telephone data systems 99AR

This document is the 1999 annual report for Telephone and Data Systems, Inc. (TDS). It highlights strong financial performance in 1999 with 19% revenue growth and 23% operating cash flow growth. It discusses the planned merger between TDS subsidiary Aerial Communications and VoiceStream Wireless which was approved in early 2000. The report outlines TDS's major assets which include stakes in U.S. Cellular, Aerial/VoiceStream, TDS Telecom subsidiaries, and other telecom companies. It summarizes growth and strategic plans for U.S. Cellular and TDS Telecom subsidiaries to continue expanding services and capturing opportunities in a consolidating industry.