Exhibit 99.1
NEWS RELEASE

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As previously announced, TDS will hold a teleconference on August 11, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.
TDS reports second quarter 2025 results
CHICAGO (August 11, 2025) — Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,186 million for the second quarter of 2025, versus $1,238 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(5) million and $(0.05), respectively, for the second quarter of 2025 compared to $(14) million and $(0.13), respectively, in the same period one year ago.
Recent Highlights*
Array
•On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.SM (ArraySM)
•On August 1, 2025, Array completed the sale of its wireless operations and select spectrum assets to T-Mobile for total consideration of $4.3 billion which includes a combination of cash and assumed debt
•Array declared a $23.00 per share special dividend payable to its shareholders on August 19, 2025
•Third-party tower revenues increased 12%
•Pending AT&T and Verizon spectrum transactions are expected to close in 2H 2025 and Q3 2026, respectively, subject to receipt of regulatory approvals and satisfaction of closing conditions

TDS Telecom
•Ken Dixon joined the organization as TDS Telecom President and CEO
•Executing on fiber broadband strategy
◦Delivered 27,000 marketable fiber services addresses in Q2 2025
◦Added 3,900 residential broadband net additions; Grew fiber connections —10,300 residential broadband net adds from fiber markets
•TDS Telecom revenues down 1%, impacted by divestitures of non-strategic assets

*Comparisons are 2Q’24 to 2Q’25 unless otherwise noted. Note that in September 2024, TDS sold its Hosted and Managed Services (HMS) operations. This 2024 transaction affects year-over-year revenue comparisons at the consolidated level. HMS operating revenues were $38 million in Q2 2024.

“TDS has made significant progress on its strategic priorities,” said Walter Carlson, TDS President and CEO. “With the successful completion of the T-Mobile transaction, we delivered a key milestone in the company’s transformation, and positioned the continuing tower business for growth and value creation. Additionally, we are delighted that Ken Dixon, CEO of TDS Telecom, has joined the organization at a pivotal time for our fiber business. With a growing fiber network and strengthened tower operations, I see tremendous opportunities ahead for the TDS enterprise.”




1

2025 Estimated Results
TDS’ current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management’s view as of August 11, 2025 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.

Array is not providing 2025 financial guidance.
2025 Estimated Results
TDS TelecomPreviousCurrent
(Dollars in millions)  
Total operating revenues$1,030-$1,070$1,030-$1,050
Adjusted OIBDA1 (Non-GAAP)
$310-$350$310-$340
Adjusted EBITDA1 (Non-GAAP)
$320-$360$320-$350
Capital expenditures$375-$425Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 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.

 2025 Estimated ResultsActual Results
TDS TelecomSix Months Ended
June 30, 2025		Year Ended
December 31, 2024
(Dollars in millions)  
Net income (GAAP)N/A$20 $85 
Add back:  
Income tax expenseN/A3 35 
Income before income taxes (GAAP)$20-$50$23 $120 
Add back: 
Interest expense— (2)(5)
Depreciation, amortization and accretion expense300 145 271 
EBITDA (Non-GAAP)1
$320-$350$165 $385 
Add back or deduct: 
Loss on impairment of intangible assets— — 1 
(Gain) loss on asset disposals, net— 8 12 
(Gain) loss on sale of business and other exit costs, net— (8)(49)
Adjusted EBITDA (Non-GAAP)1
$320-$350$165 $350 
Deduct: 
Interest and dividend income5 3 5 
Other, net5 4 4 
Adjusted OIBDA (Non-GAAP)1
$310-$340$158 $340 
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, 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.
2


Conference Call Information
TDS will hold a conference call on August 11, 2025 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/378403075
▪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) provides broadband, video and voice through its TDS Telecom business. Its Array business leases and offers tower space to third-party carriers. Founded in 1969, TDS is headquartered in Chicago.
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: the manner in which Array's remaining business is conducted; whether the previously announced spectrum license sales to Verizon and AT&T will be consummated; whether Array can monetize its remaining spectrum assets; strategic decisions regarding the tower business; intense competition; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of 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 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 Array 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, including significant investments in wireless operating entities Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; 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; extreme weather events; 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 
Array: investors.arrayinc.com
TDS Telecom: www.tdstelecom.com
3

Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended6/30/20253/31/202512/31/20249/30/20246/30/2024
Retail Connections     
Postpaid     
Total at end of period3,904,000 3,946,000 3,985,000 3,999,000 4,027,000 
Gross additions109,000 105,000 140,000 123,000 117,000 
Handsets70,000 68,000 93,000 84,000 73,000 
Connected devices39,000 37,000 47,000 39,000 44,000 
Net additions (losses)(42,000)(39,000)(14,000)(28,000)(24,000)
Handsets(44,000)(38,000)(19,000)(28,000)(29,000)
Connected devices2,000 (1,000)5,000 — 5,000 
ARPU1
$51.91 $52.06 $51.73 $52.04 $51.45 
ARPA2
$131.89 $132.25 $131.10 $131.81 $130.41 
Handset upgrade rate3
4.2 %3.1 %4.8 %3.5 %4.1 %
Churn rate4
1.29 %1.21 %1.29 %1.25 %1.16 %
Handsets1.12 %1.03 %1.08 %1.07 %0.97 %
Connected devices2.36 %2.40 %2.67 %2.47 %2.47 %
Prepaid
Total at end of period429,000 431,000 448,000 452,000 439,000 
Gross additions43,000 38,000 46,000 57,000 50,000 
Net additions (losses)(2,000)(17,000)(4,000)13,000 3,000 
ARPU1
$31.72 $30.76 $30.59 $32.01 $32.37 
Churn rate4
3.58 %4.17 %3.70 %3.30 %3.60 %
Market penetration at end of period
Consolidated operating population31,390,000 31,390,000 32,550,000 32,550,000 32,550,000 
Consolidated operating penetration5
14 %14 %14 %14 %14 %
Capital expenditures (millions)$80 $53 $162 $120 $165 
Total cell sites in service7,061 7,009 7,010 7,007 6,990 
Owned towers4,418 4,413 4,409 4,407 4,388 
Number of colocations6
2,527 2,469 2,444 2,418 2,392 
Tower tenancy rate7
1.57 1.56 1.55 1.55 1.55 

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 retail wireless connections at the end of the period by the total estimated population of consolidated operating markets. The methodology for the calculation was updated in the second quarter of 2025 and prior periods were revised to reflect this change.
6Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.
7Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.
4

TDS Telecom
Summary Operating Data (Unaudited)
As of or for the Quarter Ended6/30/20253/31/202512/31/20249/30/20246/30/2024
Residential connections     
Broadband
Incumbent Fiber121,200 119,700 118,500 115,900 113,100 
Incumbent Copper106,500 112,600 116,900 125,600 130,600 
Expansion Fiber141,800 133,200 126,100 115,300 107,800 
Cable188,200 190,200 191,500 195,900 198,500 
Total Broadband557,700 555,800 553,000 552,700 550,000 
Video116,500 118,700 121,000 122,100 124,800 
Voice248,700 256,900 261,600 271,300 275,600 
Wireless1,600 900 100 — — 
Total Residential connections924,500 932,300 935,700 946,100 950,400 
Commercial connections184,300 187,600 190,500 197,200 201,500 
Total connections1
1,108,800 1,119,900 1,126,300 1,143,300 1,152,000 
Total residential fiber net adds10,300 8,300 13,600 10,400 10,700 
Total residential broadband net adds3,900 2,800 7,900 2,700 2,100 
Residential fiber churn2
1.1 %0.9 %1.0 %1.3 %1.2 %
Total residential broadband churn1.5 %1.3 %1.4 %1.7 %1.7 %
Residential revenue per connection3
$65.85 $65.67 $64.72 $65.41 $65.26 
Capital expenditures (millions)$90 $59 $82 $78 $78 
Numbers may not foot due to rounding.
1Q2 2024 total connections include 23,700 connections that were part of subsequent divestitures.
2Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.
3Total 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.
5

