ADHIGH SIGNALOPERATIONAL10-K

United States Cellular Corporation completed a transformational business model change, rebranding as Array Digital Infrastructure and pivoting from wireless telecommunications to tower leasing operations.

This represents a complete strategic pivot from a wireless carrier serving 4.4 million customers across 21 states to a pure-play tower infrastructure company operating 4,450 towers in 19 states. The company disposed of its core wireless operations business and now focuses exclusively on leasing tower space to tenants, fundamentally altering its revenue model, customer base, and growth prospects.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

The financial statements reflect the dramatic business transformation, with revenue, operating expenses, and capital expenditures all substantially reduced as the company shed its capital-intensive wireless operations. The balance sheet shows a meaningfully smaller asset base and reduced debt levels, consistent with the disposal of wireless operations and transition to a tower-focused model. Operating cash flow declined significantly but remained positive, suggesting the new tower business generates steady cash flows albeit at a much smaller scale than the previous integrated wireless operations.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
-95.7%
$3.8B→$163.0M

Revenue declined 95.7% — significant demand weakness or market share loss warrants investigation.

Capital Expenditure
Cash Flow
-94.9%
$537.0M→$27.2M

Capex reduced 94.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

SG&A Expense
P&L
-93.7%
$1.3B→$84.4M

SG&A reduced 93.7% — improved cost efficiency or headcount reduction improving operating margins.

Current Assets
Balance Sheet
-89.2%
$1.3B→$144.8M

Current assets declined 89.2% — monitor working capital adequacy and short-term liquidity.

Interest Expense
P&L
-84.6%
$183.0M→$28.2M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Current Liabilities
Balance Sheet
-77.4%
$884.0M→$200.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
-77.3%
$883.0M→$200.8M

Operating cash flow fell 77.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Debt
Balance Sheet
-76.4%
$2.8B→$670.3M

Debt reduced 76.4% — deleveraging strengthens balance sheet and reduces financial risk.

Share Buybacks
Cash Flow
-60.4%
$54.0M→$21.4M

Buyback activity reduced 60.4% — capital being redeployed elsewhere or cash conservation underway.

Total Assets
Balance Sheet
-55.2%
$10.4B→$4.7B

Total assets contracted 55.2% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
(Array) has assumed that each director and executive officer is an affiliate, and no party who has filed a Schedule 13G is an affiliate.
Business General On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.
Array is used throughout this report even when referring to historical periods.
On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD".
Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.
As of December 31, 2025 , Array owns 4,450 towers in 19 states.
Array also holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses.
As of December 31, 2025, Array is an 82.0%-owned subsidiary of Telephone and Data Systems, Inc.
Through July 31, 2025, Array provided wireless communication services; these operations and certain wireless spectrum licenses were disposed of on August 1, 2025, as discussed further below.
Operating Strategy and Recent Developments Array is the fifth largest tower owner and operator of shared wireless communications infrastructure in the United States.
REMOVED
For purposes hereof, United States Cellular Corporation (UScellular) has assumed that each director and executive officer is an affiliate, and no party who has filed a Schedule 13G is an affiliate.
Business General United States Cellular Corporation (UScellular) provides wireless telecommunications services to customers with 4.4 million retail connections in portions of 21 states collectively representing a total population of 33 million.
During the second quarter of 2024, UScellular modified its reporting structure due to the planned disposal of its wireless operations and, as a result, disaggregated its operations into two reportable segments Wireless and Towers.
UScellular is a majority-owned subsidiary of Telephone and Data Systems, Inc.
As of December 31, 2024, TDS owns 83% of UScellular s Common Shares, has the voting power to elect all of the directors of UScellular and controls 96% of the voting power in matters other than the electi on of directors of UScellular.
UScellular s interests in wireless spectrum licenses include both direct interests whereby UScellular is the licensee and investment interests in entities which are licensees; together, these direct and investment interests involve operating and non-operating wireless spectrum licenses covering portions of 30 states and a total population of approximately 51 million as of December 31, 2024.
UScellular owns and operates towers which support UScellular's wireless network.
UScellular also leases space on its owned towers to other wireless service providers.
As of December 31, 2024, UScellular owned 4,409 towers with 2,444 third-party colocations.
On August 4, 2023, TDS and UScellular announced that the Boards of Directors of both companies decided to initiate a process to explore a range of strategic alternatives for UScellular.
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