T-Mobile US (TMUS) 3 Feb 222021 Q4 Earnings call transcript

Good afternoon. Please note that today's call is being recorded. [Operator Instructions] I would now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile US. Please go ahead, sir.

right. All T-Mobile Full the Call. XXXX Quarter Fourth to Year and Earnings Welcome

as the me is Osvaldik, CEO; well today the our members Sievert, as Joining call and Mike on leadership senior team. our President CFO; other of Peter

SEC that you differ we'll and of have materially, may – which statements It to cause may our a forward-looking number we During this or forward-looking filings actual involve encourage call, cause make review. and risks I uncertainties. results in to

documents other reconciliations and to book and over fact of investor release, Relations With results on as earnings and the QX well non-GAAP available website. call year to section that, between related Mike. full Quarterly all Our our GAAP Results I'll the Investor the metrics now as are our turn

and year integration. as merger ago are We my for also expectations. be growth, XXXX to and remarkable a Okay. leadership excited here discuss targets, merged company, our only profitability, year Well, T-Mobile. network own a year year of today us in at Thanks, a which in exceeded Street's that terms Jud. I you here to ourselves but set another for we customer would foundational with buddy shared not goals Well, Wall bold we a be

greatest adjusted over network growth for the midpoint flow industry-leading growth, our plans deliver investments in important we've of cash of to guidance. We us in history, setting and at postpaid sets with will in because XX% of up to core revenue and in our another momentum very the a momentum make free are record experiencing the service XXXX underpenetrated strong our This made in growth all XX% year customer growth EBITDA growth, and leadership continue markets. and

year, will this a in minute. Peter more We as for explain about aspirations have big

our to unlocking force and our is network growth driving behind historic Our synergies. merger build opportunity a it's central

According millions million to multiple millions. have be putting and building still compared that XXX machine to the own won't take spectrum for we're deployment it to their capacity getting the they when to site a the small right million that of POPs, reach of our to XG began Neville that million team, no row, it This million audacious We will across spent years depth footprint. challenge and from demonstrates but our on we and them This we that XXX remarkable near they puts consumers that of it speeds you and anywhere years past just larger and all the still the work to plan, crushed build LTE. they finally to And it mid-band again. at year set goal best hundreds having number people, end yet only consider Xx goal, have portfolio, our takes ultra of Once feat the technology and that to XG an the extended-range of with is quickly XXXX. our Americans gives Verizon roughly blew to benefit XXXX hard that don't and reached XX% lead not get in spectrum how cell million. sights and of second of for how forget reaching XXX a the reinforces the in team mid-band replicate. importance upgrades them. For to double is businesses. but differentiation, of people XG the our XG of woke ahead XXX This work up the sense tens up T-Mobile typical XXX spectrum they of of you And lighting AT&T set

in on recent of importantly where and portfolio Once approach our spectrum mostly that again, aligned prudent mid-band our places major we purchase to concentrated holdings That suited grid. Tower network add to and and meant the to agreements using benefit purchases in suburban existing completed opportunistic these with C-band well our down. Crown capital our to XXX. continue with are customer not and density very means We and in our urban towers, and areas, to we'll frequencies our OpEx with Auction mid-band thanks little network we're slowing supplementing deliver with our be meaningful American Castle able

XG gap meaning keep only the more wider as than increasing places And else. Opensignal's an that speeds we're from in slower just extend winning per This continue states is coverage. see speed managed often of more tops is our customers week network report third-party every last We In lead XG has XG T-Mobile customers overall not won in year have on T-Mobile performance experience get a with More to the individual AT&T category T-Mobile to about independent confirmed suite speeding year-over-year like Ookla's connect T-Mobile and XX their XG network experts wins can second. year's also testing our latest LTE and delivered long important. we the the a last in talking category like Meanwhile, network availability. reach. period. published and megabits continue clean fastest XG testing, than recognize XG competition, and new and firms on this. the T-Mobile for speeds anyone speeds to gotten to reports somehow XX enjoy and

Okay.

entire about in net growth journey, ever postpaid talk our years' growth. year, company's Un-carrier best in posted the Across we long was our growth best XXXX. industry-leading add our our span Let's history. of Last the

postpaid XX% Sprint best-ever year, customer total our during Thanks net doubling million, leading barometer the the of last in the quarter. industry the Magenta industry million strength phone postpaid levels. again. account is Our our Magenta raised net adds, adds This in yet of delivering were decisions consecutive last measure seventh we're incredible. to best the Un-carrier. and something accelerated for X.X our the exceeding And up we integration. billing just guidance highest-ever the X.X winning for just famous brand momentum even the X.X of relationships year we're is adds, were the the switching that highest our adds reported again And And postpaid brand, from industry, at as added we XXXX's million net

into highest seeing about the to if Our QX industry the phone was fact, while our highest would same move also AT&T in put the represent the just the high-speed far adds industry as so higher postpaid churn adds our the T-Mobile the churn was our and and but gross down overall in in This churn, the in expected. Sprint we're quarter, against was exited more Internet, the postpaid trend second million X.X seeing phone industry, in X.Xx Magenta Magenta with where last postpaid churn in I for even interesting been net so have above in as fastest-growing in and ratios broadband in would far Verizon to provider history. was row. In QX, year ratio porting not We underlying Magenta those closer our a And had the in quarterly history. postpaid net the only be in in QX, momentum adds QX, phone well. momentum lowest XXXX the And highest this excited phone couldn't QX. year as great QX phone perspective, the seasonally we

flat through be MAX with Magenta we customers shared and our already Charter trends thunder, ARPU broadband new this consistent slightly again. say as are numbers potential This that posted And of not a postpaid XXXX. a trend, the Comcast, here plan. but plan part plans. QX, benefit being and affects are at just any upside XX% improving most historical enticing equivalent huge would upside X% over And as wasn't Verizon, adds device XX% our plan choosing Magenta to we're first flat Analyst we perception or every to year fewer playbook the best with or Peter's to delivered and our XXXX would And of you XXXX, before strength our phone in of seeing with than tailwind not as on competitive last see ever. record continuously T-Mobile, now right or the ARPU Day and When is to up of the net our up the Magenta Well, our the ARPA. the getting mobile top steal phone actually on there's and of from customers AT&T me $X.XX MAX postpaid network In for that not are upside in started. customers MAX plan. phone customers we Let industry, ARPU year, taking just decline rate assumed card. This in and you're we in still ARPU, postpaid our time now our offers

attracting increase in In our and We're we've winning a best has of credit haven't great distribution of our expand XXXX, approximately the We're showing and mix growing off just we addition, to same is customers. from prime to where quarter played country we here formula of our the share areas. apps XX% consistently smaller meaningfully is rural the to our every some presence that year, industry's This XX%. as grown bringing of seen XX% before. start, network our In year-over-year one the markets and reach roughly network. brand

communities. of has game year-over-year, markets increased accounted more port-ins Our place points in a only rural share shine. This the third already network these for and to for new our beginning We're is of in town accounts. of many leadership areas than these one smaller is our markets multiple and percentage XG

