Related Quotes  United States Cellular Corporation  63.46   0.18  0.28%  Enter Symbols:       UScellular reports third quarter 2024 results CHICAGO, Nov. 1, 2024 /PRNewswire/ -- As previously announced, UScellular will hold a teleconference on November 1, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com. United States Cellular Corporation (NYSE:USM) reported total operating revenues of $922 million for the third quarter of 2024, versus $963 million for the same period one year ago. Service revenues totaled $747 million, versus $762 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(79) million and $(0.92), respectively, for the third quarter of 2024 compared to $23 million and $0.26, respectively, in the same period one year ago. Net income attributable to UScellular shareholders excluding a 2024 license impairment (non-GAAP) of $136 million ($102 million, net of tax) and related Diluted earnings (loss) per share attributable to UScellular shareholders excluding a 2024 license impairment (non-GAAP) were $23 million and $0.26, respectively, for both the third quarter of 2024 and 2023. The impairment loss was substantially all related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands. Recent Highlights* Announced sale of select spectrum assets for $1 billion to Verizon in October 2024, and the sale of additional spectrum to two other mobile operators Improved wireless operating results Postpaid handset net losses improved Postpaid ARPU grew 2%; service revenues decreased 2% Prepaid net additions up Both postpaid and prepaid churn improved Fixed wireless customers grew 32% to 140,000 * Comparisons are 3Q'23 to 3Q'24 unless otherwise noted "Postpaid handset results improved year-over-year due to our promotional and retention actions," said Laurent C. Therivel, UScellular President and CEO. "While overall postpaid handset net adds remained negative, I am pleased with our improving subscriber trajectory. Solid postpaid ARPU growth coupled with strong expense discipline gives us confidence to raise our 2024 Adjusted EBITDA guidance. "Given that our network investments over the past few years have resulted in strong 5G coverage in our footprint, future network investments are expected to predominately focus on the deployment of our mid-band spectrum to enhance speed and capacity. "Additionally, I am very pleased that we recently announced agreements with multiple mobile network operators for the sale of portions of our retained spectrum licenses in exchange for proceeds of $1 billion. These transactions are part of our objective to opportunistically monetize the spectrum not included in the proposed T-Mobile transaction." Announced Transactions and Exploration of Strategic Alternatives for UScellular On May 28, 2024, Telephone and Data Systems, Inc. (TDS) and UScellular announced that they have entered into a definitive agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile. The transaction is expected to close in mid-2025, subject to regulatory approvals and the satisfaction of customary closing conditions. The T-Mobile transaction excluded UScellular's approximately 4,400 owned towers, its equity method investments, and approximately 70% of its spectrum assets. In October, UScellular announced a sale of select spectrum assets to Verizon for a portion of the remaining spectrum for $1 billion, and the sale of additional spectrum to two other mobile network operators for an undisclosed price. Each transaction is subject to regulatory approvals and the satisfaction of customary closing conditions and contingent upon the close of the proposed T-Mobile transaction. The process to opportunistically monetize the remaining spectrum assets continues. 2024 Estimated Results UScellular's current estimates of full-year 2024 results are shown below. Such estimates represent management's view as of November 1, 2024 and should not be assumed to be current as of any future date. UScellular undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results. 2024 Estimated Results Previous Current (Dollars in millions) Service revenues $2,950-$3,050 $2,950-$3,000 Adjusted OIBDA1, 2 (Non-GAAP) $750-$850 $800-$875 Adjusted EBITDA1, 2 (Non-GAAP) $920-$1,020 $970-$1,045 Capital expenditures $550-$650 $550-$600 The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) or Income (loss) before income taxes. In providing 2024 estimated results, UScellular has not completed the below reconciliation to Net income (loss) because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance. Actual Results 2024 Estimated Results2 Nine Months Ended September 30, 2024 Year Ended December 31, 2023 (Dollars in millions) Net income (loss) (GAAP) N/A ($37) $58 Add back: Income tax expense N/A 29 53 Income (loss) before income taxes (GAAP) $(35)-$40 ($8) $111 Add back: Interest expense 180 137 196 Depreciation, amortization and accretion expense 665 499 656 EBITDA (Non-GAAP)1 $810-$885 $628 $963 Add back or deduct: Expenses related to strategic alternatives review - 28 8 Loss on impairment of licenses 135 136 - (Gain) loss on asset disposals, net 20 14 17 (Gain) loss on license sales and exchanges, net 5 4 (2) Adjusted EBITDA (Non-GAAP)1 $970-$1,045 $810 $986 Deduct: Equity in earnings of unconsolidated entities 160 123 158 Interest and dividend income 10 9 10 Adjusted OIBDA (Non-GAAP)1 $800-$875 $678 $818 1 EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. UScellular does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of UScellular's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of UScellular while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for September 30, 2024, can be found on UScellular's website at investors.uscellular.com. 2 2024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above. Stock Repurchase During the third quarter of 2024, UScellular repurchased 474,074 of its Common Shares for $26 million. Conference Call Information UScellular will hold a conference call on November 1, 2024 at 9:00 a.m. Central Time. Access the live call on the Events & Presentations page of investors.uscellular.com or at https://events.q4inc.com/attendee/666898854 Access the call by phone at (888)330-2384 conference ID: 1328528. Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com. The call will be archived on the Events & Presentations page of investors.uscellular.com. About UScellular United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.5 million retail connections in 21 states. The Chicago-based company had 4,200 full- and part-time associates as of September 30, 2024. At the end of the third quarter of 2024, Telephone and Data Systems, Inc. owned approximately 83 percent of UScellular. For more information about UScellular, visit uscellular.com. 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: whether the announced transactions whereby UScellular has agreed to sell its wireless operations and selected spectrum assets will be successfully completed or whether UScellular will be able to find buyers at mutually agreeable prices for its remaining spectrum assets; whether any such strategic alternative will result in additional value for UScellular and its shareholders and whether the process will have an adverse impact on UScellular's business; strategic decisions regarding the tower business; intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; UScellular's smaller scale relative to larger competitors; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of UScellular's businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which UScellular does business; uncertainties in UScellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; potential conflicts of interests between TDS and UScellular; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of UScellular's Form 10-K, as updated by any UScellular Form 10-Q filed subsequent to such Form 10-K. For more information about UScellular, visit: www.uscellular.com United States Cellular Corporation Summary Operating Data (Unaudited) As of or for the Quarter Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Retail Connections Postpaid Total at end of period1 3,999,000 4,027,000 4,051,000 4,106,000 4,159,000 Gross additions 123,000 117,000 106,000 129,000 128,000 Handsets 84,000 73,000 63,000 80,000 84,000 Connected devices 39,000 44,000 43,000 49,000 44,000 Net additions (losses)1 (28,000) (24,000) (44,000) (50,000) (35,000) Handsets (28,000) (29,000) (47,000) (53,000) (38,000) Connected devices - 5,000 3,000 3,000 3,000 ARPU2 $ 52.04 $ 51.45 $ 51.96 $ 51.61 $ 51.11 ARPA3 $ 131.81 $ 130.41 $ 132.00 $ 131.63 $ 130.91 Handset upgrade rate4 3.5 % 4.1 % 4.5 % 5.8 % 4.5 % Churn rate5 1.25 % 1.16 % 1.22 % 1.44 % 1.30 % Handsets 1.07 % 0.97 % 1.03 % 1.22 % 1.11 % Connected devices 2.47 % 2.47 % 2.52 % 3.03 % 2.64 % Prepaid Total at end of period1 452,000 439,000 436,000 451,000 462,000 Gross additions 57,000 50,000 41,000 43,000 52,000 Net additions (losses)1 13,000 3,000 (13,000) (11,000) - ARPU2, 6 $ 32.01 $ 32.37 $ 32.25 $ 32.32 $ 33.44 Churn rate5 3.30 % 3.60 % 4.06 % 3.87 % 3.68 % Market penetration at end of period Consolidated operating population 32,550,000 32,550,000 32,550,000 32,350,000 32,350,000 Consolidated operating penetration7 15 % 15 % 14 % 15 % 15 % Capital expenditures (millions) $ 120 $ 165 $ 131 $ 148 $ 111 Total cell sites in service 7,007 6,990 6,995 7,000 6,973 Owned towers 4,407 4,388 4,382 4,373 4,356 Number of colocations8 2,418 2,392 2,397 2,390 2,406 Tower tenancy rate9 1.55 1.55 1.55 1.55 1.55 1 First quarter 2024 connections were adjusted to remove subscribers that could no longer access the UScellular network due to the CDMA shutdown. This resulted in 11,000 and 2,000 subscribers removed from the postpaid and prepaid base, respectively, that are not included in Net additions (losses) for the quarter. 2 Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below: 3 Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period. 4 Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections. 5 Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period. 6 Fourth quarter 2023 Prepaid ARPU excludes a $6 million reduction of prepaid revenue related to an adjustment to correct a prior period error recorded in the fourth quarter of 2023. 7 Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets. 8 Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower. 9 Average number of tenants that lease space on company-owned towers, measured on a per-tower basis. United States Cellular Corporation Consolidated Statement of Operations Highlights (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 vs. 2023 2024 2023 2024 vs. 2023 (Dollars and shares in millions, except per share amounts) Operating revenues Service $ 747 $ 762 (2) % $ 2,245 $ 2,289 (2) % Equipment sales 175 201 (13) % 554 617 (10) % Total operating revenues 922 963 (4) % 2,799 2,906 (4) % Operating expenses System operations (excluding Depreciation, amortization and accretion reported below) 180 185 (2) % 542 557 (3) % Cost of equipment sold 203 228 (11) % 630 708 (11) % Selling, general and administrative 324 333 (3) % 977 1,020 (4) % Depreciation, amortization and accretion 167 159 5 % 499 490 2 % Loss on impairment of licenses 136 - N/M 136 - N/M (Gain) loss on asset disposals, net 4 1 N/M 14 14 4 % (Gain) loss on license sales and exchanges, net (2) - N/M 4 - N/M Total operating expenses 1,012 906 12 % 2,802 2,789 - Operating income (loss) (90) 57 N/M (3) 117 N/M Investment and other income (expense) Equity in earnings of unconsolidated entities 43 40 9 % 123 121 2 % Interest and dividend income 4 3 28 % 9 8 17 % Interest expense (49) (50) 2 % (137) (147) 6 % Total investment and other expense (2) (7) 80 % (5) (18) 68 % Income (loss) before income taxes (92) 50 N/M (8) 99 N/M Income tax expense (benefit) (14) 27 N/M 29 56 (50) % Net income (loss) (78) 23 N/M (37) 43 N/M Less: Net income attributable to noncontrolling interests, net of tax 1 - (19) % 7 3 N/M Net income (loss) attributable to UScellular shareholders $ (79) $ 23 N/M $ (44) $ 40 N/M Basic weighted average shares outstanding 86 85 1 % 86 85 1 % Basic earnings (loss) per share attributable to UScellular shareholders $ (0.92) $ 0.26 N/M $ (0.51) $ 0.47 N/M Diluted weighted average shares outstanding 86 86 (1) % 86 86 (1) % Diluted earnings (loss) per share attributable to UScellular shareholders $ (0.92) $ 0.26 N/M $ (0.51) $ 0.47 N/M N/M - Percentage change not meaningful United States Cellular Corporation Consolidated Statement of Cash Flows (Unaudited) Nine Months Ended September 30, 2024 2023 (Dollars in millions) Cash flows from operating activities Net income (loss) $ (37) $ 43 Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities Depreciation, amortization and accretion 499 490 Bad debts expense 65 72 Stock-based compensation expense 37 14 Deferred income taxes, net (35) 41 Equity in earnings of unconsolidated entities (123) (121) Distributions from unconsolidated entities 106 97 Loss on impairment of licenses 136 - (Gain) loss on asset disposals, net 14 14 (Gain) loss on license sales and exchanges, net 4 - Other operating activities 3 4 Changes in assets and liabilities from operations Accounts receivable 30 30 Equipment installment plans receivable 12 20 Inventory 38 86 Accounts payable 12 (39) Customer deposits and deferred revenues (4) (16) Accrued taxes 46 12 Accrued interest 8 7 Other assets and liabilities (50) (35) Net cash provided by operating activities 761 719 Cash flows from investing activities Cash paid for additions to property, plant and equipment (399) (454) Cash paid for licenses (17) (24) Other investing activities 1 14 Net cash used in investing activities (415) (464) Cash flows from financing activities Issuance of long-term debt 40 115 Repayment of long-term debt (203) (395) Repayment of short-term debt - (60) Tax payments for stock-based compensation awards (11) (6) Repurchase of Common Shares (26) - Distributions to noncontrolling interests (4) (2) Cash paid for software license agreements (31) (28) Other financing activities (2) (2) Net cash used in financing activities (237) (378) Net increase (decrease) in cash, cash equivalents and restricted cash 109 (123) Cash, cash equivalents and restricted cash Beginning of period 179 308 End of period $ 288 $ 185 United States Cellular Corporation Consolidated Balance Sheet Highlights (Unaudited) ASSETS September 30, 2024 December 31, 2023 (Dollars in millions) Current assets Cash and cash equivalents $ 272 $ 150 Accounts receivable, net 918 957 Inventory, net 161 199 Prepaid expenses 55 57 Income taxes receivable - 1 Other current assets 21 36 Total current assets 1,427 1,400 Assets held for sale - 15 Licenses 4,576 4,693 Investments in unconsolidated entities 478 461 Property, plant and equipment, net 2,504 2,576 Operating lease right-of-use assets 912 915 Other assets and deferred charges 619 690 Total assets $ 10,516 $ 10,750 United States Cellular Corporation Consolidated Balance Sheet Highlights (Unaudited) LIABILITIES AND EQUITY September 30, 2024 December 31, 2023 (Dollars in millions, except per share amounts) Current liabilities Current portion of long-term debt $ 20 $ 20 Accounts payable 272 248 Customer deposits and deferred revenues 225 229 Accrued taxes 63 32 Accrued compensation 66 83 Short-term operating lease liabilities 139 135 Other current liabilities 124 154 Total current liabilities 909 901 Deferred liabilities and credits Deferred income tax liability, net 719 755 Long-term operating lease liabilities 813 831 Other deferred liabilities and credits 579 565 Long-term debt, net 2,882 3,044 Noncontrolling interests with redemption features 16 12 Equity UScellular shareholders' equity Series A Common and Common Shares, par value $1.00 per share 88 88 Additional paid-in capital 1,764 1,726 Treasury shares (83) (80) Retained earnings 2,813 2,892 Total UScellular shareholders' equity 4,582 4,626 Noncontrolling interests 16 16 Total equity 4,598 4,642 Total liabilities and equity $ 10,516 $ 10,750 United States Cellular Corporation Segment Results (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, UScellular 2024 2023 2024 vs. 2023 2024 2023 2024 vs. 2023 (Dollars in millions) Operating Revenues Wireless $ 896 $ 938 (4) % $ 2,722 $ 2,831 (4) % Towers 59 57 2 % 175 170 3 % Intra-company eliminations (33) (32) (3) % (98) (95) (3) % Total operating revenues 922 963 (4) % 2,799 2,906 (4) % Operating expenses Wireless 1,005 900 12 % 2,784 2,770 1 % Towers 40 38 4 % 116 114 1 % Intra-company eliminations (33) (32) (3) % (98) (95) (3) % Total operating expenses 1,012 906 12 % 2,802 2,789 - Operating income (loss) $ (90) $ 57 N/M $ (3) $ 117 N/M Adjusted OIBDA (Non-GAAP) $ 222 $ 220 1 % $ 678 $ 624 9 % Adjusted EBITDA (Non-GAAP) $ 269 $ 263 3 % $ 810 $ 753 8 % Capital expenditures $ 120 $ 111 8 % $ 415 $ 462 (10) % N/M - Percentage change not meaningful United States Cellular Corporation Segment Results (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, UScellular Wireless 2024 2023 2024 vs. 2023 2024 2023 2024 vs. 2023 (Dollars in millions) Retail service $ 669 $ 687 (3) % $ 2,014 $ 2,065 (2) % Other 52 50 5 % 154 149 4 % Service revenues 721 737 (2) % 2,168 2,214 (2) % Equipment sales 175 201 (13) % 554 617 (10) % Total operating revenues 896 938 (4) % 2,722 2,831 (4) % System operations (excluding Depreciation, amortization and accretion reported below) 193 199 (3) % 582 597 (2) % Cost of equipment sold 203 228 (11) % 630 708 (11) % Selling, general and administrative 316 324 (3) % 953 995 (4) % Depreciation, amortization and accretion 155 148 5 % 466 456 2 % Loss on impairment of licenses 136 - N/M 136 - N/M (Gain) loss on asset disposals, net 4 1 N/M 13 14 (1) % (Gain) loss on license sales and exchanges, net (2) - N/M 4 - N/M Total operating expenses 1,005 900 12 % 2,784 2,770 1 % Operating income (loss) $ (109) $ 38 N/M $ (62) $ 61 N/M Adjusted OIBDA (Non-GAAP) $ 191 $ 190 1 % $ 583 $ 534 9 % Adjusted EBITDA (Non-GAAP) $ 191 $ 190 1 % $ 583 $ 534 9 % Capital expenditures $ 114 $ 106 7 % $ 400 $ 452 (12) % Three Months Ended September 30, Nine Months Ended September 30, UScellular Towers 2024 2023 2024 vs. 2023 2024 2023 2024 vs. 2023 (Dollars in millions) Third-party revenues $ 26 $ 25 1 % $ 77 $ 75 2 % Intra-company revenues 33 32 3 % 98 95 3 % Total tower revenues 59 57 2 % 175 170 3 % System operations (excluding Depreciation, amortization and accretion reported below) 20 18 10 % 58 55 4 % Selling, general and administrative 8 9 (14) % 24 25 (7) % Depreciation, amortization and accretion 12 11 7 % 33 34 (1) % (Gain) loss on asset disposals, net - - N/M 1 - N/M Total operating expenses 40 38 4 % 116 114 1 % Operating income $ 19 $ 19 (1) % $ 59 $ 56 7 % Adjusted OIBDA (Non-GAAP) $ 31 $ 30 3 % $ 95 $ 90 6 % Adjusted EBITDA (Non-GAAP) $ 31 $ 30 3 % $ 95 $ 90 6 % Capital expenditures $ 6 $ 5 33 % $ 15 $ 10 61 % N/M - Percentage change not meaningful United States Cellular Corporation Financial Measures (Unaudited) Free Cash Flow Three Months Ended September 30, Nine Months Ended September 30, UScellular 2024 2023 2024 2023 (Dollars in millions) Cash flows from operating activities (GAAP) $ 245 $ 329 $ 761 $ 719 Cash paid for additions to property, plant and equipment (129) (103) (399) (454) Cash paid for software license agreements (11) (9) (31) (28) Free cash flow (Non-GAAP)1 $ 105 $ 217 $ 331 $ 237 1 Free cash flow is a non-GAAP financial measure which UScellular believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements. Licenses impairment, net of tax The following non-GAAP financial measure isolates the total effects on net income of the current period Loss on impairment of licenses at UScellular, including tax impacts. UScellular believes this measure may be useful to investors and other users of its financial information to assist in comparing the current period financial results with periods that were not impacted by such a charge. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars in millions) Net income (loss) attributable to UScellular shareholders (GAAP) $ (79) $ 23 $ (44) $ 40 Adjustments: Loss on impairment of licenses 136 - 136 - Deferred tax benefit on the tax-amortizable portion of the impaired licenses (34) - (34) - Subtotal of Non-GAAP adjustments 102 - 102 - Net income attributable to UScellular shareholders excluding licenses impairment charge (Non-GAAP) $ 23 $ 23 $ 58 $ 40 Diluted weighted average shares outstanding used for diluted earnings (loss) per share attributable to UScellular shareholders 86 86 86 86 Diluted weighted average shares outstanding used for diluted earnings (loss) per share attributable to UScellular shareholders excluding licenses impairment charge 88 86 88 86 Diluted earnings (loss) per share attributable to UScellular shareholders (GAAP) $ (0.92) $ 0.26 $ (0.51) $ 0.47 Adjustments: Loss on impairment of licenses 1.56 - 1.55 - Deferred tax benefit on the tax-amortizable portion of the impaired licenses (0.38) - (0.38) - Diluted earnings (loss) per share attributable to UScellular shareholders excluding licenses impairment charge (Non-GAAP) $ 0.26 $ 0.26 $ 0.66 $ 0.47 View original content:https://www.prnewswire.com/news-releases/uscellular-reports-third-quarter-2024-results-302293717.html SOURCE United States Cellular Corporation   back