Telephone & Data Systems Inc.

2024 Annual Report 
www.tdsinc.com 

Bridging the 
Digital Divide
Since our founding over 50 years ago, TDS has been committed 
to bringing high-quality communications services to unserved 
and underserved communities in suburban and rural America.
Through partnerships with nonprofit organizations, 
original research, and associate volunteerism, we’re 
addressing the digital divide and providing critical 
resources in local communities. Since 2009, UScellular 
has invested nearly $47 million in monetary donations, 
technology resources, and countless experiences to 
nonprofit organizations across the country. We are 
building better communities by supporting STEM 
education and helping build a healthier digital future.
Supporting Education
We know that STEM education and technology go hand-in-hand. 
Our partnerships with organizations like Girls Who Code, YWCA, 
and the Boys & Girls Clubs of America – the latter of which we 
have donated $1 million annually for the past ten years – have 
provided students with access, mentorship, and hands-on STEM 
education to ensure they have the important tools to reach their 
full potential. In addition, our After School Access Project has 
provided nearly 100,000 youth with access to Wi-Fi, with over 
$30 million in hotspots and service donated.
Building a Healthier Digital Future
At UScellular, our network and portfolio of devices and 
solutions help people build strong connections with friends, 
family, and communities. UScellular believes that our phones 
are meant to bring us closer to what matters most. Through 
initiatives like the “Phones Down for 5” challenge and tutorials 
for changing phone settings to “US Mode” to limit digital 
distractions, we are helping people create better relationships 
with their technology and helping families navigate the digital 
world together.
TDS Telecom’s mission is to create a better world by 
providing high-quality communication services – 
connecting people and businesses, supporting education, 
and strengthening communities. As TDS Telecom expands 
its fiber footprint, it continually advocates for support 
to bring better services to locations through federal and 
state programs and state broadband grants. From hands-
on volunteering to in-kind and direct financial support, 
TDS Telecom also takes a vested interest in the growth 
and success of our communities. 
Improving Rural Broadband
TDS Telecom is doubling down on its commitment to improve 
rural broadband by receiving Enhanced Alternative Connect 
America Cost Model (E-ACAM) support from the Federal 
Communications Commission. The program will provide 
approximately $90 million of annual regulatory revenue for 
15 years in exchange for bringing higher speeds to some of 
the most rural geographies in our footprint. Our plans involve 
bringing fiber to approximately 300,000 addresses, including 
those funded by E-ACAM and those passed along the route. 
The federal funding is on top of more than $51 million received 
in state grants from 2013-2023 to provide enhanced broadband 
services to nearly 27,000 service addresses in six states.
Giving Back to Communities
Through its TDS Cares initiative, TDS continues to give back to 
the communities it serves through donations, sponsorships, 
and volunteerism. In 2024, its annual Week of Giving campaign 
included approximately 100 philanthropic activities that resulted 
in more than $100,000 in donations to organizations across the 
country. TDS Cares initiatives occur throughout the year and 
through the Be Good Citizens program, TDS provides associates 
with 16 hours of paid time off every year to volunteer at the 
501c3 organization of their choice.

