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Jane McCahon

Senior Vice President - Corporate Relations

Phone: 312.592.5379
jane.mccahon@tdsinc.com
Full Contact Info

TDS reports first quarter 2019 results

05/02/2019

CHICAGO, May 2, 2019 /PRNewswire/ -- 

As previously announced, TDS will hold a teleconference May 3, 2019, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com

Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,257 million for the first quarter of 2019, versus $1,225 million for the same period one year ago. Net income attributable to TDS shareholders and related diluted earnings per share were $59 million and $0.50, respectively, for the first quarter of 2019 compared to $39 million and $0.34, respectively, in the same period one year ago.

"The TDS family of companies made a strong start to 2019," said LeRoy T. Carlson, Jr., TDS President and CEO. "U.S. Cellular improved customer results, grew revenues and increased profitability.  TDS Telecom increased profitability, grew broadband penetration and expanded fiber deployment.

"U.S. Cellular increased postpaid handset gross additions and achieved impressive postpaid handset churn. Greater customer adoption of Unlimited Plans increased customer satisfaction and generated higher average revenue per user. Continued growth in additional revenue sources, such as roaming from other carriers, combined with U.S. Cellular's diligent focus on cost management resulted in an increase in profitability.

"At TDS Telecom we are pleased with the success of our fiber expansion growth in strategic markets, and we look forward to further expanding our out-of-territory markets to growing areas in Wisconsin and other attractive areas later this year.  Cable operations achieved strong growth in broadband connections, generating both higher cable revenues and Adjusted EBITDA. We are on-plan to meet the increased data speed obligations under the Alternative Connect America Cost model (A-CAM). We are very pleased to accept the FCC's additional funding for A-CAM, offered to TDS Telecom earlier this past quarter. This additional support will further TDS Telecom's capacity and commitment to provide higher broadband speeds to more of our most rural customers."

2019 Estimated Results

TDS' current estimates of full-year 2019 results for U.S. Cellular, TDS Telecom, and TDS are shown below.  Such estimates represent management's view as of May 2, 2019.  Such forward-looking statements should not be assumed to be current as of any future date.  TDS undertakes no duty to update such information, whether as a result of new information, future events, or otherwise.  There can be no assurance that final results will not differ materially from estimated results.


2019 Estimated Results


U.S. Cellular


TDS Telecom


TDS (1)


Previous

Current


Previous

Current


Previous

Current

(Dollars in millions)









Total operating revenues

$4,100-$4,300

$4,000-$4,200*


$900-$950

Unchanged


$5,225-$5,475

$5,125-$5,375

Adjusted OIBDA (2)

$725-$875

Unchanged


$280-$310

Unchanged


$1,000-$1,180

Unchanged

Adjusted EBITDA (2)

$900-$1,050

Unchanged


$290-$320

Unchanged


$1,185-$1,365

Unchanged

Capital expenditures

$625-$725

Unchanged


$300-$350

Unchanged


$940-$1,090

Unchanged


*Change represents lower equipment sales revenues.

The following tables provide reconciliations of Net income to Adjusted OIBDA and Adjusted EBITDA for 2019 estimated results, actual results for the three months ended March 31, 2019, and actual results for the year ended December 31, 2018. In providing 2019 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.


2019 Estimated Results


U.S. Cellular


TDS Telecom


TDS (1)

(Dollars in millions)






Net income (GAAP)

N/A



N/A



N/A


Add back:






Income tax expense (benefit)

N/A



N/A



N/A


Income before income taxes (GAAP)

$70-$220



$85-$115



$60-$240


Add back:






Interest expense

115





175


Depreciation, amortization and accretion expense

700



205



935


EBITDA (Non-GAAP) (2)

$885-$1,035



$290-$320



$1,170-$1,350


Add back or deduct:






(Gain) loss on asset disposals, net

15





15


Adjusted EBITDA (Non-GAAP) (2)

$900-$1,050



$290-$320



$1,185-$1,365


Deduct:






Equity in earnings of unconsolidated entities

155





155


Interest and dividend income

20



10



30


Adjusted OIBDA (Non-GAAP) (2)

$725-$875



$280-$310



$1,000-$1,180


 


Actual Results


Three Months Ended
March 31, 2019


Year Ended
December 31, 2018


U.S.

