Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2016 Earnings Presentation
69 slides from Softbank's earnings presentation, Feb 10, 2017
Slide 1: Earnings Results for the Nine-month Period Ended December 31, 2016
Earnings Results for the Nine-month Period Ended December 31, 2016 Investor Briefing February 10, 2017 SoftBank Group Corp.
Slide 2: Disclaimer
Disclaimer This material was prepared based on information available and views held at the time it was made. Statements in this material that are not historical facts, including, without limitation, plans, forecasts and strategies are “forward-looking statements”. Forward-looking statements are by t
Slide 3: Accounting
Accounting 3
Slide 4: Segments and Core Companies
Segments and Core Companies <FY15> <FY16> Reportable Reportable Core companies Core companies segments segments Domestic SoftBank Domestic SoftBank Telecommunications Wireless City Planning Telecommunications Wireless City Planning Sprint Sprint Sprint Sprint Yahoo Japan Yahoo Japan Yahoo Japan ASKU
Slide 5: Consolidated P/L Summary (IFRSs)
Consolidated P/L Summary (IFRSs) <JPY bn> FY15 FY16 P/L item Change Main breakdown Q1-3 Q1-3 Continuing operations Increase in net sales (for customers) of Domestic Telecommunications segment +59.7 Due to increases in product and other sales and telecom service revenue Decrease in net sales (for cus
Slide 6: Income on Equity Method Investments Related to Alibaba
(Reference) Income on Equity Method Investments Related to Alibaba Alibaba SoftBank Group US-GAAP IFRSs (CNY mil) (JPY bn) Income and loss Reconciliation Income on equity Net income Net income Ownership on equity method Exchange rate method investments to IFRSs investments (*1) FY15/ 2,893 JPY 19.56
Slide 7: Sale of a Portion of Alibaba Shares and Variable Prepaid Forward Contract
(Reference) Sale of a Portion of Alibaba Shares and Variable Prepaid Forward Contract <Consolidated> SoftBank Group SoftBank Group International Payment of proceeds West Raptor Holdings, LLC SB China (Singapore) Transfer of Alibaba USD 5.4bn for advance shares 3.4% of Alibaba shares received for the
Slide 8: Variable Prepaid Forward Contract for Alibaba Shares - 1
(Reference) Variable Prepaid Forward Contract for Alibaba Shares - 1 At signing of contract 3 Years total At settlement (3 years later) （initial recognition） Amortized (1) Interest paid cost USD 0.3bn Derivative assets (2) Derivative loss USD 0.9bn USD 0.9bn (3) Gain on Financial Financial sale liab
Slide 9: Variable Prepaid Forward Contract for Alibaba Shares - 2
(Reference) Variable Prepaid Forward Contract for Alibaba Shares - 2 At signing of contract Valuation gain (loss) on derivatives over 3 years 3 Years total June 1, 2016 Q1 Q2 Q3 share price Aggregate till time share price share price share price USD 87.81 of settlement USD 76.69 USD 79.53 USD 105.79
Slide 10: Collar Transaction Embedded in Variable Prepaid Forward Contract
(Reference) Collar Transaction Embedded in Variable Prepaid Forward Contract Trust (=investors) (Number of shares) are subject to the downside when the Number of shares to be delivered after share price falls 3 years will vary within USD 6.6bn equivalent range At signing of contract 86mil shares A C
Slide 11: Gain or Loss at Measurement of Fair Value of Investments by SBG and SBGC
(Reference) Gain or Loss at Measurement of Fair Value of Investments by SBG and SBGC (other than subsidiaries or equity method) (1) Financial assets at FVTPL (Fair Value Through Profit or Loss) The fair values are measured at the end of each quarter, with changes to be recognized as net income or lo
Slide 12: Consolidated B/S Summary - Assets
Consolidated B/S Summary - 1 (IFRSs) <JPY bn> B/S As of As of Main items Mar. 2016 Dec. 2016 Change Main breakdown item 5,550.3 5,749.1 +198.8 Cash and cash 2,569.6 2,498.7 -70.9 Current assets equivalents Sprint 297.6 431.8 +134.2 Trade and other Increased installment sales receivable (devices) at
Slide 13: PPA Relating to ARM Acquisition
(Reference) PPA Relating to ARM Acquisition ・Since PPA is not completed yet, technology IP *1 JPY 3.37t （GBP 24.4bn） and other intangible assets have not been recognized. ・Provisional goodwill for the amount of the Goodwill difference between the acquisition price and the net amount of assets at the
Slide 14: Breakdown of Goodwill
Consolidated B/S Summary - 2 (IFRSs) - Breakdown of Goodwill <JPY bn> B/S As of As of Change item Main items Mar. 2016 Dec. 2016 Changes in Outline Others exchange rate 1,609.8 4,859.0 +118.3 +3,130.9 (ARM - 3,326.8 +112.9 +3,213.9 Newly consolidated from Sept. 2016 ) provisional SoftBank 907.5 907.
