U.S. Cellular(USM) - 2025 Q4 - Annual Report

Business Risks - Array's business may be adversely affected by the inability to protect real estate rights related to land leases, potentially impacting financial condition and results of operations [47]. - Advances in technology could reduce the demand for tower-based services, particularly with emerging alternatives like satellites and mesh transmission systems [48]. - Extreme weather events and natural disasters pose risks to Array's towers, which could disrupt service and negatively impact cash flows and financial condition [49]. - Array faces financial risks related to cash flow uncertainty, indebtedness, and the ability to access capital, which could limit financing options [54]. - Legal and regulatory compliance is essential, as failure to meet requirements could lead to penalties and adversely affect business operations [60]. - Conflicts of interest may arise between TDS and Array due to TDS's controlling ownership, potentially impacting decision-making in favor of TDS [65]. - The company may face challenges in acquisitions or divestitures, including costs and integration issues that could adversely affect financial performance [52]. - Array's significant investments in wireless operating entities that it does not control could lead to losses affecting financial condition and cash flows [59]. - Economic uncertainties, including inflation and changes in trade policies, could adversely affect Array's business and financial results [73]. Cybersecurity Risks - Array has experienced regular cyber-attacks, which could adversely affect its business and financial condition [72]. - The company maintains various controls to reduce cybersecurity risks, but may still face significant consequences from future breaches [72]. - Array continues to experience denial of service attacks, despite ongoing enhancements to its protection measures [72]. Financial Market Risks - Disruptions in credit or financial markets could impede Array's access to financing and negatively impact revenues and cash flows [73]. - Array's credit ratings could be affected by TDS's ratings, which may limit financing availability and impact liquidity [57]. Human Resources - Array's ability to attract and retain qualified personnel is critical for sustaining business growth, with competition for talent potentially affecting operations [51].