Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, ERP

TDS reports first quarter 2024 results


2024 guidance reaffirmed

CHICAGO, May 3, 2024 /PRNewswire/ --

As previously announced, TDS will hold a teleconference on May 3, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,262 million for the first quarter of 2024, versus $1,303 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $12 million and $0.10, respectively, for the first quarter of 2024 compared to $(9) million and $(0.08), respectively, in the same period one year ago.

1Q 2024 Highlights*

UScellular

TDS Telecom

* Comparisons are 1Q'23 to 1Q'24 unless otherwise noted

"The TDS Family of Companies' ongoing commitment to quality networks supports our mission of providing outstanding communications services to our customers," said LeRoy T. Carlson, Jr., TDS President and CEO. "Our customers are benefiting from the deployments of mid-band spectrum and fiber.

"UScellular continues to balance subscriber growth with financial discipline in this highly competitive environment. Though we lost postpaid customers in the first quarter, UScellular made progress in postpaid churn reduction. Increased postpaid ARPU and ongoing cost optimization programs drove notable improvements in profitability.

"TDS Telecom is seeing strong growth in revenue and profitability primarily as a result of the significant broadband investments made over the past couple of years. With steady fiber service address delivery and successful selling activities, TDS Telecom reached a milestone by exceeding 100,000 residential broadband connections in our expansion markets. TDS Telecom deployed an additional 28,000 marketable fiber service addresses in the first quarter and is on track to reach its goal of delivering 125,000 new marketable service addresses in 2024." 

Exploration of Strategic Alternatives for UScellular

On August 4, 2023, TDS and UScellular announced that the Boards of Directors of both companies decided to initiate a process to explore a range of strategic alternatives for UScellular. The review remains active and on-going.

2024 Estimated Results

TDS' current estimates of full-year 2024 results for UScellular and TDS Telecom are shown below. Such estimates represent management's view as of May 3, 2024 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

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

Unchanged

Adjusted OIBDA1

$310-$340

Unchanged

Adjusted EBITDA1

$310-$340

Unchanged

Capital expenditures

$310-$340

Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2024 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.


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


$40-$70

Add back:




Interest expense

185


?

Depreciation, amortization and accretion expense

660


270

EBITDA (Non-GAAP)1

$905-$1,005


$310-$340

Add back or deduct:




(Gain) loss on asset disposals, net

15


?

Adjusted EBITDA (Non-GAAP)1

$920-$1,020


$310-$340

Deduct:




Equity in earnings of unconsolidated entities

155


?

Interest and dividend income

15


?

Adjusted OIBDA (Non-GAAP)1

$750-$850


$310-$340

 


Actual Results


Three Months Ended

March 31, 2024


Year Ended

December 31, 2023


UScellular


TDS

Telecom


UScellular


TDS

Telecom

(Dollars in millions)








Net income (GAAP)

$             24


$             24


$             58


$         (483)

Add back:








Income tax expense

28


7


53


(26)

Income before income taxes (GAAP)

$             52


$             31


$           111


$         (509)

Add back:








Interest expense

43


(2)


196


(8)

Depreciation, amortization and accretion expense

165


65


656


245

EBITDA (Non-GAAP)1

$           260


$             93


$           963


$         (272)

Add back or deduct:








Expenses related to strategic alternatives review

7


?


8


?

Loss on impairment of goodwill

?


?


?


547

(Gain) loss on asset disposals, net

6


2


17


10

(Gain) loss on license sales and exchanges, net

(1)


?


(2)


?

Adjusted EBITDA (Non-GAAP)1

$           272


$             95


$           986


$           285

Deduct:








Equity in earnings of unconsolidated entities

42


?


158


?

Interest and dividend income

2


1


10


4

Other, net

?


1


?


2

Adjusted OIBDA (Non-GAAP)1

$           228


$             93


$           818


$           279


Numbers may not foot due to rounding.



1

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of UScellular while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for March 31, 2024, can be found on TDS' website at investors.tdsinc.com.



2

2024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

Conference Call Information

TDS will hold a conference call on May 3, 2024 at 9:00 a.m. Central Time.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com. 

About TDS

Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,600 associates as of March 31, 2024.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for TDS or its shareholders and whether the process will have an adverse impact on TDS' businesses; intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; the effect on TDS' business if the collateral securing its secured term loan is foreclosed upon; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.   

For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
UScellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com

 

United States Cellular Corporation

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

3/31/2024


12/31/2023


9/30/2023


6/30/2023


3/31/2023

Retail Connections










Postpaid










Total at end of period1

4,051,000


4,106,000


4,159,000


4,194,000


4,223,000

Gross additions

106,000


129,000


128,000


125,000


137,000

Handsets

63,000


80,000


84,000


83,000


93,000

Connected devices

43,000


49,000


44,000


42,000


44,000

Net additions (losses)1

(44,000)


(50,000)


(35,000)


(28,000)


(24,000)

Handsets

(47,000)


(53,000)


(38,000)


(29,000)


(25,000)

Connected devices

3,000


3,000


3,000


1,000


1,000

ARPU2

$        51.96


$        51.61


$        51.11


$        50.64


$        50.66

ARPA3

$      132.00


$      131.63


$      130.91


$      130.19


$      130.77

Handset upgrade rate4

4.5 %


5.8 %


4.5 %


4.8 %


4.9 %

Churn rate5

1.22 %


1.44 %


1.30 %


1.21 %


1.27 %

Handsets

1.03 %


1.22 %


1.11 %


1.01 %


1.06 %

Connected devices

2.52 %


3.03 %


2.64 %


2.65 %


2.78 %

Prepaid










Total at end of period1

436,000


451,000


462,000


462,000


470,000

Gross additions

41,000


43,000


52,000


50,000


43,000

Net additions (losses)1

(13,000)


(11,000)


?


(8,000)


(23,000)

ARPU2, 6

$        32.25


$        32.32


$        33.44


$        33.86


$        33.19

Churn rate5

4.06 %


3.87 %


3.68 %


4.18 %


4.63 %

Market penetration at end of period










Consolidated operating population

32,550,000


32,350,000


32,350,000


32,350,000


32,350,000

Consolidated operating penetration7

14 %


15 %


15 %


15 %


15 %

Capital expenditures (millions)

$           131


$           148


$           111


$           143


$           208

Total cell sites in service

6,995


7,000


6,973


6,952


6,950

Owned towers

4,382


4,373


4,356


4,341


4,338



1     

First quarter 2024 connections were adjusted to remove subscribers that could no longer access the UScellular network due to the CDMA shutdown. This resulted in 11,000 and 2,000 subscribers removed from the postpaid and prepaid base, respectively, that are not included in Net additions (losses) for the quarter.

2     

Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:


?   Postpaid ARPU consists of total postpaid service revenues and postpaid connections.


?   Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

3     

Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.

4     

Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

5     

Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

6     

Fourth quarter 2023 Prepaid ARPU excludes a $6 million reduction of prepaid revenue related to an adjustment to correct a prior period error recorded in the fourth quarter of 2023.

7     

Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets. 

 

TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

3/31/2024


12/31/2023


9/30/2023


6/30/2023


3/31/2023

Residential connections










Broadband










Incumbent

245,100


244,800


248,800


249,200


247,900

Expansion

100,400


92,200


79,400


70,200


62,800

Cable

202,400


202,900


204,400


204,200


204,700

Total Broadband1

547,900


539,800


532,600


523,600


515,400

Video

128,800


131,500


132,400


132,300


132,600

Voice

279,400


281,600


284,000


288,200


289,200

Total Residential connections

956,100


952,900


949,000


944,100


937,200

Commercial connections

206,200


210,200


217,400


223,300


229,800

Total connections

1,162,200


1,163,100


1,166,400


1,167,400


1,167,000











Residential revenue per connection2

$           64.58


$           62.74


$           62.15


$           61.97


$           60.24











Capital expenditures (millions)

$                 87


$               143


$               172


$               132


$               130


Numbers may not foot due to rounding.



1     

Total residential broadband connections increased by 8,100 during the three months ended March 31, 2024, due primarily to net additions of 6,400 as well as certain other adjustments.

2   

Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)


Three Months Ended

March 31,


2024


2023


2024

vs. 2023

(Dollars and shares in millions, except per share amounts)






Operating revenues






UScellular

$      950


$    986


(4) %

TDS Telecom

266


253


5 %

All Other1

46


64


(29) %


1,262


1,303


(3) %

Operating expenses






UScellular






Expenses excluding depreciation, amortization and accretion

729


780


(7) %

Depreciation, amortization and accretion

165


170


(2) %

(Gain) loss on asset disposals, net

6


10


(43) %

(Gain) loss on license sales and exchanges, net

(1)


?


N/M


899


960


(6) %

TDS Telecom






Expenses excluding depreciation, amortization and accretion

173


185


(6) %

Depreciation, amortization and accretion

65


59


10 %

(Gain) loss on asset disposals, net

2


1


60 %


240


245


(2) %

All Other1






Expenses excluding depreciation and amortization

53


66


(20) %

Depreciation and amortization

4


3


(14) %

(Gain) loss on asset disposals, net

(1)


?


N/M


56


69


(20) %

Total operating expenses

1,195


1,274


(6) %

Operating income (loss)






UScellular

51


26


94 %

TDS Telecom

27


8


N/M

All Other1

(11)


(5)


(83) %


67


29


N/M

Investment and other income (expense)






Equity in earnings of unconsolidated entities

42


44


(3) %

Interest and dividend income

5


5


(4) %

Interest expense

(57)


(53)


(9) %

Other, net

1


?


N/M

Total investment and other income (expense)

(9)


(4)


N/M

Income before income taxes

58


25


N/M

Income tax expense

20


13


49 %

Net income

38


12


N/M

Less: Net income attributable to noncontrolling interests, net of tax

9


4


N/M

Net income attributable to TDS shareholders

29


8


N/M

TDS Preferred Share dividends

17


17


?

Net income (loss) attributable to TDS common shareholders

$        12


$      (9)


N/M







Basic weighted average shares outstanding

113


113


?

Basic earnings (loss) per share attributable to TDS common shareholders

$     0.11


$ (0.08)


N/M







Diluted weighted average shares outstanding

117


113


4 %

Diluted earnings (loss) per share attributable to TDS common shareholders

$     0.10


$ (0.08)


N/M


N/M - Percentage change not meaningful.


Numbers may not foot due to rounding.



1   

Consists of TDS corporate, intercompany eliminations and all other business operations not included in the UScellular and TDS Telecom segments. 

 

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)


Three Months Ended

March 31,


2024


2023

(Dollars in millions)




Cash flows from operating activities




Net income

$                 38


$                 12

Add (deduct) adjustments to reconcile net income to net cash flows from operating activities




Depreciation, amortization and accretion

234


232

Bad debts expense

31


27

Stock-based compensation expense

14


3

Deferred income taxes, net

14


9

Equity in earnings of unconsolidated entities

(42)


(44)

Distributions from unconsolidated entities

22


20

(Gain) loss on asset disposals, net

7


11

(Gain) loss on license sales and exchanges, net

(1)


?

Other operating activities

1


2

Changes in assets and liabilities from operations




Accounts receivable

27


22

Equipment installment plans receivable

2


1

Inventory

24


?

