Array Digital Infrastructure, Inc. · NYSE:AD
Array Digital Infrastructure — United States Cellular — Corporate Update (July 2024)
15 slides from Array Digital Infrastructure's corporate update, Jul 16, 2024
Slide 1: Tower Operations: Supplemental Unaudited Financial Information
Tower Operations Supplemental Unaudited Financial Information July 16, 2024 3< uscellular
Slide 2: Forward-Looking Statements
Forward-Looking Statements Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Al information set forth in this presentation, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, belief
Slide 3: Background
Background * On May 28, 2024, UScellular announced that it entered into a definitive agreement to sell UScellular’s wireless operations and select spectrum assets to T-Mobile (the “Transaction”). * The Transaction is expected to close in mid-2025, subject to the receipt of regulatory approvals and t
Slide 4: Post-Transaction - Assets not included in Announced Transaction
Post-Transaction - Assets not included in Announced Transaction ay 7< uscellular Retained Spectrum Transformed Tower Equity Method Business Investment Interests A majority of UScellular's Long-term Master License . . existing wireless spectrum Agreement (MLA) with T- Reread nel portfolio — including
Slide 5: Post Transaction - A Transformed UScellular Tower Business
Post Transaction - A Transformed UScellular Tower Business Current Tower Revenue Distribution (as of 4Q’23) © =AT&T =Verizon =T-Mobile = Other (1) Excluding the impact of the new MLA 3 uscellular Post-Transaction Tower Details * T-Mobile to become a long-term tenant on a minimum of 2,015!) increment
Slide 6: Financial Views
Tower Operations — Financial Views Description Source 3 uscellular Pro Forma Segment Year 1 Post Close Longer-Term Pro Forma Condensed Consolidated Statement of Operations to give effect to the Transaction assuming the sale occurred January 1, 2021 Statement of Operations of UScellular Towers Segmen
Slide 7: Financial Reconciliations
Tower Operations — Financial Reconciliations Year 1 Post Year ended December 31, 2023 (millions) Pro Forma Adjustments. Segment Adjustments. Close (7)(8) Longer-Term (8) Operating revenues r Peon Expect steady revenue growth driven Third party $ 173 $ (72) a) $ ~~ 101 $ 2 0) $ 173. =p | Primarily by
Slide 8: Financial Reconciliations Explanations
Tower Operations — Financial Reconciliations Explanations 1) Estimated revenue from MLA agreement based on a preliminary estimate of 2,015 committed tower sites. 2) Estimated revenue from MLA agreement based on a preliminary estimate of 1,800 interim tower sites for twelve months. 3) Adjustment to a
Slide 9: Run Rate Variables
Tower Operations — Run Rate Variables Below are various factors that could impact the Year 1 Post Close and Longer-Term View of UScellular’s tower operations. This list is not intended to be all-inclusive. Investment Revenue growth Operating expenses Towers selected by T-Mobile for colocation and US
Slide 10: Potential Year 1 Tower Portfolio
Tower Operations — Potential Year 1 Tower Portfolio 4,382 (947) UScellular Towers with 3 owned sites party colocators other than T- Mobile 3 uscellular 2,838 (597) Towers with T- Towers where Mobile as UScellular is the current only tenant colocator (certain of these towers also have other third par
Slide 11: Appendix
Appendix 3 uscellular
Slide 12: UScellular is Retaining ~70% of its Spectrum Portfolio
UScellular is Retaining ~70% of its Soectrum Portfolio - as presented on May 28, 2024 Spectrum 4,147mm MHz POPs®) + T-Mobile to acquire bands of UScellular’s spectrum that most seamlessly integrate into their “. Band MHz POPs existing network 700 MHz (A Block) (30%) 133 700 MHz (B/C Block) 333 Cellu
Slide 13: UScellular Shareholders to Continue to Benefit from Cash Flows from Equity Method Investment Interests
UScellular Shareholders to Continue to Benefit from Cash Flows from Equity Method Investment Interests — as presented on May 28, 2024 * UScellular to retain its non-operating equity method investment interests that generated $158 million of equity method income and $150 million in distributions in 2
Slide 14: Adjusted EBITDA and Adjusted OIBDA Reconciliation
Adjusted EBITDA and Adjusted OIBDA Reconciliation Year 1 Post Close Pro Forma Segment Year ended December 31, 2023 (millions) Operating Income (GAAP) $ 7s 7 $ 54 Add back: Depreciation, amortization and accretion expense 46 46 46 EBITDA (non-GAAP) $ 2233S 123 $ 100 Add back or deduct: Strategic Alte
Slide 15: 3 uscellular
3 uscellular
United States Cellular — Corporate Update (July 2024) on 6ix