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TDS reports third quarter 2021 results

11/04/2021
UScellular and TDS Telecom executing on strategic priorities; TDS Telecom has deployed fiber to 40% of its wireline service addresses

CHICAGO, Nov. 4, 2021 /PRNewswire/ -- As previously announced, TDS will hold a teleconference November 4, 2021, at 4:00 p.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 $1,328 million for the third quarter of 2021, versus $1,324 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $28 million and $0.24, respectively, for the third quarter of 2021 compared to $78 million and $0.66, respectively, in the same period one year ago.

"The TDS Enterprise continued to execute on its strategic priorities," said LeRoy T. Carlson, Jr., TDS President and CEO. "UScellular is continuing to make improvements in its high-performing network and TDS Telecom is making progress in its new fiber expansion markets.

"At UScellular, the positive impact of postpaid ARPU contributed to growth in retail service revenues. In addition, prepaid results indicate an improving trend as we progress through the year. Our business and government and our tower operations are also gaining momentum towards the growth we believe is achievable in their respective areas. UScellular's 5G and network modernization programs are on track, and we are optimistic on the use of millimeter wave spectrum for fixed wireless access and its potential to serve rural customers. Test trials to validate customer experience and network performance have continued and will provide important insights as we look to bring this service to market.

"TDS Telecom achieved excellent growth in broadband connections, which helped drive higher operating revenues for the quarter. TDS Telecom continues to upsize its fiber program and has deployed fiber to 40% of its wireline service addresses. Now capable of delivering 2Gig internet speeds in select markets, TDS Telecom will offer 2Gig speeds in all of its fiber expansion markets going forward."

2021 Estimated Results

TDS' current estimates of full-year 2021 results for UScellular and TDS Telecom are shown below. Such estimates represent management's view as of November 4, 2021 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

2021 Estimated Results



UScellular

Previous

Current

(Dollars in millions)



Service revenues

$3,050-$3,150

$3,075-$3,125

Adjusted OIBDA1

$850-$950

Unchanged

Adjusted EBITDA1

$1,025-$1,125

Unchanged

Capital expenditures

$775-$875

$700-$800







TDS Telecom

Previous

Current

(Dollars in millions)



Total operating revenues

$975-$1,025

$990-$1,020

Adjusted OIBDA1

$290-$320

$295-$315

Adjusted EBITDA1

$290-$320

$295-$315

Capital expenditures

$425-$475

$400-$450

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2021 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.


2021 Estimated Results


UScellular


TDS Telecom

(Dollars in millions)




Net income (GAAP)

N/A


N/A

Add back:




Income tax expense

N/A


N/A

Income before income taxes (GAAP)

$155-$255


$95-$115

Add back:




Interest expense

180




Depreciation, amortization and accretion expense

675



200


EBITDA (Non-GAAP)1

$1,010-$1,110


$295-$315

Add back or deduct:




(Gain) loss on asset disposals, net

15




Adjusted EBITDA (Non-GAAP)1

$1,025-$1,125


$295-$315

Deduct:




Equity in earnings of unconsolidated entities

170




Interest and dividend income

5




Adjusted OIBDA (Non-GAAP)1

$850-$950


$295-$315

 


Actual Results


Nine Months Ended

September 30, 2021


Year Ended

December 31, 2020


UScellular


TDS

Telecom


UScellular


TDS

Telecom 

(Dollars in millions)








Net income (GAAP)

$

132



$

68



$

233



$

100


Add back:








Income tax expense

31



22



17



18


Income before income taxes (GAAP)

$

163



$

90



$

250



$

117


Add back:








Interest expense

144



(3)



112



(4)


Depreciation, amortization and accretion expense

510



147



683



203


EBITDA (Non-GAAP)1

$

817



$

233



$

1,045



$

316


Add back or deduct:








(Gain) loss on asset disposals, net

15



2



25



1


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

(1)








(Gain) loss on license sales and exchanges, net





(5)




(Gain) loss on investments





(2)




Adjusted EBITDA (Non-GAAP)1

$

831



$

235



$

1,063



$

317


Deduct:








Equity in earnings of unconsolidated entities

137





179




Interest and dividend income

5



1



8



5


Other, net



(1)





(1)


Adjusted OIBDA (Non-GAAP)1

$

689



$

235



$

876



$

314



Numbers may not foot due to rounding.


1

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 before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for September 30, 2021, can be found on TDS' website at investors.tdsinc.com.

Stock Repurchase
During the third quarter of 2021, TDS repurchased 77,489 Common Shares for $2 million and UScellular repurchased 626,410 Common Shares for $20 million.

Conference Call Information
TDS will hold a conference call on November 4, 2021 at 4:00 p.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; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,900 associates as of September 30, 2021.

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 obtain or maintain roaming arrangements with other carriers on acceptable terms; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; the impact, duration and severity of public health emergencies, such as the COVID-19 pandemic. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.    

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

9/30/2021


6/30/2021


3/31/2021


12/31/2020


9/30/2020

Retail Connections










Postpaid










Total at end of period

4,391,000



4,399,000



4,406,000



4,412,000



4,401,000


Gross additions

145,000



141,000



143,000



171,000



168,000


Feature phones

2,000



3,000



3,000



2,000



4,000


Smartphones

103,000



98,000



101,000



117,000



98,000


Connected devices

40,000



40,000



39,000



52,000



66,000


Net additions (losses)

(8,000)



(6,000)



(6,000)



11,000



28,000


Feature phones

(7,000)



(7,000)



(9,000)



(9,000)



(8,000)


Smartphones

2,000



6,000



6,000



12,000



8,000


Connected devices

(3,000)



(5,000)



(3,000)



8,000



28,000


ARPU1,2

$

48.12



$

47.74



$

47.65



$

47.51



$

47.10


ARPA1,3

$

125.99



$

125.25



$

125.25



$

124.87



$

123.27


Churn rate4

1.15

%


1.11

%


1.12

%


1.21

%


1.06

%

Handsets

0.95

%


0.88

%


0.92

%


1.01

%


0.88

%

Connected devices

2.59

%


2.69

%


2.53

%


2.64

%


2.35

%

Prepaid










Total at end of period

518,000



507,000



496,000



499,000



506,000


Gross additions

74,000



65,000



62,000



56,000



65,000


Net additions (losses)

11,000



10,000



(3,000)



(8,000)



11,000


ARPU2

$

35.05



$

35.64



$

35.25



$

35.15



$

35.45


Churn rate4

4.09

%


3.66

%


4.37

%


4.24

%


3.59

%

Total connections at end of period5

4,972,000



4,967,000



4,961,000



4,968,000



4,962,000


Market penetration at end of period










Consolidated operating population

31,865,000



31,493,000



31,493,000



31,314,000



31,314,000


Consolidated operating penetration6

16

%


16

%


16

%


16

%


16

%

Capital expenditures (millions)

$

185



$

148



$

125



$

320



$

216


Total cell sites in service

6,857



6,819



6,802



6,797



6,758


Owned towers

4,274



4,278



4,270



4,271



4,246





1

Q3 2021 Postpaid ARPU and ARPA amounts exclude $9 million of postpaid revenue related to a third quarter out-of-period error.




2

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.




3

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.




4

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.




5

Includes reseller and other connections.




6

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

 

TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

9/30/2021


6/30/2021


3/31/2021


12/31/2020


9/30/2020

Residential connections










Broadband1










Wireline, Incumbent

252,100



249,200



243,700



242,500



243,400


Wireline, Expansion

32,600



28,300



24,100



20,400



17,300


Cable

202,700



201,200



199,500



196,400



193,300


Total Broadband

487,400



478,700



467,300



459,300



454,000


Video2










Wireline

65,900



64,800



63,000



63,000



62,300


Cable

77,200



78,400



79,600



81,400



82,300


Total Video

143,100



143,200



142,700



144,400



144,500


Voice3










Wireline

252,100



254,200



255,000



256,900



260,000


Cable

54,200



54,000



53,700



53,900



54,400


Total Voice

306,300



308,100



308,700



310,800



314,400


Total Residential connections

936,800



930,100



918,700



914,400



913,000


Commercial connections










Broadband1

35,400



34,900



34,400



34,000



33,700


Video2

18,200



19,100



19,400



19,700



19,700


Voice3

111,500



114,300



116,500



119,700



122,700


ManagedIP4

103,900



106,200



108,500



113,300



116,700


Total Commercial connections

269,000



274,400



278,800



286,700



292,900


Total connections

1,205,700



1,204,500



1,197,400



1,201,100



1,205,900












Residential revenue per connection5

$

57.75



$

57.66



$

56.97



$

55.66



$

55.66












Capital expenditures (millions)

$

91



$

99



$

70



$

147



$

92




Numbers may not foot due to rounding.



1

The individual customers provided high-speed internet access through various transmission technologies, including fiber, DSL, dedicated internet circuit technologies or cable modem service.



2

The individual customers provided video services.



3

The individual circuits connecting a customer to TDS' central office facilities that provide voice services or the billable number of lines into a building for voice services.



