Telephone & Data Systems (TDS) FY2014 results: revenue $5.0 billion, up 2.2% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $5.0 billion for fiscal 2014, the year ended 31 December 2014, up 2.2% on the year before. Net income was -$136 million, and diluted earnings per share $-1.26. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$5.0 billion
+2.2% on the year
FY2008FY2014
Operating margin
-3.6%
4.8% a year earlier
FY2008FY2014
Net income
-$136 million
FY2008FY2014
Diluted EPS
-$1.26
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
5,009
4,901
5,345
+2.2%
Cost of revenue
2,511
2,225
2,273
+12.9%
Gross profit
2,498
2,676
3,073
-6.7%
Gross margin
49.9%
54.6%
57.5%
Selling, general and administrative
1,866
1,948
2,034
-4.2%
Operating income
-181
235
184
Operating margin
-3.6%
4.8%
3.4%
Interest expense
111
98.8
86.7
+12.3%
Pre-tax income
-152
293
196
Income tax
-5.0
126
73.6
Effective tax rate
n/a
43.0%
37.5%
Net income
-136
142
81.9
Net margin
-2.7%
2.9%
1.5%
Diluted EPS
-$1.26
$1.29
$0.75
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
395
495
1,105
-20.1%
Capital expenditure
799
884
996
-9.5%
Free cash flow
-404
-389
110
Free cash flow margin
-8.1%
-7.9%
2.1%
Cash from investing
n/a
n/a
-998
Cash from financing
n/a
n/a
70.1
Depreciation and amortisation
798
984
814
-19.0%
Share-based compensation
36.0
30.3
41.9
+18.7%
Buybacks
39.0
9.7
20.0
+302.4%
Dividends paid
n/a
55.2
53.2
Dividend per share
$0.54
$0.51
$0.49
+5.9%
Diluted shares, weighted
108m
109m
109m
-0.6%
Shares outstanding at period end
108m
109m
108m
-0.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,926
4,118
4,012
-4.7%
Non-controlling interest
528
551
644
-4.3%
Redeemable equity
3.0
8.2
51.1
-63.4%
Debt
1,941
1,720
1,722
+12.8%
Other liabilities
2,456
2,463
2,196
-0.3%
Total liabilities and equity
8,854
8,861
8,624
-0.1%
Fixed assets
3,846
3,878
3,997
-0.8%
Goodwill
771
837
797
-7.8%
Intangible assets
64.5
71.5
58.5
-9.7%
Investments
2,856
2,758
2,567
+3.5%
Cash and equivalents
472
830
740
-43.1%
Receivables
549
552
410
-0.6%
Inventory
274
245
161
+11.9%
Other assets
21.9
n/a
n/a
Total assets
8,854
8,861
8,624
-0.1%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.