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WKN: A1JS1Q | ISIN: US8794338298 | Ticker-Symbol:
NASDAQ
11.08.25 | 16:26
40,740 US-Dollar
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Telephone and Data Systems, Inc.: TDS reports second quarter 2025 results

CHICAGO, Aug. 11, 2025 /PRNewswire/ --

As previously announced, TDS will hold a teleconference on August 11, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.tdsinc.com.

Telephone and Data Systems, Inc. (NYSE:TDS) reported total operating revenues of $1,186 million for the second quarter of 2025, versus $1,238 million for the same period one year ago. Net income (loss) attributable to TDS common shareholders and related diluted earnings (loss) per share were $(5) million and $(0.05), respectively, for the second quarter of 2025 compared to $(14) million and $(0.13), respectively, in the same period one year ago.

Recent Highlights*

Array

  • On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.SM (ArraySM)
  • On August 1, 2025, Array completed the sale of its wireless operations and select spectrum assets to T-Mobile for total consideration of $4.3 billion which includes a combination of cash and assumed debt
  • Array declared a $23.00 per share special dividend payable to its shareholders on August 19, 2025
  • Third-party tower revenues increased 12%
  • Pending AT&T and Verizon spectrum transactions are expected to close in 2H 2025 and Q3 2026, respectively, subject to receipt of regulatory approvals and satisfaction of closing conditions

TDS Telecom

  • Ken Dixon joined the organization as TDS Telecom President and CEO
  • Executing on fiber broadband strategy
    • Delivered 27,000 marketable fiber services addresses in Q2 2025
    • Added 3,900 residential broadband net additions; Grew fiber connections -10,300 residential broadband net adds from fiber markets
  • TDS Telecom revenues down 1%, impacted by divestitures of non-strategic assets

*Comparisons are 2Q'24 to 2Q'25 unless otherwise noted. Note that in September 2024, TDS sold its Hosted and Managed Services (HMS) operations. This 2024 transaction affects year-over-year revenue comparisons at the consolidated level. HMS operating revenues were $38 million in Q2 2024.

"TDS has made significant progress on its strategic priorities," said Walter Carlson, TDS President and CEO. "With the successful completion of the T-Mobile transaction, we delivered a key milestone in the company's transformation, and positioned the continuing tower business for growth and value creation. Additionally, we are delighted that Ken Dixon, CEO of TDS Telecom, has joined the organization at a pivotal time for our fiber business. With a growing fiber network and strengthened tower operations, I see tremendous opportunities ahead for the TDS enterprise."

2025 Estimated Results
TDS' current estimates of full-year 2025 results for TDS Telecom are shown below. Such estimates represent management's view as of August 11, 2025 and should not be assumed to be current as of any future date. TDS undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.

Array is not providing 2025 financial guidance.

2025 Estimated Results


TDS Telecom

Previous

Current

(Dollars in millions)



Total operating revenues

$1,030-$1,070

$1,030-$1,050

Adjusted OIBDA1 (Non-GAAP)

$310-$350

$310-$340

Adjusted EBITDA1 (Non-GAAP)

$320-$360

$320-$350

Capital expenditures

$375-$425

Unchanged

The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2025 estimated results, TDS has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, TDS believes that the impact of income taxes cannot be reasonably predicted; therefore, TDS is unable to provide such guidance.


2025 Estimated
Results


Actual Results

TDS Telecom


Six Months Ended

June 30, 2025


Year Ended

December 31, 2024

(Dollars in millions)






Net income (GAAP)

N/A


$ 20


$ 85

Add back:






Income tax expense

N/A


3


35

Income before income taxes (GAAP)

$20-$50


$ 23


$ 120

Add back:






Interest expense

-


(2)


(5)

Depreciation, amortization and accretion expense

300


145


271

EBITDA (Non-GAAP)1

$320-$350


$ 165


$ 385

Add back or deduct:






Loss on impairment of intangible assets

-


-


1

(Gain) loss on asset disposals, net

-


8


12

(Gain) loss on sale of business and other exit costs, net

-


(8)


(49)

Adjusted EBITDA (Non-GAAP)1

$320-$350


$ 165


$ 350

Deduct:






Interest and dividend income

5


3


5

Other, net

5


4


4

Adjusted OIBDA (Non-GAAP)1

$310-$340


$ 158


$ 340



Numbers may not foot due to rounding.


