Exhibit 99.1   NEWS RELEASE

As previously announced, TDS will hold a teleconference August 6, 2021, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com. 

 FOR IMMEDIATE RELEASE

TDS reports second quarter 2021 results

UScellular and TDS Telecom executing on strategic priorities;

guidance reaffirmed

CHICAGO (August 5, 2021) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,311 million for the second quarter of 2021, versus $1,263 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $20 million and $0.17, respectively, for the second quarter of 2021 compared to $65 million and $0.56, respectively, in the same period one year ago.

"The TDS family of companies produced solid revenue growth for the second quarter of 2021 and made good progress on achieving our long-term strategic goals," said LeRoy T. Carlson, Jr., TDS President and CEO. "Also, our commitment to maintaining financial flexibility has allowed us to take actions to lower the average cost of financing for our growth initiatives.

“At UScellular, higher postpaid ARPU helped drive service revenue growth as customers chose higher-value plans. Our efforts to build market share in our prepaid business are starting to generate positive results, and our business and government initiatives are laying the foundation for future growth. UScellular’s 5G and network modernization programs are on track. We continue to be very optimistic on the performance capabilities of mmWave spectrum. Additionally, the 5G fixed wireless access tests of market demand have seen early, encouraging results and will provide valuable learnings as we look to bring this high-speed service to market.

“At TDS Telecom, increased broadband connections and customers choosing higher speeds contributed to higher operating revenues for the quarter. 1Gig speeds are available to more than half of all service addresses, and the TDS Telecom fiber footprint is expanding inside as well as outside of our traditional markets. Performance of our launched fiber expansion markets continues to meet expectations. To take advantage of the fiber opportunities, we are accelerating and upsizing our fiber expansion in the years ahead.”

1

2021 Estimated Results

TDS’ current estimates of full-year 2021 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of August 5, 2021 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

2021 Estimated Results
UScellular			Previous			Current
(Dollars in millions)
Service revenues			$3,050-$3,150			Unchanged
Adjusted OIBDA1			$850-$950			Unchanged
Adjusted EBITDA1			$1,025-$1,125			Unchanged
Capital expenditures			$775-$875			Unchanged

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$975-$1,025			Unchanged
Adjusted OIBDA1			$290-$320			Unchanged
Adjusted EBITDA1			$290-$320			Unchanged
Capital expenditures			$425-$475			Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2021 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

			2021 Estimated Results
			UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			N/A						N/A
Add back:
Income tax expense			N/A						N/A
Income before income taxes (GAAP)			$125-$225						$80-$110
Add back:
Interest expense			180						—
Depreciation, amortization and accretion expense			700						210
EBITDA (Non-GAAP)1			$1,005-$1,105						$290-$320
Add back or deduct:
(Gain) loss on asset disposals, net			20						—
Adjusted EBITDA (Non-GAAP)1			$1,025-$1,125						$290-$320
Deduct:
Equity in earnings of unconsolidated entities			170						—
Interest and dividend income			5						—
Adjusted OIBDA (Non-GAAP)1			$850-$950						$290-$320

2

			Actual Results
			Six Months Ended June 30, 2021												Year Ended December 31, 2020
			UScellular						TDS Telecom												UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			$	97					$	46											$	233					$	100
Add back:
Income tax expense			17						15												17						18
Income before income taxes (GAAP)			$	114					$	62											$	250					$	117
Add back:
Interest expense			97						(2)												112						(4)
Depreciation, amortization and accretion expense			350						98												683						203
EBITDA (Non-GAAP)1			$	561					$	157											$	1,045					$	316
Add back or deduct:
(Gain) loss on asset disposals, net			7						1												25						1
(Gain) loss on sale of business and other exit costs, net			(1)						—												—						—
(Gain) loss on license sales and exchanges, net			—						—												(5)						—
(Gain) loss on investments			—						—												(2)						—
Adjusted EBITDA (Non-GAAP)1			$	567					$	158											$	1,063					$	317
Deduct:
Equity in earnings of unconsolidated entities			88						—												179						—
Interest and dividend income			3						—												8						5
Other, net			—						—												—						(1)
Adjusted OIBDA (Non-GAAP)1			$	476					$	159											$	876					$	314

Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are 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 TDS’ 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 TDS’ financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, 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 reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for June 30, 2021, can be found on TDS' website at investors.tdsinc.com.

