TDS reports fourth quarter and full year 2023 results

Full year 2023 Highlights*

UScellular

• Postpaid ARPU grew 2%
• Delivering on growth initiatives
  • Fixed wireless customers grew 46% to 114,000
  • Tower rental revenues grew 8% to $100 million
• Increased profitability
  • Net income, Adjusted OIBDA and Adjusted EBITDA up
• Generated positive free cash flow and increased cash flows from operating activities
• Began launching 5G mid-band network - providing low latency and faster speeds

TDS Telecom

• Exceeded full year 2023 fiber address goal
  • Delivered 217,000 fiber service addresses
• Executing on fiber broadband strategy
  • Expanded its footprint 12% - increased total service addresses to 1.7 million
  • Residential broadband connections grew 6% and Residential revenue per connection grew 4%
  • Total Wireline expansion residential revenues grew to $75 million

*Comparisons are Year Ended December 31, 2023 to Year Ended December 31, 2022

"In 2023, the TDS Family of Companies continued to make substantial investments in our businesses in order to improve our competitiveness," said LeRoy T. Carlson, Jr., TDS President and CEO. "UScellular made significant progress on its 5G network, while TDS Telecom ended the year with all of its fiber expansion communities initially launched.

"UScellular increased Postpaid ARPU 2% and drove strong results in fixed wireless in 2023. It was a challenging year from a mobility subscriber standpoint as the environment remains competitive. UScellular's goal was to balance subscriber objectives with financial goals, which led to increased profitability year over year.

"In 2024, UScellular plans to continue focusing on improving customer results, growth in fixed wireless and towers, and maintaining financial discipline as we advance the network through mid-band deployment.

"In 2023, TDS Telecom delivered 217,000 marketable fiber service addresses, up 24% from the initial 2023 target. Residential broadband connections increased 6%, while residential revenue per connection grew 4%. With all markets launched, the team plans to focus on increasing broadband penetration and revenues across the fiber footprint. We expect this to result in improved profitability in 2024."

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.

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 February 16, 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.

The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income (loss) or Income (loss) before income taxes. In providing 2024 estimated results, TDS has not completed the below reconciliation to Net income (loss) 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.

	UScellular				TDS Telecom
	2024 Estimated Results2		Actual Results for the Year Ended December 31, 2023		2024 Estimated Results2		Actual Results for the Year Ended December 31, 2023
(Dollars in millions)
Net income (loss) (GAAP)	N/A		$58		N/A		($483)
Add back:
Income tax expense	N/A		53		N/A		(26)
Income (loss) before income taxes (GAAP)	$40-$140		$111		$40-$70		($509)
Add back:
Interest expense	195		196		—		(8)
Depreciation, amortization and accretion expense	665		656		270		245
EBITDA (Non-GAAP)1	$900-$1,000		$963		$310-$340		($272)
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