Company: UZF
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000821130-25-000070
Chunk: 74

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 7
Chunk 74
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 to awards that accelerated upon change in control and associate terminations, distributions to noncontrolling interest of $26.8 million due to the sale of the wireless operations to T-Mobile and repurchases of $21.4 million in Common Shares. These were partially offset by $325.0 million borrowed under the CoBank term loan agreement. Cash flows used for financing activities related to discontinued operations were $20.5 million.

2024 Commentary

Array’s Cash, cash equivalents and restricted cash increased $108.4 million. Net cash used in operating activities related to continuing operations was $19.5 million due to net loss of $92.3 million adjusted for non-cash items of $18.2 million, distributions received from unconsolidated entities of $106.5 million and changes in working capital items which decreased net cash by $51.9 million. The working capital changes were primarily driven by the timing of vendor payments and changes in other assets and liabilities. Net cash provided by operating activities related to discontinued operations were $781.0 million.

Cash flows used for investing activities related to continuing operations were $29.9 million, due primarily to cash paid for licenses of $16.6 million and payments for property, plant and equipment of $13.4 million. Cash flows used for investing activities related to discontinued operations were $385.1 million.

Cash flows used for financing activities related to continuing operations were $206.5 million, due primarily to $188.0 million in repayments on the receivables securitization agreement, the repurchase of Common Shares of $25.6 million and tax payments, net of cash receipts, for stock-based compensation awards of $11.5 million. These were partially offset by a borrowing of $40.0 million on the receivables securitization agreement. Cash flows used for financing activities related to discontinued operations were $31.6 million.

10

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:

Current assets of discontinued operations

Current assets of discontinued operations decreased $1,163.0 million due to the sale of wireless operations to T-Mobile on August 1, 2025. See Note 2 — Discontinued Operations in the Notes to Consolidated Financial Statements for additional information.

Non-current assets held for sale

Non-current