美國無線通訊 (USM) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to TDS and Array second quarter 2025 operating results conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

感謝您的支持，歡迎參加 TDS 和 Array 2025 年第二季營運業績電話會議。請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand the conference over to your host, Colleen Thompson, Vice President of Corporate Relations. Ma'am, you may begin.

現在，我想將會議交給主持人、企業關係副總裁科琳湯普森 (Colleen Thompson)。女士，您可以開始了。

Good morning, and thank you for joining us. We want to make you all aware of the presentation we have prepared to accompany our comments this morning, which you can find on the Investor Relations section of the TDS and Array websites.

早安，感謝您加入我們。我們想讓大家了解我們為配合今天早上的評論而準備的演示文稿，您可以在 TDS 和 Array 網站的投資者關係部分找到它。

With me today in offering prepared comments are from TDS, Walter Carlson, President and Chief Executive Officer; Vicki Villacrez, Executive Vice President and Chief Financial Officer; from Array Digital Infrastructure, Doug Chambers, Interim President and CEO; from TDS Telecom, Kris Bothfeld, Vice President of Finance and Chief Financial Officer.

今天與我一起發表準備好的評論的還有來自 TDS 的總裁兼首席執行官 Walter Carlson、執行副總裁兼首席財務官 Vicki Villacrez、Array Digital Infrastructure 的臨時總裁兼首席執行官 Doug Chambers 以及 TDS Telecom 的財務副總裁兼首席財務官 Kris Bothfeld。

This call is being simultaneously webcast on the TDS and Array Investor Relations website. Please see the websites for slides referred to on this call, including non-GAAP reconciliations. TDS and Array filed their SEC Forms 8-K, including the press releases and our 10-Qs earlier this morning.

此次電話會議將在 TDS 和 Array 投資者關係網站上同步進行網路直播。請參閱網站以取得本次電話會議中提及的投影片，包括非公認會計準則對帳表。TDS 和 Array 今天早上提交了 SEC 8-K 表格，其中包括新聞稿和我們的 10-Q 表格。

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 extended version included in our SEC filings.

如投影片 2 所示，簡報中提出並在本次電話會議中討論的資訊包含有關預期未來事件和財務結果的陳述，這些陳述具有前瞻性並受風險和不確定性的影響。請查看我們新聞稿中的安全港段落以及我們向美國證券交易委員會提交的文件中包含的擴展版本。

And with that, I will now turn the call over to Walter Carlson. Walter?

現在，我將把電話轉給沃爾特·卡爾森。沃特？

Thank you, Colleen, and good morning, everyone. We'll start on Slide 3 and review the progress that we've made on our priorities for 2025. As we announced on August 1, we are very pleased that we closed on the sale of UScellular wireless business and certain spectrum assets to T-Mobile. The teams at UScellular and TDS worked tirelessly over the last several years to negotiate and complete the $4.3 billion transaction.

謝謝你，科琳，大家早安。我們將從幻燈片 3 開始，回顧我們在 2025 年優先事項上的進展。正如我們在 8 月 1 日宣布的那樣，我們非常高興地完成了將 UScellular 無線業務和某些頻譜資產出售給 T-Mobile 的交易。過去幾年來，UScellular 和 TDS 團隊不懈地努力，談判並完成了這項價值 43 億美元的交易。

I also want to thank T-Mobile for their partnership in this transaction and throughout the integration process. This transaction unlocks significant value for shareholders and strengthens the balance sheets at both Array and TDS, as Vicki will discuss shortly. Equally important, completion of this sale will enable us to focus on our tower and fiber businesses, where we believe we are well positioned to win.

我還要感謝 T-Mobile 在此次交易以及整個整合過程中給予的合作。這項交易將為股東釋放巨大的價值，並增強 Array 和 TDS 的資產負債表，Vicki 稍後將對此進行討論。同樣重要的是，完成此次出售將使我們能夠專注於我們的塔和光纖業務，我們相信我們有能力在這些業務中獲勝。

Looking ahead, I am excited for a new chapter in the company's history. Going forward, we like the towers business and are operating under a new name, Array Digital Infrastructure, Inc. We believe Array has many opportunities. Array holds valuable assets, towers, spectrum and equity method investment interests, all of which are the product of significant work and investment over the prior 40 years.

展望未來，我對公司歷史的新篇章感到興奮。展望未來，我們看好塔業務，並以新名稱 Array Digital Infrastructure, Inc. 開展營運。我們相信 Array 擁有許多機會。Array 擁有寶貴的資產、塔、頻譜和權益法投資權益，所有這些都是過去 40 年大量工作和投資的成果。

Our towers business at Array has an outstanding management team led by Doug Chambers. We believe Array is uniquely and attractively positioned, and we look forward to running a tower company. With approximately 4,400 towers, Array has the strength and stability of the new master license agreement with T-Mobile. And with increasing demand for data and communication services in the United States, we believe we have a great opportunity to grow colocations and margins over time.

Array 的塔業務擁有一支由 Doug Chambers 領導的優秀管理團隊。我們相信 Array 擁有獨特且極具吸引力的定位，我們期待經營一家塔式公司。Array 擁有約 4,400 座信號塔，並具備與 T-Mobile 簽訂的新主授權協議的實力和穩定性。隨著美國對數據和通訊服務的需求不斷增長，我們相信我們有巨大的機會隨著時間的推移增加主機託管和利潤。

Turning to TDS Telecom. In June, we were pleased to announce Ken Dixon had joined us as the new CEO of TDS Telecom to lead that business going forward. Ken comes to us with decades of telecom and fiber experience.

轉向 TDS Telecom。6 月，我們很高興地宣布 Ken Dixon 已加入我們，擔任 TDS Telecom 的新任首席執行官，領導該公司未來業務的發展。Ken 擁有數十年的電信和光纖經驗。

Ken has hit the ground running and his deep knowledge and expertise in sales, marketing, customer satisfaction and operations are already making a difference. I'm looking forward to you hearing from Ken on our next earnings call. Kris Bothfeld will report to you today on the progress that TDS Telecom made on our fiber business during the second quarter.

Ken 已開始全力投入工作，他在銷售、行銷、客戶滿意度和營運方面的深厚知識和專業技能已發揮了重要作用。我期待您在下次收益電話會議上聽到肯的發言。Kris Bothfeld 今天將向您報告 TDS Telecom 在第二季光纖業務的進展。

Turning to the fourth item on our set of objectives. Throughout the year, we have made significant progress in strengthening our capital structure. This increases our financial flexibility and positions us to take advantage of opportunities as they present themselves. Vicki will highlight those accomplishments shortly. And lastly, with all of the changes in the organization, we remain focused on

談談我們目標中的第四項。全年我們在加強資本結構方面取得了重大進展。這增加了我們的財務靈活性，並使我們能夠抓住出現的機會。Vicki 很快就會重點介紹這些成就。最後，儘管組織發生了許多變化，我們仍然專注於

our culture and TDS' culture is one of its greatest strengths. I want to thank all of the teams across the TDS enterprise for their contributions and these accomplishments, and I'm excited about what lies ahead.

我們的文化和TDS的文化是其最大的優勢之一。我要感謝 TDS 企業所有團隊的貢獻和成就，我對未來充滿期待。

I will now turn the call over to Vicki.

現在我將電話轉給 Vicki。

Okay. Good morning, everyone. As you heard from Walter, closing the T-Mobile transaction earlier this month was a major step to unlock shareholder value and strengthen our businesses, focusing on where we can win. We have taken a number of steps, which will provide us the financial strength to be able to grow our businesses. To recap, $1.7 billion in debt was assumed by T-Mobile in an exchange offer, leaving approximately $364 million on the Array balance sheet.

好的。大家早安。正如沃爾特所說，本月稍早完成 T-Mobile 交易是釋放股東價值和加強我們業務的重要一步，我們專注於能夠取勝的領域。我們已經採取了一系列措施，這些措施將為我們提供發展業務的財務實力。概括來說，T-Mobile 在交換要約中承擔了 17 億美元的債務，Array 的資產負債表上留下了約 3.64 億美元的債務。

We extended the revolvers for both TDS and Array and signed amendments to several term loans to provide post-transaction liquidity as we prepare to put in place a more permanent capital structure. On August 1, the Array Board of Directors declared a special dividend of $23 per share that will be paid on August 19.

我們延長了 TDS 和 Array 的循環信貸期限，並簽署了幾筆定期貸款的修訂，以便在我們準備建立更永久的資本結構時提供交易後的流動性。8 月 1 日，Array 董事會宣布派發每股 23 美元的特別股息，將於 8 月 19 日支付。

TDS will receive its pro rata share of the dividend or approximately $1.63 billion. Once the dividend is paid at TDS, we plan to redeem approximately $1.1 billion in debt that carried a weighted average cost of 7.5%.

TDS 將按比例獲得股息，約 16.3 億美元。一旦以 TDS 支付股息，我們計劃贖回約 11 億美元的債務，其加權平均成本為 7.5%。

These actions will result in approximately $80 million in annual interest savings and will reduce our total TDS average cost of debt to just over 6%, which includes the preferreds. We plan to maintain the perpetual preferred, Series UU and Series BV preferred stock. They provide foundational capital for our fiber program, and we currently have no plans to redeem them. Briefly in the past, we've shared the expected cash tax ranges related to the T-Mobile transaction.

