10-Q 1 tmus-20210930.htm TMUS FORM 10-Q tmus-20210930
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Note 16 – Subsequent Events

[Open for subsequent events.]
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from    to
Commission File Number: 1-33409
tmus-20210930_g1.jpg
T-MOBILE US, INC.
(Exact name of registrant as specified in its charter)
Delaware20-0836269
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

12920 SE 38th Street
Bellevue, Washington
(Address of principal executive offices)
98006-1350
(Zip Code)
(425) 378-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00001 per shareTMUSThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes ☐ No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassShares Outstanding as of October 27, 2021
Common Stock, par value $0.00001 per share1,249,053,529 



1


T-Mobile US, Inc.
Form 10-Q
For the Quarter Ended September 30, 2021



2

PART I. Financial Information
Item 1. Financial Statements

T-Mobile US, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except share and per share amounts)September 30,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents$4,055 $10,385 
Accounts receivable, net of allowance for credit losses of $129 and $194
4,109 4,254 
Equipment installment plan receivables, net of allowance for credit losses and imputed discount of $469 and $478
4,306 3,577 
Accounts receivable from affiliates21 22 
Inventory1,762 2,527 
Prepaid expenses943 624 
Other current assets1,576 2,496 
Total current assets16,772 23,885 
Property and equipment, net39,355 41,175 
Operating lease right-of-use assets27,446 28,021 
Financing lease right-of-use assets3,396 3,028 
Goodwill12,188 11,117 
Spectrum licenses92,589 82,828 
Other intangible assets, net5,047 5,298 
Equipment installment plan receivables due after one year, net of allowance for credit losses and imputed discount of $109 and $127
2,280 2,031 
Other assets3,052 2,779 
Total assets$202,125 $200,162 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued liabilities$8,735 $10,196 
Payables to affiliates92 157 
Short-term debt2,096 4,579 
Short-term debt to affiliates2,240  
Deferred revenue914 1,030 
Short-term operating lease liabilities3,077 3,868 
Short-term financing lease liabilities1,154 1,063 
Other current liabilities939 810 
Total current liabilities19,247 21,703 
Long-term debt66,645 61,830 
Long-term debt to affiliates1,494 4,716 
Tower obligations2,862 3,028 
Deferred tax liabilities10,370 9,966 
Operating lease liabilities26,279 26,719 
Financing lease liabilities1,587 1,444 
Other long-term liabilities5,214 5,412 
Total long-term liabilities114,451 113,115 
Commitments and contingencies (Note 13)
Stockholders' equity
Common Stock, par value $0.00001 per share, 2,000,000,000 shares authorized; 1,250,573,992 and 1,243,345,584 shares issued, 1,249,035,065 and 1,241,805,706 shares outstanding
  
Additional paid-in capital73,152 72,772 
Treasury stock, at cost, 1,538,927 and 1,539,878 shares issued
(13)(11)
Accumulated other comprehensive loss(1,478)(1,581)
Accumulated deficit(3,234)(5,836)
Total stockholders' equity68,427 65,344 
Total liabilities and stockholders' equity$202,125 $200,162 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

T-Mobile US, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except share and per share amounts)2021202020212020
Revenues
Postpaid revenues$10,804 $10,209 $31,599 $26,055 
Prepaid revenues2,481 2,383 7,259 7,067 
Wholesale revenues944 930 2,776 1,663 
Other service revenues493 617 1,772 1,430 
Total service revenues14,722 14,139 43,406 36,215 
Equipment revenues4,660 4,953 15,221 11,339 
Other revenues242 180 706 502 
Total revenues19,624 19,272 59,333 48,056 
Operating expenses
Cost of services, exclusive of depreciation and amortization shown separately below3,538 3,314 10,413 8,051 
Cost of equipment sales, exclusive of depreciation and amortization shown separately below5,145 4,367 15,740 10,563 
Selling, general and administrative5,212 4,876 14,840 14,168 
Impairment expense   418 
Depreciation and amortization4,145 4,150 12,511 9,932 
Total operating expenses18,040 16,707 53,504 43,132 
Operating income1,584 2,565 5,829 4,924 
Other income (expense)
Interest expense(780)(765)(2,392)(1,726)
Interest expense to affiliates(58)(44)(136)(206)
Interest income2 3 7 21 
Other expense, net(60)(99)(186)(304)
Total other expense, net(896)(905)(2,707)(2,215)
Income from continuing operations before income taxes688 1,660 3,122 2,709 
Income tax benefit (expense)3 (407)(520)(715)
Income from continuing operations691 1,253 2,602 1,994 
Income from discontinued operations, net of tax   320 
Net income$691 $1,253 $2,602 $2,314 
Net income$691 $1,253 $2,602 $2,314 
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on cash flow hedges, net of tax effect of $12, $12, $36, and $(261)
35 33 103 (757)
Unrealized (loss) gain on foreign currency translation adjustment, net of tax effect of $0, $1, $0, and $1
(3)4  4 
Other comprehensive income (loss)32 37 103 (753)
Total comprehensive income$723 $1,290 $2,705 $1,561 
Earnings per share
Basic earnings per share:
Continuing operations$0.55 $1.01 $2.09 $1.79 
Discontinued operations   0.29 
Basic$0.55 $1.01 $2.09 $2.08 
Diluted earnings per share:
Continuing operations$0.55 $1.00 $2.07 $1.78 
Discontinued operations   0.28 
Diluted$0.55 $1.00 $2.07 $2.06 
Weighted average shares outstanding
Basic1,248,189,719 1,238,450,665 1,246,441,464 1,111,511,964 
Diluted1,253,661,245 1,249,798,740 1,254,391,787 1,122,040,528 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

T-Mobile US, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Operating activities
Net income$691 $1,253 $2,602 $2,314 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization4,145 4,150 12,511 9,932 
Stock-based compensation expense131 161 403 558 
Deferred income tax (benefit) expense(27)335 410 743 
Bad debt expense105 143 259 489 
Losses (gains) from sales of receivables4 (18)(26)37 
Losses on redemption of debt55 108 184 271 
Impairment expense   418 
Changes in operating assets and liabilities
Accounts receivable(454)(1,538)(2,197)(2,784)
Equipment installment plan receivables(530)(306)(1,825)(110)
Inventories41 (549)904 (1,613)
Operating lease right-of-use assets1,334 1,062 3,730 2,526 
Other current and long-term assets(88)(8)(188)(106)
Accounts payable and accrued liabilities111 (964)(1,245)(2,630)
Short and long-term operating lease liabilities(2,046)(1,145)(4,411)(2,947)
Other current and long-term liabilities(87)(51)(351)(2,162)
Other, net92 139 157 230 
Net cash provided by operating activities3,477 2,772 10,917 5,166 
Investing activities
Purchases of property and equipment, including capitalized interest of $(46), $(108), $(187), and $(339)
(2,944)(3,217)(9,397)(7,227)
(Purchases) refunds of spectrum licenses and other intangible assets, including deposits(407)17 (9,337)(827)
Proceeds from sales of tower sites  31  
Proceeds related to beneficial interests in securitization transactions1,071 855 3,099 2,325 
Net cash related to derivative contracts under collateral exchange arrangements   632 
Acquisition of companies, net of cash and restricted cash acquired(1,886) (1,916)(5,000)
Proceeds from the divestiture of prepaid business 1,238  1,238 
Other, net14 (25)46 (209)
Net cash used in investing activities(4,152)(1,132)(17,474)(9,068)
Financing activities
Proceeds from issuance of long-term debt1,989  11,758 26,694 
Payments of consent fees related to long-term debt   (109)
Repayments of financing lease obligations(266)(246)(822)(764)
Repayments of short-term debt for purchases of inventory, property and equipment and other financial liabilities(76)(231)(167)(407)
Repayments of long-term debt(4,600)(5,678)(9,969)(16,207)
Issuance of common stock 2,550  19,840 
Repurchases of common stock (2,546) (19,536)
Proceeds from issuance of short-term debt   18,743 
Repayments of short-term debt   (18,929)
Tax withholdings on share-based awards(14)(72)(308)(351)
Cash payments for debt prepayment or debt extinguishment costs(45)(58)(116)(82)
Other, net(48)137 (139)139 
Net cash (used in) provided by financing activities(3,060)(6,144)237 9,031 
Change in cash and cash equivalents, including restricted cash(3,735)(4,504)(6,320)5,129 
Cash and cash equivalents, including restricted cash
Beginning of period7,878 11,161 10,463 1,528 
End of period$4,143 $6,657 $4,143 $6,657 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

T-Mobile US, Inc.
Condensed Consolidated Statement of Stockholders’ Equity
(Unaudited)
(in millions, except shares)Common Stock OutstandingTreasury Shares at CostPar Value and Additional Paid-in CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' Equity
Balance as of June 30, 20211,247,920,536 $(14)$72,919 $(1,510)$(3,925)$67,470 
Net income— — — — 691 691 
Other comprehensive income— — — 32 — 32 
Stock-based compensation— — 147 — — 147 
Exercise of stock options14,578 — 1 — — 1 
Stock issued for employee stock purchase plan917,444 — 100 — — 100 
Issuance of vested restricted stock units256,605 — — — — — 
Shares withheld related to net share settlement of stock awards and stock options(92,992)— (14)— — (14)
Transfers with NQDC plan18,894 1 (1)— —  
Balance as of September 30, 20211,249,035,065 $(13)$73,152 $(1,478)$(3,234)$68,427 
Balance as of December 31, 20201,241,805,706 $(11)$72,772 $(1,581)$(5,836)$65,344 
Net income— — — — 2,602 2,602 
Other comprehensive income— — — 103 — 103 
Stock-based compensation— — 451 — — 451 
Exercise of stock options195,618 — 10 — — 10 
Stock issued for employee stock purchase plan2,189,697 — 225 — — 225 
Issuance of vested restricted stock units7,281,702 — — — — — 
Shares withheld related to net share settlement of stock awards and stock options(2,438,609)— (308)— — (308)
Transfers with NQDC plan951 (2)2 — —  
Balance as of September 30, 20211,249,035,065 $(13)$73,152 $(1,478)$(3,234)$68,427 

The accompanying notes are an integral part of these condensed consolidated financial statements.


6

T-Mobile US, Inc.
Condensed Consolidated Statement of Stockholders’ Equity
(Unaudited)
(in millions, except shares)Common Stock OutstandingTreasury Shares at CostPar Value and Additional Paid-in CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' Equity
Balance as of June 30, 20201,237,338,994 $(12)$72,505 $(1,658)$(7,839)$62,996 
Net income— — — — 1,253 1,253 
Other comprehensive income— — — 37 — 37 
Stock-based compensation— — 177 — — 177 
Exercise of stock options483,266 — 27 — — 27 
Stock issued for employee stock purchase plan897,732 — 65 — — 65 
Issuance of vested restricted stock units2,383,098 — — — — — 
Shares withheld related to net share settlement of stock awards and stock options(648,872)— (72)— — (72)
Transfers with NQDC plan4,400 1 (1)— —  
Shares issued in secondary offering (1)
24,750,000 — 2,550 — — 2,550 
Shares repurchased from SoftBank (2)
(24,750,000)— (2,546)— — (2,546)
Balance as of September 30, 20201,240,458,618 $(11)$72,705 $(1,621)$(6,586)$64,487