08/02/2024 | Press release | Distributed by Public on 08/02/2024 06:01
2024 Estimated Results
|
||
UScellular | Previous | Current |
(Dollars in millions) | ||
Service revenues | $2,950-$3,050 | Unchanged |
Adjusted OIBDA1, 2
|
$750-$850 | Unchanged |
Adjusted EBITDA1, 2
|
$920-$1,020 | Unchanged |
Capital expenditures | $550-$650 | Unchanged |
TDS Telecom | Previous | Current |
(Dollars in millions) | ||
Total operating revenues | $1,070-$1,100 | $1,050-$1,080 |
Adjusted OIBDA1
|
$310-$340 | $330-$360 |
Adjusted EBITDA1
|
$310-$340 | $330-$360 |
Capital expenditures | $310-$340 | Unchanged |
2024 Estimated Results2
|
||
UScellular | TDS Telecom | |
(Dollars in millions) | ||
Net income (GAAP) | N/A | N/A |
Add back: | ||
Income tax expense | N/A | N/A |
Income before income taxes (GAAP) | $60-$160 | $60-$90 |
Add back: | ||
Interest expense | 185 | - |
Depreciation, amortization and accretion expense | 660 | 270 |
EBITDA (Non-GAAP)1
|
$905-$1,005 | $330-$360 |
Add back or deduct: | ||
(Gain) loss on asset disposals, net | 15 | - |
Adjusted EBITDA (Non-GAAP)1
|
$920-$1,020 | $330-$360 |
Deduct: | ||
Equity in earnings of unconsolidated entities | 155 | - |
Interest and dividend income | 15 | - |
Adjusted OIBDA (Non-GAAP)1
|
$750-$850 | $330-$360 |
Actual Results | ||||||||
Six Months Ended June 30, 2024 |
Year Ended December 31, 2023 |
|||||||
UScellular |
TDS Telecom |
UScellular |
TDS
Telecom
|
|||||
(Dollars in millions) | ||||||||
Net income (loss) (GAAP) | $ | 42 | $ | 42 | $ | 58 | $ | (483) |
Add back: | ||||||||
Income tax expense (benefit) | 41 | 10 | 53 | (26) | ||||
Income (loss) before income taxes (GAAP) | $ | 83 | $ | 52 | $ | 111 | $ | (509) |
Add back: | ||||||||
Interest expense | 91 | (2) | 196 | (8) | ||||
Depreciation, amortization and accretion expense | 329 | 131 | 656 | 245 | ||||
EBITDA (Non-GAAP)1
|
$ | 503 | $ | 181 | $ | 963 | $ | (272) |
Add back or deduct: | ||||||||
Expenses related to strategic alternatives review | 21 | - | 8 | - | ||||
Loss on impairment of goodwill | - | - | - | 547 | ||||
(Gain) loss on asset disposals, net | 11 | 6 | 17 | 10 | ||||
(Gain) loss on license sales and exchanges, net | 7 | - | (2) | - | ||||
Adjusted EBITDA (Non-GAAP)1
|
$ | 542 | $ | 187 | $ | 986 | $ | 285 |
Deduct: | ||||||||
Equity in earnings of unconsolidated entities | 80 | - | 158 | - | ||||
Interest and dividend income | 6 | 2 | 10 | 4 | ||||
Other, net | - | 2 | - | 2 | ||||
Adjusted OIBDA (Non-GAAP)1
|
$ | 456 | $ | 183 | $ | 818 | $ | 279 |
UnitedStates Cellular Corporation
|
||||||||||
Summary Operating Data (Unaudited) | ||||||||||
As of or for the Quarter Ended | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||||
Retail Connections | ||||||||||
Postpaid | ||||||||||
Total at end of period1
|
4,027,000 | 4,051,000 | 4,106,000 | 4,159,000 | 4,194,000 | |||||
Gross additions | 117,000 | 106,000 | 129,000 | 128,000 | 125,000 | |||||
Handsets | 73,000 | 63,000 | 80,000 | 84,000 | 83,000 | |||||
Connected devices | 44,000 | 43,000 | 49,000 | 44,000 | 42,000 | |||||
