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| Delaware | 001-09712 | 62-1147325 | ||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
| Common Shares, $1 par value | USM | New York Stock Exchange | ||||||||||||||||||
| 6.25% Senior Notes due 2069 | UZD | New York Stock Exchange | ||||||||||||||||||
| 5.50% Senior Notes due 2070 | UZE | New York Stock Exchange | ||||||||||||||||||
| 5.50% Senior Notes due 2070 | UZF | New York Stock Exchange | ||||||||||||||||||
| ☐ | Emerging growth company |
||||
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||
| Exhibit Number | Description of Exhibits | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
| SIGNATURES | |||||||||||
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | |||||||||||
| UNITED STATES CELLULAR CORPORATION | |||||||||||
| Date: | May 2, 2025 | By: | /s/ Douglas W. Chambers | ||||||||
| Douglas W. Chambers | |||||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
United States Cellular Corporation | |||||||||||||||||||||||||||||
| Summary Operating Data (Unaudited) | |||||||||||||||||||||||||||||
| As of or for the Quarter Ended | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||||||||||||
| Retail Connections | |||||||||||||||||||||||||||||
| Postpaid | |||||||||||||||||||||||||||||
Total at end of period1 |
3,946,000 | 3,985,000 | 3,999,000 | 4,027,000 | 4,051,000 | ||||||||||||||||||||||||
| Gross additions | 105,000 | 140,000 | 123,000 | 117,000 | 106,000 | ||||||||||||||||||||||||
| Handsets | 68,000 | 93,000 | 84,000 | 73,000 | 63,000 | ||||||||||||||||||||||||
| Connected devices | 37,000 | 47,000 | 39,000 | 44,000 | 43,000 | ||||||||||||||||||||||||
Net additions (losses)1 |
(39,000) | (14,000) | (28,000) | (24,000) | (44,000) | ||||||||||||||||||||||||
| Handsets | (38,000) | (19,000) | (28,000) | (29,000) | (47,000) | ||||||||||||||||||||||||
| Connected devices | (1,000) | 5,000 | — | 5,000 | 3,000 | ||||||||||||||||||||||||
ARPU2 |
$ | 52.06 | $ | 51.73 | $ | 52.04 | $ | 51.45 | $ | 51.96 | |||||||||||||||||||
ARPA3 |
$ | 132.25 | $ | 131.10 | $ | 131.81 | $ | 130.41 | $ | 132.00 | |||||||||||||||||||
Handset upgrade rate4 |
3.1 | % | 4.8 | % | 3.5 | % | 4.1 | % | 4.5 | % | |||||||||||||||||||
Churn rate5 |
1.21 | % | 1.29 | % | 1.25 | % | 1.16 | % | 1.22 | % | |||||||||||||||||||
| Handsets | 1.03 | % | 1.08 | % | 1.07 | % | 0.97 | % | 1.03 | % | |||||||||||||||||||
| Connected devices | 2.40 | % | 2.67 | % | 2.47 | % | 2.47 | % | 2.52 | % | |||||||||||||||||||
| Prepaid | |||||||||||||||||||||||||||||
Total at end of period1 |
431,000 | 448,000 | 452,000 | 439,000 | 436,000 | ||||||||||||||||||||||||
| Gross additions | 38,000 | 46,000 | 57,000 | 50,000 | 41,000 | ||||||||||||||||||||||||
Net additions (losses)1 |
(17,000) | (4,000) | 13,000 | 3,000 | (13,000) | ||||||||||||||||||||||||
ARPU2 |
$ | 30.76 | $ | 30.59 | $ | 32.01 | $ | 32.37 | $ | 32.25 | |||||||||||||||||||
Churn rate5 |
4.17 | % | 3.70 | % | 3.30 | % | 3.60 | % | 4.06 | % | |||||||||||||||||||
| Market penetration at end of period | |||||||||||||||||||||||||||||
| Consolidated operating population | 31,390,000 | 32,550,000 | 32,550,000 | 32,550,000 | 32,550,000 | ||||||||||||||||||||||||
Consolidated operating penetration6 |
17 | % | 15 | % | 15 | % | 15 | % | 14 | % | |||||||||||||||||||
| Capital expenditures (millions) | $ | 53 | $ | 162 | $ | 120 | $ | 165 | $ | 131 | |||||||||||||||||||