這些措施將導致每年節省約 8,000 萬美元的利息，並將我們的總 TDS 平均債務成本降低至略高於 6%，其中包括優先股。我們計劃保留永久優先股、UU系列優先股和BV系列優先股。它們為我們的光纖計劃提供了基礎資本，我們目前沒有贖回它們的計劃。過去，我們曾簡短分享與 T-Mobile 交易相關的預期現金稅範圍。

As a result of the new One Big Beautiful Bill, TDS is expecting a benefit that can be used to offset the taxes at the consolidated level, reducing the transaction tax estimate to $150 million. The sale of our wireless operations has simplified the TDS portfolio and increased our financial flexibility while allowing us to focus on our growing broadband and tower businesses in addition to returning significant value to shareholders.

由於新的「One Big Beautiful Bill」法案的實施，TDS 預計將獲得一筆收益，用於抵消合併層面的稅收，從而將交易稅估算值減少至 1.5 億美元。出售我們的無線業務簡化了 TDS 產品組合，提高了我們的財務靈活性，同時使我們能夠專注於不斷增長的寬頻和塔業務，並為股東帶來可觀的價值。

TDS has a long history of disciplined financial policy while maintaining a relatively conservative balance sheet. With a significant amount of our debt repaid, we will target 3 times bank leverage ratio at Array, which translates into $700 million of debt on Array's balance sheet.

TDS 長期以來一直奉行嚴格的財務政策，同時維持相對保守的資產負債表。在償還大量債務後，我們將把 Array 的目標銀行槓桿率定為 3 倍，這意味著 Array 的資產負債表上將有 7 億美元的債務。

We expect TDS' leverage to remain below 1.5 times in the near term as we evaluate our next steps and strategic opportunities for both our fiber and tower businesses. As we look forward, we anticipate Array to receive $2 billion of proceeds from the previously announced spectrum sales, with a portion of the proceeds expected to potentially come in later this year. Of course, these are both subject to regulatory and other customary approvals.

在我們評估光纖和塔業務的下一步行動和策略機會時，我們預計 TDS 的槓桿率短期內將保持在 1.5 倍以下。展望未來，我們預計 Array 將從先前宣布的頻譜銷售中獲得 20 億美元的收益，其中部分收益預計將在今年稍後到達。當然，這些都需要經過監管部門和其他常規部門的批准。

In addition, we'll be working to opportunistically monetize the remaining spectrum at Array. On principal, we do not plan to hold excess cash on the balance sheet for too long without putting it to use. To that end, we anticipate Array to put in place a regular dividend once the spectrum transactions have been completed. Therefore, we are developing an allocation strategy across three main categories, which we intend to further refine and share with our investors going forward.

此外，我們將努力抓住機會將 Array 剩餘的頻譜貨幣化。原則上，我們不打算將多餘的現金長期保留在資產負債表上而不加以利用。為此，我們預計 Array 將在頻譜交易完成後實施定期股息。因此，我們正在製定涵蓋三大類別的分配策略，並打算進一步完善並與我們的投資者分享。

First, fiber. We know we have significant opportunities to make incremental organic investments in fiber with attractive returns that exceed our cost of capital. We believe we have an immediate window of opportunity to pursue these investments that do not yet have a fiber provider. With Ken Dixon on board, we are working to size these investments.

首先，纖維。我們知道，我們有很大機會對纖維進行增量有機投資，並獲得超過資本成本的豐厚回報。我們相信，我們有一個立即的機會來追求這些尚未擁有光纖供應商的投資。在肯·迪克森 (Ken Dixon) 的加入下，我們正在努力確定這些投資的規模。

Second, M&A. We are currently evaluating this space to identify where it might make sense to accelerate growth at the right price, particularly for the fiber program. And third, shareholder returns. Once we've quantified our growth opportunities, we will look for ways to increase returns to our shareholders.

第二，併購。我們目前正在評估這個領域，以確定哪些領域可能以合適的價格加速成長，特別是對於光纖專案而言。第三，股東回報。一旦我們量化了我們的成長機會，我們就會尋找增加股東回報的方法。

Before I turn it over to Doug for more detail, I wanted to highlight that on August 1, S&P raised TDS' credit rating to BBB- from BB and removed the ratings from credit watch. We are very pleased with this rating and believe it reflects our strong balance sheet, valuable assets and growth outlook for our businesses going forward.

在我向 Doug 詳細介紹之前，我想強調的是，8 月 1 日，標準普爾將 TDS 的信用評級從 BB 上調至 BBB-，並將其從信用觀察名單中移除。我們對這項評級非常滿意，並相信它反映了我們強勁的資產負債表、寶貴的資產和未來業務的成長前景。

I will now call turn the call over to Doug. Doug?

我現在將把電話轉給 Doug。道格？

Thanks, Vicki. Good morning. I would like to start off by thanking the Board for placing its confidence in me to lead Array during this interim period, and I would also like to thank LT and the UScellular leadership team that have guided us through the process to the successful close of the T-Mobile transaction. Slide 6 summarizes the proceeds received from the T-Mobile transaction, along with various transaction-related costs and other items that impacted our cash available for distribution.

謝謝，薇琪。早安.首先，我要感謝董事會對我的信任，讓我在過渡期間領導 Array，同時，我還要感謝 LT 和 UScellular 領導團隊指導我們順利完成 T-Mobile 交易。投影片 6 總結了從 T-Mobile 交易中獲得的收益，以及各種交易相關成本和其他影響我們可供分配現金的項目。

We are pleased to return these funds to shareholders through the special dividend previously mentioned by Vicki. Further, as we have discussed previously, the sale of our wireless operations to T-Mobile is a win for our customers and for our associates.

我們很高興透過 Vicki 之前提到的特別股息將這些資金返還給股東。此外，正如我們之前所討論過的，將我們的無線業務出售給 T-Mobile 對我們的客戶和員工來說都是一場勝利。

Our customers will have the enhanced connectivity with the combined networks of the 2 companies and access to lower prices and more features and a significant number of our associates accepted positions with T-Mobile. We are very pleased that our customers

我們的客戶將擁有兩家公司合併後網路的增強連接，並能享受更低的價格和更多的功能，而且我們的相當一部分員工都接受了 T-Mobile 的職位。我們非常高興我們的客戶

and associates are in great hands as part of the T-Mobile family. Further, the sale of portions of our spectrum to T-Mobile, along with the pending spectrum sales to AT&T and Verizon are wins for rural America as this spectrum will be deployed to serve customers across our nation, and we look forward to opportunistically monetizing our remaining spectrum to ensure this spectrum can also be put to use to serve customers across America.

作為 T-Mobile 家族的一部分，我們和同事都得到了很好的照顧。此外，將我們的部分頻譜出售給 T-Mobile，以及即將出售給 AT&T 和 Verizon 的頻譜對美國農村地區來說都是勝利，因為這些頻譜將用於服務全國的客戶，我們期待著抓住機會將我們剩餘的頻譜貨幣化，以確保這些頻譜也可以用來服務全美的客戶。

With that, I am excited to discuss our business going forward, Array Digital Infrastructure. Slides 7 and 8 summarize the status of our efforts to opportunistically monetize our spectrum. As previously announced, we have reached agreements to monetize approximately 70% of Array's total spectrum holdings, including the T-Mobile transaction and agreements with AT&T and Verizon.

我很高興能夠討論我們未來的業務，Array Digital Infrastructure。投影片 7 和 8 總結了我們為爭取頻譜貨幣化所做的努力的現狀。正如先前宣布的那樣，我們已達成協議，將 Array 約 70% 的總頻譜持有量貨幣化，其中包括 T-Mobile 交易以及與 AT&T 和 Verizon 的協議。

The AT&T and Verizon transactions will result in additional gross proceeds of $2.0 billion. We expect cash taxes on the AT&T and Verizon transactions of approximately $125 million and in the range of $200 million to $250 million, respectively. Further, we expect the AT&T and Verizon transactions to close in the second half of 2025 and the third quarter of 2026, respectively, subject to regulatory approval and other closing conditions.

AT&T 和 Verizon 的交易將帶來 20 億美元的額外總收益。我們預計 AT&T 和 Verizon 交易的現金稅分別約為 1.25 億美元和 2 億至 2.5 億美元。此外，我們預計 AT&T 和 Verizon 交易將分別於 2025 年下半年和 2026 年第三季完成，但需獲得監管部門的批准並滿足其他成交條件。

Also, following the closing of each of the AT&T and Verizon transactions, we anticipate that the Array Board will declare special dividends to distribute a substantial portion of the resulting net proceeds.

此外，在 AT&T 和 Verizon 交易結束後，我們預計 Array 董事會將宣布特別股息，以分配由此產生的淨收益的很大一部分。

The large majority of the remaining spectrum is C-band spectrum, and we believe these licenses are attractive beachfront spectrum for 5G, and there's an existing infrastructure ecosystem so carriers are easily able to put this C-band spectrum to use. And although there are build-out requirements associated with this band, first one does not apply until 2029. So there's plenty of time for us to monetize this spectrum.

