Prepaid expenses and other current assets
|
|
|
|
601
|
|
|
|
|
1,920
|
|
Total current assets
|
|
|
|
14,117
|
|
|
|
|
6,833
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
19,209
|
|
|
|
|
20,297
|
|
Goodwill
|
|
|
|
6,579
|
|
|
|
|
6,575
|
|
FCC licenses and other
|
|
|
|
40,585
|
|
|
|
|
40,073
|
|
Definite-lived intangible assets, net
|
|
|
|
3,320
|
|
|
|
|
4,469
|
|
Other assets
|
|
|
|
1,313
|
|
|
|
|
728
|
|
Total assets
|
|
|
$
|
85,123
|
|
|
|
$
|
78,975
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
3,281
|
|
|
|
$
|
2,899
|
|
Accrued expenses and other current liabilities
|
|
|
|
4,141
|
|
|
|
|
4,374
|
|
Current portion of long-term debt, financing and capital lease
obligations
|
|
|
|
5,036
|
|
|
|
|
4,690
|
|
Total current liabilities
|
|
|
|
12,458
|
|
|
|
|
11,963
|
|
|
|
|
|
|
|
|
Long-term debt, financing and capital lease obligations
|
|
|
|
35,878
|
|
|
|
|
29,268
|
|
Deferred tax liabilities
|
|
|
|
14,416
|
|
|
|
|
13,959
|
|
Other liabilities
|
|
|
|
3,563
|
|
|
|
|
4,002
|
|
Total liabilities
|
|
|
|
66,315
|
|
|
|
|
59,192
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
Common stock
|
|
|
|
40
|
|
|
|
|
40
|
|
Treasury shares, at cost
|
|
|
|
-
|
|
|
|
|
(3
|
)
|
Paid-in capital
|
|
|
|
27,756
|
|
|
|
|
27,563
|
|
Accumulated deficit
|
|
|
|
(8,584
|
)
|
|
|
|
(7,378
|
)
|
Accumulated other comprehensive loss
|
|
|
|
(404
|
)
|
|
|
|
(439
|
)
|
Total stockholders' equity
|
|
|
|
18,808
|
|
|
|
|
19,783
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
85,123
|
|
|
|
$
|
78,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET DEBT* (NON-GAAP) (Unaudited)
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
|
|
3/31/17
|
|
|
|
|
3/31/16
|
|
Total debt
|
|
|
$
|
40,914
|
|
|
|
$
|
33,958
|
|
Less: Cash and cash equivalents
|
|
|
|
(2,870
|
)
|
|
|
|
(2,641
|
)
|
Less: Short-term investments
|
|
|
|
(5,444
|
)
|
|
|
|
-
|
|
Net debt*
|
|
|
$
|
32,600
|
|
|
|
$
|
31,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF DEBT (Unaudited)
|
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/17
|
ISSUER
|
|
|
|
MATURITY
|
|
|
PRINCIPAL
|
Sprint Corporation
|
|
|
|
|
|
|
|
7.25% Senior notes due 2021
|
|
|
|
09/15/2021
|
|
|
$
|
2,250
|
7.875% Senior notes due 2023
|
|
|
|
09/15/2023
|
|
|
|
4,250
|
7.125% Senior notes due 2024
|
|
|
|
06/15/2024
|
|
|
|
2,500
|
7.625% Senior notes due 2025
|
|
|
|
02/15/2025
|
|
|
|
1,500
|
Sprint Corporation
|
|
|
|
|
|
|
|
10,500
|
|
|
|
|
|
|
|
|
Sprint Spectrum Co LLC, Sprint Spectrum Co II LLC and Sprint
Spectrum Co III LLC
|
|
|
|
|
|
|
|
3.36% Senior secured notes due 2021
|
|
|
|
09/20/2021
|
|
|
|
3,500
|
Sprint Spectrum Co LLC, Sprint Spectrum Co II LLC and Sprint
Spectrum Co III LLC
|
|
|
|
|
|
|
|
3,500
|
|
|
|
|
|
|
|
|
Sprint Communications, Inc.
|
|
|
|
|
|
|
|
Export Development Canada secured loan
|
|
|
|
12/17/2019
|
|
|
|
300
|
8.375% Senior notes due 2017
|
|
|
|
08/15/2017
|
|
|
|
1,300
|
9% Guaranteed notes due 2018
|
|
|
|
11/15/2018
|
|
|
|
3,000
|
7% Guaranteed notes due 2020
|
|
|
|
03/01/2020
|
|
|
|
1,000
|
7% Senior notes due 2020
|
|
|
|
08/15/2020
|
|
|
|
1,500
|
11.5% Senior notes due 2021
|
|
|
|
11/15/2021
|
|
|
|
1,000
|
9.25% Debentures due 2022
|
|
|
|
04/15/2022
|
|
|
|
200
|
6% Senior notes due 2022
|
|
|
|
11/15/2022
|
|
|
|
2,280
|
Sprint Communications, Inc.
|
|
|
|
|
|
|
|
10,580
|
|
|
|
|
|
|
|
|
Sprint Capital Corporation
|
|
|
|
|
|
|
|
6.9% Senior notes due 2019
|
|
|
|
05/01/2019
|
|
|
|
1,729
|
6.875% Senior notes due 2028
|
|
|
|
11/15/2028
|
|
|
|
2,475
|
8.75% Senior notes due 2032
|
|
|
|
03/15/2032
|
|
|
|
2,000
|
Sprint Capital Corporation
|
|
|
|
|
|
|
|
6,204
|
|
|
|
|
|
|
|
|
Clearwire Communications LLC
|
|
|
|
|
|
|
|
8.25% Exchangeable notes due 2017 (a)
|
|
|
|
12/01/2017
|
|
|
|
629
|
Clearwire Communications LLC
|
|
|
|
|
|
|
|
629
|
|
|
|
|
|
|
|
|
Credit facilities
|
|
|
|
|
|
|
|
Secured equipment credit facilities
|
|
|
|
2019 - 2021
|
|
|
|
431
|
Accounts receivable facility
|
|
|
|
11/19/2018
|
|
|
|
1,964
|
Secured term loan
|
|
|
|
02/03/2024
|
|
|
|
4,000
|
Credit facilities
|
|
|
|
|
|
|
|
6,395
|
|
|
|
|
|
|
|
|
Financing obligations
|
|
|
|
2017 - 2021
|
|
|
|
2,476
|
|
|
|
|
|
|
|
|
Capital leases and other obligations
|
|
|
|
2017 - 2024
|
|
|
|
540
|
Total principal
|
|
|
|
|
|
|
|
40,824
|
|
|
|
|
|
|
|
|
Net premiums and debt financing costs
|
|
|
|
|
|
|
|
90
|
Total debt
|
|
|
|
|
|
|
$
|
40,914
|
|
|
|
|
|
|
|
|
|
(a)
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|
|
$629 million Clearwire 8.25% Exchangeable Notes due 2040 have both a
par call and put in December 2017.
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|
|
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|
NOTES TO THE FINANCIAL INFORMATION (Unaudited)
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(1)
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|
|
Sprint platform refers to the Sprint network that supports the
wireless service we provide through our multiple brands.
|
(2)
|
|
|
Postpaid and prepaid connections from transactions are defined as
retail postpaid and prepaid connections acquired from Clearwire in
July 2013 who had not deactivated or been recaptured on the Sprint
platform.
|
(3)
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|
|
As more of our customers elect to lease a device rather than
purchasing one under our subsidized program, there is a significant
positive impact to EBITDA* and Adjusted EBITDA* from direct channel
sales primarily due to the fact the cost of the device is not
recorded as cost of products but rather is depreciated over the
customer lease term. Under our device leasing program for the direct
channel, devices are transferred from inventory to property and
equipment and the cost of the leased device is recognized as
depreciation expense over the customer lease term to an estimated
residual value. The customer payments are recognized as revenue over
the term of the lease. Under our subsidized program, the cash
received from the customer for the device is recognized as equipment
revenue at the point of sale and the cost of the device is
recognized as cost of products. During the three and twelve-month
periods ended March 31, 2017, we leased devices through our Sprint
direct channels totaling approximately $639 million and $2,920
million, respectively, which would have increased cost of products
and reduced EBITDA* if they had been purchased under our subsidized
program. Also, during the three and twelve-month periods ended March
31, 2017, the equipment revenue derived from customers electing to
finance their devices through device leasing or installment billing
programs in our direct channel was 52% and 62%, respectively.
The impact to EBITDA* and Adjusted EBITDA* resulting from the sale
of devices under our installment billing program is generally
neutral except for the impact from the time value of money element
related to the imputed interest on the installment receivable.
|
(4)
|
|
|
During the third quarter of fiscal year 2016 and the fourth quarter
of fiscal year 2015, the company recorded losses on dispositions of
assets primarily related to cell site construction and network
development costs that are no longer relevant as a result of changes
in the company's network plans. During the second quarter of fiscal
year 2016 the company recorded a pre-tax non-cash gain of $354
million related to spectrum swaps with other carriers.
|
(5)
|
|
|
Severance and exit costs consist of lease exit costs primarily
associated with tower and cell sites, access exit costs related to
payments that will continue to be made under the company's backhaul
access contracts for which the company will no longer be receiving
any economic benefit, and severance costs associated with reduction
in its work force.
|
(6)
|
|
|
During the fourth quarter of fiscal year 2016, we terminated our
relationship with General Wireless Operations Inc. (Radio Shack) and
incurred net contract termination charges of approximately $27
million primarily related to cash termination payments and
write-downs of leasehold improvements at associated retail stores
that were shut down as of March 31, 2017. During the first quarter
of fiscal year 2016 contract terminations primarily relate to the
termination of our pre-existing wholesale arrangement with NTELOS
Holding Corp.
|
(7)
|
|
|
Litigation and other contingencies consist of unfavorable
developments associated with legal as well as federal and state
matters such as sales, use or property taxes.
|
(8)
|
|
|
As a result of the U.S. Cellular asset acquisition, we recorded a
liability related to network shut-down costs, which primarily
consisted of lease exit costs, for which we agreed to reimburse U.S.
Cellular. During the third quarter of fiscal year 2014, we
identified favorable trends in actual costs and, as a result,
reduced the liability resulting in a gain of $41 million. During the
first quarter of fiscal year 2015, we revised our estimate and, as a
result, reduced the liability resulting in approximately $20 million
of income.
|
(9)
|
|
|
Free cash flow* for the three-month period ended December 31, 2016
and the twelve-month period ended March 31, 2017, included net cash
outflows of approximately $370 million related to the termination of
our MLS Tranche 1 arrangement, which included the repurchase of the
devices.
|
|
|
|
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*FINANCIAL MEASURES
Sprint provides financial measures determined in accordance with GAAP
and adjusted GAAP (non-GAAP). The non-GAAP financial measures reflect
industry conventions, or standard measures of liquidity, profitability
or performance commonly used by the investment community for
comparability purposes. These measurements should be considered in
addition to, but not as a substitute for, financial information prepared
in accordance with GAAP. We have defined below each of the non-GAAP
measures we use, but these measures may not be synonymous to similar
measurement terms used by other companies.
Sprint provides reconciliations of these non-GAAP measures in its
financial reporting. Because Sprint does not predict special items that
might occur in the future, and our forecasts are developed at a level of
detail different than that used to prepare GAAP-based financial
measures, Sprint does not provide reconciliations to GAAP of its
forward-looking financial measures.
The measures used in this release include the following:
EBITDA is operating income/(loss) before depreciation and
amortization. Adjusted EBITDA is EBITDA excluding
severance, exit costs, and other special items. Adjusted EBITDA Margin
represents Adjusted EBITDA divided by non-equipment net operating
revenues for Wireless and Adjusted EBITDA divided by net operating
revenues for Wireline. We believe that Adjusted EBITDA and Adjusted
EBITDA Margin provide useful information to investors because they are
an indicator of the strength and performance of our ongoing business
operations. While depreciation and amortization are considered operating
costs under GAAP, these expenses primarily represent non-cash current
period costs associated with the use of long-lived tangible and
definite-lived intangible assets. Adjusted EBITDA and Adjusted EBITDA
Margin are calculations commonly used as a basis for investors, analysts
and credit rating agencies to evaluate and compare the periodic and
future operating performance and value of companies within the
telecommunications industry.
