T-Mobile US, Inc. (NASDAQ:TMUS) Q1 2024 Earnings Call Transcript

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Mike Sievert: We don’t guide on it, but one thing we did do when we made the changes around sunsetting our launch era promotions is we indicated that this quarter would be more like 400,000 instead of the 500,000 we’ve seen in the past. And that’s what happened. You know, we delivered 405,000. We haven’t guided on the rest of the year, but we’ve said we’re well on track to the goal that we have always anticipated being by the end of 2025 in that 7 million to 8 million customers range. And you know what’s interesting is that 405,000 net additions this quarter actually represented, as I said in my prepared remarks, a higher percentage of total broadband net ads than last year’s 500 and some thousand. And so we’re sticking right in there with a very competitive more than half.

That means more than all the others combined number of net ads in the space. And so we’re really happy with where it is because at the same time, we’re seeing the value of this customer base start to appreciate. And that’s also important, not just through pricing or promotion sunsets, but through the kinds of value added services that Mike just summarized.

Sam McHugh: Awesome, Mike, thanks.

Mike Sievert: Okay. Thank you.

Jud Henry: Thanks, Sam. Operator, let’s squeeze in one more question, please.

Operator: And that question comes from Kannan Venkateshwar with Barclays. Please go ahead.

Kannan Venkateshwar: Thank you. Congratulations, Jud and Kathy. Once more. Mike, I’ll try and maybe nudge you along a little bit more on your prior response on broadband. You now have scale and broadband, and you’re already one of the biggest operators in this market through fixed wireless. But you seem to be hedging your comments a little bit on fiber in terms of the scale or the kind of ambitions that you might have here long-term. So could you maybe talk about what the ultimate scale ambitions here are? Are you viewing this as a cheap option at this point and you want to test out the market a little bit to see where it goes, or is there a longer term vision behind this in terms of how you see the company as a whole evolving in terms of its business mix? Thanks.

Mike Sievert: Thank you. Yes, I can say a couple of things, and one of them, this will be a little unsatisfying. But I do plan to lay out a more long term view on how we think about this space at our Capital Markets. Day that I mentioned would be this fall, because I know that people want a multiyear view. Even that view will include an element that we intend to be patient, opportunistic, and it will also include an element that says we have no interest in fundamentally changing who we are. We are a highly successful mobile business that’s mobile first, that’s generating superior cash flow returns in this industry because of our superior strategy. And we’re embarked upon a shareholder return program that we think makes a lot of sense in this piece of our life.

So, look, we’re going to, we like this area for all the reasons I said on this call, but it’s premature for us to lay out kind of a detailed strategy on where we expect to be. And even when I lay it out, there will be some element of it that you’ll have to be patient with us because we’re going to be patient. We’re going to be smart. We’re going to be opportunistic because we have so much confidence in our core strategy. And hopefully you see that patience on our part as a sign of our confidence in our core business.

Kannan Venkateshwar: Thank you.

Mike Sievert: You bet.

Jud Henry: Well, that’s all the time we have for questions, and we definitely appreciate everyone joining us today. It’s been an absolute privilege working with you. And if you have any additional questions, please reach out to either the Investor Relations or Media Relations Department. And with that, have a great day.

Mike Sievert: Thanks everybody.

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