T-Mobile (NASDAQ: TMUS) reported Q4 EPS of $0.87, $0.04 better than the analyst estimate of $0.83. Revenue for the quarter came in at $11.9 billion versus the consensus estimate of $11.83 billion.

Strong Standalone Outlook for 2020:

The following represents T-Mobile standalone guidance.

We expect postpaid net customer additions between 2.6 and 3.6 million in 2020.

Net income is not available on a forward-looking basis.

Adjusted EBITDA is expected to be in the range of $13.7 to $14.0 billion in 2020. Our Adjusted EBITDA target includes leasing revenues of $450 to $550 million and takes into account our network expansion, including the continued deployment of our 600 MHz spectrum and 5G network.

Cash purchases of property and equipment, including capitalized interest of approximately $400 million, are expected to be between $5.9 and $6.2 billion for full-year 2020. Cash purchases of property and equipment, excluding capitalized interest, are expected to be between $5.5 and $5.8 billion. We expect that cash purchases of property and equipment will be heavily weighted to early in the year, similar to 2019.

In Q1 2020, pre-close merger-related costs are expected to be $200 to $300 million before taxes.

Net cash provided by operating activities, excluding payments for merger-related costs and any settlement of interest rate swaps, is expected to be in the range of $7.9 to $8.5 billion.

Free Cash Flow, excluding payments for merger-related costs and any settlement of interest rate swaps, is expected to be in the range of $5.4 to $5.8 billion. We expect a similar seasonal development of Free Cash Flow in 2020 as in 2019 with a lower Free Cash Flow in the first quarter, ramping in later quarters, based on expected timing for cash purchases of property and equipment.

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