Telephone and Data Systems Inc (TDS-V)

Array completes sale of select spectrum assets to Verizon for $1.0 billionJune 1, 2026 4:05 PM
PR Newswire (US) Board declares special dividend of $11.00 per shareCHICAGO, June 1, 2026 /PRNewswire/ -- Array Digital Infrastructure, Inc. (NYSE: AD) (ArraySM) today announced the successful closing of the previously announced agreement with Verizon (NYSE: VZ) to sell a portion of the Company's retained spectrum licenses for total consideration of $1.0 billion. Additionally, certain spectrum sales to T-Mobile totaling $168M, primarily related to 700MHz and 600MHz, were completed in May.These transactions further the objective announced on May 28, 2024, to opportunistically monetize remaining spectrum following the sale of the T-Mobile wireless operation which closed on August 1, 2025.Considering the closing of the Verizon and other transactions alongside current cash on hand, the Array Board of Directors has declared a special cash dividend of $11.00 per Common Share and Series A Common Share. The special dividend is payable on June 25, 2026, to shareholders of record on June 11, 2026. While future dividend declarations are subject to the Board's discretion, the Company at this time does not anticipate that any additional dividends will be paid during 2026. "We have made significant progress in our spectrum monetization efforts and are pleased with the value realized in this sale," said Anthony Carlson, Array President and CEO. "Further, as we have done with prior asset sale proceeds, we are returning value to our shareholders in the form of a special dividend." The declaration of this special dividend is unrelated to the special committee of the Array Board of Directors' evaluation of the non-binding proposal, dated May 7, 2026, from Telephone and Data Systems, Inc. (NYSE: TDS) ("TDS") to acquire all of the outstanding common shares of Array not currently owned by TDS, which was previously announced on May 8, 2026, and the special committee has not made any decision with respect to such proposal at this time.Note
Array currently expects that when 1099-DIVs are issued for 2026, this special dividend will be largely designated as an ordinary and qualified dividend, subject to the shareholder's holding period requirements.Advisors
Citigroup Global Markets Inc. served as lead financial advisor and Centerview Partners LLC served as financial advisor to Telephone and Data Systems, Inc. (TDS) in connection with the Verizon transaction. TD Securities (USA) LLC and Wells Fargo also served as financial advisors to TDS. Wilkinson Barker Knauer, LLP served as lead transactional and FCC regulatory counsel to both TDS and Array. In addition, Clifford Chance LLP served as regulatory advisor to both TDS and Array and Sidley Austin LLP served as legal advisor to TDS. PJT Partners LP served as financial advisor and Cravath, Swaine & Moore LLP served as legal advisor to the independent directors of Array.About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. Headquartered in Chicago, Array is approximately 82% owned by TDS. For more information about Array, visit: investors.arrayinc.comSafe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. The forward-looking statements include the statement regarding Array's expectation regarding the designation of the special dividend on 1099-DIV. This statement relies on the company's current assumptions and involves uncertainties that could cause a different result. The ultimate designation of the special dividend depends on several factors including Array's 2026 taxable income and the amount and timing of any additional special dividends issued by Array in 2026. The forward-looking statements also include the statement that the Company at this time does not anticipate that any additional dividends will be paid during 2026. The amount and timing of any dividends is subject to business, economic and other relevant factors. View original content:https://www.prnewswire.com/news-releases/array-completes-sale-of-select-spectrum-assets-to-verizon-for-1-0-billion-302787509.htmlSOURCE Array Digital Infrastructure, Inc. Original: Array completes sale of select spectrum assets to Verizon for $1.0 billion

TDS announces second quarter 2026 dividendsMay 21, 2026 4:15 PM
PR Newswire (US) CHICAGO, May 21, 2026 /PRNewswire/ -- The board of directors of Telephone and Data Systems, Inc. (NYSE: TDS) has declared second quarter 2026 dividends on its Common Shares, Series A Common Shares, Series UU Preferred Shares and Series VV Preferred Shares. TDS is paying a quarterly dividend of $0.04 per Common Share and Series A Common Share payable on June 30, 2026, to holders of record on June 16, 2026.TDS is paying a quarterly dividend of $414.0625 per share on the company's 6.625% Series UU Preferred shares; holders of depositary shares will receive $0.4140625 per depositary share payable on June 30, 2026, to holders of record on June 15, 2026.TDS is paying a quarterly dividend of $375.0000 per share on the company's 6.000% Series VV Preferred shares; holders of depositary shares will receive $0.3750000 per depositary share payable on June 30, 2026, to holders of record on June 15, 2026.The tickers for each class are as follows: the TDS Common shares is "TDS", the Series UU depositary shares is "TDSPrU" and the Series VV depositary shares is "TDSPrV".About TDS
Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.For more information about TDS and its subsidiaries, visit:TDS: www.tdsinc.com
TDS Telecom: www.tdstelecom.com
Array: investors.arrayinc.com View original content:https://www.prnewswire.com/news-releases/tds-announces-second-quarter-2026-dividends-302779512.htmlSOURCE Telephone and Data Systems, Inc. Original: TDS announces second quarter 2026 dividends

TDS AND ARRAY TO WEBCAST ANNUAL MEETINGS OF SHAREHOLDERSMay 11, 2026 5:14 PM
PR Newswire (US) CHICAGO, May 11, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. [NYSE: TDS] and Array Digital Infrastructure, Inc. [NYSE: AD] announce the following webcasts:Array? will hold its Annual Meeting of Shareholders on May 19, 2026, at 8:30 a.m. Central time.TDS will hold its Annual Meeting of Shareholders on May 21, 2026, at 9:00 a.m. Central time.To listen to the meetings, please visit the Events & Presentations pages of investors.tdsinc.com or investors.arrayinc.com. The meetings will be webcast both live and on-demand. It is recommended that you register at least 15 minutes before the beginning of each meeting to register, download and install any necessary multimedia streaming software.About TDS
Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business. Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,452 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of March 31, 2026, Telephone and Data Systems, Inc. owned approximately 81.9% of Array. View original content:https://www.prnewswire.com/news-releases/tds-and-array-to-webcast-annual-meetings-of-shareholders-302768714.htmlSOURCE Telephone and Data Systems, Inc. and Array Digital Infrastructure, Inc. Original: TDS AND ARRAY TO WEBCAST ANNUAL MEETINGS OF SHAREHOLDERS

TDS reports first quarter 2026 resultsMay 8, 2026 7:27 AM
PR Newswire (US) TDS Telecom and Array both reaffirm guidance for 2026CHICAGO, May 8, 2026 /PRNewswire/ -- As previously announced, TDS will hold a teleconference on May 8, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.Telephone and Data Systems, Inc. (NYSE: TDS) reported first quarter 2026 operating results."TDS Telecom and Array entered 2026 with momentum," said Walter Carlson, TDS President and CEO.  "Both business units are making meaningful progress toward their strategic objectives. During the quarter, TDS Telecom expanded its marketable fiber service footprint to 1.1 million addresses, while Array continued to optimize its operations and secure healthy application volume."  "As part of our fiber growth strategy, we recently announced the acquisition of Granite State Communications in New Hampshire," continued Carlson.  "Located adjacent to our existing operations, Granite State further expands our fiber footprint, adding approximately 11,000 additional fiber service addresses."Highlights*TDS TelecomExecuting on fiber broadband strategyDelivered 40,000 marketable fiber services addresses in Q1 2026Grew fiber connections —10,900 residential fiber net additionsTDS Telecom revenues down 3%, reduced by $6 million due to divestitures of non-strategic assetsExpanding fiber footprintEntered into agreement to acquire Granite State Communications in New Hampshire — 11,000 fiber service addresses; transaction expected to close in the third quarter of 2026ArrayOptimizing tower operationsSite rental revenues grew 92% year over yearExcluding the impact of DISH, continuing to grow tower tenancy and secure healthy application volume Continuing to close pending sales of wireless spectrumClosed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026*Comparisons are 1Q'25 to 1Q'26 unless otherwise noted.TDS reported total operating revenues from continuing operations of $309.5 million for the first quarter of 2026, versus $290.4 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and diluted earnings (loss) per share from continuing operations were $129.3 million and $1.11, respectively, for the first quarter of 2026 compared to $(23.2) million and $(0.20), respectively, in the same period one year ago. On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses for $1,018.0 million and TDS recorded a book gain of $150.9 million ($114.7 million net of tax expense) during the first quarter of 2026.Recent Development On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the "Array Proposal"). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS' Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.2026 Estimated Results
TDS' current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management's view as of May 8, 2026 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.TDS TelecomPreviousCurrent(Dollars in millions)

Total operating revenues$1,015-$1,055UnchangedAdjusted OIBDA1 (Non-GAAP)$300-$340UnchangedAdjusted EBITDA1 (Non-GAAP)$310-$350UnchangedCapital expenditures$550-$600Unchanged
ArrayPreviousCurrent(Dollars in millions)

Total operating revenues$200-$215UnchangedAdjusted OIBDA1 (Non-GAAP)$50-$65UnchangedAdjusted EBITDA1 (Non-GAAP)$200-$215UnchangedCapital expenditures$25-$35UnchangedThe following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2026 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.
2026 Estimated Results
TDS Telecom
Array(Dollars in millions)


Net income from continuing operations (GAAP)N/A
N/AAdd back:


Income tax expenseN/A
N/AIncome (loss) before income taxes (GAAP)($15)-$25
$770-$785Add back:


Interest expense—
45Depreciation, amortization and accretion expense325
50EBITDA (Non-GAAP)1$310-$350
$865-$880Add back or deduct:


(Gain) loss on license sales and exchanges, net—
(590)Short-term imputed spectrum lease income—
(75)Adjusted EBITDA (Non-GAAP)1$310-$350
$200-$215Deduct:


Equity in earnings of unconsolidated entities—
140Interest and dividend income5
10Other, net5
—Adjusted OIBDA (Non-GAAP)1$300-$340
$50-$65 
Actual Results
Three Months EndedMarch 31, 2026
Year EndedDecember 31, 2025
TDS Telecom
Array
TDS Telecom
Array(Dollars in millions)






Net income from continuing operations (GAAP)$            1
$         180
$           28
$         172Add back:






Income tax expense (benefit)(2)
52
10
(31)Income (loss) before income taxes (GAAP)$           (1)
$         232
$           38
$         141Add back:






Interest expense—
7
(7)
28Depreciation, amortization and accretion expense73
13
300
48EBITDA (Non-GAAP)1$           71
$         252
$         331
$         218Add back or deduct:






Expenses related to strategic alternatives review—
—
6
2Loss on impairment of intangible assets—
—
1
48(Gain) loss on asset disposals, net1
1
15
2(Gain) loss on sale of business and other exit costs, net2
—
(23)
—(Gain) loss on license sales and exchanges, net—
(157)
—
(6)Short-term imputed spectrum lease income—
(34)
—
(69)Adjusted EBITDA (Non-GAAP)1$           74
$           62
$         330
$         194Deduct:






Equity in earnings of unconsolidated entities—
40
—
174Interest and dividend income1
4
6
19Other, net1
—
5
—Adjusted OIBDA (Non-GAAP)1$           71
$           18
$         319
$            1
Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income from continuing operations adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.Conference Call Information
TDS will hold a conference call on May 8, 2026 at 9:00 a.m. CT.Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://events.q4inc.com/attendee/890846584Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com. About TDS
Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business.  Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements.  This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any transaction related to the TDS non-binding proposal delivered to the Array Board of Directors to acquire all of the outstanding Array Common Shares not owned by TDS will be accepted, rejected, consummated, or abandoned; whether any such transaction, if accepted or completed, will result in additional value for TDS or its shareholders and whether the process could result in adverse impacts on TDS' businesses; the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sale to Verizon are consummated; whether Array can monetize its remaining spectrum assets; intense competition; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; inability to protect TDS' real estate rights, with respect to land leases; changes in demand, consumer preferences and perceptions, price competition, or cost; advances or changes in technology; impacts of costs, integration issues or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities that Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.   For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com  
TDS Telecom: www.tdstelecom.com
Array: investors.arrayinc.comTDS TelecomSummary Operating Data (Unaudited)As of or for the Quarter Ended3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025Residential connections








Broadband








Incumbent Fiber130,200
127,300
123,500
121,200
119,700Incumbent Copper84,200
91,200
102,000
106,500
112,600Expansion Fiber168,500
160,600
150,700
141,800
133,200Cable179,100
182,800
186,100
188,200
190,200Total Broadband561,900
561,900
562,400
557,700
555,800Video107,200
111,500
114,300
116,500
118,700Voice216,900
228,900
242,200
248,700
256,900Wireless5,300
3,300
2,200
1,600
900Total Residential connections891,400
905,600
921,100
924,500
932,300Commercial connections166,500
173,900
180,300
184,300
187,600Total connections11,058,000
1,079,500
1,101,300
1,108,800
1,119,900









Total residential fiber net adds10,900
15,100
11,200
10,300
8,300Total residential broadband net adds100
4,500
4,600
3,900
2,800









Residential fiber churn21.3 %
1.2 %
1.5 %
1.1 %
0.9 %Total residential broadband churn1.8 %
1.6 %
1.7 %
1.5 %
1.3 %









Residential revenue per connection3$     66.41
$     65.95
$     65.66
$     65.85
$     65.67









Capital expenditures (thousands)$  125,963
$  154,904
$  102,429
$   90,187
$   58,870
Numbers may not foot due to rounding.

1Divestitures in 2025 resulted in a decrease of 19,000 connections, including 7,500 residential broadband connections. 

2Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

3Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period. Array Digital Infrastructure, Inc.Summary Operating Data (Unaudited)As of or for the Quarter Ended3/31/2026
12/31/2025
9/30/2025Capital expenditures from continuing operations (thousands)$       8,645
$      12,933
$       7,927Owned towers4,452
4,450
4,449Number of colocations14,290
4,572
4,517Tower tenancy rate20.96
1.03
1.02

1Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of collection on outstanding amounts.2Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of collection on outstanding amounts. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94, respectively in prior periods. Telephone and Data Systems, Inc.Consolidated Statement of Operations Highlights(Unaudited)






Three Months EndedMarch 31,
2026
2025
2026vs. 2025(Dollars and shares in thousands, except per share amounts)




Operating revenues




TDS Telecom$ 249,572
$ 257,360
(3) %Array52,012
26,984
93 %All Other17,866
6,089
29 %Total operating revenues309,450
290,433
7 %Operating expenses




TDS Telecom253,304
257,501
(2) %Array(108,773)
56,611
N/MAll other121,101
10,255
N/MTotal operating expenses165,632
324,367
(49) %Operating income (loss)




TDS Telecom(3,732)
(141)
N/MArray160,785
(29,627)
N/MAll Other1(13,235)
(4,166)
N/MTotal operating income (loss)143,818
(33,934)
N/MOther income (expense)




Equity in earnings of unconsolidated entities41,902
36,518
15 %Interest and dividend income13,786
6,270
N/MInterest expense(5,321)
(23,909)
78 %Short-term imputed spectrum lease income34,200
—
N/MOther, net5,450
2,725
N/MTotal other income90,017
21,604
N/MIncome (loss) before income taxes233,835
(12,330)
N/MIncome tax expense (benefit)54,408
(8,123)
N/MNet income (loss) from continuing operations179,427
(4,207)
N/MLess: Net income from continuing operations attributable to noncontrolling interests, net of tax32,813
1,724
N/MNet income (loss) from continuing operations attributable to TDS shareholders146,614
(5,931)
N/M





Net income (loss) from discontinued operations(2,389)
16,171
N/MLess: Net income (loss) from discontinued operations attributable to noncontrolling interests, net of tax(369)
2,770
N/MNet income (loss) from discontinued operations attributable to TDS shareholders(2,020)
13,401
N/M





Net income177,038
11,964
N/MLess: Net income attributable to noncontrolling interests, net of tax32,444
4,494
N/MNet income attributable to TDS shareholders144,594
7,470
N/MTDS Preferred Share dividends17,306
17,306
—Net income (loss) attributable to TDS common shareholders$ 127,288
$   (9,836)
N/M





Basic weighted average shares outstanding113,882
114,582
(1) %





Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders$     1.14
$    (0.20)
N/MBasic earnings (loss) per share from discontinued operations attributable to TDS common shareholders$    (0.02)
$     0.11
N/MBasic earnings (loss) per share attributable to TDS common shareholders$     1.12
$    (0.09)
N/M





Diluted weighted average shares outstanding116,651
114,582
2 %





Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders$     1.11
$    (0.20)
N/MDiluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders$    (0.02)
$     0.11
N/MDiluted earnings (loss) per share attributable to TDS common shareholders$     1.09
$    (0.09)
N/M
N/M - Percentage change not meaningful.

1Consists of corporate and other operations and intercompany eliminations. Telephone and Data Systems, Inc.Consolidated Statement of Cash Flows(Unaudited)
Three Months EndedMarch 31,
2026
2025(Dollars in thousands)


Cash flows from operating activities


Net income$    177,038
$      11,964Net income (loss) from discontinued operations(2,389)
16,171Net income (loss) from continuing operations179,427
(4,207)Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities


Depreciation, amortization and accretion85,943
84,329Bad debts expense3,383
1,380Stock-based compensation expense4,159
12,749Deferred income taxes, net(38,825)
(6,519)Equity in earnings of unconsolidated entities(41,902)
(36,518)Distributions from unconsolidated entities18,373
11,254(Gain) loss on asset disposals, net1,810
1,888(Gain) loss on sale of business and other exit costs, net1,562
(998)(Gain) loss on license sales and exchanges, net(150,878)
(1,100)Other operating activities42
1,141Changes in assets and liabilities from operations


Accounts receivable2,787
(12,530)Inventory316
(229)Accounts payable(7,881)
1,844Customer deposits and deferred revenues(33,593)
108Accrued taxes91,865
(264)Accrued interest580
343Other assets and liabilities(49,074)
(95,131)Net cash provided by (used in) operating activities - continuing operations68,094
(42,460)Net cash provided by (used in) operating activities - discontinued operations(633)
228,069Net cash provided by operating activities67,461
185,609



Cash flows from investing activities


Cash paid for additions to property, plant and equipment(149,041)
(64,391)Cash paid for licenses—
(2,072)Cash received from divestitures1,016,478
8,042Other investing activities396
80Net cash provided by (used in) investing activities - continuing operations867,833
(58,341)Net cash used in investing activities - discontinued operations—
(64,337)Net cash provided by (used in) investing activities867,833
(122,678)



