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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Cellular Corp | NYSE:USM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 0.66% | 57.90 | 59.42 | 57.495 | 57.83 | 168,629 | 01:00:00 |
|
LeRoy T. Carlson, Jr.
Chair |
| |
Laurent C. Therivel
President and Chief Executive Officer |
|
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| | | | | 96 | | | |
| | | | | 99 | | | |
| | | | | 101 | | | |
| | | | | 102 | | | |
| | | | | 103 | | |
(Dollars in millions)
|
| |
Three Months
Ended March 31, 2024 |
| |
Three Months
Ended March 31, 2023 |
| |
Year Ended
December 31, 2023 |
| |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| |||||||||||||||
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service
|
| | | $ | 729 | | | | | $ | 742 | | | | | $ | 2,943 | | | | | $ | 3,032 | | | | | $ | 3,032 | | |
Equipment sales
|
| | | | 196 | | | | | | 219 | | | | | | 862 | | | | | | 1,044 | | | | | | 1,007 | | |
Total operating revenues
|
| | | | 925 | | | | | | 961 | | | | | | 3,805 | | | | | | 4,076 | | | | | | 4,039 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported below)
|
| | | | 197 | | | | | | 197 | | | | | | 794 | | | | | | 807 | | | | | | 842 | | |
Cost of equipment sold
|
| | | | 216 | | | | | | 253 | | | | | | 988 | | | | | | 1,216 | | | | | | 1,118 | | |
Selling, general and administrative
|
| | | | 324 | | | | | | 336 | | | | | | 1,334 | | | | | | 1,376 | | | | | | 1,314 | | |
Depreciation, amortization and accretion
|
| | | | 154 | | | | | | 158 | | | | | | 610 | | | | | | 655 | | | | | | 636 | | |
Loss on impairment of licenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | |
(Gain) loss on asset disposals, net
|
| | | | 6 | | | | | | 10 | | | | | | 19 | | | | | | 19 | | | | | | 25 | | |
(Gain) loss on sale of business and other exit costs, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (2) | | |
(Gain) loss on license sales and exchanges, net
|
| | | | (1) | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | |
Total operating expenses
|
| | | | 896 | | | | | | 954 | | | | | | 3,743 | | | | | | 4,075 | | | | | | 3,933 | | |
Operating income
|
| | | | 29 | | | | | | 7 | | | | | | 62 | | | | | | 1 | | | | | | 106 | | |
Investment and other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | (3) | | | | | | (1) | | |
Income (loss) before income taxes
|
| | | | 29 | | | | | | 7 | | | | | | 58 | | | | | | (2) | | | | | | 105 | | |
Income tax expense
|
| | | | 11 | | | | | | 3 | | | | | | 21 | | | | | | 4 | | | | | | 31 | | |
Net income (loss)
|
| | | $ | 18 | | | | | $ | 4 | | | | | $ | 37 | | | | | $ | (6) | | | | | $ | 74 | | |
(Dollars in millions)
|
| |
Three Months
Ended March 31, 2024 |
| |
Three Months
Ended March 31, 2023 |
| |
Year Ended
December 31, 2023 |
| |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| |||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 18 | | | | | $ | 4 | | | | | $ | 37 | | | | | $ | (6) | | | | | $ | 74 | | |
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation, amortization and accretion
|
| | | | 154 | | | | | | 158 | | | | | | 610 | | | | | | 655 | | | | | | 636 | | |
Bad debts expense
|
| | | | 30 | | | | | | 26 | | | | | | 103 | | | | | | 131 | | | | | | 56 | | |
Stock-based compensation expense
|
| | | | 12 | | | | | | — | | | | | | 21 | | | | | | 22 | | | | | | 26 | | |
Deferred income taxes, net
|
| | | | 4 | | | | | | 2 | | | | | | 16 | | | | | | 1 | | | | | | 32 | | |
Loss on impairment of licenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | |
(Gain) loss on asset disposals, net
|
| | | | 6 | | | | | | 10 | | | | | | 19 | | | | | | 19 | | | | | | 25 | | |
(Gain) loss on sale of business and other exit costs, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (2) | | |
(Gain) loss on license sales and exchanges, net
|
| | | | (1) | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | |
Other operating activities
|
| | | | 1 | | | | | | 1 | | | | | | 3 | | | | | | 6 | | | | | | — | | |
Changes in assets and liabilities from operations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 15 | | | | | | 37 | | | | | | 17 | | | | | | (58) | | | | | | (26) | | |
Equipment installment plans receivable
|
| | | | 2 | | | | | | 1 | | | | | | (20) | | | | | | (199) | | | | | | (116) | | |
Inventory
|
| | | | 24 | | | | | | (1) | | | | | | 62 | | | | | | (88) | | | | | | (27) | | |
Accounts payable
|
| | | | (15) | | | | | | (150) | | | | | | (83) | | | | | | 14 | | | | | | (60) | | |
Customer deposits and deferred revenues
|
| | | | 6 | | | | | | (10) | | | | | | (9) | | | | | | 47 | | | | | | 41 | | |
Accrued taxes
|
| | | | (1) | | | | | | (2) | | | | | | (3) | | | | | | 1 | | | | | | (14) | | |
Other assets and liabilities
|
| | | | (78) | | | | | | (51) | | | | | | 3 | | | | | | 56 | | | | | | 26 | | |
Net cash provided by operating activities
|
| | | | 177 | | | | | | 25 | | | | | | 774 | | | | | | 603 | | | | | | 671 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid for additions to property, plant and equipment
|
| | | | (130) | | | | | | (194) | | | | | | (574) | | | | | | (577) | | | | | | (699) | | |
Cash paid for licenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | (4) | | |
Other investing activities
|
| | | | — | | | | | | 9 | | | | | | 15 | | | | | | 8 | | | | | | 6 | | |
Net cash used in investing activities
|
| | | | (130) | | | | | | (185) | | | | | | (559) | | | | | | (581) | | | | | | (697) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid for software license agreements
|
| | | | (9) | | | | | | (67) | | | | | | (66) | | | | | | (22) | | | | | | (9) | | |
Other financing activities
|
| | | | (2) | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | |
Transfer (to)/from USCC parent, net
