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 ...

Core Points - The Federal Communications Commission (FCC) has approved AT&T's acquisition of wireless spectrum licenses from U.S. Cellular for $1.02 billion [1] Group 1 - The deal involves AT&T purchasing certain wireless spectrum licenses, which is expected to enhance its network capabilities [1] - The approval comes after AT&T made commitments to improve service in rural areas, indicating a focus on expanding coverage [1] - The transaction is part of AT&T's broader strategy to strengthen its position in the competitive wireless market [1]

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]

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]

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 its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which is expected to unlock significant value for shareholders and strengthen the balance sheets of both Array and TDS [5][11]. - Following the transaction, approximately $364 million remains on the Array balance sheet, with $1.7 billion in debt assumed by T-Mobile [11]. - A special dividend of $23 per share was declared, with TDS expected to receive approximately $1.63 billion [12]. - The company anticipates annual interest savings of about $80 million, reducing TDS's average cost of debt to just over 6% [12][14]. - S&P raised TDS's credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18]. Business Line Data and Key Metrics Changes - Array's tower business operates approximately 4,400 towers and has a new master license agreement with T-Mobile, which is expected to enhance revenue and profitability [8][25]. - Third-party tower revenues increased by 12%, and the number of third-party colocations grew by 6% year-over-year [25][26]. - TDS Telecom added 27,000 new fiber service addresses, with a total of 10,300 fiber net additions leading to a 19% growth in total fiber connections since last year [32][33]. Market Data and Key Metrics Changes - The company is focusing on expanding its fiber footprint, targeting 1.8 million marketable fiber service addresses, with 968,000 addresses at the end of the quarter [34]. - The company expects to achieve 150,000 new fiber addresses this year, with significant growth anticipated in the second half of the year [32][37]. - Demand for higher broadband speeds remains strong, with 83% of residential broadband customers taking 100 meg or higher, and 26% taking one gig or higher [39]. Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned to win in these areas [6][8]. - A capital allocation strategy is being developed, focusing on fiber investments, M&A opportunities, and shareholder returns [15][18]. - The company plans to maintain a conservative balance sheet while targeting a three times bank leverage ratio at Array [14]. Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the new chapter for the company following the T-Mobile transaction, emphasizing the focus on tower and fiber businesses [6][10]. - The management team is optimistic about growth opportunities in the tower business due to increasing demand for data and communication services [8][25]. - The company expects to incur additional wind-down costs as it transitions from a wireless service provider to an independent tower company, which may negatively impact profitability in the short term [29]. Other Important Information - The company is working to opportunistically monetize its remaining spectrum, with significant proceeds expected from pending spectrum sales to AT&T and Verizon [21][22]. - The company has a strong sales leadership team in place, which is expected to drive future revenue growth [26][90]. 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 that updates will be shared in upcoming quarters [50][52]. Question: Long-term leverage expectations for TDS Telecom - Management expects to maintain leverage below 1.5 times while evaluating opportunities for both fiber and tower businesses [54]. Question: Access to construction resources for fiber expansion - Management expressed confidence in meeting the 150,000 service address goal for the year, with significant ramp-up in construction efforts expected [56][57]. Question: Insights on fiber market penetration and competitive landscape - Management shared that they expect high presales penetration and are focusing on markets with favorable competitive dynamics [60][73]. Question: Update on mobile launch and pricing strategy - The company launched its MVNO product TDS Mobile in select markets and is testing aggressive pricing strategies [81][84]. Question: M&A opportunities and focus areas - Management is considering fiber opportunities that would synergize with existing properties and footprint [85]. Question: Growth strategy for the tower business - Management highlighted the importance of bringing sales operations in-house and the positive impact on revenue growth [90].

Financial Data and Key Metrics Changes - The company completed the sale of its U.S. Cellular wireless business and certain spectrum assets to T-Mobile for $4.3 billion, which strengthens the balance sheets of both Array and TDS [5][12] - Following the transaction, approximately $364 million remains on Array's balance sheet, with $1.7 billion in debt assumed by T-Mobile [12] - A special dividend of $23 per share was declared, with TDS receiving approximately $1.63 billion [13] - The company expects to achieve annual interest savings of about $80 million, reducing the average cost of debt to just over 6% [13][15] - S&P raised TDS' credit rating to BBB- from BB, reflecting a strong balance sheet and growth outlook [18] Business Line Data and Key Metrics Changes - Array's tower business consists of approximately 4,400 towers, with a new master license agreement (MLA) with T-Mobile expected to significantly increase revenue and profitability [6][26] - Third-party tower revenues increased by 12%, and the number of third-party colocations rose by 6% year-over-year [26] - Distributions from noncontrolling investment interests increased from $58 million to $77 million [29] Market Data and Key Metrics Changes - The company anticipates receiving $2 billion from previously announced spectrum sales, with a portion expected later this year [15] - The AT&T and Verizon transactions are expected to close in 2025 and 2026, respectively, subject to regulatory approval [21][22] Company Strategy and Development Direction - The company aims to focus on its tower and fiber businesses, believing it is well-positioned for growth in these areas [6][10] - Key strategic priorities include closing pending spectrum transactions and optimizing ground lease agreements [24] - The company plans to develop a capital allocation strategy focusing on fiber investments, M&A opportunities, and shareholder returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of colocations and margins due to increasing demand for data and communication services [6] - The company is optimistic about its future as an independent tower company, with a strong management team in place [19][24] - Management acknowledged the challenges of transitioning from a wireless service provider to an independent tower company, expecting wind-down costs to impact profitability in the near term [30] Other Important Information - The company is developing a regular dividend policy once spectrum transactions are completed [16] - The transition to an independent tower company is expected to enhance focus and operational efficiency [19][24] Q&A Session Summary Question: Update on TDS Telecom's fiber expansion - Management indicated that there is significant opportunity to expand the fiber footprint and will provide updates in upcoming quarters [54][55] Question: Long-term leverage stabilization for TDS Telecom - Management expects to maintain leverage under 1.5 times while evaluating opportunities for growth [56] 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 [59] Question: Cohort analysis for fiber penetration - Management is working on providing cohort penetration reporting and expects high presales penetration in new markets [63][66] Question: Update on mobile launch and pricing strategy - The company launched TDS Mobile in select markets and is testing various pricing strategies to optimize customer acquisition [85][86] Question: M&A opportunities - Management is beginning to consider M&A opportunities focused on fiber assets that synergize with existing properties [88]