Telephone and Data Systems, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 202520242025
vs. 2024		202520242025
vs. 2024
(Dollars and shares in millions, except per share amounts)      
Operating revenues      
Array$916 $927 (1)%$1,807 $1,877 (4)%
TDS Telecom265 267 (1)%522 534 (2)%
All Other1
5 44 (88)%12 89 (88)%
 1,186 1,238 (4)%2,341 2,500 (6)%
Operating expenses      
Array      
Expenses excluding depreciation, amortization and accretion720 713 1 %1,407 1,442 (2)%
Depreciation, amortization and accretion163 165 (1)%325 329 (2)%
(Gain) loss on asset disposals, net2 5 (53)%4 11 (60)%
(Gain) loss on license sales and exchanges, net(4)8 N/M(5)7 N/M
 881 891 (1)%1,731 1,789 (3)%
TDS Telecom      
Expenses excluding depreciation, amortization and accretion180 178 1 %364 351 4 %
Depreciation, amortization and accretion73 67 10 %145 131 10 %
(Gain) loss on asset disposals, net6 4 61 %8 6 39 %
(Gain) loss on sale of business and other exit costs, net(8)— N/M(8)— N/M
 251 248 1 %508 488 4 %
All Other1
      
Expenses excluding depreciation and amortization13 58 (77)%26 111 (77)%
Depreciation and amortization— 1 (65)%2 7 (70)%
(Gain) loss on asset disposals, net1 — N/M— (1)(23)%
(Gain) loss on sale of business and other exit costs, net— — N/M(1)— N/M
 14 60 (77)%28 117 (77)%
Total operating expenses1,146 1,199 (4)%2,267 2,394 (5)%
Operating income (loss)      
Array35 36 (4)%76 88 (13)%
TDS Telecom14 19 (27)%14 46 (70)%
All Other1
(9)(16)45 %(16)(28)42 %
 40 39 2 %74 106 (30)%
Other income (expense)
Equity in earnings of unconsolidated entities43 39 9 %79 82 (3)%
Interest and dividend income6 7 (18)%13 12 1 %
Interest expense(70)(73)5 %(129)(131)2 %
Other, net2 1 N/M5 2 N/M
Total other expense(19)(26)28 %(32)(35)8 %
Income before income taxes21 13 61 %42 71 (41)%
Income tax expense3 6 (46)%12 26 (54)%
Net income18 7 N/M30 45 (34)%
Less: Net income attributable to noncontrolling interests, net of tax6 4 61 %11 13 (16)%
Net income attributable to TDS shareholders12 3 N/M19 32 (41)%
TDS Preferred Share dividends17 17 —35 35 —
Net income (loss) attributable to TDS common shareholders$(5)$(14)60 %$(16)$(3)N/M
Basic weighted average shares outstanding115 114 1 %115 113 1 %
Basic earnings (loss) per share attributable to TDS common shareholders$(0.05)$(0.13)61 %$(0.14)$(0.02)N/M
Diluted weighted average shares outstanding115 114 1 %115 113 1 %
Diluted earnings (loss) per share attributable to TDS common shareholders$(0.05)$(0.13)58 %$(0.15)$(0.03)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 Array and TDS Telecom segments.
6

Telephone and Data Systems, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
 20252024
(Dollars in millions)  
Cash flows from operating activities
Net income$30 $45 
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion472 467 
Bad debts expense45 51 
Stock-based compensation expense44 29 
Deferred income taxes, net2 16 
Equity in earnings of unconsolidated entities(79)(82)
Distributions from unconsolidated entities88 80 
(Gain) loss on asset disposals, net12 16 
(Gain) loss on sale of business and other exit costs, net(9)— 
(Gain) loss on license sales and exchanges, net(5)7 
Other operating activities6 5 
Changes in assets and liabilities from operations
Accounts receivable(29)6 
Equipment installment plans receivable44 5 
Inventory52 54 
Accounts payable(1)(14)
Customer deposits and deferred revenues(14)7 
Accrued taxes4 7 
Accrued interest(1)5 
Other assets and liabilities(54)(78)
Net cash provided by operating activities607 626 
   
Cash flows from investing activities
Cash paid for additions to property, plant and equipment(286)(451)
Cash paid for licenses(4)(15)
Cash received from divestitures24 — 
Other investing activities2 1 
Net cash used in investing activities(264)(465)
   
