- The company reported second quarter 2015 results with continued growth in key metrics such as customer additions, data usage, and operating revenues. Total operating revenues grew 2% year-over-year.
- Operating cash flow increased 73% to $163 million compared to the second quarter of 2014, driven by lower SG&A expenses and ongoing cost management initiatives. Adjusted EBITDA grew 61% to $207 million.
- Based on strong first half results, the company increased full year 2015 guidance ranges for operating cash flow to $440-540 million and adjusted EBITDA to $600-700 million.
- U.S. Cellular reported first quarter 2016 results with highlights including growth in postpaid customers and net additions, higher equipment revenue driven by increased smartphone sales and adoption of equipment installment plans, and continued improvements in churn and operating expenses.
- Service revenue trends were impacted by competitive pricing partially offsetting growth from increased customers and data usage. Guidance for full year 2016 remained unchanged.
- TDS Telecom segments of Wireline, Cable, and Hosted and Managed Services also reported first quarter results with the focus on growing broadband customers and connections across these business lines.
The document provides a summary of a company's first quarter 2014 results. It reports that postpaid gross additions were up 12% year-over-year, while postpaid churn and net losses improved. It also notes increases in smartphone penetration, postpaid ARPU, and service revenues. Adjusted income before taxes for the core markets was $115.3 million, down from $173.6 million in the prior year.
Third quarter 2015 results saw:
- Completion of nationwide 4G LTE network and strong data usage growth.
- Postpaid churn of 1.41% and prepaid net additions of 12,000.
- Adjusted EBITDA of $257 million, up 47% from prior year excluding one-time rewards program termination.
- Guidance increased for full year operating cash flow to $540-620 million and Adjusted EBITDA to $710-790 million.
U.S. Cellular reported its second quarter 2014 results, with key highlights including:
- Postpaid net customer losses improved to 26,000 compared to 53,000 in Q2 2013.
- Postpaid ARPU increased 4% year-over-year to $56.82.
- Adjusted income before taxes for U.S. Cellular was $122 million, lower than $191 million in Q2 2013, due primarily to higher equipment losses.
- TDS Telecom adjusted income before taxes grew 18% year-over-year to $73 million, driven by growth in its Hosted and Managed Services segment.
First quarter 2015 financial results for TDS and U.S. Cellular:
- Total operating revenues for U.S. Cellular grew 4% year-over-year to $965 million, driven by a 90% increase in equipment sales revenues. Operating cash flow more than doubled to $167 million.
- TDS Telecom saw total operating revenues increase 7% to $280 million due to strong growth at TDS Cable from increased video, broadband, and voice connections. Adjusted EBITDA grew 10% to nearly $80 million.
- For 2015, U.S. Cellular increased guidance for operating cash flow to a range of $400-500 million and adjusted EBITDA
- The investor presentation covered the company's performance in the third quarter of 2015, reporting year-over-year increases in key metrics such as cable/satellite homes (+34%), mobile net sales (+46%), and online net sales. Net sales increased 3% overall.
- Additional highlights included a 4% increase in average purchase frequency, a 230 basis point decrease in return rates, and a 7% increase in units shipped.
- Financial results showed growth in net sales but a decrease in operating income and net income compared to the same period the previous year.
Tds and us cellular q1 2014 earnings presentationUSCellular
- TDS reported first quarter 2014 results with key highlights including share repurchases, monetization of non-core spectrum, and a non-core tower sale.
- U.S. Cellular's first quarter results showed a focus on driving subscriber growth through network quality and devices, reducing churn, and driving revenue growth through smartphone adoption and data usage. However, postpaid net losses increased compared to last year.
- TDS Telecom revenues grew 21% year-over-year led by a 77% increase in HMS revenues, though Wireline revenues declined slightly. Adjusted income before taxes for TDS Telecom increased 26% compared to last year.
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a company.
- Key highlights from 2014 include postpaid subscriber growth, improved billing systems, and launching popular devices. Strategic priorities for 2015 include driving further subscriber and revenue growth while reducing costs.
- Financial guidance for 2015 estimates total operating revenues between $4.0-4.2 billion and adjusted EBITDA between $530-630 million.
- U.S. Cellular reported first quarter 2016 results with highlights including growth in postpaid customers and net additions, higher equipment revenue driven by increased smartphone sales and adoption of equipment installment plans, and continued improvements in churn and operating expenses.
- Service revenue trends were impacted by competitive pricing partially offsetting growth from increased customers and data usage. Guidance for full year 2016 remained unchanged.
- TDS Telecom segments of Wireline, Cable, and Hosted and Managed Services also reported first quarter results with the focus on growing broadband customers and connections across these business lines.
The document provides a summary of a company's first quarter 2014 results. It reports that postpaid gross additions were up 12% year-over-year, while postpaid churn and net losses improved. It also notes increases in smartphone penetration, postpaid ARPU, and service revenues. Adjusted income before taxes for the core markets was $115.3 million, down from $173.6 million in the prior year.
Third quarter 2015 results saw:
- Completion of nationwide 4G LTE network and strong data usage growth.
- Postpaid churn of 1.41% and prepaid net additions of 12,000.
- Adjusted EBITDA of $257 million, up 47% from prior year excluding one-time rewards program termination.
- Guidance increased for full year operating cash flow to $540-620 million and Adjusted EBITDA to $710-790 million.
U.S. Cellular reported its second quarter 2014 results, with key highlights including:
- Postpaid net customer losses improved to 26,000 compared to 53,000 in Q2 2013.
- Postpaid ARPU increased 4% year-over-year to $56.82.
- Adjusted income before taxes for U.S. Cellular was $122 million, lower than $191 million in Q2 2013, due primarily to higher equipment losses.
- TDS Telecom adjusted income before taxes grew 18% year-over-year to $73 million, driven by growth in its Hosted and Managed Services segment.
First quarter 2015 financial results for TDS and U.S. Cellular:
- Total operating revenues for U.S. Cellular grew 4% year-over-year to $965 million, driven by a 90% increase in equipment sales revenues. Operating cash flow more than doubled to $167 million.
- TDS Telecom saw total operating revenues increase 7% to $280 million due to strong growth at TDS Cable from increased video, broadband, and voice connections. Adjusted EBITDA grew 10% to nearly $80 million.
- For 2015, U.S. Cellular increased guidance for operating cash flow to a range of $400-500 million and adjusted EBITDA
- The investor presentation covered the company's performance in the third quarter of 2015, reporting year-over-year increases in key metrics such as cable/satellite homes (+34%), mobile net sales (+46%), and online net sales. Net sales increased 3% overall.
