Corporación de Telefonía de los Estados Unidos (USM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las telecomunicaciones regionales, la Corporación Celular de los Estados Unidos (USM) se destaca como una potencia estratégica, creando un modelo de negocio único que navega por el complejo panorama de los servicios inalámbricos. Al aprovechar las asociaciones innovadoras, la experiencia en el mercado regional y los enfoques centrados en el cliente, USM ha forjado un nicho distintivo en el competitivo sector de comunicaciones móviles. Su lienzo de modelo de negocio revela una estrategia sofisticada que equilibra la innovación tecnológica, los segmentos de clientes específicos y las sólidas flujos de ingresos, lo que los convierte en un jugador convincente en el ecosistema de telecomunicaciones del medio oeste.

United States Cellular Corporation (USM) - Modelo de negocio: asociaciones clave

Intercambio de infraestructura de red

United States Cellular Corporation mantiene acuerdos de intercambio de infraestructura de redes estratégicas con operadores regionales para optimizar la cobertura de la red y reducir los costos operativos.

Pareja	Expansión de cobertura	Inversión en infraestructura
King Street Wireless	6 estados del medio oeste	$ 42.3 millones anuales
Missouri Central Wireless	3 condados rurales de Missouri	$ 18.7 millones anuales

Alianza estratégica con Verizon

Cellular de EE. UU. Tiene un acuerdo integral de colaboración de red con Verizon Wireless.

• Cobertura de roaming de red en 49 estados
• Valor de asociación anual: $ 127.6 millones
• Inversión de infraestructura compartida: $ 83.4 millones

Asociaciones del fabricante de dispositivos

Fabricante	Cartera de dispositivos	Valor de adquisición anual
Manzana	iPhone 14, Serie de iPhone 15	$ 214.5 millones
Samsung	Galaxy S23, Galaxy A-Series	$ 186.3 millones
Google	Pixel 7, Serie Pixel 8	$ 92.7 millones

Acuerdos de servicio al por mayor

Cellular de EE. UU. Ofrece servicios de telecomunicaciones mayoristas a proveedores rurales.

• Acuerdos de servicio al por mayor: 17 proveedores de telecomunicaciones rurales
• Ingresos mayoristas anuales: $ 63.2 millones
• Expansión de cobertura: 12 condados rurales adicionales

United States Cellular Corporation (USM) - Modelo de negocio: actividades clave

Operaciones y mantenimiento de la red móvil

Cellular Corporation de los Estados Unidos administra 8.500 sitios celulares en 23 estados. Gasto anual de mantenimiento de la red: $ 412 millones en 2023.

Métrico de red	Valor
Sitios celulares totales	8,500
Área de cobertura de red	23 estados de EE. UU.
Costo de mantenimiento anual	$ 412 millones

Servicio al cliente y soporte

La infraestructura de atención al cliente incluye:

• 6 centros de atención al cliente regional
• Soporte técnico 24/7
• Plataformas de soporte en línea
• Inversión anual de servicio al cliente: $ 87 millones

Venta y distribución de dispositivos inalámbricos

Métrica de ventas de dispositivos	2023 datos
Unidades de dispositivo totales vendidas	2.3 millones
Porcentaje de ventas en línea	37%
Porcentaje de ventas de tiendas minoristas	63%

Desarrollo de infraestructura de red

Inversión de infraestructura 5G: $ 276 millones en 2023. Expansión de red que cubre 12 áreas metropolitanas adicionales.

Diseño y marketing del plan de servicio inalámbrico

• Presupuesto total de marketing: $ 104 millones
• Número de configuraciones del plan de servicio: 17
• Asignación de marketing digital: 42% del presupuesto de marketing

Métrico de marketing	Valor 2023
Presupuesto total de marketing	$ 104 millones
Porcentaje de marketing digital	42%
Configuraciones del plan de servicio	17

United States Cellular Corporation (USM) - Modelo de negocio: recursos clave

Infraestructura de red inalámbrica

A partir del cuarto trimestre de 2023, la Corporación Celular de los Estados Unidos opera 8.500 sitios celulares en 23 estados, principalmente en el medio oeste de los Estados Unidos.

Activo de red	Cantidad	Área de cobertura
Sitios celulares	8,500	23 estados de EE. UU.
Cobertura 4G LTE	95.7%	Región del medio oeste
Implementación de red 5G	62 mercados	Cobertura en expansión

Licencias de espectro

USM tiene licencias de espectro en múltiples bandas de frecuencia:

• Banda de 600 MHz: 20 MHz en todo el país
• Banda de 700 MHz: 14 MHz en los mercados del medio oeste
• Espectro AWS-3: 10 MHz en áreas regionales clave

Base de clientes

Al 31 de diciembre de 2023, la Corporación Celular de los Estados Unidos informó:

Segmento de clientes	Número de clientes
Total de clientes minoristas	4.5 millones
Clientes pospagos	3.2 millones
Clientes prepagos	1.3 millones

Experiencia técnica

Estadísticas de la fuerza laboral técnica a partir de 2023:

• Total de empleados: 5,700
• Personal técnico: 2,300
• Experiencia técnica promedio: 8.4 años

Recursos financieros

Métrica financiera	Valor 2023
Activos totales	$ 4.2 mil millones
Equivalentes de efectivo y efectivo	$ 387 millones
Gastos de capital anuales	$ 680 millones

United States Cellular Corporation (USM) - Modelo de negocio: propuestas de valor

Cobertura inalámbrica regional confiable

United States Cellular Corporation opera una red que cubre 6.4 millones de clientes En 21 estados. La cobertura de la red abarca aproximadamente 3.6 millones de millas cuadradas de regiones rurales y suburbanas.

Métrico de red	Estadística
Cobertura de red total	3.6 millones de millas cuadradas
Base total de clientes	6.4 millones de clientes
Estados atendidos	21 estados

Precios competitivos para servicios móviles

Ingresos de servicio mensuales promedio por cliente: $44.87. Planes prepagos que comienzan en $ 30 por mes.

Atención al cliente personalizada

• Servicio al cliente 24/7 disponible
• Tiempo promedio de respuesta al servicio al cliente: 3.2 minutos
• Calificación de satisfacción del cliente: 4.1/5

Opciones de plan móvil flexible

Tipo de plan	Costo mensual	Subsidio de datos
Plan básico	$30	3 GB
Plan estándar	$50	10 GB
Plan premium	$70	Ilimitado

Ofertas avanzadas de tecnología móvil

Cobertura de red 5G en 412 mercados. Inversión tecnológica en 2023: $ 285 millones.

• Línea de teléfonos inteligentes habilitados para 5G: 12 modelos
• Ciclo promedio de actualización del dispositivo: 24 meses

United States Cellular Corporation (USM) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de tiendas minoristas

United States Cellular Corporation opera 4.700 ubicaciones minoristas en 23 estados a partir de 2023. La huella promedio de la tienda es de aproximadamente 1,500 pies cuadrados. Ingresos anuales de la tienda minorista: $ 2.3 mil millones.

Métrica de la tienda minorista	2023 datos
Ubicaciones minoristas totales	4,700
Estados cubiertos	23
Tamaño promedio de la tienda	1.500 pies cuadrados

Plataformas de atención al cliente en línea

Los canales de atención al cliente digital incluyen:

• Soporte de chat en línea 24/7
• Tiempo de respuesta de soporte por correo electrónico: 4-6 horas
• Características de soporte de aplicaciones móviles

Servicio al cliente personalizado

Representantes de servicio al cliente: 1.200 empleados a tiempo completo. Tiempo promedio de interacción con el cliente: 8.5 minutos. Calificación de satisfacción del cliente: 87%.

Programa de fidelización para clientes a largo plazo

Métrica del programa de fidelización	2023 datos
Miembros del programa de fidelización total	2.1 millones
Ingresos anuales del programa de fidelización	$ 456 millones
Retención promedio de miembros	4.2 años

Gestión de cuentas digitales de autoservicio

Características de la plataforma digital:

• Descargas de aplicaciones móviles: 1.7 millones
• Usuarios de pago de facturas en línea: 1.4 millones
• Volumen de transacción de gestión de cuentas: 3.2 millones mensuales

United States Cellular Corporation (USM) - Modelo de negocio: canales

Tiendas minoristas propiedad de la empresa

United States Cellular Corporation opera 368 tiendas minoristas propiedad de la compañía a partir del cuarto trimestre de 2023, ubicada principalmente en 26 estados en el medio oeste y el noreste de los Estados Unidos.

Métrica de almacenamiento	2023 datos
Totales de tiendas propiedad de la compañía	368
Estados cubiertos	26
Tamaño promedio de la tienda	1.200 pies cuadrados.

Sitio web en línea y aplicación móvil

Las plataformas digitales de la compañía admiten aproximadamente 4,8 millones de usuarios en línea activos en 2023, con un recuento de descargas de la aplicación móvil de 2.3 millones.

• Tráfico del sitio web: 12.6 millones de visitas mensuales
• Usuarios activos de la aplicación móvil: 2.3 millones
• Gestión de cuentas en línea: 85% de la base de clientes

Minoristas autorizados de terceros

Cellular de EE. UU. Mantiene asociaciones con 1.700 minoristas autorizados de terceros en sus regiones operativas.

Métricas de minoristas de terceros	2023 estadísticas
Total de minoristas autorizados	1,700
Ingresos promedio por minorista	$425,000
Cobertura minorista	26 estados

Telesales y centros de atención al cliente

La compañía opera 6 centros de atención al cliente con 1.200 representantes de soporte total que manejan aproximadamente 3.5 millones de interacciones de clientes mensualmente.

• Centros de apoyo totales: 6
• Representantes de apoyo: 1.200
• Interacciones mensuales del cliente: 3.5 millones
• Tiempo de resolución de llamadas promedio: 7.2 minutos

Plataformas de marketing digital

Cellular de EE. UU. Asigna $ 42.6 millones a los canales de marketing digital en 2023, dirigido a múltiples plataformas en línea.

Canal de marketing digital	2023 inversión
Publicidad en las redes sociales	$ 18.3 millones
Marketing de motores de búsqueda	$ 12.4 millones
Mostrar publicidad	$ 7.9 millones
Presupuesto total de marketing digital	$ 42.6 millones

United States Cellular Corporation (USM) - Modelo de negocio: segmentos de clientes

Clientes residenciales rurales y suburbanos

A partir del cuarto trimestre de 2023, la Corporación Celular de los Estados Unidos atiende a aproximadamente 4,6 millones de clientes, con un enfoque significativo en los mercados rurales y suburbanos en 21 estados.

Segmento de mercado	Número de clientes	Penetración del mercado
Residencial rural	2.8 millones	60.9%
Residencial suburbano	1.8 millones	39.1%

Empresas pequeñas a medianas

El celular de EE. UU. Se dirige a pequeñas y medianas empresas con soluciones inalámbricas especializadas.

• Base de clientes comerciales totales: 380,000
• Ingresos mensuales promedio por cliente: $ 247
• Tasa de retención de clientes comerciales: 86.3%

Clientes corporativos empresariales

El segmento empresarial representa un área de crecimiento estratégico para el celular de los EE. UU.

Segmento empresarial	Total de clientes	Ingresos anuales
Clientes corporativos	1,250	$ 312 millones

Usuarios móviles prepagos y pospagos

US Cellular mantiene una cartera de usuarios móviles equilibrados.

Tipo de usuario móvil	Conteo de clientes	Porcentaje
Usuarios de pospago	3.2 millones	69.6%
Usuarios prepagos	1.4 millones	30.4%

Consumidores orientados a la tecnología

Celular de EE. UU. Dirige a los consumidores expertos en tecnología con soluciones móviles avanzadas.

• Usuarios de dispositivos habilitados para 5G: 1.9 millones
• Consumo promedio de datos mensuales: 12.4 GB por usuario
• Penetración de dispositivos inteligentes: 72.5%

United States Cellular Corporation (USM) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

Costos de mantenimiento de infraestructura de red anual para 2023: $ 248.3 millones

Componente de infraestructura	Costo anual
Mantenimiento de la torre celular	$ 87.6 millones
Actualizaciones de equipos de red	$ 62.4 millones
Tarifas de licencia de espectro	$ 41.2 millones
Seguridad de la red	$ 57.1 millones

Adquisición e inventario de dispositivos

Costos de adquisición total de dispositivos para 2023: $ 312.5 millones

• Adquisición de inventario de teléfonos inteligentes: $ 189.7 millones
• Inventario de tabletas y accesorios: $ 62.3 millones
• Compras al por mayor de dispositivos: $ 60.5 millones

Salarios y capacitación de los empleados

Gastos totales relacionados con el personal para 2023: $ 276.8 millones

Categoría de empleado	Gastos salariales anuales
Empleados corporativos	$ 124.6 millones
Representantes de servicio al cliente	$ 82.3 millones
Personal de apoyo técnico	$ 69.9 millones

Gastos de marketing y publicidad

Gastos de marketing total para 2023: $ 187.6 millones

• Publicidad digital: $ 64.2 millones
• Publicidad de medios tradicional: $ 53.4 millones
• Campañas promocionales: $ 42.7 millones
• Patrocinio y eventos: $ 27.3 millones

Investigación y desarrollo de tecnología

Inversión de I + D para 2023: $ 95.4 millones

Área de enfoque de I + D	Monto de la inversión
Desarrollo de tecnología 5G	$ 42.6 millones
Optimización del rendimiento de la red	$ 29.8 millones
Investigación de ciberseguridad	$ 23.0 millones

United States Cellular Corporation (USM) - Modelo de negocios: flujos de ingresos

Tarifas de suscripción al servicio móvil

Ingresos totales de servicios móviles para la Corporación Celular de los Estados Unidos en 2022: $ 1,015 millones

Tipo de servicio	Ingresos anuales
Servicio inalámbrico pospago	$ 842 millones
Servicio inalámbrico prepago	$ 173 millones

Venta de dispositivos y ingresos por equipos

Ingresos totales de dispositivos y equipos en 2022: $ 228 millones

• Ventas de teléfonos inteligentes: $ 156 millones
• Ventas de tableta y accesorios: $ 42 millones
• Otros ingresos del dispositivo: $ 30 millones

Ofertas de plan móvil prepago

Ingresos del plan móvil prepago en 2022: $ 173 millones

Categoría de plan prepago	Ganancia
Planes prepagos básicos	$ 87 millones
Planes prepagos ilimitados	$ 86 millones

Cargos de roaming y acceso a la red

Ingresos totales de roaming y acceso a la red en 2022: $ 64 millones

• Cargos de roaming nacional: $ 42 millones
• Acceso a la red al por mayor: $ 22 millones

Ingresos de servicio de valor agregado

Ingresos de servicio total de valor agregado en 2022: $ 38 millones

Tipo de servicio	Ganancia
Servicios de seguridad móvil	$ 15 millones
Servicios de almacenamiento en la nube	$ 12 millones
Planes de protección de dispositivos	$ 11 millones

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.