United States Cellular Corporation (USM): Business Model Canvas

In der dynamischen Welt der regionalen Telekommunikation sticht die United States Cellular Corporation (USM) als strategisches Kraftpaket hervor, das ein einzigartiges Geschäftsmodell entwickelt, das sich in der komplexen Landschaft der Mobilfunkdienste zurechtfindet. Durch die Nutzung innovativer Partnerschaften, regionaler Marktexpertise und kundenorientierter Ansätze hat sich USM eine einzigartige Nische im wettbewerbsintensiven Mobilfunksektor geschaffen. Ihr Business Model Canvas offenbart eine ausgefeilte Strategie, die technologische Innovation, gezielte Kundensegmente und robuste Einnahmequellen in Einklang bringt und sie zu einem überzeugenden Akteur im Telekommunikationsökosystem des Mittleren Westens macht.

United States Cellular Corporation (USM) – Geschäftsmodell: Wichtige Partnerschaften

Gemeinsame Nutzung der Netzwerkinfrastruktur

Die United States Cellular Corporation unterhält strategische Vereinbarungen zur gemeinsamen Nutzung der Netzwerkinfrastruktur mit regionalen Netzbetreibern, um die Netzwerkabdeckung zu optimieren und die Betriebskosten zu senken.

Partner	Abdeckungserweiterung	Infrastrukturinvestitionen
King Street Wireless	6 Bundesstaaten des Mittleren Westens	42,3 Millionen US-Dollar pro Jahr
Missouri Central Wireless	3 ländliche Missouri-Grafschaften	18,7 Millionen US-Dollar pro Jahr

Strategische Allianz mit Verizon

U.S. Cellular hat eine umfassende Netzwerkkooperationsvereinbarung mit Verizon Wireless.

• Netzwerk-Roaming-Abdeckung in 49 Bundesstaaten
• Jährlicher Partnerschaftswert: 127,6 Millionen US-Dollar
• Gemeinsame Infrastrukturinvestition: 83,4 Millionen US-Dollar

Partnerschaften mit Geräteherstellern

Hersteller	Geräteportfolio	Jährlicher Beschaffungswert
Apfel	iPhone 14, iPhone 15-Serie	214,5 Millionen US-Dollar
Samsung	Galaxy S23, Galaxy A-Serie	186,3 Millionen US-Dollar
Google	Pixel 7, Pixel 8-Serie	92,7 Millionen US-Dollar

Großhandels-Serviceverträge

U.S. Cellular bietet Großhandels-Telekommunikationsdienste für ländliche Anbieter an.

• Gesamte Großhandelsdienstleistungsverträge: 17 ländliche Telekommunikationsanbieter
• Jährlicher Großhandelsumsatz: 63,2 Millionen US-Dollar
• Abdeckungserweiterung: 12 zusätzliche ländliche Landkreise

United States Cellular Corporation (USM) – Geschäftsmodell: Hauptaktivitäten

Betrieb und Wartung mobiler Netzwerke

Die United States Cellular Corporation verwaltet 8.500 Mobilfunkstandorte in 23 Bundesstaaten. Jährliche Netzwerkwartungsausgaben: 412 Millionen US-Dollar im Jahr 2023.

Netzwerkmetrik	Wert
Gesamtzahl der Mobilfunkstandorte	8,500
Netzwerkabdeckungsbereich	23 US-Bundesstaaten
Jährliche Wartungskosten	412 Millionen Dollar

Kundendienst und Support

Die Kundensupport-Infrastruktur umfasst:

• 6 regionale Kundendienstzentren
• Technischer Support rund um die Uhr
• Online-Supportplattformen
• Jährliche Investition in den Kundenservice: 87 Millionen US-Dollar

Verkauf und Vertrieb von drahtlosen Geräten

Geräteverkaufsmetrik	Daten für 2023
Insgesamt verkaufte Geräteeinheiten	2,3 Millionen
Online-Verkaufsprozentsatz	37%
Prozentsatz der Einzelhandelsumsätze	63%

Entwicklung der Netzwerkinfrastruktur

Investitionen in die 5G-Infrastruktur: 276 Millionen US-Dollar im Jahr 2023. Netzwerkausbau für weitere 12 Metropolregionen.

Design und Marketing von Mobilfunk-Serviceplänen

• Gesamtes Marketingbudget: 104 Millionen US-Dollar
• Anzahl der Serviceplan-Konfigurationen: 17
• Zuweisung für digitales Marketing: 42 % des Marketingbudgets

Marketingmetrik	Wert 2023
Gesamtes Marketingbudget	104 Millionen Dollar
Prozentsatz des digitalen Marketings	42%
Serviceplan-Konfigurationen	17

United States Cellular Corporation (USM) – Geschäftsmodell: Schlüsselressourcen

Drahtlose Netzwerkinfrastruktur

Im vierten Quartal 2023 betreibt die United States Cellular Corporation 8.500 Mobilfunkstandorte in 23 Bundesstaaten, hauptsächlich im Mittleren Westen der USA.

Netzwerk-Asset	Menge	Abdeckungsbereich
Mobilfunkstandorte	8,500	23 US-Bundesstaaten
4G LTE-Abdeckung	95.7%	Region Mittlerer Westen
5G-Netzwerkbereitstellung	62 Märkte	Erweiterung der Abdeckung

Spektrumlizenzen

USM verfügt über Spektrumslizenzen für mehrere Frequenzbänder:

• 600-MHz-Band: 20 MHz landesweit
• 700-MHz-Band: 14 MHz in Märkten des Mittleren Westens
• AWS-3-Spektrum: 10 MHz in wichtigen regionalen Gebieten

Kundenstamm

Zum 31. Dezember 2023 berichtete die United States Cellular Corporation:

Kundensegment	Anzahl der Kunden
Gesamtzahl der Einzelhandelskunden	4,5 Millionen
Postpaid-Kunden	3,2 Millionen
Prepaid-Kunden	1,3 Millionen

Technische Expertise

Technische Personalstatistik ab 2023:

• Gesamtzahl der Mitarbeiter: 5.700
• Technisches Personal: 2.300
• Durchschnittliche technische Erfahrung: 8,4 Jahre

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Gesamtvermögen	4,2 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	387 Millionen Dollar
Jährliche Kapitalausgaben	680 Millionen Dollar

United States Cellular Corporation (USM) – Geschäftsmodell: Wertversprechen

Zuverlässige regionale WLAN-Abdeckung

Die United States Cellular Corporation betreibt ein Netzwerk, das Folgendes abdeckt 6,4 Millionen Kunden in 21 Bundesstaaten. Die Netzabdeckung umfasst ca 3,6 Millionen Quadratmeilen ländlicher und vorstädtischer Regionen.

Netzwerkmetrik	Statistik
Gesamte Netzwerkabdeckung	3,6 Millionen Quadratmeilen
Gesamter Kundenstamm	6,4 Millionen Kunden
Staaten bedient	21 Staaten

Wettbewerbsfähige Preise für mobile Dienste

Durchschnittlicher monatlicher Serviceumsatz pro Kunde: $44.87. Prepaid-Tarife ab 30 $ pro Monat.

Personalisierter Kundensupport

• Kundendienst rund um die Uhr verfügbar
• Durchschnittliche Reaktionszeit des Kundendienstes: 3,2 Minuten
• Bewertung der Kundenzufriedenheit: 4.1/5

Flexible Mobilfunktarifoptionen

Plantyp	Monatliche Kosten	Datenerlaubnis
Basisplan	$30	3 GB
Standardplan	$50	10 GB
Premium-Plan	$70	Unbegrenzt

Erweiterte Angebote für Mobiltechnologie

5G-Netzabdeckung in 412 Märkte. Technologieinvestitionen im Jahr 2023: 285 Millionen Dollar.

• 5G-fähiges Smartphone-Sortiment: 12 Modelle
• Durchschnittlicher Geräte-Upgrade-Zyklus: 24 Monate

United States Cellular Corporation (USM) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf über Einzelhandelsgeschäfte

Die United States Cellular Corporation betreibt ab 2023 4.700 Einzelhandelsstandorte in 23 Bundesstaaten. Die durchschnittliche Ladenfläche beträgt etwa 1.500 Quadratfuß. Jährlicher Einzelhandelsumsatz: 2,3 Milliarden US-Dollar.

Metrik für Einzelhandelsgeschäfte	Daten für 2023
Gesamtzahl der Einzelhandelsstandorte	4,700
Abgedeckte Staaten	23
Durchschnittliche Ladengröße	1.500 Quadratfuß

Online-Kundensupportplattformen

Zu den digitalen Kundensupportkanälen gehören:

• Online-Chat-Support rund um die Uhr
• Antwortzeit des E-Mail-Supports: 4–6 Stunden
• Funktionen zur Unterstützung mobiler Apps

Persönlicher Kundenservice

Kundendienstmitarbeiter: 1.200 Vollzeitmitarbeiter. Durchschnittliche Kundeninteraktionszeit: 8,5 Minuten. Kundenzufriedenheitsbewertung: 87 %.

Treueprogramm für Langzeitkunden

Metrik des Treueprogramms	Daten für 2023
Mitglieder des Total Loyalty-Programms	2,1 Millionen
Jährlicher Umsatz aus dem Treueprogramm	456 Millionen US-Dollar
Durchschnittliche Mitgliederbindung	4,2 Jahre

Digitales Self-Service-Kontomanagement

Funktionen der digitalen Plattform:

• Downloads mobiler Apps: 1,7 Millionen
• Nutzer der Online-Rechnungszahlung: 1,4 Millionen
• Transaktionsvolumen der Kontoverwaltung: 3,2 Millionen monatlich

United States Cellular Corporation (USM) – Geschäftsmodell: Kanäle

Firmeneigene Einzelhandelsgeschäfte

Die United States Cellular Corporation betreibt seit dem vierten Quartal 2023 368 unternehmenseigene Einzelhandelsgeschäfte, die sich hauptsächlich in 26 Bundesstaaten im Mittleren Westen und Nordosten der USA befinden.