Sprint Platform Postpaid ABPA is average billings per account and
calculated by dividing postpaid service revenue earned from postpaid
customers plus installment plan billings and lease revenue by the sum of
the monthly average number of postpaid accounts during the period. We
believe that ABPA provides useful information to investors, analysts and
our management to evaluate average Sprint platform postpaid customer
billings per account as it approximates the expected cash collections,
including installment plan billings and lease revenue, per postpaid
account each month.
Sprint Platform Postpaid Phone ABPU is average billings per
postpaid phone user and calculated by dividing service revenue earned
from postpaid phone customers plus installment plan billings and lease
revenue by the sum of the monthly average number of postpaid phone
connections during the period. We believe that ABPU provides useful
information to investors, analysts and our management to evaluate
average Sprint platform postpaid phone customer billings as it
approximates the expected cash collections, including installment plan
billings and lease revenue, per postpaid phone user each month.
Free Cash Flow is the cash provided by operating activities less
the cash used in investing activities other than short-term investments,
including changes in restricted cash, if any, and excluding the
sale-leaseback of devices and equity method investments. Adjusted Free
Cash Flow is Free Cash Flow plus the proceeds from device
financings and sales of receivables, net of repayments. We believe that
Free Cash Flow and Adjusted Free Cash Flow provide useful information to
investors, analysts and our management about the cash generated by our
core operations and net proceeds obtained to fund certain leased
devices, respectively, after interest and dividends, if any, and our
ability to fund scheduled debt maturities and other financing
activities, including discretionary refinancing and retirement of debt
and purchase or sale of investments.
Net Debt is consolidated debt, including current maturities, less
cash and cash equivalents, short-term investments and, if any,
restricted cash. We believe that Net Debt provides useful information to
investors, analysts and credit rating agencies about the capacity of the
company to reduce the debt load and improve its capital structure.
SAFE HARBOR
This release includes "forward-looking statements" within the meaning of
the securities laws. The words "may," "could," "should," "estimate,"
"project," "forecast," "intend," "expect," "anticipate," "believe,"
"target," "plan", "outlook," "providing guidance," and similar
expressions are intended to identify information that is not historical
in nature. All statements that address operating performance, events or
developments that we expect or anticipate will occur in the future -
including statements relating to our network, cost reductions,
connections growth, and liquidity; and statements expressing general
views about future operating results - are 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, the development and
deployment of new technologies and services; efficiencies and cost
savings of new technologies and services; customer and network usage;
connection growth and retention; service, speed, coverage and quality;
availability of devices; availability of various financings, including
any leasing transactions; the timing of various events and the economic
environment. Sprint believes these forward-looking statements are
reasonable; however, you should not place undue reliance on
forward-looking statements, which are based on current expectations and
speak only as of the date when made. Sprint undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. In addition, forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from our company's historical experience and our
present expectations or projections. Factors that might cause such
differences include, but are not limited to, those discussed in Sprint
Corporation's Annual Report on Form 10-K for the fiscal year ended March
31, 2016, and, when filed, its Annual Report on Form 10-K for the fiscal
year ended March 31, 2017. You should understand that it is not possible
to predict or identify all such factors. Consequently, you should not
consider any such list to be a complete set of all potential risks or
uncertainties.
About Sprint:
Sprint (NYSE: S) is a communications services company that creates more
and better ways to connect its customers to the things they care about
most. Sprint served 59.7 million connections as of March 31, 2017 and is
widely recognized for developing, engineering and deploying innovative
technologies, including the first wireless 4G service from a national
carrier in the United States; leading no-contract brands including
Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant
national and international push-to-talk capabilities; and a global Tier
1 Internet backbone. Sprint has been named to the Dow Jones
Sustainability Index (DJSI) North America for the past five years. You
can learn more and visit Sprint at www.sprint.com
or www.facebook.com/sprint
and www.twitter.com/sprint.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170503005676/en/
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