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MOHAMMED QUADRI
SAMBRIDHI RANA
SENAIT TECLAY
SPENCER TRAN

Financial analysis of Sprint

Company introduction
Sprint is an American holding company in telecommunication industry. It provides
wireless services to its customers through the nation. It is also internet carrier. As per November
2015, it is serving 58.6 million customers. It was formed in 1899. Revenue for 03-2015 has been
recorded $34,532 million. It also provides messaging, wireless voice and broadband services
with contribution of its subsidiaries. In 2013, its majority shares were purchased by Japanese
Company. Remaining left shares are trading on NYSE. (sprint.com, 2015)
The mobile phone industry is one that has evolved significantly over the last decade,
turning into an industry worth over $341.4 billion since the turn of the century (PRWeb, 2015).
Sprint is one of the original players in the industry with its root stretching back to the late
nineteenth century when Cleyson Brown began the Brown Telephone Co. (Sprint Corporate,
2015). Since then Sprint has continued to advance and is now the third largest wireless carrier in
the United States (CTIA | The Wireless Association, 2015). Recently there have been some
changes in the industry and new technology that make it critical for Sprint to reassess its strategy
for the future. In order to do that a financial, operational and competitive analysis will be
completed to give Sprint executives a clear picture of what is needed for the future.
Identify the problems:

I.

Declining Financial Performance: The Company reported pretax loss of

II.

($380M) in 2014 and a whooping ($3.35B) loss in 2015 YTD (Crow, 2015).
Declining number or slow growth rate of subscribers: Sprint lost 25,000
postpaid subscribers in first quarter of 2015. In its 3rd quarter, company added
nearly 38,000 most lucrative postpaid mobile phone customers, but its rate of
growth is much weaker than what Wall Street analysts had predicted. The

III.

damage is already done and Sprint took a hit on its financials.

Competition with T-Mobile: Company has reported loss of 15 cents a share on

IV.

revenues of $7.98B compared to the $8.14B forecasted by the analysts.

New Marketing Strategy: Sprints performance in the past has been
remarkable and was successful in upgrading its networks and using the latest
tech. Since, the company lost many customers recently to its rivals, which
indicate that firm is struggling in its operation and failed to show the desired

Financial analysis of Sprint

quality expected of them (Goldstein, 2015). They need a new marketing

campaign to retain existing customers and attract new ones.

Financial ratios
Fiscal Year

2013-12

2015-2015-03

Gross margin

42.10%

45.10%

Operating margin

-5.70%

-5.50%

Net margin

-11.01%

-9.69%

Earnings per shares

-0.54

-0.85

Asset turn over

0.85

0.42

Return on asset

-2.7

-4.03

Return on equity

-11.39

-15.41

Return on invested capital

-2.14

-2.87

Interest coverage

-0.98

-0.91

Current ratio

12.2

8.9

Quick ratio

11.1

7.7

Table 1: Financial ratios have been analyzed for previous two years.
Analysis
Sprint is definitely in a very transitional state of development and their financial
statements are a reflection of that transition with numerous indicators outside of industry norms.
Getting a clear picture of the financial outlook for Sprint is the best way to establish a financial
strategy to support the continued success of the organization. In an effort to do this the balance
sheet, income statement and stock performance of Sprint over the last three years will be
evaluated.