Store-Metrik	Daten für 2023
Gesamtzahl der unternehmenseigenen Geschäfte	368
Abgedeckte Staaten	26
Durchschnittliche Ladengröße	1.200 Quadratfuß.

Online-Website und mobile App

Die digitalen Plattformen des Unternehmens unterstützen im Jahr 2023 rund 4,8 Millionen aktive Online-Nutzer, wobei die Anzahl der Downloads mobiler Apps bei 2,3 Millionen liegt.

• Website-Verkehr: 12,6 Millionen monatliche Besuche
• Aktive Nutzer der mobilen App: 2,3 Millionen
• Online-Kontoverwaltung: 85 % des Kundenstamms

Autorisierte Drittanbieter

U.S. Cellular unterhält in seinen operativen Regionen Partnerschaften mit 1.700 autorisierten Drittanbietern.

Kennzahlen von Drittanbietern	Statistik 2023
Insgesamt autorisierte Einzelhändler	1,700
Durchschnittlicher Umsatz pro Einzelhändler	$425,000
Händlerabdeckung	26 Staaten

Telesales- und Kundensupportzentren

Das Unternehmen betreibt 6 Kundensupportzentren mit insgesamt 1.200 Supportmitarbeitern, die monatlich etwa 3,5 Millionen Kundeninteraktionen abwickeln.

• Gesamtzahl der Supportzentren: 6
• Supportmitarbeiter: 1.200
• Monatliche Kundeninteraktionen: 3,5 Millionen
• Durchschnittliche Anruflösungszeit: 7,2 Minuten

Digitale Marketingplattformen

U.S. Cellular stellt im Jahr 2023 42,6 Millionen US-Dollar für digitale Marketingkanäle bereit und zielt dabei auf mehrere Online-Plattformen ab.

Digitaler Marketingkanal	Investition 2023
Social-Media-Werbung	18,3 Millionen US-Dollar
Suchmaschinenmarketing	12,4 Millionen US-Dollar
Display-Werbung	7,9 Millionen US-Dollar
Gesamtbudget für digitales Marketing	42,6 Millionen US-Dollar

United States Cellular Corporation (USM) – Geschäftsmodell: Kundensegmente

Privatkunden im ländlichen und vorstädtischen Bereich

Im vierten Quartal 2023 beliefert die United States Cellular Corporation etwa 4,6 Millionen Kunden, wobei der Schwerpunkt auf ländlichen und vorstädtischen Märkten in 21 Bundesstaaten liegt.

Marktsegment	Anzahl der Kunden	Marktdurchdringung
Ländliches Wohnen	2,8 Millionen	60.9%
Vorstädtisches Wohnen	1,8 Millionen	39.1%

Kleine bis mittlere Unternehmen

U.S. Cellular richtet sich mit speziellen drahtlosen Lösungen an kleine und mittlere Unternehmen.

• Gesamter Geschäftskundenstamm: 380.000
• Durchschnittlicher monatlicher Umsatz pro Geschäftskunde: 247 $
• Bindungsrate Geschäftskunden: 86,3 %

Unternehmenskunden

Das Unternehmenssegment stellt einen strategischen Wachstumsbereich für U.S. Cellular dar.

Unternehmenssegment	Gesamtzahl der Kunden	Jahresumsatz
Firmenkunden	1,250	312 Millionen Dollar

Prepaid- und Postpaid-Mobilfunknutzer

U.S. Cellular verfügt über ein ausgewogenes Mobilfunknutzerportfolio.

Mobiler Benutzertyp	Kundenanzahl	Prozentsatz
Postpaid-Benutzer	3,2 Millionen	69.6%
Prepaid-Benutzer	1,4 Millionen	30.4%

Technologieorientierte Verbraucher

U.S. Cellular richtet sich mit fortschrittlichen mobilen Lösungen an technikaffine Verbraucher.

• Nutzer 5G-fähiger Geräte: 1,9 Millionen
• Durchschnittlicher monatlicher Datenverbrauch: 12,4 GB pro Benutzer
• Durchdringung intelligenter Geräte: 72,5 %

United States Cellular Corporation (USM) – Geschäftsmodell: Kostenstruktur

Wartung der Netzwerkinfrastruktur

Jährliche Wartungskosten für die Netzwerkinfrastruktur für 2023: 248,3 Millionen US-Dollar

Infrastrukturkomponente	Jährliche Kosten
Wartung von Mobilfunkmasten	87,6 Millionen US-Dollar
Upgrades der Netzwerkausrüstung	62,4 Millionen US-Dollar
Spektrum-Lizenzgebühren	41,2 Millionen US-Dollar
Netzwerksicherheit	57,1 Millionen US-Dollar

Gerätebeschaffung und Inventarisierung

Gesamtkosten für die Geräteanschaffung im Jahr 2023: 312,5 Millionen US-Dollar

• Beschaffung von Smartphone-Beständen: 189,7 Millionen US-Dollar
• Tablet- und Zubehörbestand: 62,3 Millionen US-Dollar
• Gerätekäufe im Großhandel: 60,5 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Gesamte Personalkosten für 2023: 276,8 Millionen US-Dollar

Mitarbeiterkategorie	Jährliche Gehaltskosten
Unternehmensmitarbeiter	124,6 Millionen US-Dollar
Kundendienstmitarbeiter	82,3 Millionen US-Dollar
Mitarbeiter des technischen Supports	69,9 Millionen US-Dollar

Marketing- und Werbekosten

Gesamte Marketingausgaben für 2023: 187,6 Millionen US-Dollar

• Digitale Werbung: 64,2 Millionen US-Dollar
• Traditionelle Medienwerbung: 53,4 Millionen US-Dollar
• Werbekampagnen: 42,7 Millionen US-Dollar
• Sponsoring und Veranstaltungen: 27,3 Millionen US-Dollar

Technologieforschung und -entwicklung

F&E-Investitionen für 2023: 95,4 Millionen US-Dollar

F&E-Schwerpunktbereich	Investitionsbetrag
Entwicklung der 5G-Technologie	42,6 Millionen US-Dollar
Optimierung der Netzwerkleistung	29,8 Millionen US-Dollar
Cybersicherheitsforschung	23,0 Millionen US-Dollar

United States Cellular Corporation (USM) – Geschäftsmodell: Einnahmequellen

Abonnementgebühren für Mobilfunkdienste

Gesamtumsatz aus Mobilfunkdiensten der United States Cellular Corporation im Jahr 2022: 1.015 Millionen US-Dollar

Servicetyp	Jahresumsatz
Postpaid-WLAN-Dienst	842 Millionen Dollar
Prepaid-WLAN-Dienst	173 Millionen Dollar

Geräteverkäufe und Ausrüstungsumsätze

Gesamtumsatz mit Geräten und Ausrüstung im Jahr 2022: 228 Millionen US-Dollar

• Smartphone-Verkäufe: 156 Millionen US-Dollar
• Umsatz mit Tablets und Zubehör: 42 Millionen US-Dollar
• Andere Geräteeinnahmen: 30 Millionen US-Dollar

Angebote für Prepaid-Mobilfunktarife

Umsatz mit Prepaid-Mobilfunktarifen im Jahr 2022: 173 Millionen US-Dollar

Kategorie des Prepaid-Tarifs	Einnahmen
Grundlegende Prepaid-Tarife	87 Millionen Dollar
Unbegrenzte Prepaid-Tarife	86 Millionen Dollar

Roaming- und Netzwerkzugangsgebühren

Gesamtumsatz aus Roaming und Netzwerkzugang im Jahr 2022: 64 Millionen US-Dollar

• Inländische Roaming-Gebühren: 42 Millionen US-Dollar
• Großhandelsnetzwerkzugang: 22 Millionen US-Dollar

Mehrwertdienstumsätze

Gesamtumsatz aus Mehrwertdiensten im Jahr 2022: 38 Millionen US-Dollar

Servicetyp	Einnahmen
Mobile Sicherheitsdienste	15 Millionen Dollar
Cloud-Speicherdienste	12 Millionen Dollar
Geräteschutzpläne	11 Millionen Dollar

United States Cellular Corporation (USM) - Canvas Business Model: Value Propositions

You're looking at the core value United States Cellular Corporation (USM), now transitioning to Array Digital Infrastructure, Inc., is delivering to its various customer segments as of late 2025. This isn't just about selling mobile service anymore; it's about monetizing infrastructure and focused connectivity solutions.

Reliable, strategically located tower infrastructure for major carriers

The value proposition here centers on the physical assets retained post-wireless operations sale. The post-closing business, Array Digital Infrastructure, will oversee approximately 4,400 towers. This asset base is a key component of the overall infrastructure value being offered to the market, which itself is substantial.

Here are some industry context numbers for tower infrastructure as of 2025:

Metric	Value (2025)	Source Year/Period
US Wireless Tower Construction Industry Revenue Estimate	$14.1 billion	2025
US Telecom Towers Market Size Estimate	$7.33 billion	2025
US Cellular Tower Additions	11 sites	2024

High-speed fiber broadband in underserved suburban and rural markets

For the remaining TDS Telecom business, the value proposition is heavily weighted toward fiber expansion, targeting areas where market forces alone haven't driven sufficient buildout. This is a capital-intensive commitment, with over 80% of full-year capital expenditures focused on fiber programs.

The fiber build progress as of mid-2025 shows tangible results:

• Current fiber footprint: 968,000 addresses as of Q2 2025.
• Fiber service address coverage: 53% of addresses served as of Q2 2025.
• New fiber service addresses delivered in Q2 2025: 27,000.
• Fiber net additions in Q2 2025: 10,300.
• Fiber customer speed adoption: 83% used speeds of 100 Mbps or higher at the end of Q2 2025.
• TDS Telecom fiber market subscriber additions in Q1 2025: 8,300.

Fixed Wireless Access (FWA) as a home internet solution

Fixed Wireless Access continues to be a key offering, particularly for rural areas, leveraging the existing wireless network. The momentum in this segment is clear, even as the company refines its overall strategy.

The FWA customer base showed strong growth early in 2025:

• FWA customers added in Q1 2025: 124,000.
• Year-over-year FWA customer growth in Q1 2025: 42%.
• Previous FWA customer base milestone: Surpassed 100,000 Home Internet customers.
• Previous household coverage expectation: Expected to cover 3 million households by the end of 2024.

Capital return to shareholders via special dividends from asset sales

This is a direct, significant financial return realized from the divestiture of the wireless operations to T-Mobile US, which closed on August 1, 2025. The value delivered is concrete and immediate for shareholders.

The financial mechanics of the capital return are precise:

Metric	Amount	Context
Declared Special Dividend Per Share	$23.00 per share	Payable August 19, 2025
Expected Special Dividend Range	$22.50 - $23.75 per share	Pre-closing expectation
Expected Aggregate Special Dividend Range	$1.950 billion - $2.075 billion	Total expected payout
Pro-rata Payout to TDS from Dividend	$1.63 billion	Based on $23 per share dividend
Anticipated Gross Proceeds from Pending Spectrum Sales	$2 billion	From AT&T and Verizon transactions closing in 2025/2026

Secure private cellular networks for business and government

For enterprise and government clients, the value is in dedicated, secure, low-latency connectivity, often leveraging unlicensed CBRS spectrum. This is a focus area for the post-closing entity, building on existing partnerships.

Key details on the private network value proposition:

• Initial focus verticals include: utilities, manufacturing, logistics and warehouses.
• Partnerships include: Ericsson for Private 5G solutions and Betacom for hybrid 5G networks.
• Example Lab Network Specs: 4 radio dots covering 3,000 square feet.
• Example Lab Capacity: Supports up to 1,000 devices simultaneously.

United States Cellular Corporation (USM) - Canvas Business Model: Customer Relationships

You're looking at the relationship strategy for United States Cellular Corporation (USM) as it navigates the final stages before its wireless operations transition to T-Mobile, which is expected around December 2, 2025. The customer relationships here split sharply between the high-touch, long-term needs of its tower infrastructure partners and the transactional, growth-focused approach for its residential broadband users.

Dedicated account management for major carrier tower tenants (B2B)

For your tower business, relationships are built on long-term, high-value contracts with major carriers. This segment is a highlight, even as the mobile business faces subscriber losses. In the first quarter of 2025, total tower revenues grew $\mathbf{5\%}$ year-over-year to $\mathbf{\$61 \text{ million}}$, with third-party tower rental revenues specifically up $\mathbf{6\%}$ YoY. This growth comes from annual lease escalators, new colocation activity, and amendments. The relationship structure is heavily weighted toward the largest tenants.

Here's the quick math on who pays the rent on the towers United States Cellular Corporation owns:

Tenant	Tower Revenue Share (Q1 2025)	Tower Count Occupied (End of 2024)
T-Mobile	34%	Approx. $\mathbf{600}$ (existing) + min. $\mathbf{2,015}$ (new long-term)
Verizon	27%	Unknown specific number
AT&T	25%	Unknown specific number
Other Wireless Providers	14%	Contribute to $\mathbf{2,469}$ total colocations (Q1 2025)

The strategy here is maximizing tenancy on the $\mathbf{4,413}$ towers owned as of Q1 2025, aiming to increase the tower tenancy ratio above the Q1 2025 figure of $\mathbf{1.56}$. The geographical uniqueness of these towers, often taller to cover wide rural areas, is seen as a key driver for future co-locators.

Transactional and self-service for fiber and FWA residential customers

For the Fixed Wireless Access (FWA) and any remaining fiber residential customers, the relationship leans heavily toward a transactional, self-service model, supported by clear, easy-to-access setup help. This is where United States Cellular Corporation has seen notable growth momentum, even as its core mobile business faced subscriber declines. The FWA customer base growth is strong; they surpassed $\mathbf{150,000}$ Home and Business Internet customers as of February 2025, representing a growth of more than $\mathbf{50\%}$ in the preceding $\mathbf{18}$ months.

The service interaction points are designed for efficiency:

• Performance Setup offering includes self-installation via a router and receiver.
• Free Internet Setup Coach from Asurion experts available via phone for placement and device connection help.
• The focus is on delivering fast, reliable internet without the complexity of traditional wired setups.

The overall retail base, which includes these FWA customers, stood at $\mathbf{4.4 \text{ million}}$ postpaid and prepaid subscribers at the end of 2024. Postpaid Average Revenue Per User (ARPU) was $\mathbf{\$51.96}$ in Q1 2024.

Personalized customer service focus in rural markets

United States Cellular Corporation has historically positioned itself as a regional carrier serving rural and underserved markets, which implies a higher degree of personalized service compared to national competitors. While the company's overall American Customer Satisfaction Index (ACSI) score stumbled $\mathbf{3\%}$ to $\mathbf{72}$ in the 2025 study, the FWA growth suggests positive feedback in those specific areas. The commitment to these areas is underscored by the fact that their towers are generally taller, built to cover wider geographies. The company's strategy is to connect underserved America, where reliable, high-speed connectivity is essential.

Long-term contracts for tower and spectrum leasing

The relationship with the tower property owners is governed by the terms of the lease, which are inherently long-term to secure infrastructure placement. While tower developers often push for $\mathbf{40}-\mathbf{80}$-year leases, contracts written on carrier paper, like those from United States Cellular Corporation, traditionally average $\mathbf{25}-\mathbf{30}$ years. For option periods, standard templates often request an $\mathbf{18}$-month period with an additional $\mathbf{6}$-month extension. However, the customer relationship for the wireless subscribers themselves is shifting dramatically due to the pending sale. Starting December 2, 2025, all United States Cellular Corporation customers will transition to T-Mobile's Terms & Conditions, which explicitly feature $\mathbf{no}$ early termination fees and $\mathbf{no}$ annual service contracts. This means the long-term contractual lock-in for the mobile customer base is effectively ending, moving toward a relationship based purely on perceived value and service quality.

United States Cellular Corporation (USM) - Canvas Business Model: Channels

You're looking at the distribution and access points for United States Cellular Corporation (USM) as of late 2025, a period defined by the strategic wind-down of its wireless operations and a pivot toward infrastructure and fiber services under the TDS Telecom umbrella.

Direct sales teams for tower co-location and fiber enterprise solutions are a primary channel for monetizing the physical network assets. These teams target business customers for private cellular networks and tower leasing opportunities. The success of this channel is reflected in the Q1 2025 results, where third-party tower rental revenues increased by 6%. The company is actively positioning its network capabilities for enterprise use cases, including private cellular networks, with partnerships like the one with Cradlepoint for NetCloud Private Networks.

For the remaining or evolving fixed-line and fixed wireless access (FWA) services, online portals and customer service centers serve as the main interface for subscribers. The fiber program, a key focus for the remaining entity, shows specific delivery metrics. As of Q2 2025, the current fiber footprint reached 968,000 marketable service addresses, working toward a long-term target of 1.8 million. In the first quarter of 2025 alone, 14,000 new fiber service addresses were delivered. Residential broadband net additions for that quarter were 2,800.

Partnerships with MVNOs like Cape for network access represent a crucial channel for leveraging the existing network footprint without direct consumer acquisition costs for those specific segments. Cape was established as the first consumer mobile virtual network operator (MVNO) to gain access to United States Cellular Corporation's differentiated networks. Furthermore, the company has established other specialized partnerships, such as one with Soracom to offer IoT data plans. To be fair, the overall wireless customer base was significantly impacted by the pending sale to T-Mobile, which was expected to close in mid-2025.

The build-out of the fiber network relies heavily on internal construction crews for fiber service address delivery. Investment in staffing these internal teams contributed to noted pressures on Adjusted EBITDA in Q1 2025, as cash expenses rose in alignment with transformation efforts. The wireline segment's 2025 priority included a target of delivering 150,000 new fiber service addresses, with over 80% of capital expenditures dedicated to these fiber programs.

Here's a quick look at some of the key channel-related statistics as of mid-2025:

Metric	Value/Amount	Period/Context
Third-Party Tower Revenue Growth	6% increase	Q1 2025
Current Marketable Fiber Addresses	968,000	Q2 2025
New Fiber Addresses Delivered	14,000	Q1 2025
Residential Broadband Net Additions	2,800	Q1 2025
Fixed Wireless Customer Growth	27%	Full Year 2024
Estimated T-Mobile Transaction Proceeds	Approximately $4.3 billion	Pre-close estimate

The operational focus for service delivery channels is also highlighted by the company's commitment to its network quality, which was recognized by Ookla® Speedtest Intelligence® data for 1H 2025.

The various access and delivery methods utilized include:

• Direct sales engagement for enterprise and tower co-location contracts.
• Online self-service and dedicated customer support for fiber/FWA.
• Wholesale agreements with MVNOs, starting with Cape for consumer access.
• In-house construction teams driving fiber service addressability.
• Partnerships for specialized services, like IoT with Soracom.

The Q1 2025 operating revenues for the company were $891 million, with service revenues at $741 million. The TTM revenue as of late 2025 was reported at $3.70 Billion USD.

United States Cellular Corporation (USM) - Canvas Business Model: Customer Segments

You're looking at the customer base for United States Cellular Corporation (USM) as of mid-2025, right in the middle of its strategic transition toward closing the T-Mobile deal. The customer segments reflect both the legacy wireless business and the growing tower and fixed wireless assets.

Major US wireless carriers (T-Mobile, AT&T, Verizon) as tower tenants

This segment is critical because it represents a significant, high-margin revenue stream, especially as the company focuses on monetizing its physical infrastructure ahead of the wireless sale. As of the first quarter of 2025 (1Q25), United States Cellular Corporation owned 4,413 towers across its operating footprint. The tower business is a key value driver, with total tower revenues reaching $61 million in 1Q25, a 5% year-over-year growth, driven by new colocation activity and lease escalators. The largest tenants are the national carriers you mentioned, relying on USM's existing tower sites for network densification.

Here's the quick math on who is leasing space on those towers as of 1Q25:

Tenant Carrier	Percentage of Total Tower Revenue (1Q25)
T-Mobile	34 percent
Verizon	27 percent
AT&T	25 percent
Other Wireless Service Providers	14 percent

What this estimate hides is the ongoing effort to add more colocations; the company had 2,469 colocations at the end of the quarter, resulting in a tower tenancy ratio of 1.56. The third-party tower rental revenues specifically grew by 6% year-over-year in 1Q25.

Residential customers in suburban and rural areas needing broadband

This segment is served primarily through the Fixed Wireless Access (FWA) offering, targeting homes where wired broadband options are less competitive or unavailable. As of February 2025, United States Cellular Corporation surpassed 150,000 Home and Business Internet customers. The FWA subscriber base specifically grew by 21% year-over-year, reaching 150,000 subscribers in 1Q25. The strategy here is leveraging 5G mid-band deployment to enhance service quality; the company expected to cover more than 3 million households with 5G mid-band in 2025. Nearly 40% of these internet customers were using 5G mid-band speeds in early 2025. These customers value reliable coverage and often show higher satisfaction than wired internet users, according to J.D. Power data cited in February 2025.

The consumer wireless base, which includes these broadband users, stood at 4.4 million retail connections across 21 states as of 1Q25.

Small and medium-sized businesses (SMBs) requiring connectivity

United States Cellular Corporation targets SMBs with tailored wireless solutions, including IoT services and fleet management tools. While the most recent specific figure for the business segment is from the prior year, it shows the strategic direction. In the first quarter of 2024 (1Q24), business connections totaled 487,000, which represented a 7% year-over-year increase. This segment requires dependable connectivity for mobile workforces and operations. The company offers specific plans, such as the Business Unlimited Standard and Business Unlimited Advanced tiers, designed to support varying levels of tethering and data needs for these organizations.

Key offerings for this segment include:

• Business Unlimited Data Handset rate plans.
• Fleet management solutions with real-time views.
• IoT services available via the NASPO ValuePoint™ platform.
• Special deals on routers and tablets for business customers.

Government and enterprise customers for private cellular networks

The public sector is a defined customer segment, served through established procurement channels to simplify access to their services. United States Cellular Corporation has made its turnkey IoT smart solutions available on the NASPO ValuePoint™ platform, which helps state and local governments procure services efficiently. They also participate in the HGACBuy Cooperative Purchasing Program. For government agencies, the company offers exclusive unlimited data plans, with price protection guaranteed on the Monthly Recurring Charge (MRC) through at least December 31, 2025. Enterprise customers are targeted for next-level network solutions, including security and private cellular networks. First Responder Solutions are also a focus, offering priority services and enhanced LMR interoperability bundled with unlimited data plans. Finance: draft 13-week cash view by Friday.

United States Cellular Corporation (USM) - Canvas Business Model: Cost Structure

You're looking at the cost structure for United States Cellular Corporation, or what it is now-Array Digital Infrastructure-after the major wireless divestiture that closed on August 1, 2025. The cost profile has fundamentally shifted from a wireless carrier to a tower and fiber infrastructure play. Here's the quick math on where the cash is going now.

Capital expenditures (CapEx) heavily weighted toward fiber build-out (over 80%)

The primary cash outflow for capital investment is now squarely focused on fiber expansion. Management reiterated for 2025 that over 80% of CapEx is dedicated to this build-out. As of Q2 2025, the fiber footprint covered 968,000 addresses, with 53% of those addresses already served by fiber. This heavy weighting is the core of the new business model's investment strategy.

Interest expense on remaining debt, reduced by planned repayment of $870 million

The T-Mobile transaction significantly cleaned up the balance sheet. T-Mobile assumed $1.7 billion of debt, leaving Array Digital Infrastructure with approximately $364 million in debt remaining as of August 2025. This planned debt redemption is expected to save the company about $80 million annually in interest expense, which is a material reduction in recurring costs.

Wind-down and separation costs related to the wireless divestiture

Even after closing the $4.3 billion sale, there are residual costs associated with unwinding the wireless operations. While a specific total for all wind-down costs isn't itemized separately in the latest reports, management noted approximately $80 million to $90 million in other outflows related to the T-Mobile transaction, which would cover a portion of these separation activities.

