OVERLAND PARK, Kan.,
Feb. 2, 2018 /PRNewswire/ --
- Postpaid net additions of 256,000, including 184,000 phone
net additions
-
- Tenth consecutive quarter of postpaid phone net
additions
- Prepaid net additions of 63,000 compared to net losses of
460,000 in the prior year
-
- Fourth consecutive quarter of net additions and improved by
523,000 year-over-year
- Prepaid churn improved year-over-year for the sixth
consecutive quarter
- Net income of $7.2 billion,
operating income of $727 million, and
adjusted EBITDA* of $2.7
billion
-
- Net income includes approximately $7.1 billion of favorable impact from tax
reform
- Eighth consecutive quarter of operating income
- Highest fiscal third quarter adjusted EBITDA* in 11
years
- Net cash provided by operating activities of $1.2 billion and adjusted free cash flow* of
$397 million
-
- Adjusted free cash flow* improved by more than $1 billion year-over-year
- Raising fiscal year 2017 adjusted free cash flow* guidance
from around break-even to a range of $500
million to $700
million
- Sprint Next-Gen Network to drive further network
improvements and provide path to 5G
Sprint Corporation (NYSE: S) today reported operating
results for the third quarter of fiscal year 2017, including its
highest retail net additions in nearly three years with postpaid
net additions of 256,000 and prepaid net additions of 63,000. The
company also reported its eighth consecutive quarter of operating
income and the highest fiscal third quarter adjusted EBITDA* in 11
years.
Net cash provided by operating activities of $1.2 billion improved by more than $500 million year-over-year. Adjusted free cash
flow* of $397 million improved by
more than $1 billion year-over-year
and the company is raising its fiscal year 2017 expectation from
around break-even to a range of $500
million to $700 million.
"Sprint has now added postpaid phone customers for 10
consecutive quarters and added prepaid customers for four
consecutive quarters," said Sprint CEO Marcelo Claure. "This momentum, along with a
continued focus on the cost structure, is driving improvements in
profitability metrics and adjusted free cash flow*."
Customer Growth Continues in Both Postpaid and Prepaid
Businesses
Sprint's execution in both its postpaid and prepaid businesses
resulted in the highest retail net additions in nearly three years.
Postpaid net additions of 256,000 in the quarter included 184,000
phone net additions, the tenth consecutive quarter of postpaid
phone net additions.
Sprint's prepaid business also continued to add customers with
63,000 net additions, its fourth consecutive quarter of net
additions and a 523,000 improvement compared to the prior year.
Prepaid churn improved year-over-year for the sixth consecutive
quarter and prepaid gross additions grew year-over-year for the
second consecutive quarter. The sustained improvement in prepaid
customer trends has translated into better financial results, as
prepaid wireless service revenue grew year-over-year for the first
time in nearly three years.
More Progress on Cost Reduction Program
Sprint continued to make progress on its multi-year plan to
improve its cost structure. Excluding approximately $100 million of hurricane-related and other
non-recurring charges in the quarter, the company reported
approximately $260 million of
combined year-over-year reductions in cost of services and selling,
general and administrative expenses, bringing the year-to-date
total reduction to more than $1
billion. The year-to-date reductions were primarily driven
by changes to the device insurance program, as well as lower
network expenses.
Net income of $7.2 billion
included $7.1 billion of non-cash
benefit from tax reform, resulting from a re-measurement of our
deferred tax assets and liabilities under provisions contained in
the new tax law.
The company also reported the following financial results:
(Millions,
except per share data)
|
Fiscal
3Q17
|
Fiscal
3Q16
|
Change
|
Net income
(loss)
|
$7,162
|
($479)
|
$7,641
|
Basic income
(loss) per share
|
$1.79
|
($0.12)
|
$1.91
|
Operating
income
|
$727
|
$311
|
$416
|
Adjusted
EBITDA*
|
$2,719
|
$2,450
|
$269
|
Net cash provided
by operating activities
|
$1,166
|
$650
|
$516
|
Adjusted free cash
flow*
|
$397
|
($646)
|
$1,043
|
Sprint Next-Gen Network to Drive Further Network Improvements
and Provide Path to 5G
Sprint is unlocking the value of the largest mobile broadband
spectrum holdings in the U.S. and its Next-Gen Network is designed
to drive significant improvements to network performance and the
customer experience by investing in four main areas.
- Upgrade existing towers to leverage all three of the company's
spectrum bands – 800 MHz, 1.9 GHz and 2.5 GHz – for faster, more
reliable service.
- Build thousands of new cell sites to expand its coverage
footprint and extend coverage to more popular customer
destinations.
- Add more small cells -- including Sprint Magic Boxes,
mini-macros and strand mounts to densify every major market and
significantly boost capacity and data speeds – and leverage the
recent strategic agreements with Altice and Cox. The company has
already deployed more than 80,000 Sprint Magic Boxes in
approximately 200 cities across the country and plans to deploy
more than 1 million as part of its multi-year roadmap.
- Deploy game-changing 64T64R Massive MIMO 2.5 GHz radios to
increase capacity up to 10 times that of current LTE systems and
increase data speeds for more customers in high-traffic locations.
Massive MIMO, a key enabler for 5G, will allow the company to
support both LTE and 5G NR (New Radio) modes simultaneously without
additional tower climbs.
Sprint's network has already seen significant improvements.
According to Ookla Speedtest Intelligence data, Sprint was the most
improved operator in 2017 with a 60 percent year-over-year increase
in its national average download speed.1
Fiscal Year 2017 Outlook
- The company is raising its expectation for operating income to
$2.5 billion to $2.7 billion. Its previous expectation was
$2.1 billion to $2.5 billion.
- The company expects adjusted EBITDA* to be around the mid-point
of its prior expectation of $10.8
billion to $11.2 billion.
- The company expects cash capital expenditures, excluding
devices leased through indirect channels, to be at the low end of
its prior expectation of $3.5 billion
to $4 billion.
