Company: UZF
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0000821130-25-000032
Chunk: 58

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 7
Chunk 58
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 certain investments or sell assets. Refer to Liquidity and Capital Resources within this MD&A and Note 6 — Divestitures in the Notes to Consolidated Financial Statements for additional information. Cash flows may fluctuate from quarter to quarter and year to year due to seasonality, timing and other factors. The following discussion summarizes UScellular's cash flow activities for the three months ended March 31, 2025 and 2024.

2025 Commentary

UScellular’s Cash, cash equivalents and restricted cash increased $42 million. Net cash provided by operating activities was $160 million due to net income of $20 million adjusted for non-cash items of $158 million, distributions received from unconsolidated entities of $11 million and changes in working capital items which decreased net cash by $29 million. The working capital changes were primarily driven by payments of associate bonuses, wages and other benefits, prepaid maintenance and timing of vendor payments, partially offset by reduced receivable balances and the timing of future tax payments.

Cash flows used for investing activities were $74 million, due primarily to payments for property, plant and equipment of $72 million. 

Cash flows used for financing activities were $44 million, due primarily to the repurchase of $21 million Common Shares, cash paid for software license agreements of $9 million, tax payments, net of cash receipts, for stock-based compensation awards of $7 million and repayments on the term loan agreements of $5 million. 

2024 Commentary

UScellular’s Cash, cash equivalents and restricted cash increased $31 million. Net cash provided by operating activities was $203 million due to net income of $24 million adjusted for non-cash items of $175 million, distributions received from unconsolidated entities of $22 million, and changes in working capital items which decreased net cash by $18 million. The working capital changes were primarily driven by payment of associate bonuses, wages and other benefits, prepaid maintenance and timing of vendor payments, partially offset by reduced receivable and inventory balances and the timing of future tax payments.

Cash flows used for investing activities were $144 million, due primarily to payments for property, plant and equipment of $133 million. 

Cash flows used for financing activities were $28 million, due primarily to $55 million in repayments on the receivables securitization agreement and term loan agreements and cash paid for software license agreements of $9 million, partially offset by a borrowing of $40 million on the receivables securitization agreement.