TDS reports third quarter 2023 results

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PR Newswire

CHICAGO, Nov. 3, 2023

CHICAGO, Nov. 3, 2023 /PRNewswire/ --

As previously announced, TDS will hold a teleconference on November 3, 2023, 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 $1,278 million for the third quarter of 2023, versus $1,392 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(17) million and $(0.16), respectively, for the third quarter of 2023 compared to $(25) million and $(0.22), respectively, in the same period one year ago.

3Q 2023 Highlights*

UScellular

Postpaid ARPU grew 2%
Executing on growth initiatives
- Fixed Wireless customers grew 57% to 106,000
- Tower rental revenues grew 8%
Increased profitability
- Net income, Adjusted OIBDA and Adjusted EBITDA up significantly
Growth in cash flows from operating activities and positive free cash flow

TDS Telecom

Increasing full-year 2023 fiber address goal to 200,000
- Delivered 61,000 fiber services addresses in Q3; 127,000 year-to-date
Broadband investments driving positive results
- Residential broadband connections grew 5%
- Residential broadband revenues grew 10%
- Residential revenue per connection grew 3%

* Comparisons are 3Q'22 to 3Q'23 unless otherwise noted

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"The TDS Family of Companies continues to invest in its networks to improve its competitive positions," said LeRoy T. Carlson, Jr., TDS President and CEO. "UScellular is rolling out 5G mid-band spectrum, and TDS Telecom is deploying fiber in attractive markets."

"At UScellular, while working to improve subscriber results amidst a challenging market, the organization's financial discipline has enabled the team to deliver a notable increase in profitability. And its growth initiatives – the tower portfolio and fixed wireless services – are both contributing nicely to the gains.

"Due to better-than-expected fiber service address delivery results, TDS Telecom is raising its 2023 fiber service address delivery goal to 200,000. I am pleased that TDS Telecom's fiber expansion program is driving broadband connection and revenue growth."

Recent Development: 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 process is still ongoing.

2023 Estimated Results

TDS' current estimates of full-year 2023 results for UScellular and TDS Telecom are shown below. Such estimates represent management's view as of November 3, 2023 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.

The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

2023 Estimated Results

UScellular	Previous	Current
(Dollars in millions)
Service revenues	$3,025-$3,075	Unchanged
Adjusted OIBDA¹	$750-$850	$770-$830
Adjusted EBITDA¹	$925-$1,025	$945-$1,005
Capital expenditures	$600-$700	Unchanged


TDS Telecom	Previous	Current
(Dollars in millions)
Total operating revenues	$1,030-$1,060	Unchanged
Adjusted OIBDA¹	$270-$300	Unchanged
Adjusted EBITDA¹	$270-$300	Unchanged
Capital expenditures	$475-$525	Approx. $550

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 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.

	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)	$75-$135	$40-$70
Add back:
Interest expense	195	—
Depreciation, amortization and accretion expense	655	230
EBITDA (Non-GAAP)¹	$925-$985	$270-$300
Add back or deduct:
(Gain) loss on asset disposals, net	20	—
Adjusted EBITDA (Non-GAAP)¹	$945-$1,005	$270-$300
Deduct:
Equity in earnings of unconsolidated entities	160	—
Interest and dividend income	15	—
Adjusted OIBDA (Non-GAAP)¹	$770-$830	$270-$300

Actual Results

Nine Months Ended

September 30, 2023

Year Ended

December 31, 2022

UScellular

TDS

Telecom

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