Financial Data and Key Metrics Changes - Revenues grew 27% to $87.9 million, with former Horizon markets contributing $15.2 million. Excluding Horizon, revenues increased by $3.5 million or 5% compared to Q1 2024 [11] - Adjusted EBITDA increased by 43% to $27.6 million, with former Horizon markets contributing $4.4 million. Excluding Horizon, adjusted EBITDA grew by $4 million or 21% year-over-year [12] - Adjusted EBITDA margins improved from 28% in Q1 2024 to 31% in Q1 2025, driven by high incremental margins from Glo Fiber subscribers [12] Business Line Data and Key Metrics Changes - Glo Fiber added 5,400 new subscribers and 16,600 new passings, with revenues increasing by 52% year-over-year [6] - Legacy Glo Fiber markets revenue grew by $5.6 million or 47%, while incumbent broadband markets revenue declined by $2.2 million due to a 14% drop in video RGUs [11] - The commercial sales team achieved record sales bookings of just under $200,000 in monthly recurring revenues [9] Market Data and Key Metrics Changes - Broadband data penetration in Glo Fiber expansion markets reached 19.4%, up from 18% a year earlier [17] - Monthly broadband data churn remained low at 0.9% for Glo Fiber [18] - Incumbent broadband markets saw a 2.7% year-over-year increase in broadband data customers, totaling approximately 112,000 [19] Company Strategy and Development Direction - The company plans to complete the construction phase of Glo Fiber expansion and government grant projects by the end of 2026, targeting 550,000 total Glo Fiber passings [16] - The company aims to achieve free cash flow positivity in 2027, with significant growth expected in 2028 and beyond [29] - The company is focusing on areas where it is the only fiber provider, avoiding competition with established players like Verizon [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects in Glo Fiber markets, highlighting the potential for free cash flow generation as penetration rates increase [6][7] - The company expects to realize a total of $8.5 million in incremental synergies in 2025 from the Horizon acquisition [12] - Management noted that they are well-positioned to execute their capital plan and do not anticipate significant impacts from tariffs on construction costs [22][24] Other Important Information - Liquidity was reported at $335 million as of March 31, including $88 million in cash and $143 million in available revolver capacity [13] - The company plans to refinance its credit facilities, aiming to access the asset-backed securitization market for its fiber business [14] Q&A Session Summary Question: Potential for ABS securities and optimal capital structure - Management expects ABS to save about 100 basis points in interest expense and plans to use investment-grade tranches [27][28] Question: CapEx investment timeline and future capital intensity - CapEx is expected to drop to 20-25% of revenues starting in 2027, with free cash flow positivity anticipated in 2027 [29][30] Question: Subscriber growth challenges and competitive pressures - Management indicated that they are not yet facing difficulties in adding subscribers and have seen continued growth in mature markets [36] Question: Refinancing process and cost factors - The internal restructuring for refinancing is expected to save approximately $7 million in interest expense annually [41]

Financial Data and Key Metrics Changes - Revenues grew 27% to $87.9 million, with former Horizon markets contributing $15.2 million. Excluding Horizon, revenues increased by $3.5 million or 5% year-over-year [11] - Adjusted EBITDA increased 43% to $27.6 million, with former Horizon markets contributing $4.4 million. Excluding Horizon, adjusted EBITDA grew by $4 million or 21% [12] - Adjusted EBITDA margins improved from 28% in Q1 2024 to 31% in Q1 2025, driven by high incremental margins from Glo Fiber subscribers [12] Business Line Data and Key Metrics Changes - Glo Fiber expansion markets added 5,400 new subscribers and 16,600 new passings, with revenues increasing by 52% year-over-year [6] - Legacy Glo Fiber markets revenue grew by $5.6 million or 47%, driven by subscriber increases, while incumbent broadband markets revenue declined by $2.2 million due to a 14% drop in video RGUs [11] - The commercial sales team achieved record sales bookings of just under $200,000 in monthly recurring revenues [9] Market Data and Key Metrics Changes - Glo Fiber's broadband data penetration in expansion markets rose to 19.4%, up from 18% a year earlier [17] - Monthly broadband data churn remained low at 0.9% [18] - Incumbent broadband markets saw a 2.7% year-over-year increase in broadband data customers, totaling approximately 112,000 [19] Company Strategy and Development Direction - The company plans to complete the construction phase of Glo Fiber expansion and government grant projects by the end of 2026, targeting 550,000 total Glo Fiber passings [16] - The company aims to achieve free cash flow positivity by 2027, with significant growth expected in 2028 and beyond [29] - The company is focusing on areas where it is the only fiber provider, avoiding competition with established players like Verizon [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects in Glo Fiber markets, highlighting the potential for free cash flow generation as penetration rates increase [6][7] - The company expects to realize a total of $8.5 million in incremental synergies in 2025 [12] - Management noted that they are well-positioned to execute their capital plan and complete construction projects by the end of 2026 [24] Other Important Information - Liquidity was reported at $335 million as of March 31, including $88 million in cash and $143 million in available revolver capacity [13] - The company executed an amendment to its credit facility to extend maturities and increase the net leverage covenant [13][14] - Capital expenditures in Q1 were $76 million, with full-year guidance set between $250 million and $280 million [21] Q&A Session Summary Question: Potential for ABS securities and optimal capital structure - Management expects ABS to save about 100 basis points in interest expense and plans to use investment-grade tranches [27][28] Question: Glo Fiber capital expenditure plans - Construction to reach 550,000 passings is expected to complete by the end of 2026, with capital intensity dropping to 20-25% of revenues starting in 2027 [29][30] Question: Subscriber growth challenges - Management indicated that they are not yet facing difficulties in adding subscribers, with continued growth in mature markets [36] Question: Competitive pressures - There is minimal competition, with only a small overlap with BrightSpeed, and management is targeting areas with limited competition [37][39] Question: Refinancing process and cost factors - Internal projects are underway to save on interest rates, with expected savings of approximately $7 million annually [41]

Market Overview - The S&P 500 is down 5.5% year-to-date due to uncertainty, tariffs, fears of an economic slowdown, and concerns over stretched valuations, particularly in technology stocks [1] - Investors are seeking safety in defensive sectors and reliable dividend payers as a result of the risk-off environment [2] Dividend Stocks Performance - Dividend stocks with strong yields and relative outperformance have become increasingly attractive, with some dividend aristocrats and kings emerging as top performers [2] Philip Morris International - Philip Morris has seen a 41% increase in stock price year-to-date, making it the fourth-best-performing stock in the S&P 500 [4] - The company offers a 3.17% dividend yield and has a history of 17 consecutive years of dividend increases [4] - The strategic pivot towards smoke-free products is driving growth, with a goal to generate two-thirds of revenue from these products by 2030 [5] - Q1 2025 earnings were reported at $1.69 per share, beating estimates by $0.08, with revenue growing 5.8% to $9.3 billion [5][6] AT&T - AT&T's stock has surged 20% year-to-date and 65% over the past year, with a current dividend yield of 4.07% [8] - The company reported Q1 2025 earnings of $0.51 per share, slightly missing consensus estimates, but revenue grew 2% year-over-year to $30.63 billion [9] - AT&T holds a Moderate Buy consensus rating from analysts, with a price target implying nearly 5% upside from current levels [10] Williams Companies - Williams Companies has seen a 10% increase in stock price year-to-date, with a 3.35% dividend yield supported by a three-year dividend growth rate of 5% [12][13] - The company is set to report Q1 2025 earnings on May 5, with previous EPS expectations met at $0.47 [14] - Analysts have raised price targets for Williams, maintaining a Moderate Buy consensus rating [14]

Financial Data and Key Metrics Changes - Revenues grew 27% to $87.9 million, with former Horizon markets contributing $15.2 million. Excluding Horizon, revenues increased by $3.5 million or 5% compared to Q1 2024 [11] - Adjusted EBITDA increased by 43% to $27.6 million, with former Horizon markets contributing $4.4 million. Excluding Horizon, adjusted EBITDA grew by $4 million or 21% year-over-year [12] - Adjusted EBITDA margins improved from 28% in Q1 2024 to 31% in Q1 2025, driven by high incremental margins from Glo Fiber subscribers and synergy savings [12] Business Line Data and Key Metrics Changes - Glo Fiber expansion markets added 5,400 new subscribers and 16,600 new passings, resulting in a 52% revenue increase compared to the same period in 2024 [6] - Legacy Glo Fiber markets revenue grew by $5.6 million or 47%, driven by subscriber increases, while incumbent broadband markets revenue declined by $2.2 million due to a 14% drop in video RGUs [11] - The commercial sales team achieved record sales bookings of just under $200,000 in monthly recurring revenues [8] Market Data and Key Metrics Changes - Glo Fiber's broadband data penetration reached 19.4%, up from 18% a year earlier, with monthly broadband data churn remaining low at 0.9% [19] - Incumbent broadband markets saw a 2.7% year-over-year increase in broadband data customers, ending Q1 with approximately 112,000 customers [20] - Overall broadband data penetration decreased to 46.5% due to the addition of acquired passings in the Horizon territory [21] Company Strategy and Development Direction - The company plans to complete the construction phase of Glo Fiber expansion and government grant projects by the end of 2026, targeting 550,000 total Glo Fiber passings [16] - The company aims to achieve free cash flow positivity by 2027, with significant growth expected in 2028 and beyond [30] - The company is focusing on a hybrid capital structure to lower the cost of debt, planning to access the ABS market for its fiber business [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects in Glo Fiber markets, highlighting the potential for free cash flow generation as penetration rates increase [6] - The company noted a favorable response from customers to enhanced rate plans and value propositions introduced in the past year [7] - Management expects EBITDA margins to continue growing by 300 to 400 basis points annually as customer additions increase [33] Other Important Information - Liquidity as of March 31 was $335 million, including $88 million in cash and $143 million in available revolver capacity [13] - Capital expenditures in Q1 totaled $76 million, with full-year guidance set between $250 million and $280 million [22] - The company has not been significantly impacted by price increases due to tariffs, with most materials sourced domestically [23][24] Q&A Session Summary Question: Potential for ABS securities and optimal capital structure - Management expects ABS to save about 100 basis points in interest expense and plans to use investment-grade tranches [28] Question: Glo Fiber capital expenditure plans - The company anticipates completing Glo Fiber construction by the end of 2026, with capital intensity expected to drop to 20-25% of revenues starting in 2027 [30] Question: Subscriber growth challenges - Management indicated that they are not yet facing difficulties in adding subscribers, with continued growth observed even in mature markets [36] Question: Competitive pressures - There is minimal competition in Glo Fiber markets, with only a small overlap with BrightSpeed [37] Question: Refinancing process and cost implications - The internal restructuring for refinancing is expected to save approximately $7 million in annual interest expense [40]

Group 1 - The article highlights that a market downturn can lead to previously undervalued stocks becoming even cheaper, creating more appealing yields and attractive valuations [2] - It emphasizes the importance of focusing on long-term investment opportunities despite near-term market noise [2] Group 2 - The service iREIT+HOYA Capital is focused on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1]

Core Insights - Shenandoah Telecommunications Company ("Shentel") reported strong growth in the first quarter of 2025, with significant increases in subscribers and revenue, particularly in its Glo Fiber Expansion Markets [3][7][8] - The company achieved a 52% revenue growth in Glo Fiber Expansion Markets, contributing to a total revenue increase of 26.9% year-over-year [7][8] - Adjusted EBITDA grew by 43.3% to $27.6 million, with margins improving from 28% to 31% [3][7][23] Financial Performance - Total revenue for Q1 2025 was $87.9 million, up from $69.2 million in Q1 2024, primarily driven by $15.2 million from acquired Horizon markets [8][14] - Glo Fiber Expansion Markets revenue reached $18.4 million, a 52% increase compared to the previous year [7][8] - Net loss from continuing operations was $9.1 million in Q1 2025, compared to a loss of $4.1 million in Q1 2024, attributed to higher depreciation and amortization costs [7][14] Subscriber Growth - The company added 5,400 new subscribers in Glo Fiber Expansion Markets, bringing total subscribers in these markets to approximately 71,000, a 51% increase year-over-year [3][7] - Total broadband homes passed increased by 128,000 to approximately 604,000, with significant growth in both Glo Fiber and Incumbent Broadband Markets [7][26] Capital Expenditures - Capital expenditures for Q1 2025 were $83.2 million, up from $70.1 million in the same period of 2024, reflecting investments in network expansion [6][9] - The increase in capital expenditures was primarily driven by investments in Horizon markets and Glo Fiber network expansion [9][13] Operational Metrics - Adjusted EBITDA margin improved to 31% in Q1 2025 from 28% in Q1 2024, indicating enhanced operational efficiency [23] - The company reported a 46.5% growth in residential and SMB revenue in Glo Fiber Expansion Markets, contributing to overall revenue growth [8][27] Liquidity Position - As of March 31, 2025, Shentel had cash and cash equivalents of $87.5 million and total available liquidity of approximately $334.6 million [13][17]

Core Viewpoint - Shiftmove has entered exclusive negotiations to acquire Océan, the fleet management division of Orange Business, as part of a strategic move to consolidate its market presence and enhance growth potential [1][4]. Company Overview - Océan manages nearly 170,000 vehicles for corporate clients and public organizations across France, providing services that optimize costs, enhance safety, and support environmental commitments [2][3]. - Shiftmove aims to become the European leader in digital fleet solutions by 2027, with a focus on managing over one million vehicles and establishing a strong presence in France and across Europe [7][14]. Strategic Intent - The acquisition aligns with Orange Business's strategy to refocus its portfolio and optimize investments in key areas, while Shiftmove seeks to build synergies and enhance its market position through this transaction [4][8]. - Océan has 20 years of experience in the fleet management sector, evolving from geolocation to embedded telematics, and aims to be a leading provider in France [5][6]. Market Context - The telematics market is undergoing significant transformation, with increasing innovation and complex customer expectations, prompting Océan to focus on operational excellence and strategic partnerships [6]. - Shiftmove's recent establishment in France and its acquisition of Optimum Automotive in October 2024 have strengthened its capabilities, serving 17,000 corporate customers with over 500,000 vehicles [14].

Core Insights - Frontier Communications reported revenue of $1.51 billion for the quarter ended March 2025, reflecting a year-over-year increase of 3.4% and matching the Zacks Consensus Estimate, with an EPS of -$0.26 compared to $0.00 in the previous year [1] - The company achieved an EPS surprise of +21.21%, exceeding the consensus estimate of -$0.33 [1] Financial Performance - Revenue from contracts with customers was $1.50 billion, surpassing the average estimate of $1.49 billion, marking a 3.4% increase year-over-year [4] - Revenue from Fiber-Consumer services reached $589 million, exceeding the estimate of $581.81 million, with a year-over-year growth of 16.6% [4] - Revenue from Fiber-Business and Wholesale was $324 million, above the estimate of $321.75 million, representing an 8% increase year-over-year [4] Customer Metrics - Broadband customers totaled 3.15 million, slightly above the estimated 3.14 million [4] - Total Fiber Penetration stood at 30.7%, marginally higher than the estimated 30.6% [4] - Fiber-Consumer broadband customers numbered 2.35 million, exceeding the estimate of 2.34 million [4] Stock Performance - Shares of Frontier Communications have returned +1.1% over the past month, contrasting with the Zacks S&P 500 composite's -0.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Solutions30 reported a consolidated revenue of €232.4 million for Q1 2025, reflecting a year-on-year decline of -12.3% due to a high comparison basis from Q1 2024, which had recorded strong growth [1][3]. Revenue Breakdown - The revenue from Connectivity activities was €164.2 million, down -20.0%, primarily due to increased selectivity in mature markets like France and Spain [5]. - Energy activities generated €41.3 million, up +19.1%, driven by favorable market trends, especially in photovoltaic systems in France [5]. - Technology activities saw revenue of €26.9 million, an increase of +7.3%, attributed to higher volumes of IT support services [5]. Regional Performance - **Benelux**: Revenue was €88.7 million, down -12.0%, with an organic contraction of -12.5% [6]. Connectivity revenue was €67.9 million, down -14% [6]. - **France**: Revenue amounted to €76.3 million, down -22% on an organic basis, with Connectivity revenue falling -43% to €36.8 million [10]. Energy activities grew +30% to €22.8 million, now representing 30% of total revenue [11]. - **Germany**: Revenue reached €21.9 million, up +20.7% on an organic basis, with Connectivity growth of +22% driven by fiber deployment [13]. - **Other Countries**: Revenue was €45.5 million, down -5.8%, with Poland and Italy showing growth of +11.4% and +14.6%, respectively [16][17]. Spain's revenue fell -37.2% due to restructuring efforts [18]. Strategic Focus - The company is committed to a strategy prioritizing margins and cash generation over revenue growth, particularly in France where the fiber deployment market is maturing [1][7]. - Solutions30 is focusing on energy services, which now account for 30% of total revenue, and is implementing performance improvement measures in various regions [1][7][16]. Market Outlook - The investment plan announced by the German government is expected to enhance long-term growth potential in the market, which is crucial for Solutions30's business portfolio [15]. - The company remains confident in its multi-technical and multi-local model, with strong growth drivers in energy and technology sectors [1][7].

Core Insights - Verizon has launched its first Government Cloud-Managed Software Defined Wide Area Network (SD WAN) product, designed specifically for U.S. federal agencies, leveraging its FedRAMP High Ready Government Cloud Platform [1][4] - The new SD WAN solution integrates with Verizon's secure network, enhancing operational efficiency and supporting mission-critical applications for federal agencies [2][3] - This launch represents a strategic market expansion for Verizon, allowing entry into a previously untapped segment of the Federal market [5] Product Features - The SD WAN solution is built to meet stringent security demands and is compliant with NIST 800-53 controls, ensuring a secure and scalable network infrastructure [1][2] - It offers advanced capabilities through Cisco SD WAN technology, providing tailored solutions that enhance network performance and protect sensitive government data [8] - The platform simplifies the transition from outdated systems to a modernized, cloud-managed architecture, facilitating the federal government's shift to internet-based technologies [4][8] Customer Value Proposition - Verizon's offering provides tremendous value through its backbone network infrastructure and AI-empowered end-to-end visibility, which enhances optimization and troubleshooting [4][8] - The solution enables faster time to market for federal agencies by streamlining the deployment of secure and scalable technological solutions [8] - Integrated services, such as MPLS, are managed by Verizon, providing unified support for federal customers [8] Commitment to Public Sector - Verizon has established a dedicated online hub for U.S. federal government agencies to learn more about the new SD WAN solution, reinforcing its long-term commitment to the public sector [6] - The company generated revenues of $134.8 billion in 2024, indicating its strong market position and capability to invest in innovative solutions [7]