- Additional highlights included a 4% increase in average purchase frequency, a 230 basis point decrease in return rates, and a 7% increase in units shipped.
- Financial results showed growth in net sales but a decrease in operating income and net income compared to the same period the previous year.
Tds and us cellular q1 2014 earnings presentationUSCellular
- TDS reported first quarter 2014 results with key highlights including share repurchases, monetization of non-core spectrum, and a non-core tower sale.
- U.S. Cellular's first quarter results showed a focus on driving subscriber growth through network quality and devices, reducing churn, and driving revenue growth through smartphone adoption and data usage. However, postpaid net losses increased compared to last year.
- TDS Telecom revenues grew 21% year-over-year led by a 77% increase in HMS revenues, though Wireline revenues declined slightly. Adjusted income before taxes for TDS Telecom increased 26% compared to last year.
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a company.
- Key highlights from 2014 include postpaid subscriber growth, improved billing systems, and launching popular devices. Strategic priorities for 2015 include driving further subscriber and revenue growth while reducing costs.
- Financial guidance for 2015 estimates total operating revenues between $4.0-4.2 billion and adjusted EBITDA between $530-630 million.
- U.S. Cellular reported financial results for the third quarter of 2014, with operating revenues up 7% year-over-year to $1 billion. Adjusted income before taxes was $127 million.
- Key highlights included positive postpaid net additions, lower postpaid churn of 1.6%, and increased smartphone penetration to 58% of postpaid customers.
- TDS Telecom also saw increases in operating revenues and adjusted income before taxes compared to the previous year.
Texas Instruments reported financial results for the 4th quarter and full year of 2008. Revenue declined 30% from the previous year's 4th quarter to $2.49 billion due to weakness in all segments. Net income was $107 million compared to $753 million in the prior year. For the full year, revenue declined 10% to $12.5 billion and net income fell 27% to $1.92 billion. TI is reducing expenses through layoffs and plant closures in response to the weakened global economy and reduced demand.
- U.S. Cellular reported a net loss of $45.4 million for Q4 2013 compared to adjusted income before taxes of $153.6 million in Q4 2012.
- Key priorities for 2014 include driving subscriber growth, differentiating through value propositions, and focusing on equipment subsidies and cost management.
- TDS Telecom revenues increased 23% year-over-year to $271.9 million in Q4 2013 due to growth from cable and hosted/managed services acquisitions.
Interim management report at september 2018Gruppo TIM
The document discusses the adoption of new IFRS 9 and IFRS 15 standards. For IFRS 9, it outlines the new classifications and measurements for financial assets based on business models and cash flow characteristics. It also discusses the new expected credit loss model to measure impairment of financial and trade receivables. For IFRS 15, it notes the new revenue recognition criteria are applicable from January 1, 2018 but no significant impact is expected.
Telecom Italia 1H 2013 Results - Operations - Marco PatuanoGruppo TIM
- Telecom Italia Group reported its 1H 2013 results, with Marco Patuano presenting.
- In the second quarter, Domestic service revenues declined 11% year-over-year due to regulatory impacts, competition in mobile, and a challenging economic environment. However, cost reduction efforts helped limit the EBITDA decline.
- In mobile, TIM responded firmly to competitive price pressures, stabilizing its market share and customer base. Key performance indicators like churn and ARPU showed improvement. The focus is now on convergence and segment-specific offerings.
- For fixed lines, the fiber and ultra-broadband rollout is a key priority and will help support revenues over the long-term. Investments in
- Net sales decreased 2% in Q2 2016 compared to Q2 2015 while gross profit margin increased 160 basis points. Adjusted EBITDA improved 40% and earnings per share also improved.
- Bob Rosenblatt was named permanent CEO and total cash increased 150% in Q2 2016.
- Purchase frequency decreased 160 basis points while average selling price and net shipped units increased in Q2 2016.
- The document provides an overview of Ryder System Inc.'s third quarter 2013 earnings conference call held on October 22, 2013. It includes key financial statistics such as revenue and earnings per share for Q3 2013 and year-to-date, as well as comparisons to prior year. Business segment results for Fleet Management Solutions and Supply Chain Solutions are also summarized. The document discusses capital expenditures, cash flow, and provides an earnings forecast. It concludes with an agenda for the question and answer portion of the call.
The document provides an overview of Avis Budget Group's fourth quarter 2011 and full year 2011 financial results as well as a forecast for 2012. Some key points:
- Fourth quarter 2011 earnings per share were $0.92 compared to $0.80 in fourth quarter 2010, with comparable earnings per share of $0.97 versus $0.65 the prior year.
- Fleet Management Solutions revenue increased 13% year-over-year for the quarter driven by growth in commercial rentals and acquisitions. Earnings before tax were up 41%.
- Supply Chain Solutions and Dedicated Contract Carriage also saw revenue increases for the quarter of 26% and 29%, respectively, due to acquis
- TDS Telecommunications reported first quarter 2018 results, with highlights including growth in total operating revenues, reductions in cash expenses, and increases in adjusted OIBDA and adjusted EBITDA compared to first quarter 2017.
- At U.S. Cellular, postpaid net additions improved significantly compared to the same period last year, driven by growth in postpaid handset additions. Total operating revenues increased slightly year-over-year.
- TDS Telecom saw 1% growth in total operating revenues due to a 12% increase in cable revenues, offset by a 2% decline in wireline revenues. Adjusted EBITDA declined slightly by 1% compared to first quarter 2017.
- The document is a presentation for Ryder System Inc.'s first quarter 2013 earnings conference call. It includes an overview of key financial results for the quarter as well as forecasts for the remainder of 2013.
- Revenue increased 2% year-over-year driven by organic lease revenue growth and increased volumes in Supply Chain Solutions. Earnings per share were $0.79 compared to $0.68 in the prior year.
- Asset management metrics are provided, showing higher used vehicle sales volumes and proceeds per unit compared to prior year. The commercial rental fleet size declined year-over-year.
- The presentation reaffirms the company's full-year 2013 comparable EPS forecast of $4.70 - $
The document outlines key assumptions for a business finance case study, including:
1) Annual gross sales value of Rs. 10,000 crores split across mobile, electronics, and FMCG categories.
2) Cost structures including costs of goods sold, supply chain costs, marketing costs, and indirect costs totaling 95.1% of sales.
3) Capex investment of Rs. 100 crores funded through a term loan and equity.
