[August 01, 2017] |
|
Sprint Reports Net Income for the First Time in Three Years with First Quarter of Fiscal 2017 Results
Sprint Corporation (NYSE:S) today reported operating results for
the first quarter of fiscal year 2017, including net income for the
first time in three years at $206 million and the highest Adjusted
EBITDA in nearly 10 years at $2.9 billion. The company also reported net
operating revenues of $8.2 billion, its fourth consecutive quarter of
year-over-year growth, and 88,000 postpaid phone net additions, its
eighth consecutive quarter of net additions.
"Sprint reached an important milestone this quarter by returning to
profitability for the first time in three years," said Sprint CEO
Marcelo Claure. "This represents the progress of a turnaround journey
that has delivered improvements in postpaid phone and prepaid customer
growth, a return to top-line growth, and a significantly transformed
cost structure."
Cost Reduction Program Contributes to Net Income for the First Time
in Three Years
Sprint continued to make progress on its multiyear plan to transform the
way it does business and improve its cost structure. The company
delivered nearly $370 million of combined year-over-year reductions in
cost of services and SG&A expenses in the quarter, bringing the total
reduction during the last nine quarters to nearly $4 billion.
The ongoing cost-reduction program contributed to a return to
profitability this quarter, as the company reported net income for the
first time in three years. Excluding the after-tax benefit of
non-recurring items in the quarter, Sprint would have reported net
income of more than $150 million, demonstrating the improved underlying
trends of the business.
Sprint expects an additional $1.3 billion to $1.5 billion of
year-over-year net reductions in cost of services and SG&A expenses in
fiscal year 2017. Although the gross reductions are expected to be
higher, the company plans to reinvest some of the savings into future
growth initiatives.
The company also reported the following financial results:
(Millions, except per share data)
|
|
Fiscal 1Q17
|
|
Fiscal 1Q16
|
|
Change
|
Net operating revenues
|
|
$8,157
|
|
$8,012
|
|
$145
|
Net income/(loss)
|
|
$206
|
|
($302)
|
|
$508
|
Basic earnings/(loss) per share
|
|
$0.05
|
|
($0.08)
|
|
$0.13
|
Operating income
|
|
$1,163
|
|
$361
|
|
$802
|
Adjusted EBITDA*
|
|
$2,853
|
|
$2,457
|
|
$396
|
Net cash provided by operating activities
|
|
$1,280
|
|
$542
|
|
$738
|
Adjusted free cash flow*
|
|
$239
|
|
$466
|
|
($227)
|
|
|
|
|
|
|
|
Eight Straight Quarters of Postpaid Phone Customer Growth
Sprint's focus on delivering the most attractive value proposition in
wireless resulted in 88,000 postpaid phone net additions in the quarter,
its eighth consecutive quarter of net additions. Postpaid phone gross
additions also grew year-over-year for the sixth consecutive quarter and
were the highest first-quarter result in five years.
The recent turnaround of Sprint's prepaid business has been driven by
its higher revenue-generating brands. Prepaid net additions of 35,000
were positive for the second consecutive quarter and contributed to
sequential growth in prepaid service revenue for the first time in six
quarters.
The company also reported the following results:
-
Total net additions were 61,000 in the quarter, including postpaid net
losses of 39,000, prepaid net additions of 35,000, and wholesale and
affiliate net additions of 65,000.
-
Postpaid phone churn was 1.50 percent and total postpaid churn was
1.65 percent.
Sprint Network Continues to Improve
Sprint is unlocking the value of the largest spectrum holdings in the
U.S. by densifying and optimizing its network. The company has already
deployed thousands of small cell solutions, including the recently
announced Sprint Magic Box, the world's first all-wireless small cell.
Network performance improvements have been validated by numerous
third-party sources:
-
RootMetrics® awarded Sprint more than 25 percent more first-place
(outright or shared) Metropolitan area RootScore® Awards (from 166 to
211) for reliability, speed, data, call, text or overall network
performance in the first half of 2017 compared to the year-ago testing
period.1
-
Sprint's overall network reliability continues to perform within 1
percent of Verizon and AT&T, based on an analysis of Nielsen data.2
-
Sprint's average download speeds have increased 20 percent in the last
six months, according to Ookla's Speedtest Intelligence data for all
results from January through June 2017.
Fiscal Year 2017 Outlook
-
The company is increasing the low end of its previous Adjusted EBITDA*
expectations and now expects $10.8 billion to $11.2 billion for fiscal
year 2017. The previous expectation was $10.7 billion to $11.2 billion.
