Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% year-over-year, while for the full year, revenues declined by 2%. Excluding divestitures, revenues were flat year-over-year for both periods [19][21] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year, primarily due to divestitures and a non-cash adjustment to stock-based compensation in Q1 [20][21] - Capital expenditures for the full year were $406 million, with a forecast for 2026 of $550 million to $600 million, driven by expansion efforts [21][35] Business Line Data and Key Metrics Changes - TDS Telecom added 58,000 new marketable fiber addresses in Q4, a 39% increase year-over-year, and delivered a total of 140,000 new marketable fiber addresses for the full year [11][12] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [12][18] - Cash site rental revenue for Array increased by 64% year-over-year in Q4, with a 96% increase when including T-Mobile interim site revenue [29] Market Data and Key Metrics Changes - The divestitures in 2025 accounted for a $3 million revenue decline in Q4 compared to the prior year [19] - The company identified 300,000 additional fiber address opportunities across approximately 50 new communities, increasing long-term fiber address goals from 1.8 million to 2.1 million [8][15] Company Strategy and Development Direction - The company aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, and support Array's success as a tower company [5][6] - The focus for 2026 includes delivering a fiber build plan of 200,000 to 250,000 new marketable fiber addresses and enhancing customer experience [16][21] - Array's strategy emphasizes optimizing tower operations and monetizing spectrum holdings, with significant progress in spectrum monetization already achieved [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for 2026, particularly in fiber and tower operations, despite challenges from legacy revenue declines [11][24] - The company is focused on executing its business transformation initiatives to improve operational efficiency and customer experience [14][16] Other Important Information - TDS repaid $150 million in term loan debt and received $726 million from a special dividend related to the AT&T spectrum sale [7][8] - The company plans to continue disciplined share repurchase activities, with $524 million remaining on its authorization as of the end of 2025 [9] Q&A Session Summary Question: Is DISH included in the 2026 guidance? - Management confirmed that DISH is completely out of the 2026 guidance, and any settlement would be considered upside [45][47] Question: What is the outlook for tower leasing applications? - Management is optimistic about growth prospects for 2026, expecting significant same-store growth and positive results from insourcing the sales team [48][49] Question: How is the company approaching video services? - Management believes video is a critical part of their value proposition and does not plan to outsource it, as it attracts bundled customers [89] Question: What is the strategy for monetizing naked towers? - Management sees significant latent value in naked towers and aims to reduce holding costs while exploring leasing opportunities [95] Question: What is the growth rate embedded in the revenue guidance for 2026? - Management expects around 6% growth on a same-store basis, excluding DISH revenue [85][86]