Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 Q4 FY2024 earnings call

• 2024 was significant, with portfolio optimization, including sales of businesses at TDS Telecom and strategic review at United States Cellular Corporation. • Both businesses made investments in 2024 to improve competitive positions and customer experience, with capital expenditures down and free cash flow up. • 2025 priorities: close T Mobile transaction and other Spectrum transactions, ensure remaining assets at United States Cellular Corporation are successful, focus telecom business on fiber strategy, use proceeds to optimize capital structure, and prioritize company culture. • United States Cellular Corporation focused on subscriber improvements, 5G mid-band deployment, and closing transactions. • TDS Telecom advanced fiber strategy, grew residential revenues, and has new long-term fiber goals and 2025 priorities.

United States Cellular Corporation: In 2024, improved subscriber results and strong financials. Service revenues declined in Q4, but adjusted OIBDA and adjusted EBITDA increased for the full year. Paid down over $200 million in debt. Tower business has about 4,400 owned towers with 2,444 co locators and expected to add more. Remaining spectrum portfolio is about 30% of existing, with C band spectrum. TDS Telecom: Grew fiber service addresses by 129,000 in 2024, surpassing goal, with over 50% of addresses served by fiber. Residential revenues increased 6%, adjusted EBITDA up 23%. Targets to deliver 150,000 fiber service addresses in 2025, with goals to increase fiber service addresses and gig speeds coverage.

• United States Cellular Corporation not issuing financial guidance for 2025 as pending T Mobile transaction is subject to regulatory approvals. • TDS Telecom forecasts total telecom revenues of $1.03 billion to $1.07 billion in 2025, adjusted EBITDA between $320 million and $360 million, plans to deliver 150,000 fiber service addresses, and capital expenditures in range of $375 to $425 million.

• Pending transactions related to sale of wireless operations and spectrum are subject to regulatory approvals and other closing conditions. • Impact of debt exchange offer on transaction proceeds. • Uncertainty regarding decommissioning costs of naked towers and targeted capital structure for remaining business. • Potential cash income tax obligations related to gains on sales. • Dependencies and contingencies on various transactions.

Q: Why was now the right time to take on the role at TDS and what changes?

A: TDS board engaged in succession planning, and it's a transformative time with sales, so board felt now right. Great continuity with mission and businesses post transactions.

Q: On towers, plans for AFFO reporting?

A: Intention to provide AFFO reporting post T Mobile closed.

Q: On TDS Telecom service addresses target, definition of long term?

A: Largely completing expansion and EACAM programs, over next five years reasonable.

Q: On USM spectrum, impact of spectrum cap?

A: Not driving decision making, driven by getting good value, sold some spectrum at over book and market value.

Q: For TDS, medium term vision?

A: 2025 priorities are predicates for longer term growth in tower and fiber business.

Q: For USM, capital allocation priorities?

A: Premature to give specific guidance, tower business generates attractive cash flows, open to inorganic growth.

Q: For TDS, net additions conversion in fiber?

A: Hyper focused on sales and marketing, started using external parties to augment Salesforce.

Q: On TDS fiber locations, where and cost?

A: Largely in Wisconsin and Pacific Northwest, teams dedicated to keep build cost low.

Q: On USM wireless partnerships, why not clean up?

A: View partnerships as attractive financial assets, not needing clean up.

Q: On USM spectrum sale, why not sell in transactions?

A: Came down to value, received bids ahead of book and market value but not meeting long-term value seeking.