0001051512-13-000073.txt : 20130802 0001051512-13-000073.hdr.sgml : 20130802 20130802082925 ACCESSION NUMBER: 0001051512-13-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20130802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130802 DATE AS OF CHANGE: 20130802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELEPHONE & DATA SYSTEMS INC /DE/ CENTRAL INDEX KEY: 0001051512 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 362669023 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14157 FILM NUMBER: 131004690 BUSINESS ADDRESS: STREET 1: 30 NORTH LASALLE STREET STREET 2: STE 4000 CITY: CHICAGO STATE: IL ZIP: 60602 BUSINESS PHONE: 3126301900 MAIL ADDRESS: STREET 1: 30 NORTH LASALLE STREET STREET 2: STE 4000 CITY: CHICAGO STATE: IL ZIP: 60602 8-K 1 8K.htm 8K  

 

 

FORM 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 2, 2013

 

 

TELEPHONE AND DATA SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

001-14157

36-2669023

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

 

 

 

30 North LaSalle Street, Suite 4000, Chicago, Illinois

60602

(Address of principal executive offices)

(Zip Code)

 

Registrant's telephone number, including area code:  (312) 630-1900

 

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

 

 

 

 

 

 

 

 

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

 

 

 

 

 

 

 

 

 

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

 

 

 

 

 

 

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 

 

 

Item 2.02.  Results of Operations and Financial Condition  

On August 2, 2013, Telephone and Data Systems, Inc. (“TDS”) issued a news release announcing its results of operations for the period ended June 30, 2013.  A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference herein. 

The information in this Item 2.02 of Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

Item 8.01.  Other Events

On August 2, 2013, TDS issued a press release relating to a share repurchase authorization, which is attached hereto as Exhibit 99.2 and incorporated by reference herein.

On August 2, 2013, TDS issued a press release relating to its acquisition of Baja Broadband, LLC, which is attached hereto as Exhibit 99.3 and incorporated by reference herein. 

Item 9.01.  Financial Statements and Exhibits

 

(d)       Exhibits: 

In accordance with the provisions of Item 601 of Regulation S-K, any Exhibits filed or furnished herewith are set forth on the Exhibit Index attached hereto.

Attached as Exhibit 99.4 is a safe harbor cautionary statement under the Private Securities Litigation Reform Act of 1995.

 

 


 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

 

 

Telephone and Data Systems, Inc.

 

(Registrant)

 

 

 

 

Date:

August 2, 2013

 

 

 

 

By:

/s/ Douglas D. Shuma

 

 

Douglas D. Shuma

 

 

Senior Vice President and Controller

(principal financial officer and principal accounting officer)

 

 


 

 

 

EXHIBIT INDEX

 

The following exhibits are filed or furnished herewith as noted below.

 

Exhibit

No.

 

Description

99.1

 

Earnings Press Release dated August 2, 2013

 

 

 

99.2

 

TDS Stock Repurchase Authorization Press Release dated August 2, 2013

 

 

 

99.3

 

TDS Baja Broadband, LLC Acquisition Press Release dated August 2, 2013

 

 

 

99.4

 

Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement

 

 


 
EX-99.1 2 Ex991.htm EXHIBIT 99.1  

 

Exhibit 99.l   NEWS RELEASE                                                                                                                                                                                                            

 

 

As previously announced, TDS will hold a teleconference August 2, 2013 at 9:30 a.m. CDT. Interested parties may listen to the call live by accessing the Investor Relations page of www.teldta.com  

 

Contact:    Jane W. McCahon, Vice President, Corporate Relations and Corporate Secretary

                    (312) 592-5379; jane.mccahon@teldta.com 

 

                    Julie D. Mathews, Manager, Investor Relations

                    (312) 592-5341; julie.mathews@teldta.com

 

FOR RELEASE: IMMEDIATE

 

TDS REPORTS SECOND QUARTER 2013 RESULTS

Updates TDS Telecom guidance to include Baja Broadband acquisition

 

CHICAGO – August 2, 2013Telephone and Data Systems, Inc. [NYSE:TDS] reported operating revenues of $1,228.2 million for the second quarter of 2013, versus $1,323.2 million for the comparable period one year ago. Net income attributable to TDS shareholders and related diluted earnings per share were $156.1 million and $1.42 respectively, for the second quarter of 2013, compared to $42.3 million and $0.39, respectively, in the comparable period one year ago.   

 

The following significant events occurred during the second quarter of 2013:

 

·         On April 3, U.S. Cellular deconsolidated the St. Lawrence Seaway RSA Cellular Partnership (“NY1”) and the New York RSA 2 Cellular Partnership (“NY2”).  As a result, the NY1 and NY2 partnerships results are now reported using the equity method of accounting for investments in the consolidated financial statements.  U.S. Cellular has retained the same ownership percentage and will continue to report the same percentage of income.   

·         On May 16, U.S. Cellular’s previously announced transaction to sell its Chicago, St. Louis, central Illinois and three other markets (the “Divestiture Transaction”) closed and U.S. Cellular received $480 million in cash and recognized a pre-tax gain of $266.4 million.

·         On June 25, U.S. Cellular paid a special cash dividend of $5.75 per Common Share and Series A Common Share, for an aggregate amount of $482.3 million.  Of the amount paid, TDS received $407.1 million. 

 

“Our businesses have achieved significant strategic milestones so far this year,” said LeRoy T. Carlson, Jr., TDS president and CEO. “At U.S. Cellular, we divested underperforming markets in May for $480 million, and returned value to shareholders through a special, one-time dividend. In June, U.S. Cellular also announced an agreement to monetize non-strategic spectrum at a significant valuation.  Yesterday, we closed the Baja Broadband acquisition and TDS Telecom began implementing strategies to drive customer penetration in Baja’s markets. This morning, we announced a new $250 million share repurchase authorization that will enable us to return value to TDS shareholders.

 

“With the leadership of president and CEO Ken Meyers, U.S. Cellular continues to execute aggressive strategies to accelerate customer growth and improve its competitive position. The 4G LTE network expansion is supporting growth in smartphone penetration and data use, though the corresponding increase in smartphone subsidies continues to impact profitability. To build the customer base and reduce churn, U.S. Cellular plans to enhance its device portfolio with Apple products later this year. U.S. Cellular also recently converted to a new billing and operation support system that will improve efficiency and enable faster delivery of new services and products, such as shared data plans for customers with multiple devices.

 

“TDS Telecom continued to increase ILEC residential broadband and video penetration in the quarter, and commercial managedIP connections increased 50 percent year over year. TDS Telecom’s revenue growth in the quarter was driven primarily by our hosted and managed services acquisitions, where we are focused on offering comprehensive, end-to-end IT solutions for mid-market customers.”

 

 

1

 


 

 

 

SHARE Repurchase

The TDS board has authorized a $250 million share repurchase program, with no expiration date.  The board authorized management to use its discretion to make purchases, as market conditions warrant, on the open market or at negotiated prices in private transactions

 

2013 ESTIMATES

 

Estimates of full-year 2013 results for U.S. Cellular, TDS Telecom and TDS are shown below.  Such estimates represent management’s view as of the date of filing TDS’ Form 10-Q for the quarter ended June 30, 2013.  Such forward-looking statements should not be assumed to be current as of any future date.  TDS undertakes no duty to update such information, whether as a result of new information, future events or otherwise.  There can be no assurance that final results will not differ materially from such estimated results.

 

 

 

 

2013 Estimated Results (1)

 

 

 

U.S. Cellular (2)

 

TDS Telecom

 

TDS (2)(6)

 

 

 

Previous

Current

 

Previous

Current

 

Previous

Current

(Dollars in millions)

 

 

 

 

 

 

 

 

 

Adjusted operating

  revenues (3)

 

$3,620-$3,740

$3,615-$3,715

 

 $850-$900  

 $890-$930  

 

$4,515-$4,685

$4,550-$4,690

Adjusted income before

  income taxes (4)

 

$595-$715

$600-$700

 

$220-$250

$230-$260

 

$810-$960

$830-$960

Capital expenditures

 

 Unchanged  

$735

 

$155

$165

 

$900

$910

 

(1)     These estimates are based on TDS’ current plans, which include an expansion of the multi-year deployment of 4G LTE technology; such expansion includes deployment on 700 MHz in additional markets as well as deployment on the 850 MHz band to provide additional capacity for future growth in data usage, enable potential future 4G LTE roaming, and support the sale of Apple products.  The financial impacts of selling Apple products in 2013 consist of the following:

 

·         Increased Adjusted operating revenues resulting from net incremental customers added and retained as a result of offering Apple products;

·         Decreased Adjusted income before income taxes as a result of net increases in costs, primarily loss on equipment sales as a result of offering Apple products; and

·         Increased Capital expenditures related to the deployment on the 850 MHz band to provide additional capacity for future growth in data usage, which includes capacity required to accommodate Apple products.

 

These estimates also reflect the impacts of the deconsolidation of certain partnerships as of April 2013 at U.S. Cellular.  These estimates do not include (i) the reported gain on sale of business and other exit costs, net (ii) the reported gain on investments, or (iii) the expected gains from pending spectrum license divestitures.  In addition, the estimates also reflect the impacts of the acquisition of Baja Broadband, LLC as of August 1, 2013 and of a multi-year deployment of IPTV at TDS Telecom.  New developments or changing conditions (such as, but not limited to, regulatory developments, customer net growth, customer demand for data services, costs to deploy, agreements for content or franchises, or possible acquisitions, dispositions or exchanges) could affect TDS’ plans and, therefore, its 2013 estimated results.

