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Jane McCahon

Senior Vice President - Corporate Relations

Phone: 312.592.5379
jane.mccahon@tdsinc.com
Full Contact Info

TDS reports fourth quarter and full year 2021 results

02/17/2022
UScellular and TDS Telecom executing on strategic priorities; Provides 2022 guidance

CHICAGO, Feb. 17, 2022 /PRNewswire/ -- As previously announced, TDS will hold a teleconference onFebruary 18, 2022 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,372 million for the fourth quarter of 2021, versus $1,376 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $14 million and $0.11, respectively, for the fourth quarter of 2021 compared to $14 million and $0.12, respectively, in the same period one year ago.

TDS reported total operating revenues of $5,329 million and $5,225 million for the years ended 2021 and 2020, respectively. Net income attributable to TDS common shareholders and related diluted earnings per share were $117 million and $1.00, respectively, for the year ended 2021 compared to $226 million and $1.93, respectively, for the year ended 2020.

"The TDS Family of Companies made excellent progress toward our long-term strategic goals in 2021," said LeRoy T. Carlson, Jr., TDS President and CEO. "UScellular maintained cost discipline and generated positive momentum in the growth areas of its business, which include Business and Government, Prepaid, Fixed Wireless, and its tower portfolio. TDS Telecom continued its growth and transformation as a premier broadband provider, making tremendous progress in upgrading speeds and deploying fiber technology in both incumbent and expansion markets.

"At UScellular, higher ARPU helped drive service revenue growth year-over-year. UScellular continued to execute its regionalization strategy to optimize promotions and drive a deeper focus on customers. In 2021, significant progress was made on UScellular's multi-year network modernization program as the company made successful bids to accumulate mid-band spectrum to enable its 5G growth strategy. UScellular has a strong spectrum position, an outstanding network, robust distribution to both consumers and businesses, and an amazing team. In 2022, UScellular plans to use those capabilities to drive growth in its business, as well as long-term expansion of Return on Capital.

"TDS Telecom surpassed $1 billion in revenue and exceeded a half million total broadband connections in the year. In addition, TDS Telecom launched 2Gig broadband speeds in select markets and announced a goal to triple the number of fiber service addresses by 2026. In 2022, TDS Telecom will focus on executing its strategies by growing its broadband business and aggressively expanding its fiber footprint."

2022 Estimated Results

TDS' current estimates of full-year 2022 results for UScellular and TDS Telecom are shown below. Such estimates represent management's view as of February 17, 2022 and should not be assumed to be current as of any future date. TDS 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.

UScellular

2022 Estimated
Results


Actual Results for
the Year Ended
December 31, 2021

(Dollars in millions)




Service revenues

$3,100-$3,200


$3,115

Adjusted OIBDA1

$750-$900


$869

Adjusted EBITDA1

$925-$1,075


$1,054

Capital expenditures

$700-$800


$780





TDS Telecom

2022 Estimated

Results


Actual Results for
the Year Ended
December 31, 2021

(Dollars in millions)




Total operating revenues

$1,010-$1,040


$1,006

Adjusted OIBDA1

$260-$290


$310

Adjusted EBITDA1

$260-$290


$310

Capital expenditures

$500-$550


$411

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.


UScellular


TDS Telecom


2022 Estimated
Results


Actual Results for
the Year Ended
December 31,
2021


2022 Estimated
Results


Actual Results for
the Year Ended
December 31,
2021

(Dollars in millions)








Net income (GAAP)

N/A


$160


N/A


$90

Add back:








Income tax expense

N/A


20


N/A


24

Income before income taxes (GAAP)

$90-$240


$180


$40-$70


$114

Add back:








Interest expense

130


175



(5)

Depreciation, amortization and accretion expense

685


678


220


198

EBITDA (Non-GAAP)1

$905-$1,055


$1,033


$260-$290


$308

Add back or deduct:








(Gain) loss on asset disposals, net

20


23



2

(Gain) loss on sale of business and other exit costs, net


(2)



Adjusted EBITDA (Non-GAAP)1

$925-$1,075


$1,054


$260-$290


$310

Deduct:








Equity in earnings of unconsolidated entities

170


179



Interest and dividend income

5


6



1

Other, net




(1)

Adjusted OIBDA (Non-GAAP)1

$750-$900


$869


$260-$290


$310


Numbers may not foot due to rounding.

