Exhibit 99.1 NEWS RELEASE

As previously announced, TDS 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.tdsinc.com.

FOR IMMEDIATE RELEASE

TDS reports fourth quarter and full year 2022 results

Investing in our networks; Provides 2023 guidance

CHICAGO (February 16, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,357 million for the fourth quarter of 2022, versus $1,372 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(43) million and $(0.38), respectively, for the fourth quarter of 2022 compared to $14 million and $0.11, respectively, in the same period one year ago.

TDS reported total operating revenues of $5,413 million and $5,329 million for the years ended 2022 and 2021, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(7) million and $(0.07), respectively, for the year ended 2022 compared to $117 million and $1.00, respectively, for the year ended 2021.

“The TDS Family of Companies made significant investments in its businesses in 2022, as we looked to strengthen our customer base, expand into new territories, and enhance our network technologies,” said LeRoy T. Carlson, Jr., TDS President and CEO. “Many of these investments have had a short-term impact on profitability yet are intended to strengthen our competitiveness and improve returns.

“In 2022, UScellular focused on expanding ARPU, improving customer results, and a number of related growth opportunities. We saw success in many areas yet were challenged in customer additions. Looking forward, as UScellular celebrates its 40th anniversary in 2023, it will continue to focus on customer growth, cost optimization, and investing in its network.

“TDS Telecom grew its footprint by 9% and delivered 133,000 new marketable fiber service addresses in 2022—its best year yet in terms of fiber service addresses—bringing our total to 582,000. Going forward, TDS Telecom will continue working toward its long-term fiber investment goal of reaching 1.2 million fiber service addresses by 2026.”

1

2023 Estimated Results

TDS’ current estimates of full-year 2023 results for UScellular and TDS Telecom 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. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

UScellular			2023 Estimated Results			`			Actual 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
TDS Telecom			2023 Estimated Results						Actual Results for the Year Ended December 31, 2022
(Dollars in millions)
Total operating revenues			$1,030-$1,060						$1,020
Adjusted OIBDA1			$260-$290						$288
Adjusted EBITDA1			$260-$290						$291
Capital expenditures			$500-$550						$556

2

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2023 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.

			UScellular												TDS Telecom
			2023 Estimated Results						Actual Results for the Year Ended December 31, 2022						2023 Estimated Results						Actual Results for the Year Ended December 31, 2022
(Dollars in millions)
Net income (GAAP)			N/A						$35						N/A						$53
Add back:
Income tax expense			N/A						37						N/A						23
Income before income taxes (GAAP)			$10-$160						$72						$40-$70						$76
Add back:
Interest expense			205						163						—						(7)
Depreciation, amortization and accretion expense			645						700						220						215
EBITDA (Non-GAAP)1			$860-$1,010						$935						$260-$290						$284
Add back or deduct:
Loss on impairment of licenses			—						3						—						—
(Gain) loss on asset disposals, net			15						19						—						7
(Gain) loss on sale of business and other exit costs, net			—						(1)						—						—
Adjusted EBITDA (Non-GAAP)1			$875-$1,025						$956						$260-$290						$291
Deduct:
Equity in earnings of unconsolidated entities			145						158						—						—
Interest and dividend income			5						8						—						2
Other, net			—						—						—						1
Adjusted OIBDA (Non-GAAP)1			$725-$875						$790						$260-$290						$288

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 December 31, 2022, can be found on TDS' website at investors.tdsinc.com.

3

Stock Repurchase

During the fourth quarter of 2022, TDS repurchased 1,159,046 of its Common Shares for $14 million and UScellular repurchased 578,607 of its Common Shares for $14 million.

Conference Call Information

TDS will hold a conference call on February 17, 2023 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/661339725

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

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

About TDS

Telephone and Data Systems, Inc. (TDS), a Fortune 1000® company, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 9,300 people as of December 31, 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 and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' smaller scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of TDS’ businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS’ future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and UScellular indebtedness or comply with the terms of debt covenants; 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. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of TDS’ Form 10-K.

For more information about TDS and its subsidiaries, visit:

TDS: www.tdsinc.com

UScellular: www.uscellular.com

TDS Telecom: www.tdstelecom.com

OneNeck IT Solutions: www.oneneck.com

4

United States Cellular Corporation

Summary Operating Data (Unaudited)

As of or for the Quarter Ended			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Retail Connections
Postpaid
Total at end of period			4,247,000						4,264,000						4,296,000						4,335,000						4,380,000
Gross additions			154,000						151,000						128,000						126,000						165,000
Feature phones			6,000						5,000						4,000						2,000						3,000
Smartphones			99,000						102,000						90,000						89,000						122,000
Connected devices			49,000						44,000						34,000						35,000						40,000
Net additions (losses)			(17,000)						(31,000)						(40,000)						(44,000)						(12,000)
Feature phones			(6,000)						(6,000)						(8,000)						(10,000)						(7,000)
Smartphones			(14,000)						(16,000)						(23,000)						(26,000)						5,000
Connected devices			3,000						(9,000)						(9,000)						(8,000)						(10,000)
ARPU1			$	50.60					$	50.21					$	50.07					$	49.71					$	48.62
ARPA2			$	130.97					$	130.27					$	130.43					$	129.93					$	127.14
Churn rate3			1.35		%				1.42		%				1.30		%				1.30		%				1.35		%
Handsets			1.12		%				1.15		%				1.10		%				1.10		%				1.10		%
Connected devices			2.99		%				3.40		%				2.73		%				2.70		%				3.08		%
Prepaid
Total at end of period			493,000						493,000						490,000						495,000						513,000
Gross additions			61,000						62,000						56,000						55,000						63,000
Net additions (losses)			—						2,000						(4,000)						(18,000)						(5,000)
ARPU1			$	33.34					$	35.04					$	35.25					$	34.59					$	34.53
Churn rate3			4.11		%				4.07		%				4.07		%				4.84		%				4.39		%
Market penetration at end of period
Consolidated operating population			32,370,000						32,370,000						32,370,000						32,370,000						32,127,000
Consolidated operating penetration4			15		%				15		%				15		%				15		%				15		%
Capital expenditures (millions)			$	176					$	136					$	268					$	137					$	321
Total cell sites in service			6,945						6,933						6,916						6,899						6,898
Owned towers			4,336						4,329						4,323						4,310						4,301

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

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.

4Market 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			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Residential connections
Broadband
Wireline, Incumbent			249,100						252,600						252,700						250,100						250,200
Wireline, Expansion			56,100						49,400						44,100						40,600						36,900
Cable			204,800						204,500						204,000						204,600						203,200
Total Broadband			510,000						506,500						500,800						495,200						490,300
Video			135,300						136,600						137,400						140,000						141,500
Voice			291,600						295,500						298,300						301,700						303,700
Total Residential connections			936,900						938,600						936,500						936,900						935,600
Commercial connections			236,000						242,800						250,700						260,000						264,300
Total connections			1,173,000						1,181,400						1,187,200						1,196,900						1,199,900
Residential revenue per connection1			$	59.91					$	60.32					$	59.67					$	57.95					$	57.86
Capital expenditures (millions)			$	165					$	166					$	120					$	105					$	151

