Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+2.73%
$33.39
100% positive prob.
5-Day Prediction
+10.61%
$35.95
100% positive prob.
20-Day Prediction
+15.97%
$37.69
95% positive prob.
SEC 8-K filings with transcript text
Aug 7, 2026 · 100% conf.
1D
+2.73%
$33.39
Act: +3.69%
5D
+10.61%
$35.95
20D
+15.97%
$37.69
2 tdsq220268kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports second quarter 2026 results
TDS Telecom and Array both update guidance for 2026
CHICAGO (August 7, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported second quarter 2026 operating results.
“I am pleased with the progress our teams continue to make in executing our strategic objectives,” said Walter Carlson, TDS President and CEO. “During the quarter, TDS Telecom expanded its marketable fiber service footprint by approximately 66,000 addresses and increased its fiber service address guidance for the year. Array delivered another quarter of sequential tower tenancy growth, highlighting the value of our assets. In addition, Array completed the previously announced spectrum sale to Verizon, now having completed transactions to monetize virtually all of its spectrum outside of the C-Band.”
Highlights*
TDS Telecom
•Executing on fiber broadband strategy
◦Delivered approximately 66,000 marketable fiber service addresses
◦Grew fiber connections —15,100 residential fiber net additions
•Service revenue down 6%
◦Residential fiber revenue growth of 13% more than offset by impacts of divestitures and continued legacy declines
•Updated 2026 Guidance
◦Current service address delivery momentum drives increase in 2026 guidance to 250,000 - 300,000 marketable fiber service addresses, increased capital expenditure guidance to $625 million - $675 million
◦Updated 2026 Financial guidance
▪Revenues of $1,000 million to $1,025 million
▪Adjusted EBITDA of $310 million to $330 million
▪Adjusted OIBDA of $300 million to $320 million
Array
•Optimizing tower operations
◦Site rental revenues grew 95% year over year
◦Delivered consecutive quarter over quarter tower tenancy growth
•Continuing to close pending sales of wireless spectrum
◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026
◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026
◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026
◦Issued special dividend of $11 per common share on June 25, 2026
•Updated 2026 Guidance
◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue
◦Increased Adjusted EBITDA range to $220 million - $235 million
◦Capital expenditures range remains unchanged at $25 million - $35 million
*Comparisons are 2Q’25 to 2Q’26 unless otherwise noted
1
TDS reported total operating revenues from continuing operations of $309.3 million for the second quarter of 2026, versus $298.5 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and diluted earnings (loss) per share from continuing operations were $260.6 million and $2.24, respectively, for the second quarter of 2026 compared to $(6.0) million and $(0.05), respectively, in the same period one year ago.
Recent Development
On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.
2026 Estimated Results
TDS’ current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management’s view as of August 7, 2026 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.
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,015-$1,055$1,000-$1,025
Adjusted OIBDA1 (Non-GAAP) $300-$340$300-$320
Adjusted EBITDA1 (Non-GAAP) $310-$350$310-$330
Capital expenditures$550-$600$625-$675
ArrayPreviousCurrent
(Dollars in millions)
Total operating revenues$200-$215$205-$215
Adjusted OIBDA1 (Non-GAAP) $50-$65$60-$75
Adjusted EBITDA1 (Non-GAAP) $200-$215$220-$235
Capital expenditures$25-$35Unchanged
2
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income (loss) before income taxes. In providing 2026 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially signif
May 8, 2026
2 tdsq120268kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on May 8, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports first quarter 2026 results
TDS Telecom and Array both reaffirm guidance for 2026
CHICAGO (May 8, 2026) — Telephone and Data Systems, Inc. (NYSE: TDS) reported first quarter 2026 operating results.
“TDS Telecom and Array entered 2026 with momentum,” said Walter Carlson, TDS President and CEO. “Both business units are making meaningful progress toward their strategic objectives. During the quarter, TDS Telecom expanded its marketable fiber service footprint to 1.1 million addresses, while Array continued to optimize its operations and secure healthy application volume.”
“As part of our fiber growth strategy, we recently announced the acquisition of Granite State Communications in New Hampshire," continued Carlson. "Located adjacent to our existing operations, Granite State further expands our fiber footprint, adding approximately 11,000 additional fiber service addresses.”
Highlights*
TDS Telecom
•Executing on fiber broadband strategy
◦Delivered 40,000 marketable fiber services addresses in Q1 2026
◦Grew fiber connections —10,900 residential fiber net additions
◦TDS Telecom revenues down 3%, reduced by $6 million due to divestitures of non-strategic assets
•Expanding fiber footprint
◦Entered into agreement to acquire Granite State Communications in New Hampshire — 11,000 fiber service addresses; transaction expected to close in the third quarter of 2026
Array
•Optimizing tower operations
◦Site rental revenues grew 92% year over year
◦Excluding the impact of DISH, continuing to grow tower tenancy and secure healthy application volume
•Continuing to close pending sales of wireless spectrum
◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026
*Comparisons are 1Q’25 to 1Q’26 unless otherwise noted.
TDS reported total operating revenues from continuing operations of $309.5 million for the first quarter of 2026, versus $290.4 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and diluted earnings (loss) per share from continuing operations were $129.3 million and $1.11, respectively, for the first quarter of 2026 compared to $(23.2) million and $(0.20), respectively, in the same period one year ago.
On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses for $1,018.0 million and TDS recorded a book gain of $150.9 million ($114.7 million net of tax expense) during the first quarter of 2026.
Recent Development
On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.
1
2026 Estimated Results
TDS’ current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management’s view as of May 8, 2026 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.
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,015-$1,055Unchanged
Adjusted OIBDA1 (Non-GAAP) $300-$340Unchanged
Adjusted EBITDA1 (Non-GAAP) $310-$350Unchanged
Capital expenditures$550-$600Unchanged
ArrayPreviousCurrent
(Dollars in millions)
Total operating revenues$200-$215Unchanged
Adjusted OIBDA1 (Non-GAAP) $50-$65Unchanged
Adjusted EBITDA1 (Non-GAAP) $200-$215Unchanged
Capital expenditures$25-$35Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2026 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.
2026 Estimated Results
TDS TelecomArray
(Dollars in millions)
Net income from continuing operations (GAAP)N/AN/A
Add back:
Income tax expenseN/AN/A
Income (loss) before income taxes (GAAP)($15)-$25$770-$785
Add back:
Interest expense— 45
Depreciation, amortization and accretion expense325 50
EBITDA (Non-GAAP)1
Feb 20, 2026
2 tdsq420258-kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports fourth quarter and full year 2025 results
TDS Telecom increases its long-term marketable fiber service goal to 2.1 million addresses
TDS Telecom and Array provide 2026 guidance
CHICAGO (February 20, 2026) — Telephone and Data Systems, Inc. (NYSE:TDS) reported results for the fourth quarter and full year 2025.
“2025 was a year of significant transformation for TDS,” said Walter Carlson, President and CEO. “We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, and ended the year with 1.06 million marketable fiber service addresses at TDS Telecom. These actions strengthened our balance sheet and positioned the company for sustainable growth."
Highlights
TDS
•Repurchased 1,765,863 Common Shares for $67.4 million in the fourth quarter of 2025
•Repaid $150 million of Export Development Canada debt in January 2026
TDS Telecom
•Executed on fiber broadband strategy
◦Grew fiber net additions 44,900 in 2025
◦Deployed 140,000 new marketable fiber service addresses in 2025
•Increased long-term marketable fiber service address goal to 2.1 million, an increase of 300,000 addresses
Array
•Grew site rental revenues 51% year over year
•Closed on the sale of wireless spectrum with AT&T on January 13, 2026, for $1.018 billion
•Paid a $10.25 per share special dividend on February 2, 2026
TDS reported total operating revenues from continuing operations of $330.7 million for the fourth quarter of 2025, versus $295.3 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share from continuing operations were $37.2 million and $0.32, respectively, for the fourth quarter of 2025 compared to $1.0 million and $0.01, respectively, in the same period one year ago.
