Array Digital Infrastructure Inc (AD) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the TDS and Array Second Quarter 2026.

各位女士、先生，感謝各位加入我們，歡迎參加 TDS 與 Array 2026 年第二季電話會議。

(Operator Instructions)

（接線員指示）

John Toomey, Treasurer, Vice President and Head of Corporate Relations.

John Toomey，財務主管、副總裁暨企業關係主管。

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. Chris Botfeld, Vice President of Financial Analysis and Strategic Planning of TDS. On behalf of Array Digital Infrastructure, Anthony Carlson, President and CEO of Array.

各位早安，感謝各位加入我們。我們為今天上午的發言所準備並搭配的簡報，可於 TDS 與 ARRAY 官網的投資人關係專區查閱。今天與我一同出席並提供事先準備發言的有：代表 TDS 的 Walter Carlson，總裁暨執行長。Vicki Villacrez，執行副總裁暨財務長。代表 TDS Telecom 的 Ken Dixon，TDS Telecom 總裁暨執行長。Chris Botfeld，TDS 財務分析與策略規劃副總裁。代表 Array Digital Infrastructure 的 Anthony Carlson，Array 總裁暨執行長。

This call is being simultaneously webcast on the TDS and Array Investor Relations websites. Please see the websites for the slides referenced on this call, including non-GAAP reconciliations. TDS and Array filed their SEC Forms 8-K, including the press releases earlier this morning. 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 full description of risk factors included in our SEC filings. I will now turn the call over to TDS President and CEO, Walter Carlson.

本次電話會議將同步於 TDS 與 Array 投資人關係網站進行網路直播。請至上述網站查看本次電話會議所引用的投影片，包括非 GAAP 調節表。TDS 與 Array 已於今天稍早向 SEC 提交 8-K 表格，其中包含新聞稿。如投影片第 2 頁所示，本簡報所載及本次電話會議討論之資訊包含對預期未來事件與財務結果的陳述，屬前瞻性陳述，並受風險與不確定性影響。請查閱我們新聞稿中的安全港段落，以及我們向 SEC 提交文件中所載風險因素的完整說明。接下來我將把電話會議交給 TDS 總裁暨執行長 Walter Carlson。

Thanks, John, and good morning, everyone. Today, we are pleased to share the second quarter results for TDS and Array Digital Infrastructure. Before we get to those results, I wanted to note that we will not be providing an update today on the status of TDS's previously announced offer to acquire the minority interest of Array in an all-stock transaction.

謝謝你，John，各位早安。今天我們很高興與各位分享 TDS 與 Array Digital Infrastructure 的第二季業績。在進入業績之前，我想先說明：對於 TDS 先前宣布以全股票交易收購 Array 少數股權之要約進度，我們今天不會提供更新。

That process is ongoing. DDS will not be commenting further or taking questions on this topic during today's call. Now turning to our 2026 enterprise priorities, we are at the midpoint of the year and we continue to make steady progress across each of these five focus areas. As I've noted previously, our focus remains on advancing our strategy with financial and operational discipline. In addition, both business units continue to advance their individual operational goals. TDS Telecom added meaningful fiber addresses and customers during the quarter. Array increased tower tenancy quarter-over-quarter and has now successfully completed transactions to monetize virtually all of its spectrum outside of the C-band. I continue to be pleased with the progress each business unit is making and by the work underway to strengthen our culture during this period of transformation. I would like to personally thank every associate across the enterprise for their continued commitment and contributions. I will now turn the call over to Vicki.

該流程仍在進行中。DDS 將不會在今天的電話會議中就此議題進一步評論或回答相關提問。接著談我們 2026 年的企業優先事項：目前已到年中，我們在這五個重點領域皆持續穩健推進。如我先前所提，我們仍聚焦於以財務與營運紀律推動策略落地。此外，兩個事業單位也持續推進各自的營運目標。TDS Telecom 在本季新增了具規模的光纖可服務地址與客戶數。Array 的塔台承租率較上季提升，且目前已成功完成交易，將其除 C-band 之外幾乎所有頻譜完成變現。我持續對各事業單位的進展，以及在此轉型期間強化企業文化的各項工作感到欣慰。我也要親自感謝全公司每一位同仁持續的投入與貢獻。接下來我把電話會議交給 Vicki。

Thank you, Walter, and good morning, everyone. The transactions we have completed over the past year, including a raised spectrum sale to Verizon in June, have strengthened our balance sheet and created meaningful capital flexibility. That improved flexibility provides a strong foundation for how we approach capital allocation and strategic opportunities. It allows us to continue to make decisions with a clear focus on financial health, strategic alignment, and long-term value. Slide 4 provides an update on our progress.

謝謝你，Walter，各位早安。我們在過去一年完成的交易（包括 6 月向 Verizon 進行的擴大頻譜出售）強化了資產負債表，並創造了可觀的資本運用彈性。這項提升後的彈性，為我們如何進行資本配置與把握策略性機會提供了堅實基礎。它使我們能夠持續以財務健全、策略一致性與長期價值為核心，做出清晰聚焦的決策。投影片第 4 頁提供了我們進展的最新資訊。

First, TDS Telecom continues to advance its long-term objective of $2.1 million marketable fiber service addresses and delivered approximately 66,000 addresses in the second quarter. The team's execution and momentum in this area drove our decision to increase Telecom's fiber service address and capital guidance for the year. While each market build is evaluated with our traditional financial discipline, our build cadence is not currently constrained by capital. That allows us to accelerate in attractive markets where we can take advantage of the opportunity to be the first to fiber. Our fiber network continues to perform well with consumers both financially and operationally, and our transition to be fully fiber is the right strategic imperative and one that we believe will provide sustained value to TDS. Second, we remain committed to M&A and are actively evaluating opportunities that align with our strategy in a financially disciplined, accretive, business case-driven fashion. In mid-April, we announced an agreement to acquire Granite State Communications and are on track for a third quarter close that will add 11,000 fully fibered service addresses to the portfolio. As I've communicated in the past, we are primarily focused on small to medium-sized opportunities that are either already fibered up or have an accretive economic path to all fiber and support our clustering strategy. Finally, with respect to shareholder returns, TDS continues to pay a modest quarterly dividend and Array issued a special dividend in the quarter of $11 per common share. TDS was not in the market for share repurchases during the second quarter because we were restricted from doing so due to the TDS offer to Array. As of the end of the quarter, we had $520 million remaining under the TDS share repurchase authorization and we remain committed to executing on that program as business, market, and other conditions permit.

首先，TDS Telecom 持續推進其長期目標：達成 210 萬個可銷售的光纖服務地址，並於第二季交付約 66,000 個地址。團隊在此領域的執行力與動能，促使我們決定上調今年 Telecom 的光纖服務地址與資本支出指引。雖然我們仍以一貫的財務紀律評估各市場建置，但目前我們的建置節奏並未受到資本限制。這讓我們能在具吸引力的市場加速推進，並把握成為「第一個鋪設光纖」的機會。我們的光纖網路在消費端的財務與營運表現持續良好；全面轉型為光纖是正確的策略要務，我們相信這將為 TDS 帶來可持續的價值。第二，我們仍致力於併購（M&A），並正以財務紀律、具增益（accretive）、以商業案例為驅動的方式，積極評估與策略一致的機會。4 月中旬，我們宣布已達成收購 Granite State Communications 的協議，預計第三季完成交割，將為投資組合新增 11,000 個已全面光纖化的服務地址。如我過去所述，我們主要聚焦於中小型機會：要嘛已完成光纖化，要嘛具備通往全光纖且可帶來增益的經濟路徑，並支持我們的聚落（clustering）策略。最後，就股東報酬而言，TDS 持續支付適度的季度股利，而 Array 於本季發放每股普通股 11 美元的特別股利。TDS 在第二季未進行庫藏股買回，因為受限於 TDS 對 Array 的要約，我們在期間內被限制不得回購。截至季末，TDS 的庫藏股回購授權額度尚餘 5.20 億美元；在業務、市場及其他條件允許下，我們仍致力於執行該計畫。

Across all three elements, the company intends to continue to be disciplined, balancing the needs of the business, evaluating future returns, and taking into account market and other conditions as we move forward. Thank you, and now I will turn the call over to Ken Dixon to discuss TDS's fiber business.

在上述三個面向上，公司未來仍將維持紀律，在推進過程中平衡業務需求、評估未來報酬，並納入市場及其他條件的考量。謝謝各位，接下來我把電話會議交給 Ken Dixon，請他說明 TDS 的光纖業務。

Thank you, Vicki, and good morning, everyone. TDS Telecom continues to execute on our fiber growth plan, building fiber addresses, driving fiber sales, and transforming our operations. This quarter, we again made progress across all three priorities. As shown on slide 6, we delivered approximately 66,000 marketable fiber service addresses in the quarter, bringing us to approximately 106,000 for the first half of the year. This represents the strongest first half delivery in company history and even exceeds what we accomplished in the second-half of 2025, which is typically our peak construction period. It reflects both strong execution by our teams as well as expanded construction capacity.

謝謝你，Vicki，各位早安。TDS Telecom 持續執行我們的光纖成長計畫：建置光纖地址、推動光纖銷售，並推動營運轉型。本季我們在這三項優先事項上再次取得進展。如投影片第 6 頁所示，我們本季交付約 66,000 個可銷售的光纖服務地址，使上半年累計約 106,000 個。這是公司史上最強的上半年交付量，甚至超過 2025 年下半年（通常是我們施工高峰期）的成果。這反映了團隊強勁的執行力，以及施工產能的擴增。

We have a robust pipeline of addresses currently under construction, positioning us well for the remainder of the year. This pipeline includes a mix of addresses from our fiber expansion in new areas. As well as fiber upgrades in our existing markets through our Fiber Deeper program and federal EACAM program. As a reminder, we are the largest recipient of EACAM, which provides federal support to bring high-speed broadband to hard-to-reach rural areas where it would otherwise not be economical.

我們目前有大量地址正處於施工中的強勁管線，使我們在今年剩餘期間具備良好布局。此管線包含我們在新區域進行光纖擴張所帶來的各類地址組合。也包含透過我們的 Fiber Deeper 計畫與聯邦 EACAM 計畫，對既有市場進行的光纖升級。提醒各位，我們是 EACAM 的最大受益者；該計畫提供聯邦補助，將高速寬頻帶到難以觸及的偏遠鄉村地區，否則在經濟上通常不具可行性。

We are leveraging this support to accelerate our fiber expansion in 22 states. Bringing fiber to more than 300,000 addresses in our incumbent footprint. We have already met the 2026 obligations in three states and now have the highest crew counts ever in the remaining EACAM markets to deliver on our 2026 milestones.

我們正運用這項支持，加速在22個州的光纖擴建。將光纖覆蓋至我們既有服務範圍內超過300,000個地址。我們已在三個州達成2026年的義務，並且在其餘EACAM市場中，現已擁有史上最高的施工團隊人數，以確保達成我們2026年的里程碑。

In summary, our build teams are delivering at a record pace. This gives us confidence to increase our 2026 guidance for fiber service address delivery to 250 to 300,000, increasing our range by 50,000. Turning to sales, we ended the quarter with approximately 15,000 fiber net adds, up 47% year-over-year. As we continue to grow our fiber footprint, we are hyper-focused. On converting these new service addresses into customers and improving the overall customer experience.

總結來說，我們的建設團隊正以創紀錄的速度交付。這讓我們有信心將2026年光纖服務地址交付指引上調至250,000至300,000，區間上調50,000。轉向銷售方面，本季末我們的光纖淨增用戶約15,000，年增47%。隨著我們持續擴大光纖覆蓋範圍，我們高度聚焦。將這些新的服務地址轉化為客戶，並提升整體客戶體驗。

We continue to build out our sales teams across all our markets. These sales teams are focused on both pre-launch sales as well as penetrating new open for sale addresses aftermarket delivery. We have significantly expanded our door-to-door sales capacity. And we're pleased with the improved performance of our dot-com channel. In our cable markets, we're beginning to see the benefit of expanded sales teams and targeted investment, which are now driving increased gross adds. As I mentioned last quarter, our cable markets are some of the best in the country and we see significant opportunity to grow here. Overall, we have good sales momentum as we head into the back half of the year however, we have more work to do. Our operational transformation is centered on efficiency, improving the customer experience, and simplification.

我們持續在所有市場擴編銷售團隊。這些銷售團隊同時聚焦於上市前銷售，以及在地址開放銷售後的後續滲透。我們已大幅擴充到府拜訪（door-to-door）銷售能力。我們也對dot-com線上通路表現改善感到滿意。在我們的有線電視（cable）市場，我們開始看到擴編銷售團隊與精準投資的效益，這些措施正帶動總新增用戶（gross adds）提升。如我在上季所提，我們的有線市場是全美最優質的市場之一，我們看到在此具備顯著成長機會。整體而言，進入下半年之際，我們的銷售動能良好，但仍有更多工作要做。我們的營運轉型以效率、改善客戶體驗與簡化為核心。

We continue to make progress modernizing our systems and remain on track with our transformation roadmap, making it easier for customers to do business with us. For example, our technicians now utilize the same platform across all of our markets, which simplifies ourback office processes and provides an improved customer experience. Further, we have several additional enhancements underway that are on schedule to be completed in the back half of the year. We will provide updates on these transformation initiatives as they advance. Turning to slide 7. Our long-term goals reflect our continued focus on executing our fiber growth strategy that delivers scale, speed, and long-term value. We believe fiber is the superior broadband technology, not only for today but into the future. With the delivery of approximately 66,000 fiber addresses in the quarter, now we serve nearly 1.2 million fiber service addresses. Representing 60% of our total footprint with 80% of addresses capable of gig speeds. I want to take a moment to explain how we think about our footprint competitively.

我們持續推進系統現代化，並依轉型藍圖按計畫進行，讓客戶更容易與我們往來。例如，我們的技術人員現在在所有市場都使用同一個平台，這簡化了我們的後台作業流程，並帶來更佳的客戶體驗。此外，我們還有多項增強功能正在推進，並按計畫於下半年完成。隨著這些轉型計畫推進，我們將提供最新進展。接著看第7頁。我們的長期目標反映我們持續聚焦於執行光纖成長策略，以實現規模、速度與長期價值。我們相信光纖是更優越的寬頻技術，不僅適用於當下，也面向未來。本季交付約66,000個光纖地址後，我們目前服務近120萬個光纖服務地址。約占我們總覆蓋範圍的60%，其中80%的地址可提供千兆（gig）速度。我想花點時間說明我們如何從競爭角度看待我們的覆蓋範圍。

Our expansion markets, which are new geographies that we've entered and continue to build, are 100% fiber. In our incumbent markets. We've already overbuilt 52% of our addresses with fiber. And with the assistance of EACAM, we plan to deliver another 300,000 addresses with fiber over the next two years, further reducing copper in our network. Finally, in our cable markets, 22% of our addresses are already served by fiber. And we continue to expand fiber across our footprint where it is economical to upgrade. As I noted earlier, we know there is more work ahead, but the progress we're making gives us confidence in the path forward as we continue transforming into a fiber-centric company. I'll now turn it over to Chris to walk through our second quarter results.

我們的擴張市場，也就是我們新進入並持續建設的新地理區域，為100%光纖。在我們的既有市場中。我們已在52%的地址上以光纖完成覆蓋（overbuild）。在EACAM的協助下，我們計畫在未來兩年再以光纖交付另外300,000個地址，進一步降低網路中的銅纜占比。最後，在我們的有線市場中，已有22%的地址由光纖提供服務。我們也持續在具備經濟效益的區域，於整體覆蓋範圍內擴展光纖升級。如我先前所述，我們知道前方仍有更多工作，但目前的進展讓我們對前進路徑充滿信心，並持續轉型為以光纖為核心的公司。接下來我把時間交給Chris，請他說明我們第二季的業績。

Thanks, Ken. Turning to slide 8, the chart on the left shows our quarterly fiber service address delivery over the past six quarters and reflects the build momentum we are experiencing. As Ken highlighted, our second quarter fiber address delivery more than doubled year over year, and the first half of 2026 is more than two and a half times our delivery from the first half of 2025.

謝謝，Ken。接著看第8頁，左側圖表顯示我們過去六個季度的光纖服務地址交付量，反映我們正在經歷的建設動能。如Ken所強調，我們第二季光纖地址交付量較去年同期增加逾一倍，而2026年上半年交付量更是2025年上半年的兩倍半以上。

The chart on the right illustrates the continued expansion of our fiber footprint. Over the past three years, we have increased the number of fiber service addresses across our markets by approximately 80%, demonstrating steady and meaningful progress. On slide 9, residential fiber net adds were 15,100 in the second quarter, a 47% increase compared to prior year, driven by continued footprint expansion and ongoing copper-to-fiber conversions. Residential fiber connections have nearly doubled over the past three years, outpacing our fiber footprint growth.

右側圖表說明我們光纖覆蓋範圍的持續擴張。過去三年，我們在各市場的光纖服務地址數量約增加80%，展現穩健且具意義的進展。在第9頁，第二季住宅光纖淨增用戶為15,100，較去年同期增加47%，主要受惠於覆蓋範圍持續擴張以及持續進行的銅轉光纖（copper-to-fiber）轉換。過去三年，住宅光纖連線數幾乎翻倍，增速超越我們光纖覆蓋範圍的成長。

We expect continued fiber connection growth as we expand our footprint. Turning to slide 10, the chart on the left depicts our residential revenue per connection, which increased 1% year over year. This growth reflects annual price increases, offset by ongoing industry-wide declines in video attachment rates. The chart on the right highlights total residential revenue between copper, cable and fiber. You'll see our fiber revenue is up 13% or $11 million versus prior year, which helps offset the legacy revenue stream pressures we are experiencing.

隨著我們擴大覆蓋範圍，我們預期光纖連線將持續成長。接著看第10頁，左側圖表呈現我們每條住宅連線的營收（revenue per connection），年增1%。此成長反映年度價格調升，但部分被全產業影像（video）綁定率持續下滑所抵銷。右側圖表凸顯住宅總營收在銅纜、有線與光纖之間的組成。你會看到我們的光纖營收較去年增加13%或1,100萬美元，有助於抵銷我們正面臨的既有營收來源壓力。

In cable, revenues are down roughly 10% versus the second quarter of 2025. As Ken highlighted, we are increasing investment and sales capacity in our cable markets to stem these declines. Overall, total residential revenue declined $6 million compared to prior year. Roughly $2 million of this decrease reflects the divestitures of primarily copper-based markets. Beyond that, we are continuing to experience faster declines in copper. In response, we are deploying fiber across our ILIC footprint at a record pace to help mitigate those headwinds.

在有線業務方面，營收較2025年第二季約下滑10%。如Ken所強調，我們正提高在有線市場的投資與銷售產能，以遏止這些下滑。整體而言，住宅總營收較去年減少600萬美元。其中約200萬美元的減少，反映主要以銅纜為主市場的資產剝離（divestitures）。除此之外，我們仍持續面臨銅纜業務更快速的下滑。為此，我們正以創紀錄的速度在我們的ILIC覆蓋範圍內部署光纖，以協助緩解這些逆風。

Slide 11 summarizes our financial performance. Total operating revenues declined 6% in the quarter or 4% excluding the impact of divestitures. Discrete adjustments to wholesale revenues that benefited 2025 are driving roughly half of the year-over-year decrease. The remaining decline reflects continued legacy revenue stream pressures, partially offset by growth in fiber connections and modest improvement in revenue per connection. Cash expenses were flat. As savings from ongoing cost management initiatives were offset by cost to support our growing expansion markets and inflationary increases. The decline in adjusted EBITDA for the quarter reflects top-line pressure from divestitures as well as legacy revenue streams. Capital expenditures totaled $179 million in the quarter. Reflecting higher construction activity and a robust funnel of addresses under construction. Slide 12 reflects our guidance for 2026, which has been updated. We are projecting total telecom revenues of $1 billion to $1.025 billion, down from our prior guidance, primarily due to the headwinds we are experiencing in our copper and cable markets.

第11頁總結我們的財務表現。本季總營運收入年減6%，若排除資產剝離影響則年減4%。2025年受惠的批發收入一次性調整（discrete adjustments）約占本次年減幅度的一半。其餘下滑反映既有營收來源持續承壓，部分由光纖連線成長以及每連線營收的小幅改善所抵銷。現金費用持平。因持續成本管理措施帶來的節省，被支援擴張市場成長的成本與通膨上升所抵銷。本季調整後EBITDA下滑，反映資產剝離帶來的營收端壓力以及既有營收來源的影響。本季資本支出合計1.79億美元。反映較高的建設活動，以及大量正在施工中的地址所形成的強勁管線。第12頁反映我們已更新的2026年指引。我們預估電信總營收為10億至10.25億美元，較先前指引下調，主要因我們在銅纜與有線市場正面臨的逆風。

We narrowed the adjusted EBITDA range. To $310 million to $330 million as these legacy revenue challenges are largely falling to the bottom line. As Ken noted, we increased our 2026 fiber service address guidance range by 50,000 and now expect to deliver between 250,000 and 300,000 new fiber service addresses. To support this increased address delivery. We have increased our CapEx guidance range to $625 million to $675 million. Before turning over the call, I want to thank the entire TDS team for their continued execution and focus. Their efforts across fiber delivery, customer growth, and operational transformation are critical to the progress we're making toward achieving our long-term objectives. I'll now turn the call over to Anthony.

我們已縮小調整後 EBITDA 的區間。調整為 3.10 億美元至 3.30 億美元，因為這些既有營收挑戰大多直接反映在最終損益上。如 Ken 所提到，我們將 2026 年光纖服務可覆蓋地址（fiber service address）指引區間上調 50,000，現在預期將交付 250,000 至 300,000 個新的光纖服務可覆蓋地址。為了支持這項增加的地址交付量。我們已將資本支出（CapEx）指引區間提高至 6.25 億美元至 6.75 億美元。在把電話會議交給下一位之前，我想感謝整個 TDS 團隊持續的執行力與專注。他們在光纖交付、客戶成長與營運轉型方面的努力，對於我們朝長期目標取得進展至關重要。我現在把電話會議交給 Anthony。

Thanks, Chris, and good morning. Momentum continued throughout the second quarter with our focus still squarely on fully optimizing our tower operations and monetizing our spectrum. In the second quarter, we saw cash site rental revenue increase 65% versus Q2 of last year. We also continued to demonstrate sequential tower tenancy growth. Finally, we continued advancing our spectrum monetization strategy by closing transactions with both T-Mobile and Verizon during the quarter. Before I get into the details of the quarter, I want to mention the receipt of TDS' proposal to acquire the shares of Array that it does not already own. As previously disclosed, our Board has formed a special committee of independent directors who have retained independent advisors to carefully evaluate the proposal and make a recommendation as to what is in the best interest of Array's shareholders.

謝謝你，Chris，大家早安。第二季期間動能持續，我們仍然將重點放在全面優化我們的鐵塔營運並將頻譜變現。在第二季，我們看到現金站點租金收入較去年第二季增加 65%。我們也持續展現鐵塔承租戶數的連續成長。最後，我們持續推進頻譜變現策略，並在本季完成與 T-Mobile 及 Verizon 的交易。在我進入本季細節之前，我想提及我們已收到 TDS 提出的提案，擬收購其尚未持有之 Array 股份。如先前揭露，我們董事會已成立由獨立董事組成的特別委員會，並聘請獨立顧問，審慎評估該提案並就何者符合 Array 股東最佳利益提出建議。

We won't be commenting further or taking questions regarding the proposal today. Starting with slide 16, you'll see continued sequential improvement in our tenancy ratio, which increased from 0.98 to 0.96 at the end of the prior quarter. As a reminder, DISH generally stopped making payments under its contracts with us in December. In addition, DISH Wireless and other DISH entities have filed for bankruptcy. Arraise ceased recognizing revenue from DISH in the first quarter, and all outstanding 2025 balances have been fully reserved. As a result, DISH co-locations are no longer included in our tenancy ratio. Excluding this impact, we are encouraged by the consistent and steady growth in our tenancy ratio. As noted on slide 17, cash site rental revenue in Q2 increased 55% year-over-year from all customers, and when normalized for the DISH impact, this increase was 65%. The addition of T-Mobile interim site revenue drove the year-over-year increase to 81% or 92% when normalized for DISH. As T-Mobile works through its integration process, we will see the interim site revenue decline, which began in the quarter. Importantly, our existing pipeline and application volume remain strong and will drive continued revenue growth both this year and into the next. Turning to slide 18, integration with T-Mobile continues to be at the forefront of our focus and strong progress continues to be made. As a reminder, T-Mobile has until January 2028 to finalize its 2015 committed sites under the new MLA. iven the ongoing integration work, we are narrowing our range of projected tenantless towers post T-Mobile integration to 1,000 to 1,700. Our ground lease optimization work remains one of our top priorities, and we continue to see notable progress reducing the cash burden of these negative cash flow assets.

我們今天不會就該提案進一步評論或回答相關問題。從第 16 頁投影片開始，您將看到我們的承租比率（tenancy ratio）持續呈現連續改善，從上一季末的 0.98 變為 0.96。提醒一下，DISH 一般自 12 月起基本停止依其與我們的合約付款。此外，DISH Wireless 及其他 DISH 實體已申請破產。Array 已於第一季停止認列來自 DISH 的營收，且所有未清的 2025 年餘額已全數提列備抵。因此，DISH 的共站（co-locations）不再納入我們的承租比率。排除此影響後，我們對承租比率一致且穩健的成長感到鼓舞。如第 17 頁投影片所示，第二季來自所有客戶的現金站點租金收入年增 55%，若將 DISH 影響正常化後，增幅為 65%。加入 T-Mobile 的臨時站點收入（interim site revenue）後，年增幅達 81%，若將 DISH 影響正常化後則為 92%。隨著 T-Mobile 推進整合作業，我們將看到臨時站點收入下滑，而此趨勢已在本季開始。重要的是，我們現有的案源（pipeline）與申請量仍然強勁，將推動今年以及明年的持續營收成長。接著看第 18 頁投影片，與 T-Mobile 的整合仍是我們關注的首要重點，且持續取得強勁進展。提醒一下，依新的 MLA，T-Mobile 最晚可至 2028 年 1 月完成其 2015 年承諾站點的最終落實。鑑於整合工作仍在進行中，我們將 T-Mobile 整合後預估的無承租戶鐵塔（tenantless towers）區間縮小至 1,000 至 1,700 座。我們的地面租約最佳化工作仍是最優先事項之一，並持續在降低這些負現金流資產的現金負擔方面取得顯著進展。

We still expect this work to be a multi-year effort focused on cost avoidance, lease up, evaluating long-term demand, and decommissioning where it makes sense. This process is well underway and allows us to assess all potential outcomes for the tenantless power portfolio, including removing from the portfolio a subset of sites with no path to economic viability. As shown on slide 19 and presented in prior quarters, we have reached agreements to monetize roughly 70% of our spectrum holdings.

我們仍預期這項工作將是多年期的努力，重點在於避免成本、提升出租率（lease up）、評估長期需求，以及在合理時進行退役（decommissioning）。此流程已在積極推進，使我們能評估無承租戶電力資產組合（tenantless power portfolio）的所有可能結果，包括將其中一部分沒有經濟可行性路徑的站點自組合中移除。如第 19 頁投影片所示且如前幾季所呈現，我們已達成協議，將約 70% 的頻譜持有量完成變現。

During the quarter, we closed on multiple transactions, including the $168 million sale of the 600 megahertz, 700 megahertz, and AWS licenses to T-Mobile in May and the $1 billion transaction with Verizon in June. The remaining transactions with T-Mobile are expected to close by the end of 2026 dependent on regulatory approval and closing conditions. As stated in prior quarters, we continue to work to opportunistically monetize our remaining spectrum, primarily C-band.

本季我們完成多筆交易，包括 5 月以 1.68 億美元向 T-Mobile 出售 600 兆赫、700 兆赫與 AWS 頻段執照，以及 6 月與 Verizon 完成 10 億美元交易。與 T-Mobile 的其餘交易預期將於 2026 年底前完成，惟仍取決於監管核准與交割條件。如前幾季所述，我們將持續把握機會將剩餘頻譜變現，主要為 C 頻段。

Our C-band spectrum is a highly compelling 5G asset with a mature ecosystem ready for carrier deployment, and we believe, given no near-term build-out requirements, we have ample time to realize its value. Slide 20 summarizes the results of our partnership or non-controlling investment interests. As a reminder, 2025 investment income and distributions were impacted by several one-time factors, including the impact of the Iowa partnership selling their wireless operations to T-Mobile and distributions received from Verizon related to their transaction with VerticalBridge. Equity income for the six months ending June 30th was $75 million, with the Q1 results elevated due to prior period adjustments recorded by the managers of certain investee entities.

我們的 C 頻段頻譜是極具吸引力的 5G 資產，具備成熟的生態系可供電信業者部署；且我們認為，鑑於短期內沒有建置要求，我們有充裕時間實現其價值。第 20 頁投影片彙總了我們合夥或非控股投資權益的結果。提醒一下，2025 年投資收益與分配受到數項一次性因素影響，包括 Iowa 合夥企業將其無線業務出售給 T-Mobile 的影響，以及 Verizon 因其與 VerticalBridge 的交易而支付的分配款。截至 6 月 30 日止六個月的權益法收益為 7,500 萬美元，其中第一季結果因部分被投資實體的管理人記錄了前期調整而偏高。

Slide 22 summarizes Array's financial results. Revenue growth year-over-year continues to be driven largely by the T-Mobile MLA, but with solid additional growth from our other customers. The prospective classification shift noted in prior quarters related to property taxes and insurance inclusion in our cost of operations rather than SG&A over half the year-over-year increase in cost of operations. SG&A expenses continue to include costs to support the wind down of the legacy wireless operations. We have seen a decline in these costs in the first half of 2026, but as we have indicated in the past, we expect these wind-down costs to persist throughout 2026 but at a declining level. Additionally, for the quarter, you'll see elevated strategic alternatives costs related to the evaluation of the proposal the ARRAY board received from TDS to acquire the remaining public shares of ARRAY.

第 22 頁投影片彙總了 Array 的財務結果。年增營收成長仍主要由 T-Mobile MLA 所驅動，但我們其他客戶也帶來穩健的額外成長。前幾季提到的前瞻性分類調整（與將財產稅與保險納入營運成本而非 SG&A 有關）占營運成本年增幅的一半以上。SG&A 費用仍包含支持既有無線業務收尾（wind down）的相關成本。我們在 2026 年上半年已看到這些成本下降，但如過去所指出，我們預期這些收尾成本將在 2026 年全年持續存在，但會逐步下降。此外，就本季而言，您將看到與評估 ARRAY 董事會收到之 TDS 擬收購 ARRAY 剩餘公開流通股提案相關的策略替代方案（strategic alternatives）成本上升。

Given the classification of strategic alternatives costs, these are subtracted from ARRAY's calculation of adjusted OIBDA. On slide 23, we have updated our guidance for total operating revenue, adjusted EBITDA and OIBDA, while guidance for capital expenditures remained unchanged. We have narrowed our total operating revenues range, increasing the low end to $205 million from $200 million, driven by an expectation for higher T-Mobile entrance site revenue based on the current pace of integrations. The top end of the revenue range remains unchanged. For adjusted OIBDA, we've increased our guidance range to $60 to $75 million, up from $50 to $65 million previously. This upward revision reflects the higher revenue outlook, combined with expectations for modestly lower operating expenses. The expense benefit is driven in part by lower cost of services, consistent with our current assumptions regarding the pace of T-Mobile integration. Adjusted EBITDA guidance has increased to a range of $220 to $235 million, up from $200 to $250 million previously. This increase reflects the higher adjusted OIBD outlook discussed earlier, as well as updated expectations for both equity income and interest in dividend income. With respect to equity income, we've increased our estimate to $145 million from $140 million, reflecting year-to-date performance trends and budgets received from certain partnerships. As a reminder, these are passive investments, and our forecasting approach is generally aligned with recent operating trends and partner-provided expectations.

鑑於策略替代方案成本的分類方式，這些成本會自 ARRAY 的調整後 OIBDA 計算中扣除。在第 23 頁投影片，我們已更新總營運收入、調整後 EBITDA 與 OIBDA 的指引，而資本支出指引維持不變。我們已縮小總營運收入區間，將下緣由 2.00 億美元上調至 2.05 億美元，係因依目前整合進度，預期 T-Mobile 進場站點收入（entrance site revenue）將更高。營收區間上緣維持不變。就調整後 OIBDA 而言，我們將指引區間上調至 6,000 萬至 7,500 萬美元，先前為 5,000 萬至 6,500 萬美元。此上修反映較高的營收展望，並結合對營運費用小幅下降的預期。費用端的改善部分來自較低的服務成本，與我們目前對 T-Mobile 整合速度的假設一致。調整後 EBITDA 指引已提高至 2.20 億至 2.35 億美元，先前為 2.00 億至 2.50 億美元。此增加反映前述較高的調整後 OIBDA 展望，以及對權益法收益與利息及股利收入的最新預期。就權益法收益而言，我們將估計由 1.40 億美元上調至 1.45 億美元，反映年初至今的績效趨勢以及自部分合夥企業收到的預算。提醒一下，這些為被動式投資，我們的預測方法通常與近期營運趨勢及合作夥伴提供的預期一致。

We've also increased our interest and dividend income estimate to $15 million from $10 million. This revision is primarily driven by a higher cash balance through the timing of cash inflows and outflows related to the Spectrum transactions. In closing, we recently marked Array's first anniversary as a stand-alone tower company. I continue to be incredibly proud of the dedication, commitment and hard work our associates demonstrate every day as we execute on our strategy, drive operational efficiencies and deliver growth. I want to personally thank the team for their contributions over the past year, and I'm excited about the opportunities ahead and the continued progress we will achieve together. I will now turn the call back to Walter.

我們也將利息與股利收入的估計從1,000萬美元上調至1,500萬美元。此項修訂主要是由於與Spectrum交易相關的現金流入與流出時點安排，使現金餘額較高所致。最後，我們近期也迎來Array作為獨立鐵塔公司營運滿一週年。在我們執行策略、推動營運效率並實現成長的過程中，我持續為同仁每天展現的投入、承諾與辛勤努力感到無比自豪。我想親自感謝團隊在過去一年中的貢獻，我也對未來的機會以及我們將共同達成的持續進展感到振奮。接下來我把電話交回給Walter。

Thank you, Anthony. As I noted in my opening remarks, TDS continues to make solid progress advancing our strategic priorities. Our execution over the first half of 2026, alongside the momentum we are seeing across the businesses. Gives us confidence as we move forward into the year. I'd like to again thank all of the outstanding associates across the TDS Enterprise for their continued dedication and hard work in serving our customers and supporting the advancement of our business. Operator, please now open the line for questions.

謝謝你，Anthony。如同我在開場致詞中提到的，TDS在推進我們的策略優先事項方面持續取得穩健進展。我們在2026年上半年執行到位，加上我們在各項業務上看到的動能。讓我們對接下來一年的推進更有信心。我也想再次感謝TDS企業體系中所有優秀同仁，持續以投入與努力服務客戶並支持我們業務的推進。接線生，請現在開放提問。

(Operator Instructions)

(接線生指示)

Rick Prentiss Raymond James.

Rick Prentiss，Raymond James。

Can you hear me, okay? Good morning. Good morning, Rick. Hey, everybody. Hey, thanks for the updates. First question is a high-level question, 30,000, well, I guess 300,000 kilometers up, the satellite question. Can you elaborate a little bit on, Ken, I think you said you think fiber is a great solution, but can you give us your thoughts on how satellite reflects into competition for fiber. Versus copper versus coax? And on the other side, what does it mean for wireless and towers, particularly because I think people view TDS and Array Digital as maybe a more rural type of many, so maybe also address kind of the rural aspect.

你們聽得到我嗎？早安。早安，Rick。各位早安。謝謝你們的最新說明。第一個問題是較高層次的問題，從三萬——嗯，我想是三十萬公里的高度來看，也就是衛星的問題。Ken，你剛才好像說你認為光纖是很好的解決方案，但能否談談你對衛星如何影響光纖競爭態勢的看法？相對於銅纜與同軸電纜？另外一方面，這對無線與鐵塔意味著什麼，特別是因為我想大家把TDS和Array Digital視為較偏鄉村型的公司，所以也請談談鄉村市場的面向。

In the markets where TDS has deployed fiber. We're not seeing a material impact from satellite. As you just saw in our reported marketable addresses and we're seeing strong demand across the business with a nice sequential improvement of fiber net adds. So what you're seeing from us is we're increasing the pace of our fiber bill. And what we find every day is how important it is for TDS to be first to fiber. So where you're seeing us really deploy the most amount of crews right now is to our EACAM markets, where that is obviously copper. And along the route getting to those EACAM markets, we have the ability to deploy fiber. So that's where we have record crews right now. And we're in the peak summer months, and we're going to continue to see that build capacity increase. And where we're deploying fiber in those copper markets, we're seeing very strong demand for our products and services. So to us, that's the biggest thing we can do right now in the marketplace is to continue to focus on that copper plant with our fiber build and bring fiber into those respective marketplaces.

在TDS已部署光纖的市場。我們沒有看到衛星帶來實質性的影響。如你剛才在我們公布的可服務地址數所見，我們在各項業務上看到強勁需求，光纖淨增用戶也呈現良好的連續改善。因此你看到的是，我們正在加快光纖建設的速度。而我們每天都更深刻體會到，對TDS而言，率先鋪設光纖有多重要。所以目前你看到我們投入最多施工團隊的地方，是在我們的EACAM市場，那裡顯然是銅纜。而在前往這些EACAM市場的沿線，我們也有能力部署光纖。因此我們目前的施工團隊數量創下新高。現在正值夏季施工高峰期，我們也將持續看到建設產能提升。而在這些銅纜市場部署光纖的地方，我們看到對產品與服務的需求非常強勁。所以對我們而言，當下在市場上能做的最重要事情，就是持續聚焦於以光纖建設來升級這些銅纜網路，並把光纖帶進各個相應的市場。

Sure. And from the array perspective, what I'd say is that nothing we have seen or heard suggests anything other than that terrestrial networks are going to be the bedrock of mobile data delivery and that macro sites, from our perspective, continue to be the most efficient and reliable way to do that. And as far as macro sites go, we think we have a great collection of assets. And we are very excited to continue to help our customers deploy their networks on them.

當然。從Array的角度來看，我想說的是，我們所看到或聽到的一切都顯示，地面網路仍將是行動數據傳輸的基石，而就我們的觀點而言，宏站（macro sites）仍是最有效率且最可靠的方式。就宏站而言，我們認為我們擁有一組非常優質的資產組合。我們也非常期待持續協助客戶在這些站點上部署他們的網路。

Second question for me, Vicky, I think you mentioned no stock buyback in the quarter because of the restriction with the TDS offer. How should we think about when can you get back into the stock buyback market given what the process might be, related question on a calendar basis. And also the quiet period for spectrum transactions with the previous auction, we think ended back on July 13, another auction, which we're glad to see another auction coming, quiet period probably starts first quarter next year. So how are you thinking about those calendar questions? When can you get back into stock buyback? And is there now kind of an open window for C-band discussions?

我的第二個問題，Vicky，我想你提到本季沒有進行庫藏股回購，是因為TDS要約的限制。就流程可能涉及的情況來看，我們應該如何思考你們何時能回到回購市場？這也是一個以日曆時間為基礎的相關問題。另外，先前拍賣的頻譜交易靜默期，我們認為在7月13日左右已結束；而另一場拍賣也即將到來，我們很高興看到會有新的拍賣，靜默期可能在明年第一季開始。所以你們如何看待這些日曆上的問題？何時能恢復庫藏股回購？以及現在是否有一個可就C-band進行討論的開放窗口？

Let me just start also big picture. First off, I'd like to say we're really pleased with where we are today. We've executed on a lot of our transactions. We've got T-Mobile, AT&T, Verizon transactions closed and behind us. We put in our strong balance sheets, which is giving us a lot of flexibility going forward. Having said that, as you mentioned, we were not in the market for our share buyback program. We are very committed to executing on that program as soon as we're able to do so and the business and market conditions warrant so. But we have $520 million authorization left as of the second quarter and. We remain committed to executing on that. I can't comment on when. I can't speculate on when. As we have -- TDS has a pending offer to array, and we are not commenting on the timing of that potential transaction.

我先從整體面來說。首先，我想說我們對目前的狀況非常滿意。我們已執行完成許多交易。我們與T-Mobile、AT&T、Verizon的交易都已完成並告一段落。我們也建立了強健的資產負債表，這讓我們未來有很大的彈性。話雖如此，如你所提到的，我們在本季並未進行股份回購計畫的市場操作。我們非常致力於在可行時、且業務與市場條件適當時，盡快執行該計畫。但截至第二季，我們仍有5.2億美元的核准回購額度剩餘，而且。我們仍致力於執行該計畫。我無法評論何時。我也無法推測何時。因為——TDS對Array有一項尚在進行中的要約，我們不會就該潛在交易的時點發表評論。

And then on spectrum?

那頻譜方面呢？

So in terms of C-band, we don't have a specific process update to share, but we will say is that we're encouraged by the results of the AWS re-auction in terms of the implication it may have for the value spectrum, which we continue to believe is extremely valuable. It's available to deploy now, there's an existing ecosystem for it, and it's adjacent to the upper C-band. So that provides the opportunity for easy deployment for whoever acquires the lower end of that range. As you pointed out. We are not in a quiet period right now and just imagine we're going to whenever permitted by regulation to explore the sale of that spectrum to interested parties, but I remind everybody again that we're not going to be a forced seller. We believe the cost of maintaining that spectrum by building it out if it needs to be is very reasonable relative to the overall value of it. And so our position on that has remained unchanged.

就C-band而言，我們目前沒有可分享的具體流程更新，但我們要說的是，我們對AWS重新拍賣的結果感到鼓舞，因為這可能對頻譜價值帶來啟示，而我們一直認為該頻譜極具價值。它現在就可以部署，已有既有的生態系，並且與上段C-band相鄰。因此，對於取得該頻段較低端區間的買方而言，這提供了更容易部署的機會。如你所指出的。我們目前不在靜默期，我們可以想像在法規允許時，將會探索把該頻譜出售給有興趣的各方；但我也再次提醒大家，我們不會被迫成為賣方。我們認為，如有需要進行建設以維持該頻譜，其維持成本相對於其整體價值而言是非常合理的。因此，我們在這方面的立場維持不變。

It's good to have probably that C2, C3, C4 kind of blocks, which like you said, kind of can help bridge that gap between lower and upper C-band.

能擁有可能是C2、C3、C4這類區塊應該不錯，正如你所說，這在某種程度上可以協助銜接較低與較高的C-band之間的落差。

I agree.

我同意。

Great, guys.

太好了，各位。

Sebastiano Petty with JP Morgan.

摩根大通的 Sebastiano Petty。

Hi, everyone. Thanks for taking the question. If you could help us on the TDS Telecom EBITDA guide, I mean, it looks like the second half run rate implies $350 million annualized TDS Telecom EBITDA. I mean, what's the confidence underlying that inflection that you're seeing there? And I have a follow-up.

各位好。謝謝讓我提問。想請你們協助說明一下 TDS Telecom 的 EBITDA 指引；我的意思是，看起來下半年推算的運行率意味著 TDS Telecom 年化 EBITDA 約為 3.5 億美元。我想問的是，你們對於所看到的那個拐點（改善）背後的信心來源是什麼？我還有一個追問。

Yeah. Hi, Sebastiano. This is Chris. So yeah, we did revise our guidance across the board for revenue adjusted EBITDA, Capex, service addresses. With respect to adjusted EBITDA. We are seeing increased pressure from legacy revenue stream declines, and our adjusted EBITDA was also impacted by divestitures. However, what we are seeing nice momentum is on our fiber revenue growth. we reported residential fiber revenue growth of 13% in the quarter, and we expect that to continue to grow. Continue to grow as we're even fueling more service address delivery in the back half of the year and expect those revenues to come. And so that's on the top-line side in the back half of the year. And then also on the spend side, our transformation efforts, we are seeing savings there, and that's helping to offset the increased costs associated with inflationary increases to support our growing footprint. And as Ken said, we're also investing a lot more in our sales capacity, so that transformation program is helping mitigate those costs as well and our midpoint is guiding to a 2% reduction in costs for the full year. So again, it's what's driving that turnaround is the fiber revenue growth and our cost transformation program.

是的。嗨，Sebastiano。我是 Chris。所以是的，我們確實全面修訂了我們的指引，包括營收、調整後 EBITDA、資本支出（Capex）以及服務地址數。就調整後 EBITDA 而言，我們看到傳統（legacy）營收來源下滑帶來更大的壓力，而我們的調整後 EBITDA 也受到資產剝離（divestitures）的影響。不過，我們看到很好的動能來自光纖營收成長。我們本季公布住宅光纖營收年增 13%，並預期這個趨勢會持續。隨著我們在今年下半年加速交付更多服務地址，預期相關營收也會進來，因此我們預期會持續成長。以上是下半年在營收端（top-line）的情況。另外在支出端，我們的轉型工作已看到節省成效，這有助於抵銷因通膨上升、為支援我們擴張版圖而增加的成本。而且如 Ken 所說，我們也在銷售產能上投入更多，因此該轉型計畫也有助於緩解這些成本；我們的全年指引中位數（midpoint）是成本全年下降 2%。所以，推動這個改善的因素主要是光纖營收成長，以及我們的成本轉型計畫。

And that would imply, some of that goodness would dictate to 2027, right? And no reason to think, not that you're guiding, but no reason to think that that momentum and the cost efforts, there's any, that should persist into 2027. Is that fair, Chris?

而這也意味著，其中一些正面因素會延續到 2027 年，對吧？而且沒有理由認為——我知道你們沒有提供指引——但沒有理由認為這些動能與成本措施不會延續到 2027 年。這樣說合理嗎，Chris？

Absolutely.

完全同意。

Got it. Thank you. And I guess for Vicki and the broader, DS fiber, I mean, telecom team. Obviously, M&A remains a key focus of yours on the fiber side. To the extent, could you comment on what are the valuations or the conversations in that market look like? Have they changed at all over the last six to 12 months? Obviously, to Rick's question, satellite broadband competition fears remain a bit of an overhang across the broader ecosystem, not sure if that's dictating to a bid-ask spread. Occurring on fiber assets. And also another question just on M&A and I guess, Anthony, for you, I guess, I know, Vicki, you've said in the past M&A on the fiber side is the most paramount. But Anthony, how are you thinking about M&A or just overall the landscape on the tower side? Obviously, valuations on the public market side have kind of come in here. I wasn't sure if that's dictating to the private market as well.

了解。謝謝。另外我想問 Vicki 以及更廣泛的 DS 光纖——我是說，電信團隊。顯然，在光纖端，併購（M&A）仍是你們的重點。在可以的範圍內，你們能否談談該市場的估值或洽談情況大概是什麼樣子？過去 6 到 12 個月有任何變化嗎？另外呼應 Rick 的問題，對衛星寬頻競爭的擔憂仍在整個生態系中形成一些壓力，不確定這是否造成買賣價差（bid-ask spread），並反映在光纖資產的交易上。還有一個關於併購的問題，我想問 Anthony：我知道 Vicki 你過去說過光纖端的併購最為重要。但 Anthony，你如何看待塔台端的併購或整體產業環境？顯然，公開市場端的估值已經回落了一些。我不確定這是否也影響到私募市場。

Thank you all.

謝謝各位。

Yeah. Spaciano, as we did sign an agreement earlier in the quarter. We expect to close next quarter on a very attractive small truck-ins that's adjacent to our current footprint at TDS Telecom. And this was 11,000 fiber service addresses. That was for $25 million. So if you do the math, I think that shows that we are really looking for opportunities where we can make the economics work and we can see the growth, the future growth in the footprint as well as in the customers that are being fibered up. With our bundled products that Ken and Chris have talked about. So we'll continue to and we are actively active in this space in looking for these types of opportunities, both in the small and the medium-sized sector.

好的。Sebastiano，我們在本季稍早確實簽署了一項協議。我們預期在下個季度完成交割，這是一筆非常具吸引力、與 TDS Telecom 現有版圖相鄰的小型補強收購（small tuck-ins）。這筆交易包含 11,000 個光纖服務地址。交易金額為 2,500 萬美元。所以如果你算一下，我認為這顯示我們確實在尋找能讓經濟效益成立、且能看到成長、未來在版圖以及正在光纖化的客戶上的成長機會。也就是 Ken 和 Chris 談到的綑綁式產品。因此我們會持續——而且我們也正積極在這個領域尋找這類機會，涵蓋小型與中型的標的。

And from a raise perspective, we keep an eye on what's going on in the private markets and the prices that we see are a bit high for. What we think are other uses of our time and energy. We're laser-focused on improving array's operations across multiple dimensions, including improving our ground lease situation, and those are much more attractive uses of our money at these prices than buying power or the private market.

就 Araise 的角度來看，我們會關注私募市場的動態，而我們看到的價格對我們而言偏高，相較之下，我們認為還有其他更值得投入時間與精力的用途。我們非常專注於從多個面向改善 Araise 的營運，包括改善我們的地面租約（ground lease）狀況；在目前這些價格水準下，這些用途比在私募市場買電力（power）更能有效運用我們的資金。

Great. Thank you.

很好。謝謝。

Vikash Harlalka New Street Research.

New Street Research 的 Vikash Harlalka。

Hi, thanks so much for taking my questions. When I look at the FCC broadband map, it looks like there has been a significant increase in fiber overbuild activity in your footprint. Can you just tell us like what you're seeing in terms of overbuild activity? And then if. If an overbuilder starts building in your footprint, do you still deploy fiber in those markets or do you pull back on deployment? Can I have a couple of follow-ups?

嗨，謝謝讓我提問。我看 FCC 的寬頻地圖，似乎你們的覆蓋範圍內光纖重複建設（overbuild）活動顯著增加。你們能否說明一下你們看到的 overbuild 活動情況？另外如果——如果有 overbuilder 開始在你們的版圖內建設，你們仍會在那些市場部署光纖，還是會放緩部署？我可以再問幾個追問嗎？

What we're seeing from an overbuilder perspective is we've seen some activity in some of our cablemarkets. But what I will tell you about our cable markets is today they're 22% fiber already. And as we were going through. To look at our edge-out opportunities that we updated the market at in the first quarter, we used that same process to run our cable markets through. And what we found was there were tremendous opportunities still to fiberize in our cable markets.

從 overbuilder 的角度來看，我們確實在部分有線（cable）市場看到一些活動。但我想告訴你的是，我們的有線市場目前已有 22% 是光纖。而且在我們進行——檢視我們在第一季向市場更新的 edge-out 機會時，我們也用同樣的流程把有線市場納入評估。我們發現，在我們的有線市場中，仍然有非常大的光纖化（fiberize）機會。

We've approved some of that in some of our markets recently, and I think we're going to continue to see that activity from us. Over the next couple of quarters. Where we see a very economical path to fiber in those cable markets, we'll look to expand. But we have seen some fiber builder activity in cable, but we think we still have a great opportunity with fiber ourselves.

我們最近已在部分市場核准了其中一些計畫，我認為接下來幾個季度我們會持續看到我們的相關行動。在接下來幾個季度。在那些有線市場中，只要我們看到一條非常具經濟效益的光纖化路徑，我們就會考慮擴張。我們確實看到有些光纖建設者在有線市場的活動，但我們認為我們自己在光纖方面仍有很好的機會。

And I may have missed this in the prepared remarks, but your broadband churn both on the fiber and the cable side increased year-over-year, any color on what drove that?

我可能在事先準備的講稿中漏聽了，但你們的寬頻流失率（churn）在光纖與有線兩端都年增上升；能否說明一下是什麼驅動的？

So we saw a sequential fiber churn improvement in the second quarter to 1.2 and our overall churn improved in the second quarter sequentially as well. In our fiber business right now, we feel like we're very competitive in the marketplace. And we're right where we thought we would be from a churn perspective.

所以我們在第二季看到光纖 churn 較前一季改善至 1.2，而我們的整體 churn 在第二季也較前一季改善。就我們目前的光纖業務而言，我們認為在市場上非常有競爭力。而且從 churn 的角度來看，我們的表現正如我們原先預期。

And then I just want to follow-up on Sebastian's question about fiber valuations. Could you just provide us like any color as to what's the framework you use for evaluating fiber asset valuations?

接著我想追問一下 Sebastian 關於光纖估值的問題。你們能否提供一些說明，談談你們用來評估光纖資產估值的框架是什麼？

When we look at fiber opportunities. We really look at where they are, what is the competition in the marketplace. We look at the percent of fibered up or is there a viable economic path to fibering up. As we are driving towards the goal of fiber across our entire. Network and driving copper out of our businesses. So as we're looking at opportunities, we're looking for continuous tuck-ins or something that's going to advance our current clustering strategy. I would say our clustering strategy has been very successful where we've been investing in anchor markets and overbuilding with fiber in new markets, but we see really. Strong growth in the area, the population area as well as density to expand for the future. So that's largely what we're focused on.

當我們評估光纖機會時，我們主要看它們所在的位置，以及市場上的競爭情況。我們會看光纖覆蓋的比例，或是否存在具經濟可行性的光纖化路徑。因為我們正朝著在整個網路全面光纖化、並將銅纜逐步退出我們業務的目標前進。因此在尋找機會時，我們會尋求持續的小型併購（tuck-ins），或能推進我們現有聚落（clustering）策略的標的。我會說，我們的聚落策略非常成功：我們在核心市場投資，並在新市場以光纖進行加密建設（overbuilding），同時我們也看到該區域人口規模以及密度都呈現非常強勁的成長，足以支撐未來擴張。所以這大致就是我們的重點。

Got it. Thanks so much.

了解。非常感謝。

Michael Rollins Citigroup

Michael Rollins，花旗集團（Citigroup）

Thanks for taking the question and good morning. I was curious. Going over to towers and the leasing opportunity, as now you've had time to incrementally engage with all of your customers, is there a way to frame the longer-term leasing opportunity in terms of whether you want to describe it in revenue or activity dollars or co-location, like where do you see. That growth path taking the business to.

謝謝讓我提問，早安。我有點好奇。談到鐵塔與租賃機會，既然你們現在已經有時間逐步與所有客戶互動，是否能用某種方式來界定長期租賃機會——例如用營收或活動金額、或共址（co-location）來描述——你們認為這條成長路徑會把這項業務帶到什麼樣的水準？

Well, I think that what we're seeing is a trend going up, right? And I think a little bit of the color that I give on this is that if you take a look at the towers that we anticipate ultimately having been naked at the end of this T-Mobile integration. Or the ones based on what they originally said, like we are seeing demand on both those towers and on the towers in our portfolio that already had tenants. We believe there's significant amount of growth that is possible in both of those towers. And what the end point is going to be, there are a lot of factors, and I'm not going to speculate on what they are, but I will say that I think we have a strong potential for growth across.

嗯，我認為我們看到的是一個上升的趨勢，對吧？我補充一點背景：如果你看看我們預期在這次 T-Mobile 整合結束時，最終會變成「空塔」（naked）的那些鐵塔，或是依照他們最初所說的那一批，我們在那些鐵塔以及我們投資組合中原本就已有承租戶的鐵塔上，都看到需求。我們相信這兩類鐵塔都有相當大的成長空間。至於最終會到什麼終點，影響因素很多，我不打算臆測，但我會說，我認為我們在整體上有很強的成長潛力。

Thanks. And when it comes to the investments in cellular that you have, is there any changes from the controlling partners that you're seeing in terms of how they value these stakes, whether they want to clean.

謝謝。另外，關於你們持有的行動通訊投資，從控股夥伴那邊你們是否看到任何變化，例如他們如何看待這些持股的價值，是否想要清理

These minority outstanding investments up at some point that can help close whatever bid-ask spread has been there historically.

這些少數股權的未結投資，在某個時間點把它們買回或處理掉，以縮小過去一直存在的買賣價差（bid-ask spread）？

Yeah, without getting into any specific conversations, I'd say that. As you pointed out, there continues to be a bit of a bid-ask spread, right? We have a low tax basis in these. If you were to do a net present value calculation of these, taking a look at historical growth rates and cost of capital, you find a value describes these assets that is significantly higher than just taking the EBITDA multiple of a wireless company and putting it on top of that. And that's the way that we feel. But that said, as we've said before, we remain open to. Offers that reflects the value that we see in these businesses, net of all other considerations.

是的，在不談任何具體對話的前提下，我會說，如你所指出的，確實仍然存在一些買賣價差，對吧？我們在這些投資上的稅務成本基礎（tax basis）很低。如果你用歷史成長率與資本成本來做淨現值（NPV）計算，你會得到一個對這些資產的估值，顯著高於僅僅把無線公司的 EBITDA 倍數套用上去的結果。這就是我們的看法。但即便如此，正如我們之前所說，我們仍然願意接受能反映我們所看到之價值、並扣除其他所有考量後的報價。

Yeah, these are valuable assets for us and they generate significant cash flow for the business.

是的，這些對我們而言是很有價值的資產，並且為公司帶來可觀的現金流。

Your next question comes from the line of Sergey Gluzhevsky with Gamco Investors. Your line is now open.

下一個問題來自 Gamco Investors 的 Sergey Gluzhevsky。您的線路已開通。

Good morning, Sergey.

早安，Sergey。

My first question is on TDS Telecom side. So obviously, you guys have been making investments in sales and marketing, including increasing door-to-door sales force. I guess, what is your assessment of your sales efficiency today? What are some of the things that have worked well for you year to date? And what are some of the initiatives that you're still kind of contemplating? On sales and marketing and go-to-market fronts that potentially could improve your conversion rate on fiber even further, basically converting fiber passings into paying customers.

我的第一個問題是關於 TDS Telecom 這邊。很明顯你們一直在銷售與行銷上加大投資，包括增加挨家挨戶的銷售人力。我想問，你們如何評估目前的銷售效率？今年迄今有哪些做法對你們特別有效？另外在銷售與行銷、以及上市策略（go-to-market）方面，你們還在考慮哪些措施，可能進一步提升光纖的轉換率——也就是把光纖覆蓋（fiber passings）轉成付費客戶？

I think the first thing is address delivery because that's ultimately how we create sales. So as you've seen in the first quarter and then again in the second quarter, we had very good address delivery. And obviously, with the EACAM, a lot of the addresses that are now coming into our sales cycle are ones that would traditionally be in the ILEC markets in copper. So it's a great opportunity for us to migrate those copper customers over to fiber. So address delivery has been very strong, and that has helped us see sequential improvement in our fiber net adds. Second thing is with our game plan here, we've always had a very robust presale execution to where as soon as we know that a new market is coming open for sale, we immediately put our door-to-door teams and our marketing efforts in and that has helped us with that low 20% presale penetration, which I think is key to your successful fiber business.

我認為第一件事是地址交付（address delivery），因為這最終決定了我們如何創造銷售。所以如你在第一季、以及第二季再次看到的，我們的地址交付表現非常好。而且很明顯，隨著 EACAM，現在進入我們銷售循環的許多地址，傳統上會是在 ILEC 市場中的銅纜區域。因此，這對我們而言是把那些銅纜客戶遷移到光纖的絕佳機會。所以地址交付非常強勁，這也幫助我們看到光纖淨新增用戶（net adds）逐季改善。第二件事是，依照我們的作戰計畫，我們一直都有非常扎實的預售（presale）執行：只要我們知道某個新市場即將開放銷售，我們就會立刻投入挨家挨戶團隊與行銷資源，這幫助我們達到約 20% 出頭的預售滲透率，我認為這是光纖業務成功的關鍵。

You did mention we've been putting a tremendous amount of sales capacity into the market, one of the things that we've been doing is not only increasing the productivity significantly at our own door-to-door teams, but we've been going out to find vendors that can give us selling capacity in our cable markets. And our islet footprint with all of this new copper plant now turning into fiber as well as our expansion markets, so the more open for sale that we bring in, the more vendor capacity that we've brought in, we brought on several new vendors. Sergey in the second quarter and we just brought another one on in the very beginning of July. So we have done a turf analysis. We've looked at our entire geography and we say we need more and more door-to-door both internal and external vendors, especially with the pipeline of addresses that we expect in the back half of the year. The other big development from us has been our dot-com business. We've seen significant improvement. Why that's so important is because it's the most important channel because it's your lowest cost of acquisition channel and has the greatest overall reach. We have business transformation efforts underway to do tremendous work on our website as we go into the very later part of 2026. And but 2027, I think we'll see the full capabilities of it. The next thing that I think is super important is we've brought in some new leadership from a sales perspective, most recently we brought in someone to run our multi-dwelling channel business. Because 22% of the addresses that we're bringing ultimately into the market are MDU, this is where we're seeing housing growth. We expect to we want to win here and we've added that additional capacity in on top of our focus on single family. So a lot going on in sales and a lot going on in terms of address delivery.

