U.S. Cellular reports fourth quarter and full year 2015 results - United States Cellular (NYSE:USM)

Significant improvements in operating and net income

Provides 2016 guidance

As previously announced, U.S. Cellular will hold a teleconference February 19, 2016 at 9:30 a.m. CST. Listen to the live call via the Events & Presentations page of investors.uscellular.com.

CHICAGO, Feb. 19, 2016 /PRNewswire/ -- United States Cellular Corporation USM reported total operating revenues of $987.0 million for the fourth quarter of 2015, versus $1,008.7 million for the same period one year ago. Net loss attributable to U.S. Cellular shareholders and related diluted earnings per share were $1.7 million and $0.02, respectively, for the fourth quarter of 2015, compared to $21.3 million and $0.25, respectively, in the comparable period one year ago.

U.S. Cellular reported total operating revenues of $3,996.9 million and $3,892.7 million for the years ended 2015 and 2014, respectively. Net income (loss) attributed to U.S. Cellular shareholders and related diluted earnings per share were $241.3 million and $2.84, respectively, for the year ended 2015, compared to $(42.8) million and $(0.51), respectively, for the year ended 2014.

"We achieved many of the strategic goals we set for 2015," said Kenneth R. Meyers, U.S. Cellular president and CEO. "We successfully completed the rollout of our 4G LTE network, rebuilt customer loyalty as evidenced by historically low churn, and significantly improved our profitability.

"In addition, in an extremely competitive market, we were able to grow our customer base. We're going to continue to focus on customer growth in 2016 by offering our high-quality network, competitively priced products and services, and outstanding customer service to provide the best value in wireless.

"Looking forward, we plan to build upon our strengths. We will continue to enhance our network with technologies such as Voice over LTE, and nationwide 4G LTE roaming. We also will remain focused on increasing revenue driven by net additions, smartphone adoption and data monetization."

2016 Estimated Results

U.S. Cellular's estimates of full-year 2016 results are shown below. Such estimates represent management's view as of February 19, 2016. Such forward‑looking statements should not be assumed to be current as of any future date. U.S. Cellular undertakes no duty to update such information, whether as a result of new information, future events or otherwise. There can be no assurance that final results will not differ materially from such estimated results.

	2016 Estimated Results		Actual Results for Year Ended December 31, 2015
(Dollars in millions)
Total operating revenues	$3,900-$4,100		$	3,997
Operating cash flow ⁽¹⁾	$525-$650		$	675
Adjusted EBITDA ⁽¹⁾	$725-$850		$	852
Capital expenditures	Approx. $	500	$	533

The following table provides reconciliation to Operating Cash Flow and Adjusted EBITDA for 2016 estimated results, and actual results for the year ended December 31, 2015:

			2016 Estimated Results ⁽²⁾		Actual Results for the Year Ended December 31, 2015
(Dollars in millions)
Net income (loss) (GAAP)			N/A	$	247
Add back:
	Income tax expense (benefit)		N/A		156
Income (loss) before income taxes (GAAP)		$	0-125	$	404
Add back:
	Interest expense		105		86
	Depreciation, amortization and accretion expense		600		606
EBITDA		$	705-830	$	1,096
Add back (deduct):
	(Gain) loss on sale of business and other exit costs, net		–		(114)
	(Gain) loss on license sales and exchanges, net ⁽⁴⁾		–		(147)
	(Gain) loss on assets disposals, net		20		16
Adjusted EBITDA ⁽¹⁾		$	725-850	$	852
Deduct:
	Equity in earnings of unconsolidated entities		(140)		(140)
	Interest and dividend income; other income		(60)		(37)
Operating cash flow ⁽¹⁾⁽³⁾		$	525-650	$	675


Note: Totals may not foot due to rounding differences.

