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Array Digital Infrastructure (AD) investor relations material
Array Digital Infrastructure 47th Annual Raymond James Institutional Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic transformation and recent transactions
Completed sale of UScellular wireless operations to T-Mobile, with a special dividend of $23/share paid to Array shareholders on August 1, 2025.
Sold about 30% of spectrum to T-Mobile, another third to AT&T and Verizon; AT&T deal closed in January with a $10.25/share dividend paid in early February.
Verizon spectrum deal, valued at about $1 billion, is expected to close earlier than initially anticipated, possibly in 2Q or 3Q 2026.
Remaining C-band spectrum is prioritized for monetization, with timing aligned to upcoming auctions, particularly in Q2 2027.
Tower business outlook and performance
Array Digital now operates as a tower company with 4,400 towers, 30% in rural areas with limited competition.
Signed a 15-year master lease agreement with T-Mobile, providing long-term revenue stability.
Reported 8% same-store growth in Q4, reflecting both escalators and new colocation activity, net of churn.
Provided 2026 guidance with expected 6% same-store growth, excluding DISH revenue.
Targeting a 3x leverage ratio (net debt to EBITDA including minority interest) for flexibility and growth.
Fiber expansion and competitive positioning
TDS Telecom surpassed 1 million fiber passings in 2025, aiming to double to 2.1 million homes in 4–5 years.
Fiber buildout includes E-ACAM program for rural areas, with high expected penetration and 10-year regulatory revenue extension.
Expansion strategy focuses on being first to fiber in markets with low existing fiber presence, targeting tier 2 and 3 communities.
Actively reducing copper exposure to less than 5% of footprint within 4–5 years.
Launched fixed-mobile converged bundles across the footprint in mid-2025 to drive acquisition and retention.
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