Financial analysis of Sprint

Balance Sheet: The balance sheet can reveal several key things about an organization that are
critical to both short and long term success. Utilizing ratios to establish performance and
standing is the normal process. These ratios include: (a) current ratio; (b) quick ratio; (c) sales to
receivables ratio; and (d) working capital.
Gross profit margin: Gross margin has been representing percentage of gross profit in revenue.
Its revenue has been increased in 03-2015. That is the reason of increase in its gross margin. It is
increased from 42.1% to 45.1%. Increasing trends is goods for Company. The gross profit
margin is a basic ratio of how much is paid for something in relation to how much is sold for to
the customer. This ratio is extremely dependent on industry and it is typically not useful to
compare the gross profit margin of companies within different segments (Hitt, Ireland &
Hoskisson, 2015). Sprints gross profit margin is over 45% which is nearly fairly consistent with
the other industry information available (Yahoo Finance, 2015a). A service industry is one that
will typically have a higher profit margin that a company dependent upon physical goods due to
the fact that one a service, such as a cell phone signal, is created, the ability to sell it to multiple
customers without any additional purchases of inventory is present.
Operating margin: Operating margin is negative in both observed years. Minor improvement in
the year 2015 has been analyzed yet operating margin ratio is negative. This is definitely a matter
of concern and the company should focus on controlling its operating expenses.
Net profit margin: Net margin ratio is used to analyze profitability of a company. This ratio is
negative, showing signs of loss of profits over the years. Both years are showing negative
results. Despite of an increase in revenue, net income margin is negative due to heavy S,G &A
expenses like admin, marketing, operating, etc. The net profit margin tells a different story altogether.
Currently the net profit margin for Sprint is nearly -10% which is a 60% decrease from gross profit
margin. This ratio is dependent upon determining the operating costs of running the business, not just
delivering the service. This would mean that Sprints key issue from a financial perspective is the ability
to control operating costs. This must be a focus in the future if Sprint wants to be a valid force in the
industry instead of the next bankruptcy in technology. Select income statements for the last three years
were selected as a comparison tool, they are seen in Table 2.

Financial analysis of Sprint

Revenue

Sep 30, 2015

$7,975,000

Jun 30, 2015

$8,027,000

March 31, 2015

$8,282,000

Dec 31, 2015

$8,973,000

Cost of Revenue

$3,743,000

$3,758,000

$4,208,000

$5,282,000

Gross Profit

$4,232,000

$4,269,000

$4,074,000

$3,691,000

Operating Expenses

$4,234,000

$3,768,00

$3,756,00

$6,231,000

Net Operating Income

($2,000)

$501,000

$318,000

($2,540,000)

Other Income

$5,000

$4,000

$8,000

$10,000

EBITDA

$3,000

$505,000

$326,000

($2,530,000)

Interest/Tax Expense

$588,000

$525,000

$550,000

($151,000)

Net Profit

($585,000)

($20,000)

($224,000)

($2,379,000)

Table 2: Sprint Quarterly Income Statement (2014 Q4-2015 Q3). (Yahoo Finance, 2015c)
Earnings per share: This ratio indicates profitability as per single owner. Earnings per share
have been reduced as compared to previous year. This shows that company is reporting loss as
per its shareholders contributions and might see loss of investments in the near future if this
trend continues.
Asset turnover ratio: This ratio is shows how much revenue has been generated with its assets
value. This ratio is also reduced in 03-2015, indicating its performance in last latest years has
been reduced.
Return on equity: Return on equity is also not on the favorable end. It is negative in both
observed years. Its ability to generate profits from invested money of shareholders has been
decreased. This is closely related to the comment made under EPS.
Return on invested capital: This ratio shows companys efficiency and a negative ROI indicates
that the company is not allocating its capital in profitable investment.
Interest coverage ratio: This ratio indicates ability of Sprint to pay off its interest. This ratio is
also negative and hence questioning Sprints ability to pay its interest expenses from its EBIT.
This ratio is a potential indicator of insolvency.

Financial analysis of Sprint

Current Ratio: This ratio is determined by utilizing current assets and current liabilities to
evaluate the companys ability to meet its sort term needs and financial obligations. Sprints
current ratio for the most recent period ending, Sept 30, 2015, is 0.77 which is not an ideal
position. Although sometimes industry sensitize, typically a current ration below 2.0 is a sign of
potential trouble.
Quick Ratio: Similar to the current ratio, the quick ratio is utilized to measure the potential of default on
short term liabilities based on assets immediately available. For this reason, the quick ratio eliminates
inventory from the asset base as it cannot easily be converted to cash. The quick ratio for Sprint is 0.77.
This is only slightly higher than the 0.50 recommended, but it does look more promising than the current
ratio. Sprints service orientated business is the cause of this and it is a reflection of a lower inventory to
cash ratio.