 

(2)     These estimates reflect the Divestiture Transaction which closed on May 16, 2013.

 

These estimates reflect U.S. Cellular’s consolidated results for 2013.  Estimated results reflecting U.S. Cellular’s Divestiture Markets and Core Markets are shown in the table below:

 

 

 

2013 Estimated Results

 

 

U.S. Cellular Core

Markets (5)

U.S. Cellular Divestiture

Markets (5)

U.S. Cellular

Consolidated (5)

 

 

Previous

Current

Previous

Current

Previous

Current

(Dollars in millions)

 

 

 

 

 

 

Adjusted operating

  revenues (3)

 Unchanged  

 $3,475-$3,575  

 $145-$165  

$140

 $3,620-$3,740  

 $3,615-$3,715  

Adjusted income before

  income taxes (4)

 Unchanged  

 $560-$660  

 $35-$55  

$40

 $595-$715  

 $600-$700  

Capital expenditures

 Unchanged  

$730

Unchanged

$5

 Unchanged  

$735

 

 

2

 


 

 

 

 

(3)     Adjusted operating revenues is a non-GAAP financial measure defined as Operating revenues excluding U.S. Cellular Equipment sales revenues. U.S. Cellular Equipment sales revenues are excluded from Adjusted operating revenues since U.S. Cellular equipment is generally sold at a net loss, and such net loss that results from U.S. Cellular Equipment sales revenues less U.S. Cellular Cost of equipment sold is viewed as a cost of earning service revenues for purposes of assessing business results.  For purposes of developing this guidance, TDS does not calculate an estimate of U.S. Cellular Equipment sales revenues.  TDS believes this measure provides useful information to investors regarding TDS’ results of operations. Adjusted operating revenues is not a measure of financial performance under GAAP and should not be considered as an alternative to Operating revenues as an indicator of the Company’s operating performance.

 

(4)     Adjusted income before income taxes is a non-GAAP financial measure defined as Income before income taxes, adjusted for:  Depreciation, amortization and accretion, net Gain or loss on sale of business and other exit costs (if any), net Gain or loss on investments (if any), and Interest expense.  Adjusted income before income taxes excludes these items in order to show operating results on a more comparable basis from period to period.  In the future, TDS may also exclude other items from adjusted income before income taxes if such items may help reflect operating results on a more comparable basis.  TDS does not intend to imply that any such amounts that are excluded are non-recurring, infrequent or unusual; such amounts may occur in the future.  Adjusted income before income taxes is not a measure of financial performance under GAAP and should not be considered as an alternative to Income before income taxes as an indicator of the Company’s operating performance or as an alternative to Cash flows from operating activities, determined in accordance with GAAP, as an indicator of cash flows or as a measure of liquidity.  The following tables provide a reconciliation of Income (loss) before income taxes to Adjusted income before income taxes for 2013 Estimated Results, six months ended June 30, 2013 actual results, and 2012 actual results:

 

 

 

 

 

2013 Current Estimated Results

 

 

 

 

U.S. Cellular Core

Markets (5)

 

U.S. Cellular Divestiture Markets (2)(5)

 

U.S. Cellular Consolidated (5)

 

TDS

Telecom

 

TDS (6)

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

($10)-$90

 

$30

 

$20-$120

 

$25-$55

 

$30-$160

Depreciation, amortization and

  accretion expense (7)

 

$540

 

$250

 

$790

 

$205

 

$1,005

(Gain) loss on sale of business and

  other exit costs, net

 

 —   

 

($240)

 

($240)

 

 —   

 

($295)

(Gain) loss on investments

 

($20)

 

 —   

 

($20)

 

 —   

 

($15)

Interest expense

 

$50

 

 —   

 

$50

 

 —   

 

$105

Adjusted income before

  income taxes

 

$560-$660

 

$40

 

$600-$700

 

$230-$260

 

$830-$960

 

 

 

Actual Results

 

 

Six Months Ended June 30, 2013

 

Year Ended December 31, 2012

 

 

 

U.S. Cellular Consolidated (5)

 

 

TDS

Telecom

 

 

TDS (6)

 

 

U.S. Cellular Consolidated (5)

 

 

TDS

Telecom

 

 

TDS (6)

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

$

 282  

 

$

 22  

 

$

 322  

 

$

 205  

 

$

 45  

 

$

 196  

Depreciation, amortization and

  accretion expense (7)

 

 393  

 

 

 98  

 

 

 497  

 

 

 609  

 

 

 193  

 

 

 814  

(Gain) loss on sale of business

  and other exit costs, net

 

 (242) 

 

 

 —  

 

 

 (296) 

 

 

 21  

 

 

 —  

 

 

 21  

(Gain) loss on investments

 

 (19) 

 

 

 —  

 

 

 (15) 

 

 

 4  

 

 

 —  

 

 

 4  

Interest expense

 

 21  

 

 

 (1) 

 

 

 48  

 

 

 42  

 

 

 (1) 

 

 

 87  

Adjusted income before

  income taxes

$

 435  

 

$

 119  

 

$

 556  

 

$

 881  

 

$

 237  

 

$

 1,122  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

The U.S. Cellular Consolidated amounts represent GAAP financial measures and include the results of both the Core Markets and the Divestiture Markets.  The amounts for Core Markets and Divestiture Markets represent non-GAAP financial measures.  TDS believes that the amounts for the Core Markets and Divestiture Markets may be useful to investors and other users of its financial information in evaluating the separate results for the Core Markets.  Divestiture Markets are comprised of U.S. Cellular's Chicago, central Illinois, St. Louis and certain Indiana/Michigan/Ohio markets.  Core Markets are comprised of all other markets in which U.S. Cellular conducts business including Peoria, Rockford and certain other areas in Illinois, and in Columbia, Joplin, Jefferson City and certain other areas in Missouri.  Core Markets as defined also includes any other income or expenses due to U.S. Cellular’s direct or indirect ownership interests in other spectrum in the Divestiture Markets which was not included in the sale and other retained assets from the Divestiture Markets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6)

The TDS column includes U.S. Cellular, TDS Telecom and also the impacts of consolidating eliminations, corporate operations and non-reportable segments, all of which are not presented above.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7)

The 2013 estimated amount for Depreciation, amortization and accretion expense in the U.S. Cellular Divestiture Markets includes approximately $168 million of incremental accelerated depreciation, amortization and accretion resulting from the Divestiture Transaction.  Actual results for the six months ended June 30, 2013 and the year ended December 31, 2012 include $88 million and $20 million, respectively, of incremental accelerated depreciation, amortization and accretion resulting from the Divestiture Transaction.

 

 

3

 


 

 

 

Conference Call Information

TDS will hold a conference call on August 2, 2013 at 9:30 a.m. CDT.

·         Access the live call on the Investor Relations page of www.teldta.com  or at http://www.videonewswire.com/event.asp?id=95316.

·         Access the call by phone at 877-407-8029 (US/Canada), no pass code required

 

Before the call, certain financial and statistical information to be discussed during the call will be posted to the Investor Relations page of www.teldta.com. The call will be archived on the Conference Calls page of www.teldta.com

 

About TDS

Telephone and Data Systems, Inc. (TDS), a Fortune 500® company, provides wireless; broadband, TV and voice; and hosted and managed services to approximately 6 million customers nationwide through its business units, U.S. Cellular, TDS Telecom and TDS Hosted & Managed Services. Founded in 1969 and headquartered in Chicago, TDS employed 10,700 people as of June 30, 2013.

 

Visit www.teldta.com  for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

  

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: impacts of the pending acquisition and divestiture transactions,  including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transaction and the financial impacts of such transaction; the ability of the company to successfully manage and grow its markets; the overall economy; competition; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets;  pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of handset devices, or the mix of products and services offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by TDS to furnish this press release to the Securities and Exchange Commission (“SEC”), which are incorporated by reference herein.    

 

For more information about TDS and its subsidiaries, visit:

TDS: www.teldta.com 

U.S. Cellular: www.uscellular.com 

TDS Telecom: www.tdstelecom.com 

 

 

4

 


 

 

 

United States Cellular Corporation

Total Markets Summary Operating Data (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

6/30/2012

Retail Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postpaid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total at end of period

 

 4,412,000  

 

 

 5,060,000  

 

 

 5,134,000  

 

 

 5,175,000  

 

 

 5,213,000  

 

 

Gross additions

 

 165,000  

 

 

 191,000  

 

 

 241,000  

 

 

 230,000  

 

 

 199,000  

 

 

Net additions (losses)

 

 (120,000) 

 

 

 (74,000) 

 

 

 (41,000) 

 

 

 (38,000) 

 

 

 (48,000) 

 

 

ARPU (1)

$

 54.18  

 

$

 54.85  

 

$

 54.56  

 

$

 54.34  

 

$

 54.42  

 

 

Churn rate (2)

 

2.0%

 

 

1.7%

 

 

1.8%

 

 

1.7%

 

 

1.6%

 

 

Smartphone penetration (3) (4)

 

45.5%

 

 

43.5%

 

 

41.8%

 

 

38.6%

 

 

36.8%

 

Prepaid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total at end of period

 

 381,000  

 

 

 446,000  

 

 

 423,000  

 

 

 386,000  

 

 

 329,000  

 

 

Gross additions

 

 77,000  

 

 

 104,000  

 

 

 107,000  

 

 

 120,000  

 

 

 78,000  

 

 

Net additions (losses)

 

 (7,000) 

 

 

 23,000  

 

 

 37,000  

 

 

 57,000  

 

 

 20,000  

 

 

ARPU (1)

$

 31.69  

 

$

 33.31  

 

$

 33.56  

 

$

 32.97  

 

$

 33.59  

 

 

Churn rate (2)

 

6.8%

 

 

6.2%

 

 

5.8%

 

 

5.9%

 

 

6.2%

Total customers at end of period

 

 4,968,000  

 

 

 5,736,000  

 

 

 5,798,000  

 

 

 5,808,000  

 

 

 5,799,000  

Billed ARPU (1)

$

 50.60  

 

$

 51.13  

 

$

 50.94  

 

$

 50.83  

 

$

 50.99  

Service revenue ARPU (1)

$

 57.45  

 

$

 57.63  

 

$

 58.00  

 

$

 59.57  

 

$

 59.05  

Smartphones sold as a percent of total

  devices sold

 

66.0%

 

 

61.7%

 

 

62.9%

 

 

53.0%

 

 

51.9%

Total population

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated markets (5)

 

 84,025,000  

 

 

 93,943,000  

 

 

 93,244,000  

 

 

 92,996,000  

 

 

 92,684,000  

 

 

Consolidated operating markets (5)

 

 31,822,000  

 

 

 47,440,000  

 

 

 46,966,000  

 

 

 46,966,000  

 

 

 46,966,000  

Market penetration at end of period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated markets (6)

 

5.9%

 

 

6.1%

 

 

6.2%

 

 

6.2%

 

 

6.3%

 

 

Consolidated operating markets (6)

 

15.6%

 

 

12.1%

 

 

12.3%

 

 

12.4%

 

 

12.3%

Capital expenditures (000s)

$

 168,500  

 

$

 118,400  

 

$

 253,100  

 

$

 199,100  

 

$

 183,200  

Total cell sites in service

 

 7,748  

 

 

 8,027  

 

 

 8,028  

 

 

 7,984  

 

 

 7,932  

Owned towers in service

 

 4,411  

 

 

 4,411  

 

 

 4,408  

 

 

 4,377  

 

 

 4,346  

 

 

5

 


 

 

 

United States Cellular Corporation

Core Markets Summary Operating Data (Unaudited)

Excludes NY1 & NY2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

6/30/2012

Retail Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postpaid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total at end of period

 

 4,412,000  

 

 

 4,463,000  

 

 

 4,496,000  

 

 

 4,515,000  

 

 

 4,538,000  

 

 

Gross additions

 

 165,000  

 

 

 176,000  

 

 

 208,000  

 

 

 196,000  

 

 

 167,000  

 

 

Net additions (losses)

 

 (53,000) 

 

 

 (33,000) 

 

 

 (19,000) 

 

 

 (23,000) 

 

 

 (30,000) 

 

 

ARPU (1)

$

 54.44  

 

$

 54.21  

 

$

 53.91  

 

$

 53.67  

 

$

 53.73  

 

 

Churn rate (2)

 

1.6%

 

 

1.6%

 

 

1.7%

 

 

1.6%

 

 

1.4%

 

 

Smartphone penetration (3) (4)

 

45.5%

 

 

43.0%

 

 

41.1%

 

 

37.8%

 

 

36.0%

 

Prepaid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total at end of period

 

 381,000  

 

 

 373,000  

 

 

 342,000  

 

 

 305,000  

 

 

 246,000  

 

 

Gross additions

 

 76,000  

 

 

 91,000  

 

 

 87,000  

 

 

 99,000  

 

 

 60,000  

 

 

Net additions (losses)

 

 8,000  

 

 

 31,000  

 

 

 37,000  

 

 

 59,000  

 

 

 23,000  

 

 

ARPU (1)

$

 31.65  

 

$

 32.92  

 

$

 33.21  

 

$

 32.97  

 

$

 33.23  

 

 

Churn rate (2)

 

6.0%

 

 

5.6%

 

 

5.1%

 

 

4.8%

 

 

5.4%

Total customers at end of period

 

 4,968,000  

 

 

 5,005,000  

 

 

 5,022,000  

 

 

 5,012,000  

 

 

 4,989,000  

Billed ARPU (1)

$

 50.98  

 

$

 50.93  

 

$

 50.71  

 

$

 50.59  

 

$

 50.71  

Service revenue ARPU (1)

$

 57.88  

 

$

 57.14  

 

$

 57.67  

 

$

 59.34  

 

$

 58.89  

Smartphones sold as a percent of total

  devices sold

 

66.1%

 

 

62.1%

 

 

62.9%

 

 

53.0%

 

 

52.0%

Total population

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated markets (5)

 

 84,025,000  

 

 

 84,025,000  

 

 

 83,384,000  

 

 

 82,595,000  

 

 

 82,283,000  

 

 

Consolidated operating markets (5)

 

 31,822,000  

 

 

 31,822,000  

 

 

 31,445,000  

 

 

 31,110,000  

 

 

 31,110,000  

Market penetration at end of period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated markets (6)

 

5.9%

 

 

6.0%

 

 

6.0%

 

 

6.1%

 

 

6.1%

 

 

Consolidated operating markets (6)

 

15.6%

 

 

15.7%

 

 

16.0%

 

 

16.1%

 

 

16.0%

Capital expenditures (000s)

$

 171,200  

 

$

 113,300  

 

$

 241,400  

 

$

 184,100  

 

$

 163,600  

Total cell sites in service

 

 6,113  

 

 

 6,113  

 

 

 6,130  

 

 

 6,089  

 

 

 6,041  

Owned towers in service

 

 3,844  

 

 

 3,846  

 

 

 3,847  

 

 

 3,818  

 

 

 3,787  

 

 

(1)     ARPU metrics are calculated by dividing a revenue base by an average number of customers by the number of months in the period.  These revenue bases and customer populations are shown below:

a.        Postpaid ARPU consists of total postpaid service revenues and postpaid customers.

b.        Prepaid ARPU consists of total prepaid service revenues and prepaid customers.

c.        Billed ARPU consists of total retail service revenues and postpaid, prepaid and reseller customers.

d.        Service revenue ARPU consists of total retail service revenues, inbound roaming and other service revenues and postpaid, prepaid and reseller customers.

(2)     Churn metrics represent the percentage of the postpaid or prepaid customers that disconnect service each month. These metrics represent the average monthly postpaid or prepaid churn rate for each respective period.

(3)     Smartphones represent wireless devices which run on an AndroidTM, BlackBerry® or Windows Mobile® operating system, excluding tablets.

(4)     Smartphone penetration is calculated by dividing postpaid smartphone customers by total postpaid customers.

(5)     Used only to calculate market penetration of consolidated and core markets and consolidated and core operating markets, respectively. See footnote (6) below.

(6)     Market penetration is calculated by dividing the number of wireless customers at the end of the period by the total population of consolidated and core markets and consolidated and core operating markets, respectively, as estimated by Claritas®.

 

   

 

 

6

 


 

 

TDS Telecom

Summary Operating Data (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

6/30/2012

TDS Telecom

 

 

 

 

 

 

 

 

 

ILEC:

 

 

 

 

 

 

 

 

 

 

 

Residential Connections

 

 

 

 

 

 

 

 

 

 

 

 

Physical access lines (1)

342,200

 

345,500

 

350,100

 

355,800

 

360,100

 

 

 

Broadband connections (2)

224,500

 

221,900

 

221,700

 

223,100

 

222,400

 

 

 

IPTV customers

10,500

 

9,000

 

7,900

 

6,700

 

5,600

 

 

 

   ILEC residential connections

577,200

 

576,400

 

579,700

 

585,600

 

588,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Connections

 

 

 

 

 

 

 

 

 

 

 

 

Physical access lines (1)

104,100

 

106,000

 

107,600

 

109,800

 

111,100

 

 

 

Broadband connections (2)

18,500

 

18,400

 

18,500

 

18,500

 

18,400

 

 

 

managedIP connections (3)

19,900

 

18,400

 

17,200

 

15,000

 

13,200

 

 

 

   ILEC commercial connections

142,500

 

142,800

 

143,300

 

143,300

 

142,700

 

 

 

 

 

 

 

 

 

 

 

 

 

CLEC:

 

 

 

 

 

 

 

 

 

 

 

Residential Connections

 

 

 

 

 

 

 

 

 

 

 

 

Physical access lines (1)

21,800

 

23,000

 

24,600

 

26,200

 

27,900

 

 

 

Broadband connections (2)

7,200

 

7,700

 

8,200

 

8,900

 

9,500

 

 

 

   CLEC residential connections

29,000

 

30,700

 

32,800

 

35,100

 

37,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Connections

 

 

 

 

 

 

 

 

 

 

 

 

Physical access lines (1)

125,000

 

129,700

 

135,500

 

140,300

 

145,100

 

 

 

Broadband connections (2)

9,700

 

10,400

 

11,200

 

12,000

 

12,800

 

 

 

managedIP connections (3)

92,000

 

85,000

 

77,400

 

69,500

 

61,400

 

 

 

   CLEC commercial connections

226,700

 

225,100

 

224,100

 

221,800

 

219,300

 

 

 

 

 

 

 

 

 

 

 

 

 

Total ILEC and CLEC Customer Connections

975,400

 

975,000

 

979,900

 

985,800

 

987,500

 

(1)     Individual circuits connecting customers to TDS Telecom’s central office facilities.

(2)     The number of customers provided high-capacity data circuits via various technologies, including DSL and dedicated Internet circuit technologies.

(3)     The number of telephone handsets, data lines and IP trunks providing communications using IP networking technology.

 

 

 

TDS Telecom

Capital Expenditures (000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

6/30/2013

 

 

3/31/2013

 

 

12/31/2012

 

 

9/30/2012

 

 

6/30/2012

ILEC

$

29,400

 

$

22,400

 

$

43,400

 

$

33,700

 

$

32,500

CLEC

 

3,900

 

 

5,500

 

 

6,100

 

 

5,400

 

 

4,900

HMS

 

2,300

 

 

2,600

 

 

2,300

 

 

4,400

 

 

5,500

 

$

35,600

 

$

30,500

 

$

51,800

 

$

43,500

 

$

42,900

 

 

7

 


 

 

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

 Three Months Ended June 30,

(Unaudited, dollars and shares in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 Increase/ (Decrease)

 

 

 

 

2013

 

2012

 

Amount

Percent

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular

$

 995,130  

 

$

 1,104,400  

 

$

 (109,270) 

 

(10%)

 

TDS Telecom

 

 223,460  

 

 

 208,519  

 

 

 14,941  

 

7%

 

All Other (1)

 

 9,576  

 

 

 10,250  

 

 

 (674) 

 

(7%)

 

 

 

 

 

 1,228,166  

 

 

 1,323,169  

 

 

 (95,003) 

 

(7%)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluding depreciation, amortization and accretion

 

 813,464  

 

 

 869,980  

 

 

 (56,516) 

 

(6%)

 

 

Depreciation, amortization and accretion

 

 202,580  

 

 

 147,555  

 

 

 55,025  

 

37%

 

 

Loss on asset disposals, net

 

 9,018  

 

 

 2,702  

 

 

 6,316  

 

>100%

 

 

(Gain) loss on sale of business and other exit costs, net

 

 (249,024) 

 

 

 —  

 

 

 (249,024) 

 

N/M

 

 

 

 

 

 776,038  

 

 

 1,020,237  

 

 

 (244,199) 

 

(24%)

 

TDS Telecom

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluding depreciation, amortization and accretion

 

 162,954  

 

 

 148,983  

 

 

 13,971  

 

9%

 

 

Depreciation, amortization and accretion

 

 48,756  

 

 

 47,945  

 

 

 811  

 

2%

 

 

(Gain) loss on asset disposals, net

 

 (682) 

 

 

 306  

 

 

 (988) 

 

>(100%)

 

 

 

 

 

 211,028  

 

 

 197,234  

 

 

 13,794  

 

7%

 

All Other (1)

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluding depreciation and amortization

 

 10,033  

 

 

 11,111  

 

 

 (1,078) 

 

(10%)

 

 

Depreciation and amortization

 

 2,867  

 

 

 3,009  

 

 

 (142) 

 

(5%)

 

 

Loss on impairment of assets

 

 —  

 

 

 515  

 

 

 (515) 

 

N/M

 

 

Gain on asset disposals, net

 

 (17) 

 

 

 (13) 

 

 

 (4) 

 

(31%)

 

 

(Gain) loss on sale of business and other exit costs, net

 

 (54,010) 

 

 

 —  

 

 

 (54,010) 

 

N/M

 

 

 

 

 

 (41,127) 

 

 

 14,622  

 

 

 (55,749) 

 

>(100%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 945,939  

 

 

 1,232,093  

 

 

 (286,154) 

 

(23%)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular

 

 219,092  

 

 

 84,163  

 

 

 134,929  

 

>100%

 

TDS Telecom

 

 12,432  

 

 

 11,285  

 

 

 1,147  

 

10%

 

All Other  (1)

 

 50,703  

 

 

 (4,372) 

 

 

 55,075  

 

>(100%)

 

 

 

 

 

 282,227  

 

 

 91,076  

 

 

 191,151  

 

>100%

Investment and other income (expense)

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated entities

 

 35,605  

 

 

 25,392  

 

 

 10,213  

 

40%

 

Interest and dividend income

 

 2,600  

 

 

 2,352  

 

 

 248  

 

11%

 

Gain (loss) on investments

 

 14,518  

 

 

 (3,728) 

 

 

 18,246  

 

>(100%)

 

Interest expense

 

 (23,749) 

 

 

 (23,139) 

 

 

 (610) 

 

(3%)

 

Other, net

 

 (197) 

 

 

 (249) 

 

 

 52  

 

21%

 

 

Total investment and other income

 

 28,777  

 

 

 628  

 

 

 28,149  

 

>100%

Income before income taxes

 

 311,004  

 

 

 91,704  

 

 

 219,300  

 

>100%

 

Income tax expense

 

 132,607  

 

 

 35,765  

 

 

 96,842  

 

>100%

Net income

 

 178,397  

 

 

 55,939  

 

 

 122,458  

 

>100%

 

Less: Net income attributable to noncontrolling interests, net of tax

 

 (22,320) 

 

 

 (13,602) 

 

 

 (8,718) 

 

(64%)

Net income attributable to TDS shareholders

 

 156,077  

 

 

 42,337  

 

 

 113,740  

 

>100%

 

Preferred dividend requirement

 

 (12) 

 

 

 (12) 

 

 

 —  

 

 —  

Net income available to common shareholders

$

 156,065  

 

$

 42,325  

 

$

 113,740  

 

>100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 108,385  

 

 

 108,732  

 

 

 (347) 

 

 —  

Basic earnings per share attributable to TDS shareholders

$

 1.44  

 

$

 0.39  

 

$

 1.05  

 

>100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 108,913  

 

 

 109,022  

 

 

 (109) 

 

 —  

Diluted earnings per share attributable to TDS shareholders

$

 1.42  

 

$

 0.39  

 

$

 1.03  

 

>100%

 

 

(1)     Consists of Non-Reportable Segment, corporate operations and intercompany eliminations between U.S. Cellular, TDS Telecom, the Non-Reportable Segment and corporate operations.  TDS recognized an incremental $53.5 million upon closing of the Divesture Transaction as a result of lower asset basis in assets disposed.

 

N/M – Percentage change not meaningful

 

 

8

 


 

 

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

Six Months Ended June 30,

(Unaudited, dollars and shares in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 Increase/ (Decrease)

 

 

 

 

2013

 

2012

 

Amount

Percent

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular

$

 2,076,876  

 

$

 2,196,521  

 

$

 (119,645) 

 

(5%)

 

TDS Telecom

 

 440,521  

 

 

 412,594  

 

 

 27,927  

 

7%

 

All Other (1)

 

 19,342  

 

 

 19,845  

 

 

 (503) 

 

(3%)

 

 

 

 

 

 2,536,739  

 

 

 2,628,960  

 

 

 (92,221) 

 

(4%)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluding depreciation, amortization and accretion

 

 1,691,534  

 

 

 1,732,424  

 

 

 (40,890) 

 

(2%)

 

 

Depreciation, amortization and accretion

 

 392,425  

 

 

 294,240  

 

 

 98,185  

 

33%

 

 

Loss on asset disposals, net

 

 14,452  

 

 

 4,705  

 

 

 9,747  

 

>100%

 

 

(Gain) loss on sale of business and other exit costs, net

 

 (242,093) 

 

 

 (4,213) 

 

 

 (237,880) 

 

>100%

 

 

 

 

 

 1,856,318  

 

 

 2,027,156  

 

 

 (170,838) 

 

(8%)

 

TDS Telecom

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluding depreciation, amortization and accretion

 

 322,440  

 

 

 292,403  

 

 

 30,037  

 

10%

 

 

Depreciation, amortization and accretion

 

 98,247  

 

 

 95,388  

 

 

 2,859  

 

3%

 

 

(Gain) loss on asset disposals, net

 

 (489) 

 

 

 426  

 

 

 (915) 

 

>(100%)

 

 

 

 

 

 420,198  

 

 

 388,217  

 

 

 31,981  

 

8%

 

All Other (1)

 

 

 

 

 

 

 

 

 

 

 

 

Expenses excluding depreciation and amortization

 

 19,272  

 

 

 22,057  

 

 

 (2,785) 

 

(13%)

 

 

Depreciation and amortization

 

 5,608  

 

 

 6,315  

 

 

 (707) 

 

(11%)

 

 

Loss on impairment of assets

 

 —  

 

 

 515  

 

 

 (515) 

 

N/M

 

 

Gain on asset disposals, net

 

 (28) 

 

 

 (18) 

 

 

 (10) 

 

(56%)

 

 

(Gain) loss on sale of business and other exit costs, net

 

 (54,010) 

 

 

 —  

 

 

 (54,010) 

 

N/M

 

 

 

 

 

 (29,158) 

 

 

 28,869  

 

 

 (58,027) 

 

>(100%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 2,247,358  

 

 

 2,444,242  

 

 

 (196,884) 