- The company is raising its expectation for adjusted free cash
flow* to $500 million to $700 million. Its previous expectation was
around break-even.
Conference Call and Webcast
- Date/Time: 8:30 a.m. (ET) Friday,
Feb. 2, 2018
- Call-in Information
-
- U.S./Canada: 866-360-1063 (ID:
6374738)
- International: 443-961-0242 (ID: 6374738)
- Webcast available at www.sprint.com/investors
- Additional information about results is available on our
Investor Relations website
1 Average download speed increase based on Ookla's
analysis of Speedtest Intelligence data comparing December 2016 to December
2017 for all mobile results.
Wireless Operating
Statistics (Unaudited)
|
|
|
|
|
|
Quarter To
Date
|
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
Net additions
(losses) (in thousands)
|
|
|
|
|
|
|
Postpaid
|
256
|
168
|
405
|
|
385
|
929
|
Postpaid
phone
|
184
|
279
|
368
|
|
551
|
888
|
Prepaid
(f)
|
63
|
95
|
(460)
|
|
193
|
(1,215)
|
Wholesale and
affiliate(f)
|
66
|
115
|
619
|
|
246
|
2,051
|
Total wireless net
additions
|
385
|
378
|
564
|
|
824
|
1,765
|
|
|
|
|
|
|
|
End of period
connections (in thousands)
|
|
|
|
|
|
|
Postpaid (d)
(e)
|
31,942
|
31,686
|
31,694
|
|
31,942
|
31,694
|
Postpaid
phone(d)
|
26,616
|
26,432
|
26,037
|
|
26,616
|
26,037
|
Prepaid(d) (f)
(g) (h) (i)
|
8,997
|
8,765
|
8,493
|
|
8,997
|
8,493
|
Wholesale and
affiliate (d) (f) (h)
|
13,642
|
13,576
|
13,084
|
|
13,642
|
13,084
|
Total end of
period connections
|
54,581
|
54,027
|
53,271
|
|
54,581
|
53,271
|
|
|
|
|
|
|
|
Churn
|
|
|
|
|
|
|
Postpaid
|
1.80%
|
1.72%
|
1.67%
|
|
1.73%
|
1.58%
|
Postpaid
phone
|
1.71%
|
1.59%
|
1.57%
|
|
1.60%
|
1.44%
|
Prepaid
(h)
|
4.63%
|
4.83%
|
5.74%
|
|
4.68%
|
5.57%
|
|
|
|
|
|
|
|
Supplemental data
- connected devices
|
|
|
|
|
|
|
End of period
connections (in thousands)
|
|
|
|
|
|
|
Retail
postpaid
|
2,259
|
2,158
|
1,960
|
|
2,259
|
1,960
|
Wholesale and
affiliate
|
11,272
|
11,221
|
10,594
|
|
11,272
|
10,594
|
Total
|
13,531
|
13,379
|
12,554
|
|
13,531
|
12,554
|
|
|
|
|
|
|
|
ARPU(a)
|
|
|
|
|
|
|
Postpaid
|
$
45.13
|
$
46.00
|
$
49.70
|
|
$
46.14
|
$
50.59
|
Postpaid
phone
|
$
51.26
|
$
52.34
|
$
57.12
|
|
$
52.50
|
$
58.11
|
Prepaid(h)
|
$
37.46
|
$
37.83
|
$
33.97
|
|
$
37.84
|
$
33.35
|
|
|
|
|
|
|
|
NON-GAAP
RECONCILIATION - ABPA* AND ABPU* (Unaudited)
|
|
|
|
|
|
|
(Millions, except
accounts, connections, ABPA*, and ABPU*)
|
|
|
|
|
|
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
ABPA*
|
|
|
|
|
|
|
Postpaid service
revenue
|
$
4,297
|
$
4,363
|
$
4,686
|
|
$
13,126
|
$
14,184
|
Add: Installment plan
and non-operating lease billings
|
379
|
397
|
291
|
|
1,144
|
829
|
Add: Lease revenue -
operating
|
1,047
|
966
|
887
|
|
2,912
|
2,453
|
Total for postpaid
connections
|
$
5,723
|
$
5,726
|
$
5,864
|
|
$
17,182
|
$
17,466
|
|
|
|
|
|
|
|
Average postpaid
accounts (in thousands)
|
11,193
|
11,277
|
11,413
|
|
11,261
|
11,368
|
Postpaid
ABPA*(b)
|
$
170.39
|
$
169.25
|
$
171.28
|
|
$
169.53
|
$
170.71
|
|
|
|
|
|
|
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
Postpaid phone
ABPU*
|
|
|
|
|
|
|
Postpaid phone
service revenue
|
$
4,069
|
$
4,132
|
$
4,420
|
|
$
12,415
|
$
13,350
|
Add: Installment plan
and non-operating lease billings
|
335
|
358
|
261
|
|
1,025
|
752
|
Add: Lease revenue -
operating
|
1,037
|
953
|
873
|
|
2,877
|
2,411
|
Total for postpaid
phone connections
|
$
5,441
|
$
5,443
|
$
5,554
|
|
$
16,317
|
$
16,513
|
|
|
|
|
|
|
|
Postpaid average
phone connections (in thousands)
|
26,461
|
26,312
|
25,795
|
|
26,275
|
25,528
|
Postpaid phone ABPU*
(c)
|
$
68.54
|
$
68.95
|
$
71.77
|
|
$
69.00
|
$
71.87
|
|
|
|
|
|
|
|
(a)
ARPU is calculated by dividing service revenue by the sum of the
monthly average number of connections in the applicable service
category. Changes in average monthly service revenue reflect
connections for either the postpaid or prepaid service category who
change rate plans, the level of voice and data usage, the amount of
service credits which are offered to connections, plus the net
effect of average monthly revenue generated by new connections and
deactivating connections. Postpaid phone ARPU represents
revenues related to our postpaid phone connections.
|
(b)
Postpaid ABPA* is calculated by dividing service revenue earned
from connections plus billings from installment plans and
non-operating leases, as well as, operating lease revenue by the
sum of the monthly average number of accounts during the period.
