Telephone and Data Systems (NYSE:TDS) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAnthony Carlson - President and CEODavid Barden - Head of US Communication ServicesJohn Toomey - Treasurer and VP of Corporate RelationsKen Dixon - President and CEOKris Bothfeld - VP of Financial Analysis and Strategic PlanningMichael Rollins - Managing DirectorRic Prentiss - Managing DirectorVicki Villacrez - EVP and CFOWalter Carlson - President and CEOConference Call ParticipantsSebastiano Petti ...

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Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% compared to the previous quarter and by 2% for the full year, with revenues flat year-over-year when excluding divestitures [17][18] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year due to divestitures and a non-cash adjustment to stock-based compensation in Q1 [18] - Capital expenditures for the full year were $406 million, with a forecast increase to $550 million-$600 million for 2026 [19] 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 [10][11] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [11][12] - 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 [25] Market Data and Key Metrics Changes - The divestitures in 2025, including the sale of wireless operations, have concentrated TDS's footprint in economically viable markets for fiber [12] - The company identified 300,000 additional fiber address opportunities, raising its long-term goal from 1.8 million to 2.1 million fiber addresses [13][14] Company Strategy and Development Direction - TDS aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, support Array's tower operations, and enhance company culture while delivering strong operational results [4][5] - Array focuses on optimizing tower operations and monetizing spectrum, with significant progress in spectrum monetization agreements with major carriers [21][22] 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 and divestitures [19][34] - The company is committed to delivering a best-in-class customer experience and achieving operational efficiency through ongoing business transformation efforts [14][15] 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 [6][7] - The company plans to continue disciplined share repurchase activities, with $524 million remaining on its authorization as of the end of 2025 [8] 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 [43][44] Question: What is the outlook for tower leasing applications? - Management expressed optimism about growth prospects, expecting significant same-store growth and positive results from insourcing the sales team [45][47] Question: How is TDS Telecom addressing video bundling? - Management emphasized the importance of video in their value proposition and plans to strengthen video bundling alongside broadband offerings [84] Question: What is the growth rate embedded in the revenue guidance for 2026? - Management indicated a growth expectation of around 6% on a same-store basis, excluding DISH revenue [80]

