Exhibit 99.1

NEWS RELEASE

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

TDS reports third quarter 2023 results

CHICAGO (November 3, 2023) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,278 million for the third quarter of 2023, versus $1,392 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(17) million and $(0.16), respectively, for the third quarter of 2023 compared to $(25) million and $(0.22), respectively, in the same period one year ago.

3Q 2023 Highlights*

UScellular

•Postpaid ARPU grew 2%

•Executing on growth initiatives

◦Fixed Wireless customers grew 57% to 106,000

◦Tower rental revenues grew 8%

•Increased profitability

◦Net income, Adjusted OIBDA and Adjusted EBITDA up significantly

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

TDS Telecom

•Increasing full-year 2023 fiber address goal to 200,000

◦Delivered 61,000 fiber services addresses in Q3; 127,000 year-to-date

•Broadband investments driving positive results

◦Residential broadband connections grew 5%

◦Residential broadband revenues grew 10%

◦Residential revenue per connection grew 3%

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

“The TDS Family of Companies continues to invest in its networks to improve its competitive positions,” said LeRoy T. Carlson, Jr., TDS President and CEO. “UScellular is rolling out 5G mid-band spectrum, and TDS Telecom is deploying fiber in attractive markets.”

“At UScellular, while working to improve subscriber results amidst a challenging market, the organization’s financial discipline has enabled the team to deliver a notable increase in profitability. And its growth initiatives – the tower portfolio and fixed wireless services – are both contributing nicely to the gains.

"Due to better-than-expected fiber service address delivery results, TDS Telecom is raising its 2023 fiber service address delivery goal to 200,000. I am pleased that TDS Telecom’s fiber expansion program is driving broadband connection and revenue growth.”

Recent Development: On August 4, 2023, TDS and UScellular announced that the Boards of Directors of both companies decided to initiate a process to explore a range of strategic alternatives for UScellular. The process is still ongoing.

1

2023 Estimated Results

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

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

2023 Estimated Results
UScellular			Previous			Current
(Dollars in millions)
Service revenues			$3,025-$3,075			Unchanged
Adjusted OIBDA1			$750-$850			$770-$830
Adjusted EBITDA1			$925-$1,025			$945-$1,005
Capital expenditures			$600-$700			Unchanged

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$1,030-$1,060			Unchanged
Adjusted OIBDA1			$270-$300			Unchanged
Adjusted EBITDA1			$270-$300			Unchanged
Capital expenditures			$475-$525			Approx. $550

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)			$75-$135						$40-$70
Add back:
Interest expense			195						—
Depreciation, amortization and accretion expense			655						230
EBITDA (Non-GAAP)1			$925-$985						$270-$300
Add back or deduct:
(Gain) loss on asset disposals, net			20						—
Adjusted EBITDA (Non-GAAP)1			$945-$1,005						$270-$300
Deduct:
Equity in earnings of unconsolidated entities			160						—
Interest and dividend income			15						—
Adjusted OIBDA (Non-GAAP)1			$770-$830						$270-$300

2

			Actual Results
			Nine Months Ended September 30, 2023												Year Ended December 31, 2022
			UScellular						TDS Telecom												UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			$	43					$	19											$	35					$	53
Add back:
Income tax expense			56						6												37						23
Income before income taxes (GAAP)			$	99					$	25											$	72					$	76
Add back:
Interest expense			147						(6)												163						(7)
Depreciation, amortization and accretion expense			490						180												700						215
EBITDA (Non-GAAP)1			$	736					$	199											$	935					$	284
Add back or deduct:
Expenses related to strategic alternatives review			3						—												—						—
Loss on impairment of licenses			—						—												3						—
(Gain) loss on asset disposals, net			14						8												19						7
(Gain) loss on sale of business and other exit costs, net			—						—												(1)						—
Adjusted EBITDA (Non-GAAP)1			$	753					$	207											$	956					$	291
Deduct:
Equity in earnings of unconsolidated entities			121						—												158						—
Interest and dividend income			8						3												8						2
Other, net			—						1												—						1
Adjusted OIBDA (Non-GAAP)1			$	624					$	203											$	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 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, nonrecurring expenses, 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, gains and losses, and expenses related to the strategic alternatives review of UScellular 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 September 30, 2023, can be found on TDS' website at investors.tdsinc.com.

3

Conference Call Information

TDS will hold a conference call on November 3, 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/870810761

▪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 9,100 associates as of September 30, 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: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for TDS or its shareholders and whether the process will have an adverse impact on TDS’ businesses; 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; the effect on TDS' business if the collateral securing its secured term loan is foreclosed upon; 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; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and 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			9/30/2023						6/30/2023						3/31/2023						12/31/2022						9/30/2022
Retail Connections
Postpaid
Total at end of period			4,159,000						4,194,000						4,223,000						4,247,000						4,264,000
Gross additions			128,000						125,000						137,000						154,000						151,000
Handsets			84,000						83,000						93,000						105,000						107,000
Connected devices			44,000						42,000						44,000						49,000						44,000
Net additions (losses)			(35,000)						(28,000)						(24,000)						(17,000)						(31,000)
Handsets			(38,000)						(29,000)						(25,000)						(20,000)						(22,000)
Connected devices			3,000						1,000						1,000						3,000						(9,000)
ARPU1			$	51.11					$	50.64					$	50.66					$	50.60					$	50.21
ARPA2			$	130.91					$	130.19					$	130.77					$	130.97					$	130.27
Handset upgrade rate3			4.5		%				4.8		%				4.9		%				7.0		%				8.1		%
Churn rate4			1.30		%				1.21		%				1.27		%				1.35		%				1.42		%
Handsets			1.11		%				1.01		%				1.06		%				1.12		%				1.15		%
Connected devices			2.64		%				2.65		%				2.78		%				2.99		%				3.40		%
Prepaid
Total at end of period			462,000						462,000						470,000						493,000						493,000
Gross additions			52,000						50,000						43,000						61,000						62,000
Net additions (losses)			—						(8,000)						(23,000)						—						2,000
ARPU1			$	33.44					$	33.86					$	33.19					$	33.34					$	35.04
Churn rate4			3.68		%				4.18		%				4.63		%				4.11		%				4.07		%
Market penetration at end of period
Consolidated operating population			32,350,000						32,350,000						32,350,000						32,370,000						32,370,000
Consolidated operating penetration5			15		%				15		%				15		%				15		%				15		%
Capital expenditures (millions)			$	111					$	143					$	208					$	176					$	136
Total cell sites in service			6,973						6,952						6,950						6,945						6,933
Owned towers			4,356						4,341						4,338						4,336						4,329

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			9/30/2023						6/30/2023						3/31/2023						12/31/2022						9/30/2022
Residential connections
Broadband
Wireline, Incumbent			248,800						249,200						247,900						249,100						252,600
Wireline, Expansion			79,400						70,200						62,800						56,100						49,400
Cable			204,400						204,200						204,700						204,800						204,500
Total Broadband			532,600						523,600						515,400						510,000						506,500
Video			132,400						132,300						132,600						135,300						136,600
Voice			284,000						288,200						289,200						291,600						295,500
Total Residential connections			949,000						944,100						937,200						936,900						938,600
Commercial connections			217,400						223,300						229,800						236,000						242,800
Total connections			1,166,400						1,167,400						1,167,000						1,173,000						1,181,400
Residential revenue per connection1			$	62.15					$	61.97					$	60.24					$	59.91					$	60.32
Capital expenditures (millions)			$	172					$	132					$	130					$	165					$	166

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 September 30,																		Nine Months Ended September 30,
			2023						2022						2023 vs. 2022						2023						2022						2023 vs. 2022
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	963					$	1,083					(11)		%				$	2,906					$	3,120					(7)		%
TDS Telecom			256						256						—						767						763						—
All Other1			59						53						10		%				175						173						2		%
			1,278						1,392						(8)		%				3,848						4,056						(5)		%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			746						920						(19)		%				2,285						2,493						(8)		%
Depreciation, amortization and accretion			159						177						(10)		%				490						520						(6)		%
Loss on impairment of licenses			—						—						—						—						3						N/M
(Gain) loss on asset disposals, net			1						1						(33)		%				14						9						62		%
(Gain) loss on sale of business and other exit costs, net			—						—						85		%				—						(1)						N/M
			906						1,098						(17)		%				2,789						3,024						(8)		%
TDS Telecom
Expenses excluding depreciation, amortization and accretion			189						190						(1)		%				563						539						4		%
Depreciation, amortization and accretion			61						53						16		%				180						158						14		%
(Gain) loss on asset disposals, net			6						3						87		%				8						4						100		%
			256						246						4		%				752						702						7		%
All Other1
Expenses excluding depreciation and amortization			64						55						16		%				187						171						9		%
Depreciation and amortization			5						4						3		%				11						13						—
(Gain) loss on asset disposals, net			(1)						—						(60)		%				—						—						(79)		%
			68						59						15		%				197						183						9		%
Total operating expenses			1,230						1,403						(12)		%				3,738						3,909						(4)		%
Operating income (loss)
UScellular			57						(15)						N/M						117						96						22		%
TDS Telecom			—						10						(98)		%				15						61						(76)		%
All Other1			(9)						(6)						(52)		%				(22)						(10)						N/M
			48						(11)						N/M						110						147						(26)		%
Investment and other income (expense)
Equity in earnings of unconsolidated entities			40						40						(1)		%				122						123						(1)		%
Interest and dividend income			5						4						50		%				16						10						57		%
Interest expense			(62)						(46)						(35)		%				(178)						(118)						(49)		%
Other, net			—						—						23		%				1						1						25		%
Total investment and other income (expense)			(17)						(2)						N/M						(39)						16						N/M
Income (loss) before income taxes			31						(13)						N/M						71						163						(57)		%
Income tax expense (benefit)			27						(3)						N/M						55						62						(11)		%
Net income (loss)			4						(10)						N/M						16						101						(84)		%
Less: Net income (loss) attributable to noncontrolling interests, net of tax			4						(2)						N/M						10						14						(29)		%
Net income (loss) attributable to TDS shareholders			—						(8)						94		%				6						87						(93)		%
TDS Preferred Share dividends			17						17						—						52						52						—
Net income (loss) attributable to TDS common shareholders			$	(17)					$	(25)					30		%				$	(46)					$	35					N/M
Basic weighted average shares outstanding			113						114						(1)		%				113						114						(1)		%
Basic earnings (loss) per share attributable to TDS common shareholders			$	(0.16)					$	(0.22)					30		%				$	(0.41)					$	0.31					N/M
Diluted weighted average shares outstanding			113						114						(1)		%				113						115						(2)		%
Diluted earnings (loss) per share attributable to TDS common shareholders			$	(0.16)					$	(0.22)					29		%				$	(0.41)					$	0.30					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)
			Nine Months Ended September 30,
			2023						2022
(Dollars in millions)
Cash flows from operating activities
Net income			$	16					$	101
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			681						691
Bad debts expense			77						98
Stock-based compensation expense			27						32
Deferred income taxes, net			38						48
Equity in earnings of unconsolidated entities			(122)						(123)
Distributions from unconsolidated entities			97						100
Loss on impairment of licenses			—						3
(Gain) loss on asset disposals, net			22						13
(Gain) loss on sale of business and other exit costs, net			—						(1)
Other operating activities			4						7
Changes in assets and liabilities from operations
Accounts receivable			11						(59)
Equipment installment plans receivable			20						(131)
Inventory			87						(74)
Accounts payable			(36)						16
Customer deposits and deferred revenues			(15)						30
Accrued taxes			72						136
Accrued interest			8						10
Other assets and liabilities			(64)						4
Net cash provided by operating activities			923						901
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(906)						(794)
Cash paid for intangible assets			(24)						(603)
Other investing activities			8						(11)
Net cash used in investing activities			(922)						(1,408)
Cash flows from financing activities
Issuance of long-term debt			781						1,027
Repayment of long-term debt			(664)						(330)
Issuance of short-term debt			—						110
Repayment of short-term debt			(60)						(50)
TDS Common Shares reissued for benefit plans, net of tax payments			(3)						(4)
UScellular Common Shares reissued for benefit plans, net of tax payments			(6)						(5)
Repurchase of TDS Common Shares			(6)						(25)
Repurchase of UScellular Common Shares			—						(28)
Dividends paid to TDS shareholders			(114)						(114)
Distributions to noncontrolling interests			(2)						(3)
Cash paid for software license agreements			(29)						(5)
Other financing activities			(4)						1
Net cash provided by (used in) financing activities			(107)						574
Net increase (decrease) in cash, cash equivalents and restricted cash			(106)						67
Cash, cash equivalents and restricted cash
Beginning of period			399						414
End of period			$	293					$	481

8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			September 30, 2023						December 31, 2022
(Dollars in millions)
Current assets
Cash and cash equivalents			$	256					$	360
Accounts receivable, net			1,081						1,181
Inventory, net			181						268
Prepaid expenses			99						102
Income taxes receivable			3						59
Other current assets			60						58
Total current assets			1,680						2,028
Assets held for sale			16						26
Licenses			4,700						4,699
Goodwill			547						547
Other intangible assets, net			188						204
Investments in unconsolidated entities			520						495
Property, plant and equipment, net			4,998						4,760
Operating lease right-of-use assets			988						995
Other assets and deferred charges			777						796
Total assets			$	14,414					$	14,550

9

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			September 30, 2023						December 31, 2022
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	24					$	19
Accounts payable			550						506
Customer deposits and deferred revenues			270						285
Accrued interest			20						12
Accrued taxes			51						46
Accrued compensation			110						144
Short-term operating lease liabilities			147						146
Other current liabilities			155						356
Total current liabilities			1,327						1,514
Deferred liabilities and credits
Deferred income tax liability, net			1,003						969
Long-term operating lease liabilities			896						908
Other deferred liabilities and credits			819						813
Long-term debt, net			3,840						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			2,544						2,551
Preferred Shares, par value $0.01 per share			1,074						1,074
Treasury shares, at cost			(465)						(481)
Accumulated other comprehensive income			5						5
Retained earnings			2,567						2,699
Total TDS shareholders' equity			5,726						5,849
Noncontrolling interests			791						754
Total equity			6,517						6,603
Total liabilities and equity			$	14,414					$	14,550

10

Balance Sheet Highlights
(Unaudited)
			September 30, 2023
									TDS						TDS Corporate						Intercompany						TDS
			UScellular						Telecom						& Other						Eliminations						Consolidated
(Dollars in millions)
Cash and cash equivalents			$	153					$	59					$	115					$	(71)					$	256
Licenses, goodwill and other intangible assets			$	4,690					$	739					$	6					$	—					$	5,435
Investment in unconsolidated entities			477						4						47						(8)						520
			$	5,167					$	743					$	53					$	(8)					$	5,955
Property, plant and equipment, net			$	2,593					$	2,318					$	87					$	—					$	4,998
Long-term debt, net:
Current portion			$	18					$	—					$	6					$	—					$	24
Non-current portion			2,903						3						934						—						3,840
			$	2,921					$	3					$	940					$	—					$	3,864

11

TDS Telecom Highlights
(Unaudited)
			Three Months Ended September 30,																		Nine Months Ended September 30,
			2023						2022						2023 vs. 2022						2023						2022						2023 vs. 2022
(Dollars in millions)
Operating revenues
Residential
Wireline, Incumbent			$	89					$	89					—						$	264					$	262					1		%
Wireline, Expansion			20						13						56		%				52						35						50		%
Cable			68						68						—						204						203						1		%
Total residential			177						170						4		%				521						500						4		%
Commercial			38						43						(12)		%				118						130						(10)		%
Wholesale			42						43						(3)		%				127						132						(4)		%
Total service revenues			256						256						—						766						763						—
Equipment revenues			—						—						12		%				1						1						(9)		%
Total operating revenues			256						256						—						767						763						—
Cost of services			107						109						(2)		%				319						308						4		%
Cost of equipment and products			—						—						(7)		%				—						1						(9)		%
Selling, general and administrative expenses			82						81						1		%				244						231						6		%
Depreciation, amortization and accretion			61						53						16		%				180						158						14		%
(Gain) loss on asset disposals, net			6						3						87		%				8						4						100		%
Total operating expenses			256						246						4		%				752						702						7		%
Operating income			$	—					$	10					(98)		%				$	15					$	61					(76)		%

Numbers may not foot due to rounding.

12

Telephone and Data Systems, Inc.

Financial Measures and Reconciliations

(Unaudited)

Free Cash Flow

			Three Months Ended September 30,												Nine Months Ended September 30,
TDS - CONSOLIDATED			2023						2022						2023						2022
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	408					$	167					$	923					$	901
Cash paid for additions to property, plant and equipment			(278)						(268)						(906)						(794)
Cash paid for software license agreements			(9)						(3)						(29)						(5)
Free cash flow (Non-GAAP)1			$	121					$	(104)					$	(12)					$	102

			Three Months Ended September 30,												Nine Months Ended September 30,
UScellular			2023						2022						2023						2022
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	329					$	73					$	719					$	652
Cash paid for additions to property, plant and equipment			(103)						(121)						(454)						(409)
Cash paid for software license agreements			(9)						(2)						(28)						(5)
Free cash flow (Non-GAAP)1			$	217					$	(50)					$	237					$	238

1.Free 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.

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) and Income (loss) before income taxes.

			Three Months Ended September 30,
UScellular			2023						2022
(Dollars in millions)
Net income (loss) (GAAP)			$	23					$	(12)
Add back:
Income tax expense (benefit)			27						(3)
Income (loss) before income taxes (GAAP)			50						(15)
Add back:
Interest expense			50						42
Depreciation, amortization and accretion			159						177
EBITDA (Non-GAAP)			259						204
Add back or deduct:
Expenses related to strategic alternatives review			3						—
(Gain) loss on asset disposals, net			1						1
Adjusted EBITDA (Non-GAAP)			263						205
Deduct:
Equity in earnings of unconsolidated entities			40						40
Interest and dividend income			3						2
Adjusted OIBDA (Non-GAAP)			$	220					$	163

13