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(Mark One) | ||||||||
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(Exact name of Registrant as specified in its charter) | ||||||||
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(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
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☒ | No | ☐ | |||||||||||||||||||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). |
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☒ | No | ☐ | |||||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |||||||||||||||||||||||
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☒ | Accelerated filer | ☐ | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes |
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No
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Index | Page No. | ||||
![]() |
Telephone and Data Systems, Inc.
Management’s Discussion and Analysis of
Financial Condition
and Results of Operations
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
UScellular | $ | 1,083 | $ | 1,016 | 7 | % | $ | 3,120 | $ | 3,053 | 2 | % | |||||||||||||||||||||||
TDS Telecom | 256 | 252 | 2 | % | 763 | 752 | 1 | % | |||||||||||||||||||||||||||
All other
1
|
53 | 60 | (13) | % | 173 | 152 | 14 | % | |||||||||||||||||||||||||||
Total operating revenues | 1,392 | 1,328 | 5 | % | 4,056 | 3,957 | 3 | % | |||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
UScellular | 1,098 | 971 | 13 | % | 3,024 | 2,888 | 5 | % | |||||||||||||||||||||||||||
TDS Telecom | 246 | 224 | 10 | % | 702 | 665 | 6 | % | |||||||||||||||||||||||||||
All other
1
|
59 | 64 | (9) | % | 183 | 167 | 9 | % | |||||||||||||||||||||||||||
Total operating expenses | 1,403 | 1,259 | 11 | % | 3,909 | 3,720 | 5 | % | |||||||||||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||||||||||||||||
UScellular | (15) | 45 | N/M | 96 | 165 | (42) | % | ||||||||||||||||||||||||||||
TDS Telecom | 10 | 27 | (63) | % | 61 | 87 | (30) | % | |||||||||||||||||||||||||||
All other
1
|
(6) | (3) | (66) | % | (10) | (15) | 35 | % | |||||||||||||||||||||||||||
Total operating income (loss) | (11) | 69 | N/M | 147 | 237 | (38) | % | ||||||||||||||||||||||||||||
Investment and other income (expense) | |||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated entities | 40 | 48 | (16) | % | 123 | 138 | (11) | % | |||||||||||||||||||||||||||
Interest and dividend income | 4 | 3 | 39 | % | 10 | 9 | 16 | % | |||||||||||||||||||||||||||
Interest expense | (46) | (54) | 13 | % | (118) | (193) | 38 | % | |||||||||||||||||||||||||||
Other, net | — | — | N/M | 1 | (1) | N/M | |||||||||||||||||||||||||||||
Total investment and other income (expense) | (2) | (3) | 17 | % | 16 | (47) | N/M | ||||||||||||||||||||||||||||
Income (loss) before income taxes | (13) | 66 | N/M | 163 | 190 | (15) | % | ||||||||||||||||||||||||||||
Income tax expense (benefit) | (3) | 19 | N/M | 62 | 38 | 59 | % | ||||||||||||||||||||||||||||
Net income (loss) | (10) | 47 | N/M | 101 | 152 | (33) | % | ||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests, net of tax | (2) | 7 | N/M | 14 | 26 | (46) | % | ||||||||||||||||||||||||||||
Net income (loss) attributable to TDS shareholders | (8) | 40 | N/M | 87 | 126 | (30) | % | ||||||||||||||||||||||||||||
TDS Preferred Share dividends | 17 | 12 | 44 | % | 52 | 21 | N/M | ||||||||||||||||||||||||||||
Net income (loss) attributable to TDS common shareholders | $ | (25) | $ | 28 | N/M | $ | 35 | $ | 105 | (66) | % | ||||||||||||||||||||||||
Adjusted OIBDA (Non-GAAP)
2
|
$ | 227 | $ | 290 | (22) | % | $ | 853 | $ | 923 | (8) | % | |||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP)
2
|
$ | 271 | $ | 341 | (21) | % | $ | 987 | $ | 1,069 | (8) | % | |||||||||||||||||||||||
Capital expenditures
3
|
$ | 305 | $ | 279 | 9 | % | $ | 938 | $ | 726 | 29 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
UScellular noncontrolling public shareholders’ | $ | (2) | $ | 6 | $ | 10 | $ | 23 | |||||||||||||||
Noncontrolling shareholders’ or partners’ | — | 1 | 4 | 3 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests, net of tax | $ | (2) | $ | 7 | $ | 14 | $ | 26 |
![]() |
UScellular OPERATIONS |
![]() |
As of September 30, | 2022 | 2021 | |||||||||||||||
Retail Connections – End of Period | |||||||||||||||||
Postpaid | 4,264,000 | 4,391,000 | |||||||||||||||
Prepaid | 493,000 | 518,000 | |||||||||||||||
Total | 4,757,000 | 4,909,000 | |||||||||||||||
Q3 2022 | Q3 2021 | Q3 2022 vs. Q3 2021 | YTD 2022 | YTD 2021 | YTD 2022 vs. YTD 2021 | |||||||||||||||||||||||||||
Postpaid Activity and Churn | ||||||||||||||||||||||||||||||||
Gross Additions | ||||||||||||||||||||||||||||||||
Handsets | 107,000 | 105,000 | 2 | % | 292,000 | 309,000 | (6) | % | ||||||||||||||||||||||||
Connected Devices | 44,000 | 40,000 | 10 | % | 113,000 | 118,000 | (4) | % | ||||||||||||||||||||||||
Total Gross Additions | 151,000 | 145,000 | 4 | % | 405,000 | 427,000 | (5) | % | ||||||||||||||||||||||||
Net Additions (Losses) | ||||||||||||||||||||||||||||||||
Handsets | (22,000) | (5,000) | N/M | (89,000) | (8,000) | N/M | ||||||||||||||||||||||||||
Connected Devices | (9,000) | (3,000) | N/M | (26,000) | (11,000) | N/M | ||||||||||||||||||||||||||
Total Net Additions (Losses) | (31,000) | (8,000) | N/M | (115,000) | (19,000) | N/M | ||||||||||||||||||||||||||
Churn | ||||||||||||||||||||||||||||||||
Handsets | 1.15 | % | 0.95 | % | 1.12 | % | 0.92 | % | ||||||||||||||||||||||||
Connected Devices | 3.40 | % | 2.59 | % | 2.94 | % | 2.60 | % | ||||||||||||||||||||||||
Total Churn | 1.42 | % | 1.15 | % | 1.34 | % | 1.13 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||
Average Revenue Per User (ARPU) | $ | 50.21 | $ | 48.12 | 4 | % | $ | 49.99 | $ | 47.83 | 5 | % | |||||||||||||||||||||||
Average Revenue Per Account (ARPA) | $ | 130.27 | $ | 125.99 | 3 | % | $ | 130.20 | $ | 125.50 | 4 | % | |||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Retail service
1
|
$ | 696 | $ | 697 | — | $ | 2,098 | $ | 2,064 | 2 | % | ||||||||||||||||||||||||
Inbound roaming | 17 | 30 | (43) | % | 56 | 86 | (36) | % | |||||||||||||||||||||||||||
Other
1
|
68 | 61 | 11 | % | 197 | 183 | 8 | % | |||||||||||||||||||||||||||
Service revenues | 781 | 788 | (1) | % | 2,351 | 2,333 | 1 | % | |||||||||||||||||||||||||||
Equipment sales | 302 | 228 | 32 | % | 769 | 720 | 7 | % | |||||||||||||||||||||||||||
Total operating revenues | 1,083 | 1,016 | 7 | % | 3,120 | 3,053 | 2 | % | |||||||||||||||||||||||||||
System operations (excluding Depreciation, amortization and accretion reported below) | 197 | 205 | (4) | % | 574 | 594 | (3) | % | |||||||||||||||||||||||||||
Cost of equipment sold | 354 | 252 | 40 | % | 887 | 786 | 13 | % | |||||||||||||||||||||||||||
Selling, general and administrative | 369 | 346 | 7 | % | 1,032 | 984 | 5 | % | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 177 | 160 | 10 | % | 520 | 510 | 2 | % | |||||||||||||||||||||||||||
Loss on impairment of licenses | — | — | — | 3 | — | N/M | |||||||||||||||||||||||||||||
(Gain) loss on asset disposals, net | 1 | 8 | (89) | % | 9 | 15 | (43) | % | |||||||||||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | 8 | % | (1) | (1) | 40 | % | |||||||||||||||||||||||||||
Total operating expenses | 1,098 | 971 | 13 | % | 3,024 | 2,888 | 5 | % | |||||||||||||||||||||||||||
Operating income (loss) | $ | (15) | $ | 45 | N/M | $ | 96 | $ | 165 | (42) | % | ||||||||||||||||||||||||
Net income (loss) | $ | (12) | $ | 35 | N/M | $ | 62 | $ | 132 | (53) | % | ||||||||||||||||||||||||
Adjusted OIBDA (Non-GAAP)
2
|
$ | 163 | $ | 213 | (23) | % | $ | 627 | $ | 689 | (9) | % | |||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP)
2
|
$ | 205 | $ | 262 | (22) | % | $ | 754 | $ | 831 | (9) | % | |||||||||||||||||||||||
Capital expenditures
3
|
$ | 136 | $ | 185 | (27) | % | $ | 541 | $ | 458 | 18 | % |
![]() |
TDS TELECOM OPERATIONS |
![]() |
As of September 30,
|
2022 | 2021 | 2022 vs. 2021 | ||||||||||||||
Residential connections | |||||||||||||||||
Broadband | |||||||||||||||||
Wireline, Incumbent | 252,600 | 252,100 | — | ||||||||||||||
Wireline, Expansion | 49,400 | 32,600 | 52 | % | |||||||||||||
Cable | 204,500 | 202,700 | 1 | % | |||||||||||||
Total Broadband | 506,500 | 487,400 | 4 | % | |||||||||||||
Video | 136,600 | 143,100 | (5) | % | |||||||||||||
Voice | 295,500 | 306,300 | (4) | % | |||||||||||||
Total Residential Connections | 938,600 | 936,800 | — | ||||||||||||||
Commercial connections | 242,800 | 269,000 | (10) | % | |||||||||||||
Total connections | 1,181,400 | 1,205,700 | (2) | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||
Wireline, Incumbent | $ | 89 | $ | 87 | 2 | % | $ | 262 | $ | 258 | 2 | % | |||||||||||||||||||||||
Wireline, Expansion | 13 | 9 | 43 | % | 35 | 24 | 48 | % | |||||||||||||||||||||||||||
Cable | 68 | 66 | 3 | % | 203 | 197 | 3 | % | |||||||||||||||||||||||||||
Total residential | 170 | 162 | 5 | % | 500 | 479 | 4 | % | |||||||||||||||||||||||||||
Commercial | 43 | 45 | (5) | % | 130 | 138 | (6) | % | |||||||||||||||||||||||||||
Wholesale | 43 | 44 | (2) | % | 132 | 135 | (2) | % | |||||||||||||||||||||||||||
Total service revenues | 256 | 251 | 2 | % | 763 | 751 | 1 | % | |||||||||||||||||||||||||||
Equipment revenues | — | — | (13) | % | 1 | 1 | (8) | % | |||||||||||||||||||||||||||
Total operating revenues | 256 | 252 | 2 | % | 763 | 752 | 1 | % | |||||||||||||||||||||||||||
Cost of services (excluding Depreciation, amortization and accretion reported below) | 109 | 102 | 7 | % | 308 | 301 | 2 | % | |||||||||||||||||||||||||||
Cost of equipment and products | — | — | 49 | % | 1 | — | 21 | % | |||||||||||||||||||||||||||
Selling, general and administrative | 81 | 72 | 12 | % | 231 | 216 | 7 | % | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 53 | 49 | 8 | % | 158 | 147 | 8 | % | |||||||||||||||||||||||||||
(Gain) loss on asset disposals, net | 3 | 1 | N/M | 4 | 2 | N/M | |||||||||||||||||||||||||||||
Total operating expenses | 246 | 224 | 10 | % | 702 | 665 | 6 | % | |||||||||||||||||||||||||||
Operating income | $ | 10 | $ | 27 | (63) | % | $ | 61 | $ | 87 | (30) | % | |||||||||||||||||||||||
Net income | $ | 10 | $ | 21 | (54) | % | $ | 51 | $ | 68 | (24) | % | |||||||||||||||||||||||
Adjusted OIBDA (Non-GAAP)
1
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$ | 66 | $ | 77 | (14) | % | $ | 224 | $ | 235 | (5) | % | |||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP)
1
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$ | 66 | $ | 77 | (13) | % | $ | 226 | $ | 235 | (4) | % | |||||||||||||||||||||||
Capital expenditures
2
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$ | 166 | $ | 91 | 82 | % | $ | 391 | $ | 260 | 50 | % |
TDS | UScellular | |||||||||||||
(Dollars in millions) | ||||||||||||||
Revolving Credit Agreement | $ | 399 | $ | 300 | ||||||||||
Receivables Securitization Agreement | — | 250 | ||||||||||||
Repurchase Agreement | — | 140 | ||||||||||||
Total undrawn borrowing capacity | $ | 399 | $ | 690 |
Long-term debt, net | |||||
(Dollars in millions) | |||||
Balance at December 31, 2021 | $ | 2,928 | |||
Borrowings under Revolving Credit Agreements | 75 | ||||
Borrowings under Term Loan Agreements | 800 | ||||
Borrowings under Export Credit Financing Agreement | 150 | ||||
Repayments under Revolving Credit Agreements | (75) | ||||
Repayments under Receivables Securitization Agreement | (250) | ||||
Other | (20) | ||||
Balance at September 30, 2022 | $ | 3,608 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
TDS - CONSOLIDATED | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net income (loss) (GAAP) | $ | (10) | $ | 47 | $ | 101 | $ | 152 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Income tax expense (benefit) | (3) | 19 | 62 | 38 | |||||||||||||||||||
Interest expense | 46 | 54 | 118 | 193 | |||||||||||||||||||
Depreciation, amortization and accretion | 234 | 213 | 691 | 670 | |||||||||||||||||||
EBITDA (Non-GAAP) | 267 | 333 | 972 | 1,053 | |||||||||||||||||||
Add back or deduct: | |||||||||||||||||||||||
Loss on impairment of licenses | — | — | 3 | — | |||||||||||||||||||
(Gain) loss on asset disposals, net | 4 | 8 | 13 | 17 | |||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | (1) | (1) | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | 271 | 341 | 987 | 1,069 | |||||||||||||||||||
Deduct: | |||||||||||||||||||||||
Equity in earnings of unconsolidated entities | 40 | 48 | 123 | 138 | |||||||||||||||||||
Interest and dividend income | 4 | 3 | 10 | 9 | |||||||||||||||||||
Other, net | — | — | 1 | (1) | |||||||||||||||||||
Adjusted OIBDA (Non-GAAP) | 227 | 290 | 853 | 923 | |||||||||||||||||||
Deduct: | |||||||||||||||||||||||
Depreciation, amortization and accretion | 234 | 213 | 691 | 670 | |||||||||||||||||||
Loss on impairment of licenses | — | — | 3 | — | |||||||||||||||||||
(Gain) loss on asset disposals, net | 4 | 8 | 13 | 17 | |||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | (1) | (1) | |||||||||||||||||||
Operating income (loss) (GAAP) | $ | (11) | $ | 69 | $ | 147 | $ | 237 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
UScellular | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net income (loss) (GAAP) | $ | (12) | $ | 35 | $ | 62 | $ | 132 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Income tax expense (benefit) | (3) | 14 | 46 | 31 | |||||||||||||||||||
Interest expense | 42 | 45 | 115 | 144 | |||||||||||||||||||
Depreciation, amortization and accretion | 177 | 160 | 520 | 510 | |||||||||||||||||||
EBITDA (Non-GAAP) | 204 | 254 | 743 | 817 | |||||||||||||||||||
Add back or deduct: | |||||||||||||||||||||||
Loss on impairment of licenses | — | — | 3 | — | |||||||||||||||||||
(Gain) loss on asset disposals, net | 1 | 8 | 9 | 15 | |||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | (1) | (1) | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | 205 | 262 | 754 | 831 | |||||||||||||||||||
Deduct: | |||||||||||||||||||||||
Equity in earnings of unconsolidated entities | 40 | 48 | 122 | 137 | |||||||||||||||||||
Interest and dividend income | 2 | 1 | 5 | 5 | |||||||||||||||||||
Adjusted OIBDA (Non-GAAP) | 163 | 213 | 627 | 689 | |||||||||||||||||||
Deduct: | |||||||||||||||||||||||
Depreciation, amortization and accretion | 177 | 160 | 520 | 510 | |||||||||||||||||||
Loss on impairment of licenses | — | — | 3 | — | |||||||||||||||||||
(Gain) loss on asset disposals, net | 1 | 8 | 9 | 15 | |||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | (1) | (1) | |||||||||||||||||||
Operating income (loss) (GAAP) | $ | (15) | $ | 45 | $ | 96 | $ | 165 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
TDS TELECOM
|
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||
Net income (GAAP)
|
$ | 10 | $ | 21 | $ | 51 | $ | 68 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Income tax expense | 3 | 7 | 18 | 22 | |||||||||||||||||||
Interest expense | (2) | (1) | (5) | (3) | |||||||||||||||||||
Depreciation, amortization and accretion | 53 | 49 | 158 | 147 | |||||||||||||||||||
EBITDA (Non-GAAP) | 63 | 76 | 222 | 233 | |||||||||||||||||||
Add back or deduct: | |||||||||||||||||||||||
(Gain) loss on asset disposals, net | 3 | 1 | 4 | 2 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | 66 | 77 | 226 | 235 | |||||||||||||||||||
Deduct: | |||||||||||||||||||||||
Interest and dividend income | 1 | — | 1 | 1 | |||||||||||||||||||
Other, net | — | — | 1 | (1) | |||||||||||||||||||
Adjusted OIBDA (Non-GAAP) | 66 | 77 | 224 | 235 | |||||||||||||||||||
Deduct: | |||||||||||||||||||||||
Depreciation, amortization and accretion | 53 | 49 | 158 | 147 | |||||||||||||||||||
(Gain) loss on asset disposals, net | 3 | 1 | 4 | 2 | |||||||||||||||||||
Operating income (GAAP)
|
$ | 10 | $ | 27 | $ | 61 | $ | 87 |
Nine Months Ended
September 30, |
|||||||||||
2022 | 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Cash flows from operating activities (GAAP) | $ | 901 | $ | 863 | |||||||
Less: Cash paid for additions to property, plant and equipment | 794 | 726 | |||||||||
Free cash flow (Non-GAAP) | $ | 107 | $ | 137 |
Principal Payments Due by Period | |||||||||||
Long-Term Debt Obligations
1
|
Weighted-Avg. Interest Rates on Long-Term Debt Obligations
2
|
||||||||||
(Dollars in millions) | |||||||||||
Remainder of 2022 | $ | 3 | 5.3 | % | |||||||
2023 | 18 | 4.9 | % | ||||||||
2024 | 18 | 4.9 | % | ||||||||
2025 | 18 | 4.9 | % | ||||||||
2026 | 288 | 4.3 | % | ||||||||
Thereafter | 3,152 | 5.7 | % | ||||||||
Total | $ | 3,497 | 5.6 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars and shares in millions, except per share amounts) | |||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Service | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||
Total operating revenues |
|
|
|
|
|||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of services (excluding Depreciation, amortization and accretion reported below) |
|
|
|
|
|||||||||||||||||||
Cost of equipment and products |
|
|
|
|
|||||||||||||||||||
Selling, general and administrative |
|
|
|
|
|||||||||||||||||||
Depreciation, amortization and accretion |
|
|
|
|
|||||||||||||||||||
Loss on impairment of licenses |
|
|
|
|
|||||||||||||||||||
(Gain) loss on asset disposals, net |
|
|
|
|
|||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net |
|
|
(
|
(
|
|||||||||||||||||||
Total operating expenses |
|
|
|
|
|||||||||||||||||||
Operating income (loss) |
(
|
|
|
|
|||||||||||||||||||
Investment and other income (expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated entities |
|
|
|
|
|||||||||||||||||||
Interest and dividend income |
|
|
|
|
|||||||||||||||||||
Interest expense |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Other, net |
|
|
|
(
|
|||||||||||||||||||
Total investment and other income (expense) |
(
|
(
|
|
(
|
|||||||||||||||||||
Income (loss) before income taxes |
(
|
|
|
|
|||||||||||||||||||
Income tax expense (benefit) |
(
|
|
|
|
|||||||||||||||||||
Net income (loss) |
(
|
|
|
|
|||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests, net of tax |
(
|
|
|
|
|||||||||||||||||||
Net income (loss) attributable to TDS shareholders |
(
|
|
|
|
|||||||||||||||||||
TDS Preferred Share dividends |
|
|
|
|
|||||||||||||||||||
Net income (loss) attributable to TDS common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Basic weighted average shares outstanding |
|
|
|
|
|||||||||||||||||||
Basic earnings (loss) per share attributable to TDS common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Diluted weighted average shares outstanding |
|
|
|
|
|||||||||||||||||||
Diluted earnings (loss) per share attributable to TDS common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net income (loss) | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Net change in accumulated other comprehensive income | |||||||||||||||||||||||
Change related to retirement plan | |||||||||||||||||||||||
Amounts included in net periodic benefit cost for the period | |||||||||||||||||||||||
Amortization of prior service cost |
|
|
|
|
|||||||||||||||||||
Comprehensive income (loss) |
(
|
|
|
|
|||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests, net of tax |
(
|
|
|
|
|||||||||||||||||||
Comprehensive income (loss) attributable to TDS shareholders | $ |
(
|
$ |
|
$ |
|
$ |
|
Nine Months Ended
September 30, |
|||||||||||
2022 | 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ |
|
$ |
|
|||||||
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities | |||||||||||
Depreciation, amortization and accretion |
|
|
|||||||||
Bad debts expense |
|
|
|||||||||
Stock-based compensation expense |
|
|
|||||||||
Deferred income taxes, net |
|
|
|||||||||
Equity in earnings of unconsolidated entities |
(
|
(
|
|||||||||
Distributions from unconsolidated entities |
|
|
|||||||||
Loss on impairment of licenses |
|
|
|||||||||
(Gain) loss on asset disposals, net |
|
|
|||||||||
(Gain) loss on sale of business and other exit costs, net |
(
|
(
|
|||||||||
Other operating activities |
|
|
|||||||||
Changes in assets and liabilities from operations | |||||||||||
Accounts receivable |
(
|
|
|||||||||
Equipment installment plans receivable |
(
|
(
|
|||||||||
Inventory |
(
|
|
|||||||||
Accounts payable |
|
(
|
|||||||||
Customer deposits and deferred revenues |
|
|
|||||||||
Accrued taxes |
|
(
|
|||||||||
Accrued interest |
|
|
|||||||||
Other assets and liabilities |
|
(
|
|||||||||
Net cash provided by operating activities |
|
|
|||||||||
Cash flows from investing activities | |||||||||||
Cash paid for additions to property, plant and equipment |
(
|
(
|
|||||||||
Cash paid for intangible assets |
(
|
(
|
|||||||||
Cash received from investments |
|
|
|||||||||
Cash received from divestitures and exchanges |
|
|
|||||||||
Advance payments for license acquisitions |
|
(
|
|||||||||
Other investing activities |
(
|
|
|||||||||
Net cash used in investing activities |
(
|
(
|
|||||||||
Cash flows from financing activities | |||||||||||
Issuance of long-term debt |
|
|
|||||||||
Repayment of long-term debt |
(
|
(
|
|||||||||
Issuance of short-term debt |
|
|
|||||||||
Repayment of short-term debt |
(
|
|
|||||||||
Issuance of TDS Preferred Shares |
|
|
|||||||||
TDS Common Shares reissued for benefit plans, net of tax payments |
(
|
(
|
|||||||||
UScellular Common Shares reissued for benefit plans, net of tax payments |
(
|
(
|
|||||||||
Repurchase of TDS Common Shares |
(
|
(
|
|||||||||
Repurchase of UScellular Common Shares |
(
|
(
|
|||||||||
Dividends paid to TDS shareholders |
(
|
(
|
|||||||||
Payment of debt and equity issuance costs |
(
|
(
|
|||||||||
Distributions to noncontrolling interests |
(
|
(
|
|||||||||
Other financing activities |
(
|
(
|
|||||||||
Net cash provided by financing activities |
|
|
|||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(
|
|||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Beginning of period |
|
|
|||||||||
End of period | $ |
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Accounts receivable | |||||||||||
Customers and agents, less allowances of $
|
|
|
|||||||||
Other, less allowances of $
|
|
|
|||||||||
Inventory, net |
|
|
|||||||||
Prepaid expenses |
|
|
|||||||||
Income taxes receivable |
|
|
|||||||||
Other current assets |
|
|
|||||||||
Total current assets |
|
|
|||||||||
Assets held for sale |
|
|
|||||||||
Licenses |
|
|
|||||||||
Goodwill |
|
|
|||||||||
Other intangible assets, net of accumulated amortization of $
|
|
|
|||||||||
Investments in unconsolidated entities |
|
|
|||||||||
Property, plant and equipment | |||||||||||
In service and under construction |
|
|
|||||||||
Less: Accumulated depreciation and amortization |
|
|
|||||||||
Property, plant and equipment, net |
|
|
|||||||||
Operating lease right-of-use assets |
|
|
|||||||||
Other assets and deferred charges |
|
|
|||||||||
Total assets
1
|
$ |
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars and shares in millions, except per share amounts) | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ |
|
$ |
|
|||||||
Accounts payable |
|
|
|||||||||
Customer deposits and deferred revenues |
|
|
|||||||||
Accrued interest |
|
|
|||||||||
Accrued taxes |
|
|
|||||||||
Accrued compensation |
|
|
|||||||||
Short-term operating lease liabilities |
|
|
|||||||||
Other current liabilities |
|
|
|||||||||
Total current liabilities |
|
|
|||||||||
Deferred liabilities and credits | |||||||||||
Deferred income tax liability, net |
|
|
|||||||||
Long-term operating lease liabilities |
|
|
|||||||||
Other deferred liabilities and credits |
|
|
|||||||||
Long-term debt, net |
|
|
|||||||||
Commitments and contingencies |
|
|
|||||||||
Noncontrolling interests with redemption features |
|
|
|||||||||
Equity | |||||||||||
TDS shareholders’ equity | |||||||||||
Series A Common and Common Shares | |||||||||||
Authorized
|
|||||||||||
Issued
|
|||||||||||
Outstanding
|
|||||||||||
Par Value ($
|
|
|
|||||||||
Capital in excess of par value |
|
|
|||||||||
Preferred Shares,
|
|
|
|||||||||
Treasury shares, at cost,
|
(
|
(
|
|||||||||
Accumulated other comprehensive income |
|
|
|||||||||
Retained earnings |
|
|
|||||||||
Total TDS shareholders' equity |
|
|
|||||||||
Noncontrolling interests |
|
|
|||||||||
Total equity |
|
|
|||||||||
Total liabilities and equity
1
|
$ |
|
$ |
|
TDS Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A
Common and
Common
shares
|
Capital in
excess of
par value
|
Preferred Shares |
Treasury
shares
|
Accumulated
other comprehensive income |
Retained
earnings
|
Total TDS
shareholders'
equity
|
Noncontrolling
interests |
Total equity | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
Net income (loss) attributable to TDS shareholders | — | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests classified as equity | — | — | — | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — |
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Common and Series A Common share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Preferred share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | — | — | — |
(
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan | — |
|
— | — | — |
(
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Incentive and compensation plans
|
— |
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Adjust investment in subsidiaries for repurchases, issuances and other compensation plans
|
— |
|
— | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
TDS Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A
Common and
Common
shares
|
Capital in
excess of
par value
|
Preferred Shares |
Treasury
shares
|
Accumulated
other
comprehensive
income (loss)
|
Retained
earnings
|
Total TDS
shareholders'
equity
|
Noncontrolling
interests
|
Total equity | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
Net income attributable to TDS shareholders
|
— | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests classified as equity
|
— | — | — | — | — | — |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Common and Series A Common share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Issuance of TDS Preferred Shares, net of costs | — | — |
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Preferred share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | — | — | — |
(
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Incentive and compensation plans
|
— |
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Adjust investment in subsidiaries for repurchases, issuances and other compensation plans
|
— |
|
— | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
TDS Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A
Common and
Common
shares
|
Capital in
excess of
par value
|
Preferred Shares |
Treasury
shares
|
Accumulated
other comprehensive income |
Retained
earnings
|
Total TDS
shareholders'
equity
|
Noncontrolling
interests
|
Total equity | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
Net income attributable to TDS shareholders
|
— | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests classified as equity
|
— | — | — | — | — | — |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — |
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Common and Series A Common share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Preferred share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | — | — | — |
(
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan | — |
|
— |
|
— |
(
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Incentive and compensation plans
|
— |
|
— |
|
— |
(
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Adjust investment in subsidiaries for repurchases, issuances and other compensation plans
|
— |
|
— | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
TDS Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A
Common and
Common
shares
|
Capital in
excess of
par value
|
Preferred Shares |
Treasury
shares
|
Accumulated
other
comprehensive
income (loss)
|
Retained
earnings
|
Total TDS
shareholders'
equity
|
Noncontrolling
interests
|
Total equity | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
Net income attributable to TDS shareholders
|
— | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests classified as equity
|
— | — | — | — | — | — |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — |
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Common and Series A Common share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Issuance of TDS Preferred Shares, net of costs | — | — |
|
— | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
TDS Preferred share dividends ($
|
— | — | — | — | — |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | — | — | — |
(
|
— | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan
|
— | — | — |
|
— |
(
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Incentive and compensation plans
|
— |
|
— |
|
— |
(
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||
Adjust investment in subsidiaries for repurchases, issuances and other compensation plans
|
— |
(
|
— | — | — | — |
(
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
— | — | — | — | — | — |
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Restricted cash included in Other current assets |
|
|
|||||||||
Cash, cash equivalents and restricted cash in the statement of cash flows | $ |
|
$ |
|
Three Months Ended September 30, 2022 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenues from contracts with customers: | |||||||||||||||||||||||