剩餘頻譜絕大部分是 C 波段頻譜，我們認為這些許可證對於 5G 來說都是很有吸引力的海濱頻譜，而且存在現有的基礎設施生態系統，因此運營商可以輕鬆地使用這些 C 波段頻譜。儘管該頻段有建設要求，但第一個要求要到 2029 年才適用。因此，我們有足夠的時間來將這一頻譜貨幣化。

Turning to Slide 9. Following the close of the T-Mobile transactions and divestiture of our wireless operations, our going-forward business has three components: the fifth largest US tower business with 4,400 owned towers, noncontrolling investment interest, which primarily consists of investments in wireless operating companies managed by Verizon and AT&T and the retained spectrum.

翻到幻燈片 9。在 T-Mobile 交易結束和無線業務剝離之後，我們未來的業務將由三個部分組成：美國第五大鐵塔業務，擁有 4,400 座鐵塔；非控股投資權益，主要包括對 Verizon 和 AT&T 管理的無線運營公司的投資；以及保留的頻譜。

Turning to Slide 10. I would like to discuss the strategic priorities of Array to position the business for continued success. Two key priorities will be to close the pending spectrum transactions with AT&T and Verizon and to continue to opportunistically monetize the remaining spectrum.

翻到幻燈片 10。我想討論一下 Array 的策略重點，以使業務持續成功。兩個關鍵優先事項是完成與 AT&T 和 Verizon 的未決頻譜交易，並繼續抓住機會將剩餘頻譜貨幣化。

Focusing on the tower business, now that we are set up as an independent tower company and have the strong team in place from our existing business, we have 2 key strategic priorities going forward. Ground lease optimization has been and remains a key priority as we seek to expand our long-term ownership easement and lease agreements with our ground lessors.

專注於塔業務，現在我們已經成立為獨立的塔公司，並擁有現有業務的強大團隊，未來我們有兩個關鍵的策略重點。當我們尋求擴大與土地出租人的長期所有權地役權和租賃協議時，土地租賃優化一直是並且仍然是我們的首要任務。

The other key priority of the tower business is continued strong revenue growth, which we have been achieving through robust new colocations and will be further bolstered by the new T-Mobile master license agreement or MLA, which commenced on August 1 upon the close of the larger transaction.

塔業務的另一個關鍵重點是繼續保持強勁的收入成長，我們透過強大的新主機託管實現了這一目標，並將透過新的 T-Mobile 主授權協議或 MLA 得到進一步支持，該協議於 8 月 1 日較大交易結束後生效。

Turning to Slide 11. Implementation of the new MLA between T-Mobile and Array will be a significant near-term focus as T-Mobile has committed to 2,015 colocation sites for a period of 15-years beginning August 1 and has also extended the term on 600 existing colocations by 15 years from the same August 1 date.

翻到幻燈片 11。T-Mobile 和 Array 之間新 MLA 的實施將成為近期的一項重要工作，因為 T-Mobile 已承諾從 8 月 1 日起在 15 年內提供 2,015 個主機託管站點，並且還將 600 個現有主機託管站點的期限從 8 月 1 日起延長 15 年。

Also effective August 1, T-Mobile will have interim leases on 1,800 sites for a period of 30 months, which they may cancel at their discretion during this period. We expect this MLA with T-Mobile to significantly strengthen our tower business with substantial increases in long-term revenue and profitability.

此外，自 8 月 1 日起，T-Mobile 將對 1,800 個站點簽訂為期 30 個月的臨時租約，在此期間他們可以自行取消租約。我們預計與 T-Mobile 簽署的這份 MLA 將顯著增強我們的塔式業務，大幅提高長期收入和獲利能力。

Turning to our tower operations and results on Slides 12 and 13. Third-party tower revenues increased by 12% and the number of third-party colocations increased by 6% year-over-year. One area that we believe will continue to drive momentum is our decision in the fourth quarter of 2024 to bring our sales function in-house. We have built strong sales leadership and have hired an outstanding sales team that we believe will position us well for future revenue growth.

轉向幻燈片 12 和 13 上的塔台操作和結果。第三方塔營收年增 12%，第三方主機託管數量較去年同期成長 6%。我們相信將繼續推動這一發展勢頭的一個領域是我們決定在 2024 年第四季將銷售職能轉入公司內部。我們已經建立了強大的銷售領導力，並聘請了一支優秀的銷售團隊，我們相信這將為我們未來的收入成長奠定良好的基礎。

We also benefit from MLAs with all three major US carriers, which provide for compelling pricing and ease of doing business with Array that benefit both Array and our large carrier tenants. In addition, as we have discussed in the past, one-third of our towers have no competing tower structure within a two-mile radius, and we believe this attribute positions our tower portfolio well for future colocation growth.

我們也受惠於與美國三大業者簽訂的 MLA，這為 Array 提供了極具吸引力的價格和便利的業務往來，使 Array 和我們的大型業者租戶都受益。此外，正如我們過去所討論過的，我們三分之一的塔在兩英里半徑範圍內沒有競爭的塔結構，我們相信這一特性使我們的塔組合在未來的主機託管增長中處於有利地位。

Going forward, upon divestiture of our wireless operations, Array will lose UScellular as a tenant on every owned tower as reported historically in our tower segment and gain T-Mobile as a tenant on a significant amount of incremental towers subject to the MLA. As a result, Array's reported tenancy rate will decline from a reported amount of 1.57 at June 30, 2025, to approximately 1.0 at August 1 upon close of the T-Mobile transaction and commencement of the related MLA. This 1.0 tenancy rate excludes T-Mobile interim tower sites.

展望未來，在剝離我們的無線業務後，Array 將失去 UScellular 作為我們塔式業務部門歷史上報告的每座自有塔式業務的租戶，並獲得 T-Mobile 作為受 MLA 約束的大量增量塔式業務的租戶。因此，在 T-Mobile 交易結束和相關 MLA 開始後，Array 的報告租賃率將從 2025 年 6 月 30 日的報告金額 1.57 下降到 8 月 1 日的約 1.0。此 1.0 租賃率不包括 T-Mobile 臨時塔站。

Further, intercompany revenues allocated to the Tower segment from UScellular's wireless business will be reduced to 0 in future periods, and this will be partially offset by incremental revenues from the T-Mobile MLA.

此外，未來期間分配給 UScellular 無線業務 Tower 部門的內部公司收入將減少至 0，而這將被 T-Mobile MLA 的增量收入部分抵消。

Shifting to our equity method investments, distributions from our noncontrolling investment interest increased from $58 million to $77 million in the second quarter of 2024 and 2025, respectively. Of this increase, approximately $23 million was related to nonrecurring distributions from Verizon wireless partnerships related to their tower transaction with Vertical Bridge that closed in December 2024. As we have indicated previously, we are not providing guidance on Array's expected operational and financial results

轉向我們的權益法投資，我們非控股投資權益的分配分別在 2024 年第二季和 2025 年第二季從 5,800 萬美元增加到 7,700 萬美元。其中約 2,300 萬美元與 Verizon 無線合作夥伴關係的非經常性分配有關，該合作夥伴關係與 2024 年 12 月完成的與 Vertical Bridge 的塔交易有關。正如我們之前指出的，我們不會提供關於 Array 預期營運和財務表現的指導

for 2025. We expect to incur additional wind-down costs for the remainder of 2025 and into 2026 as the business transforms from primarily a wireless service provider to an independent tower company, and we expect these wind-down expenses to negatively impact profitability and adjusted EBITDA during this period.

2025 年。隨著業務從主要的無線服務供應商轉變為獨立的塔式公司，我們預計在 2025 年剩餘時間和 2026 年將產生額外的清算成本，並且我們預計這些清算費用將對盈利能力和調整後的 EBITDA 產生負面影響。

We expect to provide additional tower-related financial and operational metrics in the third quarter of 2025, which will represent our initial quarter reporting as an independent tower company. Regulatory approvals on the sale of the wireless operations occurred in the third quarter. Therefore, discontinued operations reporting will be applicable and presented in the third quarter filings. Lastly, the details of the T-Mobile transaction are discussed in the subsequent events footnote in our second quarter Form 10-Q.

我們預計將在 2025 年第三季提供更多與塔相關的財務和營運指標，這將代表我們作為獨立塔公司的第一個季度報告。無線業務的出售已於第三季獲得監管部門批准。因此，終止經營報告將適用並在第三季報告中呈現。最後，T-Mobile 交易的細節在我們第二季 10-Q 表的後續事件腳註中討論。

I would like to convey my deepest appreciation and gratitude to all of the UScellular associates who have provided many years of dedicated service to carry out our mission of connecting our customers to what matters most. We would not be here today without your outstanding service, dedication, determination and enthusiasm.

我要向所有 UScellular 員工表達最深切的感謝和感激，他們多年來一直竭誠服務，幫助我們實現讓客戶與最重要的事物相聯繫的使命。如果沒有您出色的服務、奉獻、決心和熱情，我們今天就不會在這裡。

UScellular is a special carrier with special people for many years, and we will all remember UScellular proudly and fondly. I would like to also express my thanks to the Array employees that are operating the tower business. They have worked extremely hard and have made our transition to an independent tower company a success. These are exciting times, and I look forward to working with this talented team to continue to drive success in our tower business.

多年來，UScellular 一直是一家擁有特殊員工的特殊營運商，我們都會自豪且深情地記住 UScellular。我也要向負責塔業務的Array員工表示感謝。他們非常努力地工作並使我們成功轉型為一家獨立的塔公司。這是一個激動人心的時刻，我期待與這支才華橫溢的團隊合作，繼續推動我們的塔式業務取得成功。

I will now turn the call over to Kris Bothfeld.