Accounts payable

(35)


(162)

Customer deposits and deferred revenues

6


(9)

Accrued taxes

4


1

Accrued interest

9


9

Other assets and liabilities

(131)


(88)

Net cash provided by operating activities

224


46





Cash flows from investing activities




Cash paid for additions to property, plant and equipment

(235)


(331)

Cash paid for intangible assets

(11)


(5)

Other investing activities

?


2

Net cash used in investing activities

(246)


(334)





Cash flows from financing activities




Issuance of long-term debt

140


316

Repayment of long-term debt

(57)


(5)

Repayment of short-term debt

?


(60)

Tax payments for TDS stock-based compensation awards

(1)


(2)

Repurchase of TDS Common Shares

?


(3)

Dividends paid to TDS shareholders

(39)


(38)

Distributions to noncontrolling interests

(2)


(1)

Cash paid for software license agreements

(9)


(8)

Other financing activities

(2)


(1)

Net cash provided by financing activities

30


198





Net increase (decrease) in cash, cash equivalents and restricted cash

8


(90)





Cash, cash equivalents and restricted cash




Beginning of period

270


399

End of period

$               278


$               309

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


ASSETS






March 31, 2024


December 31, 2023

(Dollars in millions)




Current assets




Cash and cash equivalents

$                                249


$                                236

Accounts receivable, net

1,036


1,074

Inventory, net

184


208

Prepaid expenses

107


86

Income taxes receivable

3


4

Other current assets

49


52

Total current assets

1,628


1,660





Assets held for sale

?


15





Licenses

4,720


4,702





Other intangible assets, net

178


183





Investments in unconsolidated entities

526


505





Property, plant and equipment, net

5,052


5,062





Operating lease right-of-use assets

979


987





Other assets and deferred charges

783


807





Total assets

$                          13,866


$                          13,921

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


LIABILITIES AND EQUITY






March 31, 2024


December 31, 2023

(Dollars in millions, except per share amounts)




Current liabilities




Current portion of long-term debt

$                                  26


$                                  26

Accounts payable

302


360

Customer deposits and deferred revenues

284


277

Accrued interest

21


12

Accrued taxes

44


43

Accrued compensation

59


149

Short-term operating lease liabilities

147


147

Other current liabilities

148


170

Total current liabilities

1,031


1,184





Deferred liabilities and credits




Deferred income tax liability, net

988


975

Long-term operating lease liabilities

883


890

Other deferred liabilities and credits

780


784





Long-term debt, net

4,164


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

2,570


2,558

Preferred Shares, par value $0.01 per share

1,074


1,074

Treasury shares, at cost

(460)


(465)

Accumulated other comprehensive income

11


11

Retained earnings

2,008


2,023

Total TDS shareholders' equity

5,204


5,202





Noncontrolling interests

800


794





Total equity

6,004


5,996





Total liabilities and equity

$                          13,866


$                          13,921

 

Balance Sheet Highlights

(Unaudited)




March 31, 2024




TDS


TDS Corporate


Intercompany


TDS


UScellular


Telecom


& Other


Eliminations


Consolidated

(Dollars in millions)










Cash and cash equivalents

$                  185


$                    38


$                    65


$                  (39)


$                  249











Licenses and other intangible assets

$              4,711


$                  182


$                      5


$                    ?


$              4,898

Investment in unconsolidated entities

482


4


48


(8)


526


$              5,193


$                  186


$                    53


$                    (8)


$              5,424











Property, plant and equipment, net

$              2,540


$              2,429


$                    83


$                    ?


$              5,052











Long-term debt, net:










Current portion

$                    20


$                    ?


$                      6


$                    ?


$                    26

Non-current portion

3,029


3


1,132


?


4,164


$              3,049


$                      3


$              1,138


$                    ?


$              4,190

 

TDS Telecom Highlights

(Unaudited)








Three Months Ended

March 31,


2024


2023


2024

vs. 2023

(Dollars in millions)






Operating revenues






Residential






Incumbent

$         90


$         86


4 %

Expansion

26


15


71 %

Cable

70


68


3 %

Total residential

185


169


10 %

Commercial

37


41


(9) %

Wholesale

44


43


3 %

Total service revenues

266


253


5 %

Equipment revenues

?