|
| | | | (36) | | | | | | 227 | | | | | | (149) | | | | | | 1 | | | | | | 35 | | |
Net cash provided by (used in) financing activities
|
| | | | (47) | | | | | | 160 | | | | | | (215) | | | | | | (22) | | | | | | 26 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(Dollars in millions)
|
| |
March 31,
2024 |
| |
March 31,
2023 |
| |
December 31,
2023 |
| |
December 31,
2022 |
| |
December 31,
2021 |
| |||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | $ | 932 | | | | | $ | 1,008 | | | | | $ | 955 | | | | | $ | 1,070 | | | | | $ | 1,044 | | |
Inventory, net
|
| | | | 175 | | | | | | 262 | | | | | | 199 | | | | | | 261 | | | | | | 173 | | |
Prepaid expenses
|
| | | | 71 | | | | | | 76 | | | | | | 56 | | | | | | 67 | | | | | | 57 | | |
Other current assets
|
| | | | 3 | | | | | | 7 | | | | | | 4 | | | | | | 7 | | | | | | 6 | | |
Total current assets
|
| | | | 1,181 | | | | | | 1,353 | | | | | | 1,214 | | | | | | 1,405 | | | | | | 1,280 | | |
Assets held for sale
|
| | | | — | | | | | | 18 | | | | | | 15 | | | | | | 26 | | | | | | 18 | | |
Licenses
|
| | | | 1,314 | | | | | | 1,296 | | | | | | 1,297 | | | | | | 1,296 | | | | | | 1,278 | | |
Property, plant and equipment, net
|
| | | | 2,181 | | | | | | 2,299 | | | | | | 2,211 | | | | | | 2,258 | | | | | | 2,233 | | |
Operating lease right-of-use assets
|
| | | | 452 | | | | | | 470 | | | | | | 463 | | | | | | 479 | | | | | | 514 | | |
Other assets and deferred charges
|
| | | | 655 | | | | | | 671 | | | | | | 679 | | | | | | 675 | | | | | | 613 | | |
Total assets
|
| | | $ | 5,783 | | | | | $ | 6,107 | | | | | $ | 5,879 | | | | | $ | 6,139 | | | | | $ | 5,936 | | |
(Dollars in millions)
|
| |
March 31,
2024 |
| |
March 31,
2023 |
| |
December 31,
2023 |
| |
December 31,
2022 |
| |
December 31,
2021 |
| |||||||||||||||
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 228 | | | | | $ | 210 | | | | | $ | 247 | | | | | $ | 352 | | | | | $ | 355 | | |
Customer deposits and deferred
revenues |
| | | | 233 | | | | | | 227 | | | | | | 227 | | | | | | 236 | | | | | | 188 | | |
Accrued taxes
|
| | | | 26 | | | | | | 28 | | | | | | 27 | | | | | | 30 | | | | | | 29 | | |
Accrued compensation
|
| | | | 30 | | | | | | 42 | | | | | | 78 | | | | | | 79 | | | | | | 78 | | |
Short-term operating lease liabilities
|
| | | | 118 | | | | | | 116 | | | | | | 118 | | | | | | 116 | | | | | | 113 | | |
Other current liabilities
|
| | | | 110 | | | | | | 122 | | | | | | 125 | | | | | | 189 | | | | | | 74 | | |
Total current liabilities
|
| | | | 745 | | | | | | 745 | | | | | | 822 | | | | | | 1,002 | | | | | | 837 | | |
Deferred liabilities and credits | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income tax liability, net
|
| | | | 429 | | | | | | 410 | | | | | | 424 | | | | | | 408 | | | | | | 407 | | |
Long-term operating lease liabilities
|
| | | | 337 | | | | | | 365 | | | | | | 348 | | | | | | 374 | | | | | | 418 | | |
Other deferred liabilities and credits
|
| | | | 346 | | | | | | 395 | | | | | | 356 | | | | | | 395 | | | | | | 257 | | |
Long-term debt, net
|
| | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
Noncontrolling interests with redemption features
|
| | | | 16 | | | | | | 12 | | | | | | 12 | | | | | | 12 | | | | | | 11 | | |
Net parent investment
|
| | | | 3,907 | | | | | | 4,177 | | | | | | 3,914 | | | | | | 3,945 | | | | | | 4,003 | | |
Total liabilities and Net parent investment
|
| | | $ | 5,783 | | | | | $ | 6,107 | | | | | $ | 5,879 | | | | | $ | 6,139 | | | | | $ | 5,936 | | |
(Dollars in millions)
|
| |
Net parent
investment |
| |||
December 31, 2023
|
| | | $ | 3,914 | | |
Transfer (to)/from USCC parent
|
| | | | (25) | | |
Net income (loss)
|
| | | | 18 | | |
March 31, 2024
|
| | | $ | 3,907 | | |
December 31, 2022
|
| | | $ | 3,945 | | |
Transfer (to)/from USCC parent
|
| | | | 228 | | |
Net income (loss)
|
| | | | 4 | | |
March 31, 2023
|
| | | $ | 4,177 | | |
December 31, 2022
|
| | | $ | 3,945 | | |
Transfer (to)/from USCC parent
|
| | | | (68) | | |
Net income (loss)
|
| | | | 37 | | |
December 31, 2023
|
| | | $ | 3,914 | | |
December 31, 2021
|
| | | $ | 4,003 | | |
Transfer (to)/from USCC parent
|
| | | | (52) | | |
Net income (loss)
|
| | | | (6) | | |
December 31, 2022
|
| | | $ | 3,945 | | |
December 31, 2020
|
| | | $ | 3,783 | | |
Transfer (to)/from USCC parent
|
| | | | 146 | | |
Net income (loss)
|
| | | | 74 | | |
December 31, 2021
|
| | | $ | 4,003 | | |
December 31,
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
(Dollars in millions)
|
| | | | | | | | | | | | | | | | | | |
Implementation costs, gross
|
| | | $ | 89 | | | | | $ | 89 | | | | | $ | 76 | | |
Accumulated amortization
|
| | | | (65) | | | | | | (47) | | | | | | (29) | | |
Implementation costs, net
|
| | | $ | 24 | | | | | $ | 42 | | | | | $ | 47 | | |
Services and products
|
| |
Nature, timing of satisfaction of performance obligations, and significant payment terms
|
|
Wireless services | | | Wireless service includes voice, messaging and data services. Revenue is recognized in Service revenues as wireless service is provided to the customer. Wireless services generally are billed and paid in advance on a monthly basis. | |
Wireless devices and accessories | | | The Wireless Operations offers a comprehensive range of wireless devices such as handsets, tablets, mobile hotspots, home phones and routers for purchase by its customers, as well as accessories. The Wireless Operations also sells wireless devices to agents and other third-party distributors for resale. The Wireless Operations frequently discounts wireless devices sold to new and current customers. The Wireless Operations also offers customers the option to purchase certain devices and accessories under installment contracts whereby they pay over a specified time period. For certain equipment installment plans, after a specified period of time, the customer may have the right to upgrade to a new device. Such upgrades require the customer to enter into an equipment | |
