TELEPHONE & DATA SYSTEMS INC

Telephone and Data Systems, Inc. (NYSE: TDS) operates as a diversified telecommunications and digital infrastructure company serving customers across the United States through two primary reportable segments: TDS Telecom and Array Digital Infrastructure. The company maintains its corporate website at www.tdsinc.com.

TDS Telecom provides high-quality communications services to approximately 1.1 million broadband, video, voice, and wireless connections across 30 states through a mix of fiber, coaxial, and copper networks. The segment operates in small to mid-sized urban, suburban, and rural communities, offering residential and commercial customers bundled services including fiber internet with speeds up to 8 Gigabits per second, digital video recording services through TDS TV+, voice over internet protocol services, and wireless offerings through an MVNO model. TDS Telecom's strategic focus centers on fiber network expansion, particularly in Wisconsin and the Pacific Northwest, combined with IT modernization initiatives designed to enhance customer experience and operational efficiency.

Array Digital Infrastructure, in which TDS owns an 82.0% stake, operates as the fifth largest tower owner and operator of shared wireless communications infrastructure in the United States, managing 4,450 cell towers across 19 states. Array generates revenue by leasing tower space to wireless carriers and providing ancillary services, with major tenants including T-Mobile, AT&T, and Verizon. On August 1, 2025, Array sold its wireless operations and select spectrum assets to T-Mobile, fundamentally reshaping its business model to focus exclusively on tower infrastructure and spectrum monetization. Array continues pursuing strategic alternatives to monetize remaining spectrum assets through pending transactions with Verizon and T-Mobile.

The company employs approximately 4,000 full-time and part-time associates and operates entirely within the United States. TDS is structured as a controlled company under New York Stock Exchange listing standards, with voting control held by the trustees of the TDS Voting Trust. The company maintains a diversified business model combining regulated telecommunications services with tower infrastructure operations, positioning itself to serve both residential and commercial customers while generating recurring revenue from long-term tenant relationships in the wireless communications sector.