現在我將電話轉給克里斯·博思菲爾德。

Thank you, Doug. Good morning, everyone. Turning to Slide 15. As Walter mentioned, Ken Dixon recently joined the telecom team as CEO, and the organization is energized and excited for what's ahead under his leadership. Turning to the quarter. We delivered 27,000 new fiber service addresses and remain confident in achieving our goal of 150,000 fiber addresses this year.

謝謝你，道格。大家早安。翻到第 15 張投影片。正如沃爾特所提到的，肯·迪克森 (Ken Dixon) 最近加入了電信團隊並擔任首席執行官，該組織對他的領導下的未來充滿活力和興奮。轉向本季。我們交付了 27,000 個新的光纖服務地址，並有信心今年實現 150,000 個光纖位址的目標。

We are pleased that E-ACAM construction kicked off at the end of the first quarter and is now underway in multiple states. During the second quarter, we began bringing E-ACAM customers online, an exciting milestone for the program. As a reminder, over the next several years, E- ACAM is expected to contribute approximately 300,000 additional addresses to our fiber footprint.

我們很高興 E-ACAM 建設已於第一季末啟動，目前已在多個州展開。在第二季度，我們開始為 E-ACAM 客戶提供線上服務，這是該計劃的一個令人興奮的里程碑。提醒一下，在未來幾年內，E-ACAM 預計將為我們的光纖覆蓋範圍貢獻約 30 萬個額外位址。

As our E-ACAM builds continue to ramp over the second half of the year, we expect service address growth in fiber net adds to follow. In the quarter, we also generated 10,300 fiber net additions, leading to 19% growth in total fiber connections since last year. Lastly, we closed on the sale of our Colorado ILEC markets on June 2 and recently announced the pending sale of our ILEC companies in Oklahoma. Although these transactions impact short-term results, they are a key part of our strategy to optimize our portfolio and exit copper markets where there is not an economic path to fiber.

隨著我們的 E-ACAM 建設在下半年持續增加，我們預計光纖網路的服務地址成長也將隨之增加。本季度，我們也淨增了 10,300 條光纖，使光纖連接總數比去年同期成長了 19%。最後，我們於 6 月 2 日完成了科羅拉多州 ILEC 市場的出售，並在最近宣布即將出售位於俄克拉荷馬州的 ILEC 公司。儘管這些交易會影響短期業績，但它們是我們優化投資組合和退出沒有經濟途徑通往光纖的銅市場的策略的重要組成部分。

Turning to Slide 16. You can see our progress towards the long-term fiber goals we shared earlier this year. We are targeting 1.8 million marketable fiber service addresses. We ended the quarter at 968,000. We are also targeting 80% of total addresses to be served by fiber. We ended the quarter at 53%. And finally, we expect to offer speeds of 1 gig or higher to at least 95% of our footprint, and we finished the quarter with 75% at gig speeds. To reach this target, we will use a combination of fiber and coax technologies. Our goal is to reduce the number of addresses served by copper to less than 5% over time.

翻到第 16 張投影片。您可以看到我們在今年稍早分享的長期光纖目標方面取得的進展。我們的目標是180萬個可銷售的光纖服務地址。本季結束時，我們的員工人數為 968,000 人。我們還計劃為 80% 的地址提供光纖服務。本季結束時我們的比率為 53%。最後，我們預計至少 95% 的網路覆蓋範圍將提供 1Gb 或更高的速度，而本季結束時，75% 的網路覆蓋範圍實現了 Gb 速度。為了實現這一目標，我們將結合使用光纖和同軸電纜技術。我們的目標是隨著時間的推移將銅線服務的地址數量減少到 5% 以下。

Turning to Slide 17. The graph on the left shows the significant growth in our total footprint, up 27% over the last three years, driven by our fiber investments. The graph on the right shows the most recent five quarters of fiber service address delivery. This quarter is flat compared to prior year. Our service address growth generally ramps throughout the year, which is consistent with our expectations for this year.

翻到第 17 張投影片。左側的圖表顯示了我們的總足跡的顯著增長，在光纖投資的推動下，過去三年增長了 27%。右圖顯示了最近五個季度的光纖服務地址交付情況。本季與去年同期相比持平。我們的服務地址成長總體上全年呈上升趨勢，這與我們對今年的預期一致。

We've added 41,000 addresses through the second quarter and plan to hit 150,000 new fiber addresses this year as we continue to increase the number of construction crews. We are also on track to hit an exciting milestone in the back half of the year, 1 million marketable fiber service addresses. It will be a big achievement for the company and a reflection of the momentum behind our growing fiber program.

截至第二季度，我們已增加了 41,000 個地址，並計劃今年達到 150,000 個新光纖地址，同時我們將繼續增加施工隊的數量。我們還有望在今年下半年實現一個令人興奮的里程碑：100 萬個可銷售的光纖服務地址。這對公司來說將是一個巨大的成就，也是我們不斷發展的光纖計畫背後動力的體現。

Turning to Slide 18. The graph on the left highlights our residential fiber connection growth. Connections have nearly doubled over the past three years, driven by our expansion efforts and the ongoing conversion of copper customers to fiber products in our incumbent markets. As we invest in fiber, we expect residential broadband connection growth to continue. The graph on the right shows the last five quarters of residential fiber net additions. We delivered 10,300 this quarter, comparable to the same period last year.

翻到幻燈片 18。左側的圖表突顯了我們的住宅光纖連接的成長。在過去三年中，由於我們的擴張努力以及現有市場中銅纜客戶向光纖產品的持續轉換，連接數量幾乎翻了一番。隨著我們對光纖的投資，我們預計住宅寬頻連接將繼續成長。右側的圖表顯示了過去五個季度住宅光纖淨增量的情況。本季度我們交付了 10,300 輛，與去年同期持平。

On Slide 19, we grew total service addresses 5% year-over-year. On the right side of the slide, we see increased demand for higher broadband speeds with 83% of our residential broadband customers taking 100 meg or higher and 26% taking 1 gig or higher at the end of the quarter. When looking at new customers that we added in the quarter, 56% took speeds of 1 gig or higher. Demand for faster speeds remains strong.

在投影片 19 上，我們的總服務地址年增了 5%。在投影片的右側，我們看到對更高寬頻速度的需求不斷增加，在本季度末，83％的住宅寬頻客戶使用 100 MB 或更高速度，26％的住宅寬頻客戶使用 1 GB 或更高速度。當我們查看本季新增的客戶時，56％的客戶採用了1Gb或更高的速度。對於更快速度的需求依然強勁。

On Slide 20, average residential revenue per connection was up 1% year-over-year due primarily to price increases. As reflected in our guidance, we expect more modest growth in residential revenue per connection this year as we focus on driving penetration. The chart on the right shows our revenue comparison year-over-year. Overall revenue is down 1%. As a reminder, divested markets accounted for a $4 million decrease in revenues compared to prior year. We'll talk more about revenues on the next slide.

在投影片 20 上，主要由於價格上漲，每連接平均住宅收入年增 1%。正如我們的指導意見所反映的那樣，由於我們專注於提高普及率，我們預計今年每連接住宅收入將出現更為溫和的增長。右側的圖表顯示了我們收入的同比對比。整體收入下降了1%。需要提醒的是，與前一年相比，剝離的市場導致收入減少了 400 萬美元。我們將在下一張投影片中詳細討論收入問題。

On Slide 21, I'll touch on the financials. Total operating revenues were down 1% in the second quarter compared to prior year. Excluding the impact of divestitures, revenue increased 1%, driven by growth in fiber subscribers and higher residential revenue per connection. This growth was partially offset by continued declines in our legacy cable and copper markets.

在第 21 張投影片上，我將談到財務狀況。第二季總營業收入與去年同期相比下降了 1%。不計資產剝離的影響，收入成長了 1%，這得益於光纖用戶的成長和每連接住宅收入的提高。這一增長被我們傳統電纜和銅市場的持續下滑部分抵消。

Cash expenses increased 1% or $2 million year-over-year. As we discussed last quarter, this increase in expense aligns with our 2025 priorities, which include investments in sales and marketing and advancing our transformation efforts. We're also continuing to staff our internal construction crews to drive more cost-effective address growth when compared to external contractors.

現金支出年增 1% 或 200 萬美元。正如我們上個季度所討論的那樣，費用的增加與我們的 2025 年優先事項一致，其中包括對銷售和行銷的投資以及推進我們的轉型努力。與外部承包商相比，我們也將繼續配備內部施工隊，以更具成本效益的方式解決成長問題。

Capital expenditures were higher than the same period last year, primarily due to spending on the E-ACAM program. We expect both CapEx and service address delivery to continue to increase in the back half of the year as we accelerate construction to deliver 150,000 new fiber service addresses in 2025. Over 80% of our full year capital expenditures will be focused on fiber.

資本支出高於去年同期，主要原因是 E-ACAM 計畫的支出。我們預計，隨著我們加快建設，到 2025 年將提供 150,000 個新的光纖服務地址，資本支出和服務地址交付量將在下半年繼續增加。我們全年資本支出的 80% 以上將集中在光纖上。

Slide 22 shows our revised 2025 guidance. We have updated the ranges for revenue, adjusted EBITDA and adjusted OIBDA to reflect the divestiture of our Oklahoma ILEC market, which was not included in our previous guidance as well as ongoing declines in our cable and copper markets. We are now projecting revenues to be in the range of $1.03 billion to $1.05 billion. Adjusted EBITDA is expected to be $320 million to $350 million. Adjusted OIBDA is expected to be $310 million to $340 million, and our CapEx guidance remains unchanged.

投影片 22 展示了我們修訂後的 2025 年指南。我們更新了收入、調整後 EBITDA 和調整後 OIBDA 的範圍，以反映俄克拉荷馬州 ILEC 市場的剝離（該市場未包含在我們先前的指導中）以及我們的電纜和銅市場的持續下滑。我們現在預計收入將在 10.3 億美元至 10.5 億美元之間。調整後的 EBITDA 預計為 3.2 億美元至 3.5 億美元。調整後的 OIBDA 預計為 3.1 億美元至 3.4 億美元，我們的資本支出指引保持不變。

Before closing, I want to recognize the entire TDS Telecom team for their outstanding commitment and hard work. We have a lot in flight, and I'm confident in the team's ability to execute. We're building momentum as we head into the second half of the year, and I'm excited about the company's future. I will now turn the call back over to Walter.

最後，我要感謝整個 TDS Telecom 團隊的傑出奉獻和辛勤工作。我們有很多事情要做，我對團隊的執行能力很有信心。進入下半年，我們的發展勢頭強勁，我對公司的未來充滿期待。我現在將電話轉回給沃特。

Thank you, Kris. Before opening it up for questions, I want to share a few concluding thoughts. We are pleased to have closed the T-Mobile transaction and are pleased to be able to use the proceeds to improve our balance sheet and to fund our fiber program.

謝謝你，克里斯。在開始提問之前，我想先分享一些總結性的想法。我們很高興完成了 T-Mobile 交易，並很高興能夠利用所得款項來改善我們的資產負債表並資助我們的光纖計劃。

We also look forward to closing the AT&T and Verizon spectrum sales and to thoughtfully deploying those proceeds back into the business and into returns to shareholders. TDS is in a strong financial position and has excellent operating businesses in both towers and broadband. We look forward to continuing to delight our customers and to build our businesses.

我們也期待完成 AT&T 和 Verizon 頻譜銷售，並將這些收益慎重地重新投入到業務中並回報股東。TDS財務狀況良好，在鐵塔和寬頻領域都有出色的營運業務。我們期待繼續取悅我們的客戶並發展我們的業務。

Now operator, Janine, let's open it up to questions.

現在，接線生 Janine，讓我們開始提問。

(Operator Instructions)

（操作員指示）

Rick Prentiss from Raymond James.

雷蒙德詹姆斯 (Raymond James) 的里克普倫蒂斯 (Rick Prentiss)。

Thanks. Good morning, everybody.

謝謝。大家早安。

Morning, Rick.

早上好，里克。

Morning. Nice to get the T-Mobile deal over the finish line. I want to start on the TDS Telecom side. Obviously, there's definitely an incentive to race to plant the fiber flag. I know Dixon just started recently. But can you give us an idea of when you can update us on would you expand and accelerate the 1.8 million service addresses?

早晨。很高興與 T-Mobile 達成交易。我想從 TDS Telecom 方面開始。顯然，競相插上光纖旗肯定是有動機的。我知道 Dixon 最近才開始工作。但您能否告訴我們何時可以向我們通報是否會擴大和加速 180 萬個服務地址？

Hi Rick, this is Kris Bothfeld. Yes, we are super excited that Ken Dixon joined. He brings a lot of enthusiasm, momentum. And right now, we do think that there's a significant opportunity for Edge-Outs in our footprint to further expand our fiber footprint, and we're currently sizing those opportunities, and we expect to share more in the upcoming quarters.

你好，瑞克，我是克里斯·博思菲爾德。是的，我們非常高興 Ken Dixon 的加入。他帶來了很多熱情和動力。目前，我們確實認為 Edge-Outs 在我們的覆蓋範圍內有很大機會進一步擴大我們的光纖覆蓋範圍，我們目前正在評估這些機會，並希望在未來幾季分享更多機會。

But I will say that we intentionally chose specific markets to flag plant that we thought had great Edge-Out and clustering abilities. So again, I just want to reinforce that we think there's significant opportunity, but we're just not quite yet ready to share exactly what that looks like.

但我要說的是，我們有意選擇特定的市場來標記我們認為具有出色的 Edge-Out 和集群能力的工廠。因此，我再次強調，我們認為存在重大機遇，但我們還沒有準備好分享它的具體內容。

Thank you, Kris. And Ric, I would add, this is a critical step in our going-forward capital allocation strategy. And with Ken on board, we're I'll echo, we're really excited for what he's seeing across the business and the opportunities going forward. So we'll bring more back to the table.

謝謝你，克里斯。瑞克，我想補充一點，這是我們未來資本配置策略的關鍵一步。有了肯的加入，我們會非常高興看到他所看到的整個業務以及未來的機會。因此，我們將提出更多建議。

Okay. And Vicki, I think you mentioned TDS would keep leverage under 1.5 turns while you evaluate that. Where do you see leverage at the TDS Telecom side kind of stabilizing at longer term?

好的。維姬，我想你提到過，在評估這一點時，TDS 會將槓桿率保持在 1.5 倍以下。您認為 TDS Telecom 的槓桿率在長期內會趨於穩定嗎？

Well, TDS Telecom is certainly consolidated and a wholly owned subsidiary of TDS. So I'm looking at it collectively. As you know, we're putting in place leverage at the Array balance sheet at 3 times. We expect when we complete our spectrum transactions that we could put in place if the Array Board of Directors would approve a more regular dividend and that would provide funding on a longer-term basis.

嗯，TDS Telecom 肯定是合併的，並且是 TDS 的全資子公司。因此，我正在集體地看待它。如您所知，我們在 Array 資產負債表中設定了 3 倍槓桿。我們預計，當我們完成頻譜交易時，如果 Array 董事會批准更定期的股息，我們就可以實施，這將在長期內提供資金。

So when I'm looking at our opportunities at TDS Telecom and on the TDS consolidated basis, we're going to have significant proceeds that will help fund our opportunities, which is why we're looking right now to put a more rigorous and defined capital allocation strategy in place.

因此，當我審視 TDS Telecom 和 TDS 合併後的機會時，我們將獲得可觀的收益，這將有助於資助我們的機會，這就是為什麼我們現在正在尋求制定更嚴格和更明確的資本配置策略。

So we haven't quantified it yet, but we'll come back and share that with you. But for right now, we we expect to stay at 1.5 times, which is really all the debt is paid off at the TDS level and with leaving the preferreds in place and then we have an option on our export credit with the $150 million on whether we keep that in place or pay that off in the near term.

因此我們還沒有量化它，但我們會回來與你們分享。但就目前而言，我們預計將保持在 1.5 倍，這實際上意味著所有債務都是在 TDS 水平上償還的，並且保留優先股，然後我們可以選擇使用 1.5 億美元的出口信貸，決定是否保留該信貸或在短期內償還。

Continuing on the TDS Telecom side. Interesting to hear you brought the construction crew in or some construction crew in-house. We've been hearing about there could be some labor issues, material issues, particularly as the One Big Beautiful Bill kind of has ramped people's homes passed service addresses pass thing. So can you talk a little bit just about access to getting the build plan done?

繼續討論 TDS Telecom 方面。很高興聽說您帶了施工隊或一些內部施工隊。我們一直聽說可能會存在一些勞工問題和材料問題，特別是因為《美麗大法案》已經增加了人們從家庭住址到服務地址的轉移。那麼，您能否稍微談談如何完成建設計劃呢？

Yeah, Rick, we still feel very confident in our ability to hit our 150,000 service addresses for the year. So just a little more color on that. We were a little late to get all of our E-ACAM contracts executed, but now we have those executed. crews are really ramping up. We're liking what we're seeing. So we continue or we expect to continue to see that E-ACAM construction and address delivery to really ramp in the second half of the year. We're also bringing on significant increase in our both our internal construction crews and external construction crews to continue to ramp those expansion builds.

是的，里克，我們仍然對今年達到 150,000 個服務地址的能力充滿信心。所以對此稍微加點顏色。我們執行所有 E-ACAM 合約有點晚了，但現在我們已經執行完畢。工作人員正在加緊努力。我們喜歡我們所看到的。因此，我們將繼續或預計將繼續看到 E-ACAM 建設和地址交付在今年下半年真正加速。我們也大幅增加了內部施工隊和外部施工隊的數量，以繼續推進擴建工程。

And just to remind you, the seasonality of our build, it is very common that we see significant address delivery in the second half of the year, not uncommon to see about 70% of our address delivery to occur in the second half of the year. So we're really pleased with the momentum. We had the strongest address delivery all year in June, and we beat that in July. So we have great momentum, and we feel really confident in hitting our 150,000 address goal for the year.

需要提醒您的是，由於我們的建設具有季節性，因此在下半年看到大量地址交付是很常見的，大約 70％ 的地址交付發生在下半年的情況並不少見。所以我們對這種勢頭感到非常滿意。6 月我們的地址投遞量是全年最高的，而 7 月更是超過了這個數字。因此，我們擁有強大的發展勢頭，並且我們對實現今年 150,000 個地址的目標充滿信心。

Okay. And last one on TDS Telecom, probably the most I've asked on TDS Telecom, and then I'll have a quick one on Array. I think it would be helpful if we had some cohort analysis, just looking at what you deployed in maybe '22, '23, just to understand because the industry is evolving rapidly. Just trying to figure out what the ultimate penetration goals would be and what kind of so what kind of market share, but also what kind of margins. So any thoughts on providing in a later date cohort analysis? And what are your thoughts as far as ultimate penetrations in your fiber markets?

好的。最後一個問題是關於 TDS Telecom 的，這可能是我問過的有關 TDS Telecom 的最多問題，然後我會快速問一個有關 Array 的問題。我認為如果我們進行一些群組分析，看看你在 22 年、23 年部署了什麼，這將會很有幫助，因為這個產業正在快速發展。只是想弄清楚最終的滲透目標是什麼，以及什麼樣的市場份額，以及什麼樣的利潤率。那麼，對於在以後提供群組分析，您有什麼想法嗎？您對光纖市場的最終滲透率有何看法？

Yeah, So Rick, this is something we're starting to report on internally, and we plan to share very soon externally. And just to remind you what our what we expect to see for our expansion markets and those penetration curves is by month 12, we expect around 25% to 30% penetration. That's because we have an aggressive presales model that we put in place. So 60 days in advance of new address delivery, we're out knocking on doors and signing up folks.

是的，里克，這是我們開始在內部報告​​的事情，我們計劃很快在外部分享。只是為了提醒您，我們對擴張市場和滲透曲線的期望是，到第 12 個月，我們預計滲透率將達到 25% 到 30% 左右。這是因為我們實施了積極的預售模式。因此，在新地址交付前 60 天，我們就開始挨家挨戶拜訪並登記。

So we see pretty high presales penetration right at launch, and that helps us achieve a really nice starting point for month 12. And then year five, so more steady state is when we expect 40% steady-state penetration in these expansion markets.

因此，我們在產品發佈時就看到了相當高的預售滲透率，這有助於我們在第 12 個月取得一個非常好的開始。然後在第五年，也就是更穩定的狀態時，我們預期這些擴張市場的穩定滲透率將達到 40%。

And then some markets take longer to get to that 40% and some take quicker. Those that are a little bit slower to get there are some of our focus. So that's our expansion markets. But then we also have our E-ACAM fiber markets. Those have really good competitive dynamics where, by definition, any E-ACAM-ligible location has no gig capable competition. That's approximately 30% of our ILEC footprint. And so we expect 65% to 75% penetration in those areas.

有些市場需要更長的時間才能達到 40%，而有些市場則需要更快。那些到達那裡稍慢一點的人是我們的重點。這就是我們的擴張市場。但我們也有 E-ACAM 光纖市場。這些地方具有非常好的競爭動態，根據定義，任何符合 E-ACAM 資格的地點都沒有能夠進行演出的競爭對手。這大約占我們 ILEC 足跡的 30%。因此我們預計這些地區的滲透率將達到 65% 到 75%。

Yeah, that's really good background, Kris. And to answer your question, Rick, we have cohort penetration reporting in place internally that we've been reviewing with Ken Dixon on board, and we intend to share that. I think those are critical proof points that are the underpinning of our investments that we're making as we go forward. So we will bring that to investors.

是的，這確實是很好的背景，克里斯。回答你的問題，里克，我們內部有群組滲透報告，我們一直在與肯·迪克森一起審查，我們打算分享這一點。我認為這些都是關鍵的證明點，也是我們未來投資的基礎。所以我們會將其帶給投資者。

That's really great news. I appreciate that, and I know the market will appreciate that. Quickly for Ken. Tower reporting, good to hear that's coming as well. I'm getting my Christmas list early this year. The dividend sizing, would that be kind of sized on AFFO, so we can kind of see a payout ratio? And the other quick one to tag to that is time to close AT&T, you're saying second half. Are you thinking that's like a three-month process post T-Mobile closing? Or is that kind of closer to year-end? Just trying to think through dividend timing.

這真是個好消息。我對此表示感謝，而且我知道市場也會對此表示感謝。快去找肯。塔台報告，很高興聽到這個消息。今年我提前拿到了聖誕節禮物清單。股息規模是否與 AFFO 規模有關，以便我們可以看到派息率？另一個快速標記是關閉 AT&T 的時間，您說的是下半場。您是否認為這就像 T-Mobile 關閉後的三個月流程？或者說這更接近年底了？只是想思考一下股利的時機。

Hi, good morning, Greg. Yes, so with respect to AFFO reporting dividend per share, et cetera, we all that's coming in Q3. So as I said, our first quarter reporting as an independent tower company is Q3. We'll bring all that reporting to you in Q3. With respect to the AT&T spectrum close, it is subject to FCC approval. We don't control that process, obviously. So we're second half of 2025 is our best estimate, getting more precise in that time frame, we're not able to do right now.

嗨，早上好，格雷格。是的，關於 AFFO 報告每股股息等，我們都將在第三季公佈。正如我所說，作為一家獨立塔公司，我們的第一季報告是第三季。我們將在第三季向您帶來所有報告。對於 AT&T 頻譜關閉，需要獲得 FCC 批准。顯然，我們無法控制這個過程。因此，我們對 2025 年下半年的最佳估計是，但目前我們還無法在這個時間範圍內做出更精確的估計。

Okay. Appreciate it. Thanks, everybody.

好的。非常感謝。謝謝大家。

Thanks Ric.

謝謝里克。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Sebastiano Petti from JP Morgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Hi, thanks for the question and congratulations as well on closing the T-Mobile transaction. Just, I guess, following up on Rick's follow-ups. If we could just perhaps think about the fiber backdrop. Kris, great to hear that you're confident in with the delivery, the locations for the year, 150k. How should we think about the trajectory or shaping of overall fiber broadband additions for the year? Should we anticipate or do you still anticipate higher fiber additions year-on-year, just kind of given the 150 is kind of still on track there?

您好，感謝您的提問，也恭喜您完成 T-Mobile 交易。我猜，只是跟進 Rick 的後續行動。如果我們能夠思考一下纖維背景的話。克里斯，很高興聽到你對今年 15 萬的交付和地點有信心。我們該如何看待今年光纖寬頻整體成長的軌跡或形態？我們是否應該預期，或者您仍然預期纖維添加量會逐年增加，因為 150 仍然在軌道上？

And then just one last one there as you're relatedly, Rick talked about the cohort analysis. I think that would be helpful. Just the question that we get from investors is a lot of the growth is coming from some of your expansion markets. And with some of these big broad build-out programs, is that shrinking the white space opportunity? So perhaps you can contextualize the confidence in the net additions and maybe the competitive backdrop, if anything has changed quite yet? And then I have a follow-up for Doug.

然後最後一個相關問題，Rick 談到了群組分析。我認為那將會很有幫助。投資人向我們提出的問題是，很大一部分成長來自於你們的一些擴張市場。那麼，這些大型擴建工程是否會減少空白空間的機會呢？那麼，如果情況已經發生了很大變化，也許您可以將信心置於淨增值和競爭背景之中？然後我要跟進一下 Doug 的情況。

Hi Sebastiano. So yes, to first hit on your question about fiber net additions, we are targeting still year-over-year improvement in fiber net additions. And so I touched on this a little bit with Ric, but our sales model is very closely tied to new fiber address delivery because of our aggressive presales model and preselling all new addresses 60 days before they launch. \

你好，塞巴斯蒂亞諾。是的，首先回答您關於光纖淨增加量的問題，我們的目標是光纖淨增加量仍保持逐年改善。我和 Ric 稍微談了這一點，但我們的銷售模式與新光纖地址交付密切相關，因為我們採用積極的預售模式，並在所有新地址推出前 60 天進行預售。\

So when we see slower address delivery to start the year, we also tend to see slower net adds. However, as you heard me say, we expect significant increase in address delivery in the second half of the year with our E-ACAM builds ramping up and us bringing on additional construction crews.

因此，當我們看到年初地址傳遞速度較慢時，我們也傾向於看到淨增加速度較慢。然而，正如您聽到我所說的，隨著我們的 E-ACAM 建設不斷推進以及我們引入更多施工隊，我們預計下半年地址交付量將大幅增加。

So we expect net additions to follow with that address delivery. We're also making sure that we don't lose sight on those addresses that we've launched several years ago that still don't have TDS fiber service. So there are additional tactics that Ken Dixon has put in place to ensure that we're going aggressively after those areas and increasing the penetration there.

因此，我們預計隨著該位址的交付，淨增量將會隨之增加。我們也要確保不會忽視幾年前推出的那些仍然沒有 TDS 光纖服務的地址。因此，肯·迪克森 (Ken Dixon) 採取了額外的策略來確保我們積極進入這些地區並增加那裡的滲透率。

So with those tactics and with we finally have a fully staffed door-to-door team going into the second half of the year, we still feel very confident in improving our net additions for the full year compared to last year.

因此，透過這些策略，加上我們終於在下半年擁有了一支人員齊全的上門推銷團隊，我們仍然非常有信心與去年相比提高全年的淨增量。

So a little bit on competition, and you were specifically asking about our expansion markets. So these were handpicked markets. There was nearly 100 communities, and we handpicked these based on their favorable competitive characteristics, their growth characteristics, among other factors.

