Telephone and Data Systems, Inc. (TDS) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the TDS and Array third-quarter 2026 operating results conference Call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 TDS 與 Array 2026 年第三季營運成果電話會議。（接線員指示）

I will now hand the conference over to John Toomey, Treasurer, Vice President and Head of Corporate Relations. Please go ahead.

現在我將把會議交給財務長、副總裁暨企業關係主管 John Toomey。請開始。

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.

各位早安，感謝各位加入。我們為今天上午評論所準備的簡報，可在 TDS 與 Array 網站的投資人關係專區找到。

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.

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，總裁兼執行長；Vicki Villacrez，執行副總裁兼財務長。代表 TDS Telecom 的 Ken Dixon，TDS Telecom 總裁兼執行長；以及 TDS 財務分析與策略規劃副總裁 Kris Bothfeld。

On behalf of Array Digital Infrastructure, Anthony Carlson, President and CEO of Array.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.

代表 Array 數位基礎建設（Array Digital Infrastructure）的 Anthony Carlson，總裁兼執行長。本次電話會議也將在 TDS 與 Array 投資人關係網站同步網路直播。請至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 已於今日稍早提交其 SEC 8-K 表格（含新聞稿）。

As shown on slide 2, the information set forth in the presentation and discussed during this call contains 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.

如投影片第 2 頁所示，本簡報所載及本次電話會議討論的資訊包含對預期未來事件與財務結果的陳述，屬於前瞻性陳述，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 申報文件中所載風險因素的完整說明。

I will now turn the call over to TDS President and CEO, Walter Carlson. Walter?

現在我將把電話會議交給 TDS 總裁兼執行長 Walter Carlson。Walter？

Thanks, John, and good morning, everyone. TDS made progress during the third quarter on our mission to transform the organization. Over the past several years, we have taken many strategic actions that position us well both for today and the future.

謝謝你，John，各位早安。TDS 在第三季於推動組織轉型的使命上取得進展。過去幾年，我們採取了多項策略行動，使我們在當下與未來都具備良好定位。

Those include exiting the wireless business, monetizing spectrum at attractive values, retaining tower assets that can benefit from future demand, investing in fiber without the burden of high leverage in a period of rising interest rates and repurchasing shares at prices we believe are attractive.

這些行動包括退出無線業務、以具吸引力的價值將頻譜變現、保留可受惠於未來需求的基地台資產、在利率上升期間於不承擔高槓桿負擔下投資光纖，以及以我們認為具吸引力的價格回購股份。

Today, I am pleased to share TDS and Array Digital Infrastructure's third quarter results, which reflect the progress we are making. TDS Telecom delivered record construction activity and strong fiber customer growth, but has more work to do to offset pressures on profitability. Array delivered strong revenue growth as it continues to optimize the portfolio. Across both businesses, we remain confident in our strategy and the investments we are making to create long-term value.

今天，我很高興分享 TDS 與 Array 數位基礎建設第三季的業績，反映我們正在取得的進展。TDS Telecom 創下建設活動新高並帶來強勁的光纖客戶成長，但仍需付出更多努力以抵銷獲利能力所承受的壓力。Array 在持續優化投資組合的同時，實現強勁的營收成長。在兩項業務上，我們對自身策略以及為創造長期價值所進行的投資仍充滿信心。

Turning to slide 3 and our 2026 enterprise priorities. Our objectives remain clear, grow and strengthen our fiber business, maximize the value of our tower portfolio, maintain disciplined capital allocation and continue transforming our business for the future.

接著看投影片第 3 頁與我們 2026 年的企業優先事項。我們的目標依然明確：擴大並強化光纖業務、最大化基地台投資組合價值、維持嚴謹的資本配置，以及持續推動業務轉型以迎向未來。

As Ken Dixon and Kris Bothfeld will explain, TDS Telecom continues to expand its fiber footprint while increasing its focus on converting those addresses to customers. As Anthony Carlson will describe, Array is advancing its strategic priorities through increased tower colocations and continued efforts to monetize its C-band spectrum.

如 Ken Dixon 與 Kris Bothfeld 將說明，TDS Telecom 持續擴大其光纖覆蓋範圍，同時更加聚焦於將這些可服務地址轉化為客戶。如 Anthony Carlson 將描述，Array 正透過增加基地台共址（colocation）以及持續推動其 C 頻段頻譜變現，來推進其策略優先事項。

I do want to briefly comment on TDS' withdrawal of the previously announced offer to acquire the minority interest of Array in an all-stock transaction. As we noted in our September 1 press release, we continue to believe there could be strategic benefits to such a combination.

我也想簡要評論 TDS 撤回先前宣布以全股票交易收購 Array 少數股權的提案。正如我們在 9 月 1 日新聞稿中所提到的，我們仍相信此類結合可能帶來策略性效益。

However, after extensive review on both sides, the two parties were unable to reach agreement on value and form of consideration. With that process behind us, TDS continues to be laser-focused on supporting both Array and TDS Telecom as they advance their respective strategic objectives and build shareholder value.

然而，在雙方進行廣泛審視後，兩方未能就估值與對價形式達成一致。在該流程告一段落後，TDS 仍將全力聚焦於支持 Array 與 TDS Telecom 推進各自的策略目標並提升股東價值。

I continue to be encouraged by the progress being made in both business units 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.

我持續對兩個事業單位所取得的進展，以及在此轉型期間為強化企業文化所進行的工作感到鼓舞。我想親自感謝全企業每一位同仁持續的投入與貢獻。

I will now turn the call over to Vicki.

現在我將把電話會議交給 Vicki。

Thank you, Walter, and good morning, everyone. As Walter highlighted, our enterprise priorities are centered on creating long-term value and our capital allocation is aligned to support them. First is fiber. TDS Telecom continues to advance its long-term goal of reaching 2.1 million marketable fiber service addresses, adding approximately 76,000 in the third quarter.

謝謝你，Walter，各位早安。如 Walter 所強調，我們的企業優先事項以創造長期價值為核心，而我們的資本配置亦與之對齊以提供支持。第一是光纖。TDS Telecom 持續推進其長期目標：達到 210 萬個可銷售的光纖服務地址，第三季新增約 76,000 個。

TDS Telecom now has a footprint of over 2 million addresses, an increase of 8% over the prior year and 63% of those addresses are served with fiber today. Delivering on this level of continued expansion requires intentional oversubscription, which drives pull-forward capital but is necessary to fill our pipeline to mitigate for temporary construction delays such as permitting or other factors.

TDS Telecom 目前的覆蓋範圍已超過 200 萬個地址，較去年同期增加 8%，且其中 63% 的地址目前已由光纖提供服務。要達成此等持續擴張的規模，需要有意識地進行超額認購（oversubscription），這會帶來資本支出的提前投入，但為了充實我們的建設管線、以緩解如許可申請或其他因素造成的暫時性施工延誤，這是必要的。

As we've noted previously, being first to market with fiber is a critical part of our investment thesis. It supports expected returns in the low to mid-teens and our fiber investments. We continue to see attractive opportunities to be first to fiber and our strong capital position provides us the flexibility to pursue these investments.

如我們先前所提，率先以光纖進入市場是我們投資論點的關鍵部分。這支持我們對光纖投資預期可達低至中十位數（low to mid-teens）的報酬率。我們持續看到率先部署光纖的具吸引力機會，而我們強健的資本狀況也提供了追求這些投資的彈性。

We remain confident in our long-term growth and value they can create. Second, I am pleased to share that following the termination of TDS' offer to acquire Array, we were in the market and have now virtually exhausted all of our prior share repurchase authorization of $520 million.

我們仍對其長期成長以及可創造的價值充滿信心。第二，我很高興分享，在 TDS 終止收購 Array 的提案後，我們進入市場，且目前幾乎已用盡先前 5.2 億美元的股份回購授權額度。

Given recent share prices and our view of the company's intrinsic value, we view this investment as an excellent use of available capital. Further, in an effort to afford us future flexibility, the TDS Board has approved an additional $250 million share repurchase authorization. This is an open authorization that is not time bound and allows us to remain opportunistic as market and business conditions evolve.

鑑於近期股價以及我們對公司內在價值的看法，我們認為這項投資是對可用資本的極佳運用。此外，為了提供我們未來的彈性，TDS 董事會已核准新增 2.5 億美元的股份回購授權。此為不設期限的開放式授權，使我們能在市場與業務狀況演變時保持機動、把握機會。

Finally, in the quarter, we completed the acquisition of Granite State Communications, a tuck-in market in New Hampshire that brings nearly 13,000 fully fibered service addresses to the portfolio, strengthening our Northeast fiber cluster. Thank you.

最後，在本季我們完成收購 Granite State Communications，這是位於新罕布夏州的補強型市場（tuck-in market），為投資組合帶來近 13,000 個全光纖化的服務地址，強化我們在美國東北部的光纖群聚。謝謝。

And now I will turn the call over to Ken Dixon to discuss TDS' fiber business.

接下來我將把電話會議交給 Ken Dixon，討論 TDS 的光纖業務。

Thank you, Vicki, and good morning, everyone. At TDS Telecom, we are transforming our business to be fiber-centric. Slide 6 shows our progress at the end of the third quarter. We now have over 2 million service addresses and 63% of those are served by fiber. Another 19% are served by coax, meaning that 82% of our addresses can get gig speeds today. Our incumbent markets are now 56% fiber and with the support of E-ACAM and our fiber deeper investments, we continue to drive copper out of our network.

謝謝你，Vicki，各位早安。在 TDS Telecom，我們正推動業務轉型，以光纖為核心。投影片第 6 頁顯示我們截至第三季末的進展。我們目前擁有超過 200 萬個服務地址，其中 63% 由光纖提供服務。另有 19% 由同軸電纜（coax）提供服務，這表示我們 82% 的地址今天即可提供 Gig 等級速度。我們的既有市場目前有 56% 為光纖覆蓋；在 E-ACAM 與我們「光纖更深入」（fiber deeper）投資的支持下，我們持續將銅纜自網路中汰除。

As shown on slide 7, we delivered approximately 76,000 marketable fiber service addresses in the third quarter, bringing us to approximately 181,000 for the first nine months of the year. This represents the best third quarter fiber address delivery in company history and demonstrates our continued momentum. Being first to fiber and seizing the current opportunity are critical, which is why our fiber build plan is supported by historic levels of construction crews and our E-ACAM activity reached its highest level since the program began.

如投影片 7 所示，我們在第三季交付約 76,000 個可銷售的光纖服務地址，使今年前九個月累計約達 181,000 個。這是公司史上第三季光纖地址交付的最佳表現，並展現我們持續的動能。率先佈建光纖並把握當前機會至關重要，這也是為何我們的光纖建設計畫獲得歷史高水準的施工團隊支援，且我們的 E-ACAM 活動量達到該計畫啟動以來的最高水準。

In the third quarter, we delivered 27,000 new ILEC fiber addresses and expect that number to increase in the fourth quarter. That momentum is driving our CapEx guidance for the year. Looking ahead, we plan to deliver another 25% of our E-ACAM addresses next year.

第三季我們交付了 27,000 個新的 ILEC 光纖地址，並預期第四季該數字將進一步增加。這股動能正推動我們今年的資本支出（CapEx）指引。展望未來，我們計畫在明年再交付另外 25% 的 E-ACAM 地址。

With less construction competition in rural areas today, we are seizing the opportunity to retain crews and accelerate our investments. As a result, we have a large pipeline of addresses in various stages of construction and investment across many markets. This pipeline positions us well to meet our goals, both this year and long term. In summary, our build teams are delivering at a record pace, giving us confidence in the construction plan and the opportunity ahead.

由於目前在鄉村地區的建設競爭較少，我們正把握機會留住施工團隊並加速投資。因此，我們在多個市場擁有大量處於不同建設與投資階段的地址管線。這條管線使我們能夠在今年以及長期更有把握達成目標。總結而言，我們的建設團隊正以創紀錄的速度交付，讓我們對施工計畫與眼前機會充滿信心。

Turning to sales. We ended the third quarter with approximately 17,000 fiber net adds, our highest quarterly result in company history, up approximately 50% year-over-year. We also saw improvement in our fiber churn when compared to last year's third quarter, which is typically the industry's highest quarter for churn. We are seeing the benefits of our new sales leadership and expanded capabilities. We have additional door-to-door vendors to attack the record open for sale opportunities to complement our existing teams.

接著談銷售。第三季結束時，我們的光纖淨增用戶約 17,000，為公司史上單季最高成果，年增約 50%。與去年第三季相比，我們也看到光纖流失率（churn）有所改善；第三季通常是產業流失率最高的季度。我們正看到新銷售領導團隊與擴充能力所帶來的效益。我們新增更多到府推廣（door-to-door）的外包銷售人員，以攻佔創紀錄的可售機會，並與既有團隊相互補強。

We have also increased capacity in our multi-dwelling space to accelerate sales for those units. In terms of customer acquisition, we have shifted a significant portion of volume toward the dot-com channel, which is our lowest cost of acquisition.

我們也提升了多戶住宅（multi-dwelling）領域的產能，以加速這些單位的銷售。在客戶獲取方面，我們已將相當大一部分的量轉向 dot-com 線上通路，該通路是我們獲客成本最低的渠道。

We are excited by the sales opportunities we see as we close out 2026 and move into 2027. In our cable markets, subscriber trends continued to stabilize during the third quarter. As you know, 22% of our cable addresses today are served with fiber.

在 2026 年收官並邁入 2027 年之際，我們對所見的銷售機會感到振奮。在我們的有線電視（cable）市場中，第三季訂戶趨勢持續趨於穩定。如各位所知，我們目前有線電視地址中有 22% 已由光纖提供服務。

As we continue to become a more fiber-centric company, I'm pleased to share that we are beginning activities to convert another 30,000 coax addresses to fiber. Our operational transformation is centered on efficiency, improving the customer experience and simplification. As I've noted before, we continue to make progress modernizing our systems and remain on track with our transformation road map, making it easier for customers to do business with us.

