T-Mobile USA Reports Third Quarter 2009 Results
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-- $1.56 billion Operating Income Before Depreciation and Amortization
("OIBDA") in the third quarter of 2009, up from $1.53 billion in the
third quarter of 2008; OIBDA margin of 33% in the third quarter of 2009.
-- Cash Cost Per User ("CCPU") of $23 during the third quarter of 2009,
compared to $25 in the third quarter of 2008.
-- Aggressive build out of the 3G network continues with coverage reaching
167 million people, an increase of almost 50% in the quarter.
-- Expanded adoption of data devices with 2.8 million 3G capable converged
devices now on the T-Mobile USA network.
-- Continued recognition in the third quarter of 2009 for industry leading
wireless retail sales satisfaction and wireless customer care
performance by J.D. Power and Associates.
-- Total customers declined by 77,000 in the third quarter of 2009,
compared to 670,000 net customer additions in the third quarter of 2008.
BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile USA, Inc. ("T-Mobile USA") today reported third quarter of 2009 results. In the third quarter of 2009, T-Mobile USA reported OIBDA of $1.56 billion, essentially in line with the second quarter of 2009 and the third quarter of 2008, with an OIBDA margin of 33%. Additionally, T-Mobile USA reported CCPU of $23, an increase in 3G capable converged device users, and an increase in 3G coverage by almost 50% to 167 million people.
"In the quarter we took deliberate steps to align our operational cost structure to market realities while reasserting our position as the value leader in wireless," said Robert Dotson, president and CEO, T-Mobile USA. "We've made tremendous progress with our nationwide rollout of 3G. Over six months we will have almost doubled our high-speed coverage with a goal of reaching 200 million consumers by the end of December. That coverage is now accompanied by a rich data experience with the broadest array of 3G Android devices of any wireless carrier. Lastly, we've introduced our new Even More plans that can cut wireless consumers' bills in half relative to AT&T and Verizon. These plans make available affordable unlimited nationwide calling, texting and data services to customers coast to coast."
"The building blocks are coming into place for our U.S. business to take full advantage of the sizeable opportunities available to us in wireless data," said Rene Obermann, CEO, Deutsche Telekom. "I am pleased with the continued progress on building out our 3G network. The team has expanded distribution, bringing T-Mobile products and services to more people in more places. The team is also exercising sound cost management with a focus on solid margins in a challenging environment."
Customers
-- T-Mobile USA served 33.4 million customers at the end of the third
quarter of 2009, down slightly from 33.5 million at the end of the
second quarter of 2009, but up from 32.1 million at the end of the third
quarter of 2008.
o In the third quarter of 2009, total customers declined by 77,000,
compared to net customer additions of 325,000 in the second quarter of
2009 and 670,000 in the third quarter of 2008. The number of contract
customers declined by 140,000 in the third quarter of 2009.
o Compared to the second quarter of 2009, the number of net new customer
additions decreased due to higher churn of contract customers, as
explained below.
o The number of net new customer additions decreased compared to the
thirdquarter of 2008 due primarily to fewer gross customer additions
and higher churn from FlexPaysm customers.
-- Prepaid net customer additions, including wholesale customers, were
63,000 in the third quarter of 2009, down from 268,000 in the second
quarter of 2009 and 377,000 in the third quarter of 2008.
o Lower wholesale net customer additions were the primary reason for
lower sequential prepaid additions. Wholesale customers totaled 1.6
million at September 30, 2009.
-- Contract customers comprised 80% of T-Mobile USA's total customer base
at September 30, 2009, compared to 81% in the second quarter of 2009 and
83% in the third quarter of 2008.
Churn
-- Contract churn was 2.4% in the third quarter of 2009, up from 2.2% in
the second quarter of 2009 and consistent with 2.4% in the third quarter
of 2008.
o Contract churn increased in the third quarter of 2009 compared to the
second quarter of 2009, due in part to competitive intensity,
including handset innovation, and the seasonal impact from the
"back-to-school" window.
-- Blended churn, including both contract and prepaid customers, was 3.4%
in the third quarter of 2009, up from 3.1% in the second quarter of 2009
and 3.0% in the third quarter of 2008.
o Sequentially and year-over-year prepaid churn increased in particular
due to wholesale and FlexPay no-contract.