-
The company is increasing the low end of its previous operating income
expectations and now expects operating income of $2.1 billion to $2.5
billion. The previous expectation was $2 billion to $2.5 billion.
-
The company continues to expect 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) Tuesday, Aug. 1, 2017
-
Call-in Information
-
U.S./Canada: 866-360-1063 (ID: 51257921)
-
International: 443-961-0242 (ID: 51257921)
-
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 and 1H 2017 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
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
Net additions (losses) (in thousands)
|
|
|
|
|
|
|
Postpaid
|
|
|
(39
|
)
|
|
|
(118
|
)
|
|
|
180
|
|
Postpaid phone
|
|
|
88
|
|
|
|
42
|
|
|
|
173
|
|
Prepaid (f)
|
|
|
35
|
|
|
|
195
|
|
|
|
(306
|
)
|
Wholesale and affiliate (f)
|
|
|
65
|
|
|
|
291
|
|
|
|
728
|
|
Total wireless net additions
|
|
|
61
|
|
|
|
368
|
|
|
|
602
|
|
|
|
|
|
|
|
|
End of period connections (in thousands)
|
|
|
|
|
|
|
Postpaid (d)
|
|
|
31,518
|
|
|
|
31,576
|
|
|
|
30,945
|
|
Postpaid phone (d)
|
|
|
26,153
|
|
|
|
26,079
|
|
|
|
25,322
|
|
Prepaid (d) (e) (f)
|
|
|
8,719
|
|
|
|
8,688
|
|
|
|
10,636
|
|
Wholesale and affiliate (d) (e) (f)
|
|
|
13,461
|
|
|
|
13,375
|
|
|
|
11,782
|
|
Total end of period connections
|
|
|
53,698
|
|
|
|
53,639
|
|
|
|
53,363
|
|
|
|
|
|
|
|
|
Churn (g)
|
|
|
|
|
|
|
Postpaid
|
|
|
1.65
|
%
|
|
|
1.75
|
%
|
|
|
1.56
|
%
|
Postpaid phone
|
|
|
1.50
|
%
|
|
|
1.58
|
%
|
|
|
1.39
|
%
|
Prepaid (e)
|
|
|
4.57
|
%
|
|
|
4.69
|
%
|
|
|
5.39
|
%
|
|
|
|
|
|
|
|
Supplemental data - connected devices
|
|
|
|
|
|
|
End of period connections (in thousands)
|
|
|
|
|
|
|
Retail postpaid
|
|
|
2,091
|
|
|
|
2,001
|
|
|
|
1,822
|
|
Wholesale and affiliate
|
|
|
11,100
|
|
|
|
10,880
|
|
|
|
9,244
|
|
Total
|
|
|
13,191
|
|
|
|
12,881
|
|
|
|
11,066
|
|
|
|
|
|
|
|
|
ARPU (a)
|
|
|
|
|
|
|
Postpaid
|
|
$
|
47.30
|
|
|
$
|
47.34
|
|
|
$
|
51.54
|
|
Postpaid phone
|
|
$
|
53.92
|
|
|
$
|
54.10
|
|
|
$
|
59.20
|
|
Prepaid (e)
|
|
$
|
38.24
|
|
|
$
|
38.48
|
|
|
$
|
33.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP RECONCILIATION - ABPA* AND ABPU* (Unaudited)
|
|
|
|
|
|
|
(Millions, except accounts, connections, ABPA*, and ABPU*)
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
ABPA*
|
|
|
|
|
|
|
Postpaid service revenue
|
|
$
|
4,466
|
|
|
$
|
4,493
|
|
|
$
|
4,778
|
|
Add: Installment plan billings
|
|
|
368
|
|
|
|
343
|
|
|
|
264
|
|
Add: Lease revenue
|
|
|
899
|
|
|
|
842
|
|
|
|
755
|
|
Total for postpaid connections
|
|
$
|
5,733
|
|
|
$
|
5,678
|
|
|
$
|
5,797
|
|
|
|
|
|
|
|
|
Average postpaid accounts (in thousands)
|
|
|
11,312
|
|
|
|
11,405
|
|
|
|
11,329
|
|
Postpaid ABPA* (b)
|
|
$
|
168.95
|
|
|
$
|
165.92
|
|
|
$
|
170.56
|
|
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
Postpaid phone ABPU*
|
|
|
|
|
|
|
Postpaid phone service revenue
|
|
$
|
4,214
|
|
|
$
|
4,228
|
|
|
$
|
4,489
|
|
Add: Installment plan billings
|
|
|
332
|
|
|
|
309
|
|
|
|
243
|
|
Add: Lease revenue
|
|
|
887
|
|
|
|
829
|
|
|
|
741
|
|
Total for postpaid phone connections
|
|
$
|
5,433
|
|
|
$
|
5,366
|
|
|
$
|
5,473
|
|
|
|
|
|
|
|
|
Postpaid average phone connections (in thousands)
|
|
|
26,052
|
|
|
|
26,053
|
|
|
|
25,275
|
|
Postpaid phone ABPU* (c)
|
|
$
|
69.51
|
|
|
$
|
68.66
|
|
|
$
|
72.17
|
|
(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. Postpaid phone ARPU represents revenues
related to our postpaid phone connections.
