United States Cellary Corporation (USM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des télécommunications régionales, United States Cellary Corporation (USM) se démarque comme une puissance stratégique, fabriquant un modèle commercial unique qui navigue dans le paysage complexe des services sans fil. En tirant parti des partenariats innovants, de l'expertise du marché régional et des approches centrées sur le client, l'USM a sculpté un créneau distinctif dans le secteur compétitif des communications mobiles. Leur toile de modèle commercial révèle une stratégie sophistiquée qui équilibre l'innovation technologique, les segments de clients ciblés et les sources de revenus robustes, ce qui en fait un acteur convaincant dans l'écosystème des télécommunications du Midwest.

United States Cellary Corporation (USM) - Modèle d'entreprise: partenariats clés

Partage d'infrastructure réseau

United States Cellary Corporation maintient des accords de partage stratégique des infrastructures de réseau avec les transporteurs régionaux pour optimiser la couverture du réseau et réduire les coûts opérationnels.

Partenaire	Expansion de la couverture	Investissement en infrastructure
King Street Wireless	6 États du Midwest	42,3 millions de dollars par an
Missouri Central Wireless	3 comtés ruraux du Missouri	18,7 millions de dollars par an

Alliance stratégique avec Verizon

U.S. Cellular a un accord de collaboration de réseau complet avec Verizon Wireless.

• Couverture d'itinérance de réseau dans 49 États
• Valeur du partenariat annuel: 127,6 millions de dollars
• Investissement d'infrastructure partagée: 83,4 millions de dollars

Partenariats du fabricant d'appareils

Fabricant	Portefeuille de périphériques	Valeur d'achat annuelle
Pomme	iPhone 14, série iPhone 15	214,5 millions de dollars
Samsung	Galaxy S23, Galaxy A-Series	186,3 millions de dollars
Google	Pixel 7, séries Pixel 8	92,7 millions de dollars

Accords de service en gros

U.S. Cellular fournit des services de télécommunications en gros aux fournisseurs ruraux.

• Accords de service en gros total: 17 fournisseurs de télécommunications rurales
• Revenus de gros annuels: 63,2 millions de dollars
• Expansion de la couverture: 12 comtés ruraux supplémentaires

United States Cellary Corporation (USM) - Modèle d'entreprise: activités clés

Opérations et maintenance du réseau mobile

Les États-Unis Cellary Corporation gèrent 8 500 sites cellulaires dans 23 États. Dépenses de maintenance du réseau annuel: 412 millions de dollars en 2023.

Métrique du réseau	Valeur
Sites cellulaires totaux	8,500
Zone de couverture du réseau	23 États américains
Coût de maintenance annuel	412 millions de dollars

Service client et assistance

L'infrastructure de support client comprend:

• 6 centres régionaux de support client
• Assistance technique 24/7
• Plateformes d'assistance en ligne
• Investissement annuel du service client: 87 millions de dollars

Ventes et distribution des appareils sans fil

Métrique de vente de périphériques	2023 données
Unités totales de l'appareil vendues	2,3 millions
Pourcentage de vente en ligne	37%
Pourcentage de ventes de magasins de détail	63%

Développement des infrastructures de réseau

Investissement d'infrastructure 5G: 276 millions de dollars en 2023. Expansion du réseau couvrant 12 zones métropolitaines supplémentaires.

Conception de plan de service sans fil et marketing

• Budget marketing total: 104 millions de dollars
• Nombre de configurations de plan de service: 17
• Attribution du marketing numérique: 42% du budget marketing

Métrique marketing	Valeur 2023
Budget marketing total	104 millions de dollars
Pourcentage de marketing numérique	42%
Configurations de plan de service	17

United States Cellary Corporation (USM) - Modèle d'entreprise: Ressources clés

Infrastructure de réseau sans fil

Depuis le quatrième trimestre 2023, United States Cellary Corporation exploite 8 500 sites cellulaires dans 23 États, principalement dans le Midwest des États-Unis.

Actif de réseau	Quantité	Zone de couverture
Sites cellulaires	8,500	23 États américains
Couverture 4G LTE	95.7%	Région du Midwest
Déploiement du réseau 5G	62 marchés	Couverture croissante

Licences de spectre

USM détient des licences de spectre sur plusieurs bandes de fréquences:

• Band 600 MHz: 20 MHz à l'échelle nationale
• 700 MHz Band: 14 MHz sur les marchés du Midwest
• Spectre AWS-3: 10 MHz dans les zones régionales clés

Clientèle

Au 31 décembre 2023, United States Cellary Corporation a rapporté:

Segment de clientèle	Nombre de clients
Total des clients de la vente au détail	4,5 millions
Clients postpayés	3,2 millions
Clients prépayés	1,3 million

Expertise technique

Statistiques techniques de la main-d'œuvre en 2023:

• Total des employés: 5 700
• Personnel technique: 2 300
• Expérience technique moyenne: 8,4 ans

Ressources financières

Métrique financière	Valeur 2023
Actif total	4,2 milliards de dollars
Equivalents en espèces et en espèces	387 millions de dollars
Dépenses en capital annuelles	680 millions de dollars

United States Cellular Corporation (USM) - Modèle d'entreprise: propositions de valeur

Couverture sans fil régionale fiable

United States Cellary Corporation exploite un réseau couvrant 6,4 millions de clients dans 21 États. La couverture du réseau s'étend sur 3,6 millions de miles carrés des régions rurales et suburbaines.

Métrique du réseau	Statistique
Couverture totale du réseau	3,6 millions de miles carrés
Total de clientèle	6,4 millions de clients
États servis	21 États

Prix ​​compétitifs pour les services mobiles

Revenus de service mensuels moyens par client: $44.87. Plans prépayés à partir de 30 $ par mois.

Support client personnalisé

• Service client 24/7 disponible
• Temps de réponse moyen du service client: 3,2 minutes
• Évaluation de satisfaction du client: 4.1/5

Options de plan mobile flexible

Type de plan	Coût mensuel	Allocation de données
Plan de base	$30	3 Go
Plan standard	$50	10 Go
Plan premium	$70	Illimité

Offres de technologie mobile avancée

Couverture réseau 5G dans 412 marchés. Investissement technologique en 2023: 285 millions de dollars.

• Gamme de smartphone compatible 5G: 12 modèles
• Cycle de mise à niveau moyen de l'appareil: 24 mois

United States Cellary Corporation (USM) - Modèle d'entreprise: relations clients

Ventes directes dans les magasins de détail

United States Cellary Corporation exploite 4 700 emplacements de vente au détail dans 23 États en 2023. L'empreinte moyenne du magasin est d'environ 1 500 pieds carrés. Revenus de magasins de détail annuels: 2,3 milliards de dollars.

Métrique de magasin de détail	2023 données
Total des lieux de vente au détail	4,700
États couverts	23
Taille moyenne du magasin	1 500 pieds carrés

Plateformes de support client en ligne

Les canaux de support client numérique comprennent:

• Assistance de chat en ligne 24/7
• Temps de réponse de la support par e-mail: 4-6 heures
• Fonctionnalités de support d'application mobile

Service client personnalisé

Représentants du service à la clientèle: 1 200 employés à temps plein. Temps d'interaction du client moyen: 8,5 minutes. Évaluation de satisfaction du client: 87%.

Programme de fidélité pour les clients à long terme

Métrique du programme de fidélité	2023 données
Membres du programme de fidélité totale	2,1 millions
Revenus du programme de fidélité annuel	456 millions de dollars
Rétention moyenne des membres	4,2 ans

Gestion du compte numérique en libre-service

Caractéristiques de la plate-forme numérique:

• Téléchargements d'applications mobiles: 1,7 million
• Utilisateurs de paiement de factures en ligne: 1,4 million
• Volume de transaction de gestion du compte: 3,2 millions par mois

United States Cellary Corporation (USM) - Modèle d'entreprise: canaux

Magasins de détail appartenant à l'entreprise

Les États-Unis Cellary Corporation exploitent 368 magasins de détail appartenant à l'entreprise au T4 2023, principalement situés dans 26 États du Midwest et du nord-est des États-Unis.

Métrique du magasin	2023 données
Total des magasins appartenant à l'entreprise	368
États couverts	26
Taille moyenne du magasin	1 200 pieds carrés.

Site Web en ligne et application mobile

Les plateformes numériques de l'entreprise prennent en charge environ 4,8 millions d'utilisateurs en ligne actifs en 2023, avec un nombre de téléchargements d'applications mobiles de 2,3 millions.

• Trafic de site Web: 12,6 millions de visites mensuelles
• Application mobile utilisateurs actifs: 2,3 millions
• Gestion du compte en ligne: 85% de la clientèle

Détaillants tiers autorisés

U.S. Cellular maintient des partenariats avec 1 700 détaillants tiers autorisés dans ses régions opérationnelles.

Métriques des détaillants tiers	2023 statistiques
Total des détaillants autorisés	1,700
Revenu moyen par détaillant	$425,000
Couverture des détaillants	26 États

Centres de télévente et de support client

La société exploite 6 centres d'assistance client avec 1 200 représentants totaux de soutien qui gèrent environ 3,5 millions d'interactions clients par mois.

• Centres de soutien total: 6
• Représentants de soutien: 1 200
• Interactions mensuelles du client: 3,5 millions
• Temps de résolution moyenne des appels: 7,2 minutes

Plateformes de marketing numérique

U.S. Cellular alloue 42,6 millions de dollars aux canaux de marketing numériques en 2023, ciblant plusieurs plateformes en ligne.

Canal de marketing numérique	2023 Investissement
Publicité sur les réseaux sociaux	18,3 millions de dollars
Marketing des moteurs de recherche	12,4 millions de dollars
Afficher la publicité	7,9 millions de dollars
Budget total de marketing numérique	42,6 millions de dollars

United States Cellary Corporation (USM) - Modèle d'entreprise: segments de clientèle

Clients résidentiels ruraux et suburbains

Au quatrième trimestre 2023, United States Cellary Corporation dessert environ 4,6 millions de clients, avec un accent significatif sur les marchés ruraux et suburbains dans 21 États.

Segment de marché	Nombre de clients	Pénétration du marché
Résidentiel rural	2,8 millions	60.9%
Résidentiel de banlieue	1,8 million	39.1%

Petites et moyennes entreprises

US Cellular cible les petites et moyennes entreprises avec des solutions sans fil spécialisées.

• Base de clientèle totale de l'entreprise: 380 000
• Revenus mensuels moyens par client Client: 247 $
• Taux de rétention de la clientèle d'entreprise: 86,3%

Clients d'entreprise d'entreprise

Le segment d'entreprise représente un domaine de croissance stratégique pour les cellules américaines.

Segment d'entreprise	Total des clients	Revenus annuels
Clients des entreprises	1,250	312 millions de dollars

Utilisateurs mobiles prépayés et postpayés

U.S. Cellular maintient un portefeuille d'utilisateurs mobiles équilibré.

Type d'utilisateur mobile	Nombre de clients	Pourcentage
Utilisateurs postpaid	3,2 millions	69.6%
Utilisateurs prépayés	1,4 million	30.4%

Consommateurs axés sur la technologie

US Cellular cible les consommateurs avertis en technologie avec des solutions mobiles avancées.

• Utilisateurs d'appareils compatibles avec 5G: 1,9 million
• Consommation de données mensuelles moyennes: 12,4 Go par utilisateur
• Pénétration de l'appareil intelligent: 72,5%

United States Cellary Corporation (USM) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

Coût de maintenance annuelle des infrastructures de réseau pour 2023: 248,3 millions de dollars

Composant d'infrastructure	Coût annuel
Entretien de la tour cellulaire	87,6 millions de dollars
Mises à niveau des équipements de réseau	62,4 millions de dollars
Frais de licence de spectre	41,2 millions de dollars
Sécurité du réseau	57,1 millions de dollars

Acquisition et inventaire des appareils

Total des coûts d'acquisition des appareils pour 2023: 312,5 millions de dollars

• Procurement des stocks de smartphones: 189,7 millions de dollars
• Inventaire des tablettes et des accessoires: 62,3 millions de dollars
• Achats de l'appareil en gros: 60,5 millions de dollars

Salaires et formation des employés

Total des dépenses liées au personnel pour 2023: 276,8 millions de dollars

Catégorie des employés	Dépenses salariales annuelles
Employés d'entreprise	124,6 millions de dollars
Représentants du service à la clientèle	82,3 millions de dollars
Personnel de soutien technique	69,9 millions de dollars

Dépenses de marketing et de publicité

Total des dépenses de marketing pour 2023: 187,6 millions de dollars

• Publicité numérique: 64,2 millions de dollars
• Publicité médiatique traditionnelle: 53,4 millions de dollars
• Campagnes promotionnelles: 42,7 millions de dollars
• Parrainage et événements: 27,3 millions de dollars

Recherche et développement technologiques

Investissement de R&D pour 2023: 95,4 millions de dollars

Zone de focus R&D	Montant d'investissement
Développement technologique 5G	42,6 millions de dollars
Optimisation des performances du réseau	29,8 millions de dollars
Recherche de cybersécurité	23,0 millions de dollars

United States Cellary Corporation (USM) - Modèle d'entreprise: sources de revenus

Frais d'abonnement de service mobile

Revenus totaux de services mobiles pour United States Cellular Corporation en 2022: 1 015 millions de dollars

Type de service	Revenus annuels
Service sans fil postpayé	842 millions de dollars
Service sans fil prépayé	173 millions de dollars

Revenus de vente et d'équipement d'appareils

Total des revenus des appareils et de l'équipement en 2022: 228 millions de dollars

• Ventes de smartphones: 156 millions de dollars
• Ventes de tablettes et d'accessoires: 42 millions de dollars
• Autres revenus de l'appareil: 30 millions de dollars

Offres de plan mobiles prépayés

Revenu du plan mobile prépayé en 2022: 173 millions de dollars

Catégorie de plan prépayé	Revenu
Plans prépayés de base	87 millions de dollars
Plans prépayés illimités	86 millions de dollars

Frais d'itinérance et d'accès au réseau

Revenus totaux d'itinérance et d'accès au réseau en 2022: 64 millions de dollars

• Frais d'itinérance intérieure: 42 millions de dollars
• Accès en gros du réseau: 22 millions de dollars

Revenus de service à valeur ajoutée

Revenus de service à valeur ajoutée totale en 2022: 38 millions de dollars

Type de service	Revenu
Services de sécurité mobiles	15 millions de dollars
Services de stockage cloud	12 millions de dollars
Plans de protection des appareils	11 millions de dollars

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.