US Cellular Q2 Revenue Dips Slightly to $964.1M

TL;DR

US Cellular Q2 revenue down slightly to $964.1M. Watch for competitive pressures.

AI Summary

United States Cellular Corp. reported its Q2 2024 results, with total operating revenues for the three months ended June 30, 2024, reaching $964.1 million, a slight decrease from $970.1 million in the same period of 2023. The company also reported total operating revenues of $1.93 billion for the six months ended June 30, 2024, down from $1.95 billion in the prior year. Specific details on net income or loss were not provided in this excerpt.

Why It Matters

This filing indicates a minor revenue decline for US Cellular, which could signal increased competition or market saturation in the telecommunications sector.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $964.1M — Q2 2024 Operating Revenue (Represents the company's top-line performance for the quarter.)
• $1.93B — Year-to-Date 2024 Operating Revenue (Shows the cumulative revenue performance for the first half of the year.)

Key Players & Entities

• UNITED STATES CELLULAR CORP (company) — Filer
• 0000821130 (company) — Central Index Key
• $964.1 million (dollar_amount) — Q2 2024 operating revenue
• $970.1 million (dollar_amount) — Q2 2023 operating revenue
• $1.93 billion (dollar_amount) — Year-to-date 2024 operating revenue
• $1.95 billion (dollar_amount) — Year-to-date 2023 operating revenue
• 20240630 (date) — Report period end date

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) — 1587KB
• usm6302024ex31.htm (EX-3.1) — 205KB
• usm6302024ex311.htm (EX-31.1) — 9KB
• usm6302024ex312.htm (EX-31.2) — 10KB
• usm6302024ex321.htm (EX-32.1) — 5KB
• usm6302024ex322.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
• 0000821130-24-000051.txt ( ) — 8827KB
• 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

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View this 10-Q filing on SEC EDGAR