3

Conference Call Information

TDS will hold a conference call on August 6, 2021 at 9:00 a.m. Central Time.

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

https://event.on24.com/wcc/r/3332389/4AA81608B2125409E9D3E06EB6B1A284

▪Access the call by phone at (833) 968-2187, conference ID: 2249545. 

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

About TDS

Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom, and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed approximately 8,900 associates as of June 30, 2021.

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

Contacts

Jane W. McCahon, Senior Vice President - Corporate Relations and Corporate Secretary

jane.mccahon@tdsinc.com

Julie D. Mathews, IRC, Director - Investor Relations

julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: intense competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS’ smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS’ businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; the impact, duration and severity of public health emergencies, such as the COVID-19 pandemic. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.    

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com 

UScellular: www.uscellular.com 

TDS Telecom: www.tdstelecom.com 

OneNeck IT Solutions: www.oneneck.com

4

United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			6/30/2021						3/31/2021						12/31/2020						9/30/2020						6/30/2020
Retail Connections
Postpaid
Total at end of period			4,399,000						4,406,000						4,412,000						4,401,000						4,372,000
Gross additions			141,000						143,000						171,000						168,000						129,000
Feature phones			3,000						3,000						2,000						4,000						3,000
Smartphones			98,000						101,000						117,000						98,000						82,000
Connected devices			40,000						39,000						52,000						66,000						44,000
Net additions (losses)			(6,000)						(6,000)						11,000						28,000						12,000
Feature phones			(7,000)						(9,000)						(9,000)						(8,000)						(8,000)
Smartphones			6,000						6,000						12,000						8,000						11,000
Connected devices			(5,000)						(3,000)						8,000						28,000						9,000
ARPU1			$	47.74					$	47.65					$	47.51					$	47.10					$	46.24
ARPA2			$	125.25					$	125.25					$	124.87					$	123.27					$	120.70
Churn rate3			1.11		%				1.12		%				1.21		%				1.06		%				0.89		%
Handsets			0.88		%				0.92		%				1.01		%				0.88		%				0.71		%
Connected devices			2.69		%				2.53		%				2.64		%				2.35		%				2.24		%
Prepaid
Total at end of period			507,000						496,000						499,000						506,000						496,000
Gross additions			65,000						62,000						56,000						65,000						62,000
Net additions (losses)			10,000						(3,000)						(8,000)						11,000						2,000
ARPU1			$	35.64					$	35.25					$	35.15					$	35.45					$	34.89
Churn rate3			3.66		%				4.37		%				4.24		%				3.59		%				4.05		%
Total connections at end of period4			4,967,000						4,961,000						4,968,000						4,962,000						4,919,000
Market penetration at end of period
Consolidated operating population			31,493,000						31,493,000						31,314,000						31,314,000						31,292,000
Consolidated operating penetration5			16		%				16		%				16		%				16		%				16		%
Capital expenditures (millions)			$	148					$	125					$	320					$	216					$	168
Total cell sites in service			6,819						6,802						6,797						6,758						6,673
Owned towers			4,278						4,270						4,271						4,246						4,208

1Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:

•Postpaid ARPU consists of total postpaid service revenues and postpaid connections.

•Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

2Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.

3Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

4Includes reseller and other connections.

5Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.

