Core Insights - Digita Group has reached an agreement to be acquired by GI Partners, marking a significant transition for the company as it continues to operate independently within GI Partners' portfolio [1][3][4] - Under the previous ownership of DigitalBridge, Digita expanded its tower sites from approximately 200 to over 950 and enhanced its Data Centre and IoT platforms [2][5] - The acquisition is expected to close in the first quarter of 2026, with financial advisement provided by Houlihan Lokey for DigitalBridge and Rothschild & Co. for GI Partners [4] Company Overview - Digita Group, operating as Digita Oy in Finland and IslandsTurnar in Iceland, is one of the largest independent tower companies in the Nordics, with a nationwide portfolio of over 950 tower sites [1][5] - The company plays a crucial role in providing communication and connectivity services, partnering with Yle, Finland's public broadcaster, and serving millions through its telecom infrastructure [5] Investment and Growth Strategy - The new partnership with GI Partners is expected to support Digita's management team in the next stage of growth, focusing on expanding its independent tower operations and enhancing its data centre and IoT networks [3][7] - GI Partners has a strong background in investing in digital infrastructure, managing over $49 billion in assets, which positions them well to support Digita's future growth [6][7]

Core Insights - Anterix and Crown Castle have launched a nationwide tower optimization solution called TowerX to enhance the deployment of 900 MHz private LTE networks for utilities, aiming to reduce costs and accelerate grid connectivity [1][2][3] Group 1: TowerX Overview - TowerX provides a streamlined path for utilities to deploy 900 MHz private wireless networks, combining a portfolio of qualified tower sites with comprehensive site development [2] - The service standardizes processes and leverages collective experience to help utilities control costs, reduce project delays, and optimize tower assets for long-term operational needs [2][3] Group 2: Infrastructure and Collaboration - Utilities using TowerX will gain access to a vast network of tower infrastructure, including over 40,000 sites from Crown Castle, facilitating faster deployment of private wireless networks [3] - The collaboration between Anterix and Crown Castle aims to strengthen operational resilience and enable large-scale grid modernization [3][4] Group 3: Industry Impact - TowerX is part of the Anterix Active Ecosystem, which includes over 125 technology and infrastructure innovators, working together to provide end-to-end solutions for utilities [4] - This ecosystem enhances interoperability and accelerates grid transformation, addressing the challenges faced by utilities in modernizing their infrastructure [4][6]

Financial Data and Key Metrics Changes - Total operating revenues decreased by 3% year-over-year, with a 1% decline when excluding divestitures, driven by declines in legacy cable and copper markets, partially offset by fiber growth [31] - Adjusted EBITDA also fell by 3% year-over-year, impacted by divestitures and legacy revenue declines, but supported by disciplined cost control [31] - Capital expenditures increased compared to the previous year due to spending on the EACAM program and higher expansion address delivery, with over 80% of 2025 capital expenditures focused on fiber [31][32] Business Line Data and Key Metrics Changes - TDS Telecom achieved a milestone of 1 million fiber addresses, with 42,000 fiber addresses delivered in the quarter, contributing to a 19% growth in residential fiber connections year-over-year [15][23] - Residential fiber net additions were 11,200 in the quarter, reflecting an 8% year-over-year increase [30] - The company is behind schedule on its annual address delivery target but expects the fourth quarter to be the strongest [29] Market Data and Key Metrics Changes - The fiber business is expected to grow significantly, with a target of 1.8 million marketable fiber service addresses, up from approximately 900,000 [28][84] - The company anticipates achieving gig speeds for at least 95% of its footprint, with 76% currently at gig speeds [28] Company Strategy and Development Direction - The company is focused on capital allocation decisions, prioritizing investments in fiber, achieving inorganic growth through M&A, and returning capital to shareholders [17][20] - The EACAM program aims to replace legacy copper infrastructure, adding approximately 300,000 new fiber addresses and providing $1.2 billion in regulatory revenue support over 15 years [24][25] - The company plans to pursue edge-out opportunities in adjacent communities without fiber providers, with several hundred thousand potential service addresses identified [18][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fiber business's growth potential and the successful transition to an independent tower company [14][33] - The company is focused on optimizing tower operations and monetizing spectrum, with significant progress made in spectrum monetization [36][38] - Management acknowledged the challenges of transforming the business but emphasized the strong culture and commitment of associates [16] Other Important Information - A $500 million share repurchase program was announced, reflecting the board's confidence in the company's long-term strategy [20][60] - The company expects to declare a special dividend of approximately $10 per share following the closing of the AT&T transaction [18] Q&A Session Summary Question: Update on fiber plan and cohort analysis - Management acknowledged the request for cohort analysis and plans to provide updates in February regarding fiber opportunities and market performance [54][56] Question: Stock buyback program significance - The board's authorization of the buyback program reflects confidence in the company's strategy and is seen as a balanced approach alongside business investments [60] Question: SG&A expenses and wind down costs - Management indicated that SG&A costs are expected to remain high through the first half of next year, with ongoing efforts to rationalize expenses [64][65] Question: Naked tower strategy and land leases - The strategy involves leasing up towers and rationalizing ground rents, with minimal long-term commitments on land leases [75][78] Question: Leverage target and fiber passings impact - The leverage target is set to maximize flexibility, with current leverage at 1.4 times, and future updates on fiber goals will be provided in February [82][84] Question: M&A strategy and edge-out opportunities - Current focus is on operational execution rather than M&A, with potential future opportunities being evaluated [107]

Strategy & Vision - Helios Towers' new strategy, IMPACT 2030, targets capital efficient organic growth through tenancy expansion and customer experience excellence[35, 113] - The company aims to generate >$1.3 billion of cumulative recurring free cash flow across 2026-2030[35, 113, 138, 157] - The company is targeting >$500 million of discretionary capex on accretive growth opportunities and >$400 million of investor distributions up to 2030[35, 151, 152, 157] - The company targets >42,000 tenancies by 2030[106] and a tenancy ratio of >2.5x by 2030[37, 51, 106, 138] Financial Performance & Targets - The company's FY25 Adj EBITDA guidance is tightened upwards to c$470 million, representing a +12% YoY growth[30, 117, 119, 124, 125] - The company's Q3 2025 YTD Adj EBITDA grew +11% YoY to $346 million[117] - The company's Q3 2025 YTD free cash flow expanded to $49 million, a +$70 million YoY expansion[117] - The company's Q3 2025 YTD tenancy ratio expanded to 2.2x, a +0.1x YoY expansion[37, 51, 117] - The company's Q3 2025 YTD ROIC expanded to 14%, a +1ppt YoY expansion[37, 51, 117] - The company has initiated a share buyback program with a Board authorization of $75 million until 31 December 2026[107, 146, 147, 152]