Cellular


TDS

Telecom


TDS (1)


U.S.

Cellular


TDS

Telecom


TDS (1)

(Dollars in millions)












Net income (GAAP)

$

58



$

31



$

70



$

164



$

89



$

175


Add back or deduct:












Income tax expense

27



10



34



51



16



46


Income before income taxes (GAAP)

$

85



$

40



$

104



$

215



$

105



$

221


Add back:












Interest expense

29





43



116



(2)



172


Depreciation, amortization and accretion expense

169



50



227



640



212



883


EBITDA (Non-GAAP) (2)

$

283



$

90



$

374



$

971



$

315



$

1,276


Add back or deduct:












(Gain) loss on asset disposals, net

2



(7)



(5)



10



(2)



9


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

(2)





(2)








(Gain) loss on license sales and exchanges, net

(2)





(2)



(18)





(18)


Adjusted EBITDA (Non-GAAP) (2)

$

281



$

83



$

365



$

963



$

313



$

1,267


Deduct:












Equity in earnings of unconsolidated entities

44





44



159





160


Interest and dividend income

6



3



9



15



8



26


Other, net







(1)



2



2


Adjusted OIBDA (Non-GAAP) (2)

$

231



$

80



$

312



$

790



$

303



$

1,079



Numbers may not foot due to rounding.


(1)

The TDS column includes U.S. Cellular, TDS Telecom and also the impacts of consolidating eliminations, corporate operations and non-reportable segments.



(2)

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above.  EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity.  TDS does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future.  Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate.  Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of 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, and gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.  The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income (loss) before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for March 31, 2019, can be found on TDS' website at investors.tdsinc.com.

Conference Call Information
TDS will hold a conference call on May 3, 2019 at 9:00 a.m. Central Time.

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.

About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; cable and wireline broadband, TV and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, U.S. Cellular, TDS Telecom, BendBroadband and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 9,400 people as of March 31, 2019.

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

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:  All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: intense competition; the ability to execute TDS' business strategy; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestitures/exchanges of properties and/or licenses,  including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings of TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of services and products offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by TDS to furnish this press release to the Securities and Exchange Commission, which are incorporated by reference herein.

For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
U.S. Cellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com

United States Cellular Corporation

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

3/31/2019



12/31/2018



9/30/2018



6/30/2018



3/31/2018


Retail Connections










Postpaid










Total at end of period

4,440,000



4,472,000



4,466,000



4,468,000



4,481,000


Gross additions

137,000



179,000



172,000



146,000



129,000


Feature phones

4,000



4,000



3,000



5,000



5,000


Smartphones

98,000



132,000



130,000



106,000



91,000


Connected devices

35,000



43,000



39,000



35,000



33,000


Net additions (losses)

(32,000)



6,000



(1,000)



(13,000)



(37,000)


Feature phones

(13,000)



(11,000)



(14,000)



(12,000)



(15,000)


Smartphones

(1,000)



31,000



29,000



17,000



(1,000)


Connected devices

(18,000)



(14,000)



(16,000)



(18,000)



(21,000)


ARPU (1)

$

45.44



$

45.58



$

45.31



$

44.74



$

44.34


ARPA (2)

$

118.84



$

119.60



$

119.42



$

118.57



$

118.22


Churn rate (3)

1.26

%


1.29

%


1.29

%


1.19

%


1.23

%

Handsets

0.99

%


1.00

%


1.02

%


0.92

%


0.97

%

Connected devices

3.08

%


3.20

%


3.04

%


2.85

%


2.79

%

Prepaid










Total at end of period

503,000



516,000



528,000



527,000



525,000


Gross additions

61,000



66,000



80,000



78,000



88,000


Net additions (losses)

(13,000)



(12,000)



1,000



2,000



6,000


ARPU (1)

$

33.44



$

32.80



$

32.09



$

32.32



$

31.78


Churn rate (3)

4.92

%


4.98

%


4.98

%


4.83

%


5.27

%

Total connections at end of period (4)

4,995,000



5,041,000



5,050,000



5,051,000



5,063,000


Market penetration at end of period










Consolidated operating population

31,310,000



31,469,000



31,469,000



31,469,000



31,469,000


Consolidated operating penetration (5)

16

%


16

%


16

%


16

%


16

%

Capital expenditures (millions)

$

102



$

242



$

118



$

86



$

70


Total cell sites in service

6,537



6,531



6,506



6,478



6,473


Owned towers

4,106



4,129



4,119



4,105



4,099




(1)

Average 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.