Type of service: | |||||||||||||||||||||||
Retail service | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Inbound roaming |
|
|
|
|
|||||||||||||||||||
Residential |
|
|
|
|
|||||||||||||||||||
Commercial |
|
|
|
|
|||||||||||||||||||
Wholesale |
|
|
|
|
|||||||||||||||||||
Other service |
|
|
|
|
|||||||||||||||||||
Service revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||
Total revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Operating lease income |
|
|
|
|
|||||||||||||||||||
Total operating revenues | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended September 30, 2021 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenues from contracts with customers: | |||||||||||||||||||||||
Type of service: | |||||||||||||||||||||||
Retail service
1,2
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Inbound roaming |
|
|
|
|
|||||||||||||||||||
Residential |
|
|
|
|
|||||||||||||||||||
Commercial |
|
|
|
|
|||||||||||||||||||
Wholesale |
|
|
|
|
|||||||||||||||||||
Other service
1
|
|
|
|
|
|||||||||||||||||||
Service revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||
Total revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Operating lease income |
|
|
|
|
|||||||||||||||||||
Total operating revenues | $ |
|
$ |
|
$ |
|
$ |
|
Nine Months Ended September 30, 2022 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenues from contracts with customers: | |||||||||||||||||||||||
Type of service: | |||||||||||||||||||||||
Retail service | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Inbound roaming |
|
|
|
|
|||||||||||||||||||
Residential |
|
|
|
|
|||||||||||||||||||
Commercial |
|
|
|
|
|||||||||||||||||||
Wholesale |
|
|
|
|
|||||||||||||||||||
Other service |
|
|
|
|
|||||||||||||||||||
Service revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||
Total revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Operating lease income |
|
|
|
|
|||||||||||||||||||
Total operating revenues | $ |
|
$ |
|
$ |
|
$ |
|
Nine Months Ended September 30, 2021 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenues from contracts with customers: | |||||||||||||||||||||||
Type of service: | |||||||||||||||||||||||
Retail service
1,2
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Inbound roaming |
|
|
|
|
|||||||||||||||||||
Residential |
|
|
|
|
|||||||||||||||||||
Commercial |
|
|
|
|
|||||||||||||||||||
Wholesale |
|
|
|
|
|||||||||||||||||||
Other service
1
|
|
|
|
|
|||||||||||||||||||
Service revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||
Total revenues from contracts with customers |
|
|
|
|
|||||||||||||||||||
Operating lease income |
|
|
|
|
|||||||||||||||||||
Total operating revenues | $ |
|
$ |
|
$ |
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Contract assets | $ |
|
$ |
|
|||||||
Contract liabilities | $ |
|
$ |
|
Service Revenues | |||||
(Dollars in millions) | |||||
Remainder of 2022 | $ |
|
|||
2023 |
|
||||
Thereafter |
|
||||
Total
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Costs to obtain contracts | |||||||||||
Sales commissions | $ |
|
$ |
|
|||||||
Fulfillment costs | |||||||||||
Installation costs |
|
|
|||||||||
Total contract cost assets | $ |
|
$ |
|
Level within the Fair Value Hierarchy | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Retail | 2 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
Institutional | 2 |
|
|
|
|
||||||||||||||||||||||||
Other | 2 |
|
|
|
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Equipment installment plan receivables, gross | $ |
|
$ |
|
|||||||
Allowance for credit losses |
(
|
(
|
|||||||||
Equipment installment plan receivables, net | $ |
|
$ |
|
|||||||
Net balance presented in the Consolidated Balance Sheet as: | |||||||||||
Accounts receivable — Customers and agents (Current portion) | $ |
|
$ |
|
|||||||
Other assets and deferred charges (Non-current portion) |
|
|
|||||||||
Equipment installment plan receivables, net | $ |
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Risk
|
Lower Risk
|
Slight Risk
|
Higher Risk
|
Total
|
Lowest Risk
|
Lower Risk
|
Slight Risk
|
Higher Risk
|
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unbilled | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
Billed — current |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Billed — past due |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
2019 | 2020 | 2021 | 2022 |
Total
|
|||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Lowest Risk | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Lower Risk |
|
|
|
|
|
||||||||||||||||||||||||
Slight Risk |
|
|
|
|
|
||||||||||||||||||||||||
Higher Risk |
|
|
|
|
|
||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
September 30, 2022 | September 30, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Allowance for credit losses, beginning of period | $ |
|
$ |
|
|||||||
Bad debts expense |
|
|
|||||||||
Write-offs, net of recoveries |
(
|
(
|
|||||||||
Allowance for credit losses, end of period | $ |
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars and shares in millions, except per share amounts) | |||||||||||||||||||||||
Net income (loss) attributable to TDS common shareholders used in basic earnings (loss) per share | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Adjustments to compute diluted earnings (loss): | |||||||||||||||||||||||
Noncontrolling interest adjustment |
|
(
|
|
(
|
|||||||||||||||||||
Net income (loss) attributable to TDS common shareholders used in diluted earnings (loss) per share | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted average number of shares used in basic earnings (loss) per share: | |||||||||||||||||||||||
Common Shares |
|
|
|
|
|||||||||||||||||||
Series A Common Shares |
|
|
|
|
|||||||||||||||||||
Total |
|
|
|
|
|||||||||||||||||||
Effects of dilutive securities |
|
|
|
|
|||||||||||||||||||
Weighted average number of shares used in diluted earnings (loss) per share |
|
|
|
|
|||||||||||||||||||
Basic earnings (loss) per share attributable to TDS common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Diluted earnings (loss) per share attributable to TDS common shareholders | $ |
(
|
$ |
|
$ |
|
$ |
|
Licenses | |||||
(Dollars in millions) | |||||
Balance at December 31, 2021 | $ |
|
|||
Acquisitions |
|
||||
Impairment |
(
|
||||
Transferred to Assets held for sale |
|
||||
Exchanges - Licenses received |
|
||||
Capitalized interest |
|
||||
Balance at September 30, 2022 | $ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Equity method investments | $ |
|
$ |
|
|||||||
Measurement alternative method investments |
|
|
|||||||||
Investments recorded using the net asset value practical expedient |
|
|
|||||||||
Total investments in unconsolidated entities | $ |
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Operating expenses |
|
|
|
|
|||||||||||||||||||
Operating income |
|
|
|
|
|||||||||||||||||||
Other income (expense), net |
(
|
|
(
|
|
|||||||||||||||||||
Net income | $ |
|
$ |
|
$ |
|
$ |
|
Asset Retirement Obligations | |||||
(Dollars in millions) | |||||
Balance at December 31, 2021 | $ |
|
|||
Additional liabilities accrued |
|
||||
Revisions in estimated cash outflows |
|
||||
Disposition of assets |
(
|
||||
Accretion expense |
|
||||
Balance at September 30, 2022 | $ |
