Telephone & Data Systems (TDS) Q4 FY2023 earnings: revenue $1.3 billion, down 3.3% on the year

Telephone & Data Systems Inc. (TDS) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 3.3% on the same quarter a year earlier. Net income was -$506 million, and diluted earnings per share $-4.64. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$1.3 billiondown 3.3%

Net income-$506 million

Diluted EPS$-4.64

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,312	1,278	n/a	n/a
Cost of revenue	607	567	n/a	n/a
Gross profit	705	711	n/a	n/a
Gross margin	53.7%	55.6%	n/a
Selling, general and administrative	446	432	n/a	n/a
Operating income	-524	48.0	n/a	n/a
Operating margin	-39.9%	3.8%	n/a
Interest expense	67.0	62.0	n/a	n/a
Pre-tax income	-548	31.0	n/a	n/a
Income tax	-45.0	27.0	n/a	n/a
Effective tax rate	n/a	87.1%	n/a
Net income	-506	0.0	n/a	n/a
Net margin	-38.6%	0.0%	n/a
Diluted EPS	-$4.64	-$0.16	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	219	409	n/a	n/a
Capital expenditure	305	277	n/a	n/a
Free cash flow	-86.0	132	n/a	n/a
Free cash flow margin	-6.6%	10.3%	n/a
Cash from investing	-405	-293	n/a	n/a
Cash from financing	163	-116	n/a	n/a
Depreciation and amortisation	233	225	n/a	n/a
Share-based compensation	14.0	13.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividend per share	n/a	$0.18	n/a	n/a
Diluted shares, weighted	n/a	113m	n/a	n/a
Shares outstanding at period end	113m	113m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	5,202	5,726	n/a	n/a
Non-controlling interest	794	791	n/a	n/a
Redeemable equity	6.0	n/a	n/a	n/a
Debt	4,080	3,840	n/a	n/a
Operating lease liabilities	890	896	n/a	n/a
Other liabilities	2,949	3,161	n/a	n/a
Total liabilities and equity	13,921	14,414	n/a	n/a
Fixed assets	5,062	4,998	n/a	n/a
Goodwill	0.0	547	n/a	n/a
Intangible assets	183	188	n/a	n/a
Cash and equivalents	236	256	n/a	n/a
Receivables	992	988	n/a	n/a
Inventory	208	181	n/a	n/a
Other assets	7,240	7,256	n/a	n/a
Total assets	13,921	14,414	n/a	n/a

Questions

What was Telephone & Data Systems' revenue in Q4 FY2023?

Telephone & Data Systems (TDS) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 3.3% on the same quarter a year earlier.

How much did Telephone & Data Systems earn in Q4 FY2023?

Net loss for Q4 FY2023 was $506 million, and the diluted loss per share $4.64.

When did Telephone & Data Systems report Q4 FY2023 results?

Telephone & Data Systems filed its 10-K for the year that ended with the quarter on 16 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,278	1,312	1,262	1,238	327	1,240	290	299	309	n/a	309	309
Cost of revenue	567	607	531	523	155	565	124	122	129	n/a	124	129
Gross profit	711	705	731	715	173	675	167	177	180	n/a	185	180
Gross margin	56%	54%	58%	58%	53%	54%	57%	59%	58%	n/a	60%	58%
SG&A	432	446	424	426	117	449	116	109	106	n/a	103	111
Operating income	48.0	-524	67.0	39.0	-150	37.0	-33.9	-12.3	-68.0	n/a	144	373
Operating margin	4%	-40%	5%	3%	-46%	3%	-12%	-4%	-22%	n/a	46%	121%
Interest expense	62.0	67.0	57.0	73.0	32.7	73.0	23.9	29.2	47.3	n/a	5.3	11.4
Pre-tax income	31.0	-548	58.0	13.0	-130	13.0	-12.3	10.0	6.0	n/a	234	448
Tax rate	87%	n/a	34%	46%	n/a	38%	n/a	-42%	-1211%	n/a	23%	24%
Net income	0.0	-506	29.0	3.0	-65.7	6.0	7.5	11.6	-81.8	n/a	145	298
Net margin	0%	-39%	2%	0%	-20%	0%	3%	4%	-26%	n/a	47%	96%
Diluted EPS	-$0.16	-$4.64	$0.10	-$0.13	-$0.73	-$0.10	-$0.09	-$0.05	-$0.84	n/a	$1.09	$2.42
Operating cash flow	409	219	224	402	307	212	186	421	-36.7	n/a	67.5	55.6
Capital expenditure	277	305	235	216	204	229	64.4	157	n/a	n/a	149	169
Free cash flow	132	-86.0	-11.0	186	103	-17.0	121	264	n/a	n/a	-81.6	-113
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	113m	113m	113m	113m	113m	114m	114m	115m	116m	114m	114m	115m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001051512-24-000010: the filing on EDGAR. All of Telephone & Data Systems Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install