Financials Array Digital Infrastructure, Inc.

Equities

US9116841084

Wireless Telecommunications Services

Market Closed - Nyse Other stock markets 02:30:02 17/01/2026 am IST			5-day change	1st Jan Change
57.80 ^USD	+3.45%		+9.64%	+7.80%

04/12	FCC approves AT&T $1 billion purchase of spectrum from UScellular	RE
25/11	RBC Lowers Price Target on Array Digital Infrastructure to $56 From $62, Keeps Outperform Rating	MT

Projected Income Statement: Array Digital Infrastructure, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,037	4,122	4,169	3,906	3,770	1,912	216.6	215.1
Change	-	2.11%	1.14%	-6.31%	-3.48%	-49.29%	-88.67%	-0.72%
EBITDA ¹	1,063	1,054	956	986	1,018	624.7	194.6	215.6
Change	-	-0.85%	-9.3%	3.14%	3.25%	-38.64%	-68.85%	10.81%
EBIT ¹	173	170	69	139	-12	24.38	13.63	32.85
Change	-	-1.73%	-59.41%	101.45%	-108.63%	303.18%	-44.09%	140.99%
Interest Paid ¹	-112	-175	-163	-196	-183	-115.7	-41.11	-34.32
Earnings before Tax (EBT) ¹	250	180	72	111	-22	156.3	147.9	174.8
Change	-	-28%	-60%	54.17%	-119.82%	810.31%	-5.36%	18.17%
Net income ¹	229	155	30	54	-39	-38.11	91.39	110.3
Change	-	-32.31%	-80.65%	80%	-172.22%	2.28%	339.81%	20.71%
Announcement Date	18/02/21	17/02/22	16/02/23	16/02/24	21/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,073	1,023	1,014	1,016	1,068	1,010	1,027	1,083	1,048	986	957	963	1,000	950	927	922	970	891	916	47.12	55.43	56.92	56.95	55.2	51.68	50.92	51.31	51.7
Change	-	-4.66%	-0.88%	0.2%	5.12%	-5.43%	1.68%	5.45%	-3.23%	-5.92%	-2.94%	0.63%	3.84%	-5%	-2.42%	-0.54%	5.21%	-8.14%	2.81%	-94.86%	17.64%	2.69%	0.05%	-3.06%	-6.39%	-1.46%	0.75%	0.77%
EBITDA ¹	178	302	265	264	223	289	261	204	202	252	239	263	233	272	268	269	208	254	254	85.08	34.77	57.28	62.29	63.28	52.61	54.12	60.21	55.01
Change	-	69.66%	-12.25%	-0.38%	-15.53%	29.6%	-9.69%	-21.84%	-0.98%	24.75%	-5.16%	10.04%	-11.41%	16.74%	-1.47%	0.37%	-22.68%	22.12%	0%	-66.5%	-59.14%	64.76%	8.75%	1.59%	-16.86%	2.87%	11.24%	-8.64%
EBIT ¹	4	84	36	45	5	71	40	-15	-27	26	34	57	21	51	36	-90	-9	41	35	-53.31	1.537	-2.723	2.442	-3.455	0.286	3.524	3.568	3.972
Change	-	2,000%	-57.14%	25%	-88.89%	1,320%	-43.66%	-137.5%	-80%	196.3%	30.77%	67.65%	-63.16%	142.86%	-29.41%	-350%	90%	555.56%	-14.63%	-252.32%	102.88%	-277.23%	189.68%	-241.48%	108.28%	1,132.17%	1.25%	11.32%
Charge d'intérêts ¹	-36	-39	-60	-45	-32	-33	-40	-42	-48	-47	-51	-50	-49	-43	-45	-49	-46	-40	-45	-8.855	-9.324	-8.824	-8.824	-8.804	-7.764	-8.446	-8.364	-8.283
Earnings before Tax (EBT) ¹	12	89	25	49	17	84	40	-15	-37	25	24	50	11	52	32	-92	-14	40	36	47.22	33.97	31.68	39.05	36.65	35.74	34.06	40.23	35.11
Change	-	641.67%	-71.91%	96%	-65.31%	394.12%	-52.38%	-137.5%	-146.67%	167.57%	-4%	108.33%	-78%	372.73%	-38.46%	-387.5%	84.78%	385.71%	-10%	31.16%	-28.06%	-6.73%	23.27%	-6.14%	-2.5%	-4.68%	18.1%	-12.72%