Cash flows from financing activities


Issuance of long-term debt1,300
—Repayment of long-term debt(150,314)
(7,736)Tax withholdings, net of cash receipts, for TDS stock-based compensation awards(1,710)
(5,639)Tax withholdings, net of cash receipts, for Array stock-based compensation awards(1,373)
(6,579)Repurchase of Array Common Shares—
(21,360)Dividends paid to TDS shareholders(21,860)
(21,896)Array dividends paid to noncontrolling public shareholders(159,890)
—Distributions to noncontrolling interests(638)
(1,639)Cash paid for software license agreements(166)
(839)Other financing activities9
(452)Net cash used in financing activities - continuing operations(334,642)
(66,140)Net cash used in financing activities - discontinued operations—
(8,826)Net cash used in financing activities$   (334,642)
$     (74,966)



Net increase (decrease) in cash, cash equivalents and restricted cash$    600,652
$     (12,035)



Cash, cash equivalents and restricted cash


Beginning of period770,150
383,222End of period$  1,370,802
$    371,187 Telephone and Data Systems, Inc.Consolidated Balance Sheet Highlights(Unaudited)
ASSETS




March 31, 2026
December 31, 2025(Dollars in thousands)


Current assets


Cash and cash equivalents$             1,366,604
$               765,952Accounts receivable, net102,884
109,981Inventory, net3,746
4,062Prepaid expenses33,858
28,206Income taxes receivable—
1,292Other current assets12,987
13,976Total current assets1,520,079
923,469



Non-current assets held for sale737,437
1,598,131



Licenses1,642,824
1,642,972



Other intangible assets, net124,391
131,673



Investments in unconsolidated entities486,132
461,922



Property, plant and equipment, net3,025,322
2,965,455



Operating lease right-of-use assets513,237
515,081



Other assets and deferred charges161,905
159,600



Total assets$             8,211,327
$             8,398,303 Telephone and Data Systems, Inc.Consolidated Balance Sheet Highlights(Unaudited)
LIABILITIES AND EQUITY




March 31, 2026
December 31, 2025(Dollars in thousands, except per share amounts)


Current liabilities


Current portion of long-term debt$                  7,515
$                  5,274Accounts payable97,068
115,822Customer deposits and deferred revenues84,165
125,140Accrued interest3,415
2,836Accrued taxes138,488
46,721Accrued compensation27,630
56,774Short-term operating lease liabilities26,297
26,180Current liabilities of discontinued operations20,242
20,242Other current liabilities38,855
41,322Total current liabilities443,675
440,311



Deferred liabilities and credits


Deferred income tax liability, net699,150
743,633Long-term operating lease liabilities548,420
549,617Other deferred liabilities and credits584,484
574,025



Long-term debt, net672,700
823,364



Total equity5,262,898
5,267,353



Total liabilities and equity$             8,211,327
$             8,398,303 Balance Sheet Highlights(Unaudited)




March 31, 2026
TDS


TDS
Corporate
Intercompany
TDS
Telecom
Array
& Other
Eliminations
Consolidated(Dollars in thousands)








Cash and cash equivalents$        55,212
$      253,638
$    1,113,325
$      (55,571)
$    1,366,604









Licenses and other intangible assets$      124,543
$    1,642,039
$           633
$             —
$    1,767,215Investment in unconsolidated entities3,947
435,061
57,500
(10,376)
486,132
$      128,490
$    2,077,100
$        58,133
$      (10,376)
$    2,253,347









Property, plant and equipment, net$    2,623,432
$      386,727
$        15,163
$             —
$    3,025,322









Long-term debt, net:








Current portion$           162
$         6,094
$         1,259
$             —
$         7,515Non-current portion2,865
668,499
1,336
—
672,700
$         3,027
$      674,593
$         2,595
$             —
$      680,215 TDS Telecom Highlights(Unaudited)






Three Months EndedMarch 31,
2026
2025
2026vs. 2025(Dollars in thousands)




Operating revenues




Residential




Incumbent$  77,292
$  85,594
(10) %Expansion43,562
34,406
27 %Cable57,742
63,847
(10) %Total residential178,596
183,847
(3) %Commercial32,795
34,634
(5) %Wholesale38,117
38,677
(1) %Total service revenues249,508
257,158
(3) %Equipment revenues64
202
(68) %Total operating revenues249,572
257,360
(3) %





Cost of operations (excluding Depreciation, amortization and accretion reported below)97,182
100,964
(4) %Cost of equipment and products111
263
(58) %Selling, general and administrative81,061
83,148
(3) %Depreciation, amortization and accretion72,555
71,440
2 %(Gain) loss on asset disposals, net833
1,662
(50) %(Gain) loss on sale of business and other exit costs, net1,562
24
N/MTotal operating expenses253,304
257,501
(2) %





Operating income (loss)$  (3,732)
$    (141)
N/M
N/M - Percentage change not meaningful Array Digital Infrastructure, Inc. Highlights(Unaudited)

Three Months EndedMarch 31,
2026
2025
2026
vs. 2025(Dollars in thousands)




Operating revenues




Site rental$  51,024
$  26,595
92 %Services988
389
N/MTotal operating revenues52,012
26,984
93 %





Operating expenses




Cost of operations (excluding Depreciation and accretion reported below)21,609
16,290
33 %Selling, general and administrative12,745
29,202
(56) %Depreciation and accretion 12,604
11,993
5 %(Gain) loss on asset disposals, net904
226
N/M(Gain) loss on license sales and exchanges, net(156,635)
(1,100)
N/MTotal operating expenses(108,773)
56,611
N/M





Operating income (loss)$ 160,785
$ (29,627)
N/M
N/M - Percentage change not meaningful Telephone and Data Systems, Inc.Financial Measures(Unaudited)Free Cash Flow

Three Months EndedMarch 31,TDS CONSOLIDATED2026
2025(Dollars in thousands)


Cash flows from operating activities - continuing operations (GAAP)$          68,094
$         (42,460)Cash paid for additions to property, plant and equipment(149,041)
(64,391)Cash paid for software license agreements(166)
(839)Free cash flow - continuing operations (Non-GAAP)1$         (81,113)
$        (107,690)

1Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.Telephone and Data Systems, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)EBITDA, Adjusted EBITDA and Adjusted OIBDAThe following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income (loss) before income taxes.
Three Months EndedMarch 31,TDS Telecom2026
2025(Dollars in thousands)


Net income (GAAP)$         1,047
$         3,527Add back or deduct:


Income tax expense (benefit)(2,089)
1,135Income (loss) before income taxes (GAAP)(1,042)
4,662Add back:


Interest expense(157)
(1,465)Depreciation, amortization and accretion expense72,555
71,440EBITDA (Non-GAAP)71,356
74,637Add back or deduct:


Expenses related to strategic alternatives review87
—(Gain) loss on asset disposals, net833
1,662(Gain) loss on sale of business and other exit costs, net1,562
24Adjusted EBITDA (Non-GAAP)73,838
76,323Deduct:


Interest and dividend income1,145
1,401Other, net1,388
1,937Adjusted OIBDA (Non-GAAP)$       71,305
$       72,985 
Three Months EndedMarch 31,Array2026
2025(Dollars in thousands)


Net income from continuing operations (GAAP)$      180,024
$         5,483Add back or deduct:


Income tax expense (benefit)52,398
(192)Income before income taxes (GAAP)232,422
5,291Add back:


Interest expense7,180
3,667Depreciation and accretion expense12,604
11,993EBITDA (Non-GAAP)252,206
20,951Add back or deduct:


Expenses related to strategic alternatives review187
1,145(Gain) loss on asset disposals, net904
226(Gain) loss on license sales and exchanges, net(156,635)
(1,100)Short-term imputed spectrum lease income(34,200)
—Adjusted EBITDA (Non-GAAP)62,462
21,222Deduct:


Equity in earnings of unconsolidated entities40,408
35,927Interest and dividend income4,223
2,658Other, net(14)
—Adjusted OIBDA (Non-GAAP)$       17,845
$      (17,363)Array Adjusted Free Cash Flow (AFCF)AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.Management believes AFCF is a useful measure of Array's cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company.
Three Months Ended
March 31, 2026(Dollars in thousands)
Net income from continuing operations - Array (GAAP)$                 180,024Add back or deduct:
Income tax expense52,398Cash paid for income taxes(220)Stock-based compensation expense227Short-term imputed spectrum lease income(34,200)Amortization of deferred debt charges319Equity in earnings of unconsolidated entities(40,408)Distributions from unconsolidated entities18,373(Gain) loss on license sales and exchanges, net(156,635)(Gain) loss on asset disposals, net904Depreciation and accretion12,604Expenses related to strategic alternatives review187Straight line and other non-cash revenue adjustments(2,874)Straight line expense adjustment1,342Maintenance and other capital expenditures(1,388)Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP)$                   30,653  View original content:https://www.prnewswire.com/news-releases/tds-reports-first-quarter-2026-results-302766869.htmlSOURCE Telephone and Data Systems, Inc. Original: TDS reports first quarter 2026 results