所以稍微談談競爭，你特別詢問了我們的擴張市場。所以這些都是精心挑選的市場。共有近 100 個社區，我們根據其有利的競爭特徵、成長特徵等因素精心挑選了這些社區。

And we also specifically chose Tier 2 and Tier 3 communities because we our hypothesis was that these would be lower priority for ILECs to upgrade. And we've seen that play out. We still feel very confident and really pleased with the competitive landscape in our expansion markets.

我們也特意選擇了 2 級和 3 級社區，因為我們的假設是，這些社區對於 ILEC 的升級優先順序較低。我們已經看到了這一幕。我們仍然對我們擴張市場的競爭格局充滿信心，並且感到非常高興。

That's super helpful. And Doug, I think I asked you and LP perhaps last quarter, but just kind of thinking about you talked about the C-band being beachfront, we don't disagree. But just thinking about trying to balance maybe value maximization against the backdrop of a big spectrum pipeline and portfolio that's going to be coming to market after the reconciliation bill and particularly also have AWS-3 re-auction from DISH potential maybe secondary market spectrum coming from that entity as well.

這非常有幫助。道格，我想我上個季度問過您和 LP，但只是想想您談到的 C 波段位於海濱，我們並不反對。但是，只是考慮嘗試在大型頻譜管道和投資組合的背景下實現價值最大化，這些頻譜管道和投資組合將在和解法案後進入市場，特別是還有 DISH 潛在的 AWS-3 重新拍賣，也許二級市場頻譜也來自該實體。

And again and then the upper C-band perhaps in 2026. I mean just kind of thinking about how that this upcoming pipeline of additional spectrum and what perhaps what that might do to carrier budgets and balance sheets influences perhaps how you're kind of thinking about the monetization of the remaining spectrum proceeds portfolio?

然後再一次，然後可能是在 2026 年，C 波段的上部。我的意思是，想想即將到來的額外頻譜管道可能會對營運商預算和資產負債表產生什麼影響，也許還會影響您對剩餘頻譜收益組合貨幣化的看法？

Yeah, good morning Sebastiano. And so the nice thing with the C-band spectrum is, one, it's deployable now, and it's very desirable mid-band spectrum, as you know. The other thing I mentioned in my script is that our first build deadline is until 2029. Second build deadline is 2031. So we have the luxury of time to be opportunistic about the sale of the spectrum.

是的，早上好，塞巴斯蒂亞諾。因此，C 波段頻譜的優點在於，首先，它現在可以部署，而且如你所知，它是非常理想的中波段頻譜。我在腳本中提到的另一件事是，我們的第一個建置截止日期是 2029 年。第二次建造期限是 2031 年。因此，我們有充足的時間來把握頻譜銷售的機會。

Certainly, supply and demand of spectrum and what's coming available through FCC auction and DISH and what happens there is a factor. We're considering that. And our goal is to maximize the value, and we have time to do it. And our strategy is to take the time we need to make sure we're realizing the best value, and we'll be gauging interest in doing our marketing in the future.

當然，頻譜的供需、透過 FCC 拍賣和 DISH 提供的頻譜以及在那裡發生的情況都是一個因素。我們正在考慮這一點。我們的目標是實現價值最大化，而且我們有時間去實現這個目標。我們的策略是花費必要的時間來確保我們實現最佳價值，並且我們將衡量未來對我們行銷的興趣。

Thank you and congrats again.

再次感謝您並恭喜您。

Thank you.

謝謝。

Vikash Harlalka from New Street Research.

來自 New Street Research 的 Vikash Harlalka。

Hi, thanks so much for taking my question. A couple of questions on the business side at TDS Telecom and then just a broader question on M&A. On the business side, can you just provide us an update on your mobile launch? If I remember correctly, you've done some test markets. Where are you in terms of launching it nationwide?

你好，非常感謝您回答我的問題。我問了幾個有關 TDS Telecom 業務方面的問題，然後又問了一個有關併購的更廣泛的問題。在業務方面，您能否向我們提供有關行動發布的最新資訊？如果我沒記錯的話，你已經做過一些測試市場。就全國的推廣而言，你們進展如何？

Hi there so an update on our MVNO is we launched in select markets in the fourth quarter of 2024. We're calling our MVNO product, TDS Mobile. We just launched in the second quarter to all markets across our footprint. We have been taking a very phased methodical approach as we're trying to work out all the kinks and ensure a great customer experience.

大家好，我們的 MVNO 的最新動態是，我們已在 2024 年第四季在部分市場推出這項服務。我們將我們的 MVNO 產品稱為 TDS Mobile。我們剛剛在第二季度向我們業務範圍的所有市場推出了這項服務。我們一直採取分階段有條不紊的方法，試圖解決所有問題並確保良好的客戶體驗。

But we are very excited because now we'll be able to offer the same products as our competitors. And in some markets, this will actually be a differentiator against our competition. It's also allowing us to offer the products that our customers want and should help us attract and retain customers over time. So we're very pleased, and we're just getting kind of fully launched, and we expect to see a lot more growth in the future.

但我們非常興奮，因為現在我們能夠提供與競爭對手相同的產品。在某些市場，這實際上將成為我們與競爭對手的區別因素。它還使我們能夠提供客戶想要的產品，並幫助我們長期吸引和留住客戶。所以我們非常高興，我們的業務剛剛全面啟動，我們預計未來會看到更多的成長。

And then my second question was about your pricing. I saw that recently you launched a gig product for $49.99. That's a very aggressive pricing. What kind of step-up should customers see and over what time frame on that?

我的第二個問題是關於您的定價。我看到你們最近推出了一款售價49.99美元的演出產品。這個定價非常有競爭力。客戶應該看到什麼樣的提升，以及在什麼時間範圍內？

Yeah, so our pricing strategy, we it really depends on what the competitive landscape is in a given market. And we want to make sure that there are no barriers to entry. So typically, you'll see our entry-level pricing be just as aggressive as the other gig capable provider in the market. And we just to make sure that the economics hold true if we offer a very aggressive entry-level price point, then we do have usually after 2 years, a step-up in price onto the full retail rack rate.

是的，所以我們的定價策略實際上取決於特定市場的競爭格局。我們希望確保不存在任何進入障礙。因此通常情況下，您會看到我們的入門級定價與市場上其他具有演出能力的提供者一樣具有競爭力。我們只是為了確保經濟效益，如果我們提供非常有競爭力的入門價格點，那麼我們通常會在兩年後將價格提高到全零售價。

And typically, that's like a $20 increase that you'll see after two years. But we are starting to test more with different pricing strategies. And in some cases, we are offering pricing that does not have that step-up. So we're kind of test and learn to figure out the right optimization.

通常，兩年後你會看到 20 美元的成長。但我們開始嘗試更多不同的定價策略。在某些情況下，我們提供的定價不會出現這種遞增的情況。因此，我們進行測試並學習找出正確的最佳化方法。

Got it. That's helpful. And then last question on M&A. You mentioned that you'll be looking for opportunities at the TDS Telecom level. Could you just give us some idea of what kind of assets you're looking at? I'm assuming you're only looking at fiber assets. What kind of profile are you looking at for those assets?

知道了。這很有幫助。最後一個問題是關於併購的。您提到您將在 TDS 電信層級尋找機會。您能否告訴我們您正在關注的是哪一種資產？我假設您只專注於光纖資產。您正在為這些資產尋找什麼樣的資料？

Yes, good morning and with the bringing in-house of the proceeds from the T-Mobile transaction and the expected proceeds from the AT&T and Verizon transactions, I'd say we are at the beginning point of considering what M&A opportunities would make sense. And in particular, we are focused on fiber opportunities and fiber opportunities that would be synergistic with our existing properties and footprint. So it's just at the beginning of that analysis and more to come in the future.

是的，早安，隨著 T-Mobile 交易收益以及 AT&T 和 Verizon 交易預期收益的引入，我想說我們正開始考慮哪些併購機會是有意義的。特別是，我們專注於光纖機會以及與我們現有的資產和足跡具有協同作用的光纖機會。所以這只是分析的開始，未來還會有更多分析。

Got it. Thanks so.

知道了。非常感謝。

Sergey Dluzhevskiy from Gabelli.

來自 Gabelli 的謝爾蓋·德盧熱夫斯基 (Sergey Dluzhevskiy)。

Good morning guys thank you my first question is for Doug. Doug, maybe you could talk a little bit about the main building blocks of your growth strategy for the Tower business and the key steps that you're taking already to accelerate third-party colocations and what else on that front you expect to do maybe over the next 12 to 24 months? What you would be doing differently potentially as an independent provider? And what parts of your tower business you view as generally underappreciated by investors in your opinion?

大家早安，謝謝大家，我的第一個問題是問 Doug 的。道格，也許您可以稍微談談 Tower 業務成長策略的主要組成部分，以及您為加速第三方主機託管已經採取的關鍵步驟，以及您預計在未來 12 到 24 個月內還會採取哪些措施？作為獨立供應商，您可能會採取哪些不同的做法？您認為，您的塔式業務的哪些部分普遍被投資者低估了？

Okay. Sergey. So what we've done I'll start with the fact in the fourth quarter of 2024, we brought our sales team and intake operations in-house from an outsourced provider, hired a head of sales. And that's yielded great dividends for us. Our new colo applications in the first half of 2025 are up over 100% versus first quarter of 2024. And that team is just doing a fantastic job.