Graphical analysis of ratios

1500.00%
1000.00%
500.00%
0.00%
-500.00%

2013-12
2015-03

-1000.00%
-1500.00%
-2000.00%

This graph clearly describes Sprints performance in terms of ratios, over the last two years. The
negativity is quite visible, with the exception of only few ratios that are showing positive results.
Gross margin, Asset turnover, Current and quick ratios are positive. Other ratios are negative.
Positive ratios have also decreased in 03-2015.
Sales to Receivables: The sales to receivables ratio are a measure of how many times the
receivables balance turned over and is estimated on an annual basis. Currently the Sprint is at

Financial analysis of Sprint

just over 14.0 which is a strong position. As a contract based company, the majority of Sprint
customers pay monthly, indicating that minimum sales to receivable ratio of 12 would be ideal. It
is possible to be over the minimum by too much, indicating that the company is not utilizing its
working capital efficiently. However, as Sprint navigates some difficult financial waters, being
accused of being conservative with working capital is the least of their worries.
Working Capital: As the current and quick ratio indicate, the working capital situation is very
poor and at a total of ($1,163,000), a monetary amount not a ratio, the picture looks even more
precarious. It is critical that Sprints strategic financial plan address the operating expenses that
are dragging down the cash flow and working capital available to continue doing business.
Overview: The overall picture that these ratios depict is not a positive one. Sprint is in a very
delicate situation and needs to be aware of that when making key financial decisions. The
potential for debt to pile up is present and without addressing the root cause of these issues they
will continue to reoccur despite large influxes of cash from other sources. Three balance sheets
from the past 3 years have been selected for further analysis and are shown in Figure 1.

Financial analysis of Sprint

Figure 1: Sprint Balance Sheet at-a-Glance 2012-2015 (Yahoo Finance, 2015c)

Analysis of Historical Data
At first glance the balance sheet for Sprint, March 31, 2015 looks fairly normal.
However, further reflection shows several very unusual occurrences that would need to be
justified. In 2013, the year-end balance of for intangible assets and goodwill rose dramatically,
causing a red flag to be raised in the analysis. Upon further inspection it was noted that Sprint
had competed its purchasing agreement with Japanese wireless provider SoftBank in 2013,
which would have very easily increased the worth of the company, although not in a realizable
financial way. (CNBC, 2013). This oddity was the only glaring discrepancy on the balance sheet.
Income Statement

Financial analysis of Sprint

Similar to the balance sheet, the income statement is a valuable tool for strategic planning
and reflection on past practices and offerings. There are several ratios that are key functions of
the income statement and they reveal a significant amount about the companys potential for
success, growth and profit. These ratios include: (a) gross profit margin; and (b) net profit
margin.
Industry comparison
Sprint performs in the telecommunication industry, which is not only competitive but also
sophisticated. Its solvency and LEVERAGE ratios have decreased. Profitability ratios are also
showing negatives trends. Its price to book ratio is 0.7. Industry average is high. It is 1.9. Price to
sales ratio is also less as compared to industry average. Its beta is observed high as compared to
other competitions of industry. It is observed 1.11 for Sprint. It is showing riskiness of company.
EPS is negative. Other competitors are producing positive EPS. It is $2.42 for BCE, Inc. it is
$2.51 for Verizon Corporation. Overall industry is performing better. There is need to improve
profitability and efficiency of company. (morningstar.com, 2015)
Organizational and Industry Analysis
The mobile phone industry is made up of four major corporations they include: (a) Sprint;
(b) T-Mobile; (c) Verizon Wireless; and (d) AT&T Mobility LLC. The latter of these two are
privately held entities with limited information available on the internal operations. The
estimated market share of the industry is illustrated in Figure 2.

