Array reports second quarter 2025 results
Array Digital Infrastructure (NYSE:USM), formerly United States Cellular Corporation, reported Q2 2025 results and significant business transformation. The company completed the sale of its wireless operations to T-Mobile for $4.3 billion on August 1, 2025. Array announced a special dividend of $23.00 per share payable August 19, 2025.
Q2 2025 financial highlights include total operating revenues of $916 million (down from $927M YoY), with net income of $31 million ($0.36 per share) compared to $17M ($0.20 per share) YoY. The company reported 12% growth in third-party tower revenues. Array now operates as a tower company with 4,400 towers and a new Master License Agreement with T-Mobile, while pending spectrum sales to AT&T and Verizon are expected to close in 2H 2025 and Q3 2026.
Array Digital Infrastructure (NYSE:USM), precedentemente United States Cellular Corporation, ha pubblicato i risultati del 2掳 trimestre 2025 e annunciato una rilevante trasformazione aziendale. La societ脿 ha completato la cessione delle sue attivit脿 wireless a T-Mobile per 4,3 miliardi di dollari il 1掳 agosto 2025. Array ha inoltre annunciato un dividendo straordinario di 23,00 USD per azione con pagamento previsto il 19 agosto 2025.
I principali dati finanziari del 2掳 trimestre 2025 includono ricavi operativi totali di 916 milioni di dollari (in calo rispetto a 927 milioni anno su anno), con un utile netto di 31 milioni di dollari (0,36 USD per azione) rispetto a 17 milioni (0,20 USD per azione) nello stesso periodo dell'anno precedente. La societ脿 ha registrato una crescita del 12% dei ricavi dalle torri di terze parti. Array opera ora come societ脿 di torri con 4.400 torri e un nuovo Master License Agreement con T-Mobile, mentre le vendite di spettro in sospeso ad AT&T e Verizon dovrebbero concludersi nella seconda met脿 del 2025 e nel terzo trimestre del 2026.
Array Digital Infrastructure (NYSE:USM), anteriormente United States Cellular Corporation, inform贸 los resultados del 2潞 trimestre de 2025 y una importante transformaci贸n empresarial. La compa帽铆a complet贸 la venta de sus operaciones inal谩mbricas a T-Mobile por 4.300 millones de d贸lares el 1 de agosto de 2025. Array anunci贸 un dividendo extraordinario de 23,00 USD por acci贸n a pagarse el 19 de agosto de 2025.
Los puntos financieros del 2潞 trimestre de 2025 incluyen ingresos operativos totales de 916 millones de d贸lares (por debajo de 927 millones interanual), con un beneficio neto de 31 millones de d贸lares (0,36 USD por acci贸n) frente a 17 millones (0,20 USD por acci贸n) en el mismo periodo del a帽o anterior. La compa帽铆a inform贸 un crecimiento del 12% en los ingresos por torres de terceros. Array opera ahora como una empresa de torres con 4.400 torres y un nuevo Master License Agreement con T-Mobile, mientras que las ventas de espectro pendientes a AT&T y Verizon se esperan que cierren en la segunda mitad de 2025 y en el tercer trimestre de 2026.
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2025雲� 2攵勱赴 欤检殧 鞛 頃橃澊霛检澊韸鸽姅 齑� 鞓侅梾靾橃澋 9鞏�1600毵� 雼煬(鞝勲厔 霃欔赴 9鞏�2700毵� 雼煬 雽�牍� 靻岉彮 臧愳唽)鞕� 靾滌澊鞚� 3100毵� 雼煬(欤茧嫻 0.36雼煬)毳� 旮半頃� 鞝勲厔 霃欔赴 1700毵� 雼煬(欤茧嫻 0.20雼煬)鞐愳劀 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 鞝�3鞛� 韮�鞗� 毵れ稖鞚� 12% 靹膘灔頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟. Array電� 順勳灛 4,400臧滌潣 韮�鞗岆ゼ 氤挫湢頃� 韮�鞗� 鞝勲鞐呾泊搿� 鞖挫榿霅橂┌ T鈥慚obile瓿� 靸堧鞖� 毵堨姢韯� 霛检澊靹犾姢 瓿勳暯鞚� 觳搓舶頄堨溂氅�, AT&T 氚� Verizon鞐� 雽�頃� 氤措 欷戩澑 鞀ろ帣韸鸽熂 毵り皝鞚� 2025雲� 頃橂皹旮办檧 2026雲� 3攵勱赴鞐� 鞕勲霅� 瓴冹溂搿� 鞓堨儊霅╇媹雼�.
Array Digital Infrastructure (NYSE:USM), anciennement United States Cellular Corporation, a publi茅 ses r茅sultats du 2e trimestre 2025 et annonc茅 une importante transformation de ses activit茅s. La soci茅t茅 a finalis茅 le vente de ses activit茅s sans fil 脿 T鈥慚obile pour 4,3 milliards de dollars le 1er ao没t 2025. Array a annonc茅 un dividende exceptionnel de 23,00 USD par action payable le 19 ao没t 2025.
Les 茅l茅ments financiers du 2e trimestre 2025 incluent des revenus d'exploitation totaux de 916 millions de dollars (en baisse par rapport 脿 927 millions en glissement annuel), avec un b茅n茅fice net de 31 millions de dollars (0,36 USD par action) contre 17 millions (0,20 USD par action) un an plus t么t. La soci茅t茅 a d茅clar茅 une croissance de 12 % des revenus li茅s aux tours de tiers. Array op猫re d茅sormais comme une entreprise de tours avec 4 400 sites et un nouveau Master License Agreement avec T鈥慚obile, tandis que les cessions de spectre en attente 脿 AT&T et Verizon devraient se conclure au second semestre 2025 et au 3e trimestre 2026.
Array Digital Infrastructure (NYSE:USM), ehemals United States Cellular Corporation, hat die Ergebnisse f眉r das 2. Quartal 2025 und eine bedeutende Gesch盲ftstransformation ver枚ffentlicht. Das Unternehmen hat am 1. August 2025 den Verkauf seiner Mobilfunkaktivit盲ten an T鈥慚obile f眉r 4,3 Milliarden US-Dollar abgeschlossen. Array k眉ndigte eine Sonderdividende von 23,00 USD je Aktie an, zahlbar am 19. August 2025.
Die finanziellen Eckdaten des 2. Quartals 2025 umfassen Gesamtbetriebserl枚se von 916 Millionen US-Dollar (gegen眉ber 927 Millionen im Vorjahr) sowie einen Nettogewinn von 31 Millionen US-Dollar (0,36 USD je Aktie) gegen眉ber 17 Millionen (0,20 USD je Aktie) im Vorjahr. Das Unternehmen meldete ein 12%iges Wachstum der Ums盲tze aus Drittanbieter-Turmstandorten. Array agiert nun als Turmunternehmen mit 4.400 T眉rmen und einem neuen Master License Agreement mit T鈥慚obile, w盲hrend die ausstehenden Spektrumsverk盲ufe an AT&T und Verizon voraussichtlich in der zweiten Jahresh盲lfte 2025 und im 3. Quartal 2026 abgeschlossen werden.
- None.
- Total operating revenues declined to $916M from $927M YoY
- Service revenues decreased to $736M from $743M YoY
- Company not providing 2025 financial guidance
Insights
Array transforms from wireless carrier to tower company after $4.3B T-Mobile deal, declares $23 special dividend with improved financials.
Array's Q2 results mark a pivotal transformation from wireless carrier to pure-play tower infrastructure company following the $4.3 billion sale of its wireless operations to T-Mobile. This strategic pivot delivers immediate shareholder value through a substantial $23.00 per share special dividend while positioning the company in the higher-margin tower sector.
The financial results show a business in transition, with modest revenue declines (total revenues down 1.2% to
With 4,400 towers and a new Master License Agreement with T-Mobile, Array has transformed into an asset-light business with predictable revenue streams and substantial growth potential through colocation opportunities. Tower companies typically command premium valuations due to their stable cash flows, inflation-protected revenue contracts, and minimal maintenance capital requirements.
The pending spectrum transactions with AT&T, Verizon, and regional carriers represent additional monetization opportunities that will further strengthen Array's balance sheet. This transformation effectively shifts Array from a capital-intensive, competitive wireless business to a high-margin, infrastructure-focused model with multiple avenues for value creation through both operational improvements and asset monetization.
On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.SM (ArraySM)
As previously announced, Array will hold a teleconference on August 11, 2025, at 9:00 a.m. CDT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com听or investors.tdsinc.com.