Installment plan billings represent the substantial majority of the
total billings in the table above for all periods
presented.
|
(c)
Postpaid phone ABPU* is calculated by dividing postpaid phone
service revenue earned from postpaid phone connections plus
billings from installment plans and non-operating leases, as well
as, operating lease revenue by the sum of the monthly average
number of postpaid phone connections during the period. Installment
plan billings represent the substantial majority of the total
billings in the table above for all periods presented.
|
(d)
As part of the Shentel transaction, 186,000 and 92,000 subscribers
were transferred from postpaid and prepaid, respectively, to
affiliates, of which 18,000 prepaid subscribers were subsequently
excluded from our customer base as a result of the Lifeline
regulatory change as noted in (f) below. An additional 270,000 of
nTelos' subscribers are now part of our affiliate relationship with
Shentel and were reported in wholesale and affiliate subscribers
beginning with the quarter ended June 30, 2016. In addition, during
the three-month period ended June 30, 2017, 17,000 and 4,000
subscribers were transferred from postpaid and prepaid,
respectively, to affiliates as a result of a the transfer of
additional subscribers to Shentel.
|
(e)
During the three-month period ended June 30, 2017, 2,000 Wi-Fi
connections were adjusted from the postpaid subscriber
base.
|
(f)Sprint
is no longer reporting Lifeline subscribers due to recent
regulatory changes resulting in tighter program restrictions. We
have excluded them from our customer base for all periods
presented, including our Assurance Wireless prepaid brand and
subscribers through our wholesale MVNO's.
|
(g)During
the three-month period ended September 30, 2017, the Prepaid Data
Share platform It's On was decommissioned as the Company continues
to focus on higher value contribution offerings resulting in the
reduction of 49,000 to prepaid end of period
subscribers.
|
(h)As a
result of aligning all prepaid brands, including prepaid affiliate
subscribers, under one churn and retention program as of December
31, 2016, end of period prepaid and affiliate subscribers were
reduced by 1,234,000 and 21,000,
respectively.
|
(i)During
the three-month period ended December 31, 2017, prepaid end of
period subscribers increased by 169,000 in conjunction with the
PRWireless HoldCo, LLC joint venture.
|
Wireless Device
Financing Summary (Unaudited)
|
(Millions, except
sales, connections, and leased devices in property, plant and
equipment)
|
|
|
Quarter To
Date
|
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
|
|
|
|
|
|
|
Postpaid
activations (in thousands)
|
4,874
|
3,917
|
4,812
|
|
12,459
|
11,827
|
Postpaid activations
financed
|
84%
|
85%
|
80%
|
|
85%
|
75%
|
Postpaid activations -
operating leases
|
72%
|
68%
|
43%
|
|
66%
|
42%
|
|
|
|
|
|
|
|
Installment
plans
|
|
|
|
|
|
|
Installment sales
financed
|
$
276
|
$
268
|
$
1,036
|
|
$
1,097
|
$
2,188
|
Installment
billings
|
$
353
|
$
373
|
$
291
|
|
$
1,094
|
$
829
|
Installment
receivables, net
|
$
1,383
|
$
1,583
|
$
-
|
|
$
1,383
|
$
-
|
|
|
|
|
|
|
|
Leasing revenue
and depreciation
|
|
|
|
|
|
|
Lease revenue -
operating
|
$
1,047
|
$
966
|
$
887
|
|
$
2,912
|
$
2,453
|
Lease
depreciation
|
$
990
|
$
888
|
$
837
|
|
$
2,732
|
$
2,205
|
|
|
|
|
|
|
|
Leased device
additions
|
|
|
|
|
|
|
Cash paid for capital
expenditures - leased devices
|
$
682
|
$
608
|
$
767
|
|
$
1,787
|
$
1,530
|
Transfers from
inventory - leased devices
|
$
1,761
|
$
1,060
|
$
1,095
|
|
$
3,671
|
$
2,281
|
|
|
|
|
|
|
|
Leased
devices
|
|
|
|
|
|
|
Leased devices in
property, plant and equipment, net
|
$
5,683
|
$
4,709
|
$
4,454
|
|
$
5,683
|
$
4,454
|
|
|
|
|
|
|
|
Leased device
units
|
|
|
|
|
|
|
Leased devices in
property, plant and equipment (units in thousands)
|
14,002
|
13,019
|
11,981
|
|
14,002
|
11,981
|
|
|
|
|
|
|
|
Leased device and
receivables financings net proceeds
|
|
|
|
|
|
|
Proceeds
|
$
1,125
|
$
789
|
$
-
|
|
$
2,679
|
$
1,055
|
Repayments
|
(598)
|
(1,148)
|
(231)
|
|
(2,019)
|
(655)
|
Net proceeds
(repayments) of financings related to devices and
receivables
|
$
527
|
$
(359)
|
$
(231)
|
|
$
660
|
$
400
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions, except
per share data)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
Net operating
revenues
|
|
|
|
|
|
|
Service
revenue
|
$
5,930
|
$
5,967
|
$