?


(35) %

Total operating revenues

266


253


5 %







Cost of services

98


104


(6) %

Cost of equipment and products

?


?


15 %

Selling, general and administrative expenses

75


80


(6) %

Depreciation, amortization and accretion

65


59


10 %

(Gain) loss on asset disposals, net

2


1


60 %

Total operating expenses

240


245


(2) %







Operating income

$         27


$           8


N/M


N/M - Percentage change not meaningful


Numbers may not foot due to rounding.

 

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited)


Free Cash Flow



Three Months Ended

March 31,

TDS - CONSOLIDATED

2024


2023

(Dollars in millions)




Cash flows from operating activities (GAAP)

$                 224


$                   46

Cash paid for additions to property, plant and equipment

(235)


(331)

Cash paid for software license agreements

(9)


(8)

Free cash flow (Non-GAAP)1

$                  (20)


$               (293)

 


Three Months Ended

March 31,

UScellular

2024


2023

(Dollars in millions)




Cash flows from operating activities (GAAP)

$                 203


$                   41

Cash paid for additions to property, plant and equipment

(133)


(196)

Cash paid for software license agreements

(9)


(7)

Free cash flow (Non-GAAP)1

$                   61


$               (162)



1

Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income before income taxes.


Three Months Ended

March 31,

UScellular

2024


2023

(Dollars in millions)




Net income (GAAP)

$                  24


$                 14

Add back:




Income tax expense

28


11

Income before income taxes (GAAP)

52


25

Add back:




Interest expense

43


47

Depreciation, amortization and accretion

165


170

EBITDA (Non-GAAP)

260


242

Add back or deduct:




Expenses related to strategic alternatives review

7


?

(Gain) loss on asset disposals, net

6


10

(Gain) loss on license sales and exchanges, net

(1)


?

Adjusted EBITDA (Non-GAAP)

272


252

Deduct:




Equity in earnings of unconsolidated entities

42


44

Interest and dividend income

2


2

Adjusted OIBDA (Non-GAAP)

$                228


$               206

 


Three Months Ended

March 31,

TDS TELECOM

2024


2023

(Dollars in millions)




Net income (GAAP)

$                 24


$                    8

Add back:




Income tax expense

7


3

Interest expense

(2)


(2)

Depreciation, amortization and accretion

65


59

EBITDA (Non-GAAP)

93


68

Add back or deduct:




(Gain) loss on asset disposals, net

2


1

Adjusted EBITDA (Non-GAAP)

95


69

Deduct:




Interest and dividend income

1


1

Other, net

1


?

Adjusted OIBDA (Non-GAAP)

93


68

Deduct:




Depreciation, amortization and accretion

65


59

(Gain) loss on asset disposals, net

2


1

Operating income (GAAP)

$                 27


$                    8


Numbers may not foot due to rounding.

 

SOURCE Telephone and Data Systems, Inc.


These press releases may also interest you

at 14:45
Eulerity, the industry-leading platform for multi-location marketing, just announced strategic partnerships with several prominent brands. Famous Brands International, the parent company of Mrs. Fields and TCBY, along with HealthSource Chiropractic,...

at 12:09
PackCapture has launched a new order packing recording system designed to enhance accuracy and efficiency in warehouse operations. With real-time recording, comprehensive analytics, and seamless integration with existing systems, PackCapture enables...

at 11:50
...

at 10:13
Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of all purchasers of securities of iLearningEngines, Inc. between April 22, 2024 and August 28, 2024. Shareholders who want to serve as a...

at 08:30
After growing from local startups to thriving community staples, 12...

at 08:00
Media are invited to join the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement, Quebec Lieutenant, and Member of Parliament for Québec, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and...



News published on and distributed by: