(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
Emerging growth company |
☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Exhibit Number | Description of Exhibits | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
TELEPHONE AND DATA SYSTEMS, INC. | |||||||||||
Date: | May 4, 2023 | By: | /s/ Vicki L. Villacrez | ||||||||
Vicki L. Villacrez | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
2023 Estimated Results | ||||||||
UScellular | Previous | Current | ||||||
(Dollars in millions) | ||||||||
Service revenues | $3,050-$3,150 | Unchanged | ||||||
Adjusted OIBDA1 | $725-$875 | Unchanged | ||||||
Adjusted EBITDA1 | $875-$1,025 | Unchanged | ||||||
Capital expenditures | $600-$700 | Unchanged |
TDS Telecom | Previous | Current | ||||||
(Dollars in millions) | ||||||||
Total operating revenues | $1,030-$1,060 | Unchanged | ||||||
Adjusted OIBDA1 | $260-$290 | Unchanged | ||||||
Adjusted EBITDA1 | $260-$290 | Unchanged | ||||||
Capital expenditures | $500-$550 | Unchanged |
2023 Estimated Results | |||||||||||
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) | $10-$160 | $40-$70 | |||||||||
Add back: | |||||||||||
Interest expense | 205 | — | |||||||||
Depreciation, amortization and accretion expense | 645 | 220 | |||||||||
EBITDA (Non-GAAP)1 | $860-$1,010 | $260-$290 | |||||||||
Add back or deduct: | |||||||||||
(Gain) loss on asset disposals, net | 15 | — | |||||||||
Adjusted EBITDA (Non-GAAP)1 | $875-$1,025 | $260-$290 | |||||||||
Deduct: | |||||||||||
Equity in earnings of unconsolidated entities | 145 | — | |||||||||
Interest and dividend income | 5 | — | |||||||||
Adjusted OIBDA (Non-GAAP)1 | $725-$875 | $260-$290 |
Actual Results | |||||||||||||||||||||||
Three Months Ended March 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||
UScellular | TDS Telecom | UScellular | TDS Telecom | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net income (GAAP) | $ | 14 | $ | 8 | $ | 35 | $ | 53 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Income tax expense | 11 | 3 | 37 | 23 | |||||||||||||||||||
Income before income taxes (GAAP) | $ | 25 | $ | 11 | $ | 72 | $ | 76 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Interest expense | 47 | (2) | 163 | (7) | |||||||||||||||||||
Depreciation, amortization and accretion expense | 170 | 59 | 700 | 215 | |||||||||||||||||||
EBITDA (Non-GAAP)1 | $ | 242 | $ | 68 | $ | 935 | $ | 284 | |||||||||||||||
Add back or deduct: | |||||||||||||||||||||||
Loss on impairment of licenses | — | — | 3 | — | |||||||||||||||||||
(Gain) loss on asset disposals, net | 10 | 1 | 19 | 7 | |||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | (1) | — | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP)1 | $ | 252 | $ | 69 | $ | 956 | $ | 291 | |||||||||||||||
Deduct: | |||||||||||||||||||||||
Equity in earnings of unconsolidated entities | 44 | — | 158 | — | |||||||||||||||||||
Interest and dividend income | 2 | 1 | 8 | 2 | |||||||||||||||||||
Other, net | — | — | — | 1 | |||||||||||||||||||
Adjusted OIBDA (Non-GAAP)1 | $ | 206 | $ | 68 | $ | 790 | $ | 288 |
United States Cellular Corporation | |||||||||||||||||||||||||||||
Summary Operating Data (Unaudited) | |||||||||||||||||||||||||||||
As of or for the Quarter Ended | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 3/31/2022 | ||||||||||||||||||||||||
Retail Connections | |||||||||||||||||||||||||||||
Postpaid | |||||||||||||||||||||||||||||
Total at end of period | 4,223,000 | 4,247,000 | 4,264,000 | 4,296,000 | 4,335,000 | ||||||||||||||||||||||||
Gross additions | 137,000 | 154,000 | 151,000 | 128,000 | 126,000 | ||||||||||||||||||||||||
Feature phones | 7,000 | 6,000 | 5,000 | 4,000 | 2,000 | ||||||||||||||||||||||||
Smartphones | 86,000 | 99,000 | 102,000 | 90,000 | 89,000 | ||||||||||||||||||||||||
Connected devices | 44,000 | 49,000 | 44,000 | 34,000 | 35,000 | ||||||||||||||||||||||||
Net additions (losses) | (24,000) | (17,000) | (31,000) | (40,000) | (44,000) | ||||||||||||||||||||||||
Feature phones | (4,000) | (6,000) | (6,000) | (8,000) | (10,000) | ||||||||||||||||||||||||
Smartphones | (21,000) | (14,000) | (16,000) | (23,000) | (26,000) | ||||||||||||||||||||||||
Connected devices | 1,000 | 3,000 | (9,000) | (9,000) | (8,000) | ||||||||||||||||||||||||
ARPU1 | $ | 50.66 | $ | 50.60 | $ | 50.21 | $ | 50.07 | $ | 49.71 | |||||||||||||||||||
ARPA2 | $ | 130.77 | $ | 130.97 | $ | 130.27 | $ | 130.43 | $ | 129.93 | |||||||||||||||||||
Handset upgrade rate3 | 4.9 | % | 7.0 | % | 8.1 | % | 6.0 | % | 5.0 | % | |||||||||||||||||||
Churn rate4 | 1.27 | % | 1.35 | % | 1.42 | % | 1.30 | % | 1.30 | % | |||||||||||||||||||
Handsets | 1.06 | % | 1.12 | % | 1.15 | % | 1.10 | % | 1.10 | % | |||||||||||||||||||
Connected devices | 2.78 | % | 2.99 | % | 3.40 | % | 2.73 | % | 2.70 | % | |||||||||||||||||||
Prepaid | |||||||||||||||||||||||||||||
Total at end of period | 470,000 | 493,000 | 493,000 | 490,000 | 495,000 | ||||||||||||||||||||||||
Gross additions | 43,000 | 61,000 | 62,000 | 56,000 | 55,000 | ||||||||||||||||||||||||
Net additions (losses) | (23,000) | — | 2,000 | (4,000) | (18,000) | ||||||||||||||||||||||||
ARPU1 | $ | 33.19 | $ | 33.34 | $ | 35.04 | $ | 35.25 | $ | 34.59 | |||||||||||||||||||
Churn rate4 | 4.63 | % | 4.11 | % | 4.07 | % | 4.07 | % | 4.84 | % | |||||||||||||||||||
Market penetration at end of period | |||||||||||||||||||||||||||||
Consolidated operating population | 32,350,000 | 32,370,000 | 32,370,000 | 32,370,000 | 32,370,000 | ||||||||||||||||||||||||
Consolidated operating penetration5 | 15 | % | 15 | % | 15 | % | 15 | % | 15 | % | |||||||||||||||||||
Capital expenditures (millions) | $ | 208 | $ | 176 | $ | 136 | $ | 268 | $ | 137 | |||||||||||||||||||
Total cell sites in service | 6,950 | 6,945 | 6,933 | 6,916 | 6,899 | ||||||||||||||||||||||||
Owned towers | 4,338 | 4,336 | 4,329 | 4,323 | 4,310 |
TDS Telecom | |||||||||||||||||||||||||||||
Summary Operating Data (Unaudited) | |||||||||||||||||||||||||||||
As of or for the Quarter Ended | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 3/31/2022 | ||||||||||||||||||||||||
Residential connections | |||||||||||||||||||||||||||||
Broadband | |||||||||||||||||||||||||||||
Wireline, Incumbent | 247,900 | 249,100 | 252,600 | 252,700 | 250,100 | ||||||||||||||||||||||||
Wireline, Expansion | 62,800 | 56,100 | 49,400 | 44,100 | 40,600 | ||||||||||||||||||||||||
Cable | 204,700 | 204,800 | 204,500 | 204,000 | 204,600 | ||||||||||||||||||||||||
Total Broadband | 515,400 | 510,000 | 506,500 | 500,800 | 495,200 | ||||||||||||||||||||||||
Video | 132,600 | 135,300 | 136,600 | 137,400 | 140,000 | ||||||||||||||||||||||||
Voice | 289,200 | 291,600 | 295,500 | 298,300 | 301,700 | ||||||||||||||||||||||||
Total Residential connections | 937,200 | 936,900 | 938,600 | 936,500 | 936,900 | ||||||||||||||||||||||||
Commercial connections | 229,800 | 236,000 | 242,800 | 250,700 | 260,000 | ||||||||||||||||||||||||
Total connections | 1,167,000 | 1,173,000 | 1,181,400 | 1,187,200 | 1,196,900 | ||||||||||||||||||||||||
Residential revenue per connection1 | $ | 60.24 | $ | 59.91 | $ | 60.32 | $ | 59.67 | $ | 57.95 | |||||||||||||||||||
Capital expenditures (millions) | $ | 130 | $ | 165 | $ | 166 | $ | 120 | $ | 105 |
Telephone and Data Systems, Inc. | |||||||||||||||||
Consolidated Statement of Operations Highlights | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
(Dollars and shares in millions, except per share amounts) | |||||||||||||||||
Operating revenues | |||||||||||||||||
UScellular | $ | 986 | $ | 1,010 | (2) | % | |||||||||||
TDS Telecom | 253 | 251 | 1 | % | |||||||||||||
All Other1 | 64 | 54 | 20 | % | |||||||||||||
1,303 | 1,315 | (1) | % | ||||||||||||||
Operating expenses | |||||||||||||||||
UScellular | |||||||||||||||||
Expenses excluding depreciation, amortization and accretion | 780 | 767 | 2 | % | |||||||||||||
Depreciation, amortization and accretion | 170 | 171 | (1) | % | |||||||||||||
(Gain) loss on asset disposals, net | 10 | 2 | N/M | ||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | (1) | N/M | ||||||||||||||
960 | 939 | 2 | % | ||||||||||||||
TDS Telecom | |||||||||||||||||
Expenses excluding depreciation, amortization and accretion | 185 | 169 | 10 | % | |||||||||||||
Depreciation, amortization and accretion | 59 | 54 | 9 | % | |||||||||||||
(Gain) loss on asset disposals, net | 1 | — | N/M | ||||||||||||||
245 | 223 | 10 | % | ||||||||||||||
All Other1 | |||||||||||||||||
Expenses excluding depreciation and amortization | 66 | 54 | 22 | % | |||||||||||||
Depreciation and amortization | 3 | 4 | (6) | % | |||||||||||||
69 | 58 | 20 | % | ||||||||||||||
Total operating expenses | 1,274 | 1,220 | 4 | % | |||||||||||||
Operating income (loss) | |||||||||||||||||
UScellular | 26 | 71 | (63) | % | |||||||||||||
TDS Telecom | 8 | 28 | (72) | % | |||||||||||||
All Other1 | (5) | (4) | (18) | % | |||||||||||||
29 | 95 | (70) | % | ||||||||||||||
Investment and other income (expense) | |||||||||||||||||
Equity in earnings of unconsolidated entities | 44 | 45 | (3) | % | |||||||||||||
Interest and dividend income | 5 | 2 | N/M | ||||||||||||||
Interest expense | (53) | (33) | (65) | % | |||||||||||||
Total investment and other income (expense) | (4) | 14 | N/M | ||||||||||||||
Income before income taxes | 25 | 109 | (78) | % | |||||||||||||
Income tax expense | 13 | 37 | (66) | % | |||||||||||||
Net income | 12 | 72 | (84) | % | |||||||||||||
Less: Net income attributable to noncontrolling interests, net of tax | 4 | 11 | (68) | % | |||||||||||||
Net income attributable to TDS shareholders | 8 | 61 | (87) | % | |||||||||||||
TDS Preferred Share dividends | 17 | 17 | — | ||||||||||||||
Net income (loss) attributable to TDS common shareholders | $ | (9) | $ | 44 | N/M | ||||||||||||
Basic weighted average shares outstanding | 113 | 115 | (2) | % | |||||||||||||
Basic earnings (loss) per share attributable to TDS common shareholders | $ | (0.08) | $ | 0.38 | N/M | ||||||||||||
Diluted weighted average shares outstanding | 113 | 116 | (3) | % | |||||||||||||
Diluted earnings (loss) per share attributable to TDS common shareholders | $ | (0.08) | $ | 0.37 | N/M |
Telephone and Data Systems, Inc. | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(Dollars in millions) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 12 | $ | 72 | |||||||
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities | |||||||||||
Depreciation, amortization and accretion | 232 | 229 | |||||||||
Bad debts expense | 27 | 26 | |||||||||
Stock-based compensation expense | 3 | 12 | |||||||||
Deferred income taxes, net | 9 | 29 | |||||||||
Equity in earnings of unconsolidated entities | (44) | (45) | |||||||||
Distributions from unconsolidated entities | 20 | 19 | |||||||||
(Gain) loss on asset disposals, net | 11 | 2 | |||||||||
(Gain) loss on sale of business and other exit costs, net | — | (1) | |||||||||
Other operating activities | 2 | — | |||||||||
Changes in assets and liabilities from operations | |||||||||||
Accounts receivable | 22 | 14 | |||||||||
Equipment installment plans receivable | 1 | — | |||||||||
Inventory | — | (5) | |||||||||
Accounts payable | (162) | (60) | |||||||||
Customer deposits and deferred revenues | (9) | 9 | |||||||||
Accrued taxes | 1 | 129 | |||||||||
Accrued interest | 9 | 10 | |||||||||
Other assets and liabilities | (88) | (59) | |||||||||
Net cash provided by operating activities | 46 | 381 | |||||||||
Cash flows from investing activities | |||||||||||
Cash paid for additions to property, plant and equipment | (331) | (271) | |||||||||
Cash paid for intangible assets | (5) | (568) | |||||||||
Other investing activities | 2 | (9) | |||||||||
Net cash used in investing activities | (334) | (848) | |||||||||
Cash flows from financing activities | |||||||||||
Issuance of long-term debt | 316 | 776 | |||||||||
Repayment of long-term debt | (5) | (127) | |||||||||
Issuance of short-term debt | — | 60 | |||||||||
Repayment of short-term debt | (60) | — | |||||||||
TDS Common Shares reissued for benefit plans, net of tax payments | (2) | (2) | |||||||||
Repurchase of TDS Common Shares | (3) | (4) | |||||||||
Repurchase of UScellular Common Shares | — | (10) | |||||||||
Dividends paid to TDS shareholders | (38) | (38) | |||||||||
Distributions to noncontrolling interests | (1) | (1) | |||||||||
Cash paid for software license agreements | (8) | (2) | |||||||||
Other financing activities | (1) | (3) | |||||||||
Net cash provided by financing activities | 198 | 649 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (90) | 182 | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Beginning of period | 399 | 414 | |||||||||
End of period | $ | 309 | $ | 596 |
Telephone and Data Systems, Inc. | |||||||||||
Consolidated Balance Sheet Highlights | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(Dollars in millions) | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 259 | $ | 360 | |||||||
Accounts receivable, net | 1,131 | 1,181 | |||||||||
Inventory, net | 269 | 268 | |||||||||
Prepaid expenses | 113 | 102 | |||||||||
Income taxes receivable | 60 | 59 | |||||||||
Other current assets | 71 | 58 | |||||||||
Total current assets | 1,903 | 2,028 | |||||||||
Assets held for sale | 18 | 26 | |||||||||
Licenses | 4,702 | 4,699 | |||||||||
Goodwill | 547 | 547 | |||||||||
Other intangible assets, net | 199 | 204 | |||||||||
Investments in unconsolidated entities | 519 | 495 | |||||||||
Property, plant and equipment, net | 4,872 | 4,760 | |||||||||
Operating lease right-of-use assets | 986 | 995 | |||||||||
Other assets and deferred charges | 793 | 796 | |||||||||
Total assets | $ | 14,539 | $ | 14,550 |
Telephone and Data Systems, Inc. | |||||||||||
Consolidated Balance Sheet Highlights | |||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(Dollars in millions, except per share amounts) | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 20 | $ | 19 | |||||||
Accounts payable | 344 | 506 | |||||||||
Customer deposits and deferred revenues | 277 | 285 | |||||||||
Accrued interest | 21 | 12 | |||||||||
Accrued taxes | 45 | 46 | |||||||||
Accrued compensation | 78 | 144 | |||||||||
Short-term operating lease liabilities | 145 | 146 | |||||||||
Other current liabilities | 295 | 356 | |||||||||
Total current liabilities | 1,225 | 1,514 | |||||||||
Deferred liabilities and credits | |||||||||||
Deferred income tax liability, net | 974 | 969 | |||||||||
Long-term operating lease liabilities | 900 | 908 | |||||||||
Other deferred liabilities and credits | 813 | 813 | |||||||||
Long-term debt, net | 4,040 | 3,731 | |||||||||
Noncontrolling interests with redemption features | 12 | 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 | 2,552 | 2,551 | |||||||||
Preferred Shares, par value $0.01 per share | 1,074 | 1,074 | |||||||||
Treasury shares, at cost | (474) | (481) | |||||||||
Accumulated other comprehensive income | 5 | 5 | |||||||||
Retained earnings | 2,658 | 2,699 | |||||||||
Total TDS shareholders' equity | 5,816 | 5,849 | |||||||||
Noncontrolling interests | 759 | 754 | |||||||||
Total equity | 6,575 | 6,603 | |||||||||
Total liabilities and equity | $ | 14,539 | $ | 14,550 |
Balance Sheet Highlights | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
TDS | TDS Corporate | Intercompany | TDS | ||||||||||||||||||||||||||
UScellular | Telecom | & Other | Eliminations | Consolidated | |||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 154 | $ | 94 | $ | 111 | $ | (100) | $ | 259 | |||||||||||||||||||
Licenses, goodwill and other intangible assets | $ | 4,692 | $ | 750 | $ | 6 | $ | — | $ | 5,448 | |||||||||||||||||||
Investment in unconsolidated entities | 477 | 4 | 46 | (8) | 519 | ||||||||||||||||||||||||
$ | 5,169 | $ | 754 | $ | 52 | $ | (8) | $ | 5,967 | ||||||||||||||||||||
Property, plant and equipment, net | $ | 2,658 | $ | 2,125 | $ | 89 | $ | — | $ | 4,872 | |||||||||||||||||||
Long-term debt, net: | |||||||||||||||||||||||||||||
Current portion | $ | 15 | $ | — | $ | 5 | $ | — | $ | 20 | |||||||||||||||||||
Non-current portion | 3,297 | 3 | 740 | — | 4,040 | ||||||||||||||||||||||||
$ | 3,312 | $ | 3 | $ | 745 | $ | — | $ | 4,060 |
TDS Telecom Highlights | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Operating revenues | |||||||||||||||||
Residential | |||||||||||||||||
Wireline, Incumbent | $ | 86 | $ | 85 | 1 | % | |||||||||||
Wireline, Expansion | 15 | 10 | 44 | % | |||||||||||||
Cable | 68 | 67 | 1 | % | |||||||||||||
Total residential | 169 | 163 | 4 | % | |||||||||||||
Commercial | 41 | 44 | (7) | % | |||||||||||||
Wholesale | 43 | 44 | (4) | % | |||||||||||||
Total service revenues | 253 | 251 | 1 | % | |||||||||||||
Equipment revenues | — | — | (24) | % | |||||||||||||
Total operating revenues | 253 | 251 | 1 | % | |||||||||||||
Cost of services | 104 | 96 | 9 | % | |||||||||||||
Cost of equipment and products | — | — | (31) | % | |||||||||||||
Selling, general and administrative expenses | 80 | 72 | 11 | % | |||||||||||||
Depreciation, amortization and accretion | 59 | 54 | 9 | % | |||||||||||||
(Gain) loss on asset disposals, net | 1 | — | N/M | ||||||||||||||
Total operating expenses | 245 | 223 | 10 | % | |||||||||||||
Operating income | $ | 8 | $ | 28 | (72) | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(Dollars in millions) | |||||||||||
Cash flows from operating activities (GAAP) | $ | 46 | $ | 381 | |||||||
Cash paid for additions to property, plant and equipment | (331) | (271) | |||||||||
Cash paid for software license agreements | (8) | (2) | |||||||||
Free cash flow (Non-GAAP)1 | $ | (293) | $ | 108 |
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