4) Working capital assumptions for inventory, accounts payable, collections, and taxes.
5) Break even analysis showing a break even volume of 17.35 lakh units and corresponding sales, contribution and gross sales value.
Ryder reported higher earnings for the first quarter of 2015 compared to the same period last year. Operating revenue increased 5% driven by growth in full service leasing, commercial rentals, and supply chain solutions. However, total revenue declined 3% primarily due to lower fuel costs passed through to customers. Ryder also increased its full year comparable earnings per share forecast due to better than expected first quarter results.
The document provides an overview of a company's fourth quarter 2015 results, accomplishments in 2015, and strategic priorities for 2016. It summarizes the company's financial results for Q4 2015 and full year 2015, noting declines in revenue but increases in operating cash flow. It outlines the company's strategic priorities for 2016, which include driving customer growth, reducing costs, managing investments, and continuing its fiber deployment. The document also summarizes 2015 results and 2016 priorities for the company's wireline, cable, and hosted services divisions.
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a telecommunications company.
- Key metrics for Q4 2014 include postpaid subscriber growth, increased smartphone penetration, and reduced churn rates compared to Q4 2013.
- Strategic priorities for 2015 are outlined as driving subscriber growth, increasing revenue through data monetization, reducing costs, and maintaining network quality. Financial guidance for 2015 projects total operating revenue of $4.0-4.2 billion and adjusted EBITDA of $530-630 million.
Q3 2013 Telephone and Data Systems and U.S. Cellular Earnings Conference CallUSCellular
- U.S. Cellular reported third quarter 2013 results and provided guidance for full year 2013. Key highlights included:
- In Q3 2013, U.S. Cellular reported retail customer losses of 71,000 in its core markets.
- For full year 2013, U.S. Cellular expects service revenues of $3.59-3.64 billion, adjusted income before taxes of $600-700 million, and capital expenditures of $735 million.
- TDS Telecom reported revenue growth of 6% in Q3 2013 driven by increases in its cable, Hosted and Managed Services, and wireline businesses. For 2013, TDS Telecom expects revenues of $
Kenneth R. Meyers, President and CEO of the company, addressed shareholders at the annual meeting. He discussed strategic priorities for 2016, which included adding customers through network investments and competitive plans, growing revenues through increased smartphone penetration and new services, managing costs through subsidy programs, and investing in spectrum and infrastructure to ensure future growth. Meyers thanked associates for their excellence and shareholders for their ongoing support.
- U.S. Cellular reported second quarter results, with total operating revenues of $957.8 million compared to $951 million in the prior year. However, net income attributable to shareholders was -$18.8 million compared to $143.4 million previously.
- Key priorities include driving postpaid subscriber growth through improved network and devices, reducing churn, and increasing smartphone penetration and data usage to boost ARPU. U.S. Cellular also aims to return value to shareholders through stock repurchases and dividends.
- For 2014, total company guidance projects total operating revenues of $3.9-4 billion and adjusted income before taxes of $350-450 million. Capital expenditures are forecast at $
- U.S. Cellular reported a net loss of $45.4 million for Q4 2013 compared to adjusted income before taxes of $153.6 million in Q4 2012.
- Key priorities for 2014 include driving subscriber growth, differentiating through value propositions, and focusing on equipment subsidies and cost management.
- TDS Telecom revenues increased 23% year-over-year to $271.9 million in Q4 2013 due to growth in cable and hosted/managed services revenues.
- U.S. Cellular reported first quarter 2016 results with highlights including growth in postpaid customers and net additions, higher equipment revenue driven by increased smartphone sales and adoption of equipment installment plans, and continued improvements in churn and operating expenses.
- Service revenues declined year-over-year due to competitive pricing pressures offsetting customer and data growth. Equipment sales revenues increased significantly.
- TDS Telecom wireline, cable, and hosted and managed services businesses also reported results, with the wireline unit focusing on fiber deployment and cable growing broadband customers.
- U.S. Cellular reported higher gross additions and lower churn in Q2 2016 compared to Q2 2015, resulting in postpaid net additions of 36,000 vs. 17,000 in the prior year.
- Total operating revenues were flat at $980 million due to an 8% decline in service revenues offset by a 44% increase in equipment sales revenues.
- Adjusted EBITDA increased 5% to $218 million driven by growth in operating cash flow and equity in earnings of unconsolidated entities.
- Guidance for 2016 remains unchanged with total operating revenues of $3.9-4.1 billion and adjusted EBITDA of $725-850 million expected.
First quarter 2015 financial results for TDS and U.S. Cellular:
- Total operating revenues for U.S. Cellular grew 4% year-over-year to $965 million, driven by a 90% increase in equipment sales revenues. Operating cash flow more than doubled to $167 million.
- TDS Telecom saw total operating revenues increase 7% to $280 million due to strong growth at TDS Cable from increased video, broadband, and voice connections. Adjusted EBITDA grew 10% to nearly $80 million.
- For 2015, TDS and U.S. Cellular increased guidance for operating cash flow and Adjusted EBITDA based on first quarter results
The document provides a summary of third quarter 2016 results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular had 61,000 retail net additions but postpaid net losses of 6,000 due to lower gross additions impacted by device availability issues. Service revenues and ARPU declined year-over-year.
- TDS Telecom segments saw growth in IPTV and broadband connections for Wireline and broadband connections for Cable. Hosted and Managed Services revenues declined due to lower equipment sales.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cell
- U.S. Cellular reported financial results for the third quarter of 2014, with operating revenues up 7% year-over-year to $1 billion. Adjusted income before taxes was $127 million.
- Key highlights included positive postpaid net additions, lower postpaid churn of 1.6%, and increased smartphone penetration to 58% of postpaid customers.
- TDS Telecom also saw increases in operating revenues and adjusted income before taxes compared to the previous year.
Texas Instruments reported financial results for the 4th quarter and full year of 2008. Revenue declined 30% from the previous year's 4th quarter to $2.49 billion due to weakness in all segments. Net income was $107 million compared to $753 million in the prior year. For the full year, revenue declined 10% to $12.5 billion and net income fell 27% to $1.92 billion. TI is reducing expenses through layoffs and plant closures in response to the weakened global economy and reduced demand.
- U.S. Cellular reported a net loss of $45.4 million for Q4 2013 compared to adjusted income before taxes of $153.6 million in Q4 2012.
- Key priorities for 2014 include driving subscriber growth, differentiating through value propositions, and focusing on equipment subsidies and cost management.
