In addition to stellar pre-order figures, it seems Sprint may have another leg up on some of its competitors thanks to the setup of its iPhone 7 promotion.

According to a weekend research note from Wells Fargo Senior Analyst Jennifer Fritzsche, while many have worried about the implications of a de facto return to subsidies via aggressive iPhone giveaway deals, Sprint might just be doing better than its competitors.

“Sprint – through its leasing initiative – maybe isn’t losing as much money as many think…if any at all,” Fritzsche wrote. “In fact, we can make a case that S’s total recoverable amount for this device is $400 (at the low-end) to breakeven/profitable at the high-end.”

Fritzsche said this conclusion stems from two main factors at play in Sprint’s iPhone 7 offer, namely its relationship with Softbank-owned used device distributor Brightstar and its decision to offer the iPhone on a lease rather than an equipment installment plan.

First, through its relationship with Brightstar, Fritzsche said Sprint should be able to maximize the value of traded-in iPhone 6 and 6s devices in a way the other carriers might not be able to. Sprint has estimated the value of an iPhone 6 at $200 and an iPhone 6s at $400, Fritzsche noted.

Second, and perhaps more importantly, is Sprint’s decision to spring for lease deals with the iPhone 7 rather than requiring EIP contracts like the other carriers. While Fritzsche acknowledged Sprint, too, will lose the $26 per month in equipment revenue, she said the carrier will be able to recoup some of the device cost when users return the device at the end of their lease term.

“Therefore, assuming a value of $200 – $400 at the front end and $200 at the back end of the lease – allows Sprint’s total capture value to be in the $400 – $600 range,” Fritzsche concluded. “While we acknowledge there is a time value of money factor that must be considered, the key difference / advantage for Sprint is the last delta ($200 at the end of the lease or turn in of the phone) is unrecoverable for other carriers.”

It seems Sprint’s offer has a bit more legs, too.

AT&T and T-Mobile recently ended their iPhone 7 promotions, leaving Sprint and Verizon as the last offers standing.