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 December 31,																		Year Ended December 31,
			2022						2021						2022 vs. 2021						2022						2021						2022 vs. 2021
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	1,048					$	1,068					(2)		%				$	4,169					$	4,122					1		%
TDS Telecom			257						254						1		%				1,020						1,006						1		%
All Other1			52						50						4		%				224						201						11		%
			1,357						1,372						(1)		%				5,413						5,329						2		%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			885						887						—						3,379						3,253						4		%
Depreciation, amortization and accretion			179						169						7		%				700						678						3		%
Loss on impairment of licenses			—						—						—						3						—						N/M
(Gain) loss on asset disposals, net			11						8						28		%				19						23						(18)		%
(Gain) loss on sale of business and other exit costs, net			—						(1)						78		%				(1)						(2)						52		%
			1,075						1,063						1		%				4,100						3,952						4		%
TDS Telecom
Expenses excluding depreciation, amortization and accretion			192						179						8		%				732						696						5		%
Depreciation, amortization and accretion			56						52						8		%				215						198						8		%
(Gain) loss on asset disposals, net			3						1						N/M						7						2						N/M
			252						231						9		%				954						896						6		%
All Other1
Expenses excluding depreciation and amortization			52						49						7		%				222						200						11		%
Depreciation and amortization			3						5						(25)		%				14						19						(22)		%
(Gain) loss on asset disposals, net			—						—						N/M						1						1						N/M
			56						54						4		%				237						220						8		%
Total operating expenses			1,383						1,348						3		%				5,291						5,068						4		%
Operating income (loss)
UScellular			(27)						5						N/M						69						170						(59)		%
TDS Telecom			5						23						(78)		%				66						110						(40)		%
All Other1			(4)						(4)						(7)		%				(13)						(19)						27		%
			(26)						24						N/M						122						261						(53)		%
Investment and other income (expense)
Equity in earnings of unconsolidated entities			36						43						(16)		%				159						182						(12)		%
Interest and dividend income			7						3						N/M						17						11						45		%
Interest expense			(55)						(39)						(41)		%				(174)						(232)						25		%
Other, net			—						—						N/M						1						(1)						N/M
Total investment and other income (expense)			(12)						7						N/M						3						(40)						N/M
Income (loss) before income taxes			(38)						31						N/M						125						221						(44)		%
Income tax expense (benefit)			(8)						(5)						(54)		%				53						33						59		%
Net income (loss)			(30)						36						N/M						72						188						(62)		%
Less: Net income (loss) attributable to noncontrolling interests, net of tax			(4)						5						N/M						10						32						(69)		%
Net income (loss) attributable to TDS shareholders			(26)						31						N/M						62						156						(61)		%
TDS Preferred Share dividends			17						17						—						69						39						79		%
Net income (loss) attributable to TDS common shareholders			$	(43)					$	14					N/M						$	(7)					$	117					N/M
Basic weighted average shares outstanding			113						115						(1)		%				114						115						(1)		%
Basic earnings (loss) per share attributable to TDS common shareholders			$	(0.38)					$	0.12					N/M						$	(0.07)					$	1.03					N/M
Diluted weighted average shares outstanding			113						116						(2)		%				114						116						(1)		%
Diluted earnings (loss) per share attributable to TDS common shareholders			$	(0.38)					$	0.11					N/M						$	(0.07)					$	1.00					N/M
N/M - Percentage change not meaningful.
Numbers may not foot due to rounding.

1    Consists 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)

Year Ended December 31,			2022						2021
(Dollars in millions)
Cash flows from operating activities
Net income			$	72					$	188
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			929						895
Bad debts expense			138						60
Stock-based compensation expense			42						49
Deferred income taxes, net			47						52
Equity in earnings of unconsolidated entities			(159)						(182)
Distributions from unconsolidated entities			145						180
Loss on impairment of licenses			3						—
(Gain) loss on asset disposals, net			27						26
(Gain) loss on sale of business and other exit costs, net			(1)						(2)
Other operating activities			10						61
Changes in assets and liabilities from operations
Accounts receivable			(69)						(22)
Equipment installment plans receivable			(199)						(116)
Inventory			(90)						(25)
Accounts payable			32						(69)
Customer deposits and deferred revenues			48						43
Accrued taxes			127						(49)
Other assets and liabilities			53						14
Net cash provided by operating activities			1,155						1,103
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(1,161)						(1,131)
Cash paid for licenses and other intangible assets			(614)						(1,308)
Cash received from divestitures and exchanges			8						3
Advance payments for license acquisitions			—						(20)
Other investing activities			(16)						(6)
Net cash used in investing activities			(1,783)						(2,462)
Cash flows from financing activities
Issuance of long-term debt			1,154						1,543
Repayment of long-term debt			(332)						(2,081)
Issuance of short-term debt			110						—
Repayment of short-term debt			(50)						—
Issuance of TDS Preferred Shares			—						1,110
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)						(16)
Repurchase of TDS Common Shares			(40)						(8)
Repurchase of UScellular Common Shares			(43)						(31)
Dividends paid to TDS shareholders			(151)						(119)
Payment of debt and equity issuance costs			(2)						(62)
Distributions to noncontrolling interests			(3)						(3)
Cash paid for software license agreements			(23)						(9)
Other financing activities			2						2
Net cash provided by financing activities			613						321
Net increase (decrease) in cash, cash equivalents and restricted cash			(15)						(1,038)
Cash, cash equivalents and restricted cash
Beginning of period			414						1,452
End of period			$	399					$	414

8

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

ASSETS

December 31,			2022						2021
(Dollars in millions)
Current assets
Cash and cash equivalents			$	360					$	367
Accounts receivable, net			1,181						1,151
Inventory, net			268						178
Prepaid expenses			102						103
Income taxes receivable			59						184
Other current assets			58						61
Total current assets			2,028						2,044
Assets held for sale			26						18
Licenses			4,699						4,097
Goodwill			547						547
Other intangible assets, net			204						197
Investments in unconsolidated entities			495						479
Property, plant and equipment, net			4,760						4,361
Operating lease right-of-use assets			995						1,040
Other assets and deferred charges			796						710
Total assets			$	14,550					$	13,493

9

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)

LIABILITIES AND EQUITY

December 31,			2022						2021
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	19					$	6
Accounts payable			506						481
Customer deposits and deferred revenues			285						236
Accrued interest			12						10
Accrued taxes			46						45
Accrued compensation			144						137
Short-term operating lease liabilities			146						141
Other current liabilities			356						124
Total current liabilities			1,514						1,180
Deferred liabilities and credits
Deferred income tax liability, net			969						921
Long-term operating lease liabilities			908						960
Other deferred liabilities and credits			813						759
Long-term debt, net			3,731						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			2,551						2,496
Preferred Shares, par value $0.01 per share			1,074						1,074
Treasury shares, at cost			(481)						(461)
Accumulated other comprehensive income			5						5
Retained earnings			2,699						2,812
Total TDS shareholders' equity			5,849						5,927
Noncontrolling interests			754						807
Total equity			6,603						6,734
Total liabilities and equity			$	14,550					$	13,493

10

Balance Sheet Highlights

(Unaudited)

			December 31, 2022
			UScellular						TDS Telecom						TDS Corporate & Other						Intercompany Eliminations						TDS Consolidated
(Dollars in millions)
Cash and cash equivalents			$	273					$	104					$	95					$	(112)					$	360
Licenses, goodwill and other intangible assets			$	4,690					$	755					$	5					$	—					$	5,450
Investment in unconsolidated entities			452						4						46						(7)						495
			$	5,142					$	759					$	51					$	(7)					$	5,945
Property, plant and equipment, net			$	2,624					$	2,047					$	89					$	—					$	4,760
Long-term debt, net:
Current portion			$	13					$	—					$	6					$	—					$	19
Non-current portion			3,187						3						541						—						3,731
			$	3,200					$	3					$	547					$	—					$	3,750

11

TDS Telecom Highlights

(Unaudited)

			Three Months Ended December 31,																		Year Ended December 31,
			2022						2021						2022 vs. 2021						2022						2021						2022 vs. 2021
(Dollars in millions)
Operating revenues
Residential
Wireline, Incumbent			$	87					$	86					1		%				$	350					$	345					1		%
Wireline, Expansion			14						10						42		%				49						34						46		%
Cable			67						66						1		%				270						263						3		%
Total residential			168						162						4		%				669						641						4		%
Commercial			43						45						(5)		%				173						183						(5)		%
Wholesale			45						46						(2)		%				177						181						(2)		%
Total service revenues			256						254						1		%				1,019						1,005						1		%
Equipment revenues			—						—						5		%				1						1						(5)		%
Total operating revenues			257						254						1		%				1,020						1,006						1		%
Cost of services			110						103						6		%				418						404						3		%
Cost of equipment and products			—						—						(58)		%				1						1						(2)		%
Selling, general and administrative expenses			83						75						10		%				313						291						8		%
Depreciation, amortization and accretion			56						52						8		%				215						198						8		%
(Gain) loss on asset disposals, net			3						1						N/M						7						2						N/M
Total operating expenses			252						231						9		%				954						896						6		%
Operating income			$	5					$	23					(78)		%				$	66					$	110					(40)		%

N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

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Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

Free Cash Flow

			Three Months Ended December 31,												Year Ended December 31,
			2022						2021						2022						2021
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	255					$	239					$	1,155					$	1,103
Cash paid for additions to property, plant and equipment			(367)						(404)						(1,161)						(1,131)
Cash paid for software license agreements			(18)						(5)						(23)						(9)
Free cash flow (Non-GAAP)1			$	(130)					$	(170)					$	(29)					$	(37)

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

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