Net income ¹	5	60	35	34	27	49	21	-12	-28	13	5	23	14	18	17	-79	5	18	31	-38.46	40.88	26.09	31.19	27.62	26.92	24.27	28.66	25.02
Change	-	1,100%	-41.67%	-2.86%	-20.59%	81.48%	-57.14%	-157.14%	-133.33%	146.43%	-61.54%	360%	-39.13%	28.57%	-5.56%	-564.71%	106.33%	260%	72.22%	-224.08%	206.27%	-36.18%	19.54%	-11.43%	-2.52%	-9.86%	18.1%	-12.72%
Announcement Date	18/02/21	06/05/21	05/08/21	04/11/21	17/02/22	05/05/22	04/08/22	03/11/22	16/02/23	04/05/23	04/08/23	03/11/23	16/02/24	03/05/24	02/08/24	01/11/24	21/02/25	02/05/25	11/08/25	07/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Array Digital Infrastructure, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,217	2,575	2,927	2,914	2,715	440	258	140
Change	-	111.59%	13.67%	-0.44%	-6.83%	-83.79%	-41.36%	-45.74%
Announcement Date	18/02/21	17/02/22	16/02/23	16/02/24	21/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Array Digital Infrastructure, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	989	724	602	608	537	95.9	28.73	28.74
Change	-	-26.79%	-16.85%	1%	-11.68%	-82.14%	-70.04%	0.02%
Free Cash Flow (FCF) ¹	248	78	208	258	346	141	199	207
Change	-	-68.55%	166.67%	24.04%	34.11%	-59.25%	41.13%	4.02%
Announcement Date	18/02/21	17/02/22	16/02/23	16/02/24	21/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Array Digital Infrastructure, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	26.33%	25.57%	22.93%	25.24%	27%	32.68%	89.82%	100.26%
EBIT Margin (%)	4.29%	4.12%	1.66%	3.56%	-0.32%	1.28%	6.29%	15.28%
EBT Margin (%)	6.19%	4.37%	1.73%	2.84%	-0.58%	8.17%	68.27%	81.26%
Net margin (%)	5.67%	3.76%	0.72%	1.38%	-1.03%	-1.99%	42.19%	51.3%
FCF margin (%)	6.14%	1.89%	4.99%	6.61%	9.18%	7.38%	91.86%	96.25%
FCF / Net Income (%)	108.3%	50.32%	693.33%	477.78%	-887.18%	-369.97%	217.74%	187.64%
Profitability
ROA	2.57%	1.55%	0.28%	0.49%	-0.37%	-3.95%	0.64%	2.5%
ROE	5.32%	3.46%	0.66%	1.18%	-0.85%	-54.2%	4.75%	5.36%
Financial Health
Leverage (Debt/EBITDA)	1.14x	2.44x	3.06x	2.96x	2.67x	0.7x	1.33x	0.65x
Debt / Free cash flow	4.91x	33.01x	14.07x	11.29x	7.85x	3.12x	1.3x	0.68x
Capital Intensity
CAPEX / Current Assets (%)	24.5%	17.56%	14.44%	15.57%	14.24%	5.02%	13.26%	13.36%
CAPEX / EBITDA (%)	93.04%	68.69%	62.97%	61.66%	52.75%	15.35%	14.77%	13.33%
CAPEX / FCF (%)	398.79%	928.21%	289.42%	235.66%	155.2%	68.01%	14.44%	13.88%
Items per share
Cash flow per share ¹	-	-	-	9.954	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	11.5	-	1.25
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	51.29	52.87	53.58	54.42	53.22	30.11	31.47	32.94
Change	-	3.08%	1.33%	1.58%	-2.21%	-43.42%	4.5%	4.67%
EPS ¹	2.62	1.77	0.35	0.63	-0.46	-0.4364	1.045	1.256
Change	-	-32.44%	-80.23%	80%	-173.02%	5.13%	339.42%	20.17%
Nbr of stocks (in thousands)	86,036	86,737	85,221	85,006	85,979	86,380	86,380	86,380
Announcement Date	18/02/21	17/02/22	16/02/23	16/02/24	21/02/25	-	-	-