Core Viewpoint - BT is gaining a significant new investor, Bharti, which is acquiring a 24.5% stake from Altice, valued at approximately $4 billion based on BT's market cap of £13 billion ($16 billion) [1] Group 1: Investment Details - Bharti will purchase 9.99% of the stake immediately, with the remainder contingent on regulatory approval [1] - Altice, facing challenges due to debt and corporate scandals, is divesting its stake in BT, which it acquired in multiple phases starting in 2021 [2] Group 2: Strategic Implications - The investment is seen as a move to leverage economies of scale in 5G and AI, which are critical areas for telecom companies [3] - Bharti aims to create synergies in telecom sectors between the U.K. and India, focusing on AI and 5G R&D [3] Group 3: Historical Context - BT previously held a 21% stake in Bharti from 1997 to 2001, indicating a long-standing relationship between the two companies [4] - The current investment marks a significant milestone in Bharti's history, reflecting a reversal of roles from past investments [4] Group 4: Company Statements - BT's CTO expressed confidence in the long-term value of the business and welcomed Bharti's investment as a vote of confidence in BT's strategy [5]

Core Viewpoint - Altice USA, Inc. reported disappointing second-quarter 2024 results, with revenue and net income falling short of expectations due to weak demand in key segments, although there were positive developments in mobile and fiber customer growth, network upgrades, and AI integration [1][2]. Revenue Performance - Total revenues for the quarter were $2.24 billion, a decrease from $2.32 billion year-over-year, missing the consensus estimate by $10 million [3]. - Residential revenues, which include Broadband, Video, Telephony, and Mobile, declined to $1.75 billion from $1.83 billion, primarily due to the loss of higher ARPU video customers, also missing estimates [4]. - Business services and wholesale revenues increased to $369.3 million from $364.7 million, driven by growth in Lightpath revenues, surpassing estimates [4]. Net Income and Earnings - The company reported a net income of $15.4 million or 3 cents per share, down from $78.3 million or 17 cents per share in the prior-year quarter, missing the consensus estimate by 5 cents [2]. Customer Metrics and Growth Strategies - Fiber net additions were approximately 40,000 in the quarter, with total fiber customers reaching 434,000 [3]. - The company had 2,842 million FTTH passings, with about 62,000 added in the April-June period [3]. - Optimum Mobile saw subscriber growth, reaching 384,500 customers, representing a 5.8% penetration of the total broadband customer base [5]. Operating Income and Cash Flow - Operating income increased to $501.6 million from $481.98 million due to lower operating expenses, while adjusted EBITDA was $867.2 million compared to $921.7 million in the prior-year quarter [5]. - Cash generated from operating activities was $306.8 million, down from $438.8 million a year ago, with cash and cash equivalents at $362.1 million and long-term debt at $24.89 billion [6].

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $2.2 billion, a decline of 3.6% year-over-year, an improvement from the previous year's decline of 5.6% [27] - Adjusted EBITDA was $867 million, down 5.9% year-over-year, but improved from a decline of 8.5% in Q2 2023 [31] - Residential revenue decreased by 4.4% year-over-year, driven by a smaller customer base and video subscriber losses, but this was an improvement from a 5.7% decline in Q2 2023 [27][30] - Free cash flow was negative $41 million, impacted by higher cash taxes, but positive free cash flow is targeted for the full year [33] Business Line Data and Key Metrics Changes - Residential mobile service revenue grew over 50% year-over-year for the third consecutive quarter, contributing positively to residential revenue trends [28] - Business services revenue grew by 1.3%, driven by Lightpath enterprise business growth [29] - News and advertising revenue declined by 7.2%, primarily due to non-recurring prior year items, but political revenue is expected to be a tailwind in the second half [29] Market Data and Key Metrics Changes - The broadband customer base remains healthy at 4.4 million, with growth in fiber subscribers and mobile lines [10] - Fiber customer penetration increased to over 15%, with 40,000 fiber customers added in the quarter [33] - Mobile line net additions were 33,000, more than double the pace of the previous year [34] Company Strategy and Development Direction - The company is focused on transforming operations and enhancing customer experience through AI and data analytics [6][8] - A hyper-local go-to-market strategy is being implemented to stabilize subscriber trends and improve competitive positioning [15] - New value-added services, such as Total Care for premium support, are being introduced to enhance customer experience and drive additional revenue [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged competitive and macro pressures, including higher interest rates and inflation, but expressed confidence in the company's ability to achieve long-term growth [7][28] - The focus remains on improving customer satisfaction, with significant increases in NPS scores over the past two years [10] - Management anticipates a stabilization of broadband subscriber trends and expects to see improvements in the second half of the year [36] Other Important Information - The company has upgraded over 700,000 HFC customers to higher speeds, resulting in improved customer satisfaction and reduced churn [12] - Cash capital expenditures were $348 million, down 27% year-over-year, with a focus on capital efficiency [38] - The company is well-positioned with a clear runway of debt maturities until 2027, with a leverage ratio of 7.2 times annualized adjusted EBITDA [41] Q&A Session Summary Question: Current run rate savings from truck rolls and call center inbounds - Management reported 1.7 million fewer calls and 235,000 fewer truck rolls, leading to operational savings and improved customer experience [44][45] Question: Outlook for EBITDA and strategic value of legacy Optimum - Management expects year-over-year EBITDA declines to moderate, driven by operational improvements and investments in customer experience [50][51] Question: Impact of ACP on broadband performance - The company experienced a slowdown in gross adds and disconnects in the low-income segment due to the ACP sunset, but is managing these customers effectively [54][56] Question: Green shoots in broadband retention and net adds - Management noted improvements in churn and subscriber stabilization, particularly in fiber and mobile segments [60][61] Question: Migration rate on the fiber side - The company achieved a 60% migration rate and plans to accelerate migrations in the second half of the year [67] Question: Advertising revenue expectations - Management expressed optimism for the second half of the year, particularly regarding political advertising revenue [69]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Altice USA's unaudited consolidated financial statements for Q2 and H1 2024 and 2023, covering balance sheets, operations, comprehensive income, stockholders' deficiency, and cash flows [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet as of June 30, 2024, shows total assets of $32.02 billion, a slight increase from $31.92 billion at December 31, 2023, with total liabilities increasing to $32.41 billion and a stockholders' deficiency of $396.7 million Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$32,016,339** | **$31,923,616** | | Cash and cash equivalents | $362,107 | $302,058 | | Goodwill | $8,044,716 | $8,044,716 | | **Total Liabilities** | **$32,413,033** | **$32,358,034** | | Long-term debt, net | $24,893,826 | $24,715,554 | | **Total Stockholders' Deficiency** | **($396,694)** | **($434,418)** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Altice USA reported Q2 2024 revenue of $2.24 billion, a decrease from $2.32 billion in Q2 2023, with net income attributable to stockholders falling sharply to $15.4 million from $78.3 million Q2 & H1 2024 vs 2023 Performance (in thousands, except per share) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$2,240,755** | **$2,324,274** | **$4,491,690** | **$4,618,252** | | Operating Income | $501,582 | $481,983 | $894,736 | $907,113 | | **Net Income (to Stockholders)** | **$15,361** | **$78,300** | **($5,832)** | **$104,165** | | Diluted EPS | $0.03 | $0.17 | ($0.01) | $0.23 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for H1 2024 was $706.5 million, down from $855.7 million in H1 2023, while net cash used in investing activities decreased significantly to $685.9 million due to lower capital expenditures Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$706,455** | **$855,687** | | Net cash used in investing activities | ($685,893) | ($1,057,920) | | *Capital expenditures* | *($683,816)* | *($1,056,342)* | | Net cash provided by financing activities | $40,311 | $115,335 | | **Net increase (decrease) in cash** | **$60,873** | **($86,898)** | [Combined Notes to Consolidated Financial Statements](index=15&type=section&id=Combined%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue breakdown by service, substantial debt obligations, financing activities, derivative contracts for hedging, and disclosures on significant legal proceedings Revenue by Service (Six Months Ended June 30, in thousands) | Service | 2024 | 2023 | | :--- | :--- | :--- | | Residential Broadband | $1,831,983 | $1,922,910 | | Residential Video | $1,495,039 | $1,545,739 | | Business services and wholesale | $734,151 | $728,345 | | News and advertising | $211,005 | $212,202 | | **Total Revenue** | **$4,491,690** | **$4,618,252** | - In January 2024, CSC Holdings issued **$2.05 billion** in **11.750%** senior guaranteed notes due 2029 to repay existing term loans. In February 2024, the company