T-Mobile

Verizon Wireless

Sprint

AT&T

Figure 2: 2015 Wireless Industry Market Share (Yahoo, 2015b)

Financial analysis of Sprint

Strengths
Sprints core strengths lie with its ability to think and move quickly within an industry of
giants. Coupled with the backing a larger Asian provider that should give Sprint the mobility and
freedom to creatively navigate the negative financial implications of the moment (Knutson,
2015). This is critical in order to survive. Sprint is absolutely in survival mode, as Newman
(2015) points out the company is doing anything it can to save itself.
The good news is the new CFO Tarek Robbiati is on the same page, calling the operating
costs at Sprint bloated and pledging to lower them within the year (Moritz, 2015). This will
help with the net profit margin, which is the most alarming of the income statement ratios. There
is also some strength in the fact that despite the heavy promotions, Sprint is still maintaining a
solid gross profit margin. This will be an huge asset if Sprint is able to cut its operating expenses
enough to be viable in the future.

Weaknesses
There are many weaknesses, including the lack of control on operational costs and
negative working capital of the business. Although the new management would likely address
the issue of operating cost, the reality is it may be too late for Sprint to turn things around.
Additionally, the creation of additional working capital is difficult without immediately reducing
expenses (decreasing payables) or adding additional short term assets (cash) through the sale of
additional stock or, in some cases, the addition of a long-liability (loan) in order to get things
back on track.
Although the gross profit margin is strong, the reality is that Sprint is hoping to sign
another 50,000 customers from competitor T-Mobile with their 50% the rate promotion. If these

Financial analysis of Sprint

10

customers, in addition to the thousands of customers acquired from Verizon and AT&T already
were placed on contract then the impact of decreased service revenue will be felt in the future.
Although the revenue amounts will increase, they will do so at half the original profit margin,
dropping available working capital without eliminating any cost associated with providing the
service.
Opportunities
Sprint has been aggressively targeting the competition in a price contest geared at taking
market share away from the industry giants. Their Cut Your Bill in Half promotion offers
consumers the opportunity to bring in their current Verizon, AT&T or T-Mobile bill in and
receive a new Sprint contract for 50% of the price (Sprint, 2015). The promotion move just
started including the T-Mobile brand in the fall of 2015 and according to industry insiders it
means that Sprint is poised to acquire more than 50,000 T-Mobile customers (Grote, 2015). This
type of marketing is an opportunity for Sprint to not only take the competitors revenue, but lock
it into long term contracts for future revenue. This is a critical factor in an industry that is driven
by long-term contracts. Although on the rise, no-contract plans are still account for less than 30%
of all cell phone lines (Tugend, 2015).
Sprint could potential enter into a partnership with T-Mobile. This would put both
companies in a better position to compete with the top two in the industry. The combined
revenue for Sprint and T-Mobile would be in line with the current revenue at either Verizon or
AT&T. In addition to that, T-Mobile has a strong cash position and operating expenses that are
much lower than that of Sprint, however, T-Mobile also has a higher interest expense which may
mean they are leveraged heavily and not as cash rich as they may seem for the long term (Google
Finance, 2015).

Financial analysis of Sprint

11

Threats
The external threats to the company are clear as Sprint is currently at little more than half
of the billable revenue as the two largest competitors. Although Sprint is actively gaining market
share, the fact is that their financial position puts them in danger of being pushed around
financially. Because the short term outlook for Sprints cash flow situation is poor, either Verizon
or AT&T could decide to utilize their heft, and assumed positive cash position, drain Sprint by
way of reacquiring market share through promotion. Realistically, either competitor could afford
to run a similar 50% off promotion or a deal for returning customers that could put a large dent in
the incoming revenue at Sprint. This decrease in revenue would affect the cash position and the
ability to meet short and long term obligations could be eliminated entirely. This would be the
ultimate nail in the coffin for Sprint and could quite possibly mean the company would be
acquired, sold or eliminated completely.

