Connect with us

Technology

TDS reports fourth quarter and full year 2023 results

Published

7 months ago

on

Investing in our networks; Provides 2024 guidance

CHICAGO, Feb. 16, 2024 /PRNewswire/ — 

As previously announced, TDS will hold a teleconference on February 16, 2024 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

Telephone and Data Systems, Inc. (NYSE: TDS) reported total operating revenues of $1,313 million for the fourth quarter of 2023, versus $1,357 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(523) million and $(4.64), respectively, for the fourth quarter of 2023 compared to $(43) million and $(0.38), respectively, in the same period one year ago.

Excluding a $547 million ($511 million, net of tax impacts) non-cash charge related to goodwill impairment recorded at TDS Telecom during the fourth quarter of 2023, net income (loss) available to TDS common shareholders and related diluted earnings (loss) per share for the fourth quarter of 2023 were $(12) million and $(0.11), respectively.

TDS reported total operating revenues of $5,160 million and $5,413 million for the years ended 2023 and 2022, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(569) million and $(5.06), respectively, for the year ended 2023 compared to $(7) million and $(0.07), respectively, for the year ended 2022.

Excluding a $547 million ($511 million, net of tax impacts) non-cash charge related to goodwill impairment recorded at TDS Telecom during the fourth quarter of 2023, net income (loss) available to TDS common shareholders and related diluted earnings (loss) per share for the year ended 2023 were $(58) million and $(0.53), respectively.

Full year 2023 Highlights*

UScellular

Postpaid ARPU grew 2%Delivering on growth initiatives Fixed wireless customers grew 46% to 114,000Tower rental revenues grew 8% to $100 millionIncreased profitabilityNet income, Adjusted OIBDA and Adjusted EBITDA upGenerated positive free cash flow and increased cash flows from operating activities Began launching 5G mid-band network – providing low latency and faster speeds

TDS Telecom

Exceeded full year 2023 fiber address goalDelivered 217,000 fiber service addressesExecuting on fiber broadband strategyExpanded its footprint 12% – increased total service addresses to 1.7 millionResidential broadband connections grew 6% and Residential revenue per connection grew 4%Total Wireline expansion residential revenues grew to $75 million

*Comparisons are Year Ended December 31, 2023 to Year Ended December 31, 2022

“In 2023, the TDS Family of Companies continued to make substantial investments in our businesses in order to improve our competitiveness,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular made significant progress on its 5G network, while TDS Telecom ended the year with all of its fiber expansion communities initially launched.

“UScellular increased Postpaid ARPU 2% and drove strong results in fixed wireless in 2023. It was a challenging year from a mobility subscriber standpoint as the environment remains competitive. UScellular’s goal was to balance subscriber objectives with financial goals, which led to increased profitability year over year.

“In 2024, UScellular plans to continue focusing on improving customer results, growth in fixed wireless and towers, and maintaining financial discipline as we advance the network through mid-band deployment.

“In 2023, TDS Telecom delivered 217,000 marketable fiber service addresses, up 24% from the initial 2023 target. Residential broadband connections increased 6%, while residential revenue per connection grew 4%. With all markets launched, the team plans to focus on increasing broadband penetration and revenues across the fiber footprint. We expect this to result in improved profitability in 2024.”

Recent Development: On August 4, 2023, TDS and UScellular announced that the Boards of Directors of both companies decided to initiate a process to explore a range of strategic alternatives for UScellular. The process is still ongoing.

2024 Estimated Results

TDS’ current estimates of full-year 2024 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of February 16, 2024 and should not be assumed to be current as of any future date. TDS 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.

UScellular

2024 Estimated
Results

Actual Results for

the Year Ended

December 31, 2023

(Dollars in millions)

Service revenues

$2,950-$3,050

$3,044

Adjusted OIBDA1, 2

$750-$850

$818

Adjusted EBITDA1, 2

$920-$1,020

$986

Capital expenditures

$550-$650

$611

TDS Telecom

2024 Estimated
Results

Actual Results for
the Year Ended
December 31, 2023

(Dollars in millions)

Total operating revenues

$1,070-$1,100

$1,028

Adjusted OIBDA1

$310-$340

$279

Adjusted EBITDA1

$310-$340

$285

Capital expenditures

$310-$340

$577

 

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) or Income (loss) before income taxes. In providing 2024 estimated results, TDS has not completed the below reconciliation to Net income (loss) because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

UScellular

TDS Telecom

2024 Estimated
Results2

Actual Results for

the Year Ended

December 31, 2023

2024 Estimated
Results2

Actual Results for

the Year Ended

December 31, 2023

(Dollars in millions)

Net income (loss) (GAAP)

N/A

$58

N/A

($483)

Add back:

Income tax expense

N/A

53

N/A

(26)

Income (loss) before income taxes (GAAP)

$40-$140

$111

$40-$70

($509)

Add back:

Interest expense

195

196

—

(8)

Depreciation, amortization and accretion expense

665

656

270

245

EBITDA (Non-GAAP)1

$900-$1,000

$963

$310-$340

($272)

Add back or deduct:

Expenses related to strategic alternatives review

—

8

—

—

Loss on impairment of goodwill

—

—

—

547

(Gain) loss on asset disposals, net

20

17

—

10

(Gain) loss on license sales and exchanges, net

—

(2)

—

—

Adjusted EBITDA (Non-GAAP)1

$920-$1,020

$986

$310-$340

$285

Deduct:

Equity in earnings of unconsolidated entities

160

158

—

—

Interest and dividend income

10

10

—

4

Other, net

—

—

—

2

Adjusted OIBDA (Non-GAAP)1

$750-$850

$818

$310-$340

$279

Numbers may not foot due to rounding.

1

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA 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 or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS’ operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS’ financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of UScellular while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income (loss) or Income (loss) before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for December 31, 2023, can be found on TDS’ website at investors.tdsinc.com.

2

2024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

 

Conference Call Information
TDS will hold a conference call on February 16, 2024 at 9:00 a.m. Central Time.

Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://events.q4inc.com/attendee/105947395Access the call by phone at (888) 330-2384 (US/Canada), passcode: 1328528

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

About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 8,800 people as of December 31, 2023.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

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: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for TDS or its shareholders and whether the process will have an adverse impact on TDS’ businesses; intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS’ smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS’ businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; the effect on TDS’ business if the collateral securing its secured term loan is foreclosed upon; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K.

For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
UScellular: www.uscellular.com
TDS Telecom: www.tdstelecom.com
OneNeck IT Solutions: www.oneneck.com

 

United States Cellular Corporation

Summary Operating Data (Unaudited)

 

As of or for the Quarter Ended

12/31/2023

9/30/2023

6/30/2023

3/31/2023

12/31/2022

Retail Connections

Postpaid

Total at end of period

4,106,000

4,159,000

4,194,000

4,223,000

4,247,000

Gross additions

129,000

128,000

125,000

137,000

154,000

Handsets

80,000

84,000

83,000

93,000

105,000

Connected devices

49,000

44,000

42,000

44,000

49,000

Net additions (losses)

(50,000)

(35,000)

(28,000)

(24,000)

(17,000)

Handsets

(53,000)

(38,000)

(29,000)

(25,000)

(20,000)

Connected devices

3,000

3,000

1,000

1,000

3,000

ARPU1

$        51.61

$        51.11

$        50.64

$        50.66

$        50.60

ARPA2

$      131.63

$      130.91

$      130.19

$      130.77

$      130.97

Handset upgrade rate3

5.8 %

4.5 %

4.8 %

4.9 %

7.0 %

Churn rate4

1.44 %

1.30 %

1.21 %

1.27 %

1.35 %

Handsets

1.22 %

1.11 %

1.01 %

1.06 %

1.12 %

Connected devices

3.03 %

2.64 %

2.65 %

2.78 %

2.99 %

Prepaid

Total at end of period

451,000

462,000

462,000

470,000

493,000

Gross additions

43,000

52,000

50,000

43,000

61,000

Net additions (losses)

(11,000)

—

(8,000)

(23,000)

—

ARPU1, 5

$        32.32

$        33.44

$        33.86

$        33.19

$        33.34

Churn rate4

3.87 %

3.68 %

4.18 %

4.63 %

4.11 %

Market penetration at end of period

Consolidated operating population

32,350,000

32,350,000

32,350,000

32,350,000

32,370,000

Consolidated operating penetration6

15 %

15 %

15 %

15 %

15 %

Capital expenditures (millions)

$           148

$           111

$           143

$           208

$           176

Total cell sites in service

7,000

6,973

6,952

6,950

6,945

Owned towers

4,373

4,356

4,341

4,338

4,336

Due to rounding, the sum of quarterly results may not equal the total for the year.

1

Average Revenue Per User (ARPU) – metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:

Postpaid ARPU consists of total postpaid service revenues and postpaid connections.Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

2

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

3

Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

4

Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

5

Fourth quarter 2023 Prepaid ARPU excludes a $6 million reduction of prepaid revenue related to an adjustment to correct a prior period error recorded in the fourth quarter of 2023.

6

Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.

 

TDS Telecom

Summary Operating Data (Unaudited)

 

As of or for the Quarter Ended

12/31/2023

9/30/2023

6/30/2023

3/31/2023

12/31/2022

Residential connections

Broadband

Wireline, Incumbent

244,800

248,800

249,200

247,900

249,100

Wireline, Expansion

92,200

79,400

70,200

62,800

56,100

Cable

202,900

204,400

204,200

204,700

204,800

Total Broadband

539,800

532,600

523,600

515,400

510,000

Video

131,500

132,400

132,300

132,600

135,300

Voice

281,600

284,000

288,200

289,200

291,600

Total Residential connections

952,900

949,000

944,100

937,200

936,900

Commercial connections

210,200

217,400

223,300

229,800

236,000

Total connections

1,163,100

1,166,400

1,167,400

1,167,000

1,173,000

Residential revenue per connection1

$           62.74

$           62.15

$           61.97

$           60.24

$           59.91

Capital expenditures (millions)

$               143

$               172

$               132

$               130

$               165

Numbers may not foot due to rounding.

