ITTI(TDS) - 2025 Q3 - Quarterly Results

Financial Performance - TDS reported total operating revenues of $308.5 million for Q3 2025, a decrease of 5.5% from $327.5 million in Q3 2024[2][4] - Net income attributable to TDS common shareholders was $40.2 million, with diluted earnings per share of $0.33, compared to a net loss of $100.4 million and a loss per share of $0.88 in the same period last year[2][4] - Operating revenues for TDS Telecom were $255,111, down 3% from $262,662 year-over-year[28] - Total operating revenues for TDS Telecom decreased by 3% to $255,111 for the three months ended September 30, 2025, compared to $262,662 in 2024[42] - Array's operating revenues surged by 83% to $47,119 from $25,739 year-over-year[28] - Operating revenues for the three months ended September 30, 2025, increased by 83% to $47,119,000 compared to $25,739,000 in 2024[44] - Site rental revenue rose by 79% to $45,838,000 for the three months ended September 30, 2025, compared to $25,669,000 in 2024[44] - The company reported a 30% increase in site rental revenue for the nine months ended September 30, 2025, totaling $99,663,000 compared to $76,591,000 in 2024[44] Operational Highlights - TDS Telecom experienced a 3% decline in revenues, impacted by $6 million due to divestitures of non-strategic assets[8] - The company crossed the milestone of 1 million fiber passings and delivered 42,000 marketable fiber services addresses in Q3 2025[5][8] - TDS Telecom reported 11,200 residential fiber net additions in Q3 2025, reflecting ongoing growth in fiber connections[8] - Total residential connections decreased to 921,100 from 924,500, a decline of 0.5% quarter-over-quarter[24] - Total broadband connections increased to 562,400, up from 557,700, representing a growth of 0.3%[24] - Residential fiber net adds for the quarter were 11,200, compared to 10,300 in the previous quarter, an increase of 8.7%[24] - TDS Telecom's residential expansion revenues increased by 37% to $39,610 for the three months ended September 30, 2025, compared to $28,878 in 2024[42] Shareholder Actions - TDS repurchased 1,077,564 common shares for $40.7 million during the third quarter and announced a new $500 million share repurchase program[14] - The company paid a special dividend of $23 per share on August 19, 2025, as part of its capital allocation strategy[8] Debt and Cash Management - The total assets as of September 30, 2025, were $8,532,378, a decrease from $13,682,232 as of December 31, 2024[38] - The total current liabilities decreased to $571,358 as of September 30, 2025, from $1,089,694 at the end of 2024[38] - The long-term debt, net, decreased to $825,312 as of September 30, 2025, from $2,415,686 at the end of 2024[38] - Cash and cash equivalents increased to $932,994 as of September 30, 2025, from $363,612 at the end of 2024[36] - The total equity decreased to $5,284,975 as of September 30, 2025, from $5,868,012 at the end of 2024[38] Earnings and Cash Flow - Net income from continuing operations attributable to TDS shareholders was $57,545, a significant recovery from a loss of $83,142 in the previous year[28] - Basic earnings per share from continuing operations attributable to TDS common shareholders improved to $0.35 from a loss of $0.88 year-over-year[30] - For the nine months ended September 30, 2025, the net income from continuing operations was $88,782, compared to a loss of $101,795 in the same period of 2024[33] - Cash provided by operating activities for continuing operations was $224,840 for the nine months ended September 30, 2025, up from $145,896 in 2024[33] - Free cash flow from continuing operations for the nine months ended September 30, 2025, was $(38,655,000), an improvement from $(124,027,000) in 2024[46] Impairment and Losses - Loss on impairment of licenses decreased by 65% to $47,679,000 for the three months ended September 30, 2025, compared to $136,234,000 in 2024[44] - The operating loss improved by 67% to $(53,313,000) for the three months ended September 30, 2025, compared to $(160,167,000) in 2024[44] - Adjusted EBITDA for the three months ended September 30, 2025, was $80,491,000, slightly down from $82,796,000 in 2024[48] - Array's net income from continuing operations for the three months ended September 30, 2025, was $109,920,000, a significant recovery from a loss of $(95,701,000) in 2024[49] - Adjusted Free Cash Flow from continuing operations for Array was $45,925,000 for the three months ended September 30, 2025[52] Leadership Changes - The appointment of Anthony Carlson as President and CEO of Array is effective November 16, 2025, to lead the growing tower business[6][8]