Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

T-Mobile US Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	11,339)	8,317)	2,590)	3,024)	3,064)
Depreciation and amortization	12,919)	12,818)	13,651)	16,383)	14,151)
Stock-based compensation expense	649)	667)	595)	540)	694)
Deferred income tax expense	3,120)	2,600)	492)	197)	822)
Bad debt expense	1,192)	898)	1,026)	452)	602)
Losses from sales of receivables	62)	165)	214)	15)	36)
Losses on redemption of debt	—)	—)	—)	184)	371)
Impairment expense	—)	—)	477)	—)	418)
Loss on remeasurement of disposal group held for sale	—)	9)	377)	—)	—)
Accounts receivable	(3,088)	(5,038)	(5,158)	(3,225)	(3,273)
Equipment installment plan receivables	(523)	170)	(1,184)	(3,141)	(1,453)
Inventory	131)	197)	744)	201)	(2,222)
Operating lease right-of-use assets	3,480)	3,721)	5,227)	4,964)	3,465)
Other current and long-term assets	(411)	(358)	(754)	(573)	(402)
Accounts payable and accrued liabilities	(2,041)	(1,126)	558)	549)	(2,123)
Short- and long-term operating lease liabilities	(3,879)	(3,785)	(2,947)	(5,358)	(3,699)
Other current and long-term liabilities	(678)	(839)	459)	(531)	(2,178)
Changes in operating assets and liabilities	(7,009)	(7,058)	(3,055)	(7,114)	(11,885)
Other, net	21)	143)	414)	236)	367)
Adjustments to reconcile net income to net cash provided by operating activities	10,954)	10,242)	14,191)	10,893)	5,576)
Net cash provided by operating activities	22,293)	18,559)	16,781)	13,917)	8,640)
Purchases of property and equipment, including capitalized interest	(8,840)	(9,801)	(13,970)	(12,326)	(11,034)
Purchases of spectrum licenses and other intangible assets, including deposits	(3,471)	(1,010)	(3,331)	(9,366)	(1,333)
Proceeds from sales of tower sites	—)	12)	9)	40)	—)
Proceeds related to beneficial interests in securitization transactions	3,579)	4,816)	4,836)	4,131)	3,134)
Net cash related to derivative contracts under collateral exchange arrangements	—)	—)	—)	—)	632)
Acquisition of companies, net of cash acquired	(373)	—)	(52)	(1,916)	(5,000)
Proceeds from the divestiture of prepaid business	—)	—)	—)	—)	1,224)
Other, net	33)	154)	149)	51)	(338)
Net cash used in investing activities	(9,072)	(5,829)	(12,359)	(19,386)	(12,715)
Proceeds from issuance of long-term debt	8,587)	8,446)	3,714)	14,727)	35,337)
Payments of consent fees related to long-term debt	—)	—)	—)	—)	(109)
Repayments of financing lease obligations	(1,367)	(1,227)	(1,239)	(1,111)	(1,021)
Repayments of short-term debt for purchases of inventory, property and equipment and other financial liabilities	—)	—)	—)	(184)	(481)
Repayments of long-term debt	(5,073)	(5,051)	(5,556)	(11,100)	(20,416)
Issuance of common stock	—)	—)	—)	—)	19,840)
Repurchases of common stock	(11,228)	(13,074)	(3,000)	—)	(19,536)
Dividends on common stock	(3,300)	(747)	—)	—)	—)
Proceeds from issuance of short-term debt	—)	—)	—)	—)	18,743)
Repayments of short-term debt	—)	—)	—)	—)	(18,929)
Tax withholdings on share-based awards	(269)	(297)	(243)	(316)	(439)
Cash payments for debt prepayment or debt extinguishment costs	—)	—)	—)	(116)	(82)
Other, net	(165)	(147)	(127)	(191)	103)
Net cash provided by (used in) financing activities	(12,815)	(12,097)	(6,451)	1,709)	13,010)
Change in cash and cash equivalents, including restricted cash and cash held for sale	406)	633)	(2,029)	(3,760)	8,935)
Cash and cash equivalents, including restricted cash and cash held for sale, beginning of period	5,307)	4,674)	6,703)	10,463)	1,528)
Cash and cash equivalents, including restricted cash and cash held for sale, end of period	5,713)	5,307)	4,674)	6,703)	10,463)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Net Income

Net income demonstrated variability, initially declining from 3,064 million US dollars in 2020 to 2,590 million in 2022, followed by a strong recovery to 8,317 million in 2023 and 11,339 million in 2024, indicating improved profitability in the later years.

Depreciation and Amortization

This expense peaked in 2021 at 16,383 million but declined steadily thereafter to about 12,919 million in 2024, suggesting reduced capital asset base or optimization in asset usage.

Stock-Based Compensation Expense

Stock-based compensation expense remained relatively stable with slight fluctuations, held around the 540–695 million range, showing consistent employee compensation practices over the years.

Deferred Income Tax Expense

Deferred tax expense showed considerable growth, from 822 million in 2020 to 3,120 million in 2024, indicating increased tax liabilities or timing differences in recognition of taxable income.

Bad Debt Expense

Bad debt expense varied, reaching a high of 1,192 million in 2024 after a peak of 1,026 million in 2022, suggesting ongoing challenges in receivables collection or credit risk management.

Losses From Sales of Receivables

Losses peaked sharply in 2022 at 214 million but decreased thereafter, indicating possible restructuring in receivables management or reduced reliance on sales of receivables.

Other Losses (Redemption of Debt, Impairment, Disposal Group Remeasurement)

Losses on redemption of debt were present in 2020 and 2021 but discontinued afterward. Impairment expense was notable in 2020 and 2022 but absent in other years. A loss on remeasurement of disposal group appeared in 2022 and diminished by 2023, showing episodic non-recurring losses.

Working Capital and Operating Assets and Liabilities

Significant changes in working capital components were observed:

Accounts Receivable and Related Items: Accounts receivable were consistently negative, indicating decreases or collections exceeding sales on credit. Equipment installment plan receivables showed irregular patterns, with a notable increase in 2023 (positive 170 million), suggesting changes in financing arrangements.
Inventory: Inventory turned positive starting in 2021 and increased moderately through 2024, indicating buildup or improved stock management after depletion in 2020.
Operating Lease Assets and Liabilities: Operating lease right-of-use assets increased sharply up to 2022 but declined thereafter. Corresponding lease liabilities followed a downward trend starting from a high in 2021, reflecting possible lease consolations or terminations.
Other Current and Long-Term Assets and Liabilities: Other asset and liability balances showed mostly negative changes, indicating reductions or paydowns in related accounts.
Overall Changes in Operating Assets and Liabilities: The aggregate changes shrank notably in 2022 but increased again in subsequent years, exhibiting continued working capital management activities with fluctuating cash impacts.

Cash Flow From Operating Activities

Operating cash flow steadily increased from 8,640 million in 2020 to 22,293 million in 2024, showing enhanced cash generation capabilities over the period.

Capital Expenditures and Investments

Purchases of property and equipment fluctuated, peaking in 2022 at 13,970 million before declining thereafter. Purchases of spectrum licenses and intangible assets were volatile with a large outflow in 2021 and lower expenditures in other years. Proceeds from sales of tower sites and securitization transactions provided recurring positive cash inflows. Net investing cash outflows declined substantially by 2023 but increased again in 2024.

Acquisitions and Divestitures

Acquisition activity reduced over time, with sizeable outflows in 2020 and 2021 but minimal and irregular amounts in later years. Proceeds from divestitures were limited and mostly concentrated in 2020.

Cash Flow From Investing Activities

Net cash used in investing activities was significantly negative across all years, reflecting continuous capital expenditure and moderate acquisitions despite some asset sales.

Financing Activities

Debt Issuance and Repayment: Issuance of long-term debt decreased sharply from 35,337 million in 2020 to about 8,587 million in 2024. Long-term debt repayments also trended downward. Short-term debt issuance and repayments were significant in 2020 but absent in later years.
Equity Transactions: A large issuance of common stock occurred only in 2020. Repurchases of common stock resumed in 2022 and rose substantially by 2024, indicating active share buyback programs. Dividends were introduced in 2022 and increased significantly by 2024, showing increased returns to shareholders.
Other Financing Cash Flows: Repayments of financing lease obligations grew slowly but steadily, while other miscellaneous cash flows were relatively minor with negative trends.
Overall Financing Cash Flow: The net cash from financing activities turned negative starting in 2022 and remained so in 2023 and 2024, reflecting debt repayments, stock repurchases, and dividend payments exceeding new debt issuances or equity inflows.

Cash and Cash Equivalents

Cash balances rose sharply in 2020 but declined in the following two years. Modest increases occurred in 2023 and 2024, resulting in a moderate cash position at the end of the period.

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T-Mobile US Inc. (NASDAQ:TMUS)

Cash Flow Statement