6,323
|
|
$
17,968
|
$
19,252
|
Equipment
revenue
|
2,309
|
1,960
|
2,226
|
|
6,355
|
5,556
|
Total net
operating revenues
|
8,239
|
7,927
|
8,549
|
|
24,323
|
24,808
|
Net operating
expenses
|
|
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization below)
|
1,733
|
1,698
|
1,925
|
|
5,140
|
6,125
|
Cost of products
(exclusive of depreciation and amortization below)
|
1,673
|
1,404
|
1,985
|
|
4,622
|
5,097
|
Selling, general and
administrative
|
2,108
|
2,013
|
2,080
|
|
6,059
|
5,992
|
Depreciation - network
and other
|
987
|
997
|
1,000
|
|
2,961
|
3,022
|
Depreciation - leased
devices
|
990
|
888
|
837
|
|
2,732
|
2,205
|
Amortization
|
196
|
209
|
255
|
|
628
|
813
|
Other, net
|
(175)
|
117
|
156
|
|
(310)
|
260
|
Total net operating
expenses
|
7,512
|
7,326
|
8,238
|
|
21,832
|
23,514
|
Operating
income
|
727
|
601
|
311
|
|
2,491
|
1,294
|
Interest
expense
|
(581)
|
(595)
|
(619)
|
|
(1,789)
|
(1,864)
|
Other (expense) income,
net
|
(42)
|
44
|
(60)
|
|
(50)
|
(67)
|
Income (loss)
before income taxes
|
104
|
50
|
(368)
|
|
652
|
(637)
|
Income tax benefit
(expense)
|
7,052
|
(98)
|
(111)
|
|
6,662
|
(286)
|
Net income
(loss)
|
7,156
|
(48)
|
(479)
|
|
7,314
|
(923)
|
Less: Net loss
attributable to noncontrolling interests
|
6
|
-
|
-
|
|
6
|
-
|
Net income (loss)
attributable to Sprint Corporation
|
$
7,162
|
$
(48)
|
$
(479)
|
|
$
7,320
|
$
(923)
|
|
|
|
|
|
|
|
Basic net income
(loss) per common share
|
$
1.79
|
$
(0.01)
|
$
(0.12)
|
|
$
1.83
|
$
(0.23)
|
Diluted net income
(loss) per common share
|
$
1.76
|
$
(0.01)
|
$
(0.12)
|
|
$
1.79
|
$
(0.23)
|
Weighted average
common shares outstanding
|
4,001
|
3,998
|
3,983
|
|
3,998
|
3,979
|
Diluted weighted
average common shares outstanding
|
4,061
|
3,998
|
3,983
|
|
4,080
|
3,979
|
|
|
|
|
|
|
|
Effective tax
rate
|
-6,780.8%
|
196.0%
|
-30.2%
|
|
-1,021.8%
|
-44.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP
RECONCILIATION - NET INCOME (LOSS) TO ADJUSTED EBITDA*
(Unaudited)
|
(Millions)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
7,156
|
$
(48)
|
$
(479)
|
|
$
7,314
|
$
(923)
|
Income tax (benefit)
expense
|
(7,052)
|
98
|
111
|
|
(6,662)
|
286
|
Income (loss)
before income taxes
|
104
|
50
|
(368)
|
|
652
|
(637)
|
Other expense (income),
net
|
42
|
(44)
|
60
|
|
50
|
67
|
Interest
expense
|
581
|
595
|
619
|
|
1,789
|
1,864
|
Operating
income
|
727
|
601
|
311
|
|
2,491
|
1,294
|
Depreciation - network
and other
|
987
|
997
|
1,000
|
|
2,961
|
3,022
|
Depreciation - leased
devices
|
990
|
888
|
837
|
|
2,732
|
2,205
|
Amortization
|
196
|
209
|
255
|
|
628
|
813
|
EBITDA*(1)
|
2,900
|
2,695
|
2,403
|
|
8,812
|
7,334
|
Loss (gain) from asset
dispositions, exchanges, and other, net(2)
|
-
|
-
|
28
|
|
(304)
|
(326)
|
Severance and exit
costs (3)
|
13
|
-
|
19
|
|
13
|
30
|
Contract terminations
(4)
|
-
|
-
|
-
|
|
(5)
|
113
|
Litigation and other
contingencies(5)
|
(260)
|
-
|
-
|
|
(315)
|
103
|
Hurricanes
(6)
|
66
|
34
|
-
|
|
100
|
-
|
Adjusted
EBITDA*(1)
|
$
2,719
|
$
2,729
|
$
2,450
|
|
$
8,301
|
$
7,254
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin*
|
45.9%
|
45.7%
|
38.7%
|
|
46.2%
|
37.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
items:
|
|
|
|
|
|
|
Cash paid for capital
expenditures - network and other
|
$
696
|
$
682
|
$
478
|
|
$
2,499
|
$
1,421
|
Cash paid for capital
expenditures - leased devices
|
$
682
|
$
608
|
$
767
|
|
$
1,787
|
$
1,530
|
WIRELESS
STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
Net operating
revenues
|
|
|
|
|
|
|
Service
revenue
|
|
|
|
|
|
|
Postpaid
|
$
4,297
|
$
4,363
|
$
4,686
|
|
$
13,126
|
$
14,184
|
Prepaid
(7)
|
993
|
990
|
985
|
|
2,982
|
3,096
|
Wholesale, affiliate
and other(7)
|
329
|
296
|
275
|
|
884
|
784
|
Total service
revenue
|
5,619
|
5,649
|
5,946
|
|
16,992
|
18,064
|
|
|
|
|
|
|
|
Equipment
revenue
|
2,309
|
1,960
|
2,226
|
|
6,355
|
5,556
|
Total net
operating revenues
|
7,928
|
7,609
|
8,172
|
|
23,347
|
23,620
|
|
|
|
|
|
|
|
Net operating
expenses
|
|
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization below)
|
1,466
|
1,422
|
1,649
|
|
4,300
|
5,226
|
Cost of products
(exclusive of depreciation and amortization below)
|
1,673
|
1,404
|
1,985
|
|
4,622
|
5,097
|
Selling, general and
administrative
|
2,024
|
1,936
|
2,032
|
|
5,835
|
5,797
|
Depreciation - network
and other
|
931
|
944
|
947
|
|
2,800
|
2,868
|
Depreciation - leased
devices
|
990
|
888
|
837
|
|
2,732
|
2,205
|
Amortization
|
196
|
209
|
255
|
|
628
|
813
|
Other, net
|
139
|
117
|
150
|
|
54
|
248
|
Total net operating
expenses
|
7,419
|
6,920
|
7,855
|
|
20,971
|
22,254
|
Operating
income
|
$
509
|
$
689
|
$
317
|
|
$
2,376
|
$
1,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELESS NON-GAAP
RECONCILIATION (Unaudited)
|
(Millions)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
|
|
|
|
|
|
|
Operating
income
|
$
509
|
$
689
|
$
317
|
|
$
2,376
|
$
1,366
|
Loss (gain) from asset
dispositions, exchanges, and other, net(2)
|
-
|
-
|
28
|
|
(304)
|
(326)
|
Severance and exit
costs (3)
|
4
|
-
|
13
|
|
(1)
|
18
|
Contract terminations
(4)
|
-
|
-
|
-
|
|
(5)
|
113
|
Litigation and other
contingencies (5)
|
63
|
-
|
-
|
|
63
|
103
|
Hurricanes
(6)
|
66
|
34
|
-
|
|
100
|
-
|
Depreciation - network
and other
|
931
|
944
|
947
|
|
2,800
|
2,868
|
Depreciation - leased
devices
|
990
|
888
|
837
|
|
2,732
|
2,205
|
Amortization
|
196
|
209
|
255
|
|
628
|
813
|
Adjusted
EBITDA*(1)
|
$
2,759
|
$
2,764
|
$
2,397
|
|
$
8,389
|
$
7,160
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin*
|
49.1%
|
48.9%
|
40.3%
|
|
49.4%
|
39.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
items:
|
|
|
|
|
|
|
Cash paid for capital
expenditures - network and other
|
$
565
|
$
539
|
$
389
|
|
$
2,042
|
$
1,123
|
Cash paid for capital
expenditures - leased devices
|
$
682
|
$
608
|
$
767
|
|
$
1,787
|
$
1,530
|
WIRELINE
STATEMENTS OF OPERATIONS (Unaudited)
|
(Millions)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
Net operating
revenues
|
|
|
|
|
|
|
Voice
|
$
94
|
$
109
|
$
153
|
|
$
327
|
$
506
|
Data
|
29
|
33
|
41
|
|
96
|
127
|
Internet
|
254
|
256
|
281
|
|
765
|
871
|
Other
|
16
|
11
|
22
|
|
47
|
59
|
Total net
operating revenues
|
393
|
409
|
497
|
|
1,235
|
1,563
|
|
|
|
|
|
|
|
Net operating
expenses
|
|
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization below)
|
352
|
372
|
400
|
|
1,111
|
1,284
|
Selling, general and
administrative
|
71
|
66
|
49
|
|
194
|
189
|
Depreciation and
amortization
|
55
|
49
|
51
|
|
155
|
148
|
Other, net
|
(314)
|
-
|
6
|
|
(309)
|
13
|
Total net operating
expenses
|
164
|
487
|
506
|
|
1,151
|
1,634
|
Operating income
(loss)
|
$
229
|
$
(78)
|
$
(9)
|
|
$
84
|
$
(71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELINE NON-GAAP
RECONCILIATION (Unaudited)
|
(Millions)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
229
|
$
(78)
|
$
(9)
|
|
$
84
|
$
(71)
|
Severance and exit
costs (3)
|
9
|
-
|
6
|
|
14
|
13
|
Litigation and other
contingencies (5)
|
(323)
|
-
|
-
|
|
(323)
|
-
|
Depreciation and
amortization
|
55
|
49
|
51
|
|
155
|
148
|
Adjusted
EBITDA*
|
$
(30)
|
$
(29)
|
$
48
|
|
$
(70)
|
$
90
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin*
|
-7.6%
|
-7.1%
|
9.7%
|
|
-5.7%
|
5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
items:
|
|
|
|
|
|
|
Cash paid for capital
expenditures - network and other
|
$
30
|
$
40
|
$
24
|
|
$
132
|
$
75
|
CONDENSED
CONSOLIDATED CASH FLOW INFORMATION (Unaudited)
|
(Millions)
|
|
|
|
Year To
Date
|
|
|
|
|
|
12/31/17
|
12/31/16
|
Operating
activities
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
|
$ 7,314
|
$
(923)
|
Depreciation and
amortization
|
|
|
|
|
6,321
|
6,040
|
Provision for losses on
accounts receivable
|
|
|
|
|
312
|
406
|
Share-based and
long-term incentive compensation expense
|
|
|
|
|
137
|
57
|
Deferred income tax
(benefit) expense
|
|
|
|
|
(6,707)
|
276
|
Gains from asset
dispositions and exchanges
|
|
|
|
|
(479)
|
(354)
|
Call premiums paid on
debt redemptions
|
|
|
|
|
(129)
|
-
|
Loss on early
extinguishment of debt
|
|
|
|
|
65
|
-
|
Amortization of
long-term debt premiums, net
|
|
|
|
|
(125)
|
(234)
|
Loss on disposal of
property, plant and equipment
|
|
|
|
|
533
|
368
|
Contract
terminations
|
|
|
|
|
(5)
|
96
|
Other changes in assets
and liabilities:
|
|
|
|
|
|
|
Accounts and
notes receivable
|
|
|
|
|
(74)
|
(542)
|
Inventories and
other current assets
|
|
|
|
|
(3,216)
|
(2,254)
|
Deferred
purchase price from sale of receivables
|
|
|
|
|
-
|
(220)
|
Accounts
payable and other current liabilities
|
|
|
|
|
(104)
|
(97)
|
Non-current
assets and liabilities, net
|
|
|
|
|
260
|
(313)
|
Other,
net
|
|
|
|
|
302
|
594
|
Net cash provided
by operating activities
|
|
|
|
|
4,405
|
2,900
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
Capital expenditures -
network and other
|
|
|
|
|
(2,499)
|
(1,421)
|
Capital expenditures -
leased devices
|
|
|
|
