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].

Exhibit 99.1 As previously announced, Array will hold a teleconference on February 20, 2026, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com. Array reports fourth quarter and full year 2025 results Array issues 2026 guidance CHICAGO (February 20, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported fourth quarter and full year 2025 operating results. SM "After a transformative 2025, Array enters 2026 with strong momentum," said Anthony Carlson ...

Financial Performance - Total operating revenues for the three months ended September 30, 2025, increased by 83% to $47.1 million compared to $25.7 million in 2024, driven primarily by site rental revenues[25]. - Site rental revenues rose 79% to $45.8 million for the three months ended September 30, 2025, compared to $25.7 million in 2024, largely due to the execution of the T-Mobile MLA[27]. - Adjusted EBITDA from continuing operations for the three months ended September 30, 2025, was $85.1 million, a significant increase from $34.2 million in 2024, representing a 146% growth[26]. - Net income from continuing operations attributable to Array shareholders for the three months ended September 30, 2025, was $108.8 million, compared to a loss of $95.9 million in 2024[25]. - Total operating expenses decreased by 46% to $100.4 million for the three months ended September 30, 2025, down from $185.9 million in 2024[25]. - Equity in earnings of unconsolidated entities increased by 62% to $69.8 million for the three months ended September 30, 2025, compared to $43.1 million in 2024, primarily due to gains from the sale of wireless operations[33]. - Interest and dividend income rose by 151% to $8.9 million for the three months ended September 30, 2025, compared to $3.6 million in 2024, driven by increased interest income from the sale of wireless operations[34]. - For the three months ended September 30, 2025, Array reported a net income of $109.9 million compared to a net loss of $95.7 million for the same period in 2024[81]. - Adjusted EBITDA for the three months ended September 30, 2025, was $85.1 million, significantly up from $34.2 million in the same period of 2024, reflecting a year-over-year increase of 148%[81]. Asset and Liability Management - Cash and cash equivalents increased to $325.6 million as of September 30, 2025, up from $143.7 million at December 31, 2024[40]. - Total assets as of September 30, 2025, were $4,918,327,000, down from $10,448,981,000 as of December 31, 2024[152]. - The company’s retained earnings as of September 30, 2025, were $732.3 million, a decrease from $2.82 billion at the end of 2024, reflecting a decline of approximately 74%[158]. - The total equity for Array shareholders as of September 30, 2025, was $2.53 billion, down from $4.59 billion at the end of 2024, a decrease of approximately 45%[158]. - Long-term debt, net decreased by $529.8 million primarily due to the repayment of term loan agreements and export credit financing agreements[75]. - The long-term debt, net, was reported at $671.9 million as of September 30, 2025, down from $1.20 billion at the end of 2024, indicating a reduction of about 44%[155]. - Total current liabilities decreased to $539.0 million from $883.8 million as of December 31, 2024, representing a reduction of approximately 39%[155]. Strategic Transactions - For the three months ended September 30, 2025, Array reported a total consideration of $4,293.8 million from the sale of its wireless operations and select spectrum assets to T-Mobile, which included $2,628.8 million in cash proceeds and $1,665.0 million in debt assumed by T-Mobile[15]. - The strategic alternatives review process is ongoing as Array seeks to close spectrum transactions with Verizon, AT&T, and T-Mobile, while also looking to monetize remaining spectrum assets[17]. - Array entered into License Purchase Agreements with Verizon, AT&T, and T-Mobile, although the completion of these transactions is uncertain due to potential impacts from a government shutdown[92]. - The company entered into a License Purchase Agreement with Verizon for the sale of wireless spectrum licenses for total proceeds of $1,000 million, with a book value of $585.6 million as of September 30, 2025[197]. - The License Purchase Agreement with AT&T is expected to yield total proceeds of $1,018 million, with a book value of $860.1 million as of September 30, 2025[198]. - Array's transaction with T-Mobile for certain wireless spectrum licenses is expected to generate proceeds of $85 million, with a book value of $64.3 million as of September 30, 2025[199]. Operational Challenges - Array's operational challenges include increasing competition in the tower industry and the need to monetize remaining spectrum assets, which could adversely affect financial performance[92]. - Array's business is substantially dependent on T-Mobile, which has committed to lease space on certain towers for a minimum of 15 years; failure to meet these obligations could significantly affect Array's financial results[99]. - Array faces increasing competition in the tower industry, which could negatively impact future growth and increase costs to compete[109]. - Array's remaining spectrum licenses have FCC build-out requirements that have not been fully satisfied, requiring significant investments without an existing wireless business to operate the retained spectrum[108]. - Array's revenues may be adversely affected by economic downturns, reduced capital expenditures by wireless carriers, and negative trends in the wireless industry[116]. Cash Flow and Financing Activities - Cash flows used for financing activities related to continuing operations totaled $2,662.2 million, primarily due to dividends paid of $1,986.7 million and repayments on long-term debt agreements of $875.3 million[58]. - Array has an unsecured revolving credit agreement with a maximum borrowing capacity of $300.0 million, which will reduce to $150.0 million if net proceeds from wireless spectrum sales exceed $500.0 million[41]. - The company reported a net cash increase of $166,484,000 for the nine months ended September 30, 2025, compared to an increase of $108,366,000 in the same period of 2024[150]. Regulatory and Legal Risks - Array faces regulatory risks that could lead to civil penalties or liabilities if it fails to comply with applicable legislative and regulatory requirements[126]. - Array's operations are subject to varying degrees of regulation by the FCC and FAA, which could impact its business operations and financial results[126]. - Array is regularly involved in legal and policy proceedings that can be complex and costly, potentially disrupting business operations[129]. Special Dividends and Shareholder Returns - A special dividend of $23.00 per share was declared on August 1, 2025, following the sale of wireless operations to T-Mobile, with payment made on August 19, 2025[54]. - The company incurred third-party expenses related to announced transactions of $0.5 million for the three months ended September 30, 2025, compared to $1.3 million in the same period of 2024[202].

Financial Performance - Array reported total operating revenues of $47.1 million for Q3 2025, an 83% increase from $25.7 million in Q3 2024[3] - Net income attributable to Array shareholders for Q3 2025 was $108.8 million, compared to a net loss of $(95.9) million in Q3 2024[3] - Array's operating income loss improved by 67% year-over-year, from $(160.2) million in Q3 2024 to $(53.3) million in Q3 2025[20] - Basic earnings per share from continuing operations attributable to Array shareholders was $1.26 for Q3 2025, compared to $(1.12) in Q3 2024[22] - Net income from continuing operations for the nine months ended September 30, 2025, was $130,503, compared to a loss of $92,296 in the same period of 2024[24] - Net income from continuing operations (GAAP) for the three months ended September 30, 2025, was $109,920,000[34] - Adjusted Free Cash Flow from continuing operations (Non-GAAP) amounted to $45,925,000[34] Revenue Sources - Site rental revenue increased by 68% year-over-year, driven by the new T-Mobile Master Lease Agreement (MLA) that commenced on August 1, 2025[5] - Array has closed or signed agreements to monetize 70% of its spectrum portfolio, with additional spectrum sales expected to yield $178 million in proceeds[5][6] Assets and Liabilities - Total current assets decreased to $352,244 from $1,344,870 as of December 31, 2024[27] - Total assets decreased significantly to $4,918,327 from $10,448,981 as of December 31, 2024[29] - Current liabilities decreased to $539,029 from $883,771 as of December 31, 2024[29] - Long-term debt decreased to $671,902 from $1,201,725 as of December 31, 2024[29] - The company issued $325,000 in long-term debt during the nine months ended September 30, 2025[24] Cash Flow and Expenditures - Cash provided by operating activities for discontinued operations was $380,388, down from $781,019 in the previous year[24] - Cash and cash equivalents increased to $325,626 from $143,730 as of December 31, 2024[27] - Capital expenditures from continuing operations for Q3 2025 were $7.9 million[17] Impairments and Expenses - The company reported a loss on impairment of licenses amounting to $47,679 for the nine months ended September 30, 2025[31] - Loss on impairment of licenses was reported at $47,679,000[34] - The company incurred expenses related to strategic alternatives review amounting to $489,000[34] - Depreciation, amortization, and accretion expenses were $11,868,000[34] - Short-term imputed spectrum lease income was a deduction of $30,413,000[34] - Maintenance and other capital expenditures resulted in a deduction of $2,374,000[34] Leadership Changes - Anthony Carlson will become President and CEO of Array effective November 16, 2025, succeeding Doug Chambers[9] Dividends and Distributions - The company paid a special dividend of $23 per share on August 19, 2025[10] - Distributions from unconsolidated entities totaled $61,794,000[34] - Equity in earnings of unconsolidated entities showed a loss of $69,811,000[34] Asset Disposals - The net gain on asset disposals was $707,000[34]

T-Mobile US (TMUS) 2025 Conference Summary Company Overview - **Company**: T-Mobile US (TMUS) - **Event**: 2025 Conference - **Date**: September 04, 2025 Key Points Industry and Market Dynamics - The telecommunications industry is entering a more promotional phase with upcoming iPhone launches and the holiday season [10] - Competitive intensity has decreased in Q3 compared to earlier in the year, with promotions becoming more targeted [11][12] U.S. Cellular Acquisition - The acquisition of U.S. Cellular has closed, with T-Mobile expecting total run rate synergies of $1.2 billion, with $250 million attributed to CapEx and the remainder to OpEx [5] - The timeline for achieving these synergies has been accelerated to two years from the original three to four years due to lessons learned from the Sprint merger [5][9] Customer Retention and Growth - T-Mobile's core business is performing better than anticipated, allowing the company to absorb U.S. Cellular's higher churn base [12][14] - The company has maintained its guidance for postpaid phone and total postpaid customers despite the integration [13] - T-Mobile's unique value proposition of "best value, best network" is driving customer acquisition and retention [16][21] Switching Environment - Industry switching is up year-over-year, which T-Mobile views positively as it creates more opportunities for customer acquisition [24][27] - The company is focused on underpenetrated market segments, including rural areas and business segments, to fuel growth [27] Spectrum Strategy - T-Mobile is disciplined in its spectrum acquisition strategy, focusing on whether it complements their existing spectrum leadership [32][35] - The company has opted not to pursue certain spectrum opportunities that do not align with its strategic goals [34][36] Financial Performance - T-Mobile anticipates at least 3.5% ARPA growth for the core business, driven by customer self-selection of higher rate plans [40][41] - The company has seen significant growth in postpaid service revenue, outperforming competitors like AT&T and Verizon [48] AI and Customer Experience - T-Mobile is leveraging AI to enhance customer experience and retention, focusing on data integration and predictive analytics [67][69] - The company is in early stages of implementing AI-driven initiatives to improve customer interactions and operational efficiency [68] Fixed Wireless Access (FWA) - T-Mobile's FWA strategy has proven successful, with a doubling of subscribers over the past two years and increased data usage per subscriber [82][83] - The company aims to reach 12 million subscribers by 2028, supported by high customer satisfaction scores [84] Management and Succession - There are ongoing discussions about succession planning, with confidence in the current leadership team to maintain the company's strategic direction [73][79] Conclusion - T-Mobile is positioned strongly in the telecommunications market, with a focus on customer value, network strength, and strategic growth initiatives. The company is optimistic about future performance and market opportunities.

Core Insights - Array Digital Infrastructure, Inc. (formerly U.S. Cellular) reported strong Q2 2025 results, with both revenue and net income exceeding Zacks Consensus Estimates, despite a year-over-year revenue decline due to reduced retail connections [1][9] Financial Performance - Net income for the quarter was $31 million, or $0.36 per share, compared to $17 million, or $0.20 per share, in the same quarter last year, beating estimates by $0.03 [2][9] - Operating revenues totaled $916 million, down from $927 million year-over-year, but still surpassing the Zacks Consensus Estimate of $904 million [3][9] - Service revenues decreased to $736 million from $743 million, while equipment sales generated $180 million compared to $184 million in the prior-year quarter [3] Business Segments - The tower business showed healthy momentum, generating $62 million in revenues, a 7% increase year-over-year, while wireless revenue was $888 million, down 1% year-over-year [4] - Handset connections fell to 70,000 from 73,000 year-over-year, with a churn rate of 1.12%, up from 0.97% [5] - Total postpaid connections decreased to 3,904,000 from 4,027,000, and total prepaid connections were 429,000, down from 439,000 [5] Revenue Metrics - Postpaid average revenue per account (ARPA) improved to $131.89 from $130.41, while postpaid ARPU rose to $51.91 from $51.45 [6] - Prepaid ARPU decreased to $31.72 from $32.37, with a churn rate of 3.58%, down from 3.6% [6] Operational Efficiency - Adjusted EBITDA for the quarter was $254 million, down from $268 million year-over-year, with total operating expenses at $881 million, a 1% decrease [7] - Operating income was reported at $35 million, slightly down from $36 million in the prior-year quarter [7] Cash Flow and Liquidity - Cash generated from operating activities was $325 million, compared to $313 million in the year-ago quarter, with cash and cash equivalents at $386 million and long-term debt at $2.81 billion as of June 30, 2025 [8]

Summary of Crown Castle (CCI) Conference Call - August 12, 2025 Company Overview - **Company**: Crown Castle (CCI) - **Industry**: Telecommunications Infrastructure - **Business Model**: REIT focused on tower operations, with a portfolio of 40,000 towers across the U.S. [6][8] Key Points and Arguments Leadership and Management - **CFO Background**: Sunit Patel, new CFO, has extensive experience in the telecommunications sector, previously serving as CFO at MCI and T-Mobile, and involved in significant mergers and acquisitions [2][3][4][10]. - **New CEO**: Christian Hildenbrand, expected to join in September, has a strong operational background from Vantage Towers and T-Mobile, aligning with Crown's strategy of being a U.S. tower-only company [12][14]. Strategic Focus - **Divestiture**: Crown Castle is selling its fiber small cell business for $8.5 billion, expected to close in the first half of 2026, transitioning to a pure tower business model [6][22]. - **Operational Efficiency**: The company aims to enhance focus, efficiency, and agility by concentrating solely on tower operations, which is anticipated to improve investment in technology and systems [8][10]. Financial Performance and Guidance - **Earnings Guidance**: The company raised its guidance for tower leasing revenue from $110 million to $115 million at the midpoint, driven by increased activity levels and improved internal cycle times [24]. - **AFFO Projections**: Post-transaction, Crown expects an AFFO of approximately $2.3 billion from July 1, 2025, to June 2027, with plans to use $6 billion of the proceeds to pay down debt and the remainder for share buybacks [22][42]. Market Dynamics - **Wireless Data Demand**: Wireless data demand has consistently grown by 20% to 30% annually over the past decade, with projections indicating continued growth driven by advancements in AI and data center infrastructure [28][29]. - **Spectrum Auctions**: Upcoming spectrum auctions are expected to benefit the industry, although the impact on Crown's business will take time to materialize [26][27]. Customer Relationships - **Long-term Agreements**: Crown Castle prefers long-term agreements with clients, which provide stability and predictability in revenue [30][32]. - **Churn Management**: The company has managed Sprint-related churn effectively, projecting a sustainable churn rate of approximately $20 million annually moving forward [35][36]. Cost Efficiency Initiatives - **Cost Savings**: The company is focusing on three main areas for cost efficiencies: benefits from operating a single business, automation and system improvements, and tactical reductions in cycle times [44][48]. - **Debt Management**: Post-transaction, Crown aims to maintain a net debt leverage ratio of 6% to 6.5%, ensuring investment-grade status while managing discretionary cash flow effectively [51][52]. Additional Important Insights - **Dividend Policy**: Crown Castle plans to maintain a dividend payout ratio of 75% to 80% of its FFO, which is expected to grow alongside revenue, providing a stable return to shareholders [50]. - **Market Position**: As the second-largest tower operator in the U.S., Crown Castle's unique focus on tower operations positions it favorably within the telecommunications infrastructure sector [6][8].

Financial Performance - For the quarter ended June 2025, United States Cellular (USM) reported revenue of $916 million, down 1.2% year-over-year, with EPS at $0.36 compared to $0.20 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $904.19 million by +1.31%, while the EPS surprise was +9.09% against the consensus estimate of $0.33 [1] Key Metrics - U.S. Cellular's shares returned +6.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The company experienced net losses in retail connections, with postpaid at -42 million versus an estimate of -30 million, and prepaid at -2 million against an estimate of 4 million [4] - Gross additions for postpaid retail connections were 109 million, exceeding the average estimate of 101.81 million [4] Customer and Revenue Insights - Total connections stood at 4.33 million, slightly below the average estimate of 4.39 million [4] - Average Revenue Per User (ARPU) for prepaid was $31.72, above the average estimate of $31.08, while postpaid ARPU was $51.91, also exceeding the estimate of $51.77 [4] - Operating revenues from service were reported at $736 million, surpassing the estimate of $728.62 million, but reflecting a -0.9% change year-over-year [4] - Net operating revenues from service retail were $652 million, compared to an estimate of $650.86 million, indicating a -2.1% year-over-year change [4] - Equipment sales generated $180 million, exceeding the estimate of $175.58 million, with a -2.2% change year-over-year [4]

Financial Performance - U.S. Cellular reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, and up from $0.20 per share a year ago [1] - The earnings surprise was +9.09%, while the previous quarter saw a surprise of -43.24% with actual earnings of $0.21 per share against an expectation of $0.37 [2] - The company posted revenues of $916 million for the quarter, surpassing the Zacks Consensus Estimate by 1.31%, but down from $927 million year-over-year [3] Market Performance - U.S. Cellular shares have increased approximately 18.4% since the beginning of the year, compared to an 8.6% gain for the S&P 500 [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.31 on revenues of $899.42 million, and for the current fiscal year, it is $0.61 on revenues of $3.64 billion [8] - The Wireless National industry is ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [9]

Financial Data and Key Metrics Changes - The company completed the sale of U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which is expected to unlock significant shareholder value and strengthen the balance sheets of both Array and TDS [6][12][14] - Following the transaction, TDS's debt was reduced to approximately $364 million, with a plan to redeem about $1.1 billion in debt, resulting in annual interest savings of approximately $80 million and reducing the average cost of debt to just over 6% [12][14][15] - S&P raised TDS's credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [19] Business Line Data and Key Metrics Changes - Array Digital Infrastructure now operates independently with approximately 4,400 towers and a new master license agreement with T-Mobile, which is expected to enhance revenue and profitability [7][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations grew by 6% year-over-year [26][29] - TDS Telecom reported 27,000 new fiber service addresses added in the quarter, with a total of 10,300 fiber net additions, leading to a 19% growth in total fiber connections since last year [33][34] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year, subject to regulatory approvals [15][22] - The company is focused on monetizing approximately 70% of Array's total spectrum holdings, including transactions with AT&T and Verizon, which are expected to close in 2025 and 2026 [22][23] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, with plans to implement a regular dividend once spectrum transactions are completed [15][16] - Key strategic priorities include closing pending spectrum transactions, optimizing ground leases, and driving revenue growth through new colocations [24][25] - The company is evaluating M&A opportunities, particularly in fiber assets that synergize with existing properties [86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the tower business and the fiber program, emphasizing the importance of the new T-Mobile master license agreement [7][26] - The company expects to incur additional wind-down costs as it transitions from a wireless service provider to an independent tower company, which may impact profitability in the near term [30] - Management highlighted the competitive landscape in expansion markets as favorable, with a focus on increasing penetration rates in newly launched fiber areas [74] Other Important Information - The company plans to maintain its preferred stock as foundational capital for its fiber program and has no immediate plans to redeem them [12][14] - The company is committed to a disciplined financial policy while maintaining a conservative balance sheet [14] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion plans - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [51][52] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage below 1.5 times while evaluating opportunities for growth and capital allocation [55] Question: Access to construction resources for fiber expansion - Management remains confident in achieving the target of 150,000 new fiber service addresses for the year, with ramping construction efforts [56][58] Question: Cohort analysis for fiber market penetration - Management is working on providing cohort analysis to investors, expecting around 25-30% penetration by month 12 and 40% by year five in expansion markets [60][62] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing aggressive pricing strategies, with potential price increases after two years [82][84] Question: M&A opportunities and asset profiles - The company is focused on fiber opportunities that are synergistic with existing properties and is in the early stages of considering M&A options [86]