Fourth Quarter 2025 Results 2025 Accomplishments 2026 Strategic Priorities February 20, 2026 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 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $240.5 million, with a full year total of $975.8 million, reflecting a sequential decline of $1.4 million or 0.6% [19] - EBITDA for Q4 2025 increased sequentially by $3 million to $51.7 million, with an EBITDA margin increase of 130 basis points to 21.5% [21] - Gross margin for Q4 2025 increased sequentially by $1.6 million to $112.5 million, with a gross margin percentage of 46.8% [20] Business Line Data and Key Metrics Changes - On-net revenues increased from 47% in Q3 2023 to 61% in Q4 2025, while off-net revenues decreased from 48% to 39% [4] - Wavelength revenue for Q4 2025 was $12.1 million, a 74% year-over-year increase, with a sequential growth of 19% [5] - Non-core revenues decreased to less than 1% of total revenues in Q4 2025 [4] Market Data and Key Metrics Changes - The company serves 1,715 carrier-neutral data centers and 187 Cogent data centers, with a total capacity of 213 megawatts [13] - The NetCentric business represented 43% of revenues in Q4 2025, with a year-over-year revenue increase of 10.4% [26] - The enterprise business accounted for 14.3% of revenues in Q4 2025, with a year-over-year decline of 24.7% [27] Company Strategy and Development Direction - The company aims for revenue growth in the 6%-8% range over the long term, with a focus on improving the on-net service mix [15][44] - Plans to refinance $750 million of unsecured notes with new secured notes are underway, aiming to enhance financial flexibility [39] - The company is actively working to monetize surplus data center facilities acquired from Sprint, which will aid in deleveraging [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to positive revenue growth, citing a 27% growth in Cogent revenues since the acquisition of Sprint [43] - The company anticipates continued margin expansion driven by a shift towards more profitable on-net services [44] - Management noted that the acquired Sprint Wireline revenue base has significantly declined, impacting overall revenue performance [23] Other Important Information - The company reported a significant reduction in IP transit payments from T-Mobile, which impacted EBITDA [8] - IPv4 leasing revenue increased by 44% year-over-year to $64.5 million for full year 2025 [11] - The company has improved its leverage ratios, with gross debt leverage at 7.35 and net debt ratio at 6.64 in Q4 2025 [10] Q&A Session Summary Question: Update on total company revenues and EBITDA for 2026 - Management indicated that they do not provide specific quarterly or annual guidance but expect to return to positive revenue growth and maintain a 6%-8% annual growth rate over the long term [43] Question: Progress on the Waves business and expected connections or revenues - Management noted that the wavelength business is gaining credibility and expects continued acceleration in revenue recognition and installations [44] Question: Status of data center transactions and tax implications - Management confirmed that negotiations for data center sales are ongoing and clarified that tax implications from the Sprint acquisition would not result in income taxes being paid due to existing NOLs [51][52] Question: Analysis of Sprint revenue versus Cogent Classic - Management explained the challenges in separating the two revenue streams post-acquisition and noted that the Sprint business is continuing to deteriorate [78]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $240.5 million, with a full year total of $975.8 million, reflecting a sequential decline of $1.4 million or 0.6% [19] - Gross margin for Q4 increased by $1.6 million to $112.5 million, with a gross margin percentage of 46.8%, up 100 basis points sequentially [20] - EBITDA for Q4, excluding payments under the IP Transit Agreement, increased sequentially by $3 million to $51.7 million, with an EBITDA margin of 21.5% [21] - Full year EBITDA increased by $70 million to $192.8 million, with an EBITDA margin of 19.8%, up from 11.9% in 2024 [22] Business Line Data and Key Metrics Changes - On-Net revenues increased from 47% of total revenues in Q3 2023 to 61% in Q4 2025, while Off-Net revenues decreased from 48% to 39% [4] - Wavelength revenue for Q4 was $12.1 million, a 74% year-over-year increase, with a sequential growth of 19% [5] - Non-core revenues decreased to less than 1% of total revenues in Q4 2025, down from 5% in Q3 2023 [4] Market Data and Key Metrics Changes - The company serves On-Net customers in 3,579 buildings, with a total On-Net revenue of $146.4 million for Q4, reflecting a year-over-year increase of 7.8% [28] - Off-Net revenue for Q4 was $92.9 million, a year-over-year decrease of 17.9% [29] - The NetCentric business represented 43% of revenues in Q4, with a quarterly revenue increase of 10.4% year-over-year [26] Company Strategy and Development Direction - The company anticipates revenue growth in the 6%-8% range over the multi-year period, with a focus on improving the On-Net service mix [15][44] - The strategy includes monetizing surplus data center facilities acquired from Sprint, which will aid in deleveraging and returning capital to equity holders [39] - The company aims to refinance its $750 million unsecured notes with new secured notes, maintaining the same aggregate face value [14][65] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in Sprint-acquired revenues has been significant, with a 64% decrease since the acquisition, while Cogent's legacy revenues have grown by 27% [43][79] - The company expects to continue improving margins through a shift towards more profitable On-Net services, with 80% of Q4 sales being On-Net [44][82] - Management expressed optimism about the Wavelength business, highlighting its potential for growth and contribution to margin expansion [45] Other Important Information - The company has improved its leverage ratios, with a gross debt leverage ratio of 7.35, down from 7.45 in the previous quarter [10] - IPv4 leasing revenue increased by 44% year-over-year to $64.5 million for the full year 2025 [11] - The company is currently leasing 15.3 million IPv4 addresses, an increase of 17% year-over-year [12] Q&A Session Summary Question: Update on total company revenues and EBITDA for 2026 - Management indicated that they do not provide specific quarterly or annual guidance but expect to return to positive revenue growth and maintain a 6%-8% annual growth rate [43] Question: Expectations for the Wavelength business scaling in 2026 - Management noted that Wavelength products are significant contributors to margin expansion and expect growth to accelerate as credibility with customers increases [44][45] Question: Progress on data center transactions and tax implications - Management confirmed that negotiations are ongoing for multiple facilities and that tax losses from the Sprint acquisition will offset any taxable income from sales [51][52] Question: EBITDA contribution of the Sprint business - Management estimated the EBITDA contribution from the Sprint business to be close to zero but slightly positive, indicating ongoing efforts to improve margins [85]

Cogent Communications (NasdaqGS:CCOI) Q4 2025 Earnings call February 20, 2026 08:30 AM ET Speaker9Good morning, and welcome to the Cogent Communications Holdings fourth quarter and full year 2025 earnings conference call. As a reminder, this conference call is being recorded, and it will be available for replay at www.cogent.com. A transcript of this conference call will be posted on Cogent's website when it becomes available. Cogent's summary of financial and operational results attached to its press relea ...

