UNITED STATES CELLULAR CORP (USM) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Service							3,384.0	3,398.0
Equipment sales							647.0	495.0
Total revenues [+]	4,039.0	3,960.0	3,948.0	3,901.0	3,890.0	3,990.0	4,031.0	3,893.0
Products							647.0	495.0
Services							3,384.0	3,398.0
Revenue growth [+]	2.0%	0.3%	1.2%	0.3%	-2.5%	-1.0%	3.5%	-0.7%
Service							-0.4%	-5.5%
Equipment sales							30.7%	52.7%
Cost of goods sold [+]	-83.0	-77.0	-74.0	-66.0	0.0	0.0	1,828.0	1,963.0
Cost of product sales							1,053.0	1,193.0
Cost of services							775.0	770.0
Gross profit	4,122.0	4,037.0	4,022.0	3,967.0	3,890.0	3,990.0	2,203.0	1,930.0
Gross margin	102.1%	101.9%	101.9%	101.7%	100.0%	100.0%	54.7%	49.6%
Selling, general and administrative	1,345.0	1,368.0	1,406.0	1,388.0	1,412.0	1,480.0	1,494.0	1,592.0
Equity in earnings	179.0	179.0	166.0	159.0	137.0	140.0	140.0	130.0
Other operating expenses	1,931.0	1,818.0	1,803.0	1,799.0	1,820.0	1,822.0	-147.0	-113.0
EBITDA [+]	1,025.0	1,030.0	979.0	939.0	795.0	828.0	996.0	581.0
EBITDA growth	-0.5%	5.2%	4.3%	18.1%	-4.0%	-16.9%	71.4%	-32.9%
EBITDA margin	25.4%	26.0%	24.8%	24.1%	20.4%	20.8%	24.7%	14.9%
Depreciation and amortization	678.0	683.0	702.0	640.0	615.0	618.0	607.0	606.0
EBIT [+]	347.0	347.0	277.0	299.0	180.0	210.0	389.0	-25.0
EBIT growth	0.0%	25.3%	-7.4%	66.1%	-14.3%	-46.0%	-1656.0%	-139.9%
EBIT margin	8.6%	8.8%	7.0%	7.7%	4.6%	5.3%	9.7%	-0.6%
Non-recurring items [+]	-2.0	-5.0	-1.0	-18.0	347.0	22.0	-98.0	-12.0
Asset impairment					370.0
Loss (gain) on sale of assets		-5.0		-18.0	-22.0	22.0	16.0	21.0
Loss (gain) on sale of business	-2.0		-1.0		-1.0		-114.0	-33.0
Interest expense, net [+]	175.0	112.0	110.0	116.0	113.0	113.0	84.0	45.0
Interest expense	175.0	112.0	110.0	116.0	113.0	113.0	86.0	57.0
Interest income							2.0	12.0
Other income (expense), net [+]	6.0	10.0	17.0	14.0	8.0	7.0	1.0	-1.0
Gain (loss) on sale of business								-33.0
Gain (loss) on investments		2.0
Other				-1.0		1.0	1.0	-1.0
Pre-tax income	180.0	250.0	185.0	215.0	-272.0	82.0	404.0	-59.0
Income taxes	20.0	17.0	52.0	51.0	-287.0	33.0	157.0	-12.0
Tax rate	11.1%	6.8%	28.1%	23.7%	105.5%	40.2%	38.9%	20.3%
Minority interest	5.0	4.0	6.0	14.0	3.0	1.0	6.0	-4.0
Net income	155.0	229.0	127.0	150.0	12.0	48.0	241.0	-43.0
Net margin	3.8%	5.8%	3.2%	3.8%	0.3%	1.2%	6.0%	-1.1%

Basic EPS [+]	$1.80	$2.66	$1.48	$1.74	$0.14	$0.56	$2.87	($0.51)
Growth	-32.3%	80.3%	-15.3%	1135.5%	-75.0%	-80.3%	-660.5%	-130.7%
Diluted EPS [+]	$1.78	$2.63	$1.44	$1.72	$0.14	$0.56	$2.84	($0.51)
Growth	-32.3%	82.4%	-16.3%	1135.6%	-75.3%	-80.1%	-653.9%	-131.0%

Growth								-100.0%

Shares outstanding (basic) [+]	86.0	86.0	86.0	86.0	85.0	85.0	84.0	84.0
Growth	0.0%	0.0%	0.0%	1.2%	0.0%	1.2%	0.0%	0.0%
Shares outstanding (diluted) [+]	87.0	87.0	88.0	87.0	86.0	85.0	85.0	84.0
Growth	0.0%	-1.1%	1.1%	1.2%	1.2%	0.0%	1.2%	-0.9%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.