Array's third-party tower revenues increased by 12% year-over-year, with third-party colocations up 6%.
Capital expenditures increased primarily due to spending on the E-ACAM fiber program.
Cash expenses increased 1% year-over-year, aligned with 2025 priorities including sales, marketing, and transformation efforts.
Distributions from noncontrolling investment interests increased from $58 million to $77 million year-over-year, including $23 million from Verizon wireless partnerships.
S&P upgraded TDS credit rating to BBB- from BB, removing it from credit watch.
TDS closed the $4.3 billion sale of UScellular wireless business and certain spectrum assets to T-Mobile, significantly strengthening balance sheets.
TDS Telecom delivered 27,000 new fiber service addresses in Q2, with 10,300 fiber net additions, representing 19% growth in total fiber connections year-over-year.
Total operating revenues were down 1% year-over-year, but excluding divestitures, revenue increased 1%, driven by fiber subscriber growth and higher residential revenue per connection.
Advertising and marketing services (AMS) revenue declined 4% year-over-year to $288 million, impacted by macroeconomic headwinds and a change in reseller partnership with Gray Media.
Cash and cash equivalents totaled $757 million at quarter end, with net leverage at 2.8x.
Distribution revenue was flat year-over-year at $370 million, supported by contractual rate increases despite subscriber declines.
Excluding the Gray Media impact, underlying AMS revenue declined 2% year-over-year.
Non-GAAP operating expenses decreased 3% year-over-year due to cost-cutting initiatives, primarily in compensation and outside services, partially offset by increased programming expenses.
Total adjusted EBITDA decreased 14% year-over-year to $151 million, reflecting revenue declines partially offset by cost savings.
Total company revenue for Q2 2025 decreased 5% year-over-year to $675 million, within the guidance range of down 4% to 7%.
Local Media revenue declined 8% year-over-year due to lack of political advertising in an off-election year, but core advertising outperformed peers driven by local sports rights and NBA/NHL playoffs contributing over $7 million.
Net leverage improved to 4.4x at quarter-end, down 0.5 turns from Q1, reflecting ongoing debt paydown efforts.
Scripps Networks revenue was $206 million, down 1.4% year-over-year, with connected TV revenue up 57%, and segment profit margin improved to 27% from 18% in Q2 2024 due to significant expense reductions.
Second quarter earnings per share was a loss of $0.59, impacted by $38 million in financing transaction costs, a $31 million gain on asset sale, and preferred stock dividend reducing EPS by $0.18.
SSP closed a $750 million senior secured second-lien notes placement, refinancing and extending maturities on $1.7 billion of debt, reducing near-term debt maturities and increasing cost of capital by just over 1%.
ATN is executing over $300 million in broadband infrastructure projects in the U.S., with more than half scheduled for completion in 2025, as part of its long-term growth strategy.
These projects are primarily backed by government funding, aiming to expand fiber networks and improve service in underserved markets.
Management highlighted that these initiatives are crucial for future revenue growth and positioning the company for higher-margin services as the infrastructure comes online.
Adjusted EBITDA decreased 6% to $45.8 million, mainly impacted by lower U.S. Telecom revenues.
Capital expenditures for the first half of 2025 totaled $42 million net of $45.9 million reimbursable capital spend, down from $61.8 million net of $46.2 million reimbursables in the prior year.
Cash balance increased to $113.3 million from $97.3 million at the end of Q1, with total debt at $583.4 million and a net debt ratio of 2.58x.
Net cash from operations increased 2% year-over-year to approximately $60 million, driven by working capital improvements.
Net loss for the quarter was $7 million or $0.56 per share, compared to net income of $9 million or $0.50 per share in the prior year.
Operating income declined to $0.2 million from $24.3 million in the prior year, which included a $15.9 million gain from asset disposition.
Total company revenue for Q2 2025 was $181.3 million, down 1% year-over-year, primarily due to the wind down of subsidy programs and decommissioning of legacy mobile consumer services.
Dafinchi