Totally treading water. I am more interested on network improvements.
They did invest in their network last year and that's why their cash went down by about $4B.What concerns me is the negative free cash flow. Are they not able to finance activities with debt? Cash will dry up soon. When that happens they either have to pair back investing in their network or declare a Chapter 11.
To quote one of my favorite series as you said: “Not great... Not terrible.”
Is Sprint fully committed to a network plan now? Are they cheaping out on backhaul to sites? Like you said, it’s hard to gauge what they are doing vs what they can afford.
Sprint’s debt load and upcoming maturities is still very disconcerting. Short of a SoftBank rescue or merger, I’m not sure how they pay that off and get ahead of things. Sprint’s Total liquidity was $5.2 billion at the end of the quarter. That includes $3.2 billion of cash and cash equivalents. If the merger isn’t approved, Sprint will still need to be on the hook for sequential quarters of high capex for the foreseeable future. Simply putting 2.5 GHz on every macro site isn’t enough. There simply aren’t enough macro sites, although mini-macro/strand mounts are helping somewhat.