AD

EX-99.1

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EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, Array will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array reports second quarter 2026 results

Array updates 2026 guidance

CHICAGO (August 7, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported second quarter operating results.

“Array continues to make nice progress executing across our 2026 priorities,” said Anthony Carlson, President and CEO. “The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth. And we continue to monetize our remaining spectrum assets as well as support T-Mobile’s integration.”

Highlights*

•Optimizing tower operations

◦Site rental revenues grew 95% year over year

◦Delivered consecutive quarter over quarter tower tenancy growth

•Continuing to close pending sales of wireless spectrum

◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026

◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026

◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026

◦Issued special dividend of $11 per common share on June 25, 2026

•Updated 2026 Guidance

◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue

◦Increased Adjusted EBITDA range to $220 million - $235 million

◦Capital expenditures range remains unchanged at $25 million - $35 million

* Comparisons are 2Q’25 to 2Q’26 unless otherwise noted.

Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, versus $28.5 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $333.8 million and $3.86, respectively, for the second quarter of 2026 compared to $14.8 million and $0.17, respectively, in the same period one year ago.

Pending transactions

Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for the sale of additional spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These additional transactions are expected to close yet in 2026, subject to regulatory approval and customary closing conditions.

DISH Wireless

In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH. In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings.

1

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

2

2026 Estimated Results

Array’s current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of August 7, 2026 and should not be assumed to be current as of any future date. Array 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.

2026 Estimated Results

PreviousCurrent

(Dollars in millions)

Total operating revenues$200-$215$205-$215

Adjusted OIBDA1 (Non-GAAP) $50-$65$60-$75

Adjusted EBITDA1 (Non-GAAP) $200-$215$220-$235

Capital expenditures$25-$35Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.

Actual Results

2026 Estimated ResultsSix Months Ended June 30, 2026Year Ended December 31, 2025

(Dollars in millions)

Net income from continuing operations (GAAP)N/A$517 $172

Add back:

Income tax exp

EX-99.1

2 arrayq120268kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, Array will hold a teleconference on May 8, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array reports first quarter 2026 results

Array reaffirms 2026 guidance

CHICAGO (May 8, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported first quarter operating results.

“Array is executing on its 2026 priorities,” said Anthony Carlson, President and CEO. “Since standing-up Array just eight months ago, we remain laser-focused on optimizing our tower operations, including securing new colocation applications and delivering steady tower tenancy growth. And we are continuing to close our pending spectrum transactions and support T-Mobile’s integration.”

Highlights*

•Optimizing tower operations

◦Site rental revenues grew 92% year over year

◦Excluding the impact of DISH, continued to grow tower tenancy and secure healthy application volume

•Continuing to close pending sales of wireless spectrum

◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026

* Comparisons are 1Q’25 to 1Q’26 unless otherwise noted.

Array reported total operating revenues from continuing operations of $52.0 million for the first quarter of 2026, versus $27.0 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $179.8 million and $2.08, respectively, for the first quarter of 2026 compared to $4.7 million and $0.05, respectively, in the same period one year ago.

On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses for $1,018.0 million and recorded a book gain of $156.6 million ($117.5 million net of tax expense) during the first quarter of 2026.

Pending transactions

Subsequent to the August 1, 2025 close of the sale of wireless operations, Array has reached additional agreements with T-Mobile for the sale of 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to closing conditions and regulatory approvals. On May 5, 2026, Array closed on the sale of certain 700MHz wireless spectrum licenses related to this agreement for total proceeds of $74.8 million.

On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses for a purchase price of $1,000.0 million, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. We expect this transaction to close in Q2/Q3 2026.

DISH Wireless

In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. DISH Wireless has subsequently failed to make certain payments due to Array under their contractual commitment. Array believes that DISH Wireless' claim that its obligations under its Agreement with Array are excused is without merit.

Recent Development

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

1

2026 Estimated Results

Array’s current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of May 8, 2026 and should not be assumed to be current as of any future date. Array 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.

2026 Estimated Results

PreviousCurrent

(Dollars in millions)

Total operating revenues$200-$215Unchanged

Adjusted OIBDA1 (Non-GAAP) $50-$65Unchanged

Adjusted EBITDA1 (Non-GAAP) $200-$215Unchanged

Capital expenditures$25-$35Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably pred

EX-99.1

2 arrayq420258-kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array reports fourth quarter and full year 2025 results

Array issues 2026 guidance

CHICAGO (February 20, 2026) — Array Digital Infrastructure, Inc.SM (NYSE:AD) reported fourth quarter and full year 2025 operating results.

“After a transformative 2025, Array enters 2026 with strong momentum,” said Anthony Carlson, President and CEO. “The organization remains laser-focused on a smooth T-Mobile MLA integration and increasing tower tenancy. Further, we continue to make progress on monetizing our spectrum, including closing on the previously announced AT&T transaction in mid-January."

Highlights

•Grew and strengthened tower operations*

◦Site rental revenues increased 51%

◦Co-location applications, excluding T-Mobile applications, increased 47%

•Closed on the sale of the previously announced wireless operations and select spectrum assets to T-Mobile in August 2025 and issued $23 per share special dividend

•Closed on previously announced sale of 3.45GHz and 700MHz spectrum licenses to AT&T on January 13, 2026; issued $10.25 special dividend on February 2, 2026

*Comparisons are Year Ended December 31, 2025 to Year Ended December 31, 2024

Array reported total operating revenues from continuing operations of $60.3 million for the fourth quarter of 2025, versus $26.1 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share from continuing operations were $41.4 million and $0.48, respectively, for the fourth quarter of 2025 compared to $11.7 million and $0.13, respectively, in the same period one year ago.

Array reported total operating revenues from continuing operations of $163.0 million and $102.9 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $169.7 million and $1.94, respectively, for the year ended 2025 compared to $(85.9) million and $(1.00), respectively, for the year ended 2024.

"As I look forward, our priorities remain the same – support the T-Mobile integration, grow colocation revenue, optimize our ground leases, and monetize our remaining spectrum,” Carlson continued.

Pending transactions

Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to customary closing conditions and regulatory approvals.

On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions, and the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement.

1

2026 Estimated Results

Array's current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of February 20, 2026 and should not be assumed to be current as of any future date. Array 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.

2026 Estimated ResultsActual Results for the Year Ended December 31, 2025

(Dollars in millions)

Total operating revenues $200-$215 $163

Adjusted OIBDA1 (Non-GAAP) $50-$65 $1

Adjusted EBITDA1 (Non-GAAP) $200-$215 $194

Capital expenditures $25-$35 $30

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) from continuing operations or Income (loss) before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.

2026 Estimated Results Actual Results for

the Year Ended

December 31, 2025

Actual Results for

the Year Ended

December 31, 2024

(Dollars in millions)

Net income (loss) from continuing operations (GAAP)N/A$172 $(80)

Add back:

Income tax benefitN/A(31)(19)

Income (loss) before income taxes (GAAP) $780-$795$141 $(100)

Add back or deduct:

Interest expense4528 12

Depreciation, amortization and a

EX-99.1

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EX-99.1

Document

NEWS RELEASE

As previously announced, Array will hold a teleconference on November 7, 2025, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array reports third quarter 2025 results

CHICAGO (November 7, 2025) — Array Digital Infrastructure, Inc. (NYSE:AD) reported total operating revenues from continuing operations of $47.1 million for the third quarter of 2025, versus $25.7 million for the same period one year ago. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $108.8 million and $1.25, respectively, for the third quarter of 2025 compared to $(95.9) million and $(1.12), respectively, in the same period one year ago.

Recent Highlights*

•Closed on the sale of wireless operations and select spectrum assets to T-Mobile on August 1, 2025

•Paid a $23 per share special dividend on August 19, 2025

•Commenced T-Mobile MLA on August 1, 2025, helping to drive a 68% increase in Site rental revenues, excluding non-cash amortization

•Entered into additional spectrum sales expected to result in aggregate proceeds of $178 million

•Announced appointment of Anthony Carlson as President and CEO effective November 16, 2025

* Comparisons are 3Q’24 to 3Q’25 unless otherwise noted

“We are off to a great start as an independent tower company,” said Doug Chambers, Array Interim President and CEO. “The new T-Mobile MLA commenced on August 1, and the team has been doing an outstanding job on the implementation effort. This new MLA drove a 68 percent year-over-year increase in Site rental revenue, excluding non-cash amortization. We have also made great progress monetizing our spectrum as we entered into additional agreements to sell our remaining spectrum and have now closed or signed agreements to monetize 70 percent of our spectrum portfolio.”

Pending transactions

Subsequent to the August 1, 2025 close of the sale of wireless operations, Array has reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to closing conditions and regulatory approvals.

On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close.

On November 6, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.

Leadership Transition at Array

As separately announced, Anthony Carlson will become President and CEO of Array on November 16, succeeding Interim President and CEO Doug Chambers.

“Now that we have Array established as a standalone tower company, we are ready to announce its next step in leadership, selecting Anthony Carlson to be Array’s President and CEO,” said Walter Carlson, Chairman of the Array Board of Directors.  “Anthony’s substantial and increasing responsibilities at UScellular and TDS Telecom over the past six years provide him with the right foundation to lead Array’s growing tower business and provide strategic vision to its operations.”

See separately issued announcement on November 7, 2025 for more information on our leadership transition.

1

Conference Call Information

Array will hold a conference call on November 7, 2025 at 9:00 a.m. Central Time.

▪Access the live call on the Events & Presentations page of investors.arrayinc.com or at

https://events.q4inc.com/attendee/604881005

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

About Array

Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. As of September 30, 2025, Telephone and Data Systems, Inc. owned approximately 82% of Array.

Contacts

Julie Mathews, IRC, Director - Investor Relations of TDS

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 incl

EX-99.1

2 usmq220258kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.SM (ArraySM)

As previously announced, Array will hold a teleconference on August 11, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com or investors.tdsinc.com.

Array reports second quarter 2025 results

CHICAGO (August 11, 2025) — Array Digital Infrastructure, Inc. (NYSE:USM) reported total operating revenues of $916 million for the second quarter of 2025, versus $927 million for the same period one year ago. Service revenues totaled $736 million, versus $743 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share were $31 million and $0.36, respectively, for the second quarter of 2025 compared to $17 million and $0.20, respectively, in the same period one year ago.

Recent Highlights*

•On August 1, 2025, Array completed the sale of its wireless operations and select spectrum assets to T-Mobile for total consideration of $4.3 billion which includes a combination of cash and assumed debt

•Declared a $23.00 per share special dividend payable on August 19, 2025

•Third-party tower revenues increased 12%

•Pending AT&T and Verizon spectrum transactions are expected to close in 2H 2025 and Q3 2026, respectively, subject to receipt of regulatory approvals and satisfaction of closing conditions

* Comparisons are 2Q’24 to 2Q’25 unless otherwise noted

“I am pleased that we have successfully closed the T-Mobile deal and have declared a special dividend in connection with the transaction,” said Doug Chambers, Array interim President and CEO. “As a tower company with 4,400 towers and a new Master License Agreement with T-Mobile, Array has strength and stability from its current tower revenue stream, along with an excellent opportunity to grow colocations and revenues, and to expand margins over time. Our non-controlling investment interests also continue to generate significant cash flow. Further, I look forward to closing our announced spectrum transactions and continuing to work toward opportunistically monetizing our remaining spectrum."

Pending previously announced transactions

On October 17, 2024, the company entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. Additionally, Array also entered into agreements with Nsight Spectrum, LLC and Nex-Tech Wireless, LLC for the sale of select spectrum licenses.

On November 6, 2024, the company also entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.

Array is not providing 2025 financial guidance.

1

Conference Call Information

Array will hold a conference call on August 11, 2025 at 9:00 a.m. Central Time.

▪Access the live call on the Events & Presentations page of investors.arrayinc.com, investors.tdsinc.com, or at

https://events.q4inc.com/attendee/378403075

▪Access the call by phone at (888)330-2384 conference ID: 1328528.

About Array

Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. As of August 1, 2025, Telephone and Data Systems, Inc. owned approximately 82% of Array.

Contacts

Colleen Thompson, Vice President - Corporate Relations of TDS

colleen.thompson@tdsinc.com

Julie Mathews, IRC, Director - Investor Relations of TDS

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: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; Array's reliance on a small number of tenants for a substantial portion of its revenues; extreme weather events; whether

EX-99.1

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EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, UScellular will hold a teleconference on May 2, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

UScellular reports first quarter 2025 results

CHICAGO (May 2, 2025) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $891 million for the first quarter of 2025, versus $950 million for the same period one year ago. Service revenues totaled $741 million, versus $754 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $18 million and $0.21, respectively, for the first quarter of 2025 compared to $18 million and $0.20, respectively, in the same period one year ago.

Recent Highlights*

•Improved postpaid handset results

◦Postpaid handset gross additions increased; postpaid handset net losses improved

•Third-party tower rental revenues increased 6%

•Ongoing 5G mid-band network deployment

◦Providing capacity and enhanced speed for our mobility and fixed wireless customers

* Comparisons are 1Q’24 to 1Q’25 unless otherwise noted

“In the first quarter, we continued to work towards executing on our 2025 priorities which include successfully closing on the previously announced sale of the wireless business, while remaining focused on investing in a strong customer experience and operating our business efficiently,” said Laurent Therivel, UScellular President and CEO. “I am also pleased with the 6% year-over-year growth in third-party tower rental revenues, as the team continues to market our valuable tower portfolio.”

Announced Transactions and Exploration of Strategic Alternatives for UScellular

On May 24, 2024, Telephone and Data Systems, Inc. (TDS) and UScellular entered into a Securities Purchase Agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile). The transaction is expected to close in mid-2025, subject to regulatory approvals and the satisfaction of customary closing conditions. When the proposed T-Mobile transaction closes, UScellular expects the UScellular Board of Directors to declare the first of potentially several, special dividends to UScellular shareholders.

On October 17, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. Additionally, UScellular also entered into agreements with Nsight Spectrum, LLC and Nex-Tech Wireless, LLC for the sale of select spectrum licenses.

On November 6, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.

Due to the pending transaction with T-Mobile, UScellular is not providing 2025 financial guidance.

1

Stock Repurchase

During the first quarter of 2025, UScellular repurchased 328,835 of its Common Shares for $21 million.

Conference Call Information

UScellular will hold a conference call on May 2, 2025 at 9:00 a.m. Central Time.

▪Access the live call on the Events & Presentations page of investors.uscellular.com or at

https://events.q4inc.com/attendee/224819726

▪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.uscellular.com. The call will be archived on the Events & Presentations page of investors.uscellular.com.

About UScellular

United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.4 million retail connections in 21 states. The Chicago-based company had 4,100 full- and part-time associates as of March 31, 2025. At the end of the first quarter of 2025, Telephone and Data Systems, Inc. owned approximately 83 percent of UScellular. For more information about UScellular, visit uscellular.com.

Contacts

Colleen Thompson, Vice President - Corporate Relations of TDS

colleen.thompson@tdsinc.com

Julie Mathews, IRC, Director - Investor Relations of TDS

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 pl

EX-99.1

2 usmq420248-kex991.htm

EX-99.1

Document

Exhibit 99.1

NEWS RELEASE

As previously announced, UScellular will hold a teleconference on February 21, 2025 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

UScellular reports fourth quarter and full year 2024 results

CHICAGO (February 21, 2025) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $970 million for the fourth quarter of 2024, versus $1,000 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $5 million and $0.05, respectively, for the fourth quarter of 2024 compared to $14 million and $0.16, respectively, in the same period one year ago.

UScellular reported total operating revenues of $3,770 million and $3,906 million for the years ended 2024 and 2023, respectively. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(39) million and $(0.46), respectively, for the year ended 2024 compared to $54 million and $0.63, respectively, for the year ended 2023.

Net income attributable to UScellular shareholders excluding a third quarter 2024 license impairment (non-GAAP) of $136 million ($102 million, net of tax) and related diluted earnings per share excluding a third quarter 2024 license impairment (non-GAAP) were $63 million and $0.71, respectively, for the year ended 2024 compared to $54 million and $0.63, respectively, for the year ended 2023. Substantially all of the impairment loss was related to the retained high-band spectrum unit of accounting which includes the 28 GHz, 37 GHz and 39 GHz frequency bands.

Full-year 2024 Highlights*

•Announced multiple transactions related to the strategic alternatives review

◦Transaction with T-Mobile and four spectrum transactions with various mobile network operators

•Improved wireless operating results

◦Postpaid and prepaid net losses improved

◦Postpaid and prepaid churn improved

◦Fixed wireless customers grew 27%

•Cash flows from operating activities and free cash flow up year over year

•Ongoing 5G mid-band network deployment — providing additional capacity and faster speeds for our customers

*Comparisons are Year Ended December 31, 2024 to Year Ended December 31, 2023

“In 2024, UScellular made significant progress in enhancing shareholder value, while remaining steadfast in its mission of connecting people to what matters most,” said Laurent Therivel, UScellular President and CEO. “We also maintained strong financial discipline resulting in solid growth in profitability and free cash flow.

“While subscriber results remained negative, we saw meaningful improvement in postpaid and prepaid additions in the third and fourth quarters of 2024. We intend to build on this momentum and will continue to invest in our customers and our network while working towards closing the transactions that we have previously announced.“

1

Announced Transactions

On May 24, 2024, Telephone and Data Systems, Inc. (TDS) and UScellular entered into a Securities Purchase Agreement to sell UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile). The transaction is expected to close in mid-2025, subject to regulatory approval and the satisfaction of customary closing conditions.

On October 17, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. Additionally, UScellular also entered into agreements with Nsight Spectrum, LLC and Nex-Tech Wireless, LLC for the sale of select spectrum licenses.

On November 6, 2024, UScellular, and certain subsidiaries of UScellular, entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.

Due to the pending transaction with T-Mobile, UScellular is not providing 2025 financial guidance.

2

Stock Repurchase

During 2024, UScellular repurchased 939,999 of its Common Shares for $55 million.

Conference Call Information

UScellular will hold a conference call on February 21, 2025 at 9:00 a.m. Central Time.

•Access the live call on the Events & Presentations page of investors.uscellular.com or at

https://events.q4inc.com/attendee/548841993

•Access the call by phone at (888) 330-2384 (US/Canada), conference ID: 1328528

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com.

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Document

Exhibit 99.1

NEWS RELEASE

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

UScellular reports third quarter 2024 results

CHICAGO (November 1, 2024) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $922 million for the third quarter of 2024, versus $963 million for the same period one year ago. Service revenues totaled $747 million, versus $762 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(79) million and $(0.92), respectively, for the third quarter of 2024 compared to $23 million and $0.26, respectively, in the same period one year ago.

Net income attributable to UScellular shareholders excluding a 2024 license impairment (non-GAAP) of $136 million ($102 million, net of tax) and related Diluted earnings (loss) per share attributable to UScellular shareholders excluding a 2024 license impairment (non-GAAP) were $23 million and $0.26, respectively, for both the third quarter of 2024 and 2023. 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*

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

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

“Postpaid handset results improved year-over-year due to our promotional and retention actions,” said Laurent C. Therivel, UScellular President and CEO. “While overall postpaid handset net adds remained negative, I am pleased with our improving subscriber trajectory. Solid postpaid ARPU growth coupled with strong expense discipline gives us confidence to raise our 2024 Adjusted EBITDA guidance.

“Given that our network investments over the past few years have resulted in strong 5G coverage in our footprint, future network investments are expected to predominately focus on the deployment of our mid-band spectrum to enhance speed and capacity.

“Additionally, I am very pleased that we recently announced agreements with multiple mobile network operators for the sale of portions of our retained spectrum licenses in exchange for proceeds of $1 billion. These transactions are part of our objective to opportunistically monetize the spectrum not included in the proposed T-Mobile transaction.”

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.

1

2024 Estimated Results

UScellular’s current estimates of full-year 2024 results 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. UScellular 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

PreviousCurrent

(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

The following table reconciles 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, UScellular has not completed the below reconciliation to Net income (loss) because it does not provide guidance for income

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Document

Exhibit 99.1

NEWS RELEASE

As previously announced, UScellular will hold a teleconference on August 2, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

UScellular reports second quarter 2024 results

2024 guidance reaffirmed

CHICAGO (August 2, 2024) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $927 million for the second quarter of 2024, versus $957 million for the same period one year ago. Service revenues totaled $743 million, versus $760 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $17 million and $0.20, respectively, for the second quarter of 2024 compared to $5 million and $0.05, respectively, in the same period one year ago.