- TDS Telecom revenues increased 23% year-over-year to $271.9 million in Q4 2013 due to growth from cable and hosted/managed services acquisitions.
Interim management report at september 2018Gruppo TIM
The document discusses the adoption of new IFRS 9 and IFRS 15 standards. For IFRS 9, it outlines the new classifications and measurements for financial assets based on business models and cash flow characteristics. It also discusses the new expected credit loss model to measure impairment of financial and trade receivables. For IFRS 15, it notes the new revenue recognition criteria are applicable from January 1, 2018 but no significant impact is expected.
Telecom Italia 1H 2013 Results - Operations - Marco PatuanoGruppo TIM
- Telecom Italia Group reported its 1H 2013 results, with Marco Patuano presenting.
- In the second quarter, Domestic service revenues declined 11% year-over-year due to regulatory impacts, competition in mobile, and a challenging economic environment. However, cost reduction efforts helped limit the EBITDA decline.
- In mobile, TIM responded firmly to competitive price pressures, stabilizing its market share and customer base. Key performance indicators like churn and ARPU showed improvement. The focus is now on convergence and segment-specific offerings.
- For fixed lines, the fiber and ultra-broadband rollout is a key priority and will help support revenues over the long-term. Investments in
- Net sales decreased 2% in Q2 2016 compared to Q2 2015 while gross profit margin increased 160 basis points. Adjusted EBITDA improved 40% and earnings per share also improved.
- Bob Rosenblatt was named permanent CEO and total cash increased 150% in Q2 2016.
- Purchase frequency decreased 160 basis points while average selling price and net shipped units increased in Q2 2016.
- The document provides an overview of Ryder System Inc.'s third quarter 2013 earnings conference call held on October 22, 2013. It includes key financial statistics such as revenue and earnings per share for Q3 2013 and year-to-date, as well as comparisons to prior year. Business segment results for Fleet Management Solutions and Supply Chain Solutions are also summarized. The document discusses capital expenditures, cash flow, and provides an earnings forecast. It concludes with an agenda for the question and answer portion of the call.
The document provides an overview of Avis Budget Group's fourth quarter 2011 and full year 2011 financial results as well as a forecast for 2012. Some key points:
- Fourth quarter 2011 earnings per share were $0.92 compared to $0.80 in fourth quarter 2010, with comparable earnings per share of $0.97 versus $0.65 the prior year.
- Fleet Management Solutions revenue increased 13% year-over-year for the quarter driven by growth in commercial rentals and acquisitions. Earnings before tax were up 41%.
- Supply Chain Solutions and Dedicated Contract Carriage also saw revenue increases for the quarter of 26% and 29%, respectively, due to acquis
- TDS Telecommunications reported first quarter 2018 results, with highlights including growth in total operating revenues, reductions in cash expenses, and increases in adjusted OIBDA and adjusted EBITDA compared to first quarter 2017.
- At U.S. Cellular, postpaid net additions improved significantly compared to the same period last year, driven by growth in postpaid handset additions. Total operating revenues increased slightly year-over-year.
- TDS Telecom saw 1% growth in total operating revenues due to a 12% increase in cable revenues, offset by a 2% decline in wireline revenues. Adjusted EBITDA declined slightly by 1% compared to first quarter 2017.
- The document is a presentation for Ryder System Inc.'s first quarter 2013 earnings conference call. It includes an overview of key financial results for the quarter as well as forecasts for the remainder of 2013.
- Revenue increased 2% year-over-year driven by organic lease revenue growth and increased volumes in Supply Chain Solutions. Earnings per share were $0.79 compared to $0.68 in the prior year.
- Asset management metrics are provided, showing higher used vehicle sales volumes and proceeds per unit compared to prior year. The commercial rental fleet size declined year-over-year.
- The presentation reaffirms the company's full-year 2013 comparable EPS forecast of $4.70 - $
The document outlines key assumptions for a business finance case study, including:
1) Annual gross sales value of Rs. 10,000 crores split across mobile, electronics, and FMCG categories.
2) Cost structures including costs of goods sold, supply chain costs, marketing costs, and indirect costs totaling 95.1% of sales.
3) Capex investment of Rs. 100 crores funded through a term loan and equity.
4) Working capital assumptions for inventory, accounts payable, collections, and taxes.
5) Break even analysis showing a break even volume of 17.35 lakh units and corresponding sales, contribution and gross sales value.
Ryder reported higher earnings for the first quarter of 2015 compared to the same period last year. Operating revenue increased 5% driven by growth in full service leasing, commercial rentals, and supply chain solutions. However, total revenue declined 3% primarily due to lower fuel costs passed through to customers. Ryder also increased its full year comparable earnings per share forecast due to better than expected first quarter results.
The document provides an overview of a company's fourth quarter 2015 results, accomplishments in 2015, and strategic priorities for 2016. It summarizes the company's financial results for Q4 2015 and full year 2015, noting declines in revenue but increases in operating cash flow. It outlines the company's strategic priorities for 2016, which include driving customer growth, reducing costs, managing investments, and continuing its fiber deployment. The document also summarizes 2015 results and 2016 priorities for the company's wireline, cable, and hosted services divisions.
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a telecommunications company.
- Key metrics for Q4 2014 include postpaid subscriber growth, increased smartphone penetration, and reduced churn rates compared to Q4 2013.
- Strategic priorities for 2015 are outlined as driving subscriber growth, increasing revenue through data monetization, reducing costs, and maintaining network quality. Financial guidance for 2015 projects total operating revenue of $4.0-4.2 billion and adjusted EBITDA of $530-630 million.
Q3 2013 Telephone and Data Systems and U.S. Cellular Earnings Conference CallUSCellular
- U.S. Cellular reported third quarter 2013 results and provided guidance for full year 2013. Key highlights included:
- In Q3 2013, U.S. Cellular reported retail customer losses of 71,000 in its core markets.
- For full year 2013, U.S. Cellular expects service revenues of $3.59-3.64 billion, adjusted income before taxes of $600-700 million, and capital expenditures of $735 million.
- TDS Telecom reported revenue growth of 6% in Q3 2013 driven by increases in its cable, Hosted and Managed Services, and wireline businesses. For 2013, TDS Telecom expects revenues of $
Kenneth R. Meyers, President and CEO of the company, addressed shareholders at the annual meeting. He discussed strategic priorities for 2016, which included adding customers through network investments and competitive plans, growing revenues through increased smartphone penetration and new services, managing costs through subsidy programs, and investing in spectrum and infrastructure to ensure future growth. Meyers thanked associates for their excellence and shareholders for their ongoing support.