Array Digital Infrastructure Forms Special Committee of Independent Directors in Response to Receipt of Non-Binding Proposal from TDSMay 8, 2026 7:15 AM
PR Newswire (US) CHICAGO, May 8, 2026 /PRNewswire/ -- Array Digital Infrastructure, Inc. (NYSE: AD) ("Array" or the "Company") confirmed today that its board of directors (the "Board") has received a non-binding proposal, dated May 7, 2026, from Telephone and Data Systems, Inc. (NYSE: TDS) ("TDS") to acquire all of the outstanding common shares of the Company not currently owned by TDS (the "Proposal"). A copy of the proposal letter from TDS is available as an exhibit to the Current Report on Form 8-K as publicly filed by TDS today with the Securities and Exchange Commission.   Currently, TDS owns approximately 81.9% of the outstanding capital stock of and 95.9% of the voting interests in the Company. The Proposal is conditioned on, among other things, the recommendation of a special committee of disinterested directors of the Company and the approval by a majority of the votes cast by disinterested stockholders.The Array Board has established a special committee (the "Special Committee"), comprised solely of three disinterested and independent directors, to analyze, evaluate and negotiate (or reject) the Proposal.The Special Committee has not made any decision with respect to the Proposal at this time. The Special Committee has retained PJT Partners as its independent financial advisor and Cravath, Swaine & Moore LLP as its independent legal counsel. The Special Committee intends, together with its independent advisors, to carefully evaluate the Proposal to determine the course of action that it believes is in the best interests of the Company and its disinterested shareholders.The Proposal constitutes only an indication of interest by TDS and does not constitute a binding commitment with respect to the proposed transaction or any other transaction. There can be no assurance that any transaction will be accepted, rejected, consummated or abandoned, or any certainty with respect to the terms, timing and conditions of a transaction in the event an agreement is reached.The Company and the Special Committee do not undertake any obligation to provide any updates with respect to the Proposal or any other transaction, or to provide any additional disclosures to reflect subsequent events, new information or future circumstances, except as required under applicable law. Shareholders of the Company do not need to take any action at this time.About ArrayArray Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,450 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. Currently, Telephone and Data Systems, Inc. owns approximately 81.9% of the outstanding capital stock of and 95.9% of the voting interests in Array.Forward-Looking StatementsAll information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether the Proposal will be accepted, rejected, consummated or abandoned; whether the Proposal, if accepted or completed, will result in additional value for the Company's shareholders; whether the transaction process relating to the Proposal could result in adverse effects on the Company's business; the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon will be consummated; whether Array can monetize the remaining spectrum assets; competition in the tower industry; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent; inability to protect Array's real estate rights, with respect to land leases; advances or changes in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties; uncertainties in Array's future cash flows and liquidity and access to the capital markets; the ability to make payments on indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by TDS; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of Array's Form 10-K for the fiscal year ended December 31, 2025 and Array's Form 10-Q for the quarter ended March 31, 2026. View original content:https://www.prnewswire.com/news-releases/array-digital-infrastructure-forms-special-committee-of-independent-directors-in-response-to-receipt-of-non-binding-proposal-from-tds-302766589.htmlSOURCE Array Digital Infrastructure, Inc. Original: Array Digital Infrastructure Forms Special Committee of Independent Directors in Response to Receipt of Non-Binding Proposal from TDS

Telephone and Data Systems Announces Proposal to Acquire Public Shares of Array Digital InfrastructureMay 8, 2026 7:00 AM
PR Newswire (US) Proposed transaction aims to streamline corporate structure and enhance capital flexibility to support TDS' long-term growth CHICAGO, May 8, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) (the "Company" or "TDS") today announced that it has submitted a proposal to the Board of Directors of Array Digital Infrastructure, Inc. (NYSE: AD) ("Array") to acquire, by way of a merger, all of the outstanding common shares of Array that are not currently owned by TDS in an all-stock transaction.Under the terms of the proposal, each Array Common Share not owned by TDS would be exchanged for 0.86 of a TDS Common Share (the "Exchange Ratio"). The Exchange Ratio assumes that the previously-announced spectrum license sales identified in the TDS offer letter will have closed prior to the closing of the transaction contemplated by the proposal (the "Closing"). The Exchange Ratio further assumes that the Array Board, consistent with its treatment of net proceeds from prior spectrum sales, will have declared and paid a dividend of $10.40 per share (approximately $900 million in aggregate) to Array stockholders prior to the Closing. This Exchange Ratio reflects an at-market offer based, subject to the assumption described in the preceding paragraph, on yesterday's closing prices.The transaction is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes."As TDS continues its transformation, this proposal is the next step in executing our strategy, simplifying our corporate structure and enhancing our ability to invest in targeted areas of growth," said Walter Carlson, President and Chief Executive Officer of TDS. "Array has successfully transitioned to a tower-focused company, and we are committed to supporting its continued growth. By bringing Array fully under TDS' ownership, Array's stockholders would retain a significant interest in the tower business while gaining exposure to TDS' growing fiber business. We expect the transaction to eliminate duplicative corporate costs, streamline corporate governance, increase share liquidity, and strengthen our capital structure, providing greater flexibility to pursue strategic investments across all our businesses, including towers and fiber. We believe this transaction will position the combined company for long-term growth."As detailed in the proposal sent to Array, which will be filed with the SEC, the proposed transaction would be subject to the negotiation and execution of mutually acceptable definitive transaction documents. A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. The terms of the transaction would require the review and recommendation by the special committee and the approval of the disinterested stockholders of Array by a majority of the votes cast by the disinterested stockholders. The transaction would also be subject to approval of TDS stockholders and the satisfaction of customary closing conditions.TDS does not intend to sell or otherwise transfer its interest in Array and will not entertain any third-party offers for Array or its assets in lieu of its proposal. TDS continues to support Array's previously-disclosed intention to opportunistically monetize its remaining wireless spectrum.TDS First Quarter 2026 Earnings Results
In a separate press release issued today, TDS reported its first quarter 2026 financial results. There will be a live conference call and webcast to discuss the results and address the proposed transaction today at 9:00 AM Central Time.Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://events.q4inc.com/attendee/890846584Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.Advisors
TDS has engaged Wells Fargo as its financial advisor and Sidley Austin LLP as its legal counsel in connection with the proposed transaction.About TDS
Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.About Array
Array is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. Headquartered in Chicago, Array is approximately 82% owned by TDS.For more information about TDS and its subsidiaries, visit: 
TDS: tdsinc.com 
Array: arrayinc.com
TDS Telecom: tdstelecom.comNOT AN OFFER; ADDITIONAL INFORMATION
This communication relates to a proposed acquisition by Telephone and Data Systems, Inc. ("TDS") of the outstanding common shares of Array Digital Infrastructure, Inc. ("Array") that TDS does not currently own. This communication does not constitute an offer to buy, or a solicitation of an offer to sell, any securities of TDS or Array. In connection with the proposed transaction, if a definitive agreement is reached by TDS and Array, TDS may file with the Securities and Exchange Commission ("SEC") a registration statement registering the TDS common shares that would be issued in connection with the proposed transaction and TDS and Array may file a joint proxy statement/prospectus relating to the proposed transaction. TDS and Array shareholders are urged to read the joint proxy statement/prospectus if and when it becomes available because it will contain important information about TDS, Array and the proposed transaction. The joint proxy statement/prospectus and other documents relating to the proposed transaction (when they become available) will also be able to be obtained free of charge from the SEC's website at www.sec.gov. The joint proxy statement/prospectus and other documents (when they are available) will also be able to be obtained from Array upon written request to Array or from TDS upon written request to TDS.FORWARD LOOKING STATEMENTS
This communication contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect TDS' current estimates, expectations and projections about TDS' future results, performance, prospects and opportunities. Such forward-looking statements may include, among other things, statements about the proposed acquisition of Array, the benefits and synergies of the proposed transaction, future opportunities for TDS, Array and the combined company, and any other statements regarding TDS', Array's or the combined company's future operations, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, competition and other expectations and estimates for future periods. Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "plan," "may," "should," "will," "would," "project," "forecast," and similar expressions. These forward-looking statements are based upon information currently available to TDS and are subject to a number of risks, uncertainties, and other factors that could cause TDS', Array's or the combined company's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Important factors that could cause TDS', Array's or the combined company's actual results to differ materially from the results referred to in the forward-looking statements TDS makes in this communication include: the possibility that a definitive merger agreement to effect the proposed transaction may not be entered into; the possibility that the conditions to the consummation of the proposed transaction will not be satisfied; failure to obtain, delays in obtaining or adverse conditions related to obtaining shareholder or other approvals; the ability to obtain the anticipated business benefits of the transaction and the ability to obtain the anticipated tax treatment of the proposed transaction. In addition, the TDS business is subject to the risks and uncertainties described in TDS' Annual Report on Form 10-K on file with the SEC and from time to time in other filed reports including TDS' Quarterly Reports on Form 10-Q. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this communication are made only as of the date of this communication, and TDS undertakes no obligation to update any forward-looking information contained in this communication, or with respect to the announcements described herein to reflect subsequent events or circumstances.PARTICIPANTS IN THE SOLICITATION
This communication is not a solicitation of a proxy from any security holder of TDS or Array. However, Array, TDS and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders of Array and TDS in connection with the proposed transaction under the rules of the SEC. Information about the directors and executive officers of TDS may be found in its Annual Report on Form 10-K, filed with the SEC on February 24, 2026 and its definitive proxy statement relating to its 2026 Annual Meeting, filed with the SEC on April 8, 2026. Information about the directors and executive officers of Array may be found in its Annual Report on Form 10-K, filed with the SEC on February 20, 2026 and its definitive proxy statement relating to its 2026 Annual Meeting, filed with the SEC on April 7, 2026. View original content:https://www.prnewswire.com/news-releases/telephone-and-data-systems-announces-proposal-to-acquire-public-shares-of-array-digital-infrastructure-302766577.htmlSOURCE Telephone and Data Systems, Inc. Original: Telephone and Data Systems Announces Proposal to Acquire Public Shares of Array Digital Infrastructure

TDS and Array to release first quarter operating results and host conference call on May 8, 2026May 1, 2026 8:00 AM
PR Newswire (US)

CHICAGO, May 1, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) and Array Digital Infrastructure, Inc. (NYSE: AD) will webcast their fourth quarter operating results conference call on May 8, 2026, at 9:00 a.m. Central Time. The companies will release their financial results on May 8, 2026. To listen to the webcast, please visit the events & presentations pages of investors.tdsinc.com or investors.arrayinc.com. The presentations will be webcast both live and on demand. It is recommended that you register at least 15 minutes before the beginning of the presentation to register, download, and install any necessary multimedia streaming software. About TDS 
Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.For more information about TDS and its subsidiaries, visit: 
TDS®: tdsinc.com 
ArraySM: arrayinc.com
TDS Telecom: tdstelecom.com



View original content:https://www.prnewswire.com/news-releases/tds-and-array-to-release-first-quarter-operating-results-and-host-conference-call-on-may-8-2026-302760039.htmlSOURCE Telephone and Data Systems, Inc. and Array Digital Infrastructure, Inc.

Original: TDS and Array to release first quarter operating results and host conference call on May 8, 2026

TDS and Array to present at Raymond James 47th Annual Institutional Investors ConferenceFebruary 24, 2026 6:20 PM
PR Newswire (US)

CHICAGO, Feb. 24, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS®) and Array Digital Infrastructure, Inc. (NYSE: AD) (Array SM) will present at the Raymond James 47th Annual Institutional Investors Conference in Orlando, Fla. on March 3, 2026, at 10:25 a.m. ET.Vicki L. Villacrez, Executive Vice President and Chief Financial Officer, and Kris Bothfeld, Vice President of Financial Analysis and Strategic Planning, of TDS will present. The presentation will be webcast both live and on demand. To listen to the presentation, please visit the events & presentations pages of investors.tdsinc.com or investors.arrayinc.com. It is recommended that you register at least 15 minutes before the start of the presentation to register, download and install any necessary multimedia streaming software.About TDS Founded in 1969, TDS provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.About ArrayArray is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. Headquartered in Chicago, Array is approximately 82% owned by TDS. For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com 
TDS Telecom: www.tdstelecom.com 
Array: www.arrayinc.com



View original content:https://www.prnewswire.com/news-releases/tds-and-array-to-present-at-raymond-james-47th-annual-institutional-investors-conference-302696334.htmlSOURCE Telephone and Data Systems, Inc. and Array Digital Infrastructure, Inc.

Original: TDS and Array to present at Raymond James 47th Annual Institutional Investors Conference

Telephone & Data Systems rises more than 5% after Q4 earnings and revenue top estimatesFebruary 20, 2026 8:16 AM
IH Market News
Shares of Telephone and Data Systems, Inc. (NYSE: TDS) climbed over 5% in premarket trading Friday after the company delivered fourth-quarter results that exceeded Wall Street forecasts, closing what executives called a pivotal year for the business.For the quarter, TDS reported earnings per share of $0.32, comfortably above the consensus estimate of $0.09 — a $0.23 upside surprise. Revenue from continuing operations reached $330.7 million, beating expectations of $320.01 million and increasing from $295.3 million in the same period last year. Net income attributable to common shareholders from continuing operations totaled $39.2 million, compared with a loss in the prior-year quarter.For full-year 2025, consolidated operating revenue came in at $1.23 billion, down from $1.30 billion in 2024. However, profitability improved markedly, with net income attributable to common shareholders rising to $48.2 million from a loss of $141.4 million a year earlier.“2025 was a year of significant transformation for TDS,” said Walter Carlson, president and CEO. “We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, and ended the year with 1.06 million marketable fiber service addresses at TDS Telecom.”Over the course of the year, TDS finalized a $1.018 billion spectrum transaction with AT&T, distributed a $10.25 per share special dividend in February 2026, and repurchased 1.77 million shares for $67.4 million. TDS Telecom also expanded its fiber footprint by adding 140,000 new service addresses in 2025 and increased its long-term fiber target to 2.1 million addresses.Looking ahead, the company projected fiscal 2026 revenue in the range of $1.015 billion to $1.055 billion, below the $1.281 billion consensus estimate, as it continues to prioritize fiber buildout and strategic repositioning efforts.Telephone and Data Systems stock price

Original: Telephone & Data Systems rises more than 5% after Q4 earnings and revenue top estimates

TDS announces first quarter 2026 dividendsFebruary 20, 2026 7:30 AM
PR Newswire (US)

CHICAGO, Feb. 20, 2026 /PRNewswire/ -- The board of directors of Telephone and Data Systems, Inc. (NYSE: TDS) has declared first quarter 2026 dividends on its Common Shares, Series A Common Shares, Series UU Preferred Shares and Series VV Preferred Shares.
TDS is paying a quarterly dividend of $0.04 per Common Share and Series A Common Share payable on March 31, 2026, to holders of record on March 16, 2026.TDS is paying a quarterly dividend of $414.0625 per share on the company's 6.625% Series UU Preferred shares; holders of depositary shares will receive $0.4140625 per depositary share payable on March 31, 2026, to holders of record on March 16, 2026.TDS is paying a quarterly dividend of $375.0000 per share on the company's 6.000% Series VV Preferred shares; holders of depositary shares will receive $0.3750000 per depositary share payable on March 31, 2026, to holders of record on March 16, 2026.The tickers for each class are as follows: the TDS Common shares is "TDS", the Series UU depositary shares is "TDSPrU" and the Series VV depositary shares is "TDSPrV".About TDS
Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.For more information about TDS and its subsidiaries, visit:TDS: www.tdsinc.com
TDS Telecom: www.tdstelecom.com
Array: investors.arrayinc.com



View original content:https://www.prnewswire.com/news-releases/tds-announces-first-quarter-2026-dividends-302693270.htmlSOURCE Telephone and Data Systems, Inc.

Original: TDS announces first quarter 2026 dividends

TDS reports fourth quarter and full year 2025 resultsFebruary 20, 2026 7:30 AM
PR Newswire (US)

TDS Telecom increases its long-term marketable fiber service goal to 2.1 million addressesTDS Telecom and Array provide 2026 guidanceCHICAGO, Feb. 20, 2026 /PRNewswire/ --As previously announced, TDS will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.Telephone and Data Systems, Inc. (NYSE:TDS) reported results for the fourth quarter and full year 2025."2025 was a year of significant transformation for TDS," said Walter Carlson, President and CEO. "We completed the largest transaction in our history with the sale of our wireless business, launched a new tower company now operating as Array, and ended the year with 1.06 million marketable fiber service addresses at TDS Telecom. These actions strengthened our balance sheet and positioned the company for sustainable growth."HighlightsTDSRepurchased 1,765,863 Common Shares for $67.4 million in the fourth quarter of 2025Repaid $150 million of Export Development Canada debt in January 2026TDS TelecomExecuted on fiber broadband strategyGrew fiber net additions 44,900 in 2025Deployed 140,000 new marketable fiber service addresses in 2025Increased long-term marketable fiber service address goal to 2.1 million, an increase of 300,000 addressesArrayGrew site rental revenues 51% year over year Closed on the sale of wireless spectrum with AT&T on January 13, 2026, for $1.018 billionPaid a $10.25 per share special dividend on February 2, 2026TDS reported total operating revenues from continuing operations of $330.7 million for the fourth quarter of 2025, versus $295.3 million for the same period one year ago. Net income attributable to TDS common shareholders and related diluted earnings per share from continuing operations were $37.2 million and $0.32, respectively, for the fourth quarter of 2025 compared to $1.0 million and $0.01, respectively, in the same period one year ago.TDS reported total operating revenues from continuing operations of $1,228.2 million and $1,297.0 million for the years ended 2025 and 2024, respectively. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share from continuing operations were $48.2 million and $0.39, respectively, for the year ended 2025 compared to $(141.4) million and $(1.24), respectively, for the year ended 2024."In 2026, we intend to continue to advance our strategic priorities by investing in the expansion of TDS Telecom's fiber business and supporting co-location and profitability initiatives at Array. We also expect to close our pending spectrum transactions and pursue opportunities to further monetize our remaining spectrum," Carlson added.2026 Estimated ResultsTDS' current estimates of full-year 2026 results for TDS Telecom and Array are shown below. Such estimates represent management's view as of February 20, 2026 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.TDS Telecom2026 Estimated
Results
Actual Results for
the Year Ended
December 31, 2025*(Dollars in millions)


Total operating revenues$1,015-$1,055
$1,038Adjusted OIBDA1 (Non-GAAP)$300-$340
$319Adjusted EBITDA1 (Non-GAAP)$310-$350
$330Capital expenditures$550-$600
$406* The 2025 divestitures at TDS Telecom impact year-over-year comparisons. The divested markets contributed $19M in annual revenues in 2025.



Array2026 Estimated
Results
Actual Results for
the Year Ended
December 31, 2025(Dollars in millions)


Total operating revenues $200-$215
$163Adjusted OIBDA1 (Non-GAAP) $50-$65
$1Adjusted EBITDA1 (Non-GAAP) $200-$215
$194Capital expenditures $25-$35
$30The following tables reconcile EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2026 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.

