Telephone and Data : First Quarter 2025 TDS Reports First Quarter 2025 Results

Published: 2025-05-02 08:39:06 ET TDS

Published on 05/02/2025 at 08:39

CHICAGO (May 2, 2025) - Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,154 million for the first quarter of 2025, versus $1,262 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(10) million and $(0.09), respectively, for the first quarter of 2025 compared to $12 million and $0.10, respectively, in the same period one year ago.

Postpaid handset gross additions increased; postpaid handset net losses improved

Providing capacity and enhanced speed for our mobility and fixed wireless customers

TDS Telecom

Delivered 14,000 marketable fiber services addresses in Q1

Added 2,800 residential broadband net additions; 8,300 from fiber markets

* Comparisons are 1Q'24 to 1Q'25 unless otherwise noted

"As we work towards the expected mid-2025 closing of the sale of the wireless operations, the remaining businesses - fiber and towers - are making foundational changes that will support TDS' transformation," said Walter Carlson, TDS President and CEO. "In the first quarter, TDS and TDS Telecom results were impacted from the prior year divestitures of non-strategic assets, including the sale of One Neck and certain ILECs. TDS Telecom is continuing its fiber deployment adding 14,000 marketable fiber service addresses in the quarter while also investing in programs to streamline operations, enhance the customer experience and improve margins over time.

And the tower business is continuing to grow the number of colocations and revenues, with third-party tower revenues increasing 6% in the quarter."

On May 24, 2024, TDS and UScellular entered into a Securities Purchase Agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile). The transaction is expected to close in mid-2025, subject to regulatory approval and the satisfaction of customary closing conditions. When the proposed T-Mobile transaction closes, UScellular expects the UScellular Board of Directors to declare the first of potentially several, special dividends to UScellular shareholders.

On October 17, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. Additionally, UScellular also entered into agreements with Nsight Spectrum, LLC and Nex-Tech Wireless, LLC for the sale of select spectrum licenses.

On November 6, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T, Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.

Due to the pending transaction with T-Mobile, UScellular is not providing 2025 financial guidance.

TDS' current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management's view as of May 2, 2025 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.

2025 Estimated Results

TDS Telecom

Current

(Dollars in millions)

Total operating revenues

$1,030-$1,070

Unchanged

Adjusted OIBDA1(Non-GAAP)

$310-$350

Unchanged

Adjusted EBITDA1(Non-GAAP)

$320-$360

Unchanged

Capital expenditures

$375-$425

Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 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.

(Dollars in millions)

Net income (GAAP)

N/A

Add back:

Income tax expense

N/A

Income before income taxes (GAAP)

$20-$60

120

Add back:

Interest expense

(1)

(5)

Depreciation, amortization and accretion expense

300

271

EBITDA (Non-GAAP)1

$320-$360

385

Add back or deduct:

Loss on impairment of intangible assets

- -

(Gain) loss on asset disposals, net

- 2

(Gain) loss on sale of business and other exit costs, net

- -

(49)

Adjusted EBITDA (Non-GAAP)1

$320-$360

350

Deduct:

Interest and dividend income

Other, net

Adjusted OIBDA (Non-GAAP)1

$310-$350

$ 73

340

Numbers may not foot due to rounding.

1EBITDA, 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. TDS does not intend to imply that any such items set forth in the reconciliation above are 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 TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' 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, 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 before income taxes.

TDS will hold a conference call on May 2, 2025 at 9:00 a.m. Central Time.

Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://events.q4inc.com/attendee/224819726

Access the call by phone at (888)330-2384, conference ID: 1328528.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.

Telephone and Data Systems, Inc. (TDS) provides wireless, broadband, video and voice to approximately 5.5 million connections nationwide through its businesses, UScellular and TDS Telecom. Founded in 1969 and headquartered in Chicago, TDS employed approximately 7,800 associates as of March 31, 2025.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Colleen Thompson, Vice President - Corporate Relations [email protected]

Julie Mathews, IRC, Director - Investor Relations [email protected]

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, including with respect to the expected closing date of the transaction with T-Mobile. 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: whether the announced transactions whereby UScellular has agreed to sell its wireless operations and selected spectrum assets will be successfully completed; whether any such strategic alternative will result in additional value for TDS or its shareholders and whether the process will have an adverse impact on TDS' businesses; intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; the effect on TDS' business if the collateral securing its secured term loan is foreclosed upon; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.

For more information about TDS and its subsidiaries, visit: TDS: https://www.tdsinc.com

UScellular: https://www.uscellular.com TDS Telecom: https://www.tdstelecom.com

As of or for the Quarter Ended

3/31/2025

12/31/2024

9/30/2024

6/30/2024

3/31/2024

Retail Connections

Postpaid

Total at end of period1

3,946,000

3,985,000

3,999,000

4,027,000

4,051,000

Gross additions

105,000

140,000

123,000

117,000

106,000

Handsets

68,000

93,000

84,000

73,000

63,000

Connected devices

37,000

47,000

39,000

44,000

43,000

Net additions (losses)1

(39,000)

(14,000)

(28,000)

(24,000)

(44,000)

Handsets

(38,000)

(19,000)

(28,000)

(29,000)

(47,000)

Connected devices

(1,000)

5,000

3,000

ARPU2

$ 52.06

$ 51.73

$ 52.04

$ 51.45

$ 51.96

ARPA3

$ 132.25

$ 131.10

$ 131.81

$ 130.41

$ 132.00

Handset upgrade rate4

3.1 %

4.8 %

3.5 %

4.1 %

4.5 %

Churn rate5

1.21 %

1.29 %

1.25 %

1.16 %

1.22 %

Handsets

1.03 %

1.08 %

1.07 %

0.97 %

1.03 %

Connected devices

2.40 %

2.67 %

2.47 %

2.52 %

Prepaid

Total at end of period1

431,000

448,000

452,000

439,000

436,000

Gross additions

38,000

46,000

57,000

50,000

41,000

Net additions (losses)1

(17,000)

(4,000)

13,000

3,000

(13,000)

ARPU2

$ 30.76

$ 30.59

$ 32.01

$ 32.37

$ 32.25

Churn rate5

4.17 %

3.70 %

3.30 %

3.60 %

4.06 %

Market penetration at end of period

Consolidated operating population

31,390,000

32,550,000

Consolidated operating penetration6

17 %

15 %

14 %

Capital expenditures (millions)

$ 53

$ 162

$ 120

$ 165

$ 131

Total cell sites in service

7,009

7,010

7,007

6,990

6,995

Owned towers

4,413

4,409

4,407

4,388

4,382

Number of colocations7

2,469

2,444

2,418

2,392

2,397

Tower tenancy rate8

1.56

1.55

1First quarter 2024 connections were adjusted to remove subscribers that could no longer access the UScellular network due to the CDMA shutdown. This resulted in 11,000 and 2,000 subscribers removed from the postpaid and prepaid base, respectively, that are not included in Net additions (losses) for the quarter.

2Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:

Postpaid ARPU consists of total postpaid service revenues and postpaid connections.

Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

3Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.

4Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

5Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

6Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.

7Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.

8Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.

As of or for the Quarter Ended

3/31/2025

12/31/2024

9/30/2024

6/30/2024

3/31/2024

Residential connections

Broadband

Incumbent Fiber

119,700

118,500

115,900

113,100

109,800

Incumbent Copper

112,600

116,900

125,600

130,600

135,300

Expansion Fiber

133,200

126,100

115,300

107,800

100,400

Cable

190,200

191,500

195,900

198,500

202,400

Total Broadband1

555,800

553,000

552,700

550,000

547,900

Video

118,700

121,000

122,100

124,800

128,800

Voice

256,900

261,600

271,300

275,600

279,400

Total Residential connections

931,400

935,600

946,100

950,400

956,100

Commercial connections

187,600

190,500

197,200

201,500

206,200

Total residential broadband net adds

2,800

7,900

2,700

2,100

6,400

Residential fiber churn3

0.9 %

1.0 %

1.3 %

1.2 %

1.0 %

Total residential broadband churn

1.3 %

1.4 %

1.7 %

1.4 %

Residential revenue per connection4

$ 65.67

$ 64.72

$ 65.41

$ 65.26

$ 64.58

Capital expenditures (millions)

$ 59

$ 82

$ 78

$ 87

Numbers may not foot due to rounding.

1Total residential broadband connections increased by 8,100 during the three months ended March 31, 2024, due primarily to net additions of 6,400 as well as certain other adjustments.

