Telephone & Data Systems (TDS) FY2020 results: revenue $5.2 billion, up 0.9% on the year
Telephone & Data Systems Inc. (TDS) reported revenue of $5.2 billion for fiscal 2020, the year ended 31 December 2020, up 0.9% on the year before. Net income was $226 million, up 86.8%, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$5.2 billion
+0.9% on the year
FY2013FY2020
Operating margin
5.0%
3.5% a year earlier
FY2013FY2020
Net income
$226 million
+86.8% on the year
FY2013FY2020
Diluted EPS
$1.93
+87.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,225
5,176
5,109
+0.9%
Cost of revenue
2,354
2,337
2,336
+0.7%
Gross profit
2,871
2,839
2,773
+1.1%
Gross margin
54.9%
54.8%
54.3%
Selling, general and administrative
1,681
1,717
1,694
-2.1%
Operating income
259
179
205
+44.7%
Operating margin
5.0%
3.5%
4.0%
Interest expense
168
165
172
+1.8%
Pre-tax income
288
211
221
+36.5%
Income tax
19.0
64.0
46.0
-70.3%
Effective tax rate
6.6%
30.3%
20.8%
Net income
226
121
135
+86.8%
Net margin
4.3%
2.3%
2.6%
Diluted EPS
$1.93
$1.03
$1.17
+87.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,532
1,016
1,017
+50.8%
Capital expenditure
1,338
957
776
+39.8%
Free cash flow
194
59.0
241
+228.8%
Free cash flow margin
3.7%
1.1%
4.7%
Cash from investing
-1,511
-1,249
-680
Cash from financing
957
-220
-32.0
Depreciation and amortisation
862
890
839
-3.1%
Share-based compensation
53.0
59.0
54.0
-10.2%
Buybacks
14.0
0.0
0.0
Dividends paid
78.0
75.0
72.0
+4.0%
Dividend per share
$0.68
$0.66
$0.64
+3.0%
Diluted shares, weighted
115m
116m
114m
-0.9%
Shares outstanding at period end
114m
115m
114m
-0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,804
4,653
4,560
+3.2%
Non-controlling interest
789
751
733
+5.1%
Redeemable equity
6.0
5.0
4.0
+20.0%
Debt
3,424
2,316
2,439
+47.8%
Operating lease liabilities
940
931
0.0
+1.0%
Other liabilities
2,562
2,125
2,047
+20.6%
Total liabilities and equity
12,525
10,781
9,783
+16.2%
Fixed assets
3,972
3,527
3,346
+12.6%
Goodwill
547
547
509
0.0%
Intangible assets
213
239
253
-10.9%
Investments
3.0
0.0
17.0
Cash and equivalents
1,429
465
921
+207.3%
Receivables
1,004
1,005
992
-0.1%
Inventory
154
169
150
-8.9%
Other assets
5,203
4,829
3,595
+7.7%
Total assets
12,525
10,781
9,783
+16.2%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.