Financial Performance - Net income for Q1 2025 was $1,288 million, an increase of $93 million from Q1 2024, with diluted earnings per share rising to $2.52 from $2.23[3] - Total revenues for Q1 2025 were CAD 12,517 million, an increase from CAD 12,283 million in Q1 2024, representing a growth of 1.9%[39] - Net income for Q1 2025 was CAD 1,288 million, compared to CAD 1,195 million in Q1 2024, reflecting an increase of 7.8%[39] - Earnings per share (diluted) for Q1 2025 were CAD 2.52, up from CAD 2.23 in Q1 2024, indicating a growth of 13.0%[39] - Total expenses for Q1 2025 were CAD 10,829 million, slightly up from CAD 10,711 million in Q1 2024, indicating a 1.1% increase[62] Cash Flow and Dividends - Cash flows from operating activities were $1,527 million, up from $1,076 million in Q1 2024, while cash flows excluding working capital increased to $1,760 million from $1,521 million[11] - The company returned $307 million to shareholders through dividends in Q1 2025, with a declared second quarter dividend of $0.72 per share[7] - Dividends declared on common stock increased to CAD 367 million in Q1 2025 from CAD 321 million in Q1 2024, representing a growth of 14.3%[39] - Free cash flow for Q1 2025 was CAD 1,150 million, significantly higher than CAD 595 million in Q1 2024, representing a 93% increase[58] Production and Operations - Upstream production averaged 418,000 gross oil-equivalent barrels per day, with Kearl production at 256,000 barrels per day, down from 277,000 barrels per day in Q1 2024 due to extreme cold weather[11] - Downstream throughput averaged 397,000 barrels per day, with refinery capacity utilization at 91%, down from 94% in Q1 2024 due to additional maintenance[22] - Gross crude oil production for Q1 2025 was 413,000 barrels per day, slightly down from 416,000 barrels per day in Q1 2024[46] Capital Expenditures and Projects - Capital and exploration expenditures totaled $398 million, a decrease from $496 million in Q1 2024[11] - Capital and exploration expenditures for Q1 2025 totaled CAD 398 million, down from CAD 496 million in Q1 2024, a decrease of 19.8%[44] - Construction of Canada's largest renewable diesel facility at the Strathcona refinery is on track for startup in mid-2025[4] - The Leming SAGD project is expected to start up in late 2025, with anticipated peak production of around 9,000 barrels per day[11] Asset and Debt Management - Total assets as of March 31, 2025, were CAD 43,889 million, an increase from CAD 42,513 million in the previous year[39] - Total debt decreased to CAD 4,006 million from CAD 4,127 million year-over-year, showing a reduction of 2.9%[39] Cost Management - Cash operating costs for Q1 2025 were CAD 1,947 million, compared to CAD 1,911 million in Q1 2024, reflecting a 1.9% increase[64] - Unit cash operating cost for the Upstream segment in Q1 2025 was CAD 31.31 per oil-equivalent barrel, up from CAD 31.04 in Q1 2024[66] - The Upstream segment's cash operating costs were CAD 1,178 million in Q1 2025, down from CAD 1,189 million in Q1 2024, showing a decrease of 0.9%[64] - The Downstream segment's cash operating costs increased to CAD 631 million in Q1 2025 from CAD 583 million in Q1 2024, a rise of 8.2%[64] Miscellaneous - Chemical net income for the quarter was $31 million, down from $57 million in Q1 2024[11] - There were no identified items impacting net income in Q1 2025 and Q1 2024, providing a clearer view of operational performance[60] - The company reported proceeds from asset sales of CAD 11 million in Q1 2025, up from CAD 4 million in Q1 2024[58] - The company plans to renew its normal course issuer bid in June 2025[6]

