Telephone & Data Systems (TDS) FY2011 results: revenue $5.2 billion, up 3.9% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $5.2 billion for fiscal 2011, the year ended 31 December 2011, up 3.9% on the year before. Net income was $201 million, up 38.5%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$5.2 billion
+3.9% on the year
FY2008FY2011
Operating margin
7.0%
5.9% a year earlier
FY2008FY2011
Net income
$201 million
+38.5% on the year
FY2008FY2011
Diluted EPS
$1.83
+39.7% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
5,180
4,987
5,020
+3.9%
Cost of revenue
2,051
1,925
1,871
+6.5%
Gross profit
3,130
3,062
3,149
+2.2%
Gross margin
60.4%
61.4%
62.7%
Selling, general and administrative
2,002
1,998
1,964
+0.2%
Operating income
363
296
408
+22.4%
Operating margin
7.0%
5.9%
8.1%
Interest expense
118
117
126
+1.2%
Pre-tax income
364
286
385
+27.3%
Income tax
114
95.2
136
+19.2%
Effective tax rate
31.2%
33.3%
35.2%
Net income
201
145
191
+38.5%
Net margin
3.9%
2.9%
3.8%
Diluted EPS
$1.83
$1.31
$1.67
+39.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,256
1,076
1,097
+16.7%
Capital expenditure
972
739
658
+31.5%
Free cash flow
284
337
440
-15.7%
Free cash flow margin
5.5%
6.8%
8.8%
Cash from investing
-866
-1,208
-768
Cash from financing
-168
-201
-427
Depreciation and amortisation
766
756
744
+1.3%
Share-based compensation
36.8
35.1
32.5
+4.9%
Buybacks
21.5
68.1
179
-68.4%
Dividends paid
48.7
47.2
46.8
+3.1%
Dividend per share
$0.47
$0.45
$0.43
+4.4%
Diluted shares, weighted
109m
110m
115m
-1.3%
Shares outstanding at period end
108m
104m
106m
+4.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,962
3,814
3,764
+3.9%
Non-controlling interest
640
646
662
-1.0%
Redeemable equity
61.7
n/a
n/a
Debt
1,530
1,500
1,493
+2.0%
Other liabilities
2,008
1,736
1,652
+15.6%
Total liabilities and equity
8,201
7,696
7,572
+6.6%
Fixed assets
3,785
3,518
3,467
+7.6%
Goodwill
797
728
708
+9.4%
Intangible assets
50.7
30.8
26.6
+64.7%
Investments
2,564
2,528
2,391
+1.4%
Cash and equivalents
563
342
674
+64.9%
Receivables
394
379
384
+4.0%
Inventory
130
116
157
+11.8%
Other assets
n/a
53.6
n/a
Total assets
8,201
7,696
7,575
+6.6%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.