Array Digital Infrastructure, Inc. (NYSE:USM) reported total operating revenues of
Recent Highlights*
- On August 1, 2025, Array completed the sale of its wireless operations and select spectrum assets to听T-Mobile for total consideration of
$4.3 billion - Declared a
$23.00 - Third-party tower revenues increased
12% - Pending AT&T and Verizon spectrum transactions are expected to close in 2H 2025 and Q3 2026, respectively, subject to receipt of regulatory approvals and satisfaction of closing conditions
听 听 听听听听听听* Comparisons are 2Q'24 to 2Q'25 unless otherwise noted
"I am pleased that we have successfully closed the T-Mobile deal and have declared a special dividend in connection with the transaction," said Doug Chambers, Array interim President and CEO. "As a tower company with 4,400 towers and a new Master License Agreement with T-Mobile, Array has strength and stability from its current tower revenue stream, along with an excellent opportunity to grow colocations and revenues, and to expand margins over time. Our non-controlling investment interests also continue to generate significant cash flow. Further, I look forward to closing our announced spectrum transactions and continuing to work toward opportunistically monetizing our remaining spectrum."
Pending previously announced transactions
On October 17, 2024, the company entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close. Additionally, Array also entered into agreements with Nsight Spectrum, LLC and Nex-Tech Wireless, LLC for the sale of select spectrum licenses.
On November 6, 2024, the company also entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.
Array is not providing 2025 financial guidance.
Conference Call Information
Array will hold a conference call on August听11, 2025 at 9:00 a.m. Central Time.
- Access the live call on the Events & Presentations page of听investors.arrayinc.com, investors.tdsinc.com, or at听听
- Access the call by phone at (888)330-2384 conference ID: 1328528.
About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:听All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; Array's reliance on a small number of tenants for a substantial portion of its revenues; extreme weather events; whether the previously announced spectrum license sales to Verizon and AT&T will be consummated; whether Array can monetize the remaining spectrum assets; competition in the tower industry; and significant investments in wireless operating entities Array does not control.听Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of Array's Form 10-K, as updated by any Array Form 10-Q filed subsequent to such Form 10-K.
听
Array Digital Infrastructure, Inc. | |||||||||
Summary Operating Data (Unaudited) | |||||||||
As of or for the Quarter Ended | 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | ||||
Retail Connections | |||||||||
Postpaid | |||||||||
Total at end of period | 3,904,000 | 3,946,000 | 3,985,000 | 3,999,000 | 4,027,000 | ||||
Gross additions | 109,000 | 105,000 | 140,000 | 123,000 | 117,000 | ||||
Handsets | 70,000 | 68,000 | 93,000 | 84,000 | 73,000 | ||||
Connected devices | 39,000 | 37,000 | 47,000 | 39,000 | 44,000 | ||||
Net additions (losses) | (42,000) | (39,000) | (14,000) | (28,000) | (24,000) | ||||
Handsets | (44,000) | (38,000) | (19,000) | (28,000) | (29,000) | ||||
Connected devices | 2,000 | (1,000) | 5,000 | 鈥� | 5,000 | ||||
ARPU1 | $听听听听听听听 51.91 | $听听听听听听听 52.06 | $听听听听听听听 51.73 | $听听听听听听听听 52.04 | $听听听听听听听听 51.45 | ||||
ARPA2 | $听听听听听 131.89 | $听听听听听 132.25 | $听听听听听 131.10 | $听听听听听听 131.81 | $听听听听听听 130.41 | ||||
