U.S. Cellular reports strong third quarter 2018 results
CHICAGO, Nov. 2, 2018 /PRNewswire/ --
As previously announced, U.S. Cellular will hold a teleconference November 2, 2018, at 9:30 a.m. CDT. Listen to the live call via the Events & Presentations page of investors.uscellular.com.
United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,001 million for the third quarter of 2018, versus $963 million for the same period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $36 million and $0.41, respectively, for the third quarter of 2018. Excluding a $370 million ($309 million, net of tax) non-cash charge related to goodwill impairment recorded during the quarter ended September 30, 2017, net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $10 million and $0.11, respectively. Including the goodwill impairment charge recorded during the quarter ended September 30, 2017, U.S. Cellular recorded a Net loss attributable to U.S. Cellular shareholders and related diluted loss per share of $299 million and $3.51, respectively.
"I'm pleased with our continued momentum this quarter," said Kenneth R. Meyers, U.S. Cellular president and CEO. "Through the efforts of our associates across the entire organization, we produced revenue growth and continued our cost management initiatives, which led to a 19% increase in Adjusted EBITDA in the quarter. These results gave us confidence to raise our 2018 guidance on profitability.
"Our subscriber results are strong evidence that customers value our Total Plans, as more subscribers switch to unlimited plans, driving an increase in average revenue per user (ARPU), which along with contributions from inbound roaming, increased device sales and device protection plans generated an increase in operating revenues. We have been successful in minimizing impacts of higher data usage through our ongoing cost management initiatives and making enhancements to our high-quality network."
2018 Estimated Results
U.S. Cellular's current estimates of full-year 2018 results are shown below. Such estimates represent management's view as of November 2, 2018. Such forward?looking statements should not be assumed to be current as of any future date. U.S. Cellular undertakes no duty to update such information, whether as a result of new information, future events or otherwise. There can be no assurance that final results will not differ materially from such estimated results.
2018 Estimated
Results
Current (1) Previous
(Dollars in millions)
Total operating revenues
$3,950-$4,000
$3,925-$4,025
Adjusted OIBDA (2)(3)
$760-$810
$700-$800
Adjusted EBITDA (2)(3)
$925-$1,000
$850-$950
Capital expenditures $500
$500-$550
The following table provides a reconciliation of Net income to Adjusted OIBDA and Adjusted EBITDA for 2018 estimated results, actual results for the nine months ended September 30, 2018, and actual results for the year ended December 31, 2017. In providing 2018 estimated results, U.S. Cellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, U.S. Cellular believes that the impact of income taxes cannot be reasonably predicted; therefore, U.S. Cellular is unable to provide such guidance.
Actual Results
2018 Estimated Nine Months Ended Year Ended
Results (1)
September 30, 2018 (1) December 31, 2017
(Dollars in millions)
Net income (GAAP) N/A $
143 $
15
Add back or deduct:
Income tax expense (benefit) N/A 55 (287)
Income (loss) before income
taxes (GAAP)
$175-$250 $
198 $
(272)
Add back:
Interest expense 115 87 113
Depreciation, amortization and
accretion expense 645 478 615
EBITDA (Non-GAAP) (2)
$935-$1,010 $
763 $
456
Add back or deduct:
Loss on impairment of goodwill 370
(Gain) loss on asset
disposals, net 10 5 17
(Gain) loss on sale of
business and other exit
costs, net (1)
(Gain) loss on license sales
and exchanges, net (20) (18) (22)
Adjusted EBITDA (Non-GAAP)
(2)
$925-$1,000 $
750 $
820
Deduct:
Equity in earnings of
unconsolidated entities
150-175 120 137
Interest and dividend income 15 10 8
Other, net
Adjusted OIBDA (Non-GAAP)
(2)(3)
$760-$810 $
620 $
675
Note: Totals may not foot due to rounding differences.
(1) As of January 1, 2018, U.S. Cellular adopted the new
revenue recognition standard, ASC 606, using a modified
retrospective approach. Under this method, the new
accounting standard is applied only to the most recent
period presented. As a result, 2018 amounts include the
impacts of ASC 606, but 2017 amounts remain as
previously reported.
(2) 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. U.S. Cellular 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
profitability, and therefore reconciliations to Net
income are deemed appropriate. Management believes
Adjusted EBITDA and Adjusted OIBDA are useful measures
of U.S. Cellular's operating results before significant
recurring non-cash charges, gains and losses, and other
items as presented above as they provide additional
relevant and useful information to investors and other
users of U.S. Cellular'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, and
gains and losses, 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 (loss) before income taxes.
(3) Additional information and reconciliations related to
Non-GAAP financial measures for September 30, 2018, can
be found on U.S. Cellular's website at
investors.uscellular.com.
Conference Call Information
U.S. Cellular will hold a conference call on November 2, 2018 at 9:30 a.m. Central Time.
-- Access the live call on the Events & Presentations page of
investors.uscellular.com or at
https://www.webcaster4.com/Webcast/Page/1145/28103
-- Access the call by phone at 877-273-7192 (US/Canada), conference ID:
7739698.
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 U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 5.1 million connections in 22 states. The Chicago-based company had 5,700 full- and part-time associates as of September 30, 2018. At the end of the third quarter of 2018, Telephone and Data Systems, Inc. owned 82 percent of U.S. Cellular. For more information about U.S. Cellular, 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: intense competition; the ability to execute U.S. Cellular's business strategy; uncertainties in U.S. Cellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestitures/exchanges of properties and/or licenses, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings of U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of services and products offered by U.S. Cellular. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by U.S. Cellular to furnish this press release to the Securities and Exchange Commission, which are incorporated by reference herein.
For more information about U.S. Cellular, visit:
U.S. Cellular: https://www.uscellular.com/
United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended 9/30/2018 (1) 6/30/2018 (1) 3/31/2018 (1) 12/31/2017 9/30/2017
--- ---
Retail Connections
Postpaid
Total at end of period 4,466,000 4,468,000 4,481,000 4,518,000 4,513,000
Gross additions 172,000 146,000 129,000 177,000 191,000
Feature phones 3,000 5,000 5,000 5,000 7,000
Smartphones 130,000 106,000 91,000 128,000 132,000
Connected devices 39,000 35,000 33,000 44,000 52,000
Net additions (losses) (1,000) (13,000) (37,000) 5,000 35,000
Feature phones (14,000) (12,000) (15,000) (15,000) (15,000)
Smartphones 29,000 17,000 (1,000) 33,000 44,000
Connected devices (16,000) (18,000) (21,000) (13,000) 6,000
ARPU (2) $
45.31 $
44.74 $
44.34 $
44.12 $
43.41
ABPU (Non-GAAP) (3) $
59.41 $
57.75 $
57.10 $
56.69 $
54.71
ARPA (4) $
119.42 $
118.57 $
118.22 $
118.05 $
116.36
ABPA (Non-GAAP) (5) $
156.57 $
153.03 $
152.26 $
151.68 $
146.65
Churn rate (6) 1.29% 1.19% 1.23% 1.27% 1.16%
Handsets 1.02% 0.92% 0.97% 1.00% 0.96%
Connected devices 3.04% 2.85% 2.79% 2.84% 2.33%
Prepaid
Total at end of period 528,000 527,000 525,000 519,000 515,000
Gross additions 80,000 78,000 88,000 83,000 102,000
Net additions 1,000 2,000 6,000 4,000 31,000
ARPU (2) $
32.09 $
32.32 $
31.78 $
32.42 $
33.12
Churn rate (6) 4.98% 4.83% 5.27% 5.09% 4.75%
Total connections at end of period
(7) 5,050,000 5,051,000 5,063,000 5,096,000 5,089,000
Market penetration at end of period
Consolidated operating population 31,469,000 31,469,000 31,469,000 31,834,000 31,834,000
Consolidated operating penetration
(8) 16% 16% 16% 16% 16%
Capital expenditures (millions) $
118 $
86 $
70 $
213 $
112
Total cell sites in service 6,506 6,478 6,473 6,460 6,436
Owned towers 4,119 4,105 4,099 4,080 4,051
(1) As of January 1, 2018, U.S. Cellular adopted the
new revenue recognition standard, ASC 606, using
a modified retrospective approach. Under this
method, the new accounting standard is applied
only to the most recent period presented. As a
result, 2018 amounts include the impacts of ASC
606, but 2017 amounts remain as previously
reported.
(2) Average Revenue Per User (ARPU) -metric is
calculated by dividing a revenue base by an
average number of connections and by the number
of months in the period. These revenue bases
and connection populations are shown below:
Postpaid ARPU consists of total postpaid service
revenues and postpaid connections.
Prepaid ARPU consists of total prepaid service
revenues and prepaid connections.
(3) Average Billings Per User (ABPU) - non-GAAP
metric is calculated by dividing total postpaid
service revenues plus equipment installment plan
billings by the average number of postpaid
connections and by the number of months in the
period. Refer to the end of this release for a
reconciliation of this metric to its most
comparable GAAP metric.
(4) 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.
(5) Average Billings Per Account (ABPA) - non-GAAP
metric is calculated by dividing total postpaid
service revenues plus equipment installment plan
billings by the average number of postpaid
accounts and by the number of months in the
period. Refer to the end of this release for a
reconciliation of this metric to its most
comparable GAAP metric.
(6) 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.
(7) Includes reseller and other connections.
(8) Market penetration is calculated by dividing the
number of wireless connections at the end of the
period by the total population of consolidated
operating markets as estimated by Nielsen.
United States Cellular Corporation
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, September 30,
2018 (1) 2017
2018 vs. 2018 (1) 2017
2018 vs.
2017 2017
---
(Dollars and shares in millions, except
per share amounts)
Operating revenues
Service $
759 $
737 3% $
2,224 $
2,223
-
Equipment sales 242 226 7% 692 639 8%
Total operating revenues 1,001 963 4% 2,916 2,862 2%
Operating expenses
System operations
(excluding Depreciation,
amortization and accretion
reported below) 200 185 8% 566 549 3%
Cost of equipment sold 258 261 (1)% 716 749 (4)%
Selling, general and
administrative 346 350 (1)% 1,014 1,041 (2)%
Depreciation, amortization
and accretion 160 153 4% 478 460 4%
Loss on impairment of
goodwill - 370 N/M 370 N/M
(Gain) loss on asset
disposals, net 3 5 (36)% 5 14 (61)%
(Gain) loss on sale of
business and other exit
costs, net - (1) N/M (1) N/M
(Gain) loss on license
sales and exchanges, net - N/M (18) (19) 6%
Total operating expenses 967 1,323 (27)% 2,761 3,163 (13)%
Operating income (loss) 34 (360) N/M 155 (301) N/M
Investment and other income (expense)
Equity in earnings of
unconsolidated entities 42 35 19% 120 101 18%
Interest and dividend
income 4 2 N/M 10 6 61%
Interest expense (29) (28) (2)% (87) (85) (3)%
Other, net - (7)% 1 N/M
Total investment and other
income 17 9 93% 43 23 88%
Income (loss) before income
taxes 51 (351) N/M 198 (278) N/M
Income tax expense
(benefit) 14 (53) N/M 55 (19) N/M
Net income (loss) 37 (298) N/M 143 (259) N/M
Less: Net income
attributable to
noncontrolling interests,
net of tax 1 1 40% 14 2 N/M
Net income (loss)
attributable to U.S.
Cellular shareholders $
36 $
(299) N/M $
129 $
(261) N/M
Basic weighted average
shares outstanding 86 85 1% 85 85 1%
Basic earnings (loss) per
share attributable to U.S.
Cellular shareholders $
0.42 $
(3.51) N/M $
1.51 $
(3.07) N/M
Diluted weighted average
shares outstanding 87 85 2% 86 85 2%
Diluted earnings (loss) per
share attributable to U.S.
Cellular shareholders $
0.41 $
(3.51) N/M $
1.49 $
(3.07) N/M
N/M -Percentage change not
meaningful
(1) As of January 1, 2018, U.S.
Cellular adopted the new
revenue recognition standard,
ASC 606, using a modified
retrospective approach. Under
this method, the new accounting
standard is applied only to the
most recent period presented.
As a result, 2018 amounts
include the impacts of ASC 606,
but 2017 amounts remain as
previously reported.
United States Cellular Corporation
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
2018 (1) 2017
---
(Dollars in millions)
Cash flows from operating activities
Net income (loss) $
143 $
(259)
Add (deduct) adjustments to reconcile net
income (loss) to net cash flows from
operating activities
Depreciation, amortization and
accretion 478 460
Bad debts expense 67 64
Stock-based compensation expense 26 21
Deferred income taxes, net (4) (73)
Equity in earnings of
unconsolidated entities (120) (101)
Distributions from unconsolidated
entities 90 85
Loss on impairment of goodwill - 370
(Gain) loss on asset disposals,
net 5 14
(Gain) loss on sale of business
and other exit costs, net - (1)
(Gain) loss on license sales and
exchanges, net (18) (19)
Noncash interest 2 1
Changes in assets and liabilities from
operations
Accounts receivable (1) (16)
Equipment installment plans
receivable (88) (164)
Inventory 15 36
Accounts payable 21 (58)
Customer deposits and deferred
revenues (5) (13)
Accrued taxes 1 31
Accrued interest 9 9
Other assets and liabilities (21) 7
---
Net cash provided by operating
activities 600 394
---
Cash flows from investing activities
Cash paid for additions to
property, plant and equipment (277) (252)
Cash paid for licenses (2) (189)
Cash received for investments 50
Cash paid for investments - (50)
Cash received from divestitures
and exchanges 23 19
Other investing activities 3
---
Net cash used in investing
activities (203) (472)
---
Cash flows from financing activities
Repayment of long-term debt (14) (9)
Common shares reissued for benefit
plans, net of tax payments 7 1
Payment of debt issuance costs (1)
Distributions to noncontrolling
interests (5) (2)
Other financing activities (4)
Net cash used in financing
activities (17) (10)
---
Net increase (decrease) in cash,
cash equivalents and restricted
cash 380 (88)
Cash, cash equivalents and restricted cash
Beginning of period 352 586
End of period $
732 $
498
===
(1) As of January 1, 2018, U.S.
Cellular adopted the new
revenue recognition standard,
ASC 606, using a modified
retrospective approach. Under
this method, the new accounting
standard is applied only to the
most recent period presented.
As a result, 2018 amounts
include the impacts of ASC 606,
but 2017 amounts remain as
previously reported.
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
September 30, December 31,
2018 (1) 2017
---
(Dollars in millions)
Current assets
Cash and cash equivalents $
730 $
352
Short-term investments - 50
Accounts receivable 929 843
Inventory, net 123 138
Prepaid expenses 62 79
Other current assets 20 21
---
Total current assets 1,864 1,483
Assets held for sale 42 10
Licenses 2,189 2,223
Investments in
unconsolidated entities 461 415
Property, plant and
equipment, net 2,126 2,320
Other assets and deferred
charges 546 390
---
Total assets $
7,228 $
6,841
===
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
September 30, December 31,
2018 (1) 2017
---
(Dollars in millions, except per share
amounts)
Current liabilities
Current portion of long-term
debt $
19 $
18
Accounts payable 324 310
Customer deposits and deferred
revenues 145 185
Accrued taxes 52 56
Accrued compensation 66 74
Other current liabilities 83 90
Total current liabilities 689 733
Deferred liabilities and credits
Deferred income tax liability,
net 510 461
Other deferred liabilities and
credits 386 337
Long-term debt, net 1,609 1,622
Noncontrolling interests with
redemption features 11 1
Equity
U.S. Cellular shareholders' equity
Series A Common and Common
Shares, par value $1 per
share 88 88
Additional paid-in capital 1,578 1,552
Treasury shares (84) (120)
Retained earnings 2,430 2,157
Total U.S. Cellular
shareholders' equity 4,012 3,677
Noncontrolling interests 11 10
---
Total equity 4,023 3,687
---
Total liabilities and equity $
7,228 $
6,841
===
(1) As of January 1, 2018, U.S.
Cellular adopted the new
revenue recognition standard,
ASC 606, using a modified
retrospective approach. Under
this method, the new accounting
standard is applied only to the
most recent period presented.
As a result, 2018 amounts
include the impacts of ASC 606,
but 2017 amounts remain as
previously reported.
United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited)
Free Cash Flow
Three Months Ended Nine Months Ended
September 30, September 30,
2018 2017 2018 2017
(Dollars in millions)
Cash flows
from
operating
activities
(GAAP) $
235 $
174 $
600 $
394
Less: Cash
paid for
additions
to
property,
plant and
equipment 103 96 277 252
Free cash
flow (Non-
GAAP) (1) $
132 $
78 $
323 $
142
===
(1) Management uses Free cash flow as
a liquidity measure and it is
defined as Cash flows from
operating activities less Cash
paid for additions to property,
plant and equipment. Free cash
flow is a non-GAAP financial
measure which U.S. Cellular
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.
Net income (loss) excluding goodwill impairment charge
The following non-GAAP financial measures present certain information in the table below excluding the effect of the goodwill impairment charge and related tax effects. The goodwill impairment charge, which occurred in the third quarter of 2017, is being excluded in this presentation, as it is not related to the current operations of U.S. Cellular. U.S. Cellular believes these measures may be useful to investors and other users of its financial information when comparing the current period financial results with periods that were not impacted by such a charge.
Three Months Ended Nine Months Ended
September 30, September 30,
2018 2017 2018 2017
(Dollars in millions,
except per share
amounts)
Net income (loss)
attributable to U.S.