|
TDS | UScellular | ||||||||||
(Dollars in millions) | |||||||||||
Maximum borrowing capacity | $ |
|
$ |
|
|||||||
Letters of credit outstanding | $ |
|
$ |
|
|||||||
Amount borrowed | $ |
|
$ |
|
|||||||
Amount available for use | $ |
|
$ |
|
TDS | UScellular | ||||||||||
(Dollars in millions) | |||||||||||
Maximum borrowing capacity | $ |
|
$ |
|
|||||||
Amount borrowed and outstanding | $ |
|
$ |
|
|||||||
Amount borrowed and repaid | $ |
|
$ |
|
|||||||
Amount available for use | $ |
|
$ |
|
September 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Accounts receivable |
|
|
|||||||||
Inventory, net |
|
|
|||||||||
Other current assets |
|
|
|||||||||
Licenses |
|
|
|||||||||
Property, plant and equipment, net |
|
|
|||||||||
Operating lease right-of-use assets |
|
|
|||||||||
Other assets and deferred charges |
|
|
|||||||||
Total assets | $ |
|
$ |
|
|||||||
Liabilities | |||||||||||
Current liabilities | $ |
|
$ |
|
|||||||
Long-term operating lease liabilities |
|
|
|||||||||
Other deferred liabilities and credits |
|
|
|||||||||
Total liabilities
1
|
$ |
|
$ |
|
Nine Months Ended September 30, | 2022 | 2021 | |||||||||
(Dollars in millions) | |||||||||||
Net income attributable to TDS shareholders | $ |
|
$ |
|
|||||||
Transfers (to) from noncontrolling interests | |||||||||||
Change in TDS' Capital in excess of par value from UScellular's issuance of UScellular shares |
(
|
(
|
|||||||||
Change in TDS' Capital in excess of par value from UScellular's repurchases of UScellular shares |
|
|
|||||||||
Net transfers (to) from noncontrolling interests |
|
(
|
|||||||||
Net income attributable to TDS shareholders after transfers (to) from noncontrolling interests | $ |
|
$ |
|
Three Months Ended or as of September 30, 2022 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Service | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||||||||||||||
Total operating revenues |
|
|
|
|
|||||||||||||||||||||||||||||||
Cost of services (excluding Depreciation, amortization and accretion reported below)
|
|
|
|
|
|||||||||||||||||||||||||||||||
Cost of equipment and products |
|
|
|
|
|||||||||||||||||||||||||||||||
Selling, general and administrative |
|
|
|
|
|||||||||||||||||||||||||||||||
Depreciation, amortization and accretion |
|
|
|
|
|||||||||||||||||||||||||||||||
(Gain) loss on asset disposals, net |
|
|
|
|
|||||||||||||||||||||||||||||||
Operating income (loss) |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated entities |
|
|
|
|
|||||||||||||||||||||||||||||||
Interest and dividend income |
|
|
|
|
|||||||||||||||||||||||||||||||
Interest expense |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Income (loss) before income taxes |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Net income (loss) |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Add back: | |||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion |
|
|
|
|
|||||||||||||||||||||||||||||||
(Gain) loss on asset disposals, net |
|
|
|
|
|||||||||||||||||||||||||||||||
Interest expense |
|
(
|
|
|
|||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Adjusted EBITDA
1
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Investments in unconsolidated entities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Capital expenditures | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended or as of September 30, 2021 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Service | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Equipment and product sales |
|
|
|
|
|||||||||||||||||||||||||||||||
Total operating revenues |
|
|
|
|
|||||||||||||||||||||||||||||||
Cost of services (excluding Depreciation, amortization and accretion reported below)
|
|
|
|
|
|||||||||||||||||||||||||||||||
Cost of equipment and products |
|
|
|
|
|||||||||||||||||||||||||||||||
Selling, general and administrative |
|
|
|
|
|||||||||||||||||||||||||||||||
Depreciation, amortization and accretion |
|
|
|
|
|||||||||||||||||||||||||||||||
(Gain) loss on asset disposals, net |
|
|
(
|
|
|||||||||||||||||||||||||||||||
Operating income (loss) |
|
|
(
|
|
|||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated entities |
|
|
|
|
|||||||||||||||||||||||||||||||
Interest and dividend income |
|
|
|
|
|||||||||||||||||||||||||||||||
Interest expense |
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||||
Income (loss) before income taxes |
|
|
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(
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|||||||||||||||||||||||||||||||
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(
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|||||||||||||||||||||||||||||||
Adjusted EBITDA
1
|
$ |
|
$ |
|
$ |
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$ |
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|||||||||||||||||||||||||||
Investments in unconsolidated entities | $ |
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Total assets | $ |
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$ |
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$ |
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$ |
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$ |
|
Nine Months Ended or as of September 30, 2022 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Service | $ |
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$ |
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$ |
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$ |
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Total operating revenues |
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Cost of services (excluding Depreciation, amortization and accretion reported below)
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Cost of equipment and products |
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Loss on impairment of licenses |
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(Gain) loss on asset disposals, net |
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(Gain) loss on sale of business and other exit costs, net |
(
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Operating income (loss) |
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Interest and dividend income |
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Interest expense |
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Other, net |
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Income (loss) before income taxes |
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Income tax expense (benefit) |
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Net income (loss) |
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Depreciation, amortization and accretion |
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Loss on impairment of licenses |
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(Gain) loss on asset disposals, net |
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(Gain) loss on sale of business and other exit costs, net |
(
|
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(
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Interest expense |
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(
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Income tax expense (benefit) |
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(
|
|
|||||||||||||||||||||||||||||||
Adjusted EBITDA
1
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Capital expenditures | $ |
|
$ |
|
$ |
|
$ |
|
Nine Months Ended or as of September 30, 2021 | UScellular | TDS Telecom | Corporate, Eliminations and Other | Total | |||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Service | $ |
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$ |
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$ |
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$ |
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Equipment and product sales |
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Total operating revenues |
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Cost of services (excluding Depreciation, amortization and accretion reported below)
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Cost of equipment and products |
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Selling, general and administrative |
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Depreciation, amortization and accretion |
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(Gain) loss on asset disposals, net |
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(Gain) loss on sale of business and other exit costs, net |
(
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(
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Operating income (loss) |
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Equity in earnings of unconsolidated entities |
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Interest and dividend income |
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Interest expense |
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(
|
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Other, net |
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(
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Income (loss) before income taxes |
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Income tax expense (benefit) |
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|||||||||||||||||||||||||||||||
Net income (loss) |
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Depreciation, amortization and accretion |
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|||||||||||||||||||||||||||||||
(Gain) loss on asset disposals, net |
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|||||||||||||||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net |
(
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(
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Interest expense |
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Income tax expense (benefit) |
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|
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|
|
|||||||||||||||||||||||||||||||
Adjusted EBITDA
1
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
Capital expenditures | $ |
|
$ |
|
$ |
|
$ |
|
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
July 1 - 31, 2022 | 31,114 | $ | 15.80 | 31,114 | $ | 156,541,699 | ||||||||
August 1 - 31, 2022 | — | $ | — | — | $ | 156,541,699 | ||||||||
September 1 - 30, 2022 | 343,953 | $ | 14.54 | 343,953 | $ | 151,541,710 | ||||||||
Total for or as of the end of the quarter ended September 30, 2022 | 375,067 | $ | 14.64 | 375,067 | $ | 151,541,710 |
Exhibit Number | Description of Documents | ||||
Exhibit 3.1 | |||||
Exhibit 31.1 | |||||
Exhibit 31.2 | |||||
Exhibit 32.1 | |||||
Exhibit 32.2 | |||||
Exhibit 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
Exhibit 101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document | ||||
Exhibit 101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | ||||
Exhibit 101.LAB | Inline XBRL Taxonomy Label Linkbase Document | ||||
Exhibit 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
Exhibit 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the inline document. |
Item Number | Page No. | ||||||||||||||||
Part I. | Financial Information | ||||||||||||||||
- | |||||||||||||||||
- | |||||||||||||||||
- | |||||||||||||||||
Part II. | Other Information | ||||||||||||||||
TELEPHONE AND DATA SYSTEMS, INC. | |||||||||||||||||
(Registrant) | |||||||||||||||||
Date: | November 3, 2022 | /s/ LeRoy T. Carlson, Jr. | |||||||||||||||
LeRoy T. Carlson, Jr.
President and Chief Executive Officer (principal executive officer) |
|||||||||||||||||
Date: | November 3, 2022 | /s/ Vicki L. Villacrez | |||||||||||||||
Vicki L. Villacrez
Executive Vice President and Chief Financial Officer (principal financial officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Walter C. D. Carlson Chair of the Board, President and Chief Executive Officer | |||
Mr. Oosterman brings substantial experience, expertise and qualifications gained in executive leadership roles at BCE, Canada’s largest communications provider, and other publicly traded communications companies over a 30 year period. Mr. Oosterman is currently President and CEO of Peyden Inc., a private investment company with holdings in real estate, media and technology. He has proven global expertise in the wireless, residential and small business segments, extensive background in media, including television, radio and digital and deep brand and marketing experience from Chief Brand Officer roles at BCE and other corporations. He has also developed a reputation as a leader in social and digital media, video streaming platforms, smart data and the Internet of Things. Mr. Oosterman holds a BA and a MBA from Western University. | |||
Ms. Villacrez has significant experience with the telecommunications industry as a result of over thirty years at the TDS enterprise. She has substantial experience in finance, accounting, financial planning and strategic analysis. Ms. Villacrez is currently TDS’ Executive Vice President and CFO since 2022. She was previously Senior Financial Advisor of TDS from February 2022 to May 2022 and prior to that TDS Telecom’s Senior Vice President Finance and CFO since 2017 and TDS Telecom’s Vice President Finance and CFO between 2012 and 2017. Prior to that Ms. Villacrez held several financial leadership positions with growing responsibility at TDS, including leading Financial Analysis and Strategic Planning. Ms. Villacrez has a bachelor's degree in accounting from Upper Iowa University and an MBA from Edgewood College. She is also a CPA. | |||
Mr. Carlson brings substantial experience, expertise and qualifications with respect to TDS and its subsidiaries and the industries in which they operate as a result of his many years as an investor in TDS, a former trustee of the TDS Voting Trust, a director and Vice Chair and former President and Chief Executive Officer of TDS, and a director and Chair of its two principal business units. Mr. Carlson was President of TDS from 1981 until February 2025 and CEO of TDS from 1986 until February 2025. As a senior executive officer of TDS and each of its business units, the Board of Directors considers it essential that Mr. Carlson serve on the TDS Board of Directors to provide the Board with his views on strategy and operations of TDS and its business units. In addition, as a shareholder with a significant economic stake in TDS, Mr. Carlson provides to the TDS Board of Directors the perspective of shareholders in managing and operating TDS in the long-term interests of shareholders. He also has experience as chairperson of TAG and a member of the CGNC. Mr. Carlson has an MBA from Harvard University and he is the brother of Walter C. D. Carlson, Letitia G. Carlson, M.D. and Prudence E. Carlson. | |||
