Company: UZF
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0000821130-25-000032
Chunk: 5

Company: ARRAY DIGITAL INFRASTRUCTURE, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 5
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 a postpaid or prepaid customer. Connections are associated with all types of devices that connect directly to the UScellular network.

▪Tower Tenancy Rate – average number of tenants that lease space on company-owned towers, measured on a per-tower basis.

▪Universal Service Fund (USF) – a system of telecommunications collected fees and support payments managed by the Federal Communications Commission (FCC) intended to promote universal access to telecommunications services in the United States.

5

Financial Overview — UScellular

The following discussion and analysis compares financial results for the three months ended March 31, 2025, to the three months ended March 31, 2024.

Three Months EndedMarch 31,202520242025 vs. 2024(Dollars in millions)   Operating RevenuesWireless$864 $925 (7)%Towers61 58 5 %Intra-company eliminations(34)(33)(3)%Total operating revenues891 950 (6)%Operating expensesWireless844 896 (6)%Towers40 36 11 %Intra-company eliminations(34)(33)(3)%Total operating expenses850 899 (5)%Operating income41 51 (19)%Other income (expense)Equity in earnings of unconsolidated entities36 42 (14)%Interest and dividend income3 2 20 %Interest expense(40)(43)10 %Total other income (expense)(1)1 N/MIncome before income taxes40 52 (22)%Income tax expense20 28 (26)%Net income20 24 (17)%Less: Net income attributable to noncontrolling interests, net of tax2 6 (75)%Net income attributable to UScellular shareholders$18 $18 3 %Adjusted OIBDA (Non-GAAP)1$215 $228 (6)%Adjusted EBITDA (Non-GAAP)1$254 $272 (7)%Capital expenditures2$53 $131 (60)%

N/M - Percentage change not meaningful

1Refer to Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for a reconciliation of this measure.

2Refer to Liquidity and Capital Resources within this MD&A for additional information on Capital expenditures.

Refer to individual segment discussions in this MD&A for additional details on operating revenues and expenses at the segment level.

Equity in earnings of uncons