Exhibit 99.1

NEWS RELEASE

As previously announced, TDS will hold a teleconference on May 3, 2024, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

TDS reports first quarter 2024 results

2024 guidance reaffirmed

CHICAGO (May 3, 2024) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,262 million for the first quarter of 2024, versus $1,303 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $12 million and $0.10, respectively, for the first quarter of 2024 compared to $(9) million and $(0.08), respectively, in the same period one year ago.

1Q 2024 Highlights*

UScellular

•Financial results

◦Service revenues decreased 2%

◦Postpaid ARPU grew 3%

◦Net income, Adjusted OIBDA and Adjusted EBITDA up significantly

•Postpaid churn rate reduced 4%

•Fixed wireless customers grew 42% to 124,000

TDS Telecom

•On track to deliver 125,000 fiber service addresses in 2024

◦Delivered 28,000 fiber services addresses in Q1

◦Grew total year over year service address footprint 12%

•Solid fiber growth driving strong results

◦Residential broadband connections grew 6%

◦Operating revenues grew 5%; Residential revenues grew 10%

◦Adjusted EBITDA up significantly

* Comparisons are 1Q’23 to 1Q’24 unless otherwise noted

“The TDS Family of Companies’ ongoing commitment to quality networks supports our mission of providing outstanding communications services to our customers,” said LeRoy T. Carlson, Jr., TDS President and CEO. “Our customers are benefiting from the deployments of mid-band spectrum and fiber.

“UScellular continues to balance subscriber growth with financial discipline in this highly competitive environment. Though we lost postpaid customers in the first quarter, UScellular made progress in postpaid churn reduction. Increased postpaid ARPU and ongoing cost optimization programs drove notable improvements in profitability.

“TDS Telecom is seeing strong growth in revenue and profitability primarily as a result of the significant broadband investments made over the past couple of years. With steady fiber service address delivery and successful selling activities, TDS Telecom reached a milestone by exceeding 100,000 residential broadband connections in our expansion markets. TDS Telecom deployed an additional 28,000 marketable fiber service addresses in the first quarter and is on track to reach its goal of delivering 125,000 new marketable service addresses in 2024.”

Exploration of Strategic Alternatives for UScellular

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 review remains active and on-going.

1

2024 Estimated Results

TDS’ current estimates of full-year 2024 results for UScellular and TDS Telecom are shown below. Such estimates represent management’s view as of May 3, 2024 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.

2024 Estimated Results
UScellular			Previous			Current
(Dollars in millions)
Service revenues			$2,950-$3,050			Unchanged
Adjusted OIBDA1, 2			$750-$850			Unchanged
Adjusted EBITDA1, 2			$920-$1,020			Unchanged
Capital expenditures			$550-$650			Unchanged

TDS Telecom			Previous			Current
(Dollars in millions)
Total operating revenues			$1,070-$1,100			Unchanged
Adjusted OIBDA1			$310-$340			Unchanged
Adjusted EBITDA1			$310-$340			Unchanged
Capital expenditures			$310-$340			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 2024 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.

			2024 Estimated Results2
			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)			$60-$160						$40-$70
Add back:
Interest expense			185						—
Depreciation, amortization and accretion expense			660						270
EBITDA (Non-GAAP)1			$905-$1,005						$310-$340
Add back or deduct:
(Gain) loss on asset disposals, net			15						—
Adjusted EBITDA (Non-GAAP)1			$920-$1,020						$310-$340
Deduct:
Equity in earnings of unconsolidated entities			155						—
Interest and dividend income			15						—
Adjusted OIBDA (Non-GAAP)1			$750-$850						$310-$340

2

			Actual Results
			Three Months Ended March 31, 2024												Year Ended December 31, 2023
			UScellular						TDS Telecom												UScellular						TDS Telecom
(Dollars in millions)
Net income (GAAP)			$	24					$	24											$	58					$	(483)
Add back:
Income tax expense			28						7												53						(26)
Income before income taxes (GAAP)			$	52					$	31											$	111					$	(509)
Add back:
Interest expense			43						(2)												196						(8)
Depreciation, amortization and accretion expense			165						65												656						245
EBITDA (Non-GAAP)1			$	260					$	93											$	963					$	(272)
Add back or deduct:
Expenses related to strategic alternatives review			7						—												8						—
Loss on impairment of goodwill			—						—												—						547
(Gain) loss on asset disposals, net			6						2												17						10
(Gain) loss on license sales and exchanges, net			(1)						—												(2)						—
Adjusted EBITDA (Non-GAAP)1			$	272					$	95											$	986					$	285
Deduct:
Equity in earnings of unconsolidated entities			42						—												158						—
Interest and dividend income			2						1												10						4
Other, net			—						1												—						2
Adjusted OIBDA (Non-GAAP)1			$	228					$	93											$	818					$	279

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 March 31, 2024, can be found on TDS' website at investors.tdsinc.com.

22024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.

3

Conference Call Information

TDS will hold a conference call on May 3, 2024 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/316610586

▪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 8,600 associates as of March 31, 2024.

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			3/31/2024						12/31/2023						9/30/2023						6/30/2023						3/31/2023
Retail Connections
Postpaid
Total at end of period1			4,051,000						4,106,000						4,159,000						4,194,000						4,223,000
Gross additions			106,000						129,000						128,000						125,000						137,000
Handsets			63,000						80,000						84,000						83,000						93,000
Connected devices			43,000						49,000						44,000						42,000						44,000
Net additions (losses)1			(44,000)						(50,000)						(35,000)						(28,000)						(24,000)
Handsets			(47,000)						(53,000)						(38,000)						(29,000)						(25,000)
Connected devices			3,000						3,000						3,000						1,000						1,000
ARPU2			$	51.96					$	51.61					$	51.11					$	50.64					$	50.66
ARPA3			$	132.00					$	131.63					$	130.91					$	130.19					$	130.77
Handset upgrade rate4			4.5		%				5.8		%				4.5		%				4.8		%				4.9		%
Churn rate5			1.22		%				1.44		%				1.30		%				1.21		%				1.27		%
Handsets			1.03		%				1.22		%				1.11		%				1.01		%				1.06		%
Connected devices			2.52		%				3.03		%				2.64		%				2.65		%				2.78		%
Prepaid
Total at end of period1			436,000						451,000						462,000						462,000						470,000
Gross additions			41,000						43,000						52,000						50,000						43,000
Net additions (losses)1			(13,000)						(11,000)						—						(8,000)						(23,000)
ARPU2, 6			$	32.25					$	32.32					$	33.44					$	33.86					$	33.19
Churn rate5			4.06		%				3.87		%				3.68		%				4.18		%				4.63		%
Market penetration at end of period
Consolidated operating population			32,550,000						32,350,000						32,350,000						32,350,000						32,350,000
Consolidated operating penetration7			14		%				15		%				15		%				15		%				15		%
Capital expenditures (millions)			$	131					$	148					$	111					$	143					$	208
Total cell sites in service			6,995						7,000						6,973						6,952						6,950
Owned towers			4,382						4,373						4,356						4,341						4,338

1First quarter 2024 connections were adjusted to remove subscribers that could no longer access the UScellular network due to the CDMA shutdown. This resulted in 11,000 and 2,000 subscribers removed from the postpaid and prepaid base, respectively, that are not included in Net additions (losses) for the 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.

4Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

5Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.

6Fourth quarter 2023 Prepaid ARPU excludes a $6 million reduction of prepaid revenue related to an adjustment to correct a prior period error recorded in the fourth quarter of 2023.

7Market 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			3/31/2024						12/31/2023						9/30/2023						6/30/2023						3/31/2023
Residential connections
Broadband
Incumbent			245,100						244,800						248,800						249,200						247,900
Expansion			100,400						92,200						79,400						70,200						62,800
Cable			202,400						202,900						204,400						204,200						204,700
Total Broadband1			547,900						539,800						532,600						523,600						515,400
Video			128,800						131,500						132,400						132,300						132,600
Voice			279,400						281,600						284,000						288,200						289,200
Total Residential connections			956,100						952,900						949,000						944,100						937,200
Commercial connections			206,200						210,200						217,400						223,300						229,800
Total connections			1,162,200						1,163,100						1,166,400						1,167,400						1,167,000
Residential revenue per connection2			$	64.58					$	62.74					$	62.15					$	61.97					$	60.24
Capital expenditures (millions)			$	87					$	143					$	172					$	132					$	130

Numbers may not foot due to rounding.

1Total residential broadband connections increased by 8,100 during the three months ended March 31, 2024, due primarily to net additions of 6,400 as well as certain other adjustments.

2Total 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,
			2024						2023						2024 vs. 2023
(Dollars and shares in millions, except per share amounts)
Operating revenues
UScellular			$	950					$	986					(4)		%
TDS Telecom			266						253						5		%
All Other1			46						64						(29)		%
			1,262						1,303						(3)		%
Operating expenses
UScellular
Expenses excluding depreciation, amortization and accretion			729						780						(7)		%
Depreciation, amortization and accretion			165						170						(2)		%
(Gain) loss on asset disposals, net			6						10						(43)		%
(Gain) loss on license sales and exchanges, net			(1)						—						N/M
			899						960						(6)		%
TDS Telecom
Expenses excluding depreciation, amortization and accretion			173						185						(6)		%
Depreciation, amortization and accretion			65						59						10		%
(Gain) loss on asset disposals, net			2						1						60		%
			240						245						(2)		%
All Other1
Expenses excluding depreciation and amortization			53						66						(20)		%
Depreciation and amortization			4						3						(14)		%
(Gain) loss on asset disposals, net			(1)						—						N/M
			56						69						(20)		%
Total operating expenses			1,195						1,274						(6)		%
Operating income (loss)
UScellular			51						26						94		%
TDS Telecom			27						8						N/M
All Other1			(11)						(5)						(83)		%
			67						29						N/M
Investment and other income (expense)
Equity in earnings of unconsolidated entities			42						44						(3)		%
Interest and dividend income			5						5						(4)		%
Interest expense			(57)						(53)						(9)		%
Other, net			1						—						N/M
Total investment and other income (expense)			(9)						(4)						N/M
Income before income taxes			58						25						N/M
Income tax expense			20						13						49		%
Net income			38						12						N/M
Less: Net income attributable to noncontrolling interests, net of tax			9						4						N/M
Net income attributable to TDS shareholders			29						8						N/M
TDS Preferred Share dividends			17						17						—
Net income (loss) attributable to TDS common shareholders			$	12					$	(9)					N/M
Basic weighted average shares outstanding			113						113						—
Basic earnings (loss) per share attributable to TDS common shareholders			$	0.11					$	(0.08)					N/M
Diluted weighted average shares outstanding			117						113						4		%
Diluted earnings (loss) per share attributable to TDS common shareholders			$	0.10					$	(0.08)					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,
			2024						2023
(Dollars in millions)
Cash flows from operating activities
Net income			$	38					$	12
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion			234						232
Bad debts expense			31						27
Stock-based compensation expense			14						3
Deferred income taxes, net			14						9
Equity in earnings of unconsolidated entities			(42)						(44)
Distributions from unconsolidated entities			22						20
(Gain) loss on asset disposals, net			7						11
(Gain) loss on license sales and exchanges, net			(1)						—
Other operating activities			1						2
Changes in assets and liabilities from operations
Accounts receivable			27						22
Equipment installment plans receivable			2						1
Inventory			24						—
Accounts payable			(35)						(162)
Customer deposits and deferred revenues			6						(9)
Accrued taxes			4						1
Accrued interest			9						9
Other assets and liabilities			(131)						(88)
Net cash provided by operating activities			224						46
Cash flows from investing activities
Cash paid for additions to property, plant and equipment			(235)						(331)
Cash paid for intangible assets			(11)						(5)
Other investing activities			—						2
Net cash used in investing activities			(246)						(334)
Cash flows from financing activities
Issuance of long-term debt			140						316
Repayment of long-term debt			(57)						(5)
Repayment of short-term debt			—						(60)
Tax payments for TDS stock-based compensation awards			(1)						(2)
Repurchase of TDS Common Shares			—						(3)
Dividends paid to TDS shareholders			(39)						(38)
Distributions to noncontrolling interests			(2)						(1)
Cash paid for software license agreements			(9)						(8)
Other financing activities			(2)						(1)
Net cash provided by financing activities			30						198
Net increase (decrease) in cash, cash equivalents and restricted cash			8						(90)
Cash, cash equivalents and restricted cash
Beginning of period			270						399
End of period			$	278					$	309

8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
			March 31, 2024						December 31, 2023
(Dollars in millions)
Current assets
Cash and cash equivalents			$	249					$	236
Accounts receivable, net			1,036						1,074
Inventory, net			184						208
Prepaid expenses			107						86
Income taxes receivable			3						4
Other current assets			49						52
Total current assets			1,628						1,660
Assets held for sale			—						15
Licenses			4,720						4,702
Other intangible assets, net			178						183
Investments in unconsolidated entities			526						505
Property, plant and equipment, net			5,052						5,062
Operating lease right-of-use assets			979						987
Other assets and deferred charges			783						807
Total assets			$	13,866					$	13,921

9

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
			March 31, 2024						December 31, 2023
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt			$	26					$	26
Accounts payable			302						360
Customer deposits and deferred revenues			284						277
Accrued interest			21						12
Accrued taxes			44						43
Accrued compensation			59						149
Short-term operating lease liabilities			147						147
Other current liabilities			148						170
Total current liabilities			1,031						1,184
Deferred liabilities and credits
Deferred income tax liability, net			988						975
Long-term operating lease liabilities			883						890
Other deferred liabilities and credits			780						784
Long-term debt, net			4,164						4,080
Noncontrolling interests with redemption features			16						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			2,570						2,558
Preferred Shares, par value $0.01 per share			1,074						1,074
Treasury shares, at cost			(460)						(465)
Accumulated other comprehensive income			11						11
Retained earnings			2,008						2,023
Total TDS shareholders' equity			5,204						5,202
Noncontrolling interests			800						794
Total equity			6,004						5,996
Total liabilities and equity			$	13,866					$	13,921

10

Balance Sheet Highlights
(Unaudited)
			March 31, 2024
									TDS						TDS Corporate						Intercompany						TDS
			UScellular						Telecom						& Other						Eliminations						Consolidated
(Dollars in millions)
Cash and cash equivalents			$	185					$	38					$	65					$	(39)					$	249
Licenses and other intangible assets			$	4,711					$	182					$	5					$	—					$	4,898
Investment in unconsolidated entities			482						4						48						(8)						526
			$	5,193					$	186					$	53					$	(8)					$	5,424
Property, plant and equipment, net			$	2,540					$	2,429					$	83					$	—					$	5,052
Long-term debt, net:
Current portion			$	20					$	—					$	6					$	—					$	26
Non-current portion			3,029						3						1,132						—						4,164
			$	3,049					$	3					$	1,138					$	—					$	4,190

11

TDS Telecom Highlights
(Unaudited)
			Three Months Ended March 31,
			2024						2023						2024 vs. 2023
(Dollars in millions)
Operating revenues
Residential
Incumbent			$	90					$	86					4		%
Expansion			26						15						71		%
Cable			70						68						3		%
Total residential			185						169						10		%
Commercial			37						41						(9)		%
Wholesale			44						43						3		%
Total service revenues			266						253						5		%
Equipment revenues			—						—						(35)		%
Total operating revenues			266						253						5		%
Cost of services			98						104						(6)		%
Cost of equipment and products			—						—						15		%
Selling, general and administrative expenses			75						80						(6)		%
Depreciation, amortization and accretion			65						59						10		%
(Gain) loss on asset disposals, net			2						1						60		%
Total operating expenses			240						245						(2)		%
Operating income			$	27					$	8					N/M

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,
TDS - CONSOLIDATED			2024						2023
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	224					$	46
Cash paid for additions to property, plant and equipment			(235)						(331)
Cash paid for software license agreements			(9)						(8)
Free cash flow (Non-GAAP)1			$	(20)					$	(293)

			Three Months Ended March 31,
UScellular			2024						2023
(Dollars in millions)
Cash flows from operating activities (GAAP)			$	203					$	41
Cash paid for additions to property, plant and equipment			(133)						(196)
Cash paid for software license agreements			(9)						(7)
Free cash flow (Non-GAAP)1			$	61					$	(162)

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.

EBITDA, Adjusted EBITDA and Adjusted OIBDA

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

			Three Months Ended March 31,
UScellular			2024						2023
(Dollars in millions)
Net income (GAAP)			$	24					$	14
Add back:
Income tax expense			28						11
Income before income taxes (GAAP)			52						25
Add back:
Interest expense			43						47
Depreciation, amortization and accretion			165						170
EBITDA (Non-GAAP)			260						242
Add back or deduct:
Expenses related to strategic alternatives review			7						—
(Gain) loss on asset disposals, net			6						10
(Gain) loss on license sales and exchanges, net			(1)						—
Adjusted EBITDA (Non-GAAP)			272						252
Deduct:
Equity in earnings of unconsolidated entities			42						44
Interest and dividend income			2						2
Adjusted OIBDA (Non-GAAP)			$	228					$	206

13

			Three Months Ended March 31,
TDS TELECOM			2024						2023
(Dollars in millions)
Net income (GAAP)			$	24					$	8
Add back:
Income tax expense			7						3
Interest expense			(2)						(2)
Depreciation, amortization and accretion			65						59
EBITDA (Non-GAAP)			93						68
Add back or deduct:
(Gain) loss on asset disposals, net			2						1
Adjusted EBITDA (Non-GAAP)			95						69
Deduct:
Interest and dividend income			1						1
Other, net			1						—
Adjusted OIBDA (Non-GAAP)			93						68
Deduct:
Depreciation, amortization and accretion			65						59
(Gain) loss on asset disposals, net			2						1
Operating income (GAAP)			$	27					$	8

Numbers may not foot due to rounding.

14