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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 (USM) will participate in three investor conferences in March 2021. The presentations will feature key executives including TDS's and UScellular's CEOs. The conferences are: Raymond James 42nd Institutional Investors Conference on March 2 at 3:00 p.m. EST; Morgan Stanley Technology, Media & Telecom Conference on March 4 at 1:15 p.m. EST; and Deutsche Bank's 29th Annual Media, Internet & Telecom Conference on March 9 at 8:00 a.m. ET. Presentations will be available live and on-demand.
UScellular reported total operating revenues of $1,073 million for Q4 2020, up from $1,052 million year-over-year. However, net income fell to $5 million ($0.06 per share) compared to $18 million ($0.20 per share) in Q4 2019. For the full year 2020, revenues were $4,037 million, with net income of $229 million ($2.62 per share), an increase from $127 million in 2019. Looking ahead, UScellular estimates 2021 service revenues between $3,025-$3,125 million and adjusted EBITDA of $975-$1,125 million. The company cites strong customer satisfaction and ongoing investments in 5G.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) are set to present their fourth quarter operating results on February 19, 2021, at 9:00 a.m. central time. The financial results will be released the prior day, February 18, 2021, after market close. The webcast can be accessed through the events pages of TDS and US Cellular's investor relations websites. TDS serves approximately 6 million connections nationwide through its subsidiaries and employed 9,300 people as of September 30, 2020.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) will present at the Citi Global TMT West Conference on January 7, 2021, at 2:00 p.m. EST. Attendees include Laurent C. Therivel, CEO of UScellular, Vicki Villacrez, CFO of TDS Telecom, and Jane W. McCahon, SVP of Corporate Relations at TDS. The event will be accessible via live and on-demand webcasts. TDS, a Fortune 1000 company, has around 6 million connections across the U.S. and employs approximately 9,300 people as of September 2020.
Telephone and Data Systems (TDS) and United States Cellular Corporation (USM) will participate in a fireside chat hosted by UBS on December 8, 2020, at 3:45 p.m. EST. Key executives, including TDS CEO LeRoy T. Carlson Jr. and UScellular CFO Douglas W. Chambers, will attend. The event will be available for live streaming and on-demand viewing. TDS, a Fortune 1000 company, provides various telecommunications services nationwide with around 6 million connections and 9,300 employees as of September 30, 2020.
UScellular and Hyperion Partners announced a partnership to enhance technology offerings for business and government customers. This marks UScellular's first agreement in the master agent space, aiming to leverage both companies' strengths to meet diverse customer needs. UScellular will combine its wireless and IoT expertise with Hyperion's telecommunications sales capabilities, expanding its business organization. Kimberly Green-Kerr, UScellular's VP, emphasized the importance of this collaboration for market growth and improved customer experiences.
UScellular has launched the “Learn with US” microsite to support families facing challenges due to remote learning and work amid the pandemic. According to a U.S. Census Bureau survey, 93% of households with school-age children are involved in distance learning, with significant disparities in access among different socioeconomic groups. The microsite offers resources including free tutoring from Wyzant and educational tools from Google and YouTube to enhance remote learning experiences. This initiative aims to address connectivity issues and assist users in optimizing their remote work and learning environments.
UScellular has launched an enhanced enterprise IoT self-management portal named ConnectHQ, powered by Nokia WING. This platform aims to facilitate large-scale IoT deployments by allowing customers to manage devices through a centralized dashboard. Key features include real-time data usage monitoring, automated triggers for operational efficiency, and secure remote device management. UScellular aims to simplify IoT technology for business and government clients, ensuring better control over their wireless operations.
The holiday season brings special tech deals from UScellular, available now through January 11, 2021. Shoppers can find FREE 5G smartphones like iPhone 12 and Samsung Galaxy S20 FE with no hidden fees. Discounts include $150 off for adding kids' devices and $200 off for upgrade-eligible customers on new smartphones. UScellular promotes a range of devices, tablets, and accessories for remote work and learning. Safe shopping options include in-store and curbside pickup. Visit www.uscellular.com/deals for more information.
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