T-Mobile US, Inc. (NASDAQ: TMUS) reported fourth quarter and full-year 2021 results late yesterday. The carrier, never shy about self-promotion, said results for both periods showed “record-high and industry-leading postpaid account and customer growth in 2021.”
“T-Mobile had our strongest year ever. We didn’t just meet the bold goals we set for 2021 around customer growth, profitability, merger synergies and network buildout – we crushed all of them,” said Mike Sievert, T-Mobile CEO. “Our industry-leading year-end results – adding 1.2 million postpaid accounts and 5.5 million postpaid customers, extending Ultra Capacity 5G to 210 million people – show that the Un-carrier is experiencing the greatest growth momentum in wireless.”
Sievert said his company is poised to sustain that position into 2022 and beyond as it continues to execute its playbook and make investments to enable its success.
As of year-end, T-Mobile’s 5G network covered 310 million people across 1.8 million square miles. Citing itself as the only operator to have deployed dedicated mid-band spectrum nationwide, Sievert said it continues to rapidly expand both the breadth and depth of its 5G footprint including in smaller markets and rural areas.
The earnings report said the carrier continues to over-deliver on integration milestones, including ending the year with approximately 64 percent of Sprint customers transitioning to the T-Mobile network. The company continues to expect to complete the network migration by mid-2022.
Notable line items reported by Seeking Alpha include:
- Revenue of $20.79B, misses by $260M.
- Core Adjusted EBITDA of $5.7 billion in Q4 2021 — $23.6 billion in full-year 2021, exceeded guidance.
- Net cash provided by operating activities of $3.0 billion in Q4 2021 — $13.9 billion in full-year 2021, grew more than 60 percent year-over-year.
- Free Cash Flow of $1.1 billion in Q4 2021 — $5.6 billion in full-year 2021, nearly doubled year-over-year.
T-Mobile realized approximately $3.8 billion in merger synergies in 2021, nearly tripling year-over-year, with over $1.8 billion of sales, general and administrative (SG&A) expense reductions and over $900 million of cost of service expense reductions, which increased cash flows while funding growth initiatives and network build, and approximately $1.0 billion in avoided network build costs.
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