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, 2023 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 001-09712 The number of shares outstanding of each of the issuer's classes of common stock, as of March 31, 2023, is 51,712,600 Comm ...

Financial Performance - Total operating revenues for 2022 were $4,169 million, a 1% increase from $4,122 million in 2021[141] - UScellular's adjusted EBITDA for 2022 was $956 million, down 9% from $1,054 million in 2021[141] - Operating income decreased by 59% to $69 million in 2022 from $170 million in 2021[154] - Net income attributable to UScellular shareholders fell by 81% to $30 million in 2022 compared to $155 million in 2021[154] - Basic earnings per share attributable to UScellular shareholders fell to $0.35 in 2022, a decrease of 80.6% compared to $1.80 in 2021[244] - UScellular's net income for 2022 was $35 million, a decrease from $160 million in 2021[238] - Adjusted EBITDA for 2022 was $956 million, down from $1,054 million in 2021, indicating a decline of approximately 9.3%[238] - Operating expenses increased to $4,100 million in 2022, up 3.7% from $3,952 million in 2021[244] Customer Metrics - UScellular serves 4.7 million retail connections, including 4.2 million postpaid and 0.5 million prepaid connections as of December 31, 2022[133] - The company experienced a net loss of 133,000 postpaid connections in 2022, attributed to aggressive competition and increased promotional spending[149] - The churn rate for postpaid handsets increased to 1.12% in 2022 from 0.96% in 2021, indicating higher customer turnover[140] - Postpaid Average Revenue Per User (ARPU) increased by 4% to $50.14 in 2022, while Average Revenue Per Account (ARPA) also rose by 4% to $130.39[139] Capital Expenditures and Investments - Total capital expenditures for 2022 were $717 million, an 8% decrease from $780 million in 2021[141] - Capital expenditures for 2022 were focused on network modernization, 5G deployment, and IT investments, with expected expenditures for 2023 between $600 million and $700 million[183] - UScellular was the provisional winning bidder for 254 wireless spectrum licenses for $1,283 million in Auction 107, with the remaining amount paid in March 2021[220] Debt and Liquidity - Long-term debt increased by $459 million, reaching a total of $3,187 million by December 31, 2022[203] - UScellular's total undrawn borrowing capacity as of December 31, 2022, was $615 million, including $300 million from the revolving credit agreement[166] - The company has a maximum borrowing capacity of $800 million under term loan agreements, with outstanding borrowings of $796 million as of December 31, 2022[168] - Cash, cash equivalents, and restricted cash increased by $109 million in 2022, with net cash provided by operating activities amounting to $832 million[192] Revenue Streams - UScellular's total revenues from contracts with customers for 2022 were $4,076 million, an increase from $4,039 million in 2021 and $3,960 million in 2020[308] - Retail service revenues for 2022 were $2,793 million, compared to $2,757 million in 2021 and $2,681 million in 2020, indicating a steady growth trend[308] - Equipment sales reached $1,044 million in 2022, up from $1,007 million in 2021 and $970 million in 2020, reflecting a positive sales trajectory[308] Competition and Market Conditions - The company faced intense competition, which could adversely affect revenues and increase costs[226] - UScellular's ability to attract and retain talent is critical, as failure to do so could negatively impact its operations[226] Shareholder Returns - UScellular repurchased 1,589,784 Common Shares for $43 million at an average cost per share of $26.78 during 2022[188] - The company repurchased common shares amounting to $43 million in 2022, compared to $31 million in 2021, indicating a strategy to return value to shareholders[257] Bad Debts and Credit Risk - Bad debts expense increased by $76 million in 2022 due to a return to pre-COVID-19 customer payment behavior[153] - The company reported a bad debts expense of $132 million in 2022, significantly higher than $56 million in 2021, indicating increased credit risk[246] - The allowance for credit losses for equipment installment plan receivables rose from $72 million in 2021 to $96 million in 2022[323] Tax and Regulatory Matters - UScellular received a tax refund of $123 million in early 2022 related to the 2020 net operating loss carryback enabled by the CARES Act[157] - The company recognized a tax receivable balance of $123 million from TDS as of December 31, 2021, which was settled in January 2022[291]

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 June 30, 2022 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 001-09712 UNITED STATES CELLULAR CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of i ...

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, 2022 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 001-09712 UNITED STATES CELLULAR CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 001-09712 UNITED STATES CELLULAR CORPORATION (Exact name of Registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Delaware 62-1147325 (State or other j ...

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 001-09712 UNITED STATES CELLULAR CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 001-09712 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 8410 West Bryn Mawr, Chicago, Illinois 60631 (Address of principal executive offices) (Zip code) Registrant's telephone num ...

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 001-09712 UNITED STATES CELLULAR CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of ...

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 Securities registered pursuant to Section 12(g) of the Act: None Commission file number 001-09712 UNITED STATES CELLULAR CORPORATION (Exact name of Registrant a ...

*uscellular Third Quarter 2020 Results November 6, 2020 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, project ...