|
(b) 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) 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 Shentel transaction, 186,000 and
92,000 subscribers were transferred from postpaid and prepaid,
respectively, to affiliates. An additional 270,000 of nTelos'
subscribers are now part of our affiliate relationship with
Shentel and were reported in wholesale and affiliate subscribers
beginning with the quarter ended June 30, 2016. In addition,
during the three-month period ended June 30, 2017, 17,000 and
4,000 subscribers were transferred from postpaid and prepaid,
respectively, to affiliates as a result of a the transfer of
additional subscribers to Shentel.
|
(e) During the three-month period ended June 30, 2017,
2,000 Wi-Fi connections were adjusted from the postpaid subscriber
base.
|
(f) Sprint is no longer reporting Lifeline subscribers
due to recent regulatory changes resulting in tighter program
restrictions. We have excluded them from our customer base for all
periods presented, including our Assurance Wireless prepaid brand
and subscribers through our wholesale MVNO's.
|
(g) In the quarter ended June 30, 2017, the Company
enhanced subscriber reporting to better align certain early-life
gross activations and deactivations. This enhancement had no impact
to net additions, but did result in reporting lower gross additions
and lower deactivations in the quarter. Without this enhancement,
total postpaid churn in the quarter would have been 1.73 percent
versus 1.65 percent.
|
|
|
|
|
|
|
|
|
Wireless Device Financing Summary (Unaudited)
|
|
|
|
|
|
|
(Millions, except sales, connections, and leased devices in
property, plant and equipment)
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
|
|
|
|
|
|
|
Postpaid activations (in thousands)
|
|
|
3,668
|
|
|
|
3,471
|
|
|
|
3,268
|
|
Postpaid activations financed
|
|
|
85
|
%
|
|
|
82
|
%
|
|
|
69
|
%
|
Postpaid activations - leases
|
|
|
55
|
%
|
|
|
42
|
%
|
|
|
44
|
%
|
|
|
|
|
|
|
|
Installment plans
|
|
|
|
|
|
|
Installment sales financed
|
|
$
|
553
|
|
|
$
|
696
|
|
|
$
|
407
|
|
Installment billings
|
|
$
|
368
|
|
|
$
|
343
|
|
|
$
|
264
|
|
Installment receivables, net
|
|
$
|
1,792
|
|
|
$
|
1,764
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Leasing revenue and depreciation
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
899
|
|
|
$
|
842
|
|
|
$
|
755
|
|
Lease depreciation
|
|
$
|
854
|
|
|
$
|
911
|
|
|
$
|
644
|
|
|
|
|
|
|
|
|
Leased device additions
|
|
|
|
|
|
|
Cash paid for capital expenditures - leased devices
|
|
$
|
497
|
|
|
$
|
395
|
|
|
$
|
405
|
|
Transfers from inventory - leased devices
|
|
$
|
850
|
|
|
$
|
639
|
|
|
$
|
541
|
|
|
|
|
|
|
|
|
Leased devices
|
|
|
|
|
|
|
Leased devices in property, plant and equipment, net
|
|
$
|
4,336
|
|
|
$
|
4,162
|
|
|
$
|
3,766
|
|
|
|
|
|
|
|
|
Leased device units
|
|
|
|
|
|
|
Leased devices in property, plant and equipment (units in thousands)
|
|
|
12,223
|
|
|
|
11,888
|
|
|
|
8,600
|
|
|
|
|
|
|
|
|
Leased device and receivables financings net proceeds
|
|
|
|
|
|
|
Proceeds
|
|
$
|
765
|
|
|
$
|
100
|
|
|
$
|
1,055
|
|
Repayments
|
|
|
(273
|
)
|
|
|
(414
|
)
|
|
|
(240
|
)
|
Net proceeds (repayments) of financings related to devices and
receivables
|
|
$
|
492
|
|
|
$
|
(314
|
)
|
|
$
|
815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions, except per share data)
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
Net operating revenues