Handset upgrade rate3 | 4.2听% | 3.1听% | 4.8听% | 3.5听% | 4.1听% | ||||
Churn rate4 | 1.29听% | 1.21听% | 1.29听% | 1.25听% | 1.16听% | ||||
Handsets | 1.12听% | 1.03听% | 1.08听% | 1.07听% | 0.97听% | ||||
Connected devices | 2.36听% | 2.40听% | 2.67听% | 2.47听% | 2.47听% | ||||
Prepaid | |||||||||
Total at end of period | 429,000 | 431,000 | 448,000 | 452,000 | 439,000 | ||||
Gross additions | 43,000 | 38,000 | 46,000 | 57,000 | 50,000 | ||||
Net additions (losses) | (2,000) | (17,000) | (4,000) | 13,000 | 3,000 | ||||
ARPU1 | $听听听听听听听 31.72 | $听听听听听听听 30.76 | $听听听听听听听 30.59 | $听听听听听听听听 32.01 | $听听听听听听听听 32.37 | ||||
Churn rate4 | 3.58听% | 4.17听% | 3.70听% | 3.30听% | 3.60听% | ||||
Market penetration at end of period | |||||||||
Consolidated operating population | 31,390,000 | 31,390,000 | 32,550,000 | 32,550,000 | 32,550,000 | ||||
Consolidated operating penetration5听 听 | 14听% | 14听% | 14听% | 14听% | 14听% | ||||
Capital expenditures (millions) | $听听听听听听听听听听听听听 80 | $听听听听听听听听听听听听听 53 | $听听听听听听听听听听 162 | $听听听听听听听听听听听 120 | $听听听听听听听听听听听 165 | ||||
Total cell sites in service | 7,061 | 7,009 | 7,010 | 7,007 | 6,990 | ||||
Owned towers | 4,418 | 4,413 | 4,409 | 4,407 | 4,388 | ||||
Number of colocations6 | 2,527 | 2,469 | 2,444 | 2,418 | 2,392 | ||||
Tower tenancy rate7 | 1.57 | 1.56 | 1.55 | 1.55 | 1.55 | ||||
1听 听 听 听 听 | Average Revenue Per User (ARPU) -听metric is calculated by dividing a revenue base by an average number of connections and by the number |
鈥� 听 听Postpaid ARPU consists of total postpaid service revenues and postpaid connections. | |
鈥� 听 听 Prepaid ARPU consists of total prepaid service revenues and prepaid connections. | |
2听 听 听 听 听 | Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid |
3听 听 听 听 听 | Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections. |
4听 听 听 听 听 | Churn rate represents the percentage of the connections that disconnect service each month.听These rates represent the average monthly churn |
5听 听 听 听 听 | Market penetration is calculated by dividing the number of retail wireless connections at the end of the period by the total estimated population of |
6听 听 听 听 听 | Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower. |
7听 听 听 听 听 | Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.听 |
听
Array Digital Infrastructure, Inc. | |||||||||||
Consolidated Statement of Operations Highlights | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2025 | 2024 | 2025 vs. 2024 | 2025 | 2024 | 2025 vs. 2024 | ||||||
(Dollars and shares in millions, except per share amounts) | |||||||||||
Operating revenues | |||||||||||
Service | $听听听听听 736 | $听听听听听 743 | (1)听% | $听 1,477 | $听 1,497 | (1)听% | |||||
Equipment sales | 180 | 184 | (2)听% | 330 | 380 | (13)听% | |||||
Total operating revenues | 916 | 927 | (1)听% | 1,807 | 1,877 | (4)听% | |||||
Operating expenses | |||||||||||
System operations (excluding Depreciation, amortization and | 183 | 180 | 1听% | 359 | 362 | (1)听% | |||||
Cost of equipment sold | 209 | 211 | (1)听% | 387 | 427 | (9)听% | |||||
Selling, general and administrative | 328 | 322 | 2听% | 661 | 653 | 1听% | |||||
Depreciation, amortization and accretion | 163 | 165 | (1)听% | 325 | 329 | (2)听% | |||||
(Gain) loss on asset disposals, net | 2 | 5 | (53)听% | 4 | 11 | (60)听% | |||||
(Gain) loss on license sales and exchanges, net | (4) | 8 | N/M | (5) | 7 | N/M | |||||
Total operating expenses | 881 | 891 | (1)听% | 1,731 | 1,789 | (3)听% | |||||
Operating income | 35 | 36 | (4)听% | 76 | 88 | (13)听% | |||||
Other income (expense) | |||||||||||
Equity in earnings of unconsolidated entities | 42 | 38 | 8听% | 78 | 80 | (3)听% | |||||
Interest and dividend income | 4 | 3 | 12听% | 6 | 6 | 15听% | |||||
Interest expense | (45) | (45) | 5听% | (84) | (91) | 7听% | |||||
Total other income (expense) | 1 | (4) | N/M | 鈥� | (5) | 99听% | |||||
Income before income taxes | 36 | 32 | 13听% | 76 | 83 | (9)听% | |||||
Income tax expense | 4 | 14 | (73)听% | 24 | 41 | (42)听% | |||||
Net income | 32 | 18 | 77听% | 52 | 42 | 24听% | |||||
Less: Net income attributable to noncontrolling interests, net of tax听 听 听 | 1 | 1 | (5)听% | 2 | 7 | (68)听% | |||||
Net income attributable to Array shareholders | $听听听听听听听 31 | $听听听听听听听 17 | 80听% | $听听听听听听听 50 | $听听听听听听听 35 | 41听% | |||||
Basic weighted average shares outstanding | 86 | 86 | 鈥� | 85 | 86 | 鈥� | |||||
Basic earnings per share attributable to Array shareholders | $听听听 0.37 | $听听听 0.20 | 81听% | $听听听 0.58 | $听听听 0.41 | 42听% | |||||
Diluted weighted average shares outstanding | 88 | 88 | 鈥� | 88 | 88 | 鈥� | |||||
Diluted earnings per share attributable to Array shareholders | $听听听 0.36 | $听听听 0.20 | 81听% | $听听听 0.57 | $听听听 0.40 | 41听% | |||||
N/M - Percentage change not meaningful |
听
Array Digital Infrastructure, Inc. | |||
Consolidated Statement of Cash Flows | |||
(Unaudited) | |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
(Dollars in millions) | |||
Cash flows from operating activities | |||
Net income | $听听听听听听听听听听听听听听听听听听听听 52 | $听听听听听听听听听听听听听听听听听听听听 42 | |
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities听 听 | |||
Depreciation, amortization and accretion | 325 | 329 | |
Bad debts expense | 43 | 46 | |
Stock-based compensation expense | 29 | 25 | |
Deferred income taxes, net | (9) | 11 | |
Equity in earnings of unconsolidated entities | (78) | (80) | |
Distributions from unconsolidated entities | 88 | 80 | |
(Gain) loss on asset disposals, net | 4 | 11 | |
(Gain) loss on license sales and exchanges, net | (5) | 7 | |
Other operating activities | 3 | 3 | |
Changes in assets and liabilities from operations | |||
Accounts receivable | (21) | (1) | |
Equipment installment plans receivable | 44 | 5 | |
Inventory | 52 | 57 | |
Accounts payable | (4) | 鈥� | |
Customer deposits and deferred revenues | (13) | 6 | |
Accrued taxes | 10 | 20 | |
Accrued interest | 鈥� | (1) | |
Other assets and liabilities | (35) | (44) | |
Net cash provided by operating activities | 485 | 516 | |
Cash flows from investing activities | |||
Cash paid for additions to property, plant and equipment | (147) | (270) | |
Cash paid for licenses | (4) | (15) | |
Other investing activities | 1 | 1 | |
Net cash used in investing activities | (150) | (284) | |
Cash flows from financing activities | |||
Issuance of long-term debt | 鈥� | 40 | |
Repayment of long-term debt | (12) | (198) | |
Tax withholdings, net of cash receipts, for stock-based compensation awards | (36) | (12) | |
Repurchase of Common Shares | (21) | 鈥� | |
Distributions to noncontrolling interests | (2) | (3) | |
Cash paid for software license agreements | (20) | (20) | |
Other financing activities | (2) | (3) | |
Net cash used in financing activities | (93) | (196) | |
Net increase in cash, cash equivalents and restricted cash | 242 | 36 | |
Cash, cash equivalents and restricted cash | |||
Beginning of period | 159 | 179 | |
End of period | $听听听听听听听听听听听听听听听听听听 401 | $听听听听听听听听听听听听听听听听听听 215 | |
听
Array Digital Infrastructure, Inc. | |||
Consolidated Balance Sheet Highlights | |||
(Unaudited) | |||
ASSETS | |||
