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Jun 30, 2023
TDS Q2 2023 Earnings Report
TDS reported mixed results for Q2 2023, with revenue decline offset by progress in key growth areas and cost containment.
Key Takeaways
TDS reported a decrease in total operating revenues to $1,267 million, compared to $1,349 million in the same period last year. Net loss attributable to TDS common shareholders was $(19) million, or $(0.17) per share, compared to a net income of $18 million, or $0.15 per share, in the prior year. UScellular focused on improving subscriber trajectory and executing growth initiatives, while TDS Telecom saw growth in residential broadband connections and revenue.
UScellular focused on improving subscriber trajectory by reducing postpaid churn and executing on growth initiatives.
UScellular fixed wireless customers grew 66% to 96,000, and tower rental revenues increased by 10%.
TDS Telecom delivered 66,000 fiber service addresses through June and remains on track to deliver 175,000 fiber addresses by the end of 2023.
TDS Telecom experienced growth in 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. These estimates represent management's view as of August 4, 2023, and are subject to change.
Positive Outlook
- UScellular service revenues are estimated to be between $3,025 million and $3,075 million.
- UScellular adjusted OIBDA is projected to be between $750 million and $850 million.
- UScellular adjusted EBITDA is expected to range from $925 million to $1,025 million.
- TDS Telecom total operating revenues are expected to remain unchanged at $1,030 million to $1,060 million.
- TDS Telecom adjusted OIBDA is anticipated to be between $270 million and $300 million.
Challenges Ahead
- The 2023 Estimated Results do not reflect any anticipated costs, expenses, or results of the strategic review for UScellular.
- Final results could differ materially from estimated results.
- 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 is no assurance that any strategic alternatives for UScellular will be successfully identified or completed.
Revenue & Expenses
Visualization of income flow from segment revenue to net income