Group 1 - Telephone and Data Systems (TDS) preferred shares are trading at a double-digit discount to their liquidation value per share, offering a nearly 8% current yield [1] - TDS faces near-term headwinds from long-term Treasury yields [1] - Pacifica Yield focuses on long-term wealth creation by investing in undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Group 1 - The Conservative Income Portfolio focuses on preferred stocks and bonds with high safety margins, indicating a strategic approach to reduce portfolio volatility [1] - The company believes that the next decade will favor fixed income investments, appealing to both conservative and aggressive investors [1] - The recently launched Bond and Preferred Stock Portfolios are positioned as early investment opportunities for potential clients [1] Group 2 - The offerings include undervalued fixed income securities, bond ladders, and high-yield cash parking opportunities, suggesting a diverse range of investment options [2] - Access to an options portfolio is provided as a bonus, enhancing the value proposition for investors [2]

Are you looking for Real Yields which reduce portfolio volatility?Conservative Income Portfolio targets the best Preferred Stocks and bonds with the highest margins of safety. We strongly believe that the next decade will belong to fixed income irrespective of whether you are conservative or aggressive in your approach! Get in on the ground floor of our recently started Bond and Preferred Stock Portfolios.If undervalued fixed income securities, bond ladder, “pinned to par” investments and high yielding cash ...

Core Insights - TDS has transitioned from a significant loss to profitability, indicating operational stabilization after years of volatility [10] - Silver Point Capital has reduced its stake in TDS, selling 1.3 million shares, which reflects a decrease in the fund's exposure to the company [2][11] Company Overview - TDS reported a total revenue of $4.9 billion and a net income of -$143.2 million for the trailing twelve months (TTM) [4] - The company has a dividend yield of 0.4% and its stock price was $39.41 as of the latest report [4] Recent Performance - In the third quarter, TDS generated $308.5 million in revenue, a 6% decrease year-over-year, but achieved a net income of $40.2 million, recovering from a $100.4 million loss in the prior year [12] - The company has initiated a share repurchase program, buying back over 1 million shares and approving a new $500 million buyback authorization, signaling management's confidence in its fiber-first strategy [12] Market Position - TDS operates as a leading U.S. telecommunications provider, offering a diversified portfolio that includes wireless, broadband, and managed services [6][9] - The company serves a wide range of customers, including individual consumers, businesses, and government entities, focusing on integrated connectivity solutions [6][9] Investment Implications - The reduction of Silver Point Capital's stake in TDS, now representing 2.4% of the fund's reportable assets under management (AUM), places TDS outside the fund's top five holdings [3][11] - Despite the recent profitability, TDS's stock remains discounted compared to its mid-2000s highs, which may influence long-term investor sentiment [10]

Group 1 - The preferred stock of Telephone and Data Systems (TDS.PR.V) was recommended for its attractive 13.0% dividend yield two years ago [1] - The investment strategy includes applying both fundamental and technical analysis, with a focus on options as a tool for investing and trading [1] Group 2 - The author has achieved financial independence at the age of 45, indicating a successful investment strategy [1] - The author emphasizes the importance of reading financial statements over other forms of entertainment, reflecting a strong commitment to financial analysis [1]

Core Points - Telephone and Data Systems, Inc. (TDS) has declared dividends for the fourth quarter of 2025 on its Common Shares, Series A Common Shares, Series UU Preferred Shares, and Series VV Preferred Shares [1][5]. Company Overview - TDS was founded in 1969 and provides broadband services and wireless infrastructure through its subsidiaries, TDS Telecom and Array Digital Infrastructure, Inc. [2][3]. Dividend Details - TDS will pay a quarterly dividend of $0.04 per Common Share and Series A Common Share, payable on December 30, 2025, to holders of record on December 15, 2025 [5]. - The company will also pay a quarterly dividend of $414.0625 per share on its 6.625% Series UU Preferred shares, with holders of depositary shares receiving $0.4140625 per depositary share, also payable on December 30, 2025 [5]. - Additionally, TDS will pay a quarterly dividend of $375.0000 per share on its 6.000% Series VV Preferred shares, with holders of depositary shares receiving $0.3750000 per depositary share, payable on the same date [5].

