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PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 SAFE
HARBOR CAUTIONARY STATEMENT
This Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this
Annual Report contain statements that are not based on historical facts, including the words ‘‘believes,’’ ‘‘anticipates,’’
‘‘intends,’’ ‘‘expects’’ and similar words. These statements constitute and represent ‘‘forward-looking statements’’ as this
term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be
significantly different from any future results, events or developments expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors include, but are not limited to, the following risks:
ᔢIntense competition in the markets in which TDS operates could adversely affect TDS’ revenues or increase its costs to
compete.
ᔢA failure by TDS to successfully execute its business strategy (including planned acquisitions, divestitures and
exchanges) or allocate resources or capital could have an adverse effect on TDS’ business, financial condition or
results of operations.
ᔢUncertainty in TDS’ future cash flow and liquidity or in the ability to access capital, deterioration in the capital markets,
other changes in TDS’ performance or market conditions, changes in TDS’ credit ratings or other factors could limit or
restrict the availability of financing on terms and prices acceptable to TDS, which could require TDS to reduce its
construction, development or acquisition programs, reduce the acquisition of spectrum licenses, and/or reduce or
cease share repurchases and/or the payment of dividends.
ᔢTDS has a significant amount of indebtedness which could adversely affect its financial performance and in turn
adversely affect its ability to make payments on its indebtedness, comply with terms of debt covenants and incur
additional debt.
ᔢChanges in roaming practices or other factors could cause TDS’ roaming revenues to decline from current levels,
roaming expenses to increase from current levels and/or impact TDS’ ability to service its customers in geographic
areas where TDS does not have its own network, which could have an adverse effect on TDS’ business, financial
condition or results of operations.
ᔢA failure by TDS to obtain access to adequate radio spectrum to meet current or anticipated future needs and/or to
accurately predict future needs for radio spectrum could have an adverse effect on TDS’ business, financial condition or
results of operations.
ᔢTo the extent conducted by the FCC, TDS may participate in FCC auctions of additional spectrum in the future directly
or indirectly and, during certain periods, will be subject to the FCC’s anti-collusion rules, which could have an adverse
effect on TDS.
ᔢChanges in the regulatory environment or a failure by TDS to timely or fully comply with any applicable regulatory
requirements could adversely affect TDS’ business, financial condition or results of operations.
ᔢAn inability to attract people of outstanding potential, to develop their potential through education and assignments, and
to retain them by keeping them engaged, challenged and properly rewarded could have an adverse effect on TDS’
business, financial condition or results of operations.
ᔢTDS’ assets are concentrated primarily in the U.S. telecommunications industry. Consequently, its operating results may
fluctuate based on factors related primarily to conditions in this industry.
ᔢTDS’ smaller scale relative to larger competitors that may have much greater financial and other resources than TDS
could cause TDS to be unable to compete successfully, which could adversely affect its business, financial condition or
results of operations.
ᔢChanges in various business factors, including changes in demand, customer preferences and perceptions, price
competition, churn from customer switching activity and other factors, could have an adverse effect on TDS’ business,
financial condition or results of operations.
49
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS