Q2 2024 Telephone and Data Systems Inc And United States Cellular Corp Earnings Call Transcript
Key Points
- United States Cellular Corp (USM) announced a pending transaction with T-Mobile, which is expected to unlock value for shareholders and provide benefits to customers.
- The company retained nearly 4,400 towers, equity partnership investments, and approximately 70% of spectrum assets, which are being monetized.
- Both business units delivered double-digit year-over-year improvements in adjusted EBITDA.
- USM paid down approximately $140 million in debt during the quarter, improving leverage ratios year-over-year and sequentially.
- The company continues to generate strong free cash flow and has a good cash and liquidity position.
- Service revenue declined by 2% due to a decrease in the average subscriber base.
- The competitive environment remains intense, with aggressive carrier promotions and cable wireless competition.
- Total net adds, including postpaid, showed a net loss of 21,000 in 2024, although improved from the previous year.
- The company is experiencing increased competitive pressures in its ILEC and cable markets, consistent with industry trends.
- Video cord-cutting continues to impact revenue, and the video attachment rate has been lower than planned.
Please stand by for streaming text.
I would like to welcome everyone to the TDS and U.S. Cellular second quarter 2004 operating results conference call. (Operator Instructions)
Thank you. I would now like to turn the call over to Colin Thompson, Vice President, Corporate Relations. Please go ahead.
Good morning and thank you for joining us. We want to make you aware of the presentation. We have prepared to accompany our comments this morning, which you can find on the Investor Relations sections of the TDS and U.S. Cellular websites.
With me today and offering prepared comments are from TDS, Vicki Villacrez, Executive Vice President and Chief Financial Officer from US Cellular LT, terrible President and Chief Executive Officer, Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer, and from TDS Telecom, Michelle broke Wiki, Senior Vice President of Finance and Chief Financial Officer.
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