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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 (TDS) and United States Cellular Corporation (UScellular) will participate in three investor conferences in March 2022. The events include the Morgan Stanley Technology, Media & Telecom Conference on March 7, where TDS President LeRoy T. Carlson, Jr. will speak. Additionally, they will attend the Raymond James 43rd Annual Institutional Investors Conference, also on March 7, featuring TDS Telecom President James W. Butman. Finally, TDS will be at the Deutsche Bank Media, Internet & Telecom Conference on March 14, with Vicki L. Villacrez among the speakers.
On February 17, 2022, UScellular reported its Q4 2021 results, revealing total operating revenues of $1,068 million, slightly down from $1,073 million a year ago. The company posted a net income of $27 million for Q4 2021, compared to $5 million in Q4 2020. For the full year 2021, total revenues reached $4,122 million, with a net income of $155 million, a decline from $229 million in 2020. UScellular anticipates 2022 service revenues between $3,100-$3,200 million. The company is focusing on its 5G growth strategy and maintaining cost discipline.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) will host a conference call on Feb 18, 2022, at 9:00 a.m. CT to discuss their fourth quarter operating results. Financial results will be released after market close on February 17, 2022. Interested participants can access the webcast via the companies' investor relations websites. TDS, which serves approximately 6 million connections nationwide through its subsidiaries, employs around 8,900 associates.
On February 1, 2022, United States Cellular (NYSE: USM) announced its successful acquisition of mid-band spectrum to bolster its 5G strategy. Through Auctions 105, 107, and 110, UScellular obtained 380 spectrum licenses covering 97% of its subscribers for approximately $580 million, achieving an average cost of $0.48 per MHz-pop, significantly lower than the auction average of $0.72. This step enhances the company’s capacity to provide competitive 5G services across its operating footprint, targeting improved network quality and coverage, especially in underserved areas.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) will present at Citi's 2022 Virtual AppsEconomy Conference on January 6, 2022, at 11:00 a.m. EST. Key executives, including TDS's CEOs and Corporate Relations VPs, will participate. The event will be available via live and on-demand webcasts. TDS is a Fortune 1000 company, providing services to approximately 6 million connections nationwide through various subsidiaries, including UScellular and TDS Telecom.
United States Cellular Corporation (NYSE: USM) will participate in a fireside chat hosted by Wells Fargo on November 30, 2021, at 5:20 p.m. EST. The chat will feature key executives including Laurent C. Therivel, President and CEO, alongside other corporate relations leaders.
Investors can access the live and on-demand webcast through investors.tdsinc.com or investors.uscellular.com. It is advised to register 15 minutes prior to the start of the event.
UScellular reported Q3 2021 total operating revenues of $1,016 million, slightly down from $1,027 million a year earlier. Service revenues rose to $788 million from $775 million. However, net income dropped significantly to $34 million ($0.38 per share) compared to $85 million ($0.97 per share) last year. The company has adjusted its full-year service revenue estimate to $3,075-$3,125 million and plans to continue optimizing promotions to drive subscriber growth. UScellular also repurchased 626,410 shares for $20 million.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) will announce their third quarter results on November 4, 2021, post market close. A conference call will follow at 4:00 p.m. CT. The companies expect to discuss financial outcomes and other key performance metrics. Investors can access the live webcast and on-demand presentation via their respective investor relations websites. TDS serves approximately 6 million connections nationwide and has around 8,900 employees.
UScellular reported a strong Q2 2021 with operating revenues of $1,014 million, an increase from $973 million year-over-year. Service revenues also grew to $774 million from $753 million. However, net income fell to $35 million and diluted EPS was $0.39, down from $68 million and $0.78 respectively, from Q2 2020. The CEO highlighted the growth in service revenue driven by postpaid ARPU and positive results from expanding the prepaid market. Full-year guidance remains unchanged for major metrics.
United States Cellular Corporation (NYSE: USM) will redeem its outstanding 6.95% Senior Notes due 2060, totaling $342 million, on September 1, 2021. The redemption price is set at 100% of the principal amount, plus accrued interest. This move utilizes a recently upsized $450 million EIP securitization facility, aimed at lowering borrowing costs and enabling further investments in 5G technology. Peter L. Sereda, CFO, highlighted that these cost savings will facilitate future investments.
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