Financial Data and Key Metrics Changes - Total revenues declined by 5.6% year-over-year, driven by declines in Residential and News and Advertising businesses [40] - Residential revenue was down 5.7% year-over-year, primarily due to cumulative video and broadband subscriber losses [40] - Business Services revenues declined by 1.9% year-over-year, with SMB and other segments down 2% [40] - Operating costs decreased sequentially from Q1 and from the peak in Q4 2022, contributing to improved margin trends [31][42] - Adjusted EBITDA margin increased by 180 basis points compared to the prior quarter, marking the first quarter of sequential margin expansion in 8 quarters [43] Business Line Data and Key Metrics Changes - For the first time in 5 quarters, broadband net adds improved year-over-year, with net losses of 37,000 compared to 39,000 in Q2 2022 [30][33] - Optimum Mobile added 16,000 lines in Q2, with a significant increase in mobile attachment rates for new broadband customers [36] - Fiber customer additions reached 40,000 in Q2, with a total of 250,000 fiber customers by the end of the quarter [37] Market Data and Key Metrics Changes - The company is experiencing increased competition from fixed wireless and fiber overbuilders, particularly in the West, where competition has grown to 30%-35% [54] - The housing market slowdown and low move environment continue to impact subscriber trends [34] Company Strategy and Development Direction - The company is focused on executing its strategy to enhance customer experience and operational efficiency, with a new regional market structure to drive local responsiveness [8][9] - The launch of Optimum Complete, a converged internet and mobile offer, aims to improve customer stickiness and lifetime value [10][12] - The company is pausing some capital expenditures to conduct an internal investigation related to procurement practices, which may impact fiber construction targets in the short term [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to sustainable broadband and cash flow growth, citing improvements in customer satisfaction metrics and operational efficiencies [6][26] - The company is committed to conducting business with integrity and is actively reviewing supplier relationships amid ongoing investigations [29] Other Important Information - The company launched ultrafast 8-Gig Symmetrical Fiber Internet, solidifying its position as the largest 8-Gig Internet provider in the U.S. [5] - The new My Optimum app was rolled out to enhance customer service and experience [19] Q&A Session Summary Question: Insights on CapEx during reevaluation phase - Management indicated that they anticipate completing at least 600,000 passings for fiscal 2023, with a potential reduction of $100 million to $200 million in capital intensity [50] Question: Competition from fixed wireless and fiber - Management noted aggressive competition from fixed wireless and increased fiber overbuilder competition, but expressed confidence in their competitive positioning with Optimum Complete [53][54] Question: Subscriber trends in East vs. West - Management reported some year-over-year improvement in subscriber trends in the East, while facing challenges in the West due to macroeconomic factors [78]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission File Number Registrant; State of Incorporation; Address and Telephone Number IRS Employer Identification No. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-38126 38-3980194 Altice USA, Inc ...

Altice USA, Inc. (NYSE:ATUS) Q1 2023 Results Conference Call May 3, 2023 4:30 PM ET Company Participants Nick Brown - EVP, Corporate Finance and Development Dennis Mathew - CEO Marc Sirota - CFO Conference Call Participants Phil Cusick - JPMorgan Brett Feldman - Goldman Sachs Craig Moffett - MoffettNathanson Doug Mitchelson - Credit Suisse John Hodulik - UBS Ben Swinburne - Morgan Stanley Jonathan Chaplin - New Street Kannan Venkateshwar - Barclays Peter Supino - Wolfe Research Michael Rollins - Citi Operat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number Registrant; State of Incorporation; Address and Telephone Number IRS Employer Identification No. 001-38126 38-3980194 Altice USA, In ...

Financial Data and Key Metrics Changes - Full year revenue declined 4.4% year-over-year, primarily due to pressure in residential and advertising businesses, and the loss of air strand revenue from the previous year [11][21] - Adjusted EBITDA decreased 12.7% year-over-year with a margin of 40.1%, reflecting revenue declines and higher operating expenses [11][21] - Free cash flow was $453 million in 2022, which would have exceeded $500 million without the impact of a legal settlement payment of approximately $65 million in Q4 [11][36] Business Line Data and Key Metrics Changes - Residential broadband customer net losses totaled 103,000 for 2022, with a significant improvement in Q4, reporting only 8,000 net losses [12][23] - Business services revenue declined 7.1% year-over-year, but was up 0.6% excluding air strand revenue [33] - News and advertising revenue decreased 5.5% year-over-year for the full year and down 10.8% in Q4, with political revenue not sufficient to offset market slowdown [22] Market Data and Key Metrics Changes - The company ended the year with nearly 2.2 million optimum fiber homes passed, adding just under 1 million new passings in the year [13][27] - Fiber broadband customer net additions exceeded 100,000 in the last year, with a significant increase in sales distribution channels [13][27] - The New York tri-state area showed improved trends, with fiber investments contributing positively to broadband customer additions [26] Company Strategy and Development Direction - The company aims to redefine its mission to become the connectivity provider of choice, focusing on broadband and mobile business growth [14][15] - A balanced approach to capital expenditure is planned, with a target of adding at least 900,000 fiber passings in 2023 [29] - The strategy includes enhancing customer experience, accelerating go-to-market strategies, and investing in network quality [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovery signs and emphasized the importance of disciplined strategy and capital allocation [10][21] - The company is focused on improving customer experience metrics, with significant improvements in customer care and technical support [24][25] - Management is cautious about extrapolating from one quarter's performance but remains optimistic about future growth opportunities [26] Other Important Information - Management announced several leadership changes to strengthen the executive team and drive growth [6][9] - The company successfully extended approximately 50% of its term loans due in 2025 and 2026 to 2028, improving its debt maturity profile [13][39] - The company unwound a Comcast collar position, resulting in a gross debt reduction of about $1.7 billion [40] Q&A Session Summary Question: Fiber plans and network upgrade strategy - Management discussed the different competitive profiles in the East and West, emphasizing a commitment to fiber expansion in the East while taking a more measured approach in the West [42][43] Question: Importance of mobile offering - Management highlighted the need for a compelling broadband and mobile offering, with plans to evolve pricing and packaging to enhance customer value [47][48] Question: Expectations for customer growth in 2023 - Management expressed optimism about returning to overall customer growth, driven by improved customer experience and branding efforts [50][52] Question: Pressure on residential ARPU - Management acknowledged the decline in ARPU and emphasized the need for a disciplined approach to pricing and customer lifetime value [67][70] Question: Business services market pressure - Management noted increased competition in the SMB market and the need to expand the product portfolio to remain competitive [78][79]

Altice USA Q4 and Full Year 2022 Results February 22, 2023 Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Altice USA provides broadband, video, and telephony services to approximately 4.9 million customers across 21 states, actively upgrading its network with FTTH technology - Altice USA provides broadband, video, and telephony services to approximately **4.9 million** residential and business customers across 21 states, primarily under the Optimum brand[8](index=8&type=chunk) - The company is executing an ongoing fiber-to-the-home (FTTH) network build, which passed over **2.1 million** homes and businesses as of December 31, 2022, enabling the delivery of multi-gigabit broadband speeds[8](index=8&type=chunk)[11](index=11&type=chunk)[35](index=35&type=chunk) Key Financial and Customer Metrics (2020-2022) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Customer Relationships (thousands) | 4,879.7 | 5,014.7 | 5,024.6 | | Revenue (billions) | $9.65 | $10.09 | $9.89 | | Adjusted EBITDA (billions) | $3.87 | $4.43 | $4.41 | | Net Income (millions) | $194.6 | $990.3 | $436.2 | [Our Products and Services](index=5&type=section&id=Our%20Products%20and%20Services) The company's offerings are segmented into Residential Services, Business Services, and News and Advertising, providing broadband, video, telephony, and mobile services, alongside enterprise fiber connectivity and various news channels Residential Customer Relationships (thousands) | Service | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Total Residential Customers** | **4,498.5** | **4,632.8** | **4,648.4** | | Broadband | 4,282.9 | 4,386.2 | 4,359.2 | | Video | 2,439.0 | 2,732.3 | 2,961.0 | | Telephony | 1,764.1 | 2,005.2 | 2,214.0 | Residential Revenue | Service | 2022 (billions) | 2021 (billions) | 2020 (billions) | | :--- | :--- | :--- | :--- | | Broadband | $3.93 | $3.93 | $3.69 | | Video | $3.28 | $3.53 | $3.67 | | Telephony (millions) | $332.4 | $404.8 | $468.8 | - The company offers a mobile service delivered over a nationwide network through an MVNO agreement with T-Mobile, utilizing its own core network for control over data offloading and product flexibility[18](index=18&type=chunk) - Lightpath, the enterprise fiber business, serves approximately **13,500** locations with a network of about **20,200** route miles, with Altice USA retaining a **50.01%** controlling stake after selling a **49.99%** interest in December 2020[21](index=21&type=chunk) [Competition](index=12&type=section&id=Competition) Altice USA faces intense competition across all service lines from fiber, satellite, wireless, and internet-based providers, impacting customer retention and market share - The company faces intense competition from fiber-based providers, with Verizon's Fios network covering over two-thirds of households in its New York metropolitan service area and other fiber providers serving over one-quarter of households in its south-central US markets[46](index=46&type=chunk) - Video services compete with direct broadcast satellite (DBS) providers and a growing number of internet-delivered streaming services like Netflix, Hulu, Disney+, and YouTube TV, adversely affecting demand for traditional video packages[47](index=47&type=chunk) - Mobile broadband providers like T-Mobile and Verizon are increasingly offering 5G Fixed Wireless Broadband (FWB) services that can substitute for the company's fixed broadband service[81](index=81&type=chunk) [Regulation](index=14&type=section&id=Regulation) The company's services are subject to extensive federal, state, and local regulations, including franchise agreements, net neutrality debates, and comprehensive privacy laws - Cable operators must obtain non-exclusive franchises from state or local authorities, typically requiring franchise fees of up to **5%** of cable service revenues and imposing various service quality and operational requirements[29](index=29&type=chunk)[58](index=58&type=chunk) - The regulatory classification of broadband internet access service remains a key issue, reclassified as a less-regulated 'information service' in 2017, but subject to change with states enacting their own 'net neutrality' rules[64](index=64&type=chunk)[118](index=118&type=chunk) - The company is subject to comprehensive privacy laws like the California Consumer Privacy Act (CCPA) and similar legislation in other states, which increase disclosure requirements and consumer rights regarding personal data[73](index=73&type=chunk) [Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business risks including intense competition, rising programming costs, and high leverage of approximately **$26.6 billion**, alongside regulatory and concentrated stock ownership risks - The company operates in a highly competitive environment, facing pressure from fiber, satellite, wireless, and internet-based providers, which affects customer retention and pricing[80](index=80&type=chunk) - Programming and retransmission costs are a large and increasing expense category, and disputes with programmers can lead to channel blackouts and customer losses[83](index=83&type=chunk) - The company is highly leveraged, with total aggregate indebtedness of approximately **$26.6 billion** as of December 31, 2022, which exposes it to risks related to debt service, refinancing, and interest rate fluctuations[87](index=87&type=chunk) - The tri-class stock structure concentrates approximately **95%** of voting power with Next Alt, controlled by Patrick Drahi, limiting public stockholders' ability to influence corporate matters[123](index=123&type=chunk)[124](index=124&type=chunk) [Properties](index=45&type=section&id=Item%202.%20Properties) The company's principal assets include its cable operating plant, fiber optic and coaxial distribution systems, and customer premise equipment, with headquarters leased in Long Island City, NY - The company's main physical assets are its cable operating plant, including headend facilities, fiber and coaxial networks, and customer premise equipment like set-top boxes and modems[130](index=130&type=chunk) - Headquarters are leased in Long Island City, New York, with an owned administrative office in Bethpage, New York, alongside various other owned or leased properties for operations[130](index=130&type=chunk) [Legal Proceedings](index=45&type=section&id=Item%203.