Telephone and Data Systems, Inc.

Good day and welcome to the TDS and U.S. Cellular Third Quarter 2022 Operating Results Conference Call. Please note today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star followed by the number one again. Thank you. At this time, I would like to turn the conference over to Colleen Thompson, Vice President of Corporate Relations. Ms. Thompson, you may begin your conference.

Good morning, and thank you for joining us. We want to make you all aware of the presentation we have prepared to accompany our comments this morning, which you can find on the Investor Relations sections of the TDS and U.S. Cellular websites. With me today and offering prepared comments are from TDS Vicki Villacrez, Executive Vice President and Chief Financial Officer, From U.S. Cellular, LT Tharival, President and Chief Executive Officer, Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer, and from TDS Telecom, Michelle Brokwicki, Senior Vice President of Finance and Chief Financial Officer. This call is being simultaneously webcast on the TDS and U.S. Cellular Investor Relations websites. Please see the websites for slides referred to on this call, including non-GAAP reconciliations. We provide guidance for both adjusted operating income before depreciation and amortization, or OIBDA, and adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, to highlight the contributions of U.S. Cellular's wireless partnerships. TDS and U.S. Cellular filed their SEC forms 8K, including the press releases and our 10Qs yesterday. As shown on slide two, the information set forth in the presentation and discussed during this call contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Please review the Safe Harbor paragraphs in our press releases and the extended version included in our SEC filings. In terms of our upcoming IR schedule on slide three, we are attending the Raymond James Technology Conference in New York on December 7th, and the City Communications, Media, and Entertainment Conference in Scottsdale on January 5th. And as always, our open door policy can now be an open door, phone, or video policy. So please reach out if you're interested in speaking with us. I will now turn the call over to Vicki Villacruz. Vicki?

Okay. Thanks, Colleen, and good morning, everyone. Both our business units are well positioned to take advantage of growth opportunities to enhance their competitive positions. and have tightened guidance ranges as we enter the fourth quarter as we discuss both us cellular and tds telecom are in key investment cycles that are pressuring free cash flow near term so with the goal to position us for growth and improved returns over time both businesses are effectively managing through inflationary and supply chain pressures through a number of mitigating actions to address these risks. Importantly, our business, our balance sheet strength also positions us well to manage against the interest rate increases that we are currently seeing. We continue to be pleased with our financing strategy, which incorporates a combination of long-dated maturity and preferred equity. In addition to opportunistic short-term financing to help fund our network modernization investments in both businesses and expansion into new markets at TDS Telcom. I also want to highlight that during the quarter, we repurchased a modest amount of stock at both companies. As a result, we have spent $55 million in stock buybacks this year, $26 million and $29 million at TDS and U.S. Cellular, respectively. Okay, and now I'll turn the call over to LT.