AD

As the Q2 earnings season wraps, let’s dig into this quarter’s best and worst performers in the telecommunication services industry, including Array (NYSE:AD) and its peers. The sector is a tale of two cities. Satellite telecommunication is generally buoyed by rising global demand for connectivity in costly-to-connect and remote areas. On the other hand, terrestrial telecommunication companies face an uphill battle, as they mostly sell into a deflationary market, where the price of moving a bit tends to decrease over time with better technology. Despite the differences in demand drivers, companies across the entire industry must contend competition from larger telecom conglomerates and hyperscalers expanding their own networks as well as newer entrants such as SpaceX's StarLink. The 6 telecommunication services stocks we track reported a mixed Q2. As a group, revenues missed analysts’ consensus estimates by 1.7%. While some telecommunication services stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.2% since the latest earnings results. Operating as a majority-owned subsidiary of Telephone and Data Systems since its founding in 1983, Array (NYSE:AD) is a regional wireless telecommunications provider serving 4.6 million customers across 21 states with mobile phone, internet, and IoT services. Array reported revenues of $54.07 million, up 89.5% year on year. This print exceeded analysts’ expectations by 3.3%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates. "Array continues to make nice progress executing across our 2026 priorities," said Anthony Carlson, President and CEO. Array scored the biggest analyst estimate beat and fastest revenue growth of the whole group. The results were likely priced in, however, and the stock is flat since reporting. It currently trades at $35.96. Is now the time to buy Array? Access our full analysis of the earnings results here, it’s free. With approximately 350,000 route miles of fiber optic cable spanning North America and the Asia Pacific, Lumen Technologies (NYSE:LUMN) operates a vast fiber optic network that provides communications, cloud connectivity, security, and IT solutions to businesses and consumers. Lumen reported revenues of $2.81 billion, down 9.3% year on year, outperforming analysts’ expectations by 2.4%. The business had an exceptional quarter with a beat of analysts’ EPS estimates. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $6.73. Is now the time to buy Lumen? Access our full analysis of the earnings results here, it’s free. Known for powering the emergency SOS feature in newer Apple iPhones, Globalstar (NASDAQ:GSAT) operates a network of low-earth orbit satellites that provide voice and data communications services in remote areas where traditional cellular networks don't reach. Globalstar reported revenues of $64.77 million, down 3.5% year on year, falling short of analysts’ expectations by 11.2%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates. Globalstar delivered the weakest performance against analyst estimates among its peers. As expected, the stock is down 2.3% since the results and currently trades at $81.52. Read our full analysis of Globalstar’s results here. Operating a massive network spanning 20,000 miles of fiber optic cable and connecting to over 3,200 buildings worldwide, Cogent Communications (NASDAQ:CCOI) provides high-speed Internet access, private network services, and data center colocation to businesses and bandwidth-intensive organizations across 54 countries. Cogent reported revenues of $235.6 million, down 4.3% year on year. This number came in 1.7% below analysts’ expectations. Aside from that, it was a strong quarter as it recorded a beat of analysts’ EPS estimates. The stock is down 14.1% since reporting and currently trades at $11.06. Read our full, actionable report on Cogent here, it’s free. Operating a fleet of 23 satellites that orbit the Earth and beam connectivity from space, Viasat (NASDAQ:VSAT) provides satellite-based communications networks and services for airlines, maritime vessels, governments, businesses, and residential customers worldwide. Viasat reported revenues of $1.16 billion, down 1.2% year on year. This print missed analysts’ expectations by 4.4%. More broadly, it was actually a satisfactory quarter as it put up a beat of analysts’ EPS estimates. The stock is down 3.7% since reporting and currently trades at $83. Read our full, actionable report on Viasat here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. 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Interested in Array Digital Infrastructure Inc.? Here are five stocks we like better. Array raised its 2026 outlook, increasing adjusted OIBDA guidance to $60 million–$75 million, adjusted EBITDA guidance to $220 million–$235 million, and the low end of total revenue guidance to $205 million. Array completed major spectrum transactions, including a $168 million sale to T-Mobile and a $1 billion transaction with Verizon, monetizing roughly 70% of its spectrum holdings while continuing to evaluate its remaining C-band assets. Cash site rental revenue grew strongly, helped by T-Mobile interim sites, although interim revenue is beginning to decline as T-Mobile integrates operations. Array also narrowed its expected post-integration tenantless tower count to 1,000–1,700 and fully reserved outstanding 2025 DISH balances. MarketBeat Week in Review – 08/03 - 08/07 TDS reported second-quarter progress in its fiber expansion and tower infrastructure operations, while updating 2026 guidance for both TDS Telecom and Array Digital Infrastructure (NYSE:AD). Management also said it would not provide further updates or take questions regarding TDS’s pending proposal to acquire Array shares it does not already own. TDS President and CEO Walter Carlson said the company continued to advance its operational priorities during the first half of 2026. TDS Telecom added fiber service addresses and customers during the quarter, while Array increased tower tenancy on a sequential basis and completed transactions to monetize virtually all of its spectrum outside the C-band. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Is ADM’s Rally Getting Ahead of Its Policy Tailwind? TDS Telecom delivered approximately 66,000 marketable fiber service addresses in the second quarter, bringing first-half delivery to about 106,000 addresses. Ken Dixon, president and CEO of TDS Telecom, said the first-half total was the company’s strongest on record and exceeded its second-half 2025 fiber-address delivery, which is typically its peak construction period. The company raised its 2026 fiber service address delivery outlook by 50,000 addresses and now expects to deliver between 250,000 and 300,000 new fiber service addresses this year. TDS Telecom also increased its capital expenditure guidance to a range of $625 million to $675 million to support the higher construction activity. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be 3 Safe Buy-and-Hold Dividend Stocks With Strong Balance Sheets Dixon said TDS Telecom’s expanded construction capacity and pipeline of addresses under construction support the increased outlook. The build program includes new expansion markets, upgrades through its Fiber Deeper program, and work supported by the federal Enhanced Alternative Connect America Cost Model, or E-ACAM, program. TDS Telecom is the largest recipient of E-ACAM support, according to Dixon, and is using the program to bring fiber to more than 300,000 addresses across 22 states in its incumbent footprint. The company has already met its 2026 E-ACAM obligations in three states and has its highest-ever crew counts in remaining E-ACAM markets, Dixon said. → First Solar’s Profit Engine Faces a New Policy Test in Washington Residential fiber net additions totaled 15,100 during the quarter, up 47% from a year earlier. The company now serves nearly 1.2 million fiber service addresses, representing 60% of its total footprint, with 80% of addresses capable of gigabit speeds. Residential fiber revenue increased 13%, or $11 million, from a year earlier, helping offset declines in legacy revenue streams. Residential revenue per connection rose 1%, reflecting annual price increases partly offset by lower video attachment rates. However, cable revenue declined roughly 10% from the second quarter of 2025, and total residential revenue fell $6 million year over year, including about $2 million attributable to divestitures of primarily copper-based markets. TDS Telecom’s total operating revenue declined 6% in the quarter, or 4% excluding divestitures. Kris Bothfeld, vice president of financial analysis and strategic planning, said roughly half of the year-over-year decline resulted from discrete wholesale revenue adjustments that benefited 2025. The remainder reflected continued pressure in legacy revenue streams, partly offset by fiber customer growth and higher revenue per connection. Cash expenses were flat year over year, as savings from cost-management initiatives were offset by expenses supporting expansion markets and inflation. Capital expenditures totaled $179 million in the quarter. For 2026, TDS Telecom lowered its total revenue outlook to $1 billion to $1.025 billion, citing headwinds in copper and cable markets. It narrowed adjusted EBITDA guidance to $310 million to $330 million. Bothfeld said the legacy revenue challenges were largely falling to the bottom line, while fiber revenue growth and transformation-related cost savings are expected to support results in the second half. TDS also said it remains active in pursuing small- to medium-sized fiber acquisitions that fit its clustering strategy. The company expects to close its acquisition of Granite State Communications in the third quarter, adding approximately 11,000 fully fibered service addresses for $25 million. Array’s second-quarter performance was driven by tower leasing activity and spectrum monetization. Anthony Carlson, president and CEO of Array, said cash site rental revenue increased 55% year over year from all customers, or 65% when normalized for the impact of DISH. Array ceased recognizing revenue from DISH during the first quarter after DISH generally stopped making payments under its contracts in December. Array said all outstanding 2025 DISH balances have been fully reserved, and DISH co-locations are no longer included in the company’s tenancy ratio. The company said T-Mobile interim site revenue contributed to its growth. Cash site rental revenue increased 81% year over year with the addition of that revenue, or 92% when normalized for DISH. However, Carlson said interim site revenue has begun to decline as T-Mobile advances its integration process. T-Mobile has until January 2028 to finalize 2,015 committed sites under the companies’ new master lease agreement. Array narrowed its projected range of tenantless towers following the T-Mobile integration to 1,000 to 1,700. Array has reached agreements to monetize roughly 70% of its spectrum holdings. During the quarter, it closed a $168 million sale of 600 MHz, 700 MHz and AWS licenses to T-Mobile and a $1 billion spectrum transaction with Verizon. Remaining T-Mobile transactions are expected to close by the end of 2026, subject to regulatory approvals and other closing conditions. Array continues to evaluate monetization options for its remaining spectrum, primarily C-band. Carlson said the company does not view itself as a forced seller and believes it has time to pursue value for the spectrum because there are no near-term build-out requirements. Array raised the low end of its 2026 total operating revenue guidance to $205 million from $200 million, while leaving the high end unchanged. The company cited expectations for higher T-Mobile interim site revenue based on the current pace of integration. It increased adjusted OIBDA guidance to $60 million to $75 million from $50 million to $65 million, reflecting the higher revenue outlook and expectations for modestly lower operating expenses. Adjusted EBITDA guidance was revised to $220 million to $235 million, compared with prior guidance of $200 million to $250 million. The company also raised its expected equity income to $145 million from $140 million and increased expected interest and dividend income to $15 million from $10 million, citing year-to-date trends, partnership budgets and a higher cash balance associated with the timing of spectrum transaction inflows and outflows. TDS said it paid its regular quarterly dividend, while Array paid a special dividend of $11 per common share during the quarter. TDS did not repurchase shares in the second quarter because it was restricted by its offer for Array, though it had $520 million remaining under its repurchase authorization at quarter-end. United States Cellular Corporation provides wireless telecommunications services in the United States. The company offers wireless services, including voice, messaging, and data services. It also provides devices, such as smartphones and other handsets, tablets, wearables, mobile hotspots, routers, and internet of things devices. In addition, the company offers various accessories, such as cases, screen protectors, chargers, and memory cards; and consumer electronics, including audio, home automation, and networking products; as well as offers option to purchase devices and accessories under installment contracts. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Array Digital Infrastructure Q2 Earnings Call Highlights" was originally published by MarketBeat. 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Telephone and Data Systems, Inc. TDS reported a sharp improvement in second-quarter 2026 earnings, but the headline gain was driven partly by spectrum monetization at Array Digital Infrastructure. Earnings reached $2.24 per share compared with a loss of 5 cents a year earlier, while operating revenues rose 3.6% to $309.3 million. The quarter also showed faster fiber deployment at TDS Telecom, making the sustainability of the earnings improvement an important consideration for investors. Telephone and Data Systems, Inc. price-consensus-eps-surprise-chart | Telephone and Data Systems, Inc. Quote TDS reported $2.24 per share in second-quarter earnings, up from a loss of 5 cents in the year-ago quarter. Earnings topped the Zacks Consensus Estimate, producing a 100% surprise, while revenues missed the $315 million consensus estimate by 1.83%.Array’s spectrum monetization was a major contributor to the earnings improvement. Array completed a $1 billion spectrum transaction with Verizon Communications Inc. VZ in June and about $168 million of additional spectrum sales to T-Mobile US, Inc. TMUS in May. The transactions helped lift net income attributable to TDS common shareholders to $260.6 million from a $6 million loss a year earlier.The distinction between transaction-related gains and recurring operations is important. Array’s license sales boosted reported results, but TDS excludes the gain on license sales and exchanges when calculating Adjusted EBITDA. That measure provides a clearer view of underlying operating performance. TDS Telecom continued to expand its fiber footprint during the quarter. The business delivered approximately 66,000 new marketable fiber service addresses, bringing the first-half total to about 106,000. Residential fiber net additions reached 15,100, up 47% year over year. Marketable fiber service addresses totaled approximately 1.17 million, with 60% of service addresses served by fiber.Fiber growth is beginning to offset pressure from legacy operations, but it has not yet reversed the broader revenue decline. TDS Telecom generated $248 million of operating revenues, down 6% year over year, as copper and cable declines and divestitures outweighed a 13% increase in fiber revenue. Adjusted EBITDA declined 21% to $70 million, while capital expenditures nearly doubled to $179 million as construction activity accelerated.Management raised its 2026 fiber service address delivery target to 250,000-300,000 from 200,000-250,000 previously. The company continues to target 2.1 million marketable fiber service addresses over the long term. The updated outlook captures the trade-off between faster fiber deployment and weaker near-term financial performance. TDS Telecom’s 2026 revenue guidance was reduced to $1-$1.025 billion from $1.015-$1.055 billion, while Adjusted EBITDA guidance was narrowed to $310-$330 million from $310-$350 million. At the same time, fiber service address guidance increased and capital expenditure guidance rose to $625-$675 million from $550-$600 million.The higher spending reflects the construction required to expand the fiber footprint. TDS Telecom’s second-quarter capital expenditures nearly doubled to $179 million, making cash generation an important measure of whether the additional fiber investment will translate into sustainable operating gains.The earnings picture therefore remains mixed. Fiber deployment and customer additions are accelerating, but legacy revenue declines and higher investment are keeping pressure on the telecom segment’s near-term profitability. Array’s second-quarter results also reflected its transition toward a tower-focused operating model. Operating revenues increased 90% year over year to $54.1 million, while Adjusted EBITDA rose 56% to $56.2 million.The underlying tower indicators improved as well. Cash site rental revenue increased 65% year over year excluding T-Mobile interim revenues and DISH revenues, while the tower tenancy rate increased to 0.98 from 0.96 in the first quarter, excluding DISH colocations.Spectrum monetization is helping Array reduce its exposure to retained wireless licenses while it focuses more heavily on recurring tower operations. TDS said Array completed transactions that monetized virtually all of its spectrum outside the C-Band. The company also issued an $11 special dividend per common share in June. TDS currently carries a Zacks Rank #1 (Strong Buy). Its Zacks Style Scores are Value Score of C, Growth Score of F, Momentum Score of B and VGM Score of F. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Style Scores provide additional context to the Zacks Rank. The Style Score framework uses Value, Growth and Momentum characteristics alongside the Zacks Rank, while the VGM Score combines the three individual styles. The Zacks Style Score Education material emphasizes that earnings estimate revisions remain the key factor behind the Zacks Rank, while favorable Style Scores can provide an additional signal.For TDS, the second-quarter results present both sides of the investment case. The earnings beat, faster fiber deployment and improving tower metrics provide evidence of operational progress. However, a material portion of the earnings increase came from spectrum monetization, while TDS Telecom continues to face legacy declines and higher capital requirements. Investors therefore need to distinguish the one-time benefit from spectrum sales from the recurring earnings potential of the company’s expanding fiber and tower businesses. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Telephone and Data Systems, Inc. (TDS) : Free Stock Analysis Report Verizon Communications Inc. (VZ) : Free Stock Analysis Report T-Mobile US, Inc. (TMUS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Array Digital Infrastructure, Inc. AD delivered second-quarter 2026 results above the Zacks Consensus Estimate, with earnings of 64 cents per share topping the 62-cent estimate by 3.2%. Revenues of $54 million also beat the $52 million estimate by 3.8%. Company-reported earnings per share from continuing operations surged 2,170.6% year over year to $3.86, while revenues rose 89.5% to $54.1 million.The top line benefited from a 95% year-over-year increase in site rental revenues as Array continued optimizing its tower portfolio. Tower tenancy also increased sequentially, while spectrum monetization generated substantial proceeds during the quarter. Array Digital Infrastructure Inc. price-consensus-eps-surprise-chart | Array Digital Infrastructure Inc. Quote Array generated $54.1 million in operating revenues, up from $28.5 million in the year-ago quarter. Site rental revenues climbed 95% to $53.2 million, while services revenue declined 31% to $0.9 million. The company attributed the rental growth to its expanded tower leasing activity following the T-Mobile master license agreement.Cash site rental revenues increased to $47.7 million from $26.4 million. Revenues from T-Mobile committed sites contributed $14.2 million, while interim sites added $6.7 million. Excluding interim sites, total site rental revenues increased 65% year over year. Array ended the quarter with 4,456 owned towers, up from 4,452 at the end of the first quarter. Colocations increased to 4,362 from 4,290, while the tower tenancy rate improved to 0.98 from 0.96. The company highlighted consecutive quarter-over-quarter tenancy growth as evidence of continued progress in optimizing tower operations.The company is also managing the transition following the sale of its wireless operations. T-Mobile has until January 2028 to finalize committed-site selections, after which Array estimates it could own between 1,000 and 1,700 tenantless towers. Array plans to pursue lease-up efforts and ground-rent rationalization while assessing alternatives for remaining sites. Array continued monetizing its remaining spectrum assets during the second quarter. It closed sales of certain 700 MHz licenses for $74.8 million on May 5, certain 600 MHz licenses for $86.4 million on May 12 and cellular and other spectrum licenses for $1 billion on June 1.The transactions drove a $409.8 million gain on license sales and exchanges during the quarter. Array also has roughly $30 million of additional 600 MHz and 700 MHz licenses tied to pending T-Mobile transactions, subject to regulatory approval and customary closing conditions. Adjusted EBITDA rose 56% year over year to $56.2 million, supported by stronger site rental revenue. Adjusted OIBDA improved to $15.1 million from a $9.5 million loss in the prior-year quarter, reflecting better underlying operating performance.Cost of operations increased 21% to $23.5 million, while selling, general and administrative expenses rose 18% to $22.9 million. The company also recorded $7.4 million of expenses related to its strategic alternatives review. The gain on license sales nevertheless pushed operating income to $399.3 million from an $18.2 million operating loss a year earlier. Array ended June with $416.4 million in cash and cash equivalents, compared with $113.4 million at the end of 2025. The increase was supported by proceeds from asset divestitures, which contributed $2.19 billion to investing cash flow during the first six months of 2026.The company returned substantial capital to shareholders after monetizing spectrum. Dividends paid to Array shareholders totaled $1.84 billion through June 30, including the $11-per-share special dividend issued June 25. Array also reported $666.8 million of long-term debt, net, at quarter-end.Cash generation from operations was weaker, with $19 million of net cash used in operating activities during the first six months. The company reported a free cash flow of $6.6 million. Management raised its 2026 revenue outlook to $205-$215 million from $200-$215 million, citing higher interim site revenue. Adjusted EBITDA guidance increased to $220-$235 million from $200-$215 million, while adjusted OIBDA guidance rose to $60-$75 million from $50-$65 million. Capital expenditures remain projected at $25-$35 million.Array continues to focus on tower tenancy growth, spectrum monetization and operational efficiency. The company also faces a non-binding proposal from majority owner TDS to acquire the Array shares it does not already own, with a special committee of independent directors evaluating the proposal. Array currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Keysight Technologies, Inc. KEYS is scheduled to release third-quarter fiscal 2026 earnings on Aug. 18. The Zacks Consensus Estimate for earnings is pegged at $2.46 per share, suggesting growth of 43.02% from the year-ago reported figure.Keysight has a long-term earnings growth expectation of 19.44%. The company delivered an average earnings surprise of 9.46% in the last four reported quarters.Analog Devices, Inc. ADI is set to release third-quarter fiscal 2026 earnings on Aug. 19. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share, implying growth of 62.44% from the year-ago reported figure.Analog Devices has a long-term earnings growth expectation of 31.04%. The company delivered an average earnings surprise of 5.48% in the last four reported quarters.Applied Materials, Inc. AMAT is scheduled to release third-quarter fiscal 2026 earnings on Aug. 13. The Zacks Consensus Estimate for earnings is pegged at $3.36 per share, suggesting growth of 35.48% from the year-ago reported figure.Applied Materials has a long-term earnings growth expectation of 32.44%. The company delivered an average earnings surprise of 6.06% in the last four reported quarters. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Array Digital Infrastructure Inc. (AD) : Free Stock Analysis Report Analog Devices, Inc. (ADI) : Free Stock Analysis Report Applied Materials, Inc. (AMAT) : Free Stock Analysis Report Keysight Technologies Inc. (KEYS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Telephone and Data Systems, Inc. TDS reported second-quarter 2026 earnings of $2.24 per share, up from a loss of $0.05 cents in the year-ago quarter, while total operating revenues rose 3.6% year over year to $309.3 million. Earnings topped the Zacks Consensus Estimate, delivering the 100% surprise provided in the earnings data, while revenue missed the $315 million consensus by 1.83%.The sharp earnings improvement reflected gains from Array Digital Infrastructure’s wireless spectrum sales, while TDS Telecom continued expanding its fiber footprint. TDS Telecom delivered approximately 66,000 marketable fiber service addresses in the quarter, and residential fiber net additions rose 47% year over year to 15,100. Telephone and Data Systems, Inc. price-consensus-eps-surprise-chart | Telephone and Data Systems, Inc. Quote TDS benefited materially from Array’s spectrum monetization during the quarter. Array closed a transaction with Verizon in June for $1 billion and completed additional sales to T-Mobile in May totaling about $168 million. The transactions helped lift TDS’ net income attributable to common shareholders to $260.6 million from a $6.0 million loss in the year-ago period.Array’s license sales also boosted its operating profile. Second-quarter operating revenues rose 90% year over year to $54.1 million, while adjusted EBITDA increased 56% to $56.2 million. The gain on license sales was excluded from adjusted EBITDA, which provides a clearer view of underlying operating performance. TDS Telecom remained focused on its fiber-led transformation. The business added approximately 66,000 marketable fiber service addresses in the second quarter, bringing the first-half total to about 106,000. Management called this the strongest first-half delivery in company history and raised the full-year address target to 250,000-300,000.The fiber build is translating into customer gains. Residential fiber net additions reached 15,100, up 47% year over year. TDS Telecom now serves nearly 1.2 million fiber service addresses, representing 60% of its footprint, while 80% of addresses are capable of gig speeds. TDS Telecom generated $248 million of operating revenues, down 6% year over year. Revenue pressure from copper and cable operations remained the key headwind, while divestitures also reduced the top line. Residential revenues fell to $178 million from $183 million, with fiber revenues rising 13% to help offset declines elsewhere.Cash expenses were $180 million, unchanged from the year-ago quarter, as cost-management savings offset spending tied to expansion markets and inflation. Adjusted EBITDA declined 21% to $70 million, while capital expenditures nearly doubled to $179 million as construction activity accelerated. Array’s tower business continued to improve its operating momentum. Cash site rental revenue increased 65% year over year when excluding T-Mobile interim revenues and DISH revenues. The tower tenancy rate rose to 0.98 from 0.96 in the first quarter, excluding DISH colocations.The company also continued addressing its tenantless tower portfolio. T-Mobile has until January 2028 to finalize committed site selections, after which Array expects to own between 1,000 and 1,700 tenantless towers. Management is pursuing lease-up, ground lease optimization and decommissioning where economic viability is limited. Telephone and Data Systems strengthened its liquidity position during the first half of 2026, helped by proceeds from spectrum monetization. Cash and cash equivalents totaled $2.19 billion as of June 30, 2026, compared with $765.95 million at the end of 2025. Long-term debt, net, declined to $670.65 million from $823.36 million over the same period.Net cash provided by operating activities from continuing operations was $151.07 million in the first half of 2026, up from $125.96 million in the year-ago period. However, free cash flow from continuing operations was negative $168.03 million versus negative $25.36 million a year earlier, reflecting higher capital spending as TDS accelerated its fiber deployment. TDS Telecom lowered its full-year revenue outlook to $1.00 billion-$1.025 billion from $1.015- billion-$1.055 billion and narrowed adjusted EBITDA guidance to $310 million-$330 million from $310 million-$350 million. At the same time, fiber service address guidance increased, prompting a higher capital expenditure range of $625 million-$675 million.Array narrowed revenue guidance to $205 million-$215 million and raised adjusted EBITDA guidance to $220 million-$235 million. Its capital expenditure range remained $25 million-$35 million. Array also paid a special dividend of $11 per common share in June, while TDS had about $520 million remaining under its share repurchase authorization at quarter-end. TDS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Keysight Technologies, Inc. KEYS is scheduled to release third-quarter fiscal 2026 earnings on Aug. 18. The Zacks Consensus Estimate for earnings is pegged at $2.46 per share, suggesting growth of 43.02% from the year-ago reported figure.Keysight has a long-term earnings growth expectation of 19.44%. The company delivered an average earnings surprise of 9.46% in the last four reported quarters.Analog Devices, Inc. ADI is set to release third-quarter fiscal 2026 earnings on Aug. 19. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share, implying growth of 62.44% from the year-ago reported figure.Analog Devices has a long-term earnings growth expectation of 31.04%. The company delivered an average earnings surprise of 5.48% in the last four reported quarters.Applied Materials, Inc. AMAT is scheduled to release third-quarter fiscal 2026 earnings on Aug. 13. The Zacks Consensus Estimate for earnings is pegged at $3.36 per share, suggesting growth of 35.48% from the year-ago reported figure.Applied Materials has a long-term earnings growth expectation of 32.44%. The company delivered an average earnings surprise of 6.06% in the last four reported quarters. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Telephone and Data Systems, Inc. (TDS) : Free Stock Analysis Report Analog Devices, Inc. (ADI) : Free Stock Analysis Report Applied Materials, Inc. (AMAT) : Free Stock Analysis Report Keysight Technologies Inc. (KEYS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). 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Interested in Telephone and Data Systems, Inc.? Here are five stocks we like better. TDS Telecom accelerated its fiber expansion, raising 2026 delivery guidance to 250,000–300,000 new service addresses and capital-expenditure guidance to $625 million–$675 million. Fiber residential net additions rose 47% year over year in the second quarter. Legacy copper and cable declines continued to weigh on results, prompting TDS to lower 2026 telecom revenue guidance to $1.0 billion–$1.025 billion and narrow adjusted EBITDA guidance to $310 million–$330 million. Array Digital Infrastructure completed $1.17 billion in spectrum sales to T-Mobile and Verizon, has agreements to monetize about 70% of its spectrum holdings, and raised its 2026 revenue and adjusted EBITDA outlooks. 2 Mid-Cap Telecom Stocks Offering Superior Returns Telephone and Data Systems (NYSE:TDS) reported second-quarter progress in its fiber expansion and tower operations, while lowering revenue expectations for its telecom business amid continued pressure from legacy copper and cable services. The company also said Array Digital Infrastructure completed major spectrum transactions during the quarter and raised several elements of its full-year outlook. TDS Chief Executive Officer Walter Carlson said the company would not provide an update on its previously announced all-stock proposal to acquire the Array shares it does not already own. Array’s board has formed an independent special committee to evaluate the proposal. → No Hangover: Revisiting Microsoft One Week After Earnings The Market Is So Over Overstock...But Is It Now Oversold? TDS Telecom delivered approximately 66,000 marketable fiber service addresses during the second quarter, bringing first-half delivery to about 106,000 addresses. Ken Dixon, president and CEO of TDS Telecom, said the first-half performance was the strongest in company history and exceeded the company’s address delivery in the second half of 2025, traditionally its busiest construction period. The company increased its 2026 fiber address delivery guidance by 50,000 addresses and now expects to add between 250,000 and 300,000 new marketable fiber service addresses this year. TDS Telecom also raised its capital-expenditure outlook to a range of $625 million to $675 million to support the accelerated construction activity. → MarketBeat Week in Review – 08/03 - 08/07 These 11 stocks will be Dividend Kings in 5 years or less. TDS Telecom ended the quarter with nearly 1.2 million fiber service addresses, representing 60% of its total footprint, with 80% capable of gigabit speeds. The company said it is using federal Enhanced Alternative Connect America Cost Model, or E-ACAM, support to expand fiber to more than 300,000 addresses in 22 states within its incumbent footprint over the next two years. Dixon said TDS Telecom has already met its 2026 E-ACAM obligations in three states and has its highest crew counts ever in its remaining E-ACAM markets. He added that the company is seeing strong demand when it brings fiber to markets previously served by copper infrastructure. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Residential fiber net additions totaled approximately 15,100 in the second quarter, up 47% from a year earlier. TDS said it has expanded door-to-door sales capacity, added outside sales vendors, and improved performance through its online channel. The company is also adding sales resources in cable and multi-dwelling-unit markets. Despite fiber growth, TDS Telecom reported total operating revenue declined 6% year over year in the second quarter, or 4% excluding divestitures. Kristina Bothfeld, vice president of financial analysis and strategic planning, said approximately half of the year-over-year decline reflected discrete wholesale revenue adjustments that benefited 2025 results. The rest was tied to legacy revenue pressure, partly offset by fiber connection growth and higher revenue per connection. Residential fiber revenue rose 13%, or $11 million, from a year earlier, while cable revenue declined roughly 10%. Total residential revenue decreased by $6 million, including approximately $2 million related to divestitures of primarily copper-based markets. Cash expenses were flat as cost-management savings were offset by expenses tied to expansion markets and inflation. Capital expenditures totaled $179 million during the quarter. TDS Telecom reduced its full-year revenue guidance to $1 billion to $1.025 billion, citing pressure in its copper and cable markets. The company narrowed its adjusted EBITDA outlook to $310 million to $330 million. 2026 telecom revenue guidance: $1.0 billion to $1.025 billion. 2026 adjusted EBITDA guidance: $310 million to $330 million. 2026 fiber address delivery guidance: 250,000 to 300,000. 2026 capital-expenditure guidance: $625 million to $675 million. Chief Financial Officer Vicki Villacrez said the company’s balance sheet has been strengthened by transactions completed during the past year, including Array’s June spectrum sale to Verizon. TDS expects its acquisition of Granite State Communications to close in the third quarter, adding 11,000 fully fibered service addresses for $25 million. Villacrez said TDS continues to evaluate small- and medium-sized fiber acquisition opportunities that fit its clustering strategy and have either existing fiber infrastructure or an economically viable path to full fiber deployment. Array Digital Infrastructure said cash site rental revenue increased 55% year over year from all customers, or 65% when normalized for the impact of DISH. The company stopped recognizing revenue from DISH during the first quarter after DISH generally stopped making payments under its contracts in December and certain DISH entities entered bankruptcy proceedings. Array reported a tenancy ratio of 0.96 at quarter-end, compared with 0.98 at the end of the prior quarter. The company said that, excluding the removal of DISH co-locations from the metric, it continues to see steady tenancy growth. Anthony Carlson, Array’s president and CEO, said T-Mobile interim site revenue drove the year-over-year increase in site rental revenue. That revenue began to decline during the quarter as T-Mobile progresses through its network integration. T-Mobile has until January 2028 to finalize 2,015 committed sites under its master lease agreement with Array. Array narrowed its forecast for tenantless towers following the T-Mobile integration to between 1,000 and 1,700. The company said it is evaluating lease-up opportunities, ground-lease costs, long-term demand and potential decommissioning for sites without a path to economic viability. During the quarter, Array closed a $168 million sale of 600 MHz, 700 MHz and AWS spectrum licenses to T-Mobile and a $1 billion spectrum transaction with Verizon. Array said it has agreements to monetize roughly 70% of its spectrum holdings, with remaining T-Mobile transactions expected to close by the end of 2026, subject to regulatory approval and other closing conditions. The company continues to seek opportunities to monetize its remaining spectrum, primarily C-Band holdings. Carlson said Array is not a forced seller and believes the spectrum has substantial value given its availability for deployment and proximity to Upper C-Band spectrum. Array raised its 2026 total operating revenue outlook to $205 million to $210 million from a prior range beginning at $200 million. It increased adjusted OIBDA guidance to $60 million to $75 million and adjusted EBITDA guidance to $220 million to $235 million. Capital-expenditure guidance was unchanged. Telephone and Data Systems, Inc (NYSE: TDS) is a diversified telecommunications company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides a broad array of communications services, including wireless voice and data, wireline broadband and voice, cable television, and managed IT and cloud solutions. Its two primary operating units—TDS Telecom and U.S. Cellular—serve residential, business and wholesale customers across the United States. TDS Telecom focuses on delivering broadband internet, digital voice, video and data communications services in primarily rural and suburban markets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Telephone and Data Systems Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Array updates 2026 guidance CHICAGO, Aug. 7, 2026 /PRNewswire/ -- As previously announced, Array will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com. Array Digital Infrastructure, Inc. (NYSE:AD) reported second quarter operating results. "Array continues to make nice progress executing across our 2026 priorities," said Anthony Carlson, President and CEO. "The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth. And we continue to monetize our remaining spectrum assets as well as support T-Mobile's integration." Highlights* Optimizing tower operations Continuing to close pending sales of wireless spectrum Updated 2026 Guidance * Comparisons are 2Q'25 to 2Q'26 unless otherwise noted. Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, versus $28.5 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $333.8 million and $3.86, respectively, for the second quarter of 2026 compared to $14.8 million and $0.17, respectively, in the same period one year ago. Pending transactions Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for the sale of additional spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These additional transactions are expected to close yet in 2026, subject to regulatory approval and customary closing conditions. DISH Wireless In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH. In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings. Recent Development On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the "Array Proposal"). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS' Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026. 2026 Estimated Results Array's current estimates of full-year 2026 results are shown below. Such estimates represent management's view as of August 7, 2026 and should not be assumed to be current as of any future date. Array 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. The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance. Conference Call InformationArray will hold a conference call on August 7, 2026 at 9:00 a.m. CT. Access the live call on the Events & Presentations page of investors.arrayinc.com or at https://events.q4inc.com/attendee/198119429 Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com. About ArrayArray Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,456 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of June 30, 2026, Telephone and Data Systems, Inc. owned approximately 81.9% of Array. 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: whether any transaction related to the TDS non-binding proposal delivered to the Array Board of Directors to acquire all of the outstanding Array Common Shares not owned by TDS will be accepted, rejected, consummated, or abandoned; whether any such transaction, if accepted or completed, will result in additional value for Array or its shareholders and whether the process could result in adverse impacts on Array's businesses; the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile are consummated; whether Array can monetize its remaining spectrum assets; competition in the tower industry; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenue; the ability to attract people of outstanding talent; inability to protect rights to the land under towers; changes in demand, consumer preferences and perceptions, price competition, or cost; advances or changes in technology; impacts of costs, integration issues or other factors associated with acquisitions, divestitures or exchanges of properties; uncertainties in Array's future cash flows and liquidity and access to the capital markets; the ability to make payments on indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities that Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by TDS; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. 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 Array's Form 10-K as updated by any Form 10-Q filed subsequent to such Form 10-K. Array Digital Infrastructure, Inc.EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations(Unaudited) EBITDA, Adjusted EBITDA and Adjusted OIBDA The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income from continuing operations and Income before income taxes. Adjusted Free Cash Flow (AFCF) AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows. Management believes AFCF is a useful measure of Array's cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company. View original content:https://www.prnewswire.com/news-releases/array-reports-second-quarter-2026-results-302845747.html

Array Digital Infrastructure (AD) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.23%. A quarter ago, it was expected that this wireless telecommunications service provider would post earnings of $5.74 per share when it actually produced earnings of $2.08, delivering a surprise of -63.76%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Array Digital, which belongs to the Zacks Wireless National industry, posted revenues of $54.07 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.26%. This compares to year-ago revenues of $916 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Array Digital shares have lost about 33.5% since the beginning of the year versus the S&P 500's gain of 12.6%. While Array Digital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Array Digital was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $49.42 million in revenues for the coming quarter and $2.96 on $201.62 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless National is currently in the top 45% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Ondas Holdings Inc. (ONDS), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +12.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Ondas Holdings Inc.'s revenues are expected to be $66.68 million, up 963.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Array Digital Infrastructure Inc. (AD) : Free Stock Analysis Report Ondas Holdings Inc. (ONDS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Array Digital Infrastructure Inc (NYSE:AD) reported a 65% year-over-year increase in cash site rental revenue, excluding Dish impact, driven by strong demand and new customer agreements. The company successfully closed spectrum monetization transactions with T-Mobile and Verizon, including a $1 billion deal with Verizon, strengthening its balance sheet. Array Digital Infrastructure Inc (NYSE:AD) raised its full-year adjusted EBITDA guidance to $60-$75 million, reflecting higher revenue expectations and lower operating expenses. The tenancy ratio improved sequentially to 0.96, excluding Dish, indicating steady growth in co-locations and tower utilization. The company has a strong pipeline of applications and expects continued revenue growth from existing customers and new leasing opportunities, with no near-term buildout requirements for its C-band spectrum. Array Digital Infrastructure Inc (NYSE:AD) continues to face significant costs related to the wind-down of legacy wireless operations, which are expected to persist throughout 2026. The company's tenancy ratio is negatively impacted by Dish's bankruptcy and cessation of payments, leading to a full reserve of outstanding balances and removal of Dish co-locations from the ratio. T-Mobile interim site revenue is expected to decline as integration progresses, creating uncertainty in future revenue streams. The company faces elevated strategic alternatives costs related to the evaluation of TDS's acquisition proposal, which could impact profitability. Array Digital Infrastructure Inc (NYSE:AD) has a projected 1,000 to 1,700 tenantless towers post T-Mobile integration, requiring ongoing ground lease optimization and potential decommissioning of economically unviable sites. Warning! GuruFocus has detected 6 Warning Signs with AD. Is AD fairly valued? Test your thesis with our free DCF calculator. Q: How should we think about the timing of TDS resuming its share repurchase program given the pending offer for Array, and is there now an open window for C-band spectrum discussions following the recent AWS auction? A: Vicky Villarez (EVP & CFO, TDS): We are pleased with our balance sheet flexibility but were restricted from buybacks in Q2 due to the pending Array offer. We remain committed to executing the $520 million remaining authorization as soon as business and market conditions permit, but cannot speculate on timing. Regarding C-band, we are encouraged by the AWS re-auction results for spectrum value implications. We are not in a quiet period now and will explore sales when permitted, but we are not forced sellers given the reasonable carrying costs relative to the asset's value. Q: Can you elaborate on the confidence behind the TDS Telecom EBITDA guidance inflection in the second half, and should that momentum persist into 2027? A: Chris Botfeld (VP of Financial Analysis & Strategic Planning, TDS): We revised guidance due to legacy revenue pressures and divestitures, but we are seeing strong momentum in fiber revenue growth (up 13% year-over-year in Q2). This will continue as we deliver more service addresses in the back half. Our transformation efforts are generating cost savings that offset inflationary increases and sales capacity investments. The midpoint guides to a 2% cost reduction for the full year, and there is no reason to think this momentum won't persist into 2027. Q: What are you seeing in terms of fiber overbuild activity in your footprint, and do you still deploy fiber in markets where overbuilders are present? A: Ken Dixon (President & CEO, TDS Telecom): We've seen some overbuilder activity in our cable markets, but those markets are already 22% fibered. We ran those markets through our edge-out analysis and found tremendous opportunities to fiberize further. Where we see an economical path, we will expand. We have approved some of these expansions recently and expect continued activity over the next couple of quarters. Q: How are you thinking about M&A on the fiber side given current valuations, and what is Array's perspective on tower M&A? A: Vicky Villarez (EVP & CFO, TDS) and Anthony Carlson (President & CEO, Array): On fiber, we signed an agreement for Granite State Communications (11,000 fiber addresses for $25 million), demonstrating our focus on small, accretive, cluster-adjacent opportunities. We remain active in the space. From Array's perspective, private market tower prices are a bit high relative to other uses of our capital. We are laser-focused on improving operations, including ground lease optimization, which are more attractive uses of money than buying towers at current prices. Q: Can you frame the longer-term leasing opportunity for Array's towers now that you've had time to engage with customers post the T-Mobile integration? A: Anthony Carlson (President & CEO, Array): We are seeing an upward trend in demand. On towers that will ultimately be tenantless post T-Mobile integration, and on towers that already have tenants, we believe there is significant growth potential. We won't speculate on the endpoint, but we see strong potential for growth across the portfolio. Q: Are there any changes from controlling partners in your cellular investments regarding how they value these stakes, and could that help close the bid-ask spread? A: Anthony Carlson (President & CEO, Array): Without getting into specific conversations, there continues to be a bid-ask spread. An NPV calculation based on historical growth rates and cost of capital would yield a value significantly higher than a simple multiple approach. We remain open to offers that reflect the value we see in these businesses, which generate significant cash flow. Q: What is your assessment of sales efficiency for TDS Telecom, and what initiatives are working to improve fiber conversion rates? A: Ken Dixon (President & CEO, TDS Telecom): Address delivery is the first driver, and we've had strong delivery in Q1 and Q2. Our pre-sale execution has helped achieve low-20% pre-sale penetration. We've significantly expanded door-to-door capacity, both internal and with new vendors, and our dotcom channel has seen significant improvement as it's our lowest cost acquisition channel. We've also brought in new leadership for our multi-dwelling unit channel, as 22% of addresses are MDUs, and we want to win there. Q: With the recent spectrum transactions involving satellite players like SpaceX and Amazon, do you see potential to expand the universe of parties interested in your C-band spectrum? A: Anthony Carlson (President & CEO, Array): Yes, there is growing demand for spectrum from a growing number of parties. We are not going to discriminate in who we sell the C-band spectrum to; we are focused on achieving the highest possible value. If a non-traditional party offers that value, we would be happy to sell to them. Q: Can you provide more color on the initiatives driving the tenancy ratio improvement and what could lead to a step change? A: Anthony Carlson (President & CEO, Array): We are working on both the numerator and denominator. On the tenant side, our new sales team has been doing excellent work, and our new vertical sales business is gaining traction with various players. On the tower count side, we are evaluating every tower for economic viability and decommissioning the worst performers, which reduces the denominator. We are also encouraged by potential deployments from AT&T's 600 MHz spectrum and other carriers' network development. Q: What is the penetration rate in the E-ACAM markets, and what is the migration opportunity versus penetration opportunity in those markets? A: Ken Dixon (President & CEO, TDS Telecom): We are not sharing the overall penetration rate externally, but we are seeing very nice early cohort penetration and penetration curves that match our expectations. We are seeing very strong demand as soon as we bring fiber into these unserved markets. For the complete transcript of the earnings call, please refer to the full earnings call transcript.