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U.S. Cellular reports fourth quarter and full year 2017 results
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PR Newswire
CHICAGO, Feb. 23, 2018
CHICAGO, Feb. 23, 2018 /PRNewswire/ --
As previously announced, U.S. Cellular will hold a teleconference February 23, 2018 at 9:30 a.m. CST. Listen to the call live via the Events & Presentations page of investors.uscellular.com.
United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,029 million for the fourth quarter of 2017, versus $1,006 million for the same period one year ago and Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $273 million and $3.18, respectively, for the fourth quarter of 2017. Excluding a benefit of $269 million related to the enactment of new tax legislation, Net income attributable to U.S. Cellular common shareholders and related diluted earnings per share excluding adjustments (non-GAAP) were $4 million and $0.05, respectively, for the three months ended December 31, 2017, compared to Net loss attributable to U.S. Cellular shareholders and related diluted loss per share of $6 million and $0.07, respectively, in the same period one year ago.
U.S. Cellular reported total operating revenues of $3,890 million and $3,990 million for the years ended 2017 and 2016, respectively, and Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $12 million and $0.14, respectively, for the year ended 2017. Excluding the benefit of $269 million related to the enactment of new tax legislation and the recognition of a loss on goodwill impairment of $370 million ($307 million, net of tax) in the third quarter, Net income attributable to U.S. Cellular shareholders and related diluted earnings per share excluding adjustments (non-GAAP) were $50 million and $0.58, respectively, for the year ended December 31, 2017, compared to Net income attributable to U.S. Cellular shareholders and related diluted earnings per share of $48 million and $0.56, respectively, for the year ended 2016.
"We made significant progress on the strategic imperatives we set for 2017," said Kenneth R. Meyers, U.S. Cellular President and CEO. "With the success of our Total Plans, which include an unlimited data option and no hidden fees, we were able to grow our customer base through the powerful combination of new customer additions and increased loyalty and customer engagement. Through a company-wide initiative to better align costs with our strategic imperatives, we were able to reduce expenses by some $100 million in 2017 and, importantly, identify and implement programs to generate additional savings in 2018 and beyond. This extensive attention on costs allowed us to offset a decline in revenues caused by competitive pricing pressures and generate a modest increase in profitability.
"Managing our investment spending was another imperative for us in 2017 as we remain focused on providing an exceptional wireless experience for our customers wherever they live, work or play. We do this by investing in our network to increase capacity and roll out new products and services. For example, VoLTE is now operational in Iowa and Wisconsin, providing enhanced features and higher quality calls. We were able to execute these network investments with capital spending well below our original expectations.
"As we look to 2018, I am optimistic about our ability to increase revenues through a larger subscriber base and an expectation for a more rational competitive environment. We will continue to control costs across the organization, and remain disciplined in managing investments of capital for network capacity and quality and for digitization initiatives."
2018 Estimated Results
U.S. Cellular's estimates of full-year 2018 results are shown below. Such estimates represent management's view as of February 23, 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 and Actual Results for the Year Ended December 31, 2017 | |||||
| | | ||||
| | 2018 Estimated Results | Actual Results for the Year | |||
| (Dollars in millions) | | | | ||
| Total operating revenues | $3,850-$4,050 | $ | 3,890 | ||
| Adjusted OIBDA (1)(2) | $625-$775 | $ | 675 | ||
| Adjusted EBITDA (1) | $765-$915 | $ | 820 | ||
| Capital expenditures | $500-$550 | $ | 469 | ||
The following table provides a reconciliation of Net income to Adjusted OIBDA and Adjusted EBITDA for 2018 estimated results 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.
| | | | 2018 Estimated Results | | | Actual Results for the | ||
| (Dollars in millions) | | | | | | | ||
| Net income (GAAP) | | | N/A | | $ | 15 | ||
| Add back (deduct): | | | | | | | ||
| | Income tax expense (benefit) | | | N/A | | | (287) | |
| Income (loss) before income taxes (GAAP) | | $ | 10-160 | | $ | (272) | ||
| Add back: | | | | | | | ||
| | Interest expense | | | 110 | | | 113 | |
| | Depreciation, amortization and accretion expense | | | 625 | | | 615 | |
| EBITDA (Non-GAAP) (1) | | $ | 745-895 | | $ | 456 | ||
| Add back (deduct): | | | | | | | ||
| | Loss on impairment of goodwill | | | – | | | 370 | |
| | (Gain) loss on sale of business and other exit costs, net | | | – | | | (1) | |
| | (Gain) loss on license sales and exchanges, net | | | – | | | (22) | |
| | (Gain) loss on asset disposals, net | | | 20 | | | 17 | |
| Adjusted EBITDA (Non-GAAP) (1) | | $ | 765-915 | | $ | 820 | ||
| Deduct: | | | | | | | ||
| | Equity in earnings of unconsolidated entities | | | 130 | | | 137 | |
| | Interest and dividend income | | | 10 | | | 8 | |
| Adjusted OIBDA (Non-GAAP) (1)(2) | | $ | 625-775 | | $ | 675 | ||
| | | | | | | | | |
| Note: Totals may not foot due to rounding differences. | ||||||||
| | | | | | | | | |
| | | | | | | | | |
| (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. 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. | |||||||
| | | | | | | | | |
| (2) | A reconciliation of Adjusted OIBDA (Non-GAAP) to Operating income (GAAP) for full year 2017 actual results 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 February 23, 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/1145/24672.
- Access the call by phone at 877-407-8029 (US/Canada), no pass code required.
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 5,900 full- and part-time associates as of December 31, 2017. At December 31, 2017, Telephone and Data Systems, Inc. owned 83 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: www.uscellular.com
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