# EDGAR Filing Document

**Accession Number:** 0001051512
**File Stem:** 0001051512-25-000061
**Filing Date:** 2025-8
**Character Count:** 57953
**Document Hash:** d664ef45aa29a31b0780c8bb0fa3811a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001051512-25-000061.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001051512-25-000061

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELEPHONE & DATA SYSTEMS INC /DE/
- **CENTRAL INDEX KEY:** 0001051512
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 362669023
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14157
- **FILM NUMBER:** 251200207

**BUSINESS ADDRESS:**
- **STREET 1:** 30 NORTH LASALLE STREET
- **STREET 2:** STE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 3126301900

**MAIL ADDRESS:**
- **STREET 1:** 30 NORTH LASALLE STREET
- **STREET 2:** STE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

?xml version='1.0' encoding='ASCII'? tds-20250811

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): August 11, 2025

![image1a27.jpg](tds-20250811_g1.jpg)

**TELEPHONE AND DATA SYSTEMS, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-14157** | **36-2669023** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**<u>30 North LaSalle Street, Suite 4000, Chicago, Illinois 60602</u>** 

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (312) 630-1900

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Shares, $.01 par value | TDS | New York Stock Exchange |
| Depositary Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value | TDSPrU | New York Stock Exchange |
| Depositary Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par value | TDSPrV | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

**Item 2.02. <u>Results of Operations and Financial Condition</u>**

On August 11, 2025, Telephone and Data Systems, Inc. (TDS) issued a news release announcing its results of operations for the period ended June 30, 2025. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information in this Item 2.02 of Form 8-K is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will any such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.

**Item 9.01. <u>Financial Statements and Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibits** |
| 99.1 | <u>[Earnings Press Release dated](tdsq220258kex991.htm)[August 11](tdsq220258kex991.htm)[, 2025](tdsq220258kex991.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | TELEPHONE AND DATA SYSTEMS, INC. | TELEPHONE AND DATA SYSTEMS, INC. |
| Date: | August 11, 2025 | By: | /s/ Vicki L. Villacrez |
|  |  |  | Vicki L. Villacrez |
|  |  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**NEWS RELEASE**

![image1a27.jpg](image1a27.jpg)

**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.**

**TDS reports second quarter 2025 results**

CHICAGO (August 11, 2025) — 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\***

**<u>Array</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.**<sup>SM</sup> **(Array**<sup>SM</sup>**)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Array declared a $23.00 per share special dividend payable to its shareholders on August 19, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Third-party tower revenues increased 12%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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**

**<u>TDS Telecom</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Ken Dixon joined the organization as TDS Telecom President and CEO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Executing on fiber broadband strategy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Delivered 27,000 marketable fiber services addresses in Q2 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Added 3,900 residential broadband net additions; Grew fiber connections —10,300 residential broadband net adds from fiber markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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**<br>

---

| | | |
|:---|:---|:---|
| **TDS Telecom** | Previous | **Current** |
| (Dollars in millions) |  |  |
| Total operating revenues | $1030-$1070 | **$1030-$1050** |
| Adjusted OIBDA<sup>1</sup> (Non-GAAP) | $310-$350 | **$310-$340** |
| Adjusted EBITDA<sup>1</sup> (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** | **Actual Results** |
|<br>**TDS Telecom** | **2025 Estimated Results** | **Six Months Ended<br>June 30, 2025** | **Year Ended<br>December 31, 2024** |
| (Dollars in millions) |  |  |  |
| **Net income (GAAP)** | **N/A** | $**20** | $85 |
| Add back: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **N/A** | **3** | 35 |
| **Income before income taxes (GAAP)** | **$20-$50** | $**23** | $120 |
| Add back: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **—** | **(2)** | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion expense | **300** | **145** | 271 |
| EBITDA (Non-GAAP)<sup>1</sup> | **$320-$350** | $**165** | $385 |
| Add back or deduct: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of intangible assets | **—** | **—** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **—** | **8** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business and other exit costs, net | **—** | **(8)** | (49) |
| Adjusted EBITDA (Non-GAAP)<sup>1</sup> | **$320-$350** | $**165** | $350 |
| Deduct: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **5** | **3** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **5** | **4** | 4 |
| Adjusted OIBDA (Non-GAAP)<sup>1</sup> | **$310-$340** | $**158** | $340 |

---

Numbers may not foot due to rounding.