隨著我們持續成為一家更以光纖為核心的公司，我很高興分享：我們正開始推動將另外 30,000 個同軸（coax）地址轉換為光纖的相關工作。我們的營運轉型聚焦於效率、提升客戶體驗與簡化流程。如我先前所提，我們持續推進系統現代化，並仍按轉型路線圖如期進行，讓客戶更容易與我們往來。

Turning to slide 8. Our long-term goals reflect the scale and long-term value we expect to create through our fiber growth strategy. We believe fiber is the superior broadband technology, not only for today but well into the future. With the delivery of approximately 76,000 fiber addresses in the quarter, we now serve over 1.2 million fiber service addresses, representing 63% of our total footprint and with 82% of addresses capable of gig speeds.

接著看投影片 8。我們的長期目標反映出我們預期透過光纖成長策略所創造的規模與長期價值。我們相信光纖是更優越的寬頻技術，不僅適用於當下，也將在未來很長一段時間內保持優勢。本季交付約 76,000 個光纖地址後，我們目前服務的光纖服務地址已超過 120 萬個，占我們總覆蓋範圍的 63%，且其中 82% 的地址具備千兆（gig）速度能力。

We are building at a record pace, improving our execution and steadily shifting the business toward fiber. We know there is more work ahead, but the progress we're making reinforces our confidence in our strategy and long-term value of the fiber-centric business we are creating.

我們正以創紀錄的速度建設、提升執行力，並穩步將業務重心轉向光纖。我們知道前方仍有更多工作要做，但目前取得的進展強化了我們對策略的信心，以及我們正在打造的以光纖為核心業務之長期價值。

Before I turn it over to Kris, I want to comment briefly on our third quarter financial results. We are very bullish on our fiber growth future, but continue to see pressure on our legacy business. This is a driver for our updated guidance, which Kris will cover in more detail.

在我把時間交給 Kris 之前，我想簡要評論我們第三季的財務結果。我們對光纖成長的未來非常看多，但仍持續看到傳統既有業務面臨壓力。這也是我們更新指引的原因之一，Kris 將會更詳細說明。

Thank you, and I will now turn the call over to Kris.

謝謝，接下來我把電話會議交給 Kris。

Thanks, Ken. Turning to slide 9. The chart on the left shows our quarterly fiber service address delivery over the past seven quarters and reflects the build momentum we are experiencing. As Ken highlighted, we had company record address delivery in the third quarter, representing an 82% increase year-over-year, and the momentum continues as we head into the fourth quarter.

謝謝你，Ken。接著看投影片 9。左側圖表顯示我們過去七個季度每季光纖服務地址的交付量，反映出我們正在經歷的建設動能。如 Ken 所強調，我們第三季的地址交付創下公司紀錄，年增 82%，且在邁入第四季之際，這股動能仍在延續。

For the full year, we remain on track to deliver between 250,000 and 300,000 new fiber service addresses. 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 77%, demonstrating steady and meaningful progress toward our long-term fiber goals.

就全年而言，我們仍按計畫可交付 250,000 至 300,000 個新的光纖服務地址。右側圖表說明我們的光纖覆蓋範圍持續擴張。過去三年，我們在各市場的光纖服務地址數量約增加 77%，展現朝向長期光纖目標穩健且具意義的進展。

On slide 10, residential fiber net adds were approximately 17,000 in the third quarter, a 50% increase compared to prior year, driven by continued footprint expansion and ongoing copper to fiber conversions. Residential fiber connections have grown 81% over the past three years, outpacing our fiber footprint growth. We expect continued fiber connection growth as we expand our footprint.

在投影片 10，第三季住宅光纖淨增用戶約 17,000，較去年同期增加 50%，主要受惠於覆蓋範圍持續擴張以及持續進行的銅纜轉光纖。過去三年，住宅光纖連線數成長 81%，增速超過我們光纖覆蓋範圍的成長。隨著我們擴大覆蓋範圍，我們預期光纖連線數將持續成長。

Turning to slide 11. The chart on the left depicts our residential revenue per connection, which increased 2% year-over-year. This growth reflects annual price increases, partially offset by promotional activity. The chart on the right highlights total residential revenue between copper, cable and fiber.

接著看投影片 11。左側圖表呈現我們住宅每連線收入（revenue per connection），年增 2%。此成長反映年度調價，部分被促銷活動所抵銷。右側圖表則突顯住宅總收入在銅纜、有線電視與光纖之間的分布。

You'll see that fiber revenue is up 14% or $12 million versus prior year, which largely offsets the legacy revenue stream pressures we are experiencing. In cable, revenues are down 7% versus the third quarter of 2025, reflecting continued market pressures, partially offset by a onetime benefit in the quarter. Adjusting for this benefit, cable revenues would have been down 10%.

你會看到光纖收入較去年增加 14% 或 1,200 萬美元，這在很大程度上抵銷了我們所面臨的既有收入來源壓力。在有線電視方面，收入較 2025 年第三季下降 7%，反映持續的市場壓力，部分被本季一次性收益所抵銷。若調整該項收益，有線電視收入將下降 10%。

As Ken highlighted, we are increasing investment in sales capacity in our cable markets and are starting to see progress. Overall, total residential revenue declined $3 million compared to prior year. Excluding the impact of divestitures, residential revenues were relatively flat.

如 Ken 所強調，我們正在有線電視市場加大對銷售產能的投資，並開始看到進展。整體而言，住宅總收入較去年減少 300 萬美元。若排除資產剝離（divestitures）的影響，住宅收入大致持平。

As Ken noted, we are deploying fiber across our footprint at a record pace to help mitigate legacy headwinds. Slide 12 summarizes our financial performance. Total operating revenues declined 3% in the quarter or 1% excluding the impact of divestitures.

如 Ken 所提，我們正以創紀錄的速度在整體覆蓋範圍內部署光纖，以協助緩解既有業務的逆風。投影片 12 彙總我們的財務表現。本季總營業收入下降 3%；若排除資產剝離影響，則下降 1%。

The remaining decline reflects continued legacy revenue stream pressures, partially offset by fiber revenue growth. Cash expenses increased 4% as cost to support our growing expansion markets, along with inflationary cost increases, including fuel and people-related costs were not fully offset by our transformation and ongoing cost containment initiatives.

其餘的下滑反映既有收入來源壓力持續，部分被光纖收入成長所抵銷。現金費用增加 4%，原因包括支援我們持續擴張市場的成本上升，以及通膨帶來的成本增加（包含燃料與人力相關成本），而這些並未完全被我們的轉型與持續成本控管措施所抵銷。

Also note that the third quarter cash expenses include $4.2 million of strategic alternatives costs primarily related to workforce reductions. This compares to $3.5 million incurred in the prior year. We continue to drive efficiencies in the organization to help offset inflationary increases and costs associated with expanding service and growing our footprint.

另請注意，第三季現金費用包含 420 萬美元的策略替代方案相關成本，主要與人力縮減有關。相較之下，前一年發生 350 萬美元。我們持續推動組織效率提升，以協助抵銷通膨帶來的增加，以及與擴大服務與拓展版圖相關的成本。

The decline in adjusted EBITDA for the quarter reflects these cost pressures as well as top line headwinds from divestitures and legacy revenue streams. Capital expenditures totaled $251 million in the quarter, reflecting higher address delivery, a higher mix of buried versus aerial builds and a record level of addresses under construction across our fiber markets that will be delivered in future quarters.

本季調整後 EBITDA 的下滑反映了上述成本壓力，以及因資產剝離與既有營收來源所帶來的營收端逆風。本季資本支出合計 2.51 億美元，反映更高的地址交付量、地下建置相較於架空建置的占比提高，以及我們光纖市場中在建地址數創新高，這些地址將於未來季度交付。

We are seeing higher costs to complete our E-ACAM builds in certain areas as we need to use more costly construction techniques and more miles of fiber required. Despite these higher costs, we believe the economics of our E-ACAM program remain attractive.

我們看到在部分地區完成 E-ACAM 建置的成本更高，因為需要採用成本較高的施工技術，且所需光纖里程數增加。儘管成本上升，我們仍認為 E-ACAM 計畫的經濟效益依然具吸引力。

Slide 13 reflects our guidance for 2026, which has been updated. We are projecting total telecom revenues of $990 million to $1.01 billion, down from our prior guidance. We were anticipating fiber revenues to more than offset legacy declines during the second half of 2026, but continue to work toward that inflection point.

第 13 頁投影片反映我們已更新的 2026 年指引。我們預估電信總營收為 9.90 億至 10.1 億美元，較先前指引下調。我們原先預期 2026 年下半年光纖營收將足以抵銷既有業務下滑，但我們仍在持續努力推進至該轉折點。

We also moved our adjusted EBITDA guidance range downward to $290 million to $310 million as the lower revenue expectations fall to the bottom line, and we are experiencing higher costs to support our extended hours to service customers in areas where we are building fiber.

我們也將調整後 EBITDA 指引區間下修至 2.90 億至 3.10 億美元，因較低的營收預期將反映至獲利端；同時，為了在我們建置光纖的地區延長服務時段以支援客戶，我們也正承受更高成本。

From a capital perspective, we have increased our guidance by $100 million from our prior midpoint to approximately $750 million. As Vicki and Ken both highlighted, delivery of fiber addresses at a record pace requires that we have a large funnel of addresses and the flexibility to pivot when delays arise from permitting and other factors.

就資本面而言，我們將指引較先前中位數上調 1 億美元至約 7.50 億美元。如 Vicki 與 Ken 皆強調，以創紀錄的速度交付光纖地址，需要我們維持大量的在建地址漏斗，並在因許可申請與其他因素造成延遲時具備彈性以便轉向調整。

Nearly half of this increased CapEx is driven by a pull forward of future spend, which we expect will contribute to address delivery in 2027. The remaining increase is largely due to higher E-ACAM build costs and a pivot to construct more of the buried addresses in our expansion markets, as I mentioned earlier.

此次資本支出增加中，近一半來自將未來支出提前，我們預期這將有助於 2027 年的地址交付。其餘增加主要源於 E-ACAM 建置成本上升，以及如我先前提到的，在我們的擴張市場轉向建置更多地下化地址。

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.

在把電話會議交接之前，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，對我們朝長期目標邁進所取得的進展至關重要。

I'll now turn the call over to Anthony.

接下來我把電話會議交給 Anthony。

Thanks, Kris, and good morning. The third quarter represented another meaningful step in executing our strategy to optimize tower operations. Our year-over-year results are now becoming increasingly comparable as Q3 2025 marked both the launch of Array as a stand-alone tower company and the commencement of the T-Mobile MLA.

謝謝你，Kris，大家早安。第三季是我們執行優化鐵塔營運策略的又一個重要里程碑。由於 2025 年第三季同時標誌著 Array 以獨立鐵塔公司形式啟動，以及 T-Mobile MLA 的開始，我們的年對年結果如今正變得愈來愈具可比性。

As highlighted on slide 18, when adjusting for DISH and excluding T-Mobile interim site revenue, cash site rental revenue increased 20% year-over-year. After also fully excluding the impact of the T-Mobile MLA, cash site rental revenue grew 7% year-over-year, demonstrating the strong organic growth of our tower portfolio.

如第 18 頁投影片所示，在調整 DISH 並排除 T-Mobile 過渡期站點收入後，現金站點租金收入年對年成長 20%。若再完全排除 T-Mobile MLA 的影響，現金站點租金收入年對年成長 7%，顯示我們鐵塔資產組合強勁的有機成長。

As T-Mobile continues its network integration activities, we are continuing to see the expected reduction in interim site revenue as those sites are terminated. Importantly, our leasing pipeline and sustained application activity continue to support healthy revenue growth, which is expected to partially offset the impact of declining interim site revenue over time.

隨著 T-Mobile 持續進行網路整合活動，因相關站點終止，我們持續看到如預期的過渡期站點收入下降。重要的是，我們的租賃管線與持續的申請活動仍支撐健康的營收成長，預期隨時間推移可部分抵銷過渡期站點收入下滑的影響。

Turning to slide 19. We continue to gain greater visibility into the expected population of tenantless towers following T-Mobile's integration process. Based on the information available today, we've refined our estimate to 1,200 to 1,600 tenantless towers. As a reminder, however, T-Mobile has until January 2028 to designate its committed sites under the new MLA.

接著看第 19 頁投影片。我們持續獲得更高能見度，以掌握在 T-Mobile 整合流程後預期將出現的「無承租戶」鐵塔數量。根據目前可得資訊，我們已將估計值精煉為 1,200 至 1,600 座無承租戶鐵塔。但提醒一下，依新 MLA 規定，T-Mobile 最晚可至 2028 年 1 月才指定其承諾站點。

Given the likelihood that a meaningful number of towers will remain without tenants in the near term, we remain intensely focused on our ground lease optimization initiatives. While this is a multiyear effort, we have made progress in reducing lease costs on towers that are likely to become tenantless and identifying the most uneconomic sites for decommissioning. More broadly, we are accelerating our ground lease buyout program, which expands tower level margins while further reducing portfolio risk.

鑑於短期內相當數量的鐵塔可能仍將沒有承租戶，我們仍高度聚焦於地租優化計畫。雖然這是一項跨多年的工作，我們已在降低可能成為無承租戶鐵塔的租賃成本，以及辨識最不具經濟效益、適合除役的站點方面取得進展。更廣泛而言，我們正加速地租買斷計畫，以提升單塔層級的利潤率，同時進一步降低資產組合風險。

Moving to slide 20. There has been minimal change since last quarter, with a notable exception that we received regulatory approval for the sale of certain 600 megahertz and 700 megahertz spectrum licenses. Subject to FCC finality and customary closing conditions, we expect the transaction to close by year-end.

接著看第 20 頁投影片。自上季以來變化不大，但有一項顯著例外：我們已取得監管核准，出售部分 600 兆赫與 700 兆赫頻譜執照。在符合 FCC 最終確定性及慣常交割條件下，我們預期該交易將於年底前完成交割。

We also continue to pursue opportunities to monetize our remaining spectrum holdings, primarily our C-band spectrum. This spectrum is deployment ready today, and we remain confident in its value as a highly attractive 5G asset and the absence of near-term build-out requirements allows us to remain disciplined and avoid being forced sellers.

我們也持續尋求將剩餘頻譜持有部位變現的機會，主要是 C 頻段頻譜。該頻譜目前已可部署，我們仍對其作為極具吸引力的 5G 資產之價值充滿信心；且由於短期內沒有建置要求，我們得以保持紀律，避免成為被迫出售的一方。

Slide 21 summarizes the results of our partnership or noncontrolling investment interests. As a reminder, 2025 investment income and distributions were impacted by several onetime factors, including the impact of the Iowa partnership selling their wireless operations to T-Mobile and distributions received from Verizon related to their transactions with Vertical Bridge. Equity income for the nine months ending September 30 was $116 million.

第 21 頁投影片彙總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 Vertical Bridge 的交易而支付的分配款。截至 9 月 30 日止九個月的權益法收益為 1.16 億美元。

Turning to slide 23. Array delivered a strong quarter with year-over-year revenue growth driven primarily by the T-Mobile MLA, complemented by solid growth from the rest of our customer base. As discussed in prior quarters, the year-over-year increase in cost of operations reflects the reclassification of certain property tax and insurance expenses from SG&A into cost of operations.

接著看第 23 頁投影片。Array 本季表現強勁，年對年營收成長主要由 T-Mobile MLA 帶動，並由其餘客戶群的穩健成長相輔相成。如前幾季所述，營運成本年對年增加反映將部分財產稅與保險費用自 SG&A 重新分類至營運成本。

This change also contributed to the year-over-year reduction in SG&A expense. SG&A continued to include costs associated with winding down the legacy wireless operations, although those expenses declined further during the quarter.

此變動也促成年對年 SG&A 費用下降。SG&A 仍包含逐步結束既有無線業務營運相關成本，儘管這些費用在本季進一步下降。

In addition, SG&A remained elevated due to strategic alternatives-related costs incurred in evaluating the proposal received from TDS to acquire the remaining publicly held shares of Array. Consistent with their classification, these costs are excluded from adjusted OIBDA. With the withdrawal of the TDS proposal, we do not expect these costs to recur in the fourth quarter.

此外，因評估 TDS 提出的收購 Array 其餘公開流通股份之提案而產生的策略替代方案相關成本，使得 SG&A 仍維持在較高水準。依其分類一致性，這些成本已自調整後 OIBDA 中排除。隨著 TDS 提案撤回，我們預期第四季不會再發生此類成本。

On slide 24, our outlook remains unchanged. We expect total operating revenue of $205 million to $215 million, adjusted OIBDA of $60 million to $75 million and adjusted EBITDA of $220 million to $235 million. Capital expenditures are expected to be $25 million to $35 million, driven by an expected increase in ground lease buyout activity during the remainder of the year.

在第 24 頁投影片中，我們的展望維持不變。我們預期總營運收入為 2.05 億至 2.15 億美元，調整後 OIBDA 為 6,000 萬至 7,500 萬美元，調整後 EBITDA 為 2.20 億至 2.35 億美元。資本支出預期為 2,500 萬至 3,500 萬美元，主要由今年剩餘期間預期增加的地租買斷活動所帶動。

In closing, Array continues to make meaningful progress on its journey to becoming a leading tower company. I want to personally thank our team for their dedication, execution and contributions throughout the year. We remain firmly focused on completing the T-Mobile integration, expanding our customer relationships and optimizing our ground lease portfolio. The momentum across the business is clear, and I am excited about the opportunities ahead and the progress we will continue to achieve together.

最後，Array 在邁向成為領先鐵塔公司的旅程中，持續取得具意義的進展。我想親自感謝我們的團隊在全年展現的投入、執行力與貢獻。我們仍堅定聚焦於完成 T-Mobile 整合、擴大客戶關係，以及最佳化我們的地面租賃組合。整體業務動能十分明確，我對未來的機會感到振奮，也期待我們能持續攜手取得更多進展。

I will now turn the call back to Walter.

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. The momentum we are seeing across the businesses positions us well as we come into the last two months of 2026 and look forward to 2027.

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紮實進展。我們在各項業務上看到的動能，讓我們在進入 2026 年最後兩個月、並展望 2027 年時處於有利位置。

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.

我想再次感謝 TDS 企業體系內所有傑出同仁，持續以投入與辛勤工作服務客戶，並支持我們業務的推進。接線員，請現在開放提問。

(Operator Instructions)

（接線員指示）

Ric Prentiss, Raymond James.

Ric Prentiss，Raymond James。

Can you hear me okay?

你們聽得到我嗎？

Yes, we can hear you fine, Ric, good morning.

是的，我們聽得很清楚，Ric，早安。

I have a couple. I want to start on the TDS Telecom side. As we've looked at -- and thanks for the chart showing kind of fiber versus copper versus coax. As we look at that, obviously, pressure on the legacy side. You talked a little bit about cable and what you're doing there, trying to get some more coax to fiber changing some sales stuff.

我有幾個問題。我想先從 TDS Telecom 這邊開始。我們在看——也謝謝你們用圖表呈現光纖相對於銅纜與同軸電纜的概況。從那張圖來看，顯然傳統業務端承受壓力。你們稍微談到有線電視以及你們在那邊做的事情，嘗試把更多同軸轉成光纖，並調整一些銷售作法。

But as I look at copper side, it looks like copper and you've had some divestitures, but kind of down $10 million year-over-year on the revenue line in copper markets, but also down $2 million sequentially 1Q to 2Q, 2Q to 3Q. What do we think about turning that around. I think you mentioned putting some more ILEC fiber out there.

但當我看銅纜端時，看起來銅纜——你們也做了一些資產剝離——不過在銅纜市場的營收項目年對年大約下滑 1,000 萬美元，同時也連續下滑：從第 1 季到第 2 季少了 200 萬美元、第 2 季到第 3 季也少了 200 萬美元。我們該如何看待扭轉這個趨勢？我想你提到會再多鋪一些 ILEC 光纖。

But how should we think about stemming that trend on the copper side? And when do we think, broadly speaking, the business inflects so that you get revenue growth at the total level and EBITDA, OIBDA growth at the total as well as you kind of balance fiber versus legacy?

但我們應該如何看待抑制銅纜端的下滑趨勢？以及更廣泛來說，業務何時會出現拐點，讓你們在總體層面恢復營收成長，並且 EBITDA、OIBDA 在總體層面也恢復成長，當你們在光纖與傳統業務之間取得平衡時？

Thanks for the question. Yes, what's beautiful for us this year is the E-ACAM program. And as you saw, the 27,000 addresses that we delivered in the third quarter in our ILEC market, this is core to our strategy is deploying fiber into those E-ACAM markets and then along the route, picking up those copper served addresses today in our legacy footprint. So we saw a nice acceleration in the third quarter.

謝謝你的提問。是的，今年對我們來說很棒的一點是 E-ACAM 計畫。如你所見，我們在第 3 季於 ILEC 市場交付了 27,000 個地址點；我們策略的核心就是在這些 E-ACAM 市場部署光纖，並且沿著路線把目前在我們既有覆蓋範圍內由銅纜服務的地址點也一併納入。因此我們在第 3 季看到不錯的加速。

We have a funnel very robust in terms of addresses for our E-ACAM in the fourth quarter. And then as you see from some of my comments, we've got record crews right now from a construction standpoint and candidly, the largest amount of addresses in our pipeline here going into the fourth quarter. So that gives us confidence that we're going to continue to be able to attack those copper markets and ultimately deploy fiber.

我們在第 4 季的 E-ACAM 地址點儲備非常充足。而且如同我先前的一些評論，從施工角度來看，我們目前的施工團隊數量創新高；坦白說，進入第 4 季時，我們管線中的地址點數量也是史上最多。這讓我們有信心能持續攻克這些銅纜市場，並最終部署光纖。

And Ric, to answer your question around total revenue growth, what I would say is that we expected in the second half of this year that our revenue -- our fiber revenue growth would more than offset these legacy declines but we're still working towards that inflection point. I will say that inflection point is around the corner. It's not years away. And just like Ken said, our strategy is to accelerate our fiber business as much as possible to offset these legacy pressures in the near term.

Ric，關於你問到的總營收成長，我會這麼說：我們原本預期在今年下半年，我們的營收——我們的光纖營收成長——將足以抵消這些傳統業務的下滑，但我們仍在朝那個拐點努力。我會說那個拐點已近在眼前。不是還要好幾年。而且就像 Ken 說的，我們的策略是盡可能加速光纖業務，以在短期內抵消這些傳統業務壓力。

Great. And how about as we look down to the OIBDA line? Obviously, you're investing a lot of CapEx. I think Vicki mentioned -- someone mentioned kind of the return on capital hurdle for these projects in the low and mid-teens. How do we think about the OIBDA turning around and becoming growth then?

很好。那如果我們往下看 OIBDA 這一行呢？顯然你們正在投入大量資本支出（CapEx）。我想 Vicki 提到——或有人提到——這些專案的資本報酬門檻大約在十幾%的低段到中段。那我們該如何看待 OIBDA 何時會扭轉並開始成長？

Yes. So just to elaborate on that, obviously, revenue plays a huge role in EBITDA. So we're doing everything we can to get to that inflection point on revenue, and that will drop to the bottom line. We also are on pace to hit our transformation initiatives.

是的。補充說明一下，顯然營收在 EBITDA 中扮演非常重要的角色。因此我們正盡一切努力讓營收達到那個拐點，而這也會反映到最終獲利。我們也正按進度推進轉型計畫。

We've put a line in the sand that by year-end 2028, we'll deliver $100 million in run rate benefits. We're still tracking towards that goal. And so the increase in accelerated fiber revenue growth as well as those transformation efforts will help also turn around EBITDA in the future.

我們已經劃定一個明確目標：到 2028 年底，我們將帶來 1 億美元的年度化效益（run rate benefits）。我們仍在朝這個目標前進。因此，加速的光纖營收成長以及這些轉型工作，也將有助於未來扭轉 EBITDA。

Great. And the second one is for Anthony. Obviously, it seems like we get daily, weekly buzz from what SpaceX is doing, what DISH is doing. Can you let us know how many DISH sites you had? And what's happening as far as any discussions on the tower side with satellite companies in general? And how soon might we see something from satellite companies impact you guys?

很好。第二個問題是給 Anthony。顯然我們似乎每天、每週都會聽到 SpaceX 在做什麼、DISH 在做什麼的消息。你能否告訴我們你們有多少個 DISH 站點？以及就一般而言，在鐵塔端與衛星公司之間的討論目前進展如何？我們可能多快會看到衛星公司對你們造成影響？

So in terms of your first question, we had about 330 DISH sites. Of course, they are no longer paying for those. They're in the process of extracting that equipment. But that's about how many we had. We're not going to comment on any sort of particular satellite company.

就你的第一個問題而言，我們大約有 330 個 DISH 站點。當然，他們已經不再為這些站點付費。他們正在把那些設備撤出。但大約就是這個數量。至於任何特定的衛星公司，我們不會做評論。

But what we will say is that we have great assets that are attractive to anybody who is interested in building out a terrestrial network. And indeed, the largest carriers in the United States and many other players as well are already tenants of ours, and we look forward to working with anybody who's interested in building out terrestrial networks.

但我們可以說的是，我們擁有很好的資產，對任何有興趣建置地面網路的人都很有吸引力。事實上，美國最大的電信業者以及許多其他參與者都已是我們的承租戶，我們也期待與任何有興趣建置地面網路的夥伴合作。

And as you think strategically, if satellites do, do something terrestrially, how do you think of the impact on your tower business, neutral, positive, very positive. What's kind of the array of outcomes that you kind of look at what might happen in the still fog of war unclear exactly what's happening?

從策略角度來看，如果衛星業者真的在地面網路上有所作為，你們如何看待對鐵塔業務的影響？中性、正面、非常正面？在目前仍像戰場迷霧、尚不清楚究竟會發生什麼的情況下，你們評估的可能結果範圍大概是什麼？

Well, obviously, there's sort of big strategic questions about, hey, what's the -- assuming potential other major entrants become terrestrial network players, what's the end number of sort of terrestrial networks. But if that number goes up, I don't think there's any alternative to being broadly bullish for our business because we're in the business of leasing space on towers.

嗯，顯然這裡有一些重大的策略問題，例如：假設可能有其他主要新進者成為地面網路玩家，那麼地面網路的最終數量會是多少。但如果那個數量增加，我認為對我們的業務沒有其他解讀方式，只能說整體偏多，因為我們的業務就是在鐵塔上出租空間。

If the number of major carriers goes from three to four or more, those carriers will need to use our space, and that means more revenue for us. So I think that's broadly bullish. I don't think a scenario where satellite companies are able to replace terrestrial networks entirely with satellite-based services is very likely.

如果主要電信業者的數量從三家增加到四家或更多，這些業者就需要使用我們的頻譜，而這代表我們會有更多營收。所以我認為整體而言這是偏多的。我不認為衛星公司能夠用衛星式服務完全取代地面網路的情境很可能發生。

I think that there are many laws of physics reasons for that, that have been discussed by many other people in many other forums, but we broadly believe that. We think that direct-to-device communication is broadly complementary to the terrestrial service that is provided by terrestrial mobile networks, and we think it's great for consumers. So we're broadly bullish on the opportunities from additional mobile carriers.

我認為從物理定律的角度有很多原因可以解釋這點，許多其他人在許多場合也都討論過，但我們整體上相信如此。我們認為直連裝置（direct-to-device）通訊整體上是對地面行動網路所提供之地面服務的互補，我們也認為這對消費者很棒。因此，對於新增行動電信業者所帶來的機會，我們整體上偏多看待。

Great. Thanks, guys.

很好。謝謝各位。

(Operator Instructions)

（接線員指示）

Michael Rollins, Citi.

Michael Rollins，花旗（Citi）。

Thanks and good morning. I'm curious if you could just share more perspective on the competitive landscape from the combination of fixed wireless, satellite. You've got the potential for some overbuilds or incumbent builds depending on which markets we're talking about for you guys. And just how you're thinking about the long-term penetration or share opportunity and where broadband ARPUs go over time if competition stays where it is or picks up a bit? Thanks very much.

謝謝，早安。我想請教你們是否能分享更多關於固定無線、衛星結合後的競爭態勢觀點。視我們談論的是哪些市場，你們可能面臨一些重複建設（overbuilds）或既有業者的建設。另外，你們如何看待長期的滲透率或市占機會，以及若競爭維持現狀或稍微加劇，寬頻 ARPU 隨時間的走勢會如何？非常感謝。

Hey, good morning. So where TDS has deployed fiber, we're not seeing a material impact from satellite. I would say, if you look at areas that we've deployed fiber, I think I will just point to some of the things that we've seen most recently in the third quarter. We actually saw our fiber churn improve on a year-over-year basis by 20 basis points. I think that was an improvement in what I'd say during mover season where we usually see elevated churn.

嗨，早安。就 TDS 已部署光纖的地區而言，我們沒有看到衛星帶來實質性的影響。我會說，如果你看我們已部署光纖的區域，我想我會指出一些我們最近在第三季看到的情況。我們的光纖流失率（churn）年對年改善了 20 個基點。我認為這是在所謂的搬家旺季（mover season）期間的改善，而那段期間我們通常會看到較高的流失率。

The next thing, as we've put addresses out into the market with those marketable addresses, we had our biggest fiber net add in our customer -- in our company history at approximately 17,000. So the demand for our services is fantastic. We believe strongly that fiber is the best solution for broadband.

接下來，隨著我們把可銷售地址（marketable addresses）推向市場，我們出現了公司史上最大的光纖淨增用戶數，約 17,000。所以對我們服務的需求非常強勁。我們堅信光纖是寬頻的最佳解決方案。

And if we look at the usage -- utilization on our network in terms of consumption of data, it grew double digits again on a year-over-year basis. And we see that growth continuing, and we see with more and more artificial intelligence usage in the home that fiber is absolutely the best solution. So we feel very confident in our fiber strategy.

而如果我們看網路的使用情況——也就是在資料消耗方面的利用率——年對年再次呈現雙位數成長。我們看到這樣的成長會持續下去，而且隨著家庭端越來越多的人工智慧使用，光纖絕對是最佳解決方案。因此我們對光纖策略非常有信心。

In terms of ARPU, as I said, we absolutely believe that we're going to continue to see the usage on our network. And we believe a fiber strategy with the ability to go to multi-gig PON, whether it's up to 8 on XGS or 25-gig PON that over time, you'll see ARPUs increase based on the need for more and more data.

就 ARPU 而言，如我所說，我們絕對相信我們將持續看到網路使用量的成長。我們相信光纖策略具備升級到多千兆 PON 的能力，不論是 XGS 最高到 8G，或是 25G PON；隨著時間推移，基於對更多資料量的需求，你會看到 ARPU 上升。

So we believe our fiber strategy is right on, and that's one of the reasons why we just spoke about converting 30,000 of our cable addresses over that we feel are a great opportunity at very low cost to move to fiber and why we're so bullish on the E-ACAM program to accelerate that and to candidly take as much copper out of our network in the next couple of years as possible.

因此我們認為我們的光纖策略非常到位，這也是我們剛才談到要把 30,000 個有線（cable）地址轉換的原因；我們認為這是以非常低成本轉為光纖的絕佳機會，也解釋了為何我們對 E-ACAM 計畫如此看多，以加速推進，並坦白說，在未來幾年盡可能把網路中的銅纜移除。

And Mike, with respect to penetration rates, so in our expansion markets, we're still consistently hitting on average 25% penetration by month 12. A lot of that has to do with our robust presales model and kind of pent-up demand because typically, we have presales penetration of 20% that leads into that nice month 12 penetration.

另外，Mike，關於滲透率，在我們的擴張市場，我們在第 12 個月時仍能穩定達到平均 25% 的滲透率。這很大一部分歸功於我們強健的預售模式，以及某種程度的累積需求，因為通常我們的預售滲透率有 20%，進而帶動第 12 個月漂亮的滲透率表現。

And then we're still targeting steady-state penetration rates of 40%. And in our more mature markets, we are hitting those targets. And then with respect to E-ACAM, we've shared that our targeted penetration rates are 65% to 75%. We're still in the early stages of deploying in these E-ACAM markets, but we do have some areas that have passed that 12-month mark, and they're trending really nicely to those long-term targets.

然後我們仍以 40% 的穩態滲透率為目標。在我們較成熟的市場，我們正在達成這些目標。至於 E-ACAM，我們已分享過目標滲透率為 65% 到 75%。我們仍處於在這些 E-ACAM 市場部署的早期階段，但確實有一些區域已經超過 12 個月的時間點，而且朝向那些長期目標的趨勢非常良好。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Sergey Dluzhevskiy, GAMCO Investors.

Sergey Dluzhevskiy，GAMCO Investors。

Good morning. Can you guys hear me?

早安。你們聽得到我嗎？

Yes.

聽得到。

Great. My first question is for Walter. You mentioned that a potential combination between TDS and Array still has benefits in your opinion. But given the fact that the two parties couldn't agree on consideration and price, what set of circumstances could lead TDS to potentially try again? And maybe if AD -- if Array monetizes its remaining spectrum and becomes a smaller company, does that make things easier for a potential combination? Kind of any thoughts on that front would be appreciated.

太好了。我的第一個問題是問 Walter。你提到你認為 TDS 與 Array 的潛在合併仍有其效益。但鑑於雙方無法就對價與價格達成一致，什麼樣的情況可能會讓 TDS 考慮再嘗試一次？另外，如果 AD——如果 Array 將其剩餘頻譜變現並成為一家規模較小的公司，是否會讓潛在合併更容易？若能分享你對這方面的任何想法，我將不勝感激。

Sergey, thank you for the question. We don't comment on specific future plans with respect to topics of that type. But I would offer the following. We do think that the benefits from a combination of Array with TDS would be meaningful. And that's why we proceeded with the offer that we made.

Sergey，謝謝你的提問。對於那類主題，我們不評論具體的未來計畫。但我可以補充以下幾點。我們確實認為 Array 與 TDS 的合併所帶來的效益會相當可觀。這也是為什麼我們會提出我們所提出的那份要約。

When we can't reach agreement on terms and price, we don't proceed. And we don't predict the future -- we can't predict the future with great clarity. So there may be circumstances where it makes sense to do this again. And there are so many things that can happen in life. It would be hard to predict exactly what they might be.

當我們無法在條件與價格上達成協議時，我們就不會繼續推進。而且我們無法非常清楚地預測未來——我們無法非常清楚地預測未來。所以未來可能會出現一些情況，使得再次進行這件事是合理的。人生中可能發生的事情太多了。要精確預測會是哪些情況，會很困難。

But I want to underscore what I said in my remarks, we are focused intently now on building both businesses and being successful in both businesses. That is our priority. We've taken a large amount of costs out of the duplication that we had previously experienced from running Array and TDS separately. So we're running the Array business very efficiently. We expect to continue that and have taken many of the costs out. But there are good reasons to do it in the future. And if that makes sense, we will consider it at that time.

但我想強調我在談話中所說的：我們目前專注於把兩個業務都建設好，並在兩個業務上都取得成功。這是我們的優先事項。我們已經把先前 Array 與 TDS 分開運作所造成的重複成本大幅削減。因此我們以非常有效率的方式在經營 Array 業務。我們預期會持續如此，也已經移除了許多成本。但未來確實有充分理由去做這件事。如果到時候有其合理性，我們會在那個時間點加以考慮。

Got it. Great. My second question is for Ken. So obviously, you've been able to accelerate your build engine significantly. Any concerns about building too fast? And also, what is the right balance between the build pace and following it up with appropriate go-to-market strategy and selling activities so that you're efficiently converting new passings into customers? And maybe if you can talk about what metrics you typically look at when you analyze this type of conversion.

了解。很好。我的第二個問題是問 Ken。很明顯，你們已經能夠大幅加速你們的建設引擎。對於建設速度過快有任何疑慮嗎？另外，在建設節奏與後續搭配適當的上市策略與銷售活動之間，正確的平衡點是什麼，才能有效率地把新覆蓋的通過戶轉化為客戶？也許你可以談談，當你分析這類轉化時，通常會看哪些指標。

Okay. In terms of the -- let me start with the E-ACAM. Obviously, this is a phenomenal program, and we're the largest recipient of the E-ACAM funding. And with that has milestones in terms of locations that need to be delivered at the end of 2025. I'm sorry, at the end of 2026, and we feel confident in terms of our ability to achieve those.

好的。就——讓我先從 E-ACAM 談起。很明顯，這是一個非常出色的計畫，而我們是 E-ACAM 資金的最大受益者。而隨之而來的是一些里程碑，涉及到必須在 2025 年底前交付的地點。抱歉，是在 2026 年底，我們對於達成這些目標的能力很有信心。

We also have those same, what I'd say, milestones with another 25% of those locations for next year. So ultimately, that's what's guiding us in terms of our E-ACAM build. And one of the things that is important to us is that it comes at the perfect time. We have a copper revenue challenge, and we have a solution with the E-ACAM program and that funding and its ability to now bring fiber into those communities. So that's what's really setting the pace for our E-ACAM builds.

我們也有同樣的——我會說——里程碑，針對其中另外 25% 的地點要在明年完成。所以最終而言，這就是在 E-ACAM 建設方面引導我們的因素。而對我們來說很重要的一點是，這個時點來得剛剛好。我們面臨銅纜營收的挑戰，而 E-ACAM 計畫及其資金提供了解決方案，讓我們現在能把光纖帶進那些社區。所以，這才是真正決定我們 E-ACAM 建設節奏的原因。

The second from an expansion perspective is that our strategy is we want to be first to fiber. And as I had announced earlier this year with the additional edge-out opportunities of 300,000 addresses, it's very important for us now that we've established a flag in an expansion market, we've launched our brand, our sales capacity, our customer experience. It's now logical for us to look around that footprint, where we can edge out to and have that ability to be first to fiber.

第二點，從擴張的角度來看，我們的策略是希望成為「光纖先行者」。正如我今年稍早宣布的，新增了 30 萬個地址的延伸擴建（edge-out）機會；對我們而言非常重要的是，一旦我們在某個擴張市場插旗、推出品牌、建立銷售能力與客戶體驗之後，接下來就很合理地去檢視該覆蓋版圖周邊，我們可以往哪裡延伸擴建，並具備成為光纖先行者的能力。

And when we're first to fiber, as Kris mentioned, we see very, very strong penetration rates. So that's really the strategy that we've talked about all year long. From a sales perspective, I think Kris had mentioned earlier, as soon as we see those addresses go into our expansion markets, we've been very successful as it relates to that presale penetration and hitting the 1-year penetration milestone.

而當我們成為光纖先行者時，正如 Kris 提到的，我們會看到非常、非常強勁的滲透率。所以這就是我們整年一直在談的策略。從銷售角度來看，我想 Kris 先前也提到，一旦我們看到這些地址納入我們的擴張市場，我們在預售滲透率以及達成 1 年滲透率里程碑方面都非常成功。

The second, I've said this all year long as we've opened up additional new open for sale, we have added a lot of vendor capacity in these geographic areas to go door-to-door. We think that's important. And that channel has really developed for us this year, and we've seen significant improvement in terms of their sales.

第二點，我今年一直在說，隨著我們開放更多新的可銷售區域，我們在這些地理區域增加了大量供應商產能，進行逐戶拜訪（door-to-door）。我們認為這很重要。而這個通路今年對我們而言確實成熟起來，我們也看到他們的銷售表現有顯著改善。

The other thing that we've spent a ton of time on this year is trying to drive more and more of our overall distribution to our lowest cost of acquisition channel, which is dot-com. And I think we're just scratching the surface of what we can accomplish there as we go into 2027.

另外一件我們今年投入大量時間的事情，是試著把更多整體的通路分配導向我們獲客成本最低的通路，也就是 dot-com（官網）。我認為，隨著我們邁入 2027 年，我們在那方面能做到的其實才剛開始展現。

And then the last thing is we're constantly looking at our single-family unit penetration, and we're also looking at our multi-dwelling unit penetration. We brought on some fantastic new leadership focused on MDU in the third quarter, and we're already starting to see the benefits of that. So definitely seeing what I'd say, improved overall sales capacity as we go into fourth quarter and into 2027.

最後一點是，我們持續關注我們在獨棟住宅（single-family unit）的滲透率，也同時關注多戶住宅（multi-dwelling unit）的滲透率。我們在第三季引進了一些非常出色、專注於 MDU 的新領導團隊，而我們已經開始看到其帶來的效益。所以可以說，隨著我們進入第四季並邁向 2027 年，我們確實看到整體銷售產能有所提升。

Got it. Great. And my last question is for Anthony. So in early September, obviously, TDS and Array said in their press release that they intend to increase their efforts to pursue monetization of remaining wireless spectrum assets. Could you provide maybe a bit more color on that front? And I guess, what is the level of interest in C-band right now? And how has SpaceX's potential push to become a terrestrial wireless competitor impacting your discussions with potential buyers?

了解。很好。我最後一個問題是問 Anthony。所以在 9 月初，很明顯，TDS 和 Array 在新聞稿中表示，他們打算加大力度，推動剩餘無線頻譜資產的變現。你能否就這方面提供更多細節？另外，我想問，目前市場對 C-band 的興趣程度如何？以及 SpaceX 可能推動成為地面無線競爭者，對你們與潛在買家的討論造成了什麼影響？

Thanks for the question, Sergey. We don't have any further specific update on our monetization efforts at this time, but I think it would be appropriate to reiterate that we think this is a very attractive asset for C-band. It's available now. There's an existing ecosystem, C-band position creates a lot of opportunity with the upcoming auction. So we -- and we continue to think it's a very attractive asset for a wide range of potential buyers.

謝謝你的問題，Sergey。目前我們在變現工作上沒有進一步的具體更新，但我認為適合再次強調，我們認為這是一項非常具吸引力的 C-band 資產。它現在就可供交易。已經有既有的生態系，而 C-band 的頻段位置也在即將到來的拍賣中創造了很多機會。因此我們——我們仍然認為，對於廣泛的潛在買家而言，這是一項非常具吸引力的資產。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

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

目前沒有其他問題。我現在把電話交回給 John Toomey 作結語。

Thanks again for joining us this morning. And as always, please reach out if you have any additional questions. And I hope everyone has a great weekend. Thank you.

再次感謝各位今天早上加入我們。一如往常，如果你們還有任何其他問題，請隨時與我們聯繫。也祝大家週末愉快。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。你們現在可以掛線。