Sprint Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Revises Earnings Guidance for the Year 2017
January 31, 2017 at 06:00 pm IST
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Sprint Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported total net operating revenues of $8,549 million against $8,107 million a year ago. Operating income was $311 million against loss of $197 million a year ago. Loss before income taxes was $368 million against $739 million a year ago. Net loss was $479 million against $836 million a year ago. Basic and diluted net loss per common share was $0.12 against $0.21 a year ago. EBITDA was $2,403 million against $1,668 million a year ago. Adjusted EBITDA was $2,450 million against $1,898 million a year ago. Net cash provided by operating activities was $650 million against $806 million a year ago. Capital expenditures - network and other was $478 million against $994 million a year ago. Capital expenditures - leased devices was $767 million against $607 million a year ago. Adjusted free cash flow was negative $646 million in the quarter compared to positive $339 million in the year-ago period. The prior year quarter included $1.1 billion of proceeds from the first sale-leaseback transaction with Mobile Leasing Solutions, LLC (MLS), while this quarter included a cash outflow of approximately $370 million related to the repurchase of the devices sold in the first MLS transaction.
For the nine months, the company reported total net operating revenues of $24,808 million against $24,109 million a year ago. Operating income was $1,294 million against $302 million a year ago. Loss before income taxes was $637 million against $1,315 million a year ago. Net loss was $923 million against $1,441 million a year ago. Basic and diluted net loss per common share was $0.23 against $0.36 million a year ago. EBITDA was $7,334 million against $5,498 million a year ago. Adjusted EBITDA was $7,254 million against $5,988 million a year ago. Net cash provided by operating activities was $2,900 million against $2,603 million a year ago. Capital expenditures - network and other was $1,421 million against $3,958 million a year ago. Capital expenditures - leased devices was $1,530 million against $1,724 million a year ago. Net debt as at December 31, 2016 was $31,257,000 against $31,317,000 a year ago.
The company now expects adjusted EBITDA of $9.7 billion to $10 billion, at the high end of its previous expectation of $9.5 billion to $10 billion. The company now expects operating income of $1.4 billion to $1.7 billion, at the high end of its previous expectation of $1.2 billion to $1.7 billion. The company now expects cash capital expenditures, excluding devices leased through indirect channels, of $2 billion to $2.3 billion. The company's previous expectation was less than $3 billion. · The company continues to expect adjusted free cash flow around break-even.
Sprint LLC is a United States-based company. The Company offers wireless services on a postpaid and prepaid payment basis to retail subscribers and also on a wholesale basis. The Wireline segment provides voice, data and Internet Protocol (IP) communication services to its Wireless segment. It also offers wireless and wireline services to subscribers in approximately 50 states, Puerto Rico, and the United States Virgin Islands under the Sprint corporate brand, which includes its retail brands of Sprint, Boost Mobile, Virgin Mobile and Assurance Wireless on its wireless networks utilizing various technologies.
Sprint Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Revises Earnings Guidance for the Year 2017