1

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. TDS does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of TDS' operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of TDS' financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes.

Conference Call Information
TDS will hold a conference call on August 11, 2025 at 9:00 a.m. Central Time.

  • Access the live call on the Events & Presentations page of investors.tdsinc.com or at
    https://events.q4inc.com/attendee/378403075
  • Access the call by phone at (888)330-2384, conference ID: 1328528.

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.tdsinc.com. The call will be archived on the Events & Presentations page of investors.tdsinc.com.

About TDS
Telephone and Data Systems, Inc. (TDS) provides broadband, video and voice through its TDS Telecom business. Its Array business leases and offers tower space to third-party carriers. Founded in 1969, TDS is headquartered in Chicago.

Visit investors.tdsinc.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information and more.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, 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 on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; whether the previously announced spectrum license sales to Verizon and AT&T will be consummated; whether Array can monetize its remaining spectrum assets; strategic decisions regarding the tower business; intense competition; Array's reliance on a small number of tenants for a substantial portion of its revenues; the ability to attract people of outstanding talent throughout all levels of the organization; TDS' lack of scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS' businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS does business; uncertainties in TDS' future cash flows and liquidity and access to the capital markets; the ability to make payments on TDS and Array indebtedness or comply with the terms of debt covenants; the effect on TDS' business if the collateral securing its secured term loan is foreclosed upon; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities Array does not control; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; extreme weather events; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of TDS' Form 10-K, as updated by any TDS Form 10-Q filed subsequent to such Form 10-K.

For more information about TDS and its subsidiaries, visit:
TDS: www.tdsinc.com
Array: investors.arrayinc.com
TDS Telecom: www.tdstelecom.com

Array Digital Infrastructure, Inc.

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

6/30/2025


3/31/2025


12/31/2024


9/30/2024


6/30/2024

Retail Connections










Postpaid










Total at end of period

3,904,000


3,946,000


3,985,000


3,999,000


4,027,000

Gross additions

109,000


105,000


140,000


123,000


117,000

Handsets

70,000


68,000


93,000


84,000


73,000

Connected devices

39,000


37,000


47,000


39,000


44,000

Net additions (losses)

(42,000)


(39,000)


(14,000)


(28,000)


(24,000)

Handsets

(44,000)


(38,000)


(19,000)


(28,000)


(29,000)

Connected devices

2,000


(1,000)


5,000


-


5,000

ARPU1

$ 51.91


$ 52.06


$ 51.73


$ 52.04


$ 51.45

ARPA2

$ 131.89


$ 132.25


$ 131.10


$ 131.81


$ 130.41

Handset upgrade rate3

4.2 %


3.1 %


4.8 %


3.5 %


4.1 %

Churn rate4

1.29 %


1.21 %


1.29 %


1.25 %


1.16 %

Handsets

1.12 %


1.03 %


1.08 %


1.07 %


0.97 %

Connected devices

2.36 %


2.40 %


2.67 %


2.47 %


2.47 %

Prepaid










Total at end of period

429,000


431,000


448,000


452,000


439,000

Gross additions

43,000


38,000


46,000


57,000


50,000

Net additions (losses)

(2,000)


(17,000)


(4,000)


13,000


3,000

ARPU1

$ 31.72


$ 30.76


$ 30.59


$ 32.01


$ 32.37

Churn rate4

3.58 %


4.17 %


3.70 %


3.30 %


3.60 %

Market penetration at end of period










Consolidated operating population

31,390,000


31,390,000


32,550,000


32,550,000


32,550,000

Consolidated operating penetration5

14 %


14 %


14 %


14 %


14 %

Capital expenditures (millions)

$ 80


$ 53


$ 162


$ 120


$ 165

Total cell sites in service

7,061


7,009


7,010


7,007


6,990

Owned towers

4,418


4,413


4,409


4,407


4,388

Number of colocations 6

2,527


2,469


2,444


2,418


2,392

Tower tenancy rate 7

1.57


1.56


1.55


1.55


1.55




1

Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:




Postpaid ARPU consists of total postpaid service revenues and postpaid connections.





Prepaid ARPU consists of total prepaid service revenues and prepaid connections.




2

Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.



3

Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.



4

Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.



5

Market penetration is calculated by dividing the number of retail wireless connections at the end of the period by the total estimated population of consolidated operating markets. The methodology for the calculation was updated in the second quarter of 2025 and prior periods were revised to reflect this change.



