Company: UZF
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000821130-25-000023
Chunk: 65

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 65
---
Table of Contents

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management's Discussions and Analysis of Financial Condition and Results of Operations (MD&A)Page No.Executive Overview23Terms used by UScellular27Financial Overview – UScellular28Wireless Operations30Towers Operations36Liquidity and Capital Resources38Consolidated Cash Flow Analysis42Consolidated Balance Sheet Analysis43Application of Critical Accounting Policies and Estimates44Regulatory Matters45Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement46Market Risk49Supplemental Information Relating to Non-GAAP Financial Measures50

22

Index to MD&A

United States Cellular CorporationManagement’s Discussion and Analysis ofFinancial Condition and Results of Operations

Executive Overview

The following Management’s Discussion and Analysis (MD&A) should be read in conjunction with the audited consolidated financial statements and notes of United States Cellular Corporation (UScellular) for the year ended December 31, 2024, and with the description of UScellular’s business included herein. Certain numbers included herein are rounded to millions for ease of presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers.

During the second quarter of 2024, UScellular modified its reporting structure due to the planned disposal of its wireless operations and, as a result, disaggregated its operations into two reportable segments – Wireless and Towers. This presentation reflects how UScellular's chief operating decision maker allocates resources and evaluates operating performance following this strategic shift. Prior periods have been updated to conform to the new reportable segments. See Note 19 — Business Segment Information in the Notes to Consolidated Financial Statements for additional information.

This report contains statements that are not based on historical facts, which may be identified by words such as “believes,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “projects,” “will” and similar expressions. These statements constitute and represent “forward looking statements” as this term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward looking statements. See the disclosure under the heading Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement elsewhere in this report for additional information.

The accounting policies of