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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2026
Array_logo.jpg
ARRAY DIGITAL INFRASTRUCTURE, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-09712 62-1147325
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

500 West Madison Street, Suite 810, Chicago, Illinois 60661
(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (866) 573-4544

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Shares, $1 par value USM New York Stock Exchange
6.25% Senior Notes due 2069 UZD New York Stock Exchange
5.50% Senior Notes due 2070 UZE New York Stock Exchange
5.50% Senior Notes due 2070 UZF New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02.  Results of Operations and Financial Condition
On August 7, 2026, Array Digital Infrastructure, Inc. issued a news release announcing its results of operations for the period ended June 30, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02 of Form 8-K is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will any such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01.  Financial Statements and Exhibits
(d)   The following exhibits are being filed herewith:
Exhibit Number Description of Exhibits
99.1
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ARRAY DIGITAL INFRASTRUCTURE, INC.
Date: August 7, 2026 By: /s/ Vicki L. Villacrez
Vicki L. Villacrez
Executive Vice President, Chief Financial Officer and Treasurer
(principal financial officer)

EX-99.1 2 arrayq220268kex991.htm EX-99.1 Document

Exhibit 99.1
NEWS RELEASE
array_logoxfinalxsm-2a.jpg

As previously announced, Array will hold a teleconference on August 7, 2026, at 9:00 a.m. CT. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.

Array reports second quarter 2026 results

Array updates 2026 guidance

CHICAGO (August 7, 2026) — Array Digital Infrastructure, Inc. (NYSE:AD) reported second quarter operating results.

“Array continues to make nice progress executing across our 2026 priorities,” said Anthony Carlson, President and CEO. “The organization remains laser-focused on optimizing our tower operations - as evidenced by our sequential tower tenancy growth. And we continue to monetize our remaining spectrum assets as well as support T-Mobile’s integration.”


Highlights*
•Optimizing tower operations
◦Site rental revenues grew 95% year over year
◦Delivered consecutive quarter over quarter tower tenancy growth
•Continuing to close pending sales of wireless spectrum
◦Closed on sale of certain 700 MHz wireless spectrum licenses for total proceeds of $74.8 million on May 5, 2026
◦Closed on sale of certain 600 MHz wireless spectrum licenses for total proceeds of $86.4 million on May 12, 2026
◦Closed on sale of certain cellular and other spectrum licenses for total proceeds of $1 billion on June 1, 2026
◦Issued special dividend of $11 per common share on June 25, 2026
•Updated 2026 Guidance
◦Narrowed Revenue range to $205 million - $215 million on higher interim site revenue
◦Increased Adjusted EBITDA range to $220 million - $235 million
◦Capital expenditures range remains unchanged at $25 million - $35 million

* Comparisons are 2Q’25 to 2Q’26 unless otherwise noted.

Array reported total operating revenues from continuing operations of $54.1 million for the second quarter of 2026, versus $28.5 million for the same period one year ago. Net income attributable to Array shareholders and diluted earnings per share from continuing operations were $333.8 million and $3.86, respectively, for the second quarter of 2026 compared to $14.8 million and $0.17, respectively, in the same period one year ago.
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array reached additional agreements with T-Mobile for the sale of additional spectrum. A significant portion of these closed in May 2026 with approximately $30 million related to 600 MHz and 700 MHz licenses remaining. These additional transactions are expected to close yet in 2026, subject to regulatory approval and customary closing conditions.

DISH Wireless
In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. Beginning in the first quarter of 2026, Array no longer recognizes revenue in connection with DISH. In June 2026, DISH Wireless and other DISH entities filed for bankruptcy and Array is monitoring those proceedings.
1

Recent Development
On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the “Array Proposal”). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS’ Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.
2

2026 Estimated Results

Array’s current estimates of full-year 2026 results are shown below. Such estimates represent management’s view as of August 7, 2026 and should not be assumed to be current as of any future date. Array undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.
2026 Estimated Results
Previous Current
(Dollars in millions)
Total operating revenues $200-$215 $205-$215
Adjusted OIBDA1 (Non-GAAP)
$50-$65 $60-$75
Adjusted EBITDA1 (Non-GAAP)
$200-$215 $220-$235
Capital expenditures $25-$35 Unchanged

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations or Income before income taxes. In providing 2026 estimated results, Array has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, Array believes that the impact of income taxes cannot be reasonably predicted; therefore, Array is unable to provide such guidance.
Actual Results
2026 Estimated Results Six Months Ended
June 30, 2026		 Year Ended
December 31, 2025
(Dollars in millions)
Net income from continuing operations (GAAP) N/A $517  $172 
Add back:
Income tax expense (benefit) N/A 168  (31)
Income before income taxes (GAAP) $775-$790 $686  $141 
Add back or deduct:
Interest expense 45  18  28 
Depreciation, amortization and accretion 50  27  48 
EBITDA (Non-GAAP)1
$870-$885 $731  $218 
Add back or deduct:
Expenses related to strategic alternatives review —  8  2 
Loss on impairment of licenses —  —  48 
(Gain) loss on asset disposals, net —  5  2 
(Gain) loss on license sales and exchanges, net (585) (566) (6)
Short-term imputed spectrum lease income (65) (58) (69)
Adjusted EBITDA (Non-GAAP)1
$220-$235 $119  $194 
Deduct:
Equity in earnings of unconsolidated entities 145  75  174 
Interest and dividend income 15  11  19 
Adjusted OIBDA (Non-GAAP)1
$60-$75 $33  $1 
Numbers may not foot due to rounding.

1EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income from continuing operations adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of Array's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities.
3

Conference Call Information
Array will hold a conference call on August 7, 2026 at 9:00 a.m. CT.
▪Access the live call on the Events & Presentations page of investors.arrayinc.com or at
https://events.q4inc.com/attendee/198119429

Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com.
About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. Array owns 4,456 cell towers in 19 states and enables the deployment of 5G and other wireless technologies throughout the country. As of June 30, 2026, Telephone and Data Systems, Inc. owned approximately 81.9% of Array.
Contacts
John Toomey, Treasurer and Vice President - Corporate Relations
john.toomey@tdsinc.com

Karen Samples, Corporate Finance and Investor Relations Senior Manager
karen.samples@tdsinc.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any transaction related to the TDS non-binding proposal delivered to the Array Board of Directors to acquire all of the outstanding Array Common Shares not owned by TDS will be accepted, rejected, consummated, or abandoned; whether any such transaction, if accepted or completed, will result in additional value for Array or its shareholders and whether the process could result in adverse impacts on Array’s businesses; the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; whether the additional spectrum license sales to T-Mobile are consummated; whether Array can monetize its remaining spectrum assets; competition in the tower industry; economic and business risks associated with fixed rate annual escalators on colocation revenue contracts; Array's reliance on a small number of tenants for a substantial portion of its revenue; the ability to attract people of outstanding talent; inability to protect rights to the land under towers; changes in demand, consumer preferences and perceptions, price competition, or cost; advances or changes in technology; impacts of costs, integration issues or other factors associated with acquisitions, divestitures or exchanges of properties; uncertainties in Array's future cash flows and liquidity and access to the capital markets; the ability to make payments on indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments, including significant investments in wireless operating entities that Array does not control; pending and future litigation; cyber-attacks or other breaches of network or information technology security; control by TDS; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and extreme weather events. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of Array's Form 10-K as updated by any Form 10-Q filed subsequent to such Form 10-K.
4

Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
As of or for the Quarter Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Capital expenditures from continuing operations (thousands) $ 3,895  8,645  12,933  7,927 
Owned towers 4,456  4,452  4,450  4,449 
Number of colocations1
4,362  4,290  4,572  4,517 
Tower tenancy rate2
0.98  0.96  1.03 1.02

1Represents instances where a third-party leases space on a company-owned tower. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of fulfilling its lease commitments.
2Calculated as total number of colocations divided by total number of towers. Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of fulfilling its lease commitments. Normalized to exclude DISH, tenancy ratios would have been 0.95 and 0.94 for December 31, 2025 and September 30, 2025, respectively.
5

Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026
vs. 2025		 2026 2025 2026
vs. 2025
(Dollars and shares in thousands, except per share amounts)
Operating revenues
Site rental $ 53,175  $ 27,230  95  % $ 104,199  $ 53,825  94  %
Services 895  1,299  (31) % 1,883  1,688  12  %
Total operating revenues 54,070  28,529  90  % 106,082  55,513  91  %
Operating expenses
Cost of operations (excluding Depreciation, amortization and accretion reported below) 23,497  19,396  21  % 45,106  35,687  26  %
Selling, general and administrative 22,906  19,337  18  % 35,651  48,537  (27) %
Depreciation, amortization and accretion 14,428  11,999  20  % 27,032  23,992  13  %
(Gain) loss on asset disposals, net 3,809  (313) N/M 4,713  (87) N/M
(Gain) loss on license sales and exchanges, net (409,833) (3,700) N/M (566,468) (4,800) N/M
Total operating expenses (345,193) 46,719  N/M (453,966) 103,329  N/M
Operating income (loss) 399,263  (18,190) N/M 560,048  (47,816) N/M
Other income (expense)
Equity in earnings of unconsolidated entities 34,726  41,714  (17) % 75,135  77,641  (3) %
Interest and dividend income 6,431  3,701  74  % 10,653  6,358  68  %
Interest expense (10,860) (3,711) N/M (18,040) (7,378) N/M
Short-term imputed spectrum lease income 23,770  —  N/M 57,970  —  N/M
Other, net (13) —  N/M (26) —  N/M
Total other income 54,054  41,704  30  % 125,692  76,621  64  %
Income before income taxes 453,317  23,514  N/M 685,740  28,805  N/M
Income tax expense 115,870  8,415  N/M 168,268  8,222  N/M
Net income from continuing operations 337,447  15,099  N/M 517,472  20,583  N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax 3,677  326  N/M 3,870  1,127  N/M
Net income from continuing operations attributable to Array shareholders 333,770  14,773  N/M 513,602  19,456  N/M
Net income from discontinued operations 25,114  17,098  47  % 23,077  31,300  (26) %
Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax 188  375  (50) % 188  1,013  (81) %
Net income from discontinued operations attributable to Array shareholders 24,926  16,723  49  % 22,889  30,287  (24) %
Net income 362,561  32,197  N/M 540,549  51,883  N/M
Less: Net income attributable to noncontrolling interests, net of tax 3,865  701  N/M 4,058  2,140  90  %
Net income attributable to Array shareholders $ 358,696  $ 31,496  N/M $ 536,491  $ 49,743  N/M
6

Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026
vs. 2025		 2026 2025 2026
vs. 2025
(Dollars and shares in thousands, except per share amounts)
Basic weighted average shares outstanding 86,482  85,779  1  % 86,449  85,459  1  %
Basic earnings per share from continuing operations attributable to Array shareholders $ 3.86  $ 0.17  N/M $ 5.94  $ 0.23  N/M
Basic earnings per share from discontinued operations attributable to Array shareholders $ 0.29  $ 0.20  48  % $ 0.27  $ 0.35  (25) %
Basic earnings per share attributable to Array shareholders $ 4.15  $ 0.37  N/M $ 6.21  $ 0.58  N/M
Diluted weighted average shares outstanding 86,510  87,784  (1) % 86,499  87,947  (2) %
Diluted earnings per share from continuing operations attributable to Array shareholders $ 3.86  $ 0.17  N/M $ 5.94  $ 0.22  N/M
Diluted earnings per share from discontinued operations attributable to Array shareholders $ 0.29  $ 0.19  51  % $ 0.26  $ 0.35  (23) %
Diluted earnings per share attributable to Array shareholders $ 4.15  $ 0.36  N/M $ 6.20  $ 0.57  N/M

N/M - Percentage change not meaningful
7

Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Six Months Ended
June 30,
2026 2025
(Dollars in thousands)
Cash flows from operating activities
Net income $ 540,549  $ 51,883 
Net income from discontinued operations 23,077  31,300 
Net income from continuing operations 517,472  20,583 
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion 27,032  23,992 
Bad debts expense 196  415 
Stock-based compensation expense 540  1,694 
Deferred income taxes, net (203,326) (1,050)
Equity in earnings of unconsolidated entities (75,135) (77,641)
Distributions from unconsolidated entities 66,553  87,938 
(Gain) loss on asset disposals, net 4,713  (87)
(Gain) loss on license sales and exchanges, net (566,468) (4,800)
Other operating activities 225  67 
Changes in assets and liabilities from operations
Accounts receivable 4,367  (10,279)
Accounts payable (3,431) (2,254)
Customer deposits and deferred revenues (56,735) 194 
Accrued taxes 288,663  (11,980)
Accrued interest (390) (8)
Other assets and liabilities (17,473) (26,864)
Net cash used in operating activities - continuing operations (13,197) (80)
Net cash provided by (used in) operating activities - discontinued operations (5,791) 484,669 
Net cash provided by (used in) operating activities (18,988) 484,589 
Cash flows from investing activities
Cash paid for additions to property, plant and equipment (19,629) (11,463)
Cash paid for licenses —  (4,145)
Cash received from divestitures 2,185,801  — 
Other investing activities —  1,301 
Net cash provided by (used in) investing activities - continuing operations 2,166,172  (14,307)
Net cash used in investing activities - discontinued operations —  (135,561)
Net cash provided by (used in) investing activities 2,166,172  (149,868)
Cash flows from financing activities
Repayment of long-term debt —  (12,000)
Tax withholdings, net of cash receipts, for stock-based compensation awards (2,068) (35,250)
Repurchase of Common Shares —  (21,360)
Dividends paid to Array shareholders (1,836,737) — 
Payment of debt issuance costs —  (1,676)
Distributions to noncontrolling interests (4,750) (2,391)
Payments to acquire additional interest in subsidiaries (593) — 
Other financing activities —  (589)
Net cash used in financing activities - continuing operations (1,844,148) (73,266)
Net cash used in financing activities - discontinued operations —  (19,703)
Net cash used in financing activities (1,844,148) (92,969)
Net increase in cash, cash equivalents and restricted cash 303,036  241,752 
Cash, cash equivalents and restricted cash
Beginning of period 113,400  159,142 
End of period $ 416,436  $ 400,894 
8

Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
June 30, 2026 December 31, 2025
(Dollars in thousands)
Current assets
Cash and cash equivalents $ 416,436  $ 113,400 
Accounts receivable, net 17,831  21,656 
Prepaid expenses 2,045  3,216 
Other current assets 2,434  6,515 
Total current assets 438,746  144,787 
Non-current assets held for sale 47,390  1,591,675 
Licenses 1,594,649  1,642,187 
Investments in unconsolidated entities 421,607  412,608 
Property, plant and equipment, net 374,700  388,999 
Operating lease right-of-use assets 467,590  472,995 
Other assets and deferred charges 26,677  24,837 
Total assets $ 3,371,359  $ 4,678,088 
9

Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
June 30, 2026 December 31, 2025
(Dollars in thousands, except per share amounts)
Current liabilities
Current portion of long-term debt $ 8,125  $ 4,063 
Accounts payable 41,041  38,395 
Customer deposits and deferred revenues 27,515  85,945 
Accrued taxes 317,407  16,884 
Accrued compensation 1,070  4,322 
Short-term operating lease liabilities 16,767  15,294 
Current liabilities of discontinued operations 24,856  20,242 
Other current liabilities 24,875  14,843 
Total current liabilities 461,656  199,988 
Deferred liabilities and credits
Deferred income tax liability, net 169,509  387,030 
Long-term operating lease liabilities 505,936  509,876 
Other deferred liabilities and credits 295,715  336,379 
Long-term debt, net 666,757  670,258 
Total equity 1,271,786  2,574,557 
Total liabilities and equity $ 3,371,359  $ 4,678,088 
10

Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)

EBITDA, Adjusted EBITDA and Adjusted OIBDA

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income from continuing operations and Income before income taxes.

Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
(Dollars in thousands)
Net income from continuing operations (GAAP) $ 337,447  $ 15,099  $ 517,472  $ 20,583 
Add back:
Income tax expense 115,870  8,415  168,268  8,222 
Income before income taxes (GAAP) 453,317  23,514  685,740  28,805 
Add back:
Interest expense 10,860  3,711  18,040  7,378 
Depreciation, amortization and accretion 14,428  11,999  27,032  23,992 
EBITDA (Non-GAAP) 478,605  39,224  730,812  60,175 
Add back or deduct:
Expenses related to strategic alternatives review 7,391  715  7,578  1,860 
(Gain) loss on asset disposals, net 3,809  (313) 4,713  (87)
(Gain) loss on license sales and exchanges, net (409,833) (3,700) (566,468) (4,800)
Short-term imputed spectrum lease income (23,770) —  (57,970) — 
Adjusted EBITDA (Non-GAAP) 56,202  35,926  118,665  57,148 
Deduct:
Equity in earnings of unconsolidated entities 34,726  41,714  75,135  77,641 
Interest and dividend income 6,431  3,701  10,653  6,358 
Other, net (13) —  (26) — 
Adjusted OIBDA (Non-GAAP) $ 15,058  $ (9,489) $ 32,903  $ (26,851)
11

Adjusted Free Cash Flow (AFCF)

AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.

Management believes AFCF is a useful measure of Array’s cash generated from operations and its noncontrolling investment interests. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure is presented following the sale of Array's wireless operations to T-Mobile on August 1, 2025, at which time the primary business operations for Array changed from providing wireless communications services to a standalone tower company.
Six Months Ended June 30, 2026
(Dollars in thousands)
Net income from continuing operations (GAAP) $ 517,472 
Add back or deduct:
Income tax expense 168,268 
Cash paid for income taxes (78,623)
Stock-based compensation expense 540 
Short-term imputed spectrum lease income (57,970)
Amortization of deferred debt charges 655 
Equity in earnings of unconsolidated entities (75,135)
Distributions from unconsolidated entities 66,553 
(Gain) loss on license sales and exchanges, net (566,468)
(Gain) loss on asset disposals, net 4,713 
Depreciation, amortization and accretion 27,032 
Expenses related to strategic alternatives review 7,578 
Straight line and other non-cash revenue adjustments (8,310)
Straight line expense adjustment 2,811 
Maintenance and other capital expenditures (2,511)
Adjusted Free Cash Flow from continuing operations (Non-GAAP) $ 6,605 
12