Services and products
|
| |
Nature, timing of satisfaction of performance obligations, and significant payment terms
|
|
| | | installment contract for the new device, and transfer the existing device to the Wireless Operations. The Wireless Operations recognizes revenue in Equipment sales revenues when control of the device or accessory is transferred to the customer, agent or third-party distributor, which is generally upon delivery. | |
Wireless roaming | | | The Wireless Operations receives roaming revenues when other wireless carriers’ customers use the Wireless Operations’ wireless systems. The Wireless Operations recognizes revenue in Service revenues when the roaming service is provided. | |
Wireless Eligible Telecommunications Carrier (“ETC”) Revenues | | | Telecommunications companies may be designated by states, or in some cases by the FCC, as an ETC to receive support payments from the Universal Service Fund if they provide specified services in “high cost” areas. ETC revenues recognized in the reporting period represent the amounts which the Wireless Operations is entitled to receive for such period, as determined and approved in connection with the Wireless Operations’ designation as an ETC in various states. | |
Activation fees | | | The Wireless Operations charges its end customers activation fees in connection with the sale of certain services and equipment. Activation fees are deferred and recognized over the period benefited. | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
(Dollars in millions)
|
| |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Revenues from contracts with customers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail service(1)(2)(3)
|
| | | $ | 678 | | | | | $ | 691 | | | | | $ | 2,742 | | | | | $ | 2,793 | | | | | $ | 2,757 | | |
Inbound roaming
|
| | | | 7 | | | | | | 9 | | | | | | 32 | | | | | | 67 | | | | | | 110 | | |
Other service(1)
|
| | | | 44 | | | | | | 42 | | | | | | 169 | | | | | | 172 | | | | | | 165 | | |
Service revenues from contracts with customers
|
| | | | 729 | | | | | | 742 | | | | | | 2,943 | | | | | | 3,032 | | | | | | 3,032 | | |
Equipment sales
|
| | | | 196 | | | | | | 219 | | | | | | 862 | | | | | | 1,044 | | | | | | 1,007 | | |
Total revenues from contracts with customers
|
| | | $ | 925 | | | | | $ | 961 | | | | | $ | 3,805 | | | | | $ | 4,076 | | | | | $ | 4,039 | | |
(Dollars in millions)
|
| |
March 31,
2024 |
| |
March 31,
2023 |
| |
December 31,
2023 |
| |
December 31,
2022 |
| |
December 31,
2021 |
| |||||||||||||||
Contract assets
|
| | | $ | 4 | | | | | $ | 5 | | | | | $ | 4 | | | | | $ | 5 | | | | | $ | 7 | | |
Contract liabilities
|
| | | $ | 330 | | | | | $ | 343 | | | | | $ | 331 | | | | | $ | 349 | | | | | $ | 243 | | |
(Dollars in millions)
|
| |
Service
Revenues |
| |||
Remainder of 2024
|
| | | $ | 220 | | |
2025
|
| | | | 125 | | |
Thereafter
|
| | | | 36 | | |
Total
|
| | | $ | 381 | | |
(Dollars in millions)
|
| |
March 31,
2024 |
| |
March 31,
2023 |
| |
December 31,
2023 |
| |
December 31,
2022 |
| |
December 31,
2021 |
| |||||||||||||||
Equipment installment plan receivables, gross
|
| | | $ | 1,120 | | | | | $ | 1,184 | | | | | $ | 1,151 | | | | | $ | 1,211 | | | | | $ | 1,085 | | |
Allowance for credit losses
|
| | | | (88) | | | | | | (94) | | | | | | (90) | | | | | | (96) | | | | | | (72) | | |
Equipment installment plan receivables, net
|
| | | $ | 1,032 | | | | | $ | 1,090 | | | | | $ | 1,061 | | | | | $ | 1,115 | | | | | $ | 1,013 | | |
Net balance presented in the Combined Balance Sheet as:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net (Current portion)
|
| | | $ | 570 | | | | | $ | 623 | | | | | $ | 577 | | | | | $ | 646 | | | | | $ | 639 | | |
Other assets and deferred charges (Non-current portion)
|
| | | | 462 | | | | | | 467 | | | | | | 484 | | | | | | 469 | | | | | | 374 | | |
Equipment installment plan receivables, net
|
| | | $ | 1,032 | | | | | $ | 1,090 | | | | | $ | 1,061 | | | | | $ | 1,115 | | | | | $ | 1,013 | | |
| | |
March 31, 2024
|
| |
March 31, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
| |
Lowest
Risk |
| |
Lower
Risk |
| |
Slight
Risk |
| |
Higher
Risk |
| |
Total
|
| |
Lowest
Risk |
| |
Lower
Risk |
| |
Slight
Risk |
| |
Higher
Risk |
| |
Total
|
| ||||||||||||||||||||||||||||||
Unbilled
|
| | | $ | 957 | | | | | $ | 84 | | | | | $ | 15 | | | | | $ | 4 | | | | | $ | 1,060 | | | | | $ | 997 | | | | | $ | 95 | | | | | $ | 23 | | | | | $ | 6 | | | | | $ | 1,121 | | |
Billed – current
|
| | | | 38 | | | | | | 4 | | | | | | 1 | | | | | | — | | | | | | 43 | | | | | | 38 | | | | | | 4 | | | | | | 1 | | | | | | — | | | | | | 43 | | |
Billed – past due
|
| | | | 9 | | | | | | 5 | | | | | | 2 | | | | | | 1 | | | | | | 17 | | | | | | 11 | | | | | | 6 | | | | | | 2 | | | | | | 1 | | | | | | 20 | | |
Total
|
| | | $ | 1,004 | | | | | $ | 93 | | | | | $ | 18 | | | | | $ | 5 | | | | | $ | 1,120 | | | | | $ | 1,046 | | | | | $ | 105 | | | | | $ | 26 | | | | | $ | 7 | | | | | $ | 1,184 | | |
| | |
December 31, 2023
|
| |
December 31, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
| |
Lowest
Risk |
| |
Lower
Risk |
| |
Slight
Risk |
| |
Higher
Risk |
| |
Total
|
| |
Lowest
Risk |
| |
Lower
Risk |
| |
Slight
Risk |
| |
Higher
Risk |
| |
Total
|
| ||||||||||||||||||||||||||||||
Unbilled
|
| | | $ | 977 | | | | | $ | 88 | | | | | $ | 16 | | | | | $ | 4 | | | | | $ | 1,085 | | | | | $ | 1,016 | | | | | $ | 98 | | | | | $ | 22 | | | | | $ | 5 | | | | | $ | 1,141 | | |
Billed – current
|
| | | | 35 | | | | | | 5 | | | | | | 2 | | | | | | 1 | | | | | | 43 | | | | | | 41 | | | | | | 5 | | | | | | 2 | | | | | | — | | | | | | 48 | | |
Billed – past due
|
| | | | 12 | | | | | | 7 | | | | | | 3 | | | | | | 1 | | | | | | 23 | | | | | | 13 | | | | | | 6 | | | | | | 2 | | | | | | 1 | | | | | | 22 | | |
Total
|
| | | $ | 1,024 | | | | | $ | 100 | | | | | $ | 21 | | | | | $ | 6 | | | | | $ | 1,151 | | | | | $ | 1,070 | | | | | $ | 109 | | | | | $ | 26 | | | | | $ | 6 | | | | | $ | 1,211 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||||||||
(Dollars in millions)
|
| |
Lowest
Risk |
| |
Lower
Risk |
| |
Slight
Risk |
| |
Higher
Risk |
| |
Total
|
| |||||||||||||||
Unbilled
|
| | | $ | 896 | | | | | $ | 94 | | | | | $ | 24 | | | | | $ | 5 | | | | | $ | 1,019 | | |
Billed – current
|
| | | | 40 | | | | | | 5 | | | | | | 1 | | | | | | 1 | | | | | | 47 | | |
Billed – past due
|
| | | | 10 | | | | | | 6 | | | | | | 2 | | | | | | 1 | | | | | | 19 | | |
Total
|
| | | $ | 946 | | | | | $ | 105 | | | | | $ | 27 | | | | | $ | 7 | | | | | $ | 1,085 | | |
(Dollars in millions)
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
Total
|
| |||||||||||||||
Lowest Risk
|
| | | $ | 18 | | | | | $ | 328 | | | | | $ | 510 | | | | | $ | 148 | | | | | $ | 1,004 | | |
Lower Risk
|
| | | | 1 | | | | | | 20 | | | | | | 56 | | | | | | 16 | | | | | | 93 | | |
Slight Risk
|
| | | | — | | | | | | 2 | | | | | | 10 | | | | | | 6 | | | | | | 18 | | |
Higher Risk
|
| | | | — | | | | | | 1 | | | | | | 3 | | | | | | 1 | | | | | | 5 | | |
Total
|
| | | $ | 19 | | | | | $ | 351 | | | | | $ | 579 | | | | | $ | 171 | | | | | $ | 1,120 | | |
(Dollars in millions)
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
Total
|
| ||||||||||||
Write-offs, net of recoveries
|
| | | $ | 1 | | | | | $ | 8 | | | | | $ | 15 | | | | | $ | 24 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
(Dollars in millions)
|
| |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Allowance for credit losses, beginning of year
|
| | | $ | 90 | | | | | $ | 96 | | | | | $ | 96 | | | | | $ | 72 | | | | | $ | 78 | | |
Bad debts expense
|
| | | | 22 | | | | | | 18 | | | | | | 69 | | | | | | 100 | | | | | | 38 | | |
Write-offs, net of recoveries
|
| | | | (24) | | | | | | (20) | | | | | | (75) | | | | | | (76) | | | | | | (44) | | |
Allowance for credit losses, end of year
|
| | | $ | 88 | | | | | $ | 94 | | | | | $ | 90 | | | | | $ | 96 | | | | | $ | 72 | | |
Year Ended December 31,
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
(Dollars in millions)
|
| | | | | | | | | | | | | | | | | | |
Current
|
| | | $ | 5 | | | | | $ | 3 | | | | | $ | — | | |
Deferred
|
| | | | 16 | | | | | | 1 | | | | | | 31 | | |
Total income tax expense (benefit)
|
| | | $ | 21 | | | | | $ | 4 | | | | | $ | 31 | | |
December 31,
|
| |
Useful Lives
(Years) |
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
(Dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | |
Land
|
| |
N/A
|
| | | $ | 8 | | | | | $ | 8 | | | | | $ | 11 | | |
Buildings
|
| |
20
|
| | | | 281 | | | | | | 281 | | | | | | 293 | | |
Leasehold and land improvements
|
| |
1 – 30
|
| | | | 1,264 | | | | | | 1,209 | | | | | | 1,155 | | |
Cell site equipment
|
| |
7 – 30
|
| | | | 3,763 | | | | | | 3,662 | | | | | | 3,583 | | |
Switching equipment
|
| |
5 – 8
|
| | | | 1,090 | | | | | | 1,115 | | | | | | 1,095 | | |
Office furniture and equipment
|
| |
3 – 5
|
| | | | 193 | | | | | | 209 | | | | | | 252 | | |
Other operating assets and equipment
|
| |
3 – 5
|
| | | | 47 | | | | | | 47 | | | | | | 47 | | |
System development
|
| |
1 – 7
|
| | | | 1,790 | | | | | | 1,676 | | | | | | 1,479 | | |
Work in process
|
| |
N/A
|
| | | | 167 | | | | | | 217 | | | | | | 260 | | |
Total property, plant and equipment, gross
|
| | | | | | | 8,603 | | | | | | 8,424 | | | | | | 8,175 | | |
Accumulated depreciation and amortization
|
| | | | | | | (6,392) | | | | | | (6,166) | | | | | | (5,942) | | |
Total property, plant and equipment, net
|
| | | | | | $ | 2,211 | | | | | $ | 2,258 | | | | | $ | 2,233 | | |
Year Ended December 31,
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
(Dollars in millions)
|
| | | | | | | | | | | | | | | | | | |
Operating lease cost
|
| | | $ | 146 | | | | | $ | 144 | | | | | $ | 139 | | |
Variable lease cost
|
| | | | 6 | | | | | | 7 | | | | | | 5 | | |
Total
|
| | | $ | 152 | | | | | $ | 151 | | | | | $ | 144 | | |
Year Ended December 31,
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
(Dollars in millions)
|
| | | | | | | | | | | | | | | | | | |
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 154 | | | | | $ | 146 | | | | | $ | 146 | | |
Right-of-use assets obtained in exchange for lease obligations: | | | | | | | | | | | | | | | | | | | |
Operating leases
|
| | | $ | 118 | | | | | $ | 96 | | | | | $ | 150 | | |
December 31,
|
| |
2023
|
| |
2022
|
| |
2021
|
|
Weighted Average Remaining Lease Term
|
| |
5 years
|
| |
5 years
|
| |
6 years
|
|
Weighted Average Discount Rate
|
| |
3.5%
|
| |
2.9%
|
| |
2.6%
|
|
(Dollars in millions)
|
| |
Operating
Leases |
| |||
2024
|
| | | $ | 133 | | |
2025
|
| | | | 121 | | |
2026
|
| | | | 90 | | |
2027
|
| | | | 68 | | |
2028
|
| | | | 48 | | |
Thereafter
|
| | | | 53 | | |
Total lease payments
|
| | | $ | 513 | | |
Less: Imputed interest
|
| | | | (47) | | |
Present value of lease liabilities
|
| | | $ | 466 | | |
(Dollars in millions)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Balance at beginning of year
|
| | | $ | 189 | | | | | $ | 171 | | | | | $ | 134 | | |
Additional liabilities accrued
|
| | | | 5 | | | | | | 2 | | | | | | 5 | | |
Revisions in estimated cash outflows
|
| | | | (2) | | | | | | 7 | | | | | | 25 | | |
Disposition of assets
|
| | | | (1) | | | | | | (1) | | | | | | (1) | | |
Accretion expense
|
| | | | 10 | | | | | | 10 | | | | | | 8 | | |
Balance at end of year
|
| | | $ | 201 | | | | | $ | 189 | | | | | $ | 171 | | |
(Dollars and shares in millions, except per share amounts)
|
| |
As Reported(1)
|
| |
Disposal of
Wireless Operations(2) |
| |
Transaction
Adjustments |
| | | | |
Pro Forma
|
| ||||||||||||
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | |||||
Service
|
| | | $ | 754 | | | | | $ | (729) | | | | | $ | 18 | | | |
(3)
|
| | | $ | 43 | | |
Equipment sales
|
| | | | 196 | | | | | | (196) | | | | | | — | | | | | | | | | — | | |
Total operating revenues
|
| | | | 950 | | | | | | (925) | | | | | | 18 | | | | | | | | | 43 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported
below) |
| | | | 182 | | | | | | (166) | | | | | | — | | | |
(4)
|
| | | | 16 | | |
Cost of equipment sold
|
| | | | 216 | | | | | | (216) | | | | | | — | | | | | | | | | — | | |
Selling, general and administrative
|
| | | | 331 | | | | | | (308) | | | | | | — | | | |
(5)
|
| | | | 23 | | |
Depreciation, amortization and accretion
|
| | | | 165 | | | | | | (154) | | | | | | — | | | | | | | | | 11 | | |
(Gain) loss on asset disposals, net
|
| | | | 6 | | | | | | (6) | | | | | | — | | | | | | | | | — | | |
(Gain) loss on license sales and exchanges, net
|
| | | | (1) | | | | | | 1 | | | | | | — | | | | | | | | | — | | |
Total operating expenses
|
| | | | 899 | | | | | | (849) | | | | | | — | | | | | | | | | 50 | | |
Operating income (loss)
|
| | | | 51 | | | | | | (76) | | | | | | 18 | | | | | | | | | (7) | | |
Investment and other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | |||||
Equity in earnings of unconsolidated entities
|
| | | | 42 | | | | | | — | | | | | | — | | | | | | | | | 42 | | |
Interest and dividend income
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | | | | 2 | | |
Interest expense
|
| | | | (43) | | | | | | 16 | | | | | | — | | | |
(6)
|
| | | | (27) | | |
Total investment and other income
(expense) |
| | | | 1 | | | | | | 16 | | | | | | — | | | | | | | | | 17 | | |
Income before income taxes
|
| | | | 52 | | | | | | (60) | | | | | | 18 | | | | | | | | | 10 | | |
Income tax expense
|
| | | | 28 | | | | | | (17) | | | | | | (2) | | | |
(7)
|
| | | | 9 | | |
Net income from continuing operations
|
| | | | 24 | | | | | | (43) | | | | | | 20 | | | | | | | | | 1 | | |
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax
|
| | | | 6 | | | | | | — | | | | | | (5) | | | |
(8)
|
| | | | 1 | | |
Net income from continuing operations attributable to USCC shareholders
|
| | | $ | 18 | | | | | $ | (43) | | | | | $ | 25 | | | | | | | | $ | — | | |
Basic weighted average shares outstanding
|
| | | | 85 | | | | | | | | | | | | | | | | | | | | | 85 | | |
Basic earnings per share from continuing operations attributable to USCC shareholders
|
| | | $ | 0.21 | | | | | | | | | | | | | | | | | | | | $ | — | | |
Diluted weighted average shares outstanding
|
| | | | 88 | | | | | | | | | | | | | | | | | | | | | 88 | | |
Diluted earnings per share from continuing operations attributable to USCC shareholders
|
| | | $ | 0.20 | | | | | | | | | | | | | | | | | | | | $ | — | | |
(Dollars and shares in millions, except per share amounts)
|
| |
As Reported(1)
|
| |
Disposal of
Wireless Operations(2) |
| |
Transaction
Adjustments |
| | | | |
Pro Forma
|
| ||||||||||||
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | |||||
Service
|
| | | $ | 3,044 | | | | | $ | (2,943) | | | | | $ | 276 | | | |
(3),(9)
|
| | | $ | 377 | | |
Equipment sales
|
| | | | 862 | | | | | | (862) | | | | | | — | | | | | | | | | — | | |
Total operating revenues
|
| | | | 3,906 | | | | | | (3,805) | | | | | | 276 | | | | | | | | | 377 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported below)
|
| | | | 740 | | | | | | (678) | | | | | | — | | | |
(4),(10)
|
| | | | 62 | | |
Cost of equipment sold
|
| | | | 988 | | | | | | (988) | | | | | | — | | | | | | | | | — | | |
Selling, general and administrative
|
| | | | 1,368 | | | | | | (1,274) | | | | | | — | | | |
(5),(10)
|
| | | | 94 | | |
Depreciation, amortization and
accretion |
| | | | 656 | | | | | | (610) | | | | | | — | | | | | | | | | 46 | | |
(Gain) loss on asset disposals, net
|
| | | | 17 | | | | | | (19) | | | | | | — | | | | | | | | | (2) | | |
(Gain) loss on license sales and exchanges,
net |
| | | | (2) | | | | | | 2 | | | | | | — | | | | | | | | | — | | |
Total operating expenses
|
| | | | 3,767 | | | | | | (3,567) | | | | | | — | | | | | | | | | 200 | | |
Operating income
|
| | | | 139 | | | | | | (238) | | | | | | 276 | | | | | | | | | 177 | | |
Investment and other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of unconsolidated entities
|
| | | | 158 | | | | | | — | | | | | | — | | | | | | | | | 158 | | |
Interest and dividend income
|
| | | | 10 | | | | | | — | | | | | | — | | | | | | | | | 10 | | |
Interest expense
|
| | | | (196) | | | | | | 80 | | | | | | — | | | |
(6)
|
| | | | (116) | | |
Total investment and other income (expense)
|
| | | | (28) | | | | | | 80 | | | | | | — | | | | | | | | | 52 | | |
Income before income taxes
|
| | | | 111 | | | | | | (158) | | | | | | 276 | | | | | | | | | 229 | | |
Income tax expense
|
| | | | 53 | | | | | | (44) | | | | | | 25 | | | |
(7)
|
| | | | 34 | | |
Net income from continuing operations
|
| | | | 58 | | | | | | (114) | | | | | | 251 | | | | | | | | | 195 | | |
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax
|
| | | | 4 | | | | | | — | | | | | | (1) | | | |
(8)
|
| | | | 3 | | |
Net income from continuing operations attributable to USCC shareholders
|
| | | $ | 54 | | | | | $ | (114) | | | | | $ | 252 | | | | | | | | $ | 192 | | |
Basic weighted average shares outstanding
|
| | | | 85 | | | | | | | | | | | | | | | | | | | | | 85 | | |
Basic earnings per share from continuing operations attributable to USCC shareholders
|
| | | $ | 0.64 | | | | | | | | | | | | | | | | | | | | $ | 2.26 | | |
Diluted weighted average shares outstanding
|
| | | | 87 | | | | | | | | | | | | | | | | | | | | | 87 | | |
Diluted earnings per share from continuing operations attributable to USCC shareholders
|
| | | $ | 0.63 | | | | | | | | | | | | | | | | | | | | $ | 2.21 | | |
(Dollars and shares in millions, except per share amounts)
|
| |
As Reported(1)
|
| |
Disposal of
Wireless Operations(2) |
| | | | |
Pro Forma
|
| |||||||||
Operating revenues | | | | | | | | | | | | | | | | | | |||||
Service
|
| | | $ | 3,125 | | | | | $ | (3,032) | | | | | | | | $ | 93 | | |
Equipment sales
|
| | | | 1,044 | | | | | | (1,044) | | | | | | | | | — | | |
Total operating revenues
|
| | | | 4,169 | | | | | | (4,076) | | | | | | | | | 93 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported below)
|
| | | | 755 | | | | | | (694) | | | | | | | | | 61 | | |
Cost of equipment sold
|
| | | | 1,216 | | | | | | (1,216) | | | | | | | | | — | | |
Selling, general and administrative
|
| | | | 1,408 | | | | | | (1,326) | | | |
(5)
|
| | | | 82 | | |
Depreciation, amortization and accretion
|
| | | | 700 | | | | | | (655) | | | | | | | | | 45 | | |
Loss on impairment of licenses
|
| | | | 3 | | | | | | (3) | | | | | | | | | — | | |
(Gain) loss on asset disposals, net
|
| | | | 19 | | | | | | (19) | | | | | | | | | — | | |
(Gain) loss on sale of business and other exit costs, net
|
| | | | (1) | | | | | | 1 | | | | | | | | | — | | |
Total operating expenses
|
| | | | 4,100 | | | | | | (3,912) | | | | | | | | | 188 | | |
Operating income (loss)
|
| | | | 69 | | | | | | (164) | | | | | | | | | (95) | | |
Investment and other income (expense) | | | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of unconsolidated entities
|
| | | | 158 | | | | | | — | | | | | | | | | 158 | | |
Interest and dividend income
|
| | | | 8 | | | | | | — | | | | | | | | | 8 | | |
Interest expense
|
| | | | (163) | | | | | | 42 | | | |
(6)
|
| | | | (121) | | |
Total investment and other income (expense)
|
| | | | 3 | | | | | | 42 | | | | | | | | | 45 | | |
Income (loss) before income taxes
|
| | | | 72 | | | | | | (122) | | | | | | | | | (50) | | |
Income tax (benefit) expense
|
| | | | 37 | | | | | | (40) | | | |
(7)
|
| | | | (3) | | |
Net income (loss) from continuing operations
|
| | | | 35 | | | | | | (82) | | | | | | | | | (47) | | |
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax
|
| | | | 5 | | | | | | — | | | | | | | | | 5 | | |
Net income (loss) from continuing operations attributable to USCC shareholders
|
| | | $ | 30 | | | | | $ | (82) | | | | | | | | $ | (52) | | |
Basic weighted average shares outstanding
|
| | | | 85 | | | | | | | | | | | | | | | 85 | | |
Basic earnings (loss) per share from continuing operations attributable to USCC shareholders
|
| | | $ | 0.35 | | | | | | | | | | | | | | $ | (0.61) | | |
Diluted weighted average shares outstanding
|
| | | | 86 | | | | | | | | | | | | | | | 85 | | |
Diluted earnings (loss) per share from continuing operations attributable to USCC shareholders
|
| | | $ | 0.35 | | | | | | | | | | | | | | $ | (0.61) | | |
(Dollars and shares in millions, except per share amounts)
|
| |
As Reported(1)
|
| |
Disposal of
Wireless Operations(2) |
| | | | |
Pro Forma
|
| |||||||||
Operating revenues | | | | | | | | | | | | | | | | | | |||||
Service
|
| | | $ | 3,115 | | | | | $ | (3,032) | | | | | | | | $ | 83 | | |
Equipment sales
|
| | | | 1,007 | | | | | | (1,007) | | | | | | | | | — | | |
Total operating revenues
|
| | | | 4,122 | | | | | | (4,039) | | | | | | | | | 83 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | |
System operations (excluding Depreciation, amortization and accretion reported below)
|
| | | | 790 | | | | | | (734) | | | | | | | | | 56 | | |
Cost of equipment sold
|
| | | | 1,118 | | | | | | (1,118) | | | | | | | | | — | | |
Selling, general and administrative
|
| | | | 1,345 | | | | | | (1,262) | | | |
(5)
|
| | | | 83 | | |
Depreciation, amortization and accretion
|
| | | | 678 | | | | | | (636) | | | | | | | | | 42 | | |
(Gain) loss on asset disposals, net
|
| | | | 23 | | | | | | (25) | | | | | | | | | (2) | | |
(Gain) loss on sale of business and other exit costs, net
|
| | | | (2) | | | | | | 2 | | | | | | | | | — | | |
Total operating expenses
|
| | | | 3,952 | | | | | | (3,773) | | | | | | | | | 179 | | |
Operating income (loss)
|
| | | | 170 | | | | | | (266) | | | | | | | | | (96) | | |
Investment and other income (expense) | | | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of unconsolidated entities
|
| | | | 179 | | | | | | — | | | | | | | | | 179 | | |
Interest and dividend income
|
| | | | 6 | | | | | | — | | | | | | | | | 6 | | |
Interest expense
|
| | | | (175) | | | | | | 2 | | | |
(6)
|
| | | | (173) | | |
Total investment and other income (expense)
|
| | | | 10 | | | | | | 2 | | | | | | | | | 12 | | |
Income (loss) before income taxes
|
| | | | 180 | | | | | | (264) | | | | | | | | | (84) | | |
Income tax (benefit) expense
|
| | | | 20 | | | | | | (64) | | | |
(7)
|
| | | | (44) | | |
Net income (loss) from continuing operations
|
| | | | 160 | | | | | | (200) | | | | | | | | | (40) | | |
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax
|
| | | | 5 | | | | | | — | | | | | | | | | 5 | | |
Net income (loss) from continuing operations attributable to USCC shareholders
|
| | | $ | 155 | | | | | $ | (200) | | | | | | | | $ | (45) | | |
Basic weighted average shares outstanding
|
| | | | 86 | | | | | | | | | | | | | | | 86 | | |
Basic earnings (loss) per share from continuing operations attributable to USCC shareholders
|
| | | $ | 1.80 | | | | | | | | | | | | | | $ | (0.52) | | |
Diluted weighted average shares outstanding
|
| | | | 87 | | | | | | | | | | | | | | | 86 | | |
Diluted earnings (loss) per share from continuing operations attributable to USCC shareholders
|
| | | $ | 1.77 | | | | | | | | | | | | | | $ | (0.52) | | |
(Dollars in millions)
|
| |
As Reported(1)
|
| |
Disposal of
Wireless Operations(2) |
| |
Transaction
Adjustments |
| | | | |
Pro Forma
|
| ||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | |||||
Cash and cash equivalents
|
| | | $ | 185 | | | | | $ | — | | | | | $ | 3,157 | | | |
(11)
|
| | | $ | 3,342 | | |
Accounts receivable, net
|
| | | | 932 | | | | | | (932) | | | | | | — | | | | | | | | | — | | |
Inventory, net
|
| | | | 175 | | | | | | (175) | | | | | | — | | | | | | | | | — | | |
Prepaid expenses
|
| | | | 71 | | | | | | (71) | | | | | | — | | | | | | | | | — | | |
Other current assets
|
| | | | 32 | | | | | | (3) | | | | | | — | | | | | | | | | 29 | | |
Total current assets
|
| | | | 1,395 | | | | | | (1,181) | | | | | | 3,157 | | | | | | | | | 3,371 | | |
Licenses
|
| | | | 4,711 | | | | | | (1,314) | | | | | | — | | | |
(12)
|
| | | | 3,397 | | |
Investments in unconsolidated entities
|
| | | | 482 | | | | | | — | | | | | | — | | | |
(12)
|
| | | | 482 | | |
Property, plant and equipment, net
|
| | | | 2,540 | | | | | | (2,181) | | | | | | — | | | | | | | | | 359 | | |
Operating lease right-of-use assets
|
| | | | 910 | | | | | | (452) | | | | | | — | | | | | | | | | 458 | | |
Other assets and deferred charges
|
| | | | 666 | | | | | | (646) | | | | | | (9) | | | |
(8)
|
| | | | 11 | | |
Total assets
|
| | | $ | 10,704 | | | | | $ | (5,774) | | | | | $ | 3,148 | | | | | | | | $ | 8,078 | | |
(Dollars and shares in millions, except per share amounts)
|
| |
As Reported(1)
|
| |
Disposal of
Wireless Operations(2) |
| |
Transaction
Adjustments |
| | | | |
Pro Forma
|
| ||||||||||||
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |||||
Current portion of long-term debt
|
| | | $ | 20 | | | | | $ | — | | | | | $ | (20) | | | |
(13)
|
| | | $ | — | | |
Accounts payable
|
| | | | 229 | | | | | | (228) | | | | | | — | | | | | | | | | 1 | | |
Customer deposits and deferred revenues
|
| | | | 235 | | | | | | (233) | | | | | | 204 | | | |
(9)
|
| | | | 206 | | |
Accrued taxes
|
| | | | 49 | | | | | | (26) | | | | | | 311 | | | |
(14)
|
| | | | 334 | | |
Accrued compensation
|
| | | | 32 | | | | | | (13) | | | | | | — | | | |
(10)
|
| | | | 19 | | |
Short-term operating lease liabilities
|
| | | | 134 | | | | | | (118) | | | | | | — | | | | | | | | | 16 | | |
Other current liabilities
|
| | | | 138 | | | | | | (110) | | | | | | — | | | | | | | | | 28 | | |
Total current liabilities
|
| | | | 837 | | | | | | (728) | | | | | | 495 | | | | | | | | | 604 | | |
Deferred liabilities and credits | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income tax liability, net
|
| | | | 758 | | | | | | — | | | | | | (403) | | | |
(15)
|
| | | | 355 | | |
Long-term operating lease liabilities
|
| | | | 827 | | | | | | (337) | | | | | | — | | | | | | | | | 490 | | |
Other deferred liabilities and credits
|
| | | | 564 | | | | | | (346) | | | | | | — | | | |
(4)
|
| | | | 218 | | |
Long-term debt, net
|
| | | | 3,029 | | | | | | (3) | | | | | | (1,043) | | | |
(13)
|
| | | | 1,983 | | |
Noncontrolling interests with redemption
features |
| | | | 16 | | | | | | — | | | | | | (16) | | | |
(8)
|
| | | | — | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 4,658 | | | | | | (4,360) | | | | | | 4,115 | | | |
(16)
|
| | | | 4,413 | | |
Noncontrolling interests
|
| | | | 15 | | | | | | — | | | | | | — | | | | | | | | | 15 | | |
Total equity
|
| | | | 4,673 | | | | | | (4,360) | | | | | | 4,115 | | | | | | | | | 4,428 | | |
Total liabilities and equity
|
| | | $ | 10,704 | | | | | $ | (5,774) | | | | | $ | 3,148 | | | | | | | | $ | 8,078 | | |
(Dollars in millions)
|
| |
March 31,
2024 |
| |||
Purchase price
|
| | | $ | 4,400 | | |
Estimated debt required to be repaid with Transaction proceeds
|
| | | | (1,068) | | |
Proceeds contingent on the satisfaction of certain financial and operational metrics
|
| | | | (100) | | |
Estimated transaction fees
|
| | | | (52) | | |
Estimated final closing indebtedness
|
| | | | (16) | | |
Remaining payments due for the Designated Entities Buyouts
|
| | | | (7) | | |
Pro forma adjustment to Cash and cash equivalents
|
| | | $ | 3,157 | | |
|
Implied TEV of the Wireless Operations
|
|
|
$693 million – $892 million
|
|
U.S. Dollars in millions
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| ||||||||||||||||||
Revenue
|
| | | $ | 3,727 | | | | | $ | 3,634 | | | | | $ | 3,580 | | | | | $ | 3,495 | | | | | $ | 3,452 | | | | | $ | 3,412 | | |
Operating Income
|
| | | $ | 11 | | | | | $ | (7) | | | | | $ | (21) | | | | | $ | (106) | | | | | $ | (111) | | | | | $ | (142) | | |
Adjusted EBITDA(1)
|
| | | $ | 645 | | | | | $ | 598 | | | | | $ | 583 | | | | | $ | 495 | | | | | $ | 460 | | | | | $ | 419 | | |
Capex
|
| | | $ | 552 | | | | | $ | 561 | | | | | $ | 525 | | | | | $ | 466 | | | | | $ | 456 | | | | | $ | 287 | | |
Unlevered Free Cash Flow(2)
|
| | | $ | 133 | | | | | $ | 10 | | | | | $ | 60 | | | | | $ | 37 | | | | | $ | 11 | | | | | $ | 127 | | |
U.S. Dollars in millions
|
| |
2023E
|
| |
2024E(2)
|
| ||||||
Revenue
|
| | | $ | 3,806 | | | | | $ | 3,762 | | |
Operating Income
|
| | | $ | 61 | | | | | $ | 14 | | |
Adjusted EBITDA(1)
|
| | | $ | 699 | | | | | $ | 644 | | |
Capex
|
| | | $ | 616 | | | | | $ | 619 | | |
Shareholder’s Name and Address
|
| |
USCC
Title of Class or Series |
| |
Amount and
Nature of Beneficial Ownership(1) |
| |
Percent of
Class or Series |
| |
Percent of
Shares of Common Stock |
| |
Percent of
Voting Power(2) |
| ||||||||||||
Telephone and Data Systems, Inc.
30 North LaSalle Street Chicago, Illinois 60602 |
| |
Common Stock
|
| | | | 37,782,826 | | | | | | 71.3% | | | | | | 43.9% | | | | | | 9.9% | | |
|
Series A Common Stock(3)
|
| | | | 33,005,877 | | | | | | 100% | | | | | | 38.4% | | | | | | 86.2% | | | ||
| | | Total | | | | | 70,788,703 | | | | | | N/A | | | | | | 82.3% | | | | | | 96.0%* | | |
Name of Individual or Number of Persons in Group
|
| |
USCC
Title of Class or Series |
| |
Amount and
Nature of Beneficial Ownership(1) |
| |
Percent of
Class or Series |
| |
Percent of
Shares of Common Stock |
| |
Percent of
Voting Power(2) |
| ||||||||||||
James W. Butman
|
| |
Common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LeRoy T. Carlson, Jr.
|
| |
Common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Walter C. D. Carlson
|
| |
Common Stock
|
| | | | 43,482 | | | | | | * | | | | | | * | | | | | | * | | |
Douglas W. Chambers(4)(5)
|
| |
Common Stock
|
| | | | 49,067 | | | | | | * | | | | | | * | | | | | | * | | |
Deirdre C. Drake
|
| |
Common Stock
|
| | | | 33,897 | | | | | | * | | | | | | * | | | | | | * | | |
Harry J. Harczak, Jr.
|
| |
Common Stock
|
| | | | 26,274 | | | | | | * | | | | | | * | | | | | | * | | |
Esteban C. Iriarte
|
| |
Common Stock
|
| | | | 7,593 | | | | | | * | | | | | | * | | | | | | * | | |
Michael S. Irizarry(3)(4)(5)
|
| |
Common Stock
|
| | | | 71,596 | | | | | | * | | | | | | * | | | | | | * | | |
Gregory P. Josefowicz
|
| |
Common Stock
|
| | | | 27,480 | | | | | | * | | | | | | * | | | | | | * | | |
Kevin R. Lowell(4)(5)
|
| |
Common Stock
|
| | | | 37,597 | | | | | | * | | | | | | * | | | | | | * | | |
Cecelia D. Stewart
|
| |
Common Stock
|
| | | | 31,529 | | | | | | * | | | | | | * | | | | | | * | | |
Laurent C. Therivel(4)(5)(6)
|
| |
Common Stock
|
| | | | 108,588 | | | | | | * | | | | | | * | | | | | | * | | |
Vicki L. Villacrez
|
| |
Common Stock
|
| | | | 0 | | | | | | — | | | | | | — | | | | | | — | | |
Xavier D. Williams
|
| |
Common Stock
|
| | | | 4,902 | | | | | | * | | | | | | * | | | | | | * | | |
All directors and executive officers as a group (14 persons)(7)
|
| |
Common Stock
|
| | | | 442,005 | | | | | | * | | | | | | * | | | | | | * | | |
Name
|
| |
Cash(2)
|
| |
Equity(3)
|
| |
Pension/
NQDC(4) |
| |
Perquisites/
Benefits(5) |
| |
Tax
Reimbursements(6) |
| |
Other(7)
|
| |
Total
|
| |||||||||||||||||||||
Laurent C. Therivel
|
| | | $ | 1,198,200 | | | | | $ | 33,370,308 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 19,021 | | | | | $ | 34,587,529 | | |
President and Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Douglas W. Chambers
|
| | | | 163,614 | | | | | $ | 8,075,836 | | | | | | 16,151 | | | | | | — | | | | | | — | | | | | $ | 15,642 | | | | | $ | 8,271,243 | | |
Executive Vice President, Chief Financial Officer and Treasurer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Michael S. Irizarry
|
| | | | 259,200 | | | | | $ | 10,303,634 | | | | | | 33,540 | | | | | | — | | | | | | — | | | | | $ | 15,642 | | | | | $ | 10,612,016 | | |
Executive Vice President,
Chief Technology Officer and Head of Engineering and Information Technology |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Kevin R. Lowell
|
| | | | 139,016 | | | | | $ | 5,969,131 | | | | | | 10,537 | | | | | | — | | | | | | — | | | | | $ | 15,642 | | | | | $ | 6,134,326 | | |
Executive Vice President, Chief People Officer and Head of Communications
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
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|
A
Separation Plan
|
|
|
B
Agreed Accounting Principles
|
|
|
C-1
Net Working Capital and Sample Working Capital Statement
|
|
|
C-2
Sample Indebtedness Calculation
|
|
|
C-3
Receivables Amount and Sample Receivables Amount Calculation
|
|
|
D
Transition Services Agreement
|
|
|
E
Seller Stockholder Written Consent
|
|
|
F
Put/Call Agreement
|
|
|
G
Short-Term Spectrum Manager Lease Agreement
|
|
|
H
Long-Term Master License Agreement
|
|
|
I-1
Short-Term Spectrum Manager Sublease Agreement (King Street DE Spectrum)
|
|
|
I-2
Short-Term Spectrum Manager Sublease Agreement (Advantage DE Spectrum)
|
|
|
J-1
King Street Deferred Closing Matters
|
|
|
J-2
Advantage Deferred Closing Matters
|
|
|
K
DE Assignment Agreement
|
|
|
L
Performance Adjustment
|
|
| | |
Page
|
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| | | | 1 | | | |
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| | | | 5 | | | |
(f)
Existing Sites
|
| | | | | | |
| | | | 5 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
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(b)
Approval Processes
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LICENSEE:
T-Mobile USA, Inc.
12920 SE 38th Street Bellevue, WA 98006 Attn: Leasing
|
| |
With copy to:
T-Mobile USA, Inc.
12920 SE 38th Street Bellevue, WA 98006 Attn: Legal Department
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| Administrator | | | | |
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LICENSOR:
UScellular
Attn: Lease Administration 8410 W. Bryn Mawr Ave. Chicago, IL 6063
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| | | |
Exhibit 107
Calculation of Filing Fee Tables
Schedule 14C
(Form Type)
United States Cellular Corporation
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction(1),(2),(3) | Fee Rate | Amount of Filing Fee | ||||||||||
Fees to be Paid | $ | 4,400,000,000 | 0.00014760 | $ | 649,440.00 | (4) | ||||||
Fees Previously Paid | $ | 0 | $ | 0 | ||||||||
Total Transaction Valuation | $ | 4,400,000,000 | ||||||||||
Total Fees Due for Filing | $ | 649,440.00 | ||||||||||
Total Fees Previously Paid | $ | 0 | ||||||||||
Total Fee Offsets | $ | 0 | ||||||||||
Net Fee Due | $ | 649,440.00 |
(1) | Title of each class of securities to which transaction applies: N/A |
(2) | The aggregate number of securities to which the asset sale applies: N/A |
(3) |
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
The total purchase price pursuant to the Securities Purchase Agreement (as defined in the Information Statement) is $4,400,000,000, payable to United States Cellular Corporation in cash and the assumption of certain debt. |
(4) | The filing fee was calculated in accordance with Rule 0-11 under the Securities and Exchange Act of 1934, as amended, by multiplying the transaction value (per note 3 above) by 0.00014760. |
1 Year US Cellular Chart |
1 Month US Cellular Chart |
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