Financial Data and Key Metrics Changes - Total company revenue declined about 3% year-over-year, primarily due to tough comparisons to last year's Paris Olympics, but excluding that impact, revenue increased nearly 3% [14] - EBITDA and adjusted EPS were consistent with last year, while free cash flow increased 45% to $4.9 billion [14][24] - Connectivity and platforms EBITDA declined by 3.7% this quarter, with expectations for continued pressure over the next several quarters due to ongoing investments [11][16] Business Line Data and Key Metrics Changes - Broadband subscribers declined by 104,000 in the quarter, with a seasonal benefit from back-to-school activity offset by intense competition [17] - Convergence revenue grew by 2.5%, supported by mid-teens growth in wireless, with wireless net additions hitting a record of 414,000 [19] - Business services revenue was up 6%, with EBITDA growth of nearly 5%, driven by advanced services adoption [20] Market Data and Key Metrics Changes - Broadband-only customers averaged 800 GB of usage per month in Q3, up 9% year-over-year [6] - The competitive environment for broadband remains intense, with a focus on two multi-gig symmetrical providers dominating the market [5][16] - The media segment, excluding last year's Olympics, saw a healthy revenue increase of 4%, with Peacock revenue growing at a mid-teens rate [22] Company Strategy and Development Direction - The company is focusing on three strategic pillars: network, product, and customer experience, with significant investments in AI to optimize performance [6][10] - A new pricing model has been introduced, simplifying customer choices and enhancing transparency [10][16] - The company aims to leverage its sports portfolio to drive viewership and advertising revenue, with a strong focus on integrating linear and streaming media [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of the leadership transition and the ongoing pivot to meet market demands [29][30] - The company anticipates continued pressure on ARPU in early 2026 but is confident in returning to growth as customer migrations to new pricing plans progress [41][48] - Management acknowledged the challenges posed by competition but emphasized the long-term benefits of their strategic investments [16][19] Other Important Information - The company returned $2.8 billion to shareholders this quarter, including $1.5 billion in share repurchases and $1.2 billion in dividends [14][26] - The company is maintaining a healthy balance sheet with net leverage at 2.3x, despite increased capital expenditures of $3.1 billion [24][26] Q&A Session Summary Question: Context around ARPU evolution and customer migration to new plans - Management indicated that ARPU growth is unlikely in 2026 due to ongoing investments and customer migrations to new pricing plans [41][42] Question: Trajectory of CMP EBITDA next year and OpEx investments - Management discussed aggressive investments in marketing and customer experience to support the transition, with a focus on cost rationalization [51][55] Question: Speculation about Warner Bros. Discovery and implications for Verizon relationship - Management expressed confidence in the relationship with Verizon and emphasized the high bar for pursuing M&A transactions [59][62] Question: Conversion of free wireless lines to pay and ensuring customer quality - Management highlighted the importance of maintaining quality connections and proactive strategies for converting free lines to paid status [70][72] Question: Business market trends and competition outlook - Management acknowledged increased competition in the business market but expressed confidence in their strong portfolio and growth potential [95][96]

Financial Data and Key Metrics Changes - Total company revenue declined about 3% year over year, primarily due to tough comparisons to last year's Paris Olympics, but excluding that impact, revenue increased nearly 3% driven by strong performance across six growth businesses [14][22] - EBITDA and adjusted EPS were consistent with last year, while free cash flow increased 45% to $4.9 billion [14][24] - Connectivity and platforms EBITDA declined by 3.7% this quarter, reflecting the costs associated with the strategic pivot [11][16] Business Line Data and Key Metrics Changes - Broadband subscribers declined by 104,000 in the quarter, with a seasonal benefit from back-to-school activity offset by intense competition [17] - Convergence revenue grew by 2.5%, supported by mid-teens growth in wireless, with wireless net additions hitting a record of 414,000 [19] - Business services revenue was up 6%, with EBITDA growth of nearly 5%, driven by advanced services adoption [20] Market Data and Key Metrics Changes - Broadband-only customers averaged 800 gigs a month in the third quarter, up 9% year