2024-03-05 18:12:07 ET
T-Mobile US, Inc. (TMUS)
Morgan Stanley Technology, Media & Telecom Conference
March 05, 2024 03:35 PM ET
Company Participants
Michael Katz - President, Marketing, Strategy and Products
Peter Osvaldik - Executive Vice President and Chief Financial Officer
Conference Call Participants
Simon Flannery - Morgan Stanley
Presentation
Simon Flannery
Good afternoon, everybody. It's my great pleasure to welcome Peter and Mike from T-Mobile. Thanks for joining us again. I think you have a safe harbor.
Peter Osvaldik
Yes, just keeping everybody happy on the legal side, but of course, we may make forward looking statements, subject to risks and uncertainties and reference non-GAAP measures. And I would just reference everybody to our SEC filings.
Question-and-Answer Session
Q - Simon Flannery
Great, thank you. And from our side, please see morganstanley.com\disclosures or contact your Morgan Stanley sales representative. Thanks for coming today. Before we get into the meat of it, DISH reported on our EchoStar reporter Friday and noted that the probability of exercising the option with you was now, I guess, zero, where they reduced the option value to zero. Can you just help us mechanically what happens from here? What are you obligated to do? And I guess you get to keep the a $100 million in that context.
Peter Osvaldik
From our perspective, again, DISH has until April 1 to exercise that option. And while what they inferred in their 10-K is that the likelihood is is down, they still have that time. So what we're obligated to do, should they not exercise that option, is to take the spectrum to auction with a floor price of just under $3.6 billion. We haven't commenced that auction yet, but should they choose not to exercise it, that'll be the next step for us, Simon.
Simon Flannery
Good. And what's the deadline on you completing that?
Peter Osvaldik
It is in the fall.
Simon Flannery
Are there any restrictions on who you can sell that to or is that just subject to FCC approval?...
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T-Mobile US, Inc. (TMUS) Morgan Stanley Technology, Media & Telecom Conference (Transcript)