你也提到我們已經把大量的銷售產能投入市場；我們正在做的一件事，不只是大幅提升自有挨家挨戶團隊的生產力，也在尋找能在我們有線電視市場提供銷售產能的供應商。同時也涵蓋我們的 ILEC 覆蓋範圍：隨著這些新的銅纜網路逐步轉成光纖，以及我們的擴張市場；因此我們帶進來越多「可銷售」（open for sale）的覆蓋，就同步引進越多供應商產能，我們也新增了好幾家供應商。Sergey，在第二季我們新增了數家，並且在 7 月初又新增了一家。所以我們做了地盤分析（turf analysis）。我們檢視了整個地理版圖，並認為需要更多挨家挨戶的人力，不論是內部或外部供應商，特別是考量到我們預期下半年會有大量地址管線（pipeline）。我們另一個重大進展是 dot-com（線上）業務。我們看到顯著改善。這之所以重要，是因為它是最重要的通路：獲客成本最低、整體觸及範圍最大。我們正在推動業務轉型，將在 2026 年較後段對網站進行大量工作。而到 2027 年，我認為我們會看到它的完整能力。下一件我認為非常重要的是，我們從銷售角度引進了一些新領導人才；最近我們找來一位負責多戶住宅（MDU）通路業務的人。因為我們最終帶入市場的地址中有 22% 是 MDU，這也是我們看到住宅成長的地方。我們希望在這裡勝出，因此在持續聚焦獨棟住宅之上，我們也增加了額外的產能。所以在銷售方面有很多事情在進行，也在地址交付方面有很多進展。

Great. Thank you. And maybe a question or two on the tower side. I guess with several spectrum, obviously the option is over, but prior to that, there were several spectrum transactions involving satellite players like SpaceX and Amazon. with those transactions. Do you see potential to expand the universe of parties interested in C-band spectrums that you guys have?

很好。謝謝。另外可能再問一兩個關於鐵塔業務面的問題。我想在多個頻譜方面，顯然這個選項已經結束了，但在那之前，曾有幾筆涉及 SpaceX 和 Amazon 等衛星業者的頻譜交易。就那些交易而言，你們是否看到有機會擴大對你們所持有 C 頻段頻譜感興趣的潛在買方範圍？

we would, I think that as you pointed out, there's growing demand from spectrum for a growing number of parties and we certainly would, we're not going to discriminate in who we sell the C-band spectrum to, we're focused on achieving the highest possible value for it. And if it's not a traditional party, then we'd be more than happy to sell it to them.

我認為會的。正如你所指出的，對頻譜的需求正在增加，而且需求方的數量也在增加；我們當然會——我們不會在把 C 頻段頻譜賣給誰這件事上有所歧視，我們的重點是為其實現盡可能高的價值。如果買方不是傳統的參與者，我們也非常樂意把它賣給他們。

Got it. And another question from kind of on the operational side and obviously you're increasing a tenancy of your towers. Maybe if you can provide more color on the initiatives that worked well for you during the course of the year and also some of the new things that maybe you're trying or started implementing that potentially could lead to further. Improvement, maybe somewhat of a step change in your tenancy ratio. There are two elements on the tenancy ratio. Of course, there is the number of co-locations and the number of towers. we've been doing a number of things to increase the number of tenants, right? I think you saw the announcement that we made with Verizon about the new deal that we had. We think that has been helpful in stimulating demand from Verizon. We have. Stood up, we have in-sourced our sales team over the last 18 months. That sales team has been doing excellent work to support our customers' needs and encourage co-locations with us by being a good partner. In addition, we have stood up a vertical sales business where basically we didn't have one before, and we've been getting a lot of traction throughout the functioning areas we serve from a variety of players, a lot of different just extending from high.

了解。另外一個偏營運面的問題：顯然你們正在提高鐵塔的租戶數（tenancy）。或許你可以多分享一些：在今年過程中哪些措施對你們特別有效，以及你們可能正在嘗試或開始導入哪些新做法，可能帶來進一步的改善，甚至讓你們的租戶比率出現某種程度的躍升。租戶比率有兩個要素。當然，一個是共站（co-location）的數量，另一個是鐵塔的數量。我們一直在做很多事情來增加租戶數，對吧？我想你們看到我們與 Verizon 宣布的新協議。我們認為這有助於刺激 Verizon 的需求。我們也已經——在過去 18 個月把銷售團隊內部化（in-sourced）。這個銷售團隊表現非常出色，透過成為良好的合作夥伴來支持客戶需求並鼓勵與我們共站。此外，我們也建立了垂直產業銷售業務，基本上以前我們沒有這塊，而我們在所服務的各個功能區域都獲得了很大的進展，來自各式各樣的參與者，很多不同的，延伸自高端。

Ice craters, to wisps, facilities, you name it. So we've gone from basically not having that at all to actually being able to do that. So we're seeing a lot of things on the tenant side. Now, as you probably noticed, our power, the count of towers has been going up as certain legacy grant programs that occurred from in the US cellular days has been developing. Now, eventually that's going to conclude and at the same time. We are evaluating every single tower continuously on its economic viability and the worst of the worst of those towers that don't have a path to economic viability, we will exit our portfolio and that's going to reduce the denominator and therefore increase the overall tendency ratio and. But I'd say we've already started to get some of the worst of those ones on the path to deconditioning and being out of our portfolio. So we have two things that are driving on either side. We're quite encouraged by that. I think that we also have the potential to get more revenue, if not additional tendency from some of the deployments that we're seeing from potential deployments that we're seeing, for example, if and as AT&T deploys 600 megahertz spectrum and as other companies. Deploy more spectrum and develop their networks further. So that's how we think about it.

從冰坑（Ice craters）到 wisps、各類設施等等，你想得到的都有。所以我們從基本上完全沒有這塊，變成實際上能夠做這件事。因此在租戶端我們看到很多正向動能。另外，如你可能注意到的，我們的電力——鐵塔數量一直在上升，因為某些在美國 Cellular 時期的歷史補助計畫正在推進發展。最終那會告一段落，同時，我們也在持續評估每一座鐵塔的經濟可行性；對於最差、且看不到經濟可行性路徑的鐵塔，我們會將其退出投資組合，這會降低分母，從而提高整體租戶比率，而且。不過我想我們已經開始讓其中一些最差的鐵塔走上退役（deconditioning）並退出我們投資組合的路徑。所以兩端各有兩股力量在推動。我們對此相當受到鼓舞。我認為我們也有機會獲得更多營收，即使不是增加租戶數，也可能來自我們看到的一些部署——例如，如果以及當 AT&T 部署 600 兆赫頻譜，並且其他公司。部署更多頻譜並進一步建設其網路。這就是我們的思考方式。

Sebastiano Petty JPG Morgan.

Sebastiano Petty，JPG Morgan。

Hi, thank you. I guess, Ken, too, just discussing the EAKM markets. In converting the copper subscribers over to fiber, I mean, what's the penetration rate maybe in some of these EACAM markets as we kind of think about what's the migration opportunity versus penetration opportunity in those markets? And that's my follow-up. Thank you.

嗨，謝謝。我想，Ken，也想再談談 EAKM 市場。在把銅纜用戶轉換到光纖的過程中，我是說，這些 EACAM 市場的滲透率大概是多少？我們在思考這些市場的遷移機會相對於滲透機會時，該怎麼看？這是我的追問。謝謝。

Thank you. We're not sharing the overall penetration rate, but what I can tell you is as we have been bringing fiber into these markets, we're seeing very nice. Early cohort penetration and we're seeing the penetration curves that we had anticipated and we're seeing very strong demand in these markets. So we're not sharing externally what the penetration target is, but I will tell you we're seeing very strong demand as soon as we bring fiber into these unserved markets.

謝謝。我們不會分享整體滲透率，但我可以告訴你的是，當我們把光纖引入這些市場時，我們看到非常不錯的。早期批次（cohort）滲透表現，也看到我們原先預期的滲透曲線，並且在這些市場看到非常強勁的需求。因此我們不會對外分享滲透目標是多少，但我可以告訴你，只要我們把光纖帶進這些未覆蓋（unserved）的市場，就會看到非常強勁的需求。

And there are no further questions at this time. I will now turn the call back to John Tumey for closing remarks.Thank you and thanks everyone for joining us again today. As always, please reach out with any additional questions and I hope everyone has a nice weekend. Thank you.This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。我現在把電話交回給 John Tumey 做結語。謝謝，也感謝各位今天再次加入我們。一如往常，如有任何其他問題請與我們聯繫，也希望大家週末愉快。謝謝。今天的電話會議到此結束。感謝各位出席。您現在可以掛線。