|
(1,787)
|
(1,530)
|
Expenditures relating
to FCC licenses
|
|
|
|
|
(92)
|
(46)
|
Change in short-term
investments, net
|
|
|
|
|
5,271
|
(2,349)
|
Proceeds from sales of
assets and FCC licenses
|
|
|
|
|
367
|
126
|
Other, net
|
|
|
|
|
16
|
26
|
Net cash provided
by (used in) investing activities
|
|
|
|
|
1,276
|
(5,194)
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
Proceeds from debt and
financings
|
|
|
|
|
3,073
|
6,830
|
Repayments of debt,
financing and capital lease obligations
|
|
|
|
|
(7,159)
|
(3,266)
|
Debt financing
costs
|
|
|
|
|
(19)
|
(272)
|
Other, net
|
|
|
|
|
(6)
|
68
|
Net cash (used in)
provided by financing activities
|
|
|
|
|
(4,111)
|
3,360
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents
|
|
|
|
|
1,570
|
1,066
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
|
|
2,870
|
2,641
|
Cash and cash
equivalents, end of period
|
|
|
|
|
$
4,440
|
$
3,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO
CONSOLIDATED FREE CASH FLOW* (NON-GAAP) (Unaudited)
|
(Millions)
|
|
Quarter To
Date
|
|
Year To
Date
|
|
12/31/17
|
9/30/17
|
12/31/16
|
|
12/31/17
|
12/31/16
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
1,166
|
$
1,959
|
$
650
|
|
$
4,405
|
$
2,900
|
|
|
|
|
|
|
|
Capital expenditures -
network and other
|
(696)
|
(682)
|
(478)
|
|
(2,499)
|
(1,421)
|
Capital expenditures -
leased devices
|
(682)
|
(608)
|
(767)
|
|
(1,787)
|
(1,530)
|
Expenditures relating
to FCC licenses, net
|
(73)
|
(6)
|
(14)
|
|
(92)
|
(46)
|
Proceeds from sales of
assets and FCC licenses
|
149
|
117
|
60
|
|
367
|
126
|
Other investing
activities, net
|
6
|
(1)
|
134
|
|
2
|
98
|
Free cash
flow*
|
$
(130)
|
$
779
|
$
(415)
|
|
$
396
|
$
127
|
|
|
|
|
|
|
|
Net proceeds
(repayments) of financings related to devices and
receivables
|
527
|
(359)
|
(231)
|
|
660
|
400
|
Adjusted free cash
flow*
|
$
397
|
$
420
|
$
(646)
|
|
$
1,056
|
$
527
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
(Millions)
|
|
|
12/31/17
|
3/31/17
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
|
$
4,440
|
$
2,870
|
Short-term
investments
|
|
173
|
5,444
|
Accounts and notes
receivable, net
|
|
3,917
|
4,138
|
Device and accessory
inventory
|
|
1,009
|
1,064
|
Prepaid expenses and
other current assets
|
|
626
|
601
|
Total current
assets
|
|
10,165
|
14,117
|
|
|
|
|
Property, plant
and equipment, net
|
|
19,712
|
19,209
|
Goodwill
|
|
6,586
|
6,579
|
FCC licenses
and other
|
|
41,222
|
40,585
|
Definite-lived
intangible assets, net
|
|
2,667
|
3,320
|
Other
assets
|
|
1,067
|
1,313
|
Total
assets
|
|
$
81,419
|
$
85,123
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
|
$
3,176
|
$
3,281
|
Accrued expenses and
other current liabilities
|
|
3,859
|
4,141
|
Current portion of
long-term debt, financing and capital lease obligations
|
|
4,036
|
5,036
|
Total current
liabilities
|
|
11,071
|
12,458
|
|
|
|
|
Long-term debt,
financing and capital lease obligations
|
|
32,825
|
35,878
|
Deferred tax
liabilities
|
|
7,709
|
14,416
|
Other
liabilities
|
|
3,509
|
3,563
|
Total
liabilities
|
|
55,114
|
66,315
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Common
stock
|
|
40
|
40
|
Paid-in
capital
|
|
27,825
|
27,756
|
Accumulated
deficit
|
|
(1,264)
|
(8,584)
|
Accumulated other
comprehensive loss
|
|
(366)
|
(404)
|
Total stockholders'
equity
|
|
26,235
|
18,808
|
Noncontrolling
interests
|
|
70
|
-
|
Total equity
|
|
26,305
|
18,808
|
Total liabilities
and equity
|
|
$
81,419
|
$
85,123
|
|
|
|
|
|
|
|
|
NET DEBT*
(NON-GAAP) (Unaudited)
|
(Millions)
|
|
|
12/31/17
|
3/31/17
|
Total debt
|
|
$
36,861
|
$
40,914
|
Less: Cash and
cash equivalents
|
|
(4,440)
|
(2,870)
|
Less:
Short-term investments
|
|
(173)
|
(5,444)
|
Net
debt*
|
|
$
32,248
|
$
32,600
|
SCHEDULE OF DEBT
(Unaudited)
|
(Millions)
|
|
|
|
|
|
12/31/17
|
ISSUER
|
|
|
|
MATURITY
|
PRINCIPAL
|
Sprint
Corporation
|
|
|
|
|
|
7.25% Senior notes
due 2021
|
|
|
|
09/15/2021
|
$
2,250
|
7.875% Senior notes
due 2023
|
|
|
|
09/15/2023
|
4,250
|
7.125% Senior notes
due 2024
|
|
|
|
06/15/2024
|
2,500
|
7.625% Senior notes
due 2025
|
|
|
|
02/15/2025
|
1,500
|
Sprint
Corporation
|
|
|
|
|
10,500
|
|
|
|
|
|
|
Sprint Spectrum Co
LLC, Sprint Spectrum Co II LLC, and Sprint Spectrum Co III
LLC
|
|
|
|
|
|
3.36% Senior secured
notes due 2021
|
|
|
|
09/20/2021
|
3,281
|
Sprint Spectrum Co
LLC, Sprint Spectrum Co II LLC, and Sprint Spectrum Co III
LLC
|
|
|
|
|
3,281
|
|
|
|
|
|
|
Sprint
Communications, Inc.