 

(8%)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

U.S. Cellular

 

 220,558  

 

 

 169,365  

 

 

 51,193  

 

30%

 

TDS Telecom

 

 20,323  

 

 

 24,377  

 

 

 (4,054) 

 

(17%)

 

All Other  (1)

 

 48,500  

 

 

 (9,024) 

 

 

 57,524  

 

>(100%)

 

 

 

 

 

 289,381  

 

 

 184,718  

 

 

 104,663  

 

57%

Investment and other income (expense)

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated entities

 

 62,694  

 

 

 48,781  

 

 

 13,913  

 

29%

 

Interest and dividend income

 

 4,178  

 

 

 4,535  

 

 

 (357) 

 

(8%)

 

Gain (loss) on investments

 

 14,518  

 

 

 (3,728) 

 

 

 18,246  

 

>(100%)

 

Interest expense

 

 (48,247) 

 

 

 (47,603) 

 

 

 (644) 

 

(1%)

 

Other, net

 

 (351) 

 

 

 (21) 

 

 

 (330) 

 

>100%

 

 

Total investment and other income

 

 32,792  

 

 

 1,964  

 

 

 30,828  

 

>100%

Income before income taxes

 

 322,173  

 

 

 186,682  

 

 

 135,491  

 

73%

 

Income tax expense

 

 136,787  

 

 

 63,177  

 

 

 73,610  

 

>100%

Net income

 

 185,386  

 

 

 123,505  

 

 

 61,881  

 

50%

 

Less: Net income attributable to noncontrolling interests, net of tax

 

 (27,890) 

 

 

 (28,914) 

 

 

 1,024  

 

4%

Net income attributable to TDS shareholders

 

 157,496  

 

 

 94,591  

 

 

 62,905  

 

67%

 

Preferred dividend requirement

 

 (25) 

 

 

 (25) 

 

 

 —  

 

 —  

Net income available to common shareholders

$

 157,471  

 

$

 94,566  

 

$

 62,905  

 

67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 108,320  

 

 

 108,693  

 

 

 (373) 

 

 —  

Basic earnings per share attributable to TDS shareholders

$

 1.45  

 

$

 0.87  

 

$

 0.58  

 

67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 108,827  

 

 

 108,964  

 

 

 (137) 

 

 —  

Diluted earnings per share attributable to TDS shareholders

$

 1.44  

 

$

 0.86  

 

$

 0.58  

 

67%

 

(1)     Consists of Non-Reportable Segment, corporate operations and intercompany eliminations between U.S. Cellular, TDS Telecom, the Non-Reportable Segment and corporate operations.  TDS recognized an incremental $53.5 million upon closing of the Divesture Transaction as a result of lower asset basis in assets disposed.

 

N/M – Percentage change not meaningful

 

 

9

 


 

 

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 June 30,

 

 December 31,

 

 

2013

 

2012

Current assets

 

 

 

 

 

 

Cash and cash equivalents

$

 1,246,415  

 

$

 740,481  

 

Short-term investments

 

 110,352  

 

 

 115,700  

 

Accounts receivable from customers and others

 

 485,596  

 

 

 574,328  

 

Inventory

 

 168,700  

 

 

 160,692  

 

Net deferred income tax asset

 

 56,822  

 

 

 43,411  

 

Prepaid expenses

 

 93,383  

 

 

 86,385  

 

Income taxes receivable

 

 9  

 

 

 9,625  

 

Other current assets

 

 32,375  

 

 

 32,815  

 

 

 

 2,193,652  

 

 

 1,763,437  

 

 

 

 

 

 

 

Assets held for sale

 

 78,389  

 

 

 163,242  

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

Licenses

 

 1,418,832  

 

 

 1,480,039  

 

Goodwill

 

 759,885  

 

 

 797,194  

 

Other intangible assets, net

 

 52,592  

 

 

 58,522  

 

Investments in unconsolidated entities

 

 312,046  

 

 

 179,921  

 

Long-term investments

 

 40,120  

 

 

 50,305  

 

Other investments

 

 738  

 

 

 824  

 

 

 

 2,584,213  

 

 

 2,566,805  

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

 

 

 

 

U.S. Cellular

 

 2,823,509  

 

 

 3,022,588  

 

TDS Telecom

 

 906,904  

 

 

 934,188  

 

Other

 

 38,520  

 

 

 40,490  

 

 

 

 3,768,933  

 

 

 3,997,266  

 

 

 

 

 

 

 

Other assets and deferred charges

 

 129,578  

 

 

 133,150  

 

 

 

 

 

 

 

Total assets

$

 8,754,765  

 

$

 8,623,900  

 

 

10

 


 

 

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 June 30,

 

 December 31,

 

 

 

 

2013

 

2012

Current liabilities

 

 

 

 

 

 

 

Current portion of long-term debt

$

 1,899  

 

$

 1,233  

 

 

Accounts payable

 

 393,906  

 

 

 377,291  

 

 

Customer deposits and deferred revenues

 

 228,259  

 

 

 222,345  

 

 

Accrued interest

 

 8,599  

 

 

 6,565  

 

 

Accrued taxes

 

 190,836  

 

 

 48,237  

 

 

Accrued compensation

 

 95,677  

 

 

 134,932  

 

 

Other current liabilities

 

 114,910  

 

 

 134,005  

 

 

 

 

 

 1,034,086  

 

 

 924,608  

 

 

 

 

 

 

 

 

 

Liabilities held for sale

 

 559  

 

 

 19,594  

 

 

 

 

 

 

 

 

 

Deferred liabilities and credits

 

 

 

 

 

 

 

Net deferred income tax liability

 

 855,623  

 

 

 862,580  

 

 

Other deferred liabilities and credits

 

 460,991  

 

 

 438,727  

 

 

 

 

 

 

 

 

 

Long-term debt

 

 1,720,642  

 

 

 1,721,571  

 

 

 

 

 

 

 

 

 

Noncontrolling interests with redemption features

 

 512  

 

 

 493  

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

TDS shareholders' equity

 

 

 

 

 

 

 

Series A Common and Common Shares, par value $.01

 

 1,327  

 

 

 1,327  

 

 

Capital in excess of par value

 

 2,299,091  

 

 

 2,304,122  

 

 

Treasury shares, at cost

 

 (738,397) 

 

 

 (750,099) 

 

 

Accumulated other comprehensive loss

 

 (8,438) 

 

 

 (8,132) 

 

 

Retained earnings

 

 2,586,567  

 

 

 2,464,318  

 

 

 

   Total TDS shareholders' equity

 

 4,140,150  

 

 

 4,011,536  

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 825  

 

 

 825  

 

Noncontrolling interests

 

 541,377  

 

 

 643,966  

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 4,682,352  

 

 

 4,656,327  

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

 8,754,765  

 

$

 8,623,900  

 

 

11

 


 

 

 

Balance Sheet Highlights

June 30, 2013

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

TDS

 

TDS Corporate

 

Intercompany

 

TDS

 

 

 

Cellular

 

Telecom

 

& Other

 

Eliminations

 

Consolidated

Cash and cash equivalents

$

 467,421  

 

$

 92,257  

 

$

 686,737  

 

$

 ―  

 

$

 1,246,415  

Affiliated cash investments

 

 ―  

 

 

 397,972  

 

 

 ―  

 

 

 (397,972) 

 

 

 ―  

Short-term investments

 

 110,352  

 

 

 ―  

 

 

 ―  

 

 

 ―  

 

 

 110,352  

 

 

$

 577,773  

 

$

 490,229  

 

$

 686,737  

 

$

 (397,972) 

 

$

 1,356,767  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Licenses, goodwill and other intangible assets

$

 1,783,572  

 

$

 577,367  

 

$

 (129,630) 

 

$

 ―  

 

$

 2,231,309  

Investment in unconsolidated entities

 

 276,363  

 

 

 3,809  

 

 

 38,985  

 

 

 (7,111) 

 

 

 312,046  

Long-term and other investments

 

 40,120  

 

 

 738  

 

 

 ―  

 

 

 ―  

 

 

 40,858  

 

 

 

$

 2,100,055  

 

$

 581,914  

 

$

 (90,645) 

 

$

 (7,111) 

 

$

 2,584,213  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

$

 2,823,509  

 

$

 906,904  

 

$

 38,520  

 

$

 ―  

 

$

 3,768,933  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion

$

 100  

 

$

 70  

 

$

 1,729  

 

$

 ―  

 

$

 1,899  

 

Non-current portion

 

 879,121  

 

 

 724  

 

 

 840,797  

 

 

 ―  

 

 

 1,720,642  

 

 

Total

$

 879,221  

 

$

 794  

 

$

 842,526  

 

$

 ―  

 

$

 1,722,541  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

$

 ―  

 

$

 ―  

 

$

 825  

 

$

 ―  

 

$

 825  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 


 

 

 

 

Telephone and Data Systems, Inc.

Schedule of Cash and Cash Equivalents and Investments

(Unaudited, dollars in thousands)

 

The following table presents TDS’ cash and cash equivalents and investments at June 30, 2013 and December 31, 2012.

 

 

 

June 30,

 

December 31,

 

2013

 

2012

 

 

 

 

 

 

 

Cash and cash equivalents

$

 1,246,415  

 

$

 740,481  

 

 

 

 

 

 

 

Amounts included in short-term investments (1) (2)

 

 

 

 

 

 

U.S. Treasury Notes

 

 110,352  

 

 

 115,700  

 

 

 

 

 

 

 

Amounts included in long-term investments (1) (3)

 

 

 

 

 

 

U.S. Treasury Notes

 

 40,120  

 

 

 50,305  

 

 

 

 

 

 

 

Total cash and cash equivalents and investments

$

 1,396,887  

 

$

 906,486  

 

(1)     Designated as held-to-maturity investments and are recorded at amortized cost in the Consolidated Balance Sheet.

(2)     Maturities are less than twelve months from the respective balance sheet dates.

(3)     At June 30, 2013, maturities range between 17 and 18 months.

 

 

 

   

 

 

13

 


 

 

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

Six Months Ended June 30,

(Unaudited, dollars in thousands)

 

 

 

 

 

2013

 

2012

Cash flows from operating activities

 

 

 

 

 

 

Net income

$

 185,386  

 

$

 123,505  

 

 

Add (deduct) adjustments to reconcile net income to net cash flows

  from operating activities

 

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 496,280  

 

 

 395,943  

 

 

 

 

Bad debts expense

 

 35,187  

 

 

 33,626  

 

 

 

 

Stock-based compensation expense

 

 12,902  

 

 

 20,955  

 

 

 

 

Deferred income taxes, net

 

 (21,246) 

 

 

 29,929  

 

 

 

 

Equity in earnings of unconsolidated entities

 

 (62,694) 

 

 

 (48,781) 

 

 

 

 

Distributions from unconsolidated entities

 

 47,635  

 

 

 6,973  

 

 

 

 

Loss on impairment of assets

 

 —  

 

 

 515  

 

 

 

 

Loss on asset disposals, net

 

 13,935  

 

 

 5,074  

 

 

 

 

(Gain) loss on sale of business and other exit costs, net

 

 (296,103) 

 

 

 (4,174) 

 

 

 

 

(Gain) loss on investments

 

 (14,518) 

 

 

 3,728  

 

 

 

 

Noncash interest expense

 

 997  

 

 

 1,728  

 

 

 

 

Other operating activities

 

 505  

 

 

 1,010  

 

 

Changes in assets and liabilities from operations

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 (5,781) 

 

 

 (10,197) 

 

 

 

 

Inventory

 

 (8,105) 

 

 

 (58,467) 

 

 

 

 

Accounts payable

 

 58,204  

 

 

 (23,336) 

 

 

 

 

Customer deposits and deferred revenues

 

 7,897  

 

 

 22,786  

 

 

 

 

Accrued taxes

 

 150,425  

 

 

 89,433  

 

 

 

 

Accrued interest

 

 2,172  

 

 

 (1,823) 

 

 

 

 

Other assets and liabilities

 

 (81,586) 

 

 

 (81,517) 

 

 

 

 

 

 

 521,492  

 

 

 506,910  

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Cash used for additions to property, plant and equipment

 

 (384,281) 

 

 

 (501,211) 

 

Cash paid for acquisitions and licenses

 

 (14,150) 

 

 

 (52,213) 

 

Cash received from divestitures

 

 480,000  

 

 

 50,036  

 

Cash paid for investments

 

 —  

 

 

 (45,000) 

 

Cash received for investments

 

 15,000  

 

 

 128,444  

 

Other investing activities

 

 14,127  

 

 

 (8,916) 

 

 

 

 

 

 

 110,696  

 

 

 (428,860) 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Repayment of long-term debt

 

 (605) 

 

 

 (952) 

 

Issuance of long-term debt

 

 —  

 

 

 358  

 

TDS Common Shares and Special Common Shares reissued for benefit plans, net of tax payments

 

 776  

 

 

 (39) 

 

U.S. Cellular Common Shares reissued for benefit plans, net of tax payments

 

 (2,206) 

 

 

 (2,465) 

 

Repurchase of U.S. Cellular Common Shares

 

 (18,425) 

 

 

 —  

 

Dividends paid to TDS shareholders

 

 (27,598) 

 

 

 (26,610) 

 

U.S. Cellular dividends paid to noncontrolling public shareholders

 

 (75,235) 

 

 

 —  

 

Payment of debt issuance costs

 

 (23) 

 

 

 —  

 

Distributions to noncontrolling interests

 

 (3,292) 

 

 

 (643) 

 

Other financing activities

 

 354  

 

 

 2,790  

 

 

 

 

 

 

 (126,254) 

 

 

 (27,561) 

 

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 505,934  

 

 

 50,489  

Cash and cash equivalents

 

 

 

 

 

 

Beginning of period

 

 740,481  

 

 

 563,275  

 

End of period

$

 1,246,415  

 

$

 613,764  

 

 

14

 


 

 

 

TDS Telecom Highlights

 Three Months Ended June 30,

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

 

 

 

2013

 

2012

 

Amount

 

Percent

Local Telephone Operations

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

 69,516  

 

$

 70,082  

 

$

 (566) 

 

 (0) 

 

 

Commercial

 

 24,266  

 

 

 24,201  

 

 

 65  

 

 

 

Wholesale

 

 48,691  

 

 

 49,769  

 

 

 (1,078) 

 

(2%)

 

 

 

 

 

 142,473  

 

 

 144,052  

 

 

 (1,579) 

 

(1%)

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products

 

 46,621  

 

 

 47,180  

 

 

 (559) 

 

 (0) 

 

 

Selling, general and administrative expenses

 

 41,274  

 

 

 43,216  

 

 

 (1,942) 

 

(4%)

 

 

Depreciation, amortization and accretion

 

 37,972  

 

 

 37,834  

 

 

 138  

 

 

 

(Gain) loss on asset disposals and exchanges, net

 

 (850) 

 

 

 136  

 

 

 (986) 

 

>(100)%

 

 

 

 

 

 125,017  

 

 

 128,366  

 

 

 (3,349) 

 

(3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

$

 17,456  

 

$

 15,686  

 

$

 1,770  

 

11%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive Local Exchange Carrier Operations

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

 3,395  

 

$

 4,338  

 

$

 (943) 

 

(22%)

 

 

Commercial

 

 35,022  

 

 

 34,905  

 

 

 117  

 

 

 

Wholesale

 

 3,716  

 

 

 4,957  

 

 

 (1,241) 

 

(25%)

 

 

 

 

 

 42,133  

 

 

 44,200  

 

 

 (2,067) 

 

(5%)

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products

 

 22,183  

 

 

 22,702  

 

 

 (519) 

 

(2%)

 

 

Selling, general and administrative expenses

 

 15,850  

 

 

 16,769  

 

 

 (919) 

 

(5%)

 

 

Depreciation, amortization and accretion

 

 5,221  

 

 

 5,466  

 

 

 (245) 

 

(4%)

 

 

Loss on asset disposals and exchanges, net

 

 85  

 

 

 72  

 

 

 13  

 

18%

 

 

 

 

 

 43,339  

 

 

 45,009  

 

 

 (1,670) 

 

(4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

$

 (1,206) 

 

$

 (809) 

 

$

 (397) 

 

(49%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hosted and Managed Services Operations

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

 41,374  

 

$

 22,876  

 

$

 18,498  

 

81%

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products

 

 30,185  

 

 

 15,090  

 

 

 15,095  

 

>100%

 

 

Selling, general and administrative expenses

 

 9,361  

 

 

 6,635  

 

 

 2,726  

 

41%

 

 

Depreciation, amortization and accretion

 

 5,563  

 

 

 4,645  

 

 

 918  

 

20%

 

 

Loss on asset disposals and exchanges, net

 

 83  

 

 

 98  

 

 

 (15) 

 

(15%)

 

 

 

 

 

 45,192  

 

 

 26,468  

 

 

 18,724  

 

71%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

$

 (3,818) 

 

$

 (3,592) 

 

$

 (226) 

 

(6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany revenues

$

 (2,520) 

 

$

 (2,609) 

 

$

 89  

 

3%

Intercompany expenses

 

 (2,520) 

 

 

 (2,609) 

 

 

 89  

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total TDS Telecom operating income

$

 12,432  

 

$

 11,285  

 

$

 1,147  

 

10%

 

 

15

 


 

 

 

TDS Telecom Highlights

Six Months Ended June 30,

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease)

 

 

 

 

2013

 

2012

 

Amount

 

Percent

Local Telephone Operations

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

 138,902  

 

$

 139,481  

 

$

 (579) 

 

 —  

 

 

Commercial

 

 48,550  

 

 

 48,331  

 

 

 219  

 

 —  

 

 

Wholesale

 

 96,541  

 

 

 101,305  

 

 

 (4,764) 

 

(5%)

 

 

 

 

 

 283,993  

 

 

 289,117  

 

 

 (5,124) 

 

(2%)

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products

 

 94,216  

 

 

 96,348  

 

 

 (2,132) 

 

(2%)

 

 

Selling, general and administrative expenses

 

 83,113  

 

 

 84,730  

 

 

 (1,617) 

 

(2%)

 

 

Depreciation, amortization and accretion

 

 76,548  

 

 

 75,612  

 

 

 936  

 

1%

 

 

(Gain) loss on asset disposals and exchanges, net

 

 (728) 

 

 

 202  

 

 

 (930) 

 

>(100)%

 

 

 

 

 

 253,149  

 

 

 256,892  

 

 

 (3,743) 

 

(1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

$

 30,844  

 

$

 32,225  

 

$

 (1,381) 

 

(4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive Local Exchange Carrier Operations

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

 7,013  

 

$

 9,126  

 

$

 (2,113) 

 

(23%)

 

 

Commercial

 

 70,130  

 

 

 69,246  

 

 

 884  

 

1%

 

 

Wholesale

 

 7,544  

 

 

 9,872  

 

 

 (2,328) 

 

(24%)

 

 

 

 

 

 84,687  

 

 

 88,244  

 

 

 (3,557) 

 

(4%)

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products

 

 44,145  

 

 

 45,266  

 

 

 (1,121) 

 

(2%)

 

 

Selling, general and administrative expenses

 

 31,782  

 

 

 33,029  

 

 

 (1,247) 

 

(4%)

 

 

Depreciation, amortization and accretion

 

 10,668  

 

 

 10,955  

 

 

 (287) 

 

(3%)

 

 

Loss on asset disposals and exchanges, net

 

 126  

 

 

 125  

 

 

 1  

 

1%

 

 

 

 

 

 86,721  

 

 

 89,375  

 

 

 (2,654) 

 

(3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

$

 (2,034) 

 

$

 (1,131) 

 

$

 (903) 

 

(80%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hosted and Managed Services Operations

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

 76,938  

 

$

 40,434  

 

$

 36,504  

 

90%

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products

 

 54,999  

 

 

 24,864  

 

 

 30,135  

 

>100%

 

 

Selling, general and administrative expenses

 

 19,282  

 

 

 13,367  

 

 

 5,915  

 

44%

 

 

Depreciation, amortization and accretion

 

 11,031  

 

 

 8,821  

 

 

 2,210  

 

25%

 

 

Loss on asset disposals and exchanges, net

 

 113  

 

 

 99  

 

 

 14  

 

14%

 

 

 

 

 

 85,425  

 

 

 47,151  

 

 

 38,274  

 

81%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

$

 (8,487) 

 

$

 (6,717) 

 

$

 (1,770) 

 

(26%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany revenues

$

 (5,097) 

 

$

 (5,201) 

 

$

 104  

 

2%

Intercompany expenses

 

 (5,097) 

 

 

 (5,201) 

 

 

 104  

 

2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total TDS Telecom operating income

$

 20,323  

 

$

 24,377  

 

$

 (4,054) 

 

(17%)

 

 

16

 


 

 

 

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TDS Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

$

 275,140  

 

$

 224,665  

 

$

 521,492  

 

$

 506,910  

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash used for additions to property, plant

  and equipment

 

 

 207,963  

 

 

 258,600  

 

 

 384,281  

 

 

 501,211  

 

 

Free cash flow (1)

 

$

 67,177  

 

$

 (33,935) 

 

$

 137,211  

 

$

 5,699  

 

(1)     Free cash flow is defined as Cash flows from operating activities less Cash used for additions to property, plant and equipment. Free cash flow is a non-GAAP financial measure.  TDS believes that free cash flow as reported by TDS is useful to investors and other users of its financial information in evaluating the amount of cash generated by business operations, after consideration of capital expenditures.

 

 

 

17

 


 
EX-99.2 3 Ex992.htm EXHIBIT 99.2  

 

Exhibit 99.2   NEWS RELEASE                                                                                                                                                                                                           

 

 

 

Contact:    Jane W. McCahon, Vice President, Corporate Relations and Corporate Secretary

                    (312) 592-5379; jane.mccahon@teldta.com 

 

                    Julie D. Mathews, Manager, Investor Relations

                    (312) 592-5341; julie.mathews@teldta.com

 

FOR RELEASE: IMMEDIATE

 

TDS ANNOUNCES $250 MILLION SHARE REPURCHASE AUTHORIZATION

 

Outlines Balanced Approach to Capital Allocation

 

CHICAGO – August 2, 2013Telephone and Data Systems, Inc. [NYSE:TDS] today announced that its board of directors has authorized a $250 million share repurchase program.

 

 “TDS has always taken a balanced approach to capital allocation,” said LeRoy T. Carlson, Jr., president and CEO. “As we work to build shareholder value over the long term, we believe it is critical to invest in faster-growing, adjacent sectors with the potential for higher returns to strengthen our overall financial performance. At the same time, we want to return value to shareholders over time by using a portion of our available cash for regular cash dividends and share repurchases, as valuations warrant. 

 

“We believe we have found attractive opportunities to strengthen our company through the addition of cable/broadband and hosted and managed services companies. We also believe that TDS shares offer a compelling value at current prices. 

 

“Therefore, as we execute our cable/broadband and hosted and managed services strategies over the next several years,” added Carlson, “we expect to allocate approximately three-fourths of our available resources to acquisitions, and one-fourth to cash dividends and share repurchases. This allocation is subject to our ability to identify suitable acquisitions on economic terms.”

 

The authorization has no expiration date.

 

  

 

 

1

 


 

 

 

About TDS

Telephone and Data Systems, Inc. (TDS), a Fortune 500® company, provides wireless; broadband, TV and voice; and hosted and managed services to approximately 6 million customers nationwide through its business units, U.S. Cellular, TDS Telecom and TDS Hosted & Managed Services. Founded in 1969 and headquartered in Chicago, TDS employed 10,700 people as of June 30, 2013.

 

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: impacts of the pending acquisition and divestiture transactions,  including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transaction and the financial impacts of such transaction; the ability of the company to successfully manage and grow its markets; the overall economy; competition; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets;  pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of handset devices, or the mix of products and services offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents furnished to the Securities and Exchange Commission (“SEC”).    

 

Visit www.teldta.com  for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.  Find us at facebook.com/telephoneanddatasystems.  Follow us on twitter.com/tdscorporate.  For more information about TDS and its subsidiaries, visit:

                                                                                                               

U.S. Cellular: www.uscellular.com 

TDS Telecom: www.tdstelecom.com

 

 

 

2

 


 
EX-99.3 4 Ex993.htm EXHIBIT 99.3  

 

Exhibit 99.3   NEWS RELEASE

 

                                                                                                                                                                                                                       

 

 

 

 TDS® acquires Baja Broadband for $267.5 million

 

Largest acquisition in company’s history completed, transition underway.

 

MADISON, WIS. (Aug. 2, 2013)--TDS Telecommunications Corp. (TDS Telecom), subsidiary of Telephone and Data Systems, Inc. [NYSE: TDS], announces the final purchase of substantially all of the assets of Baja Broadband, LLC (Baja), a cable company headquartered in Alamogordo, New Mexico, for a purchase price of $267.5 million. The purchase was finalized on Aug. 1, 2013.

 

In February, Telephone and Data Systems announced their intention to acquire Baja Broadband pending regulatory approvals, which have been received. TDS Telecom will manage the operations of Baja Broadband. In preparation for the announcement, TDS Telecom executives and staff members visited each Baja site on Thursday to welcome employees to the TDS family.

 

“Spirits are high and we are feeling confident the transition will be successful,” states Mark Barber, vice president of Cable Operations for TDS Telecom. “The transition team has been working around the clock to prepare both organizations for the change. Our goal is to make no impact on customer operations and to support Baja employees, as well as TDS employees, as they work together to meet the needs of customers today and to expand services in the future.”

 

In 2012, Baja reported annual revenues of $85.6 million. The company has 278 employees. Baja Broadband is a full-service communications company, providing video, high-speed broadband and voice services to residential customers and businesses in Arizona, Colorado, Nevada, New Mexico, Texas, and Utah.

 

“This is our largest acquisition to date and we are well positioned to drive growth going forward. I believe Baja Broadband has significant potential to deliver increased returns over time,” said David A. Wittwer, president and CEO, TDS Telecommunications Corp. “Our strategy is to leverage our expertise and technologies to accelerate growth in underserved, high-potential markets.”

 

The company’s experience with commercial customers will also enable them to target new services, including managedIP to this fast-growing sector in Baja’s service areas. As of June 30, 2013, Baja passed more than 214,000 homes, with approximately 71,000 video subscribers, 59,000 high-speed broadband subscribers and 16,000 digital voice subscribers. Approximately 96 percent of Baja’s network is equipped to deliver high-speed, high-capacity broadband and video services.

 

RBC Capital Markets served as the exclusive M&A advisor to Baja in connection with this transaction. Edwards Wildman Palmer LLP served as legal counsel to Baja.

 

Media Contact: DeAnne Boegli, National Public Relations Manager

608-664-4428 or deanne.boegli@tdstelecom.com 

 

 

1

 


 

 

 

 

About TDS Telecommunications Corp.

TDS Telecommunications Corp. (TDS®) is the seventh largest local exchange telephone company in the U.S. Headquartered in Madison, Wis. it is a wholly owned subsidiary of Telephone and Data Systems, Inc. For 44 years, the company has been connecting people with high-speed Internet, phone, and TV entertainment services in over a hundred rural, suburban, and metropolitan communities. Today, TDS has nearly 1 million customer connections in service and more than 2,500 employees. Business customers select from the latest technologies, including: VoIP (managedIP Hosted) phone service, dedicated high-speed Internet, and hosted-managed services. Visit tdstelecom.com  or tdsbusiness.com  for more information.

 

About Baja Broadband

Baja Braodband, a TDS company, is a full-service communications company offering best-in-class residential and commercial video, high-speed internet, and voice services. Baja is committed to being the leading provider of entertainment, information, and communication services in the communities it serves. Visit www.bajabroadband.com  for more information.

 

About Telephone and Data Systems

Telephone and Data Systems, Inc., [NYSE: TDS], a Fortune 500® company, provides wireless; broadband, TV and voice; and hosted and managed services to approximately 6 million customers nationwide through its business units, U.S. Cellular, TDS Telecommunications Corp. and TDS Hosted & Managed Services. Founded in 1969 and headquartered in Chicago, TDS employs more than 10,700 people. Visit www.teldta.com  for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates and expectations. These statements are based on current estimates, projections and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: impacts of pending acquisition and divestiture transactions, including, but not limited to, the ability to obtain regulatory approval, successfully complete the transaction and the financial impacts of such transaction; the ability of the company to successfully manage and grow its markets; the overall economy; competition; the access to and pricing of unbundled network elements; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of handset devices, or the mix of products and services offered by U.S. Cellular and TDS Telecom. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by TDS to furnish this press release to the Securities and Exchange Commission (“SEC”), which are incorporated by reference herein.

 

 

 

2

 


 
EX-99.4 5 Ex994.htm EXHIBIT 99.4  

 

Exhibit 99.4

 

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

SAFE HARBOR CAUTIONARY STATEMENT

 

This Form 8-K and/or press release attached to this Form 8-K contain statements that are not based on historical facts and represent forward-looking statements, as this term is defined in the Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical facts, that address activities, events or developments that TDS intends, expects, projects, believes, estimates, plans or anticipates will or may occur in the future are forward-looking statements.  The words “believes,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “projects” and similar expressions are intended to identify these forward-looking statements, but are not the exclusive means of identifying them. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors include those set forth below, as more fully discussed under “Risk Factors” in the most recent filing of TDS’ Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.  However, such factors are not necessarily all of the important factors that could cause actual results, performance or achievements to differ materially from those expressed in, or implied by, the forward-looking statements contained in this document.  Other unknown or unpredictable factors also could have material adverse effects on future results, performance or achievements.  TDS undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.  You should carefully consider the Risk Factors in the most recent filing of TDS’ Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K, the following factors and other information contained in, or incorporated by reference into, this Form 8-K and/or press release attached to this Form 8-K to understand the material risks relating to TDS’ business.

 

·         Intense competition in the markets in which TDS operates could adversely affect TDS’ revenues or increase its costs to compete.

 

·         A failure by TDS to successfully execute its business strategy (including planned acquisitions, divestitures and exchanges) or allocate resources or capital could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         A failure by TDS’ service offerings to meet customer expectations could limit TDS’ ability to attract and retain customers and could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         TDS’ system infrastructure may not be capable of supporting changes in technologies and services expected by customers, which could result in lost customers and revenues.

 

·         An inability to obtain or maintain roaming arrangements with other carriers on terms that are acceptable to TDS could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         TDS currently receives a significant amount of roaming revenues from its wireless business.  Further consolidation within the wireless industry, continued network build-outs by other wireless carriers and/or the inability to negotiate 4G LTE roaming agreements with other operators could cause roaming revenues to decline from current levels, which would have an adverse effect on TDS' business, financial condition or results of operations.

 

·         A failure by TDS to obtain access to adequate radio spectrum to meet current or anticipated future needs and/or to accurately predict future needs for radio spectrum could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         To the extent conducted by the Federal Communications Commission (“FCC”), TDS is likely to participate in FCC auctions of additional spectrum in the future as an applicant or as a noncontrolling partner in another auction applicant and, during certain periods, will be subject to the FCC’s anti-collusion rules, which could have an adverse effect on TDS.

 

·         Changes in the regulatory environment or a failure by TDS to timely or fully comply with any applicable regulatory requirements could adversely affect TDS’ business, financial condition or results of operations.

 

·         Changes in Universal Service Fund (“USF”) funding and/or intercarrier compensation could have an adverse impact on TDS' business, financial condition or results of operations.

 

 

 

1

 


 

 

·         An inability to attract and/or retain highly competent management, technical, sales and other personnel could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         TDS’ assets are concentrated primarily in the U.S. telecommunications industry. As a result, its results of operations may fluctuate based on factors related primarily to conditions in this industry.

 

·         TDS' lower scale relative to larger competitors could adversely affect its business, financial condition or results of operations.

 

·         Changes in various business factors could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         Advances or changes in technology could render certain technologies used by TDS obsolete, could put TDS at a competitive disadvantage, could reduce TDS’ revenues or could increase its costs of doing business.

 

·         Complexities associated with deploying new technologies present substantial risk.

 

·         TDS is subject to numerous surcharges and fees from federal, state and local governments, and the applicability and the amount of these fees are subject to great uncertainty.

 

·         Changes in TDS’ enterprise value, changes in the market supply or demand for wireless licenses, wireline markets or IT service providers, adverse developments in the businesses or the industries in which TDS is involved and/or other factors could require TDS to recognize impairments in the carrying value of its license costs, goodwill and/or physical assets.

 

·         TDS enters into commitments to purchase devices from vendors, the terms of which may span multiple years.  If TDS is unable to sell such committed devices at the rates and prices it projects, such differences could have a material adverse impact on TDS' business, financial condition or results of operations.

 

·         Costs, integration problems or other factors associated with acquisitions/divestitures of properties or licenses and/or expansion of TDS’ businesses could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         A significant portion of TDS’ wireless revenues is derived from customers who buy services through independent agents who market TDS’ services on a commission basis. If TDS’ relationships with these agents are seriously harmed, its business, financial condition or results of operations could be adversely affected.

 

·         TDS’ investments in technologies which are unproven may not produce the benefits that TDS expects.

 

·         A failure by TDS to complete significant network construction and systems implementation activities as part of its plans to improve the quality, coverage, capabilities and capacity of its network and support systems could have an adverse effect on its operations.

 

·         Financial difficulties (including bankruptcy proceedings) or other operational difficulties of TDS’ key suppliers, termination or impairment of TDS’ relationships with such suppliers, or a failure by TDS to manage its supply chain effectively could result in delays or termination of TDS’ receipt of required equipment or services, or could result in excess quantities of required equipment or services, any of which could adversely affect TDS’ business, financial condition or results of operations.

 

·         TDS has significant investments in entities that it does not control. Losses in the value of such investments could have an adverse effect on TDS’ financial condition or results of operations.

 

·         A failure by TDS to maintain flexible and capable telecommunication networks or information technology, or a material disruption thereof, including breaches of network or information technology security, could have an adverse effect on TDS' business, financial condition or results of operations.

 

·         Wars, conflicts, hostilities and/or terrorist attacks or equipment failures, power outages, natural disasters or other events could have an adverse effect on TDS’ business, financial condition or results of operations.

 

 

 

2

 


 

 

·         The market price of TDS’ Common Shares is subject to fluctuations due to a variety of factors.

 

·         Identification of errors in financial information or disclosures could require amendments to or restatements of financial information or disclosures included in this or prior filings with the Securities and Exchange Commission (“SEC”). Such amendments or restatements and related matters, including resulting delays in filing periodic reports with the SEC, could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         The existence of material weaknesses in the effectiveness of internal control over financial reporting could result in inaccurate financial statements or other disclosures or failure to prevent fraud, which could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         Changes in facts or circumstances, including new or additional information that affects the calculation of potential liabilities for contingent obligations under guarantees, indemnities, claims, litigation or otherwise, could require TDS to record charges in excess of amounts accrued in the financial statements, if any, which could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         Disruption in credit or other financial markets, a deterioration of U.S. or global economic conditions or other events could, among other things, impede TDS' access to or increase the cost of financing its operating and investment activities and/or result in reduced revenues and lower operating income and cash flows, which would have an adverse effect on TDS' business, financial condition or results of operations.

 

·         Uncertainty of TDS' ability to access capital, deterioration in the capital markets, other changes in market conditions, changes in TDS’ credit ratings or other factors could limit or restrict the availability of financing on terms and prices acceptable to TDS, which could require TDS to reduce its construction, development or acquisition programs.

 

·         Settlements, judgments, restraints on its current or future manner of doing business and/or legal costs resulting from pending and future litigation could have an adverse effect on TDS’ business, financial condition or results of operations.

 

·         The possible development of adverse precedent in litigation or conclusions in professional studies to the effect that radio frequency emissions from wireless devices and/or cell sites cause harmful health consequences, including cancer or tumors, or may interfere with various electronic medical devices such as pacemakers, could have an adverse effect on TDS’ wireless business, financial condition or results of operations.

 

·         Claims of infringement of intellectual property and proprietary rights of others, primarily involving patent infringement claims, could prevent TDS from using necessary technology to provide products or services or subject TDS to expensive intellectual property litigation or monetary penalties, which could have an adverse effect on TDS' business, financial condition or results of operations.

 

·         Certain matters, such as control by the TDS Voting Trust and provisions in the TDS Restated Certificate of Incorporation, may serve to discourage or make more difficult a change in control of TDS.

 

·         Any of the foregoing events or other events could cause revenues, earnings, capital expenditures and/or any other financial or statistical information to vary from TDS’ forward-looking estimates by a material amount.

 

 

TDS undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Readers should evaluate any statements in light of these important factors.

 

 

 

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