Telephone and Data Systems, Inc. Financial Ratios — TDS

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	8.18	3.33	5.68	-5.6	9.09	1.74	6.14	5.21	4.54	8.25	4.17	-0.25	-24.1	-5	-4.26
Return on Assets (%)	2.51	0.97	1.62	-1.53	2.4	0.46	1.63	1.42	1.18	1.94	1.2	0.44	-3.51	-0.2	-0.06
Return on Capital (%)	5.04	2.01	3.6	- -	5.05	2.36	- -	4.04	3.32	4.56	3.82	1.68	- -	- -	- -
Return on Invested Capital (%)	4.11	2.24	-2.58	- -	1.52	0.9	- -	2.06	1.61	2.78	2.32	0.79	- -	- -	- -
Gross Margin (%)	60.42	57.48	54.6	49.87	53.65	52.88	53.23	54.28	54.85	54.95	53.61	52.61	49.18	54.49	59.02
EBITDA Margin (%)	21.76	19.43	14.86	12.64	19.46	18.7	19.75	21.12	21.68	22.78	22.14	19.95	13.1	16.96	23.6
Operating Margin (%)	6.98	4.21	-5.92	-4.07	3.26	2.21	3.01	3.84	3.67	5.38	5.35	2.79	-9.78	-8.15	-5.05
Incremental Operating Margin (%)	27.8	-82.83	- -	- -	186.07	101.82	-34.23	67.69	-8.96	185.71	3.85	-159.52	-2.77	-3.57	- -
Pretax Margin (%)	7.02	3.67	5.98	-3.03	8.35	1.78	-2.42	4.33	4.08	5.51	4.15	2.31	-41.58	-7.97	7.24
Profit Margin (%)	3.87	1.53	2.9	-2.72	4.2	0.83	3.03	2.64	2.34	4.33	2.93	1.15	-36.9	-2.14	-0.51
Net Income to Common Margin (%)	3.87	1.53	2.89	-2.72	4.2	0.83	3.03	2.64	2.34	4.33	2.2	-0.13	-42.01	-7.47	-6.14
Effective Tax Rate (%)	31.2	37.5	43.04	- -	39.54	43.48	- -	20.81	30.33	6.6	14.93	42.4	- -	- -	- -
Dvd Payout Ratio (%)	16.21	32.51	28.82	-36.67	19.86	106.56	42.86	33.49	43.35	25	44.2	630.77	-13.81	-23.55	17.02
Sustainable Growth Rate (%)	6.86	2.25	4.04	-7.65	7.28	-0.11	3.51	3.46	2.57	6.19	2.33	1.35	-27.43	-6.18	-3.53

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	1,531	1,723	1,722	1,942	2,454	2,445	2,457	2,439	3,373	4,498	4,035	4,804	5,143	3,015	1,404
ST Debt	2	1	2	1	14	12	20	21	126	134	147	165	173	59	31
LT Debt	1,530	1,722	1,720	1,941	2,440	2,433	2,437	2,418	3,247	4,364	3,888	4,639	4,970	2,957	1,373
Total Debt/EBITDA	1.36	1.66	2.36	3.07	2.42	2.54	2.47	2.26	3.01	3.78	3.42	4.45	28.97	13.7	4.84
Net Debt/EBITDA	0.86	0.95	1.22	2.32	1.45	1.6	1.85	1.41	1.66	1.68	2.18	3.14	21.8	9.47	0.22
Total Debt/EBIT	4.23	7.65	-5.94	-9.52	14.44	21.45	16.16	12.44	17.75	16.01	14.16	31.81	-38.81	-28.53	-22.65
Net Debt/EBIT	2.68	4.36	-3.08	-7.21	8.64	13.55	12.09	7.74	9.79	7.12	9.01	22.45	-29.2	-19.71	-1.01
EBITDA to Interest Expense	9.54	11.98	7.37	5.7	7.14	5.67	5.86	6.27	6.8	7.08	5.09	6.21	2.86	2.03	2.57
EBITDA-CapEx/Interest Expense	1.32	0.5	-1.58	-1.5	1.5	1.93	1.83	1.75	0.97	-1.06	-5.51	-3.99	-9.56	-1.52	-0.93
EBIT to Interest Expense	3.06	2.6	-2.93	-1.84	1.2	0.67	0.89	1.14	1.15	1.67	1.23	0.87	-2.13	-0.97	-0.55
Interest Expense	118	87	99	111	142	170	170	172	165	168	232	174	62	109	113
Common Equity/Total Assets	29.91	28.59	28.42	26.33	26.41	25.99	27.18	27.16	24.79	22.38	20.85	18.56	14.54	13.52	20.19
Long-Term Debt/Equity (%)	33.23	36.97	36.83	43.56	51.86	51.21	49.81	45.59	59.96	77.89	57.64	70.13	82.72	50.25	26.07
Long-Term Debt/Capital (%)	33.07	35.62	35.79	40.41	44.19	44.18	43.46	41.4	47.69	53.88	44.49	49.65	54.94	43.92	29.59
Long-Term Debt/Total Assets (%)	18.65	19.96	19.32	21.92	25.9	25.76	26.22	24.72	30.12	34.84	28.82	31.88	35.7	21.61	16.35
Total Debt/Equity (%)	33.26	37	36.86	43.58	52.16	51.46	50.21	45.98	62.29	80.28	59.82	72.62	85.6	51.25	26.66
Total Debt/Capital (%)	33.1	35.64	35.83	40.43	44.45	44.4	43.82	41.76	49.54	55.53	46.17	51.41	56.85	44.79	30.27
Total Debt/Total Assets (%)	18.67	19.98	19.34	21.93	26.05	25.88	26.43	24.93	31.29	35.91	29.91	33.02	36.94	22.04	16.72
Net Debt to Equity	21.03	21.09	19.09	32.99	31.22	32.52	37.56	28.62	34.37	35.7	38.06	51.25	64.41	35.41	1.19
Net Debt/Capital (%)	23.83	24	22.43	33.94	32.39	33.54	36.85	30.86	29.34	29.98	30.66	37.73	43.92	32.71	1.62
EBITDA	1,127	1,039	728	633	1,014	964	996	1,079	1,122	1,190	1,180	1,080	178	220	290
EBITDA-CapEx	156	43	-156	-166	213	328	311	301	160	-178	-1,279	-695	-594	-165	-105
Operating Income (Loss)	362	225	-290	-204	170	114	152	196	190	281	285	151	-133	-106	-62

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.93	0.91	0.74	0.43	1.04	1.01	0.78	1.07	0.48	1.24	0.31	0.24	0.2	0.33	1.74
Current Ratio	2.01	2.04	1.76	1.72	2.29	2.33	2.15	2.71	2	2.62	1.75	1.36	1.41	1.56	2.1
Quick Ratio	1.64	1.53	1.35	1.17	1.97	1.99	1.83	2.33	1.69	2.37	1.44	1.06	1.11	0.43	1.99
CFO/Avg Current Liab	1.49	1.21	0.46	0.35	0.78	0.85	0.86	1.13	1.1	1.45	0.95	0.86	0.85	1.01	0.77
Common Equity/Total Assets	29.91	28.59	28.42	26.33	26.41	25.99	27.18	27.16	24.79	22.38	20.85	18.56	14.54	13.52	20.19
Long-Term Debt/Equity (%)	33.23	36.97	36.83	43.56	51.86	51.21	49.81	45.59	59.96	77.89	57.64	70.13	82.72	50.25	26.07
Long-Term Debt/Capital (%)	33.07	35.62	35.79	40.41	44.19	44.18	43.46	41.4	47.69	53.88	44.49	49.65	54.94	43.92	29.59
Long-Term Debt/Total Assets (%)	18.65	19.96	19.32	21.92	25.9	25.76	26.22	24.72	30.12	34.84	28.82	31.88	35.7	21.61	16.35
Total Debt/Equity (%)	33.26	37	36.86	43.58	52.16	51.46	50.21	45.98	62.29	80.28	59.82	72.62	85.6	51.25	26.66
Total Debt/Capital (%)	33.1	35.64	35.83	40.43	44.45	44.4	43.82	41.76	49.54	55.53	46.17	51.41	56.85	44.79	30.27
Total Debt/Total Assets (%)	18.67	19.98	19.34	21.93	26.05	25.88	26.43	24.93	31.29	35.91	29.91	33.02	36.94	22.04	16.72
CFO/Total Liabilities	34.91	27.86	11.68	8.98	16.75	16.66	17.63	22.71	18.93	22.13	16.35	14.56	14.42	14.69	18.84
CFO/CapEx	1.29	1.11	0.56	0.49	0.99	1.23	1.13	1.31	1.06	1.12	0.45	0.65	1.48	2.98	1.49
Altman's Z-Score	2.32	2.07	1.73	1.72	2	2	2.07	2.14	1.75	1.53	1.51	1.23	0.64	0.72	1.51

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	11.42	13.3	10.2	9.11	8.31	7.07	6.25	5.51	5.18	5.2	5.17	5.09	1.32	2.47	19.51
Days Sales Outstanding	31.95	27.44	35.8	40.08	43.91	51.62	58.4	66.19	70.41	70.17	70.62	71.71	277.57	147.63	18.7
Inventory Turnover	16.65	15.63	10.98	9.69	11.19	15.72	15.94	15.84	14.65	14.58	14.89	11.5	2.89	5.57	124.05
Days Inventory Outstanding	21.93	23.35	33.24	37.67	32.62	23.22	22.9	23.05	24.91	25.04	24.51	31.73	126.13	65.56	2.94
Accounts Payable Turnover	5.82	6.21	5.29	5.75	6.25	6.78	6.42	6.39	6.38	5.3	5.05	5.38	1.45	1.78	5.28
Accounts Payable Turnover Days	62.69	58.8	69.02	63.45	58.43	53.8	56.85	57.14	57.24	68.82	72.31	67.84	251.38	205.44	69.15
Cash Conversion Cycle	-8.81	-8.01	0.01	14.3	18.11	21.03	24.44	32.1	38.08	26.39	22.81	35.6	152.32	7.75	-47.5
Inventory to Cash Days	10.02	4.09	2.56	2.42	11.29	28.4	35.5	43.14	45.5	45.13	46.11	39.98	151.43	82.06	15.76
Inventories	130	161	245	274	158	151	145	150	169	154	178	268	208	4	4
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	130	161	245	274	158	151	145	150	169	154	178	268	208	4	4

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	2,811	2,406	2,797	2,739	2,813	3,176	3,086	3,644	2,899	2,117	2,317	1,196	2,069	3,889	4,722
- Cash & Cash Equivalents	563	740	830	472	985	900	619	921	465	1,429	367	360	236	364	766
+ Preferred Equity and Hybrid Capital	1	1	1	1	1	1	- -	- -	- -	- -	1,074	1,074	1,074	1,074	1,074
+ Minority/Non Controlling Interest	641	644	552	529	578	606	624	744	762	799	818	766	806	793	466
+ Total Debt	1,531	1,723	1,722	1,942	2,454	2,445	2,457	2,439	3,373	4,498	4,035	4,804	5,143	3,015	1,404
Enterprise Value	4,174	3,918	4,191	4,739	4,861	5,328	5,448	5,889	6,569	5,982	7,877	7,480	8,856	8,407	6,901
Total Capital	4,626	4,834	4,805	4,803	5,521	5,507	5,607	5,840	6,808	8,100	8,740	9,344	9,047	6,732	4,640
Total Debt/Capital (%)	33.1	35.64	35.83	40.43	44.45	44.4	43.82	41.76	49.54	55.53	46.17	51.41	56.85	44.79	30.27
