(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
Emerging growth company |
☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Exhibit Number | Description of Exhibits | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
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 hereunto duly authorized. | |||||||||||
UNITED STATES CELLULAR CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: | November 5, 2020 | By: | /s/ Douglas W. Chambers | ||||||||
Douglas W. Chambers | |||||||||||
Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
(principal financial officer) | |||||||||||
2020 Estimated Results | ||||||||
Previous | Current | |||||||
(Dollars in millions) | ||||||||
Service revenues | $3,000-$3,100 | $3,025-$3,075 | ||||||
Adjusted OIBDA1 | $725-$850 | $800-$875 | ||||||
Adjusted EBITDA1 | $900-$1,025 | $975-$1,050 | ||||||
Capital expenditures | $850-$950 | Unchanged |
Actual Results | |||||||||||||||||
2020 Estimated Results | Nine Months Ended September 30, 2020 | Year Ended December 31, 2019 | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Net income (GAAP) | N/A | $ | 227 | $ | 133 | ||||||||||||
Add back: | |||||||||||||||||
Income tax expense | N/A | 11 | 52 | ||||||||||||||
Income before income taxes (GAAP) | $165-$240 | $ | 238 | $ | 185 | ||||||||||||
Add back: | |||||||||||||||||
Interest expense | 110 | 76 | 110 | ||||||||||||||
Depreciation, amortization and accretion expense | 680 | 516 | 702 | ||||||||||||||
EBITDA (Non-GAAP)1 | $955-$1,030 | $ | 830 | $ | 997 | ||||||||||||
Add back or deduct: | |||||||||||||||||
(Gain) loss on asset disposals, net | 20 | 14 | 19 | ||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | (1) | ||||||||||||||
(Gain) loss on investments | — | (3) | — | ||||||||||||||
Adjusted EBITDA (Non-GAAP)1 | $975-$1,050 | $ | 841 | $ | 1,015 | ||||||||||||
Deduct: | |||||||||||||||||
Equity in earnings of unconsolidated entities | 170 | 137 | 166 | ||||||||||||||
Interest and dividend income | 5 | 6 | 17 | ||||||||||||||
Adjusted OIBDA (Non-GAAP)1 | $800-$875 | $ | 698 | $ | 832 |
United States Cellular Corporation | |||||||||||||||||||||||||||||
Summary Operating Data (Unaudited) | |||||||||||||||||||||||||||||
As of or for the Quarter Ended | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
Retail Connections | |||||||||||||||||||||||||||||
Postpaid | |||||||||||||||||||||||||||||
Total at end of period | 4,401,000 | 4,372,000 | 4,359,000 | 4,383,000 | 4,395,000 | ||||||||||||||||||||||||
Gross additions | 168,000 | 129,000 | 132,000 | 170,000 | 163,000 | ||||||||||||||||||||||||
Feature phones | 4,000 | 3,000 | 2,000 | 2,000 | 3,000 | ||||||||||||||||||||||||
Smartphones | 98,000 | 82,000 | 88,000 | 128,000 | 121,000 | ||||||||||||||||||||||||
Connected devices | 66,000 | 44,000 | 42,000 | 40,000 | 39,000 | ||||||||||||||||||||||||
Net additions (losses) | 28,000 | 12,000 | (26,000) | (12,000) | (19,000) | ||||||||||||||||||||||||
Feature phones | (8,000) | (8,000) | (10,000) | (11,000) | (11,000) | ||||||||||||||||||||||||
Smartphones | 8,000 | 11,000 | (10,000) | 13,000 | 9,000 | ||||||||||||||||||||||||
Connected devices | 28,000 | 9,000 | (6,000) | (14,000) | (17,000) | ||||||||||||||||||||||||
ARPU1 | $ | 47.10 | $ | 46.24 | $ | 47.23 | $ | 46.57 | $ | 46.16 | |||||||||||||||||||
ARPA2 | $ | 123.27 | $ | 120.70 | $ | 122.92 | $ | 120.99 | $ | 119.87 | |||||||||||||||||||
Churn rate3 | 1.06 | % | 0.89 | % | 1.21 | % | 1.38 | % | 1.38 | % | |||||||||||||||||||
Handsets | 0.88 | % | 0.71 | % | 0.95 | % | 1.11 | % | 1.09 | % | |||||||||||||||||||
Connected devices | 2.35 | % | 2.24 | % | 3.11 | % | 3.44 | % | 3.44 | % | |||||||||||||||||||
Prepaid | |||||||||||||||||||||||||||||
Total at end of period | 506,000 | 496,000 | 494,000 | 506,000 | 510,000 | ||||||||||||||||||||||||
Gross additions | 65,000 | 62,000 | 57,000 | 63,000 | 70,000 | ||||||||||||||||||||||||
Net additions (losses) | 11,000 | 2,000 | (12,000) | (3,000) | 9,000 | ||||||||||||||||||||||||
ARPU1 | $ | 35.45 | $ | 34.89 | $ | 34.07 | $ | 34.11 | $ | 34.35 | |||||||||||||||||||
Churn rate3 | 3.59 | % | 4.05 | % | 4.67 | % | 4.40 | % | 4.03 | % | |||||||||||||||||||
Total connections at end of period4 | 4,962,000 | 4,919,000 | 4,903,000 | 4,941,000 | 4,957,000 | ||||||||||||||||||||||||
Market penetration at end of period | |||||||||||||||||||||||||||||