| Total cell sites in service | 7,009 | 7,010 | 7,007 | 6,990 | 6,995 | ||||||||||||||||||||||||
| Owned towers | 4,413 | 4,409 | 4,407 | 4,388 | 4,382 | ||||||||||||||||||||||||
Number of colocations7 |
2,469 | 2,444 | 2,418 | 2,392 | 2,397 | ||||||||||||||||||||||||
Tower tenancy rate8 |
1.56 | 1.55 | 1.55 | 1.55 | 1.55 | ||||||||||||||||||||||||
| United States Cellular Corporation | |||||||||||||||||
| Consolidated Statement of Operations Highlights | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended March 31, |
|||||||||||||||||
| 2025 | 2024 | 2025 vs. 2024 |
|||||||||||||||
| (Dollars and shares in millions, except per share amounts) | |||||||||||||||||
| Operating revenues | |||||||||||||||||
| Service | $ | 741 | $ | 754 | (2) | % | |||||||||||
| Equipment sales | 150 | 196 | (24) | % | |||||||||||||
| Total operating revenues | 891 | 950 | (6) | % | |||||||||||||
| Operating expenses | |||||||||||||||||
| System operations (excluding Depreciation, amortization and accretion reported below) | 176 | 182 | (3) | % | |||||||||||||
| Cost of equipment sold | 178 | 216 | (18) | % | |||||||||||||
| Selling, general and administrative | 332 | 331 | — | ||||||||||||||
| Depreciation, amortization and accretion | 163 | 165 | (2) | % | |||||||||||||
| (Gain) loss on asset disposals, net | 2 | 6 | (65) | % | |||||||||||||
| (Gain) loss on license sales and exchanges, net | (1) | (1) | 18 | % | |||||||||||||
| Total operating expenses | 850 | 899 | (5) | % | |||||||||||||
| Operating income | 41 | 51 | (19) | % | |||||||||||||
| Other income (expense) | |||||||||||||||||
| Equity in earnings of unconsolidated entities | 36 | 42 | (14) | % | |||||||||||||
| Interest and dividend income | 3 | 2 | 20 | % | |||||||||||||
| Interest expense | (40) | (43) | 10 | % | |||||||||||||
| Total other income (expense) | (1) | 1 | N/M | ||||||||||||||
| Income before income taxes | 40 | 52 | (22) | % | |||||||||||||
| Income tax expense | 20 | 28 | (26) | % | |||||||||||||
| Net income | 20 | 24 | (17) | % | |||||||||||||
| Less: Net income attributable to noncontrolling interests, net of tax | 2 | 6 | (75) | % | |||||||||||||
| Net income attributable to UScellular shareholders | $ | 18 | $ | 18 | 3 | % | |||||||||||
| Basic weighted average shares outstanding | 85 | 85 | — | ||||||||||||||
| Basic earnings per share attributable to UScellular shareholders | $ | 0.21 | $ | 0.21 | 3 | % | |||||||||||
| Diluted weighted average shares outstanding | 88 | 88 | — | ||||||||||||||
| Diluted earnings per share attributable to UScellular shareholders | $ | 0.21 | $ | 0.20 | 2 | % | |||||||||||
| United States Cellular Corporation | |||||||||||
| Consolidated Statement of Cash Flows | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended March 31, |
|||||||||||
| 2025 | 2024 | ||||||||||
| (Dollars in millions) | |||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 20 | $ | 24 | |||||||
| Add (deduct) adjustments to reconcile net income to net cash flows from operating activities | |||||||||||
| Depreciation, amortization and accretion | 163 | 165 | |||||||||
| Bad debts expense | 20 | 29 | |||||||||
| Stock-based compensation expense | 17 | 13 | |||||||||
| Deferred income taxes, net | (8) | 4 | |||||||||
| Equity in earnings of unconsolidated entities | (36) | (42) | |||||||||
| Distributions from unconsolidated entities | 11 | 22 | |||||||||
