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
Extracted filing text, with the paragraph anchors used by the comparison.
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Towers Operations
| As of March 31, | 2025 | 2024 | 2025 vs. 2024 |
|---|---|---|---|
| Owned towers | 4,413 | 4,382 | 1% |
| Number of colocations | 2,469 | 2,397 | 3% |
| Tower tenancy rate | 1.56 | 1.55 | 1% |
Number of colocations
Number of colocations increased for the period ended March 31, 2025 when compared to the same period last year due to an increase in new tenant and equipment change executions partially offset by terminations.
Financial Overview — Towers
| Three Months EndedMarch 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2025 vs. 2024 | |
| (Dollars in millions) | |||
| Third-party revenues | $27 | $25 | 6% |
| Intra-company revenues | 34 | 33 | 3% |
| Total tower revenues | 61 | 58 | 5% |
| System operations (excluding Depreciation, amortization and accretion reported below) | 19 | 18 | 4% |
| Selling, general and administrative | 10 | 7 | 33% |
| Depreciation, amortization and accretion | 11 | 11 | 5% |
| Total operating expenses | 40 | 36 | 11% |
| Operating income | $21 | $22 | (5)% |
| Adjusted OIBDA (Non-GAAP)1 | $33 | $33 | (1)% |
| Adjusted EBITDA (Non-GAAP)1 | $33 | $33 | (1)% |
| Capital expenditures | $2 | $4 | (42)% |
Key components of changes in the statement of operations line items were as follows:
Total tower revenues
Third-party revenues increased for the three months ended March 31, 2025, primarily as a result of new colocations and escalators on renewed leases.
Intra-company revenues increased for the three months ended March 31, 2025, primarily as a result of rent escalations and an increase in the number of owned towers.
Upon closing of the transaction to dispose of the wireless operations and select spectrum assets to T-Mobile, UScellular expects an increase in Third-party revenues that will be recognized under the Master License Agreement that will go into effect under the Securities Purchase Agreement. However, at such time Intra-company revenues would cease, resulting in significantly lower Total tower revenues in periods following the close.
Total operating expenses
Total operating expenses increased for the three months ended March 31, 2025 due primarily to increases in selling, general and administrative expenses as a result of an increase in bad debts expense due to payments received on aged receivables in the first quarter of 2024.
Upon and following closing of the transaction to dispose of the wireless operations and select spectrum assets to T-Mobile, UScellular expects expenses may be incurred to effect the separation including costs to decommission certain towers and record remaining ground lease obligations on such decommissioned towers. These factors and other uncertainties in how the ongoing tower operations will be supported in the long-term may significantly impact operating expenses recorded in periods following the close.
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