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U.S. Cellular Reports Third Quarter 2012 Results

Announces Transaction to Exit Certain Midwest Markets

CHICAGO, Nov. 7, 2012 /PRNewswire/ --

Note: Comparisons are year over year unless otherwise noted.

3Q 2012 Highlights

  • Retail gross additions increased 23 percent resulting in a net gain of 19,000 retail customers, compared to a net loss of 23,000 retail customers.
  • Postpaid gross additions increased 7 percent and postpaid churn increased to 1.7 percent, resulting in a net loss of 38,000 postpaid customers in the quarter.  Postpaid customers comprised 93 percent of retail customers.
  • Prepaid gross additions increased 71 percent, driven by the introduction of U Prepaid in select Walmart stores, and prepaid churn decreased to 5.9 percent, resulting in a net increase of 57,000 prepaid customers in the quarter.
  • Total revenues increased 3 percent; service revenues remained steady at $1,036.4 million.
  • Postpaid ARPU (average revenue per user) increased 4 percent to $54.34 from $52.41; total ARPU increased 3 percent to $59.57 from $58.09.
  • Postpaid smartphone customers increased to 38.6 percent of customers from 26.2 percent. Smartphones as a percent of total devices sold increased to 53.0 percent from 39.9 percent; 50 percent of smartphones sold were 4G.
  • Cell sites in service increased 2 percent to 7,984, of which 4,545 are owned towers.
  • 4G LTE network now covers 30 percent of customers; expect to reach 58 percent of customers by year end.

As previously announced, U.S. Cellular will hold a teleconference Nov. 7, 2012 at 7:30 a.m. CST. Interested parties may listen to the call live by accessing the Investor Relations page of www.uscellular.com or www.teldta.com.

United States Cellular Corporation (NYSE:USM) reported service revenues of $1,036.4 million for the third quarter of 2012 and $1,036.6 million in the comparable period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $35.5 million and $0.42, respectively, for the third quarter of 2012, compared to $62.1 million and $0.73, respectively, in the comparable period one year ago.

"We achieved some positive milestones in the quarter, including retail customer growth driven by strong results in the prepaid segment of our business, and migration of customers to our 4G LTE network," said Mary N. Dillon, U.S. Cellular president and CEO, "though postpaid churn remained elevated and profitability was impacted by device subsidies and the expected decline in regulatory support.

"Sales of our U Prepaid service at Walmart drove prepaid net additions. We're now leveraging this important distribution channel to offer postpaid service in more than 400 Walmart stores, and we'll continue to explore new opportunities to bring our services and products to more customers.

"We increased gross postpaid customers seven percent through effective marketing and sales programs such as our new Hello Better advertising campaign and by offering high-demand devices like the Samsung Galaxy S® III, though our postpaid churn rate remained high. Profitability declined, however, as we incurred higher subsidies to encourage adoption of 4G LTE devices, which represented 50 percent of smartphone sales. While the cost to subsidize these devices has a short-term impact on profitability, we expect longer-term benefits as customers migrate to the more efficient 4G LTE network, including growth in ARPU and lower capital expenditures for our legacy networks."

U.S. Cellular Strategic Actions

In a separate release, U.S. Cellular also announced today two strategic actions designed to increase focus on markets where it has strong positions and streamline operations to increase overall efficiency and effectiveness. The company has entered into a definitive agreement with Sprint, who will purchase its customers and PCS spectrum in certain Midwest markets. U.S. Cellular will also transition the operations of its Bolingbrook, Ill., customer care center to an existing vendor partner. Further information can be found on the U.S. Cellular Investor Relations website.

Guidance for year ending Dec. 31, 2012                             

Guidance for the year ending Dec. 31, 2012, as of Nov. 7, 2012, before the effects of the Sprint Transaction is provided below, compared to the previous guidance provided on Aug. 3, 2012. U.S. Cellular undertakes no duty to update such information, whether as a result of new information, future events, or otherwise.  There can be no assurance that final results will not differ materially from this guidance. 