2Q1 2024 total connections include 18,100 subscribers that were part of the 2024 divestitures.

3Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

4Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

2025

2024

vs. 2024

(Dollars and shares in millions, except per share amounts)

Operating revenues

UScellular

$ 891

$ 950

(6)%

TDS Telecom

257

266

(3)%

All Other1

(87)%

1,154

1,262

(9)%

Operating expenses

UScellular

Expenses excluding depreciation, amortization and accretion

686

729

(6)%

Depreciation, amortization and accretion

163

165

(2)%

(Gain) loss on asset disposals, net

(65)%

(Gain) loss on license sales and exchanges, net

(1)

18 %

850

899

(5)%

TDS Telecom

Expenses excluding depreciation, amortization and accretion

184

173

6 %

Depreciation, amortization and accretion

10 %

(Gain) loss on asset disposals, net

(9)%

258

240

7 %

All Other1

Expenses excluding depreciation and amortization

(76)%

Depreciation and amortization

(74)%

(Gain) loss on asset disposals, net

(1)

N/M

(Gain) loss on sale of business and other exit costs, net

(1)

N/M

(77)%

Total operating expenses

1,119

1,195

(6)%

Operating income (loss)

UScellular

(19)%

TDS Telecom

N/M

All Other1

(6)

(11)

38 %

(49)%

Other income (expense)

Equity in earnings of unconsolidated entities

(14)%

Interest and dividend income

28 %

Interest expense

(61)

(57)

(3)%

Other, net

N/M

Total other expense

(15)

(9)

(46)%

Income before income taxes

(65)%

Income tax expense

(57)%

Net income

(69)%

Less: Net income attributable to noncontrolling interests, net of tax

(49)%

Net income attributable to TDS shareholders

(74)%

TDS Preferred Share dividends

Net income (loss) attributable to TDS common shareholders

$ (10)

$ 12

N/M

Basic weighted average shares outstanding

115

113

1 %

Basic earnings (loss) per share attributable to TDS common shareholders

$ (0.09)

$ 0.11

N/M

Diluted weighted average shares outstanding

115

117

(2)%

Diluted earnings (loss) per share attributable to TDS common shareholders

$ (0.09)

$ 0.10

N/M

N/M - Percentage change not meaningful. Numbers may not foot due to rounding.

1Consists of TDS corporate, intercompany eliminations and all other business operations not included in the UScellular and TDS Telecom segments.

(Dollars in millions)

Cash flows from operating activities

Net income

$ 12

$ 38

Add (deduct) adjustments to reconcile net income to net cash flows from operating activities

Depreciation, amortization and accretion

234

Bad debts expense

Stock-based compensation expense

Deferred income taxes, net

Equity in earnings of unconsolidated entities

(37)

(42)

Distributions from unconsolidated entities

(Gain) loss on asset disposals, net

(Gain) loss on sale of business and other exit costs, net

(1)

(Gain) loss on license sales and exchanges, net

(1)

Other operating activities

Changes in assets and liabilities from operations

Accounts receivable

Equipment installment plans receivable

Inventory

Accounts payable

(17)

(35)

Customer deposits and deferred revenues

(7)

Accrued taxes

Accrued interest

Other assets and liabilities

(119)

(131)

Net cash provided by operating activities

186

224

Cash flows from investing activities

Cash paid for additions to property, plant and equipment

(129)

(235)

Cash paid for licenses

(2)

(11)

Cash received from divestitures

Net cash used in investing activities

(123)

(246)

Cash flows from financing activities

Issuance of long-term debt

140

Repayment of long-term debt

(8)

(57)

Tax payments, net of cash receipts, for TDS stock-based compensation awards

(6)

(1)

Tax payments, net of cash receipts, for UScellular stock-based compensation awards

(7)

Repurchase of UScellular Common Shares

(21)

Dividends paid to TDS shareholders

(22)

(39)

Distributions to noncontrolling interests

(2)

Cash paid for software license agreements

(10)

(9)

Other financing activities

(2)

Net cash provided by (used in) financing activities

(76)

Net increase (decrease) in cash, cash equivalents and restricted cash

(13)