|
|
|
|
|
|
Export Development
Canada secured loan
|
|
|
|
12/17/2019
|
300
|
9% Guaranteed notes
due 2018
|
|
|
|
11/15/2018
|
1,800
|
7% Guaranteed notes
due 2020
|
|
|
|
03/01/2020
|
1,000
|
7% Senior notes due
2020
|
|
|
|
08/15/2020
|
1,500
|
11.5% Senior notes
due 2021
|
|
|
|
11/15/2021
|
1,000
|
9.25% Secured
debentures due 2022
|
|
|
|
04/15/2022
|
200
|
6% Senior notes due
2022
|
|
|
|
11/15/2022
|
2,280
|
Sprint
Communications, Inc.
|
|
|
|
|
8,080
|
|
|
|
|
|
|
Sprint Capital
Corporation
|
|
|
|
|
|
6.9% Senior notes due
2019
|
|
|
|
05/01/2019
|
1,729
|
6.875% Senior notes
due 2028
|
|
|
|
11/15/2028
|
2,475
|
8.75% Senior notes
due 2032
|
|
|
|
03/15/2032
|
2,000
|
Sprint Capital
Corporation
|
|
|
|
|
6,204
|
|
|
|
|
|
|
Credit
facilities
|
|
|
|
|
|
PRWireless secured
term loan
|
|
|
|
06/28/2020
|
183
|
Secured equipment
credit facilities
|
|
|
|
2020 -
2021
|
555
|
Secured term
loan
|
|
|
|
02/03/2024
|
3,970
|
Credit
facilities
|
|
|
|
|
4,708
|
|
|
|
|
|
|
Accounts
receivable facility
|
|
|
|
11/18/2019
|
2,966
|
|
|
|
|
|
|
Financing
obligations
|
|
|
|
2018 -
2021
|
614
|
|
|
|
|
|
|
Capital leases and
other obligations
|
|
|
|
2018 -
2026
|
532
|
Total
principal
|
|
|
|
|
36,885
|
|
|
|
|
|
|
Net premiums and
debt financing costs
|
|
|
|
|
(24)
|
Total
debt
|
|
|
|
|
$
36,861
|
NOTES TO THE
FINANCIAL INFORMATION (Unaudited)
|
|
|
(1)
|
As more of our
customers elect to lease a device rather than purchasing one under
our subsidized program, there is a significant positive impact to
EBITDA* and Adjusted EBITDA* from direct channel sales primarily
due to the fact the cost of the device is not recorded as cost of
products but rather is depreciated over the customer lease term.
Under our device leasing program for the direct channel, devices
are transferred from inventory to property and equipment and the
cost of the leased device is recognized as depreciation expense
over the customer lease term to an estimated residual value. The
customer payments are recognized as revenue over the term of the
lease. Under our subsidized program, the cash received from the
customer for the device is recognized as equipment revenue at the
point of sale and the cost of the device is recognized as cost of
products. During the three and nine-month periods ended December
31, 2017, we leased devices through our Sprint direct channels
totaling approximately $1,761 million and $3,671 million,
respectively, which would have increased cost of products and
reduced EBITDA* if they had been purchased under our subsidized
program.
The impact to EBITDA* and Adjusted EBITDA* resulting from the sale
of devices under our installment billing program is generally
neutral except for the impact from the time value of money element
related to the imputed interest on the installment
receivable.
|
(2)
|
During the first
quarter of fiscal year 2017, the company recorded losses on
dispositions of assets primarily related to cell site construction
and network development costs that are no longer relevant as a
result of changes in the company's network plans. Additionally, the
company recorded a pre-tax non-cash gain related to spectrum swaps
with other carriers. During the third quarter of fiscal year 2016,
the company recorded losses on dispositions of assets primarily
related to cell site construction and network development costs
that are no longer relevant as a result of changes in the company's
network plans. During the second quarter of fiscal year 2016 the
company recorded a pre-tax non-cash gain of $354 million related to
spectrum swaps with other carriers.
|
(3)
|
Severance and exit
costs consist of lease exit costs primarily associated with tower
and cell sites, access exit costs related to payments that will
continue to be made under the company's backhaul access contracts
for which the company will no longer be receiving any economic
benefit, and severance costs associated with reduction in its work
force.
|
(4)
|
During the first
quarter of fiscal year 2017, we recorded a $5 million gain due to
reversal of a liability recorded in relation to the termination of
our relationship with General Wireless Operations, Inc. (Radio
Shack). During the first quarter of fiscal year 2016,
contract terminations primarily relate to the termination of our
pre-existing wholesale arrangement with NTELOS Holding
Corp.
|
(5)
|
During the third and
first quarters of fiscal year 2017, litigation and other
contingencies consist of reductions associated with legal
settlements or favorable developments in pending legal proceedings
as well as non-recurring charges of $51 million related to a
regulatory fee matter. During the second quarter of fiscal year
2016, litigation and other contingencies consist of unfavorable
developments associated with legal matters as well as federal and
state matters such as sales, use or property taxes.
|
(6)
|
During the third and
second quarters of fiscal year 2017 we recorded estimated
hurricane-related charges of $66 million and $34 million,
respectively, consisting of customer service credits, incremental
roaming costs, network repairs and replacements.
|
(7)
|
Sprint is no longer
reporting Lifeline subscribers due to recent regulatory changes
resulting in tighter program restrictions. We have excluded them
from our customer base for all periods presented, including our
Assurance Wireless prepaid brand and subscribers through our
wholesale Lifeline mobile virtual network operators (MVNO). The
table reflects the reclassification of the related Assurance
Wireless prepaid revenue from Prepaid service revenue to Wholesale,
affiliate and other revenue of $92 million and $275 million for the
three and nine-month periods ended December 31, 2016, respectively.
