On this page of StockholderLetter.com we present the latest annual shareholder letter from UNITED STATES CELLULAR CORP — ticker symbol USM. Reading current and past USM letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2026 Letter Continued (Full PDF)
 •  4/4/2023 USM Stockholder Letter
 •  4/9/2024 USM Stockholder Letter
 •  8/26/2025 USM Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  USM Benford's Law Stock Score = 59

USM Shareholder/Stockholder Letter Transcript:

Array Digital Infrastructure, Inc. (ArraySM) is a leading owner and
operator of shared wireless communications infrastructure in the United States.
With over 4,400 cell towers in locations from coast to coast, Array enables
the deployment of 5G and other wireless technologies throughout the country.
Following the divestiture of its wireless operations, Array was o   cially established
as a tower company on Aug. 1, 2025. Headquartered in Chicago, Array is a
majority owned subsidiary of Telephone and Data Systems, Inc.
Strong Start
Array   s business has three signi   cant value
drivers: tower operations, retained wireless
spectrum, and non-controlling investment
interests. The company   s strategic imperatives
continue to be focused on fully optimizing tower
operations and monetizing its spectrum. With
valuable assets, a robust customer base, growing
revenues, and solid pro   tability, Array continues
to be in a strong    nancial position.
Associates Driving Success
Array operates with a great culture and great
people. Associates    dedication and hard work
were essential to stand up our tower company.
The Array team has worked diligently to solidify
the company as a national leader in wireless
communications infrastructure. With over four
decades in the tower business and a signi   cant
tower footprint, the company is helping transform
underserved locations into thriving hubs of
connectivity and possibility. Array   s experienced
team o   ers a wide range of solutions to connect
communities and help businesses reduce costs
and increase speed to market.

Dear Shareholders,
2025 marked a transformational year   one that reshaped our
Company   s strategic direction and positioned us for long-term value
creation. We began the year operating as United States Cellular
Corporation (   UScellular   ), a wireless carrier, and concluded it as
Array Digital Infrastructure, Inc. a newly branded tower company.
This transition follows the strategic alternatives review at UScellular, culminating in
the most significant transaction in our Company   s history   the sale of our wireless
operations   which set the foundation for Array   s launch. Array is now the fifth-largest
tower company in the United States, supported by three primary value drivers:
more than 4,400 towers, a valuable portfolio of wireless spectrum, and meaningful
noncontrolling investment interests. Array is designed to operate with agility,
supported by a lean organization of approximately 60 associates while drawing
upon TDS    resources for support in areas such as finance, human resources and IT.
A Strengthened Financial Foundation and Shareholder Return
The successful completion of the divestiture of our wireless operations and selected
spectrum assets to T-Mobile delivered substantial shareholder value and solidified
Array   s balance sheet, positioning the Company for sustainable growth. In 2025,
shareholders received a special dividend of $23.00 per share from the T-Mobile
transaction, followed by an additional special dividend of $10.25 per share in 2026
as a result of the follow-on sale of spectrum to AT&T.
A Differentiated Tower Platform
Array   s core business   leasing tower space   focuses on driving revenue growth through
increased colocations. We hold a competitive advantage: many of our tower sites are in
rural and suburban areas with limited or no competing infrastructure in proximity.
In 2025, Array secured a significant commitment from T-Mobile through a 15-year
Master Lease Agreement (MLA) covering 2,015 new tower sites and extending the lease
term on 600 existing sites, creating a long-term, contracted revenue stream anchored
by a strong tenant. Additionally, the insourcing of our sales and intake operations
strengthened our ability to respond to market demand. This transition helped to
generate a 47% year-over-year increase in colocation applications, excluding the
impact of the T-Mobile MLA.

Progress on Spectrum Monetization
With Array no longer operating as a wireless carrier, we continued to pursue valuemaximizing opportunities to monetize our remaining wireless spectrum. To date, we
have reached agreements covering 70% of our total spectrum holdings, including
transactions with T-Mobile, Verizon, AT&T, and others. We closed our first transaction
with T-Mobile in August 2025 as part of the broader sale of wireless operations and
select spectrum assets for $4.3 billion, which included roughly 30% of our spectrum
holdings. We completed the AT&T spectrum transaction on January 13, 2026,
for $1.018 billion and pending agreements with Verizon and T-Mobile for $1.178 billion
are expected to close in 2026. Array retains meaningful spectrum assets and will
continue evaluating opportunities for the remaining 30%, which is largely attractive
C-Band spectrum.
Leadership Transition
Recognizing this pivotal moment in our corporate evolution, the Board of Directors
appointed Anthony Carlson as President and Chief Executive Officer in November 2025.
Anthony brings proven leadership experience and deep enthusiasm for the
opportunities ahead.
Looking Ahead
As we enter 2026, our priorities are clear. We remain focused on executing our strategy
with discipline, including:


Growing colocations and revenue
Ensuring seamless implementation of the T-Mobile MLA
Conducting rigorous cost structure reviews, including ground lease optimization
Continuing to identify opportunities to monetize our remaining spectrum holdings
Our Appreciation
We extend our sincere gratitude to our associates for their dedication to building a new,
successful tower company. We also thank our shareholders for their ongoing support as
we continue shaping Array into a leader in digital infrastructure.
Anthony Carlson
President and Chief Executive Officer
Walter Carlson
Chair

Array Digital Infrastructure, Inc.
Index
Page No.
Management's Discussions and Analysis of Financial Condition and Results of Operations
1
Executive Overview
1
Terms used by Array
4
Array Operations
5
Financial Overview
6
Liquidity and Capital Resources
9
Consolidated Cash Flow Analysis
12
Consolidated Balance Sheet Analysis
13
Application of Critical Accounting Policies and Estimates
15
Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement
17
Market Risk
19
Supplemental Information Relating to Non-GAAP Financial Measures
20
Financial Statements
22
Consolidated Statement of Operations
22
Consolidated Statement of Cash Flows
24
Consolidated Balance Sheet     Assets
25
Consolidated Balance Sheet     Liabilities and Equity
26
Consolidated Statement of Changes in Equity
27
Notes to Consolidated Financial Statements
30
Reports of Management
51
Report of Independent Registered Public Accounting Firm
52
Consolidated Quarterly Information (Unaudited)
54
Shareholder Information
55

4/7/2026 Letter Continued (Full PDF)

 

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