Provides guidance for 2024
CHICAGO, Feb. 16,
2024 /PRNewswire/ --
As previously announced, UScellular 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.uscellular.com.
United States Cellular Corporation (NYSE: USM) reported total
operating revenues of $1,000 million
for the fourth quarter of 2023, versus $1,048 million for the same period one year ago.
Net income (loss) attributable to UScellular shareholders and
related diluted earnings (loss) per share were $14 million and $0.16, respectively, for the fourth quarter of
2023 compared to $(28) million and
$(0.33), respectively, in the same
period one year ago.
UScellular reported total operating revenues of $3,906 million and $4,169
million for the years ended 2023 and 2022, respectively. Net
income attributable to UScellular shareholders and related diluted
earnings per share were $54 million
and $0.63, respectively, for the year
ended 2023 compared to $30 million
and $0.35, respectively, for the year
ended 2022.
Full-year 2023 Highlights*
- 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
*Comparisons are Year Ended December 31,
2023 to Year Ended December 31,
2022
"At UScellular, we are focused on connecting people to what
matters most," said Laurent
Therivel, UScellular President and CEO. "In 2023, Postpaid
ARPU increased 2%, we made significant progress on our 5G network
deployment, and we delivered strong results in fixed wireless. Even
though we experienced challenging subscriber results in an
aggressive competitive environment, I'm pleased with the
improvements we were able to drive in profitability year over
year.
"In 2024, we plan to continue focusing on improving subscriber
results, driving growth in fixed wireless and towers, and
maintaining financial discipline as we advance the network through
our mid-band deployment."
Recent Development: On August
4, 2023, Telephone and Data Systems, Inc. (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.
2024 Estimated Results
UScellular's current estimates of full-year 2024 results 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. UScellular 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
|
|
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
|
|
$818
|
Adjusted EBITDA1,
2
|
$920-$1,020
|
|
$986
|
Capital
expenditures
|
$550-$650
|
|
$611
|
The following table reconciles EBITDA, Adjusted EBITDA, and
Adjusted OIBDA to the corresponding GAAP measures, Net income or
Income before income taxes. In providing 2024 estimated results,
UScellular has not completed the below reconciliation to Net income
because it does not provide guidance for income taxes. Although
potentially significant, UScellular believes that the impact of
income taxes cannot be reasonably predicted; therefore, UScellular
is unable to provide such guidance.
|
2024 Estimated
Results2
|
|
Actual Results
for
the Year
Ended
December 31,
2023
|
|
Actual Results
for
the Year Ended
December 31, 2022
|
(Dollars in
millions)
|
|
|
|
|
|
Net income
(GAAP)
|
N/A
|
|
$58
|
|
$35
|
Add back:
|
|
|
|
|
|
Income tax
expense
|
N/A
|
|
53
|
|
37
|
Income before income
taxes (GAAP)
|
$40-$140
|
|
$111
|
|
$72
|
Add back:
|
|
|
|
|
|
Interest
expense
|
195
|
|
196
|
|
163
|
Depreciation,
amortization and accretion expense
|
665
|
|
656
|
|
700
|
EBITDA
(Non-GAAP)1
|
$900-$1,000
|
|
$963
|
|
$935
|
Add back or
deduct:
|
|
|
|
|
|
Expenses related to
strategic alternatives review
|
—
|
|
8
|
|
—
|
Loss on impairment of
licenses
|
—
|
|
—
|
|
3
|
(Gain) loss on asset
disposals, net
|
20
|
|
17
|
|
19
|
(Gain) loss on sale of
business and other exit costs, net
|
—
|
|
—
|
|
(1)
|
(Gain) loss on license
sales and exchanges, net
|
—
|
|
(2)
|
|
—
|
Adjusted EBITDA
(Non-GAAP)1
|
$920-$1,020
|
|
$986
|
|
$956
|
Deduct:
|
|
|
|
|
|
Equity in earnings of
unconsolidated entities
|
160
|
|
158
|
|
158
|
Interest and dividend
income
|
10
|
|
10
|
|
8
|
Adjusted OIBDA
(Non-GAAP)1
|
$750-$850
|
|
$818
|
|
$790
|
|
|
|
|
|
|
1
|
EBITDA, Adjusted EBITDA
and Adjusted OIBDA are defined as net income adjusted for the items
set forth in the reconciliation above. EBITDA, Adjusted EBITDA and
Adjusted OIBDA are not measures of financial performance under
Generally Accepted Accounting Principles in the United States
(GAAP) and should not be considered as alternatives to Net income
or Cash flows from operating activities, as indicators of cash
flows or as measures of liquidity. UScellular does not intend to
imply that any such items set forth in the reconciliation above are
infrequent or unusual; such items may occur in the future.
Management uses Adjusted EBITDA and Adjusted OIBDA as measurements
of profitability, and therefore reconciliations to Net income are
deemed appropriate. Management believes Adjusted EBITDA and
Adjusted OIBDA are useful measures of UScellular's operating
results before significant recurring non-cash charges, nonrecurring
expenses, gains and losses, and other items as presented above as
they provide additional relevant and useful information to
investors and other users of UScellular's financial data in
evaluating the effectiveness of its operations and underlying
business trends in a manner that is consistent with management's
evaluation of business performance. Adjusted EBITDA shows adjusted
earnings before interest, taxes, depreciation, amortization and
accretion, gains and losses, and expenses related to the strategic
alternatives review of UScellular while Adjusted OIBDA reduces this
measure further to exclude Equity in earnings of unconsolidated
entities and Interest and dividend income in order to more
effectively show the performance of operating activities excluding
investment activities. The table above reconciles EBITDA, Adjusted
EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net
income or Income before income taxes. Additional information and
reconciliations related to Non-GAAP financial measures for December
31, 2023, can be found on UScellular's website at
investors.uscellular.com.
|
2
|
2024 Estimated Results
do not reflect any anticipated costs, expenses or results of the
strategic alternatives review referenced above.
|
Conference Call Information
UScellular will hold a conference call on February 16, 2024 at 9:00
a.m. Central Time.
- Access the live call on the Events & Presentations page of
investors.uscellular.com or at
https://events.q4inc.com/attendee/105947395
- Access the call by phone at (888) 330-2384 (US/Canada), conference ID: 1328528
Before the call, certain financial and statistical information
to be discussed during the call will be posted to
investors.uscellular.com. The call will be archived on the Events
& Presentations page of investors.uscellular.com.
About UScellular
United States Cellular Corporation
provides a comprehensive range of wireless products and services,
excellent customer support, and a high-quality network to customers
with 4.6 million retail connections in 21 states. The Chicago-based company had 4,300 full- and
part-time associates as of December 31,
2023. At the end of the fourth quarter of 2023, Telephone
and Data Systems, Inc. owned approximately 83% of UScellular. For
more information about UScellular, visit uscellular.com.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: All information set forth in
this news release, except historical and factual information,
represents forward-looking statements. This includes all statements
about the company's plans, beliefs, estimates, and expectations.
These statements are based on current estimates, projections, and
assumptions, which involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Important factors that may affect these
forward-looking statements include, but are not limited to: whether
any strategic alternatives for UScellular will be successfully
identified or completed; whether any such strategic alternative
will result in additional value for UScellular and its shareholders
and whether the process will have an adverse impact on UScellular's
business; intense competition; the ability to attract people of
outstanding talent throughout all levels of the organization;
UScellular's smaller scale relative to larger competitors; the
ability to obtain or maintain roaming arrangements with other
carriers on acceptable terms and changes in roaming practices; the
ability to obtain access to adequate radio spectrum to meet current
or anticipated future needs, including participation in FCC
auctions; changes in demand, consumer preferences and perceptions,
price competition, or churn rates; advances in technology; impacts
of costs, integration problems or other factors associated with
acquisitions, divestitures or exchanges of properties or wireless
spectrum licenses and/or expansion of UScellular's businesses; the
ability of the company to successfully construct and manage its
networks; difficulties involving third parties with which
UScellular does business; uncertainties in UScellular's future cash
flows and liquidity and access to the capital markets; the ability
to make payments on UScellular indebtedness or comply with the
terms of debt covenants; conditions in the U.S. telecommunications
industry; the value of assets and investments; the state and
federal regulatory environment; pending and future litigation;
cyber-attacks or other breaches of network or information
technology security; potential conflicts of interests between TDS
and UScellular; disruption in credit or other financial markets;
deterioration of U.S. or global economic conditions; and the
impact, duration and severity of public health emergencies.
