T-mobile Us, Inc. · NASDAQ:TMUS
T-mobile Us — Q1 2025 Earnings Presentation
29 slides from T-mobile Us's earnings presentation, Apr 24, 2025
Slide 1: Investor Factbook
INVESTOR FACTBOOK
Slide 2: Contents
2 3 Highlights 4 Customer Metrics 7 Financial Metrics 13 Capital Structure 14 Guidance 15 Contacts 16 Financial and Operational Tables
Slide 3: Footnotes
3 (1) AT&T Inc. historically does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and
Slide 4: Postpaid Accounts
4 Postpaid Accounts Year-Over-Year (in thousands) Continued growth in Postpaid accounts with a decrease in net additions primarily due to: 30,631 30,894 31,099 30,015 30,316 ■ Higher account deactivations, including the impact from a growing account base and the temporary impact of current year rate
Slide 5: Postpaid Customers
5 Postpaid Customers Year-Over-Year (in thousands) Postpaid phone net customer additions decreased primarily due to: 100,610 102,185 104,118 105,455 99,272 ■ Higher churn primarily driven by the temporary impact of current year rate plan optimizations 1,933 ■ Increased deactivations from a growing c
Slide 6: Prepaid and High Speed Internet Customers
6 Prepaid Customers Year-Over-Year (in thousands) Prepaid net customer additions increased primarily due to: 25,283 25,307 25,410 25,455 ■ Higher net additions following the acquisition of Mint Mobile and Ultra Mobile 21,600 ■ Lower prepaid to postpaid migrations 179 ■ Partially offset by continued
Slide 7: Service Revenues
7 Service Revenues Year-Over-Year ($ in millions) Service revenues increased 5% primarily due to: ■ An increase in Postpaid service revenues $16,725 $16,928 $16,925 ■ An increase in Prepaid service revenues, primarily $16,429 $16,096 driven by the impact of the acquisition of Mint Mobile and Ultra M
Slide 8: Equipment Revenues
8 Equipment Revenues Year-Over-Year ($ in millions) Equipment revenues increased 14% primarily due to: $4,699 ■ A higher average revenue per device sold, net of promotions, primarily driven by an increase in the high- $4,688 end phone mix, including from higher postpaid device $3,704 $3,251 $3,207 u
Slide 9: Cost of Services and SG&A
9 Cost of Services, exclusive of D&A Year-Over-Year ($ in millions, % of Service revenues) Cost of services, exclusive of D&A, decreased 3% primarily due to: ■ Prior year Sprint Merger-related costs related to network $2,688 $2,664 $2,722 $2,697 $2,602 decommissioning and integration $2,580 $2,591 $
Slide 10: Net Income and Diluted EPS
10 Net Income Year-Over-Year ($ in millions, % of Service revenues) Net income was $3.0 billion and Diluted earnings per share was $2.58 in Q1 2025, compared to $2.4 billion and $2.00 in Q1 2024, primarily due to the factors described $3,059 $2,981 above and included the following, net of tax: $2,92
Slide 11: Core Adjusted EBITDA and Operating Cash Flow
11 Core Adjusted EBITDA* Year-Over-Year ($ in millions, % of Service revenues) Core Adjusted EBITDA increased 8% primarily due to: ■ Higher Total service revenues $8,027 $8,222 $8,258 ■ Higher Equipment revenues, excluding Lease revenues $7,905 $7,617 ■ Partially offset by higher Cost of equipment s
Slide 12: Capital Expenditures and Adjusted Free Cash Flow
12 Cash Purchases of Property and Year-Over-Year Equipment, incl. Capitalized Interest Cash purchases of property and equipment, including ($ in millions, % of Service revenues) capitalized interest, decreased 7% primarily due to: ■ Planned timing of capital purchases $2,627 $2,451 Sequential $2,212
Slide 13: Net Debt and Net Debt Ratios
13 Total debt, excluding tower obligations, at the end of Q1 Net Debt (Excluding Tower 2025 was $88.0 billion. Obligations) & Net Debt to LTM Net Net debt, excluding tower obligations, at the end of Q1 Income and Core Adj. EBITDA 2025 was $76.0 billion. Ratios ($ in billions) ■ On December 13, 2024,
Slide 14: 2025 Outlook
14 2025 Outlook Metric Previous Revised Change at Midpoint Postpaid net customer additions 5.5 to 6.0 million 5.5 to 6.0 million No change Net income (1) N/A N/A N/A Effective tax rate 24% to 26% 24% to 26% No change Core Adjusted EBITDA (2) $33.1 to $33.6 billion $33.2 to $33.7 billion $100 million
Slide 15: Investor Relations
15 Investor Relations Cathy Yao Matthew Hale Jon Lanterman Senior Vice President Senior Director Senior Director Investor Relations Investor Relations Investor Relations Chris Lo Rose Kopecky Charles Buffum Investor Relations Investor Relations Investor Relations Manager Manager Manager investor.rel