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Financial Data and Key Metrics Changes - Total operating revenues decreased by 3% year-over-year, with a 1% decline when excluding divestitures, driven by declines in legacy cable and copper markets, partially offset by fiber growth [31] - Adjusted EBITDA also fell by 3% year-over-year, impacted by divestitures and legacy revenue declines, but supported by disciplined cost control [31] - Capital expenditures increased compared to the previous year due to spending on the EACAM program and higher expansion address delivery, with over 80% of 2025 capital expenditures focused on fiber [31][32] Business Line Data and Key Metrics Changes - TDS Telecom achieved a milestone of 1 million fiber addresses, with 42,000 fiber addresses delivered in the quarter, contributing to a 19% growth in residential fiber connections year-over-year [15][23] - Residential fiber net additions were 11,200 in the quarter, reflecting an 8% year-over-year increase [30] - The company is behind schedule on its annual address delivery target but expects the fourth quarter to be the strongest [29] Market Data and Key Metrics Changes - The fiber business is expected to grow significantly, with a target of 1.8 million marketable fiber service addresses, up from approximately 900,000 [28][84] - The company anticipates achieving gig speeds for at least 95% of its footprint, with 76% currently at gig speeds [28] Company Strategy and Development Direction - The company is focused on capital allocation decisions, prioritizing investments in fiber, achieving inorganic growth through M&A, and returning capital to shareholders [17][20] - The EACAM program aims to replace legacy copper infrastructure, adding approximately 300,000 new fiber addresses and providing $1.2 billion in regulatory revenue support over 15 years [24][25] - The company plans to pursue edge-out opportunities in adjacent communities without fiber providers, with several hundred thousand potential service addresses identified [18][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fiber business's growth potential and the successful transition to an independent tower company [14][33] - The company is focused on optimizing tower operations and monetizing spectrum, with significant progress made in spectrum monetization [36][38] - Management acknowledged the challenges of transforming the business but emphasized the strong culture and commitment of associates [16] Other Important Information - A $500 million share repurchase program was announced, reflecting the board's confidence in the company's long-term strategy [20][60] - The company expects to declare a special dividend of approximately $10 per share following the closing of the AT&T transaction [18] Q&A Session Summary Question: Update on fiber plan and cohort analysis - Management acknowledged the request for cohort analysis and plans to provide updates in February regarding fiber opportunities and market performance [54][56] Question: Stock buyback program significance - The board's authorization of the buyback program reflects confidence in the company's strategy and is seen as a balanced approach alongside business investments [60] Question: SG&A expenses and wind down costs - Management indicated that SG&A costs are expected to remain high through the first half of next year, with ongoing efforts to rationalize expenses [64][65] Question: Naked tower strategy and land leases - The strategy involves leasing up towers and rationalizing ground rents, with minimal long-term commitments on land leases [75][78] Question: Leverage target and fiber passings impact - The leverage target is set to maximize flexibility, with current leverage at 1.4 times, and future updates on fiber goals will be provided in February [82][84] Question: M&A strategy and edge-out opportunities - Current focus is on operational execution rather than M&A, with potential future opportunities being evaluated [107]

Third Quarter 2025 Results November 7, 2025 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 All information set forth in this presentation about Telephone and Data Systems, Inc., including its subsidiaries Array and TDS Telecom, 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 assumptio ...