1

Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2023

2022

2023

vs. 2022

2023

2022

2023

vs. 2022

(Dollars and shares in millions, except per share amounts)

Operating revenues

UScellular

$ 1,000

$           1,048

(5) %

$ 3,906

$           4,169

(6) %

TDS Telecom

261

257

2 %

1,028

1,020

1 %

All Other1

52

52

(1) %

226

224

1 %

1,313

1,357

(3) %

5,160

5,413

(5) %

Operating expenses

UScellular

Expenses excluding depreciation, amortization and accretion

812

885

(8) %

3,096

3,379

(8) %

Depreciation, amortization and accretion

166

179

(8) %

656

700

(6) %

Loss on impairment of licenses

—

—

—

—

3

N/M

(Gain) loss on asset disposals, net

3

11

(67) %

17

19

(9) %

(Gain) loss on sale of business and other exit costs, net

—

—

N/M

—

(1)

N/M

(Gain) loss on license sales and exchanges, net

(2)

—

N/M

(2)

—

N/M

979

1,075

(9) %

3,767

4,100

(8) %

TDS Telecom

Expenses excluding depreciation, amortization and accretion

186

192

(4) %

749

732

2 %

Depreciation, amortization and accretion

65

56

17 %

245

215

14 %

Loss on impairment of goodwill

547

—

N/M

547

—

N/M

(Gain) loss on asset disposals, net

1

3

(59) %

10

7

31 %

799

252

N/M

1,551

954

63 %

All Other1

Expenses excluding depreciation and amortization

56

52

8 %

242

222

9 %

Depreciation and amortization

3

3

(6) %

14

14

(2) %

(Gain) loss on asset disposals, net

—

—

N/M

—

1

(95) %

59

56

7 %

256

237

8 %

Total operating expenses

1,837

1,383

33 %

5,574

5,291

5 %

Operating income (loss)

UScellular

21

(27)

N/M

139

69

N/M

TDS Telecom

(538)

5

N/M

(523)

66

N/M

All Other1

(7)

(4)

N/M

(30)

(13)

N/M

(524)

(26)

N/M

(414)

122

N/M

Investment and other income (expense)

Equity in earnings of unconsolidated entities

37

36

4 %

159

159

–

Interest and dividend income

4

7

(41) %

20

17

19 %

Interest expense

(66)

(55)

(20) %

(244)

(174)

(40) %

Other, net

1

—

N/M

2

1

94 %

Total investment and other income (expense)

(24)

(12)

(96) %

(63)

3

N/M

Income (loss) before income taxes

(548)

(38)

N/M

(477)

125

N/M

Income tax expense (benefit)

(45)

(8)

N/M

10

53

(81) %

Net income (loss)

(503)

(30)

N/M

(487)

72

N/M

Less: Net income (loss) attributable to noncontrolling interests, net of tax

3

(4)

N/M

13

10

28 %

Net income (loss) attributable to TDS shareholders

(506)

(26)

N/M

(500)

62

N/M

TDS Preferred Share dividends

17

17

—

69

69

–

Net loss attributable to TDS common shareholders

$   (523)

$   (43)

N/M

$   (569)

$      (7)

N/M

Basic weighted average shares outstanding

113

113

–

113

114

(1) %

Basic earnings (loss) per share attributable to TDS common shareholders

$  (4.64)

$  (0.38)

N/M

$  (5.05)

$  (0.07)

N/M

Diluted weighted average shares outstanding

113

113

–

113

114

(1) %

Diluted earnings (loss) per share attributable to TDS common shareholders

$  (4.64)

$  (0.38)

N/M

$  (5.06)

$  (0.07)

N/M

N/M – Percentage change not meaningful.

Numbers may not foot due to rounding.

1

Consists of TDS corporate, intercompany eliminations and other business operations not included in UScellular and TDS Telecom segments.

 

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

 

Year Ended December 31,

2023

2022

(Dollars in millions)

Cash flows from operating activities

Net income (loss)

$             (487)

$                 72

Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities

Depreciation, amortization and accretion

915

929

Bad debts expense

111

138

Stock-based compensation expense

41

42

Deferred income taxes, net

8

47

Equity in earnings of unconsolidated entities

(159)

(159)

Distributions from unconsolidated entities

150

145

Loss on impairment of intangible assets

547

3

(Gain) loss on asset disposals, net

27

27

(Gain) loss on sale of business and other exit costs, net

—

(1)

(Gain) loss on license sales and exchanges, net

(2)

—

Other operating activities

8

10

Changes in assets and liabilities from operations

Accounts receivable

2

(69)

Equipment installment plans receivable

(20)

(199)

Inventory

61

(90)

Accounts payable

(99)

32

Customer deposits and deferred revenues

(8)

48

Accrued taxes

50

127

Other assets and liabilities

(3)

53

Net cash provided by operating activities

1,142

1,155

Cash flows from investing activities

Cash paid for additions to property, plant and equipment

(1,211)

(1,161)

Cash paid for licenses and other intangible assets

(130)

(614)

Other investing activities

14

(8)

Net cash used in investing activities

(1,327)

(1,783)

Cash flows from financing activities

Issuance of long-term debt

1,081

1,154

Repayment of long-term debt

(723)

(332)

Issuance of short-term debt

—

110

Repayment of short-term debt

(60)

(50)

TDS Common Shares reissued for benefit plans, net of tax payments

(3)

(4)

UScellular Common Shares reissued for benefit plans, net of tax payments

(6)

(5)

Repurchase of TDS Common Shares

(6)

(40)

Repurchase of UScellular Common Shares

—

(43)

Dividends paid to TDS shareholders

(153)

(151)

Payment of debt and equity issuance costs

(5)

(2)

Distributions to noncontrolling interests

(3)

(3)

Cash paid for software license agreements

(66)

(23)

Other financing activities

—

2

Net cash provided by financing activities

56

613

Net decrease in cash, cash equivalents and restricted cash

(129)

(15)

Cash, cash equivalents and restricted cash

Beginning of period

399

414

End of period

$               270

$               399

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

 

ASSETS

December 31,

2023

2022

(Dollars in millions)

Current assets

Cash and cash equivalents

$                   236

$                   360

Accounts receivable, net

1,074

1,181

Inventory, net

208

268

Prepaid expenses

86

102

Income taxes receivable

4

59

Other current assets

52

58

Total current assets

1,660

2,028

Assets held for sale

15

26

Licenses

4,702

4,699

Goodwill

—

547

Other intangible assets, net

183

204

Investments in unconsolidated entities

505

495

Property, plant andequipment, net

5,062

4,760

Operating lease right-of-use assets

987

995

Other assets and deferred charges

807

796

Total assets

$              13,921

$              14,550

 

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

 

LIABILITIES AND EQUITY

December 31,

2023

2022

(Dollars in millions, except per share amounts)

Current liabilities

Current portion of long-term debt

$                     26

$                     19

Accounts payable

360

506

Customer deposits and deferred revenues

277

285

Accrued interest

12

12

Accrued taxes

43

46

Accrued compensation

149

144

Short-term operating lease liabilities

147

146

Other current liabilities

170

356

Total current liabilities

1,184

1,514

Deferred liabilities and credits

Deferred income tax liability, net

975

969

Long-term operating lease liabilities

890

908

Other deferred liabilities and credits

784

813

Long-term debt, net

4,080

3,731

Noncontrolling interests with redemption features

12

12

Equity

TDS shareholders’ equity

Series A Common and Common Shares, par value $0.01 per share

1

1

Capital in excess of par value

2,558

2,551

Preferred Shares, par value $0.01 per share

1,074

1,074

Treasury shares, at cost

(465)

(481)

Accumulated other comprehensive income

11

5

Retained earnings

2,023

2,699

Total TDS shareholders’ equity

5,202

5,849

Noncontrolling interests

794

754

Total equity

5,996

6,603

Total liabilities and equity

$              13,921

$              14,550

 

Balance Sheet Highlights

(Unaudited)

December 31, 2023

UScellular

TDS

Telecom

TDS Corporate

& Other

Intercompany

Eliminations

TDS

Consolidated

(Dollars in millions)

Cash and cash equivalents

$                  150

$                    37

$                    90

$                  (41)

$                  236

Licenses and other intangible assets

$              4,693

$                  187

$                      5

$                    —

$              4,885

Investment in unconsolidated entities

461

4

48

(8)

505

$              5,154

$                  191

$                    53

$                    (8)

$              5,390

Property, plant and equipment, net

$              2,576

$              2,402

$                    84

$                    —

$              5,062

Long-term debt, net:

Current portion

$                    20

$                    —

$                      6

$                    —

$                    26

Non-current portion

3,044

3

1,033

—

4,080

$              3,064

$                      3

$              1,039

$                    —

$              4,106

 

TDS Telecom Highlights

(Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2023

2022

2023 vs. 2022

2023

2022

2023 vs. 2022

(Dollars in millions)

Operating revenues

Residential

Wireline, Incumbent

$         88

$         87

1 %

$       352

$       350

1 %

Wireline, Expansion

23

14

61 %

75

49

53 %

Cable

69

67

2 %

273

270

1 %

Total residential

179

168

6 %

700

669

5 %

Commercial

37

43

(13) %

155

173

(10) %

Wholesale

45

45

(1) %

172

177

(3) %

Total service revenues

261

256

2 %

1,027

1,019

1 %

Equipment revenues

—

—

(22) %

1

1

(12) %

Total operating revenues

261

257

2 %

1,028

1,020

1 %

Cost of services

104

110

(5) %

423

418

1 %

Cost of equipment and products

—

—

N/M

—

1

(26) %

Selling, general and administrative expenses

82

83

(1) %

326

313

4 %

Depreciation, amortization and accretion

65

56

17 %

245

215

14 %

Loss on impairment of goodwill

547

—

N/M

547

—

N/M

(Gain) loss on asset disposals, net

1

3

(59) %

10

7

31 %

Total operating expenses

799

252

N/M

1,551

954

63 %

Operating income (loss)

$     (538)

$           5

N/M

$     (523)

$         66

N/M

N/M – Percentage change not meaningful.

Numbers may not foot due to rounding.

 

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

Free Cash Flow

Three Months Ended

December 31,

Year Ended

December 31,

TDS Consolidated

2023

2022

2023

2022

(Dollars in millions)

Cash flows from operating activities (GAAP)

$                 218

$                 255

$              1,142

$              1,155

Cash paid for additions to property, plant and equipment

(304)

(367)

(1,211)

(1,161)

Cash paid for software license agreements

(37)

(18)

(66)

(23)

Free cash flow (Non-GAAP)1

$               (123)

$               (130)

$               (135)

$                  (29)

Three Months Ended

December 31,

Year Ended

December 31,

UScellular

2023

2022

2023

2022

(Dollars in millions)

Cash flows from operating activities (GAAP)

$                 148

$                 180

$                 866

$                 832

Cash paid for additions to property, plant and equipment

(155)

(192)

(608)

(602)

Cash paid for software license agreements

(37)

(17)

(66)

(22)

Free cash flow (Non-GAAP)1

$                  (44)

$                  (29)

$                 192

$                 208

1

Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

 

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income before income taxes.

Year Ended December 31,

UScellular

2023

2022

(Dollars in millions)

Net income (GAAP)

$                 58

$                 35

Add back or deduct:

Income tax benefit

53

37

Income before income taxes (GAAP)

111

72

Add back:

Interest expense

196

163

Depreciation, amortization and accretion expense

656

700

EBITDA (Non-GAAP)

963

935

Add back or deduct:

Expenses related to strategic alternatives review

8

—

Loss on impairment of licenses

—

3

(Gain) loss on asset disposals, net

17

19

(Gain) loss on sale of business and other exit costs, net

—

(1)

(Gain) loss on license sales and exchanges, net

(2)

—

Adjusted EBITDA (Non-GAAP)

986

956

Deduct:

Equity in earnings of unconsolidated entities

158

158

Interest and dividend income

10

8

Adjusted OIBDA (Non-GAAP)

$               818

$               790

 

Net income excluding Goodwill impairment charge

The following non-GAAP financial measures present certain information in the table below excluding the effect of the goodwill impairment charge at TDS Telecom and related tax impacts. The goodwill impairment charge, which occurred in the fourth quarter of 2023, is being excluded in this presentation, as it is not related to the current operations of TDS. TDS believes these measures may be useful to investors and other users of its financial information when comparing the current period financial results with periods that were not impacted by such a charge.

Three Months Ended

December 31,

Year Ended

December 31,

2023

2022

2023

2022

(Dollars in millions)

Net loss attributable to TDS common shareholders (GAAP)

$               (523)

$                  (43)

$               (569)

$                    (7)

Adjustments:

Loss on impairment of goodwill

547

—

547

—

Deferred tax benefit on the tax-amortizable portion of the impaired Goodwill

(36)

—

(36)

—

Subtotal of Non-GAAP adjustments

511

—

511

—

Net loss attributable to TDS common shareholders excluding goodwill impairment
charge (Non-GAAP)

(12)

(43)

(58)

(7)

Noncontrolling interest adjustment to compute earnings (loss)

—

—

(1)

(1)

Net loss attributable to TDS common shareholders excluding goodwill impairment
charge used in diluted earnings (loss) per share (Non-GAAP)

$                  (12)

$                  (43)

$                  (59)

$                    (8)

Diluted weighted average shares outstanding

113

113

113

114

Diluted earnings (loss) per share attributable to TDS common shareholders (GAAP)

$              (4.64)

$              (0.38)

$              (5.06)

$              (0.07)

Adjustments:

Loss on impairment of goodwill

4.85

—

4.85

—

Deferred tax benefit on the tax-amortizable portion of the impaired Goodwill

(0.32)

—

(0.32)

—

Diluted earnings (loss) per share attributable to TDS common shareholders excluding
impairment of goodwill charge (Non-GAAP)

$              (0.11)

$              (0.38)

$              (0.53)

$              (0.07)

 

View original content:https://www.prnewswire.com/news-releases/tds-reports-fourth-quarter-and-full-year-2023-results-302063497.html

SOURCE Telephone and Data Systems, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Global Ultrasound Institute (GUSI) Unveils POCUS Essentials Plus Simulation: A Game-Changing Advancement in Point-of-Care Ultrasound Training

Published

12 mins ago

on

September 20, 2024

By

Partnership with e-Sono (3B Scientific) Delivers Unmatched Learning Experience with Over 1,000 Case-Based Simulations and Comprehensive Educational Resources

SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — Global Ultrasound Institute (GUSI), the leading provider of point-of-care ultrasound (POCUS) education and training, is thrilled to announce the launch of its latest innovation, POCUS Essentials Plus Simulation. This groundbreaking product is the result of a strategic partnership with e-Sono, a division of 3B Scientific, and promises to revolutionize ultrasound training by combining GUSI’s premier learning resources with e-Sono’s extensive simulation library.

GUSI introduces Simulation-enhanced online POCUS courses

POCUS Essentials Plus Simulation offers an unparalleled educational experience by integrating GUSI’s complete learning library, which includes POCUS Essentials Courses across acute and primary care, pediatrics, obstetrics, and musculoskeletal ultrasound. Learners can now access detailed training on over 30 anatomical regions through hundreds of lectures delivered by leading POCUS experts.

“POCUS Essentials Plus Simulation is a significant leap forward in ultrasound education,” said Dr. Mena Ramos, co-CEO of GUSI. “Our collaboration with e-Sono allows us to offer a truly immersive learning experience that combines high-quality content with cutting-edge simulation technology. We are excited to provide healthcare professionals with the tools they need to excel in real-world clinical settings.”

The product also features advanced case-based clinical integration developed by POCUS clinical experts, along with robust anatomical coverage, including cross-sectional imaging. The inclusion of e-Sono’s comprehensive Sim Library, featuring more than 1,000 case-based ultrasound simulations, allows learners to practice scanning techniques and visualize pathology in a dynamic, interactive environment.

“The integration of digital simulation brings clinical anatomy and ultrasound images to life by allowing clinicians to see and correlate them in real time,” says Dr. Nicholas LeFevre, a fellowship-trained, active POCUS educator and Associate Professor of Family and Community Medicine at the University of Missouri.

“POCUS is an essential extension of our clinical evaluation. To master it, we must immerse ourselves in simulation-based education that reflects real patient care.”

– Sahar Ahmad. M.D., Associate Professor of Medicine and Director of Medical Intensive Care Unit at Stony Brook University Hospital; Director, Ultrasound & Critical Care Education; Chair, Ultrasound Education Task Force, Renaissance School of Medicine at Stony Brook University

In addition to its educational resources, POCUS Essentials Plus Simulation includes all the features of GUSI’s ScanHub learning platform, such as Sage AI for on-demand expert answers, the ScanFolio device-independent scan archive and feedback system, a performance dashboard, and QBanks with thousands of questions and pathologic videos. The program is eligible for over 50 hours of Continuing Medical Education (CME) credits, further enhancing its value to healthcare professionals.

Fourth year med student at Touro University California Medical School Jori Enfield adds, “As a medical student, the POCUS Essentials Plus Simulation has been a great addition to my POCUS training. The interactive design has helped reinforce key concepts and boosted my confidence in identifying and interpreting anatomical structures through real-time ultrasound practice. The ability to practice independently, without needing an ultrasound model or instructor, provided both convenience and an effective way to build my skills. This program has greatly enhanced my ability to integrate POCUS into clinical rotations.”

Dr. Kevin Bergman, GUSI co-CEO added, “POCUS Essentials Plus Simulation sets a new standard for ultrasound training. The combination of extensive lectures, dynamic and interactive simulations, and expert clinical integration prepares learners for real-life applications in a way that traditional methods simply cannot match.”

For more information about the POCUS Essentials plus Simulation or any of GUSI services, please visit https://globalultrasoundinstitute.com/

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

About e-Sono (3B Scientific):

e-Sono, a division of 3B Scientific, specializes in advanced simulation technologies for medical education. With a focus on providing high-quality, interactive learning experiences, e-Sono supports the development of essential clinical skills through its extensive library of case-based ultrasound simulations and educational tools.

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

View original content to download multimedia:https://www.prnewswire.com/news-releases/global-ultrasound-institute-gusi-unveils-pocus-essentials-plus-simulation-a-game-changing-advancement-in-point-of-care-ultrasound-training-302254579.html

SOURCE GLOBAL ULTRASOUND INSTITUTE

Continue Reading

Technology

Technical Support Outsourcing Market to Grow by USD 17.3 Billion (2024-2028) as Demand for Cost-Efficient Solutions Rises, AI Drives Market Transformation- Technavio

Published

12 mins ago

on

September 20, 2024

By

NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global technical support outsourcing market size is estimated to grow by USD 17.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.99%  during the forecast period. Increasing need for cost-effective solutions to improve efficiency is driving market growth, with a trend towards emergence of chatbots. However, outsourcing can compromise quality of technical support  poses a challenge. Key market players include Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Technical Support Outsourcing Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 7.99%

Market growth 2024-2028

USD 17.3 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.32

Regional analysis

APAC, South America, Europe, North America, and Middle East and Africa

Performing market contribution

APAC at 58%

Key countries

China, Brazil, India, Germany, and Argentina

Key companies profiled

Aress Software and Education Technologies P Ltd., Computer Generated Solutions Inc., CSS Corp., Essentiel Outsourcing S.L., Flatworld Solutions Pvt. Ltd., Genpact Ltd., Global response Corp., HCL Technologies Ltd., IBN Technologies Ltd., Infosys Ltd., International Business Machines Corp., Invensis Technologies Pvt. Ltd., ISPL Support Services, Qcom Outsourcing Ltd., StarTek Inc., Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., Telegenisys Inc., Wipro Ltd., and Worldwide Call Centers Inc.

Market Driver

The technical support outsourcing market is experiencing growth due to the rising adoption of chatbots in various industries. These AI-powered tools offer a quick and efficient way for businesses to communicate with their customers, providing instant responses and reducing the need for on-site repair personnel. Machine Learning as a Service (MLaaS) is a key technology driving this trend, enabling chatbots to understand customer situations and generate appropriate responses in real time. Additionally, MLaaS can predict demand for services, providing enterprises with valuable insights and improving customer experience. Sectors such as retail, BFSI, and healthcare, which generate large amounts of data, are particularly benefiting from this integration. As a result, the global technical support outsourcing market is expected to expand significantly during the forecast period. 

The Technical Support Outsourcing market is thriving, with trends like chat boxes and virtual help desks revolutionizing customer interactions. Independent software vendors and SMEs are outsourcing technical support to cut operating expenses and access qualified personnel. The help desk system is becoming more sophisticated, with a tiered staffing structure including Tier 1 staff for basic queries. In the retail, BFSI, hospitality, and eCommerce industries, customer databases are driving the need for efficient technical support. Emerging technologies like quantum computing, electronic billing, and digital payment systems require specialized expertise. Call volume management is crucial, with CRM systems helping to streamline processes. Personnel training and system upgrades are ongoing priorities. In-house resources may not always have the technical skills needed for complex issues, making outsourcing an attractive option. The market is dynamic, with trends like user-friendly services and office space requirements shaping the landscape. Broken servers and other IT issues can cause significant downtime, making quick First Call Resolution essential. Overall, Technical Support Outsourcing is an essential strategy for businesses looking to stay competitive in today’s digital world. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

Technical support outsourcing allows enterprises to delegate their customer service needs to third-party companies. However, this arrangement comes with challenges. Quality issues may arise due to the lack of direct control over the services provided. Consumers’ expectations may not always be met, leading to dissatisfaction. Moreover, hidden costs and inefficiencies can increase the overall expense. These factors impact the quality of services delivered to end-users, posing a significant challenge for service providers in the technical support outsourcing market. Despite these hurdles, the market is expected to grow due to factors such as cost savings and access to specialized expertise. However, addressing the aforementioned challenges is crucial for ensuring customer satisfaction and market success.Technical support outsourcing has become a popular solution for various industries including retail, BFSI, hospitality, eCommerce, and more. Outsourcing technical support allows businesses to focus on their core competencies while experts handle IT issues. However, challenges persist. In industries like retail and BFSI, managing customer databases and ensuring data security are crucial. Emerging technologies like quantum computing, electronic billing, and digital payment systems require technical expertise. User-friendly services, office space, and system upgrades also demand attention. Training, broken servers, and outsourcing maintenance are common challenges. Global SMEs and independent software vendors seek cost-effective ways to provide quality technical support. Policies, strategies, and initiatives are essential for addressing data breaches and financial harm. Internal IT teams face employee capability limitations, accessibility issues, and business plan alignment. Consumer technical support requires digital technology proficiency, social media savvy, and online platform expertise. Smart computing devices, cost-effective ways, and global digital transformation call for automation and technical expertise.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This technical support outsourcing market report extensively covers market segmentation by

