US Cellular Files Q2 2024 10-Q Amendment

TL;DR

**US Cellular amended its Q2 10-Q, showing debt and revenue details. Check for updates.**

AI Summary

United States Cellular Corp. filed an amended 10-Q on August 5, 2024, for the period ending June 30, 2024. The filing details financial information, including various senior notes such as the Six Point Two Five Percent 2069 Senior Notes and Five Point Five Percent Senior Notes. It also breaks down service and product revenue for the second quarter and year-to-date periods of 2024 compared to 2023.

Why It Matters

This amended filing provides updated financial details for United States Cellular Corp., crucial for investors and analysts assessing the company's performance and debt obligations.

Risk Assessment

Risk Level: low — This is an amended 10-Q filing, which typically involves corrections or clarifications rather than new material events.

Key Numbers

• Q2 2024 — Reporting Period (Second quarter financial data for 2024)
• YTD 2024 — Reporting Period (Year-to-date financial data for 2024)

Key Players & Entities

• UNITED STATES CELLULAR CORP (company) — Filer of the 10-Q/A
• 0000821130-24-000053 (filing_id) — Accession number for the filing
• 20240630 (date) — Period of report
• 20240805 (date) — Filing date
• SixPointTwoFivePercent2069SeniorNotesMember (debt_instrument) — Specific senior note mentioned
• FivePointFivePercentSeniorNotesMember (debt_instrument) — Specific senior note mentioned

FAQ

Key Financial Figures

• $1 — nge on which registered Common Shares, $1 par value USM New York Stock Exchange
• $4,400 m — n the Securities Purchase Agreement, of $4,400 million, which is payable in a combinatio
• $2,000 million — d the assumption of up to approximately $2,000 million in debt. The transaction is expected to
• $13 million — llular incurred third-party expenses of $13 million and $21 million, respectively, related
• $21 m — third-party expenses of $13 million and $21 million, respectively, related to the str
• $17 million — tnership) contributed pre-tax income of $17 million and $18 million for the three months en
• $18 million — buted pre-tax income of $17 million and $18 million for the three months ended June 30, 202
• $33 million — une 30, 2024 and 2023, respectively and $33 million and $38 million for the six months ende
• $38 million — 2023, respectively and $33 million and $38 million for the six months ended June 30, 2024
• $9 million — six months ended June 30, 2023 include $9 million of severance and related expenses assoc
• $12 million — rategic alternatives review expenses of $12 million and $20 million, respectively. 10 Ta
• $20 m — ives review expenses of $12 million and $20 million, respectively. 10 Table of Con

Filing Documents

• usm-20240630.htm (10-Q/A) — 1589KB
• usm6302024ex311.htm (EX-3.1) — 205KB
• usm6302024ex3111.htm (EX-31.1) — 9KB
• usm6302024ex3121.htm (EX-31.2) — 10KB
• usm6302024ex3211.htm (EX-32.1) — 5KB
• usm6302024ex3221.htm (EX-32.2) — 5KB
• usm-20240630_g1.jpg (GRAPHIC) — 9KB
• usm-20240630_g2.jpg (GRAPHIC) — 185KB
• usm-20240630_g3.jpg (GRAPHIC) — 161KB
• usm-20240630_g4.jpg (GRAPHIC) — 30KB
• usm-20240630_g5.jpg (GRAPHIC) — 49KB
• usm-20240630_g6.jpg (GRAPHIC) — 51KB
• usm-20240630_g7.jpg (GRAPHIC) — 28KB
• usm-20240630_g8.jpg (GRAPHIC) — 29KB
• 0000821130-24-000053.txt ( ) — 8830KB
• usm-20240630.xsd (EX-101.SCH) — 31KB
• usm-20240630_cal.xml (EX-101.CAL) — 64KB
• usm-20240630_def.xml (EX-101.DEF) — 240KB
• usm-20240630_lab.xml (EX-101.LAB) — 530KB
• usm-20240630_pre.xml (EX-101.PRE) — 377KB
• usm-20240630_htm.xml (XML) — 1189KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26

Financial Statements (Unaudited)

Financial Statements (Unaudited) 27 Consolidated Statement of Operations 27 Consolidated Statement of Cash Flows 28 Consolidated Balance Sheet 29 Consolidated Statement of Changes in Equity 31

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 35

Controls and Procedures

Controls and Procedures 47

Legal Proceedings

Legal Proceedings 47 Unregistered Sales of Equity Securities and Use of Proceeds 47 Other Information 48 Exhibits 49 Form 10-Q Cross Reference Index 50

Signatures

Signatures 51 Table of Contents United States Cellular Corporation

Management's Discussion and Analysis of

Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview The following discussion and analysis compares United States Cellular Corporation's (UScellular) financial results for the three and six months ended June 30, 2024, to the three and six months ended June 30, 2023. It should be read in conjunction with UScellular's interim consolidated financial statements and notes included herein, and with the description of UScellular's business, its audited consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) included in UScellular's Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2023. Certain numbers included herein are rounded to millions for ease of presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers. During the second quarter of 2024, UScellular modified its reporting structure due to the planned disposal of its wireless operations and, as a result, disaggregated its operations into two reportable segments – Wireless and Towers. This presentation reflects how UScellular's chief operating decision maker allocates resources and evaluates operating performance following this strategic shift. Prior periods have been updated to conform to the new reportable segments. See Note 11 — Business Segment Information in the Notes to Consolidated Financial Statements for additional information. This report contains statements that are not based on historical facts, which may be identified by words such as "believes," "anticipates," "estimates," "expects," "plans," "intends," "projects," "will" and similar expressions. These statements constitute and represent "forward looking statements" as this term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cau

View Full Filing

View this 10-Q/A filing on SEC EDGAR