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Mar 31, 2023
TDS Q1 2023 Earnings Report
TDS reported first quarter 2023 results and reaffirmed 2023 guidance.
Key Takeaways
TDS reported total operating revenues of $1,303 million for the first quarter of 2023, compared to $1,315 million for the same period one year ago. Net loss attributable to TDS common shareholders was $(9) million, or $(0.08) per share, compared to net income of $44 million, or $0.37 per share, in the same period one year ago. The company is focused on long-term strategic goals, with UScellular investing in network advancements and TDS Telecom deploying fiber in expansion markets.
UScellular is making significant investments in advancing its network.
TDS Telecom is executing its strategy to deploy fiber in expansion markets, with approximately 100 communities in various stages of development.
UScellular postpaid subscriber trends improved year over year, though net subscriber losses still occurred.
TDS Telecom increased residential broadband connections and residential revenue per connection.
TDS
TDS
TDS Revenue by Segment
Revenue by Segment
Array (formerly UScellular) Revenue
CapyFin.comTDS Telecom Revenue
CapyFin.comAll Other Revenue
CapyFin.com Forward Guidance
TDS provided estimates for full-year 2023 results for UScellular and TDS Telecom.
Positive Outlook
- UScellular service revenues are estimated to be between $3,050 million and $3,150 million.
- UScellular adjusted OIBDA is estimated to be between $725 million and $875 million.
- UScellular adjusted EBITDA is estimated to be between $875 million and $1,025 million.
- UScellular capital expenditures are estimated to be between $600 million and $700 million.
- TDS Telecom total operating revenues are estimated to be between $1,030 million and $1,060 million.
Challenges Ahead
- TDS has not completed the reconciliation to Net income because it does not provide guidance for income taxes.
- The impact of income taxes cannot be reasonably predicted.
- There can be no assurance that final results will not differ materially from estimated results.
- Estimates represent management’s view as of May 4, 2023 and should not be assumed to be current as of any future date.
- TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise.
Revenue & Expenses
Visualization of income flow from segment revenue to net income