TELEPHONE & DATA SYSTEMS INC /DE/
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
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Array Operations
Business Overview
Array leases and offers tower space to third-party tenants on 4,418 Array-owned towers, holds noncontrolling interests in wireless operating companies and holds certain wireless spectrum licenses not included in the sale of its wireless operations, which was divested on August 1, 2025. As of June 30, 2025, Array is an 82.5%-owned subsidiary of TDS.
Financial Overview — Array
The following discussion and analysis compares financial results for the three and six months ended June 30, 2025, to the three and six months ended June 30, 2024. The financial results include the wireless operations that were sold to T-Mobile on August 1, 2025.
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||||
|---|---|---|---|---|---|---|
| 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)% |
| Net income | $32 | $18 | 77% | $52 | $42 | 24% |
| Adjusted OIBDA (Non-GAAP)1 | $208 | $227 | (9)% | $422 | $456 | (7)% |
| Adjusted EBITDA (Non-GAAP)1 | $254 | $268 | (6)% | $506 | $542 | (7)% |
| Capital expenditures2 | $80 | $165 | (52)% | $132 | $295 | (55)% |
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