Company: UZF
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0000821130-25-000051
Chunk: 17

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 2
Chunk 17
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 significant changes and is not intended to fully reconcile the changes. 

2025 Commentary

Array’s Cash, cash equivalents and restricted cash increased $242 million. Net cash provided by operating activities was $485 million due to net income of $52 million adjusted for non-cash items of $312 million and distributions received from unconsolidated entities of $88 million, including $34 million in distributions from the LA Partnership. Distributions from certain equity method investments operated by Verizon included a special distribution of $25 million related to proceeds received by Verizon managed entities related to Verizon's tower transaction with Vertical Bridge that closed in December 2024. The changes in working capital items increased net cash by $33 million. The working capital changes were primarily driven by reduced inventory and receivable balances, partially offset by payment of associate bonuses.

Cash flows used for investing activities were $150 million, due primarily to payments for property, plant and equipment of $147 million. 

Cash flows used for financing activities were $93 million, due primarily to tax withholdings, net of cash receipts, for stock-based compensation awards of $36 million, the repurchase of Common Shares of $21 million, and cash paid for software license agreements of $20 million. 

2024 Commentary

Array’s Cash, cash equivalents and restricted cash increased $36 million. Net cash provided by operating activities was $516 million due to net income of $42 million adjusted for non-cash items of $352 million, distributions received from unconsolidated entities of $80 million, including $37 million in distributions from the LA Partnership, and changes in working capital items which increased net cash by $42 million. The working capital changes were primarily driven by reduced inventory balances and the timing of future tax payments, partially offset by payment of associate bonuses.

Cash flows used for investing activities were $284 million, due primarily to payments for property, plant and equipment of $270 million. 

Cash flows used for financing activities were $196 million, due primarily to $188 million in repayments on the receivables securitization agreement and cash paid for software license agreements of $20 million, partially offset by a borrowing of $40 million on the receivables securitization agreement.

16

Consolidated Balance Sheet Analysis

The following discussion addresses certain captions in the consolidated balance sheet and changes therein. This discussion is intended to highlight the significant changes and is not intended to fully reconcile the changes. Notable balance sheet changes during 2025 were as follows:

Inventory, net