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Telephone and Data Systems (TDS) investor relations material
Telephone and Data Systems Proxy Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
In August 2025, a $4.4 billion sale of wireless operations was completed, with the entity renamed Array Digital Infrastructure and a $2 billion special dividend paid to shareholders.
Additional transactions totaling approximately $2 billion are pending FCC approval, with most proceeds expected as further special dividends.
TDS received $1.6 billion from the Array special dividend, used to redeem debt, and S&P upgraded its credit rating to BBB- from BB.
Over one million TDS common shares were repurchased in Q3 2025, and a new $500 million share repurchase program was approved in October 2025.
TDS Telecom surpassed 1 million fiber addresses in September 2025, aiming for 1.8 million marketable fiber addresses.
Voting matters and shareholder proposals
The 2026 annual meeting will include the election of directors and other key matters, with proxy materials to be provided to shareholders.
Shareholder engagement is emphasized, with communications and feedback channels open between shareholders, management, and the board.
Board of directors and corporate governance
All directors are elected annually, and there is an annual "Say on Pay" vote.
Policies prohibit pledging and hedging of company shares, and charter/bylaws can be amended by a simple majority.
Committees have authority to retain independent advisors; independent Compensation and Governance Committees are established.
In August 2025, Christopher D. O'Leary became Lead Independent Director and joined the CGNC; Kimberly Dixon became Chair of CHRC.
Board refreshment continued with Napoleon Rutledge, Jr. joining in December 2024; ongoing self-assessment and skills evaluation processes are in place.
Independent directors meet privately, engage separate counsel, and participate in ongoing education.
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Frequently asked questions
Internet and Cable Providers
Telephone and Data Systems Inc., more widely known as TDS, is a significant player in the telecommunication services sector in the United States. Established in 1969, TDS has grown to provide reliable wireless, cable, and wireline services to homes and businesses across the United States. With a focus on meeting the growing demands for high-speed internet, voice, and video services, TDS operates under a number of subsidiary brands, including U.S. Cellular, TDS Telecom, and OneNeck IT Solutions, each catering to distinct areas of telecommunication and information technology.
Chicago Roots, Nationwide Reach
The roots of Telephone and Data Systems trace back to Chicago, Illinois. The company has since grown significantly, serving customers in over 30 states, and becoming a major player in the industry. TDS Telecom, the company's cable and wireline division, and U.S. Cellular, its wireless division, serve as the two pillars of its operations. Today, they compete with companies like AT&T and Verizon.
Keeping America Connected
In an age where communication and data services have become essential to everyday life, TDS holds a key position in the industry. The company's strategy to provide a range of services from internet access and phone lines to video entertainment and managed IT solutions provides a comprehensive solution to their customers' needs. With the continuous progress of digital communication, TDS's diversity in services them to remain relevant through technological shifts while continually providing the latest in communication technology to their customers. A significant part of TDS's operation is to provide rural and suburban communities with access to high-quality telecommunication services, even if they also offer services in certain urban areas.
Full Steam Ahead
Like many companies in their sector, TDS is evolving with the times. to the increasing shift towards a digital economy and society, TDS is making strides to stay ahead of the curve. The company continues to invest in broadband network expansion and improvements, digital product enhancements, and customer-focused strategies. TDS Telecom, for instance, has undertaken an aggressive fiber optic expansion plan to meet the growing demand for high-speed internet. Simultaneously, U.S. Cellular working on providing a broader 5G network coverage, promising faster and more efficient wireless communication.
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