2Q 2024 Highlights*

•Announced sale of wireless operations and select spectrum assets

•Now reporting Wireless and Towers segments

▪Wireless

•Sequential improvement in postpaid gross additions and postpaid net losses

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

▪Towers

•Third-party tower revenues increased 1%

•Fixed wireless customers grew 40% to 134,000

•Strong cost management across the enterprise led to increased operating income, net income and Adjusted OIBDA

* Comparisons are 2Q’23 to 2Q’24 unless otherwise noted

“Solid postpaid ARPU growth and continued strong expense discipline is keeping us on track to deliver on our financial guidance,” said Laurent C. Therivel, UScellular President and CEO. “We have taken actions to improve subscriber results that have led to sequential improvement in postpaid handset net additions in the second quarter. While postpaid handset net additions remained negative, we are encouraged by the positive momentum.

"Finally, I would also like to thank all of our associates for their hard work in these dynamic times. 2024 has been a year of unprecedented change for the organization, but our team has remained focused on our mission of connecting customers to what matters most."

Announced Transaction 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.

UScellular retains its nearly 4,400 owned towers, its equity method investments, and approximately 70% of its spectrum assets. The strategic alternatives review process is ongoing as UScellular seeks to opportunistically monetize its spectrum assets that are not subject to the T-Mobile transaction.

1

2024 Estimated Results

UScellular’s current estimates of full-year 2024 results are shown below. Such estimates represent management’s view as of August 2, 2024 and should not be assumed to be current as of any future date. UScellular 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

PreviousCurrent

(Dollars in millions)

Service revenues$2,950-$3,050Unchanged

Adjusted OIBDA1, 2 $750-$850Unchanged

Adjusted EBITDA1, 2 $920-$1,020Unchanged

Capital expenditures$550-$650Unchanged

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

Actual Results

2024 Estimated Results2 Six Months Ended June 30, 2024Year Ended December 31, 2023

(Dollars in millions)

Net income (GAAP)N/A$42 $58

Add back:

Income tax expenseN/A41 53

Income before income taxes (GAAP)$60-$160$83 $111

Add back:

Interest expense185 91 196

Depreciation, amortization and accretion expense660 329 656

EBITDA (Non-GAAP)1 $905-$1,005$503 $963

Add back or deduct:

Expenses related to strategic alternatives review— 21 8

(Gain) loss on asset disposals, net15 11 17

(Gain) loss on license sales and exchanges, net— 7 (2)

Adjusted EBITDA (Non-GAAP)1 $920-$1,020$542 $986

Deduct:

Equity in earnings of unconsolidated entities155 80 158

Interest and dividend income15 6 10

Adjusted OIBDA (Non-GAAP)1 $750-$850$456 $818

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 pe

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Exhibit 99.1

United States Cellular Corporation

Financial Highlights by Segment

(Unaudited)

UScellular ConsolidatedQ1 2024

(Dollars in millions)

Operating revenues

Service1 $754

Equipment sales196

Total operating revenues950

System operations (excluding Depreciation, amortization and accretion reported below)182

Cost of equipment sold216

Selling, general and administrative331

Depreciation, amortization and accretion165

(Gain) loss on asset disposals, net6

(Gain) loss on license sales and exchanges, net(1)

Operating income51

Equity in earnings of unconsolidated entities42

Interest and dividend income2

Interest expense(43)

Income before income taxes52

Income tax expense28

Net income24

Add back:

Depreciation, amortization and accretion165

Expenses related to strategic alternatives review7

(Gain) loss on asset disposals, net6

(Gain) loss on license sales and exchanges, net(1)

Interest expense43

Income tax expense28

Adjusted EBITDA (Non-GAAP)2 $272

WirelessQ1 2024

(Dollars in millions)

Operating revenues

Service$729

Equipment sales196

Total operating revenues925

System operations (excluding Depreciation, amortization and accretion reported below)197

Cost of equipment sold216

Selling, general and administrative324

Depreciation, amortization and accretion154

(Gain) loss on asset disposals, net6

(Gain) loss on license sales and exchanges, net(1)

Operating income29

Add back:

Depreciation, amortization and accretion154

Expenses related to strategic alternatives review7

(Gain) loss on asset disposals, net6

(Gain) loss on license sales and exchanges, net(1)

Adjusted EBITDA (Non-GAAP)2 $195

TowersQ1 2024

(Dollars in millions)

Operating revenues

Service - Third-Party$25

Service - Intracompany33

Total operating revenues58

System operations (excluding Depreciation, amortization and accretion reported below)18

Selling, general and administrative7

Depreciation, amortization and accretion11

Operating income22

Add back:

Depreciation, amortization and accretion11

Adjusted EBITDA (Non-GAAP)2 $33

UScellular ConsolidatedQ1 2023Q2 2023Q3 2023Q4 2023Full Year 2023

(Dollars in millions)

Operating revenues

Service1 $767 $760 $762 $755 $3,044

Equipment sales219 197 201 245 862

Total operating revenues986 957 963 1,000 3,906

System operations (excluding Depreciation, amortization and accretion reported below)182 190 185 183 740

Cost of equipment sold253 228 228 280 988

Selling, general and administrative345 341 333 349 1,368

Depreciation, amortization and accretion170 161 159 166 656

(Gain) loss on asset disposals, net10 3 1 3 17

(Gain) loss on license sales and exchanges, net— — — (2)(2)

Operating income2634 57 21 139

Equity in earnings of unconsolidated entities44 38 40 37 158

Interest and dividend income2 3 3 2 10

Interest expense(47)(51)(50)(49)(196)

Income before income taxes25 24 50 11 111

Income tax expense (benefit)11 19 27 (4)53

Net income14 5 23 15 58

Add back:

Depreciation, amortization and accretion170 161 159 166 656

Expenses related to strategic alternatives review— — 3 6 8

(Gain) loss on asset disposals, net10 3 1 3 17

(Gain) loss on license sales and exchanges, net— — — (2)(2)

Interest expense47 51 50 49 196

Income tax expense (benefit)11 19 27 (4)53

Adjusted EBITDA (Non-GAAP)2 $252 $239 $263 $233 $986

WirelessQ1 2023Q2 2023Q3 2023Q4 2023Full Year 2023

(Dollars in millions)

Operating revenues

Service$742 $735 $737 $730 $2,943

Equipment sales219 197 201 245 862

Total operating revenues961 932 938 975 3,805

System operations (excluding Depreciation, amortization and accretion reported below)197 203 199 197 794

Cost of equipment sold253 228 228 280 988

Selling, general and administrative336 333 324 340 1,334

Depreciation, amortization and accretion158 149 148 155 610

(Gain) loss on asset disposals, net10 3 1 5 19

(Gain) loss on license sales and exchanges, net— — — (2)(2)

Operating income7 16 38 — 62

Add back:

Depreciation, amortization and accretion158 149 148 155 610

Expenses related to strategic alternatives review— — 3 6 8

(Gain) loss on asset disposals, net10 3 1 5 19

(Gain) loss on license sales and exchanges, net— — — (2)(2)

Adjusted EBITDA (Non-GAAP)2 $175 $168 $190 $164 $697

TowersQ1 2023Q2 2023Q3 2023Q4 2023Full Year 2023

(Dollars in millions)

Operating revenues

Service - Third-Party$25 $25 $25 $25 $101

Service - Intracompany32 32 32 32 127

Total operating revenues57 57 57 57 228

System operations (excluding Depreciation, amortization and accretion reported below)17 19 18 18 73

Selling, general and administrative9 8 9 9 34

Depreciation, amortization and accretion12 12 11 11 46

(Gain) loss on asset disposals, net— — — (2)(2)

Operating income19 18 19 21 77

Add back:

Depreciation, amortization and accretion12 12 11 11 46

(Gain) loss on asset disposals, net— — — (2)(2)

Adjusted EBITDA (Non-GAAP)2 $31 $30 $30 $30 $121

UScellular Consolida

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Document

Exhibit 99.1

NEWS RELEASE

As previously announced, UScellular will hold a teleconference on May 3, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

UScellular reports first quarter 2024 results

2024 guidance reaffirmed

CHICAGO (May 3, 2024) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $950 million for the first quarter of 2024, versus $986 million for the same period one year ago. Service revenues totaled $754 million, versus $767 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $18 million and $0.20, respectively, for the first quarter of 2024 compared to $13 million and $0.15, respectively, in the same period one year ago.

1Q 2024 Highlights*

•Financial results

◦Service revenues decreased 2%

◦Postpaid ARPU grew 3%

◦Net income, Adjusted OIBDA and Adjusted EBITDA up significantly

•Postpaid churn rate reduced 4%

•Fixed wireless customers grew 42% to 124,000

* Comparisons are 1Q’23 to 1Q’24 unless otherwise noted

“We delivered strong bottom-line results during the quarter, driven by postpaid ARPU growth and our ongoing focus on expense discipline. We also drove year-over-year improvements in postpaid churn, and fixed wireless continued its strong customer growth trajectory,” said Laurent C. Therivel, UScellular President and CEO. “Although we experienced some month-to-month improvement in postpaid net additions in the first quarter, postpaid handset gross additions continue to be a challenge, and this drove the postpaid net addition decline in the quarter. We have made recent promotional changes in order to drive improvement in postpaid handset subscriber momentum, while keeping us financially disciplined.”

Exploration of Strategic Alternatives for UScellular

On August 4, 2023, Telephone and Data Systems, Inc. (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 review remains active and on-going.

1

2024 Estimated Results

UScellular’s current estimates of full-year 2024 results are shown below. Such estimates represent management’s view as of May 3, 2024 and should not be assumed to be current as of any future date. UScellular 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

PreviousCurrent

(Dollars in millions)

Service revenues$2,950-$3,050Unchanged

Adjusted OIBDA1, 2 $750-$850Unchanged

Adjusted EBITDA1, 2 $920-$1,020Unchanged

Capital expenditures$550-$650Unchanged

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

Actual Results

2024 Estimated Results2 Three Months Ended March 31, 2024Year Ended December 31, 2023

(Dollars in millions)

Net income (GAAP)N/A$24 $58

Add back:

Income tax expenseN/A28 53

Income before income taxes (GAAP)$60-$160$52 $111

Add back:

Interest expense185 43 196

Depreciation, amortization and accretion expense660 165 656

EBITDA (Non-GAAP)1 $905-$1,005$260 $963

Add back or deduct:

Expenses related to strategic alternatives review— 7 8

(Gain) loss on asset disposals, net15 6 17

(Gain) loss on license sales and exchanges, net— (1)(2)

Adjusted EBITDA (Non-GAAP)1 $920-$1,020$272 $986

Deduct:

Equity in earnings of unconsolidated entities155 42 158

Interest and dividend income15 2 10

Adjusted OIBDA (Non-GAAP)1 $750-$850$228 $818

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. UScellular 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 UScellular’s operating results

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Document

Exhibit 99.1

NEWS RELEASE

As previously announced, UScellular 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.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports fourth quarter and full year 2023 results

Provides guidance for 2024

CHICAGO (February 16, 2024) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,000 million for the fourth quarter of 2023, versus $1,048 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $14 million and $0.16, respectively, for the fourth quarter of 2023 compared to $(28) million and $(0.33), respectively, in the same period one year ago.

UScellular reported total operating revenues of $3,906 million and $4,169 million for the years ended 2023 and 2022, respectively. Net income attributable to UScellular shareholders and related diluted earnings per share were $54 million and $0.63, respectively, for the year ended 2023 compared to $30 million and $0.35, respectively, for the year ended 2022.

Full-year 2023 Highlights*

•Postpaid ARPU grew 2%

•Delivering on growth initiatives

◦Fixed wireless customers grew 46% to 114,000

◦Tower rental revenues grew 8% to $100 million

•Increased profitability

◦Net income, Adjusted OIBDA and Adjusted EBITDA up

•Generated positive free cash flow and increased cash flows from operating activities

•Began launching 5G mid-band network - providing low latency and faster speeds

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

"At UScellular, we are focused on connecting people to what matters most,” said Laurent Therivel, UScellular President and CEO. "In 2023, Postpaid ARPU increased 2%, we made significant progress on our 5G network deployment, and we delivered strong results in fixed wireless. Even though we experienced challenging subscriber results in an aggressive competitive environment, I’m pleased with the improvements we were able to drive in profitability year over year.

"In 2024, we plan to continue focusing on improving subscriber results, driving growth in fixed wireless and towers, and maintaining financial discipline as we advance the network through our mid-band deployment."

Recent Development: On August 4, 2023, Telephone and Data Systems, Inc. (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.

1

2024 Estimated Results

UScellular’s current estimates of full-year 2024 results 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. UScellular 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 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

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

2024 Estimated Results2

Actual Results for

the Year Ended

December 31, 2023 Actual Results for the Year Ended December 31, 2022

(Dollars in millions)

Net income (GAAP)N/A$58 $35

Add back:

Income tax expenseN/A53 37

Income before income taxes (GAAP)$40-$140$111 $72

Add back:

Interest expense195196 163

Depreciation, amortization and accretion expense665656 700

EBITDA (Non-GAAP)1 $900-$1,000$963 $935

Add back or deduct:

Expenses related to strategic alternatives review— 8 —

Loss on impairment of licenses— — 3

(Gain) loss on asset disposals, net2017 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)1 $920-$1,020$986 $956

Deduct:

Equity in earnings of unconsolidated entities160158 158

Interest and dividend income1010 8

Adjusted OIBDA (Non-GAAP)1 $750-$850$818 $790

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 Acce

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Document

Exhibit 99.1

NEWS RELEASE

As previously announced, UScellular will hold a teleconference on November 3, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

UScellular reports third quarter 2023 results

CHICAGO (November 3, 2023) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $963 million for the third quarter of 2023, versus $1,083 million for the same period one year ago. Service revenues totaled $762 million, versus $781 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $23 million and $0.26, respectively, for the third quarter of 2023 compared to $(12) million and $(0.15), respectively, in the same period one year ago.