TDS reported total operating revenues from continuing operations of $1,228.2 million and $1,297.0 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $48.2 million and $0.39, respectively, for the year ended 2025 compared to $(141.4) million and $(1.24), respectively, for the year ended 2024.
“In 2026, we intend to continue to advance our strategic priorities by investing in the expansion of TDS Telecom’s fiber business and supporting co‑location and profitability initiatives at Array. We also expect to close our pending spectrum transactions and pursue opportunities to further monetize our remaining spectrum,” Carlson added.
1
2026 Estimated Results
TDS’ current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management’s view as of February 20, 2026 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.
TDS Telecom2026 Estimated ResultsActual Results for the Year Ended December 31, 2025*
(Dollars in millions)
Total operating revenues$1,015-$1,055$1,038
Adjusted OIBDA1 (Non-GAAP) $300-$340$319
Adjusted EBITDA1 (Non-GAAP) $310-$350$330
Capital expenditures$550-$600$406
* The 2025 divestitures at TDS Telecom impact year-over-year comparisons. The divested markets contributed $19M in annual revenues in 2025.
Array2026 Estimated ResultsActual Results for the Year Ended December 31, 2025
(Dollars in millions)
Total operating revenues $200-$215 $163
Adjusted OIBDA1 (Non-GAAP) $50-$65 $1
Adjusted EBITDA1 (Non-GAAP) $200-$215 $194
Capital expenditures $25-$35 $30
2
The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2026 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.
TDS TelecomArray
2026 Estimated Results Actual Results for
the Year Ended
December 31, 2025 2026 Estimated Results Actual Results for
the Year Ended
December 31, 2025
(Dollars in millions)
Net income from continuing operations (GAAP)N/A$28 N/A$172
Add back:
Income tax expense (benefit)N/A10 N/A(31)
Income (loss) before income taxes (GAAP)($15)-$25$38 $780-$795$141
Add back or deduct:
Interest expense— (7)4528
Depreciation, amortization and accretion325300 5048
EBITDA (Non-
Nov 7, 2025
2 tdsq320258kex991.htm
Document
As previously announced, TDS will hold a teleconference on November 7, 2025, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports third quarter 2025 results
Announces new $500 million share repurchase authorization
CHICAGO (November 7, 2025) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues from continuing operations of $308.5 million for the third quarter of 2025, versus $327.5 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $40.2 million and $0.33, respectively, for the third quarter of 2025 compared to $(100.4) million and $(0.88), respectively, in the same period one year ago.
Recent Highlights*
TDS
•Repurchased over one million TDS Common Shares during the third quarter
•Board approved new $500 million share repurchase program, additive to current authorization balance
TDS Telecom
•Executing on fiber broadband strategy
◦Delivered 42,000 marketable fiber services addresses in Q3 2025
◦Grew fiber connections —11,200 residential fiber net additions
◦TDS Telecom revenues down 3%, impacted by $6 million due to divestitures of non-strategic assets
Array
•Closed on the sale of wireless operations and select spectrum assets to T-Mobile on August 1, 2025
•Paid a $23 per share special dividend on August 19, 2025
•Commenced T-Mobile MLA on August 1, 2025, helping to drive a 68% increase in Site rental revenues, excluding non-cash amortization
•Entered into additional spectrum sales expected to result in aggregate proceeds of $178 million
•Announced appointment of Anthony Carlson as President and CEO effective November 16, 2025
*Comparisons are 3Q’24 to 3Q’25 unless otherwise noted. Note that in September 2024, TDS sold its Hosted and Managed Services (HMS) operations. This 2024 transaction affects year-over-year revenue comparisons at the consolidated level. HMS operating revenues were $34 million in Q3 2024.
“With a strong portfolio and increased financial flexibility, we see tremendous opportunities ahead for the TDS enterprise,” said Walter Carlson, TDS President and CEO. “We crossed the 1 million fiber passings milestone at TDS Telecom in the quarter and are continuing to execute on our robust fiber strategy through ongoing fiber expansion and E-ACAM programs.
“Now that we have Array established as a standalone tower company, we are ready to announce its next step in leadership, selecting Anthony Carlson to be Array’s President and CEO. Anthony’s substantial and increasing responsibilities at UScellular and TDS Telecom over the past six years provide him with the right foundation to lead Array’s growing tower business and provide strategic vision to its operations.
“We are extremely grateful to Doug Chambers for his nearly two decades of contributions, most recently overseeing the successful launch of Array as a new tower business. We wish Doug great success in his new endeavors.
“Further, the TDS Board adopted a $500 million share repurchase program as part of our overall capital allocation plan. The timing will be determined at the Company’s discretion and dependent upon successful closings of the announced spectrum transactions. This authorization reflects the Board’s confidence in the Company’s long-term strategy and demonstrates our balanced approach to capital allocation.”
1
2025 Estimated Results
TDS’ current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management’s view as of November 7, 2025 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.
2025 Estimated Results
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,030-$1,050Unchanged
Adjusted OIBDA1 (Non-GAAP) $310-$340Unchanged
Adjusted EBITDA1 (Non-GAAP) $320-$350Unchanged
Capital expenditures$375-$425Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 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.
2025 Estimated ResultsActual Results
TDS TelecomNine Months Ended September 30, 2025Year Ended December 31, 2024
(Estimated Results in millions; Actual Results in thousands)
Net income (GAAP)N/A$19,329 $84,901
Add back:
Income tax expenseN/A561 35,040
Income before
Aug 11, 2025
2 tdsq220258kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on August 11, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports second quarter 2025 results
CHICAGO (August 11, 2025) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,186 million for the second quarter of 2025, versus $1,238 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(5) million and $(0.05), respectively, for the second quarter of 2025 compared to $(14) million and $(0.13), respectively, in the same period one year ago.
Recent Highlights*
Array
•On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.SM (ArraySM)
•On August 1, 2025, Array completed the sale of its wireless operations and select spectrum assets to T-Mobile for total consideration of $4.3 billion which includes a combination of cash and assumed debt
•Array declared a $23.00 per share special dividend payable to its shareholders on August 19, 2025
•Third-party tower revenues increased 12%
•Pending AT&T and Verizon spectrum transactions are expected to close in 2H 2025 and Q3 2026, respectively, subject to receipt of regulatory approvals and satisfaction of closing conditions
TDS Telecom
•Ken Dixon joined the organization as TDS Telecom President and CEO
•Executing on fiber broadband strategy
◦Delivered 27,000 marketable fiber services addresses in Q2 2025
◦Added 3,900 residential broadband net additions; Grew fiber connections —10,300 residential broadband net adds from fiber markets
•TDS Telecom revenues down 1%, impacted by divestitures of non-strategic assets
*Comparisons are 2Q’24 to 2Q’25 unless otherwise noted. Note that in September 2024, TDS sold its Hosted and Managed Services (HMS) operations. This 2024 transaction affects year-over-year revenue comparisons at the consolidated level. HMS operating revenues were $38 million in Q2 2024.
“TDS has made significant progress on its strategic priorities,” said Walter Carlson, TDS President and CEO. “With the successful completion of the T-Mobile transaction, we delivered a key milestone in the company’s transformation, and positioned the continuing tower business for growth and value creation. Additionally, we are delighted that Ken Dixon, CEO of TDS Telecom, has joined the organization at a pivotal time for our fiber business. With a growing fiber network and strengthened tower operations, I see tremendous opportunities ahead for the TDS enterprise.”
1
2025 Estimated Results
TDS’ current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management’s view as of August 11, 2025 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.
Array is not providing 2025 financial guidance.
2025 Estimated Results
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,030-$1,070$1,030-$1,050
Adjusted OIBDA1 (Non-GAAP) $310-$350$310-$340
Adjusted EBITDA1 (Non-GAAP) $320-$360$320-$350
Capital expenditures$375-$425Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 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.
2025 Estimated ResultsActual Results
TDS TelecomSix Months Ended June 30, 2025Year Ended December 31, 2024
(Dollars in millions)
Net income (GAAP)N/A$20 $85
Add back:
Income tax expenseN/A3 35
Income before income taxes (GAAP)$20-$50$23 $120
Add back:
Interest expense— (2)(5)
Depreciation, amortization and accretion expense300 145 271
EBITDA (Non-GAAP)1 $320-$350$165 $385
Add back or deduct:
Loss on impairment of intangible assets— — 1
(Gain) loss on asset disposals, net— 8 12
(Gain) loss on sale of business and other exit costs, net— (8)(49)
Adjusted EBITDA (Non-GAAP)1 $320-$350$165 $350
Deduct:
Interest and dividend income5 3 5
Other, net5 4 4
Adjusted OIBDA (Non-GAAP)1 $310-$340$158 $340
Numbers may not foot due to rounding.
1EBITDA, 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 S
May 2, 2025
2 tdsq120258kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on May 2, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports first quarter 2025 results
CHICAGO (May 2, 2025) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,154 million for the first quarter of 2025, versus $1,262 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(10) million and $(0.09), respectively, for the first quarter of 2025 compared to $12 million and $0.10, respectively, in the same period one year ago.
Recent Highlights*
UScellular
•Improved postpaid handset results
◦Postpaid handset gross additions increased; postpaid handset net losses improved
•Third-party tower rental revenues increased 6%
•Ongoing 5G mid-band network deployment
◦Providing capacity and enhanced speed for our mobility and fixed wireless customers
TDS Telecom
•TDS Telecom revenues down 3%, impacted by 2024 divestitures of non-strategic assets
•Executing on fiber broadband strategy
◦Delivered 14,000 marketable fiber services addresses in Q1
◦Added 2,800 residential broadband net additions; 8,300 from fiber markets
* Comparisons are 1Q’24 to 1Q’25 unless otherwise noted
“As we work towards the expected mid-2025 closing of the sale of the wireless operations, the remaining businesses – fiber and towers – are making foundational changes that will support TDS’ transformation,” said Walter Carlson, TDS President and CEO. "In the first quarter, TDS and TDS Telecom results were impacted from the prior year divestitures of non-strategic assets, including the sale of One Neck and certain ILECs. TDS Telecom is continuing its fiber deployment adding 14,000 marketable fiber service addresses in the quarter while also investing in programs to streamline operations, enhance the customer experience and improve margins over time. And the tower business is continuing to grow the number of colocations and revenues, with third-party tower revenues increasing 6% in the quarter.”
Announced Transactions and Exploration of Strategic Alternatives for UScellular
On May 24, 2024, TDS and UScellular entered into a Securities Purchase Agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile). The transaction is expected to close in mid-2025, subject to regulatory approval and the satisfaction of customary closing conditions. When the proposed T-Mobile transaction closes, UScellular expects the UScellular Board of Directors to declare the first of potentially several, special dividends to UScellular shareholders.
On October 17, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. Additionally, UScellular also entered into agreements with Nsight Spectrum, LLC and Nex-Tech Wireless, LLC for the sale of select spectrum licenses.
On November 6, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T, Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.
Due to the pending transaction with T-Mobile, UScellular is not providing 2025 financial guidance.
1
2025 Estimated Results
TDS’ current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management’s view as of May 2, 2025 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.
2025 Estimated Results
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,030-$1,070Unchanged
Adjusted OIBDA1 (Non-GAAP) $310-$350Unchanged
Adjusted EBITDA1 (Non-GAAP) $320-$360Unchanged
Capital expenditures$375-$425Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 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
Feb 21, 2025
2 tdsq420248-kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on February 21, 2025 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports fourth quarter and full year 2024 results
Investing in our networks; TDS Telecom provides 2025 guidance
CHICAGO (February 21, 2025) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,240 million for the fourth quarter of 2024, versus $1,313 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(11) million and $(0.10), respectively, for the fourth quarter of 2024 compared to $(523) million and $(4.64), respectively, in the same period one year ago.
Net income (loss) attributable to TDS common shareholders excluding a fourth quarter 2023 TDS Telecom non-cash charge related to goodwill impairment (Non-GAAP) of $547 million ($511 million, net of tax) and related diluted earnings (loss) per share excluding a fourth quarter 2023 TDS Telecom non-cash charge related to goodwill impairment (Non-GAAP) were $(12) million and $(0.11), respectively, for the fourth quarter of 2023.
TDS reported total operating revenues of $4,964 million and $5,160 million for the years ended 2024 and 2023, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(97) million and $(0.85), respectively, for the year ended 2024 compared to $(569) million and $(5.06), respectively, for the year ended 2023. Net income attributable to TDS common shareholders excluding 2024 impairment losses (non-GAAP) of $137 million ($103 million, net of tax) and related diluted earnings (loss) per share excluding 2024 impairment losses (non-GAAP) were $(12) million and $(0.11), respectively, for the year ended 2024. Substantially all of the UScellular impairment loss was related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37GHz and 38 GHz frequency bands.
Net income (loss) attributable to TDS common shareholders excluding a fourth quarter 2023 TDS Telecom non-cash charge related to goodwill impairment (Non-GAAP) of $547 million ($511 million, net of tax) and related diluted earnings (loss) per share excluding a fourth quarter 2023 TDS Telecom non-cash charge related to goodwill impairment (Non-GAAP) were $(58) million and $(0.53), respectively, for the year ended 2023.
Full year 2024 Highlights*
UScellular
•Announced multiple transactions related to the strategic alternatives review
◦Transaction with T-Mobile and four spectrum transactions with various mobile network operators
•Improved wireless operating results
◦Postpaid and prepaid net losses improved
◦Postpaid and prepaid churn improved
◦Fixed wireless customers grew 27%
•Cash flows from operating activities and free cash flow up year over year
•Ongoing 5G mid-band network deployment — providing additional capacity and faster speeds for our customers
TDS Telecom
•Exceeded full year 2024 fiber address goal
◦Delivered 129,000 marketable fiber service addresses
•Executing on fiber broadband strategy
◦Expanded footprint 6% — increased total service addresses to 1.8 million
◦Residential broadband connections grew 2% and Residential revenue per connection grew 5%
◦Total Wireline expansion residential revenues grew to $114 million, up from $75 million
*Comparisons are Year Ended December 31, 2024 to Year Ended December 31, 2023
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“During 2024, we made significant progress on the strategic review of alternatives at UScellular,” said Walter C. D. Carlson, TDS President and CEO. “And as part of our mission to provide outstanding communication services to our customers, both business units invested in their high-quality networks. UScellular continued to deploy its mid-band spectrum to enhance speed and capacity while TDS Telecom grew its footprint and delivered 129,000 new marketable fiber service addresses.
“In 2025, TDS Telecom will continue its ongoing fiber expansion and the FCC’s Enhanced Alternative Connect America Cost Model program and intends to bring a fiber-rich network to over 150,000 new marketable service addresses throughout the country. And while UScellular works toward a successful close on the sale of its wireless operations and spectrum transactions, UScellular remains focused on its operational priorities and growing its tower business.”
Announced Transactions
On May 24, 2024, TDS and UScellular entered into a Securities Purchase Agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile). The transaction is expected to close in mid-2025, subject to regulatory approval and the satisfaction of customary closing conditions.
On October 17, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License P
Nov 1, 2024
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Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on November 1, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports third quarter 2024 results
CHICAGO (November 1, 2024) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,224 million for the third quarter of 2024, versus $1,278 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(83) million and $(0.73), respectively, for the third quarter of 2024 compared to $(17) million and $(0.16), respectively, in the same period one year ago.
Net income attributable to TDS common shareholders excluding a UScellular wireless spectrum license impairment (non-GAAP) of $136 million ($102 million, net of tax) and related diluted earnings per share excluding a UScellular wireless spectrum license impairment (non-GAAP) were $2 million and $0.01, respectively, for the third quarter of 2024. The impairment loss was substantially all related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands.
Recent Highlights*
UScellular
•Announced sale of select spectrum assets for $1 billion to Verizon in October 2024, and the sale of additional spectrum to two other mobile network operators
•Improved wireless operating results
◦Postpaid handset net losses improved
◦Postpaid ARPU grew 2%; service revenues decreased 2%
◦Prepaid net additions up
◦Both postpaid and prepaid churn improved
•Fixed wireless customers grew 32% to 140,000
TDS Telecom
•Reached a milestone of 50% of service addresses now served with fiber
◦Grew total year-over-year service address footprint 9%
◦Delivered 32,000 marketable fiber services addresses in Q3; 87,000 YTD
•Operating revenues grew 2%; residential revenue growth of 5%
◦Residential broadband connections grew 4% due to broadband investments
◦Strong net income and Adjusted EBITDA growth
◦Good expense discipline
* Comparisons are 3Q’23 to 3Q’24 unless otherwise noted
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“We continue to strategically optimize our portfolio in order to focus our resources appropriately throughout the enterprise,” said LeRoy T. Carlson, Jr., TDS President and CEO. “In the third quarter, TDS completed the sale of its OneNeck operations. In addition, TDS Telecom has entered into agreements to sell certain ILEC and cable properties. In October, as part of its ongoing process to opportunistically monetize its remaining spectrum, UScellular announced that it had entered into agreements to monetize select spectrum assets for $1 billion.
“UScellular’s third quarter results show that the company is continuing to balance subscriber growth with financial discipline. And while it had postpaid handset net losses in the quarter, the company saw a notable year-over-year improvement in its subscriber trajectory.
“TDS Telecom is implementing its ongoing fiber expansion strategy and it reached a milestone of 50% of its service addresses passed with fiber."
Announced Transactions and Exploration of Strategic Alternatives for UScellular
On May 28, 2024, Telephone and Data Systems, Inc. (TDS) and UScellular announced that they have entered into a definitive agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile. The transaction is expected to close in mid-2025, subject to regulatory approvals and the satisfaction of customary closing conditions.
The T-Mobile transaction excluded UScellular's approximately 4,400 owned towers, its equity method investments, and approximately 70% of its spectrum assets.
In October, UScellular announced a sale of select spectrum assets to Verizon for a portion of the remaining spectrum for $1 billion, and the sale of additional spectrum to two other mobile network operators for an undisclosed price. Each transaction is subject to regulatory approvals and the satisfaction of customary closing conditions and contingent upon the close of the proposed T-Mobile transaction. The process to opportunistically monetize the remaining spectrum assets continues.
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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 November 1, 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
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$2,950-$3,050$2,950-$3,000
Adjusted OIBDA1, 2 (Non-GAAP) $750-$850$800-$875
Adjusted EBITDA1, 2 (Non-GAAP) $920-$1,020$970-$1,045
Capital expenditures$550-$650$550-$600
Aug 2, 2024
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Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on August 2, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports second quarter 2024 results
CHICAGO (August 2, 2024) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,238 million for the second quarter of 2024, versus $1,267 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(14) million and $(0.13), respectively, for the second quarter of 2024 compared to $(19) million and $(0.17), respectively, in the same period one year ago.
2Q 2024 Highlights*
UScellular
•Announced sale of wireless operations and select spectrum assets
•Now reporting Wireless and Towers segments
◦Wireless
•Sequential improvement in postpaid gross additions and postpaid net losses
•Postpaid ARPU grew 2%; service revenues decreased 2%
◦Towers
•Third-party tower revenues increased 1%
•Fixed wireless customers grew 40% to 134,000
•Strong cost management led to increased operating income, net income and Adjusted OIBDA
TDS Telecom
•Making progress on goal to deliver 125,000 fiber service addresses in 2024
◦Grew total year over year service address footprint 10%
◦Delivered 27,000 fiber services addresses in Q2
•Operating revenues grew 4%; residential revenue growth of 7%
◦Residential broadband connections grew 5% due to broadband investments
◦Residential ARPU grew 5% due to price increases
•Strong net income and Adjusted EBITDA growth
◦Good expense discipline
* Comparisons are 2Q’23 to 2Q’24 unless otherwise noted
“TDS is working to optimize our portfolio of businesses to position the Company for future success” said LeRoy T. Carlson, Jr., TDS President and CEO. “During the second quarter, we announced transactions regarding both UScellular and OneNeck IT Solutions that we anticipate will accelerate achievement of our strategic objectives. We remain focused on effectively operating all our businesses and serving our customers with high-quality communications services, while we work towards successfully closing these transactions and enhancing the performance of our ongoing businesses.
“In Q2, UScellular remained focused on balancing subscriber growth with financial discipline and reported solid ARPU growth, good expense discipline, and improved profitability - all combining to generate higher free cash flow. While postpaid handset subscribers declined in the quarter, UScellular saw a return to subscriber growth in prepaid and steady growth in fixed wireless.
“TDS Telecom reported another quarter of notable growth in revenue and profitability as a result of its broadband investments. TDS Telecom added an additional 27,000 marketable fiber service addresses and is making good progress on its long-term goal of 1.2 million marketable fiber service addresses.”
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Announced Transaction and Exploration of Strategic Alternatives for UScellular
On May 28, 2024, Telephone and Data Systems, Inc. (TDS) and UScellular announced that they have entered into a definitive agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile. The transaction is expected to close in mid-2025, subject to regulatory approvals and the satisfaction of customary closing conditions.
UScellular retains its nearly 4,400 owned towers, its equity method investments, and approximately 70% of its spectrum assets. The strategic alternatives review process is ongoing as UScellular seeks to opportunistically monetize its spectrum assets that are not subject to the T-Mobile transaction.
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 August 2, 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
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$2,950-$3,050Unchanged
Adjusted OIBDA1, 2 $750-$850Unchanged
Adjusted EBITDA1, 2 $920-$1,020Unchanged
Capital expenditures$550-$650Unchanged
TDS TelecomPreviousCurrent
(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-$340Unchanged
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 po
Jul 16, 2024
May 3, 2024
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Document
Exhibit 99.1
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.
TDS reports first quarter 2024 results
2024 guidance reaffirmed
CHICAGO (May 3, 2024) — 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
•Financial results
◦Service revenues decreased 2%
◦Postpaid ARPU grew 3%
◦Net income, Adjusted OIBDA and Adjusted EBITDA up significantly
•Postpaid churn rate reduced 4%
•Fixed wireless customers grew 42% to 124,000
TDS Telecom
•On track to deliver 125,000 fiber service addresses in 2024
◦Delivered 28,000 fiber services addresses in Q1
◦Grew total year over year service address footprint 12%
•Solid fiber growth driving strong results
◦Residential broadband connections grew 6%
◦Operating revenues grew 5%; Residential revenues grew 10%
◦Adjusted EBITDA up significantly
* 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.
