Telephone and Data Systems, Inc. (TDS) SEC Filings & Earnings Calls

Strategic uncertainty: withdrawal of acquisition may signal challenges in deal execution or strategic pivot.

“withdrawn its previously announced proposal” · word for word

DISH Wireless bankruptcy risk

“In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings.” · word for word

T-Mobile concentration risk

“Array is particularly reliant on its relationship with T-Mobile.” · word for word

Spectrum monetization uncertainty

“An inability to monetize the remaining spectrum assets as well as the ongoing costs to retain the spectrum could adversely affect TDS’ operations.” · word for word

Strategic alternatives review outcome risk

“There can be no guarantee whether any transaction will be accepted, rejected, consummated or abandoned.” · word for word

TDS Telecom legacy revenue declines partially offset fiber growth

“Service revenue down 6%: Residential fiber revenue growth of 13% more than offset by impacts of divestitures and continued legacy declines” · word for word

Array proposal to acquire remaining shares introduces execution and governance risk

“TDS delivered a non-binding proposal to acquire all outstanding Array Common Shares not owned by TDS; special committee formed”

Proposal non-binding and may not be consummated

“No assurances can be given that the transaction contemplated by the Proposal or any other potential transaction involving the Issuer and Array will be consummated, or if a transaction is undertaken, as to its terms or timing.” · word for word

Proposal non-binding and may not be consummated

“No assurances can be given that the transaction contemplated by the Proposal or any other potential transaction involving TDS and the Issuer will be consummated, or if a transaction is undertaken, as to its terms or timing.” · word for word

Proposal non-binding and may not be consummated

“No assurances can be given that the transaction contemplated by the Proposal or any other potential transaction involving TDS and the Issuer will be consummated, or if a transaction is undertaken, as to its terms or timing.” · word for word

DISH Wireless payment default

“DISH Wireless has subsequently failed to make certain payments due to Array under their contractual commitment.” · word for word

Spectrum sale regulatory risk

“This license transaction remains subject to regulatory approval and other customary closing conditions.” · word for word

Legacy service decline

“Total connections decreased due to legacy voice, video, and competitive local exchange carrier (CLEC) connection declines.” · word for word

Proposal non-binding and may not be consummated

“No assurances can be given that the transaction contemplated by the Proposal or any other potential transaction involving the Issuer and Array will be consummated, or if a transaction is undertaken, as to its terms or timing.” · word for word

Dependence on DISH for tower tenancy growth

“Excluding the impact of DISH, continuing to grow tower tenancy” · word for word

Controlled Company Structure

“TDS is controlled by the family that founded the Company over 50 years ago.” · word for word

Fiber Build Execution Risk

“TDS Telecom performance for 2025 bonus was 82.6% of target, with Broadband Net Additions at 0% of target (16,436 vs target 38,997).”

Loss of key strategy and corporate development executive may slow strategic initiatives.

“Retirement of SVP Strategy and Corporate Development.”

Dependency on T-Mobile

“Array’s business is substantially dependent upon T-Mobile, and if T-Mobile fails to meet its obligations under these leases to Array, this would have a significant adverse impact on TDS’ business and financial results.” · word for word

Spectrum Transaction Closing Risk

“The Verizon and T-Mobile spectrum transactions are subject to regulatory approval, which Array may not be able to obtain on the terms or timeline currently contemplated, or at all.” · word for word

DISH Wireless Payment Default

“Array received a letter from DISH Wireless dated in September 2025 claiming that its obligations under its Master Lease Agreement with Array are excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets.” · word for word

Execution risk on fiber buildout and capex deployment

“Capex increase to $550-600M from $406M; deployment of 140,000 addresses in 2025 vs 300,000 incremental goal”

Spectrum monetization dependency for balance sheet strength

“Pending spectrum transactions and further monetization expected; $1.018B AT&T sale closed”

Spectrum sale reduces future strategic flexibility for Array/TDS in wireless operations.

“Sale of select spectrum assets to AT&T; spectrum is a key asset for wireless carriers.”

Spectrum sale regulatory approval risk

“These license transactions are subject to regulatory approval and other customary closing conditions, and in the case of the sale to Verizon, the termination of the T-Mobile Short-Term Spectrum Manager Lease Agreement. The timing of regulatory approval may be impacted by the duration of the ongoing shutdown of the U.S. federal government.” · word for word

T-Mobile interim tower lease cancellation risk

“We expect T-Mobile to cancel the interim leases prior to the full 30-month duration, and expect revenue to decline correspondingly.” · word for word

Echostar site rental revenue risk

“Site rental revenues from Echostar Communications could be negatively impacted in future periods; see Risk Factors in this report for additional information.” · word for word

Legacy wireless winddown cost persistence

“Array expects legacy wireless operations winddown expenses to persist at third quarter of 2025 levels into the first half of 2026” · word for word

TDS Telecom margin pressure from fiber investment

“Depreciation, amortization and accretion increased for the three and nine months ended September 30, 2025, due primarily to changes in asset useful lives and capital expenditures on fiber assets.” · word for word

Revenue decline from divestitures and legacy business pressure

“TDS Telecom revenues down 3%, impacted by $6 million due to divestitures of non-strategic assets.” · word for word