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NEWS RELEASE

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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 or investors.tdsinc.com.
 

Array reports second quarter 2025 results

CHICAGO (August 11, 2025) — Array Digital Infrastructure, Inc. (NYSE:USM) reported total operating revenues of $916 million for the second quarter of 2025, versus $927 million for the same period one year ago. Service revenues totaled $736 million, versus $743 million for the same period one year ago. Net income attributable to Array shareholders and related diluted earnings per share were $31 million and $0.36, respectively, for the second quarter of 2025 compared to $17 million and $0.20, respectively, in the same period one year ago.
Recent Highlights*
•On August 1, 2025, Array completed the sale of its wireless operations and select spectrum assets to T-Mobile for total consideration of $4.3 billion which includes a combination of cash and assumed debt
•Declared a $23.00 per share special dividend payable on August 19, 2025
•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

* 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.


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Conference Call Information
Array will hold a conference call on August 11, 2025 at 9:00 a.m. Central Time.
▪Access the live call on the Events & Presentations page of investors.arrayinc.com, investors.tdsinc.com, or at
https://events.q4inc.com/attendee/378403075
▪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 the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. As of August 1, 2025, Telephone and Data Systems, Inc. owned approximately 82% of Array.

Contacts
Colleen Thompson, Vice President - Corporate Relations of TDS
colleen.thompson@tdsinc.com
 
Julie Mathews, IRC, Director - Investor Relations of TDS
julie.mathews@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: 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. 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.

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Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended6/30/20253/31/202512/31/20249/30/20246/30/2024
Retail Connections     
Postpaid     
Total at end of period3,904,000 3,946,000 3,985,000 3,999,000 4,027,000 
Gross additions109,000 105,000 140,000 123,000 117,000 
Handsets70,000 68,000 93,000 84,000 73,000 
Connected devices39,000 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 devices2,000 (1,000)5,000 — 5,000 
ARPU1
$51.91 $52.06 $51.73 $52.04 $51.45 
ARPA2
$131.89 $132.25 $131.10 $131.81 $130.41 
Handset upgrade rate3
4.2 %3.1 %4.8 %3.5 %4.1 %
Churn rate4
1.29 %1.21 %1.29 %1.25 %1.16 %
Handsets1.12 %1.03 %1.08 %1.07 %0.97 %
Connected devices2.36 %2.40 %2.67 %2.47 %2.47 %
Prepaid
Total at end of period429,000 431,000 448,000 452,000 439,000 
Gross additions43,000 38,000 46,000 57,000 50,000 
Net additions (losses)(2,000)(17,000)(4,000)13,000 3,000 
ARPU1
$31.72 $30.76 $30.59 $32.01 $32.37 
Churn rate4
3.58 %4.17 %3.70 %3.30 %3.60 %
Market penetration at end of period
Consolidated operating population31,390,000 31,390,000 32,550,000 32,550,000 32,550,000 
Consolidated operating penetration5
14 %14 %14 %14 %14 %
Capital expenditures (millions)$80 $53 $162 $120 $165 
Total cell sites in service7,061 7,009 7,010 7,007 6,990 
Owned towers4,418 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 

1Average Revenue Per User (ARPU) - metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:
•Postpaid ARPU consists of total postpaid service revenues and postpaid connections.
•Prepaid ARPU consists of total prepaid service revenues and prepaid connections.
2Average Revenue Per Account (ARPA) - metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.
3Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.
4Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.
5Market penetration is calculated by dividing the number of retail wireless connections at the end of the period by the total estimated population of consolidated operating markets. The methodology for the calculation was updated in the second quarter of 2025 and prior periods were revised to reflect this change.
6Represents instances where a third-party wireless carrier rents or leases space on a company-owned tower.
7Average number of tenants that lease space on company-owned towers, measured on a per-tower basis.
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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$736 $743 (1)%$1,477 $1,497 (1)%
Equipment sales180 184 (2)%330 380 (13)%
Total operating revenues916 927 (1)%1,807 1,877 (4)%
Operating expenses      
System operations (excluding Depreciation, amortization and accretion reported below)183 180 1 %359 362 (1)%
Cost of equipment sold209 211 (1)%387 427 (9)%
Selling, general and administrative328 322 2 %661 653 1 %
Depreciation, amortization and accretion163 165 (1)%325 329 (2)%
(Gain) loss on asset disposals, net2 5 (53)%4 11 (60)%
(Gain) loss on license sales and exchanges, net(4)8 N/M(5)7 N/M
Total operating expenses881 891 (1)%1,731 1,789 (3)%
Operating income35 36 (4)%76 88 (13)%
Other income (expense)      
Equity in earnings of unconsolidated entities42 38 8 %78 80 (3)%
Interest and dividend income4 3 12 %6 6 15 %
Interest expense(45)(45)5 %(84)(91)7 %
Total other income (expense)1 (4)N/M— (5)99 %
Income before income taxes36 32 13 %76 83 (9)%
Income tax expense4 14 (73)%24 41 (42)%
Net income32 18 77 %52 42 24 %
Less: Net income attributable to noncontrolling interests, net of tax1 1 (5)%2 7 (68)%
Net income attributable to Array shareholders$31 $17 80 %$50 $35 41 %
Basic weighted average shares outstanding86 86 — 85 86 — 
Basic earnings per share attributable to Array shareholders$0.37 $0.20 81 %$0.58 $0.41 42 %
Diluted weighted average shares outstanding88 88 — 88 88 — 
Diluted earnings per share attributable to Array shareholders$0.36 $0.20 81 %$0.57 $0.40 41 %

N/M - Percentage change not meaningful
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Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
20252024
(Dollars in millions)  
Cash flows from operating activities
Net income$52 $42 
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities  
Depreciation, amortization and accretion325 329 
Bad debts expense43 46 
Stock-based compensation expense29 25 
Deferred income taxes, net(9)11 
Equity in earnings of unconsolidated entities(78)(80)
Distributions from unconsolidated entities88 80 
(Gain) loss on asset disposals, net4 11 
(Gain) loss on license sales and exchanges, net(5)7 
Other operating activities3 3 
Changes in assets and liabilities from operations
Accounts receivable(21)(1)
Equipment installment plans receivable44 5 
Inventory52 57 
Accounts payable(4)— 
Customer deposits and deferred revenues(13)6 
Accrued taxes10 20 
Accrued interest— (1)
Other assets and liabilities(35)(44)
Net cash provided by operating activities485 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 activities1 1 
Net cash used in investing activities(150)(284)
Cash flows from financing activities
Issuance of long-term debt— 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)— 
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 cash242 36 
Cash, cash equivalents and restricted cash
Beginning of period159 179 
End of period$401 $215 
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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$386 $144 
Accounts receivable, net922 955 
Inventory, net126 179 
Prepaid expenses53 46 
Income taxes receivable1 — 
Other current assets21 21 
Total current assets1,509 1,345 
Licenses4,583 4,579 
Investments in unconsolidated entities444 454 
Property, plant and equipment, net2,313 2,502 
Operating lease right-of-use assets922 926 
Other assets and deferred charges606 643 
Total assets$10,377 $10,449 
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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$28 $22 
Accounts payable218 242 
Customer deposits and deferred revenues225 238 
Accrued taxes37 30 
Accrued compensation54 93 
Short-term operating lease liabilities137 141 
Other current liabilities109 118 
Total current liabilities808 884 
Deferred liabilities and credits  
Deferred income tax liability, net719 728 
Long-term operating lease liabilities825 822 
Other deferred liabilities and credits576 570 
Long-term debt, net2,819 2,837 
Noncontrolling interests with redemption features
16 16 
Equity  
Array shareholders’ equity  
Series A Common and Common Shares, par value $1.00 per share88 88 
Additional paid-in capital1,812 1,783 
Treasury shares(102)(112)
Retained earnings2,802 2,818 
Total Array shareholders’ equity4,600 4,577 
Noncontrolling interests14 15 
Total equity4,614 4,592 
Total liabilities and equity$10,377 $10,449 
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Array Digital Infrastructure, Inc.
Segment Results
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
Array202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)   
Operating Revenues
Wireless$888 $902 (1)%$1,751 $1,826 (4)%
Towers62 58 7 %123 116 6 %
Intra-company eliminations(34)(33)(3)%(67)(65)(3)%
Total operating revenues916 927 (1)%1,807 1,877 (4)%
Operating expenses
Wireless874 885 (1)%1,717 1,779 (3)%
Towers41 39 5 %81 75 8 %
Intra-company eliminations(34)(33)(3)%(67)(65)(3)%
Total operating expenses881 891 (1)%1,731 1,789 (3)%
Operating income$35 $36 (4)%$76 $88 (13)%
Adjusted OIBDA1 (Non-GAAP)
$208 $227 (9)%$422 $456 (7)%
Adjusted EBITDA1 (Non-GAAP)
$254 $268 (6)%$506 $542 (7)%
Capital expenditures$80 $165 (52)%$132 $295 (55)%
1Adjusted OIBDA and Adjusted EBITDA are non-GAAP financial measures which Array uses as measurements of profitability. See EBITDA, Adjusted EBITDA and Adjusted OIBDA Reconciliations within this earnings release for additional information.

