Array Digital Infrastructure Inc (AD) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the TDS and ARRAY fourth-quarter 2025 operating results conference call. (Operator Instructions) I will now hand the conference over to John Toomey, Treasurer and Vice President of Corporate Relations. John, please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 TDS 和 ARRAY 2025 年第四季經營業績電話會議。（操作說明）現在我將把會議交給財務主管兼企業關係副總裁約翰‧圖米。約翰，請繼續。

Good morning, and thank you for joining us. The presentation we prepared to accompany our comments this morning can be found on the Investor Relations sections of the TDS and ARRAY websites. With me today and offering prepared comments are, on behalf of TDS, Walter Carlson, President and CEO; Vicki Villacrez, Executive Vice President and Chief Financial Officer. On behalf of TDS Telecom; Ken Dixon, President and CEO of TDS Telecom; Kris Bothfeld, Vice President of Financial Analysis and Strategic Planning of TDS; and on behalf of ARRAY Digital Infrastructure, Anthony Carlson, President and CEO of ARRAY.

早安，感謝各位的參與。我們為今天早上的演講準備的簡報可以在 TDS 和 ARRAY 網站的投資者關係部分找到。今天與我一起並代表 TDS 發表準備好的評論的是總裁兼首席執行官 Walter Carlson；執行副總裁兼首席財務官 Vicki Villacrez。代表 TDS Telecom 的有：TDS Telecom 總裁兼執行長 Ken Dixon；TDS 財務分析與策略規劃副總裁 Kris Bothfeld；以及代表 ARRAY Digital Infrastructure 的有：ARRAY 總裁兼執行長 Anthony Carlson。

This call is being simultaneously webcast on the TDS and ARRAY Investor Relations websites. Please see the websites for slides referred to on this call, including non-GAAP reconciliations. TDS and ARRAY filed their SEC Forms 8-K, including the press releases, earlier this morning.

本次電話會議將同時在TDS和ARRAY投資者關係網站上進行網路直播。請造訪網站查看本次電話會議中提到的投影片，包括非GAAP調整表。TDS 和 ARRAY 於今天早上早些時候向美國證券交易委員會提交了 8-K 表格，其中包括新聞稿。

As shown on slide 2, the information set forth in the presentation and discussed during this call contain statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Please review the Safe Harbor paragraphs in our press releases and the extended version included in our SEC filings.

如投影片 2 所示，本次簡報中列出的資訊以及本次電話會議中討論的資訊包含有關預期未來事件和財務結果的陳述，這些陳述具有前瞻性，並存在風險和不確定性。請查閱我們新聞稿中的「安全港」條款以及我們提交給美國證券交易委員會的文件中包含的擴展版本。

I will now turn the call over to Walter Carlson. Walter?

現在我將把通話轉交給華特·卡爾森。沃特？

Thanks, John, and good morning, everyone. We are pleased to report to you today our fourth-quarter performance, review the progress made on our priorities for 2025, and share our goals for the future. As set forth on slide 3, 2025 was a transformative year. We completed the largest transaction in our company's history and significantly strengthened our balance sheet.

謝謝你，約翰，大家早安。今天，我們很高興向大家報告我們第四季度的業績，回顧我們在 2025 年各項優先事項上取得的進展，並分享我們未來的目標。如投影片 3 所示，2025 年是具有變革意義的一年。我們完成了公司歷史上規模最大的交易，並顯著增強了資產負債表。

By divesting our Wireless operations, we believe we have now positioned ARRAY for success as a growing tower company, and we now have the financial capacity to support TDS Telecom as it continues to expand and grow its fiber operations. Our speakers this morning will highlight many of these accomplishments in more detail shortly, but let me summarize by saying that the TDS team of associates accomplished much in 2025 during a year of significant change.

透過剝離無線業務，我們相信我們已經使 ARRAY 能夠成功發展成為一家不斷壯大的鐵塔公司，並且我們現在有足夠的財力支持 TDS Telecom 繼續擴展和發展其光纖業務。今天早上的演講嘉賓很快就會更詳細地介紹其中的許多成就，但讓我總結一下：在 2025 年這個充滿重大變革的一年裡，TDS 團隊取得了許多成就。

As we look forward to 2026, we have five fundamental objectives for the enterprise as outlined on slide 4. We plan to continue our efforts to strengthen the TDS corporate and capital structure. Vicki will share more details on those topics in a moment. We will continue to grow TDS Telecom's fiber business and work to delight our customers. Ken and Kris will share with you updated fiber address goals and other success targets.

展望 2026 年，我們為企業設定了五個基本目標，如投影片 4 所示。我們計劃繼續努力加強TDS的公司和資本結構。Vicki稍後會分享更多關於這些主題的細節。我們將繼續發展TDS Telecom的光纖業務，並努力讓我們的客戶滿意。Ken 和 Kris 將與您分享最新的光纖位址目標和其他成功目標。

We intend to support ARRAY's success as a tower company and continue our efforts to successfully monetize ARRAY's remaining spectrum holdings. Anthony will highlight ARRAY's expectations for the year. We also intend to strengthen TDS' culture while delivering strong operational and financial results across all of our businesses.

我們打算支持 ARRAY 作為一家鐵塔公司取得成功，並繼續努力成功地將 ARRAY 剩餘的頻譜資產貨幣化。安東尼將重點介紹 ARRAY 對今年的期望。我們也計劃加強 TDS 的企業文化，同時在所有業務領域取得強勁的營運和財務表現。

I want to personally thank every associate across the enterprise for their contributions in 2025 and look forward to all that we will accomplish together in 2026. And I will now turn the call over to Vicki.

我謹代表公司全體員工，衷心感謝他們在 2025 年所做的貢獻，並期待我們在 2026 年共同取得更大的成就。現在我將把電話交給維姬。

Thank you, Walter, and good morning, everyone. As I shared last quarter, across the enterprise, we continue to focus on moving the announced spectrum transactions forward, as well as executing on our capital allocation plans. Slide 5 highlights our progress in these areas.

謝謝你，沃特，大家早安。正如我上個季度所分享的，在整個企業範圍內，我們將繼續專注於推進已宣布的頻譜交易，並執行我們的資本配置計劃。幻燈片 5 重點介紹了我們在這些領域的進展。

In January 2026, ARRAY closed on the announced spectrum sale to AT&T for $1.018 billion, and the same day, the ARRAY Board declared a special dividend of $10.25 per share that was paid on February 2 to ARRAY shareholders of record as of January 23. TDS received its pro rata share of the special dividend or $726 million.

2026 年 1 月，ARRAY 完成了向 AT&T 出售頻譜的交易，交易金額為 10.18 億美元。同一天，ARRAY 董事會宣布派發每股 10.25 美元的特別股息，並於 2 月 2 日支付給了截至 1 月 23 日登記在冊的 ARRAY 股東。TDS 收到了其按比例分配的特別股息，即 7.26 億美元。

Additionally, in January, TDS repaid the last of our outstanding term loan debt of $150 million. With this further debt reduction and cash from the proceeds of the those transactions, we are pleased with the flexibility this affords us to execute on our capital allocation priorities. As a reminder, our TDS capital allocation plan has three key elements.

此外，TDS 於 1 月償還了我們剩餘的 1.5 億美元定期貸款債務。隨著債務的進一步減少以及交易所得現金的到賬，我們對由此帶來的靈活性感到滿意，這使我們能夠更好地執行資本配置優先事項。再次提醒，我們的 TDS 資本配置計畫包含三個關鍵要素。

First, continued investment in fiber. With the proceeds from the special dividend related to the AT&T spectrum, we are increasing our fiber goals. As you will hear from Ken in a moment, while we are still in the early stages, we have identified 300,000 additional fiber edge-out service address opportunities across approximately 50 new communities where we believe we can be first-to-market and achieve returns in the mid-teens, and we are increasing our marketable fiber service address goals.

首先，持續投資光纖技術。利用與 AT&T 頻譜相關的特別股利效益，我們將加強光纖建設力度。正如您稍後將從 Ken 那裡聽到的那樣，雖然我們仍處於早期階段，但我們已經確定了大約 50 個新社區中 30 萬個額外的光纖邊緣服務地址機會，我們相信我們可以率先進入市場並實現十幾個百分點的回報，並且我們正在提高可銷售光纖服務地址的目標。

Second, as it relates to M&A, we continue to evaluate fiber opportunities in a financially disciplined, accretive business case-driven fashion. Third is shareholder returns. In the quarter, we invested $67 million to repurchase 1.8 million TDS common shares, bringing our total 2025 repurchase volume to $2.8 million.

其次，就併購而言，我們繼續以財務紀律嚴明、以增值業務案例為導向的方式評估纖維產業的機會。第三點是股東回報。本季度，我們投資 6,700 萬美元回購了 180 萬股 TDS 普通股，使我們 2025 年的總回購額達到 280 萬美元。

As announced in November, the TDS Board authorized a $500 million increase to the then existing share repurchase program. As of the end of 2025, we had $524 million remaining on this open authorization. The company intends to continue to be disciplined in the timing of its repurchase activity, balancing the needs of the business and market conditions as we move forward.

正如11月份宣布的那樣，TDS董事會批准將當時現有的股票回購計畫增加5億美元。截至 2025 年底，我們這項未決授權還剩餘 5.24 億美元。公司將繼續保持謹慎的回購時機把握，在業務需求和市場狀況之間取得平衡。

Looking back at 2025, we made great progress in transforming our businesses. We continue to unlock significant value and generated significant returns for our shareholders, particularly in the form of transaction-related special dividends at ARRAY. I'm incredibly pleased with how we have positioned the businesses for the future and aligned our capital allocation strategy with our growth opportunities and return to shareholders.

展望2025年，我們在業務轉型方面取得了巨大進展。我們持續釋放巨大價值，並為股東創造了可觀的回報，尤其是在 ARRAY 的交易相關特別股息方面。我對我們為企業未來發展所做的定位，以及我們將資本配置策略與成長機會和股東回報相結合的方式感到非常滿意。

Thank you. And now, I'll turn the call over to Ken Dixon to discuss TDS' fiber business.

謝謝。現在，我將把電話交給 Ken Dixon，讓他來討論 TDS 的光纖業務。

Thank you, Vicki, and good morning, everyone. I'd like to provide an update on our fiber strategy progress. We still have work to do to improve execution, modernize our systems, and continue to scale our build and install operations. The foundation we have built positions us well for the future.

謝謝你，維姬，大家早安。我想向大家報告我們的光纖策略進展。我們仍需努力改善執行力，實現系統現代化，並持續擴大建置和安裝作業的規模。我們所打下的基礎為未來的發展奠定了良好的基礎。

Before I talk about where we're headed, I want to share our 2025 full-year and fourth-quarter performance. As set forth on slide 7, in the fourth quarter, we added 58,000 new marketable fiber addresses, up sequentially over Q3 and up 39% year-over-year. For the full-year 2025, we delivered 140,000 new marketable fiber addresses and expanded our broadband footprint.

在談到我們的發展方向之前，我想先分享一下我們 2025 年全年和第四季的業績預測。如投影片 7 所示，第四季我們新增了 58,000 個可銷售光纖位址，較上季成長，年增 39%。2025 年全年，我們交付了 14 萬個新的可銷售光纖位址，並擴大了我們的寬頻覆蓋範圍。

Execution improved throughout the year. We delivered 40,000 marketable addresses in the first half of 2025, and 100,000 in the second half, showing momentum as our construction engine accelerated. The fourth quarter was our strongest build quarter since 2023, and it was supported by record high construction crew cuts.

全年執行力均有所提升。我們在 2025 年上半年交付了 40,000 個可銷售地址，下半年交付了 100,000 個，這表明隨著我們的建設引擎加速運轉，發展勢頭強勁。第四季是我們自 2023 年以來建設業績最好的一個季度，這得益於創紀錄的建築工人裁員。

We didn't reach our 150,000 address goal. However, we continue to make progress. We know what it will take to reach the level of output that we are targeting, and we are focused on carrying this progress into 2026.

我們沒有達到15萬個地址的目標。然而，我們仍在不斷取得進展。我們知道要達到我們目標的產量水準需要付出什麼，我們正致力於將這一進展延續到 2026 年。

Looking at sales. In each quarter, we delivered sequential growth in residential fiber net adds. We ended the fourth quarter with approximately 15,000 fiber net adds, up 11% from the fourth quarter of 2024, bringing us to approximately 45,000 residential fiber net adds for the year. Driving sales and increasing penetration across our fiber markets remains a top priority as we work to achieve our long-term objectives.

查看銷售情況。每個季度，我們的住宅光纖網路新增用戶數都實現了連續成長。第四季末，我們新增光纖網路用戶約 15,000 戶，比 2024 年第四季成長 11%，使全年新增住宅光纖網路用戶達到約 45,000 戶。在努力實現長期目標的過程中，推動銷售和提高我們在光纖市場的滲透率仍然是我們的首要任務。

We also made progress in our business transformation program in 2025. Through process improvements, organizational alignment, and targeted investments in best-in-class tools, we are strengthening the efficiency and agility of our operations, all with the focus on providing a superior customer experience. These improvements will be foundational to delivering consistent, scalable performance as we continue expanding our network.

2025年，我們的業務轉型計畫也取得了進展。透過流程改善、組織協調以及對一流工具的定向投資，我們正在提高營運效率和靈活性，所有這些都旨在提供卓越的客戶體驗。隨著我們不斷擴展網絡，這些改進將為提供持續、可擴展的效能奠定基礎。

We are continuing to optimize our portfolio to strengthen our strategic focus. The divestitures in 2025, which included the midyear sale of Colorado. And in December, the sale of our Oklahoma ILEC have concentrated our footprint in markets with an economic path to fiber.

我們將持續優化投資組合，以加強我們的策略重點。2025 年的資產剝離計劃包括年中出售科羅拉多州。12 月，我們出售了俄克拉荷馬州本地交換業者 (ILEC)，使我們的業務集中在有經濟途徑實現光纖化的市場。

Turning to slide 8. The progress we made in 2025 and the availability of additional capital to invest gives us confidence to expand our long-term fiber goals. We have identified 300,000 fiber address opportunities in new edge-out markets that are increasing our long-term goal from 1.8 million to 2.1 million fiber addresses.

翻到第8張幻燈片。我們在 2025 年取得的進展以及可用於投資的額外資金，使我們有信心擴大我們的長期光纖目標。我們在新興的邊緣市場中發現了 30 萬個光纖位址機會，這將使我們的長期目標從 180 萬個光纖位址增加到 210 萬個光纖位址。

With that updated target in place, let's move on to the priorities that will guide us in 2026. Slide 9 sets forth our TDS Telecom priorities for 2026. First, we're focused on delivering our fiber build plan. In 2026, our goal is to deliver between 200,000 and 250,000 new marketable fiber addresses, as we ramp up construction in EA-CAM markets, continue expansion in growth markets, and enter targeted edge-out communities. This work is critical. When we execute the build plan, we can see sales opportunities in these key markets.

有了這項更新後的目標，讓我們繼續討論2026年指導我們工作的優先事項。第 9 頁闡述了我們 TDS 電信 2026 年的優先事項。首先，我們專注於落實光纖網路建設計劃。到 2026 年，我們的目標是提供 20 萬至 25 萬個新的可銷售光纖地址，同時加大在 EA-CAM 市場的建設力度，繼續在增長型市場擴張，並進入有針對性的邊緣社區。這項工作至關重要。當我們執行建設計劃時，我們可以在這些重點市場中看到銷售機會。

Second, we are focused on driving sales and expanding our fiber customer growth. We delivered approximately 45,000 residential fiber net adds in 2025. And in 2026, we expect to increase that number by driving higher sales in both new and established fiber markets.

其次，我們專注於推動銷售和擴大光纖客戶群。到 2025 年，我們預計將新增約 45,000 個住宅光纖網路存取點。預計到 2026 年，我們將透過推動新興和成熟光纖市場的銷售成長來提高這一數字。

Third, we are committed to creating a best-in-class customer experience. That means improving every interaction from installation to service, to long-term retention, and ensuring the systems and processes behind these touch points support a seamless high-quality experience.

第三，我們致力於打造一流的客戶體驗。這意味著要改善從安裝到服務再到長期客戶維繫的每一次互動，並確保這些接觸點背後的系統和流程能夠支援無縫的高品質體驗。

Fourth, we will continue executing on business transformation. The work underway will streamline processes and modernize systems in 2026, positioning us to operate as a faster, more efficient fiber-first organization. As part of this work, we remain on track to deliver $100 million in savings by year-end 2028. These priorities align the organization for future success.

第四，我們將繼續推動業務轉型。正在進行的工作將在 2026 年簡化流程並實現系統現代化，使我們能夠成為一個更快、更有效率的光纖優先型組織。作為這項工作的一部分，我們仍有望在 2028 年底前實現 1 億美元的節省目標。這些優先事項將使組織朝著未來的成功做好準備。

I'll now hand it over to Kris to walk through our 2025 results and our financial outlook for 2026. Kris?

現在我將把發言權交給克里斯，讓他來介紹一下我們 2025 年的表現以及 2026 年的財務展望。克里斯？

Turning to slide 10. The chart on the left shows the last five quarters of fiber service address delivery which strengthened throughout the year. Our address cadence quarter-over-quarter reflects seasonality, but it also highlights the actions we took to increase crew counts in the second half of the year. In addition, EA-CAM activity contributed to this acceleration as those builds started to ramp in the fourth quarter.

翻到第10張投影片。左側圖表顯示了過去五個季度的光纖服務地址交付情況，該服務在一年中持續增強。我們的季度環比更新頻率反映了季節性因素，但也突顯了我們在下半年為增加員工人數而採取的行動。此外，EA-CAM 的活動也促進了這一加速，因為這些項目的建設在第四季度開始加速。

As Ken mentioned, Q4 represents our highest production quarter since 2023, demonstrating the momentum we're seeing in our fiber build engine. On the right, you can see the continued expansion of our fiber footprint. Over the last three years, we've nearly doubled the number of fiber addresses across our markets.

正如 Ken 所提到的，第四季度是我們自 2023 年以來產量最高的季度，這表明我們在纖維製造引擎方面看到了強勁的發展勢頭。在右側，您可以看到我們光纖網路覆蓋範圍的持續擴大。過去三年，我們各市場的光纖位址數量幾乎翻了一番。

Turning to the next slide. The chart on the left shows the last five quarters of residential fiber net adds. In the fourth quarter, we delivered over 15,000 residential fiber net adds, representing year-over-year, as well as sequential improvement. This growth reflects the investments we've made in fiber address delivery during the year.

翻到下一張投影片。左側圖表顯示了過去五個季度住宅光纖網路新增用戶數。第四季度，我們新增住宅光纖用戶超過 15,000 戶，較去年同期成長，較上季也有所提升。這一增長反映了我們今年在光纖地址交付方面的投資。

The chart on the right highlights the growth in our residential fiber connections, which have also nearly doubled over the last three years. This growth is driven by ongoing footprint expansion, as well as copper to fiber conversions. We expect fiber connections to grow as we continue to expand our fiber footprint.

右側圖表顯示了我們住宅光纖連接的成長情況，在過去三年裡，住宅光纖連接數量也幾乎翻了一番。這一增長是由持續擴大網路覆蓋範圍以及銅纜向光纖的轉換所推動的。隨著我們不斷擴大光纖覆蓋範圍，我們預計光纖連接數量將會成長。

Turning to slide 12. Average residential revenue per connection was up 2% year-over-year. As we've seen across the industry, fewer broadband customers are choosing to bundle with video, which puts downward pressure on this metric. In 2025, we indicated that we expected more modest revenue per connection growth and our results this quarter remain consistent with that outlook.

翻到第12張投影片。平均每戶住宅用戶收入較去年同期成長 2%。正如我們在整個行業中所看到的，選擇將寬頻服務與視訊服務捆綁在一起的用戶越來越少，這給該指標帶來了下行壓力。我們在 2025 年曾表示，我們預計每連結收入成長將較為溫和，而本季的業績與這一預期保持一致。

The chart on the right shows our year-over-year revenue comparison. As a reminder, the markets we divested accounted for $3 million of the revenue decline in the quarter versus prior year. Additional detail on the recent divestitures is available in the trending schedule on our Investor Relations website.

右側圖表顯示了我們同比收入對比情況。需要提醒的是，我們剝離的市場導致本季營收較上年同期下降了 300 萬美元。有關近期資產剝離的更多詳情，請參閱我們投資者關係網站上的趨勢時間表。

Slide 13 focuses on the full-year and quarterly financial results. Total operating revenues decreased 1% for the quarter and 2% for the full year. Excluding the impact of divestitures, revenues were flat year-over-year for both periods. This reflects continued secular declines in our cable and copper markets, offset by growth in fiber connections and modest improvement in revenue per connection. Cash expenses decreased 4% in the quarter, but were up 1% for the full year, reflecting the impact of our transformation efforts in the second half of the year.

第 13 張投影片重點介紹全年和季度財務業績。本季總營業收入下降 1%，全年下降 2%。剔除資產剝離的影響，這兩個時期的收入均與去年同期持平。這反映了我們的電纜和銅纜市場的持續長期下滑，但被光纖連接的成長和每次連接收入的略微改善所抵消。本季現金支出下降了 4%，但全年現金支出成長了 1%，反映了我們下半年轉型工作的影響。

As a result of lower expenses, adjusted EBITDA improved 6% in the fourth quarter. For the full year, adjusted EBITDA declined 6%, primarily due to the impact of divestitures, as well as the first quarter's non-cash adjustment to stock-based compensation. After a big fourth quarter, full-year capital expenditures were $406 million as we prioritize investments in our internal construction crews and equipment to support future builds.

由於支出減少，第四季度調整後 EBITDA 成長了 6%。全年調整後 EBITDA 下降 6%，主要原因是資產剝離的影響，以及第一季對股票選擇權激勵的非現金調整。第四季業績強勁，全年資本支出為 4.06 億美元，我們將優先投資於內部施工隊伍和設備，以支援未來的建設項目。

On slide 14, we provide our guidance for 2026. We are forecasting total Telecom revenues of $1.015 billion to $1.055 billion. This reflects top-line growth from our fiber investments, offset by industry-wide declines in video, voice, and wholesale revenues. These ranges also reflect a full-year impact from the 2025 divestitures, which contributed $19 million in annual revenues.

第 14 頁，我們提供了 2026 年的指導方針。我們預測電信總收入將達到 10.15 億美元至 10.55 億美元。這反映了我們光纖投資帶來的營收成長，但卻被整個產業視訊、語音和批發收入的下降所抵消。這些範圍也反映了 2025 年資產剝離的全年影響，這些剝離貢獻了 1,900 萬美元的年收入。

Adjusted EBITDA is projected to be between $310 million and $350 million in 2026. The 2025 divestitures and legacy revenue stream declines put pressure on this metric, but continued advancement of our fiber program and the benefits from our transformation initiatives will help mitigate these pressures.

預計 2026 年調整後 EBITDA 將在 3.1 億美元至 3.5 億美元之間。2025 年的資產剝離和傳統收入來源的減少給這一指標帶來了壓力，但我們光纖計畫的持續推​​進以及轉型措施帶來的益處將有助於緩解這些壓力。

In 2026, our goal is to deliver 200,000 to 250,000 fiber service addresses, up from what we delivered in 2025, and we expect capital expenditures to be in the range of $550 million to $600 million, up from $406 million in 2025. The increased CapEx is driven by EA-CAM builds, continued growth in our expansion markets, as well as spending on new edge-out opportunities.

2026 年，我們的目標是提供 20 萬至 25 萬個光纖服務地址，高於 2025 年的交付量；我們預計資本支出將在 5.5 億美元至 6 億美元之間，高於 2025 年的 4.06 億美元。資本支出增加的驅動因素包括 EA-CAM 建設、我們在擴張市場的持續成長，以及對新的邊緣化機會的投入。

Before turning over the call, I want to thank the entire TDS team. Because of your hard work and dedication, we ended the year on a strong footing. We're energized for 2026 and the opportunities ahead. I'll now turn the call over to Anthony.

在將電話轉接出去之前，我要感謝整個TDS團隊。由於你們的辛勤工作和奉獻精神，我們以良好的勢頭結束了這一年。我們對2026年以及未來的機會充滿熱情。現在我將把電話交給安東尼。

Thanks, Kris, and good morning. As I reflect on what the ARRAY team accomplished in 2025, I am extremely grateful for the team's hard work and perseverance during a year of enormous change and new beginnings. I am honored to have the responsibility to lead ARRAY and look forward to growing the business over the coming years.

謝謝你，克里斯，早安。回顧 ARRAY 團隊在 2025 年的成就，我非常感謝團隊在這一年中付出的辛勤努力和堅持不懈，這一年充滿了巨大的變化和新的開始。我很榮幸能夠肩負起領導 ARRAY 的重任，並期待在未來幾年裡發展壯大公司業務。

As set forth on slide 16, ARRAY's business portfolio has three significant yet distinct drivers of value. First, we own a portfolio of more than 4,400 towers across the United States. Originally constructed to support US Cellular's wireless network, these sites are primarily located in suburban and rural areas. Notably, about one-third of our towers have no competing site within a two-mile radius, making them especially valuable as carriers expand 5G and other advanced technologies to meet increasing mobile data demand.

如投影片 16 所示，ARRAY 的業務組合有三個重要但不同的價值驅動因素。首先，我們在美國擁有超過 4400 座鐵塔。這些站點最初是為了支援美國行動通訊公司（US Cellular）的無線網路而建造的，主要位於郊區和農村地區。值得注意的是，我們約有三分之一的基地台兩英里內沒有競爭對手，這使得它們在營運商擴展 5G 和其他先進技術以滿足不斷增長的行動數據需求時尤為有價值。

Second, we continue to hold wireless spectrum, principally C-band. This is a valuable asset with an existing ecosystem for deploying 5G that we are opportunistically seeking to monetize.

其次，我們繼續持有無線頻譜，主要是 C 頻段。這是一個寶貴的資產，它擁有部署 5G 的現有生態系統，我們正在尋求機會將其貨幣化。

Finally, we have minority interest in a number of primarily wireless partnerships referred to in our financials as non-controlling investment interests. These are passive investments that have historically generated substantial income and cash distributions.

最後，我們持有一些主要涉及無線領域的合夥企業的少數股權，這些股權在我們的財務報表中稱為非控制投資權益。這些都是被動投資，歷史上已經產生了可觀的收入和現金分紅。

As I think about our strategic imperatives for 2026, as shown on slide 17, and how we extract value from our business, you'll see the same key elements discussed last quarter. A laser focus on fully optimizing our tower operations and monetizing our spectrum.

正如投影片 17 所示，當我思考我們 2026 年的策略要務以及我們如何從業務中獲取價值時，你會發現與上個季度討論的關鍵要素相同。我們將全力以赴，全面優化基地台運營，並實現頻譜貨幣化。

First, a brief update on our spectrum monetization process. As shown on slide 18, we have reached agreements to monetize roughly 70% of our spectrum holdings. As a reminder, in conjunction with the sale of our wireless operations on August 1, we conveyed 30% of our spectrum to T-Mobile.

首先，簡單介紹一下我們的頻譜貨幣化進程。如投影片 18 所示，我們已經達成協議，將我們大約 70% 的頻譜資產貨幣化。再次提醒大家，在 8 月 1 日出售無線業務的同時，我們將 30% 的頻譜轉讓給了 T-Mobile。

In addition, as previously announced, we signed agreements to sell spectrum to Verizon and AT&T in separate transactions in exchange for roughly $1 billion each. In August and October of 2025, we signed additional agreements with T-Mobile to sell spectrum for total gross proceeds of $178 million. This primarily includes the sale of 700 megahertz A Block and the exercise of approximately 80% of T-Mobile's call option on the 600 megahertz spectrum.

此外，正如先前宣布的那樣，我們分別與 Verizon 和 AT&T 簽署了頻譜出售協議，每筆交易金額約為 10 億美元。2025 年 8 月和 10 月，我們與 T-Mobile 簽署了額外的協議，出售頻譜，總收益達 1.78 億美元。這主要包括出售 700 兆赫 A 頻段以及 T-Mobile 對 600 兆赫頻譜行使約 80% 的認購選擇權。

In December 2025, we received regulatory approval for the spectrum sale to AT&T, and that transaction closed on January 13, 2026, with the ARRAY Board declaring a $10.25 per share dividend that was paid on February 2. The remaining pending spectrum transactions are subject to regulatory approval and closing conditions.

2025 年 12 月，我們獲得了監管部門對向 AT&T 出售頻譜的批准，該交易於 2026 年 1 月 13 日完成，ARRAY 董事會宣布派發每股 10.25 美元的股息，該股息已於 2 月 2 日支付。剩餘待完成的頻譜交易須獲得監管機構批准並滿足成交條件。

Our retained spectrum principally consists of C-band. And as I previously noted, we continue to believe this is a highly attractive spectrum for 5G with an existing ecosystem that carriers can immediately put to use. While there are build-out requirements for the spectrum, the first fund does not apply until 2029, leaving us plenty of time to monetize the spectrum.

我們保留的光譜主要由C波段組成。正如我之前提到的，我們仍然認為這是一個極具吸引力的 5G 頻譜，它擁有現有的生態系統，營運商可以立即加以利用。雖然頻譜建設有一些要求，但第一筆資金要到 2029 年才會生效，這給我們留下了充足的時間來實現頻譜貨幣化。

Turning to slide 21. As noted with our Q3 results, the T-Mobile MLA significantly increases our revenue, and we continue to focus on a strong partnership with T-Mobile to ensure the integration process is well executed. The team has made material progress in Q4, processing over 2,000 applications, and completing structural analysis on over 95% of the applications. This is the first key step in the integration process, and we've executed seamlessly, and are now shifting focus to subsequent phases of integration.

翻到第21張幻燈片。正如我們在第三季業績中所指出的，T-Mobile MLA 顯著提高了我們的收入，我們將繼續專注於與 T-Mobile 建立牢固的合作夥伴關係，以確保整合過程順利執行。團隊在第四季度取得了實質進展，處理了 2000 多份申請，並完成了 95% 以上的申請的結構分析。這是整合過程中的第一個關鍵步驟，我們已經順利完成，現在將重點轉移到整合的後續階段。

Growing colocation revenue outside of the T-Mobile MLA continues to be a key priority, and both revenue growth and new colocation application volume remains strong. In Q4, cash site rental revenue increased 64% year-over-year from all customers and increased 8% when excluding the T-Mobile MLA committed sites. When layering in the T-Mobile interim site revenue, the increase was 96% year-over-year. We also continue to see a strong pipeline with full-year 2025 new colocation applications, excluding the T-Mobile MLA, exceeding prior year by 47%.

在 T-Mobile MLA 之外增加託管收入仍然是一項關鍵優先事項，收入成長和新的託管申請量都保持強勁勢頭。第四季度，所有客戶的現金站點租賃收入年增 64%，如果排除 T-Mobile MLA 承諾的站點，則較去年同期成長 8%。如果將 T-Mobile 臨時站點的收入也計算在內，年增 96%。我們也看到強勁的發展勢頭，2025 年全年新增託管申請（不包括 T-Mobile MLA）將比上一年增長 47%。

Like others in the industry, we disclosed in Q3 that we received a letter dated September 2025 from DISH Wireless, whereby DISH asserts its master lease agreement with ARRAY has been impacted by unforeseeable actions of the SEC and therefore, DISH believes it is relieved of its obligations under the MLA. And despite this, DISH continues to operate certain sites for a period of time.

與業內其他公司一樣，我們在第三季度披露，我們收到了一封日期為 2025 年 9 月的 DISH Wireless 來信，信中 DISH 聲稱其與 ARRAY 的主租賃協議受到了美國證券交易委員會不可預見行為的影響，因此，DISH 認為它已免除了其在主租賃協議下的義務。儘管如此，DISH 仍會在一段時間內繼續營運某些站點。

ARRAY continues to believe that DISH's assertions are without merit, and DISH's obligations under the MLA remain intact. Since early December, DISH has generally failed to make contractually required payments. ARRAY will take such actions that deems necessary to protect its rights under the MLA. For full-year 2025, ARRAY recognized approximately $7 million of site rental revenue from the DISH MLA. And DISH's obligations at similar levels from 2026 through 2031, with a declining revenue commitment in 2032 through 2035.

ARRAY 仍然認為 DISH 的說法毫無根據，DISH 在 MLA 下的義務仍然有效。自 12 月初以來，DISH 普遍未能依合約支付款項。ARRAY 將採取其認為必要的措施來保護其在 MLA 下的權利。2025 年全年，ARRAY 從 DISH MLA 確認了約 700 萬美元的場地租賃收入。從 2026 年到 2031 年，DISH 的義務水準也與之類似，但從 2032 年到 2035 年，收入承諾將逐漸下降。

Slide 22 summarizes ARRAY's financial results. Q4 was the first full quarter of T-Mobile MLA revenue, both the revenue from the MLA minimum committed sites as well as the full population of interim sites. The aforementioned T-Mobile integration volume in Q4 drove elevated service revenues as well as higher cost of operations expense due to the high volume of structural analyses conducted in Q4.

第 22 張投影片總結了 ARRAY 的財務表現。第四季度是 T-Mobile MLA 收入的第一個完整季度，包括 MLA 最低承諾站點的收入以及臨時站點的全部收入。上述 T-Mobile 在第四季度的整合量推高了服務收入，同時也由於第四季度進行了大量的結構分析，導致營運成本增加。

Additionally, in Q4, there was a prospective change in classification of property taxes and insurance from SG&A to cost of operations. SG&A expenses in the second half of 2025 include costs to support the wind down of the legacy wireless operations. And while we began to see reductions in these costs, we continue to expect these expenses to persist into 2026, but declining over future periods.

此外，第四季度，房產稅和保險的分類可能會從銷售、一般及行政費用 (SG&A) 變更為營運成本。2025 年下半年的銷售、一般及行政費用包括支援逐步關閉傳統無線業務的成本。雖然我們開始看到這些成本下降，但我們仍然預計這些支出將持續到 2026 年，但在未來一段時間內將逐漸減少。

Turning to slide 24. As a reminder, T-Mobile has until January of 2028 to finalize its selection of 2015 committed sites under the new MLA. Once these selections have been made in addition to any incremental sites above the MLA commitment, ARRAY expects to have between 800 to 1,800 tenantless or naked towers.

翻到第24張投影片。提醒一下，T-Mobile 必須在 2028 年 1 月之前根據新的 MLA 最終確定其 2015 年承諾的網站選擇。除了上述選擇之外，如果超出 MLA 承諾的任何新增站點也已確定，ARRAY 預計將擁有 800 至 1,800 個空置或裸露的塔架。

As laid out in our strategic imperatives, we are hyper focused on ground lease optimization and, more specifically, reducing the cash burden of our negative cash flow towers. Those efforts are coupled with our sales team continuing to aggressively market our full portfolio of towers, which will aid in reducing the naked tower portfolio. We are also assessing the future leasability of these towers and will prudently evaluate all outcomes and options over a multiyear period as we determine a path forward for the naked tower portfolio.

正如我們的戰略要務所闡述的那樣，我們高度重視土地租賃優化，更具體地說，是減少我們負現金流大樓的現金負擔。同時，我們的銷售團隊將繼續積極推廣我們全系列的鐵塔產品，這將有助於減少裸塔庫存。我們也在評估這些塔樓未來的租賃前景，並將在未來幾年謹慎評估所有結果和選擇，以確定裸塔組合的未來發展方向。

Slide 25 summarizes the results of our partnership or non-controlling investment interests. This investment income and distributions are primarily from four wireless entities operated and managed by AT&T and Verizon. As discussed last quarter, investment income and distributions for full-year 2025 were impacted by several onetime factors, including the impact of the Iowa partnerships, selling their wireless operations to T-Mobile; and distributions received from Verizon related to their transaction with Vertical Bridge.

第 25 頁總結了我們合夥或非控制投資權益的結果。這項投資收益和分紅主要來自 AT&T 和 Verizon 營運和管理的四家無線實體。正如上個季度所討論的，2025 年全年的投資收益和分配受到幾個一次性因素的影響，包括愛荷華州合作夥伴關係的影響，將其無線業務出售給 T-Mobile；以及從 Verizon 收到的與其與 Vertical Bridge 的交易相關的分配。

Shifting our focus to 2026. On slide 26, we have provided guidance for ARRAY for the following metrics. Total operating revenue, adjusted EBITDA and OIBDA, and capital expenditures. Notably, our guidance ranges are wider than the industry norm, but there are a few key factors driving this dynamic for 2026.

將我們的重點轉移到2026年。在第 26 張投影片中，我們提供了以下指標的 ARRAY 指南。總營業收入、調整後 EBITDA 和 OIBDA 以及資本支出。值得注意的是，我們的指導範圍比行業慣例更廣，但推動 2026 年這一動態發展的關鍵因素有幾個。

First, there is uncertainty with the T-Mobile MLA and timing of interim site terminations, as well as the potential for incremental committed sites above the MLA minimum. And second, on the expense side, we discussed the currently elevated SG&A expenses and the wind down of these expenses that we expect throughout 2026 and beyond.

首先，T-Mobile 的 MLA 和臨時站點終止時間存在不確定性，超出 MLA 最低要求的新增承諾站點數量也可能存在不確定性。其次，在支出方面，我們討論了目前較高的銷售、一般及行政費用，以及我們預計在 2026 年及以後逐步減少這些費用的情況。

For total operating revenue, we are forecasting a range from $200 million to $215 million. This reflects a range of outcomes related to the T-Mobile MLA as uncertainty and includes anticipated colocation and amendment revenue driven from applications we received in 2025, and expect to receive in early 2026. Our guidance range does not include DISH revenues given the uncertainty related to their recent actions.

我們預測總營業收入將在 2 億至 2.15 億美元之間。這反映了與 T-Mobile MLA 相關的各種結果的不確定性，包括我們預計在 2025 年收到的申請以及預計在 2026 年初收到的申請所帶來的預期託管和修改收入。鑑於 DISH 近期措施帶來的不確定性，我們的業績指引範圍不包括 DISH 的收入。

For adjusted EBITDA, we are forecasting a range from $200 million to $215 million. Given the passive nature of our non-controlling investment interests, our guidance range assumes equity income similar to 2025, excluding the one-time events outlined on slide 25. Adjusted OIBDA guidance of $50 million to $65 million simply removes the equity method investments.

對於調整後的 EBITDA，我們預測範圍在 2 億美元至 2.15 億美元之間。鑑於我們非控股投資權益的被動性質，我們的指導範圍假設股權收益與 2025 年類似，不包括投影片 25 中概述的一次性事件。調整後的 OIBDA 預期為 5,000 萬美元至 6,500 萬美元，這僅是剔除了權益法投資。

Finally, for capital expenditures, we are forecasting $25 million to $35 million. This range is largely driven by a degree of uncertainty around ground lease purchase volume. Our CapEx spending in the first half of 2026 will continue to include one-time tower light monitoring migration costs of about $6 million, as we complete our efforts to migrate tower light monitoring to our long-term solution.

最後，關於資本支出，我們預測為 2,500 萬美元至 3,500 萬美元。這一波動範圍主要是由於土地租賃購買量存在一定程度的不確定性所造成的。2026 年上半年，我們的資本支出將繼續包括約 600 萬美元的一次性塔燈監控遷移成本，因為我們將完成塔燈監控遷移到長期解決方案的工作。

In closing, I want to again thank the entire ARRAY and TDS teams who have dedicated countless hours and energy to the stand-up of our tower company. ARRAY's future is bright, and 2025 was a transformative year. I am excited about the opportunity to lead this team through a year of integration, growth, and a focus on operational efficiency.

最後，我要再次感謝 ARRAY 和 TDS 團隊全體成員，他們為我們鐵塔公司的成立投入了無數的時間和精力。ARRAY 的未來一片光明，2025 年是具有變革意義的一年。我很高興有機會帶領這個團隊度過一年的整合、發展和專注於營運效率的時期。

I will now turn the call back to Walter.

現在我將把電話轉回給沃特。

Thank you, Anthony. As you can see, TDS is in the midst of a vital period of transformative change. The successful close of the T-Mobile and AT&T transactions have unlocked tremendous value, enabling us to expand and deepen our fiber program, stand up a strong and growing tower business, and strengthen our capital structure. Let me again thank all of the outstanding associates across the TDS enterprise for the fine work you do every day to serve our customers and advance our business.

謝謝你，安東尼。如您所見，TDS 正處於變革的關鍵時期。T-Mobile 和 AT&T 交易的成功完成釋放了巨大的價值，使我們能夠擴展和深化我們的光纖計劃，建立一個強大且不斷增長的鐵塔業務，並加強我們的資本結構。讓我再次感謝TDS企業所有傑出的同事們，感謝你們每天為服務客戶和推進業務所做的出色工作。

Operator, please now open the line for questions.

接線員，請開通提問通道。

(Operator Instructions) Rick Prentiss, Raymond James.

（操作說明）里克·普倫蒂斯，雷蒙德·詹姆斯。

Sorry for the technical problems. I appreciate it, Anthony, good to talk to you. Thanks for update on the DISH. We were wondering if it was in or out of guidance. So as I understand, then DISH is completely out of your '26 guidance from revenue to OIBDA to free cash flow then?

抱歉，出現了技術問題。謝謝你，安東尼，很高興和你聊天。感謝您提供關於DISH的最新資訊。我們想知道它是否符合指導原則。所以如果我理解正確的話，DISH從營收、OIBDA到自由現金流都完全超出了你們2026年的預期？

Correct.

正確的。

And so any settlement from that would be upside from here?

所以，任何由此達成的協議都會比現在的情況更好嗎？

Correct.

正確的。

Okay. And when you think about what you're seeing in the tower leasing application area, how are you feeling about the application pipeline? It does feel like a lot of carriers are focusing on rural America, T-Mobile, Verizon, and even AT&T. But what can you give us as far as some insight into what growth rates might look like from new lease activity?

好的。當你思考你在鐵塔租賃申請領域看到的情況時，你對申請流程有何感想？感覺很多業者都在關注美國農村市場，例如 T-Mobile、Verizon，甚至 AT&T。但您能否就新租賃活動的成長率可能呈現的情況，提供我們一些見解？

Yeah. So thank you, Rick, for the question. We're feeling quite optimistic about our, sort of both, prospects for 2026, of course. The T-Mobile MLA on a full-year basis to present significant growth. But we also expect to see, excluding DISH and excluding the T-Mobile MLA, a significant same-store growth, right.

是的。謝謝你的提問，里克。當然，我們對2026年的前景，無論是前景還是未來，都感到非常樂觀。T-Mobile MLA 全年實現了顯著成長。但我們也預計，如果排除 DISH 和 T-Mobile MLA，同店銷售額將顯著成長，對吧。

So for example, there are elements such as when US Cellular was the market. We provided roaming to a lot of other carriers. And so with us leaving the market, some carriers have elected to use to replace the roaming that they had with us building out some of their own sites. So that is one element that is driving the forward.

例如，美國行動通訊公司（US Cellular）佔據市場主導地位時，就存在這樣的情況。我們為許多其他業者提供漫遊服務。因此，隨著我們退出市場，一些營運商選擇用他們自己的站點來取代我們之前提供的漫遊服務。這是推動發展的因素。

In addition, other elements, other actions that we've taken, such as insourcing our sales team. And the agreement that we signed with Verizon, we have already seen positive results for in terms of driving our sales growth, and we expect that to continue into 2026.

此外，還有其他因素，我們採取了其他行動，例如將銷售團隊內部化。我們與 Verizon 簽署的協議已經取得了積極的成果，推動了我們的銷售成長，我們預計這種勢頭將持續到 2026 年。

And how is it coming along as far as other tower companies that have been focused as tower companies for longer than you guys? They're able to break out the cash revenue contribution, say, from escalators versus new lease activity, versus churn, call it, legacy churn versus kind of carrier consolidation churn, or audience like T-Mobile, Sprint, and T-Mobile, US Cellular, and DISH. How is the company as far as getting reporting out there on new leasing activity escalators in churn?

那麼，與其他專注於鐵塔業務時間比你們更長的鐵塔公司相比，你們的發展情況如何？他們能夠將現金收入貢獻細分出來，例如，來自自動扶梯的收入貢獻與新租賃活動的收入貢獻，與流失的收入貢獻（例如，傳統用戶流失與運營商整合導致的用戶流失），或者像 T-Mobile、Sprint、US Cellular 和 DISH 這樣的用戶群體的收入貢獻。公司在發布有關新租賃活動和客戶流失率上升因素的報告方面做得如何？

We will -- we are continually in the process of evaluating which of these metrics we will put in our public reporting. Right now, we are focused on standing up an effective tower company's operations, and we reserve the right to make those changes in future reporting if and as we fit.

我們會—我們一直在評估哪些指標將納入我們的公開報告中。目前，我們專注於建立一家高效的鐵塔公司營運體系，我們保留在未來報告中根據需要進行相應調整的權利。

Yeah, Rick, this is Vicki. I'll just jump in here. I was really pleased. We had a really strong fourth quarter. As you know, it's our first full quarter of reporting for ARRAY, and we'll continue to focus on this as we go forward and keep our priorities in front of us.

是的，瑞克，這是維姬。我就插一句吧。我非常高興。我們第四節表現非常出色。如您所知，這是我們 ARRAY 的第一個完整季度報告，我們將繼續專注於此，並將我們的優先事項放在首位。

Great. Okay. And on the TDS Telecom side, thanks for -- as we called it, we want the number, so we now know the number of service addresses for the long-term target. Thanks for that, Vicki and Ken.

偉大的。好的。TDS Telecom 這邊，感謝你們——正如我們所說，我們想要這個數字，這樣我們現在就知道了長期目標的服務地址數量。謝謝Vicki和Ken。

So the 2.1 million, a couple of related questions, of course, to that is, what's the definition of long term? Because it does feel like there is a race to be first of fiber, as you mentioned, the markets you've identified. You think you've got a good chance to be first of fiber there. But help us understand why is 2.1 million now the right number? What the competitive dynamics look like in that?

所以，關於 210 萬，當然還有幾個相關的問題，那就是，什麼是長期？因為正如您所提到的，您所確定的市場確實存在一場爭奪光纖第一的競賽。你認為你很有可能成為那裡的纖維領導者。但請幫我們理解為什麼現在210萬才是正確的數字？這種情況下的競爭格局如何？

And what's the pacing? I know you mentioned 200,000 to 250,000 service addresses this year is the target. Is that something that could accelerate? But it was kind of -- give us a sense of what's that long term mean? What's the pacing to get there?

節奏如何？我知道您提到今年的目標是 20 萬到 25 萬個服務地址。這是有可能加速發展的趨勢嗎？但這有點像——請給我們解釋一下，從長遠來看，這意味著什麼？達到目標的節奏是什麼？

Rick, this is Kris. I'm going to take the first part of this question, and then I'm going to hand it off to Ken to add more color. So yeah, we are very excited to be raising our long-term fiber address target from 1.8 million to 2.1 million. These goals reflect two multiyear fiber programs that we have in place.

里克，這是克里斯。我將回答這個問題的第一部分，然後交給 Ken 來補充更多細節。是的，我們非常高興地將長期光纖位址目標從 180 萬戶提高到 210 萬戶。這些目標體現了我們正在實施的兩項多年期光纖計畫。

We have our EA-CAM program, as well as our ongoing fiber expansion that we're building out to those 100 communities where we initially planted flags and now we're taking advantage of additional edge-out opportunities to further expand those strategic clusters. So these goals reflect when those builds are substantially complete.

我們有 EA-CAM 計劃，以及我們正在進行的光纖擴建計劃，該計劃已擴展到我們最初設立分支機構的 100 個社區，現在我們正在利用額外的邊緣擴展機會進一步擴大這些戰略集群。因此，這些目標反映了這些建設項目何時基本完成。

And as we shared last year, we said that roughly a five-year time horizon from our initial goal was a reasonable timeframe, and that timeframe has not changed with these increased goals. So still that 2029, 2030 timeframe. But we're doing everything we can to accelerate these goals because, as you said, we see a window of opportunity to be first of fiber in these new expansion markets, and we want to make sure to seize that opportunity.

正如我們去年所分享的，我們說過，從我們最初的目標開始，大約五年的時間跨度是一個合理的時間範圍，而隨著這些目標的增加，這個時間範圍並沒有改變。所以，時間範圍還是 2029 年、2030 年。但我們正在盡一切努力加快實現這些目標，因為正如你所說，我們看到了在這些新的擴張市場中率先使用光纖的機會窗口，我們希望確保抓住這個機會。

Yeah. So I will add to that. I absolutely love the markets that have been selected prior to my joining. And we still see very favorable competitive landscapes. And as Kris mentioned, we have a great opportunity to be first to fiber and continue to plant those flags in the marketplace.

是的。我還要補充一點。我非常喜歡在我加入之前選定的這些市場。我們仍然看到非常有利的競爭格局。正如克里斯所提到的，我們擁有絕佳的機會，可以率先進入纖維領域，並繼續在市場上建立我們的品牌形象。

We also see these edge-outs candidly, where we're already building and have a presence. And it allows us to expand into a bigger strategic cluster. So we're very bullish on the markets that we've chosen, and we have confidence in that incremental 300,000 to bring us to the 2.1 million.

我們也坦率地看到了這些邊緣化的趨勢，我們已經在這些地方建立了業務並佔據了一席之地。這使我們能夠擴展到更大的戰略集群。因此，我們對我們選擇的市場非常看好，我們有信心透過增加 30 萬股，使我們達到 210 萬股的目標。

Great. And a couple of extra color questions around that. Can you break out for us how much is going to be EA-CAM versus expansion markets? Because I would assume the capital spending is greater in the EA-CAM markets and the expansion markets. So maybe a rough breakout on how much is the EA-CAM versus expansion of the 2.1 million target?

偉大的。還有幾個關於顏色的問題。能否為我們詳細列出EA-CAM市場和擴張市場各自的份額？因為我推測 EA-CAM 市場和擴張市場的資本支出較大。那麼，能否粗略估算一下 EA-CAM 與 210 萬目標擴張之間的差距？

And then you mentioned, Ken, I think in your prepared remarks talking about focusing on sales, and that you still have a top priority and what your long-term objective is. And maybe update us on what that long-term objective is for fiber penetration?

然後，肯，我想你在事先準備好的演講稿中提到了專注於銷售，並且你仍然將銷售作為首要任務，以及你的長期目標是什麼。能否告知我們光纖普及的長期目標是什麼？

Rick, this is Vicki. I'll just jump in, say, our guidance is a total capital number. But specifically, as you're thinking about the size of the EA-CAM program relative to our full fiber target. Kris, do you want to comment on that?

瑞克，這位是維姬。我先插一句，我們的指導意見是一個總資本數字。但具體來說，當您考慮 EA-CAM 專案相對於我們全光纖目標的規模時。克里斯，你對此有何評論？

Yeah. So raising our goals from 1.8 million to 2.1 million, that is entirely for these additional 300,000 agile communities adjacent to existing expansion communities. So this does not include any incremental EA-CAM addresses. When we raised our guidance last year, that included 300,000 EA-CAM addresses. And so we are not moving off of that.

是的。因此，我們將目標從 180 萬提高到 210 萬，這完全是為了在現有擴展社區附近新增的 30 萬個敏捷社區。因此，這不包括任何增量 EA-CAM 位址。去年我們提高指導標準時，其中包括 30 萬個 EA-CAM 地址。所以，我們不會改變這一點。

Right. I'll give you a quick update to your sales question. Obviously, address delivery create sales opportunities. So our plan for 2026 is to continue our momentum. We're seeing very good presales volumes 60 days in advance of launch.

正確的。我會快速回覆你的銷售問題。顯然，送貨上門能夠創造銷售機會。因此，我們2026年的計劃是保持這種發展勢頭。距離產品上市還有60天，預售量非常可觀。

The other update I will give you is we're spending a lot of time on sales channel development. In addition, we brought on some new door-to-door vendors based on all of the markets that we've launched, and the markets that we're expecting to bring in into these new agile opportunities. So that allows us to increase our sales capabilities.

我還要告訴大家的是，我們正在投入大量時間進行銷售管道開發。此外，我們還根據我們已經推出的所有市場以及我們預期將要引入這些新的靈活機會的市場，引入了一些新的上門推銷供應商。這樣一來，我們就能提升銷售能力。

We've also put significant improvement into our dot-com channel and we have a great road map of go-to-market execution outlined for the remainder of 2026. We also are very focused in penetration rates. And you'll see us focus more on multi-dwelling unit in 2026 in addition to single-family homes.

我們也對我們的網路管道進行了重大改進，並制定了 2026 年剩餘時間的市場推廣執行路線圖。我們也非常關注市場滲透率。2026年，除了獨棟住宅外，您還會看到我們更加關注多戶住宅單元。

And we've also brought in some new leadership to help run sales in our call center environment, and sales throughout our various distribution channels, two folks that are very tenured in the industry and have a great background in fiber sales. Thank you.

我們還引入了一些新的領導層來幫助管理我們呼叫中心的銷售以及我們各個分銷管道的銷售，這兩位都是業內資深人士，在光纖銷售方面有著豐富的經驗。謝謝。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

I guess maybe, cleaning up there on the fiber questions. Any help in terms of thinking about the shaping of in-year service delivery? I think, Ken, you kind of talked about -- I mean the fourth quarter delivery was, I think, the strongest you said since 2023. How should we think about that $200 million to $215 million ratably over the balance of 2026? Obviously, weather implications in 1Q, 4Q. So just trying to help think about that.

我想，或許應該先解決光纖方面的問題。在思考如何建立年度服務交付模式方面，您有什麼建議嗎？肯，我覺得你剛才提到過——我的意思是，第四季度的交付量，我認為是自 2023 年以來最強勁的。我們該如何看待這筆在 2026 年剩餘時間內平均分攤的 2 億美元至 2.15 億美元？顯然，天氣會對第一季和第四季產生影響。我只是想幫助大家思考這個問題。

And then, I guess, in the press release, I feel like the comments regarding the C-band or just spectrum monetization, it seemed a little bit new, a little bit more pointed. So I was just wondering if you can help update us on how you're thinking about that, the level of conversations you might be having in the market? Obviously, the re-auction of the AWS-3 midyear this year. You have visibility into the upper C-band next year. So any color there would be helpful.

然後，我覺得在新聞稿中，關於 C 頻段或頻譜貨幣化的評論似乎有點新意，也更有針對性。所以我想問您能否介紹一下您對此事的看法，以及您在市場上可能進行的討論的程度？顯然，AWS-3 將在今年年中重新拍賣。明年您將有機會觀測到C波段高空。所以任何顏色都會有所幫助。

And then lastly, I'll just throw it out there. As it pertains to the buyback, any interest, or what's your view on potentially buying back AD shares in the market as opposed to the TDS shares given the implied look-through discount on your own shares? How is the Board perhaps maybe evaluating that? How do you think about that?

最後，我就隨便說說。關於股票回購，您是否有意在市場上回購AD股票，而不是回購TDS股票？考慮到您自身股票的隱含價格折扣，您對此有何看法？董事會或許會如何評估這一點？你對此有何看法？

I'll start off with the fiber goals for 2026. As I mentioned earlier, we have -- I love the markets that we're currently operating in. One of the first things that the team focused on was how do we absolutely get as many crews into the markets, constructing our service addresses as possible.

我先來談談2026年的纖維目標。正如我之前提到的，我非常喜歡我們目前所處的市場。團隊首先關注的問題之一是如何盡可能派出施工隊伍進入市場，盡可能多地建造我們的服務點。

As you saw in my opening remarks, in the fourth quarter, we had record true counts, and we were able to keep those crews throughout those, what I'd say, winter months and that gives us confidence going into 2026. One of the other big things that we did in 2025 as we made some very strategic investments in our internal construction capacity, we added additional equipment and plan to have additional proved capacity throughout 2026.

正如你們在我的開場白中所看到的，在第四季度，我們獲得了創紀錄的真實計數，並且我們能夠在整個冬季月份裡保持這些工作人員的隊伍，這讓我們對2026年充滿信心。2025 年，我們做了另一件大事，那就是對內部建設能力進行了一些非常有戰略意義的投資，我們增加了設備，併計劃在 2026 年全年擁有額外的成熟產能。

I believe one of the biggest advantages that TDS has in the marketplace is the fact that we have internal construction crews, and we also have contractors throughout the marketplace. As I mentioned, with those construction crew count levels in the fourth quarter, it gave us, what I'd say, a very healthy funnel of service addresses coming in 2026, which we had not had coming into 2025. I'm very bullish on what we can accomplish in 2026, and I'll hand it off over the tower question.

我認為TDS在市場上最大的優勢之一是，我們擁有內部施工隊伍，而且我們在整個市場都有承包商。正如我之前提到的，第四季度施工人員數量如此之多，這為我們帶來了 2026 年非常健康的服務地址管道，而我們在 2025 年之前並沒有這樣的管道。我對我們2026年能夠取得的成就非常樂觀，至於塔的問題，我會交給你們來解答。

Yeah. So in terms of the spectrum, right, as you know, the primary spectrum -- from a value perspective (inaudible), we believe that spectrum is very attractive. It's [beachfront] mid-band spectrum. It's an established infrastructure ecosystem. All major carriers can use it, and it's deployable immediately. And in addition to the major big three carriers, of course, there may even be other potential acquirers, such as cable, regional carriers, speculators, what have you.

是的。所以就頻譜而言，如你所知，主要頻譜——從價值角度來看（聽不清楚），我們認為該頻譜非常有吸引力。這是（海濱）中頻段光譜。這是一個成熟的基礎設施生態系統。所有主要運營商均可使用，並且可以立即部署。當然，除了三大營運商之外，可能還會有其他潛在的收購方，例如有線電視營運商、區域營運商、投機客等等。

Certainly, the availability of other spectrum could affect demand, but that could be positive for us as well because of where companies, where potential acquirers of the upper C-band spectrum line up in the band range. So we think that that is a potential upside for us as well. And then we want to reiterate simply that the C-band is very attractive spectrum, and we are optimistic that it has significant value.

當然，其他頻譜的可用性可能會影響需求，但這對我們來說也可能是件好事，因為潛在的 C 波段頻譜收購者在頻段範圍內的分佈可能會影響到這些公司。所以我們認為這對我們來說也是一個潛在的優勢。然後我們想再次強調，C波段是一個非常有吸引力的頻譜，我們樂觀地認為它具有重要的價值。

I'm going to hand over the capital structure questions to Vicki.

我將把資本結構方面的問題交給維姬。

Yeah. Thank you for the question. Sebastiano, each company's Board determines their own capital allocation based on a number of multiple factors. As you know, TDS has announced that share repurchases are a part of its capital allocation plan and use of proceeds that have come from the transactions in the special dividends.

是的。謝謝你的提問。塞巴斯蒂亞諾，每家公司的董事會都會根據多種因素來決定自己的資本配置。如您所知，TDS 已宣布股票回購是其資本配置計劃的一部分，並將利用特別股息交易所得的資金進行回購。

The ARRAY organization is very focused right now on standing up the new tower business. We're excited with the fourth-quarter results and our outlook for next year, and very focused on growing that business going forward. So I can't comment that's a decision that each individual Board makes.

ARRAY 組織目前正全力以赴地建立新的鐵塔業務。我們對第四季度的業績和明年的展望感到興奮，並將全力以赴發展這項業務。所以我無法對此發表評論，這是每個董事會各自做出的決定。

Yeah. But would TDS consider buying AD shares rather than its own TDS shares? To not only accrete yourselves higher, but also buy back your stock at a discount to the market?

是的。但TDS會考慮買AD的股票而不是自己的TDS股票嗎？不僅是為了讓自己的股價上漲，也是為了以低於市價的價格回購股票？

So Sebastiano, this is Walter. I think that Vicki has given the guidance that we can offer in response to your question. The issue of share buybacks is one that each Board thinks about. And we don't have any further comments at this time.

塞巴斯蒂亞諾，這位是沃爾特。我認為 Vicki 已經就您的問題給出了我們所能提供的指導。股票回購問題是每個董事會都會考慮的問題。我們目前沒有其他評論。

Okay. And then one last question. Is the implied EBITDA guide at TDS, does that imply ex divestitures? Does that imply growth? Or how should we think about that?

好的。最後一個問題。TDS 的隱含 EBITDA 指引是否包含剝離資產？這是否意味著成長？我們該如何看待這個問題？

Yeah, Sebastiano, I can take this. This is Kris. So for our adjusted EBITDA guidance for 2026, we are seeing an impact from the divestitures, as well as those legacy revenue stream declines. But past that noise, there is growth there. And really, that's coming from not only our investments in our fiber markets, but our continued business transformation efforts, and we're really liking the potential we're seeing from that program.

是的，塞巴斯蒂亞諾，我可以應付。這是克里斯。因此，對於我們 2026 年的調整後 EBITDA 指引，我們看到了資產剝離以及傳統收入來源下降的影響。但拋開這些喧囂，那裡確實存在著成長。這其實不僅源自於我們對光纖市場的投資，也源自於我們持續的業務轉型努力，我們對該計畫所展現的潛力感到非常滿意。

Michael Rolands, Citi.

麥可羅蘭茲，花旗集團。

Thanks to the additional disclosures in the deck today. If I could turn to slide 21. So in that slide where it walks through the tower revenues, you described 8% growth, excluding the committed and interim sites. And just curious if we take that now to 2026, what growth rate is embedded within the revenue guidance for '26? And then I have a question on TDS Telecom afterwards.

感謝今天在簡報中披露的額外資訊。如果我能翻到第21張投影片就好了。所以在那張介紹鐵塔收入的幻燈片中，你描述了 8% 的成長，不包括已承諾和臨時網站。我很好奇，如果我們把這個預測延續到 2026 年，那麼 2026 年的營收預期中蘊含的成長率是多少？之後我還有一個關於TDS電信的問題。

Sure. So assuming I'm interpreting correctly your question which is sort of same-store growth, right? So I want to -- like -- if you take out the DISH revenue, right, the fact that that's going to zero, we're expecting the growth of around 6% or so on a same-store basis. With DISH included, that would be closer to -- if you -- with DISH included, it would be closer to zero. So flattish, if you assume DISH was still around, about 6% excluding DISH.

當然。所以，假設我正確理解了你的問題，也就是同店成長，對嗎？所以我想說的是——比如——如果把 DISH 的收入剔除出去，對吧，因為 DISH 的收入將歸零，我們預計同店銷售額將增長約 6%。如果包含 DISH 服務，則接近零。所以，如果假設 DISH 仍然存在，那麼佔比將比較平坦，如果排除 DISH，則佔比約為 6%。

And when you think about same store, is that the combination of existing leases and then new colocation, or amendment leases signed on those locations?

說到同一店鋪，是指現有租賃合約加上新的合租合同，還是在這些地點簽署的修訂租賃合約？

Yeah, correct, excluding all the T-Mobile activity.

是的，沒錯，不包括T-Mobile的所有活動。

Great. And including any churn, normal course churn?

偉大的。包括所有人員流失，正常人員流失嗎？

Correct.

正確的。

Great. Very helpful. And moving over to the TDS Telecom side of the equation. You mentioned some of the issues with video take rates influencing overall account ARPU or ARPA. And just kind of curious how you're thinking about video on a go-forward basis? Are you able to discern in your current footprint the types of customer lifetime value, churn, margin, and economics of customers that are just like standalone broadband versus those that bundle video?

偉大的。很有幫助。接下來我們來看看TDS電信這邊的狀況。您提到了一些影片觀看率會影響帳戶整體 ARPU 或 ARPA 的問題。我很好奇您未來對影片發展有何規劃？您能否根據您目前的市場情況，區分出哪些類型的客戶具有獨立的寬頻服務，哪些類型的客戶具有捆綁視訊服務，以及這些類型的客戶在客戶終身價值、流失率、利潤率和經濟效益方面有何差異？

And at some point, is there going to -- call a fork in the road where you decide you know what, if you just kind of let video be handled by others, in terms of streaming and so forth, that you could deliver a more efficient, effective broadband P&L for investors?

某種程度上，是否會有一個岔路口，讓你覺得，如果把影片（包括串流等）交給其他人來處理，就能為投資人帶來更有效率、更有效的寬頻損益？

Thank you. So I will tell you, when I came to TDS Telecom, I was very, very happy with the video business. And what I would say, very strong margins out of that video business. So I do not see us looking to outsource video. I think it's a critical part of our overall value proposition to attract a bundled customer that still wants broadband.

謝謝。所以我要告訴你們，當我來到TDS電信公司時，我對視訊業務非常非常滿意。我想說的是，視訊業務的利潤非常可觀。所以我認為我們不會考慮將影片製作外包。我認為吸引那些仍然需要寬頻服務的捆綁客戶是我們整體價值主張的關鍵部分。

And we still do hear loud and clear from some segments of customers that if we did not offer a video bundle, they would not have chosen TDS for their broadband service. So I still think it's very important. So I would say the other big opportunity for us in long-term value and churn reduction by having a bundled customer. We see that, and we think it's still very important to our business.

我們仍然清楚地聽到一些客戶表示，如果我們不提供視訊套餐，他們就不會選擇 TDS 作為他們的寬頻服務商。所以我仍然認為這非常重要。因此，我認為透過捆綁客戶，我們在長期價值和降低客戶流失率方面還有另一個巨大的機會。我們明白這一點，而且我們認為這對我們的業務仍然非常重要。

As you know, in 2025, we launched the mobile product to have a quad-play offering to our customers. And you will see us, again, as we have with video bundles, also look to bundle the mobile product much stronger throughout 2026.

如您所知，我們在 2025 年推出了行動產品，旨在為客戶提供四合一服務。您將會看到，就像我們之前推出的影片套餐一樣，我們將在 2026 年進一步加強行動產品的捆綁銷售。

But we have a very healthy video business. We're happy with the margins. And I think the team has done a very good job in terms of the content packaging. And I like where we are positioned in the market for '26.

但我們的視訊業務發展得非常健康。我們對利潤率很滿意。我認為團隊在內容包裝方面做得非常出色。我對我們2026年在市場上的定位感到滿意。

David Barden, New Street Research.

David Barden，新街研究公司。

So you guys have been pretty clear about your strategy to monetize the C-band. I'm interested in your posture on monetizing specifically the naked towers that you foresee that may emerge over the course of this decision-making that T-Mobile makes between now and 2008?

所以你們已經非常明確地闡述了C波段的商業化策略。我感興趣的是，對於T-Mobile在2008年之前可能做出的決策，您將如何看待裸露基地台的商業化問題？

But also the unconsolidated investment interest that you have largely with Verizon, how actively you're considering the monetization of those? Or if you consider them kind of the anchor tenants of a going concern business and that we should really think about this as a terminal value run rate cash flow business, or is a sale value business? Or which ones we should consider which?

但您也持有大量與 Verizon 相關的非並表投資權益，您正在積極考慮如何將其變現嗎？或者，如果你把它們看作是持續經營業務的支柱企業，而我們應該真正考慮的是一個終端價值運行率現金流業務，還是一個出售價值業務？或者我們應該考慮哪些因素？

All right. So starting on -- with the second question first on the non-controlling interest. We like the cash flow from these investments. We're not in any hurry to sell them. There's only one natural buyer for those investments. If those companies are interested in buying them at a price that is attractive to us, of course, we will entertain that, but we are in no hurry to sell the that we like the cash flow from them.

好的。那麼，就從第二個問題開始──先從非控制權益說起。我們喜歡這些投資帶來的現金流。我們並不急於出售它們。這些投資只有一個天然買家。如果這些公司有興趣以我們認為有吸引力的價格收購它們，我們當然會考慮，但我們並不急於出售，因為我們喜歡它們帶來的現金流。

In terms of the naked towers, our perspective on those is that there is significant latent value in the majority of those naked towers, right? Some obviously we will need to, at some point, decommission or otherwise exit from, although decommissioning is quite expensive, and it's an interesting math exercise to go and take a look at that versus the cost of retaining them.

就裸露的塔樓而言，我們認為大多數裸露的塔樓都具有相當大的潛在價值，對嗎？有些設施顯然我們遲早需要退役或以其他方式退出，儘管退役成本相當高昂，將其與保留成本進行比較是一項有趣的數學練習。

But we view it as an option, and it is our objective at ARRAY to reduce the holding cost to that option as quickly as possible in order to get the potential value from those towers. Because we do think that there is substantial lease-up opportunity on those naked towers over the long term.

但我們認為這是一個選擇，而 ARRAY 的目標是盡快降低持有該選擇的成本，以便從這些塔樓中獲得潛在價值。因為我們認為，從長遠來看，這些裸露的塔樓有很大的租賃機會。

So the kind of industry standard has been to underwrite a 0.1 incremental tenant per tower per year. Is that something that you would underwrite? Or are you not confident in underwriting that? Or are you more optimistic than that?

因此，行業標準是每年每棟建築增加 0.1 個租戶。你會承擔這部分費用嗎？還是您沒有信心承保？還是你比這更樂觀？

We're not going to take a position on that at this time given just how new situation we are in with this portfolio of towers no longer having the US Cellular tenancy on that.

鑑於目前的情況非常特殊，這批基地台已不再由美國行動通訊公司租用，我們暫時不會對此表明立場。

Sergey Dluzhevskiy, GAMCO Investors, Inc.

Sergey Dluzhevskiy，GAMCO 投資者公司

My first question is on the TDS Telecom side. Obviously, you're increasing the run rate of the build, although in the fourth quarter, it was pretty close to the lower end of your guidance. As you look into 2026, and maybe if you look at your past build history, and so what are some of the lessons learned and maybe what are some of the best practices that you're planning to utilize in 2026 to -- and going forward, to make sure that the build is more efficient and more successful? Obviously, you didn't meet your target in 2025 by about 10,000. But in 2026, obviously, you feel much better about the opportunity.

我的第一個問題是關於TDS電信方面的。顯然，你們正在加快建設速度，儘管在第四季度，這速度非常接近你們預期的下限。展望 2026 年，回顧過去的建設歷史，有哪些經驗教訓？有哪些最佳實踐計畫在 2026 年以及未來加以運用，以確保建設更有效率和成功？顯然，到 2025 年，你還沒有達到目標，還差大約 10,000 人。但到了 2026 年，很顯然，你對這個機會會有更大的信心。

So thank you for the question. What I will tell you is our focus is around execution of how many crews we have out in the marketplace that is vital to our success to deliver our targets for 2026. What we have seen at TDS in the past is that you have typically good service address delivery in the fourth quarter, but you lose most of your external construction crews through what I would say, the winter months post holiday. And then it's very difficult in the past to get those crews back in time for spring.

謝謝你的提問。我要告訴你們的是，我們的重點在於執行力，也就是我們在市場上部署了多少施工隊伍，這對我們實現 2026 年的目標至關重要。我們過去在 TDS 看到的是，第四季通常服務地址交付情況良好，但節後冬季幾個月（我稱之為）大部分外部施工隊伍都會流失。而且，過去要讓這些工作人員及時趕回參加春季的施工是非常困難的。

So we have monitored that very, very closely and kept our crew counts stable in the fourth quarter. And we now are monitoring those crew counts and have those same levels here in the first quarter. So that gives us much better confidence than we have had in years past about getting off to a strong start with our service address delivery at the beginning of the year.

因此，我們對此進行了非常密切的監控，並在第四季度保持了員工人數的穩定。我們現在正在監測船員人數，第一季的船員人數也維持在同樣的水準。因此，與往年相比，我們更有信心在年初順利開展服務地址交付工作。

Got it. Great. My second question is on the ARRAY digital side. And Anthony, it's nice to meet you virtually. I guess my question is, obviously, you have made progress on improving tenancy ratios since the T-Mobile transaction and running this company as a more focused tower business.

知道了。偉大的。我的第二個問題是關於陣列數字方面的。安東尼，很高興在網路上見到你。我想問的是，顯然，自從 T-Mobile 交易以來，你們在提高租戶比例和將公司運營為更專注於鐵塔業務方面取得了進展。

As you look into 2026 and maybe even 2027, what are some of the initiatives that are working well for you in terms of improving this tenancy ratio ex T-Mobile? And also what are some of the new things that you're potentially contemplating and maybe would focus more on in 2026 and 2027 to accelerate the tenancy rate increase?

展望 2026 年甚至 2027 年，在改善 T-Mobile 租戶比例方面，有哪些措施對您來說行之有效？另外，您在 2026 年和 2027 年可能會考慮哪些新舉措，並更加關注哪些方面，以加快租戶入住率的成長？

So Sergey, thanks for the question, and nice to meet you virtually as well. So there are a number of initiatives that are in place that we expect will help our performance in terms of increasing our tenancy ratio. So first, as we've mentioned before, we in-sourced our sales team, and we believe that that is already paying significant dividends in terms of getting our tenancy ratios up.

謝爾蓋，謝謝你的提問，也很高興能在線上見到你。因此，我們採取了一些舉措，預計這些舉措將有助於提高我們的出租率。首先，正如我們之前提到的，我們已經將銷售團隊內部化，我們相信這在提高出租率方面已經取得了顯著成效。

The new deal that we signed with Verizon that we announced last year also was having an impact, as well as I mentioned the fact that some carriers are doing roaming replacement builds for the old US Cellular network.

我們去年宣布與 Verizon 簽署的新協議也產生了影響，正如我之前提到的，一些運營商正在為舊的 US Cellular 網路進行漫遊替換建設。

Finally, we did not have much of a focus at all on non-tower carriers. Within our sales team, we do have roles that are doing that now, and we believe we are seeing early results from approaching more vertical potential tenants. So all of those are elements that we believe are going to help us increase our tenancy ratio going forward in 2026 and beyond.

最後，我們幾乎沒有關注非鐵塔運營商。在我們的銷售團隊中，目前確實有一些職位負責這項工作，我們相信，透過接觸更多垂直行業的潛在租戶，我們已經看到了初步成果。因此，我們相信所有這些因素都將有助於我們在 2026 年及以後提高出租率。

Great. And maybe my last question is also on the ARRAY side. So you have talked already about your focus on monetizing C-band spectrum. Obviously, we've seen several transactions last year involving EchoStar and their spectrum. We have several spectrum auctions coming up.

偉大的。或許我的最後一個問題也與數組有關。您之前已經談到您將重點放在C波段頻譜的商業化上。顯然，去年我們看到了多起涉及 EchoStar 及其頻譜的交易。接下來我們將舉行幾場頻譜拍賣。

So maybe if you can just provide more color on how you're thinking about the monetization opportunities for C-band? Maybe the timeline, and to what degree some of those developments, either with other third-party transactions, or these auctions are putting, or creating more urgency to find an appropriate transaction sooner rather than later?

所以，您能否更詳細地說明一下您是如何考慮 C 波段的獲利機會的？或許是時間安排，以及某些進展（無論是與其他第三方交易還是這些拍賣）在多大程度上促使人們更加迫切地需要盡快找到合適的交易？

So a couple of comments on that. First, I think those transactions with EchoStar show that there is a very robust demand for spectrum. And I think that bodes well for the spectrum that we indeed do have.

關於這一點，我有幾點要補充說明。首先，我認為與 EchoStar 的這些交易表明，市場對頻譜的需求非常強勁。我認為這預示著我們現有的光譜會發展得很好。

Second is that we believe our spectrum is very valuable. We believe that if we have to, the carrying cost of maintaining that spectrum are manageable relative to the potential value that we project for it. So we are not going to be a fourth seller of the spectrum and nor do we feel that we need to be. With all that said, we continue to look for opportunities to monetize it, and we are going to continue to be active in pursuing those.

其次，我們認為我們的頻譜非常有價值。我們認為，如果必須這樣做，維護該頻譜的持有成本相對於我們預期其潛在價值是可控的。因此，我們不會成為頻譜的第四家供應商，而且我們也不認為我們需要成為第四家供應商。綜上所述，我們將繼續尋找將其變現的機會，並將繼續積極尋求這些機會。

There are no further questions at this time. I will now turn the call back to John for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給約翰，請他作總結發言。

Thank you. And thanks again to everyone for joining the call this morning. As always, please don't hesitate to reach out with further questions or follow-up. And I hope everyone has a wonderful weekend. Thank you.

謝謝。再次感謝今天早上參加電話會議的各位。如有任何疑問或需要跟進，請隨時與我們聯繫。祝大家週末愉快！謝謝。