Consolidated operating population | 31,314,000 | 31,292,000 | 31,292,000 | 30,740,000 | 31,310,000 | ||||||||||||||||||||||||
Consolidated operating penetration5 | 16 | % | 16 | % | 16 | % | 16 | % | 16 | % | |||||||||||||||||||
Capital expenditures (millions) | $ | 216 | $ | 168 | $ | 236 | $ | 243 | $ | 170 | |||||||||||||||||||
Total cell sites in service | 6,758 | 6,673 | 6,629 | 6,578 | 6,554 | ||||||||||||||||||||||||
Owned towers | 4,246 | 4,208 | 4,184 | 4,166 | 4,123 |
United States Cellular Corporation | |||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations Highlights | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
(Dollars and shares in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Service | $ | 775 | $ | 774 | – | $ | 2,290 | $ | 2,272 | 1 | % | ||||||||||||||||||||||||
Equipment sales | 252 | 257 | (2) | % | 674 | 698 | (3) | % | |||||||||||||||||||||||||||
Total operating revenues | 1,027 | 1,031 | – | 2,964 | 2,970 | – | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
System operations (excluding Depreciation, amortization and accretion reported below) | 203 | 199 | 2 | % | 580 | 568 | 2 | % | |||||||||||||||||||||||||||
Cost of equipment sold | 257 | 266 | (4) | % | 692 | 724 | (4) | % | |||||||||||||||||||||||||||
Selling, general and administrative | 335 | 358 | (6) | % | 994 | 1,027 | (3) | % | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 161 | 181 | (11) | % | 516 | 524 | (2) | % | |||||||||||||||||||||||||||
(Gain) loss on asset disposals, net | 6 | 5 | 15 | % | 14 | 13 | 10 | % | |||||||||||||||||||||||||||
(Gain) loss on sale of business and other exit costs, net | — | — | N/M | — | (1) | N/M | |||||||||||||||||||||||||||||
(Gain) loss on license sales and exchanges, net | — | 2 | N/M | — | — | N/M | |||||||||||||||||||||||||||||
Total operating expenses | 962 | 1,011 | (5) | % | 2,796 | 2,855 | (2) | % | |||||||||||||||||||||||||||
Operating income | 65 | 20 | N/M | 168 | 115 | 46 | % | ||||||||||||||||||||||||||||
Investment and other income (expense) | |||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated entities | 48 | 44 | 10 | % | 137 | 128 | 7 | % | |||||||||||||||||||||||||||
Interest and dividend income | 2 | 4 | (59) | % | 6 | 14 | (55) | % | |||||||||||||||||||||||||||
Gain (loss) on investments | 3 | — | N/M | 3 | — | N/M | |||||||||||||||||||||||||||||
Interest expense | (29) | (29) | – | (76) | (87) | 11 | % | ||||||||||||||||||||||||||||
Total investment and other income | 24 | 19 | 27 | % | 70 | 55 | 27 | % | |||||||||||||||||||||||||||
Income before income taxes | 89 | 39 | N/M | 238 | 170 | 40 | % | ||||||||||||||||||||||||||||
Income tax expense | 4 | 15 | (78) | % | 11 | 55 | (80) | % | |||||||||||||||||||||||||||
Net income | 85 | 24 | N/M | 227 | 115 | 98 | % | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of tax | — | 1 | (28) | % | 3 | 6 | (47) | % | |||||||||||||||||||||||||||
Net income attributable to UScellular shareholders | $ | 85 | $ | 23 | N/M | $ | 224 | $ | 109 | N/M | |||||||||||||||||||||||||
Basic weighted average shares outstanding | 86 | 86 | (1) | % | 86 | 87 | (1) | % | |||||||||||||||||||||||||||
Basic earnings per share attributable to UScellular shareholders | $ | 0.98 | $ | 0.27 | N/M | $ | 2.60 | $ | 1.26 | N/M | |||||||||||||||||||||||||
Diluted weighted average shares outstanding | 88 | 88 | (1) | % | 87 | 88 | (1) | % | |||||||||||||||||||||||||||
Diluted earnings per share attributable to UScellular shareholders | $ | 0.97 | $ | 0.27 | N/M | $ | 2.56 | $ | 1.24 | N/M |
United States Cellular Corporation | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(Dollars in millions) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 227 | $ | 115 | |||||||
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities | |||||||||||
Depreciation, amortization and accretion | 516 | 524 | |||||||||
Bad debts expense | 52 | 77 | |||||||||
Stock-based compensation expense | 25 | 32 | |||||||||
Deferred income taxes, net | 158 | (34) | |||||||||
Equity in earnings of unconsolidated entities | (137) | (128) | |||||||||
Distributions from unconsolidated entities | 118 | 99 | |||||||||
(Gain) loss on asset disposals, net | 14 | 13 | |||||||||
(Gain) loss on sale of business and other exit costs, net | — | (1) | |||||||||
(Gain) loss on investments | (3) | — | |||||||||
Other operating activities | 1 | 3 | |||||||||
