TDS and Array reported robust second-quarter results, highlighted by the successful $4.3 billion sale of UScellular to T-Mobile, significantly enhancing shareholder value and improving financial flexibility.

• The completion of the T-Mobile transaction unlocks value, with $1.7 billion in debt released from the balance sheet, leaving Array with approximately $364 million.
• A special dividend of $23 per share was declared, leading to an estimated $1.63 billion return to TDS shareholders and facilitating a $1.1 billion debt redemption.
• Ongoing investments in the fiber and tower sectors are expected, with Array poised to explore monetization of remaining spectrum assets and implement regular dividends post-transaction completion.
• TDS aims to maintain a conservative leverage ratio with a target of below 1.5x, ensuring financial stability and future growth opportunities.