%20Legal%20Proceedings) The company's legal matters include a **$112.5 million** patent infringement settlement with Sprint and an ongoing copyright infringement lawsuit regarding internet subscriber activity - The company settled a patent infringement lawsuit with Sprint for **$112.5 million**, with **$47.5 thousand** remaining payable as of year-end[476](index=476&type=chunk) - In December 2022, BMG and other music companies filed a complaint alleging contributory and vicarious copyright infringement related to the actions of Altice USA's internet subscribers[476](index=476&type=chunk) Part II [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Altice USA's Class A common stock trades on the NYSE under 'ATUS' with no current plans for cash dividends, and the stock significantly underperformed market and peer indices from 2017 to 2022 - Class A common stock is listed on the NYSE under **'ATUS'**; Class B common stock is not listed[134](index=134&type=chunk) - The company has no current plans to pay cash dividends and did not repurchase any equity securities in the fourth quarter of 2022[135](index=135&type=chunk)[137](index=137&type=chunk) Stock Performance Comparison ($100 Investment on 12/31/2017) | Index | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Altice USA Class A** | **$100.00** | **$86.74** | **$143.55** | **$198.84** | **$84.96** | **$24.15** | | S&P 500 Index | $100.00 | $93.76 | $120.84 | $140.49 | $178.27 | $169.45 | | 2022 Peer Group Index | $100.00 | $90.71 | $120.40 | $125.01 | $118.46 | $100.72 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Altice USA's 2022 revenue decreased by **4.4%** to **$9.65 billion** and Adjusted EBITDA fell by **12.7%** to **$3.87 billion**, driven by customer losses, increased operating expenses, and a significant rise in capital expenditures for FTTH network build Consolidated Results of Operations (2022 vs. 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue (billions) | $9.65 | $10.09 | (4.4%) | | Operating Income (billions) | $1.80 | $2.52 | (28.6%) | | Net Income (millions) | $220.9 | $1,010.9 | (78.1%) | | Adjusted EBITDA (billions) | $3.87 | $4.43 | (12.7%) | Cash Flow and Capital Expenditures (2022 vs. 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities (billions) | $2.37 | $2.85 | (17.1%) | | Capital Expenditures (cash, billions) | $1.91 | $1.23 | 55.4% | | Free Cash Flow (millions) | $452.6 | $1,622.4 | (72.1%) | - The company experienced a net loss of **135,000** total customer relationships in 2022, driven by declines in residential video (**-293.3k**) and telephony (**-241.1k**) customers, and a modest decline in broadband customers (**-103.3k**)[158](index=158&type=chunk) - FTTH passings nearly doubled, increasing by **987,800** to reach **2,158,700** homes, with FTTH customer relationships growing by **102,100** to **171,700**, representing a penetration rate of **8.0%**[158](index=158&type=chunk) [Results of Operations](index=52&type=section&id=Results%20of%20Operations) In 2022, total revenue decreased by **$443.2 million** due to customer losses and lower business services, while operating expenses rose significantly, leading to a **$722.0 million** decline in operating income - Video revenue decreased by **$244.9 million (7%)** in 2022 compared to 2021, primarily due to a decline in video customers[164](index=164&type=chunk) - Business services and wholesale revenue decreased by **$112.2 million (7%)**, with **$121.6 million** of the decline attributed to the recognition of deferred revenue and termination fees from a contract termination in 2021[166](index=166&type=chunk) - Programming and other direct costs fell by **$176.5 million (5%)**, mainly due to a **$117.2 million** reduction in programming costs from having fewer video customers[171](index=171&type=chunk)[172](index=172&type=chunk) - Other operating expenses increased by **$355.7 million (15%)**, driven by higher labor costs (**$157.9 million**), share-based compensation (**$61.7 million**), and repairs, maintenance, and marketing costs related to the rebranding of Suddenlink services to Optimum[175](index=175&type=chunk)[176](index=176&type=chunk) - Restructuring and other operating items increased to **$130.3 million** from **$17.2 million**, primarily due to a **$112.5 million** litigation settlement with Sprint[177](index=177&type=chunk)[178](index=178&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through cash and credit facilities, with total debt of **$26.6 billion** as of year-end 2022, and significantly increased capital expenditures to **$1.91 billion** for FTTH network build Debt Outstanding as of December 31, 2022 | Debt Category | Carrying Amount (billions) | | :--- | :--- | | Credit facility debt | $9.06 | | Senior guaranteed notes | $7.64 | | Senior secured notes (millions) | $443.0 | | Senior notes | $7.32 | | Collateralized indebtedness | $1.75 | | Other (Finance leases, etc., millions) | $372.2 | | **Total Debt** | **$26.59** | Capital Expenditures (Cash Basis) | Category | 2022 | 2021 | | :--- | :--- | :--- | | Customer premise equipment (millions) | $316.2 | $227.3 | | Network infrastructure (billions) | $1.15 | $642.5 | | Support and other (millions) | $270.1 | $235.3 | | Business services (millions) | $174.1 | $126.6 | | **Total Capital Purchases (billions)** | **$1.91** | **$1.23** | - The company targets a year-end leverage ratio of **4.5x to 5.0x** for its main debt silo, CSC Holdings[201](index=201&type=chunk) - As of December 31, 2022, the company had approximately **$1.19 billion** of availability remaining under its share repurchase program, with no shares repurchased during the year[222](index=222&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages equity price risk from Comcast stock holdings, fully settled in January 2023, and mitigates interest rate risk on variable-rate debt through interest rate swap contracts - The company's exposure to equity price risk from its Comcast stock holdings was fully settled in January 2023 through the delivery of shares and related derivative contracts[228](index=228&type=chunk) - To manage interest rate risk, the company uses interest rate swap contracts, with a total notional amount of **$3.3 