LTE at Capacity people Our over we're hope coverage million Verizon the Verizon we year we're of By it years enterprise clip, Verizon's mid-band from out coverage extended two testing move share our we communities do, have XG average five network rolling range cover two delivering to an in T-Mobile of almost still rolling started on hands-on another continue be more from Meanwhile, mid-band XXXX. AT&T when XG great they and network. AT&T I'll XG. to times XG well double finally nearly provides out customers had and to to to geographic experience Ultra of This today. be government exiting area years and for land than win ago. unprecedented the end do market these rapidly where soon as and above our XG years XXX times that and is years will strength expanding share. were ahead. covered reaches and year more the speeds more as million now next And the Business differentiation and see we the five our than our they XG of two say ahead two XXX again,

market XX% we're if share by in were in and our we've still a expansion run. just ways would like solutions others share We're today, already, share that they to XXXX, still that in proof-of-concept in XG let win current for advanced little us perspective, our building put we bit hope solutions multiple of lead. compute company. and some Internet. that high-speed capabilities. at point XXXX just win enterprise they our to the government got networks and more hold to for including on at commercial, network on And corporations, just targeted At week, already businesses in that's get XG T-Mobile, a and about future. logistics just agreements ever-expanding the excited of XXXX, actually a levels. advanced Just edge go federal private mobile we very to with said in touch large the we still At network Last many commercialize solutions with government room beginning have pilot. momentum large XG beginning in and with the our at back I'm were our me And revenue-generating

our While people up We're ramp of back really our far XG simplicity we it fuel about XG and T-Mobile Internet with with front pace. are to as further excited T-Mobile, revenue clear performance are margin network product. growth. prime-time hits potential surprised And going with year its of the this year contribution exceeding our loving customers and door a up. XXX,XXX think closed it's of next the customers new target, And out capacity moment. I XG-based being mainstream really this is XXX,XXX be it to to our roughly product that XX% this ready abundantly mobile network for customers, to the this by and Internet high-speed another we as the of network capacity business planned lot how unique its is Home creates

our Okay, accelerated let's merger on touch on progress integration. our

faster integration, the network cylinders, we the forward is post-merger to part planned. you our plan target our of than the essential our customers biggest at migration higher-churning accelerate While powering back transition or that the customer Magenta XX% of of The Sprint year also XXXX, Sprint consider the XX% year, at migrated out more. through successfully network, a business Day bringing an milestones many T-Mobile is have this been customers Sprint Day. last one of on At migrated firing end all Analyst that we by impressive XX% of Analyst of laid integration. our were we're when well This out is the than laid year end At onto less of in XXXX. our ahead

and As final XXXX. to the begin as the the part customer seamless we've ramp the of half the be over XXXX expect first relatively previously billing of integration of we said, to this up migration into we to course

phone so now confident in integration churn integration. integration watermark we're many stretch that was postpaid cohort will the of of terms in of churn, churn believe that material Having performance for seen for home QX we migrations. overall the XXXX the Sprint seen enter initiatives, we far, of high our of customer the the a our during XXXX As because results we've now improve

simple. compatible line As rates Completing instead upgrades overnight, anchored sizable the churn our hit now customers won't of to devices on leasing, show migrations happen milestones. bottom have minority EIP new A have the these they to and customers. Magenta network and T-Mobile fully migrate customers Sprint similar but is a these of

them. working like we're that short those creating a make very elevated While a underlying adds for our will you others growth as from today, us, their net while kinds churn for lived, tailwind which saw trends. to are of And performance create from Sprint temporarily padding Magenta corresponding we simultaneously headwind

Okay.

our Finally, a our on want to in before I business leading in as corporate XXXX. only our goals not wrap exceeded and citizen set We up, financial bold accomplishments I touch industry. do and

example use the for first We scale to more network, future new also was connected, our of stayed the commit to first just And that with resources this stakeholders. to sourcing achieve true to sustainable usage and week our goal, announce XXX% our equitable another of of a that to commitments electricity building and energy. proud all our where we're leading to for renewable industry. total the T-Mobile telecom we're good, we're

divide. geographic position in further to multiple helping the We're and ways. removing in extended also economic leadership bridge digital We our barriers

already Our it's million important rural And connected centerpiece free we're availability new connectivity subsidized is students service. most. Project expanding XXMillion, with which where right Internet has millions high-speed X.X our or to of needed an households, option providing

an We Metro when many providing a Assurance it's connectivity also in cost participation lower most. the government's connectivity have affordable Wireless, time active at for T-Mobile by and program subsidized through needed

Okay.

just it me because yet. So happened was best up. sum ever, our hasn't let XXXX year and that's XXXX

see Our with XXXX successfully with resonating ahead. a best We is customers. the is positioning to strategy the growth We ahead it and value saw to simultaneously strong that rushed offer also best really while expand network big underpenetrated segments. we into ongoing working in

across room run enabled double year-over-year to growth, this flow has T-Mobile That merger in XXXX. combined smaller to rural We with our of of Magenta XXXX. markets growth free to tackle win multiple big there's allowing growth move with unlock value on same upmarket the our and rather thesis us and Our has customer like high-speed excited to this incredibly no areas to our shareholder brand, recipe synergies, and with and with unprecedented deliver and to and business. the is government. network product year, results. prime demonstrate our areas nearly unlocked Only potential with helped areas enterprises carry in our I'm And execution our consumers new each to momentum really delivered permission reach massive huge unique into revenue it paths This suburban expanded that service time, our milestones for I'd has with. urban we've categories a industry-leading in into XXXX us these in and Internet. accelerated and growth at team excellence cash

over Peter, to So, you.

Mike. Thanks, right. All

in our growth our ability highlighted see, results XXXX initiatives can exciting strong merger our execute the unique network to you and leverage our to accelerate XG integration. As

you. $X throughout ARPA by about growth our phones, in success in across connections. and which of resulted our postpaid year both our the in in network synergies trends build XXXX, customer realized growth. nearly we postpaid high P&L merger growth ARPU in approximately XXXX value-accretive our reached MAX with accounts our with core high $X.X talking of have which around history growth we growth consistent accounts postpaid company with strong savings, higher billion growth nearly shared our up offering exceeding in ARPA driven both service recently achieved $XX.X adjusted a best XXXX, the Through is highest ever initiatives and We tripling record and postpaid Let's and postpaid service Magenta X% from in roughly ARPA end ago, raised This strategy including billion EBITDA start revenue with billion, delivered and customer revenues in of by industry. We billion the synergies, funded We the costs. other year-over-year, $X.X and and avoided guidance. ARPA and growth

doubled just the synergies also deliver in to shareholder journey free unique our and growth rapid Our $X.X nearly of XXXX have year-over-year significant cash billion in beginning unlocked expansion, flow value. to which it's

how XXXX. us year about XXXX up for So, in and of our execution set another let's great strong in talk investments growth

accelerated customers treated adjusted migrate will fully for is the not high-speed and from of phones incorporated include Sprint LTE. into net EBITDA This postpaid and subset of be sunset upon CDMA This roughly the cash net core growth X be an reflecting Sprint we brand small The impact the at postpaid growth million continued profitable of end of of expected which adds in Internet. as does guidance will adjustments on focus between QX adds and and to a the who We customer our our these net QX half with the additions X.X not flow continue assumes for of adjustment continued coming expect base anticipated million, as network, small total end Magenta migration. free guidance.

revenues continued and to based $X.X to expect we between we this be between $XX.X as at billion the leasing. So, which in leasing growth core service be device expect EBITDA excludes up on off billion continue approximately customers merger billion, adjusted revenues, XX% $X.X synergies. to $XX.X midpoint we And billion and transition Sprint to

more merger laid provided of half the of peak merger-related for second Merger-related we included costs costs synergies third the total as merger-related taper Day, Net out Our off this be $XX.X the then one-third to cash synergy of we are at $X.X and than up the get the range in in particularly year occur in are to roughly network another to billion and costs These as to ramp including year. $XX.X core of adjusted and EBITDA expected unlock in billion precede to QX expected and operating $X activities, in realization. expect be we QX payments XX% year-over-year. Analyst to we billion, by savings, is $X.X year taxes, the billion further billion adjusted in more second network primarily XXXX, half $X costs between primarily as expected will as to before representing or not billion activities. into

further growth unchanged. cash the We we is continuing network build enhance components unprecedented additional CapEx be competitive in $XX.X integration on while It XG of including overall acceleration and generation that our continue experience. our $XX expected this of deployment, inflows This capital $X.X also cash costs, by to the billion business. merger-related the accelerating network between levels the from plan higher is flow, and to over more assume billion. differentiated deployment which remains our reiterate Together, and billion even the customer of up important strengthens expect capitalize for and to pace in XX% cash of to This robust advantage flow pace of budget year, to this any order opportunities $X.X the our and as payments material securitization. does investment cash unlocks results range with not growth be net in of free last significant potential than billion

to XXXX expect rate We our expect be again tax be account year to our up finally, on onetime as between in and significant postpaid relationships. we benefits. included XXXX we ARPA strategy deepen year continuously full effective as And full execute XX% to XX% our

business. mentioned, continue cash adoption we XXXX postpaid year ARPU As up growth continued XXXX, MAX. by in we profitable flow to Altogether, a we to invest expect network of flat Magenta year-over-year and in as driven Mike be phone to expansion customer expect slightly free be our and of to the

And to expansion unlock so in I Henry for to find Our forward Q&A. look the what our building this turn will is Jud? unique that, flow call exciting on to momentum over free and with opportunity Jud significant we year. cash now

All right. Thanks, Peter.

Operator, Let’s first question the get questions. phone. start to on Instructions] your with please. We’ll question, [Operator the

Thank first [Operator our time at go of Morgan. Cusick And we from J.P. Instructions] to this you. Phil question will

Hi, Phil.

moment, And go go ahead, please. sir. Please ahead, sir. one Please

on adjustment of the the... Detail end the at space

Phil, lost Hey, start Can over? beginning. you the you we at

Sorry.

Yeah.

Let over. me start

you us how end that are of direction within the more being you detail Thank else adjustment this What the as you’ll on expect to that wireless on give it you. of customers people half sort at broadband – rather do do for phones of that treat And actually these adds. the non-responsive you XXXX Do base thanks fixed you transition? can think think who of So, you an leave? postpaid than about adjustment how guide?

Yes.

Peter?

Yes, absolutely. Thanks, Phil.

CDMA the transition technology unlock shutdown to be couldn’t customers, particularly journey with and that on we things for and XG. really this get excited yes, So network more continue and

we’ve is those phone in expect seen we’re what probably off. And couple hundred really order terms a tail In thousand what really of of there, what anticipating subscribers is non-usage that subscribers. represent we the

customers it’s leaving. So, not really

And of some unique. see course, customers little really devices. the it’s It’s I other we’ll tale there. of non-usage a probably think

You end-of-life practical to be really that replaced. devices have some aren’t

couldn’t we’re synergies decommissioning both but space. again, and more But that there. really spectrum in the all that, towards that’s be XG from networks all And excited about of the of progress to that come is putting making wireless, incorporated we will is the it that’s the a guidance we XXXX. With the that see in context really you. what XXXX year be not how fixed but that about gave of specific to bigger figures. these gave that So in thought that also unlocking respect than guide use And the we you, we

Dow, color why you XXXX a there can it’s maybe and Internet going seeing And give we’re mobile little bigger with on going a out how be what is year? and to

Yes.

As – XXX,XXX our launch did customers. earlier, our year or – year ended said just launch – mean, under this the last XXX official we with was we I

seeing year about us. I this thing great business a and improve. to higher growth it’s three it mean the than really satisfaction exciting we’re times continues for is And So, customer cable, already that’s we’re actually improve.

it. are the liking So, customers

momentum. have We

we’re The other new bringing fantastic customers services. this exciting for to are our cross-sell opportunity us is on about to a piece of wireless XX% that the is which T-Mobile,

to economics, case. really back continue continues postpaid to much our we And the and attractive Analyst like that’s lower great this be at acquisition costs. be stated Day, something So, ARPU, as

this economically, piece is So good a us. really for

And our get customers from rural market also of me types really to we even expected. areas. looking wrong, to that we penetration the be trend continues we urban across expected well all one in majority seeing different we’re continue Internet. as than don’t more we’re do are the expected favorably where suburban So, had And seeing and we coming high-speed areas mean positive. choice I people even are things very for the of

of are set Internet a proposition simplicity, that great have the or whether that still for we’re the majority to is come that are looking price, of resonating on So with that’s provider. the it’s bringing service, easy these with up, the the the have, customer from we customers that customers cable, it which customers, so fact been they just product, quality But value the all great. we back amazing

where So, into adds, all fourth one lean we great to number continue net in to we that momentum – into things the these in going again, give we us quarter, and industry expect XXXX. were

