ARRAY DIGITAL INFRASTRUCTURE, INC.
For the period ended Jun 30, 2025. Filed Aug 11, 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.
Jun 30, 2025 · Filed Aug 11, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Towers Operations
| As of June 30, | 2025 | 2024 | 2025 vs. 2024 |
|---|---|---|---|
| Owned towers | 4,418 | 4,388 | 1% |
| Number of colocations | 2,527 | 2,392 | 6% |
| Tower tenancy rate | 1.57 | 1.55 | 2% |
Financial Overview — Towers
The following discussion and analysis compares financial results for the three and six months ended June 30, 2025, to the three and six months ended June 30, 2024.
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 vs. 2024 | 2025 | 2024 | 2025 vs. 2024 | |
| (Dollars in millions) | ||||||
| Third-party revenues | $28 | $25 | 12% | $56 | $51 | 9% |
| Intra-company revenues | 34 | 33 | 3% | 67 | 65 | 3% |
| Total tower revenues | 62 | 58 | 7% | 123 | 116 | 6% |
| System operations (excluding Depreciation, amortization and accretion reported below) | 20 | 19 | 6% | 39 | 37 | 5% |
| Selling, general and administrative | 9 | 9 | (1)% | 18 | 16 | 14% |
| Depreciation, amortization and accretion | 12 | 11 | 7% | 23 | 21 | 6% |
| (Gain) loss on asset disposals, net | — | — | 14% | 1 | 1 | 60% |
| Total operating expenses | 41 | 39 | 5% | 81 | 75 | 8% |
| Operating income | $21 | $19 | 11% | $42 | $41 | 2% |
| Adjusted OIBDA (Non-GAAP)1 | $34 | $31 | 9% | $67 | $64 | 4% |
| Adjusted EBITDA (Non-GAAP)1 | $34 | $31 | 9% | $67 | $64 | 4% |
| Capital expenditures | $3 | $5 | (51)% | $5 | $9 | (47)% |
Key components of changes in the statement of operations line items were as follows:
Total tower revenues
Third-party revenues increased for the three and six months ended June 30, 2025, primarily as a result of new colocations, escalators on renewed leases and inbound colocation application revenues.
Intra-company revenues increased for the three and six months ended June 30, 2025, primarily as a result of rent escalations and an increase in the number of owned towers.
As of the August 1, 2025 closing of the transaction to dispose of the wireless operations and select spectrum assets to T-Mobile, Array expects an increase in Third-party revenues that will be recognized under the MLA that has been executed in connection with the Securities Purchase Agreement. However, as of August 1, 2025, Intra-company revenues have ceased, which will significantly lower tower rental revenues in future periods.
Total operating expenses
Total operating expenses increased for the three and six months ended June 30, 2025 due primarily to increases in System operations expense as a result of increases in cell site rent and maintenance expenses. Selling, general and administrative expenses increased for the six months ended June 30, 2025 due primarily to increases 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 on August 1, 2025, Array expects costs may be incurred in the remainder of 2025 and the next several years related to the separation including costs to decommission certain towers and record remaining ground lease obligations on such decommissioned towers. Further, Array expects to incur expenses related to the wind-down of Array's wireless operations after the sale of such operations to T-Mobile, and continuing expenses to execute strategic alternatives, including closing of the pending spectrum sales to Verizon and AT&T, and initiatives to opportunistically monetize Array's remaining wireless spectrum. These factors and other uncertainties may significantly impact operating expenses and cash flows recorded in periods following the close.
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