Financial Data and Key Metrics Changes - The company reported a strong quarter with an industry-leading AFFO per share and a modest increase in the full-year outlook for new leasing activity and escalations [5][10] - Adjusted for the timing of the Millicom acquisition, the third-quarter results were in line with expectations, with domestic organic leasing revenue growth of 5.3% on a gross basis and 1.6% on a net basis [13][21] - Total debt at the end of the quarter was $12.8 billion, with net debt at $12.3 billion, resulting in a leverage ratio of 6.2 times net debt to adjusted EBITDA [21] Business Line Data and Key Metrics Changes - The services business saw a significant revenue increase of 81% in Q3 compared to the prior year, primarily driven by construction-related projects focused on network expansion [5] - The company acquired 447 sites for approximately $143 million during Q3, mainly related to the Millicom acquisition, with an additional 2,000 sites closed post-quarter [15] Market Data and Key Metrics Changes - International organic leasing revenue growth for Q3 was 8.5% on a gross basis, although total international churn remained elevated due to ongoing carrier consolidation [15][21] - The company noted that 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA was denominated in U.S. dollars [15] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning more closely with leading wireless operators [8] - A new long-term agreement with Verizon supports the company's growth strategy and enhances operational efficiencies [9][10] - The company is changing its financial policy to reduce the target leverage range to six to seven turns of net debt to adjusted EBITDA, aiming for investment-grade debt issuance [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for mobile broadband growth, driven by the proliferation of 5G use cases and increasing mobile data traffic [10][11] - The company anticipates ongoing network investment to meet the demands of new technologies, including 6G [11] - Management acknowledged the challenges posed by regulatory delays in acquisitions but remains confident in future growth opportunities [81] Other Important Information - The company has a remaining $1.3 billion under its stock repurchase authorization, having repurchased $325 million worth of shares in 2025 [10][21] - A quarterly dividend of $1.11 per share was declared, representing a 13% increase over the previous year [22][23] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - Management indicated that the Verizon agreement includes components for colocations and amendments, with a minimum commitment for growth over the next 10 years [27][28] Question: Current status of DISH payments - Management confirmed that DISH is current on their rents and expects them to honor their agreements [28][29] Question: Structure of Verizon deal compared to AT&T - The Verizon deal is described as more linear compared to the AT&T agreement, with growth tied directly to activity [30][31] Question: T-Mobile agreement status - Management expressed confidence in negotiating a new agreement with T-Mobile, given the strong existing relationship [98] Question: Sustainability of services business growth - Management noted that while this year is expected to be the second-best for services, sustainability will depend on the needs of the three main customers [100][101] Question: Regulatory delays in acquisitions - Management acknowledged that regulatory challenges have impacted the timing of acquisitions, particularly in markets where they hold significant market share [81][84]

Financial Data and Key Metrics Changes - The company reported a strong quarter with an increase in Adjusted Funds From Operations (AFFO) per share, leading the industry [4] - Revenue from the services business increased by 81% year-over-year in Q3, primarily driven by construction-related projects [4] - The company ended the quarter with total debt of $12.8 billion and net debt of $12.3 billion, maintaining a leverage ratio of 6.2 times net debt to adjusted EBITDA [19] Business Line Data and Key Metrics Changes - Domestic organic leasing revenue growth was 5.3% on a gross basis and 1.6% on a net basis, with churn at 3.7% [11] - International organic leasing revenue growth was 8.5% on a constant currency basis [12] - The company acquired 447 sites for approximately $143 million during Q3, primarily related to the Millicom acquisition [12] Market Data and Key Metrics Changes - The company noted that 80% of consolidated cash site leasing revenue and 85% of adjusted EBITDA were denominated in U.S. dollars [11] - Total international churn remained elevated due to ongoing carrier consolidation, particularly in Brazil [51] Company Strategy and Development Direction - The company is focusing on being a leading tower company in each market and aligning with leading wireless operators [6] - A new long-term agreement with Verizon was established to support network modernization, enhancing operational efficiencies for both companies [7] - The company is changing its financial policy to reduce the target leverage range to six to seven times net debt to adjusted EBITDA, aiming for investment-grade debt [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for mobile broadband growth, driven by increasing 5G use cases and federal support for network capacity [9] - The company anticipates continued strong leasing demand and is increasing its full-year outlook for new leasing activity and escalations [4] - Management acknowledged challenges from regulatory delays but remains confident in future growth opportunities [64] Other Important Information - The company completed the acquisition of Central American assets from Millicom and sold its Canadian tower business earlier than expected [5] - A cash dividend of $1.11 per share was declared, representing a 13% increase over the previous year [20] Q&A Session Summary Question: Impact of Verizon MLA on new leasing revenue - Management indicated that the Verizon agreement includes components for colocations and amendments, locking in growth for the next 10 years [24] Question: Current status of DISH payments - Management confirmed that DISH is current on their rents and expects them to honor their agreements [25] Question: Structure of the Verizon deal compared to AT&T - The Verizon deal is more linear and tied directly to activity, differing from the AT&T agreement [34] Question: International churn outlook - Management expects a significant reduction in international churn over the next couple of years as consolidation stabilizes [51] Question: Future leasing opportunities and regulatory challenges - Management is optimistic about mid-single-digit growth in leasing opportunities, despite regulatory challenges in some markets [62]

October 22, 2025 Third Quarter 2025 Earnings Conference Call The pathway to possible. Cautionary Language PAGE 3 Third Quarter 2025 Earnings Conference Call v Delivered strong third quarter results, highlighted by 5.2% organic growth, excluding the impact of Sprint Cancellations.(1) V Increased full year 2025 Outlook as we continue to find opportunities to operate more efficiently, and demand for our assets remains strong. v We anticipate generating long-term attractive risk- adjusted returns as the only la ...