Developing various action alternatives that can address the problems

Declining Sales:
1. In any company a decline in sales is usually attributed to several problems. For the quarter
ended Sept. 30, the loss came to $585 million, or 15 cents a share, compared with a loss of $20 million, or
1 cent a share, in the same period a year ago (www.foxnews.com). A significant loss in sales when
competitors are seeing growth is a sign that the decline is beyond market conditions and serious actions
must be taken. Reports are indicating that sales are to continue to decline into 2016.
When losing money it is important for a company to become as frugal as possible, while lean
manufacturing is not a viable option for Sprint other money saving options are. For example cutting back
on any and all unnecessary costs needed. Unfortunately this includes layoffs, Sprint has 31,000
employees totaling 10% of its operating income. With a goal of cutting expenses by 2.5 billion layoffs are
inevitable. Just 2,000 layoffs can save 400 million (www.finance.yahoo.com). Another money saving

Financial analysis of Sprint

12

alternative is to increase sales by creating new marketing strategies. Sprint has very recently begun this
route and is beginning to see some success.
2. Sprint needs to stop allowing customers with low credit apply. Many of these subprime
customers are simply let go by the company for failure to pay their bills on time or at all. Too many of
these customers cause a significant financial loss.

Advantages and disadvantages:

1. Layoffs often cause the public to view a company negatively as a whole not just in stock
performance. A negative public opinion of Sprint is something the company cant afford right now.
However the layoffs are in line with that recent layoff in the tech industry (HP) so hopefully consumers
see this as part of an industry and economic trend and not one specific to Sprint.
2. Tighter regulations and higher restrictions for new customer will cause a decrease in sales
however this decrease in sales will even out because those customers that they gain will be more
competent in paying their bills.
Declining number/ slow growth of subscribers: / Competitors:
Each of the major competitors has a superior product offering that sets them apart. Verizon
focuses on the everything network with an emphasis on a high quality network. T-Mobile has the
uncarrier plan that gives the consumer the concept of more freedom that other plans. AT&Ts next
plan which offering a new smart phone every year. Sprint also has the worst performance when compared
to Verizon and AT&T (http://finance.yahoo.com). With this data readily available for consumers to
observe and from dissatisfied customer WOM it is no wonder Sprint would have a slower rate of growth
or declining subscribers. Though some are still flocking to the brand for the unlimited data plan, Sprint
is still less reliable than Verizon and slower than AT&T. From a consumer perspective there is little value
to switch plans. An alternative to this problem begins with the Sprint Network. Sprint needs to radically
upgrade their systems so when their new marketing plans pick up traction they dont end up leaving

Financial analysis of Sprint

13

consumers dissatisfied. A dissatisfied customer will eventually leave for a competitor. Having content
customers is a way to maintain growth in the future.
Advantages and disadvantages:
Revamping and making upgrades to the network is costly and could be a billion dollar
investment. However as a cellular Network provider, the network and data capabilities are your biggest
asset. Verizon has the most reliable network and in turn they are the largest player in the industry. A way
to focus this strategy is to put more R&D into data speeds. Less and less customer use a traditional voice
dial as a means of communication. Data is where most spend their time and data is the single most
expensive cost on a phone bill outside of international calls.
New marketing strategy
Sprint has no real value proposition for its customers and its customer service and customer
service experience is lower than its competitors. Despite trying to implement better deals, it is not worth it
in the consumers mind if a better deal is coupled with the stress of poor service. According to a survey
conducted by Temkin for customer experience, TracFone, Virgin Mobile, AT&T, T-Mobile, Verizon, and
MetroPCS were all ahead of Sprint in terms of customer experience rating. Only U.S. Cellular was behind
Sprint (http://finance.yahoo.com).
In order to combat the poor marketing strategies sprint has had in the past, Sprint should adopt a
cost leadership/ value offering. Sprint has recently been under new leadership; CEO Marcelo Claure has
introduced new value saving plans. I agree with the CEOs direction and believe they should continue to
pursue new marketing strategies such as the ones they have recently employed. For example they have
created a new plan which allows customers with an iPhone to pay 60 dollars for unlimited data, talk and
text. This deal is even better than that of T-Mobiles cost savings plans. Sprint has also created a new
Family data sharing plan which offers double the high speed data for a lower price than its competitors.
This is a great start for the company to begin repositioning its self in the mind of consumers.