6

Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.



7

Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.

TDS Telecom

Summary Operating Data (Unaudited)

As of or for the Quarter Ended

6/30/2025


3/31/2025


12/31/2024


9/30/2024


6/30/2024

Residential connections










Broadband










Incumbent Fiber

121,200


119,700


118,500


115,900


113,100

Incumbent Copper

106,500


112,600


116,900


125,600


130,600

Expansion Fiber

141,800


133,200


126,100


115,300


107,800

Cable

188,200


190,200


191,500


195,900


198,500

Total Broadband

557,700


555,800


553,000


552,700


550,000

Video

116,500


118,700


121,000


122,100


124,800

Voice

248,700


256,900


261,600


271,300


275,600

Wireless

1,600


900


100


-


-

Total Residential connections

924,500


932,300


935,700


946,100


950,400

Commercial connections

184,300


187,600


190,500


197,200


201,500

Total connections 1

1,108,800


1,119,900


1,126,300


1,143,300


1,152,000











Total residential fiber net adds

10,300


8,300


13,600


10,400


10,700

Total residential broadband net adds

3,900


2,800


7,900


2,700


2,100











Residential fiber churn2

1.1 %


0.9 %


1.0 %


1.3 %


1.2 %

Total residential broadband churn

1.5 %


1.3 %


1.4 %


1.7 %


1.7 %











Residential revenue per connection 3

$ 65.85


$ 65.67


$ 64.72


$ 65.41


$ 65.26











Capital expenditures (millions)

$ 90


$ 59


$ 82


$ 78


$ 78



Numbers may not foot due to rounding.


1

Q2 2024 total connections include 23,700 connections that were part of subsequent divestitures.



2

Residential fiber churn represents the percentage of incumbent and expansion fiber connections that disconnected service each month. These rates represent the average monthly churn rate for each respective period.



3

Total residential revenue per connection is calculated by dividing total residential revenue by the average number of residential connections and by the number of months in the period.

Telephone and Data Systems, Inc.

Consolidated Statement of Operations Highlights

(Unaudited)


Three Months Ended

June 30,


Six Months Ended

June 30,


2025


2024


2025

vs. 2024


2025


2024


2025

vs. 2024

(Dollars and shares in millions, except per share amounts)












Operating revenues












Array

$ 916


$ 927


(1) %


$ 1,807


$ 1,877


(4) %

TDS Telecom

265


267


(1) %


522


534


(2) %

All Other1

5


44


(88) %


12


89


(88) %


1,186


1,238


(4) %


2,341


2,500


(6) %

Operating expenses












Array












Expenses excluding depreciation, amortization and accretion

720


713


1 %


1,407


1,442


(2) %

Depreciation, amortization and accretion

163


165


(1) %


325


329


(2) %

(Gain) loss on asset disposals, net

2


5


(53) %


4


11


(60) %

(Gain) loss on license sales and exchanges, net

(4)


8


N/M


(5)


7


N/M


881


891


(1) %


1,731


1,789


(3) %

TDS Telecom












Expenses excluding depreciation, amortization and accretion

180


178


1 %


364


351


4 %

Depreciation, amortization and accretion

73


67


10 %


145


131


10 %

(Gain) loss on asset disposals, net

6


4


61 %


8


6


39 %

(Gain) loss on sale of business and other exit costs, net

(8)


-


N/M


(8)


-


N/M


251


248


1 %


508


488


4 %

All Other1












Expenses excluding depreciation and amortization

13


58


(77) %


26


111


(77) %

Depreciation and amortization

-


1


(65) %


2


7


(70) %

(Gain) loss on asset disposals, net

1


-


N/M


-


(1)


(23) %

(Gain) loss on sale of business and other exit costs, net

-


-


N/M


(1)


-


N/M


14


60


(77) %


28


117


(77) %

Total operating expenses

1,146


1,199


(4) %


2,267


2,394


(5) %

Operating income (loss)












Array

35


36


(4) %


76


88


(13) %

TDS Telecom

14


19


(27) %


14


46


(70) %

All Other1

(9)


(16)


45 %


(16)


(28)


42 %


40


39


2 %


74


106


(30) %

Other income (expense)












Equity in earnings of unconsolidated entities

43


39


9 %


79


82


(3) %

Interest and dividend income

6


7


(18) %


13


12


1 %

Interest expense

(70)


(73)


5 %


(129)


(131)


2 %

Other, net

2


1


N/M


5


2


N/M

Total other expense

(19)


(26)


28 %


(32)


(35)


8 %

Income before income taxes

21


13


61 %


42


71


(41) %

Income tax expense

3


6


(46) %


12


26


(54) %

Net income

18


7


N/M


30


45


(34) %

Less: Net income attributable to noncontrolling interests, net of tax

6


4


61 %


11


13


(16) %

Net income attributable to TDS shareholders

12


3


N/M


19


32


(41) %

TDS Preferred Share dividends

17


17


-


35


35


-

Net income (loss) attributable to TDS common shareholders

$ (5)


$ (14)


60 %


$ (16)


$ (3)


N/M













Basic weighted average shares outstanding

115


114


1 %


115


113


1 %

Basic earnings (loss) per share attributable to TDS common
shareholders

$ (0.05)


$ (0.13)


61 %


$ (0.14)


$ (0.02)


N/M













Diluted weighted average shares outstanding

115


114


1 %


115


113


1 %

Diluted earnings (loss) per share attributable to TDS common
shareholders

$ (0.05)


$ (0.13)


58 %


$ (0.15)


$ (0.03)


N/M



N/M - Percentage change not meaningful.


Numbers may not foot due to rounding.


1

Consists of TDS corporate, intercompany eliminations and all other business operations not included in the Array and TDS Telecom segments.

Telephone and Data Systems, Inc.

Consolidated Statement of Cash Flows

(Unaudited)


Six Months Ended

June 30,


2025


2024

(Dollars in millions)




Cash flows from operating activities




Net income

$ 30


$ 45

Add (deduct) adjustments to reconcile net income to net cash flows from operating activities




Depreciation, amortization and accretion

472


467

Bad debts expense

45


51

Stock-based compensation expense

44


29

Deferred income taxes, net

2


16

Equity in earnings of unconsolidated entities

(79)


(82)

Distributions from unconsolidated entities

88


80

(Gain) loss on asset disposals, net

12


16

(Gain) loss on sale of business and other exit costs, net

(9)


-

(Gain) loss on license sales and exchanges, net

(5)


7

Other operating activities

6


5

Changes in assets and liabilities from operations




Accounts receivable

(29)


6

Equipment installment plans receivable

44


5

Inventory

52


54

Accounts payable

(1)


(14)

Customer deposits and deferred revenues

(14)


7

Accrued taxes

4


7

Accrued interest

(1)


5

Other assets and liabilities

(54)


(78)

Net cash provided by operating activities

607


626





Cash flows from investing activities




Cash paid for additions to property, plant and equipment

(286)


(451)

Cash paid for licenses

(4)


(15)

Cash received from divestitures

24


-

Other investing activities

2


1

Net cash used in investing activities

(264)


(465)





Cash flows from financing activities




Issuance of long-term debt

-


440

Repayment of long-term debt

(17)


(401)

Tax withholdings, net of cash receipts, for TDS stock-based compensation awards

(25)


(10)

Tax withholdings, net of cash receipts, for Array stock-based compensation awards

(36)


(12)

Repurchase of Array Common Shares

(21)


-

Dividends paid to TDS shareholders

(44)


(61)

Payment of debt issuance costs

(2)


(16)

Distributions to noncontrolling interests

(2)


(3)

Cash paid for software license agreements

(20)


(21)

Other financing activities

(1)


(1)

Net cash used in financing activities

(168)


(85)





Net increase in cash, cash equivalents and restricted cash

175


76





Cash, cash equivalents and restricted cash




Beginning of period

384


270

End of period

$ 559


$ 346

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


ASSETS






June 30, 2025


December 31, 2024

(Dollars in millions)




Current assets




Cash and cash equivalents

$ 540


$ 364

Accounts receivable, net

1,006


1,041

Inventory, net

130


183

Prepaid expenses

76


72

Income taxes receivable

2


2

Other current assets

32


33

Total current assets

1,786


1,695





Licenses

4,592


4,588





Other intangible assets, net

146


161





Investments in unconsolidated entities

493


500





Property, plant and equipment, net

4,808


4,994





Operating lease right-of-use assets

975


982





Other assets and deferred charges

726


762





Total assets

$ 13,526


$ 13,682

Telephone and Data Systems, Inc.