3Q 2023 Highlights*

•Postpaid ARPU grew 2%

•Executing on growth initiatives

◦Fixed Wireless customers grew 57% to 106,000

◦Tower rental revenues grew 8%

•Increased profitability

◦Net income, Adjusted OIBDA, Adjusted EBITDA up significantly

•Growth in cash flows from operating activities and positive free cash flow

* Comparisons are 3Q’22 to 3Q’23 unless otherwise noted

“While we remain committed to improving subscriber results amidst a challenging market, the organization has done an outstanding job of also focusing on financial discipline in order to deliver improved net income and adjusted EBITDA versus prior year,” said Laurent Therivel, President and CEO of UScellular. “And we have continued momentum in several key growth areas within our business, including our tower portfolio and fixed wireless services, which have both contributed to the notable profitability gains in the quarter.”

Recent Development: On August 4, 2023, Telephone and Data Systems, Inc. (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.

1

2023 Estimated Results

UScellular’s current estimates of full-year 2023 results are shown below. Such estimates represent management’s view as of November 3, 2023 and should not be assumed to be current as of any future date. UScellular 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.

The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

2023 Estimated Results

PreviousCurrent

(Dollars in millions)

Service revenues$3,025-$3,075Unchanged

Adjusted OIBDA1 $750-$850$770-$830

Adjusted EBITDA1 $925-$1,025$945-$1,005

Capital expenditures$600-$700Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2023 Estimated Results Nine Months Ended September 30, 2023Year Ended December 31, 2022

(Dollars in millions)

Net income (GAAP)N/A$43 $35

Add back:

Income tax expenseN/A56 37

Income before income taxes (GAAP)$75-$135$99 $72

Add back:

Interest expense195 147 163

Depreciation, amortization and accretion expense655 490 700

EBITDA (Non-GAAP)1 $925-$985$736 $935

Add back or deduct:

Expenses related to strategic alternatives review— 3 —

Loss on impairment of licenses— — 3

(Gain) loss on asset disposals, net20 14 19

(Gain) loss on sale of business and other exit costs, net— — (1)

Adjusted EBITDA (Non-GAAP)1 $945-$1,005$753 $956

Deduct:

Equity in earnings of unconsolidated entities160 121 158

Interest and dividend income15 8 8

Adjusted OIBDA (Non-GAAP)1 $770-$830$624 $790

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. UScellular 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 Adjust

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on August 4, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

UScellular reports second quarter 2023 results

2Q 2023 Highlights*

•Focused on improving subscriber trajectory to reduce postpaid losses - made progress in reducing postpaid churn

◦Reduced postpaid handset churn 8%

•Executing on growth initiatives

◦Fixed Wireless customers grew 66% to 96,000

◦Tower rental revenues grew 10%

•Reduced debt balance by $150 million in 2Q'23

•Launching 5G Mid-Band network - providing low latency and faster speeds

◦Ended June with availability in parts of Illinois, Iowa, Wisconsin, Maine, Missouri, Nebraska, Oklahoma, Oregon, Virginia and Washington

* Comparisons are 2Q’22 to 2Q’23 unless otherwise noted

CHICAGO (August 4, 2023) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $957 million for the second quarter of 2023, versus $1,027 million for the same period one year ago. Service revenues totaled $760 million, versus $783 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $5 million and $0.05, respectively, for the second quarter of 2023 compared to $21 million and $0.25, respectively, in the same period one year ago.

“Postpaid handset subscriber trends improved slightly year-over-year driven by improvements in churn, however, gross additions remained challenged. Two of UScellular’s growth areas, fixed wireless and the tower portfolio, produced year-over-year double-digit increases in gross additions and revenues, respectively. And our ongoing cost optimization programs are helping to offset inflationary pressures, ” said Laurent Therivel, UScellular President and CEO. “In July, UScellular surpassed 100,000 fixed wireless customers – a key milestone as momentum for the product continues.”

Recent Development: On August 4, 2023, Telephone and Data Systems (TDS) and UScellular announced a process to explore a range of strategic alternatives for UScellular.

1

2023 Estimated Results

UScellular’s current estimates of full-year 2023 results are shown below. Such estimates represent management’s view as of August 4, 2023 and should not be assumed to be current as of any future date. UScellular 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.

The 2023 Estimated Results shown below do not reflect any anticipated costs, expenses or results of the strategic review referenced above.

2023 Estimated Results

PreviousCurrent

(Dollars in millions)

Service revenues$3,050-$3,150$3,025-$3,075

Adjusted OIBDA1 $725-$875$750-$850

Adjusted EBITDA1 $875-$1,025$925-$1,025

Capital expenditures$600-$700Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2023 Estimated Results Six Months Ended June 30, 2023Year Ended December 31, 2022

(Dollars in millions)

Net income (GAAP)N/A$20 $35

Add back:

Income tax expenseN/A29 37

Income before income taxes (GAAP)$50-$150$49 $72

Add back:

Interest expense200 99 163

Depreciation, amortization and accretion expense655 330 700

EBITDA (Non-GAAP)1 $905-$1,005$478 $935

Add back or deduct:

Loss on impairment of licenses— — 3

(Gain) loss on asset disposals, net20 13 19

(Gain) loss on sale of business and other exit costs, net— — (1)

Adjusted EBITDA (Non-GAAP)1 $925-$1,025$491 $956

Deduct:

Equity in earnings of unconsolidated entities160 82 158

Interest and dividend income15 5 8

Adjusted OIBDA (Non-GAAP)1 $750-$850$404 $790

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconci

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on May 5, 2023, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports first quarter 2023 results

2023 guidance reaffirmed

CHICAGO (May 4, 2023) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $986 million for the first quarter of 2023, versus $1,010 million for the same period one year ago. Service revenues totaled $767 million, versus $787 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $13 million and $0.15, respectively, for the first quarter of 2023 compared to $49 million and $0.57, respectively, in the same period one year ago.

“Postpaid subscriber trends improved year over year as we made progress toward stabilizing our customer base, but we still had net subscriber losses during the quarter and have more work to do," said Laurent Therivel, UScellular President and CEO. “We continue to make significant investments in advancing our network, while our cost optimization program is helping us improve efficiency. Finally, we continue to see momentum in two growth areas of the business - both fixed wireless and towers had another strong quarter.”

1

2023 Estimated Results

UScellular’s current estimates of full-year 2023 results are shown below. Such estimates represent management’s view as of May 4, 2023 and should not be assumed to be current as of any future date. UScellular 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.

2023 Estimated Results

PreviousCurrent

(Dollars in millions)

Service revenues$3,050-$3,150Unchanged

Adjusted OIBDA1 $725-$875Unchanged

Adjusted EBITDA1 $875-$1,025Unchanged

Capital expenditures$600-$700Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2023 Estimated Results Three Months Ended March 31, 2023Year Ended December 31, 2022

(Dollars in millions)

Net income (GAAP)N/A$14 $35

Add back:

Income tax expenseN/A11 37

Income before income taxes (GAAP)$10-$160$25 $72

Add back:

Interest expense205 47 163

Depreciation, amortization and accretion expense645 170 700

EBITDA (Non-GAAP)1 $860-$1,010$242 $935

Add back or deduct:

Loss on impairment of licenses— — 3

(Gain) loss on asset disposals, net15 10 19

(Gain) loss on sale of business and other exit costs, net— — (1)

Adjusted EBITDA (Non-GAAP)1 $875-$1,025$252 $956

Deduct:

Equity in earnings of unconsolidated entities145 44 158

Interest and dividend income5 2 8

Adjusted OIBDA (Non-GAAP)1 $725-$875$206 $790

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular’s 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, and gains and losses, 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 rec

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on February 17, 2023 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports fourth quarter and full year 2022 results

Provides guidance for 2023

CHICAGO (February 16, 2023) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,048 million for the fourth quarter of 2022, versus $1,068 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(28) million and $(0.33), respectively, for the fourth quarter of 2022 compared to $27 million and $0.31, respectively, in the same period one year ago.

UScellular reported total operating revenues of $4,169 million and $4,122 million for the years ended 2022 and 2021, respectively. Net income attributable to UScellular shareholders and related diluted earnings per share were $30 million and $0.35, respectively, for the year ended 2022 compared to $155 million and $1.77, respectively, for the year ended 2021.

“At UScellular, our purpose is to keep customers connected to what matters most to them. As we celebrate our 40th anniversary, we will continue to execute on that mission.

“In 2022 we focused on expanding ARPU, improving customer results, and maintaining financial discipline,” said Laurent Therivel, UScellular President and CEO. “And while we are seeing progress in certain key leading indicators, we recognize that we have more work to do.

“We have also seen good momentum from investing in growth areas, as our fixed wireless connections increased by over 50% during 2022, and our tower revenues grew by double-digit percentage points in the year. Additionally, we remain on track with our multi-year network modernization and 5G programs.

“In 2023, we will continue to focus on customer growth, cost optimization, and investing in 5G expansion.”

1

2023 Estimated Results

UScellular’s current estimates of full-year 2023 results are shown below. Such estimates represent management’s view as of February 16, 2023 and should not be assumed to be current as of any future date. UScellular 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.

2023 Estimated ResultsActual Results for the Year Ended December 31, 2022

(Dollars in millions)

Service revenues$3,050-$3,150$3,125

Adjusted OIBDA1 $725-$875$790

Adjusted EBITDA1 $875-$1,025$956

Capital expenditures$600-$700$717

The following table reconciles EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

2023 Estimated Results Actual Results for the Year Ended December 31, 2022

(Dollars in millions)

Net income (GAAP)N/A$35

Add back:

Income tax expenseN/A37

Income before income taxes (GAAP)$10-$160$72

Add back:

Interest expense205163

Depreciation, amortization and accretion expense645700

EBITDA (Non-GAAP)1 $860-$1,010$935

Add back or deduct:

Loss on impairment of licenses— 3

(Gain) loss on asset disposals, net1519

(Gain) loss on sale of business and other exit costs, net—(1)

Adjusted EBITDA (Non-GAAP)1 $875-$1,025$956

Deduct:

Equity in earnings of unconsolidated entities145158

Interest and dividend income58

Adjusted OIBDA (Non-GAAP)1 $725-$875$790

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and othe

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on November 4, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports third quarter 2022 results

CHICAGO (November 3, 2022) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,083 million for the third quarter of 2022, versus $1,016 million for the same period one year ago. Service revenues totaled $781 million, versus $788 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(12) million and $(0.15), respectively, for the third quarter of 2022 compared to $34 million and $0.38, respectively, in the same period one year ago.

“While postpaid subscriber growth remains challenging, we are intensely focused on changing the trajectory," said Laurent Therivel, UScellular President and CEO. "I am encouraged that recent offers are beginning to generate significant upgrade volumes which should have a positive impact on churn in future periods.

“UScellular continues to make progress on its long-term strategic priorities while reporting another strong quarter of ARPU growth. And we are seeing continued momentum in a number of growth areas of the business, including our tower portfolio and fixed wireless.

"I’m impressed with the hard work of our associates and their commitment to keeping our customers connected. I'd like to thank all of them for their contributions this quarter."

1

2022 Estimated Results

UScellular’s current estimates of full-year 2022 results are shown below. Such estimates represent management’s view as of November 3, 2022 and should not be assumed to be current as of any future date. UScellular 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.

2022 Estimated Results

PreviousCurrent

(Dollars in millions)

Service revenues$3,100-$3,200$3,100-$3,150

Adjusted OIBDA1 $750-$900$750-$825

Adjusted EBITDA1 $925-$1,075$925-$1,000

Capital expenditures$700-$800Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2022 Estimated Results Nine Months Ended September 30, 2022Year Ended December 31, 2021

(Dollars in millions)

Net income (GAAP)N/A$62 $160

Add back:

Income tax expenseN/A46 20

Income before income taxes (GAAP)$45-$120$108 $180

Add back:

Interest expense160 115 175

Depreciation, amortization and accretion expense705 520 678

EBITDA (Non-GAAP)1 $910-$985$743 $1,033

Add back or deduct:

Loss on impairment of licenses— 3 —

(Gain) loss on asset disposals, net15 9 23

(Gain) loss on sale of business and other exit costs, net— (1)(2)

Adjusted EBITDA (Non-GAAP)1 $925-$1,000$754 $1,054

Deduct:

Equity in earnings of unconsolidated entities170 122 179

Interest and dividend income5 5 6

Adjusted OIBDA (Non-GAAP)1 $750-$825$627 $869

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular’s 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, and gains and losses, whil

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on August 5, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports second quarter 2022 results

2022 guidance reaffirmed

CHICAGO (August 4, 2022) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,027 million for the second quarter of 2022, versus $1,014 million for the same period one year ago. Service revenues totaled $783 million, versus $774 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $21 million and $0.25, respectively, for the second quarter of 2022 compared to $35 million and $0.39, respectively, in the same period one year ago.

“UScellular is continuing to execute on its growth strategy, resulting in increased retail service revenues and ARPU in the quarter,” said Laurent Therivel, UScellular President and CEO. “We are seeing nice momentum in a number of the growth areas of the business, including fixed wireless and our tower portfolio. Additionally, we are seeing promising early results from our recent moves in the marketplace, including our rate plan guarantee and our existing-same-as-new offers.

"Halfway through the year, I believe UScellular is well-positioned, and I thank all of our associates for their hard work."

1

2022 Estimated Results

UScellular’s current estimates of full-year 2022 results are shown below. Such estimates represent management’s view as of August 4, 2022 and should not be assumed to be current as of any future date. UScellular 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.

2022 Estimated Results

PreviousCurrent

(Dollars in millions)

Service revenues$3,100-$3,200Unchanged

Adjusted OIBDA1 $750-$900Unchanged

Adjusted EBITDA1 $925-$1,075Unchanged

Capital expenditures$700-$800Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2022 Estimated Results Six Months Ended June 30, 2022Year Ended December 31, 2021

(Dollars in millions)

Net income (GAAP)N/A$74 $160

Add back:

Income tax expenseN/A50 20

Income before income taxes (GAAP)$45-$195$124 $180

Add back:

Interest expense160 73 175

Depreciation, amortization and accretion expense705 342 678

EBITDA (Non-GAAP)1 $910-$1,060$539 $1,033

Add back or deduct:

Loss on impairment of licenses— 3 —

(Gain) loss on asset disposals, net15 8 23

(Gain) loss on sale of business and other exit costs, net— — (2)

Adjusted EBITDA (Non-GAAP)1 $925-$1,075$550 $1,054

Deduct:

Equity in earnings of unconsolidated entities170 82 179

Interest and dividend income5 4 6

Adjusted OIBDA (Non-GAAP)1 $750-$900$464 $869

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular’s 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, and gains and losses, 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

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on May 6, 2022, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports first quarter 2022 results

2022 guidance reaffirmed

CHICAGO (May 5, 2022) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,010 million for the first quarter of 2022, versus $1,023 million for the same period one year ago. Service revenues totaled $787 million, versus $771 million for the same period a year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $49 million and $0.57, respectively, for the first quarter of 2022 compared to $60 million and $0.69, respectively, in the same period one year ago.

"UScellular’s first quarter results showed growth in retail service revenue, driven by the positive impact of ARPU," said Laurent Therivel, UScellular President and CEO. "We continue to focus on our growth areas of the business, which include prepaid, business and government, and fixed wireless. Fixed wireless gross additions increased year-over-year, and momentum continues to build in our tower business, which produced double-digit revenue growth for the first quarter.

"I continue to be impressed with the hard work and dedication of our associates, and I'd like to thank all of them for their contributions this quarter."

1

2022 Estimated Results

UScellular’s current estimates of full-year 2022 results are shown below. Such estimates represent management’s view as of May 5, 2022 and should not be assumed to be current as of any future date. UScellular 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.

2022 Estimated Results

PreviousCurrent

(Dollars in millions)

Service revenues$3,100-$3,200Unchanged

Adjusted OIBDA1 $750-$900Unchanged

Adjusted EBITDA1 $925-$1,075Unchanged

Capital expenditures$700-$800Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

Actual Results

2022 Estimated Results Three Months Ended March 31, 2022Year Ended December 31, 2021

(Dollars in millions)

Net income (GAAP)N/A$52 $160

Add back:

Income tax expenseN/A32 20

Income before income taxes (GAAP)$65-$215$84 $180

Add back:

Interest expense135 33 175

Depreciation, amortization and accretion expense710 171 678

EBITDA (Non-GAAP)1 $910-$1,060$288 $1,033

Add back or deduct:

(Gain) loss on asset disposals, net15 2 23

(Gain) loss on sale of business and other exit costs, net— (1)(2)

Adjusted EBITDA (Non-GAAP)1 $925-$1,075$289 $1,054

Deduct:

Equity in earnings of unconsolidated entities170 45 179

Interest and dividend income5 1 6

Adjusted OIBDA (Non-GAAP)1 $750-$900$243 $869

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular’s 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, and gains and losses, 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 o

EX-99.1

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EX-99.1

Document

Exhibit 99.1   NEWS RELEASE

As previously announced, UScellular will hold a teleconference on February 18, 2022 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.uscellular.com.

FOR IMMEDIATE RELEASE

UScellular reports fourth quarter and full year 2021 results

UScellular executing on strategic priorities;

Provides guidance for 2022

CHICAGO (February 17, 2022) — United States Cellular Corporation (NYSE:USM) reported total operating revenues of $1,068 million for the fourth quarter of 2021, versus $1,073 million for the same period one year ago. Net income attributable to UScellular shareholders and related diluted earnings per share were $27 million and $0.31, respectively, for the fourth quarter of 2021 compared to $5 million and $0.06, respectively, in the same period one year ago.

UScellular reported total operating revenues of $4,122 million and $4,037 million for the years ended 2021 and 2020, respectively. Net income attributable to UScellular shareholders and related diluted earnings per share were $155 million and $1.77, respectively, for the year ended 2021 compared to $229 million and $2.62, respectively, for the year ended 2020.

"UScellular made meaningful progress toward our goals in 2021, as we delivered solid results through the end of the year,” said Laurent Therivel, UScellular President and CEO. “We maintained cost discipline and generated positive momentum in the growth areas of our business, which include Business and Government, Prepaid, Fixed Wireless, and our tower portfolio.

“Our multi-year network modernization program continued, and we meaningfully improved our mid-band spectrum position, a key enabler of our 5G growth strategy.

“In 2022, UScellular's focus remains on executing our mission of connecting our customers to the people and things that matter most to them. We have a strong spectrum position, an outstanding network, robust distribution to both consumers and businesses, and an amazing team. We plan to use those capabilities to drive growth in our business, as well as long-term expansion of Return on Capital.”

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2022 Estimated Results

UScellular’s current estimates of full-year 2022 results are shown below. Such estimates represent management’s view as of February 17, 2022 and should not be assumed to be current as of any future date. UScellular 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.

2022 Estimated ResultsActual Results for the Year Ended December 31, 2021

(Dollars in millions)

Service revenues$3,100-$3,200$3,115

Adjusted OIBDA1 $750-$900$869

Adjusted EBITDA1 $925-$1,075$1,054

Capital expenditures$700-$800$780

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2022 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.

2022 Estimated Results Actual Results for the Year Ended December 31, 2021

(Dollars in millions)

Net income (GAAP)N/A$160

Add back:

Income tax expenseN/A20

Income before income taxes (GAAP)$90-$240$180

Add back:

Interest expense130175

Depreciation, amortization and accretion expense685678

EBITDA (Non-GAAP)1 $905-$1,055$1,033

Add back or deduct:

(Gain) loss on asset disposals, net2023

(Gain) loss on sale of business and other exit costs, net—(2)

Adjusted EBITDA (Non-GAAP)1 $925-$1,075$1,054

Deduct:

Equity in earnings of unconsolidated entities170179

Interest and dividend income56

Adjusted OIBDA (Non-GAAP)1 $750-$900$869

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. UScellular does not intend to imply that any such items set forth in the reconciliation above are non-recurring, 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 UScellular’s operating results before significant recurring non-cash charges, gains and losses, and other items as presented above as they provi