- U.S. Cellular reported second quarter results, with total operating revenues of $957.8 million compared to $951 million in the prior year. However, net income attributable to shareholders was -$18.8 million compared to $143.4 million previously.
- Key priorities include driving postpaid subscriber growth through improved network and devices, reducing churn, and increasing smartphone penetration and data usage to boost ARPU. U.S. Cellular also aims to return value to shareholders through stock repurchases and dividends.
- For 2014, total company guidance projects total operating revenues of $3.9-4 billion and adjusted income before taxes of $350-450 million. Capital expenditures are forecast at $
- U.S. Cellular reported a net loss of $45.4 million for Q4 2013 compared to adjusted income before taxes of $153.6 million in Q4 2012.
- Key priorities for 2014 include driving subscriber growth, differentiating through value propositions, and focusing on equipment subsidies and cost management.
- TDS Telecom revenues increased 23% year-over-year to $271.9 million in Q4 2013 due to growth in cable and hosted/managed services revenues.
- U.S. Cellular reported first quarter 2016 results with highlights including growth in postpaid customers and net additions, higher equipment revenue driven by increased smartphone sales and adoption of equipment installment plans, and continued improvements in churn and operating expenses.
- Service revenues declined year-over-year due to competitive pricing pressures offsetting customer and data growth. Equipment sales revenues increased significantly.
- TDS Telecom wireline, cable, and hosted and managed services businesses also reported results, with the wireline unit focusing on fiber deployment and cable growing broadband customers.
- U.S. Cellular reported higher gross additions and lower churn in Q2 2016 compared to Q2 2015, resulting in postpaid net additions of 36,000 vs. 17,000 in the prior year.
- Total operating revenues were flat at $980 million due to an 8% decline in service revenues offset by a 44% increase in equipment sales revenues.
- Adjusted EBITDA increased 5% to $218 million driven by growth in operating cash flow and equity in earnings of unconsolidated entities.
- Guidance for 2016 remains unchanged with total operating revenues of $3.9-4.1 billion and adjusted EBITDA of $725-850 million expected.
First quarter 2015 financial results for TDS and U.S. Cellular:
- Total operating revenues for U.S. Cellular grew 4% year-over-year to $965 million, driven by a 90% increase in equipment sales revenues. Operating cash flow more than doubled to $167 million.
- TDS Telecom saw total operating revenues increase 7% to $280 million due to strong growth at TDS Cable from increased video, broadband, and voice connections. Adjusted EBITDA grew 10% to nearly $80 million.
- For 2015, TDS and U.S. Cellular increased guidance for operating cash flow and Adjusted EBITDA based on first quarter results
The document provides a summary of third quarter 2016 results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular had 61,000 retail net additions but postpaid net losses of 6,000 due to lower gross additions impacted by device availability issues. Service revenues and ARPU declined year-over-year.
- TDS Telecom segments saw growth in IPTV and broadband connections for Wireline and broadband connections for Cable. Hosted and Managed Services revenues declined due to lower equipment sales.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cell
UGI Corporation reported record results for the first quarter of fiscal year 2017. Adjusted earnings per share increased 42% compared to the prior year period, driven by higher adjusted net income across all four business units. AmeriGas Propane reported a 3.6% increase in retail volumes and $4 million decrease in operating expenses despite warmer weather. UGI International benefited from increased bulk volume due to colder weather. Midstream & Marketing saw higher margins from natural gas and capacity management. Utilities reported a 32.2% increase in core market volumes and margin growth from higher rates. Overall, strong execution and contributions from strategic investments led to the company's best ever first quarter financial performance.
The document provides forward-looking statements regarding Tyson Foods' expected performance and GAAP and adjusted EPS guidance. It cautions readers that actual results may differ materially from anticipated results due to various economic, market, supply, demand, competition, and operating factors. Specific risk factors that could cause results to differ are also outlined. The document also includes an investor presentation discussing Tyson Foods' financial performance in fiscal year 2016, outlook for fiscal year 2017, and strategies for growth.
Third quarter 2015 results showed:
- Completion of nationwide 4G LTE network covering 99% of customers and 83% of data traffic on this network
- Service revenue of $58 million from termination of rewards points program
- Postpaid churn of 1.41% reflecting improved customer satisfaction levels
- Strong growth in data usage and adoption of data-centric devices
- Ongoing cost management initiatives lowered expenses
- Increased guidance for operating cash flow and adjusted EBITDA due to strong growth in these measures.
- U.S. Cellular reported higher gross additions and lower churn in Q2 2016 compared to Q2 2015, resulting in postpaid net additions of 36,000 vs. 17,000 in the prior year.
- Total operating revenues were flat at $980 million due to an 8% decline in service revenues offset by a 44% increase in equipment sales revenues.
- Adjusted EBITDA increased 5% to $218 million driven by growth in operating cash flow and equity in earnings of unconsolidated entities.
- Guidance for 2016 remains unchanged with total operating revenues of $3.9-4.1 billion and adjusted EBITDA of $725-850 million expected.
The document provides third quarter 2016 financial results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular's postpaid net losses were 6,000 due to lower gross additions, but postpaid churn was low at 1.34%. Equipment sales revenues increased 38% year-over-year.
- TDS Telecom's wireline, cable, and hosted/managed services businesses saw stable to modest growth in operating revenues and adjusted EBITDA compared to the prior year.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cellular and $1
- U.S. Cellular reported positive third quarter 2014 results including postpaid net additions, increased postpaid gross additions, and improved postpaid churn. However, adjusted income before taxes decreased from the prior year.
- The company continued expanding and upgrading its 4G LTE network, increased smartphone penetration, and saw growth in connected devices and equipment installment plans.
- TDS Telecom grew revenues in its wireline, cable, and hosted services divisions. However, it recorded an impairment charge.
The document provides an overview of the company's second quarter 2017 results. It summarizes that postpaid handset growth and reduced churn led to 23,000 postpaid net additions. Average revenue and billings per user declined year-over-year. Adjusted OIBDA decreased 9% to $163 million due to lower service revenues and equipment sales, partially offset by lower expenses. Guidance for 2017 remains unchanged with estimated revenues of $3.8-4 billion and adjusted OIBDA of $550-650 million.
