T-Mobile US, Inc. (TMUS) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

[Starts Abruptly] [Operator Instructions]

I would now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile US. Please go ahead, sir.

Jud Henry

Welcome to T-Mobile's second quarter 2023 earnings call. Joining me on the call today are Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

During this call, we will make forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review.

Our earnings release, investor back book and other documents related to our results, as well as reconciliations between GAAP and the non-GAAP results discussed on this call can be found in the Quarterly Results section of the Investor Relations website.

With that, let me turn it over to Mike.

Mike Sievert

Okay. Thanks, Jud. Hi, everybody. Welcome to the call. As you can see, we're here with several members of our senior management team. We're coming to you live from Bellevue, Washington and we're ready to take your questions.

But first, let me share just a few comments. If you'll recall at our Analyst Day in early 2021, we shared our strategy to build the best network, couple it with a leading un-carrier value proposition and customer experience and grow our share in areas where T-Mobile was massively underpenetrated relative to our peers.

That strategy and our approach has remained remarkably consistent and our Q2 results continue to show that it's working better than ever. In fact, T-Mobile delivered our highest Q2 postpaid phone net adds in eight years, fueled by both industry leading gross adds and the lowest postpaid phone churn in company history.

And importantly, we did this while industry growth normalized, proving that the growth opportunities and durable advantages we've been sharing with you really are unique to T-Mobile. We also told you that if we delivered the best product and the best value and the best experiences, there was no reason we couldn't get to the lowest churn in the industry, remember that.

And in Q2, we did it. For the first time in our history, T-Mobile reported the lowest postpaid phone churn in the industry. That is a remarkable statement and it's a testament to the work our team has done to build the best network. And to further our value proposition to deliver even better experiences to customers.