Summary of Telephone and Data Systems Conference Call Company Overview - **Company**: Array Digital Infrastructure, a tower company that emerged from UScellular after selling its wireless operations to T-Mobile on August 1, 2025. The company retained 4,400 towers and approximately 30% of its spectrum, along with minority stakes in wireless operating companies, generating annual income of about $150 million to $160 million [4][18]. Core Strategies and Financial Performance - **Revenue Growth**: Array reported a 12% revenue growth in Q2 2025, with a 7% growth when excluding application fees. Colocation applications increased over 100% in the first half of 2025 compared to the same period in 2024 [8][15][30]. - **Colocation Focus**: The company is focusing on colocation growth, particularly with T-Mobile committing to colocate on 2,015 sites, which is expected to increase cash revenue by 50% starting August 1, 2025 [9][11]. - **Operational Efficiency**: Array has brought its sales team in-house, which has contributed to improved performance. The company operates with a lean organizational structure, relying on TDS for back-office functions [12][13]. Market Position and Competitive Advantage - **Rural Focus**: Array's towers are primarily located in rural areas, with one-third of them lacking competing towers within a two-mile radius. This positioning is advantageous as carriers expand their mid-band footprint [14][15]. - **Spectrum Value**: The company retains valuable C-band spectrum, which is immediately deployable and attractive to carriers. The first build-out deadline for this spectrum is in 2029, with a second in 2031 [18]. Future Outlook and Industry Trends - **Colocation Demand**: The demand for colocation is expected to remain robust, driven by carrier investments and mid-band rollouts. The company anticipates continued growth in colocations and amendment activities [15][16]. - **Spectrum Transactions**: Array has pending spectrum transactions with AT&T and Verizon, expected to close by the end of 2025 and in Q3 2026, respectively. The company plans to declare special dividends upon closing these transactions [19][22]. Financial Strategy and Leverage - **Leverage Ratio**: Array is comfortable with a leverage ratio of three times, which allows for future flexibility in investments. The company has been upgraded to investment grade by S&P and has received positive news from Moody's regarding credit ratings [24][25]. Additional Considerations - **REIT Status**: Array is not a REIT due to asset and income tests that it does not meet. The company is exploring structural changes to potentially become a REIT in the future, which is seen as desirable for shareholders [22][23]. - **Long-term Investments**: In the short to medium term, Array is not planning significant capital investments but may consider opportunities in established rural clusters in the long term [20]. This summary encapsulates the key points discussed during the conference call, highlighting Array Digital Infrastructure's strategic focus, financial performance, market positioning, and future outlook.