The document provides financial results for U.S. Cellular and TDS Telecom for the second quarter of 2018. Some key highlights:
- Total operating revenues for U.S. Cellular increased 1% year-over-year to $974 million. Adjusted OIBDA increased 26% to $205 million.
- Wireline revenues declined 4% to $174 million due to declines in commercial and wholesale revenues. Adjusted EBITDA declined 12% to $59 million.
- Cable revenues grew 12% to $57 million driven by a 14% increase in broadband connections. Adjusted EBITDA increased 10% to $16 million.
- TDS Telecom's total
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a telecommunications company.
- Key metrics for Q4 2014 include postpaid subscriber growth, increased smartphone penetration, and reduced churn rates compared to Q4 2013.
- Strategic priorities for 2015 are outlined as driving further subscriber and revenue growth, reducing costs, and differentiating through the company's value proposition. Financial guidance for 2015 projects increased total operating revenues and operating cash flow compared to 2014 actual results.
This document provides a summary of key information from Raymond James 37th Annual Institutional Investors Conference on March 8, 2016. It discusses TDS (NYSE: TDS), a telecommunications company that operates through its subsidiaries TDS Telecom and U.S. Cellular. The summary highlights TDS' focus on long-term value creation, conservative financing strategy, and history of annual dividend increases. Financial results for 2015 show growth in operating cash flow, operating income, and adjusted EBITDA for both U.S. Cellular and TDS Telecom compared to 2014. Key strategic priorities for 2016 include revenue growth, reducing costs, and increasing margins.
- The document provides fourth quarter 2015 results and full year 2015 results for TDS and its subsidiaries U.S. Cellular and TDS Telecom. It also outlines strategic priorities and guidance for 2016.
- Key highlights for Q4 2015 include operating revenues of $987 million for U.S. Cellular, adjusted EBITDA of $178 million, and 75,000 retail net additions. TDS Telecom saw operating revenues of $284 million and adjusted EBITDA of $71 million.
- For full year 2015, U.S. Cellular operating revenues were $3.997 billion and adjusted EBITDA was $852 million. TDS Telecom operating revenues were $1.158
This document provides a cautionary statement and discusses pro forma adjustments for Level 3 Communications. It notes that some statements made in the presentation are forward-looking and subject to uncertainties outside the company's control. It identifies key risks that could prevent Level 3 from achieving its goals, including successfully integrating acquisitions, managing risks associated with the global economy, and developing new services. The document also states that comparisons to prior periods are being presented on a pro forma basis, assuming the tw telecom acquisition occurred on January 1, 2014, and that growth rates are year-over-year.
This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition, stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations concerning future cash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update forward-looking statements to take new information or future events into account or otherwise.
In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents non-GAAP financial performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net income, free cash flow, gross debt and net debt. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.
The document provides an overview of TDS Telecom's fourth quarter 2016 results and strategic priorities for 2017. Key points include:
- 2016 results showed revenue impacts from competition but improvements in churn. Adjusted EBITDA was up 4% excluding discrete items.
- 2017 priorities are protecting the customer base, driving high margin revenue streams, and continuing cost improvements. Investments will focus on network quality and preparing for VoLTE deployment.
- Guidance for 2017 estimates total operating revenues of $3.8-4 billion and adjusted EBITDA of $650-800 million.
Evine earnings investor presentation f16 q1 finalevine2015
- Net sales increased 5% in Q1 2016 compared to Q1 2015. Gross profit increased 7% over the same period.
- Adjusted EBITDA was $3.4 million in Q1 2016, down from $9.2 million in FY 2015.
- Net loss was $4.9 million in Q1 2016, compared to a net loss of $12.3 million in FY 2015.
U.S. Cellular reported its second quarter 2013 results. Key highlights include:
- Service revenues for core markets were $865.7 million, down slightly from the previous year. Postpaid customer losses were 53,000 for the quarter.
- Total company operating income was $219.1 million, up significantly from the previous year due to gains from divesting assets. Adjusted pre-tax income was $209.5 million.
- Guidance for 2013 expects service revenues between $3.615-3.715 billion and adjusted pre-tax income between $600-700 million. Capital expenditures are expected to be $735 million.
- U.S. Cellular
- The investor presentation covered the company's performance in the third quarter of 2015, reporting year-over-year increases in key metrics such as cable/satellite homes (+34%), mobile net sales (+46%), and online net sales. Net sales increased 3% overall.
- Additional highlights included a 4% increase in average purchase frequency, a 230 basis point decrease in return rates, and a 7% increase in units shipped.
- Financial results showed growth in net sales but a decrease in operating income and net income compared to the same period the previous year.
Deutsche Telekom reported its Q3/13 results. Revenue grew 6.0% to 15.5 billion euros, driven by growth in the US. Organic revenue growth was 2.4%. Adjusted EBITDA declined 2.6% to 4.7 billion euros. Free cash flow was 1.4 billion euros, in line with guidance. The company confirmed its full year guidance despite challenges in some European markets from regulation and competition.
- The document reports on the third quarter 2017 results and provides guidance for full year 2017 results for TDS Telecom and U.S. Cellular.
- It summarizes key metrics such as total operating revenues, adjusted OIBDA, capital expenditures, and customer connections.
- It notes that U.S. Cellular and HMS management revised long-range forecasts, triggering goodwill impairment losses totaling $262 million for TDS and $370 million for U.S. Cellular.
TDS Telecom reported third quarter 2017 results with the following highlights:
- Total operating revenues were $285 million, down 1% year-over-year.
- Wireline revenues grew 2% driven by growth in IPTV and residential revenue per connection.
- Cable revenues increased 12% from broadband growth of 10%.
- Hosted and Managed Services revenues declined 18% from lower hardware installation spending.
- Adjusted EBITDA was $80 million, up 14% year-over-year, driven by growth in Wireline and Cable offset by declines in Hosted and Managed Services.
Bienestar Financiero al servicio de su jubilación anticipada
Pago de su 🏡
Estudio de sus hijos
Directamente a tu cuenta bancaria
Con Tesorería Auditoria Jurídica comercial
Administración de carteras
Apalancamiento Financiero
Desarrollo de tu marca personal
Acceso a Desarrollo de varias industrias
Cuentas bancarias
Estructuras Físicas en USA y en América Central
Avalado por Bolcomer
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Turismo
Y mucho más
Link de registro
https://business.myinfinity.global/maurod8/
https://therusnetwork.com/
Contacto:
https://goo.su/pzm1fja
2. Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
All information set forth in this presentation, 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: impacts of any pending acquisition and divestiture transactions, 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 overall economy; competition; 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 afforded TDS and U.S. Cellular debt securities by accredited ratings
organizations; industry consolidation; advances in telecommunications technology;
uncertainty of access to the capital markets; 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 products and services offered by U.S. Cellular and TDS
Telecom. Investors are encouraged to consider these and other risks and uncertainties that
are discussed in documents furnished to the Securities and Exchange Commission (“SEC”).