(1)	Operating cash flow is defined as net income adjusted for the items set forth in the reconciliation above. Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and accretion) is defined as net income adjusted for the items set forth in the reconciliation above. Operating cash flow and Adjusted EBITDA exclude these items in order to show operating results on a more comparable basis from period to period. From time to time, U.S. Cellular may exclude other items from Operating cash flow and/or Adjusted EBITDA if such items help reflect operating results on a more comparable basis. U.S. Cellular does not intend to imply that any such items that are excluded are non-recurring, infrequent or unusual; such items may occur in the future. Operating cash flow and Adjusted EBITDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States ("GAAP") and should not be considered as alternatives to net income as indicators of the company's operating performance or as alternatives to cash flows from operating activities, determined in accordance with GAAP, as indicators of cash flows or as measures of liquidity. U.S. Cellular believes Operating cash flow and Adjusted EBITDA are useful measures of U.S. Cellular's operating results before significant recurring non-cash charges, gains and losses, and other items as indicated above.

(2)	In providing 2016 Estimated Results, U.S. Cellular has not completed the above reconciliation to net income because it does not provide guidance for income taxes. U.S. Cellular believes that the impact of income taxes cannot be reasonably predicted; therefore, the company is unable to provide such guidance. Accordingly, a reconciliation to net income is not available without unreasonable effort.

(3)	A reconciliation of Operating cash flow (Non-GAAP) to Operating income (GAAP) for full year 2015, 2014 and 2013 actual results can be found on the Guidance and Reconciliation page of the company's website at investors.uscellular.com.

(4)	In February 2016, U.S. Cellular entered into multiple agreements to exchange licenses. Agreements are subject to regulatory approval and other customary closing conditions, and are expected to close in 2016. Upon closing of the transactions, U.S. Cellular expects to record a gain. A reasonable estimate of the gains is unavailable at the time of this filing.

Conference Call Information
U.S. Cellular will hold a conference call on February 19, 2016 at 9:30 a.m. Central Time.

Access the live call on the Events & Presentation page of investors.uscellular.com or at https://www.webcaster4.com/Webcast/Page/1145/13319.
Access the call by phone at 877-407-8029 (US/Canada), no pass code required.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com. The call will be archived on the Events & Presentations page of investors.uscellular.com.

About U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to 4.9 million customers in 23 states. The Chicago-based company had 6,400 full- and part-time associates as of December 31, 2015. At the end of the fourth quarter of 2015, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: intense competition; the ability to execute U.S. Cellular's business strategy; uncertainties in U.S. Cellular's future cash flows and liquidity and access to the capital markets; the ability to make payments on U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any pending acquisitions/divestitures/exchanges of properties and/or licenses, including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transactions and the financial impacts of such transactions; the ability of the company to successfully manage and grow its markets; the overall economy; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded U.S. Cellular debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; pending and future litigation; changes in income tax rates, laws, regulations or rulings; changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of products and services offered by U.S. Cellular. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by U.S. Cellular to furnish this press release to the Securities and Exchange Commission ("SEC"), which are incorporated by reference herein.

For more information about U.S. Cellular, visit:
U.S. Cellular: www.uscellular.com

United States Cellular Corporation
Summary Operating Data (Unaudited)