Slide 15: Breakdown of Intangible Assets
Consolidated B/S Summary - 3 (IFRSs) - Breakdown of Intangible Assets <JPY bn> B/S As of As of Change Main items Changes in Outline item Mar. 2016 Dec. 2016 Amortization Other exchange rate FCC licenses (non-amortized) 4,060.8 4,254.3 - +143.1 +50.4 Increase in “others” mainly related to FCC license
Slide 16: Consolidated B/S Summary - Liabilities
Consolidated B/S Summary - 4 (IFRSs) <JPY bn> B/S As of As of item Main items Mar. 2016 Dec. 2016 Change Main breakdown 5,165.8 6,003.3 +837.5 Short-term borrowings 515.4 824.8 +309.4 SBG: enhance cash on hand (+279.4) Sprint 148.5 204.6 +56.1 Current liabilities Current portion of long-term borrowi
Slide 17: Consolidated B/S Summary - Equity
Consolidated B/S Summary - 5 (IFRSs) <JPY bn> B/S As of As of item Items Mar. 2016 Dec. 2016 Change Main breakdown 3,505.3 3,981.7 +476.4 Common stock 238.8 238.8 - Capital surplus 261.2 246.7 -14.5 Increase in net income attributable to owners of the parent Equity (+857.4). Retained earnings 2,166.
Slide 18: Impact of Sprint - US-GAAP > IFRSs Adjustment (1)
Impact of Sprint - US-GAAP > IFRSs Adjustment (1) <Adjustment to PL items> (Apr. 1, 2016 – Dec. 31, 2016) <USD mil> Re- Difference of recognition and measurement IFRSs Sprint US-GAAP classifi- Network ARO Deferred Depreciation Liability to SoftBank Group cation (1) restructuring discount securitizat
Slide 19: Impact of Sprint - US-GAAP > IFRSs Adjustment (2)
Impact of Sprint - US-GAAP > IFRSs Adjustment (2) <Adjustment to BS items> (as of Dec. 31, 2016) <USD mil> Re- Difference of recognition and measurement Adjust- IFRSs classifi- ment on Sprint US-GAAP Impaired Receivable Network ARO Liability to goodwill SoftBank Group cation assets securitization re
Slide 20: Impact of Sale of Supercell Shares
(Reference) Impact of Sale of Supercell Shares Supercell’s earnings presented separately from “continuing operations.” Former FY15 Restated FY15 FY2016 Continuing operations Continuing operations Supercell’s net sales Net sales Net sales Supercell’s operating income Operating income Operating income
Slide 21: Finance
Finance 21
Slide 22: Main Financing Activities
Main Financing Activities Category Event Amount Timing Issuance of 49th Unsecured Straight Corporate Bond (7 Years) JPY 20.0bn Apr. 2016 Issuance of 50th Unsecured Straight Corporate Bond (10 Years) JPY 30.0bn Bonds Hybrid Bonds 1st (final legal maturity 25 years, NC5) JPY 55.6bn Sept. 2016 2nd (fin
Slide 23: Adjusted EBITDA and Adjusted EBITDA Margin (1)
