UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14157 TELEPHONE AND DATA SYSTEMS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction o ...

Financial Data and Key Metrics Changes - The effective tax rate was a negative 48.9% during the quarter due to the reduction of certain tax accruals and the redemption of high-cost debt, resulting in an additional $36 million non-cash interest expense [8] - Total operating revenues for the second quarter were $1.014 billion, an increase of $41 million or 4% year-over-year [26] - Adjusted operating income was $218 million, a decrease of 7% year-over-year [31] - Adjusted EBITDA for the quarter was $267 million, a decrease of $13 million or 5% year-over-year [34] Business Line Data and Key Metrics Changes - Postpaid handset gross additions increased by 16,000 year-over-year due to higher switching activity [23] - Prepaid base increased by 11,000 due to an increase in gross additions combined with a decrease in defections [24] - Retail service revenues increased by $28 million to $686 million, primarily due to a higher average revenue per user [26] - Equipment sales revenues increased by $20 million year-over-year due to an increase in units sold and accessory sales [27] Market Data and Key Metrics Changes - Total residential broadband revenues grew 16% in the quarter, driving total residential revenue growth of 10% [36] - Total telecom broadband residential connections grew 7% in the quarter [38] - The average residential revenue per connection increased by 7% due to price increases and product mix [36] Company Strategy and Development Direction - The company is focused on profitable growth and leveraging a regionally focused strategy to test different offers [15] - Continued investment in network modernization and 5G deployment is critical for maintaining operational flexibility [30] - The company is committed to expanding its fiber footprint and increasing market share in broadband services [42] Management's Comments on Operating Environment and Future Outlook - Management noted aggressive promotions in the competitive environment impacting postpaid subscriber results [14] - There is optimism regarding the bipartisan infrastructure legislation that could support broadband expansion [19] - Management expects the aggressive promotional environment to persist for the remainder of 2021 [29] Other Important Information - The company has maintained its full-year guidance for service revenues and adjusted operating income [35] - The company is experiencing strong broadband growth driven by work-at-home trends and population migration [36] Q&A Session Summary Question: What caused the thought that partnerships could help U.S. Cellular? - Management discussed partnerships aimed at growing revenue and managing costs, including local dealer partnerships and fleet management services [56] Question: When do we think you could move from trialing fixed wireless access to launching? - Management indicated that if trials continue to perform well, a market launch could occur by next year [62] Question: What is the outlook for roaming revenues? - Management projected a decline in roaming revenue for the remainder of 2021 due to the Sprint merger and migration to T-Mobile's network [71] Question: What are the opportunities in the business and government market? - Management noted that the business and government market represents significant growth potential, with efforts to enhance distribution and service offerings [85] Question: How is the competitive landscape with T-Mobile? - Management observed that while T-Mobile is expanding, market share has remained constant, indicating that aggressive marketing does not always translate to network deployment [91]

Second Quarter 2021 Results August 6, 2021 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 2 All information set forth in this presentation about Telephone and Data Systems, Inc., including its subsidiaries UScellular and TDS Telecom, except historical and factual information, represents forwardlooking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and ass ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14157 TELEPHONE AND DATA SYSTEMS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Delaware 36-2669023 (Mark One) ☒ QUARTE ...

UScellular First Quarter 2021 Results - Total operating revenues increased by 6% from $963 million in Q1 2020 to $1,023 million in Q1 2021[38] - Equipment sales increased by 26% from $201 million in Q1 2020 to $252 million in Q1 2021[38] - Adjusted OIBDA increased by 12% from $231 million in Q1 2020 to $258 million in Q1 2021[38] - Adjusted EBITDA increased by 8% from $281 million in Q1 2020 to $302 million in Q1 2021[42] - UScellular expects service revenues between $3,050 million and $3,150 million for 2021[46] - UScellular expects Adjusted OIBDA between $850 million and $950 million for 2021[46] - UScellular expects Adjusted EBITDA between $1,025 million and $1,125 million for 2021[46] TDS Telecom First Quarter 2021 Results - Total operating revenues increased by 4% from $240 million in Q1 2020 to $249 million in Q1 2021[87] - Residential revenues increased 9% due to increases in broadband connections and speeds[55, 87] - Capital expenditures increased by 30% from $54 million in Q1 2020 to $70 million in Q1 2021[87]

Financial Data and Key Metrics Changes - Total operating revenues for Q1 2021 were $1.023 billion, an increase of $60 million or 6% year-over-year [35] - Adjusted operating income was $258 million, reflecting a 12% increase year-over-year [40] - Adjusted EBITDA for the quarter was $302 million, an increase of $21 million or 8% year-over-year [44] Business Line Data and Key Metrics Changes - Retail service revenues increased by $14 million to $685 million, driven by higher average revenue per user and an increase in average postpaid subscribers [35] - Total broadband residential connections grew by 10% in the quarter, with residential broadband revenue increasing by 16% [53][60] - Equipment sales revenues increased by $51 million year-over-year due to an increase in units sold and higher-priced units [36] Market Data and Key Metrics Changes - Postpaid churn rate was 0.92%, down from 0.95% a year ago, indicating improved customer retention [34] - Total broadband penetration increased by 100 basis points to 38% [52] - The company added 13,000 fiber service addresses to its footprint, continuing its fiber strategy [47] Company Strategy and Development Direction - The company is focused on network modernization, 5G deployment, and fiber expansion as key strategic imperatives [19][16] - A new master lease agreement with DISH Wireless is expected to contribute to tower revenue growth starting in 2022 [20] - The company aims to leverage existing networks and construct greenfield fiber in opportunistic locations to drive growth [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive landscape, noting that promotional activity is expected to remain device-related rather than service-related [23] - The company is closely monitoring supply chain issues, particularly concerning chipsets and network supplies, but has not yet seen significant impacts [74][76] - The management is confident in the fiber strategy, having already fibered up 38% of its wireline service addresses [57] Other Important Information - The company redeemed $800 million in senior notes to lower interest expenses [13] - The company continues to return value to shareholders through dividends and opportunistic share repurchases [17] - The company is actively participating in various government broadband funding programs, including the FCC's A-CAM program [101] Q&A Session Summary Question: Guidance and Subscriber Growth - The company expects to achieve positive postpaid phone adds in future quarters, focusing on growing market share [70] Question: TDS Telecom's Guidance - The company is ramping up construction in fiber deployment, which will incur higher costs but is expected to drive new growth revenue [72] Question: Supply Chain Concerns - Management is monitoring supply chain issues, particularly with chipsets, but currently sees no significant impact on operations [74][76] Question: Involuntary Churn Trends - There has been a slight uptick in involuntary churn, but it remains in line with expectations as the market reopens [81] Question: Fiber Construction Acceleration - The company is focused on scaling up operations and is confident in its fiber strategy, having a significant head start over competitors [85] Question: Infrastructure Bill and Broadband Funding - The company is watching the infrastructure proposal closely and expects the broadband portion to survive the legislative process [99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14157 TELEPHONE AND DATA SYSTEMS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of in ...

| --- | --- | --- | |-------|-----------------------------|-------| | | | | | | | | | | | | | | Fourth Quarter 2020 Results | | Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 2 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 ...

Telephone and Data Systems, Inc. (NYSE:TDS) Q4 2020 Earnings Conference Call February 19, 2021 10:00 AM ET Company Participants Jane McCahon - SVP, Corporate Relations & Corporate Secretary Peter Sereda - EVP & CFO Laurent Therivel - President, CEO & Director Douglas Chambers - EVP, CFO & Treasurer James Butman - President & CEO Vicki Villacrez - CFO & SVP, Finance Conference Call Participants Philip Cusick - JPMorgan Chase & Co. Richard Prentiss - Raymond James & Associates Simon Flannery - Morgan Stanley ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14157 TELEPHONE AND DATA SYSTEMS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorpo ...