Exhibit 99.1   NEWS RELEASE

As previously announced, TDS 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.tdsinc.com.

FOR IMMEDIATE RELEASE

TDS reports first quarter 2023 results

2023 guidance reaffirmed

CHICAGO (May 4, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,303 million for the first quarter of 2023, versus $1,315 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(9) million and $(0.08), respectively, for the first quarter of 2023 compared to $44 million and $0.37, respectively, in the same period one year ago.

"The TDS Family of Companies is committed to achieving its long-term strategic goals," said LeRoy T. Carlson, Jr., TDS President and CEO. "UScellular is making significant investments in advancing its network, and TDS Telecom is executing on its strategy to deploy fiber in expansion markets, with approximately 100 communities in various stages of development.

“At UScellular, 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. We continued execution of our multi-year cost optimization program seeking efficiencies in both operating costs and capital expenditures.

“TDS Telecom increased residential broadband connections and residential revenue per connection. TDS Telecom is also expanding its footprint, deploying 25,000 marketable fiber service addresses in the first quarter and is on track to meet its full year 2023 fiber service address goal.”

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 May 4, 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.

2023 Estimated Results
UScellular			Previous			Current
(Dollars in millions)
Service revenues			$3,050-$3,150			Unchanged
Adjusted OIBDA1			$725-$875			Unchanged
Adjusted EBITDA1			$875-$1,025			Unchanged
Capital expenditures			$600-$700			Unchanged

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$1,030-$1,060			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 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.

			2023 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)			$10-$160						$40-$70
Add back:
Interest expense			205						—
Depreciation, amortization and accretion expense			645						220
EBITDA (Non-GAAP)1			$860-$1,010						$260-$290
Add back or deduct:
(Gain) loss on asset disposals, net			15						—
Adjusted EBITDA (Non-GAAP)1			$875-$1,025						$260-$290
Deduct:
Equity in earnings of unconsolidated entities			145						—
Interest and dividend income			5						—
Adjusted OIBDA (Non-GAAP)1			$725-$875						$260-$290

2

			Actual Results
			Three Months Ended March 31, 2023												Year Ended December 31, 2022
			UScellular						TDS Telecom												UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			$	14					$	8											$	35					$	53
Add back:
Income tax expense			11						3												37						23
Income before income taxes (GAAP)			$	25					$	11											$	72					$	76
Add back:
Interest expense			47						(2)												163						(7)
Depreciation, amortization and accretion expense			170						59												700						215
EBITDA (Non-GAAP)1			$	242					$	68											$	935					$	284
Add back or deduct:
Loss on impairment of licenses			—						—												3						—
(Gain) loss on asset disposals, net			10						1												19						7
(Gain) loss on sale of business and other exit costs, net			—						—												(1)						—
Adjusted EBITDA (Non-GAAP)1			$	252					$	69											$	956					$	291
Deduct:
Equity in earnings of unconsolidated entities			44						—												158						—
Interest and dividend income			2						1												8						2
Other, net			—						—												—						1
Adjusted OIBDA (Non-GAAP)1			$	206					$	68											$	790					$	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 March 31, 2023, can be found on TDS' website at investors.tdsinc.com.

3

Stock Repurchase

During the first quarter of 2023, TDS repurchased 290,900 of its Common Shares for $3 million.

Conference Call Information

TDS will hold a conference call on May 5, 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/239182809

▪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 9,300 associates as of March 31, 2023.

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, 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			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Retail Connections
Postpaid
Total at end of period			4,223,000						4,247,000						4,264,000						4,296,000						4,335,000
Gross additions			137,000						154,000						151,000						128,000						126,000
Feature phones			7,000						6,000						5,000						4,000						2,000
Smartphones			86,000						99,000						102,000						90,000						89,000
Connected devices			44,000						49,000						44,000						34,000						35,000
Net additions (losses)			(24,000)						(17,000)						(31,000)						(40,000)						(44,000)
Feature phones			(4,000)						(6,000)						(6,000)						(8,000)						(10,000)
Smartphones			(21,000)						(14,000)						(16,000)						(23,000)						(26,000)
Connected devices			1,000						3,000						(9,000)						(9,000)						(8,000)
ARPU1			$	50.66					$	50.60					$	50.21					$	50.07					$	49.71
ARPA2			$	130.77					$	130.97					$	130.27					$	130.43					$	129.93
Handset upgrade rate3			4.9		%				7.0		%				8.1		%				6.0		%				5.0		%
Churn rate4			1.27		%				1.35		%				1.42		%				1.30		%				1.30		%
Handsets			1.06		%				1.12		%				1.15		%				1.10		%				1.10		%
Connected devices			2.78		%				2.99		%				3.40		%				2.73		%				2.70		%
Prepaid
Total at end of period			470,000						493,000						493,000						490,000						495,000
Gross additions			43,000						61,000						62,000						56,000						55,000
Net additions (losses)			(23,000)						—						2,000						(4,000)						(18,000)
ARPU1			$	33.19					$	33.34					$	35.04					$	35.25					$	34.59
Churn rate4			4.63		%				4.11		%				4.07		%				4.07		%				4.84		%
Market penetration at end of period
Consolidated operating population			32,350,000						32,370,000						32,370,000						32,370,000						32,370,000
Consolidated operating penetration5			15		%				15		%				15		%				15		%				15		%
Capital expenditures (millions)			$	208					$	176					$	136					$	268					$	137
Total cell sites in service			6,950						6,945						6,933						6,916						6,899
Owned towers			4,338						4,336						4,329						4,323						4,310

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.

3Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

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			3/31/2023						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Residential connections
Broadband
Wireline, Incumbent			247,900						249,100						252,600						252,700						250,100
Wireline, Expansion			62,800						56,100						49,400						44,100						40,600
Cable			204,700						204,800						204,500						204,000						204,600
Total Broadband			515,400						510,000						506,500						500,800						495,200
Video			132,600						135,300						136,600						137,400						140,000
Voice			289,200						291,600						295,500						298,300						301,700
Total Residential connections			937,200						936,900						938,600						936,500						936,900
Commercial connections			229,800						236,000						242,800						250,700						260,000
Total connections			1,167,000						1,173,000						1,181,400						1,187,200						1,196,900
Residential revenue per connection1			$	60.24					$	59.91					$	60.32					$	59.67					$	57.95
Capital expenditures (millions)			$	130					$	165					$	166					$	120					$	105

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 March 31,
			2023						2022						2023 vs. 2022
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	986					$	1,010					(2)		%
TDS Telecom			253						251						1		%
All Other1			64						54						20		%
			1,303						1,315						(1)		%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			780						767						2		%
Depreciation, amortization and accretion			170						171						(1)		%
(Gain) loss on asset disposals, net			10						2						N/M
(Gain) loss on sale of business and other exit costs, net			—						(1)						N/M
			960						939						2		%
TDS Telecom
Expenses excluding depreciation, amortization and accretion			185						169						10		%
Depreciation, amortization and accretion			59						54						9		%
(Gain) loss on asset disposals, net			1						—						N/M
			245						223						10		%
All Other1
Expenses excluding depreciation and amortization			66						54						22		%
Depreciation and amortization			3						4						(6)		%
			69						58						20		%
Total operating expenses			1,274						1,220						4		%
Operating income (loss)
UScellular			26						71						(63)		%
TDS Telecom			8						28						(72)		%
All Other1			(5)						(4)						(18)		%
			29						95						(70)		%
Investment and other income (expense)
Equity in earnings of unconsolidated entities			44						45						(3)		%
Interest and dividend income			5						2						N/M
Interest expense			(53)						(33)						(65)		%
Total investment and other income (expense)			(4)						14						N/M
Income before income taxes			25						109						(78)		%
Income tax expense			13						37						(66)		%
Net income			12						72						(84)		%
Less: Net income attributable to noncontrolling interests, net of tax			4						11						(68)		%
Net income attributable to TDS shareholders			8						61						(87)		%
TDS Preferred Share dividends			17						17						—
Net income (loss) attributable to TDS common shareholders			$	(9)					$	44					N/M
Basic weighted average shares outstanding			113						115						(2)		%
Basic earnings (loss) per share attributable to TDS common shareholders			$	(0.08)					$	0.38					N/M
Diluted weighted average shares outstanding			113						116						(3)		%
Diluted earnings (loss) per share attributable to TDS common shareholders			$	(0.08)					$	0.37					N/M

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)
			Three Months Ended March 31,
			2023						2022
(Dollars in millions)
Cash flows from operating activities
Net income			$	12					$	72
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			232						229
Bad debts expense			27						26
Stock-based compensation expense			3						12
Deferred income taxes, net			9						29
Equity in earnings of unconsolidated entities			(44)						(45)
Distributions from unconsolidated entities			20						19
(Gain) loss on asset disposals, net			11						2
(Gain) loss on sale of business and other exit costs, net			—						(1)
Other operating activities			2						—
Changes in assets and liabilities from operations
Accounts receivable			22						14
Equipment installment plans receivable			1						—
Inventory			—						(5)
Accounts payable			(162)						(60)
Customer deposits and deferred revenues			(9)						9
Accrued taxes			1						129
Accrued interest			9						10
Other assets and liabilities			(88)						(59)
Net cash provided by operating activities			46						381
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(331)						(271)
Cash paid for intangible assets			(5)						(568)
Other investing activities			2						(9)
Net cash used in investing activities			(334)						(848)
Cash flows from financing activities
Issuance of long-term debt			316						776
Repayment of long-term debt			(5)						(127)
Issuance of short-term debt			—						60
Repayment of short-term debt			(60)						—
TDS Common Shares reissued for benefit plans, net of tax payments			(2)						(2)
Repurchase of TDS Common Shares			(3)						(4)
Repurchase of UScellular Common Shares			—						(10)
Dividends paid to TDS shareholders			(38)						(38)
Distributions to noncontrolling interests			(1)						(1)
Cash paid for software license agreements			(8)						(2)
Other financing activities			(1)						(3)
Net cash provided by financing activities			198						649
Net increase (decrease) in cash, cash equivalents and restricted cash			(90)						182
Cash, cash equivalents and restricted cash
Beginning of period			399						414
End of period			$	309					$	596

8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			March 31, 2023						December 31, 2022
(Dollars in millions)
Current assets
Cash and cash equivalents			$	259					$	360
Accounts receivable, net			1,131						1,181
Inventory, net			269						268
Prepaid expenses			113						102
Income taxes receivable			60						59
Other current assets			71						58
Total current assets			1,903						2,028
Assets held for sale			18						26
Licenses			4,702						4,699
Goodwill			547						547
Other intangible assets, net			199						204
Investments in unconsolidated entities			519						495
Property, plant and equipment, net			4,872						4,760
Operating lease right-of-use assets			986						995
Other assets and deferred charges			793						796
Total assets			$	14,539					$	14,550

9

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			March 31, 2023						December 31, 2022
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	20					$	19
Accounts payable			344						506
Customer deposits and deferred revenues			277						285
Accrued interest			21						12
Accrued taxes			45						46
Accrued compensation			78						144
Short-term operating lease liabilities			145						146
Other current liabilities			295						356
Total current liabilities			1,225						1,514
Deferred liabilities and credits
Deferred income tax liability, net			974						969
Long-term operating lease liabilities			900						908
Other deferred liabilities and credits			813						813
Long-term debt, net			4,040						3,731
Noncontrolling interests with redemption features			12						12
Equity
TDS shareholders' equity
Series A Common and Common Shares, par value $0.01 per share			1						1
Capital in excess of par value			2,552						2,551
Preferred Shares, par value $0.01 per share			1,074						1,074
Treasury shares, at cost			(474)						(481)
Accumulated other comprehensive income			5						5
Retained earnings			2,658						2,699
Total TDS shareholders' equity			5,816						5,849
Noncontrolling interests			759						754
Total equity			6,575						6,603
Total liabilities and equity			$	14,539					$	14,550

10

Balance Sheet Highlights
(Unaudited)
			March 31, 2023
									TDS						TDS Corporate						Intercompany						TDS
			UScellular						Telecom						& Other						Eliminations						Consolidated
(Dollars in millions)
Cash and cash equivalents			$	154					$	94					$	111					$	(100)					$	259
Licenses, goodwill and other intangible assets			$	4,692					$	750					$	6					$	—					$	5,448
Investment in unconsolidated entities			477						4						46						(8)						519
			$	5,169					$	754					$	52					$	(8)					$	5,967
Property, plant and equipment, net			$	2,658					$	2,125					$	89					$	—					$	4,872
Long-term debt, net:
Current portion			$	15					$	—					$	5					$	—					$	20
Non-current portion			3,297						3						740						—						4,040
			$	3,312					$	3					$	745					$	—					$	4,060

11

TDS Telecom Highlights
(Unaudited)
			Three Months Ended March 31,
			2023						2022						2023 vs. 2022
(Dollars in millions)
Operating revenues
Residential
Wireline, Incumbent			$	86					$	85					1		%
Wireline, Expansion			15						10						44		%
Cable			68						67						1		%
Total residential			169						163						4		%
Commercial			41						44						(7)		%
Wholesale			43						44						(4)		%
Total service revenues			253						251						1		%
Equipment revenues			—						—						(24)		%
Total operating revenues			253						251						1		%
Cost of services			104						96						9		%
Cost of equipment and products			—						—						(31)		%
Selling, general and administrative expenses			80						72						11		%
Depreciation, amortization and accretion			59						54						9		%
(Gain) loss on asset disposals, net			1						—						N/M
Total operating expenses			245						223						10		%
Operating income			$	8					$	28					(72)		%

N/M - Percentage change not meaningful.

Numbers may not foot due to rounding.

12

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited)

Free Cash Flow

									Three Months Ended March 31,
															2023						2022
(Dollars in millions)
Cash flows from operating activities (GAAP)															$	46					$	381
Cash paid for additions to property, plant and equipment															(331)						(271)
Cash paid for software license agreements															(8)						(2)
Free cash flow (Non-GAAP)1															$	(293)					$	108

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.

13