Array Digital Infrastructure Inc · Q2 2023 earnings

Briefing

Reported a decrease in operating revenues and net income, but showed growth in fixed wireless customers and tower rental revenues.

U.S. Cellular reported a decrease in total operating revenues to $957 million for Q2 2023, compared to $1,027 million in the same period last year. Net income attributable to UScellular shareholders was $5 million, or $0.05 per share, down from $21 million, or $0.25 per share, in Q2 2022. The company saw growth in fixed wireless customers and tower rental revenues.

• Postpaid handset subscriber trends improved slightly year-over-year due to improvements in churn.
• Fixed wireless and the tower portfolio produced year-over-year double-digit increases in gross additions and revenues, respectively.
• Cost optimization programs are helping to offset inflationary pressures.
• In July, UScellular surpassed 100,000 fixed wireless customers.

Headline financials

Revenue & EPS history

UScellular’s current estimates of full-year 2023 results are shown below. Such estimates represent management’s view as of August 4, 2023 and should not be assumed to be current as of any future date. UScellular undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results. The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic review referenced above.