Changes in assets and liabilities from operations | |||||||||||
Accounts receivable | 31 | (35) | |||||||||
Equipment installment plans receivable | 13 | (42) | |||||||||
Inventory | 5 | 3 | |||||||||
Accounts payable | 77 | (4) | |||||||||
Customer deposits and deferred revenues | (23) | (1) | |||||||||
Accrued taxes | (102) | 81 | |||||||||
Accrued interest | 14 | 9 | |||||||||
Other assets and liabilities | (36) | (24) | |||||||||
Net cash provided by operating activities | 950 | 687 | |||||||||
Cash flows from investing activities | |||||||||||
Cash paid for additions to property, plant and equipment | (690) | (439) | |||||||||
Cash paid for licenses | (169) | (257) | |||||||||
Cash received from investments | 1 | 29 | |||||||||
Cash paid for investments | (1) | (11) | |||||||||
Cash received from divestitures and exchanges | 1 | 32 | |||||||||
Other investing activities | 3 | (1) | |||||||||
Net cash used in investing activities | (855) | (647) | |||||||||
Cash flows from financing activities | |||||||||||
Issuance of long-term debt | 625 | — | |||||||||
Repayment of long-term debt | (6) | (14) | |||||||||
Common Shares reissued for benefit plans, net of tax payments | (12) | (8) | |||||||||
Repurchase of Common Shares | (23) | (21) | |||||||||
Payment of debt issuance costs | (20) | (1) | |||||||||
Distributions to noncontrolling interests | (2) | (3) | |||||||||
Other financing activities | — | (1) | |||||||||
Net cash provided by (used in) financing activities | 562 | (48) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 657 | (8) | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Beginning of period | 291 | 583 | |||||||||
End of period | $ | 948 | $ | 575 |
United States Cellular Corporation | |||||||||||
Consolidated Balance Sheet Highlights | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(Dollars in millions) | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 931 | $ | 285 | |||||||
Accounts receivable, net | 945 | 1,010 | |||||||||
Inventory, net | 157 | 162 | |||||||||
Prepaid expenses | 54 | 50 | |||||||||
Income taxes receivable | 174 | 46 | |||||||||
Other current assets | 28 | 20 | |||||||||
Total current assets | 2,289 | 1,573 | |||||||||
Assets held for sale | 19 | — | |||||||||
Licenses | 2,628 | 2,471 | |||||||||
Investments in unconsolidated entities | 467 | 447 | |||||||||
Property, plant and equipment, net | 2,322 | 2,207 | |||||||||
Operating lease right-of-use assets | 919 | 900 | |||||||||
Other assets and deferred charges | 536 | 566 | |||||||||
Total assets | $ | 9,180 | $ | 8,164 |
United States Cellular Corporation | |||||||||||
Consolidated Balance Sheet Highlights | |||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(Dollars in millions, except per share amounts) | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 2 | $ | 8 | |||||||
Accounts payable | 313 | 304 | |||||||||
Customer deposits and deferred revenues | 126 | 148 | |||||||||
Accrued taxes | 44 | 30 | |||||||||
Accrued compensation | 63 | 76 | |||||||||
Short-term operating lease liabilities | 113 | 105 | |||||||||
Other current liabilities | 69 | 79 | |||||||||
Total current liabilities | 730 | 750 | |||||||||
Deferred liabilities and credits | |||||||||||
Deferred income tax liability, net | 665 | 507 | |||||||||
Long-term operating lease liabilities | 877 | 865 | |||||||||
Other deferred liabilities and credits | 364 | 319 | |||||||||
Long-term debt, net | 2,108 | 1,502 | |||||||||
Noncontrolling interests with redemption features | 10 | 11 | |||||||||
Equity | |||||||||||
UScellular shareholders’ equity | |||||||||||
Series A Common and Common Shares, par value $1.00 per share | 88 | 88 | |||||||||
Additional paid-in capital | 1,654 | 1,629 | |||||||||
Treasury shares | (67) | (70) | |||||||||
Retained earnings | 2,736 | 2,550 | |||||||||
Total UScellular shareholders’ equity | 4,411 | 4,197 | |||||||||
Noncontrolling interests | 15 | 13 | |||||||||
Total equity | 4,426 | 4,210 | |||||||||
Total liabilities and equity | $ | 9,180 | $ | 8,164 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Cash flows from operating activities (GAAP) | $ | 257 | $ | 211 | $ | 950 | $ | 687 | |||||||||||||||
Less: Cash paid for additions to property, plant and equipment | 219 | 157 | 690 | 439 | |||||||||||||||||||
Free cash flow (Non-GAAP)1 | $ | 38 | $ | 54 | $ | 260 | $ | 248 |
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