Research Reports

Prepared Highlights

TDS Telecom fiber build: Q4 added 58,000 new marketable fiber addresses, up 39% YoY; full-year 2025 delivered 140,000 (below 150,000 goal) (Ken Dixon, prepared).
Residential fiber net adds: Q4 achieved ~15,000, up 11% YoY; full-year 2025 ~45,000 (Ken Dixon, prepared).
TDS Telecom 2026 guidance: Revenue $1,015M–$1,055M; Adjusted EBITDA $310M–$350M; CapEx $550M–$600M (up from $406M in 2025) (Chris, prepared).
Fiber address goal increase: Long-term target raised from 1.8M to 2.1M fiber addresses with 300,000 new edge-out opportunities (Ken Dixon, prepared).
2026 fiber build target: 200,000–250,000 new marketable fiber addresses (Ken Dixon, prepared).
Transformation savings: On track to deliver $100M in savings by year-end 2028 (Ken Dixon, prepared).
Array total operating revenue Q4: Cash site rental revenue up 64% YoY from all customers; up 96% when including T-Mobile interim site revenue (Anthony, prepared).
Array spectrum monetization: Closed $1.018B sale to AT&T in Jan 2026; pro rata special dividend $726M ($10.25/share paid Feb 2) (Vicki Villacrez, Anthony, prepared).
Array naked towers: After T-Mobile selects 2,015 committed sites (deadline Jan 2028), expects 800–1,800 tenant or naked towers (Anthony, prepared).
Array 2026 revenue guidance: $200M–$215M (does not include DISH revenues) (Anthony, prepared).
Array 2026 adjusted EBITDA guidance: $100M–$215M; adjusted OIBDA $50M–$65M; CapEx $25M–$35M (Anthony, prepared).
TDS stock buyback: Q4 spent $67M to repurchase 1.8M shares; full-year 2025 total 2.8M shares; $524M remaining on authorization (Vicki Villacrez, prepared).

Official Guidance:

TDS Telecom (2026): Revenue $1,015M–$1,055M; Adjusted EBITDA $310M–$350M; CapEx $550M–$600M; Fiber address delivery 200,000–250,000 (Chris, prepared).
Array Digital Infrastructure (2026): Total operating revenue $200M–$215M; Adjusted EBITDA $100M–$215M; Adjusted OIBDA $50M–$65M; CapEx $25M–$35M (Anthony, prepared).

Mgmt Quotes:

“2025 was a transformative year. We completed the largest transaction in our company's history and significantly strengthened our balance sheet.” (Walter Carlson, CEO)
“With the proceeds from the special dividend related to the AT&T spectrum, we are increasing our fiber goals… we have identified 300,000 additional fiber edge-out service address opportunities.” (Vicki L. Villacrez, CFO)
“In 2026, our goal is to deliver between 200,000 and 250,000 new marketable fiber addresses as we ramp up construction in the A-CAM markets.” (Ken Dixon, President and CEO of TDS Telecom)
“Capital expenditures… are projected to be in the range of $550,000,000 to $600,000,000, up from $406,000,000 in 2025… driven by A-CAM builds, continued growth in our expansion markets, as well as spending on new edge-out opportunities.” (Chris, VP of Financial Analysis)
“Since early December, DISH has generally failed to make contractually required payments. Array will take such actions it deems necessary to protect its rights under the MLA.” (Anthony Carlson, President and CEO of Array)

Prepared Metrics

Metric	Value	Speaker/Context
TDS Telecom Q4 fiber net adds (residential)	~15,000	Ken Dixon (prepared)
TDS Telecom FY2025 fiber address additions	140,000	Ken Dixon (prepared)
TDS Telecom FY2025 residential fiber net adds	~45,000	Ken Dixon (prepared)
TDS Telecom FY2025 total CapEx	$406M	Chris (prepared)
TDS Telecom 2026E revenue	$1,015M–$1,055M	Chris (prepared)
TDS Telecom 2026E adjusted EBITDA	$310M–$350M	Chris (prepared)
TDS Telecom 2026E CapEx	$550M–$600M	Chris (prepared)
Array Q4 cash site rental revenue YoY growth	+64% (all customers); +96% (incl T-Mobile interim)	Anthony (prepared)
Array FY2025 DISH site rental revenue	~$7M	Anthony (prepared)
Array spectrum sale to AT&T (gross)	$1.018B	Vicki Villacrez (prepared)
Array special dividend paid Feb 2 2026	$10.25/share	Anthony (prepared)
Array 2026E total operating revenue	$200M–$215M	Anthony (prepared)
Array 2026E adjusted EBITDA	$100M–$215M	Anthony (prepared)
Array 2026E adjusted OIBDA	$50M–$65M	Anthony (prepared)
Array 2026E CapEx	$25M–$35M

Q&A Batch (6-6 of 6)

Q6 — Sergey Dluzhevskiy / Ken Dixon

Topic: 2026年执行信心、Array Digital公司租户比率提升、C波段频谱变现策略
Key points:
- 第四季度保持外部施工队数量稳定，相比往年冬季流失后再招募的困难，当前已维持相同水平，对2026年初服务地址交付更有信心。
- 提升租户比率的举措包括：销售团队内部化（已见成效）、与Verizon的新交易、部分运营商为替换UScellular网络进行的漫游替代建设、新增非塔楼垂直租户角色并已看到早期成果。
- C波段频谱：参考EchoStar等交易显示需求强劲，管理层认为频谱价值高且持有成本可控，不会被迫出售，但会持续寻找变现机会。
Mgmt stance: 中性偏积极——对施工执行和租户增长持乐观态度，频谱方面强调灵活性（非被迫卖家），但未给出具体时间表或量化目标。