ARRAY DIGITAL INFRASTRUCTURE, INC.
For the period ended Mar 31, 2025. Filed May 2, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 2, 2025
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Financial Overview UScellular
| Three Months EndedMarch 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2025 vs. 2024 | |
| (Dollars in millions) | |||
| Operating Revenues | |||
| Wireless | $864 | $925 | (7)% |
| Towers | 61 | 58 | 5% |
| Intra-company eliminations | (34) | (33) | (3)% |
| Total operating revenues | 891 | 950 | (6)% |
| Operating expenses | |||
| Wireless | 844 | 896 | (6)% |
| Towers | 40 | 36 | 11% |
| Intra-company eliminations | (34) | (33) | (3)% |
| Total operating expenses | 850 | 899 | (5)% |
| Operating income | 41 | 51 | (19)% |
| Other income (expense) | |||
| Equity in earnings of unconsolidated entities | 36 | 42 | (14)% |
| Interest and dividend income | 3 | 2 | 20% |
| Interest expense | (40) | (43) | 10% |
| Total other income (expense) | (1) | 1 | N/M |
| Income before income taxes | 40 | 52 | (22)% |
| Income tax expense | 20 | 28 | (26)% |
| Net income | 20 | 24 | (17)% |
| Less: Net income attributable to noncontrolling interests, net of tax | 2 | 6 | (75)% |
| Net income attributable to UScellular shareholders | $18 | $18 | 3% |
| Adjusted OIBDA (Non-GAAP)1 | $215 | $228 | (6)% |
| Adjusted EBITDA (Non-GAAP)1 | $254 | $272 | (7)% |
| Capital expenditures2 | $53 | $131 | (60)% |
2 Refer to Liquidity and Capital Resources within this MD&A for additional information on Capital expenditures.
Refer to individual segment discussions in this MD&A for additional details on operating revenues and expenses at the segment level.
Equity in earnings of unconsolidated entities
Equity in earnings of unconsolidated entities represents UScellular’s share of net income from entities in which it has a noncontrolling interest and that are accounted for using the equity method or the net asset value practical expedient. UScellular’s investment in the Los Angeles SMSA Limited Partnership (LA Partnership) contributed pre-tax income of $15 million and $16 million for the three months ended March 31, 2025 and 2024, respectively. See Note 7 — Investments in Unconsolidated Entities in the Notes to Consolidated Financial Statements for additional information.
Interest expense
Interest expense decreased for the three months ended March 31, 2025 due primarily to a decrease in the average principal balance outstanding on the receivables securitization and term loan agreements. See Market Risk for additional information regarding maturities of long-term debt and weighted average interest rates.
Income tax expense
Income tax expense decreased for the three months ended March 31, 2025, due primarily to the decrease in Income before income taxes.
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