Management characterized 2025 as a transformative year defined by the divestiture of wireless operations, which provided the financial capacity to pivot toward fiber expansion and tower infrastructure. Performance in the fourth quarter was driven by record-high construction crew counts, resulting in the strongest build quarter since 2023 and demonstrating momentum in the fiber engine. The company is shifting its capital allocation framework to prioritize fiber 'edge out' opportunities in approximately ...

Core Viewpoint - Array Digital Infrastructure, Inc. has successfully closed a transaction with AT&T to sell a portion of its spectrum licenses for $1.018 billion, leading to the declaration of a special cash dividend of $10.25 per share [1][2][3]. Group 1: Transaction Details - The transaction aligns with Array's strategy to monetize spectrum not included in the previous sale to T-Mobile, which was finalized on August 1, 2025 [2]. - The special dividend is set to be paid on February 2, 2026, to shareholders recorded as of January 23, 2026 [2]. Group 2: Company Insights - Array Digital Infrastructure is a prominent owner and operator of shared wireless communications infrastructure in the U.S., with over 4,400 cell towers supporting the deployment of 5G and other wireless technologies [5]. - The company is approximately 82% owned by Telephone and Data Systems, Inc. (TDS) [5]. Group 3: Leadership Commentary - The President and CEO of Array expressed satisfaction with the value realized from the sale and emphasized the company's commitment to returning value to shareholders through the special dividend [3]. Group 4: Advisory and Legal Support - Citigroup Global Markets Inc. acted as the lead financial advisor for the transaction, with additional advisory support from Centerview Partners LLC, TD Securities (USA) LLC, and Wells Fargo [4]. - Legal and regulatory counsel was provided by Wilkinson Barker Knauer, LLP, Clifford Chance LLP, and Sidley Austin LLP [4].

Core Insights - Array Digital Infrastructure, Inc. will have its Interim President and CEO, Doug Chambers, present at the Wells Fargo 9 Annual TMT Summit on November 18, 2025, at 8:45 a.m. PST, with the presentation available via live webcast [1][2] Company Overview - Array Digital Infrastructure, Inc. is a prominent owner and operator of shared wireless communications infrastructure in the United States, managing over 4,400 cell towers nationwide, facilitating the deployment of 5G and other wireless technologies [3] - As of September 30, 2025, Telephone and Data Systems, Inc. holds approximately 82% ownership of Array [3]

Core Viewpoint - Array Digital Infrastructure, Inc. is hosting its 2025 virtual Annual Meeting of Shareholders on October 9, 2025, at 8:30 a.m. Central time, which will be available for live and on-demand streaming [1][2]. Company Overview - Array Digital Infrastructure, Inc. is a prominent owner and operator of shared wireless communications infrastructure in the United States, with over 4,400 cell towers nationwide [3]. - The company plays a crucial role in enabling the deployment of 5G and other wireless technologies across the country [3]. - As of August 1, 2025, Telephone and Data Systems, Inc. holds approximately 82% ownership of Array [3].

Array Transaction and Debt - Array exchanged $17 billion of debt into T-Mobile debt[8] - TDS is expected to receive $16 billion from Array's special dividend[8] - Array is expected to have $700 million in debt[8] - The gross purchase price for the T-Mobile transaction was $44 billion[9] - A special dividend of $2300 per share, totaling $20 billion, was approved by Array's board[9] Spectrum Monetization - Agreements were reached to monetize approximately 70% of Array's total spectrum holdings, based on MHz-Pops, including the T-Mobile transaction[14] - AT&T's gross purchase price for spectrum is $1018 billion[12] - Verizon's gross purchase price for spectrum is $10 billion[12] Tower Business - Third-party tower revenue distribution shows AT&T contributing 34%, Verizon 27%, T-Mobile 25%, and other sources 14% in Q2 2025[22] - Total tower revenues increased by 7%, from $58 million in Q2 2024 to $62 million in Q2 2025[23] - Adjusted EBITDA for the Towers segment increased by 9%, from $31 million in Q2 2024 to $34 million in Q2 2025[23] TDS Telecom Fiber Expansion - TDS Telecom deployed 27000 new marketable fiber addresses in Q2 2025[24, 25] - The goal is to reach 18 million marketable fiber service addresses[26] - Fiber now serves 53% of service addresses[26]