Investors are encouraged to consider these and other risks and
uncertainties that are more fully described under "Risk Factors" in
the most recent filing of UScellular's Form 10-K.
For more information about UScellular, visit:
www.uscellular.com
United States
Cellular Corporation
Summary Operating
Data (Unaudited)
|
As of or for the
Quarter Ended
|
12/31/2023
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
Retail
Connections
|
|
|
|
|
|
|
|
|
|
Postpaid
|
|
|
|
|
|
|
|
|
|
Total at end of
period
|
4,106,000
|
|
4,159,000
|
|
4,194,000
|
|
4,223,000
|
|
4,247,000
|
Gross
additions
|
129,000
|
|
128,000
|
|
125,000
|
|
137,000
|
|
154,000
|
Handsets
|
80,000
|
|
84,000
|
|
83,000
|
|
93,000
|
|
105,000
|
Connected
devices
|
49,000
|
|
44,000
|
|
42,000
|
|
44,000
|
|
49,000
|
Net additions
(losses)
|
(50,000)
|
|
(35,000)
|
|
(28,000)
|
|
(24,000)
|
|
(17,000)
|
Handsets
|
(53,000)
|
|
(38,000)
|
|
(29,000)
|
|
(25,000)
|
|
(20,000)
|
Connected
devices
|
3,000
|
|
3,000
|
|
1,000
|
|
1,000
|
|
3,000
|
ARPU1
|
$
51.61
|
|
$
51.11
|
|
$
50.64
|
|
$
50.66
|
|
$
50.60
|
ARPA2
|
$
131.63
|
|
$ 130.91
|
|
$ 130.19
|
|
$ 130.77
|
|
$ 130.97
|
Handset upgrade
rate3
|
5.8 %
|
|
4.5 %
|
|
4.8 %
|
|
4.9 %
|
|
7.0 %
|
Churn
rate4
|
1.44 %
|
|
1.30 %
|
|
1.21 %
|
|
1.27 %
|
|
1.35 %
|
Handsets
|
1.22 %
|
|
1.11 %
|
|
1.01 %
|
|
1.06 %
|
|
1.12 %
|
Connected
devices
|
3.03 %
|
|
2.64 %
|
|
2.65 %
|
|
2.78 %
|
|
2.99 %
|
Prepaid
|
|
|
|
|
|
|
|
|
|
Total at end of
period
|
451,000
|
|
462,000
|
|
462,000
|
|
470,000
|
|
493,000
|
Gross
additions
|
43,000
|
|
52,000
|
|
50,000
|
|
43,000
|
|
61,000
|
Net additions
(losses)
|
(11,000)
|
|
—
|
|
(8,000)
|
|
(23,000)
|
|
—
|
ARPU1,
5
|
$
32.32
|
|
$
33.44
|
|
$
33.86
|
|
$
33.19
|
|
$
33.34
|
Churn
rate4
|
3.87 %
|
|
3.68 %
|
|
4.18 %
|
|
4.63 %
|
|
4.11 %
|
Market penetration
at end of period
|
|
|
|
|
|
|
|
|
|
Consolidated operating
population
|
32,350,000
|
|
32,350,000
|
|
32,350,000
|
|
32,350,000
|
|
32,370,000
|
Consolidated operating
penetration6
|
15 %
|
|
15 %
|
|
15 %
|
|
15 %
|
|
15 %
|
Capital expenditures
(millions)
|
$
148
|
|
$
111
|
|
$
143
|
|
$
208
|
|
$
176
|
Total cell sites in
service
|
7,000
|
|
6,973
|
|
6,952
|
|
6,950
|
|
6,945
|
Owned
towers
|
4,373
|
|
4,356
|
|
4,341
|
|
4,338
|
|
4,336
|
|
|
|
|
|
|
|
|
|
|
Due to rounding, the
sum of quarterly results may not equal the total for the
year.
|
1
|
Average Revenue Per
User (ARPU) - metric is calculated by dividing a revenue base by an
average number of connections and by the number of months in the
period. These revenue bases and connection populations are shown
below:
- Postpaid ARPU consists of total postpaid
service revenues and postpaid connections.
- Prepaid ARPU consists of total prepaid
service revenues and prepaid connections.
|
2
|
Average Revenue Per
Account (ARPA) - metric is calculated by dividing total postpaid
service revenues by the average number of postpaid accounts and by
the number of months in the period.
|
3
|
Handset upgrade rate
calculated as total handset upgrade transactions divided by average
postpaid handset connections.
|
4
|
Churn rate represents
the percentage of the connections that disconnect service each
month. These rates represent the average monthly churn rate for
each respective period.
|
5
|
Fourth quarter 2023
Prepaid ARPU excludes a $6 million reduction of prepaid
revenue related to an adjustment to correct a prior period error
recorded in the fourth quarter of 2023.
|
6
|
Market penetration is
calculated by dividing the number of wireless connections at the
end of the period by the total estimated population of consolidated
operating markets.
|
United States
Cellular Corporation
|
Consolidated
Statement of Operations Highlights
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
vs.
2022
|
|
2023
|
|
2022
|
|
2023
vs.
2022
|
(Dollars and shares in
millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
$ 755
|
|
$
774
|
|
(3) %
|
|
$
3,044
|
|
$
3,125
|
|
(3) %
|
Equipment
sales
|
245
|
|
274
|
|
(10) %
|
|
862
|
|
1,044
|
|
(17) %
|
Total operating
revenues
|
1,000
|
|
1,048
|
|
(5) %
|
|
3,906
|
|
4,169
|
|
(6) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
System operations
(excluding Depreciation, amortization and accretion reported
below)
|
183
|
|
181
|
|
1 %
|
|
740
|
|
755
|
|
(2) %
|
Cost of equipment
sold
|
280
|
|
330
|
|
(15) %
|
|
988
|
|
1,216
|
|
(19) %
|
Selling, general and
administrative
|
349
|
|
374
|
|
(7) %
|
|
1,368
|
|
1,408
|
|
(3) %
|
Depreciation,
amortization and accretion
|
166
|
|
179
|
|
(8) %
|
|
656
|
|
700
|
|
(6) %
|
Loss on impairment of
licenses
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
N/M
|
(Gain) loss on asset
disposals, net
|
3
|
|
11
|
|
(67) %
|
|
17
|
|
19
|
|
(9) %
|
(Gain) loss on sale of
business and other exit costs, net
|
—
|
|
—
|
|
N/M
|
|
—
|
|
(1)
|
|
N/M
|
(Gain) loss on license
sales and exchanges, net
|
(2)
|
|
—
|
|
N/M
|
|
(2)
|
|
—
|
|
N/M
|
Total operating
expenses
|
979
|
|
1,075
|
|
(9) %
|
|
3,767
|
|
4,100
|
|
(8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
21
|
|
(27)
|
|
N/M
|
|
139
|
|
69
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and other
income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated entities
|
37
|
|
36
|
|
3 %
|
|
158
|
|
158
|
|
–
|
Interest and dividend
income
|
2
|
|
3
|
|
(24) %
|
|
10
|
|
8
|
|
26 %
|
Interest
expense
|
(49)
|
|
(49)
|
|
(3) %
|
|
(196)
|
|
(163)
|
|
(21) %
|
Total investment and
other income (expense)
|
(10)
|
|
(10)
|
|
(10) %
|
|
(28)
|
|
3
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
11
|
|
(37)
|
|
N/M
|
|
111
|
|
72
|
|
54 %
|
Income tax expense
(benefit)
|
(4)
|
|
(9)
|
|
64 %
|
|
53
|
|
37
|
|
43 %
|
Net income
(loss)
|
15
|
|
(28)
|
|
N/M
|
|
58
|
|
35
|
|
67 %
|
Less: Net income
attributable to noncontrolling interests, net of tax
|
1
|
|
—
|
|
(53) %
|
|
4
|
|
5
|
|
(24) %
|
Net income (loss)
attributable to UScellular shareholders
|
$
14
|
|
$
(28)
|
|
N/M
|
|
$
54
|
|
$ 30
|
|
80 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
85
|
|
85
|
|
1 %
|
|
85
|
|
85
|
|
–
|
Basic earnings
(loss) per share attributable to UScellular
shareholders
|
$
0.17
|
|
$ (0.33)
|
|
N/M
|
|
$
0.64
|
|
$ 0.35
|
|
81 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
88
|
|
85
|
|
3 %
|
|
87
|
|
86
|
|
–
|
Diluted earnings
(loss) per share attributable to UScellular
shareholders
|
$
0.16
|
|
$ (0.33)
|
|
N/M
|
|
$
0.63
|
|
$ 0.35
|
|
79 %
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Percentage change
not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
United States
Cellular Corporation
|
Consolidated
Statement of Cash Flows
|
(Unaudited)
|
|
|
|
|
Year Ended December
31,
|
2023
|
|
2022
|
(Dollars in
millions)
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
58
|
|
$
35
|
Add (deduct)
adjustments to reconcile net income to net cash flows from
operating activities
|
|
|
|
Depreciation,
amortization and accretion
|
656
|
|
700
|
Bad debts
expense
|
104
|
|
132
|
Stock-based
compensation expense
|
23
|
|
24
|
Deferred income taxes,
net
|
47
|
|
33
|
Equity in earnings of
unconsolidated entities
|
(158)
|
|
(158)
|
Distributions from
unconsolidated entities
|
150
|
|
145
|
Loss on impairment of
licenses
|
—
|
|
3
|
(Gain) loss on asset
disposals, net
|
17
|
|
19
|
(Gain) loss on sale of
business and other exit costs, net
|
—
|
|
(1)
|
(Gain) loss on license
sales and exchanges, net
|
(2)
|
|
—
|
Other operating
activities
|
6
|
|
9
|
Changes in assets and
liabilities from operations
|
|
|
|
Accounts
receivable
|
17
|
|
(59)
|
Equipment installment
plans receivable
|
(20)
|
|
(199)
|
Inventory
|
62
|
|
(88)
|
Accounts
payable
|
(85)
|
|
12
|
Customer deposits and
deferred revenues
|
(9)
|
|
47
|
Accrued
taxes
|
—
|
|
121
|
Other assets and
liabilities
|
—
|
|
57
|
Net cash provided by
operating activities
|
866
|
|
832
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Cash paid for
additions to property, plant and equipment
|
(608)
|
|
(602)
|
Cash paid for
licenses
|
(130)
|
|
(585)
|
Other investing
activities
|
17
|
|
8
|
Net cash used in
investing activities
|
(721)
|
|
(1,179)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Issuance of long-term
debt
|
315
|
|
800
|
Repayment of long-term
debt
|
(453)
|
|
(329)
|
Issuance of short-term
debt
|
—
|
|
110
|
Repayment of
short-term debt
|
(60)
|
|
(50)
|
Common Shares reissued
for benefit plans, net of tax payments
|
(6)
|
|
(5)
|
Repurchase of Common
Shares
|
—
|
|
(43)
|
Payment of debt
issuance costs
|
(1)
|
|
(1)
|
Distributions to
noncontrolling interests
|
(3)
|
|
(3)
|
Cash paid for software
license agreements
|
(66)
|
|
(22)
|
Other financing
activities
|
—
|
|
(1)
|
Net cash provided by
(used in) financing activities
|
(274)
|
|
456
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
(129)
|
|
109
|
|
|
|
|
Cash, cash
equivalents and restricted cash
|
|
|
|
Beginning of
period
|
308
|
|
199
|
End of
period
|
$
179
|
|
$
308
|
United States
Cellular Corporation
|
Consolidated Balance
Sheet Highlights
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
December
31,
|
2023
|
|
2022
|
(Dollars in
millions)
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
150
|
|
$
273
|
Accounts receivable,
net
|
957
|
|
1,072
|
Inventory,
net
|
199
|
|
261
|
Prepaid
expenses
|
57
|
|
68
|
Income taxes
receivable
|
1
|
|
4
|
Other current
assets
|
36
|
|
45
|
Total current
assets
|
1,400
|
|
1,723
|
|
|
|
|
Assets held for
sale
|
15
|
|
26
|
|
|
|
|
Licenses
|
4,693
|
|
4,690
|
|
|
|
|
Investments in
unconsolidated entities
|
461
|
|
452
|
|
|
|
|
Property, plant and
equipment, net
|
2,576
|
|
2,624
|
|
|
|
|
Operating lease
right-of-use assets
|
915
|
|
918
|
|
|
|
|
Other assets and
deferred charges
|
690
|
|
686
|
|
|
|
|
Total
assets
|
$
10,750
|
|
$
11,119
|
United States
Cellular Corporation
|
Consolidated Balance
Sheet Highlights
|
(Unaudited)
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
December
31,
|
2023
|
|
2022
|
(Dollars in millions,
except per share amounts)
|
|
|
|
Current
liabilities
|
|
|
|
Current portion of
long-term debt
|
$
20
|
|
$
13
|
Accounts
payable
|
248
|
|
356
|
Customer deposits and
deferred revenues
|
229
|
|
239
|
Accrued
taxes
|
32
|
|
35
|
Accrued
compensation
|
83
|
|
84
|
Short-term operating
lease liabilities
|
135
|
|
133
|
Other current
liabilities
|
154
|
|
335
|
Total current
liabilities
|
901
|
|
1,195
|
|
|
|
|
Deferred liabilities
and credits
|
|
|
|
Deferred income tax
liability, net
|
755
|
|
708
|
Long-term operating
lease liabilities
|
831
|
|
843
|
Other deferred
liabilities and credits
|
565
|
|
604
|
|
|
|
|
Long-term debt,
net
|
3,044
|
|
3,187
|
|
|
|
|
Noncontrolling
interests with redemption features
|
12
|
|
12
|
|
|
|
|
Equity
|
|
|
|
UScellular
shareholders' equity
|
|
|
|
Series A Common and
Common Shares, par value $1.00 per share
|
88
|
|
88
|
Additional paid-in
capital
|
1,726
|
|
1,703
|
Treasury
shares
|
(80)
|
|
(98)
|
Retained
earnings
|
2,892
|
|
2,861
|
Total UScellular
shareholders' equity
|
4,626
|
|
4,554
|
|
|
|
|
Noncontrolling
interests
|
16
|
|
16
|
|
|
|
|
Total
equity
|
4,642
|
|
4,570
|
|
|
|
|
Total liabilities
and equity
|
$
10,750
|
|
$
11,119
|
United States
Cellular Corporation
Financial Measures
and Reconciliations
(Unaudited)
|
Free Cash
Flow
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
Cash flows from
operating activities (GAAP)
|
$
148
|
|
$
180
|
|
$
866
|
|
$
832
|
Cash paid for additions
to property, plant and equipment
|
(155)
|
|
(192)
|
|
(608)
|
|
(602)
|
Cash paid for software
license agreements
|
(37)
|
|
(17)
|
|
(66)
|
|
(22)
|
Free cash flow
(Non-GAAP)1
|
$
(44)
|
|
$
(29)
|
|
$
192
|
|
$
208
|
|
|
|
|
|
|
|
|
1
|
Free cash flow is a
non-GAAP financial measure which UScellular believes may be
useful to investors and other users of its financial information in
evaluating liquidity, specifically, the amount of net cash
generated by business operations after deducting Cash paid for
additions to property, plant and equipment and Cash paid for
software license agreements.
|
View original
content:https://www.prnewswire.com/news-releases/uscellular-reports-fourth-quarter-and-full-year-2023-results-302063543.html
SOURCE United States Cellular Corporation