Core Viewpoint - Lumen Technologies, Inc. has entered into a definitive agreement to sell its Mass Markets fiber-to-the-home business, including Quantum Fiber, to AT&T for $5.75 billion in cash, marking a significant step in Lumen's transformation into a digital enterprise networking company [1] Group 1: Transaction Details - The transaction is expected to close in the first half of 2026, pending regulatory approvals and customary closing conditions [2] - The sale includes approximately 95% of Quantum Fiber, covering around 4 million fiber-enabled locations and nearly 1 million subscribers as of March 31, 2025, projected to generate over $750 million in annualized revenues [3] Group 2: Financial Implications - Net proceeds from the deal, estimated at approximately $4.2 billion, will be used to retire about $4.8 billion in super priority debt, reducing annual interest expenses by $300 million and lowering the projected 2025 net debt to adjusted EBITDA ratio from 4.9 to 3.9 [4] - The deal will also decrease annual capital expenditures related to Mass Markets fiber by about $1 billion, allowing Lumen to reinvest in enterprise offerings and strengthen its balance sheet [4] Group 3: Future Strategy - Lumen plans to continue new fiber buildouts at a similar pace as in 2024 through the end of 2025 while retaining its existing copper network for consumer customers [5] - The company aims to expand its intercity fiber network to 47 million miles by 2028 and focus on growing the Lumen Digital Platform to provide enhanced networking solutions for business customers [6] - Management emphasized that the transaction enhances financial flexibility to innovate enterprise networking in a multi-cloud, AI-first environment, retaining core infrastructure assets for enterprise services [7] Group 4: Market Demand and Partnerships - Increasing demand for Lumen's Private Connectivity Fabric (PCF) solutions is noted, with $8.5 billion in PCF deals secured in 2024, driven by the urgent need for fiber capacity among large companies [8] - Lumen has established partnerships with major tech firms like Microsoft, Amazon, Google Cloud, and Meta Platforms to support AI innovation through enhanced network capabilities [8]

Core Viewpoint - Viasat, Inc. reported mixed results for the fourth quarter of fiscal 2025, with adjusted earnings missing estimates while revenue exceeded expectations. The overall revenue remained flat year-over-year, impacted by declines in fixed broadband and product revenues, but offset by growth in Aviation and Information Security, as well as Defense and Advanced Technologies segments [1][4]. Financial Performance - Viasat incurred a net loss of $246.1 million, or a loss of $1.89 per share, compared to a net loss of $100.3 million, or a loss of 80 cents per share in the prior-year quarter [2]. - For fiscal 2025, the company reported a net loss of $575 million, or a loss of $4.48 per share, an improvement from a net loss of $1.06 billion, or a loss of $9.12 per share in fiscal 2024 [3]. Revenue Breakdown - Total revenues for Q4 were $1.15 billion, surpassing the consensus estimate by $13 million. Product revenues increased to $349.7 million from $337.9 million year-over-year, while service revenues decreased to $797.4 million from $812 million [4]. - Communication Services segment revenues were $825 million, down 4% from $859.9 million in the prior-year quarter, primarily due to declines in fixed services and maritime service revenues [5]. - Defense and Advanced Technologies segment revenues were $322 million, up 11% year-over-year, driven by growth in information security and cyber defense [6]. Operational Metrics - Viasat reported an operating loss of $153.8 million in Q4, compared to an operating income of $0.3 million in the prior-year quarter. Adjusted EBITDA increased to $374.8 million from $357.7 million [7]. - The company generated an operating cash flow of $298 million in Q4, up from $232 million in the prior-year period, reflecting improved operating performance [8]. Future Outlook - For fiscal 2026, Viasat expects low single-digit year-over-year revenue growth and flat adjusted EBITDA. The Communication Services segment is anticipated to show flat revenue performance, while the Defense and Advanced Technologies segment is expected to grow in the mid-teens [10].

Core Insights - 8x8, Inc. reported accelerated growth in core service revenue and record cash generation for FY2025, with significant advancements in platform innovation and customer upgrades [2][3] - The company achieved $63.6 million in operating cash flow for FY2025, marking the highest consecutive two-year period of non-GAAP operating cash flow in its history [1][5] Financial Performance - In Q4 FY2025, operating cash flow reached $5.9 million, contributing to a two-year total of over $142 million [1][5] - Year-over-year quarterly service revenue growth accelerated to 4.6% in Q4 FY2025, up from 2.7% in Q3, with annual growth for the segment reaching 2.8% [3][4] - Net debt to trailing twelve-month EBITDA improved to 2.7x, down from over 6x in Q2 2023, with over $209 million in debt principal retired since August 2022 [5][6] Product and Market Strategy - The number of customers using three or more products increased by 13% year-over-year to over 700 in Q4 FY2025, indicating improved customer retention [7][8] - The company introduced AI integrations and saw a 72% surge in Microsoft Teams integration license sales, with over 550,000 cumulative seats deployed [7][9] - 8x8 is the first contact center provider to fully integrate rich communication services, enhancing its competitive differentiation [9][10] Future Outlook - Management projects total revenue for FY2026 to be between $702 million and $724 million, with anticipated non-GAAP operating income of $67.5 million at the midpoint [11] - The company expects to achieve high single-digit service revenue growth and double-digit operating margins by FY2028, with risks from the Fuze platform migration diminishing [11]

Investors interested in Utilities stocks should always be looking to find the best-performing companies in the group. Telefonica (TEF) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Utilities peers, we might be able to answer that question.Telefonica is a member of the Utilities sector. This group includes 106 individual stocks and currently ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha J P M O R G A N Asia Pacific Emerging Markets Research 19 May 2025 Correction (first published 16 May 2025) China Local Markets Weekly Implications of a US-China tariff ceasefire Executive summary Emerging Markets Strategy Tiffany Wang AC (852) 2800-1726 tiffany.r.wang@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Arindam Sandilya (65) 6882-7759 arindam.x.sandilya@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Gr ...

Core Insights - Investors are evaluating the value opportunities between Telefonica (TEF) and Chunghwa (CHT) in the Diversified Communication Services sector [1] Valuation Metrics - Telefonica has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Chunghwa has a Zacks Rank of 3 (Hold) [3] - TEF's forward P/E ratio is 12.20, significantly lower than CHT's forward P/E of 28.66, suggesting TEF is undervalued [5] - TEF has a PEG ratio of 0.71, while CHT's PEG ratio is 22.74, indicating TEF's expected earnings growth is more favorable [5] - TEF's P/B ratio is 1.11 compared to CHT's P/B of 2.72, further supporting TEF's valuation advantage [6] - Based on these metrics, TEF has a Value grade of A, while CHT has a Value grade of D, positioning TEF as the superior value option [6]

In a major move to strengthen its position in the global health and well-being sector, TELUS Corporation (TU) has partnered with GTCR, a prominent private equity firm with deep expertise in healthcare, to support TELUS Health’s acquisition of Workplace Options.This acquisition, valued at approximately C$500 million ($350 million) in cash, excluding about C$100 million ($70 million) in assumed debt, marks a pivotal step in TELUS Health’s journey to become a global leader in digital-first wellness solutions. ...

TELUS Corporation (TU) reported first-quarter 2025 adjusted earnings per share (EPS) of C$0.26, flat year over year.Quarterly total operating revenues increased 3% from a year ago to C$5,057 million owing to strong revenue growth across all the segments.Starting from the first quarter of 2025, TELUS introduced a separate TELUS Health segment, previously part of TTech, which will now be reported alongside TTech (excluding Health) and TELUS Digital.The company’s operating revenues (from contracts with custome ...

BCE Inc. (BCE) reported first-quarter 2025 adjusted earnings per share (EPS) of C$0.68 (48 cents) compared with C$0.44 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of 44 cents.Quarterly total operating revenues dipped 1.3% year over year to C$5,930 million ($4,131 million). The top line lagged the consensus estimate of $4,222 million. The contraction was due to a 7.4% drop in product revenues to C$758 million and a 0.4% dip in service revenues to C$5,172 million, with declines a ...

Core Insights - RingCentral reported revenue of $612.06 million for the quarter ended March 2025, reflecting a year-over-year increase of 4.8% [1] - The company's EPS was $1.00, up from $0.87 in the same quarter last year, exceeding the consensus estimate of $0.96 by 4.17% [1] - The revenue surpassed the Zacks Consensus Estimate of $610.74 million, resulting in a surprise of +0.22% [1] Financial Metrics - Gross Margin - Other was reported at -14.6%, significantly below the average estimate of 2.8% from six analysts [4] - Gross Margin - Subscriptions stood at 80.3%, slightly below the average estimate of 81% from six analysts [4] - Subscription Revenues reached $590.11 million, a 5.9% increase compared to the year-ago quarter, and slightly above the average estimate of $589.93 million [4] - Revenues from Other sources were $21.94 million, exceeding the average estimate of $20.55 million, but represented a year-over-year decline of 17.9% [4] Stock Performance - Over the past month, RingCentral's shares have returned +7.1%, underperforming the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]