Telephone & Data Systems (TDS) FY2013 results: revenue $4.9 billion, down 8.3% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $4.9 billion for fiscal 2013, the year ended 31 December 2013, down 8.3% on the year before. Net income was $142 million, up 73.4%, and diluted earnings per share $1.29. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$4.9 billion
-8.3% on the year
FY2008FY2013
Operating margin
4.8%
3.4% a year earlier
FY2008FY2013
Net income
$142 million
+73.4% on the year
FY2008FY2013
Diluted EPS
$1.29
+72.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
4,901
5,345
5,180
-8.3%
Cost of revenue
2,225
2,273
2,051
-2.1%
Gross profit
2,676
3,073
3,130
-12.9%
Gross margin
54.6%
57.5%
60.4%
Selling, general and administrative
1,948
2,034
2,002
-4.2%
Operating income
235
184
363
+28.0%
Operating margin
4.8%
3.4%
7.0%
Interest expense
98.8
86.7
118
+13.9%
Pre-tax income
293
196
364
+49.2%
Income tax
126
73.6
114
+71.3%
Effective tax rate
43.0%
37.5%
31.2%
Net income
142
81.9
201
+73.4%
Net margin
2.9%
1.5%
3.9%
Diluted EPS
$1.29
$0.75
$1.83
+72.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
495
1,105
1,256
-55.2%
Capital expenditure
884
996
972
-11.2%
Free cash flow
-389
110
284
Free cash flow margin
-7.9%
2.1%
5.5%
Cash from investing
n/a
-998
-866
Cash from financing
n/a
70.1
-168
Depreciation and amortisation
984
814
766
+21.0%
Share-based compensation
30.3
41.9
36.8
-27.5%
Buybacks
9.7
20.0
21.5
-51.6%
Dividends paid
55.2
53.2
48.7
+3.8%
Dividend per share
$0.51
$0.49
$0.47
+4.1%
Diluted shares, weighted
109m
109m
109m
+0.2%
Shares outstanding at period end
109m
108m
108m
+0.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,118
4,012
3,962
+2.6%
Non-controlling interest
551
644
640
-14.4%
Redeemable equity
8.2
51.1
61.7
-84.0%
Debt
1,720
1,722
1,530
-0.1%
Other liabilities
2,463
2,196
2,008
+12.2%
Total liabilities and equity
8,861
8,624
8,201
+2.7%
Fixed assets
3,878
3,997
3,785
-3.0%
Goodwill
837
797
797
+5.0%
Intangible assets
71.5
58.5
50.7
+22.1%
Investments
2,758
2,567
2,564
+7.5%
Cash and equivalents
830
740
563
+12.1%
Receivables
552
410
394
+34.6%
Inventory
245
161
130
+52.2%
Total assets
8,861
8,624
8,201
+2.7%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.