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We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review, including our Form 10-K for the year ended December 31, 2009.Turning to slide #3; throughout our call, we will refer to several non-GAAP metrics. Reconciliation of our non-GAAP performance and liquidity measures to the appropriate GAAP measures for the second quarter can be found on the attachments to our earnings release and also at the end of today’s presentation, which are available on our website at www.sprint.com/investors. Next, I would like to cover our EPS results. Basic and diluted loss per common share for the second quarter was $0.25 compared to $0.29 in the first quarter 2010 and $0.13 in the year-ago period. Approximately, $0.10 of the second quarter 2010 loss per share was due to an increase in valuation allowance on deferred tax assets, resulting from net operating loss carry forwards generated during the second quarter. The impact was about $0.12 in the first quarter. Bob will discuss this further in his remarks. I will now turn the call over to Sprint CEO, Dan Hesse. Dan Hesse Thank you, Yijing and good morning and thanks for joining us so early on a summer day, especially those of you who might be on vacation. As you can see from Slide #4, Sprint had a solid second quarter. We grew total wireless subscribers by 111,000 in the quarter, driven by Sprint’s best postpaid churn performance ever, and we’ve been in the wireless business for almost 14 years now. Our efforts to improve the customer experience by being simple to do business with are paying off and like last quarter we can again report sequential stability in revenues, adjusted OIBDA and OIBDA margin and strong free cash flow. As I do on each call, I will organize my comments along the lines of Sprint’s three consistent overarching objectives, improving the customer experience, strengthening the brand, and generating cash flow.
Please go to Slide #5. With respect to the customer experience, I am very pleased to report that we achieved our 10th consecutive quarter of improvement in customer care satisfaction and in first call resolution last quarter.As a result of this 2.5 year company-wide obsession with improving the customer experience, the 2010 American Customer Satisfaction Index, which some of you may know as the comprehensive University of Michigan customer satisfaction study reported that over the past two years, Sprint has not only improved far more than any U.S. wireless carrier, but Sprint’s customer satisfaction has improved more in the past two years than any U.S. company in the survey from any industry. The ACSI is not alone. Recently, I was invited to New York to keynote the Forrester’s Customer Experience Forum 2010 Conference in recognition of Sprint’s significant customer service improvements over the past year. In the Forrester Customer Experience Index, Sprint improved 15 points, while no other U.S. wireless carrier improved more than one point and Sprint’s improvement tied for the greatest improvement achievement of any U.S. company in any industry. Also in the quarter, Sprint received the Gartner 1to1 Media CRM Excellence Award as one of five Gold medal winners. Gartner’s CRM Excellence Award honors outstanding organizations that use customer-focus strategies to improve their business performance. In addition, the J.D. Power Wireless Business Satisfaction survey recognized Sprint recently as the only carrier to see its scores improve in the small/mid-size business category in each of the 2008, 2009 and 2010 surveys. Earlier this year, the Yankee Group recognized Sprint as the number one in voice satisfaction and number one in data satisfaction among large business customers. Please go to Slide #6. Our internal metrics mirror these results. In the quarter, blocked calls on our network achieved an all-time best. In a well-known third-party survey, customers gave Sprint, our highest rating ever in network satisfaction. Read the rest of this transcript for free on seekingalpha.com