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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
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$2,950-$3,050Unchanged
Adjusted OIBDA1, 2 $750-$850Unchanged
Adjusted EBITDA1, 2 $920-$1,020Unchanged
Capital expenditures$550-$650Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,070-$1,100Unchanged
Adjusted OIBDA1 $310-$340Unchanged
Adjusted EBITDA1 $310-$340Unchanged
Capital expenditures$310-$340Unchanged
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
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$60-$160$40-$70
Add back:
Interest expense185 —
Depreciation, amortization and accretion expense660 270
EBITDA (Non-GAAP)1 $905-$1,005$310-$340
Add back or deduct:
(Gain) loss on asset disposals, net15 —
Adjusted EBITDA (Non-GAAP)1 $920-$1,020$310-$340
Deduct:
Equity in earnings of unconsolidated entities155 —
Interest and dividend income15 —
Adjusted OIBDA (Non-GAAP)1 $750-$850$310-$340
2
Actual Results
Three Months Ended March 31, 2024Year Ended December 31, 2023
UScellularTDS TelecomUScellular TDS
T
Feb 16, 2024
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Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on February 16, 2024 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports fourth quarter and full year 2023 results
Investing in our networks; Provides 2024 guidance
CHICAGO (February 16, 2024) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,313 million for the fourth quarter of 2023, versus $1,357 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(523) million and $(4.64), respectively, for the fourth quarter of 2023 compared to $(43) million and $(0.38), respectively, in the same period one year ago.
Excluding a $547 million ($511 million, net of tax impacts) non-cash charge related to goodwill impairment recorded at TDS Telecom during the fourth quarter of 2023, net income (loss) available to TDS common shareholders and related diluted earnings (loss) per share for the fourth quarter of 2023 were $(12) million and $(0.11), respectively.
TDS reported total operating revenues of $5,160 million and $5,413 million for the years ended 2023 and 2022, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(569) million and $(5.06), respectively, for the year ended 2023 compared to $(7) million and $(0.07), respectively, for the year ended 2022.
Excluding a $547 million ($511 million, net of tax impacts) non-cash charge related to goodwill impairment recorded at TDS Telecom during the fourth quarter of 2023, net income (loss) available to TDS common shareholders and related diluted earnings (loss) per share for the year ended 2023 were $(58) million and $(0.53), respectively.
Full year 2023 Highlights*
UScellular
•Postpaid ARPU grew 2%
•Delivering on growth initiatives
◦Fixed wireless customers grew 46% to 114,000
◦Tower rental revenues grew 8% to $100 million
•Increased profitability
◦Net income, Adjusted OIBDA and Adjusted EBITDA up
•Generated positive free cash flow and increased cash flows from operating activities
•Began launching 5G mid-band network - providing low latency and faster speeds
TDS Telecom
•Exceeded full year 2023 fiber address goal
◦Delivered 217,000 fiber service addresses
•Executing on fiber broadband strategy
◦Expanded its footprint 12% - increased total service addresses to 1.7 million
◦Residential broadband connections grew 6% and Residential revenue per connection grew 4%
◦Total Wireline expansion residential revenues grew to $75 million
*Comparisons are Year Ended December 31, 2023 to Year Ended December 31, 2022
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“In 2023, the TDS Family of Companies continued to make substantial investments in our businesses in order to improve our competitiveness,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular made significant progress on its 5G network, while TDS Telecom ended the year with all of its fiber expansion communities initially launched.
“UScellular increased Postpaid ARPU 2% and drove strong results in fixed wireless in 2023. It was a challenging year from a mobility subscriber standpoint as the environment remains competitive. UScellular’s goal was to balance subscriber objectives with financial goals, which led to increased profitability year over year.
"In 2024, UScellular plans to continue focusing on improving customer results, growth in fixed wireless and towers, and maintaining financial discipline as we advance the network through mid-band deployment.
“In 2023, TDS Telecom delivered 217,000 marketable fiber service addresses, up 24% from the initial 2023 target. Residential broadband connections increased 6%, while residential revenue per connection grew 4%. With all markets launched, the team plans to focus on increasing broadband penetration and revenues across the fiber footprint. We expect this to result in improved profitability in 2024.”
Recent Development: 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 process is still ongoing.
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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 February 16, 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.
UScellular2024 Estimated Results Actual Results for
the Year Ended
December 31, 2023
(Dollars in millions)
Service revenues$2,950-$3,050$3,044
Adjusted OIBDA1, 2 $750-$850$8
Nov 3, 2023
2 tdsq320238kex991.htm
Document
Exhibit 99.1
As previously announced, TDS will hold a teleconference on November 3, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports third quarter 2023 results
CHICAGO (November 3, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,278 million for the third quarter of 2023, versus $1,392 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(17) million and $(0.16), respectively, for the third quarter of 2023 compared to $(25) million and $(0.22), respectively, in the same period one year ago.
3Q 2023 Highlights*
UScellular
•Postpaid ARPU grew 2%
•Executing on growth initiatives
◦Fixed Wireless customers grew 57% to 106,000
◦Tower rental revenues grew 8%
•Increased profitability
◦Net income, Adjusted OIBDA and Adjusted EBITDA up significantly
•Growth in cash flows from operating activities and positive free cash flow
TDS Telecom
•Increasing full-year 2023 fiber address goal to 200,000
◦Delivered 61,000 fiber services addresses in Q3; 127,000 year-to-date
•Broadband investments driving positive results
◦Residential broadband connections grew 5%
◦Residential broadband revenues grew 10%
◦Residential revenue per connection grew 3%
* Comparisons are 3Q’22 to 3Q’23 unless otherwise noted
“The TDS Family of Companies continues to invest in its networks to improve its competitive positions,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular is rolling out 5G mid-band spectrum, and TDS Telecom is deploying fiber in attractive markets.”
“At UScellular, while working to improve subscriber results amidst a challenging market, the organization’s financial discipline has enabled the team to deliver a notable increase in profitability. And its growth initiatives – the tower portfolio and fixed wireless services – are both contributing nicely to the gains.
"Due to better-than-expected fiber service address delivery results, TDS Telecom is raising its 2023 fiber service address delivery goal to 200,000. I am pleased that TDS Telecom’s fiber expansion program is driving broadband connection and revenue growth.”
Recent Development: 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 process is still ongoing.
1
2023 Estimated Results
TDS’ current estimates of full-year 2023 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of November 3, 2023 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.
The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.
2023 Estimated Results
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$3,025-$3,075Unchanged
Adjusted OIBDA1 $750-$850$770-$830
Adjusted EBITDA1 $925-$1,025$945-$1,005
Capital expenditures$600-$700Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,030-$1,060Unchanged
Adjusted OIBDA1 $270-$300Unchanged
Adjusted EBITDA1 $270-$300Unchanged
Capital expenditures$475-$525Approx. $550
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 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.
2023 Estimated Results
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$75-$135$40-$70
Add back:
Interest expense195 —
Depreciation, amortization and accretion expense655 230
EBITDA (Non-GAAP)1 $925-$985$270-$300
Add back or deduct:
(Gain) loss on asset disposals, net20 —
Adjusted EBITDA (Non-GAAP)1 $945-$1,005$270-$300
Deduct:
Equity in earnings of unconsolidated entities160 —
Interest and dividend income15 —
Adjusted OIBDA (Non-GAAP)1 $770-$830$270-$300
2
Actual Results
Nine Months Ended September 30, 2023Year Ended December 31, 2022
UScellularTDS TelecomUScellular TDS
Telecom
(Dollars in millions)
Net income (GAAP)$43 $19 $35 $53
Add back:
Income tax expense56 6 37 23
Income before income taxes (GAAP)$99 $25 $72 $76
Add back:
Interest expense147 (6)163 (7)
Aug 4, 2023
2 tdsq220238kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on August 4, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports second quarter 2023 results
CHICAGO (August 4, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,267 million for the second quarter of 2023, versus $1,349 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(19) million and $(0.17), respectively, for the second quarter of 2023 compared to $18 million and $0.15, respectively, in the same period one year ago.
2Q 2023 Highlights*
UScellular
•Focused on improving subscriber trajectory to reduce postpaid losses - made progress in reducing postpaid churn
•Executing on growth initiatives
◦Fixed Wireless customers grew 66% to 96,000
◦Tower rental revenues grew 10%
•Reduced debt balance by $150 million in 2Q'23
•Launching 5G Mid-Band network - providing low latency and faster speeds
◦Ended June with availability in parts of Illinois, Iowa, Wisconsin, Maine, Missouri, Nebraska, Oklahoma, Oregon, Virginia and Washington
TDS Telecom
•Delivered 66,000 fiber service addresses through June; remain on track to deliver 175,000 fiber addresses by end of 2023
•Broadband investments driving positive results
◦Residential broadband connections grew 5%
◦Residential broadband revenues grew 8%
◦Residential revenue per connection grew 4%
•Increased full-year Adjusted EBITDA and Adjusted OIBDA guidance due to disciplined spending
•Modestly reduced full-year capital expenditures guidance
* Comparisons are 2Q’22 to 2Q’23 unless otherwise noted
“The TDS Family of Companies continues to execute on its multi-year strategies, while focusing intensely on cost containment,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular has begun deploying mid-band 5G spectrum, and TDS Telecom is making solid progress on its fiber program.
“At UScellular, postpaid handset subscriber trends improved slightly year-over-year driven by improvements in churn, however, subscriber results remained challenged overall as gross additions declined. Two of UScellular’s growth areas, fixed wireless and the tower portfolio, produced year-over-year double-digit increases in gross additions and revenues, respectively. In July, UScellular surpassed 100,000 fixed wireless customers – a key milestone as momentum for the product continues.
“TDS Telecom grew its residential revenue per connection and increased total residential broadband connections for the quarter. TDS Telecom continues to execute its broadband growth strategy through its multi-year fiber expansion program.”
Recent Development: On August 4, 2023, TDS and UScellular announced a process to explore a range of strategic alternatives for UScellular.
1
2023 Estimated Results
TDS’ current estimates of full-year 2023 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of August 4, 2023 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.
The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic review referenced above.
2023 Estimated Results
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$3,050-$3,150$3,025-$3,075
Adjusted OIBDA1 $725-$875$750-$850
Adjusted EBITDA1 $875-$1,025$925-$1,025
Capital expenditures$600-$700Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,030-$1,060Unchanged
Adjusted OIBDA1 $260-$290$270-$300
Adjusted EBITDA1 $260-$290$270-$300
Capital expenditures$500-$550$475-$525
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 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.
2023 Estimated Results
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$50-$150$40-$70
Add back:
Interest expense200 —
Depreciation, amortization and accretion expense655 230
EBITDA (Non-GAAP)1 $905-$1,005$270-$300
Add back or deduct:
(Gain) loss on asset disposals, net20 —
Adjusted EBITDA (Non-GAAP)1 $925-$1,025$270-$300
Deduct:
Equity in earnings of unconsolidated entities160 —
Int
May 4, 2023
2 tdsq120238kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on May 5, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports first quarter 2023 results
2023 guidance reaffirmed
CHICAGO (May 4, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,303 million for the first quarter of 2023, versus $1,315 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(9) million and $(0.08), respectively, for the first quarter of 2023 compared to $44 million and $0.37, respectively, in the same period one year ago.
"The TDS Family of Companies is committed to achieving its long-term strategic goals," said LeRoy T. Carlson, Jr., TDS President and CEO. "UScellular is making significant investments in advancing its network, and TDS Telecom is executing on its strategy to deploy fiber in expansion markets, with approximately 100 communities in various stages of development.
“At UScellular, postpaid subscriber trends improved year over year as we made progress toward stabilizing our customer base, but we still had net subscriber losses during the quarter and have more work to do. We continued execution of our multi-year cost optimization program seeking efficiencies in both operating costs and capital expenditures.
“TDS Telecom increased residential broadband connections and residential revenue per connection. TDS Telecom is also expanding its footprint, deploying 25,000 marketable fiber service addresses in the first quarter and is on track to meet its full year 2023 fiber service address goal.”
1
2023 Estimated Results
TDS’ current estimates of full-year 2023 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of May 4, 2023 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.
2023 Estimated Results
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$3,050-$3,150Unchanged
Adjusted OIBDA1 $725-$875Unchanged
Adjusted EBITDA1 $875-$1,025Unchanged
Capital expenditures$600-$700Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,030-$1,060Unchanged
Adjusted OIBDA1 $260-$290Unchanged
Adjusted EBITDA1 $260-$290Unchanged
Capital expenditures$500-$550Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 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.
2023 Estimated Results
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$10-$160$40-$70
Add back:
Interest expense205 —
Depreciation, amortization and accretion expense645 220
EBITDA (Non-GAAP)1 $860-$1,010$260-$290
Add back or deduct:
(Gain) loss on asset disposals, net15 —
Adjusted EBITDA (Non-GAAP)1 $875-$1,025$260-$290
Deduct:
Equity in earnings of unconsolidated entities145 —
Interest and dividend income5 —
Adjusted OIBDA (Non-GAAP)1 $725-$875$260-$290
2
Actual Results
Three Months Ended March 31, 2023Year Ended December 31, 2022
UScellularTDS TelecomUScellular TDS
Telecom
(Dollars in millions)
Net income (GAAP)$14 $8 $35 $53
Add back:
Income tax expense11 3 37 23
Income before income taxes (GAAP)$25 $11 $72 $76
Add back:
Interest expense47 (2)163 (7)
Depreciation, amortization and accretion expense170 59 700 215
EBITDA (Non-GAAP)1 $242 $68 $935 $284
Add back or deduct:
Loss on impairment of licenses— — 3 —
(Gain) loss on asset disposals, net10 1 19 7
(Gain) loss on sale of business and other exit costs, net— — (1)—
Adjusted EBITDA (Non-GAAP)1 $252 $69 $956 $291
Deduct:
Equity in earnings of unconsolidated entities44 — 158 —
Interest and dividend income2 1 8 2
Other, net — — — 1
Adjusted OIBDA (Non-GAAP)1 $206 $68 $790 $288
Numbers may not foot due to rounding.
1EBITDA, 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 ind
Feb 16, 2023
2 tdsq420228-kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on February 17, 2023 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports fourth quarter and full year 2022 results
Investing in our networks; Provides 2023 guidance
CHICAGO (February 16, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,357 million for the fourth quarter of 2022, versus $1,372 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(43) million and $(0.38), respectively, for the fourth quarter of 2022 compared to $14 million and $0.11, respectively, in the same period one year ago.
TDS reported total operating revenues of $5,413 million and $5,329 million for the years ended 2022 and 2021, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(7) million and $(0.07), respectively, for the year ended 2022 compared to $117 million and $1.00, respectively, for the year ended 2021.
“The TDS Family of Companies made significant investments in its businesses in 2022, as we looked to strengthen our customer base, expand into new territories, and enhance our network technologies,” said LeRoy T. Carlson, Jr., TDS President and CEO. “Many of these investments have had a short-term impact on profitability yet are intended to strengthen our competitiveness and improve returns.
“In 2022, UScellular focused on expanding ARPU, improving customer results, and a number of related growth opportunities. We saw success in many areas yet were challenged in customer additions. Looking forward, as UScellular celebrates its 40th anniversary in 2023, it will continue to focus on customer growth, cost optimization, and investing in its network.
“TDS Telecom grew its footprint by 9% and delivered 133,000 new marketable fiber service addresses in 2022—its best year yet in terms of fiber service addresses—bringing our total to 582,000. Going forward, TDS Telecom will continue working toward its long-term fiber investment goal of reaching 1.2 million fiber service addresses by 2026.”