2
3. Upcoming conferences
• 9/9/15 - Drexel Hamilton – New York
• 9/10/15 – Hosting analyst meetings at CTIA – Las Vegas
• 9/28/15 - 10/2/15 – European roadshow
3
4.
5. Second quarter highlights
Growing top and bottom lines
• Continued customer growth
• Continued adoption of data-centric devices driving strong growth in
data usage
• Postpaid churn of 1.34% reflecting improved levels of customer
satisfaction; 78% of postpaid customers under contract
• Total revenue growth of 2%
• Steady acceptance of Equipment Installment Plans helping to
manage subsidy expense
• Ongoing cost management initiatives drive lower SG&A expenses
• Continuing deployment of 4G LTE network; 83% of our data traffic is
on this network
• Strong growth in Operating cash flow and Adjusted EBITDA;
increase in guidance for those measures
5
9. Data usage (In MB)
9
1,200
1,250
1,300
1,350
1,400
1,450
1,500
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Total System Usage (MB Millions) Average Usage per Data Subscriber
(In Millions)
10. Postpaid service revenue
(Corrected 8/11/15)
10
Q2’15 Q2’14 Change % Change
Average Revenue Per User
As reported $53.62 $56.82 $(3.20) (6%)
EIP billings 4.44 0.19
As reported plus EIP billings $58.06 $57.01 $1.05 1.8%
Average Revenue Per Account
As Reported $133.85 $131.95 $ 1.90 1%
EIP billings 11.09 0.45
As reported plus EIP billings $144.94 $132.40 $12.54 9.5%
11. Total operating revenues
($ in millions) Q2 ‘15 Q2 ‘14 % Change
Service revenues $824 $843 (2%)
Retail service 735 746 (2%)
Roaming 49 58 (15%)
Tower rentals (1) 13 14 (3%)
Other 28 26 5%
Equipment sales revenues 151 114 32%
Total operating revenues $976 $958 2%
(1) On a comparable basis excluding divested towers, tower rentals increased 13%
11
12. Growing top and bottom lines
($ in millions) Q2 ‘15 Q2 ‘14 % Change
Total operating revenues $976 $958 2%
System operations expense 196 187 5%
Cost of equipment sold 254 272 (7%)
SG&A expenses 363 404 (10%)
Total cash expenses 813 863 (6%)
Operating cash flow(1) 163 94 73%
Depreciation, amortization and accretion 151 148 2%
Operating income (excluding gains, losses)(1) $ 12 $(54) >100%
(1) Operating cash flow and operating income (excluding gains, losses) are non-GAAP financial measures that
are defined in the non-GAAP reconciliation at the end of the presentation
12
13. Adjusted EBITDA
($ in millions) Q2 ‘15 Q2 ‘14 % Change
Operating cash flow(1) $163 $ 94 73%
Equity in earnings of unconsolidated
entities
36 33 7%
Interest and dividend income 9 2 >100%
Other, net (1) --
Adjusted EBITDA(1) $207 $129 61%
(1) Operating cash flow and Adjusted EBITDA are non-GAAP financial measures that are defined in the non-
GAAP reconciliation at the end of the presentation
13
14. 2015 guidance(1)
(as of 7/31/15)
(in millions)
2015 Estimates
(Current)
2015 Estimates
(Previous)
2014
Actual
Total operating revenues $4,000 - $4,100 $4,000 - $4,200 $3,893
Operating cash flow(2) $440 - $540 $400 - $500 $338
Adjusted EBITDA(2) $600 - $700 $580 - $680 $480
Capital expenditures Approx. $600 Unchanged $558
(1) There can be no assurance that final results will not differ materially from estimated results.
(2) Operating cash flow and Adjusted EBITDA are non-GAAP financial measures that are defined in the non-
GAAP reconciliation at the end of the presentation.
14
16. 2015 strategic priorities
• Wireline
• Continue targeted fiber deployment; increase broadband and
IPTV penetration in existing markets
• Cable
• Improve residential and commercial broadband customer
penetrations
• Leverage wireline capabilities to create additional synergies
• Continue to evaluate potential acquisitions
• Hosted and Managed Services
• Focus on growth of recurring service revenues
• Continue to focus on selling across entire portfolio
16
17. TDS Telecom operating performance
($ in millions) Q2 ‘15 Q2 ‘14 % Change
Wireline $176 $181 (3%)
Cable 45 22 98%
HMS 76 68 11%
Total operating revenues(1) 295 271 9%
Expenses(1)(2) 216 197 9%
Adjusted EBITDA(3) $79 $74 7%
(1) Reflects intercompany eliminations.
(2) Represents cost of products and services and selling, general and administrative expenses.
(3) Adjusted EBITDA is a non-GAAP financial measure that is defined in the non-GAAP reconciliation at the end of
the presentation.
17
18. Wireline operating performance
($ in millions) Q2 ’15 Q2 ’14 % Change
Residential $74 73 1%
Commercial 55 57 (4%)
Wholesale 46 49 (8%)
Total service revenues 175 180 (3%)
Expenses(1) 112 112 ---
Adjusted EBITDA(2) $64 $69 (6%)
(1) Represents cost of products and services and selling, general and administrative expenses.
(2) Adjusted EBITDA is a non-GAAP financial measure that is defined in the non-GAAP reconciliation at the end of
the presentation.
18
20. Cable snapshot
6/30/15 6/30/14
Video 109,100 69,700
Broadband 112,300 63,200
Voice 51,500 17,800
Total cable
connections
272,900 150,700
Industry
12/31/14
TDS cable
6/30/15
Video 40% 34%
Broadband 42% 35%
Voice 22% 16%
(1) Represents cost of products and services and selling, general and administrative expenses.
(2) Adjusted EBITDA is a non-GAAP financial measure that is defined in the non-GAAP reconciliation at the end of
the presentation.