4

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



5

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

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)






Three Months Ended

September 30,


Nine Months Ended

September 30,


2021


2020


2021

vs. 2020


2021


2020


2021

vs. 2020

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












Operating revenues












UScellular1

$

1,016



$

1,027



(1)

%


$

3,053



$

2,964



3

%

TDS Telecom

252



247



2

%


752



728



3

%

All Other2

60



50



22

%


152



157



(3)

%


1,328



1,324




3,957



3,849



3

%

Operating expenses












UScellular












Expenses excluding depreciation, amortization and accretion

803



795



1

%


2,364



2,266



4

%

Depreciation, amortization and accretion

160



161




510



516



(1)

%

(Gain) loss on asset disposals, net

8



6



29

%


15



14



7

%

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





N/M


(1)





N/M


971



962



1

%


2,888



2,796



3

%

TDS Telecom












Expenses excluding depreciation, amortization and accretion

175



169



3

%


517



488



6

%

Depreciation, amortization and accretion

49



49



(1)

%


147



152



(4)

%

(Gain) loss on asset disposals, net

1





50

%


2



1



N/M


224



219



2

%


665



641



4

%

All Other2












Expenses excluding depreciation and amortization

60



50



19

%


153



157



(3)

%

Depreciation and amortization

4



7



(20)

%


13



17



(18)

%

(Gain) loss on asset disposals, net

(1)





N/M






(90)

%


64



56



15

%


167



174



(4)

%

Total operating expenses

1,259



1,237



2

%


3,720



3,611



3

%

Operating income (loss)












UScellular

45



65



(31)

%


165



168



(2)

%

TDS Telecom

27



28



(3)

%


87



87



(1)

%

All Other2

(3)



(6)



40

%


(15)



(17)



14

%


69



87



(21)

%


237



238



Investment and other income (expense)












Equity in earnings of unconsolidated entities

48



48




138



138



Interest and dividend income

3



4



(30)

%


9



12



(24)

%

Gain (loss) on investments



3



N/M




3



N/M

Interest expense

(54)



(43)



(24)

%


(193)



(119)



(63)

%

Other, net





19

%


(1)



(1)



13

%

Total investment and other income (expense)

(3)



12



N/M


(47)



33



N/M

Income before income taxes

66



99



(33)

%


190



271



(30)

%

Income tax expense

19



6



N/M


38



17



N/M

Net income

47



93



(50)

%


152



254



(40)

%

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

7



15



(55)

%


26



42



(37)

%

Net income attributable to TDS shareholders

40



78



(49)

%


126



212



(41)

%

TDS Preferred Share dividends

12





N/M


21





N/M

Net income attributable to TDS common shareholders

$

28



$

78



(64)

%


$

105



$

212



(51)

%













Basic weighted average shares outstanding

115



114




115



114



Basic earnings per share attributable to TDS common shareholders

$

0.24



$

0.68



(64)

%


$

0.91



$

1.85



(51)

%













Diluted weighted average shares outstanding

116



115



1

%


116



115



Diluted earnings per share attributable to TDS common shareholders

$

0.24



$

0.66



(64)

%


$

0.89



$

1.81



(51)

%


N/M - Percentage change not meaningful.



Numbers may not foot due to rounding.



1

During the three months ended September 30, 2021, UScellular recorded a $9 million out-of-period error, which increased Service revenue by $9 million for the three and nine months ended September 30, 2021.

2

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

 

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)



Nine Months Ended

September 30,


2021


2020

(Dollars in millions)




Cash flows from operating activities




Net income

$

152



$

254


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




Depreciation, amortization and accretion

670



685


Bad debts expense

36



55


Stock-based compensation expense

35



39


Deferred income taxes, net

55



217


Equity in earnings of unconsolidated entities

(138)



(138)


Distributions from unconsolidated entities

107



118


(Gain) loss on asset disposals, net

17



15


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

(1)




(Gain) loss on investments



(3)


Other operating activities

51



1


Changes in assets and liabilities from operations




Accounts receivable

26



26


Equipment installment plans receivable

(44)



13


Inventory

12



2


Accounts payable

(56)



95


Customer deposits and deferred revenues

13



(21)


Accrued taxes

(43)



(156)


Accrued interest

4



14


Other assets and liabilities

(33)



(50)


Net cash provided by operating activities

863



1,166






Cash flows from investing activities




Cash paid for additions to property, plant and equipment

(726)



(914)


Cash paid for intangible assets

(1,268)



(169)


Cash received from investments

3



1


Cash paid for investments



(1)


Cash received from divestitures and exchanges

2



1


Advance payments for license acquisitions

(20)




Other investing activities

3



4


Net cash used in investing activities

(2,006)



(1,078)






Cash flows from financing activities




Issuance of long-term debt

1,418



675


Repayment of long-term debt

(1,884)



(8)


Issuance of TDS Preferred Shares

1,110




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

(5)



(3)


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

(16)



(11)


Repurchase of TDS Common Shares

(4)



(14)


Repurchase of UScellular Common Shares

(21)



(23)


Dividends paid to TDS shareholders

(81)



(58)


Payment of debt and equity issuance costs

(59)



(23)


Distributions to noncontrolling interests

(2)



(2)


Other financing activities

(4)