5

TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended			6/30/2021						3/31/2021						12/31/2020						9/30/2020						6/30/2020
Residential connections
Broadband1
Wireline, Incumbent			249,200						243,700						242,500						243,400						240,400
Wireline, Expansion			28,300						24,100						20,400						17,300						14,700
Cable			201,200						199,500						196,400						193,300						191,000
Total Broadband			478,700						467,300						459,300						454,000						446,000
Video2
Wireline			64,800						63,000						63,000						62,300						61,400
Cable			78,400						79,600						81,400						82,300						83,200
Total Video			143,200						142,700						144,400						144,500						144,600
Voice3
Wireline			254,200						255,000						256,900						260,000						261,800
Cable			54,000						53,700						53,900						54,400						55,300
Total Voice			308,100						308,700						310,800						314,400						317,100
Total Residential connections			930,100						918,700						914,400						913,000						907,800
Commercial connections
Broadband1			34,900						34,400						34,000						33,700						33,400
Video2			19,100						19,400						19,700						19,700						20,300
Voice3			114,300						116,500						119,700						122,700						126,100
ManagedIP4			106,200						108,500						113,300						116,700						117,300
Total Commercial connections			274,400						278,800						286,700						292,900						297,200
Total connections			1,204,500						1,197,400						1,201,100						1,205,900						1,205,000
Residential revenue per connection5			$	57.66					$	56.97					$	55.66					$	55.66					$	53.82
Capital expenditures (millions)			$	99					$	70					$	147					$	92					$	75

Numbers may not foot due to rounding.

1The individual customers provided high-speed internet access through various transmission technologies, including fiber, DSL, dedicated internet circuit technologies or cable modem service.

2The individual customers provided video services.

3The individual circuits connecting a customer to TDS' central office facilities that provide voice services or the billable number of lines into a building for voice services.

4The number of telephone handsets, data lines and IP trunks providing communications using IP networking technology.

5Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

6

Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2021						2020						2021 vs. 2020						2021						2020						2021 vs. 2020
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	1,014					$	973					4		%				$	2,037					$	1,937					5		%
TDS Telecom			252						241						5		%				501						481						4		%
All Other1			45						49						(8)		%				91						106						(15)		%
			1,311						1,263						4		%				2,629						2,524						4		%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			796						738						8		%				1,561						1,471						6		%
Depreciation, amortization and accretion			180						178						1		%				350						354						(2)		%
(Gain) loss on asset disposals, net			2						4						(50)		%				7						8						(9)		%
(Gain) loss on sale of business and other exit costs, net			—						—						N/M						(1)						—						N/M
			978						920						6		%				1,917						1,833						5		%
TDS Telecom
Expenses excluding depreciation, amortization and accretion			174						158						10		%				342						319						7		%
Depreciation, amortization and accretion			49						51						(5)		%				98						103						(5)		%
(Gain) loss on asset disposals, net			1						—						N/M						1						—						N/M
			224						210						7		%				441						422						5		%
All Other1
Expenses excluding depreciation and amortization			46						49						(6)		%				94						105						(13)		%
Depreciation and amortization			5						7						(17)		%				9						13						(17)		%
			51						55						(7)		%				103						118						(14)		%
Total operating expenses			1,253						1,185						6		%				2,461						2,373						4		%
Operating income (loss)
UScellular			36						53						(32)		%				120						104						16		%
TDS Telecom			28						31						(10)		%				60						59						1		%
All Other1			(6)						(6)						–						(12)						(12)						2		%
			58						78						(26)		%				168						151						12		%
Investment and other income (expense)
Equity in earnings of unconsolidated entities			48						44						7		%				90						90						–
Interest and dividend income			3						2						40		%				6						8						(22)		%
Interest expense			(86)						(38)						N/M						(138)						(75)						(85)		%
Other, net			—						—						(11)		%				(1)						(1)						10		%
Total investment and other income (expense)			(35)						8						N/M						(43)						22						N/M
Income before income taxes			23						86						(73)		%				125						173						(28)		%
Income tax expense (benefit)			(11)						8						N/M						20						12						62		%
Net income			34						78						(56)		%				105						161						(35)		%
Less: Net income attributable to noncontrolling interests, net of tax			7						13						(44)		%				19						26						(26)		%
Net income attributable to TDS shareholders			27						65						(59)		%				86						135						(36)		%
TDS Preferred Share dividends			7						—						N/M						9						—						N/M
Net income attributable to TDS common shareholders			$	20					$	65					(69)		%				$	77					$	135					(43)		%
Basic weighted average shares outstanding			115						114						–						115						115						–
Basic earnings per share attributable to TDS common shareholders			$	0.18					$	0.57					(69)		%				$	0.67					$	1.18					(43)		%
Diluted weighted average shares outstanding			116						115						1		%				116						115						–
Diluted earnings per share attributable to TDS common shareholders			$	0.17					$	0.56					(70)		%				$	0.65					$	1.15					(43)		%