Consolidated Balance Sheet Highlights

(Unaudited)


LIABILITIES AND EQUITY






June 30, 2025


December 31, 2024

(Dollars in millions, except per share amounts)




Current liabilities




Current portion of long-term debt

$ 37


$ 31

Accounts payable

268


280

Customer deposits and deferred revenues

270


283

Accrued interest

15


16

Accrued taxes

39


39

Accrued compensation

97


150

Short-term operating lease liabilities

148


153

Other current liabilities

127


138

Total current liabilities

1,001


1,090





Deferred liabilities and credits




Deferred income tax liability, net

982


981

Long-term operating lease liabilities

867


867

Other deferred liabilities and credits

815


809





Long-term debt, net

4,030


4,051





Noncontrolling interests with redemption features

16


16





Equity




TDS shareholders' equity




Series A Common and Common Shares, par value $0.01 per share

1


1

Capital in excess of par value

2,535


2,574

Preferred Shares, par value $0.01 per share

1,074


1,074

Treasury shares, at cost

(389)


(425)

Accumulated other comprehensive income

18


18

Retained earnings

1,765


1,849

Total TDS shareholders' equity

5,004


5,091





Noncontrolling interests

811


777





Total equity

5,815


5,868





Total liabilities and equity

$ 13,526


$ 13,682

Balance Sheet Highlights

(Unaudited)




June 30, 2025




TDS


TDS
Corporate


Intercompany


TDS


Array


Telecom


& Other


Eliminations


Consolidated

(Dollars in millions)










Cash and cash equivalents

$ 386


$ 164


$ 153


$ (163)


$ 540











Licenses and other intangible assets

$ 4,583


$ 150


$ 5


$ -


$ 4,738

Investment in unconsolidated entities

444


4


52


(7)


493


$ 5,027


$ 154


$ 57


$ (7)


$ 5,231











Property, plant and equipment, net

$ 2,313


$ 2,479


$ 16


$ -


$ 4,808











Long-term debt, net:










Current portion

$ 28


$ -


$ 9


$ -


$ 37

Non-current portion

2,819


3


1,208


-


4,030


$ 2,847


$ 3


$ 1,217


$ -


$ 4,067

Array Digital Infrastructure, Inc.

Segment Results

(Unaudited)



Three Months Ended

June 30,


Six Months Ended
June 30,

Array

2025


2024


2025
vs. 2024


2025


2024


2025
vs. 2024

(Dollars in millions)












Operating Revenues












Wireless

$ 888


$ 902


(1) %


$ 1,751


$ 1,826


(4) %

Towers

62


58


7 %


123


116


6 %

Intra-company eliminations

(34)


(33)


(3) %


(67)


(65)


(3) %

Total operating revenues

916


927


(1) %


1,807


1,877


(4) %













Operating expenses












Wireless

874


885


(1) %


1,717


1,779


(3) %

Towers

41


39


5 %


81


75


8 %

Intra-company eliminations

(34)


(33)


(3) %


(67)


(65)


(3) %

Total operating expenses

881


891


(1) %


1,731


1,789


(3) %













Operating income

$ 35


$ 36


(4) %


$ 76


$ 88


(13) %













Adjusted OIBDA (Non-GAAP)

$ 208


$ 227


(9) %


$ 422


$ 456


(7) %

Adjusted EBITDA (Non-GAAP)

$ 254


$ 268


(6) %


$ 506


$ 542


(7) %

Capital expenditures

$ 80


$ 165


(52) %


$ 132


$ 295


(55) %

Array Digital Infrastructure, Inc.

Segment Results

(Unaudited)



Three Months Ended

June 30,


Six Months Ended
June 30,

Array Wireless

2025


2024


2025
vs. 2024


2025


2024


2025
vs. 2024

(Dollars in millions)












Retail service

$ 652


$ 666


(2) %


$ 1,312


$ 1,344


(2) %

Other

56


52


7 %


109


102


7 %

Service revenues

708


718


(1) %


1,421


1,446


(2) %

Equipment sales

180


184


(2) %


330


380


(13) %

Total operating revenues

888


902


(1) %


1,751


1,826


(4) %













System operations (excluding Depreciation, amortization and
accretion reported below)

197


194


1 %


387


390


(1) %

Cost of equipment sold

209


211


(1) %


387


427


(9) %

Selling, general and administrative

319


313


2 %


643


637


1 %

Depreciation, amortization and accretion

151


154


(2) %


302


308


(2) %

(Gain) loss on asset disposals, net

2


5


(59) %


3


10


(66) %

(Gain) loss on license sales and exchanges, net

(4)


8


N/M


(5)


7


N/M

Total operating expenses

874


885


(1) %


1,717


1,779


(3) %













Operating income

$ 14


$ 17


(21) %


$ 34


$ 47


(27) %













Adjusted OIBDA (Non-GAAP)

$ 174


$ 196


(11) %


$ 355


$ 392


(9) %

Adjusted EBITDA (Non-GAAP)

$ 174


$ 196


(11) %


$ 355


$ 392


(9) %

Capital expenditures

$ 77


$ 160


(52) %


$ 127


$ 286


(55) %



Three Months Ended

June 30,


Six Months Ended
June 30,

Array Towers

2025


2024


2025
vs. 2024


2025


2024


2025
vs. 2024

(Dollars in millions)












Third-party revenues

$ 28


$ 25


12 %


$ 56


$ 51


9 %

Intra-company revenues

34


33


3 %


67


65


3 %

Total tower revenues

62


58


7 %


123


116


6 %













System operations (excluding Depreciation, amortization and
accretion reported below)

20


19


6 %


39


37


5 %

Selling, general and administrative

9


9


(1) %


18


16


14 %

Depreciation, amortization and accretion

12


11


7 %


23


21


6 %

(Gain) loss on asset disposals, net

-


-


14 %


1


1


60 %

Total operating expenses

41


39


5 %


81


75


8 %













Operating income

$ 21


$ 19


11 %


$ 42


$ 41


2 %













Adjusted OIBDA (Non-GAAP)

$ 34


$ 31


9 %


$ 67


$ 64


4 %

Adjusted EBITDA (Non-GAAP)

$ 34


$ 31


9 %


$ 67


$ 64


4 %

Capital expenditures

$ 3


$ 5


(51) %


$ 5


$ 9


(47) %

TDS Telecom Highlights

(Unaudited)














Three Months Ended

June 30,


Six Months Ended

June 30,


2025


2024


2025

vs. 2024


2025


2024


2025

vs. 2024

(Dollars in millions)












Operating revenues












Residential












Incumbent

$ 85


$ 90


(6) %


$ 170


$ 180


(5) %

Expansion

37


28


31 %


71


54


32 %

Cable

62


69


(10) %


126


138


(9) %

Total residential

183


186


(2) %


367


372


(1) %

Commercial

35


37


(6) %


69


74


(6) %

Wholesale

47


44


7 %


85


88


(3) %

Total service revenues

265


267


(1) %


522


534


(2) %

Equipment revenues

-


-


(14) %


-


-


2 %

Total operating revenues

265


267


(1) %


522


534


(2) %













Cost of services

97


98


(1) %


198


196


1 %

Cost of equipment and products

-


-


(6) %


-


-


25 %

Selling, general and administrative expenses

83


80


3 %


166


155


7 %

Depreciation, amortization and accretion

73


67


10 %


145


131


10 %

(Gain) loss on asset disposals, net

6


4


61 %


8


6


39 %

(Gain) loss on sale of business and other exit costs, net

(8)


-


N/M


(8)


-


N/M

Total operating expenses

251


248


1 %


508


488


4 %













Operating income

$ 14


$ 19


(27) %


$ 14


$ 46


(70) %


N/M - Percentage change not meaningful


Numbers may not foot due to rounding.

Telephone and Data Systems, Inc.

Financial Measures

(Unaudited)

Free Cash Flow



Three Months Ended

June 30,


Six Months Ended

June 30,

TDS CONSOLIDATED

2025


2024


2025


2024

(Dollars in millions)








Cash flows from operating activities (GAAP)

$ 422


$ 403


$ 607


$ 626

Cash paid for additions to property, plant and equipment

(157)


(216)


(286)


(451)

Cash paid for software license agreements

(11)


(11)


(20)


(21)

Free cash flow (Non-GAAP)1

$ 254


$ 176


$ 301


$ 154



Three Months Ended

June 30,


Six Months Ended

June 30,

Array

2025


2024


2025


2024

(Dollars in millions)








Cash flows from operating activities (GAAP)

$ 325


$ 313


$ 485


$ 516

Cash paid for additions to property, plant and equipment

(75)


(137)


(147)


(270)

Cash paid for software license agreements

(11)


(11)


(20)


(20)

Free cash flow (Non-GAAP)1

$ 239


$ 165


$ 318


$ 226



1

Free cash flow is a non-GAAP financial measure which TDS believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.

Telephone and Data Systems, Inc.
EBITDA, Adjusted EBITDA and Adjusted OIBDA
(Unaudited)

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income and Income before income taxes. Income and expense items below Operating income are not provided at the individual segment level for Array Wireless and Array Towers; therefore, the reconciliations begin with EBITDA and the most directly comparable GAAP measure is Operating income rather than Net income at the segment level.


Three Months Ended

June 30,


Six Months Ended

June 30,

Array

2025


2024


2025


2024

(Dollars in millions)








Net income (GAAP)

$ 32


$ 18


$ 52


$ 42

Add back or deduct:








Income tax expense

4


14


24


41

Income before income taxes (GAAP)

36


32


76


83

Add back:








Interest expense

45


45


84


91

Depreciation, amortization and accretion expense

163


165


325


329

EBITDA (Non-GAAP)

244


242


485


503

Add back or deduct:








Expenses related to strategic alternatives review

12


13


22


21

(Gain) loss on asset disposals, net

2


5


4


11

(Gain) loss on license sales and exchanges, net

(4)


8


(5)


7

Adjusted EBITDA (Non-GAAP)

254


268


506


542

Deduct:








Equity in earnings of unconsolidated entities

42


38


78


80

Interest and dividend income

4


3


6


6

Adjusted OIBDA (Non-GAAP)

$ 208


$ 227


$ 422


$ 456



Three Months Ended

June 30,


Six Months Ended

June 30,

Array Wireless

2025


2024


2025


2024

(Dollars in millions)








EBITDA (Non-GAAP)

$ 165


$ 171


$ 336


$ 355

Add back or deduct:








Expenses related to strategic alternatives review

11


12


21


20

(Gain) loss on asset disposals, net

2


5


3


10

(Gain) loss on license sales and exchanges, net

(4)


8


(5)


7

Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)

174


196


355


392

Deduct:








Depreciation, amortization and accretion

151


154


302


308

Expenses related to strategic alternatives review

11


12


21


20

(Gain) loss on asset disposals, net

2


5


3


10

(Gain) loss on license sales and exchanges, net

(4)


8


(5)


7

Operating income (GAAP)

$ 14


$ 17


$ 34


$ 47



Three Months Ended

June 30,


Six Months Ended

June 30,

Array Towers

2025


2024


2025


2024

(Dollars in millions)








EBITDA (Non-GAAP)

$ 33


$ 30


$ 65


$ 62

Add back or deduct:








Expenses related to strategic alternatives review

1


1


1


1

(Gain) loss on asset disposals, net

-


-


1


1

Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)

34


31


67


64

Deduct:








Depreciation, amortization and accretion

12


11


23


21

Expenses related to strategic alternatives review

1


1


1


1

(Gain) loss on asset disposals, net

-


-


1


1

Operating income (GAAP)

$ 21


$ 19


$ 42


$ 41



Three Months Ended

June 30,


Six Months Ended

June 30,

TDS Telecom

2025


2024


2025


2024

(Dollars in millions)








Net income (GAAP)

$ 16


$ 18


$ 20


$ 42

Add back or deduct:








Income tax expense

2


3


3


10

Income before income taxes (GAAP)

18


21


23


52

Add back:








Interest expense

(1)


-


(2)


(2)

Depreciation, amortization and accretion expense

73


67


145


131

EBITDA (Non-GAAP)

90


88


165


181

Add back or deduct:








(Gain) loss on asset disposals, net

6


4


8


6

(Gain) loss on sale of business and other exit costs, net

(8)


-


(8)


-

Adjusted EBITDA (Non-GAAP)

89


91


165


187

Deduct:








Interest and dividend income

2


1


3


2

Other, net

2


1


4


2

Adjusted OIBDA (Non-GAAP)

$ 85


$ 89


$ 158


$ 183


Numbers may not foot due to rounding.

SOURCE Telephone and Data Systems, Inc.

© 2025 PR Newswire
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