Financial Performance - For the quarter ended June 2025, United States Cellular (USM) reported revenue of $916 million, down 1.2% year-over-year, with EPS at $0.36 compared to $0.20 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $904.19 million by +1.31%, while the EPS surprise was +9.09% against the consensus estimate of $0.33 [1] Key Metrics - U.S. Cellular's shares returned +6.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The company experienced net losses in retail connections, with postpaid at -42 million versus an estimate of -30 million, and prepaid at -2 million against an estimate of 4 million [4] - Gross additions for postpaid retail connections were 109 million, exceeding the average estimate of 101.81 million [4] Customer and Revenue Insights - Total connections stood at 4.33 million, slightly below the average estimate of 4.39 million [4] - Average Revenue Per User (ARPU) for prepaid was $31.72, above the average estimate of $31.08, while postpaid ARPU was $51.91, also exceeding the estimate of $51.77 [4] - Operating revenues from service were reported at $736 million, surpassing the estimate of $728.62 million, but reflecting a -0.9% change year-over-year [4] - Net operating revenues from service retail were $652 million, compared to an estimate of $650.86 million, indicating a -2.1% year-over-year change [4] - Equipment sales generated $180 million, exceeding the estimate of $175.58 million, with a -2.2% change year-over-year [4]

Financial Data and Key Metrics Changes - The company completed the sale of U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which is expected to unlock significant shareholder value and strengthen the balance sheets of both Array and TDS [6][12][14] - Following the transaction, TDS's debt was reduced to approximately $364 million, with a plan to redeem about $1.1 billion in debt, resulting in annual interest savings of approximately $80 million and reducing the average cost of debt to just over 6% [12][14][15] - S&P raised TDS's credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [19] Business Line Data and Key Metrics Changes - Array Digital Infrastructure now operates independently with approximately 4,400 towers and a new master license agreement with T-Mobile, which is expected to enhance revenue and profitability [7][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations grew by 6% year-over-year [26][29] - TDS Telecom reported 27,000 new fiber service addresses added in the quarter, with a total of 10,300 fiber net additions, leading to a 19% growth in total fiber connections since last year [33][34] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year, subject to regulatory approvals [15][22] - The company is focused on monetizing approximately 70% of Array's total spectrum holdings, including transactions with AT&T and Verizon, which are expected to close in 2025 and 2026 [22][23] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, with plans to implement a regular dividend once spectrum transactions are completed [15][16] - Key strategic priorities include closing pending spectrum transactions, optimizing ground leases, and driving revenue growth through new colocations [24][25] - The company is evaluating M&A opportunities, particularly in fiber assets that synergize with existing properties [86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the tower business and the fiber program, emphasizing the importance of the new T-Mobile master license agreement [7][26] - The company expects to incur additional wind-down costs as it transitions from a wireless service provider to an independent tower company, which may impact profitability in the near term [30] - Management highlighted the competitive landscape in expansion markets as favorable, with a focus on increasing penetration rates in newly launched fiber areas [74] Other Important Information - The company plans to maintain its preferred stock as foundational capital for its fiber program and has no immediate plans to redeem them [12][14] - The company is committed to a disciplined financial policy while maintaining a conservative balance sheet [14] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion plans - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [51][52] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage below 1.5 times while evaluating opportunities for growth and capital allocation [55] Question: Access to construction resources for fiber expansion - Management remains confident in achieving the target of 150,000 new fiber service addresses for the year, with ramping construction efforts [56][58] Question: Cohort analysis for fiber market penetration - Management is working on providing cohort analysis to investors, expecting around 25-30% penetration by month 12 and 40% by year five in expansion markets [60][62] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing aggressive pricing strategies, with potential price increases after two years [82][84] Question: M&A opportunities and asset profiles - The company is focused on fiber opportunities that are synergistic with existing properties and is in the early stages of considering M&A options [86]

Financial Data and Key Metrics Changes - The company completed the sale of its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which is expected to unlock significant value for shareholders and strengthen the balance sheets of both Array and TDS [5][11]. - Following the transaction, approximately $364 million remains on the Array balance sheet, with $1.7 billion in debt assumed by T-Mobile [11]. - A special dividend of $23 per share was declared, with TDS expected to receive approximately $1.63 billion [12]. - The company anticipates annual interest savings of about $80 million, reducing TDS's average cost of debt to just over 6% [12][14]. - S&P raised TDS's credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18]. Business Line Data and Key Metrics Changes - Array's tower business operates approximately 4,400 towers and has a new master license agreement with T-Mobile, which is expected to enhance revenue and profitability [8][25]. - Third-party tower revenues increased by 12%, and the number of third-party colocations grew by 6% year-over-year [25][26]. - TDS Telecom added 27,000 new fiber service addresses, with a total of 10,300 fiber net additions leading to a 19% growth in total fiber connections since last year [32][33]. Market Data and Key Metrics Changes - The company is focusing on expanding its fiber footprint, targeting 1.8 million marketable fiber service addresses, with 968,000 addresses at the end of the quarter [34]. - The company expects to achieve 150,000 new fiber addresses this year, with significant growth anticipated in the second half of the year [32][37]. - Demand for higher broadband speeds remains strong, with 83% of residential broadband customers taking 100 meg or higher, and 26% taking one gig or higher [39]. Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned to win in these areas [6][8]. - A capital allocation strategy is being developed, focusing on fiber investments, M&A opportunities, and shareholder returns [15][18]. - The company plans to maintain a conservative balance sheet while targeting a three times bank leverage ratio at Array [14]. Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the new chapter for the company following the T-Mobile transaction, emphasizing the focus on tower and fiber businesses [6][10]. - The management team is optimistic about growth opportunities in the tower business due to increasing demand for data and communication services [8][25]. - The company expects to incur additional wind-down costs as it transitions from a wireless service provider to an independent tower company, which may negatively impact profitability in the short term [29]. Other Important Information - The company is working to opportunistically monetize its remaining spectrum, with significant proceeds expected from pending spectrum sales to AT&T and Verizon [21][22]. - The company has a strong sales leadership team in place, which is expected to drive future revenue growth [26][90]. Q&A Session Summary Question: Update on TDS Telecom's fiber expansion plans - Management indicated that there is significant opportunity to expand the fiber footprint and that updates will be shared in upcoming quarters [50][52]. Question: Long-term leverage expectations for TDS Telecom - Management expects to maintain leverage below 1.5 times while evaluating opportunities for both fiber and tower businesses [54]. Question: Access to construction resources for fiber expansion - Management expressed confidence in meeting the 150,000 service address goal for the year, with significant ramp-up in construction efforts expected [56][57]. Question: Insights on fiber market penetration and competitive landscape - Management shared that they expect high presales penetration and are focusing on markets with favorable competitive dynamics [60][73]. Question: Update on mobile launch and pricing strategy - The company launched its MVNO product TDS Mobile in select markets and is testing aggressive pricing strategies [81][84]. Question: M&A opportunities and focus areas - Management is considering fiber opportunities that would synergize with existing properties and footprint [85]. Question: Growth strategy for the tower business - Management highlighted the importance of bringing sales operations in-house and the positive impact on revenue growth [90].

Financial Data and Key Metrics Changes - The company completed the sale of its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which strengthens the balance sheets of both Array and TDS [5][12] - Following the transaction, approximately $364 million remains on Array's balance sheet, with $1.7 billion in debt assumed by T-Mobile [12] - A special dividend of $23 per share was declared, with TDS receiving approximately $1.63 billion [13] - The company expects to achieve annual interest savings of about $80 million, reducing the average cost of debt to just over 6% [13][15] - S&P raised TDS' credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18] Business Line Data and Key Metrics Changes - Array's tower business consists of approximately 4,400 towers, with a new master license agreement (MLA) with T-Mobile expected to significantly increase revenue and profitability [6][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations rose by 6% year-over-year [26] - Distributions from noncontrolling investment interests increased from $58 million to $77 million [29] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year [15] - The AT&T and Verizon transactions are expected to close in 2025 and 2026, respectively, subject to regulatory approval [21][22] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned for growth in these areas [6][10] - Key strategic priorities include closing pending spectrum transactions and optimizing ground lease agreements [24] - The company plans to develop a capital allocation strategy focusing on fiber investments, M&A opportunities, and shareholder returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of colocations and margins due to increasing demand for data and communication services [6] - The company is optimistic about its future as an independent tower company, with a strong management team in place [19][24] - Management acknowledged the challenges of transitioning from a wireless service provider to an independent tower company, expecting wind-down costs to impact profitability in the near term [30] Other Important Information - The company is developing a regular dividend policy once spectrum transactions are completed [16] - The transition to an independent tower company is expected to enhance focus and operational efficiency [19][24] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [54][55] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage under 1.5 times while evaluating opportunities for growth [56] Question: Access to construction resources for fiber expansion - Management remains confident in achieving the target of 150,000 new fiber service addresses for the year, with ramping construction efforts [59] Question: Cohort analysis for fiber penetration - Management is working on providing cohort penetration reporting and expects high presales penetration in new markets [63][66] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing various pricing strategies to optimize customer acquisition [85][86] Question: M&A opportunities - Management is beginning to consider M&A opportunities focused on fiber assets that synergize with existing properties [88]

Core Viewpoint - China Telecom has launched the "Wings to Prosperity" initiative in Dongguan, aiming to enhance agricultural product sales through digital technology and innovative models, thereby supporting rural revitalization and responding to national policies on agricultural consumption [2][7][11]. Group 1: Initiative Launch - The "Wings to Prosperity" plan was officially launched by China Telecom's Dongguan branch, involving key stakeholders including agricultural associations and local companies [2][3]. - The initiative features the "Fengshengnian Supply Hong Kong Edible Vegetable Gift Box," which is now available on the China Telecom Wings Payment platform [5][24]. Group 2: Digital Integration - The program utilizes a live-streaming sales approach to reach consumers, showcasing the integration of digital technology in agricultural product marketing [6][8]. - The initiative aligns with the national "Implementation Plan for Promoting Agricultural Product Consumption," focusing on optimizing supply and innovating circulation [11][12]. Group 3: Sales Model Innovation - A new "Hall-Store Integration" model has been introduced, combining offline telecom service points with online sales through Wings Payment, creating a seamless purchasing experience [13][14]. - Customers can experience products in-store and order via the Wings Payment app, with options for local pickup or home delivery [15][28]. Group 4: Technology and Collaboration - China Telecom plans to leverage 5G, cloud computing, and big data to enhance agricultural product distribution and sales efficiency [33][35]. - The collaboration aims to address distribution bottlenecks and ensure high-quality agricultural products reach consumers effectively [35][40]. Group 5: Future Plans - The initiative will expand to over 200 telecom service points in Dongguan, enhancing consumer access to quality agricultural products [29]. - Future efforts will include exploring more innovative sales models, such as live-streaming sales, to deepen the integration of agricultural consumption and the digital economy [41][46].

Array Transaction and Debt - Array exchanged $17 billion of debt into T-Mobile debt[8] - TDS is expected to receive $16 billion from Array's special dividend[8] - Array is expected to have $700 million in debt[8] - The gross purchase price for the T-Mobile transaction was $44 billion[9] - A special dividend of $2300 per share, totaling $20 billion, was approved by Array's board[9] Spectrum Monetization - Agreements were reached to monetize approximately 70% of Array's total spectrum holdings, based on MHz-Pops, including the T-Mobile transaction[14] - AT&T's gross purchase price for spectrum is $1018 billion[12] - Verizon's gross purchase price for spectrum is $10 billion[12] Tower Business - Third-party tower revenue distribution shows AT&T contributing 34%, Verizon 27%, T-Mobile 25%, and other sources 14% in Q2 2025[22] - Total tower revenues increased by 7%, from $58 million in Q2 2024 to $62 million in Q2 2025[23] - Adjusted EBITDA for the Towers segment increased by 9%, from $31 million in Q2 2024 to $34 million in Q2 2025[23] TDS Telecom Fiber Expansion - TDS Telecom deployed 27000 new marketable fiber addresses in Q2 2025[24, 25] - The goal is to reach 18 million marketable fiber service addresses[26] - Fiber now serves 53% of service addresses[26]

Array Transaction and Debt - The T-Mobile transaction closed on August 1, 2025 [15] - $1.7 billion of Array debt was exchanged into T-Mobile debt [8] - TDS is expected to receive $1.6 billion from Array special dividend [8] - Array is expected to have $700 million debt [8] - Array's board approved a special dividend of $23.00 per Common Share and Series A Common Share, totaling $2.0 billion [9] Spectrum Monetization - Agreements reached to monetize approximately 70% of Array's total spectrum holdings, based on MHz-Pops, including the T-Mobile transaction [14] - AT&T spectrum sale gross purchase price is $1.018 billion [12] - Verizon spectrum sale gross purchase price is $1.0 billion [12] Tower Business - The company owns 4,418 towers in the U S [18, 22] - Third-party tower revenue distribution: AT&T 34%, Verizon 27%, T-Mobile 25%, Other 14% in Q2 2025 [22] - Tower tenancy rate was 1.57, with 2,527 colocations as of June 30, 2025 [22] - Third-party revenues for the towers segment were $28 million in Q2 2025, a 12% increase year-over-year [23] TDS Telecom Fiber Expansion - Deployed 27,000 new marketable fiber addresses in Q2 2025 [24, 25] - The company is on track for 150,000 marketable fiber addresses in 2025 [24] - Residential fiber connections have grown 1.9x from Q2 2022 to Q2 2025 [34] TDS Telecom Financials - Total operating revenues for TDS Telecom were $265 million in Q2 2025, a 1% decrease year-over-year [44] - Capital expenditures for TDS Telecom were $90 million in Q2 2025, a 16% increase year-over-year [44] - Adjusted EBITDA for TDS Telecom was $89 million in Q2 2025, a 3% decrease year-over-year [44]

