UZE

• Transaction Closure: Closed sale of UScellular wireless business to T-Mobile, unlocking shareholder value.
• Business Focus: TDS Telecom focusing on fiber business, Ken Dixon joined as CEO; Array focusing on tower and spectrum businesses.
• Financial Moves: Extended revolvers, signed term loan amendments; TDS to redeem $1.1 billion debt; Array expecting $2 billion from spectrum sales; TDS expecting tax benefit from One Big Beautiful Bill.
• Dividends: Array declared special dividend of $23 per share; TDS to receive pro rata share.
• Tower Business: Array now independent tower company; priority on ground lease optimization and revenue growth; pending spectrum transactions with AT&T and Verizon.

• TDS Telecom: Revised 2025 guidance: revenues $1.03B-$1.05B, adjusted EBITDA $320M-$350M, adjusted OIBDA $310M-$340M. Expecting fiber address growth with E-ACAM builds ramping in second half.
• Array: Not providing 2025 operational/financial guidance; expecting wind-down costs in 2025-2026; spectrum transactions with AT&T and Verizon expected in second half 2025 and third quarter 2026 respectively.

TDS Telecom

• Delivered 27,000 new fiber service addresses; targeted 1.5 million fiber addresses by year-end. At quarter end, had 968,000 marketable fiber service addresses, with 53% of addresses served by fiber. 75% of residential broadband customers took 1 gig or higher. Total operating revenues down 1% year-over-year, but up 1% excluding divestitures. Cash expenses up 1% year-over-year. Capital expenditures higher due to E-ACAM program.

Array Digital Infrastructure

• Sold UScellular wireless business to T-Mobile for $4.3 billion, leaving $364 million on balance sheet post-transaction. Declared special dividend of $23 per share. Expecting $2 billion from spectrum sales. Tower business with 4,400 towers. Third-party tower revenues up 12% year-over-year, third-party colocations up 6% year-over-year. Pending spectrum transactions with AT&T and Verizon; expected to incur wind-down costs in 2025-2026.

• Regulatory Risks: Spectrum transactions subject to regulatory approvals.
• Execution Risks: Uncertainty in timing and success of spectrum sales; potential delays in implementing MLA with T-Mobile.
• Market Risks: Fluctuations in carrier investments and spectrum demand affecting tower and fiber business performance.

Q: When will TDS update on expanding and accelerating 1.8 million service addresses?

A: Kris Bothfeld said they're sizing opportunities and expect to share more in upcoming quarters.

Q: Where will TDS Telecom leverage stabilize long-term?

A: Vicki Villacrez said they'll put in place a defined capital allocation strategy but currently expect leverage under 1.5x.

Q: Update on TDS Telecom's mobile launch?

A: Kris Bothfeld said TDS Mobile launched in select markets in Q4 2024 and across all markets in Q2 2025, phased approach to ensure customer experience.

Q: Asset profile for TDS Telecom M&A?

A: Walter Carlson said focused on fiber opportunities synergistic with existing properties.

Q: Growth strategy for Array's tower business?

A: Doug Chambers said priorities include ground lease optimization and revenue growth, leveraging MLA with T-Mobile.