Net additions (losses)1
|
(24,000) | (44,000) | (50,000) | (35,000) | (28,000) | |||||
Handsets | (29,000) | (47,000) | (53,000) | (38,000) | (29,000) | |||||
Connected devices | 5,000 | 3,000 | 3,000 | 3,000 | 1,000 | |||||
ARPU2
|
$ | 51.45 | $ | 51.96 | $ | 51.61 | $ | 51.11 | $ | 50.64 |
ARPA3
|
$ | 130.41 | $ | 132.00 | $ | 131.63 | $ | 130.91 | $ | 130.19 |
Handset upgrade rate4
|
4.1 | % | 4.5 | % | 5.8 | % | 4.5 | % | 4.8 | % |
Churn rate5
|
1.16 | % | 1.22 | % | 1.44 | % | 1.30 | % | 1.21 | % |
Handsets | 0.97 | % | 1.03 | % | 1.22 | % | 1.11 | % | 1.01 | % |
Connected devices | 2.47 | % | 2.52 | % | 3.03 | % | 2.64 | % | 2.65 | % |
Prepaid | ||||||||||
Total at end of period1
|
439,000 | 436,000 | 451,000 | 462,000 | 462,000 | |||||
Gross additions | 50,000 | 41,000 | 43,000 | 52,000 | 50,000 | |||||
Net additions (losses)1
|
3,000 | (13,000) | (11,000) | - | (8,000) | |||||
ARPU2, 6
|
$ | 32.37 | $ | 32.25 | $ | 32.32 | $ | 33.44 | $ | 33.86 |
Churn rate5
|
3.60 | % | 4.06 | % | 3.87 | % | 3.68 | % | 4.18 | % |
Market penetration at end of period | ||||||||||
Consolidated operating population | 32,550,000 | 32,550,000 | 32,350,000 | 32,350,000 | 32,350,000 | |||||
Consolidated operating penetration7
|
15 | % | 14 | % | 15 | % | 15 | % | 15 | % |
Capital expenditures (millions) | $ | 165 | $ | 131 | $ | 148 | $ | 111 | $ | 143 |
Total cell sites in service | 6,990 | 6,995 | 7,000 | 6,973 | 6,952 | |||||
Owned towers | 4,388 | 4,382 | 4,373 | 4,356 | 4,341 |
TDS Telecom | ||||||||||
Summary Operating Data (Unaudited) | ||||||||||
As of or for the Quarter Ended | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||||
Residential connections | ||||||||||
Broadband | ||||||||||
Incumbent | 243,700 | 245,100 | 244,800 | 248,800 | 249,200 | |||||
Expansion | 107,800 | 100,400 | 92,200 | 79,400 | 70,200 | |||||
Cable | 198,500 | 202,400 | 202,900 | 204,400 | 204,200 | |||||
Total Broadband1
|
550,000 | 547,900 | 539,800 | 532,600 | 523,600 | |||||
Video | 124,800 | 128,800 | 131,500 | 132,400 | 132,300 | |||||
Voice | 275,600 | 279,400 | 281,600 | 284,000 | 288,200 | |||||
Total Residential connections | 950,400 | 956,100 | 952,900 | 949,000 | 944,100 | |||||
Commercial connections | 201,500 | 206,200 | 210,200 | 217,400 | 223,300 | |||||
Total connections | 1,152,000 | 1,162,200 | 1,163,100 | 1,166,400 | 1,167,400 | |||||
Residential revenue per connection2
|
$ | 65.26 | $ | 64.58 | $ | 62.74 | $ | 62.15 | $ | 61.97 |
Capital expenditures (millions) | $ | 78 | $ | 87 | $ | 143 | $ | 172 | $ | 132 |
Telephone and Data Systems, Inc. | ||||||||||||
Consolidated Statement of Operations Highlights | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
2024 | 2023 |
2024 vs. 2023 |
2024 | 2023 |
2024 vs. 2023 |
|||||||
(Dollars and shares in millions, except per share amounts) | ||||||||||||
Operating revenues | ||||||||||||
UScellular | $ | 927 | $ | 957 | (3) | % | $ | 1,877 | $ | 1,942 | (3) | % |
TDS Telecom | 267 | 257 | 4 | % | 534 | 510 | 5 | % | ||||
All Other1
|
44 | 53 | (19) | % | 89 | 118 | (24) | % | ||||
1,238 | 1,267 | (2) | % | 2,500 | 2,570 | (3) | % | |||||
Operating expenses | ||||||||||||
UScellular | ||||||||||||
Expenses excluding depreciation, amortization and accretion | 713 | 759 | (6) | % | 1,442 | 1,538 | (6) | % | ||||
Depreciation, amortization and accretion | 165 | 161 | 2 | % | 329 | 330 | - | |||||
(Gain) loss on asset disposals, net | 5 | 3 | 49 | % | 11 | 13 | (19) | % | ||||
(Gain) loss on license sales and exchanges, net | 8 | - | N/M | 7 | - | N/M | ||||||
891 | 923 | (3) | % | 1,789 | 1,881 | (5) | % | |||||
TDS Telecom | ||||||||||||
Expenses excluding depreciation, amortization and accretion | 178 | 189 | (6) | % | 351 | 374 | (6) | % | ||||
Depreciation, amortization and accretion | 67 | 60 | 11 | % | 131 | 119 | 10 | % | ||||
(Gain) loss on asset disposals, net | 4 | 2 | N/M | 6 | 3 | N/M | ||||||
248 | 251 | (1) | % | 488 | 496 | (1) | % | |||||
All Other1
|
||||||||||||
Expenses excluding depreciation and amortization | 58 | 56 | - | 111 | 124 | (11) | % | |||||
Depreciation and amortization | 1 | 4 | (34) | % | 7 | 7 | (24) | % | ||||
(Gain) loss on asset disposals, net | - | - | (95) | % | (1) | - | N/M | |||||
60 | 60 | (2) | % | 117 | 131 | (11) | % | |||||
Total operating expenses | 1,199 | 1,234 | (3) | % | 2,394 | 2,508 | (5) | % | ||||
Operating income (loss) | ||||||||||||
UScellular | 36 | 34 | 6 | % | 88 | 61 | 44 | % | ||||
TDS Telecom | 19 | 7 | N/M | 46 | 15 | N/M | ||||||
All Other1
|
(16) | (8) | N/M | (28) | (14) | N/M | ||||||
39 | 33 | 17 | % | 106 | 62 | 72 | % | |||||
Investment and other income (expense) | ||||||||||||
Equity in earnings of unconsolidated entities | 39 | 38 | 3 | % | 82 | 82 | - | |||||
Interest and dividend income | 7 | 6 | 28 | % | 12 | 11 | 13 | % | ||||
Interest expense | (73) | (62) | (18) | % | (131) | (116) | (14) | % | ||||
Other, net | 1 | - | N/M | 2 | 1 | N/M | ||||||
Total investment and other expense | (26) | (18) | (42) | % | (35) | (22) | (62) | % | ||||
Income before income taxes | 13 | 15 | (13) | % | 71 | 40 | 77 | % | ||||
Income tax expense | 6 | 15 | (57) | % | 26 | 28 | (8) | % | ||||
Net income | 7 | - | N/M | 45 | 12 | N/M | ||||||
Less: Net income attributable to noncontrolling interests, net of tax | 4 | 2 | N/M | 13 | 6 | N/M | ||||||
Net income (loss) attributable to TDS shareholders | 3 | (2) | N/M | 32 | 6 | N/M | ||||||
TDS Preferred Share dividends | 17 | 17 | - | 35 | 35 | - | ||||||
Net income (loss) attributable to TDS common shareholders | $ | (14) | $ | (19) | 24 | % | $ | (3) | $ | (29) | 91 | % |
Basic weighted average shares outstanding | 114 | 113 | 1 | % | 113 | 113 | 1 | % | ||||
Basic earnings (loss) per share attributable to TDS common shareholders | $ | (0.13) | $ | (0.17) | 25 | % | $ | (0.02) | $ | (0.25) | 91 | % |
Diluted weighted average shares outstanding | 114 | 113 | 1 | % | 113 | 113 | 1 | % | ||||
Diluted earnings (loss) per share attributable to TDS common shareholders | $ | (0.13) | $ | (0.17) | 23 | % | $ | (0.03) | $ | (0.25) | 89 | % |
Telephone and Data Systems, Inc. | ||||
Consolidated Statement of Cash Flows | ||||
(Unaudited) | ||||
Six Months Ended June 30, |
||||
2024 | 2023 | |||
(Dollars in millions) | ||||
Cash flows from operating activities | ||||
Net income | $ | 45 | $ | 12 |
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities | ||||
Depreciation, amortization and accretion | 467 | 456 | ||
Bad debts expense | 51 | 53 | ||
Stock-based compensation expense | 29 | 14 | ||
Deferred income taxes, net | 16 | 22 | ||
Equity in earnings of unconsolidated entities | (82) | (82) | ||
Distributions from unconsolidated entities | 80 | 78 | ||
(Gain) loss on asset disposals, net | 16 | 16 | ||
(Gain) loss on license sales and exchanges, net | 7 | - | ||
Other operating activities | 5 | 4 | ||
Changes in assets and liabilities from operations | ||||
Accounts receivable | 6 | 19 | ||
Equipment installment plans receivable | 5 | 7 | ||
Inventory | 54 | 52 | ||
Accounts payable | (14) | (124) | ||
Customer deposits and deferred revenues | 7 | (9) | ||
Accrued taxes | 7 | 56 | ||
Accrued interest | 5 | (1) | ||
Other assets and liabilities | (78) | (59) | ||
Net cash provided by operating activities | 626 | 514 | ||
Cash flows from investing activities | ||||
Cash paid for additions to property, plant and equipment | (451) | (629) | ||
Cash paid for intangible assets | (15) | (8) | ||
Other investing activities | 1 | 8 | ||
Net cash used in investing activities | (465) | (629) | ||
Cash flows from financing activities | ||||
Issuance of long-term debt | 440 | 391 | ||
Repayment of long-term debt | (401) | (209) | ||
Repayment of short-term debt | - | (60) | ||
Tax payments for TDS stock-based compensation awards | (10) | (3) | ||
Tax payments for UScellular stock-based compensation awards | (12) | (6) | ||
Repurchase of TDS Common Shares | - | (6) | ||
Dividends paid to TDS shareholders | (61) | (76) | ||
Payment of debt issuance costs | (16) | - | ||
Distributions to noncontrolling interests | (3) | (2) | ||
Cash paid for software license agreements | (21) | (20) | ||
Other financing activities | (1) | - | ||
Net cash provided by (used in) financing activities | (85) | 9 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 76 | (106) | ||
Cash, cash equivalents and restricted cash | ||||
Beginning of period | 270 | 399 | ||
End of period | $ | 346 | $ | 293 |
Telephone and Data Systems, Inc. | ||||
Consolidated Balance Sheet Highlights | ||||
(Unaudited) | ||||
ASSETS | ||||
June 30, 2024 | December 31, 2023 | |||
(Dollars in millions) | ||||
Current assets | ||||
Cash and cash equivalents | $ | 322 | $ | 236 |
Accounts receivable, net | 1,037 | 1,074 | ||
Inventory, net | 148 | 208 | ||
Prepaid expenses | 88 | 86 | ||
Income taxes receivable | 4 | 4 | ||
Other current assets | 42 | 52 | ||
Total current assets | 1,641 | 1,660 | ||
Assets held for sale | 120 | 15 | ||
Licenses | 4,724 | 4,702 | ||
Other intangible assets, net | 173 | 183 | ||
Investments in unconsolidated entities | 507 | 505 | ||
Property, plant andequipment, net
|
4,988 | 5,062 | ||
Operating lease right-of-use assets | 966 | 987 | ||
Other assets and deferred charges | 753 | 807 | ||
Total assets | $ | 13,872 | $ | 13,921 |
Telephone and Data Systems, Inc. | ||||
Consolidated Balance Sheet Highlights | ||||
(Unaudited) | ||||
LIABILITIES AND EQUITY | ||||
June 30, 2024 | December 31, 2023 | |||
(Dollars in millions, except per share amounts) | ||||
Current liabilities | ||||
Current portion of long-term debt | $ | 29 | $ | 26 |
Accounts payable | 327 | 360 | ||
Customer deposits and deferred revenues | 282 | 277 | ||
Accrued interest | 17 | 12 | ||
Accrued taxes | 43 | 43 | ||
Accrued compensation | 94 | 149 | ||
Short-term operating lease liabilities | 145 | 147 | ||
Other current liabilities | 149 | 170 | ||
Total current liabilities | 1,086 | 1,184 | ||
Liabilities held for sale | 34 | - | ||
Deferred liabilities and credits | ||||
Deferred income tax liability, net | 992 | 975 | ||
Long-term operating lease liabilities | 873 | 890 | ||
Other deferred liabilities and credits | 786 | 784 | ||
Long-term debt, net | 4,103 | 4,080 | ||
Noncontrolling interests with redemption features | 16 | 12 | ||
Equity | ||||
TDS shareholders' equity | ||||
Series A Common and Common Shares, par value $0.01 per share | 1 | 1 | ||
Capital in excess of par value | 2,542 | 2,558 | ||
Preferred Shares, par value $0.01 per share | 1,074 | 1,074 | ||
Treasury shares, at cost | (437) | (465) | ||
Accumulated other comprehensive income | 11 | 11 | ||
Retained earnings | 1,957 | 2,023 | ||
Total TDS shareholders' equity | 5,148 | 5,202 | ||
Noncontrolling interests | 834 | 794 | ||
Total equity | 5,982 | 5,996 | ||
Total liabilities and equity | $ | 13,872 | $ | 13,921 |
Balance Sheet Highlights | ||||||||||
(Unaudited) | ||||||||||
June 30, 2024 | ||||||||||
TDS | TDS Corporate | Intercompany | TDS | |||||||
UScellular | Telecom | & Other | Eliminations | Consolidated | ||||||
(Dollars in millions) | ||||||||||
Cash and cash equivalents | $ | 195 | $ | 58 | $ | 125 | $ | (56) | $ | 322 |
Licenses and other intangible assets | $ | 4,715 | $ | 177 | $ | 5 | $ | - | $ | 4,897 |
Investment in unconsolidated entities | 461 | 4 | 49 | (7) | 507 | |||||
$ | 5,176 | $ | 181 | $ | 54 | $ | (7) | $ | 5,404 | |
Property, plant and equipment, net | $ | 2,540 | $ | 2,429 | $ | 19 | $ | - | $ | 4,988 |
Long-term debt, net: | ||||||||||
Current portion | $ | 20 | $ | - | $ | 9 | $ | - | $ | 29 |
Non-current portion | 2,887 | 3 | 1,213 | - | 4,103 | |||||
$ | 2,907 | $ | 3 | $ | 1,222 | $ | - | $ | 4,132 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
UScellular | 2024 | 2023 |
2024 vs. 2023 |
2024 | 2023 |
2024 vs. 2023 |
||||||
(Dollars in millions) | ||||||||||||
Operating Revenues | ||||||||||||
Wireless | $ | 902 | $ | 932 | (3) | % | $ | 1,826 | $ | 1,892 | (3) | % |
Towers | 58 | 57 | 3 | % | 116 | 113 | 3 | % | ||||
Intra-company eliminations | (33) | (32) | (4) | % | (65) | (63) | (3) | % | ||||
Total operating revenues | 927 | 957 | (3) | % | 1,877 | 1,942 | (3) | % | ||||
Operating expenses | ||||||||||||
Wireless | 885 | 916 | (3) | % | 1,779 | 1,868 | (5) | % | ||||
Towers | 39 | 39 | 1 | % | 75 | 76 | (1) | % | ||||
Intra-company eliminations | (33) | (32) | (4) | % | (65) | (63) | (3) | % | ||||
Total operating expenses | 891 | 923 | (3) | % | 1,789 | 1,881 | (5) | % | ||||
Operating income | $ | 36 | $ | 34 | 6 | % | $ | 88 | $ | 61 | 44 | % |
Adjusted OIBDA (Non-GAAP) | $ | 227 | $ | 198 | 14 | % | $ | 456 | $ | 404 | 13 | % |
Adjusted EBITDA (Non-GAAP) | $ | 268 | $ | 239 | 13 | % | $ | 542 | $ | 491 | 10 | % |
Capital expenditures | $ | 165 | $ | 143 | 15 | % | $ | 295 | $ | 351 | (16) | % |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
UScellular Wireless | 2024 | 2023 |
2024 vs. 2023 |
2024 | 2023 |
2024 vs. 2023 |
||||||
(Dollars in millions) | ||||||||||||
Retail service | $ | 666 | $ | 686 | (3) | % | $ | 1,344 | $ | 1,378 | (2) | % |
Other | 52 | 49 | 7 | % | 102 | 99 | 3 | % | ||||
Service revenues | 718 | 735 | (2) | % | 1,446 | 1,477 | (2) | % | ||||
Equipment sales | 184 | 197 | (6) | % | 380 | 415 | (9) | % | ||||
Total operating revenues | 902 | 932 | (3) | % | 1,826 | 1,892 | (3) | % | ||||
System operations (excluding Depreciation, amortization and accretion reported below) | 194 | 203 | (4) | % | 390 | 398 | (2) | % | ||||
Cost of equipment sold | 211 | 228 | (7) | % | 427 | 480 | (11) | % | ||||
Selling, general and administrative | 313 | 333 | (6) | % | 637 | 670 | (5) | % | ||||
Depreciation, amortization and accretion | 154 | 149 | 3 | % | 308 | 307 | - | |||||
(Gain) loss on asset disposals, net | 5 | 3 | 40 | % | 10 | 13 | (23) | % | ||||
(Gain) loss on license sales and exchanges, net | 8 | - | N/M | 7 | - | N/M | ||||||
Total operating expenses | 885 | 916 | (3) | % | 1,779 | 1,868 | (5) | % | ||||
Operating income | $ | 17 | $ | 16 | 5 | % | $ | 47 | $ | 24 | 97 | % |
Adjusted OIBDA (Non-GAAP) | $ | 196 | $ | 168 | 16 | % | $ | 392 | $ | 344 | 14 | % |
Adjusted EBITDA (Non-GAAP) | $ | 196 | $ | 168 | 16 | % | $ | 392 | $ | 344 | 14 | % |
Capital expenditures | $ | 160 | $ | 140 | 13 | % | $ | 286 | $ | 346 | (17) | % |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
UScellular Towers | 2024 | 2023 |
2024 vs. 2023 |
2024 | 2023 |
2024 vs. 2023 |
||||||
(Dollars in millions) | ||||||||||||
Third-party revenues | $ | 25 | $ | 25 | 1 | % | $ | 51 | $ | 50 | 2 | % |
Intra-company revenues | 33 | 32 | 4 | % | 65 | 63 | 3 | % | ||||
Total tower revenues | 58 | 57 | 3 | % | 116 | 113 | 3 | % | ||||
System operations (excluding Depreciation, amortization and accretion reported below) | 19 | 19 | (1) | % | 37 | 37 | 1 | % | ||||
Selling, general and administrative | 9 | 8 | 8 | % | 16 | 16 | (3) | % | ||||
Depreciation, amortization and accretion | 11 | 12 | (5) | % | 21 | 23 | (5) | % | ||||
(Gain) loss on asset disposals, net | - | - | N/M | 1 | - | N/M | ||||||
Total operating expenses | 39 | 39 | 1 | % | 75 | 76 | (1) | % | ||||
Operating income | $ | 19 | $ | 18 | 7 | % | $ | 41 | $ | 37 | 10 | % |
Adjusted OIBDA (Non-GAAP) | $ | 31 | $ | 30 | 6 | % | $ | 64 | $ | 60 | 7 | % |
Adjusted EBITDA (Non-GAAP) | $ | 31 | $ | 30 | 6 | % | $ | 64 | $ | 60 | 7 | % |
Capital expenditures | $ | 5 | $ | 3 | N/M | $ | 9 | $ | 5 | 89 | % |
TDS Telecom Highlights | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
2024 | 2023 |
2024 vs. 2023 |
2024 | 2023 |
2024 vs. 2023 |
|||||||
(Dollars in millions) | ||||||||||||
Operating revenues | ||||||||||||
Residential | ||||||||||||
Incumbent | $ | 90 | $ | 89 | 1 | % | $ | 180 | $ | 175 | 3 | % |
Expansion | 28 | 18 | 60 | % | 54 | 33 | 65 | % | ||||
Cable | 69 | 68 | 1 | % | 138 | 136 | 2 | % | ||||
Total residential | 186 | 175 | 7 | % | 372 | 344 | 8 | % | ||||
Commercial | 37 | 39 | (6) | % | 74 | 80 | (8) | % | ||||
Wholesale | 44 | 43 | 2 | % | 88 | 86 | 2 | % | ||||
Total service revenues | 267 | 257 | 4 | % | 534 | 510 | 5 | % | ||||
Equipment revenues | - | - | 19 | % | - | - | (12) | % | ||||
Total operating revenues | 267 | 257 | 4 | % | 534 | 510 | 5 | % | ||||
Cost of services | 98 | 108 | (9) | % | 196 | 212 | (8) | % | ||||
Cost of equipment and products | - | - | (28) | % | - | - | (7) | % | ||||
Selling, general and administrative expenses | 80 | 81 | (2) | % | 155 | 162 | (4) | % | ||||
Depreciation, amortization and accretion | 67 | 60 | 11 | % | 131 | 119 | 10 | % | ||||
(Gain) loss on asset disposals, net | 4 | 2 | N/M | 6 | 3 | N/M | ||||||
Total operating expenses | 248 | 251 | (1) | % | 488 | 496 | (1) | % | ||||
Operating income | $ | 19 | $ | 7 | N/M | $ | 46 | $ | 15 | N/M |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||
TDS - CONSOLIDATED | 2024 | 2023 | 2024 | 2023 | ||||
(Dollars in millions) | ||||||||
Cash flows from operating activities (GAAP) | $ | 403 | $ | 469 | $ | 626 | $ | 514 |
Cash paid for additions to property, plant and equipment | (216) | (298) | (451) | (629) | ||||
Cash paid for software license agreements | (11) | (12) | (21) | (20) | ||||
Free cash flow (Non-GAAP)1
|
$ | 176 | $ | 159 | $ | 154 | $ | (135) |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||
UScellular | 2024 | 2023 | 2024 | 2023 | ||||
(Dollars in millions) | ||||||||
Cash flows from operating activities (GAAP) | $ | 313 | $ | 349 | $ | 516 | $ | 390 |
Cash paid for additions to property, plant and equipment | (137) | (155) | (270) | (351) | ||||
Cash paid for software license agreements | (11) | (12) | (20) | (19) | ||||
Free cash flow (Non-GAAP)1
|
$ | 165 | $ | 182 | $ | 226 | $ | 20 |
Three Months Ended June 30, |
||||
TDS - CONSOLIDATED | 2024 | 2023 | ||
(Dollars in millions) | ||||
Net income (GAAP) | $ | 7 | $ | - |
Add back: | ||||
Income tax expense | 6 | 15 | ||
Income before income taxes (GAAP) | 13 | 15 | ||
Add back: | ||||
Interest expense | 73 | 62 | ||
Depreciation, amortization and accretion | 233 | 225 | ||
EBITDA (Non-GAAP) | 319 | 302 | ||
Add back or deduct: | ||||
Expenses related to strategic alternatives review | 21 | - | ||
(Gain) loss on asset disposals, net | 9 | 5 | ||
(Gain) loss on license sales and exchanges, net | 8 | - | ||
Adjusted EBITDA (Non-GAAP) | 357 | 307 | ||
Deduct: | ||||
Equity in earnings of unconsolidated entities | 39 | 38 | ||
Interest and dividend income | 7 | 6 | ||
Other, net | 1 | - | ||
Adjusted OIBDA (Non-GAAP) | $ | 310 | $ | 263 |
Three Months Ended June 30, |
||||
UScellular | 2024 | 2023 | ||
(Dollars in millions) | ||||
Net income (GAAP) | $ | 18 | $ | 5 |
Add back: | ||||
Income tax expense | 14 | 19 | ||
Income before income taxes (GAAP) | 32 | 24 | ||
Add back: | ||||
Interest expense | 45 | 51 | ||
Depreciation, amortization and accretion | 165 | 161 | ||
EBITDA (Non-GAAP) | 242 | 236 | ||
Add back or deduct: | ||||
Expenses related to strategic alternatives review | 13 | - | ||
(Gain) loss on asset disposals, net | 5 | 3 | ||
(Gain) loss on license sales and exchanges, net | 8 | - | ||
Adjusted EBITDA (Non-GAAP) | 268 | 239 | ||
Deduct: | ||||
Equity in earnings of unconsolidated entities | 38 | 38 | ||
Interest and dividend income | 3 | 3 | ||
Adjusted OIBDA (Non-GAAP) | $ | 227 | $ | 198 |
Three Months Ended June 30, |
||||
UScellular Wireless | 2024 | 2023 | ||
(Dollars in millions) | ||||
EBITDA (Non-GAAP) | $ | 171 | $ | 165 |
Add back or deduct: | ||||
Expenses related to strategic alternatives review | 12 | - | ||
(Gain) loss on asset disposals, net | 5 | 3 | ||
(Gain) loss on license sales and exchanges, net | 8 | - | ||
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) | 196 | 168 | ||
Deduct: | ||||
Depreciation, amortization and accretion | 154 | 149 | ||
Expenses related to strategic alternatives review | 12 | - | ||
(Gain) loss on asset disposals, net | 5 | 3 | ||
(Gain) loss on license sales and exchanges, net | 8 | - | ||
Operating income (GAAP) | $ | 17 | $ | 16 |
Three Months Ended June 30, |
||||
UScellular Towers | 2024 | 2023 | ||
(Dollars in millions) | ||||
EBITDA (Non-GAAP) | $ | 30 | $ | 30 |
Add back or deduct: | ||||
Expenses related to strategic alternatives review | 1 | - | ||
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) | 31 | 30 | ||
Deduct: | ||||
Depreciation, amortization and accretion | 11 | 12 | ||
Expenses related to strategic alternatives review | 1 | - | ||
Operating income (GAAP) | $ | 19 | $ | 18 |
Three Months Ended June 30, |
||||
TDS TELECOM
|
2024 | 2023 | ||
(Dollars in millions)
|
||||
Net income (GAAP)
|
$ | 18 | $ | 7 |
Add back: | ||||
Income tax expense | 3 | 3 | ||
Income before income taxes (GAAP) | 21 | 10 | ||
Add back: | ||||
Interest expense | - | (2) | ||
Depreciation, amortization and accretion | 67 | 60 | ||
EBITDA (Non-GAAP) | 88 | 68 | ||
Add back or deduct: | ||||
(Gain) loss on asset disposals, net | 4 | 2 | ||
Adjusted EBITDA (Non-GAAP) | 91 | 70 | ||
Deduct: | ||||
Interest and dividend income | 1 | 1 | ||
Other, net | 1 | - | ||
Adjusted OIBDA (Non-GAAP) | $ | 89 | $ | 68 |