2012 Estimated Results (1)


Previous Estimates (2)

Service revenues

$4,075-$4,125 million


$4,050-$4,150 million

Operating income (3)

$200-$250 million


$200-$300 million

Depreciation, amortization and accretion expenses,




   and impairment of assets and net gain




   or loss on asset disposals and exchanges (3)

Approx. $600 million


Unchanged

Adjusted OIBDA (3) (4)

$800-$850 million


$800-$900 million

Capital expenditures

Approx. $850 million


Unchanged





(1)

These estimates are based on U.S. Cellular's current plans, which include a multi-year deployment of 4G LTE technology which commenced in 2011.  New developments or changing conditions (such as customer net growth, customer demand for data services or possible acquisitions, dispositions or exchanges) could affect U.S. Cellular's plans and, therefore, its 2012 estimated results. These estimates are before the effects of the definitive agreement signed with Sprint, who will purchase U.S. Cellular customers and PCS Spectrum in certain Midwest markets. The Company expects to incur incremental operating expenses in the fourth quarter of 2012 in the range of $30 to $60 million for severance, incremental accelerated depreciation, asset write-downs and other costs related to this transaction, which will decrease Operating income, increase Depreciation, amortization and accretion expenses, and impairment of assets and net gain or loss on asset disposals and exchanges, and decrease OIBDA.   

(2)

The 2012 Estimated Results as disclosed in U.S. Cellular's Quarterly Report on Form 10-Q for the period ended June 30, 2012.

(3)

The 2012 Estimated Results do not include any estimate for unrecognized net gains or losses related to disposals and exchanges of assets or losses on impairment of assets (since such transactions and their effects are uncertain).

(4)

Adjusted OIBDA is defined as operating income excluding the effects of: depreciation, amortization and accretion (OIBDA); the loss on impairment of assets (if any); and the net gain or loss on asset disposals and exchanges (if any).  Adjusted OIBDA excludes the loss on impairment of assets (if any) and net gain or loss on asset disposals and exchanges (if any) in order to show operating results on a more comparable basis from period to period.  U.S. Cellular does not intend to imply that any of such amounts that are excluded are non-recurring, infrequent or unusual; such gains or losses may occur in the future.


Adjusted OIBDA may also be commonly referred to by management as operating cash flow. U.S. Cellular believes this measure provides useful information to investors regarding U.S. Cellular's financial condition and results of operations because it highlights certain key cash and non-cash items and their impacts on cash flows from operating activities. This amount should not be confused with Cash flows from operating activities, which is a component of the Consolidated Statement of Cash Flows.


Conference call information

U.S. Cellular will hold a conference call on Nov. 7, 2012 at 7:30 a.m. CST.

Before the call, certain financial and statistical information to be discussed during the call will be posted to the Investor Relations page of www.uscellular.com. The call will be archived on the Conference Calls page of www.uscellular.com.

About U.S. Cellular

United States Cellular Corporation, the nation's seventh-largest wireless carrier, provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to approximately 5.8 million customers in 26 states. The Chicago-based company employed approximately 8,400 people as of Sept. 30, 2012. At the end of the third quarter of 2012, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular.

Visit www.uscellular.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: impacts of the Sprint Transaction including, but not limited to, the ability to obtain regulatory approval, successfully complete the transaction and the financial impacts of such transaction; the ability of the company to successfully manage and grow its markets; the overall economy; competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded our debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of handset devices, or the mix of products and services offered by the company. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by U.S. Cellular to furnish this press release to the Securities and Exchange Commission ("SEC"), which are incorporated by reference herein.

United States Cellular Corporation

Summary Operating Data (Unaudited)

















Quarter Ended


9/30/2012



6/30/2012



3/31/2012



12/31/2011



9/30/2011

Total population
















Consolidated markets (1)


92,996,000



92,684,000



92,684,000



91,965,000



91,965,000


Consolidated operating markets (1)


46,966,000



46,966,000



46,966,000



46,888,000



46,888,000

Market penetration at end of period
















Consolidated markets (2)


6.2%



6.3%



6.3%



6.4%



6.5%


Consolidated operating markets (2)


12.4%



12.3%



12.4%



12.6%



12.7%

All customers
















Total at end of period


5,808,000



5,799,000



5,837,000



5,891,000



5,932,000


Gross additions


364,000



290,000



285,000



306,000



299,000


Net additions (losses)


9,000



(38,000)



(49,000)



(41,000)



(36,000)


Smartphones sold as a percent of
















    total devices sold (3)


53.0%



51.9%



54.1%



52.5%



39.9%

Retail customers
















Total at end of period


5,561,000



5,542,000



5,570,000



5,608,000



5,621,000


Smartphone penetration (3) (4)


38.6%



36.8%



34.4%



30.5%



26.2%


Gross additions


350,000



277,000



273,000



298,000



284,000


Net retail additions (losses) (5)


19,000



(28,000)



(34,000)



(13,000)



(23,000)


      Net postpaid additions (losses)


(38,000)



(48,000)



(38,000)



(20,000)



(34,000)


      Net prepaid additions (losses)


57,000



20,000



4,000



7,000



11,000

Service revenue components (000s)
















Retail service

$

884,219


$

889,219


$

888,527


$

882,091


$

871,199


Inbound roaming


106,132



86,363



80,132



93,353



107,810


Other


46,019



54,160



55,161



54,601



57,600

Total service revenues (000s)

$

1,036,370


$

1,029,742


$

1,023,820


$

1,030,045


$

1,036,609

Total ARPU (6)

$

59.57


$

59.05


$

58.21


$

58.13


$

58.09

Billed ARPU (7)

$

50.83


$

50.99


$

50.52


$

49.78


$

48.82

Postpaid ARPU (8)

$

54.34


$

54.42


$

54.00


$

53.35


$

52.41

Postpaid churn rate (9)


1.7%



1.6%



1.6%



1.6%



1.5%

Capital expenditures (000s)

$

199,100


$

183,200


$

201,300


$

276,400


$

248,000

Cell sites in service


7,984



7,932



7,875



7,882



7,828



(1)

Used only to calculate market penetration of consolidated markets and consolidated operating markets, respectively. See footnote (2) below.

(2)

Market Penetration is calculated by dividing the number of wireless customers at the end of the period by the total population of consolidated markets and consolidated operating markets, respectively, as estimated by Claritas®.

(3)

Smartphones represent wireless devices which run on an Android™, BlackBerry®, or Windows Mobile® operating system, excluding tablets.

(4)

Smartphone penetration is calculated by dividing postpaid smartphone customers by total postpaid customers.

(5)

Includes net postpaid additions (losses) and net prepaid additions (losses).

(6)

Total ARPU - Average monthly service revenue per user includes retail service, inbound roaming and other service revenues and is calculated by dividing total service revenues by the number of months in the period and by the average total customers during the period.

(7)

Billed ARPU - Average monthly billed revenue per user is calculated by dividing total retail service revenues by the number of months in the period and by the average total customers during the period. Retail service revenues include revenues attributable to postpaid, prepaid and reseller customers.

(8)

Postpaid ARPU - Average monthly revenue per postpaid user is calculated by dividing total retail service revenues from postpaid customers by the number of months in the period and by the average postpaid customers during the period.

(9)

Represents the percentage of the postpaid customer base that disconnects service each month. This amount represents the average postpaid churn rate for each respective quarterly period.




United States Cellular Corporation

Consolidated Statement of Operations Highlights

Three Months Ended September 30,

(Unaudited, dollars and shares in thousands, except per share amounts)































      Increase (Decrease)





2012


2011


Amount


Percent

Operating revenues
















Service

$

1,036,370



$

1,036,609



$

(239)





Equipment sales


103,987




73,830




30,157




41%



Total operating revenues


1,140,357




1,110,439




29,918




3%



















Operating expenses
















System operations (excluding Depreciation,

  amortization and accretion reported below)


249,245




241,852




7,393




3%


Cost of equipment sold


248,029




196,229




51,800




26%


Selling, general and administrative


438,526




438,774




(248)





Depreciation, amortization and accretion


145,151




141,664




3,487




2%


(Gain) loss on asset disposals and exchanges, net


11,327




(9,700)




21,027




>100%



Total operating expenses


1,092,278




1,008,819




83,459




8%



















Operating income


48,079




101,620




(53,541)




(53%)



















Investment and other income (expense)
















Equity in earnings of unconsolidated entities


24,816




21,929




2,887




13%


Interest and dividend income


935




869




66




8%


Interest expense


(9,501)




(11,522)




2,021




18%


Other, net


200




(97)




297




>100%



Total investment and other income (expense)


16,450




11,179




5,271




47%



















Income before income taxes


64,529




112,799




(48,270)




(43%)


Income tax expense


22,389




43,292




(20,903)




(48%)



















Net income


42,140




69,507




(27,367)




(39%)


Less: Net income attributable to noncontrolling

  interests, net of tax


(6,689)




(7,367)




678




9%

Net income attributable to U.S. Cellular

  shareholders

$

35,451



$

62,140



$

(26,689)




(43%)

















Basic weighted average shares outstanding


84,737




84,547




190




Basic earnings per share attributable to

  U.S. Cellular shareholders

$

0.42



$

0.73



$

(0.31)




(42%)



















Diluted weighted average shares outstanding


85,152




84,940




212




Diluted earnings per share attributable to

  U.S. Cellular shareholders

$

0.42



$

0.73



$

(0.31)




(42%)




United States Cellular Corporation

Consolidated Statement of Operations Highlights

Nine Months Ended September 30,

(Unaudited, dollars and shares in thousands, except per share amounts)































      Increase (Decrease)


2012


2011


Amount


Percent

Operating revenues
















Service

$

3,089,932



$

3,023,752



$

66,180




2%


Equipment sales


246,946




219,961




26,985




12%



Total operating revenues


3,336,878




3,243,713




93,165




3%



















Operating expenses
















System operations (excluding Depreciation,

  amortization and accretion reported below)


725,636




687,256




38,380




6%


Cost of equipment sold


626,765




563,717




63,048




11%


Selling, general and administrative


1,315,823




1,302,436




13,387




1%


Depreciation, amortization and accretion


439,391




431,581




7,810




2%


(Gain) loss on asset disposals and exchanges, net


11,819




(5,741)




17,560




>100%



Total operating expenses


3,119,434




2,979,249




140,185




5%



















Operating income


217,444




264,464




(47,020)




(18%)



















Investment and other income (expense)
















Equity in earnings of unconsolidated entities


71,584




65,289




6,295




10%


Interest and dividend income


2,823




2,466




357




14%


Gain (loss) on investment


(3,728)




13,373




(17,101)




>(100)%


Interest expense


(35,272)




(51,905)




16,633




32%


Other, net


173




(47)




220




>100%



Total investment and other income (expense)


35,580




29,176




6,404




22%



















Income before income taxes


253,024




293,640




(40,616)




(14%)


Income tax expense


82,624




102,771




(20,147)




(20%)



















Net income


170,400




190,869




(20,469)




(11%)


Less: Net income attributable to noncontrolling

  interests, net of tax


(19,772)




(18,629)




(1,143)




(6%)

Net income attributable to U.S. Cellular

  shareholders

$

150,628



$

172,240



$

(21,612)




(13%)



















Basic weighted average shares outstanding


84,671




84,984




(313)




Basic earnings per share attributable to

  U.S. Cellular shareholders

$

1.78



$

2.03



$

(0.25)




(12%)



















Diluted weighted average shares outstanding


85,090




85,448




(358)




Diluted earnings per share attributable to

  U.S. Cellular shareholders

$

1.77



$

2.02



$

(0.25)




(12%)







United States Cellular Corporation

Consolidated Balance Sheet Highlights


(Unaudited, dollars in thousands)













ASSETS
















September 30,


December 31,





2012


2011


Current assets










Cash and cash equivalents

$

409,579



$

424,155




Short-term investments


140,494




127,039




Accounts receivable from customers and others


463,785




441,821




Inventory


196,523




127,056




Income taxes receivable


2,280




74,791




Prepaid expenses


60,631




55,980




Net deferred income tax asset


37,868




31,905




Other current assets


15,993




10,096





1,327,153




1,292,843












Assets held for sale





49,647












Investments










Licenses


1,531,873




1,470,769




Goodwill


494,737




494,737




Customer lists, net


135




314




Investments in unconsolidated entities


162,012




138,096




Notes and interest receivable – long-term





1,921




Long-term investments


10,171




30,057





2,198,928




2,135,894












Property, plant and equipment, net










In service and under construction


7,341,632




7,008,449




Less: accumulated depreciation


4,406,847




4,218,147





2,934,785




2,790,302












Other assets and deferred charges


75,482




59,290












Total assets

$

6,536,348



$

6,327,976






United States Cellular Corporation

Consolidated Balance Sheet Highlights

(Unaudited, dollars in thousands)














LIABILITIES AND EQUITY




















September 30,


December 31,







2012


2011

Current liabilities









Current portion of long-term debt

$

127



$

127



Accounts payable










Affiliated


7,398




12,183




Trade


250,681




303,779



Customer deposits and deferred revenues


208,042




181,355



Accrued taxes


60,695




34,095



Accrued compensation


52,200




69,551



Other current liabilities


92,957




121,190





672,100




722,280









Liabilities held for sale






1,051









Deferred liabilities and credits









Net deferred income tax liability


861,709




799,190



Other deferred liabilities and credits


259,499




248,213










Long-term debt



880,486




880,320

















Noncontrolling interests with mandatory redemption features


759




1,005









Equity









U.S. Cellular shareholders' equity









Series A Common and Common Shares, par value $1 per share


88,074




88,074



Additional paid-in capital


1,406,617




1,387,341



Treasury shares


(145,859)




(152,817)



Retained earnings


2,438,760




2,297,363




Total U.S. Cellular shareholders' equity



3,787,592




3,619,961









Noncontrolling interests



74,203




55,956











Total equity


3,861,795




3,675,917










Total liabilities and equity

$

6,536,348



$

6,327,976





United States Cellular Corporation
Schedule of Cash and Cash Equivalents and Investments
(Unaudited, dollars in thousands)


The following table presents U.S. Cellular's cash and cash equivalents and investments at September 30, 2012 and December 31, 2011.










September 30,


December 31,



2012


2011












Cash and cash equivalents

$

409,579



$

424,155













Amounts included in short-term investments (1)(2)










Government-backed securities (3)


140,494




127,039













Amounts included in long-term investments (1)(4)










Government-backed securities (3)


10,171




30,057













Total cash and cash equivalents and investments

$

560,244



$

581,251




(1)

Designated as held-to-maturity investments and recorded at amortized cost on the Consolidated Balance Sheet.

(2)

Maturities are less than twelve months from the respective balance sheet dates.

(3)

Includes U.S. treasuries and corporate notes guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program.

(4)

At September 30, 2012, maturities range between  17 and 18 months from the balance sheet date.







United States Cellular Corporation

Consolidated Statement of Cash Flows


Nine Months Ended September 30,


(Unaudited, dollars in thousands)






























2012


2011


Cash flows from operating activities










Net income

$

170,400



$

190,869




Add (deduct) adjustments to reconcile net income to net











cash flows from operating activities












Depreciation, amortization and accretion


439,391




431,581






Bad debts expense


51,293




44,718






Stock-based compensation expense


15,924




15,475






Deferred income taxes, net


52,865




145,687






Equity in earnings of unconsolidated entities


(71,584)




(65,289)






Distributions from unconsolidated entities


45,211




52,037






(Gain) loss on asset disposals and exchanges, net


11,819




(5,741)






(Gain) loss on investment


3,728




(13,373)






Noncash interest expense


1,331




9,582






Other operating activities


863




1,143




Changes in assets and liabilities from operations












Accounts receivable


(67,302)




(57,564)






Inventory


(69,423)




(36,326)






Accounts payable - trade


(28,902)




41,733






Accounts payable - affiliate


(4,785)




1,185






Customer deposits and deferred revenues


26,687




30,695






Accrued taxes


99,556




9,679






Accrued interest


9,508




9,283






Other assets and liabilities


(77,821)




(66,553)





608,759




738,821












Cash flows from investing activities










Cash used for additions to property, plant and equipment


(611,431)




(462,327)




Cash paid for acquisitions and licenses


(57,957)




(23,773)




Cash received for divestitures


49,932







Cash paid for investments


(45,000)




(50,000)




Cash received for investments


50,000




85,250




Other investing activities


(5,030)




(210)





(619,486)




(451,060)












Cash flows from financing activities










Repayment of long-term debt


(343)




(330,106)




Issuance of long-term debt





342,000




Common shares reissued for benefit plans, net of tax payments


(2,299)




1,755




Common shares repurchased





(62,294)




Payment of debt issuance costs





(11,394)




Distributions to noncontrolling interests


(1,491)




(1,176)




Other financing activities


284




169





(3,849)




(61,046)












Cash classified as held for sale





(11,237)












Net increase (decrease) in cash and cash equivalents


(14,576)




215,478












Cash and cash equivalents










Beginning of period


424,155




276,915




End of period

$

409,579



$

492,393







United States Cellular Corporation 
Financial Measures and Reconciliations


(Unaudited, dollars in thousands)



















Three Months Ended September 30,


Nine Months Ended September 30,


2012


2011


2012


2011



















Service revenues

$

1,036,370



$

1,036,609



$

3,089,932



$

3,023,752




















Operating income


48,079




101,620




217,444




264,464


Add:

















Depreciation, amortization and accretion


145,151




141,664




439,391




431,581



Loss of impairment of assets













(Gain) loss on asset disposals and exchanges, net


11,327




(9,700)




11,819




(5,741)




Adjusted OIBDA (1)

$

204,557



$

233,584



$

668,654



$

690,304






















Adjusted OIBDA margin (2)


19.7%




22.5%




21.6%




22.8%



































2012


2011


2012


2011



















Cash flows from operating activities

$

196,522



$

300,721



$

608,759



$

738,821


Deduct:

















Cash used for additions to property, plant and equipment


(181,206)




(196,933)




(611,431)




(462,327)




Free cash flow (3)

$

15,316



$

103,788



$

(2,672)



$

276,494




(1)

 Adjusted OIBDA is defined as operating income excluding the effects of: depreciation, amortization and accretion (OIBDA); the loss on impairment of assets (if any); and the net gain or loss on asset disposals and exchanges (if any).  Adjusted OIBDA excludes the loss on impairment of assets (if any) and net gain or loss on asset disposals and exchanges (if any) in order to show operating results on a more comparable basis from period to period.  U.S. Cellular does not intend to imply that any of such amounts that are excluded are non-recurring, infrequent or unusual; such gains or losses may occur in the future.


Adjusted OIBDA may also be commonly referred to by management as operating cash flow.  U.S. Cellular believes this measure provides useful information to investors regarding U.S. Cellular's financial condition and results of operations because it highlights certain key cash and non-cash items and their impacts on cash flows from operating activities.  This amount should not be confused with Cash flows from operating activities, which is a component of the Consolidated Statement of Cash Flows

(2)

Adjusted OIBDA margin is defined as adjusted OIBDA divided by service revenues. Equipment revenues are excluded from the denominator of the calculation since equipment is generally sold at a net loss, and such net loss is included in adjusted OIBDA as a cost of earning service revenues for purposes of assessing business results.  U.S. Cellular believes that this calculation method is consistent with the method used by certain investors to assess U.S. Cellular's business results.  Adjusted OIBDA margin may also be commonly referred to by management as operating cash flow margin. U.S. Cellular believes this measure provides useful information to investors regarding U.S. Cellular's financial condition and results of operations because it highlights certain key cash and non-cash items and their impacts on cash flows from operating activities.

(3)

Free cash flow is defined as cash flows from operating activities less Cash used for additions to property, plant and equipment. Free cash flow is a non-GAAP financial measure. U.S. Cellular believes that free cash flow as reported by U.S. Cellular may be useful to investors and other users of its financial information in evaluating the amount of cash generated by business operations, after consideration of capital expenditures.

SOURCE United States Cellular Corporation

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