1
2023 Estimated Results
TDS’ current estimates of full-year 2023 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of February 16, 2023 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.
UScellular2023 Estimated Results`Actual Results for the Year Ended December 31, 2022
(Dollars in millions)
Service revenues$3,050-$3,150$3,125
Adjusted OIBDA1 $725-$875$790
Adjusted EBITDA1 $875-$1,025$956
Capital expenditures$600-$700$717
TDS Telecom2023 Estimated ResultsActual Results for the Year Ended December 31, 2022
(Dollars in millions)
Total operating revenues$1,030-$1,060$1,020
Adjusted OIBDA1 $260-$290$288
Adjusted EBITDA1 $260-$290$291
Capital expenditures$500-$550$556
2
The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 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.
UScellularTDS Telecom
2023 Estimated ResultsActual Results for the Year Ended December 31, 20222023 Estimated ResultsActual Results for the Year Ended December 31, 2022
(Dollars in millions)
Net income (GAAP)N/A$35 N/A$53
Add back:
Income tax expenseN/A37 N/A 23
Income before income taxes (GAAP)$10-$160$72 $40-$70$76
Add back:
Interest expense205163 —(7)
Depreciation, amortization and accretion expense645700 220215
EBITDA (Non-GAAP)1 $860-$1,010$935 $260-$290$284
Add back or deduct:
Loss on impairment of licenses—3 ——
(Gain) loss on asset disposals, net1519 —7
(Gain) loss on sale of business and other exit costs, net—(1)——
Adjusted EBITDA (Non-GAAP)1 $875-$1,025$956 $260-$290$291
Deduct:
Equity in earnings of unconsolidated entities145158 ——
Interest and dividend income58 —2
Other, net—— —1
Adjusted OIBDA (Non-GAAP)1 $725-$875$790 $260-$290$288
Numbers may not foot due to rounding.
1EBITDA, 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
Nov 3, 2022
2 tdsq320228kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on November 4, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports third quarter 2022 results
CHICAGO (November 3, 2022) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,392 million for the third quarter of 2022, versus $1,328 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(25) million and $(0.22), respectively, for the third quarter of 2022 compared to $28 million and $0.24, respectively, in the same period one year ago.
"While the TDS Family of Companies continued to execute on its long-term strategic priorities, profitability was impacted as we invest in our growth initiatives," said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular’s 5G and network modernization programs are on track, and TDS Telecom is expanding its broadband business.
“And though postpaid subscriber growth remains challenging, UScellular had another strong quarter of ARPU growth. Fixed wireless and our tower portfolio generated positive results and remain two key growth areas of the business.
"TDS Telecom’s fiber investments are driving revenue and broadband connection growth. TDS Telecom continues to expand its fiber footprint in new and existing markets with the goal of reaching 1.2 million fiber service addresses by 2026. In the third quarter, we launched the newest expansion markets in Billings, Montana and Green Bay, Wisconsin.”
1
2022 Estimated Results
TDS’ current estimates of full-year 2022 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of November 3, 2022 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.
2022 Estimated Results
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$3,100-$3,200$3,100-$3,150
Adjusted OIBDA1 $750-$900$750-$825
Adjusted EBITDA1 $925-$1,075$925-$1,000
Capital expenditures$700-$800Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,010-$1,040Unchanged
Adjusted OIBDA1 $260-$290$270-$290
Adjusted EBITDA1 $260-$290$270-$290
Capital expenditures$500-$550Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 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.
2022 Estimated Results
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$45-$120$50-$70
Add back:
Interest expense160 —
Depreciation, amortization and accretion expense705 220
EBITDA (Non-GAAP)1 $910-$985$270-$290
Add back or deduct:
(Gain) loss on asset disposals, net15 —
Adjusted EBITDA (Non-GAAP)1 $925-$1,000$270-$290
Deduct:
Equity in earnings of unconsolidated entities170 —
Interest and dividend income5 —
Adjusted OIBDA (Non-GAAP)1 $750-$825$270-$290
2
Actual Results
Nine Months Ended September 30, 2022Year Ended December 31, 2021
UScellularTDS TelecomUScellular TDS
Telecom
(Dollars in millions)
Net income (GAAP)$62 $51 $160 $90
Add back:
Income tax expense46 18 20 24
Income before income taxes (GAAP)$108 $68 $180 $114
Add back:
Interest expense115 (5)175 (5)
Depreciation, amortization and accretion expense520 158 678 198
EBITDA (Non-GAAP)1 $743 $222 $1,033 $308
Add back or deduct:
Loss on impairment of licenses3 — — —
(Gain) loss on asset disposals, net9 4 23 2
(Gain) loss on sale of business and other exit costs, net(1)— (2)—
Adjusted EBITDA (Non-GAAP)1 $754 $226 $1,054 $310
Deduct:
Equity in earnings of unconsolidated entities122 — 179 —
Interest and dividend income5 1 6 1
Other, net — 1 — (1)
Adjusted OIBDA (Non-GAAP)1 $627 $224 $869 $310
Numbers may not foot due to rounding.
1EBITDA, 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
Aug 4, 2022
2 tdsq220228kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on August 5, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports second quarter 2022 results
2022 guidance reaffirmed
CHICAGO (August 4, 2022) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,349 million for the second quarter of 2022, versus $1,311 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $18 million and $0.15, respectively, for the second quarter of 2022 compared to $20 million and $0.17, respectively, in the same period one year ago.
“The TDS Family of Companies achieved a solid position halfway through the year,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular is vigorously enhancing its network, and TDS Telecom is executing on its strategy to drive residential broadband growth.
“At UScellular, higher ARPU contributed to service revenue growth for the second quarter. We are generating momentum in several of our growth areas, including fixed wireless and our tower portfolio.
"TDS Telecom continues to actively deploy fiber in expansion communities and inside our incumbent markets which, combined with higher revenue per connection, generated strong growth in residential broadband revenue in the quarter.”
1
2022 Estimated Results
TDS’ current estimates of full-year 2022 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of August 4, 2022 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.
2022 Estimated Results
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$3,100-$3,200Unchanged
Adjusted OIBDA1 $750-$900Unchanged
Adjusted EBITDA1 $925-$1,075Unchanged
Capital expenditures$700-$800Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,010-$1,040Unchanged
Adjusted OIBDA1 $260-$290Unchanged
Adjusted EBITDA1 $260-$290Unchanged
Capital expenditures$500-$550Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 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.
2022 Estimated Results
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$45-$195$40-$70
Add back:
Interest expense160 —
Depreciation, amortization and accretion expense705 220
EBITDA (Non-GAAP)1 $910-$1,060$260-$290
Add back or deduct:
(Gain) loss on asset disposals, net15 —
Adjusted EBITDA (Non-GAAP)1 $925-$1,075$260-$290
Deduct:
Equity in earnings of unconsolidated entities170 —
Interest and dividend income5 —
Adjusted OIBDA (Non-GAAP)1 $750-$900$260-$290
2
Actual Results
Six Months Ended June 30, 2022Year Ended December 31, 2021
UScellularTDS TelecomUScellular TDS
Telecom
(Dollars in millions)
Net income (GAAP)$74 $41 $160 $90
Add back:
Income tax expense50 14 20 24
Income before income taxes (GAAP)$124 $56 $180 $114
Add back:
Interest expense73 (4)175 (5)
Depreciation, amortization and accretion expense342 106 678 198
EBITDA (Non-GAAP)1 $539 $158 $1,033 $308
Add back or deduct:
Loss on impairment of licenses3 — — —
(Gain) loss on asset disposals, net8 1 23 2
(Gain) loss on sale of business and other exit costs, net— — (2)—
Adjusted EBITDA (Non-GAAP)1 $550 $159 $1,054 $310
Deduct:
Equity in earnings of unconsolidated entities82 — 179 —
Interest and dividend income4 — 6 1
Other, net — — — (1)
Adjusted OIBDA (Non-GAAP)1 $464 $158 $869 $310
Numbers may not foot due to rounding.
1EBITDA, 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 non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profit
May 5, 2022
2 tdsq120228kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on May 6, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports first quarter 2022 results
2022 guidance reaffirmed
CHICAGO (May 5, 2022) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,315 million for the first quarter of 2022, versus $1,318 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $44 million and $0.37, respectively, for the first quarter of 2022 compared to $57 million and $0.48, respectively, in the same period one year ago.
"The TDS Family of Companies is making meaningful progress on our strategic priorities," said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular is continuing to make improvements in its high-performing network and TDS Telecom is seeing good and increasing success in its fiber expansion program.
"UScellular’s first quarter results delivered growth in retail service revenue, driven by the positive impact of higher ARPU. We continue to focus on growth areas of the business, including prepaid, business and government, and fixed wireless. Fixed wireless gross additions increased year-over-year, and momentum continues to build in our tower business, which produced double-digit revenue growth for the first quarter.
"TDS Telecom increased residential broadband connections, which contributed to strong residential broadband revenue growth in the quarter. TDS Telecom announced new fiber-to-the-home expansion markets in Montana and Wisconsin, as it continues to deploy fiber outside as well as inside of our traditional markets.”
1
2022 Estimated Results
TDS’ current estimates of full-year 2022 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of May 5, 2022 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.
2022 Estimated Results
UScellularPreviousCurrent
(Dollars in millions)
Service revenues$3,100-$3,200Unchanged
Adjusted OIBDA1 $750-$900Unchanged
Adjusted EBITDA1 $925-$1,075Unchanged
Capital expenditures$700-$800Unchanged
TDS TelecomPreviousCurrent
(Dollars in millions)
Total operating revenues$1,010-$1,040Unchanged
Adjusted OIBDA1 $260-$290Unchanged
Adjusted EBITDA1 $260-$290Unchanged
Capital expenditures$500-$550Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 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.
2022 Estimated Results
UScellularTDS Telecom
(Dollars in millions)
Net income (GAAP)N/AN/A
Add back:
Income tax expense N/AN/A
Income before income taxes (GAAP)$65-$215$40-$70
Add back:
Interest expense135 —
Depreciation, amortization and accretion expense710 220
EBITDA (Non-GAAP)1 $910-$1,060$260-$290
Add back or deduct:
(Gain) loss on asset disposals, net15 —
Adjusted EBITDA (Non-GAAP)1 $925-$1,075$260-$290
Deduct:
Equity in earnings of unconsolidated entities170 —
Interest and dividend income5 —
Adjusted OIBDA (Non-GAAP)1 $750-$900$260-$290
2
Actual Results
Three Months Ended March 31, 2022Year Ended December 31, 2021
UScellularTDS TelecomUScellular TDS
Telecom
(Dollars in millions)
Net income (GAAP)$52 $23 $160 $90
Add back:
Income tax expense32 8 20 24
Income before income taxes (GAAP)$84 $31 $180 $114
Add back:
Interest expense33 (2)175 (5)
Depreciation, amortization and accretion expense171 54 678 198
EBITDA (Non-GAAP)1 $288 $83 $1,033 $308
Add back or deduct:
(Gain) loss on asset disposals, net2 — 23 2
(Gain) loss on sale of business and other exit costs, net(1)— (2)—
Adjusted EBITDA (Non-GAAP)1 $289 $83 $1,054 $310
Deduct:
Equity in earnings of unconsolidated entities45 — 179 —
Interest and dividend income1 — 6 1
Other, net — — — (1)
Adjusted OIBDA (Non-GAAP)1 $243 $83 $869 $310
Numbers may not foot due to rounding.
1EBITDA, 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 indic
Feb 17, 2022
2 tdsq420218-kex991.htm
Document
Exhibit 99.1 NEWS RELEASE
As previously announced, TDS will hold a teleconference on February 18, 2022 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports fourth quarter and full year 2021 results
UScellular and TDS Telecom executing on strategic priorities;
Provides 2022 guidance
CHICAGO (February 17, 2022) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,372 million for the fourth quarter of 2021, versus $1,376 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $14 million and $0.11, respectively, for the fourth quarter of 2021 compared to $14 million and $0.12, respectively, in the same period one year ago.
TDS reported total operating revenues of $5,329 million and $5,225 million for the years ended 2021 and 2020, respectively. Net income attributable to TDS common shareholders and related diluted earnings per share were $117 million and $1.00, respectively, for the year ended 2021 compared to $226 million and $1.93, respectively, for the year ended 2020.
“The TDS Family of Companies made excellent progress toward our long-term strategic goals in 2021," said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular maintained cost discipline and generated positive momentum in the growth areas of its business, which include Business and Government, Prepaid, Fixed Wireless, and its tower portfolio. TDS Telecom continued its growth and transformation as a premier broadband provider, making tremendous progress in upgrading speeds and deploying fiber technology in both incumbent and expansion markets.
"At UScellular, higher ARPU helped drive service revenue growth year-over-year. UScellular continued to execute its regionalization strategy to optimize promotions and drive a deeper focus on customers. In 2021, significant progress was made on UScellular’s multi-year network modernization program as the company made successful bids to accumulate mid-band spectrum to enable its 5G growth strategy. UScellular has a strong spectrum position, an outstanding network, robust distribution to both consumers and businesses, and an amazing team. In 2022, UScellular plans to use those capabilities to drive growth in its business, as well as long-term expansion of Return on Capital.
“TDS Telecom surpassed $1 billion in revenue and exceeded a half million total broadband connections in the year. In addition, TDS Telecom launched 2Gig broadband speeds in select markets and announced a goal to triple the number of fiber service addresses by 2026. In 2022, TDS Telecom will focus on executing its strategies by growing its broadband business and aggressively expanding its fiber footprint.”
1
2022 Estimated Results
TDS’ current estimates of full-year 2022 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of February 17, 2022 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.
UScellular2022 Estimated ResultsActual Results for the Year Ended December 31, 2021
(Dollars in millions)
Service revenues$3,100-$3,200$3,115
Adjusted OIBDA1 $750-$900$869
Adjusted EBITDA1 $925-$1,075$1,054
Capital expenditures$700-$800$780
TDS Telecom2022 Estimated ResultsActual Results for the Year Ended December 31, 2021
(Dollars in millions)
Total operating revenues$1,010-$1,040$1,006
Adjusted OIBDA1 $260-$290$310
Adjusted EBITDA1 $260-$290$310
Capital expenditures$500-$550$411
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The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 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.
UScellularTDS Telecom
2022 Estimated ResultsActual Results for the Year Ended December 31, 20212022 Estimated ResultsActual Results for the Year Ended December 31, 2021
(Dollars in millions)
Net income (GAAP)N/A$160 N/A$90
Add back:
Income tax expenseN/A20 N/A 24
Income before income taxes (GAAP)$90-$240$180 $40-$70$114
Add back:
Interest expense130175 —(5)
Depreciation, amortization and accretion expense685678 220198
EBITDA (Non-GAAP)1 $905-$1,055$1,033 $260-$290$308
Add back or deduct:
(Gain) loss on asset disposals, net2023 —2
(Gain) loss on sale of business and other exit costs, net—(2)——
Adjusted EBITDA (Non-GAAP)1 $925-$1,075$1,054 $260-$290$310
This page provides Telephone and Data Systems Inc. (TDS) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on TDS's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.