![]() The company ended first-quarter 2023 with free cash flow 1 of $2.3 billion, an increase from $1.0 billion in first-quarter 2022.First-quarter 2023 capital expenditures were $6.0 billion, and included most of the remaining $1.75 billion under the company's C-Band related spending program.This increase was primarily due to working capital improvements driven by lower inventory levels, fewer phone upgrades and a modest improvement in customer payment patterns, despite current macroeconomic uncertainties. Cash flow from operations totaled $8.3 billion in first-quarter 2023, an increase from $6.8 billion in first-quarter 2022.Net income of $5.0 billion, an increase of 6.5 percent compared to first-quarter 2022, and adjusted EBITDA 1 of $11.9 billion, a decrease of 1.1 percent year over year.The shutdown resulted in the removal of approximately 1.1 million retail connections and the corresponding loss of revenue for first-quarter 2023. This benefit was partially offset by the impact associated with the shutdown of the company's 3G network, completed at the end of fourth-quarter 2022. As discussed during the company's fourth-quarter 2022 earnings call, results for first-quarter 2023 included a benefit of approximately 185 basis points associated with a larger allocation of administrative and telco recovery fees from other revenue into wireless service revenue. Total wireless service revenue 3 in first-quarter 2023 increased 3.0 percent year over year. ![]() This decrease was primarily due to lower equipment revenue and continued declines in Business wireline services.
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