Cash, cash equivalents and restricted cash

Beginning of period

384

270

End of period

$ 371

$ 278

March 31, 2025

December 31, 2024

(Dollars in millions)

Current assets

Cash and cash equivalents

348

364

Accounts receivable, net

1,004

1,041

Inventory, net

182

183

Prepaid expenses

Income taxes receivable

Other current assets

Total current assets

1,673

1,695

Assets held for sale

Licenses

4,590

4,588

Other intangible assets, net

154

161

Investments in unconsolidated entities

527

500

Property, plant and equipment, net

4,871

4,994

Operating lease right-of-use assets

978

982

Other assets and deferred charges

729

762

Total assets

$ 13,536

$ 13,682

March 31, 2025

December 31, 2024

(Dollars in millions, except per share amounts)

Current liabilities

Current portion of long-term debt

Accounts payable

247

280

Customer deposits and deferred revenues

276

283

Accrued interest

Accrued taxes

Accrued compensation

150

Short-term operating lease liabilities

151

153

Other current liabilities

123

138

Total current liabilities

960

1,090

Liabilities held for sale

Deferred liabilities and credits

Deferred income tax liability, net

987

981

Long-term operating lease liabilities

867

Other deferred liabilities and credits

807

809

Long-term debt, net

4,042

4,051

Noncontrolling interests with redemption features

Equity

TDS shareholders' equity

Series A Common and Common Shares, par value $0.01 per share

Capital in excess of par value

2,581

2,574

Preferred Shares, par value $0.01 per share

1,074

Treasury shares, at cost

(414)

(425)

Accumulated other comprehensive income

Retained earnings

1,818

1,849

Total TDS shareholders' equity

5,078

5,091

Noncontrolling interests

774

777

Total equity

5,852

5,868

Total liabilities and equity

$ 13,536

13,682

(Dollars in millions)

Cash and cash equivalents

$ 182 $ 124 $ 167 $ (125) $ 348

Licenses and other intangible assets

$ 4,581

$ 157

$ 6

- $

4,744

Investment in unconsolidated entities

479

(7)

527

$ 5,060

$ 161

$ 57

$ (7) $ 5,271

Property, plant and equipment, net

$ 2,394

$ 2,459

$ 18

$ - $ 4,871

Long-term debt, net:

Current portion

$ 26

$ -

$ 9

$ - $ 35

Non-current portion

2,829

1,210

- 4,042

$ 2,855

$ 3

$ 1,219

$ - $ 4,077

UScellular

2025

2024

2025

vs. 2024

(Dollars in millions)

Operating Revenues

Wireless

$ 864

$ 925

(7)%

Towers

5 %

Intra-company eliminations

(34)

(33)

(3)%

Total operating revenues

891

950

(6)%

Operating expenses

Wireless

844

896

(6)%

Towers

11 %

Intra-company eliminations

(34)

(33)

(3)%

Total operating expenses

850

899

(5)%

Operating income

$ 41

$ 51

(19)%

Adjusted OIBDA (Non-GAAP)

$ 215

$ 228

(6)%

Adjusted EBITDA (Non-GAAP)

$ 254

$ 272

(7)%

Capital expenditures

$ 53

$ 131

(60)%

UScellular Wireless

2025

2024

2025

vs. 2024

(Dollars in millions)

Retail service

$ 660

$ 678

(3)%

Other

8 %

Service revenues

714

729

(2)%

Equipment sales

150

196

(24)%

Total operating revenues

864

925

(7)%

System operations (excluding Depreciation, amortization and accretion reported below)

191

197

(3)%

Cost of equipment sold

178

216

(18)%

Selling, general and administrative

322

324

Depreciation, amortization and accretion

152

154

(2)%

(Gain) loss on asset disposals, net

(73)%

(Gain) loss on license sales and exchanges, net

(1)

18 %

Total operating expenses

844

896

(6)%

Operating income

$ 20

$ 29

(30)%

Adjusted OIBDA (Non-GAAP)

$ 182

$ 195

(7)%

Adjusted EBITDA (Non-GAAP)

$ 182

$ 195

(7)%

Capital expenditures

$ 51

$ 127

(60)%

UScellular Towers

2025

2024

2025

vs. 2024

(Dollars in millions)

Third-party revenues

$ 27

$ 25

6 %

Intra-company revenues

3 %

Total tower revenues

5 %

System operations (excluding Depreciation, amortization and accretion reported below)

4 %

Selling, general and administrative

33 %

Depreciation, amortization and accretion

5 %

Total operating expenses

11 %

Operating income

$ 21

$ 22

(5)%

Adjusted OIBDA (Non-GAAP)

$ 33

(1)%

Adjusted EBITDA (Non-GAAP)

$ 33

(1)%

Capital expenditures

$ 2

$ 4

(42)%

2025

2024

2025

vs. 2024

(Dollars in millions)

Operating revenues

Residential

Incumbent

$ 86

$ 90

(5)%

Expansion

33 %

Cable

(8)%

Total residential

184

185

(1)%

Commercial

(6)%

Wholesale

(12)%

Total service revenues

257

266

(3)%

Equipment revenues

23 %

Total operating revenues

257

266

(3)%

Cost of services

101

3 %

Cost of equipment and products

47 %

Selling, general and administrative expenses

10 %

Depreciation, amortization and accretion

10 %

(Gain) loss on asset disposals, net

(9)%

Total operating expenses

258

240

7 %

Operating income

$ -

$ 27

N/M

N/M - Percentage change not meaningful Numbers may not foot due to rounding.

‌Free Cash Flow

TDS CONSOLIDATED

2025

2024

(Dollars in millions)

Cash flows from operating activities (GAAP)

186

224

Cash paid for additions to property, plant and equipment

(129)

(235)

Cash paid for software license agreements

(10)

(9)

Free cash flow (Non-GAAP)1 $ 47 $ (20)

UScellular

2025

2024

(Dollars in millions)

Cash flows from operating activities (GAAP)

160

203

Cash paid for additions to property, plant and equipment

(72)

(133)

Cash paid for software license agreements

(9)

Free cash flow (Non-GAAP)1 $ 79 $ 61

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income before income taxes. Income and expense items below Operating income are not provided at the individual segment level for UScellular Wireless and UScellular Towers; therefore, the reconciliations begin with EBITDA and the most directly comparable GAAP measure is Operating income rather than Net income at the segment level.

UScellular

2025

2024

(Dollars in millions)

Net income (GAAP)

Add back or deduct:

Income tax expense

Income before income taxes (GAAP)

Add back:

Interest expense

Depreciation, amortization and accretion expense

163

165

EBITDA (Non-GAAP)

243

260

Add back or deduct:

Expenses related to strategic alternatives review

(Gain) loss on asset disposals, net

(Gain) loss on license sales and exchanges, net

(1)

Adjusted EBITDA (Non-GAAP)

254

272

Deduct:

Equity in earnings of unconsolidated entities

Interest and dividend income

Adjusted OIBDA (Non-GAAP)

$ 215

228

UScellular Wireless

2025

2024

(Dollars in millions)

EBITDA (Non-GAAP)

172

183

Add back or deduct:

Expenses related to strategic alternatives review

(Gain) loss on asset disposals, net

(Gain) loss on license sales and exchanges, net

(1)

Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)

182

195

Deduct:

Depreciation, amortization and accretion

152

154

Expenses related to strategic alternatives review

(Gain) loss on asset disposals, net

(Gain) loss on license sales and exchanges, net

(1)

Operating income (GAAP)

$ 20

UScellular Towers

2025

2024

(Dollars in millions)

EBITDA (Non-GAAP)

Add back or deduct:

Expenses related to strategic alternatives review

Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)

Deduct:

Depreciation, amortization and accretion

Expenses related to strategic alternatives review

Operating income (GAAP)

$ 21

$ 22

TDS Telecom

2025

2024

(Dollars in millions)

Net income (GAAP)

Add back or deduct:

Income tax expense

Income before income taxes (GAAP)

Add back:

Interest expense

(1)

(2)

Depreciation, amortization and accretion expense

EBITDA (Non-GAAP)

Add back or deduct:

(Gain) loss on asset disposals, net

Adjusted EBITDA (Non-GAAP)

Deduct:

Interest and dividend income

Other, net

Adjusted OIBDA (Non-GAAP)

$ 73

Numbers may not foot due to rounding.

Disclaimer

TDS - Telephone and Data Systems Inc. published this content on May 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 02, 2025 at 12:34 UTC.