Q3 2024 United States Cellular Corp Earnings Call Transcript
Key Points
- Telephone and Data Systems Inc (TDS) reported a solid cash and liquidity position, with improved debt to EBITDA ratios throughout 2024.
- The company successfully closed the sale of OneNeck IT Solutions, which is accretive to free cash flow.
- UScellular increased its profitability outlook for adjusted EBITDA and adjusted operating income before depreciation and amortization.
- TDS Telecom achieved a milestone with 50% of its service addresses now served by fiber, contributing to a 2% increase in total operating revenue.
- The company entered into agreements to sell certain spectrum licenses, expected to generate over $1 billion in proceeds, highlighting the significant value of these assets.
- Service revenues declined by 2% due to a decrease in the average subscriber base.
- UScellular recorded a loss on impairment of licenses amounting to $136 million, primarily due to challenges related to operationalizing millimeter wave spectrum.
- The pace of net additions in TDS Telecom's expansion markets has been slower than expected, impacting overall growth.
- The wireless industry is experiencing a slowdown in capital expenditures, affecting new tenant and amendment activity in the tower business.
- TDS Telecom faced net broadband losses in its cable markets due to increased competition from fiber overbuilders and other providers.
Thank you for saying me by. My name is Mandeep and I'll be your operator today. At this time, I'd like to welcome everyone to the TDS UScellular, third quarter, 2024 operating results conference call.
(Operator Instructions)
Thank you. I would now like to turn the call over to Colleen Thompson, Vice President, Corporate Relations. You may begin.
Good morning and thank you for joining us. We want to make you all aware of the presentation, we have prepared to accompany our comments this morning which you can find on the investor relations section of the TDS and UScellular websites.
With me today and offering prepared comments are from TDS, Vicky Villacrez, Executive Vice President and Chief Financial Officer; from UScellular LT Therivel, President and Chief Executive Officer; Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer; and from TDS Telecom, Michelle Brukwicki, Senior Vice President of Finance and Chief Financial
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