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United States Cellular Corporation (NYSE: USM), headquartered in Chicago, is a prominent regional wireless carrier with approximately 4.5 million retail connections across 21 states. Serving regions such as the Midwest, mid-Atlantic, New England, and the Pacific Northwest, UScellular's operations cover a population of about 32 million people. The company primarily serves rural areas and second/third-tier cities, with notable exceptions being the greater Milwaukee and Oklahoma City regions.
UScellular provides a comprehensive range of wireless products and services, bolstered by excellent customer support and a high-quality network. Unlike many of its peers, UScellular owns the majority of its towers, which gives it a unique competitive edge. The company also holds a 5.5% stake in Verizon Wireless' Los Angeles operations. In recent developments, UScellular has agreed to sell its wireless operations and 30% of its spectrum assets to T-Mobile for $4.4 billion, with the transaction expected to close in mid-2025.
Financially, UScellular reported total operating revenues of $950 million for the first quarter of 2024, and a net income attributable to shareholders of $18 million. The company has maintained financial discipline, focusing on postpaid ARPU growth and expense management, despite challenging market conditions. UScellular's recent strategic decision to explore a range of alternatives, including the sale to T-Mobile, aims to enhance shareholder value and position the company for long-term growth.
In addition to its core wireless services, UScellular's tower assets represent one of the largest tower businesses in the United States. Post-transaction, T-Mobile will become a long-term tenant on over 2,600 of these towers, ensuring continued service and creating a stable revenue stream for UScellular. The company also retains significant spectrum assets and equity method investments, which generated $158 million in income and $150 million in distributions in 2023.
UScellular remains committed to its mission of connecting people to what matters most, striving to improve network quality, expand 5G services, and maintain strong customer relationships. For more information, visit UScellular.
Telephone and Data Systems, Inc. (NYSE: TDS) and United States Cellular Corporation (NYSE: USM) announced their fourth quarter operating results conference call scheduled for February 17, 2023, at 9:00 a.m. central time. The financial results will be released on February 16, 2023, after market close. Interested parties can access the live and on-demand webcast via the respective investor relations websites. TDS, a Fortune 1000 company, provides various telecommunications services to approximately 6 million connections in the U.S. and employs around 9,200 associates.
Telephone and Data Systems (TDS) and United States Cellular (UScellular) will present at Citi's 2023 Communications, Media & Entertainment Conference on January 5, 2023, at 8:45 a.m. Mountain Time. Key executives participating include TDS Telecom President and CEO James W. Butman, UScellular CFO Douglas W. Chambers, and TDS VP of Corporate Relations Colleen Thompson. The presentation will be available via live and on-demand webcast. Attendees are encouraged to register early to access the presentation smoothly.
United States Cellular Corporation (NYSE: USM) announced the appointments of Douglas W. Chambers and James W. Butman to its Board of Directors, effective January 1, 2023. Chambers, currently CFO of UScellular, has over 25 years of financial experience. Butman has been President and CEO of TDS Telecom since 2018. Their addition brings the insider to external directors' ratio to 7-to-6, aligning with TDS' controlling interest in UScellular. The Board aims to leverage their expertise for long-term success.
Telephone and Data Systems (TDS) and United States Cellular (UScellular) will jointly present at the Raymond James 2022 Technology Investors Conference in New York on December 7, 2022, at 10:20 a.m. ET. Key executives attending include UScellular President and CEO LT Therivel, TDS Telecom CFO Michelle Brukwicki, and TDS Corporate Relations VP Colleen Thompson. The presentation will be available live and on-demand. TDS provides services to around 6 million connections nationwide, while UScellular has 4.8 million retail connections in 21 states.
UScellular (NYSE: USM) announced the promotion of Kevin Lowell to executive vice president and chief people officer, effective Jan. 1, 2023. He replaces Deirdre Drake, who is retiring after 33 years in HR. Lowell, with UScellular since 2003, previously served as senior vice president of information technology. The company also announced leadership changes, with Robert Jakubek promoted to senior vice president of IT, Mike Dienhart as vice president of engineering, and Renae Grob becoming vice president of supply chain.
UScellular reported Q3 2022 total operating revenues of $1,083 million, an increase from $1,016 million year-over-year. However, service revenues fell to $781 million from $788 million year-over-year. The company posted a net loss of $12 million or $(0.15) per share, compared to a profit of $34 million or $0.38 per share in Q3 2021. UScellular anticipates full-year 2022 service revenues between $3,100-$3,150 million and adjusted EBITDA of $925-$1,000 million. A conference call is scheduled for November 4, 2022.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) will release their third quarter financial results on November 3, 2022, after market close. A conference call to discuss these results will take place on November 4, 2022, at 9:00 a.m. CT. Investors can access the webcast through the companies' investor relations websites. TDS provides various telecommunications services to around 6 million customers through its subsidiaries, employing approximately 8,900 associates as of June 30, 2022.
United States Cellular Corporation (NYSE:USM) announced the appointment of Xavier D. Williams to its Board of Directors, effective January 1, 2023. Williams, who takes over from J. Samuel Crowley after 24 years of service, brings over 30 years of telecommunications experience. Currently the CEO of Network Wireless Solutions, he has held significant roles at AT&T, including leadership of a nationwide wireless broadband network. The board expressed excitement about Williams' diverse background and anticipated his valuable contributions to the company.
UScellular (NYSE: USM) has appointed Rebecca Murphy Thompson as the new vice president of government affairs as of August 29, 2022. With over 20 years of experience, she will lead the company’s federal regulatory efforts. Her prior roles include executive vice president at the Competitive Carriers Association and head of North America policy communications for Twilio. UScellular aims to leverage her expertise to enhance connectivity for underserved populations, aligning with its strategic goals.
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