OIBDA and Net Income
-- T-Mobile USA reported OIBDA of $1.56 billion in the third quarter of
2009, compared to $1.60 billion in the second quarter of 2009 and $1.53
billion in the third quarter of 2008.
o The sequential decrease in OIBDA was due primarily to lower ARPU, as
described below. Year-over-year OIBDA increased as lower customer
revenues were offset by lower customer acquisition costs and lower
costs of serving customers.
-- OIBDA margin (as defined in Note 6 to the Selected Data, below) was 33%
in the third quarter of 2009, down slightly from 34% in the second
quarter of 2009 and improved from 31% in the third quarter of 2008.
-- Net income for the third quarter of 2009 was $417 million, compared to
$425 million in the second quarter of 2009 and $442 million in the third
quarter of 2008.
Revenue
-- Service revenues (as defined in Note 1 to the Selected Data, below) were
$4.73 billion in the third quarter of 2009, down from $4.77 billion in
the second quarter of 2009 and $4.91 billion in the third quarter of
2008.
o The sequential and year-over-year decrease in service revenue in the
third quarter of 2009 was primarily due to the fall in ARPU, as
described below.
-- Total revenues, including service, equipment, and other revenues were
$5.38 billion in the third quarter of 2009, up from $5.34 billion in the
second quarter of 2009 and down from $5.51 billion in the third quarter
of 2008.
o Sequentially, the increase was driven by higher equipment sales
revenue partially related to distribution growth and an expanded data
device lineup. Compared to the third quarter of 2008, higher equipment
sales revenues in the third quarter of 2009 were offset by lower
service revenues.
ARPU
-- Blended Average Revenue Per User ("ARPU" as defined in Note 1 to the
Selected Data, below) was $47 in the third quarter of 2009, down from
than $48 in the second quarter of 2009 and $52 in the third quarter of
2008.
-- Contract ARPU was $52 in the third quarter of 2009, in line with the
second quarter of 2009, but down from $55 in the third quarter of 2008.
o Contract ARPU year-over-year decreased as growth in data services was
offset by fewer higher-ARPU customers due to competitive intensity,
customers moving to unlimited plans, and less roaming.
-- Prepaid ARPU was $20 in the third quarter of 2009, down from $21 in the
second quarter of 2009 and $24 in the third quarter of 2008.
o The decrease in prepaid ARPU is due to fewer Flexpay no-contract
customers.
-- Data services revenue (as defined in Notes 1 and 8 to the Selected Data,
below) was $1.0 billion in the third quarter of 2009, representing 21.1%
of blended ARPU, or $10.00 per customer, up from 20.8% of blended ARPU,
or $9.90 per customer in the second quarter of 2009, and 17.3% of
blended ARPU, or $8.90 per customer in the third quarter of 2008. Data
services revenue increased 18% year-over-year.
o 2.8 million 3G-capable converged devices (such as the T-Mobile(R)
MyTouchTM, T-Mobile(R) G1TM, and the T-Mobile(R) Dash 3GTM) were on
the T-Mobile USA network at the end of the third quarter of 2009, an
increase of 33% from the second quarter of 2009.
o The increase of 3G-capable converged devices and the continued
build-out of the 3G network is driving internet access revenue growth
with the increased adoption of 3G data plans, offset partially by a
decrease in messaging revenue.
o Messaging revenue continued to be a significant component of data
ARPU, with the total number of messages carried on the network
increasing to 75 billion in the third quarter of 2009, compared to 74
billion in second quarter of 2009 and 49 billion in the third quarter
of 2008.
CPGA and CCPU
-- The average cost of acquiring a customer, Cost Per Gross Add ("CPGA" as
defined in Note 4 to the Selected Data, below) was $290 in the third
quarter of 2009, up from $270 in the second quarter of 2009 and in line
with third quarter of 2008.
o CPGA increased in the third quarter of 2009 compared to the second
quarter of 2009. This was primarily related to higher acquisition
costs due to increased customer adoption of 3G converged data devices.