|
|
|
|
|
|
|
Service revenue
|
|
$
|
6,071
|
|
|
$
|
6,116
|
|
|
$
|
6,516
|
|
Equipment revenue
|
|
|
2,086
|
|
|
|
2,423
|
|
|
|
1,496
|
|
Total net operating revenues
|
|
|
8,157
|
|
|
|
8,539
|
|
|
|
8,012
|
|
Net operating expenses
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation and amortization below)
|
|
|
1,709
|
|
|
|
1,736
|
|
|
|
2,099
|
|
Cost of products (exclusive of depreciation and amortization below)
|
|
|
1,545
|
|
|
|
1,980
|
|
|
|
1,419
|
|
Selling, general and administrative
|
|
|
1,938
|
|
|
|
2,002
|
|
|
|
1,917
|
|
Depreciation - network and other
|
|
|
977
|
|
|
|
960
|
|
|
|
1,036
|
|
Depreciation - leased devices
|
|
|
854
|
|
|
|
911
|
|
|
|
644
|
|
Amortization
|
|
|
223
|
|
|
|
239
|
|
|
|
287
|
|
Other, net
|
|
|
(252
|
)
|
|
|
241
|
|
|
|
249
|
|
Total net operating expenses
|
|
|
6,994
|
|
|
|
8,069
|
|
|
|
7,651
|
|
Operating income
|
|
|
1,163
|
|
|
|
470
|
|
|
|
361
|
|
Interest expense
|
|
|
(613
|
)
|
|
|
(631
|
)
|
|
|
(615
|
)
|
Other (expense) income, net
|
|
|
(52
|
)
|
|
|
27
|
|
|
|
8
|
|
Income (loss) before income taxes
|
|
|
498
|
|
|
|
(134
|
)
|
|
|
(246
|
)
|
Income tax expense
|
|
|
(292
|
)
|
|
|
(149
|
)
|
|
|
(56
|
)
|
Net income (loss)
|
|
$
|
206
|
|
|
$
|
(283
|
)
|
|
$
|
(302
|
)
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
|
$
|
0.05
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.08
|
)
|
Diluted net income (loss) per common share
|
|
$
|
0.05
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.08
|
)
|
Weighted average common shares outstanding
|
|
|
3,993
|
|
|
|
3,988
|
|
|
|
3,975
|
|
Diluted weighted average common shares outstanding
|
|
|
4,076
|
|
|
|
3,988
|
|
|
|
3,975
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
58.6
|
%
|
|
|
-111.2
|
%
|
|
|
-22.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP RECONCILIATION - NET INCOME (LOSS) TO ADJUSTED EBITDA*
(Unaudited)
|
(Millions)
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
206
|
|
|
$
|
(283
|
)
|
|
$
|
(302
|
)
|
Income tax expense
|
|
|
292
|
|
|
|
149
|
|
|
|
56
|
|
Income (loss) before income taxes
|
|
|
498
|
|
|
|
(134
|
)
|
|
|
(246
|
)
|
Other expense (income), net
|
|
|
52
|
|
|
|
(27
|
)
|
|
|
(8
|
)
|
Interest expense
|
|
|
613
|
|
|
|
631
|
|
|
|
615
|
|
Operating income
|
|
|
1,163
|
|
|
|
470
|
|
|
|
361
|
|
Depreciation - network and other
|
|
|
977
|
|
|
|
960
|
|
|
|
1,036
|
|
Depreciation - leased devices
|
|
|
854
|
|
|
|
911
|
|
|
|
644
|
|
Amortization
|
|
|
223
|
|
|
|
239
|
|
|
|
287
|
|
EBITDA* (1)
|
|
|
3,217
|
|
|
|
2,580
|
|
|
|
2,328
|
|
Gain from asset dispositions, exchanges, and other, net (2)
|
|
|
(304
|
)
|
|
|
-
|
|
|
|
-
|
|
Severance and exit costs (3)
|
|
|
-
|
|
|
|
36
|
|
|
|
16
|
|
Contract terminations (4)
|
|
|
(5
|
)
|
|
|
27
|
|
|
|
113
|
|
Litigation and other contingencies (5)
|
|
|
(55
|
)
|
|
|
37
|
|
|
|
-
|
|
Adjusted EBITDA* (1)
|
|
$
|
2,853
|
|
|
$
|
2,680
|
|
|
$
|
2,457
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin*
|
|
|
47.0
|
%
|
|
|
43.8
|
%
|
|
|
37.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected items:
|
|
|
|
|
|
|
Cash paid for capital expenditures - network and other
|
|
$
|
1,121
|
|
|
$
|
529
|
|
|
$
|
473
|
|
Cash paid for capital expenditures - leased devices
|
|
$
|
497
|
|
|
$
|
395
|
|
|
$
|
405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELESS STATEMENTS OF OPERATIONS (Unaudited)
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
