The following is a summary of the Telephone and Data Systems, Inc. (TDS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Telephone and Data Systems reported a 3% decrease in service revenue due to lower average retail subscriber base offset by an increase in postpaid ARPU.

• The adjusted operating income saw a 19% increase due to cost reductions and third-party tower revenue growth.

• The company saw an enormous 38% decrease in loss on equipment, primarily due to lower transaction volume and promotional costs.

• For 2024, TDS provided guidance for service revenues to be in the range of $2.95-$3.05 billion, and the adjusted operating income to be between $750-$850 million.

• Adjusted EBITDA for 2024 is predicted to be between $920 million and $1.02 billion.

• TDS Telecom showed a 2% increase in total operating revenues for Q4 2023 and a 1% increase for the full year 2023.

• TDS Telecom is predicting annual revenues between $1.07 billion and $1.1 billion, and adjusted EBITDA between $310 million and $340 million for 2024.

Business Progress:

• TDS has added 21% to its total footprint in the last two years and continues to make progress with its 5G rollout.

• The company exceeded its goal of adding marketable fiber service addresses by 24% in 2023, with a total of 217,000 new addresses added.

• TDS managed to expand total broadband connections by 6% over the year, primarily in its expanding markets.

• By the end of 2023, 47% of total service addresses were served by fiber, and TDS aims to reach a target of 60%.

• TDS is planning to offer 1-gig speeds across 370,000 services addresses with plans for further expansion and focusing on ramping up broadband penetration and revenues across all deployed fiber addresses during 2024.

• TDS is planning to manage capital expenditures carefully while investing in fiber expansion and E-ACAM builds.

• They are transitioning from 5G modernization to mid-band deployment and will close down the CDMA network in January 2024, which will result in substantial savings.

More details: Telephone and Data Systems IR

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