Financial Performance - Total operating revenues decreased by 6% to $308,521,000 for the three months ended September 30, 2025, compared to $327,497,000 in 2024[24]. - Adjusted EBITDA increased by 53% to $168,681,000 for the three months ended September 30, 2025, compared to $110,218,000 in 2024[25]. - Net income from continuing operations attributable to TDS shareholders was $57,545,000 for the three months ended September 30, 2025, compared to a loss of $83,142,000 in 2024[24]. - Total operating revenues decreased by 3% to $255.1 million for the three months ended September 30, 2025, compared to $262.7 million in the same period of 2024[51]. - Residential revenues decreased by 2% to $181.8 million for the three months ended September 30, 2025, primarily due to divestitures and declines in legacy markets[55]. - Net income for the three months ended September 30, 2025, was a loss of $282,000, a significant decline from net income of $9.4 million in the same period of 2024[51]. - Adjusted EBITDA decreased by 3% to $80.5 million for the three months ended September 30, 2025, compared to $82.8 million in the same period of 2024[51]. - Array's net income from continuing operations was $109.92 million in Q3 2025, a substantial recovery from a net loss of $95.70 million in Q3 2024[140]. - Free cash flow for TDS was negative $38.66 million for the nine months ended September 30, 2025, an improvement from negative $124.03 million in the same period of 2024[142]. - Cash flows from operating activities for TDS increased to $224.84 million in the nine months ended September 30, 2025, compared to $145.90 million in 2024[142]. Strategic Initiatives - TDS Telecom aims to enhance broadband services and is focusing on fiber deployment to drive growth, with plans to create market clusters and potentially acquire or divest assets[17]. - The strategic alternatives review process is ongoing, with TDS exploring opportunities to transform its business operations following the divestiture of wireless operations[18]. - TDS plans to reinvest operating capital to strengthen competitive positions while returning value to shareholders[15]. - TDS expects to fund its fiber plans and E-ACAM builds through capital allocation and potential future divestitures[199]. Capital Expenditures and Investments - Capital expenditures increased by 31% to $109,998,000 for the three months ended September 30, 2025, compared to $83,684,000 in 2024[25]. - Capital expenditures for TDS were $251.5 million for the nine months ended September 30, 2025, compared to $242.1 million in 2024[99]. - TDS repurchased 1,077,564 Common Shares for $40.7 million at an average cost per share of $37.77 during the nine months ended September 30, 2025[104]. Regulatory and Compliance Issues - TDS reported that the timing of regulatory approvals for spectrum sales may be affected by the ongoing U.S. federal government shutdown[19]. - Array has entered into License Purchase Agreements with Verizon, AT&T, and T-Mobile for the sale of certain wireless spectrum licenses, but the completion of these transactions is uncertain due to regulatory approvals and other conditions[161][164]. - Uncertainty regarding regulatory support and the ability to pass through certain fees to customers could adversely affect TDS' financial condition[156]. - Regulatory compliance failures could lead to civil penalties or liabilities, adversely affecting TDS' business and financial condition[204]. Market and Competitive Landscape - TDS faces risks related to increased competition in the tower and wireline industries, which could adversely affect revenues and future growth[152]. - Increasing competition in the wireline and tower industries may negatively impact TDS' revenues and future growth, as competitors have greater resources and advantageous positions[173][175]. - TDS's business could be impacted by extreme weather events and natural disasters, which may disrupt services and lead to financial liabilities despite existing insurance coverage[184]. - TDS faces challenges due to its lack of scale compared to larger competitors, which may hinder its ability to compete effectively and adversely affect its revenues and costs[181]. Debt and Financial Obligations - TDS expects a cash income tax liability of between $75.0 million and $125.0 million related to the T-Mobile transaction[84]. - A portion of TDS' debt is subject to variable interest rates, making it vulnerable to unfavorable changes in market interest rates[198]. - TDS' liquidity may be adversely affected by significant declines in cash flows from operations, inability to implement cost reduction initiatives, or failure to obtain financing on acceptable terms[199]. - TDS' credit ratings from recognized agencies could limit financing availability, impacting business operations[201]. Operational Challenges - TDS's ability to attract and retain qualified personnel is critical; competition for talent may affect its operational effectiveness and strategic execution[185]. - TDS's supply chain management is crucial; disruptions could lead to inadequate network maintenance and excess inventory, impacting financial performance[193]. - Integration challenges from acquisitions or divestitures may pose risks to TDS's business operations and financial condition, with no assurance of success in future strategies[189]. - TDS's reliance on third-party vendors for essential services introduces risks; operational failures or supply chain disruptions could adversely affect its business[194]. Spectrum and Asset Management - Array is targeting increased tower revenue through colocations and is actively seeking to monetize its remaining wireless spectrum assets[17]. - The book value of retained spectrum not subject to pending sale agreements was $1,591.2 million as of September 30, 2025[67]. - Array has recognized significant impairments on its spectrum assets during 2024 and 2025, with further impairments possible if spectrum sales do not close as expected[165][166]. - A significant portion of Array's revenues is derived from a small number of tenants in the wireless industry, with T-Mobile being particularly crucial; any financial difficulties faced by these tenants could adversely impact Array's business and future growth[180].