Q3 2025 Telephone and Data Systems Inc And Array Digital Infrastructure Inc Earnings Call Transcript

Nov 07, 2025 / 03:00PM GMT

Release Date Price: $46.36 (-2.79%)

Transcript 10-Q8-K

Key Points

Positve

Array Digital Infrastructure Inc (AD) has successfully transitioned into an independent tower company, showing promising growth.
The company has made substantial progress in monetizing its spectrum, with agreements covering 70% of its holdings.
Array Digital Infrastructure Inc (AD) reported a significant increase in site rental revenue, growing 68% year-over-year.
The T-Mobile Master Lease Agreement (MLA) has significantly boosted revenue, enhancing the company's financial performance.
The company is focused on optimizing tower operations and monetizing spectrum, which are key value drivers for future growth.

Negative

Array Digital Infrastructure Inc (AD) is facing challenges with DISH Wireless, which disputes its obligations under the Master Lease Agreement.
The company expects high selling, general, and administrative expenses to persist into the first half of 2026.
There are concerns about the impact of regulatory approval delays on the timing of spectrum transaction closures.
The company has a number of 'naked towers' that may require decommissioning if they remain unleased.
Array Digital Infrastructure Inc (AD) is dealing with legacy wireless operations wind-down costs, which are expected to continue into 2026.

Operator

Hello, and welcome to the TDS and Array third-quarter 2025 operating results conference call. (Operator Instructions) I would now like to turn the call over to John Toomey. Please go ahead.

John Toomey

Telephone and Data Systems Inc - Treasurer, Vice President of Corporate Relations

Good morning, and thank you for joining us today. I'm pleased to be here in my new role as Treasurer and Vice President of Corporate Relations. I've been with TDS for 25 years, serving as Treasurer since 2018, and I look forward to meeting and talking with you as part of my expanded role.

We want to make you aware of the presentation that has been prepared to accompany our comments this morning, which you can find on the Investor Relations sections of the TDS and Array websites. With me today and offering prepared comments are: from TDS, Walter Carlson, President and CEO; Vicki Villacrez, Executive Vice President and Chief Financial Officer; from TDS Telecom; Ken Dickson, President and CEO; Chris Botfeld, Vice President of Finance; and from Array Digital infrastructure,

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