over year [6] - Peacock revenue grew at a mid-teens rate, driven by strength in both advertising and distribution, with advertising up 2.6% [22][84] - The competitive environment for broadband remains intense, with fixed wireless serving price-sensitive segments [5][16] Company Strategy and Development Direction - The company is focusing on three strategic pillars: network, product, and customer experience, with a deliberate investment phase expected to carry costs [6][11] - A new pricing model has been introduced, simplifying offers and enhancing customer experience, with a focus on price transparency [10][15] - The company aims to be a leader in the multi-gig symmetrical broadband market, adapting its approach to compete effectively [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of the leadership transition and the strategic initiatives being implemented [29][30] - The company anticipates continued pressure on ARPU in early 2026 due to the transition to new pricing and packaging [41][46] - Management is confident in the long-term growth potential of broadband and wireless as they navigate the current competitive landscape [48][72] Other Important Information - The company returned $2.8 billion to shareholders this quarter, including $1.5 billion in share repurchases and $1.2 billion in dividends [14][26] - The rollout of the new premium unlimited plan for wireless customers has been successful, enhancing the company's position in the high-value postpaid market [9][19] Q&A Session Summary Question: Context around ARPU evolution and customer migration to new plans - Management indicated that due to investments, ARPU growth is unlikely in 2026, but they are actively migrating customers to new pricing and packaging [40][41] Question: Trajectory of CMP EBITDA next year and OpEx investments - Management acknowledged that while there are investments in sales, marketing, and customer service, they are also rationalizing costs to support the transition [51][55] Question: Speculation about Warner Brothers Discovery and implications for Verizon relationship - Management stated that they are confident in their relationship with Verizon and emphasized that the bar for pursuing M&A is high [59][62] Question: Conversion of free wireless lines to pay and ensuring customer quality - Management highlighted the importance of maintaining quality connections and ensuring a smooth transition for free lines to paid status next year [70][72] Question: Business market trends and competition outlook - Management noted that while competition in the business market is increasing, they have a strong portfolio and are well-positioned for growth [95][96]

Financial Data and Key Metrics Changes - The third quarter consolidated revenue was $33.8 billion, up 1.5% from the prior year period [10] - Adjusted EBITDA was $12.8 billion, up 2.3% year over year, with year-to-date adjusted EBITDA growth of 3.5% at the top end of the guided range [12][13] - Adjusted EPS was $1.21 in the quarter, up 1.7% year over year [13] - Free cash flow for the third quarter was $7 billion, representing a nearly 17% improvement year over year [14] - Net unsecured debt at the end of the quarter was $112 billion, a $9.4 billion improvement year over year [15] Business Line Data and Key Metrics Changes - Postpaid phone gross adds were up 8.4% from the prior year, but net losses were 7,000 due to a churn rate of 0.91% [7][8] - Consumer upgrades increased by 16% year over year, driven by the best value guarantee [8] - Core prepaid delivered 47,000 net adds, marking the fifth consecutive quarter of positive subscriber growth [8] - Verizon Business added 51,000 phone net adds, offsetting disconnect pressure in the public sector [9] - Broadband net adds were 306,000, with a total of over 13.2 million subscribers, and FiOS Internet delivered 61,000 net adds, the best quarterly result in two years [9][10] Market Data and Key Metrics Changes - Converged customers on fiber have a mobility churn rate nearly 40% lower than the overall mobility base [8] - The company is focused on expanding its fiber footprint and enhancing its broadband offerings through partnerships [10][92] Company Strategy and Development Direction - The company aims to shift from a technology-centric to a customer-centric approach, focusing on delighting customers and improving retention [19][32] - A fundamental change in strategic approach is planned, emphasizing financial discipline and sustainable growth [6][26] - The acquisition of Frontier is expected to create significant cross-sell opportunities and enhance the company's fiber capabilities [23][24] - The company plans to leverage AI to improve customer experience and operational efficiency [22][86] Management's Comments on Operating Environment and Future Outlook - The management acknowledges that Verizon has not captured customer growth opportunities despite its strong network foundation [5][17] - There is a commitment to transforming the culture and financial profile of the company, focusing on customer satisfaction and shareholder returns [19][26] - The company expects to close the Frontier deal in the first quarter of 2026 and is making progress with regulatory approvals [15][16] Other Important Information - The company raised its dividend for the 19th consecutive year, reflecting its commitment to shareholder returns [14] - The management is focused on reducing costs and improving operational efficiency across all business aspects [12][22] Q&A Session Questions and Answers Question: Can you expand on your vision for the company and how you expect to turn consumer volumes? - The vision includes shifting to a customer-centric approach, focusing on retention and creating the best value proposition [30][32] Question: How do you drive share for Verizon higher without going through a painful back book repricing exercise? - The strategy involves addressing customer pain points and creating targeted value propositions without relying solely on price increases [40][42] Question: Are there any parallels between Verizon and PayPal that inform your view of the opportunity for improvement? - Similarities exist in the need to focus on customer satisfaction and addressing pain points to drive growth [53][55] Question: What is the company's perspective on convergence and its fiber footprint? - Convergence is seen as a powerful opportunity for revenue synergies, and the company plans to invest in both fiber and fixed wireless [65][66] Question: How does the company plan to address cost opportunities? - The focus will be on identifying areas for cost reductions and reallocating those savings to enhance the value proposition [90][94]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $33.8 billion, an increase of 1.5% year-over-year [11] - Adjusted EBITDA was $12.8 billion, up 2.3% year-over-year, with year-to-date adjusted EBITDA growth of 3.5% [13] - Adjusted EPS for the quarter was $1.21, reflecting a 1.7% increase year-over-year [13] - Free cash flow for Q3 was $7 billion, representing a nearly 17% improvement year-over-year [14] - Net unsecured debt at the end of the quarter was $112 billion, a $9.4 billion improvement year-over-year [16] Business Line Data and Key Metrics Changes - Postpaid phone gross adds increased by 8.4% year-over-year, but net losses were 7,000 due to a churn rate of 0.91% [8] - Consumer upgrades rose by 16% year-over-year, attributed to the best value guarantee [9] - Core prepaid business added 47,000 net subscribers, marking the fifth consecutive quarter of growth [9] - Verizon Business added 51,000 phone net adds, offsetting disconnect pressure in the public sector [10] - Broadband net adds were 306,000, with a total of over 13.2 million subscribers, and FiOS Internet delivered 61,000 net adds, the best quarterly result in two years [10] Market Data and Key Metrics Changes - More than 18% of the consumer postpaid phone base took a converged offering, up over 200 basis points from last year [9] - Fixed wireless access net adds were 261,000 for the quarter, with approximately 5.4 million FWA subscribers [11] - Annualized revenue from fixed wireless access surpassed $3 billion [11] Company Strategy and Development Direction - The company is shifting to a customer-first focus, aiming to redefine its trajectory and enhance customer experience [6][20] - Plans to aggressively transform the culture and financial profile of the company, focusing on customer retention and reducing churn [18][19] - The acquisition of Frontier is expected to create significant cross-sell opportunities and enhance the fiber footprint [24][25] - Emphasis on leveraging AI to improve customer experience and operational efficiency [23][88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the company has not captured growth opportunities despite a strong network foundation [5][18] - The focus will be on driving sustainable value for shareholders through disciplined growth and improved customer satisfaction [6][20] - The company is committed to maintaining its dividend and reducing debt while exploring growth opportunities [16][26] Other Important Information - The company raised its dividend for the 19th consecutive year, reflecting a commitment to shareholder returns [15] - Integration planning for the Frontier acquisition is on track, with strong performance reported by Frontier [17] Q&A Session Summary Question: Can you expand on your vision for the company and what you expect to accomplish in the first hundred days? - The vision includes shifting from a technology-centric to a customer-centric approach, focusing on retention and creating the best value proposition [33][34] Question: How do you drive share for Verizon higher without a painful back book repricing exercise? - The strategy involves addressing customer pain points, enhancing the customer experience, and leveraging convergence [41][44] Question: What strategies do you think are best for reducing churn? - The company will focus on understanding churn drivers and proactively addressing customer needs with tailored offers [80][85] Question: How do you view the opportunity for AI within Verizon? - AI is seen as a transformative technology that can enhance customer experience and operational efficiency [87][88] Question: Can you discuss the nature of the cost opportunities and the organic fiber expansion rate? - The company aims to optimize costs while expanding its fiber footprint, with a focus on both organic growth and acquisitions [92][95]

Financial Data and Key Metrics Changes - Total revenues grew by 1.6% year over year, while adjusted EBITDA increased by 2.4%, leading to a 30 basis point expansion in adjusted EBITDA margins [11] - Adjusted EPS remained consistent at $0.54, and free cash flow for the quarter was $4.9 billion, up from $4.6 billion a year ago [11] - Capital investment decreased by $200 million year over year to $5.3 billion, with a $400 million contribution to the employee pension plan impacting free cash flow [11][12] Business Line Data and Key Metrics Changes - Mobility service revenue grew by 2.3% year over year, contributing to a 2.2% increase in EBITDA [13] - Consumer wireline revenues increased by 4.1%, driven by a 16.8% growth in fiber revenue, with consumer wireline EBITDA growing over 15% [17] - Business wireline revenues declined by 7.8% year over year, while fiber and advanced connectivity service revenues grew by 6% [19][20] Market Data and Key Metrics Changes - The company passed over 31 million locations with fiber and aims to reach over 60 million by the end of 2030 [4] - AT&T Fiber subscribers exceeded 10 million, with a significant increase in broadband net adds, marking the highest total in eight years [5][18] - The convergence rate of fiber customers who also subscribe to mobility services reached 41.5%, up 180 basis points from the previous year [18] Company Strategy and Development Direction - The company aims to become the best advanced communications provider in America, focusing on convergence and expanding its advanced connectivity portfolio through acquisitions [7][10] - Planned acquisitions of spectrum licenses from EchoStar and fiber assets from Lumen are expected to enhance the company's connectivity capabilities [9][10] - The strategy includes transitioning away from legacy copper infrastructure to invest in AI-ready connectivity [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year financial guidance, with expectations for service revenue growth in the low single-digit range and adjusted EBITDA growth of 3% or better [21][22] - The competitive environment remains challenging, but the company believes its focus on converged customer relationships will drive profitability and reduce churn [56][60] - Management anticipates continued pressure on ARPU due to targeting underpenetrated segments, but expects overall service revenue growth [54][61] Other Important Information - The company returned $3.5 billion to shareholders, including nearly $1.5 billion in stock repurchases, maintaining a target of $4 billion for the year [20] - The company ended the quarter with a net debt to adjusted EBITDA ratio of 2.59x, reflecting strong cash generation [20] - The company expects to provide an update on its long-term financial outlook early next year, following the completion of key acquisitions [23] Q&A Session Summary Question: Concerns about broadband competition and DSL base decline - Management reassured that they have a strong product and scalable build engine, allowing them to effectively compete against new entrants [28][30][32] Question: Market segmentation between fiber and fixed wireless - Management emphasized targeted marketing strategies to ensure efficient segmentation and avoid overlap between fiber and fixed wireless customers [42][44] Question: Positioning in a competitive wireless market - Management expressed confidence in their ability to navigate competitive pressures and focus on converged customer strategies to enhance profitability [55][59] Question: Long-term outlook on M&A and succession planning - Management indicated a focus on organic growth and internal operations, with no immediate plans for further acquisitions [68][70] Question: Confidence in Lumen and EchoStar acquisitions - Management confirmed confidence in the strategic value of the Lumen and EchoStar assets, expecting them to enhance organic growth and profitability [78][80]

