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Press Release Details

U.S. Cellular reports strong third quarter 2018 results

11/02/2018
U.S. Cellular raises profitability guidance

CHICAGO, Nov. 2, 2018 /PRNewswire/ --

As previously announced, U.S. Cellular will hold a teleconference November 2, 2018, at 9:30 a.m. CDT.  Listen to the live call via the Events & Presentations page of investors.uscellular.com .

United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,001 million for the third quarter of 2018, versus $963 million for the same period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $36 million and $0.41, respectively, for the third quarter of 2018.  Excluding a $370 million ($309 million, net of tax) non-cash charge related to goodwill impairment recorded during the quarter ended September 30, 2017, net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $10 million and $0.11, respectively.   Including the goodwill impairment charge recorded during the quarter ended September 30, 2017, U.S. Cellular recorded a Net loss attributable to U.S. Cellular shareholders and related diluted loss per share of $299 million and $3.51, respectively.

"I'm pleased with our continued momentum this quarter," said Kenneth R. Meyers, U.S. Cellular president and CEO.  "Through the efforts of our associates across the entire organization, we produced revenue growth and continued our cost management initiatives, which led to a 19% increase in Adjusted EBITDA in the quarter. These results gave us confidence to raise our 2018 guidance on profitability.

"Our subscriber results are strong evidence that customers value our Total Plans, as more subscribers switch to unlimited plans, driving an increase in average revenue per user (ARPU), which along with contributions from inbound roaming, increased device sales and device protection plans generated an increase in operating revenues.   We have been successful in minimizing impacts of higher data usage through our ongoing cost management initiatives and making enhancements to our high-quality network."

2018 Estimated Results
U.S. Cellular's current estimates of full-year 2018 results are shown below.  Such estimates represent management's view as of November 2, 2018.  Such forward‑looking statements should not be assumed to be current as of any future date.  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 such estimated results.


2018 Estimated Results


Current (1)

Previous

(Dollars in millions)



Total operating revenues

$3,950-$4,000

$3,925-$4,025

Adjusted OIBDA (2)(3)

$760-$810

$700-$800

Adjusted EBITDA (2)(3)

$925-$1,000

$850-$950

Capital expenditures

$500

$500-$550

The following table provides a reconciliation of Net income to Adjusted OIBDA and Adjusted EBITDA for 2018 estimated results, actual results for the nine months ended September 30, 2018, and actual results for the year ended December 31, 2017.  In providing 2018 estimated results, U.S. Cellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes.  Although potentially significant, U.S. Cellular believes that the impact of income taxes cannot be reasonably predicted; therefore, U.S. Cellular is unable to provide such guidance.




Actual Results


2018 Estimated
Results (1)


Nine Months Ended

September 30, 2018 (1)


Year Ended

December 31, 2017

(Dollars in millions)






Net income (GAAP)

N/A


$

143


$

15

Add back or deduct:






Income tax expense (benefit)

N/A


55


(287)

Income (loss) before income taxes (GAAP)

$175-$250


$

198


$

(272)

Add back:






Interest expense

115


87


113

Depreciation, amortization and accretion expense

645


478


615

EBITDA (Non-GAAP) (2)

$935-$1,010


$

763


$

456

Add back or deduct:






Loss on impairment of goodwill



370

(Gain) loss on asset disposals, net

10


5


17

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



(1)

(Gain) loss on license sales and exchanges, net

(20)


(18)


(22)

Adjusted EBITDA (Non-GAAP) (2)

$925-$1,000


$

750


$

820

Deduct:






Equity in earnings of unconsolidated entities

150-175


120


137

Interest and dividend income

15


10


8

Other, net



Adjusted OIBDA (Non-GAAP) (2)(3)

$760-$810


$

620


$

675


 Note: Totals may not foot due to rounding differences.



(1)

As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach.  Under this method, the new accounting standard is applied only to the most recent period presented.  As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.



