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TDS Telecom
TDS TDS Corporate,
U.S. Telecom Telecom Eliminations
Year Ended or as of December 31, 2014 Cellular Wireline Cable HMS Eliminations Total and Other Total
(Dollars in thousands)
Operating revenues
Service ....................$3,397,937 $ 714,586 $116,855 $ 109,766 $(3,697) $ 937,510 $ (6,793) $4,328,654
Equipment and product sales ...... 494,810 1,836 – 148,966 – 150,802 35,172 680,784
Total operating revenues ........ 3,892,747 716,422 116,855 258,732 (3,697) 1,088,312 28,379 5,009,438
Cost of services (excluding Depreciation,
amortization and accretion expense
reported below) ............... 769,911 256,878 54,265 77,392 (3,504) 385,031 9,716 1,164,658
Cost of equipment and products ...... 1,192,669 2,336 – 126,362 – 128,698 25,444 1,346,811
Selling, general and administrative ..... 1,591,914 189,956 36,175 53,020 (193) 278,958 (5,065) 1,865,807
Depreciation, amortization and accretion . 605,997 169,044 23,643 26,912 – 219,599 10,936 836,532
Loss on impairment of assets ........ – – – 84,000 – 84,000 3,802 87,802
(Gain) loss on asset disposals, net .... 21,469 2,091 2,482 181 – 4,754 308 26,531
(Gain) loss on sale of business and other
exit costs, net ................ (32,830) (2,357) – – – (2,357) 19,341 (15,846)
(Gain) loss on license sales and
exchanges .................. (112,993) – – – – – – (112,993)
Operating income (loss) .......... (143,390) 98,474 290 (109,135) – (10,371) (36,103) (189,864)
Equity in earnings of unconsolidated
entities .................... 129,764 8 – – – 8 2,193 131,965
Interest and dividend income ........ 12,148 2,396 8 26 – 2,430 2,379 16,957
Interest expense ................ (57,386) 2,695 95 (1,602) – 1,188 (55,199) (111,397)
Other, net .................... 160 (32) (1) 12 – (21) (24) 115
Income (loss) before income taxes . . . (58,704) 103,541 392 (110,699) – (6,766) (86,754) (152,224)
Income tax expense (benefit)1........ (11,782) 17,590 (10,740) (4,932)
Net income (loss) .............. (46,922) (24,356) (76,014) (147,292)
Add back:
Depreciation, amortization and accretion . 605,997 169,044 23,643 26,912 – 219,599 10,936 836,532
Loss on impairment of assets ........ – – – 84,000 – 84,000 3,802 87,802
(Gain) loss on asset disposals, net .... 21,469 2,091 2,482 181 – 4,754 308 26,531
(Gain) loss on sale of business and other
exit costs, net ................ (32,830) (2,357) – – – (2,357) 19,341 (15,846)
(Gain) loss on license sales and
exchanges .................. (112,993) – – – – – – (112,993)
Interest expense ................ 57,386 (2,695) (95) 1,602 – (1,188) 55,199 111,397
Income tax expense (benefit)1........ (11,782) 17,590 (10,740) (4,932)
Adjusted EBITDA2..............$ 480,325 $ 269,624 $ 26,422 $ 1,996 $ – $ 298,042 $ 2,832 $ 781,199
Investments in unconsolidated entities . . . $ 283,014 $ 3,803 $ – $ – $ – $ 3,803 $ 34,912 $ 321,729
Total assets3..................$6,462,309 $1,419,478 $563,585 $ 268,972 $ – $2,252,035 $140,078 $8,854,422
Capital expenditures .............$ 557,615 $ 135,805 $ 35,640 $ 36,618 $ – $ 208,063 $ 4,899 $ 770,577
104
TELEPHONE AND DATA SYSTEMS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS