United States Cellular Corporation (NYSE:USM) Q3 2023 Earnings Call Transcript
United States Cellular Corporation (NYSE:USM) Q3 2023 Earnings Call Transcript November 5, 2023
Operator: Good morning, ladies and gentlemen and welcome to the TDS and UScellular's Third Quarter 2023 Operating Results Conference Call. At this time all participants are in a listen-only mode. And please be advised that this call is being recorded. After the speakers' prepared remarks there will be a question-and-answer session. [Operator Instructions]. Now at this time I’ll turn the things over to Ms. Colleen Thompson, Vice President, Corporate Relations. Please go ahead ma’am.
Colleen Thompson: Good morning, and thank you for joining us. We want to make you all aware of the presentation we have prepared to accompany our comments this morning, which you can find on the Investor Relations sections of the TDS and UScellular websites. With me today, and offering prepared comments, are from TDS, Vicki Villacrez, Executive Vice President and Chief Financial Officer; from UScellular, LT Therivel, President and Chief Executive Officer; Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer, and from TDS Telecom, Michelle Brukwicki, Senior Vice President of Finance and Chief Financial Officer. This call is being simultaneously webcast on the TDS and UScellular Investor Relations website.
Please see the websites for slides referred to on this call, including non-GAAP reconciliations. We provide guidance for both adjusted operating income before depreciation and amortization, or OIBDA, and adjusted earnings before interest, taxes, depreciation and amortization or EBITDA to highlight the contributions of UScellular's wireless partnerships. TDS and UScellular filed their SEC Forms 8-K, including the press releases and our 10-Qs earlier this morning. As shown on Slide 2, the information set forth in the presentation and discussed during this call contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Please review the Safe Harbor paragraphs in our press releases and the extended version included in our SEC filings.
I will now turn the call over to Vicki Villacrez. Vicki?
Vicki Villacrez: Okay. Thank you, Colleen, and good morning, everyone. Before we get into the details for the quarter, I want to reiterate that as we announced in connection with last quarter’s earnings call the Board of Directors of TDS and US Cellular have each decided to initiate a process to explore strategic alternatives for UScellular. We are not going to comment on that process at this time, however to say that it is active and ongoing. With that, let's get into the details for the quarter. I am pleased that both business units delivered year-over-year improvements in adjusted EBITDA due to cost optimization programs and efforts to streamline expenses across almost every part of the enterprise. At the same time, we continue to make key network investments in order to take advantage of growth opportunities that can enhance our competitive positions.
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