好的。謝爾蓋。那麼，我們所做的首先是，在 2024 年第四季度，我們從外包供應商引進了我們的銷售團隊和內部運營，並聘請了一位銷售主管。這給我們帶來了巨大的利益。與 2024 年第一季相比，我們在 2025 年上半年的新託管申請增加了 100% 以上。這個團隊做得非常出色。

They're fully staffed and we're really pleased with the progress they've made. Part of the revenue increase you saw 12% quarter-over-quarter. Part of that was due to the application fees that we received in '25 that we didn't get in '24. But even without those, we had a 7% quarter-over-quarter increase.

他們已配備齊全的人員，我們對他們所取得的進展感到非常滿意。部分收入環比增長了 12%。部分原因是我們在 1925 年收到了申請費，但在 1924 年卻沒有收到。但即使沒有這些，我們的季度環比成長仍然達到 7%。

The other thing we have is we have strong MLAs with all three carriers. They have compelling pricing. The carriers like them with favorable pricing, and it also provides good economics to us, and there's ease of implementation. And so we believe that helps us. Obviously, the T-Mobile new MLA is a tailwind for us. I'd also point to the fact now we have Array as a separate brand and no longer part of a carrier.

我們的另一個優勢是，我們與三家航空公司均有強大的 MLA。他們有極具吸引力的定價。營運商喜歡它們，因為它們具有優惠的價格，而且它也為我們提供了良好的經濟效益，並且易於實施。因此我們相信這對我們有幫助。顯然，T-Mobile 的新 MLA 對我們來說是順風。我還要指出的是，現在 Array 是一個獨立的品牌，不再是營運商的一部分。

I don't think that's a significant benefit, but I do think it provides some benefit, more focus, more perceived as a pure- play tower company. We also think there's tailwind in carrier investments in the next three years.

我不認為這是一個顯著的好處，但我確實認為它提供了一些好處，更多的關注，更多地被視為純粹的塔式公司。我們也認為，未來三年營運商投資將呈現順風態勢。

So we're very optimistic about our future with respect to sales growth, doing all the right things with our team. And right now, we're very focused on getting the T-Mobile MLA implemented. That's a significant effort for our organization and one that we will be successful and look forward to getting that completed.

因此，我們對未來的銷售成長非常樂觀，我們的團隊會做所有正確的事情。現在，我們非常專注於實施 T-Mobile MLA。這對我們的組織來說是一項重大的努力，我們將成功並期待它能夠完成。

Got it. Great. My second question is for Kris on the TDS Telecom side. So obviously, fiber footprint expansion is a significant priority and you have your 1.8 million passings target. In addition to just scaling the fiber footprint and with new CEO coming in, how would you describe the top 2 or 3 operational and strategic priorities beyond just fiber expansion over the next few years? And what are the key steps that you're taking to improve conversion of your fiber passings into paying customers?

知道了。偉大的。我的第二個問題是針對 TDS Telecom 方面的 Kris 的。因此，顯然，擴大光纖覆蓋範圍是當務之急，而你們的目標是 180 萬次通過。除了擴大光纖覆蓋範圍和新任執行長上任之外，您如何描述未來幾年除了光纖擴展之外的兩到三個營運和戰略重點？您採取了哪些關鍵步驟來提高光纖用戶轉換為付費客戶的率？

Yeah, Sergey. So what I'll say, over the next several years, we do have a handful of top strategic priorities that we're marching towards First and foremost, like you said, is executing on the build plan and expanding our fiber footprint. We have a few large programs in place, E-ACAM, which we're very excited about to bring fiber to more rural areas. We have our expansion program, which is continuing to build to the 100 communities and hopefully even accelerate those.

是的，謝爾蓋。所以我想說，在接下來的幾年裡，我們確實有一些最重要的策略重點要努力實現。首先，就像你說的，是執行建設計劃並擴大我們的光纖覆蓋範圍。我們已經實施了幾個大型項目，E-ACAM，我們非常高興能夠將光纖帶到更多的農村地區。我們有擴展計劃，將繼續建立 100 個社區，並希望加速這些進程。

You also heard Vicki and I talk about edge out opportunities. So we're going to continue to look at even expanding the fiber footprint further. first one.

您也聽過 Vicki 和我談論邊緣機會。因此，我們將繼續研究進一步擴大光纖覆蓋範圍。第一個。

Number two is executing our sales and marketing and driving revenue and driving penetration. And so there's a lot of different efforts in place. This is where Ken Dixon and his background is great because this is the sweet spot. And so there's a lot of initiatives in place to ensure that we hit our targeted penetration curves as we deliver those addresses.

第二是執行我們的銷售和行銷並推動收入和推動滲透。因此，我們已經做出了很多不同的努力。這就是肯·迪克森 (Ken Dixon) 和他的背景如此出色的地方，因為這是一個最佳點。因此，我們採取了許多措施來確保我們在傳遞這些位址時達到目標滲透曲線。

And then lastly is the executing on our business transformation. So last quarter, I talked about how we've been transforming into a fiber company in a meaningful way over the last few years. But now we're also focused on streamlining our operations, enhancing elements of the customer experience, all to make sure we're driving margin improvement OCF expansion over the next several years. So those are really our top 3 priorities as we look over the next few years.

最後是執行我們的業務轉型。上個季度，我談到了我們在過去幾年中如何以有意義的方式轉型為光纖公司。但現在我們也專注於簡化運營，增強客戶體驗，所有這些都是為了確保我們在未來幾年推動 OCF 擴張的利潤率提高。因此，展望未來幾年，這確實是我們的三大優先事項。

Great. And my last question is for Walter. Walter, as you beyond or will be the two remaining announced deals at Array and potentially additional spectrum monetizations. How do the two companies to CBS Telecom, which is largely a consumer and a fiber operator and array which is a midsized tower companies additional spectrum and wireless partnership assets, how do those companies fit together.

偉大的。我的最後一個問題是問沃特的。沃爾特，正如您所說，Array 還剩下兩個已宣布的交易，以及潛在的額外頻譜貨幣化。這兩家公司如何與 CBS 電信（主要是一家消費者和光纖營運商）以及陣列（一家中型塔公司，擁有額外的頻譜和無線合作資產）協同工作。

And in your opinion, that's having these two companies under the same holding company umbrella, in the current form or otherwise to optimize shareholder value going forward? And also what types of additional shareholder value enhancing moves beyond the announced transactions could we be looking for in terms of things that would come out of your toolkit.

您認為，將這兩家公司置於同一控股公司旗下，以目前的形式還是其他形式，以優化未來的股東價值？除了已宣布的交易之外，我們還能從您的工具包中尋找哪些類型的額外股東價值提升措施？

Sergey, thank you. Obviously, we've been focused immensely on the very near term in terms of the T-Mobile transaction, the AT&T and Verizon transactions. Over the intermediate horizon or near to intermediate horizon, we do have the additional spectrum that you

謝爾蓋，謝謝你。顯然，我們非常關注近期的 T-Mobile 交易、AT&T 和 Verizon 交易。在中間地平線或接近中間地平線，我們確實有額外的頻譜，

spoke to, and we do believe we will be successful in monetizing that for many of the reasons that Doug stated. That frees up a lot of capital. And you're right that a tower business, which we believe will be very successful, is different in concept perhaps than a largely consumer or small business-focused fiber business.

談過，我們確實相信，由於 Doug 所說的許多原因，我們將成功地將其貨幣化。這釋放了大量的資本。您說得對，我們相信塔業務會非常成功，但從概念上來說，它與主要面向消費者或小型企業的光纖業務可能有所不同。

So they are different in concept, but they're in the same industry and the financial power that the tower business can bring to the enterprise is very significant. So from my perspective, I view the combined power of these two businesses as we improve the execution that we have. And I think there will be a lot of value unlocked through improved execution, as Doug and Kris have each indicated. And that will redound greatly to shareholder value.

所以從概念上來說，它們有所不同，但是它們屬於同一行業，而塔業務能為企業帶來的財務實力非常可觀。因此，從我的角度來看，隨著我們執行力的提高，我看到了這兩家企業的綜合實力。我認為，正如 Doug 和 Kris 所指出的那樣，透過改進執行，將會釋放出許多價值。這將大大提升股東價值。

In terms of longer-term ideas with respect to other ways to unlock value, those will be considered. They're not the nearest-term priority, but they are very much on our mind, and we will continue to report to you as we go forward.

就釋放價值的其他方式的長期想法而言，我們會考慮這些。它們不是近期的優先事項，但我們非常重視它們，我們會繼續向你們報告進展。

I do think there are synergies between the type of thinking that goes into building a tower business and making it successful as well as the type of thinking that goes into making the fiber business successful. So they are different, but they are related in good ways that are productive.

我確實認為，建立並使其成功的思維方式與使光纖業務成功的思維方式之間存在協同作用。因此，它們是不同的，但它們以富有成效的良好方式相互關聯。

Great thank you.

非常感謝。

Thank you. This concludes our Q&A session. I will now turn the call over back to Colleen Thompson for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉回給科琳湯普森 (Colleen Thompson) 做結束語。

Okay. Thanks, everyone, for joining us today. Please reach out to Investor Relations with any additional questions, and have a great week. Operator we can sign off.

好的。感謝大家今天加入我們。如有任何其他問題，請聯絡投資者關係部，祝您有個愉快的一周。接線生我們可以下線了。

Have a great week.

祝您有個愉快的一周。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。