billion** as of December 31, 2022[232](index=232&type=chunk)[433](index=433&type=chunk) - At December 31, 2022, the estimated fair value of the company's fixed-rate debt was **$12.54 billion**, which was **$4.73 billion** lower than its carrying value of **$17.28 billion**[231](index=231&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[235](index=235&type=chunk) - Management's assessment concluded that the company's internal control over financial reporting was effective as of December 31, 2022, a conclusion audited and affirmed by KPMG LLP[237](index=237&type=chunk)[238](index=238&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, Security Ownership, and Accountant Fees](index=69&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%20and%2014) Information for these items, covering directors, executive compensation, security ownership, related transactions, and principal accountant fees, will be incorporated by reference from the company's definitive proxy statement - Information for Items 10 through 14 is incorporated by reference from the company's forthcoming definitive proxy statement[240](index=240&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=69&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index to the financial statements and a comprehensive list of exhibits filed with the report, including corporate governance documents and material contracts - This section provides an index to the financial statements and lists all exhibits filed as part of the Form 10-K report[241](index=241&type=chunk)

Financial Data and Key Metrics Changes - Revenue declined 7% year-over-year, primarily due to pressures in residential and advertising businesses, and the loss of air strand revenue from the previous year [6][12] - Adjusted EBITDA decreased by 18.1% year-over-year, with a margin of 39.9%, or down 12.7% excluding air strand revenue [6][23] - Free cash flow was $136 million for Q3 and $535 million year-to-date, reflecting solid performance despite elevated fiber investments [7][25] Business Line Data and Key Metrics Changes - Residential broadband customer net losses were 43,000 for Q3, consistent with Q2 losses, impacted by competitive pressures and lower market activity [6][13] - Business Services revenue declined 16.8% year-over-year, but was flat when excluding air strand revenue [12][14] - News and Advertising revenue fell 16.1% in Q3, influenced by a shift in political ad spending and cancellations in the ad market [16] Market Data and Key Metrics Changes - The company added 321,000 new fiber passings in Q3, reaching a total of 1.9 million passings, the highest quarterly pace to date [7][17] - Fiber customer net additions accelerated to 31,000 in Q3, with a total of 135,000 fiber customers by the end of September [18] - The average download speeds for broadband customers were 391 megabits per second, with fiber customers averaging double those speeds [21] Company Strategy and Development Direction - The company aims to position itself as a best-in-class broadband provider, focusing on operational excellence and customer experience [10][11] - Investments in fiber infrastructure and multi-gig speed launches are central to the company's long-term strategy [11][19] - The company is exploring strategic opportunities, including potential divestitures, while maintaining a focus on debt paydown [32][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged competitive pressures from fixed wireless broadband and fiber overbuilders, particularly in certain geographic areas [13][47] - There is optimism about returning to broadband growth through investments in fiber deployment and customer experience improvements [13][52] - Management noted stabilization in customer trends and expressed confidence in the company's strategic direction moving into 2023 [48][52] Other Important Information - The company is experiencing higher churn in areas with increased competition from fiber overbuilders [70] - Capital intensity increased to 20.6% in Q3, driven by fiber investments, with expectations for reduced CapEx in the future [24] - The company has a well-positioned debt maturity profile, with no significant maturities before 2025 [26] Q&A Session Summary Question: What are the opportunities and threats in the Optimum versus Suddenlink markets? - Management highlighted the progress made in broadband quality through fiber deployment and emphasized the need for disciplined execution and customer experience to maximize investments [29] Question: Any thoughts on the process of selling Suddenlink? - Management indicated that a decision regarding Suddenlink is imminent but did not provide further details [32] Question: What is the early thinking about broadband pricing? - Management is assessing pricing strategies and opportunities to grow ARPU as part of the budget process [36] Question: What is the strategic importance of smaller markets versus larger markets? - Management noted the need to address the unique needs of both small and large markets in their go-to-market strategy [42] Question: How does the company view the competition from fixed wireless? - Management acknowledged the competitive landscape and emphasized the advantages of fiber technology in combating fixed wireless competition [67] Question: What are the capital allocation priorities currently? - The company is focused on fiber investments and using excess free cash flow for debt reduction [81]