The following is a summary of the United States Cellular Corporation (USM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Reported positive adjustments to EBITDA and OIBDA based on strong execution and financial management.

• Ended the quarter in a solid cash and liquidity position, with an improvement in debt-to-EBITDA ratios and positive free cash flow generation, along with lower expected interest costs following the Fed's interest rate cut.

• Raised adjusted EBITDA and adjusted OIBDA outlook for the year, reflecting the company's effective cost management and successful execution of strategic initiatives.

Business Progress:

• Advanced in monetizing spectrum assets, entering agreements worth over $1 billion for various spectrum licenses, contingent on closing the proposed deal with T-Mobile.

• Achieved improved subscriber momentum with effective promotional strategies, leading to reduced retail net losses and improved churn rates.

• Highlighted technological upgrades like the progression to 5G coverage, optimizing the network and supporting enhanced customer experiences.

Opportunities:

• Opportunities for further monetization of retained spectrum, enhancing long-term financial strength.

• Long-term Tower business growth expected from increased co-location and ongoing lease agreements, especially following the planned transaction with T-Mobile.

• Competitive positioning through the development and expansion of high-speed fiber broadband services.

Risks:

• Potential delays or complications in closing the spectrum deals with Verizon and in the T-Mobile transaction, which are subject to regulatory approvals.

• Market competition and the necessity of continuous technological advancements to maintain competitive edge.

• Economic pressures such as inflation and interest rate fluctuations impacting operational costs and investment strategies.

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