As of or for the Quarter Ended			12/31/2015		9/30/2015		6/30/2015		3/31/2015		12/31/2014
Retail Customers
	Postpaid
		Total at end of period		4,409,000		4,341,000		4,324,000		4,307,000		4,298,000
		Gross additions		240,000		200,000		191,000		200,000		302,000
		Net additions (losses)		68,000		17,000		17,000		9,000		98,000
		ARPU ^(1)(11)	$	51.46	$	58.12	$	53.62	$	54.87	$	56.51
		ABPU ^(2)(11)	$	58.57	$	63.88	$	58.08	$	58.50	$	59.13
		ARPA ^(3)(11)	$	131.96	$	147.00	$	133.85	$	134.94	$	136.13
		ABPA ^(4)(11)	$	150.19	$	161.57	$	144.99	$	143.86	$	142.44
		Churn rate ⁽⁵⁾		1.3%		1.4%		1.3%		1.5%		1.6%
		Smartphone penetration ⁽⁶⁾		74%		72%		69%		67%		65%
	Prepaid
		Total at end of period		387,000		380,000		368,000		360,000		348,000
		Gross additions		69,000		71,000		65,000		73,000		60,000
		Net additions (losses)		7,000		12,000		8,000		12,000		(2,000)
		ARPU ^(1)(11)	$	35.54	$	35.64	$	35.98	$	35.72	$	35.33
		Churn rate ⁽⁵⁾		5.4%		5.2%		5.2%		5.8%		5.9%
Total customers at end of period				4,876,000		4,807,000		4,779,000		4,775,000		4,760,000
Billed ARPU ^(1)(11)			$	49.40	$	55.42	$	51.29	$	52.29	$	53.63
Service revenue ARPU^(1)(11)			$	55.31	$	62.31	$	57.55	$	58.01	$	60.10
Smartphones sold as a percent of total handsets sold				91%		87%		87%		86%		87%
Total population
		Consolidated markets ^(7)(10)		50,520,000		50,313,000		52,809,000		52,822,000		58,840,000
		Consolidated operating markets ⁽⁷⁾		31,967,000		31,814,000		31,814,000		31,814,000		31,729,000
Market penetration at end of period
		Consolidated markets ⁽⁸⁾		10%		10%		9%		9%		8%
		Consolidated operating markets ⁽⁸⁾		15%		15%		15%		15%		15%
Capital expenditures (000s)			$	198,111	$	134,816	$	133,666	$	66,460	$	181,655
Total cell sites in service				6,297		6,246		6,223		6,219		6,220
Owned towers⁽⁹⁾				3,978		3,957		3,940		3,936		4,280

(1)

Average Revenue Per User ("ARPU") are metrics calculated by dividing a revenue base by an average number of customers by the number of months in the period. These revenue bases and customer populations are shown below:

Postpaid ARPU consists of total postpaid service revenues and postpaid customers.

Prepaid ARPU consists of total prepaid service revenues and prepaid customers.

Billed ARPU consists of total postpaid, prepaid and reseller service revenues and postpaid, prepaid and reseller customers.

Service revenue ARPU consists of total postpaid, prepaid and reseller service revenues, inbound roaming and other service revenues and postpaid, prepaid and reseller customers.

(2)

Average Billing Per User ("ABPU") metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid customers by the number of months in the period.

(3)

Average Revenue Per Account ("ARPA") metric is calculated by dividing total postpaid service revenue by the average number of postpaid accounts by the number of months in the period.

(4)

Average Billing Per Account ("ABPA") metric is calculated by dividing total postpaid service revenues plus equipment installment plan billings by the average number of postpaid accounts by the number of months in the period.

(5)

Churn metrics represent the percentage of the postpaid or prepaid customers that disconnect service each month. These metrics represent the average monthly postpaid or prepaid churn rate for each respective period.

(6)

Smartphones represent wireless devices which run on an Android, Apple, BlackBerry or Windows Mobile operating system, excluding connected devices. Smartphone penetration is calculated by dividing postpaid smartphone customers by total postpaid customers.

(7)

During the third quarter of 2015 U.S. Cellular reassessed population statistics with respect to markets which U.S. Cellular consolidates and revised its calculations to more accurately calculate such population statistics. As a result, prior period population data and corresponding market penetration ratios were revised for markets that U.S. Cellular currently consolidates, or previously consolidated in the periods presented. The decrease in the population of Consolidated markets is due primarily to the license exchange transactions of certain non-operating licenses in Illinois and Indiana in March 2015. Total Population is used only to calculate market penetration of consolidated markets and consolidated operating markets, respectively. See footnote (8) below.

(8)

Market penetration is calculated by dividing the number of wireless customers at the end of the period by the total population of consolidated markets and consolidated operating markets, respectively, as estimated by Claritas.

(9)

During the quarter ended March 31, 2015, U.S. Cellular sold 359 towers in divested markets.

(10)

As licenses awarded in Auction 97 have not yet been granted, population statistics related to such licenses have not been included in population data.