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. TDS does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 TDS' operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' 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, and gains and losses, 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 December 31, 2021, can be found on TDS' website at investors.tdsinc.com.

Stock Repurchase
During the fourth quarter of 2021, TDS repurchased 163,000 of its Common Shares for $3 million and UScellular repurchased 308,678 of its Common Shares for $10 million.

Conference Call Information
TDS will hold a conference call on February 18, 2022 at 9:00 a.m. Central Time.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.

About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; cable and wireline broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, BendBroadband and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 8,800 people as of December 31, 2021.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

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: intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; 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 TDS' businesses; the ability of the company to successfully construct and manage its networks; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; the impact, duration and severity of public health emergencies, such as the COVID-19 pandemic. 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 TDS' Form 10-K.

For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
UScellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com

United States Cellular Corporation

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

12/31/2021


9/30/2021


6/30/2021


3/31/2021


12/31/2020

Retail Connections










Postpaid










Total at end of period

4,380,000


4,391,000


4,399,000


4,406,000


4,412,000

Gross additions

165,000


145,000


141,000


143,000


171,000

Feature phones

3,000


2,000


3,000


3,000


2,000

Smartphones

122,000


103,000


98,000


101,000


117,000

Connected devices

40,000


40,000


40,000


39,000


52,000

Net additions (losses)

(12,000)


(8,000)


(6,000)


(6,000)


11,000

Feature phones

(7,000)


(7,000)


(7,000)


(9,000)


(9,000)

Smartphones

5,000


2,000


6,000


6,000


12,000

Connected devices

(10,000)


(3,000)


(5,000)


(3,000)


8,000

ARPU1,2

$        48.62


$        48.12


$        47.74


$        47.65


$        47.51

ARPA1,3

$      127.14


$      125.99


$      125.25


$      125.25


$      124.87

Churn rate4

1.35%


1.15%


1.11%


1.12%


1.21%

Handsets

1.10%


0.95%


0.88%


0.92%


1.01%

Connected devices

3.08%


2.59%


2.69%


2.53%


2.64%

Prepaid










Total at end of period

513,000


518,000


507,000


496,000


499,000

Gross additions

63,000


74,000


65,000


62,000


56,000

Net additions (losses)

(5,000)


11,000


10,000


(3,000)


(8,000)

ARPU2

$        34.53


$        35.05


$        35.64


$        35.25


$        35.15

Churn rate4

4.39%


4.09%


3.66%


4.37%


4.24%

Total connections at end of period5

4,973,000


4,972,000


4,967,000


4,961,000


4,968,000

Market penetration at end of period










Consolidated operating population

32,127,000


31,865,000


31,493,000


31,493,000


31,314,000

Consolidated operating penetration6

15%


16%


16%


16%


16%

Capital expenditures (millions)

$           321


$           185


$           148


$           125


$           320

Total cell sites in service

6,898


6,857


6,819


6,802


6,797

Owned towers

4,301


4,274


4,278


4,270


4,271




Due to rounding, the sum of quarterly results may not equal the total for the year.

1

Q3 2021 Postpaid ARPU and ARPA amounts exclude $9 million of postpaid revenue related to an out-of-period error recorded in the third 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:


Postpaid ARPU consists of total postpaid service revenues and postpaid connections.


Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

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

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.

5

Includes reseller and other connections.

6

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.

 

TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

12/31/2021


9/30/2021


6/30/2021


3/31/2021


12/31/2020

Residential connections










Broadband1










Wireline, Incumbent

250,200


252,100


249,200


243,700


242,500

Wireline, Expansion

36,900


32,600


28,300


24,100


20,400

Cable

203,200


202,700


201,200


199,500


196,400

Total Broadband

490,300


487,400


478,700


467,300


459,300

Video2










Wireline

66,100


65,900


64,800


63,000


63,000

Cable

75,400


77,200


78,400


79,600


81,400

Total Video

141,500


143,100


143,200


142,700


144,400

Voice3










Wireline

249,300


252,100


254,200


255,000


256,900

Cable

54,500


54,200


54,000


53,700


53,900

Total Voice

303,700


306,300


308,100


308,700


310,800

Total Residential connections

935,600


936,800


930,100


918,700


914,400

Commercial connections










Broadband1

35,700


35,400


34,900


34,400


34,000

Video2

18,100


18,200


19,100


19,400


19,700

Voice3

108,900


111,500


114,300


116,500


119,700

ManagedIP4

101,600


103,900


106,200


108,500


113,300

Total Commercial connections

264,300


269,000


274,400


278,800


286,700

Total connections

1,199,900


1,205,700


1,204,500


1,197,400


1,201,100











Residential revenue per connection5

$           57.86


$           57.75


$           57.66


$           56.97


$           55.66











Capital expenditures (millions)

$              151


$                91


$                99


$                70


$              147



Numbers may not foot due to rounding.

1

The individual customers provided high-speed internet access through various transmission technologies, including fiber, DSL, dedicated internet circuit technologies or cable modem service.

2

The individual customers provided video services.

3

The individual circuits connecting a customer to TDS' central office facilities that provide voice services or the billable number of lines into a building for voice services.

4

The number of telephone handsets, data lines and IP trunks providing communications using IP networking technology.

5

Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)


Three Months Ended
December 31,


Year Ended
December 31,


2021


2020


2021
vs. 2020


2021


2020


2021
vs. 2020

(Dollars and shares in millions, except per share amounts)












Operating revenues












UScellular

$ 1,068


$ 1,073



$ 4,122


$ 4,037


2%

TDS Telecom

254


248


2%


1,006


976


3%

All Other1

50


55


(9)%


201


212


(5)%


1,372


1,376



5,329


5,225


2%

Operating expenses












UScellular












Expenses excluding depreciation, amortization and accretion

887


895


(1)%


3,253


3,161


3%

Depreciation, amortization and accretion

169


168


1%


678


683


(1)%

(Gain) loss on asset disposals, net

8


11


(28)%


23


25


(9)%

(Gain) loss on sale of business and other exit costs, net

(1)



N/M


(2)



N/M

(Gain) loss on license sales and exchanges, net


(5)


N/M



(5)


N/M


1,063


1,069



3,952


3,864


2%

TDS Telecom












Expenses excluding depreciation, amortization and accretion

179


175


2%


696


663


5%

Depreciation, amortization and accretion

52


50


3%


198


203


(2)%

(Gain) loss on asset disposals, net

1



76%


2


1


N/M


231


226


2%


896


866


4%

All Other1












Expenses excluding depreciation and amortization

49


55


(11)%


200


211


(5)%

Depreciation and amortization

5


6


(19)%


19


23


(18)%

(Gain) loss on asset disposals, net



N/M


1


1


(62)%


54


60


(12)%


220


236


(6)%

Total operating expenses

1,348


1,355



5,068


4,966


2%

Operating income (loss)












UScellular

5


4


7%


170


173


(2)%

TDS Telecom

23


23



110


110


(1)%

All Other1

(4)


(6)


43%


(19)


(24)


21%


24


21


13%


261


259


1%

Investment and other income (expense)












Equity in earnings of unconsolidated entities

43


43


1%


182


181


Interest and dividend income

3


3


(17)%


11


15


(23)%

Gain (loss) on investments


(1)


N/M



2


N/M

Interest expense

(39)


(50)


22%


(232)


(168)


(38)%

Other, net



20%


(1)


(1)


15%

Total investment and other income (expense)

7


(5)


N/M


(40)


29


N/M

Income before income taxes

31


16


90%


221


288


(23)%

Income tax expense (benefit)

(5)



N/M


33


19


82%

Net income

36


16


N/M


188


269


(30)%

Less: Net income attributable to noncontrolling interests, net of tax

5


2


N/M


32


43


(27)%

Net income attributable to TDS shareholders

31


14


N/M


156


226


(31)%

TDS Preferred Share dividends

17



N/M


39



N/M

Net income attributable to TDS common shareholders

$       14


$     14


(2)%


$     117


$   226


(48)%













Basic weighted average shares outstanding

115


114



115


114


Basic earnings per share attributable to TDS common shareholders

$   0.12


$  0.12


(2)%


$   1.03


$  1.97


(48)%













Diluted weighted average shares outstanding

116


115



116


115


Diluted earnings per share attributable to TDS common shareholders

$   0.11


$  0.12


(4)%


$   1.00


$  1.93


(48)%



N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

1

Consists of TDS corporate, intercompany eliminations and all other business operations not included in the UScellular and TDS Telecom segments.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Year Ended December 31,

2021


2020

(Dollars in millions)




Cash flows from operating activities




Net income

$               188


$               269

Add (deduct) adjustments to reconcile net income to net cash flows from operating activities




Depreciation, amortization and accretion

895


909

Bad debts expense

60


77

Stock-based compensation expense

49


53

Deferred income taxes, net

52


190

Equity in earnings of unconsolidated entities

(182)


(181)

Distributions from unconsolidated entities

180


189

(Gain) loss on asset disposals, net

26


27

(Gain) loss on sale of business and other exit costs, net

(2)


(Gain) loss on license sales and exchanges, net


(5)

(Gain) loss on investments


(2)

Other operating activities

61


3

Changes in assets and liabilities from operations




Accounts receivable

(22)


(16)

Equipment installment plans receivable

(116)


(54)

Inventory

(25)


12

Accounts payable

(69)


173

Customer deposits and deferred revenues

43


4

Accrued taxes

(49)


(120)

Other assets and liabilities

14


4

Net cash provided by operating activities

1,103


1,532





Cash flows from investing activities




Cash paid for additions to property, plant and equipment

(1,131)


(1,338)

Cash paid for acquisitions, licenses and other intangible assets

(1,308)


(172)

Cash received from investments

3


1

Cash paid for investments


(3)

Cash received from divestitures and exchanges

3


26

Advance payments for license acquisitions

(20)


(30)

Other investing activities

(9)


5

Net cash used in investing activities

(2,462)


(1,511)





Cash flows from financing activities




Issuance of long-term debt

1,543


1,250

Repayment of long-term debt

(2,081)


(110)

Issuance of TDS Preferred Shares

1,110


TDS Common Shares reissued for benefit plans, net of tax payments

(5)


(3)

UScellular Common Shares reissued for benefit plans, net of tax payments

(16)


(11)

Repurchase of TDS Common Shares

(8)


(14)

Repurchase of UScellular Common Shares

(31)


(23)

Dividends paid to TDS shareholders

(119)


(78)

Payment of debt and equity issuance costs

(62)


(41)

Distributions to noncontrolling interests

(3)


(2)

Payments to acquire additional interest in subsidiaries


(11)

Other financing activities

(7)


Net cash provided by (used in) financing activities

321


957





Net increase (decrease) in cash, cash equivalents and restricted cash

(1,038)


978





Cash, cash equivalents and restricted cash




Beginning of period

1,452


474

End of period

$               414


$            1,452

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


ASSETS


December 31,

2021


2020

(Dollars in millions)




Current assets




Cash and cash equivalents

$                   367


$                1,429

Short-term investments


3

Accounts receivable, net

1,151


1,112

Inventory, net

178


154

Prepaid expenses

103


105

Income taxes receivable

184


187

Other current assets

61


36

Total current assets

2,044


3,026





Assets held for sale

18


2





Licenses

4,097


2,638





Goodwill

547


547





Other intangible assets, net

197


213





Investments in unconsolidated entities

479


477





Property, plant and equipment, net

4,361


3,972





Operating lease right-of-use assets

1,040


998





Other assets and deferred charges

710


652





Total assets

$              13,493


$              12,525

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


LIABILITIES AND EQUITY


December 31,

2021


2020

(Dollars in millions, except per share amounts)




