Telephone & Data Systems Inc. (NYSE:TDS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 10:00 am ET


Telephone & Data Systems Inc. (NYSE:TDS) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Jake, and I'll be your conference facilitator today. At this time, I would now like to welcome everyone to the TDS and U.S. Cellular Second Quarter 2020 Operating Results conference call. [Operator Instructions]

At this time, I will turn the call over to our host, Jane McCahon. Ma'am, please go ahead.

Jane W. McCahon

Thank you, Jake. Good morning, and thank you all for joining us today. We want to send out our very best wishes that you and your families are well. We've worked hard to prepare our materials and remarks for today, to share with you the strength of our businesses and provide insight into what we believe will be some of the most significant opportunities and challenges we'll face in the coming months. Please let us know if we can do anything to provide more timely and important information. I 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 section of the TDS and U.S. Cellular websites. With me today and offering prepared comments are from TDS, Pete Sereda, Executive Vice President and Chief Financial Officer; from U.S. Cellular, LT Therivel, President and Chief Executive Officer; Ken Meyers, Senior Adviser to the CEO; Doug Chambers, Senior Vice President and Chief Financial Officer; and Mike Irizarry, Executive Vice President and Chief Technology Officer.

From TDS Telecom, Vicki Villacrez, Senior Vice President of Finance and Chief Financial Officer. This call is being simultaneously webcast on the U.S. Cellular and TDS Investor Relations websites. Please see those 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 U.S. Cellular's wireless partnerships. TDS and U.S. Cellular filed their SEC Forms 8-K, including the press releases and forms 10-Q yesterday. As shown on slide two, 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.

We have updated our safe harbor statements to include specific risks related to COVID-19 and its impact on our businesses and provided that here specifically on slide three. In terms of our upcoming IR schedule, slide four, we'll be virtually attending Morgan Stanley's Corporate Access Day on August 13, and then doing a virtual Morgan Stanley Non-Deal Road Show on August 20, which will include a fireside chat. And our open door policy is now more of an open phone or open video policy. So please reach out to us, and we can arrange them. Before turning the call over, I'd like to remind everyone that due to the FCC's anti-collusion rules, we will not be responding to any