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- **Fiber Milestone**: TDS Telecom reached 1 million fiber service addresses, targeting 1.8 million by 2030. 
- **Capital Allocation**: $1.6 billion dividend from Array funds debt reduction and $500M share buyback. 
- **Spectrum Sales**: $1B transactions with AT&T and Verizon expected to close in 2026. 
- **Tower Strategy**: Array focuses on leasing 80-1,800 naked towers, with potential decommissioning. 
- **M&A Focus**: Disciplined approach to accretive fiber M&A, prioritizing clustered growth. 
- **Sales Growth**: TDS Telecom increased construction crews by 100% QoQ, targeting 150,000 address delivery. 


**【CEO Summary Section】**
- Walter Carlson highlighted the successful completion of the T-Mobile transaction, enabling TDS to focus on fiber expansion and tower operations. 
- TDS Telecom achieved 1 million fiber service addresses, with plans to double this to 1.8 million by 2030. 
- Capital allocation priorities include fiber investment, M&A, and a $500 million share repurchase program. 
- Array Digital Infrastructure transitioned to an independent tower company, with Anthony Carlson named CEO. 

**【CFO Financial Commentary】**
- TDS received a $1.6 billion special dividend from Array, reducing debt and funding fiber expansion. 
- Q3 2025 revenue was $1.2 billion, with adjusted EBITDA down 3% YoY due to legacy business declines. 
- CapEx increased 25% YoY to $320 million, driven by fiber builds and E-ACAM program. 
- Array's spectrum monetization pipeline includes $1 billion transactions with AT&T and Verizon, expected to close in 2026. 

**【Q&A Key Highlights】**
- **Fiber Expansion**: TDS plans to evaluate edge-out opportunities for several hundred thousand new addresses, with updates in February 2026. 
- **Share Buybacks**: Board authorized $500 million repurchase, reflecting confidence in long-term strategy. 
- **Array SG&A**: 40% of Q3 SG&A costs relate to wireless wind-down, expected to decline post-2026. 
- **Naked Towers**: Array aims to lease 80-1,800 T-Mobile MLA towers, with ground rent rationalization and potential decommissioning. 
- **Leverage Target**: TDS Telecom maintains 1.5x leverage ratio, excluding edge-out opportunities. 
- **M&A Strategy**: Disciplined approach to accretive fiber M&A, prioritizing clustered growth. 
- **Sales Performance**: TDS Telecom increased construction crews by 100% QoQ, targeting 150,000 2025 address delivery. 


Telephone and Data Systems, Inc. (TDS) Q3 2025 Earnings Call Transcript

United States Cellular

TDS Telecom

Corporate, Eliminations and Other

TDS

TDS fundamentals

You can ask Aime