United States Cellular Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United States Cellular Corp. filed its Q1 2024 10-Q report, detailing financial information and share structure.</b>

AI Summary

UNITED STATES CELLULAR CORP (UZD) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. The filing is a 10-Q report for United States Cellular Corp. for the period ending March 31, 2024. The company's principal business is radio telephone communications. Key financial statement items and share classes are tagged for the reporting period. Specific senior notes, including 6.25% 2069, 5.5% June 2070, and 5.5% Senior Notes, are referenced. The filing includes data for Common Class A and Class B members.

Why It Matters

For investors and stakeholders tracking UNITED STATES CELLULAR CORP, this filing contains several important signals. This 10-Q provides a quarterly update on the financial health and operational status of United States Cellular Corp. Investors and analysts can use this filing to assess the company's performance, debt structure, and equity composition in early 2024.

Risk Assessment

Risk Level: low — UNITED STATES CELLULAR CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to gauge the company's ongoing financial trajectory.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-01-01 — Prior Year Quarter Start Date (Reporting Period)

Key Players & Entities

• UNITED STATES CELLULAR CORP (company) — Filer name
• 0000821130 (company) — Central Index Key
• RADIO TELEPHONE COMMUNICATIONS (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• CHICAGO (company) — Business Address City
• IL (company) — Business Address State
• 60631 (company) — Business Address Zip
• 7733998900 (company) — Business Phone

FAQ

Industry Context

United States Cellular Corp. operates in the radio telephone communications industry, providing wireless services.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit 10-Q reports quarterly.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze revenue and expense trends for the first quarter of 2024.
3. Examine any disclosures related to debt instruments and equity structure.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update.

Key Financial Figures

• $1 — nge on which registered Common Shares, $1 par value USM New York Stock Exchange
• $7 million — llular incurred third-party expenses of $7 million related to the strategic alternatives r
• $10 million — ee months ended March 31, 2023, include $10 million of severance and related expenses assoc
• $16 million — rtnership) contributed pretax income of $16 million and $20 million for the three months en
• $20 million — ibuted pretax income of $16 million and $20 million for the three months ended March 31, 20
• $40 million — ded March 31, 2024, UScellular borrowed $40 million and repaid $50 million under the agreem
• $50 million — ellular borrowed $40 million and repaid $50 million under the agreement. As of March 31, 20
• $140 million — ing borrowings under the agreement were $140 million and the unused borrowing capacity was $
• $310 m — n and the unused borrowing capacity was $310 million, subject to sufficient collateral
• $75 million — l 2024, UScellular repaid an additional $75 million under the agreement. Debt Covenants T
• $550 million — ll year 2024 are expected to be between $550 million and $650 million. These expenditures ar
• $650 million — expected to be between $550 million and $650 million. These expenditures are expected to be
• $31 million — uivalents and restricted cash increased $31 million. Net cash provided by operating activit
• $203 million — sh provided by operating activities was $203 million due to net income of $24 million adjust
• $24 million — s was $203 million due to net income of $24 million adjusted for non-

Filing Documents

• usm-20240331.htm (10-Q) — 944KB
• usm3312024ex102.htm (EX-10.2) — 59KB
• usm3312024ex103.htm (EX-10.3) — 51KB
• usm3312024ex311.htm (EX-31.1) — 9KB
• usm3312024ex312.htm (EX-31.2) — 10KB
• usm3312024ex321.htm (EX-32.1) — 5KB
• usm3312024ex322.htm (EX-32.2) — 5KB
• usm-20240331_g1.jpg (GRAPHIC) — 9KB
• usm-20240331_g2.jpg (GRAPHIC) — 185KB
• usm-20240331_g3.jpg (GRAPHIC) — 161KB
• usm-20240331_g4.jpg (GRAPHIC) — 30KB
• usm-20240331_g5.jpg (GRAPHIC) — 41KB
• usm-20240331_g6.jpg (GRAPHIC) — 28KB
• usm-20240331_g7.jpg (GRAPHIC) — 24KB
• 0000821130-24-000028.txt (&nbsp;) — 6333KB
• usm-20240331.xsd (EX-101.SCH) — 26KB
• usm-20240331_cal.xml (EX-101.CAL) — 65KB
• usm-20240331_def.xml (EX-101.DEF) — 209KB
• usm-20240331_lab.xml (EX-101.LAB) — 478KB
• usm-20240331_pre.xml (EX-101.PRE) — 329KB
• usm-20240331_htm.xml (XML) — 585KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19

Financial Statements (Unaudited)

Financial Statements (Unaudited) 20 Consolidated Statement of Operations 20 Consolidated Statement of Cash Flows 21 Consolidated Balance Sheet 22 Consolidated Statement of Changes in Equity 24

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 26

Controls and Procedures

Controls and Procedures 33

Legal Proceedings

Legal Proceedings 33 Unregistered Sales of Equity Securities and Use of Proceeds 34 Other Information 34 Exhibits 35 Form 10-Q Cross Reference Index 36

Signatures

Signatures 37 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 months ended March 31, 2024, to the three months ended March 31, 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. 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 cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward looking statements. See the disclosure under the heading Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement elsewhere in this report for additional information. The accounting policies of UScellular conform to accounting principles generally accepted in the United States of America (GAAP). However, UScellular uses certain "non-GAAP financial measures" in the MD&A. A discussion of the reasons UScellular determines t

View Full Filing

View this 10-Q filing on SEC EDGAR