Cash flows from financing activities
Issuance of long-term debt— 440 
Repayment of long-term debt(17)(401)
Tax withholdings, net of cash receipts, for TDS stock-based compensation awards(25)(10)
Tax withholdings, net of cash receipts, for Array stock-based compensation awards(36)(12)
Repurchase of Array Common Shares(21)— 
Dividends paid to TDS shareholders(44)(61)
Payment of debt issuance costs(2)(16)
Distributions to noncontrolling interests(2)(3)
Cash paid for software license agreements(20)(21)
Other financing activities(1)(1)
Net cash used in financing activities(168)(85)
Net increase in cash, cash equivalents and restricted cash175 76 
Cash, cash equivalents and restricted cash
Beginning of period384 270 
End of period$559 $346 
7

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
 
 June 30, 2025December 31, 2024
(Dollars in millions)  
Current assets  
Cash and cash equivalents$540 $364 
Accounts receivable, net1,006 1,041 
Inventory, net130 183 
Prepaid expenses76 72 
Income taxes receivable2 2 
Other current assets32 33 
Total current assets1,786 1,695 
Licenses4,592 4,588 
Other intangible assets, net146 161 
Investments in unconsolidated entities493 500 
Property, plant and equipment, net
4,808 4,994 
Operating lease right-of-use assets975 982 
Other assets and deferred charges726 762 
Total assets$13,526 $13,682 
8

Telephone and Data Systems, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
 June 30, 2025December 31, 2024
(Dollars in millions, except per share amounts)  
Current liabilities  
Current portion of long-term debt$37 $31 
Accounts payable268 280 
Customer deposits and deferred revenues270 283 
Accrued interest15 16 
Accrued taxes39 39 
Accrued compensation97 150 
Short-term operating lease liabilities148 153 
Other current liabilities127 138 
Total current liabilities1,001 1,090 
Deferred liabilities and credits  
Deferred income tax liability, net982 981 
Long-term operating lease liabilities867 867 
Other deferred liabilities and credits815 809 
Long-term debt, net4,030 4,051 
Noncontrolling interests with redemption features16 16 
Equity  
TDS shareholders' equity  
Series A Common and Common Shares, par value $0.01 per share1 1 
Capital in excess of par value2,535 2,574 
Preferred Shares, par value $0.01 per share1,074 1,074 
Treasury shares, at cost(389)(425)
Accumulated other comprehensive income18 18 
Retained earnings1,765 1,849 
Total TDS shareholders' equity5,004 5,091 
Noncontrolling interests811 777 
Total equity5,815 5,868 
Total liabilities and equity$13,526 $13,682 
9

Balance Sheet Highlights
(Unaudited)
 June 30, 2025
 TDSTDS CorporateIntercompanyTDS
 ArrayTelecom& OtherEliminationsConsolidated
(Dollars in millions)     
Cash and cash equivalents$386 $164 $153 $(163)$540 
Licenses and other intangible assets$4,583 $150 $5 $— $4,738 
Investment in unconsolidated entities444 4 52 (7)493 
 $5,027 $154 $57 $(7)$5,231 
Property, plant and equipment, net$2,313 $2,479 $16 $— $4,808 
Long-term debt, net:
Current portion$28 $— $9 $— $37 
Non-current portion2,819 3 1,208 — 4,030 
 $2,847 $3 $1,217 $— $4,067 
10

Array Digital Infrastructure, Inc.
Segment Results
(Unaudited)

Three Months Ended
June 30,		Six Months Ended
June 30,
Array202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)   
Operating Revenues
Wireless$888 $902 (1)%$1,751 $1,826 (4)%
Towers62 58 7 %123 116 6 %
Intra-company eliminations(34)(33)(3)%(67)(65)(3)%
Total operating revenues916 927 (1)%1,807 1,877 (4)%
Operating expenses
Wireless874 885 (1)%1,717 1,779 (3)%
Towers41 39 5 %81 75 8 %
Intra-company eliminations(34)(33)(3)%(67)(65)(3)%
Total operating expenses881 891 (1)%1,731 1,789 (3)%
Operating income$35 $36 (4)%$76 $88 (13)%
Adjusted OIBDA (Non-GAAP)$208 $227 (9)%$422 $456 (7)%
Adjusted EBITDA (Non-GAAP)$254 $268 (6)%$506 $542 (7)%
Capital expenditures$80 $165 (52)%$132 $295 (55)%


11

Array Digital Infrastructure, Inc.
Segment Results
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
Array Wireless202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)   
Retail service$652 $666 (2)%$1,312 $1,344 (2)%
Other56 52 7 %109 102 7 %
Service revenues708 718 (1)%1,421 1,446 (2)%
Equipment sales180 184 (2)%330 380 (13)%
Total operating revenues888 902 (1)%1,751 1,826 (4)%
System operations (excluding Depreciation, amortization and accretion reported below)197 194 1 %387 390 (1)%
Cost of equipment sold209 211 (1)%387 427 (9)%
Selling, general and administrative319 313 2 %643 637 1 %
Depreciation, amortization and accretion151 154 (2)%302 308 (2)%
(Gain) loss on asset disposals, net2 5 (59)%3 10 (66)%
(Gain) loss on license sales and exchanges, net(4)8 N/M(5)7 N/M
Total operating expenses874 885 (1)%1,717 1,779 (3)%
Operating income$14 $17 (21)%$34 $47 (27)%
Adjusted OIBDA (Non-GAAP)$174 $196 (11)%$355 $392 (9)%
Adjusted EBITDA (Non-GAAP)$174 $196 (11)%$355 $392 (9)%
Capital expenditures$77 $160 (52)%$127 $286 (55)%

Three Months Ended
June 30,		Six Months Ended
June 30,
Array Towers202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)   
Third-party revenues$28 $25 12 %$56 $51 9 %
Intra-company revenues34 33 3 %67 65 3 %
Total tower revenues62 58 7 %123 116 6 %
System operations (excluding Depreciation, amortization and accretion reported below)20 19 6 %39 37 5 %
Selling, general and administrative9 9 (1)%18 16 14 %
Depreciation, amortization and accretion12 11 7 %23 21 6 %
(Gain) loss on asset disposals, net— — 14 %1 1 60 %
Total operating expenses41 39 5 %81 75 8 %
Operating income$21 $19 11 %$42 $41 2 %
Adjusted OIBDA (Non-GAAP)$34 $31 9 %$67 $64 4 %
Adjusted EBITDA (Non-GAAP)$34 $31 9 %$67 $64 4 %
Capital expenditures$3 $5 (51)%$5 $9 (47)%

12

TDS Telecom Highlights
(Unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)      
Operating revenues      
Residential
Incumbent$85 $90 (6)%$170 $180 (5)%
Expansion37 28 31 %71 54 32 %
Cable62 69 (10)%126 138 (9)%
Total residential183 186 (2)%367 372 (1)%
Commercial35 37 (6)%69 74 (6)%
Wholesale47 44 7 %85 88 (3)%
Total service revenues265 267 (1)%522 534 (2)%
Equipment revenues— — (14)%— — 2 %
Total operating revenues265 267 (1)%522 534 (2)%
Cost of services97 98 (1)%198 196 1 %
Cost of equipment and products— — (6)%— — 25 %
Selling, general and administrative expenses83 80 3 %166 155 7 %
Depreciation, amortization and accretion73 67 10 %145 131 10 %
(Gain) loss on asset disposals, net6 4 61 %8 6 39 %
(Gain) loss on sale of business and other exit costs, net(8)— N/M(8)— N/M
Total operating expenses251 248 1 %508 488 4 %
 
Operating income$14 $19 (27)%$14 $46 (70)%
N/M - Percentage change not meaningful
Numbers may not foot due to rounding.
13

Telephone and Data Systems, Inc.
Financial Measures
(Unaudited)
Free Cash Flow
 Three Months Ended
June 30,		Six Months Ended
June 30,
TDS CONSOLIDATED2025202420252024
(Dollars in millions)    
Cash flows from operating activities (GAAP)$422 $403 $607 $626 
Cash paid for additions to property, plant and equipment(157)(216)(286)(451)
Cash paid for software license agreements(11)(11)(20)(21)
Free cash flow (Non-GAAP)1
$254 $176 $301 $154 
 Three Months Ended
June 30,		Six Months Ended
June 30,
Array2025202420252024
(Dollars in millions)
Cash flows from operating activities (GAAP)$325 $313 $485 $516 
Cash paid for additions to property, plant and equipment(75)(137)(147)(270)
Cash paid for software license agreements(11)(11)(20)(20)
Free cash flow (Non-GAAP)1
$239 $165 $318 $226 
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.
14

Telephone and Data Systems, Inc.
EBITDA, Adjusted EBITDA and Adjusted OIBDA
(Unaudited)

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income before income taxes. Income and expense items below Operating income are not provided at the individual segment level for Array Wireless and Array Towers; therefore, the reconciliations begin with EBITDA and the most directly comparable GAAP measure is Operating income rather than Net income at the segment level.
Three Months Ended
June 30,		Six Months Ended
June 30,
Array2025202420252024
(Dollars in millions)
Net income (GAAP)$32 $18 $52 $42 
Add back or deduct:
Income tax expense4 14 24 41 
Income before income taxes (GAAP)36 32 76 83 
Add back:
Interest expense45 45 84 91 
Depreciation, amortization and accretion expense163 165 325 329 
EBITDA (Non-GAAP)244 242 485 503 
Add back or deduct:
Expenses related to strategic alternatives review12 13 22 21 
(Gain) loss on asset disposals, net2 5 4 11 
(Gain) loss on license sales and exchanges, net(4)8 (5)7 
Adjusted EBITDA (Non-GAAP)254 268 506 542 
Deduct:
Equity in earnings of unconsolidated entities42 38 78 80 
Interest and dividend income4 3 6 6 
Adjusted OIBDA (Non-GAAP)$208 $227 $422 $456 

Three Months Ended
June 30,		Six Months Ended
June 30,
Array Wireless2025202420252024
(Dollars in millions)
EBITDA (Non-GAAP)$165 $171 $336 $355 
Add back or deduct:
Expenses related to strategic alternatives review11 12 21 20 
(Gain) loss on asset disposals, net2 5 3 10 
(Gain) loss on license sales and exchanges, net(4)8 (5)7 
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)174 196 355 392 
Deduct:
Depreciation, amortization and accretion151 154 302 308 
Expenses related to strategic alternatives review11 12 21 20 
(Gain) loss on asset disposals, net2 5 3 10 
(Gain) loss on license sales and exchanges, net(4)8 (5)7 
Operating income (GAAP)$14 $17 $34 $47 

15

Three Months Ended
June 30,		Six Months Ended
June 30,
Array Towers2025202420252024
(Dollars in millions)
EBITDA (Non-GAAP)$33 $30 $65 $62 
Add back or deduct:
Expenses related to strategic alternatives review1 1 1 1 
(Gain) loss on asset disposals, net— — 1 1 
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)34 31 67 64 
Deduct:
Depreciation, amortization and accretion12 11 23 21 
Expenses related to strategic alternatives review1 1 1 1 
(Gain) loss on asset disposals, net— — 1 1 
Operating income (GAAP)$21 $19 $42 $41 

Three Months Ended
June 30,		Six Months Ended
June 30,
TDS Telecom2025202420252024
(Dollars in millions)
Net income (GAAP)$16 $18 $20 $42 
Add back or deduct:
Income tax expense2 3 3 10 
Income before income taxes (GAAP)18 21 23 52 
Add back:
Interest expense(1)— (2)(2)
Depreciation, amortization and accretion expense73 67 145 131 
EBITDA (Non-GAAP)90 88 165 181 
Add back or deduct:
(Gain) loss on asset disposals, net6 4 8 6 
(Gain) loss on sale of business and other exit costs, net(8)— (8)— 
Adjusted EBITDA (Non-GAAP)89 91 165 187 
Deduct:
Interest and dividend income2 1 3 2 
Other, net2 1 4 2 
Adjusted OIBDA (Non-GAAP)$85 $89 $158 $183 

Numbers may not foot due to rounding.
16