T-Mobile 2Q24 Quick Take: Results solid; the focus will be on convergence comments
Adds and EBITDA were better than Consensus (though Consensus was conservative). Guidance for adds and FCF increased slightly. The key focus for investors will be management’s convergence ambitions (following the Metronet deal). We cover our thoughts on this in a fair amount of detail in this longer-than-normal quick take. In addition to a review of results with trending charts, themes covered in this note include:1. Is T-Mobile pivoting to convergence?
2. Was the Metronet deal a good one for T-Mobile?
3. What comes next for convergence?
4. Trends in FWA adds across carriers
5. ACP impacts in T-Mobile results
6. Postpaid and retail wireless trends across carriers
7. Service revenue growth across carriers
8. The evolving investment case?
T-Mobile US provides mobile communications services, including voice, messaging and data, under its brands, T-Mobile and Metro? by T-Mobile, in the United States, Puerto Rico and the United States Virgin Islands. The company provides mobile communications services using its 4G Long-Term Evolution network and its 5G technology network. The company also provides various wireless devices, including handsets, tablets and other mobile communication devices, and accessories for sale, as well as financing through Equipment Installment Plans and leasing through JUMP! On Demand?. The company provides reinsurance for handset insurance policies and extended warranty contracts offered to its mobile communications customers.
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