Telephone & Data Systems (TDS) FY2018 results: revenue $5.1 billion, up 1.3% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $5.1 billion for fiscal 2018, the year ended 31 December 2018, up 1.3% on the year before. Net income was $135 million, down 11.8%, and diluted earnings per share $1.17. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$5.1 billion
+1.3% on the year
FY2011FY2018
Operating margin
4.0%
-2.1% a year earlier
FY2011FY2018
Net income
$135 million
-11.8% on the year
FY2011FY2018
Diluted EPS
$1.17
-14.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,109
5,044
5,155
+1.3%
Cost of revenue
2,336
2,359
2,429
-1.0%
Gross profit
2,773
2,685
2,726
+3.3%
Gross margin
54.3%
53.2%
52.9%
Selling, general and administrative
1,694
1,686
1,759
+0.5%
Operating income
205
-108
108
Operating margin
4.0%
-2.1%
2.1%
Interest expense
172
170
170
+1.2%
Pre-tax income
221
-122
92.0
Income tax
46.0
-279
40.0
Effective tax rate
20.8%
n/a
43.5%
Net income
135
153
43.0
-11.8%
Net margin
2.6%
3.0%
0.8%
Diluted EPS
$1.17
$1.37
$0.39
-14.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,017
776
782
+31.1%
Capital expenditure
776
685
636
+13.3%
Free cash flow
241
91.0
146
+164.8%
Free cash flow margin
4.7%
1.8%
2.8%
Cash from investing
-680
-981
-808
Cash from financing
-32.0
-77.0
-59.0
Depreciation and amortisation
839
817
820
+2.7%
Share-based compensation
54.0
46.0
42.0
+17.4%
Buybacks
0.0
0.0
3.0
Dividends paid
72.0
69.0
65.0
+4.3%
Dividend per share
$0.64
$0.62
$0.59
+3.2%
Diluted shares, weighted
114m
112m
111m
+1.8%
Shares outstanding at period end
114m
111m
110m
+2.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,560
4,269
4,144
+6.8%
Non-controlling interest
733
623
605
+17.7%
Redeemable equity
4.0
5.0
5.0
-20.0%
Debt
2,439
2,457
2,433
-0.7%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,047
1,941
2,259
+5.5%
Total liabilities and equity
9,783
9,295
9,446
+5.3%
Fixed assets
3,346
3,424
3,555
-2.3%
Goodwill
509
509
766
0.0%
Intangible assets
253
279
33.0
-9.3%
Investments
17.0
100
0.0
-83.0%
Cash and equivalents
921
619
900
+48.8%
Receivables
992
861
753
+15.2%
Inventory
150
145
151
+3.4%
Other assets
3,595
3,358
3,288
+7.1%
Total assets
9,783
9,295
9,446
+5.3%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.