Financial analysis of Sprint

14

Advantages and Disadvantages:

This plan does not have any foreseeable cons aside from the program failing due to low
subscription rates, however it has recently begun to be implemented and Sprint has seen some growth. I
think any measureable growth will take additional time. The pro for this plan includes increased profits
for 2016 and new iPhone and family plan subscribers who are switching to Sprint for better deals.

Conclusion and Recommendations

Based on the humongous challenges facing Sprint Corp, it can be concluded that since
Claure took over as CEO, company had spent big and aimed to achieve its objectives in 3 to 5
years and is improving, but has yet to show true signs of recovery. It let go nearly 7,000
employees since 2013 and has undergone major business model restructuring. The company
expended $5.1 billion of cash in past 12 months and is carrying a huge debt of $34 billion. To
improve its performance, it is recommended that company must address the core issues and
should cut costs in the next year. Because, it debt is accumulating fast and it is burning cash at
fast rate, it should continue to launch new promotions to attract its customer base.
Sprint must implement the cost cutting measures as soon as possible because; increasing
cost expense is consuming the revenues generated from new customers. So, company must
simultaneously cut costs and should add attract new customers to show profitability in next year.
Sprint should improve the network speeds and reliability by expanding its LTE network.
In order to expand the LTE network, Sprint should add at least 30,000 cell sites. Sprint constantly
has customers terminate their contracts due to the poor reception for their devices. I was a Sprint
customer 5 years ago, when I moved to a new house, I had no reception at all, and that forced me
to terminate the contract with Sprint before it ended.
Sprint announced to kill the two-year contracts which would give customers a huge
discount on new phones. AT&T will be the only carrier left with two-year contract and new
phone discount. This attracts lots of customers to move to A&T recently. Sprint should
reconsider this announcement. Customers like my family dont want to pay full price for a phone
every two years. 66% discount on a new phone like iPhones or free for a less expensive phone is
a customer magnet.

Financial analysis of Sprint

15

Sprints existing customers or former customers are not happy with the merger of Nextel
and Sprint. When they were with Nextel, they liked to push-to-talk feature that Nextel offered,
however Sprint dropped this service after it took over Nextel. In order to gain these customers
back, Sprint should make this feature even better. Teenagers love this feature, it is fast and
cool.
In summary, the telecommunications industry is fast-evolving and ever-changing with
many competitors willing to take the next big step to attract customers with their new service
lines. It is unfortunate that Sprint has fallen behind its major competitors in terms of product
services, efficiency, and competitiveness. To be able to reclaim its market share, Sprint needs to
revamp its quality and efficiency.
Quality is rooted in the way customers are served and products are provided. Efficiency
is rooted in the spending and allocation of resources, which include financial expenditures on
human capital as well as technology investment. Most of Sprints decline is attributed to the
poor product services in a fast-pace environment where people demand fast and effective
services to cater to their fast-pace work and personal lives. Sprint needs to understand its
customers needs and how their products can meet those needs.

Financial analysis of Sprint

16

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17

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Financial analysis of Sprint

18

Retrieved from <http://marketrealist.com/2014/11/why-sprint-keeps-introducing-attractive-plans-createvalue/>