June 30, 2025 | December 31, 2024 | ||
(Dollars in millions) | |||
Current assets | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 386 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 144 | |
Accounts receivable, net | 922 | 955 | |
Inventory, net | 126 | 179 | |
Prepaid expenses | 53 | 46 | |
Income taxes receivable | 1 | 鈥� | |
Other current assets | 21 | 21 | |
Total current assets | 1,509 | 1,345 | |
Licenses | 4,583 | 4,579 | |
Investments in unconsolidated entities | 444 | 454 | |
Property, plant and equipment, net | 2,313 | 2,502 | |
Operating lease right-of-use assets | 922 | 926 | |
Other assets and deferred charges | 606 | 643 | |
Total assets | $听听听听听听听听听听听听听听听听听听听听听听听听听 10,377 | $听听听听听听听听听听听听听听听听听听听听听听听听听 10,449 | |
听
Array Digital Infrastructure, Inc. | |||
Consolidated Balance Sheet Highlights | |||
(Unaudited) | |||
LIABILITIES AND EQUITY | |||
June 30, 2025 | December 31, 2024 | ||
(Dollars in millions, except per share amounts) | |||
Current liabilities | |||
Current portion of long-term debt | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 28 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 22 | |
Accounts payable | 218 | 242 | |
Customer deposits and deferred revenues | 225 | 238 | |
Accrued taxes | 37 | 30 | |
Accrued compensation | 54 | 93 | |
Short-term operating lease liabilities | 137 | 141 | |
Other current liabilities | 109 | 118 | |
Total current liabilities | 808 | 884 | |
Deferred liabilities and credits | |||
Deferred income tax liability, net | 719 | 728 | |
Long-term operating lease liabilities | 825 | 822 | |
Other deferred liabilities and credits | 576 | 570 | |
Long-term debt, net | 2,819 | 2,837 | |
Noncontrolling interests with redemption features | 16 | 16 | |
Equity | |||
Array shareholders' equity | |||
Series A Common and Common Shares, par value | 88 | 88 | |
Additional paid-in capital | 1,812 | 1,783 | |
Treasury shares | (102) | (112) | |
Retained earnings | 2,802 | 2,818 | |
Total Array shareholders' equity | 4,600 | 4,577 | |
Noncontrolling interests | 14 | 15 | |
Total equity | 4,614 | 4,592 | |
Total liabilities and equity | $听听听听听听听听听听听听听听听听听听听听听听听听听 10,377 | $听听听听听听听听听听听听听听听听听听听听听听听听听 10,449 | |
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Array Digital Infrastructure, Inc. Segment Results (Unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended | ||||||||||
Array | 2025 | 2024 | 2025 | 2025 | 2024 | 2025 vs. 2024 | |||||
(Dollars in millions) | |||||||||||
Operating Revenues | |||||||||||
Wireless | $听听听听听 888 | $听听听听听 902 | (1)听% | $听 1,751 | $听 1,826 | (4)听% | |||||
Towers | 62 | 58 | 7听% | 123 | 116 | 6听% | |||||
Intra-company eliminations | (34) | (33) | (3)听% | (67) | (65) | (3)听% | |||||
Total operating revenues | 916 | 927 | (1)听% | 1,807 | 1,877 | (4)听% | |||||
Operating expenses | |||||||||||
Wireless | 874 | 885 | (1)听% | 1,717 | 1,779 | (3)听% | |||||
Towers | 41 | 39 | 5听% | 81 | 75 | 8听% | |||||
Intra-company eliminations | (34) | (33) | (3)听% | (67) | (65) | (3)听% | |||||
Total operating expenses | 881 | 891 | (1)听% | 1,731 | 1,789 | (3)听% | |||||
Operating income | $听听听听听听听 35 | $听听听听听听听 36 | (4)听% | $听听听听听听听 76 | $听听听听听听听 88 | (13)听% | |||||
Adjusted OIBDA1 (Non-GAAP) | $听听听听听 208 | $听听听听听 227 | (9)听% | $听听听听听 422 | $听听听听听 456 | (7)听% | |||||
Adjusted EBITDA1 (Non-GAAP)听 听 听 | $听听听听听 254 | $听听听听听 268 | (6)听% | $听听听听听 506 | $听听听听听 542 | (7)听% | |||||
Capital expenditures | $听听听听听听听 80 | $听听听听听 165 | (52)听% | $听听听听听 132 | $听听听听听 295 | (55)听% | |||||
1听 听 听 听 听 | Adjusted OIBDA and Adjusted EBITDA are non-GAAP financial measures which Array uses as measurements of profitability. See EBITDA, |
听
Array Digital Infrastructure, Inc. Segment Results (Unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended | ||||||||||
Array Wireless | 2025 | 2024 | 2025 | 2025 | 2024 | 2025 | |||||
(Dollars in millions) | |||||||||||
Retail service | $听听听听听 652 | $听听听听听 666 | (2)听% | $听 1,312 | $听 1,344 | (2)听% | |||||
Other | 56 | 52 | 7听% | 109 | 102 | 7听% | |||||
Service revenues | 708 | 718 | (1)听% | 1,421 | 1,446 | (2)听% | |||||
Equipment sales | 180 | 184 | (2)听% | 330 | 380 | (13)听% | |||||
Total operating revenues | 888 | 902 | (1)听% | 1,751 | 1,826 | (4)听% | |||||
System operations (excluding Depreciation, amortization and accretion听 听 | 197 | 194 | 1听% | 387 | 390 | (1)听% | |||||
Cost of equipment sold | 209 | 211 | (1)听% | 387 | 427 | (9)听% | |||||
Selling, general and administrative | 319 | 313 | 2听% | 643 | 637 | 1听% | |||||
Depreciation, amortization and accretion | 151 | 154 | (2)听% | 302 | 308 | (2)听% | |||||
(Gain) loss on asset disposals, net | 2 | 5 | (59)听% | 3 | 10 | (66)听% | |||||
(Gain) loss on license sales听and exchanges, net | (4) | 8 | N/M | (5) | 7 | N/M | |||||
Total operating expenses | 874 | 885 | (1)听% | 1,717 | 1,779 | (3)听% | |||||
Operating income | $听听听听听听听 14 | $听听听听听听听 17 | (21)听% | $听听听听听听听 34 | $听听听听听听听 47 | (27)听% | |||||
Adjusted OIBDA1 (Non-GAAP) | $听听听听听 174 | $听听听听听 196 | (11)听% | $听听听听听 355 | $听听听听听 392 | (9)听% | |||||
Adjusted EBITDA1 (Non-GAAP) | $听听听听听 174 | $听听听听听 196 | (11)听% | $听听听听听 355 | $听听听听听 392 | (9)听% | |||||
Capital expenditures | $听听听听听听听 77 | $听听听听听 160 | (52)听% | $听听听听听 127 | $听听听听听 286 | (55)听% | |||||
听
Three Months Ended June 30, | Six Months Ended | ||||||||||
Array Towers | 2025 | 2024 | 2025 | 2025 | 2024 | 2025 | |||||
(Dollars in millions) | |||||||||||
Third-party revenues | $听听听听听听听 28 | $听听听听听听听 25 | 12听% | $听听听听听听听 56 | $听听听听听听听 51 | 9听% | |||||
Intra-company revenues | 34 | 33 | 3听% | 67 | 65 | 3听% | |||||
Total tower revenues | 62 | 58 | 7听% | 123 | 116 | 6听% | |||||
System operations (excluding Depreciation, amortization and accretion听 听 | 20 | 19 | 6听% | 39 | 37 | 5听% | |||||
Selling, general and administrative | 9 | 9 | (1)听% | 18 | 16 | 14听% | |||||
Depreciation, amortization and accretion | 12 | 11 | 7听% | 23 | 21 | 6听% | |||||
(Gain) loss on asset disposals, net | 鈥� | 鈥� | 14听% | 1 | 1 | 60听% | |||||
Total operating expenses | 41 | 39 | 5听% | 81 | 75 | 8听% | |||||
Operating income | $听听听听听听听 21 | $听听听听听听听 19 | 11听% | $听听听听听听听 42 | $听听听听听听听 41 | 2听% | |||||
Adjusted OIBDA1 (Non-GAAP) | $听听听听听听听 34 | $听听听听听听听 31 | 9听% | $听听听听听听听 67 | $听听听听听听听 64 | 4听% | |||||
Adjusted EBITDA1 (Non-GAAP) | $听听听听听听听 34 | $听听听听听听听 31 | 9听% | $听听听听听听听 67 | $听听听听听听听 64 | 4听% | |||||
Capital expenditures | $听听听听听听听听听 3 | $听听听听听听听听听 5 | (51)听% | $听听听听听听听听听 5 | $听听听听听听听听听 9 | (47)听% | |||||
1听 听 听 听 听 | Adjusted OIBDA and Adjusted EBITDA are non-GAAP financial measures which Array uses as measurements of profitability. See EBITDA, Adjusted EBITDA and Adjusted OIBDA |
听
Array Digital Infrastructure, Inc. Financial Measures (Unaudited) | |||||||
Free Cash Flow | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
Array | 2025 | 2024 | 2025 | 2024 | |||
(Dollars in millions) | |||||||
Cash flows from operating activities (GAAP) | $听听听听听听听听听听听听听听听 325 | $听听听听听听听听听听听听听听听 313 | $听听听听听听听听听听听听听听听 485 | $听听听听听听听听听听听听听听听 516 | |||
Cash paid for additions to property, plant and equipment听 听 | (75) | (137) | (147) | (270) | |||