Type 1.1 Help desk1.2 Call centerBusiness Segment2.1 Large enterprises2.2 SMEsGeography 3.1 APAC3.2 South America3.3 Europe3.4 North America3.5 Middle East and Africa

1.1 Help desk-  The Technical Support Outsourcing Market continues to grow, with businesses increasingly turning to external providers for cost savings and expertise. Outsourcing allows companies to focus on their core competencies while receiving reliable and efficient technical support services. Service providers offer 24/7 support, multilingual capabilities, and advanced technology solutions. This partnership results in improved customer satisfaction and operational efficiency for businesses.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

Technical support outsourcing refers to the practice of companies contracting third-party providers to manage and resolve their customers’ technology-related issues. In various industries like retail, BFSI, hospitality, eCommerce, and more, outsourcing technical support has become a cost-effective way to improve customer experience and focus on core business functions. With the rise of digital technology, emerging technologies such as quantum computing, electronic billing, and digital payment systems are increasingly being adopted. This creates a need for user-friendly services and efficient technical support. Outsourcing technical support allows companies to access skilled professionals and keep up with system upgrades and training. Broken servers, internet service, smart computing devices, and software projects require constant attention. Social media and online platforms add another layer of complexity. Technical support outsourcing providers offer maintenance and helpdesk services, ensuring that businesses can provide uninterrupted services to their customers. The global digital transformation trend drives the demand for outsourcing technical support. Companies can save on office space and costs while ensuring that their customers’ queries are addressed promptly and efficiently. Consumer technical support is a crucial aspect of any business, and outsourcing allows companies to provide round-the-clock support, enabling them to stay competitive in the digital age.

Market Research Overview

Technical support outsourcing refers to the practice of hiring third-party providers to manage and deliver customer technical assistance services. This approach is increasingly popular among various industries, including retail, BFSI, hospitality, eCommerce, and more, due to the benefits it offers in managing customer databases and handling emerging technologies such as quantum computing, electronic billing, digital payment systems, and user-friendly services. Outsourcing technical support can help businesses save on office space and system upgrades, while also providing access to trained personnel and quality control measures. However, it’s essential to consider policies, strategies, and initiatives to ensure technical expertise, automation, and First Call Resolution (FCR) rates. Independent software vendors and global SMEs can leverage outsourcing technical support to improve technology awareness and employee capability, while also addressing issues like broken servers, data breaches, and financial harm caused by internal IT teams. With the rise of digital technology, social media, online platforms, internet services, and smart computing devices, cost-effective ways to provide technical support are becoming increasingly important. Outsourcing maintenance, app development, and software projects can help businesses stay competitive in the global digital transformation landscape. Moreover, technical support outsourcing can help businesses manage call volume, implement help desk systems, and provide virtual help desks to offer 24/7 support. A tiered staffing structure with Tier 1 staff handling basic queries and CRM systems ensuring customer interactions can lead to improved technical skills, policies, and strategies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeHelp DeskCall CenterBusiness SegmentLarge EnterprisesSMEsGeographyAPACSouth AmericaEuropeNorth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/technical-support-outsourcing-market-to-grow-by-usd-17-3-billion-2024-2028-as-demand-for-cost-efficient-solutions-rises-ai-drives-market-transformation–technavio-302254195.html

SOURCE Technavio

Continue Reading

Technology

EV Charging Adapter Market to Grow by USD19.29 Billion (2024-2028) as Tax Incentives and AI-Driven Innovations, Boost EV Sales and Charging Infrastructure Development – Technavio

Published

12 mins ago

on

September 20, 2024

By

NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global EV charging adapter market size is estimated to grow by USD 19.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.77% during the forecast period. Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure is driving market growth, with a trend towards focus on reducing charging time. However, increasing cost pressure adversely affecting sales of ac level 2 and dc fast chargers poses a challenge – Key market players include ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Ev Charging Adapter Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 42.77%

Market growth 2024-2028

USD 19292.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

31.08

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 50%

Key countries

China, US, Norway, Japan, and Germany

Key companies profiled

ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE

 

Market Driver

The Ev Charging Adapter Market is experiencing significant growth due to technological innovations in battery technology and charging infrastructure. Manufacturers are focusing on reducing charging time and cost, leading to advancements such as portable solar-powered charging stations and ultra-fast charging stations. For instance, Envision Solar’s EV ARC is a solar-powered parking structure that charges a 21.6-kilowatt-hour battery, while the China State Grid’s ultra-fast charging station in Beijing can charge buses to 100% in 10 minutes using Microvast’s ultra-fast charging battery and 31 chargers. GE’s multi-coil system enables efficient interoperability and charging while driving, and DC fast charging offers a range of 40 miles in 10 minutes. The use of solar energy for charging EVs is an emerging trend, which is expected to be encouraged by private and government bodies due to its low cost, driving the market’s growth during the forecast period. 

The EV charging adapter market is experiencing rapid growth in the automobile sector due to the increasing popularity of electric vehicles (EVs). By 2027, the market is forecasted to expand significantly. EV charging adapters enable compatibility between charging stations and various EV models with different charging connector types such as CHAdeMO and CCS. Improvements in charging infrastructure networks, installation in public areas, workplaces, residential complexes, and highways, are driving the market. Innovation, efficiency, versatility, safety features, and user-friendly designs are key factors contributing to the popularity of EV charging adapters. Diverse charging standards, including those for battery-electric vehicles and plug-in hybrid vehicles like the Chevrolet Volt and Nissan Leaf, necessitate the use of EV charging adapters. Environmental concerns, government norms, raw material prices, and compatibility with various charging port types are influencing market trends. Brands like ConnectDER, with offerings like meter sockets and home EV chargers, are providing rebates and tax credits to boost consumer adoption. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

 Market Challenges

The global EV charging adapter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the development of charging infrastructure. Governments worldwide prioritize vehicle safety, leading to the integration of advanced safety systems like antilock braking systems, airbags, tire pressure monitoring systems, and advanced driver assistance systems in both premium and entry-level vehicles. In particular, the US and China have shown high adoption rates for advanced driver assistance systems. However, the added cost of these safety features and EV charging adapters is a concern for Original Equipment Manufacturers (OEMs). Price-sensitive buyers are unwilling to bear the extra cost, putting pressure on OEMs to absorb the expenses. This situation may negatively impact the growth of the EV charging adapter market during the forecast period. Moreover, the increasing number of EVs equipped with AC Level 2 chargers and the expansion of charging infrastructure in public places necessitate further investment from OEMs. To meet these demands, they must comply with standards such as the European New Car Assessment Programme (Euro NCAP) and other regional regulations. Despite the challenges, the long-term outlook for the EV charging adapter market remains positive due to the growing demand for electric vehicles and the need for reliable charging solutions.The Ev Charging Adapter Market is experiencing significant growth due to the increasing popularity of battery-electric and plug-in hybrid vehicles. However, challenges persist in improving charging infrastructure networks, particularly in public areas, workplaces, and residential complexes along highways. Innovation, efficiency, and versatility are key focus areas for manufacturers to meet diverse charging standards and user needs. Safety features and user-friendly designs are essential for gaining brand value and customer trust. Environmental concerns and government norms are driving the transition to zero emission vehicles, leading to the availability of rebates, tax credits, and incentives. Raw material prices and diverse charging standards pose challenges, but companies like ChargePoint, Sunrun, and ConnectDER are addressing these issues with Level 2 home chargers, WiFi capabilities, and various plug types (NEMA 14-50, NEMA 6-50). Brand value, convenience, and charging speed are crucial factors for consumers considering the Chevrolet Volt and Nissan Leaf. As the market evolves, the focus on efficiency, versatility, and safety features will continue to be essential for market success.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This ev charging adapter market report extensively covers market segmentation by

Type 1.1 AC1.2 DCApplication 2.1 Public2.2 PrivateGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 AC- The Ev Charging Adapter Market is experiencing significant growth due to the increasing adoption of electric vehicles. These adapters enable charging at home or on the go, providing convenience for consumers. Manufacturers are focusing on developing efficient and cost-effective solutions to meet the rising demand. Key players in the market include Aptiv, Bosch, and Schneider Electric, among others. Collaborations and partnerships are common strategies to expand market reach and enhance product offerings. The market is expected to continue growing, driven by government initiatives and consumer preferences for sustainable transportation.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to connect to various charging stations, with compatibility for different charging connector types such as CHAdeMO and CCS. The market forecast period projects continued expansion, fueled by the improvement of charging infrastructure networks. Individual charging stations, public areas, workplaces, residential complexes, highways, and other locations are installing charging ports to cater to the diverse charging standards of EVs. Safety features and user-friendly designs are key considerations for charging adapters, ensuring a seamless charging experience for users during the transition to electric vehicles. The diverse charging standards and the need for compatibility have led to the development of various connector types. CHAdeMO and CCS are currently the most common, but other standards may emerge. The convenience offered by EV charging adapters is a significant factor in the growth of the market, as they enable EV owners to charge their vehicles at a wider range of charging stations.

Market Research Overview

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to charge at various charging stations using different connector types such as CHAdeMO and CCS. The market is forecast to expand during the period due to the improvement of charging infrastructure networks, installation in public areas, workplaces, residential complexes, highways, and the transition to zero emission vehicles. The versatility, efficiency, safety features, and user-friendly designs of EV charging adapters are key factors driving their popularity. However, diverse charging standards and compatibility concerns may pose challenges. Environmental concerns, government norms, raw material prices, and the availability of rebates, tax credits, and incentives also influence market dynamics. Brands like ChargePoint, Sunrun, and ConnectDER offer Level 2 home chargers, meter sockets, and public charging ports. The market is expected to benefit from the increasing popularity of battery-electric vehicles and plug-in hybrid vehicles, including models like the Chevrolet Volt and Nissan Leaf.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeACDCApplicationPublicPrivateGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/ev-charging-adapter-market-to-grow-by-usd19-29-billion-2024-2028-as-tax-incentives-and-ai-driven-innovations-boost-ev-sales-and-charging-infrastructure-development—technavio-302254478.html

SOURCE Technavio

Continue Reading

Trending