US Cellular 2015 Annual Report Download - page 63

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U.S. CELLULAR 2015 2014 2013
(Dollars in thousands)
Net income (loss) (GAAP) ............................. $ 247,295 $ (46,922) $ 144,522
Add back:
Income tax expense (benefit) ........................... 156,334 (11,782) 113,134
Interest expense ................................... 86,194 57,386 43,963
Depreciation, amortization and accretion .................... 606,455 605,997 803,781
EBITDA ......................................... 1,096,278 604,679 1,105,400
Add back:
(Gain) loss on sale of business and other exit costs, net .......... (113,555) (32,830) (246,767)
(Gain) loss on license sales and exchanges ................. (146,884) (112,993) (255,479)
(Gain) loss on asset disposals, net ....................... 16,313 21,469 30,606
(Gain) loss on investments ............................ –– (18,556)
Adjusted EBITDA .................................. 852,152 480,325 615,204
Deduct:
Equity in earnings of unconsolidated entities ................. 140,083 129,764 131,949
Interest and dividend income ........................... 36,332 12,148 3,961
Other, net ....................................... 466 160 288
Operating cash flow ................................ 675,271 338,253 479,006
Deduct:
Depreciation, amortization and accretion .................... 606,455 605,997 803,781
(Gain) loss on sale of business and other exit costs, net .......... (113,555) (32,830) (246,767)
(Gain) loss on license sales and exchanges ................. (146,884) (112,993) (255,479)
(Gain) loss on asset disposals, net ....................... 16,313 21,469 30,606
Operating income (loss) (GAAP) ........................ $ 312,942 $ (143,390) $ 146,865
TDS TELECOM 2015 2014 2013
(Dollars in thousands)
Net income (loss) (GAAP) ............................. $ 45,915 $ (24,356) $ 29,801
Add back:
Income tax expense (benefit) ........................... 34,972 17,590 19,084
Interest expense ................................... 738 (1,188) (1,565)
Depreciation, amortization and accretion .................... 228,060 219,599 202,701
EBITDA ......................................... 309,685 211,645 250,021
Add back:
Loss on impairment of assets .......................... –84,000 –
(Gain) loss on sale of business and other exit costs, net .......... (9,530) (2,357) –
(Gain) loss on asset disposals, net ....................... 5,874 4,754 283
(Gain) loss on investments ............................ –– (830)
Adjusted EBITDA .................................. 306,029 298,042 249,474
Deduct:
Equity in earnings of unconsolidated entities ................. 17 819
Interest and dividend income ........................... 2,265 2,430 1,824
Other, net ....................................... (117) (21) (185)
Operating cash flow ................................ 303,864 295,625 247,816
Deduct:
Depreciation, amortization and accretion .................... 228,060 219,599 202,701
Loss on impairment of assets .......................... –84,000 –
(Gain) loss on sale of business and other exit costs, net .......... (9,530) (2,357) –
(Gain) loss on asset disposals, net ....................... 5,874 4,754 283
Operating income (loss) (GAAP) ........................ $ 79,460 $ (10,371) $ 44,832
55
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS