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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

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Cost of Goods and Services

Cost of Financing Services

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Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

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TDS

TDS fundamentals

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