Array Digital Infrastructure, Inc. owns and operates shared wireless communications infrastructure in the United States. The company deploys 5G and other wireless ...
Array Digital Infrastructure, Inc. is a communications infrastructure company that owns and operates a substantial portfolio of over 4,400 cell towers across the United States. Its primary business is providing shared wireless communications infrastructure, which is critical for the deployment of advanced wireless technologies like 5G. The company leases tower ...Array Digital Infrastructure, Inc. is a communications infrastructure company that owns and operates a substantial portfolio of over 4,400 cell towers across the United States. Its primary business is providing shared wireless communications infrastructure, which is critical for the deployment of advanced wireless technologies like 5G. The company leases tower space to a variety of tenants, including wireless carriers, government agencies, municipalities, wireless internet service providers, and broadband providers. In addition to leasing, Array offers ancillary services that support its clients' wireless operations.
Formed as a spin-off from United States Cellular Corporation, Array was officially renamed in August 2025 and became an independent public company. Headquartered in Chicago, Illinois, the company is led by President and CEO Anthony Carlson, who took the helm in November 2025. The company's stock trades on the New York Stock Exchange under the ticker symbol 'AD'.
Financially, Array has faced typical infrastructure-heavy challenges, with significant capital expenditures on its tower assets. While the company generates steady revenue from leasing, it has reported negative operating cash flow and free cash flow in the recent trailing twelve months, leading to heavy reliance on debt financing. However, its EBITDA margins are relatively strong, and the company has a focus on long-term growth through the expansion of wireless services. Array aims to capitalize on the growing demand for 5G and next-generation connectivity, positioning itself as a key enabler of modern communications networks. Its strategy involves maximizing tower utilization, attracting new tenants, and expanding its infrastructure footprint to meet future technological needs.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$163.0M
-95.7%
+4.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$290.9M
+846.0%
+101.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+21.6%
-61.9%
+65.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-30.2%
-9390.9%
+7499.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+178.5%
+17357.1%
+93.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$173.6M
-46.7%
-586.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+106.6%
+1132.2%
-567.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
66.6%
-20.3%
+46.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.72x
-52.4%
-7.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Ladies and gentlemen, thank you for joining us, and welcome to the TDS NRA first quarter 2026 Operating Results Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press 9 to raise your hand and 6 to unmute when prompted. I will now hand the conference over to John Toomey, Treasurer, Vice President Corporate Relations. Please go ahead.
John Toomey: Good morning, and thank you for joining us. The presentation we prepared to accompany our comments this morning can be found on the investor relations sections of the TDS and Array Digital Infrastructure, Inc. websites. With me today and offering prepared comments are, on behalf of TDS, Walter Carlson, president and CEO, and Vicki L. Villacrez, executive vice president and chief financial officer. On behalf of TDS Telecom, Ken Dixon, president and CEO of TDS Telecom, and Chris Bothfeld, vice president of financial analysis and strategic planning of TDS. And on behalf of Array Digital Infrastructure, Inc., Anthony Carlson.
Walter Carlson: In my capacity as CEO and chair of TDS, the proposal TDS submitted to the board of directors of Array Digital Infrastructure, Inc. to acquire the remaining shares of Array Digital Infrastructure, Inc. not currently owned by TDS in an all-stock transaction. As TDS continues its transformation, this proposal is the next step in executing our strategy, simplifying our corporate structure, and enhancing our ability to invest in targeted areas of growth. Array Digital Infrastructure, Inc. has successfully completed its transition into a tower-focused company with strong fundamentals, and we believe this transaction will position the combined company for long-term growth. By bringing Array Digital Infrastructure, Inc. fully under TDS' ownership, Array Digital Infrastructure, Inc.'s stockholders would retain a significant interest in the tower business while gaining exposure to TDS' growing fiber business. Under the terms of the proposal, TDS would acquire all of the outstanding common shares of Array Digital Infrastructure, Inc. that TDS does not currently own by way of a merger in which each Array Digital Infrastructure, Inc. common share not owned by TDS would be exchanged for 0.86 of a TDS common share. This exchange ratio assumes that the previously announced spectrum license sales identified in our offer letter will have closed prior to the closing of the transaction contemplated by TDS's proposal, and that the Array Digital Infrastructure, Inc. board, consistent with its treatment of net proceeds from prior spectrum sales, will have declared and paid dividends of $10.40 per share to Array Digital Infrastructure, Inc. stockholders prior to the closing. At $10.40 per share, Array Digital Infrastructure, Inc. would distribute approximately $900 million in net proceeds. This exchange ratio reflects an at-market offer …