Cash paid for software license agreements | (11) | (11) | (20) | (20) | |||
Free cash flow (Non-GAAP)1 | $听听听听听听听听听听听听听听听 239 | $听听听听听听听听听听听听听听听 165 | $听听听听听听听听听听听听听听听 318 | $听听听听听听听听听听听听听听听 226 | |||
1听 听 听 听 听 | Free cash flow is a non-GAAP financial measure which Array believes may be useful to investors and other users of its financial information in |
听
Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA and Adjusted OIBDA Reconciliations
(Unaudited)
听
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliations below.听EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in
听
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
Array | 2025 | 2024 | 2025 | 2024 | |||
(Dollars in millions) | |||||||
Net income (GAAP) | $听听听听听听听听听听听听听听听听 32 | $听听听听听听听听听听听听听听听听 18 | $听听听听听听听听听听听听听听听听 52 | $听听听听听听听听听听听听听听听听 42 | |||
Add back or deduct: | |||||||
Income tax expense | 4 | 14 | 24 | 41 | |||
Income before income taxes (GAAP) | 36 | 32 | 76 | 83 | |||
Add back: | |||||||
Interest expense | 45 | 45 | 84 | 91 | |||
Depreciation, amortization and accretion expense听 听 | 163 | 165 | 325 | 329 | |||
EBITDA (Non-GAAP) | 244 | 242 | 485 | 503 | |||
Add back or deduct: | |||||||
Expenses related to strategic alternatives review | 12 | 13 | 22 | 21 | |||
(Gain) loss on asset disposals, net | 2 | 5 | 4 | 11 | |||
(Gain) loss on license sales and exchanges, net | (4) | 8 | (5) | 7 | |||
Adjusted EBITDA (Non-GAAP) | 254 | 268 | 506 | 542 | |||
Deduct: | |||||||
Equity in earnings of unconsolidated entities | 42 | 38 | 78 | 80 | |||
Interest and dividend income | 4 | 3 | 6 | 6 | |||
Adjusted OIBDA (Non-GAAP) | $听听听听听听听听听听听听听听 208 | $听听听听听听听听听听听听听听 227 | $听听听听听听听听听听听听听听 422 | $听听听听听听听听听听听听听听 456 | |||
听
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
Array Wireless | 2025 | 2024 | 2025 | 2024 | |||
(Dollars in millions) | |||||||
EBITDA (Non-GAAP) | $听听听听听听听听听听听听听听 165 | $听听听听听听听听听听听听听听 171 | $听听听听听听听听听听听听听听 336 | $听听听听听听听听听听听听听听 355 | |||
Add back or deduct: | |||||||
Expenses related to strategic alternatives review听 听 | 11 | 12 | 21 | 20 | |||
(Gain) loss on asset disposals, net | 2 | 5 | 3 | 10 | |||
(Gain) loss on license sales and exchanges, net | (4) | 8 | (5) | 7 | |||
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)听 听 | 174 | 196 | 355 | 392 | |||
Deduct: | |||||||
Depreciation, amortization and accretion | 151 | 154 | 302 | 308 | |||
Expenses related to strategic alternatives review | 11 | 12 | 21 | 20 | |||
(Gain) loss on asset disposals, net | 2 | 5 | 3 | 10 | |||
(Gain) loss on license sales and exchanges, net | (4) | 8 | (5) | 7 | |||
Operating income (GAAP) | $听听听听听听听听听听听听听听听听 14 | $听听听听听听听听听听听听听听听听 17 | $听听听听听听听听听听听听听听听听 34 | $听听听听听听听听听听听听听听听听 47 | |||
听
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
Array Towers | 2025 | 2024 | 2025 | 2024 | |||
EBITDA (Non-GAAP) | $听听听听听听听听听听听听听听听听 33 | $听听听听听听听听听听听听听听听听 30 | $听听听听听听听听听听听听听听听听 65 | $听听听听听听听听听听听听听听听听 62 | |||
Add back or deduct: | |||||||
Expenses related to strategic alternatives review听 听 | 1 | 1 | 1 | 1 | |||
(Gain) loss on asset disposals | 鈥� | 鈥� | 1 | 1 | |||
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)听 听 | 34 | 31 | 67 | 64 | |||
Deduct: | |||||||
Depreciation, amortization and accretion | 12 | 11 | 23 | 21 | |||
Expenses related to strategic alternatives review | 1 | 1 | 1 | 1 | |||
(Gain) loss on asset disposals, net | 鈥� | 鈥� | 1 | 1 | |||
Operating income (GAAP) | $听听听听听听听听听听听听听听听听 21 | $听听听听听听听听听听听听听听听听 19 | $听听听听听听听听听听听听听听听听 42 | $听听听听听听听听听听听听听听听听 41 | |||
听
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