redeemed its **5.250%** senior notes due June 2024 using its revolving credit facility[67](index=67&type=chunk) - The company settled a copyright infringement lawsuit with BMG Plaintiffs on July 1, 2024. A similar lawsuit filed by Warner Plaintiffs remains ongoing, and the company intends to defend itself vigorously[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting a 3.6% YoY Q2 2024 revenue decline due to customer losses, a 6% decrease in Adjusted EBITDA, and reduced capital expenditures amid a significant debt load of over $25 billion - The company's operations are focused on providing broadband, video, telephony, and mobile services under the Optimum brand to approximately **4.7 million** residential and business customers across **21 states**[120](index=120&type=chunk) Key Operating Metrics | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Total Customer Relationships (thousands) | 4,652.0 | 4,810.5 | | Residential Broadband Customers (thousands) | 4,088.7 | 4,227.0 | | Residential Video Customers (thousands) | 2,021.9 | 2,312.2 | | Total Mobile Lines (thousands) | 384.5 | 264.2 | | FTTH Total Passings (thousands) | 2,842.0 | 2,659.5 | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q2 2024 total revenue decreased by $83.5 million (3.6%) YoY due to broadband and video customer losses, partially offset by mobile revenue, with Adjusted EBITDA decreasing 6% to $867.2 million - Broadband revenue decreased **5%** in Q2 2024 compared to Q2 2023, driven by a decline in broadband customers and lower average recurring revenue per customer[133](index=133&type=chunk) - Programming and other direct costs decreased by **6%** in Q2 2024 YoY, mainly due to lower programming costs from having fewer video customers, which partially offset contractual rate increases[141](index=141&type=chunk) Adjusted EBITDA Reconciliation Highlights (Q2, in thousands) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net Income | $21,702 | $86,144 | | Interest expense, net | $442,955 | $406,709 | | Depreciation and amortization | $395,770 | $418,705 | | **Adjusted EBITDA** | **$867,177** | **$921,742** | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash and credit facilities, with total debt at $25.2 billion as of June 30, 2024, and H1 2024 capital expenditures significantly reduced to $683.8 million, resulting in Free Cash Flow of $22.6 million - The company expects to use Free Cash Flow, availability under its revolving credit facilities, and future refinancing to manage its debt obligations[169](index=169&type=chunk) Capital Expenditures (Cash Basis, in thousands) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Three Months Ended June 30 | $347,721 | $473,445 | | Six Months Ended June 30 | $683,816 | $1,056,342 | Free Cash Flow (Deficit) (in thousands) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Three Months Ended June 30 | $(40,927) | $(34,604) | | Six Months Ended June 30 | $22,639 | $(200,655) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk on its variable-rate debt using swap contracts, with the fair value of fixed-rate debt approximately $6.6 billion lower than its carrying value as of June 30, 2024 - The company utilizes interest rate swap contracts to manage interest rate risk by effectively fixing borrowing rates on portions of its floating-rate debt[183](index=183&type=chunk) - At June 30, 2024, the fair value of the company's fixed-rate debt was **$11.25 billion**, which was **$6.61 billion** lower than its carrying value of **$17.86 billion**[182](index=182&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[194](index=194&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) This section updates on legal proceedings, referencing Note 15 for details on the settlement of a copyright infringement lawsuit with BMG Plaintiffs and ongoing defense against a similar suit from Warner Plaintiffs - This section refers to Note 15 for a detailed discussion of legal proceedings, which includes information on significant copyright infringement litigation[196](index=196&type=chunk)[103](index=103&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) On July 31, 2024, the Board of Directors approved an indemnification agreement for directors and executive officers, requiring the company to indemnify them for legal expenses and liabilities related to their service - The company's Board of Directors approved and adopted a form of indemnification agreement for its directors and executive officers on July 31, 2024[197](index=197&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Indemnification Agreement, CEO and CFO certifications, and XBRL formatted financial statements - Exhibits filed with the report include the Form of Indemnification Agreement (**10.1**), CEO/CFO certifications (**31.1**, **31.2**, **32**), and XBRL data files (**101**)[198](index=198&type=chunk)

