$USM
UNITED STATES CELLULAR CORP

2014 Q1 Form 10-Q Financial Statement

#000082113014000016 Filed on May 02, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $925.8M $1.082B
YoY Change -14.42% -0.95%
Cost Of Revenue $451.1M $216.3M
YoY Change 108.55% -7.23%
Gross Profit $474.7M $865.4M
YoY Change -45.15% 0.76%
Gross Profit Margin 51.27% 80.0%
Selling, General & Admin $395.6M $420.1M
YoY Change -5.83% -5.01%
% of Gross Profit 83.34% 48.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $167.8M $189.8M
YoY Change -11.59% 29.38%
% of Gross Profit 35.35% 21.93%
Operating Expenses $563.3M $1.080B
YoY Change -47.86% 7.29%
Operating Profit -$88.60M $1.466M
YoY Change -6143.66% -98.28%
Interest Expense $23.10M $10.91M
YoY Change 111.73% -18.65%
% of Operating Profit 744.2%
Other Income/Expense, Net $100.0K $16.61M
YoY Change -99.4% 75.84%
Pretax Income $31.00M $18.08M
YoY Change 71.47% -80.9%
Income Tax $12.60M $7.369M
% Of Pretax Income 40.65% 40.76%
Net Earnings $19.50M $4.914M
YoY Change 296.83% -92.14%
Net Earnings / Revenue 2.11% 0.45%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $229.1K $0.06
COMMON SHARES
Basic Shares Outstanding 83.84M shares
Diluted Shares Outstanding 84.40M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $439.0M $530.0M
YoY Change -17.17% -15.47%
Cash & Equivalents $398.5M $419.7M
Short-Term Investments $40.00M $111.0M
Other Short-Term Assets $19.70M $17.11M
YoY Change 15.14% 53.48%
Inventory $218.9M $139.1M
Prepaid Expenses $65.51M $64.37M
Receivables $352.4M $314.5M
Other Receivables $104.0M $53.00M
Total Short-Term Assets $1.326B $1.185B
YoY Change 11.95% -5.78%
LONG-TERM ASSETS
Property, Plant & Equipment $2.776B $2.949B
YoY Change -5.84% 3.55%
Goodwill $387.5M $421.7M
YoY Change -8.11% -14.75%
Intangibles
YoY Change
Long-Term Investments $290.0M $206.0M
YoY Change 40.78% 5.64%
Other Assets $132.5M $78.44M
YoY Change 68.97% 20.5%
Total Long-Term Assets $5.012B $5.339B
YoY Change -6.12% 5.01%
TOTAL ASSETS
Total Short-Term Assets $1.326B $1.185B
Total Long-Term Assets $5.012B $5.339B
Total Assets $6.338B $6.524B
YoY Change -2.84% 2.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $357.0M $291.0M
YoY Change 22.68% -1.69%
Accrued Expenses $95.00M $94.00M
YoY Change 1.06% 30.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $868.1M $685.6M
YoY Change 26.62% 6.08%
LONG-TERM LIABILITIES
Long-Term Debt $878.0M $879.0M
YoY Change -0.11% -0.11%
Other Long-Term Liabilities $330.5M $292.7M
YoY Change 12.91% 16.99%
Total Long-Term Liabilities $330.5M $292.7M
YoY Change 12.91% 16.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $868.1M $685.6M
Total Long-Term Liabilities $330.5M $292.7M
Total Liabilities $1.199B $978.3M
YoY Change 22.52% 9.12%
SHAREHOLDERS EQUITY
Retained Earnings $2.062B $2.403B
YoY Change -14.22% 1.85%
Common Stock $88.07M $88.07M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $165.6M $183.4M
YoY Change -9.71% 20.47%
Treasury Stock Shares 4.383M shares
Shareholders Equity $3.413B $3.725B
YoY Change
Total Liabilities & Shareholders Equity $6.338B $6.524B
YoY Change -2.84% 2.87%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $19.50M $4.914M
YoY Change 296.83% -92.14%
Depreciation, Depletion And Amortization $167.8M $189.8M
YoY Change -11.59% 29.38%
Cash From Operating Activities $63.50M $223.6M
YoY Change -71.6% -12.98%
INVESTING ACTIVITIES
Capital Expenditures -$109.5M -$151.0M
YoY Change -27.48% -27.82%
Acquisitions
YoY Change
Other Investing Activities -$584.0K -$3.654M
YoY Change -84.02% 1134.46%
Cash From Investing Activities -$5.000M -$161.5M
YoY Change -96.9% -5.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.000M $18.43M
YoY Change -89.15%
Debt Paid & Issued, Net $23.00K $61.00K
YoY Change -62.3% 408.33%
Cash From Financing Activities -2.100M -20.76M
YoY Change -89.88% -16066.92%
NET CHANGE
Cash From Operating Activities 63.50M 223.6M
Cash From Investing Activities -5.000M -161.5M
Cash From Financing Activities -2.100M -20.76M
Net Change In Cash 56.40M 41.34M
YoY Change 36.44% -52.44%
FREE CASH FLOW
Cash From Operating Activities $63.50M $223.6M
Capital Expenditures -$109.5M -$151.0M
Free Cash Flow $173.0M $374.6M
YoY Change -53.82% -19.64%

Facts In Submission

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EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
437166000
CY2014Q1 usm Equity Method Investment Summarized Financial Information Other Income Expense
EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeExpense
1764000
CY2013Q1 usm Equity Method Investment Summarized Financial Information Other Income Expense
EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeExpense
598000
CY2014Q1 us-gaap Deconsolidation Nature Of Continuing Involvement Description
DeconsolidationNatureOfContinuingInvolvementDescription
On April 3, 2013, U.S. Cellular entered into an agreement with Verizon Wireless relating to the Partnerships. The agreement amends the Partnership Agreements in several ways which provide Verizon Wireless with substantive participating rights that allow Verizon Wireless to make decisions that are in the ordinary course of business of the Partnerships and which are significant to directing and executing the activities of the business. Accordingly, as required by GAAP, U.S. Cellular deconsolidated the Partnerships effective as of April 3, 2013 and thereafter reported them as equity method investments in its consolidated financial statements (“NY1 & NY2 Deconsolidation”).  After the NY1 & NY2 Deconsolidation, U.S. Cellular retained the same ownership percentages in the Partnerships and continues to report the same percentages of income from the Partnerships, which are recorded in Equity in earnings of unconsolidated entities in the Consolidated Statement of Operations.
CY2014Q1 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
21900000
CY2014Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
14400000
CY2014Q1 usm Redeemable Noncontrolling Interest Equity Settlement Date Begin
RedeemableNoncontrollingInterestEquitySettlementDateBegin
2085
CY2014Q1 usm Redeemable Noncontrolling Interest Equity Settlement Date End
RedeemableNoncontrollingInterestEquitySettlementDateEnd
2107

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