Adjusted EBITDA and Adjusted EBITDA Margin (1) Robust domestic telecommunications and improvement in Sprint contributes to adjusted EBITDA growth. Adjusted EBITDA Adjusted EBITDA Margin <JPY bn> Domestic Telecommunications Domestic Telecommunications Yahoo Japan Yahoo Japan Distribution Sprint ARM D
Slide 24: Adjusted EBITDA and Adjusted EBITDA Margin (2)
Adjusted EBITDA and Adjusted EBITDA Margin (2) Domestic Telecommunications segment sustains high profit margin. Adjusted EBITDA (Domestic Telecommunications) Adjusted EBITDA Margin <JPY bn> 994.7 SoftBank 930.2 (Domestic Telecommu- 41% nications) 40% 35% NTT DOCOMO 34% 34% KDDI 33% 30% SoftBank Grou
Slide 25: Interest-bearing Debt
Interest-bearing Debt Increased due to ARM acquisition. Approx. 500.0bn increase QoQ (mainly due to depreciation of yen). Breakdown of Sprint’s <JPY bn> <JPY bn> interest-bearing debt 14,175.8 Borrowings 1,039.9 13,660.1 Bonds 3,447.7 12,305.5 Lease obligations, etc. 34.3 11,922.4 Sprint 11,723.5 To
Slide 26: Cash Position
Cash Position After ARM acquisition, maintain affluent cash position. <JPY bn> 525.4 2,906.5 267.3 574.8 297.6 708.3 Sprint 2,882.4 2,671.0 2,376.5 2,383.2 2,198.2 Excl. Sprint As of end of Dec. 2016 Credit line facility of SBG - Total size JPY 178.5bn (Unused portion of credit line facility) Dec. '
Slide 27: Net Interest-bearing Debt
Net Interest-bearing Debt Increased approx. JPY 570.0bn QoQ (mainly due to depreciation of yen). <JPY bn> 11,269.3 10,702.2 9,367.2 9,248.4 3,215.2 3,813.8 8,315.6 Sprint 3,926.2 3,677.3 3,372.9 7,487.0 7,455.6 Excl. Sprint 5,441.0 5,571.1 4,942.7 Dec. '15 Mar. '16 June '16 Sept. '16 Dec. '16 *1. Ne
Slide 28: Leverage Ratio
Leverage Ratio Impacted by ARM acquisition, alleviated by the monetization of Alibaba shares and issuance of Hybrid Bonds. Gross Leverage Ratio Net Leverage Ratio Excl. Sprint Consolidated Excl. Sprint Consolidated 6.1x 4.6x 5.5x 4.9x 3.8x 5.4x 4.3x 3.8x Mar. '16 Dec. '16 Mar. '16 Dec. '16 *1. Gross
Slide 29: Pro Forma Net Leverage Ratio (Consolidated)
Pro Forma Net Leverage Ratio (Consolidated) Continued focus on net debt reduction. 6.2x (after Vodafone K.K. acquisition) 4.3x 4.0x 3.8x 3.8x 1.1x 1.1x June '06 Mar. '07 Mar. '08 Mar. '09 Mar. '10 Mar. '11 Mar. '12 Mar. '13 Mar. '14 Mar. '15 Mar. '16 Sept. '16 Dec. '16 *1. Net leverage ratio = net i
Slide 30: Equity Attributable to Owners of the Parent Ratio
Equity Attributable to Owners of the Parent Ratio Equity increased due to profit accumulation (net income approx. JPY 860.0bn). Equity Attributable to Owners of the Parent Equity Attributable to Owners of the Parent Ratio (shareholders’ equity) (shareholders’ equity ratio) <JPY bn> Hybrid Bonds 231.
Slide 31: Debt / Equity Ratio
Debt / Equity Ratio Debt / Equity Ratio Net Debt / Equity Ratio 4.6 4.2 3.5 3.3 Mar. '16 Dec. '16 Mar. '16 Dec. '16 *1. Debt / equity ratio = interest-bearing debt / equity attributable to owners of the parent (shareholders’ equity (including adjustments related to the issuance of Hybrid Bonds)). *2
Slide 32: Interest Expense
Interest Expense Interest Expense (finance cost) Interest Coverage Ratio Excl. Sprint Sprint Excl. Sprint Consolidated <JPY bn> 400.0 350.0 343.4 329.5 300.0 250.0 200.6 9.0x 209.3 8.5x 200.0 150.0 100.0 5.5x 5.8x 142.8 50.0 120.2 0.0 FY15/Q1-Q3 FY16/Q1-Q3 FY15/Q1-Q3 FY16/Q1-Q3 *1. Interest Coverage
Slide 33: Market Cap of Main Listed Holdings Held by SoftBank Group and Its Subsidiaries
Market Cap of main Listed Holdings Held by SoftBank Group and Its Subsidiaries Market cap of shares held still approx. JPY 12t after monetization of portion of Alibaba shares. <JPY t> Partial monetization (Alibaba Group) 11.3 11.4 12.0 9.7 6.8 7.5 Alibaba Group 8.0 7.1 4.6 Sprint 1.3 1.5 1.3 Yahoo J
Slide 34: Price and Spread of Domestic Currency Denominated Bond
SoftBank Group: Price and Spread of Domestic Currency Denominated Bond Domestic Currency Denominated Domestic Currency Denominated Bond Bond Price Credit Spread 35th Series (1 yr remaining) 35th Series (1 yr remaining) 45th Series (2 yrs remaining) (bp) 45th Series (2 yrs remaining) 44th Series (4 y
Slide 35: Price and Spread of Foreign Currency Denominated Bond
SoftBank Group: Price and Spread of Foreign Currency Denominated Bond Foreign Currency Denominated Bonds Foreign Currency Denominated Bonds Price Spread (bp) 2020 USD bonds 2022 USD bonds 2020 USD bonds 2022 USD bonds 120 800 2025 USD bonds 2020 EUR bonds 2025 USD bonds 2020 EUR bonds 2022 EUR bonds
Slide 36: Sprint: Price and Spread
Sprint: Price and Spread Price of Sprint Senior Notes Spread of Sprint Senior Notes 115 Due 2021 Due 2023 Due 2024 (bp) Due 2021 Due 2023 Due 2024 Due 2025 Due 2028 Due 2025 Due 2028 1800 105 1500 95 1200 85 900 75 600 65 55 300 16/1 16/2 16/3 16/4 16/5 16/6 16/7 16/8 16/9 16/10 16/11 16/12 16/1 16/
Slide 37: Trend of Credit Rating of SoftBank Group
Trend of Credit Rating of SoftBank Group Acquisition of Acquisition of Acquisition of Acquisition of 14 Japan Telecom Vodafone K.K. Sprint ARM 13 A/A2 12 A－/A3 JCR (A－) 11 BBB+/Baa1 10 BBB/Baa2 9 BBB－/Baa3 8 BB+/Ba1 S&P (BB＋) 7 BB/Ba2 Moody’s 6 BB－/Ba3 (Ba1) 5 B+/B1 4 2003 2004 2005 2006 2007 2008 2
Slide 38: SoftBank Group Bond Redemption Schedule
SoftBank Group Bond Redemption Schedule Straight bond Subordinated bond 1,305.6 Hybrid Bonds Foreign currency denominated bond 455.6 (*2) (JPY bn) 700.0 561.8 474.4 400.0 191.8 370.0 850.0 700.0 324.4 293.4 370.0 400.0 370.0 120.0 293.4 35.4 67.7 120.0 150.0 15.4 (*2) 30.0 30.0 67.7 20.0 FY16 FY17 F
Slide 39: 2016 Financial Strategies
2016 Financial Strategies Robust Finance Base for Sustainable Growth Toward credit improvement Sprint Enhance Focus on financial financial FCF turnaround stability • Support self-funding thoroughly • Extend maturity & enhance • Execute growth strategy while • Enhance relationships with diversificati
Slide 40: (Reference)
(Reference) 40
Slide 41: Sprint Debt Maturities
Sprint Debt Maturities <USD mil> JPY bn in ( ) Sprint notes and credit facilities (495.1) Clearwire Notes (466.2) (466.3) (466.0) 4,250 4,002 4,003 (430.3) 4,000 3,694 875 875 437 (284.9) (288.9) (288.3) (267.9) 2,446 2,480 2,475 2,300 (233.0) 4,000 438 4,250 2,000 (186.3) 875 1,599 185 3,127 3,128
Slide 42: Change in the Ratio of Long to Short, and Fixed to Variable Debt
Change in the Ratio of Long to Short, and Fixed to Variable Interest-bearing Debt Interest-bearing Debt Interest-bearing Debt Long / Short Ratio Fixed / Variable Ratio (JPY bn) Long-term Short-term (JPY bn) Fixed Variable 14,175.8 14,175.8 11,922.4 11,922.4 24% 26% 29% 22％ 22% 23% 9,653.8 9,653.8 28
