Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on November 1, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page ofinvestors.tdsinc.com.

TDS reports third quarter 2024 results

CHICAGO (November 1, 2024) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,224 million for the third quarter of 2024, versus $1,278 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(83) million and $(0.73), respectively, for the third quarter of 2024 compared to $(17) million and $(0.16), respectively, in the same period one year ago.

Net income attributable to TDS common shareholders excluding a UScellular wireless spectrum license impairment (non-GAAP) of $136 million ($102 million, net of tax) and related diluted earnings per share excluding a UScellular wireless spectrum license impairment (non-GAAP) were $2 million and $0.01, respectively, for the third quarter of 2024. The impairment loss was substantially all related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands.

Recent Highlights*

UScellular

•Announced sale of select spectrum assets for $1 billion to Verizon in October 2024, and the sale of additional spectrum to two other mobile network operators

•Improved wireless operating results

◦Postpaid handset net losses improved

◦Postpaid ARPU grew 2%; service revenues decreased 2%

◦Prepaid net additions up

◦Both postpaid and prepaid churn improved

•Fixed wireless customers grew 32% to 140,000

TDS Telecom

•Reached a milestone of 50% of service addresses now served with fiber

◦Grew total year-over-year service address footprint 9%

◦Delivered 32,000 marketable fiber services addresses in Q3; 87,000 YTD

•Operating revenues grew 2%; residential revenue growth of 5%

◦Residential broadband connections grew 4% due to broadband investments

◦Strong net income and Adjusted EBITDA growth

◦Good expense discipline

* Comparisons are 3Q’23 to 3Q’24 unless otherwise noted

1

“We continue to strategically optimize our portfolio in order to focus our resources appropriately throughout the enterprise,” said LeRoy T. Carlson, Jr., TDS President and CEO. “In the third quarter, TDS completed the sale of its OneNeck operations. In addition, TDS Telecom has entered into agreements to sell certain ILEC and cable properties. In October, as part of its ongoing process to opportunistically monetize its remaining spectrum, UScellular announced that it had entered into agreements to monetize select spectrum assets for $1 billion.

“UScellular’s third quarter results show that the company is continuing to balance subscriber growth with financial discipline. And while it had postpaid handset net losses in the quarter, the company saw a notable year-over-year improvement in its subscriber trajectory.

“TDS Telecom is implementing its ongoing fiber expansion strategy and it reached a milestone of 50% of its service addresses passed with fiber."

Announced Transactions and Exploration of Strategic Alternatives for UScellular

On May 28, 2024, Telephone and Data Systems, Inc. (TDS) and UScellular announced that they have entered into a definitive agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile. The transaction is expected to close in mid-2025, subject to regulatory approvals and the satisfaction of customary closing conditions.

The T-Mobile transaction excluded UScellular's approximately 4,400 owned towers, its equity method investments, and approximately 70% of its spectrum assets.

In October, UScellular announced a sale of select spectrum assets to Verizon for a portion of the remaining spectrum for $1 billion, and the sale of additional spectrum to two other mobile network operators for an undisclosed price. Each transaction is subject to regulatory approvals and the satisfaction of customary closing conditions and contingent upon the close of the proposed T-Mobile transaction. The process to opportunistically monetize the remaining spectrum assets continues.

2

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 November 1, 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.

2024 Estimated Results
UScellular	Previous	Current
(Dollars in millions)
Service revenues	$2,950-$3,050	$2,950-$3,000
Adjusted OIBDA1, 2 (Non-GAAP)	$750-$850	$800-$875
Adjusted EBITDA1, 2 (Non-GAAP)	$920-$1,020	$970-$1,045
Capital expenditures	$550-$650	$550-$600

TDS Telecom	Previous	Current
(Dollars in millions)
Total operating revenues	$1,050-$1,080	Unchanged
Adjusted OIBDA1 (Non-GAAP)	$330-$360	Unchanged
Adjusted EBITDA1(Non-GAAP)	$330-$360	Unchanged
Capital expenditures	$310-$340	Unchanged

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.

	2024 Estimated Results2
	UScellular	TDS Telecom
(Dollars in millions)
Net income (GAAP)	N/A	N/A
Add back:
Income tax expense	N/A	N/A
Income (loss) before income taxes (GAAP)	$(35)-$40	$60-$90
Add back:
Interest expense	180	—
Depreciation, amortization and accretion expense	665	270
EBITDA (Non-GAAP)1	$810-$885	$330-$360
Add back or deduct:
(Gain) loss on asset disposals, net	20	—
Adjusted EBITDA (Non-GAAP)1	$970-$1,045	$330-$360
Deduct:
Equity in earnings of unconsolidated entities	160	—
Interest and dividend income	10	—
Adjusted OIBDA (Non-GAAP)1	$800-$875	$330-$360

3

	Actual Results
	Nine Months Ended September 30, 2024				Year Ended December 31, 2023
	UScellular		TDS Telecom		UScellular		TDS Telecom
(Dollars in millions)
Net income (loss) (GAAP)	$	(37)	$	51	$	58	$	(483)
Add back:
Income tax expense (benefit)	29		15		53		(26)
Income (loss) before income taxes (GAAP)	$	(8)	$	66	$	111	$	(509)
Add back:
Interest expense	137		(4)		196		(8)
Depreciation, amortization and accretion expense	499		199		656		245
EBITDA (Non-GAAP)1	$	628	$	261	$	963	$	(272)
Add back or deduct:
Expenses related to strategic alternatives review	28		—		8		—
Loss on impairment of licenses	136		—		—		—
Loss on impairment of goodwill	—		—		—		547
(Gain) loss on asset disposals, net	14		8		17		10
(Gain) loss on license sales and exchanges, net	4		—		(2)		—
Adjusted EBITDA (Non-GAAP)1	$	810	$	269	$	986	$	285
Deduct:
Equity in earnings of unconsolidated entities	123		—		158		—
Interest and dividend income	9		4		10		4
Other, net	—		3		—		2
Adjusted OIBDA (Non-GAAP)1	$	678	$	263	$	818	$	279

Numbers may not foot due to rounding.

1EBITDA, 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 or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for September 30, 2024, can be found on TDS' website at investors.tdsinc.com.

22024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

4

Conference Call Information

TDS will hold a conference call on November 1, 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/666898854

▪Access the call by phone at (888)330-2384, conference ID: 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) provides wireless, broadband, video and voice to approximately 6 million connections nationwide through its businesses, UScellular and TDS Telecom. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,000 associates as of September 30, 2024.

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

Contacts

Colleen Thompson, Vice President - Corporate Relations

colleen.thompson@tdsinc.com

Julie Mathews, IRC, Director - Investor Relations

julie.mathews@tdsinc.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: whether the announced transactions whereby UScellular has agreed to sell its wireless operations and selected spectrum assets will be successfully completed or whether UScellular will be able to find buyers at mutually agreeable prices for its remaining spectrum assets; 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; strategic decisions regarding the tower business; 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, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; 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, as updated by any TDS Form 10-Q filed subsequent to such 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

5

UnitedStates Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Retail Connections
Postpaid
Total at end of period1	3,999,000			4,027,000			4,051,000			4,106,000			4,159,000
Gross additions	123,000			117,000			106,000			129,000			128,000
Handsets	84,000			73,000			63,000			80,000			84,000
Connected devices	39,000			44,000			43,000			49,000			44,000
Net additions (losses)1	(28,000)			(24,000)			(44,000)			(50,000)			(35,000)
Handsets	(28,000)			(29,000)			(47,000)			(53,000)			(38,000)
Connected devices	—			5,000			3,000			3,000			3,000
ARPU2	$	52.04		$	51.45		$	51.96		$	51.61		$	51.11
ARPA3	$	131.81		$	130.41		$	132.00		$	131.63		$	130.91
Handset upgrade rate4	3.5		%	4.1		%	4.5		%	5.8		%	4.5		%
Churn rate5	1.25		%	1.16		%	1.22		%	1.44		%	1.30		%
Handsets	1.07		%	0.97		%	1.03		%	1.22		%	1.11		%
Connected devices	2.47		%	2.47		%	2.52		%	3.03		%	2.64		%
Prepaid
Total at end of period1	452,000			439,000			436,000			451,000			462,000
Gross additions	57,000			50,000			41,000			43,000			52,000
Net additions (losses)1	13,000			3,000			(13,000)			(11,000)			—
ARPU2, 6	$	32.01		$	32.37		$	32.25		$	32.32		$	33.44
Churn rate5	3.30		%	3.60		%	4.06		%	3.87		%	3.68		%
Market penetration at end of period
Consolidated operating population	32,550,000			32,550,000			32,550,000			32,350,000			32,350,000
Consolidated operating penetration7	15		%	15		%	14		%	15		%	15		%
Capital expenditures (millions)	$	120		$	165		$	131		$	148		$	111
Total cell sites in service	7,007			6,990			6,995			7,000			6,973
Owned towers	4,407			4,388			4,382			4,373			4,356
Number of colocations8	2,418			2,392			2,397			2,390			2,406
Tower tenancy rate9	1.55			1.55			1.55			1.55			1.55

1First quarter 2024 connections were adjusted to remove subscribers that could no longer access the UScellular network due to the CDMA shutdown. This resulted in 11,000 and 2,000 subscribers removed from the postpaid and prepaid base, respectively, that are not included in Net additions (losses) for the quarter.

2Average 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.

3Average 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.

4Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

5Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

6Fourth 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.

7Market 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.

8Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.

9Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.

6

TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Residential connections
Broadband
Incumbent	241,500		243,700		245,100		244,800		248,800
Expansion	115,300		107,800		100,400		92,200		79,400
Cable	195,900		198,500		202,400		202,900		204,400
Total Broadband1	552,700		550,000		547,900		539,800		532,600
Video	122,100		124,800		128,800		131,500		132,400
Voice	271,300		275,600		279,400		281,600		284,000
Total Residential connections	946,100		950,400		956,100		952,900		949,000
Commercial connections	197,200		201,500		206,200		210,200		217,400
Total connections	1,143,300		1,152,000		1,162,200		1,163,100		1,166,400
Residential revenue per connection2	$	65.41	$	65.26	$	64.58	$	62.74	$	62.15
Capital expenditures (millions)	$	78	$	78	$	87	$	143	$	172

Numbers may not foot due to rounding.

1Total residential broadband connections increased by 8,100 during the three months ended March 31, 2024, due primarily to net additions of 6,400 as well as certain other adjustments.

2Total 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.

7

Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular	$	922	$	963	(4)	%	$	2,799	$	2,906	(4)	%
TDS Telecom	263		256		2	%	797		767		4	%
All Other1	39		59		(33)	%	128		175		(27)	%
	1,224		1,278		(4)	%	3,724		3,848		(3)	%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion	707		746		(5)	%	2,149		2,285		(6)	%
Depreciation, amortization and accretion	167		159		5	%	499		490		2	%
Loss on impairment of licenses	136		—		N/M		136		—		N/M
(Gain) loss on asset disposals, net	4		1		N/M		14		14		4	%
(Gain) loss on license sales and exchanges, net	(2)		—		N/M		4		—		N/M
	1,012		906		12	%	2,802		2,789		—
TDS Telecom
Expenses excluding depreciation, amortization and accretion	182		189		(4)	%	533		563		(5)	%
Depreciation, amortization and accretion	68		61		11	%	199		180		11	%
(Gain) loss on asset disposals, net	3		6		(52)	%	8		8		—
	252		256		(1)	%	741		752		(1)	%
All Other1
Expenses excluding depreciation and amortization	49		64		(22)	%	159		187		(14)	%
Depreciation and amortization	3		5		(73)	%	6		11		(40)	%
(Gain) loss on asset disposals, net	(1)		(1)		N/M		1		—		N/M
(Gain) loss on sale of business and other exit costs, net	(12)		—		N/M		(12)		—		N/M
	40		68		(43)	%	154		197		(22)	%
Total operating expenses	1,304		1,230		6	%	3,697		3,738		(1)	%
Operating income (loss)
UScellular	(90)		57		N/M		(3)		117		N/M
TDS Telecom	10		—		N/M		56		15		N/M
All Other1	—		(9)		N/M		(26)		(22)		(18)	%
	(80)		48		N/M		27		110		(76)	%
Investment and other income (expense)
Equity in earnings of unconsolidated entities	43		40		9	%	125		122		3	%
Interest and dividend income	8		5		51	%	20		16		25	%
Interest expense	(76)		(62)		(22)	%	(208)		(178)		(17)	%
Other, net	1		—		N/M		3		1		N/M
Total investment and other expense	(24)		(17)		(41)	%	(60)		(39)		(52)	%
Income (loss) before income taxes	(104)		31		N/M		(33)		71		N/M
Income tax expense (benefit)	(25)		27		N/M		1		55		(98)	%
Net income (loss)	(79)		4		N/M		(34)		16		N/M
Less: Net income (loss) attributable to noncontrolling interests, net of tax	(13)		4		N/M		—		10		N/M
Net income (loss) attributable to TDS shareholders	(66)		—		N/M		(34)		6		N/M
TDS Preferred Share dividends	17		17		—		52		52		—
Net income (loss) attributable to TDS common shareholders	$	(83)	$	(17)	N/M		$	(86)	$	(46)	(86)	%
Basic weighted average shares outstanding	114		113		1	%	114		113		1	%
Basic earnings (loss) per share attributable to TDS common shareholders	$	(0.73)	$	(0.16)	N/M		$	(0.75)	$	(0.41)	(85)	%
Diluted weighted average shares outstanding	114		113		1	%	114		113		1	%
Diluted earnings (loss) per share attributable to TDS common shareholders	$	(0.73)	$	(0.16)	N/M		$	(0.75)	$	(0.41)	(83)	%

N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

1Consists of TDS corporate, intercompany eliminations and all other business operations not included in the UScellular and TDS Telecom segments.

8

Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
	Nine Months Ended September 30,
	2024		2023
(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	(34)	$	16
Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities
Depreciation, amortization and accretion	704		681
Bad debts expense	72		77
Stock-based compensation expense	48		27
Deferred income taxes, net	(15)		38
Equity in earnings of unconsolidated entities	(125)		(122)
Distributions from unconsolidated entities	106		97
Loss on impairment of licenses	136		—
(Gain) loss on asset disposals, net	23		22
(Gain) loss on sale of business and other exit costs, net	(12)		—
(Gain) loss on license sales and exchanges, net	4		—
Other operating activities	6		4
Changes in assets and liabilities from operations
Accounts receivable	33		11
Equipment installment plans receivable	12		20
Inventory	37		87
Accounts payable	3		(36)
Customer deposits and deferred revenues	(3)		(15)
Accrued taxes	16		72
Accrued interest	13		8
Other assets and liabilities	(91)		(64)
Net cash provided by operating activities	933		923
Cash flows from investing activities
Cash paid for additions to property, plant and equipment	(655)		(906)
Cash paid for licenses	(17)		(24)
Cash received from divestitures	91		—
Other investing activities	1		8
Net cash used in investing activities	(580)		(922)
Cash flows from financing activities
Issuance of long-term debt	440		781
Repayment of long-term debt	(408)		(664)
Repayment of short-term debt	—		(60)
Tax payments for TDS stock-based compensation awards	(10)		(3)
Tax payments for UScellular stock-based compensation awards	(11)		(6)
Repurchase of TDS Common Shares	—		(6)
Repurchase of UScellular Common Shares	(26)		—
Dividends paid to TDS shareholders	(83)		(114)
Payment of debt issuance costs	(16)		(4)
Distributions to noncontrolling interests	(4)		(2)
Cash paid for software license agreements	(32)		(29)
Other financing activities	(1)		—
Net cash used in financing activities	(151)		(107)
Net increase (decrease) in cash, cash equivalents and restricted cash	202		(106)
Cash, cash equivalents and restricted cash
Beginning of period	270		399
End of period	$	472	$	293