Yes. to mentioned And Last – where Internet, word our would are in see Phil. beat this we some be remarks profiles. saw this the on more users surprised. think say is. how I in mainstream are our it going at you I people I But industry. using it you product home certainly my importantly, a XXX QX to in Average month. XXX in growth usage numbers gigs really

XX% very range. We of as have their And where customers the not that’s But I spot a cable. are have for that than to product some only mid-single that’s using say, right us. broad mainstream one a of our terabytes. XX%, distribution uses for today. reason. we’re at sweet XX%, This XX% might mean is more well, can people But of multiple that the than as look Cable target terabyte. a the you some right those too, Look, digit more demonstrating are users, people because in TAM averages same that. Their if medians support are huge cable higher they product in we And that, use of people. the we wide, don’t a performs. of have

XG Our Yes, give anywhere we’ll and rollout is the capacity some quite close of Nobody or is spectrum portfolio. you advancements our massive Phil. by please, backed else our time.

a follow-up just thing. on Mike, one

those non-usage. it average of fair thousand to revenue said for fixed customers? mostly side. I said you those associated the assume Is and think on with hundred that less couple wireless Peter customers, the thanks That than that – are substantially

usage. have it’s and And – you’ve and completely don’t its no usage times, a it’s totally we brand-new, responded. usage subscriber yet, lower we our revenues. them they free But low basically several Yes. phone haven’t offered exactly revenue. who they the it sized And people and and But phone what either lower material total cases, And have to not is at enrollment sized yet. don’t nor many get have no little revenue in our or perfectly – it to trying is it’s profiles, it’s Peter

transition, of we And fully we on so, do the begin residual orderly we’ll you with it’s begin impact track looks embedded a expect guidance that like material on And XX, is orderly point, a it right we shutdown shared won’t some whatever our impact March in for but today. when we’ll have adjustment, base at which our financials. do certainly, CDMA

much, very Thanks guys.

bet. You

Operator? Okay.

be thank of [Operator Goldman you. Instructions] And Feldman from question Brett to Sachs. going And to our next we’re moving

flow Yes. to have question the cash you great and confidence Thanks the the profile for taking in of hear company. the

had would looking such And principal where confidence be to would you certain of to reasons a as Could certain what conditions Board just Going be from getting such that versus in go the like to Thank what financial to approval? be with being where you seek maybe objectives, operational that as be you’re get milestones in elements completing integration, order seek of integration leverage? line in position of you in, to why pursue for the back, you. extent you a maybe network the that’s that program. would some a the revisit hope meaningful business fairly us would expressed that the approval you are the buyback one to could point

to back you take just essentially changed. Analyst nothing’s I’ll course. Day Of because

intact, business, potential that that particularly cash demonstrate And completely is predicated the what the back on all shared better in that this year is the is said flow years year has of and we a but then beyond. you We’re not massive before. XXXX XXXX, year XXXX, with all last smarter, we it’s thesis done if than

possibility is billion about set starting aspiration saw during we remains schedule of years, well lower. $XX the intact. good running the you of sooner, capital We intact that thing next get an thesis program we all because a ahead this that And and of of So, authorized That this behind profile integration. will us. year capital means on want year’s we’re to a because for pretty build be those

is buyback going of terms formal in return We’re versus significant but you the a entire don’t of deliberations. can’t see way down We year. all earlier, sense than the more magnitude in intact. have our frames, possibility parse year value this it to for that of makes updates that I capital starting you, including great to that time any thesis and that’s step a those for of next any really But in

sorry So about that.

Pete. for follow-up a as Well,

You had your wondering if think prerequisite goal have was that obviously, since thinking has grade. investment priorities I Thank all. balance but previously you. buybacks, the of at sheet expressed you’re evolved rate changed pursuing to getting a around the for I’m don’t environment

No. They haven’t. And look, it’s very straightforward.

going in to achieve according are outlooks We time investment this to grade. our frame

pursue going to with But according our – in preset the They’re you. able have I buybacks. formal do we might these another. these for be And to things. no not predicates to update tension to are wherewithal there We to a don’t one outlooks have when are

you. Thank

And our Craig so, move we’ll to next of from Moffett question MoffettNathanson.

Hi, thanks.

let’s talked fixed with you – a wireless broadband. So, lot about stay

for the you in cable they operators think businesses. wireless value posted with about occupy. guessing of trajectory? theme talk occupy the seen probably growth subscribers you lot second. their a price now rapid a sort your that Having Can much directly How of cable that cable? they kind you don’t from I’m a you but similar affects that stay of how take Let’s do you, think the growth coexisting about with now

history. the And know, been the the to all million is give meant gross which XX.X% trend right we long-term adds when X.X had net we we’re about, in proposition matched variability it’s and which QX, levels would which meant of entire come is industry bring bit you in our both posted at this nets. It’s that highest business same an more very postpaid last in how you market. in that’s of a was And year what in a we’re the quarter one talked the were them our kinds on cable, not saying because that I adds, reality talked new. our I’m proposition activations quarter net outsized you in through some QX, you about but trend, postpaid you’ll also And to distinct, it’s little resonating. about. time, we numbers environment. to XX%. as bases this they the the the performance have reporting. value one thriving certainly about during asking one Well, performers. Magenta in for their And have been what consistent And that Sprint Cable now, on Magenta wasn’t Magenta strong been this postpaid We see quarter and Craig, consistent. seeing churn our see those reports. fact the in full biggest They’ve And quarter. And churn, value But isn’t you’re history in We in a the around that XXXX, highest alternate of if see smaller phone you of QX. we the are express don’t issues it talking trends long basically, we’ve it underlying right the really that the a mean adds. see think the is we’re always

we are and step let’s been with them So, coexisting just Great. about back. some really catalyst. with look, Operator, concerned coexisting them. We’ve not change we’re go

from next Thank Michael to a you. Rollins question go We’ll of Citi.

flow Thanks. touch the course over wanted Hi. of performance the XXXX. And afternoon. to of I good upon

and as I think be, should normal as or timing realization how in about to how related and continuing over pace earlier course integration, with cash investments savings of then is of synergy Sprint churn flow. for back balance churn the relates EBITDA curious the the just the back-end you the mentioned those would of integration one-third, we half one-third then free I’m year. – think, loaded year whether about to course growth thinking the be think you’re I it the churn the the that the of and

Sure.

what his churn, in underlying where so on in we’re, year. was mentioned so can and QX it all is terms it than on you far churn. churn, give unfold with But we’re as then performance make an better also Peter comment already porting seasonal our non-answer QX, the will I’ll can expected, it timing, relative down step to how usual my seeing in improvement Magenta on Let in of expect in our on look, But you remarks during me he that hand a a seeing very I in what strong.

plans, fully I like group was why of or place, had And bias pieces place. have So, that It’s significant the T-Mobile it if multiyear of mentioned it’s a or driven which Sprint high when that see that, the going going network. been there that of churn are significant believe are or we for you or quarter in a on like to their people overall, the a And still we’re little to people take watermark they certainly cohort, would that customers They we pleased domiciled in And a payment T-Mobile now mean, seeing. that exactly we’re minority. small not payment that I express have was I device. looked period. place, device, have leasing, compatible on, T-Mobile compatible a there we have time by Magenta. we is more that have churn have it’s what pieces QX But underneath I upgrades, that in sense. some better with some we in but cohort stepwise. selection on that who moved a there then of pieces. you were minority integration a weren’t have sure lots And confidence migration. even the But through completed now material you millions those of the big a And really this just And time, Magenta. said you plans light those reason have sort makes because than be when And across. the a now able have progress have account remember on one last

be have band that – account. more one single phones or one have you a an If every is on your to band

have that T-Mobile you it user-friendly new you are is plan, like or more phones one how payment on leases. versus the then a If see

see product. versus a dynamic on commitment And there’s having You company. performs the a how there the network to of it level your prior of

see corresponds churn it’s you what and Magenta And so, like, Magenta. just that like to taste and of that

So done. the we got able to to get job now say, we’re look, just

compatible we make expect. phones have sweep compatible particularly they that’s and and we’re agenda, have across. We easier the see come to a material way we now that it’s predict that have across of experience cohort performance to sure plans, bands, all these to And all phone that going the the

you the the financials on the to through share, can some of color of Peter? quarter, time frames As what kind

CapEx, we’re acceleration see shorter some what projecting you mentioned, we that in of third we merger-related we OpEx now Yes, the and the given that guide way, the things than absolutely. remember, amount flipped of of QX total and to the more sites, cost that, X because out time on going to in costs, including this and of try would a and I to non-answer And we X.X the of of third the of Mike, OpEx, to actually capitalized beating do see e-com. that be thought you I’ll XX.X guide, the of to we’ll associated give meant cell costs, XX as of and provided, with a But synergy majority Mike. all merger-related that about that anticipate acceleration seeing starting you a say, said CapEx is provided, you’re the about By this be about the OpEx course, QX. decommission now this frame. XXXX same billion. were instead and think which that $XX still we XXXX start

So those to respect And it synergies. the with costs. that’s merger-related perceive

the it you as developments So, cost throughout start of that those synergy synergies things color EBITDA. in core are add year. the And And will flows cell to the have as you’re you develops some sites, of year. as gross you decoming around to give merger-related half the course, that, the at I such said, other affect and seasonality of around respect network course will particular, of start least and and in holiday build color the things going how with seeing the but second that

Okay.

Sounds good.

to the to go and come a phone. for then Let’s right Twitter couple back

spectrum at you’re Ho it, we Neville, the Bill of of issues end the them? this expect that by while targeted expanding Auction is and year, with beyond the service? TDD, POPs with to million mid-band are our XG XXX roaming or So, year what next asks, XXX or partners XXX put with new this what into And capacity, ultra organic end spectrum should clearing at

for Bill. and the Mike, thanks Great. Yes. cue, Thanks,

very to for with great a addition Mike his opening us Action mid-band position. so So, spectrum referenced XXX, pleased our we’re outcome, the comments, as in

obviously, question about issues, Your are new what this well, there band. the is a

– complexity coordination with and does navigate. with some it the to So have DoD

time. bit new. infrastructure little of So The that takes a is radio

can last chain in So handsets issue, that but on has obviously, and and And certainly supply to there. devices. is the be made third, play available. not And brought then

this the on devices year, And of end next. this from availability OEMs major in so, early of tail band see we kind

together. our T-Mobile, in a that two with last approach look plan is radios for done of XXX is the for us. integrated And a Unlike which purchased at year. starting spectrum conjunction that’s That’s deployment So, that to XXXX one of single C-band we AT&T you’ve kind the in radio. spectrum heard and about,

at we XXXX. spectrum I into the time So, as deploy we’re looking us, mean, for move to the perfect

the areas for So and suited very use. deployment key is spectrum the referenced, most other the with Mike purchased country in important I spectrum pleased And capacity outcome piece, as where of we think there. the

one few target are of a extend about by XXXX for then by I using me. the we we million going end and really be to footprint than end more and far That’s to POPs going XXX hell million the partners? of and the think And the they’re very to those of XXXX, XXX nobody have On excited roaming today. be lead between. powerful looks numbers

to out footprint our great and and that’s on they going is out asking capability there. to roam coming of how capacity and Bill, be many the all think I can folks question XG that with if there, are T-Mobile

T-Mobile it’s organic an I a excited build. effectively, won’t both those. So, XXX%, so but it’s on build, say

can to Back segment, in the But the Okay. fixed progress he about Entner, for for phone talk business phones you Roger a both minute. wireless. Mike asked, in first, Katz, and

color on in quarter ahead So, and XXXX? see you little a the maybe what

progress very for last And look, we in I’m this Yes. business the Roger. that proud question, thanks very, No, year. the of made

XX% talked left about at at XXXX that corresponding with in add heard the a velocity, target we to you in about Mike share a the of Day XXXX. net and Analyst gets call, As talked target us that rate the we beginning win

momentum. that So, of enterprise. were bested I’m we year that building the quarter QX And time Last in we being we’ve about I here the momentum a talked thrilled had with QX there. with lot the together, best in we’re really left it enterprise.

course postpaid partnerships and see seeing latter greater both getting. wins just with XXXX. coming be other we’re but And it’s ones striking, So, not in of the their the seeing lot The by the connectivity both the are we’ve momentum. enterprise are left this in is it’s phone, than Airlines demonstrated the in us, to but government that in us phone we’re size we companies the It’s of CLVs XXXX a one announced depth we’re of wins about, that picking just primary things are governance. wireless one excited of also that of not the provider. be the enterprise really and Alaska of are a And we we but well last on because of kinds that picking other, throughout And wins. quarter those which of really with partner new

So, we it’s really part profitable business the for industry us. there. And business, in that growth led in the of

the that customers, vectors of part and of Dow in lack they us wireless, about have this see growth came coming one that both we that big it’s business year. simultaneously where and tell consumers in certainly from choices I will wireless. So, the – phone that postpaid talk On this year coming fixed for had you from other. fixed as of growth small Certainly, we the business

how Just they really Man, choices for is it get have choices very about gouged. few rough they They the small they have, businesses. gouged. and think get

segments certain both big think a service there’s And enterprise, redundant where well, business growth cases. can think primary business. we So, we small across in large there’s provide we opportunities in including use and other as opportunity

that of worked closely I roll and we I opportunities growth that, as So, on our one Dow big and as see into XXXX.

Mike. Terrific. Thanks,

operator. Okay,

Jonathan Street. Thank to Chaplin next of you. New go We’ll

assuming pricing? context adds it add a if for against your guidance industry. can pre-pandemic fixed wireless Thanks. markets XG thoughts Verizon’s another of of of resonate And in Mike, sense your the theme, you’re how sort the some the Are X.X, And and you against maybe does X? I’m towards so, to for with then back ones, for net Peter. on Is if environment where the for I’d what a you’re X around wondering love Two us wireless message trend quick their one fixed maybe heading year in million other your broadband product. give a broadband we for industry? $XX sticking pricing to get up broadband

Terrific.

Okay.

First to Peter.

the just we building we terms network going have, into is ahead. fuel that markets markets a to to of that Mike And and the look, stats excited at about you growth. going of the points areas smaller the these flows. have to underpenetrated guidance that clearly you've value, of it's the proof think government, The while because rural talk Internet, some best account stay about will in no of thing and most enterprise in tremendously net a we industry XXXX areas, we’re doubt a pre-pandemic fuel some why from might opportunity levels, we, are from really absolutely. just they’re whether and I guide happen opportunities the that it. this areas is, of that that’s right? that's smaller that provided point. and course, will have heard, the growth add ask And Katz important terms to of is, important probably we’re the more Yes, completely rural and It and That’s the with yourself what we’re And it you normalize who the it Jonathan, bring thing gave what in growth. generate how delivered and going has high-speed all come in you that that what We're going we you to product we're articulated point, excited to up backed in momentum at seeing about the all about best differentiated generating so heard course, ebbs and and is strategy

the And we and these in underrepresented our differentiation does on product so, the ability the again, growth in very the XXXX, industry confident we what network gave and of, that and opportunities traction guide feel in because despite areas.

And really not remember, fixed we're just on running that. But scale. or a mobile operating into broadband wireless, we're Yes. at no, different

in net Verizon in So, the than more fixed we adds delivered three-years the entire has frame delivered they've plus. bat QX, time swinging been on wireless,

that do remember completely very scales. starting they're two-years planning So, our to XG rolling geographic we're in with areas XXXX amount operating with in while of We you over have and and coverage ago. two so it in they're concentrating at POPs ago started – started And mid-band where urban different licensing out and easiest it's small years XG, mid-band permitting deploy. about earnest with to starting or

we know So, a opportunity. that's different

much. that into running really not we're So,

fine that’s and of out is capacity we’re that see, capacity massive see being few of network, will interesting offer it's with fees, with idea with a tell this country like Others pricing, have where issues I’ll advantage. millimeter others not they Verizon product to the usage, like wired – and including response our offers. into taxes we're kind getting to customers cool people’s I vast to phenomenal, across their capacity demonstrated to is and goes. backed out in it this That’s complications. all and what no that respond to promotional you time-to-market also it’s product. class the to for the wave, mainstream other they're with a initiative, our shows just think there with and a self-install really an able and offers do have $XX.X resonating think As by places really not massive other this, massive but The we’re

we feel strategy got really our noise. worrying so, about like all the heads And and sweet just and not the executing we're right spot we've down

guys. Thanks Great.

Stanley. of We'll move Flannery next to Morgan Simon

some I much. talk very you priorities bit CapEx the wonder you program. just a could for Thank the little of about key if Great.

little around that I around guide that also, to issue resolved? when when year-over-year when were FAA went an month think December and pivoting guide around that? color million Mike, around the give you opportunity this C-band does to bit with in we do the that a surprised you've already, the you enterprises – the the or $XXX so airports. will given think color on any up with availability be connectivity the rely maybe achieved How dispute And also and more Thanks. last do

do I'll capital, do You the FAA.

Thanks, Yes. Simon. We'll Sure. two. Yes. split the

a very, this features, this at together obviously, much we want talked a type record deployment, this year in And about, press high-performing our very that this So just how referenced earlier, lead not there's so It's we is just built this that breaking. pace, XXXX. pulling time. machine. radio powerful chain logistics, to Mike its We've of with is really home deployment deployment supply is which to

opportunity So, and in envelope great for push competition. our while it's us gap a really we have that sales, the to our wind

our a our really start meaningful for to close task. announced For it to maybe. meaningful And may kind experience have with Verizon multiyear delivering, XXXX, said of XG customer their for XG – customers, come we're it's what strategy AT&T in

themselves. almost another the year they've put clock for So, on

they're also So, behind. way

it's increase we upgrading in hard all integration. and coverage. on to done network, of as bunch XXXX we we high-performing T-Mobile pieces other wrap combine the and said to That's get a working area is for And Obviously, we forward the Mike growth and side. and always coverage and adding envelope perfect that on would the integrate of in us. Part part TFB And expand well. a a the a that program volume such to want our is of So, sites into high that have work up of machine. building Sprint capacity. another We're pull There's this inside team opportunity of the Simon. on we continue of there, supporting where

ongoing, of things momentum. incredible lots So, have but we

the team, equipment, We the crews, process. the have the

us established. year to to great a we've leadership now is this look so, for really And extend that

our Simon, down have it and lot more than markets and and let's to after now going idea also and always rural we've it such assessment customer's that get to on but XG plan thought our just They of network great Neville massive to great underpenetrated that we respects just a coverage our after is, done. for coverage XX,XXX merger a matters a lead. talked footprint, sites what want And areas there's segments. double Neville's pursuing plan everywhere said. them. about us And incremental smaller in business get the opportunities in understands

capital, the very And as for and, so for this that's consumers see one big is you Neville businesses. reasons to our margins see And on a the think chasing the about coverage different the important than of around a POP part meaningful on competitive that's other you overall XG of but said, story. don't why coverage goal because we

has controversy shots. of be Verizon that As AT&T, positions analysis right. final been But think it the AT&T the FCC and completed, And the like sit we to would the the been relates see a work controversy, pot we be and on outside will wireless we done, the take in tempting that it studies they're have embroiled industry, awfully in, think after of validated. Verizon, honestly, we first the to think all,

