Telephone & Data Systems (TDS) FY2019 results: revenue $5.2 billion, up 1.3% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $5.2 billion for fiscal 2019, the year ended 31 December 2019, up 1.3% on the year before. Net income was $121 million, down 10.4%, and diluted earnings per share $1.03. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$5.2 billion
+1.3% on the year
FY2012FY2019
Operating margin
3.5%
4.0% a year earlier
FY2012FY2019
Net income
$121 million
-10.4% on the year
FY2012FY2019
Diluted EPS
$1.03
-12.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,176
5,109
5,044
+1.3%
Cost of revenue
2,337
2,336
2,359
+0.0%
Gross profit
2,839
2,773
2,685
+2.4%
Gross margin
54.8%
54.3%
53.2%
Selling, general and administrative
1,717
1,694
1,686
+1.4%
Operating income
179
205
-108
-12.7%
Operating margin
3.5%
4.0%
-2.1%
Interest expense
165
172
170
-4.1%
Pre-tax income
211
221
-122
-4.5%
Income tax
64.0
46.0
-279
+39.1%
Effective tax rate
30.3%
20.8%
n/a
Net income
121
135
153
-10.4%
Net margin
2.3%
2.6%
3.0%
Diluted EPS
$1.03
$1.17
$1.37
-12.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,016
1,017
776
-0.1%
Capital expenditure
957
776
685
+23.3%
Free cash flow
59.0
241
91.0
-75.5%
Free cash flow margin
1.1%
4.7%
1.8%
Cash from investing
-1,249
-680
-981
Cash from financing
-220
-32.0
-77.0
Depreciation and amortisation
890
839
817
+6.1%
Share-based compensation
59.0
54.0
46.0
+9.3%
Buybacks
0.0
0.0
0.0
Dividends paid
75.0
72.0
69.0
+4.2%
Dividend per share
$0.66
$0.64
$0.62
+3.1%
Diluted shares, weighted
116m
114m
112m
+1.8%
Shares outstanding at period end
115m
114m
111m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,653
4,560
4,269
+2.0%
Non-controlling interest
751
733
623
+2.5%
Redeemable equity
5.0
4.0
5.0
+25.0%
Debt
2,316
2,439
2,457
-5.0%
Operating lease liabilities
931
0.0
n/a
Other liabilities
2,125
2,047
1,941
+3.8%
Total liabilities and equity
10,781
9,783
9,295
+10.2%
Fixed assets
3,527
3,346
3,424
+5.4%
Goodwill
547
509
509
+7.5%
Intangible assets
239
253
279
-5.5%
Investments
0.0
17.0
100
Cash and equivalents
465
921
619
-49.5%
Receivables
1,005
992
861
+1.3%
Inventory
169
150
145
+12.7%
Other assets
4,829
3,595
3,358
+34.3%
Total assets
10,781
9,783
9,295
+10.2%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.