9

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
	September 30, 2024		December 31, 2023
(Dollars in millions)
Current assets
Cash and cash equivalents	$	451	$	236
Accounts receivable, net	997		1,074
Inventory, net	167		208
Prepaid expenses	88		86
Income taxes receivable	3		4
Other current assets	40		52
Total current assets	1,746		1,660
Assets held for sale	17		15
Licenses	4,586		4,702
Other intangible assets, net	168		183
Investments in unconsolidated entities	524		505
Property, plant andequipment, net	4,987		5,062
Operating lease right-of-use assets	970		987
Other assets and deferred charges	728		807
Total assets	$	13,726	$	13,921

10

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
	September 30, 2024		December 31, 2023
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt	$	29	$	26
Accounts payable	334		360
Customer deposits and deferred revenues	270		277
Accrued interest	26		12
Accrued taxes	49		43
Accrued compensation	107		149
Short-term operating lease liabilities	151		147
Other current liabilities	132		170
Total current liabilities	1,098		1,184
Liabilities held for sale	7		—
Deferred liabilities and credits
Deferred income tax liability, net	961		975
Long-term operating lease liabilities	862		890
Other deferred liabilities and credits	812		784
Long-term debt, net	4,097		4,080
Noncontrolling interests with redemption features	16		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	2,557		2,558
Preferred Shares, par value $0.01 per share	1,074		1,074
Treasury shares, at cost	(433)		(465)
Accumulated other comprehensive income	11		11
Retained earnings	1,865		2,023
Total TDS shareholders' equity	5,075		5,202
Noncontrolling interests	798		794
Total equity	5,873		5,996
Total liabilities and equity	$	13,726	$	13,921

11

Balance Sheet Highlights
(Unaudited)
	September 30, 2024
			TDS		TDS Corporate		Intercompany		TDS
	UScellular		Telecom		& Other		Eliminations		Consolidated
(Dollars in millions)
Cash and cash equivalents	$	272	$	83	$	175	$	(79)	$	451
Licenses and other intangible assets	$	4,576	$	173	$	5	$	—	$	4,754
Investment in unconsolidated entities	478		4		50		(8)		524
	$	5,054	$	177	$	55	$	(8)	$	5,278
Property, plant and equipment, net	$	2,504	$	2,465	$	18	$	—	$	4,987
Long-term debt, net:
Current portion	$	20	$	—	$	9	$	—	$	29
Non-current portion	2,882		3		1,212		—		4,097
	$	2,902	$	3	$	1,221	$	—	$	4,126

12

United States Cellular Corporation

Segment Results

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
UScellular	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
(Dollars in millions)
Operating Revenues
Wireless	$	896	$	938	(4)	%	$	2,722	$	2,831	(4)	%
Towers	59		57		2	%	175		170		3	%
Intra-company eliminations	(33)		(32)		(3)	%	(98)		(95)		(3)	%
Total operating revenues	922		963		(4)	%	2,799		2,906		(4)	%
Operating expenses
Wireless	1,005		900		12	%	2,784		2,770		1	%
Towers	40		38		4	%	116		114		1	%
Intra-company eliminations	(33)		(32)		(3)	%	(98)		(95)		(3)	%
Total operating expenses	1,012		906		12	%	2,802		2,789		—
Operating income (loss)	$	(90)	$	57	N/M		$	(3)	$	117	N/M
Adjusted OIBDA (Non-GAAP)	$	222	$	220	1	%	$	678	$	624	9	%
Adjusted EBITDA (Non-GAAP)	$	269	$	263	3	%	$	810	$	753	8	%
Capital expenditures	$	120	$	111	8	%	$	415	$	462	(10)	%

N/M - Percentage change not meaningful

13

United States Cellular Corporation

Segment Results

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
UScellular Wireless	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
(Dollars in millions)
Retail service	$	669	$	687	(3)	%	$	2,014	$	2,065	(2)	%
Other	52		50		5	%	154		149		4	%
Service revenues	721		737		(2)	%	2,168		2,214		(2)	%
Equipment sales	175		201		(13)	%	554		617		(10)	%
Total operating revenues	896		938		(4)	%	2,722		2,831		(4)	%
System operations (excluding Depreciation, amortization and accretion reported below)	193		199		(3)	%	582		597		(2)	%
Cost of equipment sold	203		228		(11)	%	630		708		(11)	%
Selling, general and administrative	316		324		(3)	%	953		995		(4)	%
Depreciation, amortization and accretion	155		148		5	%	466		456		2	%
Loss on impairment of licenses	136		—		N/M		136		—		N/M
(Gain) loss on asset disposals, net	4		1		N/M		13		14		(1)	%
(Gain) loss on license sales and exchanges, net	(2)		—		N/M		4		—		N/M
Total operating expenses	1,005		900		12	%	2,784		2,770		1	%
Operating income (loss)	$	(109)	$	38	N/M		$	(62)	$	61	N/M
Adjusted OIBDA (Non-GAAP)	$	191	$	190	1	%	$	583	$	534	9	%
Adjusted EBITDA (Non-GAAP)	$	191	$	190	1	%	$	583	$	534	9	%
Capital expenditures	$	114	$	106	7	%	$	400	$	452	(12)	%

	Three Months Ended September 30,						Nine Months Ended September 30,
UScellular Towers	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
(Dollars in millions)
Third-party revenues	$	26	$	25	1	%	$	77	$	75	2	%
Intra-company revenues	33		32		3	%	98		95		3	%
Total tower revenues	59		57		2	%	175		170		3	%
System operations (excluding Depreciation, amortization and accretion reported below)	20		18		10	%	58		55		4	%
Selling, general and administrative	8		9		(14)	%	24		25		(7)	%
Depreciation, amortization and accretion	12		11		7	%	33		34		(1)	%
(Gain) loss on asset disposals, net	—		—		N/M		1		—		N/M
Total operating expenses	40		38		4	%	116		114		1	%
Operating income	$	19	$	19	(1)	%	$	59	$	56	7	%
Adjusted OIBDA (Non-GAAP)	$	31	$	30	3	%	$	95	$	90	6	%
Adjusted EBITDA (Non-GAAP)	$	31	$	30	3	%	$	95	$	90	6	%
Capital expenditures	$	6	$	5	33	%	$	15	$	10	61	%

N/M - Percentage change not meaningful

14

TDS Telecom Highlights
(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		2024 vs. 2023		2024		2023		2024 vs. 2023
(Dollars in millions)
Operating revenues
Residential
Incumbent	$	90	$	89	1	%	$	269	$	264	2	%
Expansion	29		20		46	%	83		52		58	%
Cable	67		68		(2)	%	206		204		1	%
Total residential	186		177		5	%	558		521		7	%
Commercial	36		38		(4)	%	110		118		(7)	%
Wholesale	40		42		(3)	%	128		127		1	%
Total service revenues	262		256		2	%	796		766		4	%
Equipment revenues	—		—		(6)	%	1		1		(10)	%
Total operating revenues	263		256		2	%	797		767		4	%
Cost of services	101		107		(6)	%	297		319		(7)	%
Cost of equipment and products	—		—		26	%	1		—		4	%
Selling, general and administrative expenses	81		82		(1)	%	236		244		(3)	%
Depreciation, amortization and accretion	68		61		11	%	199		180		11	%
(Gain) loss on asset disposals, net	3		6		(52)	%	8		8		—
Total operating expenses	252		256		(1)	%	741		752		(1)	%
Operating income	$	10	$	—	N/M		$	56	$	15	N/M

N/M - Percentage change not meaningful

Numbers may not foot due to rounding.

