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【正文】 loyment reaches more people Source: Strategy Analytics, WAN Enabled CE Devices US Market Forecast, Sept. 2022 31 169。 2022 ATamp。T Intellectual Property. All rights reserved. ATamp。T and the ATamp。T logo are trademarks of ATamp。T Intellectual Property. Rick Lindner Senior Executive Vice President and CFO, ATamp。T 32 33 Transaction Summary Timing considerations ? Review by the FCC and the Department of Justice ? Expect transaction to close in ~12 months Funding considerations ? Strong balance sheet ? ATamp。T assumes no debt from TMobile or Deutsche Telekom ? Strong cash generation: $12B FCF after dividends over past two years ? Bridge loan arranged by . Man Terms ? $39B purchase price ? ~7X 2022 EBITDA ? ~64% cash ? ~36% ATamp。T shares ? Stock consideration subject to collar ? Customary lockup period ? One Deutsche Telekom representative on ATamp。T board ? Sharing for divestiturerelated closing items ? Termination and reverse breakup mitments 34 Improved Business Mix: Increased Exposure to Mobile Broadband Growth Combined 2022 Totals Wireless subscribers $ $ Wireless service revenues Total wireless revenues Wireless service EBITDA margin Postpaid ARPU Total churn $ $ % $ % $ $ % $ % 2022 Combined Revenue Mix ~80% from wireless + wired data/managed services ATamp。T 96M TMobile 34M Total 130M 35 Substantial Opportunities, $3 Billion Run Rate Starting Year Three $ $ Year One Year Two Year Three Year Four Network ? Redundant cell sites ? Migration to ATamp。T transport ? Migration to ATamp。T LD work Subscriber ? Improve TMobile ARPU and churn metrics ? Retail distribution ? Advertising/marketing support ? Device purchasing Support and Gamp。A ? Call centers ? Billing and customer care ? Overhead Capital and Spectrum $10B $10B $10B $10B ? Avoided purchases and investments NPV $ in Billions (cash basis) Expense and Revenue Synergies Integration Costs $ $ $ $ $ $ $ $ Expected Synergies, Integration Costs 36 $() Financial Impacts Year One Year Two Year Three Year Four Year Five Preliminary view ? Purchase accounting with amortization of intangibles – Primarily customer lists – 5year accelerated basis – Transaction costs expensed ? Costs to integrate works and operations over first three years ? As a result, similar to previous acquisitions, dilutive in early years ? Earnings excluding noncash amortization and integration costs accretive in year three Expected EPS Impacts Reported EPS EPS excluding noncash amortization and integration costs $ $ $() $() $() $() $() $() $() 37 Financial Summary ? Transaction creates substantial shareowner value ? Enhances longterm revenue growth and margin potential – Broad LTE mobile broadband bined with existing work capabilities and cloud – Scale and bination of assets provides a path to industryleading margins ? Substantial ongoing synergies, $3B in year three – Mix of expense and revenue – Greater than in Cingular/AWE integration ? We’ve done it before — confident in our ability to execute and achieve targets ? Continue to have a strong balance sheet – Credit metrics expected to return to target levels as synergies are realized – Cash flow supports the dividend 38 169。 2022 ATamp。T Intellectual Property. All rights reserved. ATamp。T and the ATamp。T logo are trademarks of ATamp。T Intellectual Property. Qamp。A
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