<sup>1</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access the live call on the Events & Presentations page of investors.tdsinc.com or at

https://events.q4inc.com/attendee/378403075

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

**Contacts**

Colleen Thompson, Vice President - Corporate Relations

colleen.thompson@tdsinc.com

Julie Mathews, IRC, Director - Investor Relations

julie.mathews@tdsinc.com

***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.** | **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** |
| **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Postpaid** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total at end of period | **3904000** | 3946000 | 3985000 | 3999000 | 4027000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross additions | **109000** | 105000 | 140000 | 123000 | 117000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Handsets | **70000** | 68000 | 93000 | 84000 | 73000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connected devices | **39000** | 37000 | 47000 | 39000 | 44000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net additions (losses) | **(42000)** | (39000) | (14000) | (28000) | (24000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Handsets | **(44000)** | (38000) | (19000) | (28000) | (29000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connected devices | **2000** | (1000) | 5000 |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARPU<sup>1</sup> | $**51.91** | $52.06 | $51.73 | $52.04 | $51.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARPA<sup>2</sup> | $**131.89** | $132.25 | $131.10 | $131.81 | $130.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Handset upgrade rate<sup>3</sup> | **4.2%** | 3.1% | 4.8% | 3.5% | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churn rate<sup>4</sup> | **1.29%** | 1.21% | 1.29% | 1.25% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Handsets | **1.12%** | 1.03% | 1.08% | 1.07% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connected devices | **2.36%** | 2.40% | 2.67% | 2.47% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Prepaid** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total at end of period | **429000** | 431000 | 448000 | 452000 | 439000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross additions | **43000** | 38000 | 46000 | 57000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net additions (losses) | **(2000)** | (17000) | (4000) | 13000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARPU<sup>1</sup> | $**31.72** | $30.76 | $30.59 | $32.01 | $32.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churn rate<sup>4</sup> | **3.58%** | 4.17% | 3.70% | 3.30% | 3.60% |
| **Market penetration at end of period** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operating population | **31390000** | 31390000 | 32550000 | 32550000 | 32550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated operating penetration<sup>5</sup> | **14%** | 14% | 14% | 14% | 14% |
| **Capital expenditures (millions)** | $**80** | $53 | $162 | $120 | $165 |
| **Total cell sites in service** | **7061** | 7009 | 7010 | 7007 | 6990 |
| **Owned towers** | **4418** | 4413 | 4409 | 4407 | 4388 |
| **Number of colocations**<sup>6</sup> | **2527** | 2469 | 2444 | 2418 | 2392 |
| **Tower tenancy rate**<sup>7</sup> | **1.57** | 1.56 | 1.55 | 1.55 | 1.55 |

---

<sup>1</sup>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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Postpaid ARPU consists of total postpaid service revenues and postpaid connections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepaid ARPU consists of total prepaid service revenues and prepaid connections.

<sup>2</sup>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.

<sup>3</sup>Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.

<sup>4</sup>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.

<sup>5</sup>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.

<sup>6</sup>Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.

<sup>7</sup>Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TDS Telecom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TDS Telecom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TDS Telecom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TDS Telecom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TDS Telecom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TDS Telecom** |
| **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **Summary Operating Data (Unaudited)** | **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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incumbent Fiber | **121200** | 119700 | 118500 | 115900 | 113100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incumbent Copper | **106500** | 112600 | 116900 | 125600 | 130600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansion Fiber | **141800** | 133200 | 126100 | 115300 | 107800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable | **188200** | 190200 | 191500 | 195900 | 198500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Broadband | **557700** | 555800 | 553000 | 552700 | 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Video | **116500** | 118700 | 121000 | 122100 | 124800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voice | **248700** | 256900 | 261600 | 271300 | 275600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless | **1600** | 900 | 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Residential connections | **924500** | 932300 | 935700 | 946100 | 950400 |
| **Commercial connections** | **184300** | 187600 | 190500 | 197200 | 201500 |
| **Total connections**<sup>1</sup> | **1108800** | 1119900 | 1126300 | 1143300 | 1152000 |
| **Total residential fiber net adds** | **10300** | 8300 | 13600 | 10400 | 10700 |
| **Total residential broadband net adds** | **3900** | 2800 | 7900 | 2700 | 2100 |
| &nbsp;&nbsp;&nbsp;Residential fiber churn<sup>2</sup> | **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**<sup>3</sup> | $**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.

<sup>1</sup>Q2 2024 total connections include 23,700 connections that were part of subsequent divestitures.

<sup>2</sup>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.

<sup>3</sup>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.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** |
| **Consolidated Statement of Operations Highlights** | **Consolidated Statement of Operations Highlights** | **Consolidated Statement of Operations Highlights** | **Consolidated Statement of Operations Highlights** | **Consolidated Statement of Operations Highlights** | **Consolidated Statement of Operations Highlights** | **Consolidated Statement of Operations Highlights** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | 2024 | 2025<br>vs. 2024 | **2025** | 2024 | 2025<br>vs. 2024 |
| (Dollars and shares in millions, except per share amounts) |  |  |  |  |  |  |
| **Operating revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Array | $**916** | $927 | (1)% | $**1807** | $1877 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;TDS Telecom | **265** | 267 | (1)% | **522** | 534 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other<sup>1</sup> | **5** | 44 | (88)% | **12** | 89 | (88)% |
|  | **1186** | 1238 | (4)% | **2341** | 2500 | (6)% |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Array |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses excluding depreciation, amortization and accretion | **720** | 713 | 1% | **1407** | 1442 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | **163** | 165 | (1)% | **325** | 329 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **2** | 5 | (53)% | **4** | 11 | (60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(4)** | 8 | N/M | **(5)** | 7 | N/M |
|  | **881** | 891 | (1)% | **1731** | 1789 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;TDS Telecom |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses excluding depreciation, amortization and accretion | **180** | 178 | 1% | **364** | 351 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | **73** | 67 | 10% | **145** | 131 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **6** | 4 | 61% | **8** | 6 | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business and other exit costs, net | **(8)** |  | N/M | **(8)** |  | N/M |
|  | **251** | 248 | 1% | **508** | 488 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses excluding depreciation and amortization | **13** | 58 | (77)% | **26** | 111 | (77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **—** | 1 | (65)% | **2** | 7 | (70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **1** |  | N/M | **—** | (1) | (23)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business and other exit costs, net | **—** |  | N/M | **(1)** |  | N/M |
|  | **14** | 60 | (77)% | **28** | 117 | (77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **1146** | 1199 | (4)% | **2267** | 2394 | (5)% |
| **Operating income (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Array | **35** | 36 | (4)% | **76** | 88 | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;TDS Telecom | **14** | 19 | (27)% | **14** | 46 | (70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other<sup>1</sup> | **(9)** | (16) | 45% | **(16)** | (28) | 42% |
|  | **40** | 39 | 2% | **74** | 106 | (30)% |
| **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **43** | 39 | 9% | **79** | 82 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **6** | 7 | (18)% | **13** | 12 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(70)** | (73) | 5% | **(129)** | (131) | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **2** | 1 | N/M | **5** | 2 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | **(19)** | (26) | 28% | **(32)** | (35) | 8% |
| **Income before income taxes** | **21** | 13 | 61% | **42** | 71 | (41)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **3** | 6 | (46)% | **12** | 26 | (54)% |
| **Net income** | **18** | 7 | N/M | **30** | 45 | (34)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>1</sup>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.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** |
| **Consolidated Statement of Cash Flows** | **Consolidated Statement of Cash Flows** | **Consolidated Statement of Cash Flows** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | 2024 |
| (Dollars in millions) |  |  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**30** | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add (deduct) adjustments to reconcile net income to net cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | **472** | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debts expense | **45** | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **44** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | **2** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **(79)** | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated entities | **88** | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **12** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business and other exit costs, net | **(9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(5)** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | **6** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities from operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(29)** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment installment plans receivable | **44** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | **52** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(1)** | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and deferred revenues | **(14)** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **4** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **(1)** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | **(54)** | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **607** | 626 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for additions to property, plant and equipment | **(286)** | (451) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for licenses | **(4)** | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received from divestitures | **24** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | **2** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | **(264)** | (465) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of long-term debt | **—** | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(17)** | (401) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings, net of cash receipts, for TDS stock-based compensation awards | **(25)** | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings, net of cash receipts, for Array stock-based compensation awards | **(36)** | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Array Common Shares | **(21)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to TDS shareholders | **(44)** | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt issuance costs | **(2)** | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | **(2)** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for software license agreements | **(20)** | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | **(1)** | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | **384** | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $**559** | $346 |

---

------

---

| | | |
|:---|:---|:---|
| **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** |
| **Consolidated Balance Sheet Highlights** | **Consolidated Balance Sheet Highlights** | **Consolidated Balance Sheet Highlights** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **ASSETS** | **ASSETS** | **ASSETS** |
|  | **June 30, 2025** | December 31, 2024 |
| (Dollars in millions) |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**540** | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | **1006** | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | **130** | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **76** | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | **2** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **32** | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **1786** | 1695 |
| **Licenses** | **4592** | 4588 |
| **Other intangible assets, net** | **146** | 161 |
| **Investments in unconsolidated entities** | **493** | 500 |
| **Property, plant and equipment, net** | **4808** | 4994 |
| **Operating lease right-of-use assets** | **975** | 982 |
| **Other assets and deferred charges** | **726** | 762 |
| **Total assets** | $**13526** | $13682 |

---

------

---

| | | |
|:---|:---|:---|
| **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** | **Telephone and Data Systems, Inc.** |
| **Consolidated Balance Sheet Highlights** | **Consolidated Balance Sheet Highlights** | **Consolidated Balance Sheet Highlights** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
|  | **June 30, 2025** | December 31, 2024 |
| (Dollars in millions, except per share amounts) |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $**37** | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **268** | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and deferred revenues | **270** | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **15** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **39** | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | **97** | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | **148** | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **127** | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **1001** | 1090 |
| **Deferred liabilities and credits** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability, net | **982** | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | **867** | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred liabilities and credits | **815** | 809 |
| **Long-term debt, net** | **4030** | 4051 |
| **Noncontrolling interests with redemption features** | **16** | 16 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TDS shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Common and Common Shares, par value $0.01 per share | **1** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value | **2535** | 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares, par value $0.01 per share | **1074** | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, at cost | **(389)** | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **18** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **1765** | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total TDS shareholders' equity | **5004** | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | **811** | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | **5815** | 5868 |
| **Total liabilities and equity** | $**13526** | $13682 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet Highlights** | **Balance Sheet Highlights** | **Balance Sheet Highlights** | **Balance Sheet Highlights** | **Balance Sheet Highlights** | **Balance Sheet Highlights** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| |<br>**Array** | **TDS**<br>**Telecom** | **TDS Corporate**<br>**& Other** | **Intercompany**<br>**Eliminations** | **TDS**<br>**Consolidated** |
| (Dollars in millions) |  |  |  |  |  |
| Cash and cash equivalents | $386 | $164 | $153 | $(163) | $540 |
| Licenses and other intangible assets | $4583 | $150 | $5 | $— | $4738 |
| Investment in unconsolidated entities | 444 | 4 | 52 | (7) | 493 |
|  | $5027 | $154 | $57 | $(7) | $5231 |
| Property, plant and equipment, net | $2313 | $2479 | $16 | $— | $4808 |
| Long-term debt, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion | $28 | $— | $9 | $— | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current portion | 2819 | 3 | 1208 |  | 4030 |
|  | $2847 | $3 | $1217 | $— | $4067 |

---

------

**Array Digital Infrastructure, Inc.**

 **Segment Results**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Array** | **2025** | 2024 | 2025<br>vs. 2024 | **2025** | 2024 | 2025<br>vs. 2024 |
| (Dollars in millions) |  |  |  |  |  |  |
| **Operating Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless | $**888** | $902 | (1)% | $**1751** | $1826 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Towers | **62** | 58 | 7% | **123** | 116 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intra-company eliminations | **(34)** | (33) | (3)% | **(67)** | (65) | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | **916** | 927 | (1)% | **1807** | 1877 | (4)% |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless | **874** | 885 | (1)% | **1717** | 1779 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Towers | **41** | 39 | 5% | **81** | 75 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intra-company eliminations | **(34)** | (33) | (3)% | **(67)** | (65) | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **881** | 891 | (1)% | **1731** | 1789 | (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<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Array Wireless** | **2025** | 2024 | 2025<br>vs. 2024 | **2025** | 2024 | 2025<br>vs. 2024 |
| (Dollars in millions) |  |  |  |  |  |  |
| Retail service | $**652** | $666 | (2)% | $**1312** | $1344 | (2)% |
| Other | **56** | 52 | 7% | **109** | 102 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenues | **708** | 718 | (1)% | **1421** | 1446 | (2)% |
| Equipment sales | **180** | 184 | (2)% | **330** | 380 | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | **888** | 902 | (1)% | **1751** | 1826 | (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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **874** | 885 | (1)% | **1717** | 1779 | (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<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Array Towers** | **2025** | 2024 | 2025<br>vs. 2024 | **2025** | 2024 | 2025<br>vs. 2024 |
| (Dollars in millions) |  |  |  |  |  |  |
| Third-party revenues | $**28** | $25 | 12% | $**56** | $51 | 9% |
| Intra-company revenues | **34** | 33 | 3% | **67** | 65 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** | **TDS Telecom Highlights** | **TDS Telecom Highlights** | **TDS Telecom Highlights** | **TDS Telecom Highlights** | **TDS Telecom Highlights** | **TDS Telecom Highlights** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | 2024 | 2025<br>vs. 2024 | **2025** | 2024 | 2025<br>vs. 2024 |
| (Dollars in millions) |  |  |  |  |  |  |
| **Operating revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incumbent | $**85** | $90 | (6)% | $**170** | $180 | (5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansion | **37** | 28 | 31% | **71** | 54 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable | **62** | 69 | (10)% | **126** | 138 | (9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential | **183** | 186 | (2)% | **367** | 372 | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | **35** | 37 | (6)% | **69** | 74 | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | **47** | 44 | 7% | **85** | 88 | (3)% |
| Total service revenues | **265** | 267 | (1)% | **522** | 534 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow (Non-GAAP)<sup>1</sup> | $**254** | $176 | $**301** | $154 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free cash flow (Non-GAAP)<sup>1</sup> | $**239** | $165 | $**318** | $226 |

---

<sup>1</sup>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<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Array** | **2025** | 2024 | **2025** | 2024 |
| (Dollars in millions) |  |  |  |  |
| **Net income (GAAP)** | $**32** | $18 | $**52** | $42 |
| Add back or deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **4** | 14 | **24** | 41 |
| **Income before income taxes (GAAP)** | **36** | 32 | **76** | **83** |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **45** | 45 | **84** | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion expense | **163** | 165 | **325** | 329 |
| EBITDA (Non-GAAP) | **244** | 242 | **485** | 503 |
| Add back or deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **12** | 13 | **22** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **2** | 5 | **4** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(4)** | 8 | **(5)** | 7 |
| Adjusted EBITDA (Non-GAAP) | **254** | 268 | **506** | 542 |
| Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **42** | 38 | **78** | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **4** | 3 | **6** | 6 |
| Adjusted OIBDA (Non-GAAP) | $**208** | $227 | $**422** | $456 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Array Wireless** | **2025** | 2024 | **2025** | 2024 |
| (Dollars in millions) |  |  |  |  |
| EBITDA (Non-GAAP) | $**165** | $171 | $**336** | $355 |
| Add back or deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **11** | 12 | **21** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **2** | 5 | **3** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(4)** | 8 | **(5)** | 7 |
| Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) | **174** | 196 | **355** | 392 |
| Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | **151** | 154 | **302** | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **11** | 12 | **21** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **2** | 5 | **3** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(4)** | 8 | **(5)** | 7 |
| **Operating income (GAAP)** | $**14** | $17 | $**34** | $47 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Array Towers** | **2025** | 2024 | **2025** | 2024 |
| (Dollars in millions) |  |  |  |  |
| EBITDA (Non-GAAP) | $**33** | $30 | $**65** | $62 |
| Add back or deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **1** | 1 | **1** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **—** |  | **1** | 1 |
| Adjusted EBITDA and Adjusted OIBDA (Non-GAAP) | **34** | 31 | **67** | 64 |
| Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | **12** | 11 | **23** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **1** | 1 | **1** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **—** |  | **1** | 1 |
| **Operating income (GAAP)** | $**21** | $19 | $**42** | $41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **TDS Telecom** | **2025** | 2024 | **2025** | 2024 |
| (Dollars in millions) |  |  |  |  |
| **Net income (GAAP)** | $**16** | $18 | $**20** | $42 |
| Add back or deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **2** | 3 | **3** | 10 |
| **Income before income taxes (GAAP)** | **18** | 21 | **23** | 52 |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(1)** |  | **(2)** | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion expense | **73** | 67 | **145** | 131 |
| EBITDA (Non-GAAP) | **90** | 88 | **165** | 181 |
| Add back or deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **6** | 4 | **8** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business and other exit costs, net | **(8)** |  | **(8)** |  |
| Adjusted EBITDA (Non-GAAP) | **89** | 91 | **165** | 187 |
| Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **2** | 1 | **3** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **2** | 1 | **4** | 2 |
| Adjusted OIBDA (Non-GAAP) | $**85** | $89 | $**158** | $183 |

---

Numbers may not foot due to rounding.