Assets Under Management (AUM) - WisdomTree reported a record AUM of $115.8 billion, an increase of 5.5% from the prior quarter due to net inflows and market appreciation[3] - WisdomTree's assets under management (AUM) reached approximately $116.2 billion globally[21] - The end of period assets for U.S. listed ETFs was $80.531 billion, an increase from $79.095 billion in Q4 2024[27] - The end of period assets for European listed ETPs rose to $35.124 billion, up from $30.684 billion in Q4 2024[27] - Digital assets reached $132 million at the end of the period, following inflows of $101 million[27] Financial Performance - Operating revenues for Q1 2025 were $108.1 million, a decrease of 2.4% from the prior quarter due to two fewer trading days and a lower average advisory fee[5] - Operating revenues decreased by 2.4% from Q4 2024, but increased by 11.6% from Q1 2024, driven by higher average AUM and other revenues from European ETPs[20] - Net income for the three months ended March 31, 2025, was $24,629,000, compared to $22,111,000 for the same period in 2024, representing an increase of 11.4%[34] - Adjusted net income for Q1 2025 was $23.0 million, with diluted earnings per share at $0.16, compared to $25.3 million and $0.17 in Q4 2024[45] - Total operating revenues for Q1 2025 were $108.1 million, slightly down from $110.7 million in Q4 2024[45] Expenses and Margins - The average advisory fee was 0.35%, a 1 basis point decrease from the prior quarter[4] - WisdomTree's gross margin improved to 80.8%, a 1.5 point increase from the prior quarter[6] - Total operating expenses for Q1 2025 were $73.9 million, down from $75.7 million in Q4 2024[46] - Operating expenses decreased by 2.3% from Q4 2024, primarily due to lower fund management and administration expenses[20] - The adjusted effective income tax rate for Q1 2025 was 25.6%, compared to 23.5% in Q4 2024[46] Product Development and Innovation - WisdomTree launched several new products, including the WisdomTree Europe Defence UCITS ETF, which quickly surpassed $1.4 billion in assets[8] - The company reported an 11% annualized organic growth rate across all products[8] - The company launched 17 digital asset products prior to January 1, 2025, indicating ongoing innovation in their product offerings[28] - WisdomTree's tokenized products attracted over $100 million in inflows year-to-date, showcasing its leadership in digital asset innovation[9] - The WisdomTree Emerging Market SmallCap Dividend UCITS ETF won the ETF Equity Emerging Markets category at the Mountain View Fund Awards 2025[13] Cash Flow and Liabilities - The company reported a net cash provided by operating activities of $6,370,000 for the three months ended March 31, 2025, compared to a net cash used of $1,038,000 in the same period of 2024[34] - Cash, cash equivalents, and restricted cash decreased to $170,373,000 from $181,191,000, reflecting a decrease of 6.5%[34] - Total current liabilities decreased to $81,864,000 from $109,197,000, a reduction of 25.0%[32] Risks and Challenges - A significant portion of revenues is derived from a limited number of products, exposing the company to investor sentiment and market risks[48] - The company faces increased operational and regulatory risks as it expands internationally and develops new product offerings[48] - Fluctuations in assets under management (AUM) due to market disruptions could negatively impact revenues and operating margins[48] - The company relies on third-party vendors for critical services, and any failure could materially affect operations[48] - The company is subject to currency exchange rate risks due to significant AUM exposure in developed markets[48] Shareholder Actions - The company repurchased Series C Non-Voting Convertible Preferred Stock for approximately $84.4 million, convertible into about 13.1 million shares of common stock[40] - The company acknowledges the potential impact of activist stockholders on its strategic direction[48]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41938 BrightSpring Health Services, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 82-2956404 | | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41938 BrightSpring Health Services, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 82-2956404 | | --- | --- | | (State or other jurisdiction of | (I. ...

Financial Performance - Revenue for Q2 2025 was $834 million, an 18% increase from $706 million in Q2 2024[6] - Operating income for Q2 2025 was $92.7 million, a 19% increase from $77.7 million in Q2 2024[6] - Net income attributable to IES for Q2 2025 was $70.7 million, a 34% increase from $52.9 million in Q2 2024, with diluted earnings per share of $3.50 compared to $2.29[6] - Revenues for the three months ended March 31, 2025, were $834.0 million, a 18.1% increase from $705.8 million in the same period of 2024[26] - Gross profit for the six months ended March 31, 2025, was $386.9 million, up 22.6% from $315.4 million in the prior year[26] - Net income attributable to IES Holdings, Inc. for the three months ended March 31, 2025, was $70.7 million, representing a 33.8% increase compared to $52.9 million in the same period of 2024[26] - Adjusted net income attributable to common stockholders for the six months ended March 31, 2025, was $120.1 million, a 38.8% increase from $86.5 million in the same period of 2024[27] - Basic earnings per share attributable to common stockholders for the three months ended March 31, 2025, was $3.54, compared to $2.32 for the same period in 2024, reflecting a 52.9% increase[26] - Net income for the six months ended March 31, 2025, increased to $130.3 million, up from $100.4 million in the same period of 2024, representing a growth of 29.5%[31] - Total revenue for the six months ended March 31, 2025, reached $1,583.5 million, compared to $1,340.2 million in the prior year, reflecting a year-over-year increase of 18.1%[33] - Adjusted EBITDA for the six months ended March 31, 2025, was $192.1 million, up from $147.5 million in the same period of 2024, marking a growth of 30.2%[35] Backlog and Future Revenue - Remaining performance obligations as of March 31, 2025, were approximately $1.2 billion, indicating future revenue to be recognized[6][16] - Backlog as of March 31, 2025, was approximately $1.8 billion, reflecting strong demand[6][16] - Remaining performance obligations as of March 31, 2025, totaled $1,226 million, compared to $1,176 million in September 2024, indicating an increase of 4.3%[37] - Backlog as of March 31, 2025, was $1,813 million, up from $1,786 million in September 2024, showing a growth of 1.5%[37] Segment Performance - Communications segment revenue was $273.1 million in Q2 2025, a 41% increase from Q2 2024, driven by demand in the data center market[7] - Infrastructure Solutions segment revenue was $117.6 million in Q2 2025, a 55% increase from Q2 2024, with contributions from recent acquisitions[9] - Commercial & Industrial segment revenue was $125.4 million in Q2 2025, a 29% increase from Q2 2024, reflecting solid demand[11] - The Communications segment generated revenues of $506.0 million for the six months ended March 31, 2025, up from $364.3 million in the same period of 2024, representing a growth of 38.8%[33] Cash Flow and Investments - Cash flows from operating activities for the six months ended March 31, 2025, amounted to $62.1 million, compared to $58.7 million in the prior year, reflecting a growth of 5.8%[31] - Net cash used in investing activities for the six months ended March 31, 2025, was $97.1 million, significantly higher than $11.4 million in the same period of 2024[31] - The company reported a net increase in cash and cash equivalents of $(78.4) million for the six months ended March 31, 2025, compared to an increase of $30.2 million in the prior year[31] Shareholder Information - The company repurchased 118,314 shares of common stock for $20.4 million, with $173.3 million remaining under the stock repurchase authorization[14] - The company has a controlling shareholder, which may influence decisions that are not aligned with other shareholders[21] Assets and Equity - Total assets as of March 31, 2025, were $1,364.6 million, an increase from $1,244.0 million as of September 30, 2024[29] - Total stockholders' equity increased to $705.8 million as of March 31, 2025, compared to $611.1 million as of September 30, 2024[29] - Cash and cash equivalents decreased to $22.4 million as of March 31, 2025, from $100.8 million as of September 30, 2024[29] Profitability Metrics - The company reported a gross profit margin of 25.1% for the three months ended March 31, 2025, compared to 24.3% for the same period in 2024[26] - Operating income for the six months ended March 31, 2025, was $167.3 million, compared to $135.7 million in the same period of 2024, an increase of 23.3%[33]

Financial Performance - Cash, cash equivalents, and investments were $275.3 million as of March 31, 2025, down from $294.9 million as of December 31, 2024, providing a cash runway into the second half of 2027[10] - Net loss for Q1 2025 was $23.0 million, resulting in a basic and diluted net loss per share of $0.89, compared to a net loss of $13.3 million and a net loss per share of $0.55 in Q1 2024[14] - Total operating expenses for Q1 2025 were $26.2 million, compared to $17.5 million for Q1 2024[19] - General and administrative expenses decreased slightly to $6.0 million in Q1 2025 from $6.1 million in Q1 2024, mainly due to reduced consulting expenses[14] - Tourmaline's total assets decreased to $287.5 million as of March 31, 2025, from $309.0 million as of December 31, 2024[20] Research and Development - Research and development expenses increased to $20.3 million for Q1 2025, compared to $11.4 million for Q1 2024, primarily due to increased clinical trial expenses[14] - The Phase 2 TRANQUILITY trial has enrolled 143 participants, exceeding the initial target of 120, with topline data expected in Q2 2025[7] - Tourmaline plans to provide further details on the clinical development plan for pacibekitug in cardiovascular inflammation alongside the TRANQUILITY topline data[6] - Tourmaline expects to report topline data from the Phase 2b spiriTED trial in the second half of 2025[5] - The company anticipates additional information on future development plans in Thyroid Eye Disease (TED) after reviewing data from the spiriTED trial[8]

Financial Performance - Cash, cash equivalents, and investments were $275.3 million as of March 31, 2025, down from $294.9 million as of December 31, 2024, providing a cash runway into the second half of 2027[10] - Net loss for Q1 2025 was $23.0 million, resulting in a basic and diluted net loss per share of $0.89, compared to a net loss of $13.3 million and a net loss per share of $0.55 in Q1 2024[14] - Total operating expenses for Q1 2025 were $26.2 million, compared to $17.5 million for Q1 2024[19] - Total stockholders' equity decreased to $279.9 million as of March 31, 2025, from $300.1 million as of December 31, 2024[20] - Tourmaline's working capital was $250.5 million as of March 31, 2025, down from $259.9 million as of December 31, 2024[20] Research and Development - Research and development expenses increased to $20.3 million for Q1 2025, compared to $11.4 million for Q1 2024, primarily due to increased clinical trial expenses[14] - The Phase 2 TRANQUILITY trial has enrolled 143 participants, exceeding the initial target of 120, with topline data expected in Q2 2025[7] - Tourmaline anticipates reporting topline data from the Phase 2b spiriTED trial in the second half of 2025[5] - Tourmaline plans to provide further details on the clinical development plan for pacibekitug in conjunction with the TRANQUILITY topline data[6] - The company expects to expand pacibekitug's indications to include abdominal aortic aneurysm (AAA) following the TRANQUILITY trial results[7]

Financial Performance - Consolidated revenues for the three months ended March 31, 2025, were $833.96 million, an increase of 18.2% compared to $705.73 million for the same period in 2024[110] - Gross profit for the three months ended March 31, 2025, increased to $208.87 million, representing a gross profit margin of 25.0%, up from 24.3% in the prior year[111] - Net income attributable to IES Holdings, Inc. for the three months ended March 31, 2025, was $70.65 million, an increase of 33.7% from $52.91 million in the prior year[109] - For the six months ended March 31, 2025, consolidated revenues were $1.58 billion, an increase of 18.2% compared to $1.34 billion for the same period in 2024[114] - The overall gross profit percentage for the six months ended March 31, 2025, increased to 24.4%, compared to 23.5% in the same period in 2024[115] Segment Performance - The Communications segment's revenues increased by $79.5 million, or 41.1%, during the three months ended March 31, 2025, driven by strong demand in the data center market[117] - Residential segment revenues decreased by $21.4 million, or 6.3%, to $317.966 million for the three months ended March 31, 2025, compared to $339.372 million for the same period in 2024[123] - Infrastructure Solutions segment revenues increased by $41.8 million, or 55.2%, to $117.620 million for the three months ended March 31, 2025, driven by strong demand and acquisitions[128] - Commercial & Industrial segment revenues increased by $28.3 million, or 29.1%, to $125.358 million for the three months ended March 31, 2025, driven by strong demand in data center and education markets[134] Profitability and Expenses - Selling, general and administrative expenses for the three months ended March 31, 2025, were $116.04 million, a 21.8% increase from $95.27 million in the same period in 2024[113] - Gross profit in the Residential segment decreased by $9.0 million, or 10.1%, to $79.672 million, with gross profit as a percentage of revenue declining to 25.1% from 26.1% year-over-year[124] - Selling, general and administrative expenses in the Residential segment increased by $1.9 million, or 3.4%, to $57.151 million, raising the percentage of revenue to 18.0% from 16.3%[124] - Gross profit in the Infrastructure Solutions segment increased by $15.6 million, or 65.5%, to $39.301 million, with gross profit as a percentage of revenue rising to 33.4% from 31.3%[129] - Selling, general and administrative expenses in the Infrastructure Solutions segment increased by $4.9 million, or 63.7%, to $12.487 million, with the percentage of revenue increasing to 10.6% from 10.1%[130] - Gross profit in the Commercial & Industrial segment increased by $6.6 million, or 32.5%, to $26.853 million, with gross profit as a percentage of revenue increasing to 21.4% from 20.9%[135] - Selling, general and administrative expenses in the Commercial & Industrial segment increased by $2.3 million, or 26.6%, to $11.024 million, while the percentage of revenue decreased to 8.8% from 9.0%[136] Cash Flow and Investments - Net cash provided by operating activities increased to $62.1 million for the six months ended March 31, 2025, up from $58.7 million in the same period of 2024, driven by increased earnings[166] - Net cash used in investing activities rose significantly to $97.1 million for the six months ended March 31, 2025, compared to $11.4 million in the prior year, including $44.9 million for acquiring a membership interest in Jett Texas Company LLC[167] - Net cash used in financing activities increased to $43.4 million for the six months ended March 31, 2025, compared to $17.1 million in the same period of 2024, primarily due to $36.3 million used for stock repurchases[168] - The company repurchased 139,362 shares under its stock repurchase program during the six months ended March 31, 2025[169] Future Outlook and Strategic Initiatives - The company expects an increase in multi-family bid activity in the second half of fiscal 2025, which is anticipated to benefit revenues in fiscal 2026[106] - The company plans to reduce reliance on leasing by increasing the purchase of vehicles and equipment, reflecting a strategic shift in capital expenditure management[173] - Capital expenditures for the fiscal year ending September 30, 2025, are expected to range from $70 million to $80 million, a substantial increase from $45.2 million for the year ended September 30, 2024[173] Backlog and Performance Obligations - Backlog across all business segments remains high, indicating strong demand in key end markets, particularly for data centers[106] - Remaining performance obligations as of March 31, 2025, totaled $1,225.9 million, compared to $1,214.8 million as of December 31, 2024[152] - Backlog increased to $1,812.7 million as of March 31, 2025, from $1,753.9 million as of December 31, 2024[152] Tax and Interest Expenses - Income tax expense for the six months ended March 31, 2025, was $46.1 million, up from $34.8 million in the same period of 2024, driven by increased pretax income[147] - Total interest expense for the six months ended March 31, 2025, was $0.8 million, a slight decrease from $0.8 million in the same period of 2024[144] Marketable Securities and Risk Exposure - As of March 31, 2025, the company had investments in marketable securities with a fair value of $65.8 million, with a potential $6.6 million impact on pre-tax income from a hypothetical 10% change in market value[176] - The company is exposed to interest rate risk due to floating rate debt under its revolving credit facility, with no borrowings outstanding as of March 31, 2025[177] - An unrealized gain of $7.8 million was recorded in the six months ended March 31, 2025, due to changes in the market value of investments[176]

Financial Performance - UScellular reported total operating revenues of $891 million for the three months ended March 31, 2025, a decrease of 6% compared to $950 million for the same period in 2024[25]. - Wireless operating revenues decreased by 7% to $864 million, while Towers segment revenues increased by 5% to $61 million[25]. - Operating income fell by 19% to $41 million, with net income attributable to UScellular shareholders remaining flat at $18 million[25]. - Adjusted OIBDA decreased by 6% to $215 million, and Adjusted EBITDA decreased by 7% to $254 million[25]. - Total operating revenues for the three months ended March 31, 2025, were $864 million, a decrease of 7% compared to $925 million in the same period of 2024[34]. - UScellular's net income for the three months ended March 31, 2025, was $20 million, compared to $24 million for the same period in 2024[86]. - Operating income for Q1 2025 was $41 million, a decrease of 19.6% compared to $51 million in Q1 2024[110]. - EBITDA for the three months ended March 31, 2025, was $243 million, compared to $260 million for the same period in 2024[86]. - Service revenues decreased to $741 million in Q1 2025, down from $754 million in Q1 2024, representing a decline of 1.7%[110]. - Equipment sales decreased to $150 million in Q1 2025, compared to $196 million in Q1 2024, reflecting a decline of 23.5%[134]. Capital Expenditures - Capital expenditures significantly decreased by 60% to $53 million compared to $131 million in the prior year[25]. - Capital expenditures for the wireless segment significantly decreased by 60% to $51 million in Q1 2025 from $127 million in Q1 2024[34]. - Capital expenditures decreased by $78 million or 60% year-over-year, aligning with the focus on enhancing speed and capacity for existing 5G services[66]. - The company expects to finance its capital expenditures for 2025 primarily through cash flows from operating activities and existing cash balances[67]. Debt and Financing - UScellular's long-term debt as of March 31, 2025, totaled $2.918 billion, with a weighted average interest rate of 6.1%[107]. - Approximately 70% of UScellular's long-term debt is in fixed-rate senior notes, while 30% is in variable-rate debt[105]. - UScellular's consolidated leverage ratio is required to be maintained at a maximum of 4.00 to 1.00 until March 31, 2025, and then reduced to 3.75 to 1.00 thereafter[62]. - UScellular has an unsecured revolving credit agreement with a maximum borrowing capacity of $300 million, with no outstanding borrowings as of March 31, 2025[160]. - UScellular's outstanding borrowings under term loan agreements were $718 million as of March 31, 2025, with maximum borrowing capacities of $800 million[162]. Shareholder Actions - The company repurchased 328,835 common shares for $21 million at an average cost of $63.49 per share during the three months ended March 31, 2025[71]. - The maximum number of shares that may yet be purchased under the stock repurchase plan is 658,107 shares[197]. - UScellular anticipates declaring special dividends to shareholders following the completion of the T-Mobile transaction, pending regulatory approval[72]. Network and Operations - The company continues to enhance its network capabilities by deploying 5G technology to meet growing customer demand for data services[20]. - UScellular serves approximately 4.4 million retail connections, including about 3.9 million postpaid and 0.4 million prepaid connections[13]. - UScellular incurred third-party expenses related to announced transactions of $10 million for the three months ended March 31, 2025, compared to $7 million in the same period of 2024[21]. - Total tower revenues increased by 5% to $61 million in Q1 2025, up from $58 million in Q1 2024, driven by new colocations and rent escalations[45]. Transactions and Sales - The company is in the process of selling its wireless operations and select spectrum assets to T-Mobile for a total purchase price of $4,400 million, expected to close in mid-2025[15]. - UScellular entered into agreements to sell wireless spectrum licenses to Verizon and AT&T for total proceeds of $1,000 million and $1,018 million, respectively, both transactions subject to regulatory approval[17][18]. - UScellular agreed to sell its wireless operations and select spectrum assets to T-Mobile for a purchase price of $4,400 million, with approximately $2,000 million in debt assumption[151]. - UScellular entered into a License Purchase Agreement with Verizon for certain wireless spectrum licenses, expecting total proceeds of $1,000 million, with a book value of $586 million as of March 31, 2025[152]. - UScellular also signed a License Purchase Agreement with AT&T for certain wireless spectrum licenses, with total proceeds of $1,018 million and a book value of $859 million as of March 31, 2025[153]. Customer Metrics - UScellular's retail connections decreased to 4,377,000 as of March 31, 2025, down from 4,487,000 in 2024, representing a decline of 2.5%[29]. - Postpaid revenue average revenue per user (ARPU) increased slightly to $52.06 in Q1 2025 from $51.96 in Q1 2024, while average revenue per account (ARPA) rose to $132.25 from $132.00[32]. - Total postpaid handset net losses decreased by 11% to 39,000 in Q1 2025 compared to 44,000 in Q1 2024, attributed to increased gross additions and reduced defections[30]. Cash Flow and Assets - Cash flows from operating activities for Q1 2025 were $160 million, down from $203 million in Q1 2024[89]. - Free cash flow for the three months ended March 31, 2025, was $79 million, an increase from $61 million in the same period of 2024[89]. - Total current assets increased to $1,373 million as of March 31, 2025, compared to $1,345 million at the end of 2024, reflecting a growth of 2.08%[114]. - Cash and cash equivalents rose to $182 million, up 26.39% from $144 million at the end of 2024[114]. - Total assets decreased to $10,365 million as of March 31, 2025, from $10,449 million at the end of 2024, a decline of 0.81%[114].

Financial Performance - TDS reported total operating revenues of $1,154 million for Q1 2025, a decrease of 8.6% from $1,262 million in Q1 2024[4] - Net income attributable to TDS common shareholders was $(10) million, resulting in a diluted loss per share of $(0.09), compared to a net income of $12 million and earnings per share of $0.10 in the same period last year[4] - UScellular reported operating revenues of $891 million for Q1 2025, a decrease of 6% compared to $950 million in Q1 2024[28] - TDS Telecom's operating revenues were $257 million in Q1 2025, down 3% from $266 million in Q1 2024[28] - Net income for the three months ended March 31, 2025, was $12 million, a decrease of 68.4% compared to $38 million in the same period of 2024[31] - Total operating revenues for UScellular decreased by 6% to $891 million in Q1 2025, down from $950 million in Q1 2024[39] - Adjusted EBITDA for UScellular was $254 million, reflecting a 7% decline from $272 million in the previous year[39] - TDS Telecom's net income for Q1 2025 was $4 million, significantly down from $24 million in Q1 2024[50] - UScellular's net income for Q1 2025 was $20 million, a decrease from $24 million in Q1 2024[48] Customer Metrics - TDS Telecom added 14,000 marketable fiber service addresses in Q1 2025, contributing to ongoing fiber deployment efforts[5] - The company reported 2,800 residential broadband net additions in Q1 2025, with 8,300 coming from fiber markets[10] - Total residential connections decreased to 931,400 in Q1 2025 from 956,100 in Q1 2024, reflecting a decline in broadband and voice connections[25] - Total broadband connections increased slightly to 555,800 in Q1 2025, compared to 547,900 in Q1 2024[25] - The churn rate for residential fiber connections was 0.9% in Q1 2025, an improvement from 1.0% in Q4 2024[25] - Average Revenue Per User (ARPU) for postpaid customers increased to $52.06 in Q1 2025, up from $51.96 in Q1 2024[23] Capital Expenditures and Cash Flow - Capital expenditures for UScellular were $53 million in Q1 2025, significantly lower than $162 million in Q4 2024[25] - Capital expenditures for UScellular dropped significantly by 60% to $53 million in Q1 2025, compared to $131 million in Q1 2024[39] - TDS consolidated free cash flow for Q1 2025 was $47 million, compared to a negative $20 million in Q1 2024[45] - UScellular's free cash flow increased to $79 million in Q1 2025 from $61 million in Q1 2024[45] - TDS consolidated cash flows from operating activities were $186 million in Q1 2025, down from $224 million in Q1 2024[45] Strategic Initiatives and Changes - TDS is undergoing foundational changes in its remaining businesses, focusing on enhancing customer experience and improving margins over time[5] - UScellular is not providing financial guidance for 2025 due to the pending transaction with T-Mobile[9] - The expected closing of the sale of UScellular's wireless operations to T-Mobile is anticipated in mid-2025, pending regulatory approval[6] - TDS is focusing on strategic alternatives, with expenses related to this review amounting to $10 million for UScellular in Q1 2025, up from $7 million in Q1 2024[48] Assets and Liabilities - Total assets as of March 31, 2025, were $13,536 million, a decrease from $13,682 million at the end of 2024[33] - Total current liabilities decreased to $960 million as of March 31, 2025, from $1,090 million at the end of 2024[35] - TDS shareholders' equity decreased to $5,078 million as of March 31, 2025, from $5,091 million at the end of 2024[35]