ARRAY DIGITAL INFRASTRUCTURE Business Summary

Array Digital Infrastructure, Inc. (NYSE: AD), formerly known as United States Cellular Corporation, operates as a pure-play digital infrastructure provider following the strategic divestiture of its retail wireless operations to T-Mobile in late 2025. The company generates high-margin, recurring revenue primarily through long-term master lease agreements (MLAs) with major wireless carriers for space on its portfolio of approximately 4,400 macro cell towers. Its business is structured into three primary segments: Tower Infrastructure, which manages physical assets and colocation services; Spectrum Assets, focused on the monetization of retained wireless licenses through sales to firms like AT&T and Verizon; and Wireless Partnerships, which oversees passive equity interests in unconsolidated wireless entities. Positioned as a mid-tier infrastructure specialist, Array competes directly with tower REIT giants such as American Tower (AMT), Crown Castle (CCI), and SBA Communications (SBAC), distinguishing itself through its concentrated domestic footprint and aggressive asset monetization strategy. Leadership is spearheaded by President and CEO Anthony J. Carlson, who assumed the role in November 2025 after serving as Vice President of Organizational Transformation at TDS Telecom and holding senior roles at McKinsey & Company and Samsung Electronics. Carlson, a Harvard Business School alumnus, is supported by Executive VP and CFO Vicki Villacrez, who concurrently serves as CFO of the company’s parent organization, Telephone and Data Systems, Inc. (TDS). The board is chaired by Walter C.D. Carlson, providing deep institutional continuity for a firm that remains 82% owned by TDS. This executive team is currently focused on transitioning the company’s capital structure toward a leaner, infrastructure-centric model, leveraging a pedigree in telecommunications strategy and large-scale corporate restructuring to maximize shareholder value through special dividends and debt reduction.