Dear Shareholders, 
2024 was a significant year for TDS. We undertook substantial actions throughout the 
organization designed to position the company for long-term success. We worked to 
optimize our portfolio as evidenced by entering into multiple agreements pursuant to 
the strategic review of alternatives at UScellular, in addition to the sale of OneNeck IT 
Solutions and the sales of several small copper ILEC and cable companies.
Review of strategic alternatives update  
In May 2024, TDS and UScellular announced that they entered into an agreement to sell UScellular’s 
wireless operations and select spectrum assets to T-Mobile for $4.4 billion, including up to $2 billion 
of assumed debt. The transaction is a positive outcome for all stakeholders and creates significant 
benefits for our customers, providing more competitive choices, as they will benefit from a better 
network experience from the combined networks of the two companies, lower prices and more robust 
plans. This transaction is expected to close in mid-2025, subject to regulatory approval and the 
satisfaction of customary closing conditions.
Additionally, as part of the strategic review, UScellular subsequently launched a process to 
opportunistically monetize its remaining spectrum. In fall 2024, UScellular entered into agreements 
to sell spectrum licenses to Verizon Communications, Inc., AT&T, Inc., Nsight Spectrum, LLC and  
Nex-Tech Wireless, LLC for approximately $2 billion. These sales are contingent upon the closing of 
the T-Mobile deal, regulatory approval, and other closing conditions. In total, UScellular has reached 
agreements to monetize approximately 70%* of its spectrum 
CEO leadership transition   
Effective February 1, 2025, the TDS Board of Directors elected me to succeed LeRoy (“Ted”) T. Carlson, Jr. 
as TDS President and Chief Executive Officer. Ted Carlson continues to serve the enterprise, assuming a 
newly created Vice Chair position focusing on enterprise strategy. Ted’s contributions to the company over 
the past 51 years have been truly remarkable and we look forward to his continuing guidance. 
Prior to taking on my new responsibilities, I have had over 40 years of service to TDS, serving on the  
TDS Board since 1981 and being the non-executive Chair of the TDS Board since 2002. This leadership 
transition reflects the commitment of the TDS enterprise to advance our mission of bringing high-quality 
communications services to our customers throughout the United States. 
UScellular   
In 2024, UScellular remained committed to balancing improved subscriber momentum with financial 
discipline while working to advance the T-Mobile transaction through the regulatory process. While the 
competitive intensity and investment requirements of the wireless industry environment remained high, 
UScellular improved its subscriber trajectory. The Company made meaningful year-over-year progress in 
retail subscriber results, especially with postpaid handsets in the second half of the year. However, 
despite the improvements, net retail subscriber adds were still negative and the challenges of the 
competitive environment and the lack of scale of our business still remains, which is why the transaction 
with T-Mobile is the best path forward for UScellular customers and the wireless business overall. 
UScellular continued its ongoing 5G mid-band network deployment, providing additional capacity and 
faster speeds for our customers. In 2024, ongoing investments in network and customer service enabled 
UScellular to increase its home and business internet customers (fixed wireless) to 145,000, and 
recently crossed over 150,000 customers.  

Walter Carlson 
President and Chief Executive Officer and Chair of the Board
*Excluding mmWave, measured on MHz-Pops basis
In 2025, the company hopes to build on its 2024 customer momentum and remains focused on 
operating and investing in the business through the expected close of the transaction with T-Mobile.  
After the sale of the wireless operations, UScellular will retain a strong tower business, with over 2,000 
additional colocations from T-Mobile. We are optimistic in the outlook for our tower business, as the 
long-term capacity needs of the industry will require further densification and drive demand for towers. 
We will also look for opportunities to monetize UScellular’s remaining spectrum.
TDS Telecom   
In 2024, TDS Telecom made significant progress on its fiber transformation, growing the number of fiber 
service addresses by 129,000 to 928,000. More than 50% of its addresses are now served by fiber. The 
fiber strategy has also led to growth in residential revenues, as we saw increases in both broadband 
connections and average revenue per connection, offset by industry-wide pressures in video, voice and 
wholesale revenues.
We spent last year planning for the Enhanced Alternative Connect America Cost Model (E-ACAM) 
program. It is estimated that this multi-year build program will bring fiber to approximately 300,000 
addresses, including those funded by the E-ACAM program and those passed along the route. This 
program will bring faster broadband speeds to our customers and further reduce our network reliance 
on copper technology.   
Looking forward, TDS Telecom remains focused on transforming into a fiber broadband company with  
a goal to deliver 150,000 marketable fiber service addresses in 2025. And as part of its transformation, 
TDS Telecom will also be investing in programs to streamline operations and enhance the customer 
experience, increasing efficiency and improving its cost structure and margins over time.
As a result of the E-ACAM program and other initiatives, TDS has increased its long-term fiber goals and 
is now targeting 1.8 million marketable fiber service addresses, an increase of 50% from its prior goal. 
Additionally, as a result of E-ACAM the company expects to reduce the addresses served by copper to 
just 5% over time.  
Committed to our mission 
Our commitment to provide outstanding communications services to our customers and meet the needs 
of our shareholders, our people and our communities remains our focus.
Thank you 
We are grateful to all our dedicated and hard-working associates who have made these accomplishments 
possible and are thankful to our shareholders and debt holders for their support as we continue to 
position TDS to be successful.   
Very truly yours, 

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Telephone and Data Systems, Inc.     
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