Slide 16: Condensed Consolidated Balance Sheets
16 T-Mobile US, Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, (in millions, except share and per share amounts) 2025 2024 Assets Current assets Cash and cash equivalents $ 12,003 $ 5,409 Accounts receivable, net of allowance for credit losses of $175 and $176 4,392 4,
Slide 17: Consolidated Statements of Comprehensive Income
17 T-Mobile US, Inc. Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, December 31, March 31, (in millions, except share and per share amounts) 2025 2024 2024 Revenues Postpaid revenues $ 13,594 $ 13,502 $ 12,631 Prepaid revenues 2,643 2,688 2,403 Wholesale and
Slide 18: Condensed Consolidated Statements of Cash Flows
18 T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, December 31, March 31, (in millions) 2025 2024 2024 Operating activities Net income $ 2,953 $ 2,981 $ 2,374 Adjustments to reconcile net income to net cash provided by operating activities D
Slide 19: Statements of Cash Flows (Continued)
19 T-Mobile US, Inc. Condensed Consolidated Statements of Cash Flows (Continued) (Unaudited) Three Months Ended March 31, December 31, March 31, (in millions) 2025 2024 2024 Supplemental disclosure of cash flow information Interest payments, net of amounts capitalized $ 934 $ 905 $ 896 Operating lea
Slide 20: Supplementary Operating and Financial Data: Customers
20 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Quarter (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Customers, end of period Postpaid phone customers 76,468 77,245 78,110 79,013 79,508 Postpaid other customers 22,804 23,365 24,075 25,105 25,947 Total postpaid c
Slide 21: Supplementary Data: Accounts and High Speed Internet
21 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Quarter (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Accounts, end of period Total postpaid customer accounts 30,015 30,316 30,631 30,894 31,099 Quarter (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net ac
Slide 22: Supplementary Data: Financial Measures
22 T-Mobile US, Inc. Supplementary Operating and Financial Data (continued) (Unaudited) Quarter (in millions, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Financial measures Service revenues $16,096 $16,429 $16,725 $16,928 $16,925 Equipment revenues $ 3,251 $ 3,106 $ 3,207 $ 4,699 $ 3
Slide 23: Supplementary Data: Stockholder Returns
23 T-Mobile US, Inc. Supplementary Operating and Financial Data (Unaudited) Quarter (in millions, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Stockholder returns Total repurchases $ 3,568 $ 2,277 $ 644 $ 4,619 $ 2,470 Total shares repurchased 21,933,790 13,979,843 3,1
Slide 24: Reconciliation of Non-GAAP Financial Measures to GAAP
24 T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited) This Investor Factbook includes non-GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accorda
Slide 25: Non-GAAP Reconciliation (continued): Net Debt Ratios
25 T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) Net debt (excluding tower obligations) to the LTM Net income, LTM Adjusted EBITDA and LTM Core Adjusted EBITDA ratios are calculated as follows: Mar 31, Jun 30, Sep 30, Dec 31, Mar 3
Slide 26: Non-GAAP Reconciliation: Adjusted Free Cash Flow Guidance
26 T-Mobile US, Inc. Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (continued) (Unaudited) The current guidance range for Adjusted Free Cash Flow is calculated as follows: FY 2025 (in millions) Guidance Range Net cash provided by operating activities $ 27,000 $ 27,500 Cash
Slide 27: Definitions of Terms
27 Definitions of Terms Operating and financial measures are utilized by T-Mobile’s management to evaluate its operating performance and, in certain cases, its ability to meet liquidity requirements. Although companies in the wireless industry may not define measures in precisely the same way, T-Mob
Slide 28: Definitions of Terms (continued)
28 13. Net debt - Short-term debt, short-term debt to affiliates, long-term debt (excluding tower obligations), and long-term debt to affiliates, short- term financing lease liabilities and financing lease liabilities, less cash and cash equivalents. 14. Sprint Merger-related costs include: • Integr
Slide 29: Cautionary Statement Regarding Forward-Looking Statements
29 Cautionary Statement Regarding Forward-Looking Statements This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including information concerning T-Mobile US, Inc.’