-- The average cash cost of serving customers, Cash Cost Per User ("CCPU"
as defined in Note 3 to the Selected Data, below), was $23 per customer
per month in the thirdquarter of 2009, in line with the second quarter
of 2009 and down from $25 in the third quarter of 2008.
o Year-over-year CCPU decreased due to cost saving initiatives and the
customer base moving towards lower ARPU products which incur lower
servicing costs. Both of these items more than offset higher network
costs related to the 3G network build.
o Compared to the third quarter of 2008, all components of CCPU (network
costs, general and administrative, and subsidy loss unrelated to
customer acquisition) decreased in absolute terms.
Capital Expenditures
-- Cash capital expenditures (as defined in Note 7 to the Selected Data,
below) were $787 million in the third quarter of 2009, compared to $1.08
billion in the second quarter of 2009 and $956 million in the third
quarter of 2008.
o The decrease in cash capital expenditures in the third quarter of 2009
was a result of timing of network build, with a continued focus on
enhancing and expanding the national coverage of the UMTS/HSPA (3G)
network during the quarter.
o T-Mobile USA's 3G network now reaches 167 million people, and is
continuing to grow. Furthermore, the entire 3G network will be HSPA
7.2 Mbps (megabits per second) enabled by year end.
o In September, T-Mobile USA launched a trial of HSPA+ technology with a
maximum download speed of up to 21 Mbps in Philadelphia.
Stick Together Highlights
-- On August 13, 2009, T-Mobile USA achieved the highest ranking in a tie
for the J.D. Power and Associates 2009 Wireless Customer Care
Performance StudySM - Volume 2. Since 2004, T-Mobile USA has received
the highest ranking, including two ties, in nine of the last 10 Customer
Care Performance Studies conducted by J.D. Power and Associates.
-- In August T-Mobile USA's products and services started being offered in
more than 4,000 RadioShack stores across the U.S. and Puerto Rico,
almost doubling our national retail distribution network.
-- On September 17, 2009, T-Mobile USA received the highest ranking among
national wireless carriers in the J.D. Power and Associates 2009
Wireless Retail Sales Satisfaction StudySM - Volume 2. The award further
reflects T-Mobile's continued achievements for overall customer
experiences, whether in-store, online or on the phone.
-- On October 21, 2009
,
T-Mobile USA announced the fourth quarter of 2009 availability of the
BlackBerry(R) Bold(TM) 9700 with Wi-Fi Calling from T-Mobile. It will be
the first 3G-powered BlackBerry smartphone available through T-Mobile
USA, adding to the holiday lineup of 3G converged devices such as the
T-Mobile(R) myTouchTM and recently announced Samsung Behold(R)II.
Additionally, on November 2, 2009, T-Mobile USA launched the national
availability of the MotorolaTM CLIQTM. This is the first
AndroidTM-powered device with MOTOBLURTM, a solution developed to manage
and integrate communication sources together on the home screen.
-- On October 25, 2009, T-Mobile USA unveiled its new 'Even More' and 'Even
More Plus' rate plans. These plans respond to customers needs for
affordable nationwide calling, texting, and data plans; while providing
new ways to get new phones and data devices with equipment installment
plans.
T-Mobile USA is the U.S. wireless operation of Deutsche Telekom AG (NYSE: DT). In order to provide comparability with the results of other US wireless carriers, all financial amounts are in US dollars and are based on accounting principles generally accepted in the United States ("GAAP"). T-Mobile USA results are included in the consolidated results of Deutsche Telekom, but differ from the information contained herein as Deutsche Telekom reports financial results in Euros and in accordance with International Financial Reporting Standards (IFRS).
This press release 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 accordance with GAAP. Reconciliations from the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below following Selected Data and the financial statements.