Cash income tax obligations on spectrum sales

Monetizing retained spectrum assets creates significant, non-operating cash tax liabilities. You need to track these carefully, as they are large, one-time hits to cash flow:

• AT&T spectrum transaction (expected 2025 close): Estimated cash taxes of $125 million.
• Verizon spectrum transaction (expected 2026 close): Estimated cash taxes of $200 million to $250 million.

To be fair, the initial estimate you mentioned of $225 million to $325 million for T-Mobile was part of earlier discussions, but the post-closing reports detail the liabilities tied to the pending AT&T and Verizon sales.

Tower maintenance and operational costs

The retained asset base is the 4,400 owned towers, which now form the core infrastructure segment. Operational costs here are primarily maintenance and the costs associated with the Master License Agreement (MLA) with T-Mobile. In Q1 2025, before the close, third-party tower rental revenues were already up 6% year-over-year, showing the underlying cash-flow profile of the assets retained.

Here's a snapshot of the key financial shifts impacting the cost base post-August 2025:

Cost/Expense Category	Relevant Figure (Late 2025 Context)	Notes
Remaining Total Debt	$364 million	As of August 2025, post-T-Mobile debt assumption.
Annual Interest Expense Savings	Approximately $80 million	From planned debt redemption using transaction proceeds.
2025 CapEx Allocation to Fiber	Over 80%	Focus of all capital spending for the year.
Estimated Cash Taxes (AT&T Spectrum)	$125 million	Expected cash tax obligation for the 2025 closing deal.
Estimated Cash Taxes (Verizon Spectrum)	$200 million to $250 million	Expected cash tax obligation for the 2026 closing deal.
Retained Tower Count	Approximately 4,400	The physical asset base driving tower operational costs.

The shift means you trade high wireless operating expenses for high fiber CapEx and manage the tax impact from spectrum monetization. Finance: draft 13-week cash view by Friday.

United States Cellular Corporation (USM) - Canvas Business Model: Revenue Streams

You're looking at the core ways United States Cellular Corporation (USM) is bringing in cash as it pivots toward an infrastructure-focused entity, which is a big shift from its traditional wireless carrier role. Honestly, the revenue picture is dominated by the wind-down of the wireless business and the monetization of its assets.

The tower business is proving to be a reliable cash generator. Third-party tower rental revenue saw a solid increase of 6% in the first quarter of 2025 compared to the prior year. This reinforces the cash-flow profile of those tower assets, especially with management highlighting new colocations and escalators on renewed leases as drivers. The expectation is that this segment will strengthen further once the T-Mobile transaction closes and the associated tower Master Lease Agreement (MLA) begins.

A significant portion of the expected financial inflow comes from spectrum monetization, which is essentially a one-time, non-recurring revenue event. You need to track these deals closely:

• Proceeds from the sale of spectrum licenses to AT&T: a definitive agreement for $1.018 billion.
• Proceeds from the sale of spectrum licenses to Verizon: an agreement for a total consideration of $1.0 billion.

These transactions, along with the pending sale to T-Mobile, are central to the company's capital strategy. In total, definitive deals were reached to monetize around $2.02 billion of spectrum holdings that were excluded from the T-Mobile sale. The estimated net proceeds from the T-Mobile transaction itself are now likely much closer to $4.3 billion.

For the remaining core business, which is heavily focused on fiber and broadband services, the Q1 2025 results showed total operating revenues of $891 million, with service revenues at $741 million. While the wireless service revenue faced pressure, the growth in fiber connections is a key offset. In the second quarter of 2025, revenue excluding divestitures increased by 1%, specifically driven by growth in fiber subscribers and higher residential revenue per connection, even as legacy cable and copper markets continued to decline. Over 80% of the full-year capital expenditures are focused on accelerating this fiber build.

Here's a look at the key figures from the Q1 2025 period, which gives you a snapshot before the full impact of the mid-2025 transaction closes:

Metric	Q1 2025 Actual Amount	Year-over-Year Change
Total Operating Revenues	$891 million	Down from $950 million in Q1 2024
Service Revenues	$741 million	Down 2% YoY (excluding divestitures impact)
Third-Party Tower Rental Revenues	Data Not Specified Separately	Increased 6%
Free Cash Flow (FCF)	$79 million	Up 30% YoY

Regarding the overall financial outlook, despite the company not providing formal 2025 financial guidance due to the pending T-Mobile sale, the projected revenue range, which seems to align with the post-transition entity's expectations, is set between $1.03 billion to $1.05 billion for total revenue. This figure reflects the updated ranges after accounting for the divestiture of the Oklahoma ILEC market.

The non-recurring distributions tied to the major transactions are critical. While the spectrum sales to AT&T and Verizon are detailed above, the expected special dividend to shareholders, which would be a non-recurring distribution of proceeds, is anticipated to be declared upon the closing of the T-Mobile transaction, expected in mid-2025. The cash tax obligations related to the T-Mobile transaction alone are estimated to be between $225 million to $325 million, plus another $80 million to $90 million in other outflows, which you must factor into the net proceeds available for distribution.

Finance: draft 13-week cash view by Friday.