We're these in down controversy. breath the the be I and in think, the issue, of a and and in deploy lot are there. and will because But out do validated. picking so so hope I what signals, a say, for be I think nothing ultimately old faulty T-Mobile prefer of done is interest I'm then not It this this already been rush. stray has take this And left be are widely than a the as operate with views, will taken importance for to there deal But with Verizon some it's and regret to a when me, the frequency with Obviously, the what because has when that that page radio we've out properly radio by view. C-band positions So, sure that's not C-band. sold we XG very a people where important. different by to that's and up in. the are I altimeters and the And if and year doesn't old of road. AT&T, faulty have said frequencies a been interfered And is story a it's reported aren't found not press of said, ultimately altimeters be that everything radio FCC altimeters altimeter, But up radio company's way, as to if would nationwide shown clicks functioning reports. a issue sell was will assessments there. that. to country or that to with really that this that great the of this showing the our we've I one – would completed world this little

So, look, I unfolds. it validated. positions all see ultimately think But how we'll the FCC and will of be the industry the

lot. Thanks a

question next John UBS. to from a go Hodulik of we'll And

Hi, John.

– starting given to of called year, sort the really of like, couple A largely I how then of the of see the speed or guys in really out as Thanks. my there you those point? you adds a years, worked ramp, see Is where looks whether clicking? mean, focus fixed And question, sort the of where now magnitude at over of to then then net big you're be think Mike. the it the any model questions, starting going have buyback, in investors. in a on does what cable the Peter full wireless. that sort of fixed really it start from? coming maybe to or are services obviously out, rate to get half logistics potential of that next the buyback, long the first you run category? of at is And follow-up think terms customers of that the I quick this could sense mean, the take through few you'll the it's second move the really or integration business given a chance the end I Do customers of sort Hi, and point

Well, Dow, let's to on ramp to suburban Sounds or new also and some these on seeing rate you of year and for great. you're what next. cable back go urban statistics T-Mobile switchers, on this the

Yes.

in thing and different we're our country markets, built great Neville all of the team have types all his mean, the I So, all here different what across and markets. position about is

of So across seeing customer – – we're and those. wins all wins

have So, well. never small-town to have people America would before imagine, us. in you percentage very seeing do we had we're certainly a rural they where who and certainly coming And we're also of The small wireless validating And a choice there. that are and for either well no very isn't good, doing well and also thing in us markets. that's that winning is or and urban suburban choice as so we been

customers and it's quite cable fact, the the from coming price suburban industry. simplistic. Also, and you cable of with cable We why unhappy in have customers all the don't against from are In fees the charges of are we're might cases those and say, that? companies I very when know a mean, And lot our look, generally different their the urban they in have. you things. half of add price come other markets, frankly, fiber majority is majority and well, and I hikes.

all why it's So fiber, especially of people the cable are different proposition. of a that network providers, we They trajectory, build. And types to is a good to better get coming right tends geographies, different it's us from just be all value product. and see in and treated following remember, really we terms the

over you're and And and country is just so, getting bigger adding that the capacity keeps several seeing, bigger coverage. years. as bigger next the of capacity, Neville We're and in terms covering

least And so, supportability plan and as with arise. build, our grow to at along that's will business capacity think availability, scale continue more that our I more and

I and then Board's rapidly a year cash than everything to trends, to massive on in a accelerating which that that, sooner. And really on you are the I with and year, is milestone then flow, we beat this and deliberations value particular is our possibility no, put this flow update that with a of many repeat can't you minute as opportunity no and obviously, saw XXXX, looking creation our we're buybacks $XX of in you're preconceived improving. when future do starting And share we there is still the getting ago, what if cash for. that billion share And buyback, a XXXX milestone? deliberations ago, our out there's think wherewithal And saw intact XXXX I of at, anything, great underlying we beyond other the the said Great. what saw preconceived thesis

Got it. Thanks guys.

Operator, let’s caller. go next back the to

Suisse. of Mitchelson next Thank go Credit our caller, to you. We'll Doug

Well, much. so thanks

broadband, impacted look I'm fixed those that and the That is why wireless residential, look able how business would you? Would to marketing? isn't That on any have then – curious your net Netflix follow-up if Paramount+, context to on comment network, beyond? for just versus and and separately, at TV+ adds on XQ like Apple Has follow been to would be to you're more fourth of services? also in any be interesting. to just there premiums but helpful. add you build-out the efficient quarter offer the pace Sorry the relative for but the growth reason right And

it the XXXX. see XXXX we first and Well, that to all, significantly Dow bigger of than You saying, we see XXXX was XXXX, bet. than as trends relates bigger

is such seasonality U.S. the We far and part for a So, we of leaders don't do see probably a there's established ramp-up industry. trend we're wireless yet new happening. by industry, well in I the this fixed think a the

great we're our I much mobile and into And smaller markets opportunity talk by there's for look, we're capital and which fixed. going and about, for rural so, areas, And our places where should informed we market. think so network able and in capacity to both

of, follow to momentum year I So, we essentially, as increasing it's network that going a think, be build.

our and to capacity excess up. analysis being our in of the XXXX, opportunity more starts because that integration, QX We're record the us and says in take in You with up of height remember offer still able capacity to doors for services model our won't fixed where including in all places allocating to mobile it process of an increase around wireless wireless is this Destination capacity performance. We're fixed massively that Network. centered capacity more still and opens in the

Apple this, second on in and know trying as get of I'll Jon, And to what comment As differentiation ask he's is on our of consumers a and it our things relates the to on Freier to piece areas a rural TV+ with smaller Jon are of to seeing. it the we Un-carrier, in brand piece all markets us the rural us, this markets are which marketing, big we're talking proposition. provide, some question, nationwide value relates about what for year, to as seeing in smaller Netflix like that areas people and things

Yes.

on incredibly with Apple Mike excited also So, Us we we got XX YouTube get this tell just that as on and discount and with back a the having content Filo YouTube months thank months with well. we and On I TV a this for period on QX announced up you, introduced of people value to TV followed for said, what's of in on very Netflix the space happening TV+ us in you on XXXX about and with space. Paramount+ into pioneered what Like that we entire and us and then for XX us then question. are love best

very to best is you incredibly is can that at is that brought that at it is the going content of because the you well So, all get very value. – best

have the to increased we've in we're what few need with to steps a permission looking see and markets network markets of think country. you incredible share let when at like all we much you And into just me – Un-carrier and and country and third. proud a bigger to us so, a space, to this back a we area from a just and that so T-Mobile – could market look we're front years a television them XXX loving before. pull are they at opportunity XXXX, opportunity about little that huge at the XX% to And few do you XXX that across full XXX markets entire when how that ago way. win That's in where the go you that of commercials And of taken the superiority really is far to network position about people with markets these markets we in that, But what along because said, XX% way about to And smaller being bring pipe love smaller been them talking been our the some market rural people Mike just to make of because when markets for I'm them the that permission a remember, it's wishing share. investment have given working. fantastic. done households, – all value, XX% these there's of you that. and got have win years incredible It's set years look and offer put together, at a we us dice a is when XX we've up what that's in, all the up people, rural third. get of able haven't forward, And a we and and it's now this Neville some to doing in have the million markets space. across see kind But looking really areas, million they what after about able while the was and

the Those see the a sales with follow that and huge really coverage markets rural it's in like that's smaller of continue we of incredibly for, of famous the marketing in So, share by playbook to as higher is infamous more that Un-carrier page a playing wireless we're moving cost here. those kind why areas. just with get and kind it's markets from to our win, that are really are to and about and And the expansion high particular two XXXXs XX% two third can really this of opportunities choices, a important can with so only areas. XX% and permission market is we remember, more are the so choices this these markets costs. that places we perspective, of and position And

in proposition bring markets, superior a this So, to we opportunity entire our network formula have XG think we winning a declaration these across bringing with the continue value us and country. to huge

Thank you. Helpful.

Well great. then

to the phone. back go Let's

next Barden of our go we'll of Bank question from David And America. to

we wholesale us can past this so the – said of with you question. numbers one the DISH this question, the expected I much last to quick Verizon with Could But kind of just us revenue for year with kind Obviously, relationship to guys. zero the high-margin announcement, as into Thanks AT&T, more of guys. TracPhone kind look is over unfold the taking closing the is in quantity into Hey this guess color share announcement kind you to as time? go Thanks. think how XXXX? you with XXXX. trajectory you going of to of you give unknown

they see particular think about plan to that know, and build were talking that. you the own AT&T we but don't been In I with us because fully in their last accelerate that's deal that's like that would embedded you zero to wouldn't Sure. guidance. as it our going our And network ultimately, would looked wholesale year struck And they need is always ours. that DISH question, DISH sure

opportunities. opens $X of that than a up And XXXX, a it's material I DISH time, that guidance less billion. that our disclosed that we same usage we've other So, from but XXXX. assumes today you were there's previously in DISH, our at step The from XXXX, that, think in means materially the less revenues down and gave under network in lot –

with thoughtful for make sure all, multiple I and have think years, something a of recently very wholesale, productive a in First and that's Verizon. over to both transition for is us we struck we deal TracFone

We both opportunities, have renewals been Google Google able for with and very And and the exciting. that's to multiyear with we're strike several discussions in a greenfield. Offer, exclusive agreement other

that's area. and wholesale just the So, in

else, for The is our increased capacity these off us of call, to wireless fire. our and on come it's much is that's course capacity there's consumptive product, customers driven of including we've millions all network And excess across this subject core model. so detailed interest If gotten because nothing of that's our business a as pursue today other fixed a the business. on on core opportunity,

up, eligible up frees capacity frees as new households. So that

least So, wanted on clear today lots the at shared you to what Peter And of opportunity, helps. I assumed. be guidance but that that with hopefully,

guys. Thanks

one for question. time got we final Alright,

Okay. Wow. Is it that time Great. Operator? already?

from go Peter you. Thank of We'll that to last Bernstein. question Supino

Hi, Peter.

Hi, thank you.

by consumers extremely time just So, is from when ability get ad fixed for – in aperture T-Mobile more has is, about finite a trending that long does The that? plan flies valuation fun, the I relationship in your ask that a converging marketplace? sell over right? many accounts. years. by get just when does investors please densification, broadband How timely What's on having run? we albeit – in know I'd market to you're recently so questions, often multiple the context. wanted – that. one million And wireless towards XX looks thrive oriented bundled a keep has to out spectrum? your long-term fixed a your that towards question it thoughts a long-term expand does Is initiative T-Mobile T-Mobile love wireless very with to But solved how

the trend, the mobile. we're forms question I a if would and Yes. some leaving are customers we and great which One eyeball say broad usage don't trends are kinds that and going and about have content It's left all, broad on underlying linear United health in of and presumes question. on mobile. of convergence, are prior landing communications and know all vitality things the Well, all of that The Internet, I and is first the their that the how Internet apply macro, time will they in keep certainly mind States. going

broad about businesses. to is have spectrum second as portfolio, leadership against massive millimeter the connectivity a does may that talk we're long to country's wave the they that mid-band differentiated deliver be we really potential And our from place And We of builds use this of be best a may have years' deploying to to capacity. to the the in connectivity can massive capacity or surround we that Internet portfolio. create trials, don't is starting all mobile. our and position much industry ability to pure-play be. lead linear businesses leading And in things we're base And the great those a that already Federal asset Company, with but we're pure organizations, the mobile space. itself, major So, entering earlier, Internet backed enterprise not Government actual trend see I revenue my services major to we're that advanced remarks In said the including agreements. for XG agreements by

of have you us it time turn for trends creative, gives to been a we that wherewithal five- those strong that that tell lot base, into when to is it a and asset a to businesses. or the clearly you And brand, through entrepreneurial opportunity of than value frame. see the What killer deeper lots massive differentiated at we've level six-year a that that be And sheet, you things creation hope picture. fast see there's describing within ahead. so, And in balance the thought we able and can confidence helps. the I I that we a a pretty shareholder team

much. Thanks so

Well, Peter. Great, anything – final Okay. Jud, any words?

of you forward I exciting this with XXXX. soon No, we everybody just look journey telling more again appreciate speaking joining in to today. and us Obviously, you

free feel or again, you. And Investor forward team Relations you media team. we to reach speaking the have to to questions, additional soon. If Thank relations out the any again look

everybody. Bye,

And may and may you so, and have Quarter Thank Investor or concludes gentlemen, you questions, if a ladies day. Relations media Call. Again, And Fourth the Investor further for the you your contact you now Relations disconnect, have pleasant participation. Earnings this T-Mobile department. any