Current liabilities




Current portion of long-term debt

$                        6


$                        5

Accounts payable

481


508

Customer deposits and deferred revenues

236


193

Accrued interest

10


16

Accrued taxes

45


69

Accrued compensation

137


132

Short-term operating lease liabilities

141


129

Other current liabilities

124


101

Total current liabilities

1,180


1,153





Liabilities held for sale


1





Deferred liabilities and credits




Deferred income tax liability, net

921


863

Long-term operating lease liabilities

960


940

Other deferred liabilities and credits

759


541





Long-term debt, net

2,928


3,424





Noncontrolling interests with redemption features

11


10





Equity




TDS shareholders' equity




Series A Common and Common Shares, par value $0.01 per share

1


1

Capital in excess of par value

2,496


2,482

Preferred Shares, par value $0.01 per share

1,074


Treasury shares, at cost

(461)


(477)

Accumulated other comprehensive income (loss)

5


(4)

Retained earnings

2,812


2,802

Total TDS shareholders' equity

5,927


4,804





Noncontrolling interests

807


789





Total equity

6,734


5,593





Total liabilities and equity

$              13,493


$              12,525

 

Balance Sheet Highlights

(Unaudited)



December 31, 2021


UScellular


TDS
Telecom


TDS
Corporate
& Other


Intercompany
Eliminations


TDS
Consolidated

(Dollars in millions)










Cash and cash equivalents

$                 156


$                  101


$                  210


$                (100)


$                 367











Licenses, goodwill and other intangible assets

$              4,088


$                  746


$                      7


$                    —


$              4,841

Investment in unconsolidated entities

439


4


44


(8)


479


$              4,527


$                  750


$                    51


$                    (8)


$              5,320











Property, plant and equipment, net

$              2,606


$               1,665


$                    90


$                    —


$              4,361











Long-term debt, net:










Current portion

$                      3


$                    —


$                      3


$                    —


$                     6

Non-current portion

2,728


3


197



2,928


$               2,731


$                      3


$                  200


$                    —


$              2,934

 

TDS Telecom Highlights

(Unaudited)



Three Months Ended
December 31,


Year Ended
December 31,


2021


2020


2021 vs.
2020


2021


2020


2021 vs.
2020

(Dollars in millions)












Operating revenues












Residential












Wireline, Incumbent

$         86


$         84


3%


$       345


$       330


4%

Wireline, Expansion

10


6


67%


34


19


74%

Cable

66


63


6%


263


245


8%

Total residential

162


153


6%


641


594


8%

Commercial

45


48


(7)%


183


194


(6)%

Wholesale

46


47


(2)%


181


187


(3)%

Total service revenues

254


248


2%


1,005


975


3%

Equipment revenues



2%


1


1


(12)%

Total operating revenues

254


248


2%


1,006


976


3%













Cost of services

103


104


(1)%


404


392


3%

Cost of equipment and products



71%


1


1


(2)%

Selling, general and administrative

75


70


7%


291


270


8%

Depreciation, amortization and accretion

52


50


3%


198


203


(2)%

(Gain) loss on asset disposals, net

1



76%


2


1


N/M

Total operating expenses

231


226


2%


896


866


4%













Operating income

$         23


$         23



$       110


$       110


(1)%


N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

 

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations


Free Cash Flow



Three Months Ended
December 31,


Year Ended
December 31,


2021


2020


2021


2020

(Dollars in millions)








Cash flows from operating activities (GAAP)

$                 239


$                 366


$              1,103


$              1,532

Less: Cash paid for additions to property, plant and equipment

404


424


1,131


1,338

Free cash flow (Non-GAAP)1

$                (165)


$                  (58)


$                  (28)


$                 194



1

Free cash flow is a non-GAAP financial measure which TDS 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.

 

Cision View original content:https://www.prnewswire.com/news-releases/tds-reports-fourth-quarter-and-full-year-2021-results-301485275.html

SOURCE Telephone and Data Systems, Inc.

Copyright © 2017 Telephone and Data Systems, Inc. All Rights Reserved.

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