Total Debt / EV	0.37	0.44	0.41	0.41	0.5	0.46	0.45	0.41	0.51	0.75	0.51	0.64	0.58	0.36	0.2
EV/Sales	0.81	0.73	0.86	0.95	0.93	1.03	1.08	1.15	1.27	1.14	1.48	1.38	6.54	6.48	5.62
EV/EBITDA	3.7	3.77	5.76	7.49	4.79	5.53	5.47	5.46	5.85	5.03	6.68	6.93	49.88	38.21	23.8
EV/EBIT	11.54	17.4	- -	- -	28.59	46.73	35.84	30.05	34.57	21.29	27.64	49.54	55.86	63.6	- -
EV/Cash Flow to Firm	3.12	3.38	7.61	9.43	5.55	6.07	9.78	5.11	5.81	3.54	6.06	5.96	7.37	6.83	8.83
EV/Free Cash Flow to Firm	1.81	1.82	2.92	3.64	2.9	3.52	4.39	3.05	3.14	1.96	2.1	2.47	4.49	5.2	5.87
Diluted Market Cap	2,825	2,412	2,813	2,739	2,846	3,205	3,114	3,710	2,950	2,136	2,337	1,196	2,069	3,889	4,861
Diluted Enterprise Value	4,434	4,039	4,258	4,739	4,894	5,357	5,576	5,972	6,620	6,004	7,897	7,480	8,856	8,407	7,039
EV per Share	35.37	36.05	38.63	43.68	44.74	48.43	49.08	52.58	57.62	52.47	68.5	65.61	78.55	73.74	59.91
TTM Sales	5,180	5,345	4,901	5,009	5,210	5,155	5,044	5,109	5,176	5,225	5,329	5,413	1,355	1,297	1,228
TTM EBITDA	1,127	1,039	728	633	1,014	964	996	1,079	1,122	1,190	1,180	1,080	178	220	290
TTM Operating Income	362	225	-290	-204	170	114	152	196	190	281	285	151	-133	-106	-62
TTM Cash Flow to Firm	1,337	1,159	551	502	876	878	557	1,153	1,131	1,689	1,300	1,255	1,202	1,231	781
TTM Free Cash Flow to Firm	2,309	2,155	1,435	1,301	1,677	1,514	1,242	1,931	2,093	3,057	3,759	3,030	1,973	1,616	1,176

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	1.27	1.15	2.04	2.29	1.79	2.26	2.13	2.07	1.49	0.74	0.66	0.41	1.08	2.54	4.94
EV/EBIT	11.54	17.4	- -	- -	28.59	46.73	35.84	30.05	34.57	21.29	27.64	49.54	55.86	63.6	- -
Enterprise Value	4,174	3,918	4,191	4,739	4,861	5,328	5,448	5,889	6,569	5,982	7,877	7,480	8,856	8,407	6,901
Low Price	17.78	19.2	20.57	21.3	23	20.83	24.57	23.54	21.44	14.05	17.18	9.65	6.44	13.69	31.07
EV/Sales	0.81	0.73	0.86	0.95	0.93	1.03	1.08	1.15	1.27	1.14	1.48	1.38	6.54	6.48	5.62
EV/EBITDA	3.7	3.77	5.76	7.49	4.79	5.53	5.47	5.46	5.85	5.03	6.68	6.93	49.88	38.21	23.8
Price/Earnings	14.02	29.41	19.71	- -	12.85	73.85	20.17	27	23.96	9.37	19.81	- -	- -	- -	- -
Price/Earnings Average	15.79	31.61	19.5	-20.32	13.54	70.68	20.28	24.06	27.67	10.11	20.9	-266.25	-2.63	-25.77	-56.74
Price/Earnings High	20.26	38.71	24.1	-22.65	15.26	81.86	23.93	30.3	35.13	12.93	26.06	-349.65	-4.31	-41.62	-65.24
Price/Earnings Low	10.46	25.5	15.73	-16.98	11.41	53.29	17.83	19.53	20.2	7.09	16.89	-157.16	-1.28	-16.1	-47.42
Price/Book Value	1.15	0.98	1.11	1.17	1.13	1.29	1.22	1.37	1.08	0.76	0.82	0.44	1.02	2.1	2.79
Price/Book Value Average	1.29	1.05	1.09	1.19	1.19	1.24	1.23	1.22	1.25	0.82	0.87	0.69	0.74	1.35	2.53
Price/Book Value High	1.66	1.28	1.35	1.32	1.34	1.43	1.45	1.54	1.59	1.04	1.08	0.91	1.21	2.18	2.9
Price/Book Value Low	0.86	0.85	0.88	0.99	1	0.93	1.08	0.99	0.91	0.57	0.7	0.41	0.36	0.84	2.11
Price/Tangible Book Value	1.24	1.04	1.26	1.43	1.56	1.75	1.65	1.55	1.35	0.96	2.79	13.14	43.1	2.86	1.95
Price/Tangible Book Value Average	1.4	1.11	1.25	1.44	1.64	1.68	1.66	1.38	1.56	1.04	2.94	20.48	31.21	1.84	1.77
Price/Tangible Book Value High	1.8	1.36	1.54	1.6	1.85	1.94	1.95	1.74	1.98	1.33	3.67	26.9	51.09	2.97	2.04
Price/Tangible Book Value Low	0.93	0.9	1.01	1.2	1.39	1.26	1.46	1.12	1.14	0.73	2.38	12.09	15.13	1.15	1.48
Price/Sales	0.54	0.45	0.57	0.55	0.54	0.62	0.61	0.71	0.56	0.41	0.43	0.22	1.53	3	3.84
Price/Sales Average	0.61	0.48	0.56	0.55	0.57	0.59	0.62	0.64	0.65	0.44	0.46	0.34	1.11	1.93	3.49
Price/Sales High	0.78	0.59	0.7	0.62	0.64	0.68	0.73	0.8	0.82	0.56	0.57	0.45	1.81	3.11	4.01
Price/Sales Low	0.41	0.39	0.46	0.46	0.48	0.44	0.54	0.52	0.47	0.31	0.37	0.2	0.54	1.2	2.91
Price/Cash Flow	2.24	2.18	5.65	6.93	3.56	4.06	3.98	3.58	2.85	1.38	2.1	1.04	1.81	3.39	8.01
Price/Cash Flow Average	2.52	2.34	5.59	7	3.75	3.89	4	3.19	3.29	1.49	2.22	1.61	1.31	2.18	7.26
Price/Cash Flow High	3.24	2.87	6.91	7.8	4.23	4.5	4.72	4.02	4.18	1.91	2.76	2.12	2.15	3.52	8.35
Price/Cash Flow Low	1.67	1.89	4.51	5.85	3.16	2.93	3.51	2.59	2.41	1.05	1.79	0.95	0.64	1.36	6.07
Price/Free Cash Flow Average	1.43	1.23	2.02	2.32	1.89	2.16	2.14	1.84	1.72	0.8	0.69	0.64	0.78	1.63	4.48
Price/Free Cash Flow High	1.83	1.51	2.5	2.58	2.12	2.5	2.53	2.32	2.19	1.02	0.86	0.84	1.28	2.64	5.15
Price/Free Cash Flow Low	0.95	1	1.63	1.94	1.59	1.63	1.88	1.5	1.26	0.56	0.56	0.38	0.38	1.02	3.74
EV/Sales Average	0.92	0.79	0.86	0.95	0.96	1.01	1.1	1.08	1.36	1.18	1.5	1.51	6.11	5.41	5.26
EV/Sales High	1.09	0.9	0.99	1.01	1.03	1.1	1.21	1.24	1.53	1.3	1.62	1.61	6.82	6.59	5.78
EV/Sales Low	0.72	0.69	0.75	0.86	0.87	0.86	1.03	0.96	1.18	1.05	1.41	1.36	5.54	4.69	4.69
EV/EBITDA Average	4.24	4.06	5.78	7.53	4.94	5.39	5.59	5.11	6.25	5.17	6.78	7.54	46.66	31.89	22.28
EV/EBITDA High	5.03	4.62	6.68	8.03	5.32	5.88	6.15	5.89	7.06	5.71	7.3	8.08	52.04	38.87	24.5
EV/EBITDA Low	3.29	3.58	5.05	6.81	4.48	4.61	5.21	4.54	5.45	4.6	6.39	6.84	42.31	27.63	19.86
EV/EBIT Average	13.2	18.71	-14.52	-23.36	29.49	45.54	36.61	28.11	36.93	21.9	28.09	53.96	-62.52	-66.39	-104.19