(2)

Average 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.



(3)

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



(4)

Includes reseller and other connections.



(5)

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

 

TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

3/31/2019



12/31/2018



9/30/2018



6/30/2018



3/31/2018


TDS Telecom










Wireline










Residential connections










Voice (1)

271,100



274,100



278,400



282,200



286,000


Broadband (2)

236,100



235,400



237,100



234,300



230,500


Video (3)

54,300



54,000



53,100



51,500



50,300


Wireline residential connections

561,500



563,500



568,600



568,000



566,900












Total residential revenue per connection (4)

$

48.16



$

47.39



$

47.30



$

47.22



$

47.04












Commercial connections










Voice (1)

127,300



130,500



134,000



137,300



140,100


Broadband (2)

20,400



20,600



20,700



20,600



20,600


managedIP (5)

132,000



134,000



138,000



141,400



143,000


Video (3)

400



400



400



400



400


Wireline commercial connections

280,100



285,400



293,100



299,600



304,000












Total Wireline connections

841,500



848,900



861,700



867,700



870,900












Cable










Cable Connections










Broadband (6)

171,100



167,400



163,600



159,400



156,800


Video (7)

101,400



102,900



102,100



101,600



100,700


Voice (8)

65,400



65,200



63,600



62,000



60,600


managedIP (5)

1,100



1,000



700



700



600


Cable connections

339,000



336,500



330,100



323,700



318,700



Numbers may not foot due to rounding.

(1)

The individual circuits connecting a customer to Wireline's central office facilities.

(2)

The number of Wireline customers provided high-capacity data circuits via various technologies, including DSL and dedicated internet circuit technologies.

(3)

The number of Wireline customers provided video services.

(4)

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

(5)

The number of telephone handsets, data lines and IP trunks providing communications using IP networking technology.

(6)

Billable number of lines into a building for high-speed data services.

(7)

Generally, a home or business receiving video programming counts as one video connection. In counting bulk residential or commercial connections, such as an apartment building or hotel, connections are counted based on the number of units/rooms within the building receiving service.

(8)

Billable number of lines into a building for voice services.

 

TDS Telecom

Capital Expenditures (Unaudited)

Quarter Ended

3/31/2019



12/31/2018



9/30/2018



6/30/2018



3/31/2018


(Dollars in millions)










Wireline

$

29



$

73



$

41



$

33



$

29


Cable

13



19



13



13



11


Total TDS Telecom

$

42



$

91



$

54



$

46



$

40



Numbers may not foot due to rounding.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)




Three Months Ended
March 31,


2019


2018


2019
vs. 2018

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






Operating revenues






U.S. Cellular

$

966



$

942



3

%

TDS Telecom

230



231



All Other (1)

61



52



16

%


1,257



1,225



3

%

Operating expenses






U.S. Cellular






Expenses excluding depreciation, amortization and accretion

735



724



2

%

Depreciation, amortization and accretion

169



159



6

%

(Gain) loss on asset disposals, net

2



1



55

%

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

(2)





N/M


(Gain) loss on license sales and exchanges, net

(2)



(7)



69

%


902



877



3

%

TDS Telecom






Expenses excluding depreciation, amortization and accretion

150



151



(1)

%

Depreciation, amortization and accretion

50



54



(7)

%

(Gain) loss on asset disposals, net

(7)





N/M



193



205



(6)

%

All Other (1)






Expenses excluding depreciation and amortization

60



55



10

%

Depreciation and amortization

8



8



(3)

%

(Gain) loss on asset disposals, net



1



N/M



68



63



8

%

Total operating expenses

1,163



1,145



2

%

Operating income (loss)






U.S. Cellular

64



65



(1)

%

TDS Telecom

37



25



47

%

All Other (1)

(7)



(10)



29

%


94



80



18

%

Investment and other income (expense)