| (Gain) loss on asset disposals, net | 2 | 6 | |||||||||
| (Gain) loss on license sales and exchanges, net | (1) | (1) | |||||||||
| Other operating activities | 1 | 1 | |||||||||
| Changes in assets and liabilities from operations | |||||||||||
| Accounts receivable | 1 | 16 | |||||||||
| Equipment installment plans receivable | 38 | 2 | |||||||||
| Inventory | 1 | 24 | |||||||||
| Accounts payable | (17) | (15) | |||||||||
| Customer deposits and deferred revenues | (8) | 5 | |||||||||
| Accrued taxes | 29 | 23 | |||||||||
| Accrued interest | 9 | 9 | |||||||||
| Other assets and liabilities | (82) | (82) | |||||||||
| Net cash provided by operating activities | 160 | 203 | |||||||||
| Cash flows from investing activities | |||||||||||
| Cash paid for additions to property, plant and equipment | (72) | (133) | |||||||||
| Cash paid for licenses | (2) | (11) | |||||||||
| Net cash used in investing activities | (74) | (144) | |||||||||
| Cash flows from financing activities | |||||||||||
| Issuance of long-term debt | — | 40 | |||||||||
| Repayment of long-term debt | (5) | (55) | |||||||||
| Tax payments, net of cash receipts, for stock-based compensation awards | (7) | — | |||||||||
| Repurchase of Common Shares | (21) | — | |||||||||
| Distributions to noncontrolling interests | (2) | (2) | |||||||||
| Cash paid for software license agreements | (9) | (9) | |||||||||
| Other financing activities | — | (2) | |||||||||
| Net cash used in financing activities | (44) | (28) | |||||||||
| Net increase in cash, cash equivalents and restricted cash | 42 | 31 | |||||||||
| Cash, cash equivalents and restricted cash | |||||||||||
| Beginning of period | 159 | 179 | |||||||||
| End of period | $ | 201 | $ | 210 | |||||||
United States Cellular Corporation | |||||||||||
| Consolidated Balance Sheet Highlights | |||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
| (Dollars in millions) | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 182 | $ | 144 | |||||||
| Accounts receivable, net | 925 | 955 | |||||||||
| Inventory, net | 178 | 179 | |||||||||
| Prepaid expenses | 63 | 46 | |||||||||
| Other current assets | 25 | 21 | |||||||||
| Total current assets | 1,373 | 1,345 | |||||||||
| Assets held for sale | 1 | — | |||||||||
| Licenses | 4,581 | 4,579 | |||||||||
| Investments in unconsolidated entities | 479 | 454 | |||||||||
| Property, plant and equipment, net | 2,394 | 2,502 | |||||||||
| Operating lease right-of-use assets | 925 | 926 | |||||||||
| Other assets and deferred charges | 612 | 643 | |||||||||
| Total assets | $ | 10,365 | $ | 10,449 | |||||||
| United States Cellular Corporation | |||||||||||
| Consolidated Balance Sheet Highlights | |||||||||||
| (Unaudited) | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||
| March 31, 2025 | December 31, 2024 | ||||||||||
| (Dollars in millions, except per share amounts) | |||||||||||
| Current liabilities | |||||||||||
| Current portion of long-term debt | $ | 26 | $ | 22 | |||||||
| Accounts payable | 207 | 242 | |||||||||
| Customer deposits and deferred revenues | 231 | 238 | |||||||||
| Accrued taxes | 57 | 30 | |||||||||
| Accrued compensation | 33 | 93 | |||||||||
| Short-term operating lease liabilities | 140 | 141 | |||||||||
| Other current liabilities | 113 | 118 | |||||||||
| Total current liabilities | 807 | 884 | |||||||||
| Deferred liabilities and credits | |||||||||||
| Deferred income tax liability, net | 720 | 728 | |||||||||
| Long-term operating lease liabilities | 824 | 822 | |||||||||
| Other deferred liabilities and credits | 570 | 570 | |||||||||
| Long-term debt, net | 2,829 | 2,837 | |||||||||
Noncontrolling interests with redemption features |
16 | 16 | |||||||||
| Equity | |||||||||||
| UScellular shareholders’ equity | |||||||||||
| Series A Common and Common Shares, par value $1.00 per share | 88 | 88 | |||||||||
| Additional paid-in capital | 1,800 | 1,783 | |||||||||
| Treasury shares | (125) | (112) | |||||||||
| Retained earnings | 2,822 | 2,818 | |||||||||
| Total UScellular shareholders’ equity | 4,585 | 4,577 | |||||||||
| Noncontrolling interests | 14 | 15 | |||||||||
| Total equity | 4,599 | 4,592 | |||||||||
| Total liabilities and equity | $ | 10,365 | $ | 10,449 | |||||||
| Three Months Ended March 31, |
|||||||||||||||||
| UScellular | 2025 | 2024 | 2025 vs. 2024 |
||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Operating Revenues | |||||||||||||||||
| Wireless | $ | 864 | $ | 925 | (7) | % | |||||||||||
| Towers | 61 | 58 | 5 | % | |||||||||||||
| Intra-company eliminations | (34) | (33) | (3) | % | |||||||||||||
| Total operating revenues | 891 | 950 | (6) | % | |||||||||||||
| Operating expenses | |||||||||||||||||
| Wireless | 844 | 896 | (6) | % | |||||||||||||
| Towers | 40 | 36 | 11 | % | |||||||||||||
| Intra-company eliminations | (34) | (33) | (3) | % | |||||||||||||
| Total operating expenses | 850 | 899 | (5) | % | |||||||||||||
| Operating income | $ | 41 | $ | 51 | (19) | % | |||||||||||
Adjusted OIBDA1 (Non-GAAP) |
$ | 215 | $ | 228 | (6) | % | |||||||||||
Adjusted EBITDA1 (Non-GAAP) |
$ | 254 | $ | 272 | (7) | % | |||||||||||
| Capital expenditures | $ | 53 | $ | 131 | (60) | % | |||||||||||
| Three Months Ended March 31, |
|||||||||||||||||
| UScellular Wireless | 2025 | 2024 | 2025 vs. 2024 |
||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Retail service | $ | 660 | $ | 678 | (3) | % | |||||||||||
| Other | 54 | 51 | 8 | % | |||||||||||||
| Service revenues | 714 | 729 | (2) | % | |||||||||||||
| Equipment sales | 150 | 196 | (24) | % | |||||||||||||
| Total operating revenues | 864 | 925 | (7) | % | |||||||||||||
| System operations (excluding Depreciation, amortization and accretion reported below) | 191 | 197 | (3) | % | |||||||||||||
| Cost of equipment sold | 178 | 216 | (18) | % | |||||||||||||
| Selling, general and administrative | 322 | 324 | — | ||||||||||||||
| Depreciation, amortization and accretion | 152 | 154 | (2) | % | |||||||||||||
| (Gain) loss on asset disposals, net | 2 | 6 | (73) | % | |||||||||||||
| (Gain) loss on license sales and exchanges, net | (1) | (1) | 18 | % | |||||||||||||
| Total operating expenses | 844 | 896 | (6) | % | |||||||||||||
| Operating income | $ | 20 | $ | 29 | (30) | % | |||||||||||
Adjusted OIBDA1 (Non-GAAP) |
$ | 182 | $ | 195 | (7) | % | |||||||||||
Adjusted EBITDA1 (Non-GAAP) |
$ | 182 | $ | 195 | (7) | % | |||||||||||
| Capital expenditures | $ | 51 | $ | 127 | (60) | % | |||||||||||
| Three Months Ended March 31, |
|||||||||||||||||
| UScellular Towers | 2025 | 2024 | 2025 vs. 2024 |
||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Third-party revenues | $ | 27 | $ | 25 | 6 | % | |||||||||||
| Intra-company revenues | 34 | 33 | 3 | % | |||||||||||||
| Total tower revenues | 61 | 58 | 5 | % | |||||||||||||
| System operations (excluding Depreciation, amortization and accretion reported below) | 19 | 18 | 4 | % | |||||||||||||
| Selling, general and administrative | 10 | 7 | 33 | % | |||||||||||||
| Depreciation, amortization and accretion | 11 | 11 | 5 | % | |||||||||||||
| Total operating expenses | 40 | 36 | 11 | % | |||||||||||||
| Operating income | $ | 21 | $ | 22 | (5) | % | |||||||||||
Adjusted OIBDA1 (Non-GAAP) |
$ | 33 | $ | 33 | (1) | % | |||||||||||
Adjusted EBITDA1 (Non-GAAP) |
$ | 33 | $ | 33 | (1) | % | |||||||||||
| Capital expenditures | $ | 2 | $ | 4 | (42) | % | |||||||||||
| Three Months Ended March 31, |
|||||||||||
| UScellular | 2025 | 2024 | |||||||||
| (Dollars in millions) | |||||||||||
| Cash flows from operating activities (GAAP) | $ | 160 | $ | 203 | |||||||
| Cash paid for additions to property, plant and equipment | (72) | (133) | |||||||||
| Cash paid for software license agreements | (9) | (9) | |||||||||
Free cash flow (Non-GAAP)1 |
$ | 79 | $ | 61 | |||||||
| Three Months Ended March 31, |
|||||||||||
| UScellular | 2025 | 2024 | |||||||||
| (Dollars in millions) | |||||||||||
| Net income (GAAP) | $ | 20 | $ | 24 | |||||||
| Add back or deduct: | |||||||||||
| Income tax expense | 20 | 28 | |||||||||
| Income before income taxes (GAAP) | 40 | 52 | |||||||||
| Add back: | |||||||||||
| Interest expense | 40 | 43 | |||||||||
| Depreciation, amortization and accretion expense | 163 | 165 | |||||||||
| EBITDA (Non-GAAP) | 243 | 260 | |||||||||
| Add back or deduct: | |||||||||||
| Expenses related to strategic alternatives review | 10 | 7 | |||||||||
| (Gain) loss on asset disposals, net | 2 | 6 | |||||||||
| (Gain) loss on license sales and exchanges, net | (1) | (1) | |||||||||
| Adjusted EBITDA (Non-GAAP) | 254 | 272 | |||||||||
| Deduct: | |||||||||||
| Equity in earnings of unconsolidated entities | 36 | 42 | |||||||||
| Interest and dividend income | 3 | 2 | |||||||||
| Adjusted OIBDA (Non-GAAP) | $ | 215 | $ | 228 | |||||||
| Three Months Ended March 31, |
|||||||||||
| UScellular Wireless | 2025 | 2024 | |||||||||
| (Dollars in millions) | |||||||||||
| EBITDA (Non-GAAP) | $ | 172 | $ | 183 | |||||||
| Add back or deduct: | |||||||||||
| Expenses related to strategic alternatives review | 9 | 7 | |||||||||
| (Gain) loss on asset disposals, net | 2 | 6 | |||||||||
| (Gain) loss on license sales and exchanges, net | (1) | (1) | |||||||||
| Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) | 182 | 195 | |||||||||
| Deduct: | |||||||||||
| Depreciation, amortization and accretion | 152 | 154 | |||||||||
| Expenses related to strategic alternatives review | 9 | 7 | |||||||||
| (Gain) loss on asset disposals, net | 2 | 6 | |||||||||
| (Gain) loss on license sales and exchanges, net | (1) | (1) | |||||||||
| Operating income (GAAP) | $ | 20 | $ | 29 | |||||||
| Three Months Ended March 31, |
|||||||||||
| UScellular Towers | 2025 | 2024 | |||||||||
| EBITDA (Non-GAAP) | $ | 32 | $ | 33 | |||||||
| Add back or deduct: | |||||||||||
| Expenses related to strategic alternatives review | 1 | — | |||||||||
| Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) | 33 | 33 | |||||||||
| Deduct: | |||||||||||
| Depreciation, amortization and accretion | 11 | 11 | |||||||||
| Expenses related to strategic alternatives review | 1 | — | |||||||||
| Operating income (GAAP) | $ | 21 | $ | 22 | |||||||