Cellular
shareholders (GAAP) $
36 $
(299) $
129 $
(261)
Adjustments:
Loss on impairment of
goodwill 370 370
Tax benefit on
impairment of
goodwill (1) (61) (61)
Total adjustments
(Non-GAAP) 309 309
Net income
attributable to U.S.
Cellular
shareholders
excluding goodwill
impairment charge
(Non-GAAP) $
36 $
10 $
129 $
48
Diluted earnings
(loss) per share
attributable to U.S.
Cellular
shareholders (GAAP) $
0.41 $
(3.51) $
1.49 $
(3.07)
Adjustments:
Adjustment to
weighted average
diluted shares (2) 0.03 0.03
Loss in impairment of
goodwill 4.30 4.31
Tax benefit on
impairment of
goodwill (1) (0.71) (0.71)
Diluted earnings per
share attributable
to U.S. Cellular
shareholders
excluding goodwill
impairment charge
(Non-GAAP) $
0.41 $
0.11 $
1.49 $
0.56
Diluted weighted
average shares
outstanding (GAAP) 87 85 86 85
Adjustment to
weighted average
diluted shares (2) 1 1
Adjusted diluted
weighted average
shares (Non-GAAP) $
87 $
86 $
86 $
86
(1) Tax benefit represents the
amount associated with the
tax-deductible portion of
the loss on goodwill
impairment.
(2) Adjustment to reflect the
incremental shares deemed
anti-dilutive for GAAP
diluted earnings per share.
Postpaid ABPU and Postpaid ABPA
U.S. Cellular presents Postpaid ABPU and Postpaid ABPA to reflect the revenue shift from Service revenues to Equipment sales resulting from the increased adoption of equipment installment plans. Postpaid ABPU and Postpaid ABPA, as previously defined herein, are non-GAAP financial measures which U.S. Cellular believes are useful to investors and other users of its financial information in showing trends in both service and equipment sales revenues received from customers.
For the Quarter
Ended 9/30/2018 (1) 6/30/2018 (1) 3/31/2018 (1) 12/31/2017 9/30/2017
---
(Dollars and
connection
counts in
millions)
Calculation of
Postpaid ARPU
---
Postpaid service
revenues $
607 $
600 $
598 $
598 $
586
Average number
of postpaid
connections 4.47 4.47 4.50 4.52 4.50
Number of months
in period 3 3 3 3 3
Postpaid ARPU
(GAAP metric) $
45.31 $
44.74 $
44.34 $
44.12 $
43.41
Calculation of
Postpaid ABPU
---
Postpaid service
revenues $
607 $
600 $
598 $
598 $
586
Equipment
installment
plan billings 189 174 172 170 152
Total billings
to postpaid
connections $
796 $
774 $
770 $
768 $
738
Average number
of postpaid
connections 4.47 4.47 4.50 4.52 4.50
Number of months
in period 3 3 3 3 3
Postpaid ABPU
(Non-GAAP
metric) $
59.41 $
57.75 $
57.10 $
56.69 $
54.71
Calculation of
Postpaid ARPA
---
Postpaid service
revenues $
607 $
600 $
598 $
598 $
586
Average number
of postpaid
accounts 1.70 1.69 1.69 1.69 1.68
Number of months
in period 3 3 3 3 3
Postpaid ARPA
(GAAP metric) $
119.42 $
118.57 $
118.22 $
118.05 $
116.36
Calculation of
Postpaid ABPA
---
Postpaid service
revenues $
607 $
600 $
598 $
598 $
586
Equipment
installment
plan billings 189 174 172 170 152
Total billings
to postpaid
accounts $
796 $
774 $
770 $
768 $
738
Average number
of postpaid
accounts 1.70 1.69 1.69 1.69 1.68
Number of months
in period 3 3 3 3 3
Postpaid ABPA
(Non-GAAP
metric) $
156.57 $
153.03 $
152.26 $
151.68 $
146.65
Numbers may not foot due to rounding.
(1) As of January 1, 2018, U.S.
Cellular adopted the new
revenue recognition standard,
ASC 606, using a modified
retrospective approach. Under
this method, the new accounting
standard is applied only to the
most recent period presented.
As a result, 2018 amounts
include the impacts of ASC 606,
but 2017 amounts remain as
previously reported.
View original content:http://www.prnewswire.com/news-releases/us-cellular-reports-strong-third-quarter-2018-results-300743029.html
SOURCE United States Cellular Corporation