N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

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

7

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			June 30, 2021						December 31, 2020
(Dollars in millions)
Current assets
Cash and cash equivalents			$	385					$	1,429
Short-term investments			—						3
Accounts receivable, net			1,072						1,112
Inventory, net			189						154
Prepaid expenses			108						105
Income taxes receivable			187						187
Other current assets			50						36
Total current assets			1,991						3,026
Assets held for sale			3						2
Licenses			3,926						2,638
Goodwill			547						547
Other intangible assets, net			207						213
Investments in unconsolidated entities			487						477
Property, plant and equipment, net			3,972						3,972
Operating lease right-of-use assets			1,021						998
Other assets and deferred charges			626						652
Total assets			$	12,780					$	12,525

8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			June 30, 2021						December 31, 2020
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	6					$	5
Accounts payable			374						508
Customer deposits and deferred revenues			199						193
Accrued interest			13						16
Accrued taxes			66						69
Accrued compensation			92						132
Short-term operating lease liabilities			138						129
Other current liabilities			98						101
Total current liabilities			986						1,153
Liabilities held for sale			—						1
Deferred liabilities and credits
Deferred income tax liability, net			903						863
Long-term operating lease liabilities			951						940
Other deferred liabilities and credits			538						541
Long-term debt, net			3,335						3,424
Noncontrolling interests with redemption features			10						10
Equity
TDS shareholders' equity
Series A Common and Common Shares, par value $0.01 per share			1						1
Capital in excess of par value			2,462						2,482
Preferred Shares, par value $0.01 per share			406						—
Treasury shares, at cost			(458)						(477)
Accumulated other comprehensive loss			(2)						(4)
Retained earnings			2,812						2,802
Total TDS shareholders' equity			5,221						4,804
Noncontrolling interests			836						789
Total equity			6,057						5,593
Total liabilities and equity			$	12,780					$	12,525

9

Balance Sheet Highlights
(Unaudited)
			June 30, 2021
									TDS						TDS Corporate						Intercompany						TDS
			UScellular						Telecom						& Other						Eliminations						Consolidated
(Dollars in millions)
Cash and cash equivalents			$	267					$	167					$	119					$	(168)					$	385
Licenses, goodwill and other intangible assets			$	3,917					$	756					$	7					$	—					$	4,680
Investment in unconsolidated entities			445						4						46						(8)						487
			$	4,362					$	760					$	53					$	(8)					$	5,167
Property, plant and equipment, net			$	2,386					$	1,492					$	94					$	—					$	3,972
Long-term debt, net:
Current portion			$	3					$	—					$	3					$	—					$	6
Non-current portion			2,710						4						621						—						3,335
			$	2,713					$	4					$	624					$	—					$	3,341

10

TDS Telecom Highlights
(Unaudited)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2021						2020						2021 vs. 2020						2021						2020						2021 vs. 2020
(Dollars in millions)
Operating revenues
Residential
Wireline, Incumbent			$	86					$	81					7		%				$	171					$	162					6		%
Wireline, Expansion			8						4						81		%				15						8						80		%
Cable			66						60						10		%				131						119						9		%
Total residential			160						145						10		%				317						289						10		%
Commercial			46						48						(4)		%				93						98						(5)		%
Wholesale			45						47						(3)		%				91						94						(3)		%
Total service revenues			251						240						5		%				500						480						4		%
Equipment revenues			—						—						5		%				1						1						7		%
Total operating revenues			252						241						5		%				501						481						4		%
Cost of services			101						92						10		%				199						188						6		%
Cost of equipment and products			—						—						(12)		%				—						—						(7)		%
Selling, general and administrative expenses			73						66						11		%				143						130						10		%
Depreciation, amortization and accretion			49						51						(5)		%				98						103						(5)		%
(Gain) loss on asset disposals, net			1						—						N/M						1						—						N/M
Total operating expenses			224						210						7		%				441						422						5		%
Operating income			$	28					$	31					(10)		%				$	60					$	59					1		%

N/M - Percentage change not meaningful

Numbers may not foot due to rounding.

11