Slide 43: Universe of Portfolio Companies
Universe of Portfolio Companies E-commerce Ride-sharing FinTech Internet & Media AI & Connected Devices Computational Biology *Not comprehensive; E-commerce includes classifieds. 43
Slide 44: Capital Deployed Last Year
Capital Deployed Last Year Total: USD 1.75bn Other* U.S. 19% Internet Asia 29% & Media 14% 67% 71% Ride-sharing *Includes e-Commerce, Computational Biology, and AI & Connected Devices From January 2016 to December 2016. 44
Slide 45: Domestic Telecommunications
Domestic Telecommunications 45
Slide 46: 1. Net Sales
<Domestic Telecommunications Segment> 1. Net Sales FY16/Q3 sales was approx. JPY 2.4t (YoY JPY 58.7bn increase: telecom revenue +JPY 35.8bn, product and other sales +JPY 22.9bn, YoY respectively). Broadband revenue contributed significantly (YoY +JPY 70.4bn). Net Sales Telecom Service Revenue Pr
Slide 47: 2. Operating Income / Adjusted EBITDA
<Domestic Telecommunications Segment> 2. Operating Income / Adjusted EBITDA FY16/Q3 segment income marked JPY 651.5bn, increased by JPY 53.2bn YoY. Operating Income/ Segment Income Adjusted EBITDA YoY comparison in ( ) YoY comparison in ( ) <JPY bn> <JPY bn> 800.0 1,400.0 688.4 700.0 651.5 (+53.2)
Slide 48: 3. Segment Income Analysis
<Domestic Telecommunications Segment> 3. Segment Income Analysis Broadband drives topline growth (telecom network charges increased JPY 29.2bn). Cost reductions contribute to segment income increase. <JPY bn> Telecom Service Revenue Sales Sales related Telecom commission expenses Depreciation ne
Slide 49: 4. Mobile Communications Subscribers and Churn Rate
<Domestic Telecommunications Segment> 4. Mobile Communications Number of Subscribers and Churn Rate (Main Subscribers) Subscribers: increased 0.54mil YoY, handsets increased, but larger impact of decrease in MBB. Churn rate: improved by 0.16% YoY, improvement dramatically in handset churn contin
Slide 50: 5. ARPU (main subscribers)
<Domestic Telecommunications Segment> 5. ARPU (main subscribers) FY16/Q3 total ARPU is JPY 4,530 (JPY -190): service ARPU is JPY 560 (JPY -), telecom ARPU is JPY 3,980 (JPY -190). Telecom ARPU is decreasing due to growing ratio of Y!mobile smartphones and increase in cumulative number of applica
Slide 51: 6. Broadband Service
<Domestic Telecommunications Segment> 6. Broadband Service FY16/Q3 cumulative subscribers of SoftBank Hikari at 3.14mil. Steady trend in customer acquisition. Cumulative Subscribers Cumulative Home Bundle <Mil subs> (number of connected lines) <Mil subs> Discount Hikari Set Subscribers 6.00 5.86 6
Slide 52: 7. CAPEX / Free Cash Flow
<Domestic Telecommunications Segment> 7. CAPEX / Free Cash Flow FY16 CAPEX is approx. JPY 300.0bn. FY2016 FCF forecast revised upward to JPY 550.0bn. CAPEX Free Cash Flow (*adjusted) <JPY bn> <JPY bn> 600.0 減価償却費 Depreciation 600.0 ( ) YoY comparison 550.0 536.7 500.0 500.0 Q4 162.1 402.2 400.0
Slide 53: 8. Growth Strategy
8. Growth Strategy (1) Enhance customer base (Smartphone/ Fiber Optic) (2) Focus on strategic areas (OTT/ New Areas) OTT (Yahoo Japan Synergies) New Areas (2) Strategic areas IBM Watson Content Credit card EC IoT AI Fintech Robot businesses Existing Mobile BB (1) Enhance customer base 53
Slide 54: 8. Generate Synergies with Yahoo Japan
8. Generate Synergies with Yahoo Japan Provide pleasant Internet shopping experience to SoftBank smartphone users. 481k merchants 250m items SoftBank smartphone users get 10x points everyday *Period: from Feb. 1 - May 31, 2017. Points can be used for Yahoo! JAPAN services during the specified peri
Slide 55: 8. Efforts in Strategic Areas
<Domestic Telecommunications Segment> 8. Efforts in Strategic Areas Create growth opportunities through smartphones & FTTH Health promoting Insurance Trading from JPY 1,000 Automatic driving Pepper for Biz rolled out at more than 1,900 companies IoT Fintech Start sales of security Start collaboratio
Slide 56: Domestic Telecommunications Segment Breakdown of Net Sales
<Domestic Telecommunications Segment> (Reference) Domestic Telecommunications Segment Breakdown of Net Sales <JPY bn> FY2015 FY2016 Full Q1 Q2 Q3 Q4 year Q1 Q2 Q3 Total net sales 722.6 785.5 833.9 802.7 3,144.7 761.8 792.8 846.1 Telecom service revenue 586.9 599.9 606.2 612.1 2,405.0 605.8 609.5 613
Slide 57: Definition and Calculation Method of Main Operational Data
Definition and Calculation Method of Main Operational Data <Mobile Communications Service> 1. Subscribers Main subscribers: smartphones (*1), feature phones, tablets, mobile data communications devices (*2), others, Communication modules: communication modules (*3), Mimamori Phone, prepaid mobile ph
Slide 58: Sprint
Sprint 58
Slide 59: Fiscal 3Q16 Results SoftBank Investor Briefing
Fiscal 3Q16 Results SoftBank Investor Briefing February 10, 2017 ©2016 Sprint. This information is subject to Sprint policies regarding use and is the property of Sprint and/or its relevant affiliates and may contain restricted, confidential or privileged materials intended for the sole use of the i
Slide 60: Cautionary Statement
Cautionary Statement 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 si
Slide 61: Fiscal 3Q 2016 Highlights
Fiscal 3Q 2016 Highlights Net Operating Operating Operating Income & S $1.6B Revenues Expenses Adjusted EBITDA* Grew year-over-year for more than the second consecutive quarter Improved more than of year-to-date reductions in CoS and SG&A $500M year-over-year Postpaid Phone Liquidity Network Net Add
Slide 62: Growing Connections
Growing Connections Postpaid phone net adds highest in last 4 years Improved y/y for 9 consecutive th quarter 888,000 YTD is more than double the full year last year Beat Verizon for the 4 th consecutive quarter and AT&T for the 9th consecutive quarter Postpaid phone gross adds highest in 4
Slide 63: Network Performing at Best Ever Levels
Network Performing at Best Ever Levels 1 Network reliability continued to narrow the gap to best in class within less than 1 percent of AT&T and Verizon.1 RootMetrics® awarded Sprint 246 first- first-place (outright or shared) Metropolitan area RootScore® Awards for for reliability, speed, data, cal
Slide 64: Stabilizing Revenue
Stabilizing Revenue Consolidated net operating revenues grew over 5% y/y Wireless net operating revenues grew nearly 7% y/y Stabilizing Wireless service revenue and postpaid service revenue relatively flat sequentially Postpaid ABPA^* increased 2% y/y Postpaid phone ABPU^* increased 1% y/y 80% of po
Slide 65: Reducing Operating Expenses
Reducing Operating Expenses Dollars in Billions More than $1.6 billion of year-to-date reductions in cost of services and SG&A expenses Down $1.1B Cost of services down $423 million y/y in Year-over-Year FY3Q16 Lower labor expense Lower backhaul and roaming expenses Shutdown of WiMax network Doll
Slide 66: Improving Profitability
Improving Profitability Adjusted EBITDA* improved by over $500 million y/y primarily driven by expense reductions as well as stabilizing top line revenues Operating Income also improved by more than $500 million y/y (actual dollars) 3QFY16 3QFY15 Change EPS ($0.12) ($0.21) $0.09 Asset dispositions /
Slide 67: Liquidity & Debt
Liquidity & Debt $10.3 $9.1 billion of general purpose liquidity as of 12/31/16 including $6.1 billion in cash, cash equivalents and short-term investments $9.1 of $6.6 General Purpose Issued $3.5 billion of spectrum- Liquidity backed senior secured notes at 3.36% which is materially less than the c
Slide 68: Fiscal Year 2016 Guidance
Fiscal Year 2016 Guidance Adjusted Operating Cash Adjusted EBITDA* Income Capex Free Cash Flow* $9.7 billion $1.4 billion to $2 billion to around to $10 billion $1.7 billion $2.3 billion, excluding devices break even leased through indirect channels ©2016 Sprint. This information is subject to Sprin
Slide 69: SoftBank
SoftBank