Equity in earnings of unconsolidated entities

44



38



16

%

Interest and dividend income

9



5



60

%

Interest expense

(43)



(43)



Other, net



1



(55)

%

Total investment and other income

10



1



N/M


Income before income taxes

104



81



29

%

Income tax expense

34



24



41

%

Net income

70



57



24

%

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

11



18



(40)

%

Net income attributable to TDS shareholders

$

59



$

39



53

%







Basic weighted average shares outstanding

114



111



2

%

Basic earnings per share attributable to TDS shareholders

$

0.52



$

0.35



49

%







Diluted weighted average shares outstanding

116



113



3

%

Diluted earnings per share attributable to TDS shareholders

$

0.50



$

0.34



47

%


N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

(1)

Consists of TDS corporate, intercompany eliminations and all other business operations not included in the U.S. Cellular and TDS Telecom segments.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)



Three Months Ended
March 31,


2019


2018

(Dollars in millions)




Cash flows from operating activities




Net income

$

70



$

57


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




Depreciation, amortization and accretion

227



221


Bad debts expense

25



20


Stock-based compensation expense

13



10


Deferred income taxes, net

25



26


Equity in earnings of unconsolidated entities

(44)



(38)


Distributions from unconsolidated entities

19



17


(Gain) loss on asset disposals, net

(5)



2


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

(2)




(Gain) loss on license sales and exchanges, net

(2)



(7)


Noncash interest

1



1


Changes in assets and liabilities from operations




Accounts receivable

28



77


Equipment installment plans receivable

(10)



(17)


Inventory

(15)



(8)


Accounts payable

46



(32)


Customer deposits and deferred revenues

5



(28)


Accrued taxes

9



(24)


Accrued interest

11



11


Other assets and liabilities

(74)



(74)


Net cash provided by operating activities

327



214






Cash flows from investing activities




Cash paid for additions to property, plant and equipment

(155)



(131)


Cash paid for acquisitions and licenses

(1)



(9)


Cash received from investments

2



100


Cash paid for investments

(1)




Cash received from divestitures and exchanges

31



4


Advance payments for license acquisitions

(135)




Net cash used in investing activities

(259)



(36)






Cash flows from financing activities




Repayment of long-term debt

(5)



(5)


TDS Common Shares reissued for benefit plans, net of tax payments

(3)



9


U.S. Cellular Common Shares reissued for benefit plans, net of tax payments

(1)



2


Dividends paid to TDS shareholders

(19)



(18)


Distributions to noncontrolling interests

(1)




Other financing activities



(5)


Net cash used in financing activities

(29)



(17)






Net increase in cash, cash equivalents and restricted cash

39



161






Cash, cash equivalents and restricted cash




Beginning of period

927



622


End of period

$

966



$

783


 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


ASSETS






March 31, 2019 (1)


December 31, 2018

(Dollars in millions)




Current assets




Cash and cash equivalents

$

959



$

921


Short-term investments

17



17


Accounts receivable

1,067



1,099


Inventory, net

165



150


Prepaid expenses

91



103


Income taxes receivable

8



12


Other current assets

28



28


Total current assets

2,335



2,330






Assets held for sale



54






Licenses

2,222



2,195






Goodwill

509



509






Other intangible assets, net

247



253






Investments in unconsolidated entities

507



480






Property, plant and equipment, net

3,282



3,346






Operating lease right-of-use assets

965








Other assets and deferred charges

720



616






Total assets

$

10,787



$

9,783


 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


LIABILITIES AND EQUITY






March 31, 2019 (1)


December 31, 2018

(Dollars in millions, except per share amounts)




Current liabilities




Current portion of long-term debt

$

21



$

21


Accounts payable

400



365


Customer deposits and deferred revenues

203



197


Accrued interest

22



11


Accrued taxes

44



44


Accrued compensation

73



127


Short-term operating lease liabilities

110




Other current liabilities

92



114


Total current liabilities

965



879






Liabilities held for sale



1






Deferred liabilities and credits




Deferred income tax liability, net

665



640


Long-term operating lease liabilities

929




Other deferred liabilities and credits

446



541






Long-term debt, net

2,414



2,418






Noncontrolling interests with redemption features

11



11






Equity




TDS shareholders' equity




Series A Common and Common Shares, par value $.01 per share

1



1


Capital in excess of par value

2,442



2,432


Treasury shares, at cost

(505)



(519)


Accumulated other comprehensive loss

(10)



(10)


Retained earnings

2,683



2,656


Total TDS shareholders' equity

4,611



4,560






Noncontrolling interests

746



733






Total equity

5,357



5,293






Total liabilities and equity

$

10,787



$

9,783




(1)

As of January 1, 2019, TDS adopted the new lease accounting standard, ASC 842. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2019 amounts include the impacts of ASC 842, but 2018 amounts remain as previously reported.

 

Balance Sheet Highlights

(Unaudited)




March 31, 2019


U.S.


TDS


TDS
Corporate


Intercompany


TDS


Cellular


Telecom


& Other


Eliminations


Consolidated

(Dollars in millions)










Cash and cash equivalents

$

648



$

23



$

288



$



$

959


Affiliated cash investments



476





(476)





$

648



$

499



$

288



$

(476)



$

959












Licenses, goodwill and other intangible assets

$

2,213



$

749



$

16



$



$

2,978


Investment in unconsolidated entities

468



4



45



(10)



507



$

2,681



$

753



$

61



$

(10)



$

3,485












Property, plant and equipment, net

$

2,137



$

1,021



$

124



$



$

3,282












Long-term debt, net:










Current portion

$

19



$

1



$

1



$



$

21


Non-current portion

1,601



2



811





2,414



$

1,620



$

3



$

812



$



$

2,435


 

TDS Telecom Highlights

(Unaudited)








Three Months Ended
March 31,


2019


2018


2019 vs.
2018

(Dollars in millions)






Wireline






Operating revenues






Residential

$

81



$

80



1

%

Commercial

43



48



(9)

%

Wholesale

46



47



(3)

%

Total service revenues

170



175



(3)

%

Equipment and product sales





(18)

%


171



175



(3)

%

Operating expenses






Cost of services

63



65



(3)

%

Cost of equipment and products





(24)

%

Selling, general and administrative expenses

47



47



Expenses excluding depreciation, amortization and accretion

110



112



(2)

%

Depreciation, amortization and accretion

34



37



(9)

%

(Gain) loss on asset disposals, net

(7)





N/M



136



149



(9)

%

Operating income

$

34



$

26



31

%







Cable






Operating revenues






Residential

$

49



$

46



8

%

Commercial

10



10



8

%


60



55



8

%

Operating expenses






Cost of services

26



26



Selling, general and administrative expenses

14



13



7

%

Expenses excluding depreciation, amortization and accretion

40



39



3

%

Depreciation, amortization and accretion

17



17



(2)

%


57



57



1

%

Operating income (loss)

$

2



$

(1)



N/M








Total TDS Telecom operating income

$

37



$

25



47

%


N/M - Percentage change not meaningful.


Numbers may not foot due to rounding.

 

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations


Free Cash Flow



Three Months Ended
March 31,


2019


2018

(Dollars in millions)




Cash flows from operating activities (GAAP)

$

327



$

214


Less: Cash paid for additions to property, plant and equipment

155



131


Free cash flow (Non-GAAP) (1)

$

172



$

83




(1)

Free 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.

 

Cision View original content:http://www.prnewswire.com/news-releases/tds-reports-first-quarter-2019-results-300843031.html

SOURCE Telephone and Data Systems, Inc.

Copyright © 2017 Telephone and Data Systems, Inc. All Rights Reserved.

Stock Quote: NYSE

Latest Stock Quote (twenty minute delay)
Price Change Volume Intraday High 52 Week High
TDSUSM 31.39 +0.52(+1.68%) 1,011,073 31.63 37.29
Intraday Low 52 Week Low Today's Open Previous Close
30.74 24.00 30.74 30.87
May 20, 2019 04:02 PM

Stock Quote: NYSE

Latest Stock Quote (twenty minute delay)
Price Change Volume Intraday High 52 Week High
TDSUSM 46.59 -0.09(-0.19%) 327,481 47.50 59.74
Intraday Low 52 Week Low Today's Open Previous Close
46.41 32.33 46.48 46.68
May 20, 2019 04:02 PM
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