

Three Months Ended March 31, 2025	UScellular Wireless		UScellular Towers		TDS Telecom		Total
(Dollars in millions)
Revenues from external customers	$	864	$	27	$	256	$	1,147
Intersegment revenues	—		34		1		35
	864		61		257		1,182
Reconciliation of revenue:
All Other revenues1							7
Elimination of intersegment revenues							(35)
Total operating revenues							$	1,154

Less2:
Cost of services (excluding Depreciation, amortization and accretion reported below)	191		19		101
Cost of equipment and products	178		—		—
Selling, general and administrative	322		10		83
Expenses related to strategic alternatives review (included in Selling, general and administrative)	(9)		(1)		—
Other segment items	—		—		(3)
Segment Adjusted EBITDA (Non-GAAP)	$	182	$	33	$	76	$	291

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1							(25)
Depreciation, amortization and accretion							(234)
Expenses related to strategic alternatives review (included in Selling, general and administrative)							(10)

Loss on asset disposals, net							(4)

Gain on license sales and exchanges, net							1
Equity earnings of unconsolidated entities							36
Interest and dividend income							3
Interest expense							(38)
Income before income taxes							$	20


Other segment disclosures
Three Months Ended or as of March 31, 2025	UScellular Wireless		UScellular Towers		TDS Telecom		Segment Total		UScellular	All Other1		TDS Consolidated Total
Depreciation, amortization and accretion	$	(152)	$	(11)	$	(71)	$	(234)		$	—	$	(234)

Loss on asset disposals, net	(2)		—		(2)		(4)			—		(4)
Gain on sale of business and other exit costs, net	—		—		—		—			1		1
Gain on license sales and exchanges, net	1		—		—		1			—		1

Investments in unconsolidated entities3					4		4		479	44		527
Total assets4					2,906		2,906		10,365	265		13,536
Capital expenditures	$	51	$	2	$	59	$	112		$	—	$	112



Three Months Ended March 31, 2024	UScellular Wireless		UScellular Towers		TDS Telecom		Total
(Dollars in millions)
Revenues from external customers	$	925	$	25	$	265	$	1,215
Intersegment revenues	—		33		1		34
	925		58		266		1,249
Reconciliation of revenue:
All Other revenues1							47
Elimination of intersegment revenues							(34)
Total operating revenues							$	1,262

Less2:
Cost of services (excluding Depreciation, amortization and accretion reported below)	197		18		98
Cost of equipment and products	216		—		—
Selling, general and administrative	324		7		75
Expenses related to strategic alternatives review (included in Selling, general and administrative)	(7)		—		—
Other segment items	—		—		(2)
Segment Adjusted EBITDA (Non-GAAP)	$	195	$	33	$	95	$	323

Reconciliation of Segment Adjusted EBITDA to Income before income taxes:
All Other income (loss) before income taxes1							(25)
Depreciation, amortization and accretion							(230)
Expenses related to strategic alternatives review (included in Selling, general and administrative)							(7)

Loss on asset disposals, net							(8)

Gain on license sales and exchanges, net							1
Equity earnings of unconsolidated entities							42
Interest and dividend income							2
Interest expense							(41)
Income before income taxes							$	58


Other segment disclosures
Three Months Ended or as of March 31, 2024	UScellular Wireless		UScellular Towers		TDS Telecom		Segment Total		UScellular	All Other1		TDS Consolidated Total
Depreciation, amortization and accretion	$	(154)	$	(11)	$	(65)	$	(230)		$	(4)	$	(234)

Gain (loss) on asset disposals, net	(6)		—		(2)		(8)			1		(7)

Gain on license sales and exchanges, net	1		—		—		1			—		1

Investments in unconsolidated entities3					4		4		482	40		526
Total assets4					2,892		2,892		10,704	270		13,866
Capital expenditures	$	127	$	4	$	87	$	218		$	1	$	219

4Assets are not provided at the individual segment level for Wireless and Towers, and therefore are reported for "UScellular". The UScellular segments operate under a common capital structure, and management has historically considered its assets collectively as part of a combined wireless network.