($ in millions) Q2 ‘15 Q2 ‘14
%
Change
Total operating
revenues
$45 $22 98%
Expenses(1) 34 18 90%
Adjusted EBITDA(2) $11 $5 >100%
Connections Operating Performance
Penetration
20
21. Hosted and Managed Services
operating performance
($ in millions) Q2 ’15 Q2 ’14 % Change
Service revenues $29 $28 7%
Equipment revenues 46 40 14%
Total operating revenues 76 68 11%
Expenses(1) 71 68 6%
Adjusted EBITDA(2) $ 4 --- >100%
(1) Represents cost of products and services and selling, general and administrative expenses.
(2) Adjusted EBITDA is a non-GAAP financial measure that is defined in the non-GAAP reconciliation at the end
of the presentation.
21
22. 2015 TDS Telecom guidance(1)
Unchanged from previous estimates
(as of 7/31/15)
($ in millions)
2015 Estimates
(Current)
2014 Actual
Total operating revenues $1,130 - $1,180 $1,088
Operating cash flow(2) $280 - $310 $296
Adjusted EBITDA(2) $280 - $310 $298
Capital expenditures $220 $208
(1) There can be no assurance that final results will not differ materially from such estimated results.
(2) Operating cash flow and Adjusted EBITDA are non-GAAP financial measures that are defined in the non-
GAAP reconciliation at the end of the presentation.
22
24. Operating Cash Flow and Adjusted EBITDA
Reconciliation – Q2 2015 and Q2 2014 Actual Results
Actual Results
Three months ended June 30, 2015 Three months ended June 30, 2014
U.S.
Cellular Wireline Cable HMS
Total TDS
Telecom TDS (2)
U.S.
Cellular Wireline Cable HMS
Total TDS
Telecom TDS (2)
(Dollars in millions)
Net income (loss) (GAAP) $20 N/A N/A N/A 16 $27 $(19) N/A N/A N/A 12 $(26)
Add back:
Income tax expense (benefit) 13 N/A N/A N/A 11 17 (10) N/A N/A N/A 8 (14)
Income (loss) before income taxes (GAAP) $33 25 4 (3) 27 $44 $(30) 27 -- (7) 20 $(40)
Add back:
Interest expense 20 -- -- -- -- 34 14 (1) -- -- -- 28
Depreciation, amortization and accretion
expense 151 41 9 7 57 211 148 42 5 7 53 205
EBITDA $204 66 13 4 83 $289 $133 68 5 -- 73 $193
Add back:
(Gain) loss on sale of business and other exit
costs, net (2) (3) -- -- (3) (6) (11) -- -- -- -- 3
(Gain) loss on assets disposals, net 5 1 (2) -- (1) 5 7 1 -- -- 1 8
Adjusted EBITDA (3) $207 64 11 4 79 $288 $129 69 5 -- 74 $204
Deduct:
Equity in earnings of unconsolidated entities (36) -- -- -- -- (35) (33) -- -- -- -- (35)
Interest and dividend income (9) -- -- -- (1) (10) (2) -- -- -- (1) (3)
Operating cash flow (3)(4) $163 64 11 4 79 $242 $94 68 5 -- 73 $166
Deduct:
Depreciation, amortization and
accretion expense (151) (148)
Operating income (excluding gains, losses) $12 $(54)
24
25. Operating Cash Flow and Adjusted EBITDA
Reconciliation
2015 Estimated Results (1) Actual Results Year ended December 31, 2014
U.S. Cellular TDS Telecom TDS(2) U.S. Cellular TDS Telecom TDS (2)
(Dollars in millions)
Net income (loss) (GAAP) N/A N/A N/A ($47) ($24) ($147)
Add back:
Income tax expense (benefit) N/A N/A N/A ($12) $18 ($5)
Income (loss) before income taxes (GAAP) $165-$265 $45-$75 $170 -$300 ($59) ($7) ($153)
Add back:
Interest expense $80 ― $140 $57 ($1) $111
Depreciation, amortization and
accretion expense $600 $235 $845 $606 $220 $837
EBITDA $845-$945 $280-$310 $1,155-$1,285 $605 $212 $796
Add back:
Loss on impairment — ― ― — $84 $88
(Gain) loss on sale of business and other
exit costs, net ($115) ― ($135) ($33) ($2) ($16)
(Gain) loss on license sales and
exchanges, net ($145) ― ($145) ($113) — ($113)
(Gain) loss on assets disposals, net $15 ― $15 $21 $5 $27
Adjusted EBITDA (3) $600-700 $280-$310 $890-$1,020 $480 $298 $781
Deduct:
Equity in earnings of unconsolidated
entities ($125) ― ($125) ($130) — ($132)
Interest and dividend income ($35) ― ($40) ($12) ($2) ($17)
Operating cash flow (3)(4) $440-$540 $280-$310 $725-$855 $338 $296 $632
25
26. (l) In providing 2015 Estimated Results, TDS has not completed the above reconciliation to net income
because it does not provide guidance for income taxes. TDS believes that the impact of income taxes
cannot be reasonably predicted; therefore, the company is unable to provide such guidance.
(2) The TDS column includes U.S. Cellular, TDS Telecom and also the impacts of consolidating eliminations,
corporate operations and non-reportable segments, all of which are not presented above.
(3) Operating cash flow is defined as net income, adjusted for the items set forth in the reconciliation above.
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and accretion), is defined as
net income, adjusted for the items set forth in the reconciliation above. Operating income (loss) (excluding
gains and losses), is defined as net income, adjusted for the items set forth in the reconciliation above.
Operating cash flow, Adjusted EBITDA and Operating income (loss) (excluding gains and losses) exclude
these items in order to show operating results on a more comparable basis from period to period. From
time to time, TDS may exclude other items from Operating cash flow and/or Adjusted EBITDA and/or
Operating income (loss) (excluding gains and losses) if such items help reflect operating results on a more
comparable basis. TDS does not intend to imply that any such items that are excluded are non-recurring,
infrequent or unusual; such items may occur in the future. Operating cash flow, Adjusted EBITDA and
Operating income (loss) (excluding gains and losses) 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 as indicators of the company’s operating performance or as alternatives to cash
flows from operating activities, determined in accordance with GAAP, as indicators of cash flows or as
measures of liquidity. TDS believes Operating cash flow, Adjusted EBITDA and Operating income (loss)
(excluding gains and losses) are useful measures of TDS’ operating results before significant recurring
non-cash charges, gains and losses, and other items as indicated above.
(4) A reconciliation of Operating cash flow (Non-GAAP) and Operating income (excluding gains and losses)
(Non-GAAP) to operating income (GAAP) for June 30,2015 actual results can be found on the company's
website at investors.tdsinc.com.
26