$USM
UNITED STATES CELLULAR CORP

2014 Q3 Form 10-Q Financial Statement

#000082113014000039 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q4
Revenue $1.000B $902.7M
YoY Change 6.52% -19.05%
Cost Of Revenue $507.6M $524.3M
YoY Change 36.89% -1.15%
Gross Profit $492.8M $378.4M
YoY Change -13.3% -35.31%
Gross Profit Margin 49.26% 41.92%
Selling, General & Admin $397.5M $442.7M
YoY Change -3.17% -1.43%
% of Gross Profit 80.66% 116.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $148.9M $210.4M
YoY Change -25.92% 24.35%
% of Gross Profit 30.22% 55.6%
Operating Expenses $546.5M $653.1M
YoY Change -10.61% 5.63%
Operating Profit -$53.70M -$274.7M
YoY Change 24.88% 722.46%
Interest Expense $26.00M $21.60M
YoY Change -4.06% 72.8%
% of Operating Profit
Other Income/Expense, Net $100.0K $100.0K
YoY Change -66.67%
Pretax Income -$25.20M -$8.700M
YoY Change 57.5% -81.88%
Income Tax -$1.500M -$8.500M
% Of Pretax Income
Net Earnings -$22.20M $1.600M
YoY Change 124.24% -104.04%
Net Earnings / Revenue -2.22% 0.18%
Basic Earnings Per Share
Diluted Earnings Per Share -$263.7K $18.82K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.0M $392.0M
YoY Change 37.72% -18.16%
Cash & Equivalents $273.8M $342.1M
Short-Term Investments $40.00M $50.00M
Other Short-Term Assets $23.24M $19.54M
YoY Change 21.97% 16.68%
Inventory $184.8M $238.2M
Prepaid Expenses $62.16M $65.60M
Receivables $411.0M $467.3M
Other Receivables $73.00M $89.00M
Total Short-Term Assets $1.198B $1.401B
YoY Change 11.33% 17.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.746B $2.857B
YoY Change -4.46% -5.49%
Goodwill $387.5M $387.5M
YoY Change 0.04% -8.11%
Intangibles
YoY Change
Long-Term Investments $297.0M $264.0M
YoY Change -15.14% 84.7%
Other Assets $169.0M $117.7M
YoY Change 76.56% 50.46%
Total Long-Term Assets $5.059B $5.045B
YoY Change -2.41% -6.43%
TOTAL ASSETS
Total Short-Term Assets $1.198B $1.401B
Total Long-Term Assets $5.059B $5.045B
Total Assets $6.257B $6.446B
YoY Change -0.05% -2.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $406.0M $417.0M
YoY Change 17.68% 29.5%
Accrued Expenses $113.0M $140.0M
YoY Change -29.81% 11.11%
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 $945.2M $1.006B
YoY Change 10.89% 33.27%
LONG-TERM LIABILITIES
Long-Term Debt $877.0M $878.0M
YoY Change -0.23% -0.11%
Other Long-Term Liabilities $305.9M $315.1M
YoY Change 3.81% 9.23%
Total Long-Term Liabilities $305.9M $315.1M
YoY Change 3.81% 9.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $945.2M $1.006B
Total Long-Term Liabilities $305.9M $315.1M
Total Liabilities $1.251B $1.321B
YoY Change 9.07% 26.62%
SHAREHOLDERS EQUITY
Retained Earnings $1.934B $2.043B
YoY Change -5.32% -14.84%
Common Stock $88.07M $88.07M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $164.7M
YoY Change -0.62%
Treasury Stock Shares 3.869M shares
Shareholders Equity $3.323B $3.391B
YoY Change
Total Liabilities & Shareholders Equity $6.257B $6.446B
YoY Change -0.04% -2.15%

Cashflow Statement

Concept 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$22.20M $1.600M
YoY Change 124.24% -104.04%
Depreciation, Depletion And Amortization $148.9M $210.4M
YoY Change -25.92% 24.35%
Cash From Operating Activities $117.7M -$5.300M
YoY Change -177.23% -101.82%
INVESTING ACTIVITIES
Capital Expenditures -$162.4M -$195.7M
YoY Change -18.39% -8.98%
Acquisitions
YoY Change
Other Investing Activities -$2.900M $357.3M
YoY Change -104.57% -675.36%
Cash From Investing Activities -$165.2M $161.5M
YoY Change 21.92% -158.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.80M 2.800M
YoY Change -2465.71% -106.26%
NET CHANGE
Cash From Operating Activities 117.7M -5.300M
Cash From Investing Activities -165.2M 161.5M
Cash From Financing Activities -82.80M 2.800M
Net Change In Cash -130.3M 159.0M
YoY Change -54.18% -607.99%
FREE CASH FLOW
Cash From Operating Activities $117.7M -$5.300M
Capital Expenditures -$162.4M -$195.7M
Free Cash Flow $280.1M $190.4M
YoY Change 501.07% -62.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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OtherLiabilitiesNoncurrent
315073000
usm Minority Interest In Net Income Loss Equity Minority Interests
MinorityInterestInNetIncomeLossEquityMinorityInterests
-3738000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1040000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
15474000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
517000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-563000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
15124000
usm Equity Impacts Of Common Control Transaction
EquityImpactsOfCommonControlTransaction
47126000
usm Minority Interest In Net Income Loss Equity Minority Interests
MinorityInterestInNetIncomeLossEquityMinorityInterests
6292000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3062000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
3447000
CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3403602000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-2526000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
18544000
us-gaap Dividends Common Stock
DividendsCommonStock
482270000
us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
31000
us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
43770000
usm Amounts Collected And Remitted To Governmental Authorities
AmountsCollectedAndRemittedToGovernmentalAuthorities
87600000
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.401
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
209000 shares
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
41707000
usm Increase Decrease Licenses Exchange
IncreaseDecreaseLicensesExchange
15719000
CY2013Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1401126000
usm Assets Held For Sale Indefinite Lived Intangible Assets Transferred
AssetsHeldForSaleIndefiniteLivedIntangibleAssetsTransferred
68288000
usm Indefinite Lived Intangible Assets Other Changes
IndefiniteLivedIntangibleAssetsOtherChanges
408000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
1643734000
CY2013Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
1577934000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
1225417000
CY2013Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
1125966000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
418317000
CY2013Q3 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
451968000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
419968000
CY2013Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
453031000
CY2014Q3 usm Equity Method Investment Summarized Financial Information Other Income Expense
EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeExpense
1651000
CY2013Q3 usm Equity Method Investment Summarized Financial Information Other Income Expense
EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeExpense
1063000
us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
4861057000
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
3540783000
us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
1320274000
usm Equity Method Investment Summarized Financial Information Other Income Expense
EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeExpense
4077000
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
1324351000
us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
4593690000
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
3256399000
us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
1337291000
usm Equity Method Investment Summarized Financial Information Other Income Expense
EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeExpense
2773000
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
1340064000
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. Effective April 3, 2013, U.S. Cellular’s income from the Partnerships is reported in Equity in earnings of unconsolidated entities in the Consolidated Statement of Operations.
us-gaap Subsequent Event Description
SubsequentEventDescription
In October 2014, U.S. Cellular made additional capital contributions, loans or advances of $58.8 million to its VIEs.

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