15

Telephone and Data Systems, Inc.

Financial Measures

(Unaudited)

Free Cash Flow

	Three Months Ended September 30,				Nine Months Ended September 30,
TDS - CONSOLIDATED	2024		2023		2024		2023
(Dollars in millions)
Cash flows from operating activities (GAAP)	$	306	$	408	$	933	$	923
Cash paid for additions to property, plant and equipment	(203)		(278)		(655)		(906)
Cash paid for software license agreements	(11)		(9)		(32)		(29)
Free cash flow (Non-GAAP)1	$	92	$	121	$	246	$	(12)

	Three Months Ended September 30,				Nine Months Ended September 30,
UScellular	2024		2023		2024		2023
(Dollars in millions)
Cash flows from operating activities (GAAP)	$	245	$	329	$	761	$	719
Cash paid for additions to property, plant and equipment	(129)		(103)		(399)		(454)
Cash paid for software license agreements	(11)		(9)		(31)		(28)
Free cash flow (Non-GAAP)1	$	105	$	217	$	331	$	237

1Free 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.

16

Licenses impairment, net of tax

The following non-GAAP financial measure isolates the total effects on net income of the current period Loss on impairment of intangible assets at UScellular, including tax impacts. TDS believes this measure may be useful to investors and other users of its financial information to assist in comparing the current period financial results with periods that were not impacted by such a charge.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
(Dollars in millions)
Net loss attributable to TDS common shareholders (GAAP)	$	(83)	$	(17)	$	(86)	$	(46)
Adjustments:
Loss on impairment of licenses	136		—		136		—
Deferred tax benefit on the tax-amortizable portion of the impaired licenses	(34)		—		(34)		—
UScellular noncontrolling public shareholders' portion of the impaired licenses	(17)		—		(17)		—
Subtotal of Non-GAAP adjustments	85		—		85		—
Net income (loss) attributable to TDS common shareholders excluding licenses impairment charge (Non-GAAP)	2		(17)		(1)		(46)
Noncontrolling interest adjustment to compute diluted earnings (loss)	(1)		(1)		(1)		—
Net income (loss) attributable to TDS common shareholders excluding licenses impairment charge used in diluted earnings (loss) per share (Non-GAAP)	$	1	$	(18)	$	(2)	$	(46)
Diluted weighted average shares outstanding used for diluted loss per share attributable to TDS common shareholders	114		113		114		113
Diluted weighted average shares outstanding used for diluted earnings (loss) per share attributable to TDS common shareholders excluding licenses impairment charge	117		113		114		113
Diluted earnings (loss) per share attributable to TDS common shareholders (GAAP)	$	(0.73)	$	(0.16)	$	(0.75)	$	(0.41)
Adjustments:
Loss on impairment of licenses	1.18		—		1.19		—
Deferred tax benefit on the tax-amortizable portion of the impaired licenses	(0.29)		—		(0.30)		—
UScellular noncontrolling public shareholders' portion of the impaired licenses	(0.15)		—		(0.16)		—
Diluted earnings (loss) per share attributable to TDS common shareholders excluding licenses impairment charge (Non-GAAP)	$	0.01	$	(0.16)	$	(0.02)	$	(0.41)

17

Telephone and Data Systems, Inc.

EBITDA, Adjusted EBITDA and Adjusted OIBDA

(Unaudited)

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

	Three Months Ended September 30,
TDS TELECOM	2024		2023
(Dollars in millions)
Net income (GAAP)	$	9	$	4
Add back:
Income tax expense	4		—
Income before income taxes (GAAP)	14		4
Add back:
Interest expense	(1)		(2)
Depreciation, amortization and accretion	68		61
EBITDA (Non-GAAP)	80		63
Add back or deduct:
(Gain) loss on asset disposals, net	3		6
Adjusted EBITDA (Non-GAAP)	83		68
Deduct:
Interest and dividend income	1		1
Other, net	1		—
Adjusted OIBDA (Non-GAAP)	$	81	$	67

Numbers may not foot due to rounding.

18