UScellular reports fourth quarter and full year 2024 results
As previously announced, UScellular 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.uscellular.com.
CHICAGO, Feb. 21, 2025 /PRNewswire/ -- United States Cellular Corporation (NYSE: USM) reported total operating revenues of $970 million for the fourth quarter of 2024, versus $1,000 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $5 million and $0.05, respectively, for the fourth quarter of 2024 compared to $14 million and $0.16, respectively, in the same period one year ago.
UScellular reported total operating revenues of $3,770 million and $3,906 million for the years ended 2024 and 2023, respectively. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(39) million and $(0.46), respectively, for the year ended 2024 compared to $54 million and $0.63, respectively, for the year ended 2023.
Net income attributable to UScellular shareholders excluding a third quarter 2024 license impairment (non-GAAP) of $136 million ($102 million, net of tax) and related diluted earnings per share excluding a third quarter 2024 license impairment (non-GAAP) were $63 million and $0.71, respectively, for the year ended 2024 compared to $54 million and $0.63, respectively, for the year ended 2023. Substantially all of the impairment loss was related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands.
Full-year 2024 Highlights*
-- 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
*Comparisons are Year Ended December 31, 2024 to Year Ended December 31, 2023
"In 2024, UScellular made significant progress in enhancing shareholder value, while remaining steadfast in its mission of connecting people to what matters most," said Laurent Therivel, UScellular President and CEO. "We also maintained strong financial discipline resulting in solid growth in profitability and free cash flow.
"While subscriber results remained negative, we saw meaningful improvement in postpaid and prepaid additions in the third and fourth quarters of 2024. We intend to build on this momentum and will continue to invest in our customers and our network while working towards closing the transactions that we have previously announced."
Announced Transactions
On May 24, 2024, Telephone and Data Systems, Inc. (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 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.
Stock Repurchase
During 2024, UScellular repurchased 939,999 of its Common Shares for $55 million.
Conference Call Information
UScellular will hold a conference call on February 21, 2025 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/548841993
-- 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 4.4 million retail connections in 21 states. The Chicago-based company had 4,100 full- and part-time associates as of December 31, 2024. At the end of the fourth quarter of 2024, TDS 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 the announced transactions whereby UScellular has agreed to sell its wireless operations and selected spectrum assets will be successfully completed or whether UScellular will be able to find buyers at mutually agreeable prices for its remaining spectrum assets; 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; if the announced transactions are not successfully completed there may be substantial changes in which the wireless business is conducted; if the announced transactions are successfully completed, substantial costs will be triggered and changes required in the manner in which UScellular's remaining business is conducted; strategic decisions regarding the tower business; intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; UScellular's lack of 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, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; 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.
United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
Retail Connections
Postpaid
Total at end of period(1) 3,985,000 3,999,000 4,027,000 4,051,000 4,106,000
Gross additions 140,000 123,000 117,000 106,000 129,000
Handsets 93,000 84,000 73,000 63,000 80,000
Connected devices 47,000 39,000 44,000 43,000 49,000
Net additions (losses)(1) (14,000) (28,000) (24,000) (44,000) (50,000)
Handsets (19,000) (28,000) (29,000) (47,000) (53,000)
Connected devices 5,000 5,000 3,000 3,000
ARPU(2) $51.73 $52.04 $51.45 $51.96 $51.61
ARPA(3) $131.10 $131.81 $130.41 $132.00 $131.63
Handset upgrade rate4 4.8 % 3.5 % 4.1 % 4.5 % 5.8 %
Churn rate5 1.29 % 1.25 % 1.16 % 1.22 % 1.44 %
Handsets 1.08 % 1.07 % 0.97 % 1.03 % 1.22 %
Connected devices 2.67 % 2.47 % 2.47 % 2.52 % 3.03 %
Prepaid
Total at end of period(1) 448,000 452,000 439,000 436,000 451,000
Gross additions 46,000 57,000 50,000 41,000 43,000
Net additions (losses)(1) (4,000) 13,000 3,000 (13,000) (11,000)
ARPU2, 6 $30.59 $32.01 $32.37 $32.25 $32.32
Churn rate5 3.70 % 3.30 % 3.60 % 4.06 % 3.87 %
Market penetration at end of period
Consolidated operating population 32,550,000 32,550,000 32,550,000 32,550,000 32,350,000
Consolidated operating penetration7 15 % 15 % 15 % 14 % 15 %
Capital expenditures (millions) $162 $120 $165 $131 $148
Total cell sites in service 7,010 7,007 6,990 6,995 7,000
Owned towers 4,409 4,407 4,388 4,382 4,373
Number of colocations8 2,444 2,418 2,392 2,397 2,390
Tower tenancy rate9 1.55 1.55 1.55 1.55 1.55
Due to rounding, the sum of quarterly results may not equal the total for the year.
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.
8
Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.
9
Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.
United States Cellular Corporation
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 vs. 2024 2023 2024
vs.
2023 2023
(Dollars and shares in millions, except per share amounts)
Operating revenues
Service $742 $755 (2) % $2,987 $3,044 (2) %
Equipment sales 228 245 (7) % 783 862 (9) %
Total operating revenues 970 1,000 (3) % 3,770 3,906 (3) %
Operating expenses
System operations (excluding Depreciation, amortization and 182 183 (1) % 724 740 (2) %
accretion reported below)
Cost of equipment sold 276 280 (1) % 906 988 (8) %
Selling, general and administrative 353 349 1 % 1,330 1,368 (3) %
Depreciation, amortization and accretion 165 166 665 656 1 %
Loss on impairment of licenses - 136 N/M
(Gain) loss on asset disposals, net 4 3 3 % 18 17 3 %
(Gain) loss on license sales and exchanges, net (1) (2) 59 % 3 (2) N/M
Total operating expenses 979 979 3,782 3,767
Operating income (loss) (9) 21 N/M (12) 139 N/M
Investment and other income (expense)
Equity in earnings of unconsolidated entities 38 37 3 % 161 158 2 %
Interest and dividend income 3 2 29 % 12 10 19 %
Interest expense (46) (49) 8 % (183) (196) 7 %
Total investment and other income (expense) (5) (10) 53 % (10) (28) 63 %
Income (loss) before income taxes (14) 11 N/M (22) 111 N/M
Income tax expense (benefit) (19) (4) N/M 10 53 (82) %
Net income (loss) 5 15 (66) % (32) 58 N/M
Less: Net income attributable to noncontrolling interests, net of tax - 1 86 % 7 4 N/M
Net income (loss) attributable to UScellular shareholders $5 $14 (68) % $(39) $54 N/M
Basic weighted average shares outstanding 85 85 86 85 1 %
Basic earnings (loss) per share attributable to UScellular $0.05 $0.17 (68) % $(0.46) $0.64 N/M
shareholders
Diluted weighted average shares outstanding 88 88 1 % 86 87 (1) %
Diluted earnings (loss) per share attributable to UScellular $0.05 $0.16 (69) % $(0.46) $0.63 N/M
shareholders
N/M - Percentage change not meaningful
United States Cellular Corporation
Consolidated Statement of Cash Flows
(Unaudited)
Year Ended December 31, 2024 2023
(Dollars in millions)
Cash flows from operating activities
Net income (loss) $(32) $58
Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating
activities
Depreciation, amortization and accretion 665 656
Bad debts expense 97 104
Stock-based compensation expense 55 23
Deferred income taxes, net (27) 47
Equity in earnings of unconsolidated entities (161) (158)
Distributions from unconsolidated entities 169 150
Loss on impairment of licenses 136
(Gain) loss on asset disposals, net 18 17
(Gain) loss on license sales and exchanges, net 3 (2)
Other operating activities 5 6
Changes in assets and liabilities from operations
Accounts receivable (11) 17
Equipment installment plans receivable (37) (20)
Inventory 21 62
Accounts payable (19) (85)
Customer deposits and deferred revenues 9 (9)
Accrued taxes (4)
Other assets and liabilities (4)
Net cash provided by operating activities 883 866
Cash flows from investing activities
Cash paid for additions to property, plant and equipment (537) (608)
Cash paid for licenses (20) (130)
Other investing activities 1 17
Net cash used in investing activities (556) (721)
Cash flows from financing activities
Issuance of long-term debt 40 315
Repayment of long-term debt (248) (453)
Repayment of short-term debt - (60)
Common Shares reissued for stock-based compensation awards, net of tax payments (11) (6)
Repurchase of Common Shares (54)
Payment of debt issuance costs - (1)
Distributions to noncontrolling interests (5) (3)
Cash paid for software license agreements (66) (66)
Other financing activities (3)
Net cash used in financing activities (347) (274)
Net decrease in cash, cash equivalents and restricted cash (20) (129)
Cash, cash equivalents and restricted cash
Beginning of period 179 308
End of period $159 $179
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
December 31, 2024 2023
(Dollars in millions)
Current assets
Cash and cash equivalents $144 $150
Accounts receivable, net 955 957
Inventory, net 179 199
Prepaid expenses 46 57
Income taxes receivable - 1
Other current assets 21 36
Total current assets 1,345 1,400
Assets held for sale - 15
Licenses 4,579 4,693
Investments in unconsolidated entities 454 461
Property, plant and equipment, net 2,502 2,576
Operating lease right-of-use assets 926 915
Other assets and deferred charges 643 690
Total assets $10,449 $10,750
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
December 31, 2024 2023
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt $22 $20
Accounts payable 242 248
Customer deposits and deferred revenues 238 229
Accrued taxes 30 32
Accrued compensation 93 83
Short-term operating lease liabilities 141 135
Other current liabilities 118 154
Total current liabilities 884 901
Deferred liabilities and credits
Deferred income tax liability, net 728 755
Long-term operating lease liabilities 822 831
Other deferred liabilities and credits 570 565
Long-term debt, net 2,837 3,044
Noncontrolling interests with redemption features 16 12
Equity
UScellular shareholders' equity
Series A Common and Common Shares, par value $1.00 per share 88 88
Additional paid-in capital 1,783 1,726
Treasury shares (112) (80)
Retained earnings 2,818 2,892
Total UScellular shareholders' equity 4,577 4,626
Noncontrolling interests 15 16
Total equity 4,592 4,642
Total liabilities and equity $10,449 $10,750
United States Cellular Corporation
Segment Results
(Unaudited)
Three Months Ended Year Ended
December 31,
December 31,
UScellular 2024 2023 2024 2024 2023 2024
vs. 2023
vs. 2023
(Dollars in millions)
Operating Revenues
Wireless $944 $975 (3) % $3,667 $3,805 (4) %
Towers 59 57 3 % 234 228 3 %
Intra-company eliminations (33) (32) (3) % (131) (127) (3) %
Total operating revenues 970 1,000 (3) % 3,770 3,906 (3) %
Operating expenses
Wireless 971 975 3,757 3,743
Towers 41 36 12 % 156 151 3 %
Intra-company eliminations (33) (32) (3) % (131) (127) (3) %
Total operating expenses 979 979 3,782 3,767
Operating income (loss) $(9) $21 N/M $(12) $139 N/M
Adjusted OIBDA (Non-GAAP) $167 $194 (14) % $845 $818 3 %
Adjusted EBITDA (Non-GAAP) $208 $233 (11) % $1,018 $986 3 %
Capital expenditures $162 $148 9 % $577 $611 (6) %
N/M - Percentage change not meaningful
United States Cellular Corporation
Segment Results
(Unaudited)
Three Months Ended Year Ended
December 31,
December 31,
UScellular Wireless 2024 2023 2024 2024 2023 2024
vs. 2023
vs. 2023
(Dollars in millions)
Retail service $661 $678 (3) % $2,674 $2,742 (2) %
Other 55 52 7 % 210 201 5 %
Service revenues 716 730 (2) % 2,884 2,943 (2) %
Equipment sales 228 245 (7) % 783 862 (9) %
Total operating revenues 944 975 (3) % 3,667 3,805 (4) %
System operations (excluding Depreciation, amortization and accretion 195 197 (1) % 777 794 (2) %
reported below)
Cost of equipment sold 276 280 (1) % 906 988 (8) %
Selling, general and administrative 344 340 1 % 1,298 1,334 (3) %
Depreciation, amortization and accretion 153 155 620 610 1 %
Loss on impairment of licenses - 136 N/M
(Gain) loss on asset disposals, net 4 5 (37) % 17 19 (11) %
(Gain) loss on license sales and exchanges, net (1) (2) 59 % 3 (2) N/M
Total operating expenses 971 975 3,757 3,743
Operating income (loss) $(27)
$ - N/M $(90) $62 N/M
Adjusted OIBDA (Non-GAAP) $137 $164 (16) % $719 $697 3 %
Adjusted EBITDA (Non-GAAP) $137 $164 (16) % $719 $697 3 %
Capital expenditures $154 $127 21 % $554 $580 (5) %
Three Months Ended Year Ended
December 31,
December 31,
UScellular Towers 2024 2023 2024 2024 2023 2024
vs. 2023
vs. 2023
(Dollars in millions)
Third-party revenues $26 $25 4 % $103 $101 2 %
Intra-company revenues 33 32 3 % 131 127 3 %
Total tower revenues 59 57 3 % 234 228 3 %
System operations (excluding Depreciation, amortization and accretion 20 18 11 % 78 73 6 %
reported below)
Selling, general and administrative 9 9 2 % 32 34 (5) %
Depreciation, amortization and accretion 12 11 45 46 (1) %
(Gain) loss on asset disposals, net (2) N/M 1 (2) N/M
Total operating expenses 41 36 12 % 156 151 3 %
Operating income $18 $21 (11) % $78 $77 2 %
Adjusted OIBDA (Non-GAAP) $30 $30 $126 $121 4 %
Adjusted EBITDA (Non-GAAP) $30 $30 $126 $121 4 %
Capital expenditures $8 $21 (62) % $23 $31 (24) %
N/M - Percentage change not meaningful
United States Cellular Corporation
Financial Measures
(Unaudited)
Free Cash Flow
Three Months Ended Year Ended
December 31, December 31,
UScellular 2024 2023 2024 2023
(Dollars in millions)
Cash flows from operating activities (GAAP) $121 $148 $883 $866
Cash paid for additions to property, plant and equipment (139) (155) (537) (608)
Cash paid for software license agreements (35) (37) (66) (66)
Free cash flow (Non-GAAP)(1) $(53) $(44) $280 $192
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.
Licenses impairment, net of tax
The following non-GAAP financial measure isolates the total effects on net income of the Loss on impairment of licenses, including tax impacts. UScellular believes this measure may be useful to investors and other users of its financial information to assist in comparing financial results with periods that were not impacted by impairment charges.
Three Months Ended Year Ended
December 31,
December 31,
2024 2023 2024 2023
(Dollars in millions)
Net income (loss) attributable to UScellular shareholders $5 $14 $(39) $54
(GAAP)
Adjustments:
Loss on impairment of licenses 136
Deferred tax benefit on the tax-amortizable portion of the (34)
impaired licenses
Subtotal of Non-GAAP adjustments 102
Net income attributable to UScellular shareholders excluding $5 $14 $63 $54
licenses impairment charge (Non-GAAP)
Diluted weighted average shares outstanding used for diluted 88 88 86 87
earnings (loss) per share attributable to UScellular shareholders
Diluted weighted average shares outstanding used for diluted 88 88 88 87
earnings per share attributable to UScellular shareholders
excluding licenses impairment charge
Diluted earnings (loss) per share attributable to UScellular $0.05 $0.16 $(0.46) $0.63
shareholders (GAAP)
Adjustments:
Loss on impairment of licenses 1.55
Deferred tax benefit on the tax-amortizable portion of the (0.38)
impaired licenses
Diluted earnings per share attributable to UScellular shareholders $0.05 $0.16 $0.71 $0.63
excluding licenses impairment charge (Non-GAAP)
United States Cellular Corporation
EBITDA, Adjusted EBITDA and Adjusted OIBDA
(Unaudited)
The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) and Income (loss) before income taxes. Income and expense items below Operating income (loss) are not provided at the individual segment level for Wireless and Towers; therefore, the reconciliations begin with EBITDA and the most directly comparable GAAP measure is Operating income (loss) rather than Net income (loss) at the
segment level.
Three Months Ended Year Ended
December 31, December 31,
UScellular 2024 2023 2024 2023
(Dollars in millions)
Net income (loss) (GAAP) $5 $15 $(32) $58
Add back or deduct:
Income tax expense (benefit) (19) (4) 10 53
Income (loss) before income taxes (GAAP) (14) 11 (22) 111
Add back:
Interest expense 46 49 183 196
Depreciation, amortization and accretion 165 166 665 656
EBITDA (Non-GAAP) 197 226 826 963
Add back or deduct:
Expenses related to strategic alternatives review 8 6 35 8
Loss on impairment of licenses 136
(Gain) loss on asset disposals, net 4 3 18 17
(Gain) loss on license sales and exchanges, net (1) (2) 3 (2)
Adjusted EBITDA (Non-GAAP) 208 233 1,018 986
Deduct:
Equity in earnings of unconsolidated entities 38 37 161 158
Interest and dividend income 3 2 12 10
Adjusted OIBDA (Non-GAAP) $167 $194 $845 $818
Three Months Ended Year Ended
December 31, December 31,
UScellular Wireless 2024 2023 2024 2023
(Dollars in millions)
EBITDA (Non-GAAP) $126 $155 $530 $672
Add back or deduct:
Expenses related to strategic alternatives review 8 6 33 8
Loss on impairment of licenses 136
(Gain) loss on asset disposals, net 4 5 17 19
(Gain) loss on license sales and exchanges, net (1) (2) 3 (2)
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) 137 164 719 697
Deduct:
Depreciation, amortization and accretion 153 155 620 610
Expenses related to strategic alternatives review 8 6 33 8
Loss on impairment of licenses 136
(Gain) loss on asset disposals, net 4 5 17 19
(Gain) loss on license sales and exchanges, net (1) (2) 3 (2)
Operating income (loss) (GAAP) $(27)
$ - $(90) $62
Three Months Ended Year Ended
December 31, December 31,
UScellular Towers 2024 2023 2024 2023
(Dollars in millions)
EBITDA (Non-GAAP) $30 $32 $123 $123
Add back or deduct:
Expenses related to strategic alternatives review 2
(Gain) loss on asset disposals, net (2) 1 (2)
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) 30 30 126 121
Deduct:
Depreciation, amortization and accretion 12 11 45 46
Expenses related to strategic alternatives review 2
(Gain) loss on asset disposals, net (2) 1 (2)
Operating income (GAAP) $18 $21 $78 $77
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SOURCE United States Cellular Corporation