SELECTED DATA FOR T-MOBILE USA
Full
Year
(thousands) Q3 09 Q2 09 Q1 09 2008 Q4 08 Q3 08
Customers, end of period2 33,420 33,497 33,173 32,758 32,758 32,136
Thereof contract 26,882 27,022 26,966 26,806 26,806 26,539
customers
Thereof prepaid customers 6,538 6,475 6,207 5,952 5,952 5,597
Net customer (losses) / (77) 325 415 2,940 621 670
additions
Acquired customers - - - 1,132 - -
Minutes of use/contract 1,160 1,150 1,130 1,150 1,130 1,140
customer/month
Contract churn 2.40% 2.20% 2.30% 2.10% 2.40% 2.40%
Blended churn 3.40% 3.10% 3.10% 2.90% 3.30% 3.00%
($)
ARPU (blended)1 47 48 48 51 50 52
ARPU (contract) 52 52 52 55 54 55
ARPU (prepaid) 20 21 21 23 23 24
Data ARPU (blended)8 10.00 9.90 9.40 8.90 9.30 8.90
Cost of serving (CCPU)3,9 23 23 24 25 25 25
Cost per gross add 290 270 300 290 270 290
(CPGA)4
($ million)
Total revenues 5,380 5,342 5,398 21,885 5,722 5,506
Service revenues1 4,733 4,766 4,774 19,242 4,904 4,911
OIBDA5 1,556 1,601 1,383 6,123 1,568 1,531
OIBDA margin6 33% 34% 29% 32% 32% 31%
Capital expenditures7 787 1,078 1,125 3,603 895 956
Since all companies do not calculate these figures in the same manner, the
information contained in this press release may not be comparable to similarly
titled measures reported by other companies.
Average Revenue Per User ("ARPU") represents the average monthly service
revenue we earn from our customers. ARPU is calculated by dividing service
1 revenues for the specified period by the average customers during the
period, and further dividing by the number of months in the period. We
believe ARPU provides management with useful information to evaluate the
revenues generated from our customer base.
Service revenues include contract, prepaid, and roaming and other service
revenues, and do not include equipment sales and other revenues. Data
services revenues (including messaging and non-messaging revenue) are a
component of service revenues. Within the consolidated financial statements
below, other revenues include co-location rental income and, through 2008,
wholesale revenues from the usage of our network in California, Nevada, and
New York by AT&T customers, among other items, and are therefore not
included in ARPU.
A customer is defined as a SIM card with a unique mobile identity number
which generates revenue. Contract customers and prepaid customers include
FlexPay customers depending on the type of rate plan selected. FlexPay
2 customers with a contract are included in contract customers, and FlexPay
customers without a contract are included in prepaid customers. Wholesale
customers are included in prepaid customers as they most closely align with
this customer segment. Machine-to-machine customers have contracts and are
therefore included in contract customers.
The average cash cost of serving customers, or Cash Cost Per User ("CCPU")
is a non-GAAP financial measure and includes all network and general and
administrative costs as well as the subsidy loss unrelated to customer
acquisition. Subsidy loss unrelated to customer acquisition includes upgrade
handset costs for existing customers offset by upgrade equipment revenues
3 and other related direct costs. This measure is calculated as a per month
average by dividing the total costs for the specified period by the average
total customers during the period and further dividing by the number of
months in the period. We believe that CCPU, which is a measure of the costs
of serving a customer, provides relevant and useful information and is used
by our management to evaluate the operating performance of our business.
Cost Per Gross Add ("CPGA") is a non-GAAP financial measure and is
calculated by dividing the costs of acquiring a new customer, consisting of
customer acquisition costs plus the subsidy loss related to customer
acquisition for the specified period, by gross customers added during the
4 period. Subsidy loss related to customer acquisition consists primarily of
the excess of handset and accessory costs over related revenues incurred to
acquire new customers. We believe that CPGA, which is a measure of the cost
of acquiring a customer, provides relevant and useful information and is
used by our management to evaluate the operating performance of our
business.
Operating Income Before Interest, Depreciation and Amortization ("OIBDA") is
a non-GAAP financial measure, which we define as operating income before
depreciation and amortization. In a capital-intensive industry such as
wireless telecommunications, we believe OIBDA, as well as the associated
percentage margin calculation, to be meaningful measures of our operating
performance. OIBDA should not be construed as an alternative to operating
income or net income as determined in accordance with GAAP, as an
5 alternative to cash flows from operating activities as determined in
accordance with GAAP or as a measure of liquidity. We use OIBDA as an
integral part of our planning and internal financial reporting processes, to
evaluate the performance of our business by senior management and to compare
our performance with that of many of our competitors. We believe that
operating income is the financial measure calculated and presented in
accordance with GAAP that is the most directly comparable to OIBDA. OIBDA is
not adjusted for integration costs of T-Mobile's acquisition of SunCom
Wireless in February of 2008.
6 OIBDA margin is a non-GAAP financial measure, which we define as OIBDA (as
described in Note 5 above) divided by service revenues.
7 Capital expenditures consist of amounts paid by T-Mobile USA for purchases
of property and equipment.
Data ARPU is defined as total data revenues divided by average total
customers during the period. Total data revenues include data revenues from
8 contract customers, prepaid customers, Wi-Fi revenues and data roaming
revenues. The relative fair value of data revenues from unlimited voice and
data plans are included in total data revenues.
9 Certain of the comparative figures in the prior period have been
reclassified to conform to the current period CCPU presentation.
T-MOBILE USA
Condensed Consolidated Balance Sheets
(dollars in millions)
(unaudited)
September December
30, 31,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 67 $ 306
Receivables from affiliates 611 113
Accounts receivable, net of allowances of $314 and 2,621 2,809
$291, respectively
Inventory 915 931
Current portion of net deferred tax assets 1,259 1,148
Other current assets 580 644
Total current assets 6,053 5,951
Property and equipment, net of accumulated 12,925 12,600
depreciation of $11,988 and $10,830, respectively
Goodwill 12,025 12,011
Spectrum licenses 15,244 15,254
Other intangible assets, net of accumulated 172 212
amortization of $98 and $562, respectively
Long-term investments and other assets 243 262
$ 46,662 $ 46,290
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 3,039 $ 4,057
Current payables to affiliates 5,536 1,557
Other current liabilities 343 364
Total current liabilities 8,918 5,978
Long-term payables to affiliates 9,181 13,850
Deferred tax liabilities 3,217 2,452
Other long-term liabilities 1,403 1,227
Total long-term liabilities 13,801 17,529
Commitments and contingencies
Stockholder's equity:
Common stock and additional paid-in capital 36,594 36,594
Accumulated other comprehensive loss 8 -
Accumulated deficit (12,742 ) (13,906 )
Total stockholder's equity 23,844 22,688
Noncontrolling interest 99 95
Total equity 23,943 22,783
$ 46,662 $ 46,290
T-MOBILE USA
Condensed Consolidated Statements of Operations
(dollars in millions)
(unaudited)
Quarter Quarter Quarter
Ended Ended Ended
September June 30, September
30, 2009 2009 30, 2008
Revenues:
Contract $ 4,197 $ 4,211 $ 4,342
Prepaid 382 396 382
Roaming and other services 154 159 187
Equipment sales* 602 535 542
Other* 45 41 53
Total revenues 5,380 5,342 5,506
Operating expenses:
Network 1,261 1,236 1,284
Cost of equipment sales* 937 862 858
General and administrative* 827 852 927
Customer acquisition 799 791 906
Depreciation and amortization 713 723 678
Total operating expenses 4,537 4,464 4,653
Operating income 843 878 853
Other expense, net (175 ) (191 ) (128 )
Income before income taxes 668 687 725
Income tax expense (251 ) (262 ) (283 )
Net income 417 425 442
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale - 8 -
securities
Total comprehensive income $ 417 $ 417 $ 442
* Certain of the comparative figures in the prior periods have been
reclassified to conform to the current period presentation.
T-MOBILE USA
Condensed Consolidated Statements of Cash Flows
(dollars in millions)
(unaudited)
Quarter Ended Quarter Ended
September 30, September 30,
2009 2008
Operating activities:
Net income $ 417 $ 442
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 713 678
Income tax expense 251 283
Bad debt expense 128 140
Other, net 46 54
Changes in operating assets and liabilities:
Accounts receivable (146 ) (156 )
Inventory 58 (76 )
Other current and non-current assets 11 (15 )
Accounts payable and accrued liabilities 7 131
Net cash provided by operating activities 1,485 1,481
Investing activities:
Purchases of property and equipment (787 ) (956 )
Purchase of intangible assets (10 ) (33 )
Short-term affiliate loan receivable, net (850 ) (475 )
Other, net 2 (1 )
Net cash used in investing activities (1,645 ) (1,465 )
Financing activities:
Long-term debt borrowings from affiliates - 750
Long-term debt repayment to affiliates (50 ) (825 )
Other, net - 1
Net cash used in financing activities (50 ) (74 )
Change in cash and cash equivalents (210 ) (58 )
Cash and cash equivalents, beginning of period 277 218
Cash and cash equivalents, end of period $ 67 $ 160
Non-cash investing and financing activities with affiliates:
In the third quarter of 2009, T-Mobile USA remitted $850 million to affiliates as a short-term receivable. $250 million of the cash outflow was used during the period as settlement of debt upon maturity.