Revenue associated with subscribers through our wholesale Lifeline
MVNO's continue to remain in Wholesale, affiliate and other revenue
following this change.
|
*FINANCIAL MEASURES
Sprint provides financial measures determined in accordance with
GAAP and adjusted GAAP (non-GAAP). The non-GAAP financial measures
reflect industry conventions, or standard measures of liquidity,
profitability or performance commonly used by the investment
community for comparability purposes. These measurements should be
considered in addition to, but not as a substitute for, financial
information prepared in accordance with GAAP. We have defined below
each of the non-GAAP measures we use, but these measures may not be
synonymous to similar measurement terms used by other
companies.
Sprint provides reconciliations of these non-GAAP measures in
its financial reporting. Because Sprint does not predict special
items that might occur in the future, and our forecasts are
developed at a level of detail different than that used to prepare
GAAP-based financial measures, Sprint does not provide
reconciliations to GAAP of its forward-looking financial
measures.
The measures used in this release include the following:
EBITDA is operating income/(loss) before depreciation and
amortization. Adjusted EBITDA is EBITDA excluding
severance, exit costs, and other special items. Adjusted EBITDA
Margin represents Adjusted EBITDA divided by non-equipment net
operating revenues for Wireless and Adjusted EBITDA divided by net
operating revenues for Wireline. We believe that Adjusted EBITDA
and Adjusted EBITDA Margin provide useful information to investors
because they are an indicator of the strength and performance of
our ongoing business operations. While depreciation and
amortization are considered operating costs under GAAP, these
expenses primarily represent non-cash current period costs
associated with the use of long-lived tangible and definite-lived
intangible assets. Adjusted EBITDA and Adjusted EBITDA Margin are
calculations commonly used as a basis for investors, analysts and
credit rating agencies to evaluate and compare the periodic and
future operating performance and value of companies within the
telecommunications industry.
Postpaid ABPA is average billings per account and
calculated by dividing postpaid service revenue earned from
postpaid customers plus billings from installment plans and
non-operating leases, as well as, operating lease revenue by the
sum of the monthly average number of postpaid accounts during the
period. We believe that ABPA provides useful information to
investors, analysts and our management to evaluate average postpaid
customer billings per account as it approximates the expected cash
collections, including billings from installment plans and
non-operating leases, as well as, operating lease revenue, per
postpaid account each month.
Postpaid Phone ABPU is average billings per postpaid
phone user and calculated by dividing service revenue earned from
postpaid phone customers plus billings from installment plans and
non-operating leases, as well as, operating lease revenue by the
sum of the monthly average number of postpaid phone connections
during the period. We believe that ABPU provides useful information
to investors, analysts and our management to evaluate average
postpaid phone customer billings as it approximates the expected
cash collections, including billings from installment plans and
non-operating leases, as well as, operating lease revenue, per
postpaid phone user each month.
Free Cash Flow is the cash provided by operating
activities less the cash used in investing activities other than
short-term investments, including changes in restricted cash, if
any, and excluding the sale-leaseback of devices and equity method
investments. Adjusted Free Cash Flow is Free Cash
Flow plus the proceeds from device financings and sales of
receivables, net of repayments. We believe that Free Cash Flow and
Adjusted Free Cash Flow provide useful information to investors,
analysts and our management about the cash generated by our core
operations and net proceeds obtained to fund certain leased
devices, respectively, after interest and dividends, if any, and
our ability to fund scheduled debt maturities and other financing
activities, including discretionary refinancing and retirement of
debt and purchase or sale of investments.
Net Debt is consolidated debt, including current
maturities, less cash and cash equivalents, short-term investments
and, if any, restricted cash. We believe that Net Debt provides
useful information to investors, analysts and credit rating
agencies about the capacity of the company to reduce the debt load
and improve its capital structure.
SAFE HARBOR
This release includes "forward-looking statements" within the
meaning of the securities laws. The words "may," "could," "should,"
"estimate," "project," "forecast," "intend," "expect,"
"anticipate," "believe," "target," "plan", "outlook," "providing
guidance," and similar expressions are intended to identify
information that is not historical in nature. All statements that
address operating performance, events or developments that we
expect or anticipate will occur in the future — including
statements relating to our network, cost reductions, connections
growth, and liquidity; and statements expressing general views
about future operating results — are forward-looking statements.
Forward-looking statements are estimates and projections reflecting
management's judgment based on currently available information and
involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the
forward-looking statements. With respect to these forward-looking
statements, management has made assumptions regarding, among other
things, the development and deployment of new technologies and
services; efficiencies and cost savings of new technologies and
services; customer and network usage; connection growth and
retention; service, speed, coverage and quality; availability of
devices; availability of various financings, including any leasing
transactions; the timing of various events and the economic
environment. Sprint believes these forward-looking statements are
reasonable; however, you should not place undue reliance on
forward-looking statements, which are based on current expectations
and speak only as of the date when made. Sprint undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law. In addition,
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our company's historical experience and our present
expectations or projections. Factors that might cause such
differences include, but are not limited to, those discussed in
Sprint Corporation's Annual Report on Form 10-K for the fiscal year
ended March 31, 2017. You should
understand that it is not possible to predict or identify all such
factors. Consequently, you should not consider any such list to be
a complete set of all potential risks or uncertainties.
About Sprint:
Sprint (NYSE: S) is a communications services company
that creates more and better ways to connect its customers to
the things they care about most. Sprint served 54.6 million
connections as of December 31, 2017
and is widely recognized for developing, engineering and deploying
innovative technologies, including the first wireless 4G service
from a national carrier in the United
States; leading no-contract brands including Virgin Mobile
USA, Boost Mobile, and Assurance
Wireless; instant national and international push-to-talk
capabilities; and a global Tier 1 Internet backbone. Sprint has
been named to the Dow Jones Sustainability Index (DJSI)
North America for the past five
years. You can learn more and visit Sprint at www.sprint.com or
www.facebook.com/sprint and www.twitter.com/sprint.
View original content with
multimedia:http://www.prnewswire.com/news-releases/sprint-reports-highest-retail-net-additions-in-nearly-three-years-and-raises-adjusted-free-cash-flow-guidance-with-fiscal-2017-third-quarter-results-300592562.html
SOURCE Sprint Corporation