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Array Digital Infrastructure, Inc.
Segment Results
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
Array Wireless202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)   
Retail service$652 $666 (2)%$1,312 $1,344 (2)%
Other56 52 7 %109 102 7 %
Service revenues708 718 (1)%1,421 1,446 (2)%
Equipment sales180 184 (2)%330 380 (13)%
Total operating revenues888 902 (1)%1,751 1,826 (4)%
System operations (excluding Depreciation, amortization and accretion reported below)197 194 1 %387 390 (1)%
Cost of equipment sold209 211 (1)%387 427 (9)%
Selling, general and administrative319 313 2 %643 637 1 %
Depreciation, amortization and accretion151 154 (2)%302 308 (2)%
(Gain) loss on asset disposals, net2 5 (59)%3 10 (66)%
(Gain) loss on license sales and exchanges, net(4)8 N/M(5)7 N/M
Total operating expenses874 885 (1)%1,717 1,779 (3)%
Operating income$14 $17 (21)%$34 $47 (27)%
Adjusted OIBDA1 (Non-GAAP)
$174 $196 (11)%$355 $392 (9)%
Adjusted EBITDA1 (Non-GAAP)
$174 $196 (11)%$355 $392 (9)%
Capital expenditures$77 $160 (52)%$127 $286 (55)%

Three Months Ended
June 30,		Six Months Ended
June 30,
Array Towers202520242025
vs. 2024		202520242025
vs. 2024
(Dollars in millions)   
Third-party revenues$28 $25 12 %$56 $51 9 %
Intra-company revenues34 33 3 %67 65 3 %
Total tower revenues62 58 7 %123 116 6 %
System operations (excluding Depreciation, amortization and accretion reported below)20 19 6 %39 37 5 %
Selling, general and administrative9 9 (1)%18 16 14 %
Depreciation, amortization and accretion12 11 7 %23 21 6 %
(Gain) loss on asset disposals, net— — 14 %1 1 60 %
Total operating expenses41 39 5 %81 75 8 %
Operating income$21 $19 11 %$42 $41 2 %
Adjusted OIBDA1 (Non-GAAP)
$34 $31 9 %$67 $64 4 %
Adjusted EBITDA1 (Non-GAAP)
$34 $31 9 %$67 $64 4 %
Capital expenditures$3 $5 (51)%$5 $9 (47)%

1Adjusted OIBDA and Adjusted EBITDA are non-GAAP financial measures which Array uses as measurements of profitability. See EBITDA, Adjusted EBITDA and Adjusted OIBDA Reconciliations within this earnings release for additional information.
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Array Digital Infrastructure, Inc.
Financial Measures
(Unaudited)
Free Cash Flow
 Three Months Ended
June 30,		Six Months Ended
June 30,
Array2025202420252024
(Dollars in millions)
Cash flows from operating activities (GAAP)$325 $313 $485 $516 
Cash paid for additions to property, plant and equipment(75)(137)(147)(270)
Cash paid for software license agreements(11)(11)(20)(20)
Free cash flow (Non-GAAP)1
$239 $165 $318 $226 
1Free cash flow is a non-GAAP financial measure which Array believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.
Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA and Adjusted OIBDA Reconciliations
(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliations below. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliations below are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of Array’s operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented below as they provide additional relevant and useful information to investors and other users of Array’s financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of Array while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income, Income before income taxes and/or Operating income. Income and expense items below Operating income are not provided at the individual segment level for Array Wireless and Array Towers; therefore, the reconciliations begin with EBITDA and the most directly comparable GAAP measure is Operating income rather than Net income at the segment level.
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Three Months Ended
June 30,		Six Months Ended
June 30,
Array2025202420252024
(Dollars in millions)
Net income (GAAP)$32 $18 $52 $42 
Add back or deduct:
Income tax expense4 14 24 41 
Income before income taxes (GAAP)36 32 76 83 
Add back:
Interest expense45 45 84 91 
Depreciation, amortization and accretion expense163 165 325 329 
EBITDA (Non-GAAP)244 242 485 503 
Add back or deduct:
Expenses related to strategic alternatives review12 13 22 21 
(Gain) loss on asset disposals, net2 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 entities42 38 78 80 
Interest and dividend income4 3 6 6 
Adjusted OIBDA (Non-GAAP)$208 $227 $422 $456 
Three Months Ended
June 30,		Six Months Ended
June 30,
Array Wireless2025202420252024
(Dollars in millions)  
EBITDA (Non-GAAP)$165 $171 $336 $355 
Add back or deduct:
Expenses related to strategic alternatives review11 12 21 20 
(Gain) loss on asset disposals, net2 5 3 10 
(Gain) loss on license sales and exchanges, net(4)8 (5)7 
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)174 196 355 392 
Deduct:
Depreciation, amortization and accretion151 154 302 308 
Expenses related to strategic alternatives review11 12 21 20 
(Gain) loss on asset disposals, net2 5 3 10 
(Gain) loss on license sales and exchanges, net(4)8 (5)7 
Operating income (GAAP)$14 $17 $34 $47 
Three Months Ended
June 30,		Six Months Ended
June 30,
Array Towers2025202420252024
EBITDA (Non-GAAP)$33 $30 $65 $62 
Add back or deduct:
Expenses related to strategic alternatives review1 1 1 1 
(Gain) loss on asset disposals— — 1 1 
Adjusted EBITDA and Adjusted OIBDA (Non-GAAP)34 31 67 64 
Deduct:
Depreciation, amortization and accretion12 11 23 21 
Expenses related to strategic alternatives review1 1 1 1 
(Gain) loss on asset disposals, net— — 1 1 
Operating income (GAAP)$21 $19 $42 $41 



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