Telephone & Data Systems Inc. (NYSE:TDS) Q3 2019 Earnings Conference Call - Final Transcript

Nov 01, 2019 • 10:00 am ET


Telephone & Data Systems Inc. (NYSE:TDS) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen thank you for standing by and welcome to the TDS and U.S. Cellular Third Quarter conference Call. [Operator Instructions]

I would now like to turn the conference over to your speaker today Jane McCahon. Thank you. Please go ahead.

Jane McCahon

Thank you Jody. Good morning everyone and thank you for joining us. With me today and offering prepared comments are from U.S. Cellular Ken Meyers President and Chief Executive Officer; and Doug Chambers Senior Vice President and Chief Financial Officer. From TDS Telecom Vicki Villacrez Senior Vice President of Finance and Chief Financial Officer. This call is being simultaneously webcast on the TDS and U.S. Cellular Investor Relations websites. 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 and adjusted earnings before interests taxes depreciation and amortization.

To highlight the contributions of U.S. Cellular's wireless partnerships. As shown on slide two the information set forth in the presentation and discussed during this call contain 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 in our SEC filings. TDS and U.S. Cellular filed their SEC Forms 8-K yesterday including its press releases in addition to our SEC Forms 10-Q. Taking a quick look at the upcoming IR schedule on slide three. Ted Carlson Doug Chambers and I will be out on the road in New York with Citi on November 14th. Doug Chambers and I will be doing one-on-ones at the Wells Fargo TMT Conference in Las Vegas on December 3. Ken Meyers Mike Irizarry and I will be attending the UBS Global TMT Conference on December 11. And Ken and I will be attending Citi's 2020 TMT West Conference on January 7. And please keep in mind that TDS has an open door policy. So if you're in the Chicago area and would like to meet with members of management the IR team will accommodate you calendars permitting. Before turning the call over I want to remind everyone that U.S. Cellular is registered to participate in the FCC's Auction 103 and due to the anti-collusion rules we will be unable to respond to any questions related to FCC auctions.

And now I'd like to turn the call over to Ken Meyers.

Kenneth R. Meyers

Thank you Jane. Good morning and thanks for joining us today. I know the headlines for the quarter looked like another quarter of revenue and adjusted EBITDA growth albeit with a small loss on postpaid handset additions. But in fact it was much much more than that. In fact it was a very busy quarter for us. First the quarter started off rather soft but we picked up nice momentum throughout the quarter as some of the many initiatives we've been working on were implemented and progress was made on others. Subscriber activity picked up and improved month-to-month with