In the third quarter of 2008, T-Mobile USA remitted $475 million to affiliates as a short term receivable. $400 million of the cash outflow, together with $825 million cash was used during the period as settlement of debt in line with the repayment schedule.
T-MOBILE USA
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(dollars in millions, except for CPGA and CCPU)
(unaudited)
OIBDA is reconciled to operating income as follows:
Q3 Q2 Q1 Full Q4 Q3
2009 2009 2009 Year 2008 2008
2008
OIBDA $ 1,556 $ 1,601 $ 1,383 $ 6,123 $ 1,568 $ 1,531
Depreciation
and (713 ) (723 ) (697 ) (2,753 ) (730 ) (678 )
amortization
Operating $ 843 $ 878 $ 686 $ 3,370 $ 838 $ 853
income
The following schedule reflects the CPGA calculation and provides a reconciliation of cost of acquiring customers used for the CPGA calculation to customer acquisition costs reported on our condensed consolidated statements of operations:
Q3 Q2 Q1 Full Q4 Q3
2009 2009 2009 Year 2008 2008
2008
Customer acquisition costs $799 $791 $851 $3,540 $897 $906
Plus: Subsidy loss
Equipment sales (602) (535) (578) (2,386) (715) (542)
Cost of equipment 937 862 1,013 3,647 1,056 858
sales
Total subsidy loss 335 327 435 1,261 341 316
Subsidy loss
Less: unrelated to (164) (184) (251) (734) (214) (178)
customer
acquisition
Subsidy loss
related to customer 171 143 184 527 127 138
acquisition
Cost of acquiring $970 $934 $1,035 $4,067 $1,024 $1,044
customers
CPGA ($ / new $290 $270 $300 $290 $270 $290
customer added)
T-MOBILE USA
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
(dollars in millions, except for CPGA and CCPU)
(unaudited)
The following schedule reflects the CCPU calculation and provides a
reconciliation of the cost of serving customers used for the CCPU calculation to
total network costs plus general and administrative costs reported on our
condensed consolidated statements of operations:
Q3 Q2 Q1 Full Q4 Q3
2009 2009 2009 Year 2008 2008
2008
Network costs $ 1,261 $ 1,236 $ 1,249 $ 5,007 $ 1,286 $ 1,284
General and
administrative 827 852 902 3,569 916 927
costs*
Total network and
general and 2,088 2,088 2,151 8,576 2,202 2,211
administrative
costs*
Plus: Subsidy loss
unrelated to 164 184 251 734 214 178
customer
acquisition*
Total cost of $ 2,252 $ 2,272 $ 2,402 $ 9,310 $ 2,416 $ 2,389
serving customers*
CCPU ($ / customer $ 23 $ 23 $ 24 $ 25 $ 25 $ 25
per month)*
* Certain of the comparative figures in prior periods have been reclassified to
conform to the current period CCPU presentation.
About T-Mobile USA:
Based in Bellevue, Wash., T-Mobile USA, Inc. is the U.S. wireless operation of Deutsche Telekom AG (NYSE: DT). By the end of the third quarter of 2009, almost 151 million mobile customers were served by the mobile communication segments of the Deutsche Telekom group -- 33.4 million by T-Mobile USA -- all via a common technology platform based on GSM and UMTS, the world's most widely-used digital wireless standards. T-Mobile USA's innovative wireless products and services help empower people to connect to those who matter most. Multiple independent research studies continue to rank T-Mobile USA among the highest in numerous regions throughout the U.S. in wireless customer care and call quality. For more information, please visit http://www.T-Mobile.com. T-Mobile is a federally registered trademark of Deutsche Telekom AG. For further information on Deutsche Telekom, please visit www.telekom.de/investor-relations.
Source: T-Mobile USA, Inc.
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