(2)

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.  U.S. Cellular 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 U.S. Cellular's 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 U.S. Cellular's 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 (loss) before income taxes.



(3)

Additional information and reconciliations related to Non-GAAP financial measures for September 30, 2018, can be found on U.S. Cellular's website at investors.uscellular.com.

Conference Call Information
U.S. Cellular will hold a conference call on November 2, 2018 at 9:30 a.m. Central Time.

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

About U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 5.1 million connections in 22 states. The Chicago-based company had 5,700 full- and part-time associates as of September 30, 2018. At the end of the third quarter of 2018, Telephone and Data Systems, Inc. owned 82 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com.

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 execute U.S. Cellular's business strategy; uncertainties in U.S. Cellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestitures/exchanges of properties and/or licenses, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the access to and pricing of unbundled network elements; 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 of U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of services and products offered by U.S. Cellular. 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, which are incorporated by reference herein.

For more information about U.S. Cellular, visit:
U.S. Cellular: https://www.uscellular.com/


United States Cellular Corporation

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

9/30/2018 (1)


6/30/2018 (1)


3/31/2018 (1)


12/31/2017


9/30/2017

Retail Connections










Postpaid










Total at end of period

4,466,000


4,468,000


4,481,000


4,518,000


4,513,000

Gross additions

172,000


146,000


129,000


177,000


191,000

Feature phones

3,000


5,000


5,000


5,000


7,000

Smartphones

130,000


106,000


91,000


128,000


132,000

Connected devices

39,000


35,000


33,000


44,000


52,000

Net additions (losses)

(1,000)


(13,000)


(37,000)


5,000


35,000

Feature phones

(14,000)


(12,000)


(15,000)


(15,000)


(15,000)

Smartphones

29,000


17,000


(1,000)


33,000


44,000

Connected devices

(16,000)


(18,000)


(21,000)


(13,000)


6,000

ARPU (2)

$

45.31


$

44.74


$

44.34


$

44.12


$

43.41

ABPU (Non-GAAP) (3)

$

59.41


$

57.75


$

57.10


$

56.69


$

54.71

ARPA (4)

$

119.42


$

118.57


$

118.22


$

118.05


$

116.36

ABPA (Non-GAAP) (5)

$

156.57


$

153.03


$

152.26


$

151.68


$

146.65

Churn rate (6)

1.29%


1.19%


1.23%


1.27%


1.16%

Handsets

1.02%


0.92%


0.97%


1.00%


0.96%

Connected devices

3.04%


2.85%


2.79%


2.84%


2.33%

Prepaid










Total at end of period

528,000


527,000


525,000


519,000


515,000

Gross additions

80,000


78,000


88,000


83,000


102,000

Net additions

1,000


2,000


6,000


4,000


31,000

ARPU (2)

$

32.09


$

32.32


$

31.78


$

32.42


$

33.12

Churn rate (6)

4.98%


4.83%


5.27%


5.09%


4.75%

Total connections at end of period (7)

5,050,000


5,051,000


5,063,000


5,096,000


5,089,000

Market penetration at end of period










Consolidated operating population

31,469,000


31,469,000


31,469,000


31,834,000


31,834,000

Consolidated operating penetration (8)

16%


16%


16%


16%


16%

Capital expenditures (millions)

$

118


$

86


$

70


$

213


$

112

Total cell sites in service

6,506


6,478


6,473


6,460


6,436

Owned towers

4,119


4,105


4,099


4,080


4,051




(1)

As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach.  Under this method, the new accounting standard is applied only to the most recent period presented.  As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.



(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 Billings Per User (ABPU) - non-GAAP metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid connections and by the number of months in the period.  Refer to the end of this release for a reconciliation of this metric to its most comparable GAAP metric.



(4)

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.



(5)

Average Billings Per Account (ABPA) - non-GAAP metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid accounts and by the number of months in the period.  Refer to the end of this release for a reconciliation of this metric to its most comparable GAAP metric.



(6)

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.



(7)

Includes reseller and other connections.



(8)

Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total population of consolidated operating markets as estimated by Nielsen.

 

United States Cellular Corporation

Consolidated Statement of Operations Highlights

(Unaudited)






Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (1)


2017


2018 vs.
2017


2018 (1)


2017


2018 vs.
2017

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












Operating revenues












Service

$

759


$

737


3%


$

2,224


$

2,223


Equipment sales

242


226


7%


692


639


8%

Total operating revenues

1,001


963


4%


2,916


2,862


2%













Operating expenses











System operations (excluding Depreciation, amortization and accretion reported below)

200


185


8%


566


549


3%

Cost of equipment sold

258


261


(1)%


716


749


(4)%

Selling, general and administrative

346


350


(1)%


1,014


1,041


(2)%

Depreciation, amortization and accretion

160


153


4%


478


460


4%

Loss on impairment of goodwill


370


N/M



370


N/M

(Gain) loss on asset disposals, net

3


5


(36)%


5


14


(61)%

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


(1)


N/M



(1)


N/M

(Gain) loss on license sales and exchanges, net



N/M


(18)


(19)


6%

Total operating expenses

967


1,323


(27)%


2,761


3,163


(13)%












Operating income (loss)

34


(360)


N/M


155


(301)


N/M












Investment and other income (expense)











Equity in earnings of unconsolidated entities

42


35


19%


120


101


18%

Interest and dividend income

4


2


N/M


10


6


61%

Interest expense

(29)


(28)


(2)%


(87)


(85)


(3)%

Other, net



(7)%



1


N/M

Total investment and other income

17


9


93%


43


23


88%











Income (loss) before income taxes

51


(351)


N/M


198


(278)


N/M

Income tax expense (benefit)

14


(53)


N/M


55


(19)


N/M

Net income (loss)

37


(298)


N/M


143


(259)


N/M

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

1


1


40%


14


2


N/M

Net income (loss) attributable to U.S. Cellular shareholders

$

36


$

(299)


N/M


$

129


$

(261)


N/M











Basic weighted average shares outstanding

86


85


1%


85


85


1%

Basic earnings (loss) per share attributable to U.S. Cellular shareholders

$

0.42


$

(3.51)


N/M


$

1.51


$

(3.07)


N/M












Diluted weighted average shares outstanding

87


85


2%


86


85


2%

Diluted earnings (loss) per share attributable to U.S. Cellular shareholders

$

0.41


$

(3.51)


N/M


$

1.49


$

(3.07)


N/M




N/M - Percentage change not meaningful



(1)

As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.

 

United States Cellular Corporation

Consolidated Statement of Cash Flows

(Unaudited)


Nine Months Ended
September 30,


2018 (1)


2017

(Dollars in millions)




Cash flows from operating activities




Net income (loss)

$

143


$

(259)

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




Depreciation, amortization and accretion

478


460

Bad debts expense

67


64

Stock-based compensation expense

26


21

Deferred income taxes, net

(4)


(73)

Equity in earnings of unconsolidated entities

(120)


(101)

Distributions from unconsolidated entities

90


85

Loss on impairment of goodwill


370

(Gain) loss on asset disposals, net

5


14

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


(1)

(Gain) loss on license sales and exchanges, net

(18)


(19)

Noncash interest

2


1

Changes in assets and liabilities from operations




Accounts receivable

(1)


(16)

Equipment installment plans receivable

(88)


(164)

Inventory

15


36

Accounts payable

21


(58)

Customer deposits and deferred revenues

(5)


(13)

Accrued taxes

1


31

Accrued interest

9


9

Other assets and liabilities

(21)


7

Net cash provided by operating activities

600


394





Cash flows from investing activities




Cash paid for additions to property, plant and equipment

(277)


(252)

Cash paid for licenses

(2)


(189)

Cash received for investments

50


Cash paid for investments


(50)

Cash received from divestitures and exchanges

23


19

Other investing activities

3


Net cash used in investing activities

(203)


(472)





Cash flows from financing activities




Repayment of long-term debt

(14)


(9)

Common shares reissued for benefit plans, net of tax payments

7


1

Payment of debt issuance costs

(1)


Distributions to noncontrolling interests

(5)


(2)

Other financing activities

(4)


Net cash used in financing activities

(17)


(10)





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

380


(88)





Cash, cash equivalents and restricted cash




Beginning of period

352


586

End of period

$

732


$

498



(1)

As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.

 

United States Cellular Corporation

Consolidated Balance Sheet Highlights

(Unaudited)


ASSETS


September 30,
2018
(1)


December 31,
2017

(Dollars in millions)




Current assets




Cash and cash equivalents

$

730


$

352

Short-term investments


50

Accounts receivable

929


843

Inventory, net

123


138

Prepaid expenses

62


79

Other current assets

20


21

Total current assets

1,864


1,483





Assets held for sale

42


10





Licenses

2,189


2,223





Investments in unconsolidated entities

461


415





Property, plant and equipment, net

2,126


2,320





Other assets and deferred charges

546


390





Total assets

$

7,228


$

6,841


 

United States Cellular Corporation

Consolidated Balance Sheet Highlights

(Unaudited)


LIABILITIES AND EQUITY


September 30,
2018
(1)


December 31,
2017

(Dollars in millions, except per share amounts)




Current liabilities




Current portion of long-term debt

$

19


$

18

Accounts payable

324


310

Customer deposits and deferred revenues

145


185

Accrued taxes

52


56

Accrued compensation

66


74

Other current liabilities

83


90

Total current liabilities

689


733





Deferred liabilities and credits




Deferred income tax liability, net

510


461

Other deferred liabilities and credits

386


337





Long-term debt, net

1,609


1,622





Noncontrolling interests with redemption features

11


1





Equity




U.S. Cellular shareholders' equity




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

88


88

Additional paid-in capital

1,578


1,552

Treasury shares

(84)


(120)

Retained earnings

2,430


2,157

Total U.S. Cellular shareholders' equity

4,012


3,677





Noncontrolling interests

11


10





Total equity

4,023


3,687





Total liabilities and equity

$

7,228


$

6,841



(1)

As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach.  Under this method, the new accounting standard is applied only to the most recent period presented.  As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.

 

United States Cellular Corporation

Financial Measures and Reconciliations

(Unaudited)


Free Cash Flow


Three Months Ended
September 30,


Nine Months Ended
September 30,


2018


2017


2018


2017

(Dollars in millions)








Cash flows from operating activities (GAAP)

$

235


$

174


$

600


$

394

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

103


96


277


252

Free cash flow (Non-GAAP) (1)

$

132


$

78


$

323


$

142



(1)

Management uses Free cash flow as a liquidity measure and it is defined as Cash flows from operating activities less Cash paid for additions to property, plant and equipment.  Free cash flow is a non-GAAP financial measure which U.S. Cellular 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.

Net income (loss) excluding goodwill impairment charge

The following non-GAAP financial measures present certain information in the table below excluding the effect of the goodwill impairment charge and related tax effects. The goodwill impairment charge, which occurred in the third quarter of 2017, is being excluded in this presentation, as it is not related to the current operations of U.S. Cellular. U.S. Cellular believes these measures may be useful to investors and other users of its financial information when comparing the current period financial results with periods that were not impacted by such a charge.


Three Months Ended
September 30,


Nine Months Ended
September 30,


2018


2017


2018


2017

(Dollars in millions, except per share amounts)








Net income (loss) attributable to U.S. Cellular shareholders (GAAP)

$

36


$

(299)


$

129


$

(261)

Adjustments:








Loss on impairment of goodwill


370



370

Tax benefit on impairment of goodwill (1)


(61)



(61)

Total adjustments (Non-GAAP)


309



309

Net income attributable to U.S. Cellular shareholders excluding goodwill impairment charge (Non-GAAP)

$

36


$

10


$

129


$

48








Diluted earnings (loss) per share attributable to U.S. Cellular shareholders (GAAP)

$

0.41


$

(3.51)


$

1.49


$

(3.07)

Adjustments:











Adjustment to weighted average diluted shares (2)


0.03



0.03

Loss in impairment of goodwill


4.30



4.31

Tax benefit on impairment of goodwill (1)


(0.71)



(0.71)

Diluted earnings per share attributable to U.S. Cellular shareholders excluding goodwill impairment charge (Non-GAAP)

$

0.41


$

0.11


$

1.49


$

0.56








Diluted weighted average shares outstanding (GAAP)

87


85


86


85

Adjustment to weighted average diluted shares (2)


1



1

Adjusted diluted weighted average shares (Non-GAAP)

$

87


$

86


$

86


$

86



(1)

Tax benefit represents the amount associated with the tax-deductible portion of the loss on goodwill impairment.



(2)

Adjustment to reflect the incremental shares deemed anti-dilutive for GAAP diluted earnings per share.

Postpaid ABPU and Postpaid ABPA

U.S. Cellular presents Postpaid ABPU and Postpaid ABPA to reflect the revenue shift from Service revenues to Equipment sales resulting from the increased adoption of equipment installment plans.  Postpaid ABPU and Postpaid ABPA, as previously defined herein, are non-GAAP financial measures which U.S. Cellular believes are useful to investors and other users of its financial information in showing trends in both service and equipment sales revenues received from customers.

For the Quarter Ended

9/30/2018 (1)


6/30/2018 (1)


3/31/2018 (1)


12/31/2017


9/30/2017

(Dollars and connection counts in millions)










Calculation of Postpaid ARPU










Postpaid service revenues

$

607


$

600


$

598


$

598


$

586

Average number of postpaid connections

4.47


4.47


4.50


4.52


4.50

Number of months in period

3


3


3


3


3

Postpaid ARPU (GAAP metric)

$

45.31


$

44.74


$

44.34


$

44.12


$

43.41











Calculation of Postpaid ABPU









Postpaid service revenues

$

607


$

600


$

598


$

598


$

586

Equipment installment plan billings

189


174


172


170


152

Total billings to postpaid connections

$

796


$

774


$

770


$

768


$

738

Average number of postpaid connections

4.47


4.47


4.50


4.52


4.50

Number of months in period

3


3


3


3


3

Postpaid ABPU (Non-GAAP metric)

$

59.41


$

57.75


$

57.10


$

56.69


$

54.71










Calculation of Postpaid ARPA









Postpaid service revenues

$

607


$

600


$

598


$

598


$

586

Average number of postpaid accounts

1.70


1.69


1.69


1.69


1.68

Number of months in period

3


3


3


3


3

Postpaid ARPA (GAAP metric)

$

119.42


$

118.57


$

118.22


$

118.05


$

116.36










Calculation of Postpaid ABPA









Postpaid service revenues

$

607


$

600


$

598


$

598


$

586

Equipment installment plan billings

189


174


172


170


152

Total billings to postpaid accounts

$

796


$

774


$

770


$

768


$

738

Average number of postpaid accounts

1.70


1.69


1.69


1.69


1.68

Number of months in period

3


3


3


3


3

Postpaid ABPA (Non-GAAP metric)

$

156.57


$

153.03


$

152.26


$

151.68


$

146.65


 Numbers may not foot due to rounding.



(1)

As of January 1, 2018, U.S. Cellular adopted the new revenue recognition standard, ASC 606, using a modified retrospective approach. Under this method, the new accounting standard is applied only to the most recent period presented. As a result, 2018 amounts include the impacts of ASC 606, but 2017 amounts remain as previously reported.

 

Cision View original content:http://www.prnewswire.com/news-releases/us-cellular-reports-strong-third-quarter-2018-results-300743029.html

SOURCE United States Cellular Corporation