(11)

The quarter ended September 30, 2015 results include the recognition of $58 million in revenue due to the termination of the awards program.

United States Cellular Corporation
Consolidated Statement of Operations Highlights
Three Months Ended December 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
							Change
			2015		2014		Amount		Percent
Operating revenues
	Service		$	801,887	$	849,788	$	(47,901)	(6)%
	Equipment sales			185,148		158,956		26,192	16%
		Total operating revenues		987,035		1,008,744		(21,709)	(2)%

Operating expenses
	System operations (excluding Depreciation, amortization and accretion reported below)			189,107		202,423		(13,316)	(7)%
	Cost of equipment sold			273,582		342,355		(68,773)	(20)%
	Selling, general and administrative			387,206		394,553		(7,347)	(2)%
	Depreciation, amortization and accretion			156,420		140,955		15,465	11%
	(Gain) loss on asset disposals, net			4,045		4,695		(650)	(14)%
	(Gain) loss on sale of business and other exit costs, net			270		(5,136)		5,406	>100%
	(Gain) loss on license sales and exchanges, net			–		(21,547)		21,547	N/M
		Total operating expenses		1,010,630		1,058,298		(47,668)	(5)%

Operating income (loss)				(23,595)		(49,554)		25,959	52%

Investment and other income (expense)
	Equity in earnings of unconsolidated entities			30,354		23,598		6,756	29%
	Interest and dividend income			10,498		6,119		4,379	72%
	Interest expense			(24,955)		(14,674)		(10,281)	(70)%
	Other, net			192		(121)		313	>100%
		Total investment and other income		16,089		14,922		1,167	8%

Income (loss) before income taxes				(7,506)		(34,632)		27,126	78%
	Income tax expense (benefit)			(4,880)		(12,528)		7,648	61%
Net income (loss)				(2,626)		(22,104)		19,478	88%
	Less: Net income (loss) attributable to noncontrolling interests, net of tax			(963)		(764)		(199)	(26)%
Net income (loss) attributable to U.S. Cellular shareholders			$	(1,663)	$	(21,340)	$	19,677	92%

Basic weighted average shares outstanding				84,320		84,066		254	-
Basic earnings (loss) per share attributable to U.S. Cellular shareholders			$	(0.02)	$	(0.25)	$	0.23	92%

Diluted weighted average shares outstanding				84,320		84,066		254	-
Diluted earnings (loss) per share attributable to U.S. Cellular shareholders			$	(0.02)	$	(0.25)	$	0.23	92%

United States Cellular Corporation
Consolidated Statement of Operations Highlights
Twelve Months Ended December 31,
(Unaudited, dollars and shares in thousands, except per share amounts)
							Change
			2015		2014		Amount		Percent
Operating revenues
	Service		$	3,350,431	$	3,397,937	$	(47,506)	(1)%
	Equipment sales			646,422		494,810		151,612	31%
		Total operating revenues		3,996,853		3,892,747		104,106	3%

Operating expenses
	System operations (excluding Depreciation, amortization and accretion reported below)			775,042		769,911		5,131	1%
	Cost of equipment sold			1,052,810		1,192,669		(139,859)	(12)%
	Selling, general and administrative			1,493,730		1,591,914		(98,184)	(6)%
	Depreciation, amortization and accretion			606,455		605,997		458	-
	(Gain) loss on asset disposals, net			16,313		21,469		(5,156)	(24)%
	(Gain) loss on sale of business and other exit costs, net			(113,555)		(32,830)		(80,725)	>(100)%
	(Gain) loss on license sales and exchanges, net			(146,884)		(112,993)		(33,891)	(30)%
		Total operating expenses		3,683,911		4,036,137		(352,226)	(9)%

Operating income (loss)				312,942		(143,390)		456,332	>100%

Investment and other income (expense)
	Equity in earnings of unconsolidated entities			140,083		129,764		10,319	8%
	Interest and dividend income			36,332		12,148		24,184	>100%
	Interest expense			(86,194)		(57,386)		(28,808)	(50)%
	Other, net			466		160		306	>100%
		Total investment and other income		90,687		84,686		6,001	7%

Income (loss) before income taxes				403,629		(58,704)		462,333	>100%
	Income tax expense (benefit)			156,334		(11,782)		168,116	>100%
Net income (loss)				247,295		(46,922)		294,217	>100%
	Less: Net income (loss) attributable to noncontrolling interests, net of tax			5,948		(4,110)		10,058	>100%
Net income (loss) attributable to U.S. Cellular shareholders			$	241,347	$	(42,812)	$	284,159	>100%

Basic weighted average shares outstanding				84,248		84,213		35	-
Basic earnings (loss) per share attributable to U.S. Cellular shareholders			$	2.86	$	(0.51)	$	3.37	>100%

Diluted weighted average shares outstanding				84,891		84,213		678	1%
Diluted earnings (loss) per share attributable to U.S. Cellular shareholders			$	2.84	$	(0.51)	$	3.35	>100%

United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited, dollars in thousands)

ASSETS


		December 31,		December 31,
		2015		2014
Current assets
	Cash and cash equivalents	$	715,376	$	211,513
	Accounts receivable from customers and others, net		672,219		556,958
	Inventory, net		149,307		267,068
	Prepaid expenses		80,794		59,744
	Net deferred income tax asset		–		93,058
	Other current assets		53,946		90,834
			1,671,642		1,279,175

Assets held for sale			–		107,055

Licenses			1,834,212		1,443,438
Goodwill			369,596		370,151
Investments in unconsolidated entities			363,383		283,014

Property, plant and equipment
	In service and under construction		7,668,736		7,458,740
	Less: Accumulated depreciation		5,019,803		4,730,523
	Property, plant and equipment, net		2,648,933		2,728,217

Other assets and deferred charges ⁽¹⁾			172,212		251,259

Total assets		$	7,059,978	$	6,462,309

(1)

U.S. Cellular reclassified unamortized debt issuance costs of $25.0 million as of December 31, 2014 from Other assets and deferred charges to Long-term debt, net due to early adoption of ASU 2015-03.

United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited, dollars in thousands)

LIABILITIES AND EQUITY


			December 31,		December 31,
			2015		2014
Current liabilities
	Current portion of long-term debt		$	11,313	$	46
	Accounts payable
		Affiliated		10,170		9,774
		Trade		274,807		306,845
	Customer deposits and deferred revenues			250,983		287,562
	Accrued taxes			28,448		36,652
	Accrued compensation			67,770		66,162
	Other current liabilities			104,447		149,853
				747,938		856,894

Liabilities held for sale				–		20,934

Deferred liabilities and credits
	Net deferred income tax liability			820,731		859,867
	Other deferred liabilities and credits			290,949		284,002

Long-term debt, net ⁽¹⁾				1,628,507		1,126,860

Noncontrolling interests with redemption features				1,097		1,150

Equity
U.S. Cellular shareholders' equity
	Series A Common and Common Shares, par value $1 per share			88,074		88,074
	Additional paid-in capital			1,496,453		1,472,558
	Treasury shares			(156,535)		(169,139)
	Retained earnings			2,132,521		1,910,498
		Total U.S. Cellular shareholders' equity		3,560,513		3,301,991

Noncontrolling interests				10,243		10,611

	Total equity			3,570,756		3,312,602

Total liabilities and equity			$	7,059,978	$	6,462,309

(1)

U.S. Cellular reclassified unamortized debt issuance costs of $25.0 million as of December 31, 2014 from Other assets and deferred charges to Long-term debt, net due to early adoption of ASU 2015-03.

United States Cellular Corporation
Consolidated Statement of Cash Flows
Twelve Months Ended December 31,
(Unaudited, dollars in thousands)

			2015		2014
Cash flows from operating activities
	Net income (loss)		$	247,295	$	(46,922)
	Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities
		Depreciation, amortization and accretion		606,455		605,997
		Bad debts expense		105,745		101,282
		Stock-based compensation expense		24,748		22,383
		Deferred income taxes, net		55,306		57,604
		Equity in earnings of unconsolidated entities		(140,083)		(129,764)
		Distributions from unconsolidated entities		60,041		112,336
		(Gain) loss on asset disposals, net		16,313		21,469
		(Gain) loss on sale of business and other exit costs, net		(113,555)		(32,830)
		(Gain) loss on license sales and exchanges, net		(146,884)		(112,993)
		Noncash interest expense		1,621		1,155
		Other operating activities		(400)		26
	Changes in assets and liabilities from operations
		Accounts receivable		(95,730)		12,547
		Equipment installment plans receivable		(133,734)		(188,829)
		Inventory		117,764		(28,878)
		Accounts payable		4,931		(98,177)
		Customer deposits and deferred revenues		(36,612)		33,524
		Accrued taxes		33,569		(99,483)
		Accrued interest		4,047		1,307
		Other assets and liabilities		(55,723)		(59,412)
		Net cash provided by operating activities		555,114		172,342

Cash flows from investing activities
	Cash used for additions to property, plant and equipment			(580,593)		(605,083)
	Cash paid for acquisitions and licenses			(285,807)		(38,150)
	Cash received from divestitures and exchanges			316,729		179,842
	Cash received for investments			–		50,000
	Federal Communications Commission deposit			–		(60,000)
	Other investing activities			1,003		2,619
		Net cash used in investing activities		(548,668)		(470,772)

Cash flows from financing activities
	Issuance of long-term debt			525,000		275,000
	Repayment of borrowing under revolving credit facility			–		(150,000)
	Borrowing under revolving credit facility			–		150,000
	Common shares reissued for benefit plans, net of tax payments			2,167		830
	Common shares repurchased			(6,188)		(18,943)
	Payment of debt issuance costs			(13,005)		(9,644)
	Acquisition of towers in common control transaction			(2,437)		(76,298)
	Distributions to noncontrolling interests			(6,369)		(3,056)
	Payments to acquire additional interest in subsidiaries			(2,108)		–
	Other financing activities			357		(11)
		Net cash provided by financing activities		497,417		167,878

Net increase (decrease) in cash and cash equivalents				503,863		(130,552)

Cash and cash equivalents
	Beginning of period			211,513		342,065
	End of period		$	715,376	$	211,513

United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited, dollars in thousands)

			Three Months Ended				Twelve Months Ended
			December 31,				December 31,
				2015		2014		2015		2014

Cash flows from operating activities			$	(341)	$	(158,289)	$	555,114	$	172,342
Less: Cash used for additions to property, plant and equipment				173,997		180,309		580,593		605,083
		Free cash flow		(174,338)		(338,598)		(25,479)		(432,741)
Add: Sprint Cost Reimbursement				2,378		19,085		29,974		71,097
	Adjusted free cash flow ⁽¹⁾		$	(171,960)	$	(319,513)	$	4,495	$	(361,644)

(1)

Free cash flow is defined as Cash flows from operating activities less Cash used for additions to property, plant and equipment. Adjusted free cash flow is defined as Cash flows from operating activities (which includes cash outflows related to the Sprint decommissioning), as adjusted for cash proceeds from the Sprint Cost Reimbursement (which are included in Cash flows from investing activities in the Consolidated Statement of Cash Flows), less Cash used for additions to property, plant and equipment. Sprint decommissioning and Sprint Cost Reimbursement are further defined and discussed in our Annual Report on Form 10-K for the year ended December 31, 2015. Free cash flow and Adjusted free cash flow are non-GAAP financial measures which U.S. Cellular believes may be useful to investors and other users of its financial information in evaluating the amount of cash generated by business operations (including cash proceeds from the Sprint Cost Reimbursement), after Cash used for additions to property, plant and equipment.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-cellular-reports-fourth-quarter-and-full-year-2015-results-300222916.html

SOURCE United States Cellular Corporation

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