Financial Data and Key Metrics Changes - Revenue for the second quarter was $181.3 million, down 1% year over year, primarily due to the wind down of subsidy programs and decommissioning of legacy services [15][19] - Adjusted EBITDA decreased by 6% to $45.8 million, reflecting lower U.S. telecom revenues [17][19] - Net loss for the quarter was $7 million, or $0.56 per share, compared to a net income of $9 million, or $0.50 per share in the prior year [16][19] - Net cash from operations rose 2% to approximately $60 million, driven largely by working capital improvements [4][21] Business Segment Performance - International segment revenues were approximately $95 million, essentially flat year over year, with growth in fiber services offset by declines in legacy services [18] - Adjusted EBITDA for the International segment remained flat at $33.3 million, reflecting cost containment efforts [19] - Domestic segment revenues were $86.4 million, down 1.7% year over year, impacted by the conclusion of subsidy programs and decommissioning of legacy services [19] - Adjusted EBITDA for the domestic segment decreased by 16.7% to $18.3 million, primarily due to revenue performance [20] Market Data and Key Metrics Changes - In the largest mobile market, postpaid subscribers grew by 4% year over year, with a 25% increase in data plan purchases [7] - High-speed data average revenue per user (ARPU) improved by 3% year over year, while subscriber churn also improved by 3% [8] - Consumer broadband subscriber base grew by over 10% in the quarter, with positive trends in ARPU [10] Company Strategy and Industry Competition - The company remains committed to its long-term strategy of expanding fiber and fiber-fed services in underserved markets [6][12] - Strategic investments have led to an 8% increase in broadband homes passed by high-speed data services [5] - The company is focused on transitioning its U.S. business by growing fiber and carrier services while phasing out non-strategic legacy products [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to absorb short-term effects from evolving subsidy programs and regulatory changes [11] - The company reaffirmed its full-year guidance, expecting revenue to align with 2024 levels of $725 million, excluding construction revenue [22] - Management noted that the second half of the year is expected to contribute a larger share of full-year results, with improvements anticipated in operational efficiency and cash flow [22] Other Important Information - The Board of Directors approved a 15% increase in the quarterly dividend, raising it to $0.0275 per share, reflecting confidence in cash flow resilience [5] - The company ended the quarter with $113.3 million in cash, up from $97.3 million at the end of Q1 [20] Q&A Session Summary Question: Impact of the one triple B bill - Management indicated that the bill has not had an impact yet, but they are monitoring it closely [32][33] Question: Competition and access to labor and materials in fiber deployment - Management noted that expedited permitting policies will help speed up deployment, and currently, there is sufficient labor supply to meet needs [35][39] Question: Potential for fiber business to be converted into a REIT structure - Management stated that this is not something they have explored yet, although they acknowledge the opportunities in digital infrastructure [42] Question: When might growth in fiber-led services offset declines in legacy services? - Management is optimistic about improvements in the second half of the year, with a decent pipeline and increased demand from carriers [45][47] Question: Changes in competitive dynamics in the mobile market - Management acknowledged ongoing competitive pressures but noted improvements in subscriber quality and data consumption trends [48][50]

Core Points - Verizon is launching a sweepstakes for youth aged 13-17 to participate in an exclusive basketball experience with Paige Bueckers [1][8] - The event aims to empower young athletes and provide them with insights from a professional player [2][3] - The sweepstakes runs from August 8 to August 17, with the experience scheduled for August 25 in Dallas [8][9] Company Commitment - Verizon is committed to serving the Dallas-Fort Worth community, employing nearly 5,000 local employees [2] - The partnership with Paige Bueckers highlights Verizon's focus on connecting with the community and providing unique experiences [2][3] Sweepstakes Details - The sweepstakes is open to legal residents of Texas, with entrants needing to be 18 or older and a legal guardian for participants aged 13-17 [4][9] - Participants can enter the sweepstakes by visiting participating Verizon stores or the designated website [4][9]