Net operating revenues
|
|
|
|
|
|
|
Service revenue
|
|
|
|
|
|
|
Postpaid
|
|
$
|
4,466
|
|
|
$
|
4,493
|
|
$
|
4,778
|
Prepaid (6)
|
|
|
999
|
|
|
|
982
|
|
|
1,074
|
Wholesale, affiliate and other (6)
|
|
|
259
|
|
|
|
269
|
|
|
249
|
Total service revenue
|
|
|
5,724
|
|
|
|
5,744
|
|
|
6,101
|
|
|
|
|
|
|
|
Equipment revenue
|
|
|
2,086
|
|
|
|
2,423
|
|
|
1,496
|
Total net operating revenues
|
|
|
7,810
|
|
|
|
8,167
|
|
|
7,597
|
|
|
|
|
|
|
|
Net operating expenses
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation and amortization below)
|
|
|
1,412
|
|
|
|
1,448
|
|
|
1,784
|
Cost of products (exclusive of depreciation and amortization below)
|
|
|
1,545
|
|
|
|
1,980
|
|
|
1,419
|
Selling, general and administrative
|
|
|
1,875
|
|
|
|
1,944
|
|
|
1,834
|
Depreciation - network and other
|
|
|
925
|
|
|
|
911
|
|
|
985
|
Depreciation - leased devices
|
|
|
854
|
|
|
|
911
|
|
|
644
|
Amortization
|
|
|
223
|
|
|
|
239
|
|
|
287
|
Other, net
|
|
|
(202
|
)
|
|
|
232
|
|
|
249
|
Total net operating expenses
|
|
|
6,632
|
|
|
|
7,665
|
|
|
7,202
|
Operating income
|
|
$
|
1,178
|
|
|
$
|
502
|
|
$
|
395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELESS NON-GAAP RECONCILIATION (Unaudited)
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
1,178
|
|
|
$
|
502
|
|
|
$
|
395
|
|
Gain from asset dispositions, exchanges, and other, net (2)
|
|
|
(304
|
)
|
|
|
-
|
|
|
|
-
|
|
Severance and exit costs (3)
|
|
|
(5
|
)
|
|
|
27
|
|
|
|
16
|
|
Contract terminations (4)
|
|
|
(5
|
)
|
|
|
27
|
|
|
|
113
|
|
Litigation and other contingencies (5)
|
|
|
-
|
|
|
|
37
|
|
|
|
-
|
|
Depreciation - network and other
|
|
|
925
|
|
|
|
911
|
|
|
|
985
|
|
Depreciation - leased devices
|
|
|
854
|
|
|
|
911
|
|
|
|
644
|
|
Amortization
|
|
|
223
|
|
|
|
239
|
|
|
|
287
|
|
Adjusted EBITDA* (1)
|
|
$
|
2,866
|
|
|
$
|
2,654
|
|
|
$
|
2,440
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin*
|
|
|
50.1
|
%
|
|
|
46.2
|
%
|
|
|
40.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected items:
|
|
|
|
|
|
|
Cash paid for capital expenditures - network and other
|
|
$
|
938
|
|
|
$
|
468
|
|
|
$
|
376
|
|
Cash paid for capital expenditures - leased devices
|
|
$
|
497
|
|
|
$
|
395
|
|
|
$
|
405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELINE STATEMENTS OF OPERATIONS (Unaudited)
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
Net operating revenues
|
|
|
|
|
|
|
Voice
|
|
$
|
124
|
|
|
$
|
143
|
|
|
$
|
181
|
|
Data
|
|
|
34
|
|
|
|
39
|
|
|
|
43
|
|
Internet
|
|
|
255
|
|
|
|
276
|
|
|
|
302
|
|
Other
|
|
|
20
|
|
|
|
22
|
|
|
|
19
|
|
Total net operating revenues
|
|
|
433
|
|
|
|
480
|
|
|
|
545
|
|
|
|
|
|
|
|
|
Net operating expenses
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation and amortization below)
|
|
|
387
|
|
|
|
402
|
|
|
|
448
|
|
Selling, general and administrative
|
|
|
57
|
|
|
|
49
|
|
|
|
78
|
|
Depreciation and amortization
|
|
|
51
|
|
|
|
47
|
|
|
|
49
|
|
Other, net
|
|
|
5
|
|
|
|
8
|
|
|
|
-
|
|
Total net operating expenses
|
|
|
500
|
|
|
|
506
|
|
|
|
575
|
|
Operating loss
|
|
$
|
(67
|
)
|
|
$
|
(26
|
)
|
|
$
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELINE NON-GAAP RECONCILIATION (Unaudited)
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
Quarter To Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
|
|
|
|
|
|
|
Operating loss
|
|
$
|
(67
|
)
|
|
$
|
(26
|
)
|
|
$
|
(30
|
)
|
Severance and exit costs (3)
|
|
|
5
|
|
|
|
8
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
51
|
|
|
|
47
|
|
|
|
49
|
|
Adjusted EBITDA*
|
|
$
|
(11
|
)
|
|
$
|
29
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin*
|
|
|
-2.5
|
%
|
|
|
6.0
|
%
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected items:
|
|
|
|
|
|
|
Cash paid for capital expenditures - network and other
|
|
$
|
62
|
|
|
$
|
19
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED CASH FLOW INFORMATION (Unaudited)**
|
|
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
Quarter to Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
Operating activities
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
206
|
|
|
$
|
(283
|
)
|
|
$
|
(302
|
)
|
Depreciation and amortization
|
|
|
2,054
|
|
|
|
2,110
|
|
|
|
1,967
|
|
Provision for losses on accounts receivable
|
|
|
102
|
|
|
|
149
|
|
|
|
93
|
|
Share-based and long-term incentive compensation expense
|
|
|
41
|
|
|
|
36
|
|
|
|
15
|
|
Deferred income tax expense
|
|
|
282
|
|
|
|
157
|
|
|
|
46
|
|
Gains from asset dispositions and exchanges
|
|
|
(479
|
)
|
|
|
-
|
|
|
|
-
|
|
Call premiums paid on debt redemptions
|
|
|
(129
|
)
|
|
|
-
|
|
|
|
-
|
|
Loss on early extinguishment of debt
|
|
|
66
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of long-term debt premiums, net
|
|
|
(51
|
)
|
|
|
(68
|
)
|
|
|
(80
|
)
|
Loss on disposal of property, plant and equipment
|
|
|
293
|
|
|
|
141
|
|
|
|
120
|
|
Litigation
|
|
|
-
|
|
|
|
37
|
|
|
|
-
|
|
Contract terminations
|
|
|
(5
|
)
|
|
|
15
|
|
|
|
96
|
|
Other changes in assets and liabilities:
|
|
|
|
|
|
|
Accounts and notes receivable
|
|
|
(53
|
)
|
|
|
(475
|
)
|
|
|
(106
|
)
|
Inventories and other current assets
|
|
|
(711
|
)
|
|
|
(51
|
)
|
|
|
(98
|
)
|
Deferred purchase price from sale of receivables
|
|
|
-
|
|
|
|
(69
|
)
|
|
|
(117
|
)
|
Accounts payable and other current liabilities
|
|
|
(474
|
)
|
|
|
(268
|
)
|
|
|
(1,016
|
)
|
Non-current assets and liabilities, net
|
|
|
73
|
|
|
|
5
|
|
|
|
(159
|
)
|
Other, net
|
|
|
65
|
|
|
|
(168
|
)
|
|
|
83
|
|
Net cash provided by operating activities
|
|
|
1,280
|
|
|
|
1,268
|
|
|
|
542
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditures - network and other
|
|
|
(1,121
|
)
|
|
|
(529
|
)
|
|
|
(473
|
)
|
Capital expenditures - leased devices
|
|
|
(497
|
)
|
|
|
(395
|
)
|
|
|
(405
|
)
|
Expenditures relating to FCC licenses
|
|
|
(13
|
)
|
|
|
(37
|
)
|
|
|
(15
|
)
|
Change in short-term investments, net
|
|
|
1,095
|
|
|
|
(3,095
|
)
|
|
|
(1,304
|
)
|
Proceeds from sales of assets and FCC licenses
|
|
|
101
|
|
|
|
93
|
|
|
|
27
|
|
Other, net
|
|
|
(3
|
)
|
|
|
(68
|
)
|
|
|
(25
|
)
|
Net cash used in investing activities
|
|
|
(438
|
)
|
|
|
(4,031
|
)
|
|
|
(2,195
|
)
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from debt and financings
|
|
|
902
|
|
|
|
4,136
|
|
|
|
3,255
|
|
Repayments of debt, financing and capital lease obligations
|
|
|
(2,121
|
)
|
|
|
(2,151
|
)
|
|
|
(294
|
)
|
Debt financing costs
|
|
|
-
|
|
|
|
(86
|
)
|
|
|
(175
|
)
|
Other, net
|
|
|
(15
|
)
|
|
|
27
|
|
|
|
6
|
|
Net cash (used in) provided by financing activities
|
|
|
(1,234
|
)
|
|
|
1,926
|
|
|
|
2,792
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(392
|
)
|
|
|
(837
|
)
|
|
|
1,139
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
2,870
|
|
|
|
3,707
|
|
|
|
2,641
|
|
Cash and cash equivalents, end of period
|
|
$
|
2,478
|
|
|
$
|
2,870
|
|
|
$
|
3,780
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO CONSOLIDATED FREE CASH FLOW* (NON-GAAP)
(Unaudited)
|
(Millions)
|
|
|
|
|
|
|
|
|
Quarter to Date
|
|
|
6/30/17
|
|
3/31/17
|
|
6/30/16
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
1,280
|
|
|
$
|
1,268
|
|
|
$
|
542
|
|
|
|
|
|
|
|
|
Capital expenditures - network and other
|
|
|
(1,121
|
)
|
|
|
(529
|
)
|
|
|
(473
|
)
|
Capital expenditures - leased devices
|
|
|
(497
|
)
|
|
|
(395
|
)
|
|
|
(405
|
)
|
Expenditures relating to FCC licenses, net
|
|
|
(13
|
)
|
|
|
(37
|
)
|
|
|
(15
|
)
|
Proceeds from sales of assets and FCC licenses
|
|
|
101
|
|
|
|
93
|
|
|
|
27
|
|
Other investing activities, net
|
|
|
(3
|
)
|
|
|
(6
|
)
|
|
|
(25
|
)
|
Free cash flow*
|
|
$
|
(253
|
)
|
|
$
|
394
|
|
|
$
|
(349
|
)
|
|
|
|
|
|
|
|
Net proceeds (repayments) of financings related to devices and
receivables
|
|
|
492
|
|
|
|
(314
|
)
|
|
|
815
|
|
Adjusted free cash flow*
|
|
$
|
239
|
|
|
$
|
80
|
|
|
$
|
466
|
|
|
|
|
|
|
|
|
**Certain prior period amounts have been reclassified to conform to
the current period presentation.
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
6/30/17
|
|
3/31/17
|
ASSETS
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$ 2,478
|
|
$ 2,870
|
Short-term investments
|
|
4,349
|
|
5,444
|
Accounts and notes receivable, net
|
|
4,089
|
|
4,138
|
Device and accessory inventory
|
|
979
|
|
1,064
|
Prepaid expenses and other current assets
|
|
601
|
|
601
|
Total current assets
|
|
12,496
|
|
14,117
|
|
|
|
|
|
Property, plant and equipment, net
|
|
18,866
|
|
19,209
|
Goodwill
|
|
6,578
|
|
6,579
|
FCC licenses and other
|
|
41,074
|
|
40,585
|
Definite-lived intangible assets, net
|
|
3,075
|
|
3,320
|
Other assets
|
|
1,235
|
|
1,313
|
Total assets
|
|
$ 83,324
|
|
$ 85,123
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities
|
|
|
|
|
Accounts payable
|
|
$ 2,616
|
|
$ 3,281
|
Accrued expenses and other current liabilities
|
|
3,830
|
|
4,141
|
Current portion of long-term debt, financing and capital lease
obligations
|
|
5,125
|
|
5,036
|
Total current liabilities
|
|
11,571
|
|
12,458
|
|
|
|
|
|
Long-term debt, financing and capital lease obligations
|
|
34,459
|
|
35,878
|
Deferred tax liabilities
|
|
14,701
|
|
14,416
|
Other liabilities
|
|
3,578
|
|
3,563
|
Total liabilities
|
|
64,309
|
|
66,315
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
Common stock
|
|
40
|
|
40
|
Paid-in capital
|
|
27,761
|
|
27,756
|
Accumulated deficit
|
|
(8,378)
|
|
(8,584)
|
Accumulated other comprehensive loss
|
|
(408)
|
|
(404)
|
Total stockholders' equity
|
|
19,015
|
|
18,808
|
Total liabilities and stockholders' equity
|
|
$ 83,324
|
|
$ 85,123
|
|
|
|
|
|
|
|
|
|
|
NET DEBT* (NON-GAAP) (Unaudited)
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
6/30/17
|
|
3/31/17
|
Total debt
|
|
$ 39,584
|
|
$ 40,914
|
Less: Cash and cash equivalents
|
|
(2,478)
|
|
(2,870)
|
Less: Short-term investments
|
|
(4,349)
|
|
(5,444)
|
Net debt*
|
|
$ 32,757
|
|
$ 32,600
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF DEBT (Unaudited)
|
|
|
|
|
(Millions)
|
|
|
|
|
|
|
|
|
6/30/17
|
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
|
|
|
912
|
9% Guaranteed notes due 2018
|
|
11/15/2018
|
|
|
1,800
|
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% Secured debentures due 2022
|
|
04/15/2022
|
|
|
200
|
6% Senior notes due 2022
|
|
11/15/2022
|
|
|
2,280
|
Sprint Communications, Inc.
|
|
|
|
|
8,992
|
|
|
|
|
|
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 2040 (a)
|
|
12/01/2017
|
|
|
629
|
Clearwire Communications LLC
|
|
|
|
|
629
|
|
|
|
|
|
Credit facilities
|
|
|
|
|
Secured equipment credit facilities
|
|
2020 - 2021
|
|
|
430
|
Secured term loan
|
|
02/03/2024
|
|
|
3,990
|
Credit facilities
|
|
|
|
|
4,420
|
|
|
|
|
|
Accounts receivable facility
|
|
11/19/2018
|
|
|
2,604
|
|
|
|
|
|
Financing obligations
|
|
2017 - 2021
|
|
|
2,190
|
|
|
|
|
|
Capital leases and other obligations
|
|
2017 - 2024
|
|
|
541
|
Total principal
|
|
|
|
|
39,580
|
|
|
|
|
|
Net premiums and debt financing costs
|
|
|
|
|
4
|
Total debt
|
|
|
|
$
|
39,584
|
|
|
|
|
|
(a) $629 million Clearwire 8.25% Exchangeable Notes due
2040 have both a par call and put in December 2017.
|
|
|
|
|
|
|
NOTES TO THE FINANCIAL INFORMATION (Unaudited)
|
|
(1)
|
|
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-month period ended
June 30, 2017, we leased devices through our Sprint direct channels
totaling approximately $850 million, which would have increased cost
of products and reduced EBITDA* if they had been purchased under our
subsidized program. Also, during the three-month period ended June
30, 2017, the equipment revenue derived from customers electing to
finance their devices through device leasing or installment billing
programs in our direct channel was 58%.
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.
|
|
|
|
(2)
|
|
During the first quarter of fiscal year 2017, 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.
Additionally, the company recorded a pre-tax non-cash gain related
to spectrum swaps with other carriers.
|
|
|
|
(3)
|
|
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.
|
|
|
|
(4)
|
|
During the first quarter of fiscal year 2017, we recorded a $5
million gain due to reversal of a liability recorded in relation to
the termination of our relationship with General Wireless
Operations, Inc. (Radio Shack). During the fourth quarter of fiscal
year 2016, we terminated our relationship with 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.
|
|
|
|
(5)
|
|
During the first quarter of fiscal year 2017, we recorded a $55
million reduction in legal reserves related to favorable
developments in pending legal proceedings. During the fourth
quarter of fiscal year 2016, litigation and other contingencies
consist of unfavorable developments associated with legal matters
as well as federal and state matters such as sales, use or
property taxes.
|
|
|
|
(6)
|
|
Sprint is no longer reporting Lifeline subscribers due to recent
regulatory changes resulting in tighter program restrictions. We
have excluded them from our customer base for all periods presented,
including our Assurance Wireless prepaid brand and subscribers
through our wholesale Lifeline mobile virtual network operators
(MVNO). The table reflects the reclassification of the related
Assurance Wireless prepaid revenue from Prepaid service revenue to
Wholesale, affiliate and other revenue of $82 million, $85 million
and $91 million for the three months ended June 30, 2017, March 31,
2017 and June 30, 2016, respectively. Revenue associated with
subscribers through our wholesale Lifeline MVNO's continue to remain
in Wholesale, affiliate and other revenue following this change.
|
|
|
|
*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.
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 postpaid customer billings per account as
it approximates the expected cash collections, including installment
plan billings and lease revenue, per postpaid account each month.
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 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, 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 53.7 million connections as of June 30, 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/20170801005858/en/
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