EV/EBIT High	15.68	21.29	-16.78	-24.91	31.71	49.75	40.28	32.41	41.69	24.17	30.21	57.83	-69.72	-80.94	-114.53
EV/EBIT Low	10.25	16.49	-12.68	-21.13	26.75	38.98	34.14	24.99	32.18	19.47	26.44	48.9	-56.7	-57.53	-92.85
Last Price	23.82	22.14	25.78	25.25	25.89	28.87	27.8	32.54	25.43	18.57	20.15	10.49	18.35	34.11	41
High Price	34.43	29.14	31.52	28.41	30.76	32	32.98	36.52	37.29	25.64	26.51	21.47	21.75	35.39	42.74
Enterprise Value Average	4,776	4,213	4,211	4,765	5,013	5,191	5,564	5,510	7,018	6,154	8,005	8,148	8,285	7,016	6,460
Enterprise Value High	5,673	4,794	4,864	5,082	5,390	5,672	6,123	6,352	7,921	6,791	8,609	8,732	9,239	8,553	7,101
Enterprise Value Low	3,708	3,714	3,676	4,311	4,547	4,443	5,189	4,898	6,114	5,470	7,536	7,384	7,513	6,079	5,757

Shares Outstanding	108	108	109	108	109	110	111	114	115	114	115	112	114	115	114
Diluted Weighted Avg Shares	119	109	109	108	110	111	112	114	116	115	116	114	113	114	119
Basic Weighted Avg Shares	118	109	108	108	109	110	111	112	114	114	115	114	113	114	115
Revenue per Share	43.9	49.19	45.18	46.17	47.95	46.86	45.44	45.62	45.4	45.83	46.34	47.48	12.02	11.38	10.66
EBITDA per Share	9.55	9.56	6.71	5.83	9.33	8.76	8.97	9.63	9.84	10.44	10.26	9.47	1.57	1.93	2.52
Operating Income per Share	3.07	2.07	-2.67	-1.88	1.56	1.04	1.37	1.75	1.67	2.46	2.48	1.32	-1.18	-0.93	-0.54
Basic EPS, GAAP	1.7	0.75	1.31	-1.25	2.02	0.39	1.38	1.21	1.06	1.98	1.02	-0.06	-5.05	-0.85	-0.66
Basic EPS from Cont Ops	2.12	1.13	1.54	-1.36	2.42	0.47	1.41	1.56	1.29	2.36	1.63	0.63	-4.86	-0.71	1.31
Diluted EPS, GAAP	1.69	0.75	1.3	-1.25	1.99	0.39	1.37	1.18	1.04	1.97	1.01	-0.06	-5.05	-0.85	-0.64
Diluted EPS from Cont Ops	2.11	1.13	1.53	-1.36	2.39	0.47	1.4	1.54	1.27	2.34	1.62	0.63	-4.86	-0.71	1.27
Dividend per Share	0.41	0.49	0.51	0.53	0.56	0.59	0.62	0.64	0.66	0.68	1.03	1.32	1.35	0.92	0.76
Cash Flow per Share	10.64	10.17	4.56	3.64	7.27	7.11	6.99	9.08	8.91	13.44	9.59	10.13	10.12	10.05	5.12
Free Cash Flow per Basic Share	2.41	1.01	-3.59	-3.72	-0.1	1.33	0.82	2.13	0.47	1.44	-11.79	-5.44	3.28	6.68	1.69
Cash & Equivalents per Share	6.86	7.88	8.11	4.35	9.07	8.18	6.48	8.38	4.08	12.56	3.19	3.16	2.09	3.19	6.65
Book Value per Share	20.79	22.69	23.33	21.49	22.9	22.32	22.76	23.72	23.45	24.59	24.46	23.68	17.95	16.23	14.72
Tangible Book Value per Share	19.16	21.35	20.41	17.71	16.6	16.47	16.87	20.96	18.85	19.34	7.23	0.8	0.43	11.92	21

Telephone and Data Systems, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)