Summary of Array Digital Infrastructure Conference Call Company Overview - **Company**: Array Digital Infrastructure (NYSE:AD) - **Industry**: Telecommunications Infrastructure - **Background**: Array Digital Infrastructure is the fourth listed tower company in the U.S., evolving from US Cellular after selling its wireless operations to T-Mobile, retaining 4,400 towers and 30% of its spectrum [4][5]. Core Points and Arguments Business Strategy - **Operational Focus**: The company emphasizes operational efficiency, particularly in colocation growth, which has seen a revenue increase of 12% in Q2 2025, excluding application fees [8][30]. - **Colocation Growth**: The company is set to increase cash revenue by 50% through a deal with T-Mobile, which involves colocating on 2,015 sites [9][12]. - **Ground Lease Management**: Efforts are being made to extend ground leases and reduce expenses related to "naked towers" (towers without colocators) through rent abatement programs [11][12]. Market Position and Differentiation - **Scale and Efficiency**: Array Digital Infrastructure operates with a lean organizational structure, relying on shared services from its parent company, TDS, which allows for operational efficiency [13][14]. - **Rural Focus**: The company’s towers are strategically located in rural areas, with one-third of them lacking competing towers within a two-mile radius, positioning them well for carrier expansion [15]. Colocation and Amendment Demand - **Robust Demand**: Colocation applications increased over 100% in the first half of 2025 compared to the same period in 2024, driven by carrier investments in rural areas [16][30]. - **Mid-Band Rollouts**: Continued amendment activity is expected as carriers progress with mid-band rollouts, with the company positioned at the tail end of this build-out [17][18]. Spectrum Management - **Spectrum Value**: Array retains significant C-band spectrum, which is highly valuable and deployable, with build-out deadlines extending to 2029 and 2031 [20]. - **Pending Transactions**: Two spectrum transactions with AT&T and Verizon are expected to close soon, with special dividends anticipated upon completion [21]. Financial Strategy - **Leverage and Credit Rating**: The company is comfortable with a leverage ratio of three times, maintaining a solid balance sheet and investment-grade credit ratings from S&P and Moody's [26][27]. - **Future Flexibility**: The current leverage allows for future investment opportunities while ensuring financial stability [27]. Other Important Insights - **Non-REIT Structure**: Array Digital Infrastructure is not a REIT due to asset and income tests related to its spectrum and partnership investments, but it is exploring options to potentially restructure in the future [24][25]. - **Long-Term Investment Plans**: While there are no immediate plans for capital investment in build-to-suit projects, the company remains open to future opportunities in rural markets [22]. This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction, market positioning, and financial outlook of Array Digital Infrastructure.

Summary of SBA Communications Conference Call Company Overview - **Company**: SBA Communications Corporation (SBAC) - **Event**: BofA Media Telecom Conference - **Date**: September 04, 2025 Industry Insights - **Carrier Deployment Status**: - T-Mobile is largely completed with 2 to 5 GHz spectrum deployment - Verizon is approximately 70% complete and actively working with SBA - AT&T is at about 50% completion, playing catch-up [3][4][5] Financial Performance - **Application Volume**: - Application volume has increased for six consecutive quarters, with over 50% of revenues coming from colocation applications [4][5] - The book-to-bill cycle is 6 to 9 months, causing a lag in translating applications into revenue [4][5] - Guidance for the second half of the year remains at $37 million, expected to exceed the first half [4][5] Market Dynamics - **5G Deployments**: - The next phase of 5G will focus on densification due to increasing traffic, especially from fixed wireless access (FWA) customers [15][18] - FWA customers are projected to use 15 to 20 times more bandwidth than traditional handset users [15][18] International Market - **Latin America**: - Central America and Brazil are key markets, with a recent acquisition of 7,000 towers from Millicom locking in mid to high single-digit growth rates [33][34] - Brazil's telecom market is consolidating, with 5G deployment at 30-35% [35][37] - The currency in Brazil has appreciated by 20% this year, improving operational conditions [37][38] Capital Allocation and Debt Management - **Capital Allocation**: - Approximately $700 million available for allocation annually after accounting for expenses [53][54] - In 2023, $100 million was spent on share buybacks and $600 million on debt repayment [54] - Future capital allocation will focus on buybacks and debt repayment, with M&A opportunities being scarce [54] - **Debt Management**: - SBA has $12 billion in debt, with a recent upgrade to investment grade (BBB-) [56][57] - Plans to manage debt maturities effectively, with a focus on maintaining a balanced mix of secured and unsecured debt [56][57] Strategic Relationships - **Master Lease Agreements (MLAs)**: - The company is open to MLAs on a case-by-case basis, depending on the volume commitments from carriers [19][20] - Securing long-term growth through volume commitments is a priority [25][26] Future Outlook - **Market Trends**: - Anticipation of increased capital expenditures as the industry prepares for 6G and densification needs [72][80] - The company remains optimistic about long-term growth despite short-term churn from carriers like Sprint and EchoStar [66][68] Conclusion - SBA Communications is positioned for growth with a strong focus on international markets, strategic partnerships, and effective capital allocation. The company is navigating challenges in the U.S. market while capitalizing on opportunities in Latin America and preparing for future technological advancements in the telecom industry.