1


Net cash provided by financing activities

452



534






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

(691)



622






Cash, cash equivalents and restricted cash




Beginning of period

1,452



474


End of period

$

761



$

1,096


 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


ASSETS






September 30, 2021


December 31, 2020

(Dollars in millions)




Current assets




Cash and cash equivalents

$

725



$

1,429


Short-term investments



3


Accounts receivable, net

1,083



1,112


Inventory, net

142



154


Prepaid expenses

104



105


Income taxes receivable

187



187


Other current assets

56



36


Total current assets

2,297



3,026






Assets held for sale

3



2






Licenses

4,111



2,638






Goodwill

547



547






Other intangible assets, net

202



213






Investments in unconsolidated entities

509



477






Property, plant and equipment, net

4,108



3,972






Operating lease right-of-use assets

1,021



998






Other assets and deferred charges

648



652






Total assets

$

13,446



$

12,525


 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


LIABILITIES AND EQUITY






September 30, 2021


December 31, 2020

(Dollars in millions, except per share amounts)




Current liabilities




Current portion of long-term debt

$

194



$

5


Accounts payable

466



508


Customer deposits and deferred revenues

207



193


Accrued interest

20



16


Accrued taxes

46



69


Accrued compensation

112



132


Short-term operating lease liabilities

139



129


Other current liabilities

104



101


Total current liabilities

1,288



1,153






Liabilities held for sale



1






Deferred liabilities and credits




Deferred income tax liability, net

919



863


Long-term operating lease liabilities

947



940


Other deferred liabilities and credits

750



541






Long-term debt, net

2,804



3,424






Noncontrolling interests with redemption features

10



10






Equity




TDS shareholders' equity




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

1



1


Capital in excess of par value

2,478



2,482


Preferred Shares, par value $0.01 per share

1,074




Treasury shares, at cost

(459)



(477)


Accumulated other comprehensive loss

(2)



(4)


Retained earnings

2,819



2,802


Total TDS shareholders' equity

5,911



4,804






Noncontrolling interests

817



789






Total equity

6,728



5,593






Total liabilities and equity

$

13,446



$

12,525


 

Balance Sheet Highlights

(Unaudited)




September 30, 2021




TDS


TDS
Corporate


Intercompany


TDS


UScellular


Telecom


& Other


Eliminations


Consolidated

(Dollars in millions)










Cash and cash equivalents

$

231



$

153



$

500



$

(159)



$

725












Licenses, goodwill and other intangible assets

$

4,102



$

751



$

7



$



$

4,860


Investment in unconsolidated entities

466



4



46



(7)



509



$

4,568



$

755



$

53



$

(7)



$

5,369












Property, plant and equipment, net

$

2,457



$

1,559



$

92



$



$

4,108












Long-term debt, net:










Current portion

$

3



$



$

191



$



$

194


Non-current portion

2,604



4



196





2,804



$

2,607



$

4



$

387



$



$

2,998


 

TDS Telecom Highlights

(Unaudited)














Three Months Ended

September 30,


Nine Months Ended

September 30,


2021


2020


2021

vs. 2020


2021


2020


2021

vs. 2020

(Dollars in millions)












Operating revenues












Residential












Wireline, Incumbent

$

87



$

85



3

%


$

258



$

246



5

%

Wireline, Expansion

9



5



73

%


24



13



77

%

Cable

66



62



6

%


197



182



8

%

Total residential

162



152



6

%


479



441



8

%

Commercial

45



48



(6)

%


138



146



(5)

%

Wholesale

44



46



(5)

%


135



140



(4)

%

Total service revenues

251



247



2

%


751



727



3

%

Equipment revenues





(44)

%


1



1



(15)

%

Total operating revenues

252



247



2

%


752



728



3

%













Cost of services

102



100



3

%


301



287



5

%

Cost of equipment and products





(36)

%




1



(17)

%

Selling, general and administrative expenses

72



69



5

%


216



200



8

%

Depreciation, amortization and accretion

49



49



(1)

%


147



152



(4)

%

(Gain) loss on asset disposals, net

1





50

%


2



1



N/M

Total operating expenses

224



219



2

%


665



641



4

%













Operating income

$

27



$

28



(3)

%


$

87



$

87



(1)

%


N/M - Percentage change not meaningful


Numbers may not foot due to rounding.

 

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited)


Free Cash Flow



Three Months Ended

September 30,


Nine Months Ended

September 30,


2021


2020


2021


2020

(Dollars in millions)








Cash flows from operating activities (GAAP)

$

384



$

359



$

863



$

1,166


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

270



304



726



914


Free cash flow (Non-GAAP)1

$

114



$

54



$

137



$

252




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:https://www.prnewswire.com/news-releases/tds-reports-third-quarter-2021-results-301416970.html

SOURCE Telephone and Data Systems, Inc.

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