TDS explores strategic alternatives for UScellular; Q2 net loss $19M

TELEPHONE & DATA SYSTEMS INC /DE/

Boards of TDS and UScellular initiate process to explore strategic alternatives for UScellular; no definitive timeline or outcome assured.
Q2 total operating revenues $1,267M (down 6% YoY); net loss to common $19M vs income $18M last year.
UScellular reduced debt $150M in Q2; fixed wireless customers grew 66% to 96,000; tower revenues up 10%.
TDS Telecom added 66K fiber service addresses through June; raised full-year Adjusted EBITDA guidance to $270-300M.
UScellular service revenue guidance narrowed to $3,025-3,075M; TDS Telecom capex guidance reduced to $475-525M.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

TELEPHONE & DATA SYSTEMS INC /DE/ reported second quarter of 2023 results: revenue $1,267 million, net income $(19) million, EPS $(0.17).

Period: second quarter of 2023
Revenue: $1,267 million
Net income: $(19) million
EPS: $(0.17)
Result: reported results

Exact text from the filing

TDS reports second quarter 2023 results CHICAGO (August 4, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,267 million for the second quarter of 2023, versus $1,349 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(19) million and $(0.17), respectively, for the second quarter of 2023 compared to $18 million and $0.15, respectively, in the same period one year ago.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TELEPHONE & DATA SYSTEMS INC /DE/ updated its full-year 2023 guidance (raised).

Period: full-year 2023
Guidance: raised
Result: guidance update

Exact text from the filing

2023 Estimated Results UScellular Previous Current (Dollars in millions) Service revenues $3,050-$3,150 $3,025-$3,075 Adjusted OIBDA 1 $725-$875 $750-$850 Adjusted EBITDA 1 $875-$1,025 $925-$1,025 Capital expenditures $600-$700 Unchanged TDS Telecom Previous Current (Dollars in millions) Total operating revenues $1,030-$1,060 Unchanged Adjusted OIBDA 1 $260-$290 $270-$300 Adjusted EBITDA 1 $260-$290 $270-$300 Capital expenditures $500-$550 $475-$525

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Source: SEC EDGAR

accession 0001051512-23-000049

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