Q2 2024 Financial Performance - Revenue decreased by 3.6% year-over-year to $2.241 billion[51] - Adjusted EBITDA decreased by 5.9% year-over-year to $867 million[7, 51] - Adjusted EBITDA margin was 38.7%[51] - Cash capital expenditures decreased by 26.6% year-over-year to $348 million[7, 51] Subscriber Trends - Total broadband subscribers decreased by 3.6% year-over-year[7] - Total fiber subscribers reached 434,000[7] - Total mobile lines reached 385,000[7] Operational Improvements - Customer self set-ups increased by 56% year-over-year[9] - The company has speed right-sized over 700,000 customers in the last 8 months[9] - There were 1.7 million fewer inbound calls LTM[9] - There were 235,000 fewer service visits LTM[9] Network Expansion - The company added 67,000 total passings in Q2 2024[42] - Fiber passings additions were +62,000 in Q2 2024[42]

Core Insights - Altice USA, Inc. reported a revenue of $2.24 billion for the quarter ended June 2024, reflecting a year-over-year decline of 3.6% and an EPS of $0.03, down from $0.17 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $2.25 billion by 0.47%, and the EPS was 62.50% below the consensus estimate of $0.08 [1] Revenue Performance - Residential revenue was reported at $1.75 billion, which is 4.5% lower than the previous year and below the average estimate of $1.77 billion [7] - Business services and wholesale revenue reached $369.29 million, exceeding the average estimate of $360.74 million, marking a year-over-year increase of 1.3% [8] - News and Advertising revenue was $105.28 million, significantly lower than the average estimate of $119.85 million, representing a decline of 7.2% year-over-year [9] - Mobile revenue within residential services was $27.48 million, surpassing the estimate of $27.28 million, and showing a substantial increase of 51.4% compared to the previous year [10] - Broadband revenue was reported at $914.99 million, below the average estimate of $921.73 million, reflecting a year-over-year decrease of 5.3% [11] - Video revenue was $739.45 million, also below the estimate of $747.97 million, indicating a decline of 4.6% year-over-year [12] - Telephony revenue was $71.70 million, exceeding the estimate of $68.33 million, but showing a decrease of 5.7% compared to the previous year [13] - Other revenue sources amounted to $12.57 million, surpassing the average estimate of $11.63 million, with a year-over-year increase of 15.5% [14] Customer Metrics - Total homes passed remained at 9.75 million, aligning with the average estimate from three analysts [3] - Residential unique customer relationships were reported at 4.27 million, slightly below the average estimate of 4.31 million [4] - SMB unique customer relationships reached 379.7 thousand, marginally above the average estimate of 379.66 thousand [5] - Total unique customer relationships were 4.65 million, which is lower than the average estimate of 4.69 million [6] Stock Performance - Over the past month, shares of Altice USA have returned +1.5%, outperforming the Zacks S&P 500 composite's +1.1% change [14] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [14]

分组1 - Altice USA reported quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.08 per share, and down from $0.17 per share a year ago, representing an earnings surprise of -62.50% [1] - The company posted revenues of $2.24 billion for the quarter, missing the Zacks Consensus Estimate by 0.47%, and down from $2.32 billion year-over-year [1] - Over the last four quarters, Altice USA has surpassed consensus EPS estimates only once, while it has topped consensus revenue estimates three times [1] 分组2 - Altice USA shares have declined approximately 35.7% since the beginning of the year, contrasting with the S&P 500's gain of 15.8% [2] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $2.24 billion, and for the current fiscal year, it is $0.17 on revenues of $9 billion [4] - The Zacks Industry Rank for Communication - Components is in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [5]

Financial Performance - Total revenue for Q2 2024 was $2.2 billion, a decrease of 3.6% year over year[3] - Residential revenue was $1.8 billion, down 4.4% year over year, with ARPU at $135.95, a decline of 1.1% or $1.49 year over year[3] - Business Services revenue increased to $369.3 million, up 1.3% year over year[3] - Net income attributable to stockholders was $15.4 million ($0.03/share) in Q2 2024, compared to $78.3 million ($0.17/share) in Q2 2023[3] - Net income attributable to Altice USA stockholders for Q2 2024 was $15,361, compared to $78,300 in Q2 2023, reflecting a decrease of 80.4%[15] - The diluted net income per share for Q2 2024 was $0.03, down from $0.17 in Q2 2023, reflecting an 82.4% decrease[15] - Net income for Q2 2024 was $21,702 thousand, a decrease from $86,144 thousand in Q2 2023, while net income for the first half of 2024 was $8,806 thousand compared to $117,314 thousand in the same period last year[20] Cash Flow and Expenses - Free Cash Flow deficit was ($40.9) million, impacted by $57 million in higher cash taxes year over year[3] - Free Cash Flow for the first six months of 2024 was $706,455, down from $855,687 in the same period of 2023, indicating a decrease of 17.4%[16][18] - Total operating expenses for Q2 2024 were $1,739,173, a decrease of 3.4% from $1,800,408 in Q2 2023[15] - Net cash flows from operating activities for Q2 2024 were $306,794 thousand, a decline from $438,841 thousand in Q2 2023, while for the first half of 2024, it was $706,455 thousand compared to $855,687 thousand in the same period last year[21] - Free cash flow for Q2 2024 was a deficit of $40,927 thousand, worsening from a deficit of $34,604 thousand in Q2 2023, while for the first half of 2024, free cash flow was $22,639 thousand compared to a deficit of $200,655 thousand in the same period last year[21] Capital Expenditures and Debt - Capital expenditures were $347.7 million, a decrease of 26.6% year over year, with a capital intensity of 15.5%[3] - Capital expenditures for the first six months of 2024 were $683,816, a decrease from $1,056,342 in the same period of 2023, representing a reduction of 35.3%[16] - Consolidated net debt for Altice USA was $24,566 million, representing a consolidated net leverage of 7.2x L2QA[8] - Consolidated net debt as of June 30, 2024, was $23,167 million, with gross debt consolidated at $24,928 million[23] - The net leverage ratio (LTM) was 7.0x as of June 30, 2024, consistent with the previous quarter, while the weighted average cost of debt (WACD) was 6.6%[25] Customer Metrics - Fiber customer net additions reached 434k, a 74% increase in total fiber customers compared to Q2 2023[5] - Mobile line net additions were +33k in Q2 2024, a 2.0x acceleration year over year, reaching a total of 385k lines[5] - Total broadband primary service units (PSUs) experienced net losses of -51k in Q2 2024, compared to -37k in Q2 2023[5] Strategic Focus and Future Outlook - The company is focusing on market expansion and new product development to drive future growth, although specific details were not disclosed in the earnings call[28] - Altice USA emphasizes its commitment to future financial performance, including revenue streams and operational improvements[34] - The company is focused on growth in broadband, fiber, video, and mobile services as part of its strategic objectives[34] - Altice USA's forward-looking statements include expectations for Free Cash Flow and capital expenditure plans[34] - The company acknowledges risks and uncertainties that could affect actual results compared to its forward-looking statements[34] - Altice USA plans to enhance its product offerings and base management strategy to improve operational performance[34] Media and Advertising - Altice USA serves approximately 4.7 million residential and business customers across 21 states through its Optimum brand[33] - The company operates Optimum Media, providing audience-based, multiscreen advertising solutions to various businesses[33] - The company provides hyper-local, national, and international news through its News 12 and i24NEWS networks[33]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Altice USA, Inc. due to lower revenues, with a consensus EPS estimate of $0.08, reflecting a -52.9% change from the previous year [2][8] - The actual earnings report, expected on August 1, will significantly influence the stock price based on how results compare to these estimates [1][8] Financial Estimates - Revenues for Altice USA are projected to be $2.25 billion, down 3.1% from the same quarter last year [2] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [2] Earnings Surprise Prediction - The Zacks Earnings ESP model shows a negative Earnings ESP of -21.05% for Altice USA, suggesting analysts have become bearish on the company's earnings prospects [4][6] - The Most Accurate Estimate is lower than the Zacks Consensus Estimate, indicating a potential earnings miss [4][6] Historical Performance - In the last reported quarter, Altice USA was expected to post earnings of $0.01 per share but instead reported a loss of $0.05, resulting in a surprise of -600% [7] - Over the last four quarters, the company has beaten consensus EPS estimates two times [7] Comparative Industry Analysis - Arista Networks, a peer in the Zacks Communication - Components industry, is expected to report earnings of $1.94 per share, reflecting a year-over-year increase of +22.8% [9] - Arista Networks has a positive Earnings ESP of 1.72% and a Zacks Rank of 1, indicating a strong likelihood of beating consensus EPS estimates [9]

NEW YORK, June 26, 2024 /PRNewswire/ -- MiCTA, a national, non-profit group purchasing organization located in Saginaw, MI, has named Lightpath as an approved vendor for its Internet, Ethernet, Wavelengths, Dark Fiber, Private Networks, Voice, and all of the company's managed service offerings. The Master Service Agreement will enable MiCTA members to purchase Lightpath's services at a discount. "MiCTA is pleased to welcome Lightpath as an Approved MiCTA vendor," stated Tim von Hoff, Chief Operating Officer ...