TDS reports first quarter 2024 results
2024 guidance reaffirmed
CHICAGO, May 3, 2024 /PRNewswire/ --
As previously announced, TDS will hold a teleconference on May 3, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,262 million for the first quarter of 2024, versus $1,303 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $12 million and $0.10, respectively, for the first quarter of 2024 compared to $(9) million and $(0.08), respectively, in the same period one year ago.
1Q 2024 Highlights*
UScellular
-- 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.
2024 Estimated Results
TDS' current estimates of full-year 2024 results for UScellular and TDS Telecom are shown below. Such estimates represent management's view as of May 3, 2024 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.
2024 Estimated Results
UScellular Previous Current
(Dollars in millions)
Service revenues
$2,950-$3,050 Unchanged
Adjusted OIBDA1, 2
$750-$850 Unchanged
Adjusted EBITDA1, 2
$920-$1,020 Unchanged
Capital expenditures
$550-$650 Unchanged
TDS Telecom Previous Current
(Dollars in millions)
Total operating revenues
$1,070-$1,100 Unchanged
Adjusted OIBDA(1)
$310-$340 Unchanged
Adjusted EBITDA(1)
$310-$340 Unchanged
Capital expenditures
$310-$340 Unchanged
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2024 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.
2024 Estimated
Results(2)
UScellular TDS Telecom
(Dollars in millions)
Net income (GAAP) N/A N/A
Add back:
Income tax expense N/A N/A
Income before income taxes (GAAP)
$60-$160
$40-$70
Add back:
Interest expense 185
Depreciation, amortization and accretion expense 660 270
EBITDA (Non-GAAP)(1)
$905-$1,005
$310-$340
Add back or deduct:
(Gain) loss on asset disposals, net 15
Adjusted EBITDA (Non-GAAP)(1)
$920-$1,020
$310-$340
Deduct:
Equity in earnings of unconsolidated entities 155
Interest and dividend income 15
Adjusted OIBDA (Non-GAAP)(1)
$750-$850
$310-$340
Actual Results
Three Months Ended Year Ended
March 31, 2024 December 31, 2023
UScellular TDS UScellular TDS
Telecom Telecom
(Dollars in millions)
Net income (GAAP) $24 $24 $58 $(483)
Add back:
Income tax expense 28 7 53 (26)
Income before income taxes (GAAP) $52 $31 $111 $(509)
Add back:
Interest expense 43 (2) 196 (8)
Depreciation, amortization and accretion expense 165 65 656 245
EBITDA (Non-GAAP)(1) $260 $93 $963 $(272)
Add back or deduct:
Expenses related to strategic alternatives review 7 8
Loss on impairment of goodwill 547
(Gain) loss on asset disposals, net 6 2 17 10
(Gain) loss on license sales and exchanges, net (1) (2)
Adjusted EBITDA (Non-GAAP)(1) $272 $95 $986 $285
Deduct:
Equity in earnings of unconsolidated entities 42 158
Interest and dividend income 2 1 10 4
Other, net 1 2
Adjusted OIBDA (Non-GAAP)(1) $228 $93 $818 $279
Numbers may not foot due to rounding.
(1) EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not
measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from
operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or
unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed
appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses,
gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the
effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted
earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of UScellular while Adjusted OIBDA
reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating
activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income
taxes. Additional information and reconciliations related to Non-GAAP financial measures for March 31, 2024, can be found on TDS' website at investors.tdsinc.com.
(2)
2024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.
Conference Call Information
TDS will hold a conference call on May 3, 2024 at 9:00 a.m. Central Time.
-- Access the live call on the Events & Presentations page of
investors.tdsinc.com or athttps://events.q4inc.com/attendee/316610586
-- Access the call by phone at (888)330-2384, conference ID: 1328528.
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.
About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000(®) company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,600 associates as of March 31, 2024.
Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for TDS or its shareholders and whether the process will have an adverse impact on TDS' businesses; intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; the effect on TDS' business if the collateral securing its secured term loan is foreclosed upon; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.
For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
UScellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com
United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Retail Connections
Postpaid
Total at end of period(1) 4,051,000 4,106,000 4,159,000 4,194,000 4,223,000
Gross additions 106,000 129,000 128,000 125,000 137,000
Handsets 63,000 80,000 84,000 83,000 93,000
Connected devices 43,000 49,000 44,000 42,000 44,000
Net additions (losses)(1) (44,000) (50,000) (35,000) (28,000) (24,000)
Handsets (47,000) (53,000) (38,000) (29,000) (25,000)
Connected devices 3,000 3,000 3,000 1,000 1,000
ARPU(2) $51.96 $51.61 $51.11 $50.64 $50.66
ARPA(3) $132.00 $131.63 $130.91 $130.19 $130.77
Handset upgrade rate4 4.5 % 5.8 % 4.5 % 4.8 % 4.9 %
Churn rate5 1.22 % 1.44 % 1.30 % 1.21 % 1.27 %
Handsets 1.03 % 1.22 % 1.11 % 1.01 % 1.06 %
Connected devices 2.52 % 3.03 % 2.64 % 2.65 % 2.78 %
Prepaid
Total at end of period(1) 436,000 451,000 462,000 462,000 470,000
Gross additions 41,000 43,000 52,000 50,000 43,000
Net additions (losses)(1) (13,000) (11,000) (8,000) (23,000)
ARPU2, 6 $32.25 $32.32 $33.44 $33.86 $33.19
Churn rate5 4.06 % 3.87 % 3.68 % 4.18 % 4.63 %
Market penetration at end of period
Consolidated operating population 32,550,000 32,350,000 32,350,000 32,350,000 32,350,000
Consolidated operating penetration7 14 % 15 % 15 % 15 % 15 %
Capital expenditures (millions) $131 $148 $111 $143 $208
Total cell sites in service 6,995 7,000 6,973 6,952 6,950
Owned towers 4,382 4,373 4,356 4,341 4,338
(1) First quarter 2024 connections were adjusted to remove subscribers that could no longer access the UScellular network due to the CDMA shutdown. This resulted in 11,000 and 2,000
subscribers removed from the postpaid and prepaid base, respectively, that are not included in Net additions (losses) for the quarter.
(2) Average Revenue Per User (ARPU) -metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and
connection populations are shown below:
-- Postpaid ARPU consists of total postpaid service revenues and postpaid connections.
-- Prepaid ARPU consists of total prepaid service revenues and prepaid connections.
(3) Average Revenue Per Account (ARPA) -metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the
period.
4
Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.
5
Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.
6 Fourth quarter 2023 Prepaid ARPU excludes a $6 million reduction of prepaid revenue related to an adjustment to correct a prior period error recorded in the fourth quarter of 2023.
7
Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.
TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Residential connections
Broadband
Incumbent 245,100 244,800 248,800 249,200 247,900
Expansion 100,400 92,200 79,400 70,200 62,800
Cable 202,400 202,900 204,400 204,200 204,700
Total Broadband(1) 547,900 539,800 532,600 523,600 515,400
Video 128,800 131,500 132,400 132,300 132,600
Voice 279,400 281,600 284,000 288,200 289,200
Total Residential connections 956,100 952,900 949,000 944,100 937,200
Commercial connections 206,200 210,200 217,400 223,300 229,800
Total connections 1,162,200 1,163,100 1,166,400 1,167,400 1,167,000
Residential revenue per connection(2) $64.58 $62.74 $62.15 $61.97 $60.24
Capital expenditures (millions) $87 $143 $172 $132 $130
Numbers may not foot due to rounding.
(1) Total residential broadband connections increased by 8,100 during the three months ended March 31, 2024, due primarily to net additions of 6,400
as well as certain other adjustments.
(2) Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and
by the number of months in the period.
Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
March 31,
2024 2023 2024
vs. 2023
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular $950 $986 (4) %
TDS Telecom 266 253 5 %
All Other(1) 46 64 (29) %
1,262 1,303 (3) %
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion 729 780 (7) %
Depreciation, amortization and accretion 165 170 (2) %
(Gain) loss on asset disposals, net 6 10 (43) %
(Gain) loss on license sales and exchanges, net (1) N/M
899 960 (6) %
TDS Telecom
Expenses excluding depreciation, amortization and accretion 173 185 (6) %
Depreciation, amortization and accretion 65 59 10 %
(Gain) loss on asset disposals, net 2 1 60 %
240 245 (2) %
All Other(1)
Expenses excluding depreciation and amortization 53 66 (20) %
Depreciation and amortization 4 3 (14) %
(Gain) loss on asset disposals, net (1) N/M
56 69 (20) %
Total operating expenses 1,195 1,274 (6) %
Operating income (loss)
UScellular 51 26 94 %
TDS Telecom 27 8 N/M
All Other(1) (11) (5) (83) %
67 29 N/M
Investment and other income (expense)
Equity in earnings of unconsolidated entities 42 44 (3) %
Interest and dividend income 5 5 (4) %
Interest expense (57) (53) (9) %
Other, net 1 N/M
Total investment and other income (expense) (9) (4) N/M
Income before income taxes 58 25 N/M
Income tax expense 20 13 49 %
Net income 38 12 N/M
Less: Net income attributable to noncontrolling interests, net of tax 9 4 N/M
Net income attributable to TDS shareholders 29 8 N/M
TDS Preferred Share dividends 17 17
Net income (loss) attributable to TDS common shareholders $12 $(9) N/M
Basic weighted average shares outstanding 113 113
Basic earnings (loss) per share attributable to TDS common shareholders $0.11 $(0.08) N/M
Diluted weighted average shares outstanding 117 113 4 %
Diluted earnings (loss) per share attributable to TDS common shareholders $0.10 $(0.08) N/M
N/M - Percentage change not meaningful.
Numbers may not foot due to rounding.
(1) Consists of TDS corporate, intercompany eliminations and all other business operations not included in the UScellular
and TDS Telecom segments.
Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Three Months Ended
March 31,
2024 2023
(Dollars in millions)
Cash flows from operating activities
Net income $38 $12
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion 234 232
Bad debts expense 31 27
Stock-based compensation expense 14 3
Deferred income taxes, net 14 9
Equity in earnings of unconsolidated entities (42) (44)
Distributions from unconsolidated entities 22 20
(Gain) loss on asset disposals, net 7 11
(Gain) loss on license sales and exchanges, net (1)
Other operating activities 1 2
Changes in assets and liabilities from operations
Accounts receivable 27 22
Equipment installment plans receivable 2 1
Inventory 24
Accounts payable (35) (162)
Customer deposits and deferred revenues 6 (9)
Accrued taxes 4 1
Accrued interest 9 9
Other assets and liabilities (131) (88)
Net cash provided by operating activities 224 46
Cash flows from investing activities
Cash paid for additions to property, plant and equipment (235) (331)
Cash paid for intangible assets (11) (5)
Other investing activities - 2
Net cash used in investing activities (246) (334)
Cash flows from financing activities
Issuance of long-term debt 140 316
Repayment of long-term debt (57) (5)
Repayment of short-term debt - (60)
Tax payments for TDS stock-based compensation awards (1) (2)
Repurchase of TDS Common Shares - (3)
Dividends paid to TDS shareholders (39) (38)
Distributions to noncontrolling interests (2) (1)
Cash paid for software license agreements (9) (8)
Other financing activities (2) (1)
Net cash provided by financing activities 30 198
Net increase (decrease) in cash, cash equivalents and restricted cash 8 (90)
Cash, cash equivalents and restricted cash
Beginning of period 270 399
End of period $278 $309
Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
March 31, 2024 December 31, 2023
(Dollars in millions)
Current assets
Cash and cash equivalents $249 $236
Accounts receivable, net 1,036 1,074
Inventory, net 184 208
Prepaid expenses 107 86
Income taxes receivable 3 4
Other current assets 49 52
Total current assets 1,628 1,660
Assets held for sale - 15
Licenses 4,720 4,702
Other intangible assets, net 178 183
Investments in unconsolidated entities 526 505
Property, plant and equipment, net 5,052 5,062
Operating lease right-of-use assets 979 987
Other assets and deferred charges 783 807
Total assets $13,866 $13,921
Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
March 31, 2024 December 31, 2023
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt $26 $26
Accounts payable 302 360
Customer deposits and deferred revenues 284 277
Accrued interest 21 12
Accrued taxes 44 43
Accrued compensation 59 149
Short-term operating lease liabilities 147 147
Other current liabilities 148 170
Total current liabilities 1,031 1,184
Deferred liabilities and credits
Deferred income tax liability, net 988 975
Long-term operating lease liabilities 883 890
Other deferred liabilities and credits 780 784
Long-term debt, net 4,164 4,080
Noncontrolling interests with redemption features 16 12
Equity
TDS shareholders' equity
Series A Common and Common Shares, par value $0.01 per share 1 1
Capital in excess of par value 2,570 2,558
Preferred Shares, par value $0.01 per share 1,074 1,074
Treasury shares, at cost (460) (465)
Accumulated other comprehensive income 11 11
Retained earnings 2,008 2,023
Total TDS shareholders' equity 5,204 5,202
Noncontrolling interests 800 794
Total equity 6,004 5,996
Total liabilities and equity $13,866 $13,921
Balance Sheet Highlights
(Unaudited)
March 31, 2024
TDS TDS Corporate Intercompany TDS
UScellular Telecom & Other Eliminations Consolidated
(Dollars in millions)
Cash and cash equivalents $185 $38 $65 $(39) $249
Licenses and other intangible assets $4,711 $182 $5
$ - $4,898
Investment in unconsolidated entities 482 4 48 (8) 526
$5,193 $186 $53 $(8) $5,424
Property, plant and equipment, net $2,540 $2,429 $83
$ - $5,052
Long-term debt, net:
Current portion $20
$ - $6
$ - $26
Non-current portion 3,029 3 1,132 4,164
$3,049 $3 $1,138
$ - $4,190
TDS Telecom Highlights
(Unaudited)
Three Months Ended
March 31,
2024 2023 2024
vs. 2023
(Dollars in millions)
Operating revenues
Residential
Incumbent $90 $86 4 %
Expansion 26 15 71 %
Cable 70 68 3 %
Total residential 185 169 10 %
Commercial 37 41 (9) %
Wholesale 44 43 3 %
Total service revenues 266 253 5 %
Equipment revenues - (35) %
Total operating revenues 266 253 5 %
Cost of services 98 104 (6) %
Cost of equipment and products - 15 %
Selling, general and administrative expenses 75 80 (6) %
Depreciation, amortization and accretion 65 59 10 %
(Gain) loss on asset disposals, net 2 1 60 %
Total operating expenses 240 245 (2) %
Operating income $27 $8 N/M
N/M - Percentage change not meaningful
Numbers may not foot due to rounding.
Telephone and Data Systems, Inc.
Financial Measures and Reconciliations
(Unaudited)
Free Cash Flow
Three Months Ended
March 31,
TDS - CONSOLIDATED 2024 2023
(Dollars in millions)
Cash flows from operating activities (GAAP) $224 $46
Cash paid for additions to property, plant and equipment (235) (331)
Cash paid for software license agreements (9) (8)
Free cash flow (Non-GAAP)(1) $(20) $(293)
Three Months Ended
March 31,
UScellular 2024 2023
(Dollars in millions)
Cash flows from operating activities (GAAP) $203 $41
Cash paid for additions to property, plant and equipment (133) (196)
Cash paid for software license agreements (9) (7)
Free cash flow (Non-GAAP)(1) $61 $(162)
(1) Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the
amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.
EBITDA, Adjusted EBITDA and Adjusted OIBDA
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income before income taxes.
Three Months Ended
March 31,
UScellular 2024 2023
(Dollars in millions)
Net income (GAAP) $24 $14
Add back:
Income tax expense 28 11
Income before income taxes (GAAP) 52 25
Add back:
Interest expense 43 47
Depreciation, amortization and accretion 165 170
EBITDA (Non-GAAP) 260 242
Add back or deduct:
Expenses related to strategic alternatives review 7
(Gain) loss on asset disposals, net 6 10
(Gain) loss on license sales and exchanges, net (1)
Adjusted EBITDA (Non-GAAP) 272 252
Deduct:
Equity in earnings of unconsolidated entities 42 44
Interest and dividend income 2 2
Adjusted OIBDA (Non-GAAP) $228 $206
Three Months Ended
March 31,
TDS TELECOM 2024 2023
(Dollars in millions)
Net income (GAAP) $24 $8
Add back:
Income tax expense 7 3
Interest expense (2) (2)
Depreciation, amortization and accretion 65 59
EBITDA (Non-GAAP) 93 68
Add back or deduct:
(Gain) loss on asset disposals, net 2 1
Adjusted EBITDA (Non-GAAP) 95 69
Deduct:
Interest and dividend income 1 1
Other, net 1
Adjusted OIBDA (Non-GAAP) 93 68
Deduct:
Depreciation, amortization and accretion 65 59
(Gain) loss on asset disposals, net 2 1
Operating income (GAAP) $27 $8
Numbers may not foot due to rounding.
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SOURCE Telephone and Data Systems, Inc.
