Exhibit 99.1   NEWS RELEASE

As previously announced, TDS 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.tdsinc.com.

 FOR IMMEDIATE RELEASE

TDS reports second quarter 2022 results

2022 guidance reaffirmed

CHICAGO (August 4, 2022) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,349 million for the second quarter of 2022, versus $1,311 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share were $18 million and $0.15, respectively, for the second quarter of 2022 compared to $20 million and $0.17, respectively, in the same period one year ago.

“The TDS Family of Companies achieved a solid position halfway through the year,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular is vigorously enhancing its network, and TDS Telecom is executing on its strategy to drive residential broadband growth.

“At UScellular, higher ARPU contributed to service revenue growth for the second quarter. We are generating momentum in several of our growth areas, including fixed wireless and our tower portfolio.

"TDS Telecom continues to actively deploy fiber in expansion communities and inside our incumbent markets which, combined with higher revenue per connection, generated strong growth in residential broadband revenue in the quarter.”

1

2022 Estimated Results

TDS’ current estimates of full-year 2022 results for UScellular and TDS Telecom 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. 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.

2022 Estimated Results
UScellular			Previous			Current
(Dollars in millions)
Service revenues			$3,100-$3,200			Unchanged
Adjusted OIBDA1			$750-$900			Unchanged
Adjusted EBITDA1			$925-$1,075			Unchanged
Capital expenditures			$700-$800			Unchanged

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$1,010-$1,040			Unchanged
Adjusted OIBDA1			$260-$290			Unchanged
Adjusted EBITDA1			$260-$290			Unchanged
Capital expenditures			$500-$550			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 2022 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.

			2022 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)			$45-$195						$40-$70
Add back:
Interest expense			160						—
Depreciation, amortization and accretion expense			705						220
EBITDA (Non-GAAP)1			$910-$1,060						$260-$290
Add back or deduct:
(Gain) loss on asset disposals, net			15						—
Adjusted EBITDA (Non-GAAP)1			$925-$1,075						$260-$290
Deduct:
Equity in earnings of unconsolidated entities			170						—
Interest and dividend income			5						—
Adjusted OIBDA (Non-GAAP)1			$750-$900						$260-$290

2

			Actual Results
			Six Months Ended June 30, 2022												Year Ended December 31, 2021
			UScellular						TDS Telecom												UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			$	74					$	41											$	160					$	90
Add back:
Income tax expense			50						14												20						24
Income before income taxes (GAAP)			$	124					$	56											$	180					$	114
Add back:
Interest expense			73						(4)												175						(5)
Depreciation, amortization and accretion expense			342						106												678						198
EBITDA (Non-GAAP)1			$	539					$	158											$	1,033					$	308
Add back or deduct:
Loss on impairment of licenses			3						—												—						—
(Gain) loss on asset disposals, net			8						1												23						2
(Gain) loss on sale of business and other exit costs, net			—						—												(2)						—
Adjusted EBITDA (Non-GAAP)1			$	550					$	159											$	1,054					$	310
Deduct:
Equity in earnings of unconsolidated entities			82						—												179						—
Interest and dividend income			4						—												6						1
Other, net			—						—												—						(1)
Adjusted OIBDA (Non-GAAP)1			$	464					$	158											$	869					$	310

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, 2022, can be found on TDS' website at investors.tdsinc.com.

3

Stock Repurchase

During the second quarter of 2022, TDS repurchased 966,124 of its Common Shares for $16 million and UScellular repurchased 294,721 of its Common Shares for $9 million.

Conference Call Information

TDS will hold a conference call on August 5, 2022 at 9:00 a.m. Central Time.

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

https://events.q4inc.com/attendee/249925609

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

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

About TDS

Telephone and Data Systems, Inc. (TDS), 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, 2022.

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

Contacts

Colleen Thompson, Vice President - Corporate Relations

colleen.thompson@tdsinc.com

Julie Mathews, IRC, Director - Investor Relations

julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: 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; 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			6/30/2022						3/31/2022						12/31/2021						9/30/2021						6/30/2021
Retail Connections
Postpaid
Total at end of period			4,296,000						4,335,000						4,380,000						4,391,000						4,399,000
Gross additions			128,000						126,000						165,000						145,000						141,000
Feature phones			4,000						2,000						3,000						2,000						3,000
Smartphones			90,000						89,000						122,000						103,000						98,000
Connected devices			34,000						35,000						40,000						40,000						40,000
Net additions (losses)			(40,000)						(44,000)						(12,000)						(8,000)						(6,000)
Feature phones			(8,000)						(10,000)						(7,000)						(7,000)						(7,000)
Smartphones			(23,000)						(26,000)						5,000						2,000						6,000
Connected devices			(9,000)						(8,000)						(10,000)						(3,000)						(5,000)
ARPU1,2			$	50.07					$	49.71					$	48.62					$	48.12					$	47.74
ARPA1,3			$	130.43					$	129.93					$	127.14					$	125.99					$	125.25
Churn rate4			1.30		%				1.30		%				1.35		%				1.15		%				1.11		%
Handsets			1.10		%				1.10		%				1.10		%				0.95		%				0.88		%
Connected devices			2.73		%				2.70		%				3.08		%				2.59		%				2.69		%
Prepaid
Total at end of period			490,000						495,000						513,000						518,000						507,000
Gross additions			56,000						55,000						63,000						74,000						65,000
Net additions (losses)			(4,000)						(18,000)						(5,000)						11,000						10,000
ARPU2			$	35.25					$	34.59					$	34.53					$	35.05					$	35.64
Churn rate4			4.07		%				4.84		%				4.39		%				4.09		%				3.66		%
Market penetration at end of period
Consolidated operating population			32,370,000						32,370,000						32,127,000						31,865,000						31,493,000
Consolidated operating penetration5			15		%				15		%				15		%				16		%				16		%
Capital expenditures (millions)			$	268					$	137					$	321					$	185					$	148
Total cell sites in service			6,916						6,899						6,898						6,857						6,819
Owned towers			4,323						4,310						4,301						4,274						4,278

1Q3 2021 Postpaid ARPU and ARPA amounts exclude $9 million of postpaid revenue related to an out-of-period error recorded in that quarter.

2Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:

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

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

3Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.

4Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

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			6/30/2022						3/31/2022						12/31/2021						9/30/2021						6/30/2021
Residential connections
Broadband
Wireline, Incumbent			252,700						250,100						250,200						252,100						249,200
Wireline, Expansion			44,100						40,600						36,900						32,600						28,300
Cable			204,000						204,600						203,200						202,700						201,200
Total Broadband			500,800						495,200						490,300						487,400						478,700
Video			137,400						140,000						141,500						143,100						143,200
Voice			298,300						301,700						303,700						306,300						308,100
Total Residential connections			936,500						936,900						935,600						936,800						930,100
Commercial connections			250,700						260,000						264,300						269,000						274,400
Total connections			1,187,200						1,196,900						1,199,900						1,205,700						1,204,500
Residential revenue per connection1			$	59.67					$	57.95					$	57.86					$	57.75					$	57.66
Capital expenditures (millions)			$	120					$	105					$	151					$	91					$	99

Numbers may not foot due to rounding.

1Total 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,
			2022						2021						2022 vs. 2021						2022						2021						2022 vs. 2021
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	1,027					$	1,014					1		%				$	2,037					$	2,037					–
TDS Telecom			256						252						2		%				507						501						1		%
All Other2			66						45						47		%				120						91						32		%
			1,349						1,311						3		%				2,664						2,629						1		%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			806						796						1		%				1,573						1,561						1		%
Depreciation, amortization and accretion			172						180						(4)		%				342						350						(2)		%
Loss on impairment of licenses			3						—						N/M						3						—						N/M
(Gain) loss on asset disposals, net			6						2						N/M						8						7						7		%
(Gain) loss on sale of business and other exit costs, net			—						—						N/M						—						(1)						52		%
			987						978						1		%				1,926						1,917						–
TDS Telecom
Expenses excluding depreciation, amortization and accretion			180						174						4		%				349						342						2		%
Depreciation, amortization and accretion			52						49						6		%				106						98						8		%
(Gain) loss on asset disposals, net			1						1						8		%				1						1						6		%
			233						224						4		%				456						441						3		%
All Other1
Expenses excluding depreciation and amortization			61						46						35		%				116						94						25		%
Depreciation and amortization			5						5						(24)		%				8						9						(20)		%
			66						51						29		%				124						103						21		%
Total operating expenses			1,286						1,253						3		%				2,506						2,461						2		%
Operating income (loss)
UScellular			40						36						10		%				111						120						(8)		%
TDS Telecom			23						28						(18)		%				51						60						(14)		%
All Other2			—						(6)						N/M						(4)						(12)						65		%
			63						58						8		%				158						168						(6)		%
Investment and other income (expense)
Equity in earnings of unconsolidated entities			38						48						(21)		%				83						90						(8)		%
Interest and dividend income			5						3						77		%				7						6						7		%
Interest expense			(40)						(86)						53		%				(72)						(138)						48		%
Other, net			—						—						N/M						—						(1)						N/M
Total investment and other income (expense)			3						(35)						N/M						18						(43)						N/M
Income before income taxes			66						23						N/M						176						125						41		%
Income tax expense (benefit)			27						(11)						N/M						65						20						N/M
Net income			39						34						15		%				111						105						6		%
Less: Net income attributable to noncontrolling interests, net of tax			4						7						(35)		%				15						19						(20)		%
Net income attributable to TDS shareholders			35						27						28		%				96						86						11		%
TDS Preferred Share dividends			17						7						N/M						35						9						N/M
Net income attributable to TDS common shareholders			$	18					$	20					(13)		%				$	61					$	77					(20)		%
Basic weighted average shares outstanding			115						115						–						115						115						–
Basic earnings per share attributable to TDS common shareholders			$	0.15					$	0.18					(13)		%				$	0.53					$	0.67					(21)		%
Diluted weighted average shares outstanding			116						116						–						116						116						–
Diluted earnings per share attributable to TDS common shareholders			$	0.15					$	0.17					(12)		%				$	0.52					$	0.65					(20)		%

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 Statement of Cash Flows
(Unaudited)
			Six Months Ended June 30,
			2022						2021
(Dollars in millions)
Cash flows from operating activities
Net income			$	111					$	105
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			456						457
Bad debts expense			54						22
Stock-based compensation expense			23						24
Deferred income taxes, net			52						40
Equity in earnings of unconsolidated entities			(83)						(90)
Distributions from unconsolidated entities			80						80
Loss on impairment of licenses			3						—
(Gain) loss on asset disposals, net			9						8
(Gain) loss on sale of business and other exit costs, net			—						(1)
Other operating activities			3						37
Changes in assets and liabilities from operations
Accounts receivable			(25)						37
Equipment installment plans receivable			(25)						(32)
Inventory			(35)						(35)
Accounts payable			(6)						(106)
Customer deposits and deferred revenues			7						6
Accrued taxes			131						(25)
Accrued interest			1						(3)
Other assets and liabilities			(22)						(43)
Net cash provided by operating activities			734						481
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(526)						(457)
Cash paid for intangible assets			(585)						(1,264)
Cash received from investments			—						3
Cash received from divestitures and exchanges			1						1
Advance payments for license acquisitions			(1)						—
Other investing activities			(11)						2
Net cash used in investing activities			(1,122)						(1,715)
Cash flows from financing activities
Issuance of long-term debt			776						1,192
Repayment of long-term debt			(228)						(1,301)
Issuance of short-term debt			60						—
Issuance of TDS Preferred Shares			—						420
TDS Common Shares reissued for benefit plans, net of tax payments			(4)						(5)
UScellular Common Shares reissued for benefit plans, net of tax payments			(5)						(13)
Repurchase of TDS Common Shares			(20)						(3)
Repurchase of UScellular Common Shares			(18)						(2)
Dividends paid to TDS shareholders			(76)						(49)
Payment of debt and equity issuance costs			(2)						(30)
Distributions to noncontrolling interests			(2)						(2)
Other financing activities			(2)						(6)
Net cash provided by financing activities			479						201
Net increase (decrease) in cash, cash equivalents and restricted cash			91						(1,033)
Cash, cash equivalents and restricted cash
Beginning of period			414						1,452
End of period			$	505					$	419

8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			June 30, 2022						December 31, 2021
(Dollars in millions)
Current assets
Cash and cash equivalents			$	466					$	367
Accounts receivable, net			1,154						1,151
Inventory, net			213						178
Prepaid expenses			106						103
Income taxes receivable			58						184
Other current assets			54						61
Total current assets			2,051						2,044
Assets held for sale			17						18
Licenses			4,686						4,097
Goodwill			547						547
Other intangible assets, net			208						197
Investments in unconsolidated entities			483						479
Property, plant and equipment, net			4,553						4,361
Operating lease right-of-use assets			1,022						1,040
Other assets and deferred charges			675						710
Total assets			$	14,242					$	13,493

9

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			June 30, 2022						December 31, 2021
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	11					$	6
Accounts payable			443						481
Customer deposits and deferred revenues			243						236
Accrued interest			11						10
Accrued taxes			42						45
Accrued compensation			98						137
Short-term operating lease liabilities			146						141
Other current liabilities			240						124
Total current liabilities			1,234						1,180
Deferred liabilities and credits
Deferred income tax liability, net			971						921
Long-term operating lease liabilities			940						960
Other deferred liabilities and credits			879						759
Long-term debt, net			3,463						2,928
Noncontrolling interests with redemption features			12						11
Equity
TDS shareholders' equity
Series A Common and Common Shares, par value $0.01 per share			1						1
Capital in excess of par value			2,511						2,496
Preferred Shares, par value $0.01 per share			1,074						1,074
Treasury shares, at cost			(463)						(461)
Accumulated other comprehensive income			6						5
Retained earnings			2,810						2,812
Total TDS shareholders' equity			5,939						5,927
Noncontrolling interests			804						807
Total equity			6,743						6,734
Total liabilities and equity			$	14,242					$	13,493

10

Balance Sheet Highlights
(Unaudited)
			June 30, 2022
									TDS						TDS Corporate						Intercompany						TDS
			UScellular						Telecom						& Other						Eliminations						Consolidated
(Dollars in millions)
Cash and cash equivalents			$	320					$	130					$	149					$	(133)					$	466
Licenses, goodwill and other intangible assets			$	4,677					$	758					$	6					$	—					$	5,441
Investment in unconsolidated entities			441						4						46						(8)						483
			$	5,118					$	762					$	52					$	(8)					$	5,924
Property, plant and equipment, net			$	2,671					$	1,797					$	85					$	—					$	4,553
Long-term debt, net:
Current portion			$	8					$	—					$	3					$	—					$	11
Non-current portion			3,118						3						342						—						3,463
			$	3,126					$	3					$	345					$	—					$	3,474

11

TDS Telecom Highlights
(Unaudited)
			Three Months Ended June 30,																		Six Months Ended June 30,
			2022						2021						2022 vs. 2021						2022						2021						2022 vs. 2021
(Dollars in millions)
Operating revenues
Residential
Wireline, Incumbent			$	88					$	86					2		%				$	173					$	171					1		%
Wireline, Expansion			12						8						48		%				22						15						51		%
Cable			68						66						3		%				135						131						3		%
Total residential			168						160						5		%				330						317						4		%
Commercial			44						46						(6)		%				87						93						(6)		%
Wholesale			45						45						(1)		%				89						91						(2)		%
Total service revenues			256						251						2		%				507						500						1		%
Equipment revenues			—						—						(34)		%				1						1						(6)		%
Total operating revenues			256						252						2		%				507						501						1		%
Cost of services			103						101						2		%				199						199						–
Cost of equipment and products			—						—						(9)		%				—						—						11		%
Selling, general and administrative expenses			77						73						6		%				150						143						4		%
Depreciation, amortization and accretion			52						49						6		%				106						98						8		%
(Gain) loss on asset disposals, net			1						1						8		%				1						1						6		%
Total operating expenses			233						224						4		%				456						441						3		%
Operating income			$	23					$	28					(18)		%				$	51					$	60					(14)		%

Numbers may not foot due to rounding.

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Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited)

Free Cash Flow

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	352					$	315					$	734					$	481
Less: Cash paid for additions to property, plant and equipment			256						236						526						457
Free cash flow (Non-GAAP)1			$	96					$	79					$	208					$	24

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment.

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