ITTI(US:TDS)2025-02-21 12:38Financial Performance - TDS reported total operating revenues of $1,240 million for Q4 2024, a decrease of 5.5% from $1,313 million in Q4 2023[3] - Net income attributable to TDS common shareholders for Q4 2024 was $(11) million, improving from $(523) million in Q4 2023[3] - For the full year 2024, total operating revenues were $4,964 million, down from $5,160 million in 2023, representing a decline of 3.8%[5] - UScellular operating revenues decreased by 3% to $970 million for the three months ended December 31, 2024, compared to $1,000 million in 2023[30] - TDS Telecom operating revenues increased by 1% to $264 million for the three months ended December 31, 2024, compared to $261 million in 2023[30] - Total operating expenses decreased by 35% to $1,203 million for the three months ended December 31, 2024, compared to $1,837 million in 2023[30] - TDS reported a free cash flow of $(52) million for Q4 2024, compared to $(123) million in Q4 2023, while the full year free cash flow improved to $194 million from $(135) million[51] - UScellular's free cash flow for Q4 2024 was $(53) million, a decrease from $(44) million in Q4 2023, with a full year free cash flow of $280 million, up from $192 million[51] Customer Metrics - The company achieved a 27% growth in fixed wireless customers during 2024[8] - As of December 31, 2024, the total postpaid connections were 3,985,000, a decrease from 4,106,000 in the same period last year, reflecting a net loss of 14,000 connections[24] - The average revenue per user (ARPU) for postpaid was $51.73, slightly down from $51.61 a year ago, while the average revenue per account (ARPA) was $131.10, a decrease from $131.63[24] - The churn rate for postpaid connections increased to 1.29% from 1.22% in the previous year, indicating a decline in customer retention[24] - Total residential connections decreased to 935,600 from 952,900 year-over-year, with total broadband connections remaining stable at 553,000[27] - The total number of residential revenue per connection increased to $64.72 from $62.74 year-over-year, reflecting improved revenue generation per customer[27] - The total number of commercial connections decreased to 190,500 from 210,200 year-over-year, indicating a decline in the commercial segment[27] Capital Expenditures and Investments - Capital expenditures for TDS Telecom are expected to range from $375 million to $425 million in 2025[14] - Capital expenditures for the quarter were $162 million, up from $148 million in the same quarter last year, indicating increased investment in infrastructure[24] - Capital expenditures for UScellular were $162 million in Q4 2024, a 9% increase from $148 million in Q4 2023, while year-to-date capital expenditures decreased by 6%[42] Future Projections - TDS Telecom plans to expand its fiber network to over 150,000 new marketable service addresses in 2025[10] - The estimated total operating revenues for TDS Telecom in 2025 are projected to be between $1,030 million and $1,070 million[14] - Adjusted EBITDA for TDS Telecom is estimated to be between $320 million and $360 million for 2025[14] Income and Earnings - Basic earnings per share attributable to TDS common shareholders improved by 98% to $(0.10) for the three months ended December 31, 2024, compared to $(4.64) in 2023[31] - TDS's net income attributable to common shareholders for Q4 2024 was $(11) million, significantly improved from $(523) million in Q4 2023, while the full year net income was $(97) million compared to $(569) million[54] - TDS Telecom achieved a net income of $34 million in Q4 2024, a significant recovery from a net loss of $503 million in Q4 2023, with a total net income of $85 million for the year 2024 compared to a loss of $483 million in 2023[58] Operational Metrics - TDS Telecom's operating income for Q4 2024 was $49 million, a significant recovery from a loss of $538 million in Q4 2023[47] - UScellular's operating income (loss) for Q4 2024 was $(9) million, compared to $21 million in Q4 2023, indicating a significant decline[42] - UScellular's adjusted OIBDA (Non-GAAP) for Q4 2024 was $167 million, a decrease of 14% from $194 million in Q4 2023[42] - TDS Telecom's EBITDA (Non-GAAP) for Q4 2024 was $124 million, a substantial increase from a loss of $470 million in Q4 2023, with an annual EBITDA of $385 million in 2024 compared to a loss of $272 million in 2023[58] Debt and Assets - Total assets decreased to $13,682 million as of December 31, 2024, from $13,921 million in 2023[36] - Cash and cash equivalents increased to $364 million as of December 31, 2024, compared to $236 million in 2023[36] - Long-term debt decreased slightly to $4,051 million as of December 31, 2024, from $4,080 million in 2023[38] - TDS shareholders' equity decreased to $5,091 million as of December 31, 2024, from $5,202 million in 2023[38]