Mr. Rutledge brings substantial operating and financial management experience in finance and accounting from his current role as Senior Vice President and Chief Accounting Officer of McKesson Corporation, a diversified global healthcare company. Prior to serving in his current role, he held several financial executive leadership positions with increasing responsibilities at Genuine Parts Company, a global service organization in the automotive and industrial parts industry. He brings over two decades of experience in finance and accounting, including risk management, internal audit, shared services, SEC reporting, treasury, M&A integration and portfolio optimization. Mr. Rutledge is a Certified Public Accountant. He has a Bachelor of Science in accounting from Morehouse College. Mr. Rutledge also serves on a number of private non-profit Boards including the McKesson Foundation and the Tull Charitable Foundation. Mr. Rutledge was recommended by a third-party search firm. | |||
Mr. Carlson brings substantial experience, expertise and qualifications with respect to TDS and its subsidiaries and the industries in which they operate as a result of his many years as an investor in TDS, a former trustee of the TDS Voting Trust, a director and Vice Chair and former President and Chief Executive Officer of TDS, and a director and Chair of its two principal business units. Mr. Carlson was President of TDS from 1981 until February 2025 and CEO of TDS from 1986 until February 2025. As a senior executive officer of TDS and each of its business units, the Board of Directors considers it essential that Mr. Carlson serve on the TDS Board of Directors to provide the Board with his views on strategy and operations of TDS and its business units. In addition, as a shareholder with a significant economic stake in TDS, Mr. Carlson provides to the TDS Board of Directors the perspective of shareholders in managing and operating TDS in the long-term interests of shareholders. He also has experience as chairperson of TAG and a member of the CGNC. Mr. Carlson has an MBA from Harvard University and he is the brother of Walter C. D. Carlson, Letitia G. Carlson, M.D. and Prudence E. Carlson. | |||
M s. Dixon brings substantial experience, expertise and qualifications from her previous executive leadership position at FedEx Office, a provider of logistics, transportation, and related business services, in addition to her many years of Board, Compensation and Human Resources, and Technology Advisory Group Committee experience. She h as extensive operating and financial management experience. Ms. Dixon has experience in consumer and business marketing, sales and distribution strategies. Ms. Dixon also brings twenty years of experience in the telecommunications industry, and her experience in serving on the board of directors of James Avery Craftsman, Inc., a privately held jewelry designer, manufacturer and retailer. Ms. Dixon has a Bachelor of Science degree from Shippensburg University of Pennsylvania and an MBA from Pennsylvania State University. In 2018, Ms. Dixon was named a National Association of Corporate Directors (NACD) Governance Fellow. Ms. Dixon has also earned the CERT certificate in Cybersecurity Oversight issued by Carnegie Mellon University. | |||
George W. Off * Former Chair and CEO of Checkpoint Systems, Inc. | |||
Mr. Woessner is Senior Vice President at Warburg Pincus Deutschland GmbH, a private equity firm. He is the former CEO of CompuGroup Medical SE & Co. KgAA, a provider of physician software, hospital software and e-health solutions worldwide. Mr. Woessner has substantial senior leadership experience with over 20 years in the global telecommunications industry having served in executive leadership positions with Deutsche Telekom AG and Rogers Communications. As a result of his experience with Deutsche Telekom and Rogers Communications, he brings substantial experience in sales, marketing, and service of fixed-network and mobile products for consumer and business customers. Mr. Woessner has a Masters in Chemistry from Technische University, Munchen Germany and a PhD in Chemistry from Humboldt University, Berlin, Germany. |
Name and Principal Position | Year | Salary |
Bonus
|
Stock Awards
|
Option Awards
|
Non-Equity Incentive Plan Compensation |
Change in Pension Value and Non-qualified Deferred Compensation Earnings
|
All Other Compensation | Total | ||||||||||||||||||||
LeRoy T. Carlson, Jr. | |||||||||||||||||||||||||||||
Vice Chair and Former President and CEO of TDS | 2024 | $1,352,700 | $1,381,100 | $6,845,985 | — | — | — | $31,710 | $9,611,495 | ||||||||||||||||||||
2023 | $1,352,700 | $635,800 | $7,654,987 | — | — | $5,932 | $28,097 | $9,677,516 | |||||||||||||||||||||
2022 | $1,352,700 | $1,046,500 | $6,503,975 | — | — | $4,204 | $22,361 | $8,929,740 | |||||||||||||||||||||
Vicki L. Villacrez | |||||||||||||||||||||||||||||
Executive Vice President and Chief Financial Officer of TDS | 2024 | $680,000 | $133,280 | $1,244,710 | — | $396,794 | — | $92,043 | $2,546,827 | ||||||||||||||||||||
2023 | $585,100 | $114,867 | $936,336 | — | $264,278 | $2,403 | $87,208 | $1,990,192 | |||||||||||||||||||||
2022 | $462,600 | $73,900 | $883,209 | — | $198,150 | $1,581 | $77,759 | $1,697,199 | |||||||||||||||||||||
Laurent C. Therivel | |||||||||||||||||||||||||||||
President and CEO of UScellular | 2024 | $901,866 | $658,629 | $5,210,668 | — | $785,874 | — | $99,911 | $7,656,948 | ||||||||||||||||||||
2023 | $866,882 | $1,226,030 | $8,028,781 | — | $644,670 | $339 | $93,407 | $10,860,109 | |||||||||||||||||||||
2022 | $824,887 | $750,867 | $4,699,725 | — | $545,333 | $29 | $88,045 | $6,908,886 | |||||||||||||||||||||
James W. Butman | |||||||||||||||||||||||||||||
President and CEO of TDS Telecom | 2024 | $741,600 | $160,186 | $2,192,723 | — | $495,507 | $13,573 | $125,546 | $3,729,135 | ||||||||||||||||||||
2023 | $720,000 | $255,830 | $1,800,351 | — | $458,784 | $17,519 | $91,943 | $3,344,427 | |||||||||||||||||||||
2022 | $685,700 | $170,330 | $1,391,256 | — | $559,860 | $26,619 | $85,842 | $2,919,607 | |||||||||||||||||||||
Joseph R. Hanley | |||||||||||||||||||||||||||||
Senior Vice President, Strategy and Corporate Development of TDS | 2024 | $540,400 | $75,656 | $732,062 | — | $225,239 | — | $95,001 | $1,668,358 | ||||||||||||||||||||
2023 | $522,100 | $76,874 | $675,487 | — | $176,867 | $2,098 | $89,245 | $1,542,671 | |||||||||||||||||||||
2022 | $502,000 | $60,090 | $581,994 | — | $156,680 | $1,390 | $74,125 | $1,376,279 |
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
salesforce.com, inc. | CRM |
Oracle Corporation | ORCL |
Pitney Bowes Inc. | PBI |
Microsoft Corporation | MSFT |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
Butman James W | - | 291,098 | 0 |
CARLSON LEROY T JR | - | 172,211 | 0 |
CARLSON LEROY T JR | - | 153,621 | 1,812,780 |
Hanley Joseph R | - | 74,992 | 0 |
Villacrez Vicki L | - | 63,465 | 0 |
Davis Clarence A | - | 24,898 | 0 |
Woessner Dirk S | - | 10,083 | 0 |
Rutledge Napoleon B JR | - | 1,672 | 0 |
Carlson Prudence E | - | 0 | 1,582,670 |