Financial Performance - ATN's Q2 2025 total revenue was $181 million, with US contributing 48% and International 52%[17] - Adjusted EBITDA for Q2 2025 was $46 million, with US accounting for 35% and International 65%[17] - US Telecom revenue decreased by 2% to $86 million, and Adjusted EBITDA decreased by 17% to $18 million[23] - International Telecom revenue remained flat at $95 million, and Adjusted EBITDA also remained flat at $33 million[22] Key Performance Indicators - High-Speed Data Broadband Homes Passed increased by 8% year-over-year to approximately 428,000[15] - High-Speed Data Customers increased by 1% year-over-year to approximately 142,000[15] - International Mobile Subscribers decreased by 1% year-over-year to approximately 393,000, with Pre-Paid subscribers increasing by 4% to approximately 60,000 and Post-Paid subscribers decreasing by 2% to approximately 332,000[15] - Fiber Route Miles increased by 1% year-over-year to approximately 12,000[13] Balance Sheet and Capital Allocation - The company's cash position as of June 30, 2025, was $113 million, with a debt position of $583 million and undrawn revolver capacity of $178 million[26] - Year-to-date capital expenditures for FY25 amounted to $42 million[26] - The Net Debt Ratio was 258x as of June 30, 2025[26] Outlook - The company reaffirms its full-year 2025 outlook, expecting revenue (excluding construction revenue) to be in line with 2024 revenue of $725 million, Adjusted EBITDA to be flat with 2024 Adjusted EBITDA of $184 million, and capital expenditures to be between $90 million and $100 million[29]

Core Points - Telephone and Data Systems, Inc. (TDS) has declared dividends for the third quarter of 2025 on its Common Shares, Series A Common Shares, Series UU Preferred Shares, and Series VV Preferred Shares [1][4] Group 1: Dividend Information - TDS will pay a quarterly dividend of $0.04 per Common Share and Series A Common Share, payable on September 30, 2025, to holders of record on September 15, 2025 [4] - The company will pay a quarterly dividend of $414.0625 per share on the 6.625% Series UU Preferred shares, with holders of depositary shares receiving $0.4140625 per depositary share, also payable on September 30, 2025, to holders of record on September 15, 2025 [4] - For the 6.000% Series VV Preferred shares, TDS will pay a quarterly dividend of $375.0000 per share, with holders of depositary shares receiving $0.3750000 per depositary share, payable on September 30, 2025, to holders of record on September 15, 2025 [4] Group 2: Company Overview - TDS was founded in 1969 and provides broadband services and wireless infrastructure through its subsidiaries, TDS Telecom and Array Digital Infrastructure, Inc. [3] - Comprehensive financial information, including earnings releases and filings, can be accessed through TDS's investor relations website [3]

Core Insights - China Mobile Inner Mongolia Company has launched a promotional campaign titled "Digital Renewal, Leading the Way," aimed at enhancing customer experience and promoting digital services in line with the local government's "Digital Benefit for the People" initiative [1][2] - The campaign integrates terminal subsidies, broadband expansion, and 5G application promotion, providing tangible benefits to customers and stimulating the local digital economy [1][2] Group 1: Campaign Details - The campaign has been implemented in 102 flagship stores across 12 leagues and cities in Inner Mongolia, utilizing a model that combines national subsidy policies with exclusive corporate benefits [1][2] - Customers can participate in a lottery for rewards such as terminal subsidies, cash red envelopes, and brand merchandise by upgrading their services or signing up for new plans [1][2] Group 2: Customer Engagement and Results - During the 30-day campaign, nearly 80,000 customers participated, resulting in over 62,000 service upgrades and nearly 10,000 customers joining the "Heart-Level Service" experience officer program [2] - The campaign distributed over 3,000 terminal subsidy vouchers and brand merchandise, with customers purchasing nearly 600 smart devices through these subsidies [2] Group 3: Future Initiatives - China Mobile Inner Mongolia Company plans to continue enhancing its "Heart-Level Service" brand, with upcoming activities including "Ticket Culture Season," "Rights Big Wheel," and "Quiz Rewards," aimed at providing more quality services to the community [2]

Financial Data and Key Metrics Changes - Q2 2025 revenue was $1.1 billion, a 3% decrease on a rebased basis, primarily due to the phasing of project-related B2B revenues [34] - Adjusted OIBDA increased by 7% to $415 million, building on an 8% growth in Q1 [34] - Adjusted OIBDA less P&E additions rose by 26% to $265 million, representing 24% of revenue compared to 19% last year [36] Business Line Data and Key Metrics Changes - Liberty Caribbean reported $366 million in revenue with flat rebased growth year over year, driven by a 6% increase in residential mobile revenue [38] - Cable and Wireless Panama generated $177 million in revenue, with a 10% rebased revenue decline, but adjusted OIBDA grew by 6% year over year [39] - Liberty Networks delivered $150 million in revenue, reflecting a 3% rebased decline, primarily due to a decrease in non-cash IRU revenue [41] Market Data and Key Metrics Changes - Residential revenue in Puerto Rico declined by 5% year over year, with mobile residential revenue down 3% [42] - In Costa Rica, mobile residential revenue grew by 5% year over year, supported by higher postpaid volumes [45] - B2B revenue in Panama declined by 30%, reflecting a strong prior year comparison driven by government project wins [39] Company Strategy and Development Direction - The company plans to separate Liberty Puerto Rico from Liberty Latin America to unlock shareholder value and improve capital structure [6][50] - Focus on lowering capital intensity led to a 23% expansion in adjusted OIBDA less P&E additions year over year [9] - The company is pursuing consolidation opportunities and enhancing its fixed-mobile convergence strategy [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, anticipating stronger cash flow generation and improved revenue performance [54] - The company is focused on operational efficiencies and cost reduction initiatives to enhance margins [33] - Management highlighted the importance of government investments in digitization and cloud computing as growth opportunities [32] Other Important Information - The company reported a negative adjusted free cash flow of $41 million in Q2, attributed to working capital swings [36] - Management changes in Puerto Rico focus on operations, network improvements, and commercial strategies to enhance performance [84] Q&A Session Summary Question: Can you provide more details on the B2B headwinds in Panama? - The B2B headwinds were primarily due to a strong comparison with Q2 2024 and delays in recognizing government project revenues [58][60] Question: What assets will be utilized in the Puerto Rico spin-off? - The company is not commenting on specific assets but acknowledges strong assets that provide financial flexibility [68] Question: Can you elaborate on the impairment in Puerto Rico? - The impairment relates to spectrum acquired from AT&T, which had a higher carrying value than newly acquired spectrum [78][79] Question: What changes were made to the management team in Puerto Rico? - Changes focused on operations, network technology, and commercial strategies to improve performance and customer engagement [84]

Financial Data and Key Metrics Changes - BCE reported a total revenue growth of 1.3% in Q2 2025, driven by fiber strategy and premium wireless subscriber retention [32] - EBITDA decreased by 0.9% due to higher cost of goods sold, while net earnings and statutory EPS increased due to lower asset impairment charges [33] - Adjusted EPS fell by 19.2%, reflecting noncash mark-to-market losses on FX hedges and options, higher interest expense, and lower tax adjustments [33] - Free cash flow increased by 5% in Q2 2025 [34] Business Line Data and Key Metrics Changes - Internet revenue grew by 3%, supported by the addition of 27,000 new FTTH customers in Canada [12][36] - Wireless service revenue declined by approximately 3%, marking the second consecutive quarter of improvement in the year-over-year rate of decline [37] - Bell Media's total revenue increased by approximately 4%, driven by an 8.1% rise in subscription revenue [38] Market Data and Key Metrics Changes - BCE's acquisition of Zipline Fiber expanded its fiber footprint by 1.4 million locations, positioning it as the third-largest fiber Internet provider in North America [11] - The Canadian AI data center market is projected to grow at an annual rate exceeding 20% [26] Company Strategy and Development Direction - BCE's strategic priorities include putting customers first, delivering superior fiber and wireless networks, leading with AI-powered solutions, and building a digital media powerhouse [6] - The company aims to become the backbone of Canada's AI economy through its Bell AI Fabric initiative, which includes purpose-built AI data centers [24] - BCE is focused on executing its strategic plan while investing significantly in Canadian content and technology services [30] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the federal government's decision regarding CRTC's wholesale access but remains focused on executing the strategic plan [30] - The company anticipates continued growth in free cash flow and revenue, particularly from the integration of Zipline Fiber and the PSP partnership [46] Other Important Information - BCE's balance sheet remains strong with $3.8 billion in available liquidity and a net debt leverage ratio of approximately 3.5 times adjusted EBITDA [39] - The company is targeting a year-end 2025 net debt leverage ratio of approximately 3.8 times, reflecting the impacts of the MLSE sale and Zipline Fiber acquisition [40] Q&A Session Summary Question: Can you unpack guidance regarding Zipline and any adjustments? - Management indicated that Zipline continues to outperform initial financial expectations, and the revised guidance reflects the combined company's performance [51][52] Question: What is the expected free cash flow profile evolution from Zipline? - Management expects continued EBITDA growth from Zipline, with significant free cash flow growth anticipated once the PSP partnership is operational [61] Question: Can you discuss the long-term revenue opportunity for Bell AI Fabric? - Management highlighted a large total addressable market (TAM) for AI services and emphasized the integration of various elements of the enterprise strategy to drive growth [64][66] Question: How sustainable are the improvements in wireless churn metrics? - Management noted that churn reduction is a multifaceted approach, with ongoing customer service improvements contributing to the positive trend [89] Question: How should investors view the existing business compared to earlier guidance? - Management stated that the midpoint of guidance has increased, reflecting improved expectations for revenue and EBITDA, while free cash flow remains stable [91]

Financial Performance - Company revenues increased by 5.9% year on year in US dollars, with EBITDA growing by 13.2% year on year [7][31] - For the first half of the year, US dollar revenues grew by 7.3% year on year, and US dollar EBITDA grew by 13.4% year on year [7][31] - In local currency terms, revenues grew by 11.2% in Q2, outpacing inflation and nominal GDP growth [7][31] - EBITDA in local currency grew by 19.6%, reflecting a focus on profitable growth [8][32] Business Lines Performance - Direct digital revenues grew by 57% year on year in dollar terms, now contributing 16.5% of total group revenues [9][31] - Telecom and infrastructure segment revenues grew by 2% in US dollars and 7.4% in local currency terms on a like-for-like basis [16][32] - Digital services now account for 16.5% of total revenues, highlighting their growing relevance in the business model [32] Market Performance - Strong double-digit revenue growth was delivered across all markets except Bangladesh, where a gradual recovery in consumer sentiment is noted [24] - Revenues in Ukraine grew by 25.9%, with EBITDA increasing by 23.6% [25] - In Kazakhstan, revenues grew by 14.5% on a like-for-like basis, accounting for TNS Plus deconsolidation [24] Company Strategy and Industry Competition - The company is focused on an asset-light model, prioritizing large population underserved markets and expanding digital services [12][36] - A strategic infrastructure pooling partnership with ENGRO in Pakistan has been closed, unlocking significant value [10] - The company is executing a series of transactions aligned with its strategy, including the proposed Nasdaq listing for Kyivstar [11][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic and geopolitical volatility [36] - The outlook for the full year has been revised, expecting revenue growth of 13% to 15% and EBITDA growth of 14% to 16% [37] - Inflation trends are being monitored closely, with a slight uptick noted across markets [38] Other Important Information - The company completed a $100 million share buyback program, repurchasing close to 3% of its shares [11] - Net debt, excluding leases, stood at $1.96 billion as of June, with a cash balance of $1.28 billion [19][34] - The company is focused on enhancing financial flexibility through bond issuances and repayments [34] Q&A Session Summary Question: How will the proceeds from the Engro sale be fed up to the holding company? - The proceeds will be upstreamed in equal installments through dividends, allowing for proper allocation for debt repayments or potential M&A opportunities [45][46] Question: What should be expected in the third quarter numbers around the SPAC impacts? - The SPAC impact will be calculated based on the closing price of the stock on the first trading day, with a noncash P&L impact expected between $150 million to $200 million [49][50] Question: What strategies are in place to drive 4G adoption? - The company is focusing on increasing coverage and quality of 4G services and entering the smartphone business to enhance digital service consumption [59][60] Question: How does the company plan to monetize its fintech assets? - The company is patient in developing the value of its fintech assets, with significant growth momentum observed, particularly in JazzCash [92][93] Question: When does the company expect to see ARPU close to $3? - The current multiplay ARPU is at $3.4, and as the proportion of multiplay customers increases, overall ARPU is expected to rise [98][100] Question: Will there be tailored smartphones for better penetration of digital apps? - The company has started actively deploying tailored smartphones in Kazakhstan, with promising early results [102]

Financial Performance - Revenues increased by 5.9% year on year in US dollars, with EBITDA growing by 13.2% year on year [7][31] - For the first half of 2025, US dollar revenues grew by 7.3% year on year, and US dollar EBITDA grew by 13.4% year on year [7][31] - In local currency terms, revenues grew by 11.2% in Q2, outpacing inflation and nominal GDP [7][31] - EBITDA in local currency grew by 19.6%, reflecting a focus on profitable growth [8][31] - The company expects local currency revenue growth between 13% to 15% year on year and EBITDA growth between 14% to 16% for 2025 [8][36] Business Line Performance - Direct digital revenues grew by 57% year on year in dollar terms, now contributing 16.5% of total group revenues [9][31] - Telecom and infrastructure segment revenues grew by 2% in US dollars and 7.4% in local currency terms on a like-for-like basis [17][31] - EBITDA margins increased to 47.8% in Q2, reflecting strong operational performance [17][31] Market Performance - Strong double-digit revenue growth was delivered across all markets except Bangladesh, where a gradual recovery is noted [24][31] - In Ukraine, revenues grew by 25.9% and EBITDA by 23.6% in Q2, with first-half revenues up 35.8% and EBITDA up 38.5% [25][31] - Beeline Kazakhstan's revenues grew 14.5% on a like-for-like basis, accounting for TNS Plus deconsolidation [24][31] Company Strategy and Industry Competition - The company is focused on an asset-light model, prioritizing large population underserved markets and expanding digital services [13][36] - The integration of AI-powered features across platforms is being accelerated to enhance user experience [9][36] - The company is exploring strategic transactions to unlock value, including the upcoming Nasdaq listing for Kyivstar [12][36] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic and geopolitical volatility [36][36] - The company is closely monitoring inflation trends, which have increased slightly across markets [37][36] - The outlook for continued value creation remains strong, with a focus on sustainable growth [36][36] Other Important Information - The company completed a $100 million share buyback program, repaying bond maturities and enhancing financial flexibility with a $200 million private bond issuance [12][36] - The digital ecosystem is expanding, with total digital monthly active users reaching 119.7 million, a 7% year-on-year increase [26][31] Q&A Session Summary Question: Can you explain the technical aspects of the Engro sale and its impact on the holding company? - The proceeds from the Engro sale will be upstreamed to the holding company in equal installments through dividends, allowing for debt repayments or potential M&A opportunities [41][42] Question: What should we expect regarding the SPAC's impact on third-quarter financials? - The SPAC's impact will be calculated based on the closing price of the stock on the first trading day, with an expected noncash charge of $150 to $200 million recognized in Q3 [45][46] Question: What strategies are in place to drive 4G adoption and its impact on revenue? - The company is focusing on increasing coverage and quality of 4G services, along with smartphone initiatives to drive adoption [52][55] Question: How does the company plan to monetize its fintech assets like JazzCash? - The company is patient in developing the value of its fintech assets, with significant growth momentum expected before any monetization efforts [87][88] Question: When can we expect the going concern language to be removed? - The main reasons for the going concern language are now off the table, and management is optimistic about removing it by Q3 [100][101]

Financial Highlights - H1 2025 Adjusted OIBDA reached $08 billion, reflecting an 8% rebased growth YoY[8] - H1 2025 Adjusted OIBDA less P&E Additions was $06 billion[8] - H1 2025 revenue totaled $22 billion[8] - Q2 2025 Adjusted OIBDA increased by 7% rebased growth rate[69] - Q2 2025 P&E additions accounted for 14% of revenue, a 16% YoY decrease[69] Subscriber Growth - H1 2025 saw a net addition of over 100,000 subscribers, excluding LPR, with Costa Rica, Panama, and Jamaica as main contributors[8] - H1 2025 witnessed 70,000 net additions in Internet and Postpaid subscribers[8] Segment Performance - C&W credit silo revenue increased by 6% YoY[72] - Liberty Networks wholesale revenue (excluding IRUs) increased by 8% rebased[33] - Liberty Puerto Rico's Adjusted OIBDA increased by 21%[77] - Liberty Costa Rica's mobile revenue increased by 5% rebased YoY[85] Strategic Initiatives - The company intends to separate LPR from LLA and focus on liability management in Puerto Rico[8] - LLA is focused on capital allocation and shareholder value, including potential spin-off of Puerto Rico and recurring dividends or share repurchases[91]