TDS Telecom
Array

2026 Estimated Results
Actual Results forthe Year EndedDecember 31, 2025
2026 Estimated Results
Actual Results forthe Year EndedDecember 31, 2025(Dollars in millions)







Net income from continuing operations (GAAP)
N/A
$28
N/A
$172Add back:







Income tax expense (benefit)
N/A
10
N/A
(31)Income (loss) before income taxes (GAAP)
($15)-$25
$38
 $780-$795
$141Add back or deduct:







Interest expense
—
(7)
45
28Depreciation, amortization and accretion
325
300
50
48EBITDA (Non-GAAP)1
 $310-$350
$331
 $875-$890
$218Add back or deduct:







Expenses related to strategic alternatives review
—
6
—
2Loss on impairment of intangible assets
—
1
—
48(Gain) loss on asset disposals, net
—
15
—
2(Gain) loss on sale of business and other exit costs, net
—
(23)
—
—(Gain) loss on license sales and exchanges, net
—
—
(595)
(6)Short-term imputed spectrum lease income
—
—
(80)
(69)Adjusted EBITDA (Non-GAAP)1
$310-$350
$330
 $200-$215
$194Deduct:







Equity in earnings of unconsolidated entities
—
—
140
174Interest and dividend income
5
6
10
19Other, net
5
5
—
—Adjusted OIBDA (Non-GAAP)1
$300-$340
$319
 $50-$65
$1Numbers may not foot due to rounding. 1          EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes.Conference Call Information
TDS will hold a conference call on February 20, 2026 at 9:00 a.m. Central Time.Access the live call on the Events & Presentations page of investors.tdsinc.com or at https://events.q4inc.com/attendee/189864142Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.About TDS
Telephone and Data Systems, Inc. (TDS) provides broadband, video, voice and wireless services through its TDS Telecom business.  Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. Founded in 1969, TDS is headquartered in Chicago.Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements.  This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon are consummated; whether Array can monetize its remaining spectrum assets; intense competition; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; inability to protect TDS' real estate rights, with respect to land leases; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances or changes in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K.For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
TDS Telecom: www.tdstelecom.com
Array: investors.arrayinc.com Array Digital Infrastructure, Inc.Summary Operating Data (Unaudited) As of or for the Quarter Ended12/31/2025
9/30/2025Capital expenditures from continuing operations (thousands)$      12,933
$        7,927Owned towers4,450
4,449Number of colocations14,572
4,517Tower tenancy rate21.03
1.021          Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA.

2          Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. TDS TelecomSummary Operating Data (Unaudited) As of or for the Quarter Ended12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024Residential connections








Broadband








Incumbent Fiber127,300
123,500
121,200
119,700
118,500Incumbent Copper91,200
102,000
106,500
112,600
116,900Expansion Fiber160,600
150,700
141,800
133,200
126,100Cable182,800
186,100
188,200
190,200
191,500Total Broadband561,900
562,400
557,700
555,800
553,000Video111,500
114,300
116,500
118,700
121,000Voice228,900
242,200
248,700
256,900
261,600Wireless3,300
2,200
1,600
900
100Total Residential connections905,600
921,100
924,500
932,300
935,700Commercial connections173,900
180,300
184,300
187,600
190,500Total connections11,079,500
1,101,300
1,108,800
1,119,900
1,126,300









Total residential fiber net adds15,100
11,200
10,300
8,300
13,600Total residential broadband net adds4,500
4,600
3,900
2,800
7,900









Residential fiber churn21.2 %
1.5 %
1.1 %
0.9 %
1.0 %Total residential broadband churn1.6 %
1.7 %
1.5 %
1.3 %
1.4 %









Residential revenue per connection3$        65.95
$        65.66
$        65.85
$        65.67
$        64.72









Capital expenditures (thousands)$    154,904
$    102,429
$      90,187
$      58,870
$      81,743Numbers may not foot due to rounding.

1   Divestitures in 2025 resulted in a decrease of 19,400 connections, including 7,700 residential broadband connections.

2   Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.

3    Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.  Telephone and Data Systems, Inc.Consolidated Statement of Operations Highlights(Unaudited)












Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025vs. 2024
2025
2024
2025vs. 2024(Dollars and shares in thousands, except per share amounts)










Operating revenues










TDS Telecom$  260,956
$  264,295
(1) %
$  1,038,358
$  1,060,857
(2) %Array60,328
26,089
N/M
162,961
102,933
58 %All Other19,428
4,964
90 %
26,888
133,188
(80) %
330,712
295,348
12 %
1,228,207
1,296,978
(5) %Operating expenses










TDS Telecom










Expenses excluding depreciation, amortization and accretion179,941
187,101
(4) %
725,672
720,517
1 %Depreciation, amortization and accretion76,720
71,713
7 %
300,196
270,660
11 %Loss on impairment of intangible assets900
1,103
(18) %
900
1,103
(18) %(Gain) loss on asset disposals, net7,163
4,032
78 %
15,054
12,376
22 %(Gain) loss on sale of business and other exit costs, net(17,886)
(49,108)
64 %
(23,121)
(49,108)
53 %
246,838
214,841
15 %
1,018,701
955,548
7 %Array










Expenses excluding depreciation, amortization and accretion38,204
43,733
(13) %
163,929
175,553
(7) %Depreciation, amortization and accretion12,402
12,156
2 %
48,262
47,212
2 %Loss on impairment of intangible assets—
—
N/M
47,679
136,234
(65) %(Gain) loss on asset disposals, net1,125
219
N/M
1,746
809
N/M(Gain) loss on license sales and exchanges, net—
(900)
—
(6,123)
3,460
N/M
51,731
55,208
(6) %
255,493
363,268
(30) %All Other1










Expenses excluding depreciation, amortization and accretion14,610
14,989
(3) %
48,721
180,882
(73) %Depreciation, amortization and accretion667
950
(30) %
3,427
7,825
(56) %(Gain) loss on asset disposals, net36
(9)
N/M
47
(44)
N/M(Gain) loss on sale of business and other exit costs, net—
(7,510)
N/M
(797)
(19,242)
96 %
15,313
8,420
82 %
51,398
169,421
(70) %Total operating expenses313,882
278,469
13 %
1,325,592
1,488,237
(11) %











Operating income (loss)










TDS Telecom14,118
49,454
(71) %
19,657
105,309
(81) %Array8,597
(29,119)
N/M
(92,532)
(260,335)
64 %All Other1(5,885)
(3,456)
(70) %
(24,510)
(36,233)
(32) %
16,830
16,879
—
(97,385)
(191,259)
49 %Other income (expense)










Equity in earnings of unconsolidated entities26,792
38,506
(30) %
176,101
163,623
8 %Interest and dividend income12,263
6,933
77 %
40,307
27,201
48 %Interest expense(12,316)
(29,657)
58 %
(112,668)
(108,575)
(4) %Short-term imputed spectrum lease income38,619
—
N/M
69,033
—
N/MOther, net3,112
2,541
22 %
13,574
5,622
N/MTotal other income68,470
18,323
N/M
186,347
87,871
N/MIncome (loss) before income taxes85,300
35,202
N/M
88,962
(103,388)
N/MIncome tax expense (benefit)22,936
14,728
56 %
(62,184)
(22,067)
N/MNet income (loss) from continuing operations62,364
20,474
N/M
151,146
(81,321)
N/MLess: Net income (loss) from continuing operations
attributable to noncontrolling interests, net of tax7,839
2,163
N/M
33,742
(9,150)
N/MNet income (loss) from continuing operations attributable
to TDS shareholders$     54,525
$    18,311
N/M
$   117,404
$    (72,171)
N/M











Net income (loss) from discontinued operations$       1,246
$   (13,313)
N/M
$  (130,904)
$     54,840
N/MLess: Net income (loss) from discontinued
operations attributable to noncontrolling interests, net of tax(701)
(865)
(19) %
(7,264)
10,374
N/MNet income (loss) from discontinued operations attributable
to TDS shareholders1,947
(12,448)
N/M
(123,640)
44,466
N/M











Net income (loss)63,610
7,161
N/M
20,242
(26,481)
N/MLess: Net income attributable to noncontrolling interests,
net of tax7,138
1,298
N/M
26,478
1,224
N/MNet income (loss) attributable to TDS shareholders56,472
5,863
N/M
(6,236)
(27,705)
77 %TDS Preferred Share dividends17,306
17,306
—
69,225
69,225
—Net income (loss) attributable to TDS common shareholders$    39,166
$   (11,443)
N/M
$    (75,461)
$    (96,930)
22 %











Basic weighted average shares outstanding114,767
114,282
–
115,179
113,714
1 %











Basic earnings (loss) per share from continuing
operations attributable to TDS common shareholders$         0.32
$         0.01
N/M
$         0.42
$        (1.24)
N/MBasic earnings (loss) per share from discontinued
operations attributable to TDS common shareholders$         0.02
$        (0.11)
N/M
$        (1.08)
$         0.39
N/MBasic earnings (loss) per share attributable to TDS
common shareholders$         0.34
$       (0.10)
N/M
$        (0.66)
$        (0.85)
23 %











Diluted weighted average shares outstanding117,516
118,273
(1) %
118,563
113,714
4 %











Diluted earnings (loss) per share from continuing
operations attributable to TDS common shareholders$         0.32
$         0.01
N/M
$         0.39
$        (1.24)
N/MDiluted earnings (loss) per share from discontinued
operations attributable to TDS common shareholders$         0.01
$        (0.11)
N/M
$        (1.04)
$         0.39
N/MDiluted earnings (loss) per share attributable to TDS
common shareholders$         0.33
$        (0.10)
N/M
$        (0.65)
$        (0.85)
23 %











N/M - Percentage change not meaningful.






















1   Consists of TDS corporate, intercompany eliminations and all other business operations not included in the Array and TDS Telecom segments.  Telephone and Data Systems, Inc.Consolidated Statement of Cash Flows(Unaudited) Year Ended December 31,2025
2024(Dollars in thousands)


Cash flows from operating activities


Net income (loss)$         20,242
$        (26,481)Net income (loss) from discontinued operations(130,904)
54,840Net income (loss) from continuing operations151,146
(81,321)Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities


Depreciation, amortization and accretion351,885
325,697Bad debts expense8,172
7,424Stock-based compensation expense27,174
18,335Deferred income taxes, net(66,190)
(20,978)Equity in earnings of unconsolidated entities(176,101)
(163,623)Distributions from unconsolidated entities215,599
168,701Loss on impairment of intangible assets48,579
137,337(Gain) loss on asset disposals, net16,847
13,141(Gain) loss on sale of business and other exit costs, net(23,918)
(68,350)(Gain) loss on license sales and exchanges, net(6,123)
3,460Other operating activities29,617
4,576Changes in assets and liabilities from operations


Accounts receivable(24,189)
6,185Inventory(10)
(327)Accounts payable(9,830)
(56,066)Customer deposits and deferred revenues(70,569)
399Accrued taxes(19,837)
(5,105)Other assets and liabilities(113,968)
6,295Net cash provided by operating activities - continuing operations338,284
295,780Net cash provided by operating activities - discontinued operations251,605
850,093Net cash provided by operating activities589,889
1,145,873



Cash flows from investing activities


Cash paid for additions to property, plant and equipment(390,529)
(365,446)Cash paid for licenses(4,175)
(19,198)Cash received from divestitures72,342
147,267Other investing activities4,067
1,449Net cash used in investing activities - continuing operations(318,295)
(235,928)Net cash provided by (used in) investing activities - discontinued operations2,462,399
(518,572)Net cash provided by (used in) investing activities2,144,104
(754,500)



Cash flows from financing activities


Issuance of long-term debt325,000
440,000Repayment of long-term debt(1,962,116)
(455,548)Tax withholdings, net of cash receipts, for TDS stock-based compensation awards(1,275)
(2,308)Tax withholdings, net of cash receipts, for Array stock-based compensation awards(63,446)
(11,246)Repurchase of TDS Common Shares(108,129)
—Repurchase of Array Common Shares(21,360)
(54,091)Dividends paid to TDS shareholders(87,670)
(104,383)Array dividends paid to noncontrolling public shareholders(358,579)
—Payment of debt issuance costs(8,830)
(16,170)Distributions to noncontrolling interests(21,932)
(4,716)Cash paid for software license agreements(1,933)
(1,251)Other financing activities(16,258)
(1,115)Net cash used in financing activities - continuing operations(2,326,528)
(210,828)Net cash used in financing activities - discontinued operations(20,537)
(66,631)Net cash used in financing activities(2,347,065)
(277,459)



Net increase in cash, cash equivalents and restricted cash386,928
113,914



Cash, cash equivalents and restricted cash


Beginning of period383,222
269,308End of period$       770,150
$       383,222 Telephone and Data Systems, Inc.Consolidated Balance Sheet Highlights(Unaudited) ASSETS December 31,2025
2024(Dollars in thousands)


Current assets


Cash and cash equivalents$           765,952
$           363,612Accounts receivable, net109,981
98,552Inventory, net4,062
4,052Prepaid expenses28,206
32,367Income taxes receivable1,292
2,487Current assets of discontinued operations—
1,163,032Other current assets13,976
31,088Total current assets923,469
1,695,190



Non-current assets held for sale1,598,131
12



Non-current assets of discontinued operations—
4,499,561



Licenses1,642,972
3,289,648



Other intangible assets, net131,673
160,804



Investments in unconsolidated entities461,922
500,471



Property, plant and equipment, net2,965,455
2,876,214



Operating lease right-of-use assets515,081
520,902



Other assets and deferred charges159,600
139,430



Total assets$        8,398,303
$      13,682,232 Telephone and Data Systems, Inc.Consolidated Balance Sheet Highlights(Unaudited) LIABILITIES AND EQUITY December 31,2025
2024(Dollars in thousands, except per share amounts)


Current liabilities


Current portion of long-term debt$                5,274
$              31,131Accounts payable115,822
74,866Customer deposits and deferred revenues125,140
46,992Accrued interest2,836
8,999Accrued taxes46,721
36,561Accrued compensation56,774
147,061Short-term operating lease liabilities26,180
27,529Current liabilities of discontinued operations20,242
671,575Other current liabilities41,322
44,980Total current liabilities440,311
1,089,694



Non-current liabilities of discontinued operations—
2,310,660



Deferred liabilities and credits


Deferred income tax liability, net743,633
980,769Long-term operating lease liabilities549,617
540,904Other deferred liabilities and credits574,025
460,676



Long-term debt, net823,364
2,415,686



Noncontrolling interests with redemption features—
15,831



Total equity5,267,353
5,868,012



Total liabilities and equity$        8,398,303
$      13,682,232 Balance Sheet Highlights(Unaudited) 
December 31, 2025
TDSTelecom
Array
TDS Corporate& Other
IntercompanyEliminations
TDSConsolidated(Dollars in thousands)








Cash and cash equivalents$          144,968
$         113,400
$          655,894
$        (148,310)
$         765,952









Licenses and other intangible assets$          131,826
$      1,642,187
$                 632
$                   —
$      1,774,645Investment in unconsolidated entities3,947
412,608
55,868
(10,501)
461,922
$          135,773
$      2,054,795
$            56,500
$          (10,501)
$      2,236,567









Property, plant and equipment, net$       2,562,057
$         388,999
$            14,399
$                   —
$      2,965,455









Long-term debt, net:








Current portion$                 160
$             4,063
$              1,051
$                   —
$             5,274Non-current portion2,887
670,258
150,219
—
823,364
$              3,047
$         674,321
$          151,270
$                   —
$         828,638 TDS Telecom Highlights(Unaudited) 
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025 vs.
2024
2025
2024
2025 vs.
2024(Dollars in thousands)










Operating revenues










Residential










Incumbent$    80,179
$    86,164
(7) %
$  332,347
$  355,395
(6) %Expansion41,935
31,373
34 %
152,531
114,113
34 %Cable58,847
64,787
(9) %
245,100
270,444
(9) %Total residential180,961
182,324
(1) %
729,978
739,952
(1) %Commercial33,941
37,374
(9) %
137,258
147,564
(7) %Wholesale45,965
44,363
4 %
170,499
172,520
(1) %Total service revenues260,867
264,061
(1) %
1,037,735
1,060,036
(2) %Equipment revenues89
234
(62) %
623
821
(24) %Total operating revenues260,956
264,295
(1) %
1,038,358
1,060,857
(2) %











Cost of operations (excluding Depreciation,
amortization and accretion reported below)99,351
103,047
(4) %
399,616
399,815
—Cost of equipment and products193
208
(8) %
754
723
4 %Selling, general and administrative expenses80,397
83,846
(4) %
325,302
319,979
2 %Depreciation, amortization and accretion76,720
71,713
7 %
300,196
270,660
11 %Loss on impairment of intangible assets900
1,103
(18) %
900
1,103
(18) %(Gain) loss on asset disposals, net7,163
4,032
78 %
15,054
12,376
22 %(Gain) loss on sale of business and other exit costs, net(17,886)
(49,108)
64 %
(23,121)
(49,108)
53 %Total operating expenses246,838
214,841
15 %
1,018,701
955,548
7 %











Operating income$    14,118
$    49,454
(71) %
$    19,657
$  105,309
(81) % Array Digital Infrastructure, Inc. Highlights(Unaudited)












Three Months EndedDecember 31,
Year EndedDecember 31,Array2025
2024
2025vs. 2024
2025
2024
2025vs. 2024(Dollars in thousands)










Operating revenues










Site rental$    54,990
$    26,019
N/M
$  154,654
$  102,610
51 %Services5,338
70
N/M
8,307
323
N/MTotal operating revenues60,328
26,089
N/M
162,961
102,933
58 %











Operating expenses










Cost of operations (excluding Depreciation,
amortization and accretion reported below)22,823
20,174
13 %
79,485
72,997
9 %Selling, general and administrative15,381
23,559
(35) %
84,444
102,556
(18) %Depreciation, amortization and accretion12,402
12,156
2 %
48,262
47,212
2 %Loss on impairment of licenses—
—
N/M
47,679
136,234
(65) %(Gain) loss on asset disposals, net1,125
219
N/M
1,746
809
N/M(Gain) loss on license sales and exchanges, net—
(900)
N/M
(6,123)
3,460
N/MTotal operating expenses51,731
55,208
(6) %
255,493
363,268
(30) %











Operating income (loss)$      8,597
$  (29,119)
N/M
$  (92,532)
$  (260,335)
64 %











N/M - Percentage change not meaningful 
Telephone and Data Systems, Inc.Financial Measures(Unaudited) Free Cash Flow

Year EndedDecember 31,TDS Consolidated
2025
2024(Dollars in thousands)



Cash flows from operating activities - continuing operations (GAAP)
$             338,284
$             295,780Cash paid for additions to property, plant and equipment
(390,529)
(365,446)Cash paid for software license agreements
(1,933)
(1,251)Free cash flow - continuing operations (Non-GAAP)1
$             (54,178)
$             (70,917)1          Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements. Telephone and Data Systems, Inc.EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations(Unaudited) The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures,
Net income (loss) and Income (loss) before income taxes. 
Three Months EndedDecember 31,
Year EndedDecember 31,TDS Telecom2025
2024
2025
2024(Dollars in thousands)






Net income (GAAP)$              8,187
$            34,008
$            27,516
$            84,901Add back or deduct:






Income tax expense (benefit)9,595
20,301
10,157
35,040Income before income taxes (GAAP)17,782
54,309
37,673
119,941Add back or deduct:






Interest expense(2,487)
(1,676)
(6,654)
(5,197)Depreciation, amortization and accretion expense76,720
71,713
300,196
270,660EBITDA (Non-GAAP)92,015
124,346
331,215
385,404Add back or deduct:






Expenses related to strategic alternatives review2,711
—
6,207
—Loss on impairment of intangible assets900
1,103
900
1,103(Gain) loss on asset disposals, net7,163
4,032
15,054
12,376(Gain) loss on sale of business and other exit costs, net(17,886)
(49,108)
(23,121)
(49,108)Adjusted EBITDA (Non-GAAP)84,903
80,373
330,255
349,775Deduct:






Equity in earnings of unconsolidated entities—
(8)
4
(7)Interest and dividend income1,522
1,892
6,440
5,483Other, net(345)
1,295
4,918
3,959Adjusted OIBDA (Non-GAAP)$            83,726
$            77,194
$         318,893
$         340,340 
Three Months EndedDecember 31,
Year EndedDecember 31,Array2025
2024
2025
2024(Dollars in thousands)






Net income (loss) from continuing operations (GAAP)$            41,764
$            11,832
$         172,267
$          (80,464)Add back or deduct:






Income tax expense (benefit)23,332
(3,656)
(31,148)
(19,256)Income (loss) before income taxes (GAAP)65,096
8,176
141,119
(99,720)Add back:






Interest expense11,989
3,203
28,222
12,405Depreciation, amortization and accretion expense12,402
12,156
48,262
47,212EBITDA (Non-GAAP)89,487
23,535
217,603
(40,103)Add back or deduct:






Expenses related to strategic alternatives review95
1,607
2,444
21,521Loss on impairment of licenses—
—
47,679
136,234(Gain) loss on asset disposals, net1,125
219
1,746
809(Gain) loss on license sales and exchanges, net—
(900)
(6,123)
3,460Short-term imputed spectrum lease income(38,619)
—
(69,033)
—Adjusted EBITDA (Non-GAAP)52,088
24,461
194,316
121,921Deduct:






Equity in earnings of unconsolidated entities26,301
37,919
173,754
161,364Interest and dividend income3,649
2,579
18,917
11,656Other, net(81)
—
169
—Adjusted OIBDA (Non-GAAP)$            22,219
$          (16,037)
$              1,476
$          (51,099)Array Adjusted Free Cash Flow (AFCF)AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.Management believes AFCF is a useful measure of Array's cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company. Array modified its AFCF metric for the three months ended December 31, 2025 to adjust for cash taxes paid in the quarter, which management believes best reflects cash generated from operations and investments. Under the modified presentation, the comparative calculation of AFCF for the three months ended September 30, 2025 would have been $63.4 million.
Three Months Ended
December 31, 2025(Dollars in thousands)
Net income from continuing operations - Array (GAAP)$                              41,764Add back or deduct:
Income tax expense23,332Cash paid for income taxes(191)Stock-based compensation expense259Short-term imputed spectrum lease income(38,619)Amortization of deferred debt charges946Equity in earnings of unconsolidated entities(26,301)Distributions from unconsolidated entities65,867(Gain) loss on asset disposals, net1,125Depreciation, amortization and accretion12,402Expenses related to strategic alternatives review95Straight line and other non-cash revenue adjustments(5,190)Straight line expense adjustment1,398Maintenance and other capital expenditures(2,025)Adjusted Free Cash Flow from continuing operations - Array (Non-GAAP)$                              74,862



View original content:https://www.prnewswire.com/news-releases/tds-reports-fourth-quarter-and-full-year-2025-results-302693316.htmlSOURCE Telephone and Data Systems, Inc.

Original: TDS reports fourth quarter and full year 2025 results

TDS and Array to release fourth quarter operating results and host conference call on February 20, 2026February 13, 2026 8:00 AM
PR Newswire (US)

CHICAGO, Feb. 13, 2026 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) and Array Digital Infrastructure, Inc.SM (NYSE: AD) will webcast their fourth quarter operating results conference call on February 20, 2026, at 9:00 a.m. Central Time. The companies will release their financial results on February 20, 2026. To listen to the webcast, please visit the events & presentations pages of investors.tdsinc.com or investors.arrayinc.com. The presentations will be webcast both live and on demand. It is recommended that you register at least 15 minutes before the beginning of the presentation to register, download, and install any necessary multimedia streaming software. About TDS 
Founded in 1969, Telephone and Data Systems provides broadband services and wireless infrastructure through its businesses, TDS Telecom and Array Digital Infrastructure, Inc.For more information about TDS and its subsidiaries, visit: 
TDS: tdsinc.com 
Array: arrayinc.com
TDS Telecom: tdstelecom.com



View original content:https://www.prnewswire.com/news-releases/tds-and-array-to-release-fourth-quarter-operating-results-and-host-conference-call-on-february-20-2026-302687171.htmlSOURCE Telephone and Data Systems, Inc. and Array Digital Infrastructure, Inc.

Original: TDS and Array to release fourth quarter operating results and host conference call on February 20, 2026

Looking real good!

Lookin' Good

~ Monday! $TDS ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $TDS ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=TDS
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<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=TDS >>>>>>



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*If the earnings date is in error please ignore error. I do my best.

Waiting on the LBB.

TDS Announces Sale of $300 Million of 7 Percent Notes

CHICAGO, March 22, 2011 /PRNewswire via COMTEX/ -- Telephone and Data Systems,
Inc. (TDS)(TDS.S) announced today that, on March 21, 2011, it sold $300 million
of 7 percent Senior Notes due 2060. The notes are callable at par on and after
March 15, 2016. Closing is expected to occur on March 28, 2011.

The notes are expected to be listed on the New York Stock Exchange under the
symbol "TDJ."

Following completion of the offering, TDS expects to use the net proceeds to
redeem all of TDS' 7.6 percent Series A Notes due 2041, of which $282.5 million
in aggregate principal amount remains outstanding, and to use the remaining net
proceeds for general corporate purposes.

TDS intends to file a prospectus supplement with the Securities and Exchange
Commission in connection with the offering. The prospectus supplement relates to
the shelf registration statement filed by TDS on Nov. 5, 2008, that became
effective on Nov. 5, 2008, which registered an indeterminate amount of debt
securities for offer and sale by TDS from time to time.

BofA Merrill Lynch, Citigroup, Wells Fargo Securities and UBS Investment Bank
were joint book-running managers.

The offering is being made only by means of the prospectus. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

TDS

TDS Announces First Quarter 2011 Dividend
Telephone And Data Systems, Inc. (NYSE:TDS)
Intraday Stock Chart

Today : Tuesday 1 March 2011
Click Here for more Telephone And Data Systems, Inc. Charts.

The board of directors of Telephone and Data Systems, Inc. (NYSE: TDS, TDS.S), a leading provider of telecommunications services, has declared a first quarter 2011 dividend of $.1175 per Common Share, Special Common Share and Series A Common Share. Payment will be made on March 31, 2011, to shareholders of record on March 17, 2011.

TDS has increased its dividend on the common stock every year since 1974.

TDS 4Q Profit Up 24%, US Cellular Net Edges Up But Co Loses Subscribers

Last Update: 2/24/2011 8:37:20 AM

DOW JONES NEWSWIRES

Telephone & Data Systems Inc.'s (TDS) fourth-quarter profit rose 24% as its U.S.
Cellular Corp.'s (USM) profit edged higher even as the carrier again lost
subscribers.

U.S. Cellular has been losing postpaid subscribers amid increasing competition in
a wireless industry nearly saturated with cellphones. Big carriers have continued
to add subscribers on the strength of marquee handsets.

TDS reported a profit of $14.5 million, or 14 cents a share, up from $11.7
million, or 11 cents a share, a year earlier. Revenue edged up 0.3% to $1.27
billion.

Analysts polled by Thomson Reuters most recently expected earnings of 22 cents on
$1.28 billion in revenue.

TDS's Madison, Wis.-based telecommunications business, TDS Telecom, saw revenue
rise 0.5% and profit fall 3.8%. Companywide, physical access lines fell 5.3% from
a year earlier and 1.8% from the prior quarter.

Meanwhile, U.S. Cellular posted a profit of $6.8 million, up from $6.6 million a
year earlier. Per-share earnings were flat at 8 cents. Revenue edged up 0.3% to
$1.06 billion.

Analysts most recently predicted earnings of 22 cents on $1.07 billion in
revenue.

The carrier, which operates in 26 states, said it lost a net 31,000 customers
during the period, compared with prior-year gains of 10,000. It ended 2010 with
about 6.1 million customers, 1.1% lower than a year earlier.

Retail average revenue per user rose to $47.41 from $47.07 and retail postpaid
churn--or turnover rate--improved to 1.5% from 1.6%.

Shares of TDS and U.S. Cellular closed Wednesday at $32.65 and $46.71,
respectively, and both were inactive premarket.

-By Matt Jarzemsky and Nathan Becker, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com

(END) Dow Jones Newswires

February 24, 2011 08:37 ET (13:37 GMT)

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