Core Insights - Nokia and MX Fiber are collaborating to deploy a high-speed optical transport backbone network in Southeast Mexico, enhancing connectivity in underserved regions [1][2] - The new network aims to support economic revitalization and modern services for communities, businesses, and government projects [2][6] Network Expansion and Technology - MX Fiber is expanding its network by 1,800 km using Nokia's Flex-Grid DWDM technology and 1830 Photonic Service Switch (PSS), providing scalable services of 10G, 100G, and 200G [3][9] - The Nokia 1830 PSS solution allows for efficient service delivery with future upgrades to 400G and 800G without service disruption, ensuring robust connectivity [4][9] Economic Impact - The deployment supports major infrastructure projects like the Interoceanic Corridor and Maya Train, which are expected to drive economic growth in the region [5][9] - Enhanced connectivity will benefit customers in Chiapas, Tabasco, Quintana Roo, and soon Campeche and Veracruz, facilitating access to modern data centers and industrial parks [2][3] Future Readiness - The network includes dynamic management and real-time performance monitoring through Optical Time-Domain Reflectometry (OTDR), ensuring readiness for future demands [4][6] - The collaboration is positioned as a significant step towards digital inclusion and economic empowerment in Southeastern Mexico [6]

Core Insights - TDS reported total operating revenues of $1,186 million for Q2 2025, a decrease of 4% from $1,238 million in Q2 2024 [1][22] - The net loss attributable to TDS common shareholders was $(5) million, improving from a loss of $(14) million in the same quarter last year, resulting in a diluted loss per share of $(0.05) compared to $(0.13) [1][22] TDS Telecom Performance - TDS Telecom's operating revenues decreased by 1% year-over-year, impacted by the divestiture of non-strategic assets, including the sale of Hosted and Managed Services operations [2][6] - The company added 10,300 residential fiber connections in Q2 2025, with 3,900 net additions in residential broadband [6][20] - The churn rate for residential fiber was 1.1%, while total residential broadband churn was 1.5% [20] Strategic Developments - TDS completed a significant transaction with T-Mobile, selling its wireless operations and select spectrum assets for $4.3 billion, which included cash and assumed debt [6] - The company is focusing on expanding its fiber broadband strategy, with a growing fiber network and strengthened tower operations [3][6] Financial Estimates and Guidance - TDS has revised its full-year 2025 revenue estimates for TDS Telecom to a range of $1,030-$1,050 million, down from the previous estimate of $1,030-$1,070 million [4][5] - Adjusted OIBDA estimates were also adjusted to a range of $310-$340 million, down from $310-$350 million [5] Operating Metrics - TDS reported a total of 924,500 residential connections as of June 30, 2025, with total broadband connections reaching 557,700 [20] - The average revenue per user (ARPU) for residential services was $65.85, showing a slight increase from previous quarters [20]

Financial Highlights - Consolidated revenue increased by 13.5% year-over-year to KRW 7,427.4 billion[7] - Operating profit surged by 105.4% year-over-year to KRW 1,014.8 billion[7] - KT Separate revenue increased by 4.9% year-over-year to KRW 4,772.8 billion[7] - KT Separate operating profit increased by 30.6% year-over-year to KRW 468.7 billion[7] - Quarterly dividend increased by 20% year-over-year to KRW 600 per share[7, 19, 20] - Share buyback of KRW 250 billion is ongoing from February to August 2025[7, 19, 20] Business Performance - Wireless service revenue increased by 1.6% year-over-year due to increased 5G penetration and MNP subscribers[23, 24] - Broadband revenue increased by 2.1% year-over-year, surpassing 10 million subscribers in May 2025[25, 26] - Media revenue increased by 0.8% year-over-year, driven by IPTV net subscriber additions and premium plan adoption[25, 26] - B2B services revenue increased by 4.5% year-over-year, driven by balanced growth in corporate telecom and AI/IT services[27, 28] - kt cloud sales increased by 23.0% year-over-year, supported by increased DC usage from global clients and Design & Build operations[34, 35] - Content subsidiaries' revenue increased by 6.0% year-over-year, led by strong performances from KT Studiogenie and KT Millie's Library[39, 40] Strategic Initiatives - The company aims for a consolidated ROE of 9% ~ 10% by 2028[11] - The company plans to increase AI/IT revenue by 3x of 2023 levels by 2028[11] - The company expects profit increase over KRW 50 billion in FY25 from streamlined low-margin businesses[14] - The company liquidated financial assets worth KRW 196.2 billion and real estate worth KRW 74.4 billion, generating profits of KRW 80.9 billion and KRW 60.9 billion respectively from 2024 to YTD 2025[17]