Array Digital Infrastructure Q2 Earnings Call Highlights

Array raised its 2026 outlook, increasing adjusted OIBDA guidance to $60 million–$75 million, adjusted EBITDA guidance to $220 million–$235 million, and the low end of total revenue guidance to $205 million. Array completed major spectrum transactions, including a $168 million sale to T-Mobile and a $1 billion transaction with Verizon, monetizing roughly 70% of its spectrum holdings while continuing to evaluate its remaining C-band assets. Cash site rental revenue grew strongly, helped by T-Mobile interim sites, although interim revenue is beginning to decline as T-Mobile integrates operations. Array also narrowed its expected post-integration tenantless tower count to 1,000–1,700 and fully reserved outstanding 2025 DISH balances. TDS reported second-quarter progress in its fiber expansion and tower infrastructure operations, while updating 2026 guidance for both TDS Telecom and Array Digital Infrastructure NYSE: AD. Management also said it would not provide further updates or take questions regarding TDS’s pending proposal to acquire Array shares it does not already own. TDS Telecom delivered approximately 66,000 marketable fiber service addresses in the second quarter, bringing first-half delivery to about 106,000 addresses. Ken Dixon, president and CEO of TDS Telecom, said the first-half total was the company’s strongest on record and exceeded its second-half 2025 fiber-address delivery, which is typically its peak construction period. The company raised its 2026 fiber service address delivery outlook by 50,000 addresses and now expects to deliver between 250,000 and 300,000 new fiber service addresses this year. TDS Telecom also increased its capital expenditure guidance to a range of $625 million to $675 million to support the higher construction activity. Dixon said TDS Telecom’s expanded construction capacity and pipeline of addresses under construction support the increased outlook. The build program includes new expansion markets, upgrades through its Fiber Deeper program, and work supported by the federal Enhanced Alternative Connect America Cost Model, or E-ACAM, program. TDS Telecom is the largest recipient of E-ACAM support, according to Dixon, and is using the program to bring fiber to more than 300,000 addresses across 22 states in its incumbent footprint. The company has already met its 2026 E-ACAM obligations in three states and has its highest-ever crew counts in remaining E-ACAM markets, Dixon said. Residential fiber net additions totaled 15,100 during the quarter, up 47% from a year earlier. The company now serves nearly 1.2 million fiber service addresses, representing 60% of its total footprint, with 80% of addresses capable of gigabit speeds. Residential fiber revenue increased 13%, or $11 million, from a year earlier, helping offset declines in legacy revenue streams. Residential revenue per connection rose 1%, reflecting annual price increases partly offset by lower video attachment rates. However, cable revenue declined roughly 10% from the second quarter of 2025, and total residential revenue fell $6 million year over year, including about $2.