Financial Data and Key Metrics Changes - Total revenues grew by 1.6% year over year, with adjusted EBITDA increasing by 2.4% and adjusted EBITDA margins expanding by 30 basis points [11] - Adjusted EPS was $0.54, consistent with the prior year, while free cash flow was $4.9 billion compared to $4.6 billion a year ago [11] - Capital investment decreased by $200 million year over year to $5.3 billion, with a $400 million contribution to the employee pension plan impacting free cash flow [11][12] Business Line Data and Key Metrics Changes - Mobility service revenue grew by 2.3% year over year, contributing to EBITDA growth of 2.2% [13] - Consumer wireline revenues increased by 4.1%, driven by a 16.8% growth in fiber revenue, with consumer wireline EBITDA growing over 15% [17] - Business wireline revenues declined by 7.8% year over year, while fiber and advanced connectivity service revenues grew by 6% [19][20] Market Data and Key Metrics Changes - Over 550,000 new subscribers were added to AT&T's advanced broadband services, marking the highest total broadband net adds in over eight years [4] - The convergence rate of fiber customers who also subscribe to mobility services reached 41.5%, up 180 basis points from a year ago [18] - The company passed more than 31 million locations with fiber and expects to reach over 60 million by the end of 2030 [4][5] Company Strategy and Development Direction - The company aims to become the best advanced communications provider in America, focusing on convergence and expanding its advanced connectivity portfolio through acquisitions [7][10] - Planned acquisitions of spectrum licenses from EchoStar and fiber assets from Lumen are expected to enhance the company's connectivity capabilities [9][10] - The strategy includes transitioning away from legacy copper infrastructure and investing in AI-ready connectivity [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year financial guidance, with expectations for service revenue growth in the low single-digit range and adjusted EBITDA growth of 3% or better [21] - The competitive environment remains challenging, but the company believes its focus on converged customer relationships will drive profitability and reduce churn [56][59] - Management anticipates continued pressure on ARPU due to targeting underpenetrated segments, but expects overall service revenue growth [60][61] Other Important Information - The company returned $3.5 billion to shareholders, including nearly $1.5 billion in stock repurchases, and ended the quarter with over $20 billion in cash [20][21] - The company expects to achieve full-year free cash flow in the low to mid-$16 billion range, with capital investments projected at $22 to $22.5 billion [22] Q&A Session Summary Question: Concerns about broadband competition and DSL base decline - Management reassured that they have a strong product and scalable build engine, allowing them to effectively compete against new entrants [28][30][32] Question: Market segmentation between fiber and fixed wireless - The company is focused on ensuring that marketing efforts are targeted and that customers are directed to the appropriate service based on geography [42][44] Question: Positioning in a competitive wireless market - Management believes they are well-positioned to compete and will adjust strategies as necessary to maintain market share [54][56] Question: Long-term organic growth and M&A strategy - Management emphasized a focus on organic growth and internal efficiencies rather than pursuing additional acquisitions at this time [68][69] Question: Confidence in Lumen and EchoStar transactions - Management expressed confidence in the expected benefits from the Lumen and EchoStar transactions, with no unexpected issues arising during planning [78][80]

Financial Data and Key Metrics Changes - Total revenues grew by 1.6% year over year, while adjusted EBITDA increased by 2.4%, leading to a 30 basis point expansion in adjusted EBITDA margins [10] - Adjusted EPS remained consistent at $0.54, excluding certain gains and costs [10] - Free cash flow for the third quarter was $4.9 billion, up from $4.6 billion a year ago [10] - Capital investment decreased by $200 million year over year to $5.3 billion [10] - Net debt to adjusted EBITDA ratio improved slightly to 2.59 times from 2.64 times in the previous quarter [19] Business Line Data and Key Metrics Changes - Mobility service revenue grew by 2.3% year over year, contributing to a 2.2% increase in EBITDA [11] - The company added 405,000 postpaid phone net adds, slightly up from the previous year [12] - Consumer wireline revenues increased by 4.1%, driven by a 16.8% growth in fiber revenue [16] - Consumer wireline EBITDA grew over 15%, with margins expanding by 350 basis points year over year [16] - AT&T Fiber customer base reached over 10 million, with 288,000 new Fiber customers added in the third quarter [17] Market Data and Key Metrics Changes - The convergence rate of fiber customers who also subscribe to mobility services reached 41.5%, up 180 basis points from a year ago [17] - Business wireline revenues declined by 7.8% year over year, while EBITDA decreased by about 13% [18] - Fiber and advanced connectivity service revenues grew by 6% year over year, accelerating from 3.5% growth in the second quarter [18] Company Strategy and Development Direction - The company aims to become the best advanced communications provider in America and lead in retail connectivity service revenue by the end of the decade [6] - Planned acquisitions of spectrum licenses from EchoStar and fiber assets from Lumen are expected to enhance the connectivity portfolio [6][8] - The company is transitioning away from legacy copper infrastructure to invest in AI-ready connectivity [8] - The focus is on organic growth and improving operational efficiency without the need for further acquisitions [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, with service revenue growth expected in the low single-digit range and adjusted EBITDA growth of 3% or better [20][21] - The competitive environment remains challenging, but the company is well-positioned to manage through it by focusing on converged customer relationships [56] - Management anticipates continued pressure on ARPU due to targeting underpenetrated segments, but overall service revenue growth is expected to remain strong [58] Other Important Information - The company returned $3.5 billion to shareholders, including nearly $1.5 billion in stock repurchases [19] - The company expects to achieve full-year free cash flow in the low to mid-$16 billion range, with capital investments projected at $22 to $22.5 billion [22] Q&A Session Summary Question: Concerns about fiber expansion and competition - Management reassured that they have a strong build strategy and are confident in their ability to penetrate markets effectively, despite competition [28][29][31] Question: Fixed Wireless Access (FWA) market segmentation - Management highlighted a targeted marketing approach to ensure efficient segmentation between fiber and fixed wireless offerings [42][44] Question: Future promotional activity and ARPU pressure - Management indicated that they are well-positioned for competitive markets and expect to manage ARPU pressure through a focus on converged services [56][58] Question: Confidence in Lumen and EchoStar acquisitions - Management expressed confidence in the accretion from these acquisitions, noting that they are on track with their conservative modeling [70][73]

Financial Data and Key Metrics Changes - Total revenues grew by 1.6% year over year, adjusted EBITDA increased by 2.4%, and adjusted EBITDA margins expanded by 30 basis points [12] - Adjusted EPS was $0.54, consistent with the prior year, while free cash flow was $4.9 billion compared to $4.6 billion a year ago [12][26] - Capital investment decreased to $5.3 billion, down $200 million year over year [13] Business Line Data and Key Metrics Changes - Mobility service revenue grew by 2.3% year over year, contributing to EBITDA growth of 2.2% [14] - Consumer Wireline revenues increased by 4.1%, driven by a 16.8% growth in fiber revenue, with Consumer Wireline EBITDA growing over 15% [19] - Business Wireline revenues declined by 7.8% year over year, while EBITDA decreased by about 13% [22] Market Data and Key Metrics Changes - Over 400,000 postpaid phone net adds were recorded, slightly ahead of the previous year's performance [3] - AT&T Fiber subscribers surpassed 10 million, with the company achieving its highest total broadband net adds in over eight years [5][21] - The convergence rate of fiber customers who also subscribe to mobility services reached 41.5%, up 180 basis points from a year ago [21] Company Strategy and Development Direction - The company aims to become the best advanced communications provider in America and lead the industry in retail connectivity service revenue by the end of the decade [7] - Planned acquisitions of spectrum licenses from EchoStar and fiber assets from Lumen are expected to enhance the advanced connectivity portfolio [7][9] - The company is focused on transitioning away from legacy infrastructure and investing in AI-ready connectivity [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year financial guidance, with expectations for service revenue growth in the low single-digit range and adjusted EBITDA growth of 3% or better [26] - The competitive environment remains challenging, but the company believes its focus on converged customer relationships will drive profitability and reduce churn [61][65] - Management is optimistic about the impact of upcoming acquisitions on organic growth and profitability [28][90] Other Important Information - The company returned $3.5 billion to shareholders, including nearly $1.5 billion in stock repurchases [23] - The company ended the quarter with over $20 billion in cash, positioning it well for capital returns and pending acquisitions [24] - The company expects to achieve full-year free cash flow in the low to mid-$16 billion range [26] Q&A Session Summary Question: Concerns about fiber expansion and competition - Management expressed confidence in their ability to build effectively and penetrate markets, stating that they have a scalable build engine and can manage capital allocation strategically [31][35] Question: Fixed Wireless Access (FWA) market segmentation - Management highlighted the importance of targeted marketing and operational support to ensure effective segmentation between fiber and fixed wireless offerings [43][46] Question: Impact of competitive activity on wireless margins - Management believes they are well-positioned for a competitive market and will continue to focus on converged customers to drive profitability [60][62] Question: Confidence in Lumen and EchoStar acquisitions - Management reiterated confidence in the strategic value of the Lumen and EchoStar assets, expecting them to enhance organic growth and profitability [81][84]

Strong Bullish Convergence was formed on #AAVEPump is expected. https://t.co/g4fwt4HGbP ...

T-Mobile US Inc. Conference Call Summary Company Overview - **Company**: T-Mobile US Inc. (TMUS) - **Event**: Citi's 2025 Global TMT Conference - **Date**: September 04, 2025 Key Points Industry and Market Position - T-Mobile has established itself as the best network in the U.S., with a significant opportunity for growth due to the gap between network reality and perception [6][7] - The company has increased its share of the switching market from 13% to 20%, indicating strong momentum in customer acquisition [6][7] - There remains a large potential customer base, particularly in enterprise and government sectors, where T-Mobile holds only 10% to 20% market share [7] Growth Opportunities - T-Mobile's strategy focuses on bridging the perception gap regarding its network quality, which is crucial for attracting new customers [9][33] - The company is committed to making the switching process easier for customers, addressing inertia in the market [9] - T-Mobile's recent acquisition of UScellular is expected to enhance its network capabilities and accelerate synergies, increasing the synergy target from $1 billion to $1.2 billion and shortening the timeframe from four years to two [36] Financial Performance - T-Mobile has maintained its postpaid phone net add guidance despite absorbing a business with declining phone subscribers, indicating strong underlying performance [21] - The company reported a strong free cash flow growth of 50% over the past three years, with customers benefiting from increased data speeds and lower real-term costs [32] Digital and Customer Experience - T-Mobile has made significant progress in digital capabilities, with 75 million customers downloading the T-Life app, which aims to enhance customer experience and reduce inbound care calls by 75% [48][51] - The integration of AI into customer service processes is expected to improve efficiency and customer satisfaction [54][55] Competitive Landscape - T-Mobile differentiates itself from competitors by not focusing on bundling services, arguing that the U.S. market is already the most bundled wireless market globally due to family plans [12][13] - The company believes that the economic benefits of bundling seen in Europe do not apply to the U.S. market due to different churn rates [15] Future Outlook - T-Mobile is optimistic about its future growth, emphasizing its unique position in the market with the best network, best value, and a strong culture [57] - The company is focused on expanding its fiber broadband business, targeting 100,000 net adds in the second half of the year, and sees potential for significant growth in this area [46] Spectrum and Capital Allocation - T-Mobile is cautious about spectrum acquisition, focusing on capital allocation and ensuring that investments align with its strategic goals [38][39] - The company has no interest in acquiring certain spectrum bands that do not align with its coverage and capacity needs [38] Additional Insights - T-Mobile's FWA (Fixed Wireless Access) business has grown from 3.7 million customers to 7.3 million in two years, with customers using 25% more data than before [41] - The company is leveraging partnerships with fiber builders to enhance its broadband offerings while maintaining capital efficiency [17] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting T-Mobile's competitive advantages, growth opportunities, and commitment to enhancing customer experience.