UNITED STATES CELLULAR CORP
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
AD$29.98-4.4%Stored close · as of Nov 6, 2026
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Consolidated Statement of Operations
| Year Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| (Dollars and shares in millions, except per share amounts) | |||
| Operating revenues | |||
| Service | $3,044 | $3,125 | $3,115 |
| Equipment sales | 862 | 1,044 | 1,007 |
| Total operating revenues | 3,906 | 4,169 | 4,122 |
| Operating expenses | |||
| System operations (excluding Depreciation, amortization and accretion reported below) | 740 | 755 | 790 |
| Cost of equipment sold | 988 | 1,216 | 1,118 |
| Selling, general and administrative | 1,368 | 1,408 | 1,345 |
| Depreciation, amortization and accretion | 656 | 700 | 678 |
| Loss on impairment of licenses | — | 3 | — |
| (Gain) loss on asset disposals, net | 17 | 19 | 23 |
| (Gain) loss on sale of business and other exit costs, net | — | (1) | (2) |
| (Gain) loss on license sales and exchanges, net | (2) | — | — |
| Total operating expenses | 3,767 | 4,100 | 3,952 |
| Operating income | 139 | 69 | 170 |
| Investment and other income (expense) | |||
| Equity in earnings of unconsolidated entities | 158 | 158 | 179 |
| Interest and dividend income | 10 | 8 | 6 |
| Interest expense | (196) | (163) | (175) |
| Total investment and other income (expense) | (28) | 3 | 10 |
| Income before income taxes | 111 | 72 | 180 |
| Income tax expense | 53 | 37 | 20 |
| Net income | 58 | 35 | 160 |
| Less: Net income attributable to noncontrolling interests, net of tax | 4 | 5 | 5 |
| Net income attributable to UScellular shareholders | $54 | $30 | $155 |
| Basic weighted average shares outstanding | 85 | 85 | 86 |
| Basic earnings per share attributable to UScellular shareholders | $0.64 | $0.35 | $1.80 |
| Diluted weighted average shares outstanding | 87 | 86 | 87 |
| Diluted earnings per share attributable to UScellular shareholders | $0.63 | $0.35 | $1.77 |
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