Core Insights - TDS Telecom has significantly transformed in 2025, completing the largest transaction in its history with the sale of its wireless business and launching a new tower company, Array, which is now operational [1][2] - The company ended 2025 with 1.06 million marketable fiber service addresses and aims to increase this to 2.1 million by 2026, marking a growth of 300,000 addresses [1][2] - TDS reported total operating revenues of $330.7 million for Q4 2025, a 12% increase from $295.3 million in Q4 2024, and a total revenue of $1,228.2 million for the year, down 5% from $1,297.0 million in 2024 [1][2] Financial Performance - TDS Telecom's net income for Q4 2025 was $37.2 million, or $0.32 per diluted share, compared to $1.0 million, or $0.01 per diluted share in Q4 2024 [1][2] - For the full year 2025, net income attributable to TDS common shareholders was $48.2 million, or $0.39 per diluted share, compared to a loss of $141.4 million, or $(1.24) per diluted share in 2024 [1][2] - Array's site rental revenues grew by 51% year over year, contributing to a total operating revenue of $60.3 million in Q4 2025, compared to $26.1 million in Q4 2024 [2][3] Operational Highlights - TDS Telecom deployed 140,000 new marketable fiber service addresses in 2025, with fiber net additions of 44,900 [1][2] - The company repaid $150 million of debt in January 2026 and repurchased 1,765,863 common shares for $67.4 million in Q4 2025 [1][2] - Array paid a special dividend of $10.25 per share on February 2, 2026, following the sale of wireless spectrum to AT&T for $1.018 billion [1][2] 2026 Guidance - TDS estimates total operating revenues for TDS Telecom in 2026 to be between $1,015 million and $1,055 million, with adjusted EBITDA projected between $310 million and $350 million [1][2] - Array's estimated total operating revenues for 2026 are projected to be between $200 million and $215 million, with adjusted EBITDA expected to be between $50 million and $65 million [1][2] - Capital expenditures for TDS Telecom are estimated to be between $550 million and $600 million for 2026, compared to $406 million in 2025 [1][2]

双方将于世界移动通信大会 (#MWC26) 上展示 AI 创新成果，现场演示新一代用例马德里, Feb. 20, 2026 (GLOBE NEWSWIRE) -- 全球领先的综合通信服务商 Telefónica, S.A. 与电信优先、云原生、AI 原生设计技术提供商 Mavenir Systems Limited 今日宣布签署一项具有里程碑意义的谅解备忘录 (MOU)，共同创建一座 AI 创新中心。这一协作中心旨在加速人工智能在核心网络演进中的融合应用。 这座 AI 创新中心将作为现实世界的试验平台，用于开发、验证并优化 AI 驱动的自主网络编排、意图驱动型服务，以及 AI 赋能的货币化框架等先进能力。通过在受控环境中模拟生产级流量模式，该中心将使两家公司能够在进行大规模商业部署之前，对下一代解决方案进行严格测试与优化。 此次合作标志着迈向智能、自主、自优化的电信网络新时代的重要飞跃，这些系统能够持续学习、预测并实时适应变化。这彰显了 Telefónica 与 Mavenir 的共同愿景，即通过将云原生智能嵌入网络的每个层级，重新定义 AI 驱动网络演进的未来。该举措同样标志着 Telefónica 在网络 ...

Core Insights - Financial giants are showing a bullish sentiment towards Verizon Communications, with 36% of traders being bullish and 36% bearish in recent options trades [1] - The expected price range for Verizon Communications is identified between $41.0 and $70.0 based on options activity over the past quarter [2] Options Activity - There were 19 unusual trades detected for Verizon Communications, including 4 put options valued at $237,560 and 15 call options valued at $576,638 [1] - The mean open interest for options trades today is 5,585.79, with a total volume of 5,049.00 [3] - A chart tracking the volume and open interest of call and put options for Verizon Communications over the last 30 days indicates significant trading activity within the identified strike price range [3][4] Current Position and Analyst Opinions - The current trading volume for Verizon Communications is 9,112,183, with the stock price up by 1.36% to $48.7 [6] - Analysts have set an average price target of $46.8 for Verizon Communications based on recent evaluations [5] - Current RSI values suggest that the stock may be overbought, indicating potential caution for investors [6]