Core Insights - TELUS Corporation reported a total customer growth of 198,000 in the second quarter of 2025, driven by strong demand for bundled services and expansion of TELUS PureFibre connectivity [1][3] - The company achieved operating revenue growth of 2% to $5.1 billion and adjusted EBITDA growth of 4%, indicating a robust diversified business portfolio [2][12] - TELUS Health segment saw significant growth, with operating revenue and adjusted EBITDA increasing by 16% and 29% respectively, covering 157 million lives globally [3][8] Financial Performance - Consolidated free cash flow increased by 11% to $535 million, reflecting improved operational efficiency [1][9] - Operating revenues from TTech, including TELUS Health, rose by 2% while adjusted EBITDA grew by 4%, aligning with the company's financial targets for 2025 [2][6] - The company recognized a net loss of $245 million due to a $500 million impairment of goodwill related to TELUS Digital, but adjusted net income was $342 million, down 7% year-over-year [5][12] Customer Growth and Segments - TELUS added 198,000 net customers, with mobile phone and connected device additions contributing significantly [3][7] - The total TTech subscriber base reached 20.5 million, a 5% increase year-over-year, with notable growth in mobile phones and connected devices [7][12] - TELUS Health's healthcare lives covered increased by 82 million over the past year, primarily due to the acquisition of Workplace Options [8][24] Capital Expenditures and Investments - Consolidated capital expenditures were $678 million, a decrease of 2% from the previous year, with a focus on TTech operations and TELUS Health expansions [10][12] - The company announced a definitive agreement with La Caisse to acquire a 49.9% interest in a new wireless tower operator for $1.26 billion, aimed at monetizing its tower infrastructure [2][4] Strategic Outlook - TELUS reaffirmed its 2025 financial targets, including operating revenue growth of 2-4% and adjusted EBITDA growth of 3-5% [1][2] - The company aims to achieve a net debt to EBITDA ratio of 3 times by 2027, supported by ongoing asset monetization initiatives [4][6] - TELUS continues to focus on customer expansion, product innovation, and service enhancement to drive long-term value creation [4][6]

Financial Performance and Key Metrics - PCCW reported a revenue increase of 7% to over US$2.4 billion and EBITDA growth of 6% to US$771 million [3] - HKT achieved a 4% revenue growth and a 3% increase in EBITDA, with adjusted fund flow also rising by 3% [3][11] - The overall EBITDA margin for HKT remained stable at 37% [11] - The net debt to EBITDA ratio improved to 4.17x compared to 4.2x a year ago [16] Business Line Performance - The OTT regional service recorded a 10% revenue growth and a 51% improvement in EBITDA [3][12] - View TV's revenue retreated in the first half due to event timing, but margins remained stable, with expectations for a rebound in the second half [3][4] - The talent management business saw increased international exposure for artists, contributing to overall performance [8][9] Market Performance - The OTT business maintained its leading position among Asian players, with a 19% year-on-year growth in paid subscribers [5][12] - Advertising revenue remained stable despite a soft consumer spending environment in Hong Kong [8][13] - The Free TV business revenue decreased to US$44 million from US$62 million last year due to fewer concerts and events [12][13] Company Strategy and Industry Competition - PCCW is focused on leveraging digital infrastructure and AI to enhance customer service and drive digital transformation for enterprises [3] - The company aims to optimize resource allocation and enhance viewer experience through a diversified content portfolio and expanded partnerships [5][6] - The strategy includes balancing Korean, Chinese, and local content to maximize returns [7] Management Commentary on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but emphasized a commitment to delivering high-quality services and profitable growth [2] - There are strong expectations for content performance in the second half, particularly with popular shows and concerts scheduled [7][9] - The company is optimistic about achieving positive cash flow in the OTT business in the coming months [6][12] Other Important Information - An interim dividend of HKD9.77 per share was declared, reflecting a prudent dividend policy [4] - The company reported a decrease in operating expenses by 5% to US$376 million, improving the ratio from 17.4% to 15.5% [13] - Capital expenditures fell by 3% to US$142 million, with a focus on efficiency [14] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating the end of the analyst briefing [17]

Core Viewpoint - The three major telecommunications companies in China have collectively announced standardized measures for telephone marketing to address issues of false advertising and consumer inducement in marketing calls [1][2]. Group 1: Standardized Marketing Measures - The official outbound marketing numbers for the three telecommunications companies are: China Telecom 10001, China Mobile 10085, and China Unicom 10016. Any calls from other numbers should be considered unofficial [1]. - If a user explicitly refuses a marketing offer, the companies are prohibited from making further calls to that user. Marketing calls must provide comprehensive and accurate information without false advertising or hidden fees [1]. - All marketing proposals must be publicly available on the companies' online service platforms and official apps [1]. Group 2: Compliance and Transparency - Outbound marketing calls will be recorded and undergo full review to ensure compliance with strict quality standards, promoting transparency and integrity [1]. - After obtaining user consent, staff must send a confirmation SMS detailing essential information about the service. The service will only be processed after the user confirms via SMS [1]. - Upon successful processing of the service, a notification SMS will be sent to the user promptly [1].

Core Insights - Lumen reported revenue of $3.09 billion for the quarter ended June 2025, a decrease of 5.4% year-over-year, with an EPS of -$0.03, an improvement from -$0.13 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $3.13 billion by 1.06%, while the EPS exceeded the consensus estimate of -$0.24 by 87.5% [1] Financial Performance - Total Business Segment Revenue was $2.49 billion, slightly above the average estimate of $2.48 billion, but down 3.4% year-over-year [4] - Total Mass Markets Revenue was reported at $602 million, below the estimated $649.47 million, reflecting a decline of 12.9% year-over-year [4] - Wholesale Business Segment Revenue was $690 million, slightly above the estimate of $685.96 million, down 4.6% year-over-year [4] - Large Enterprise Revenue totaled $732 million, exceeding the average estimate of $713.65 million, but down 12.5% year-over-year [4] - International and Other Revenue was $82 million, slightly below the estimate of $85.85 million [4] - Public Sector Revenue was $486 million, surpassing the estimate of $475.71 million, with an increase of 8.5% year-over-year [4] - Fiber Broadband-Mass Markets Segment Revenue was $217 million, slightly above the estimate of $216.54 million, showing a growth of 19.9% year-over-year [4] - Other Broadband-Mass Markets Segment Revenue was $245 million, exceeding the estimate of $241.35 million, but down 17.8% year-over-year [4] - Voice and Other-Mass Markets Segment Revenue was $140 million, significantly below the estimate of $191.08 million, reflecting a decline of 34% year-over-year [4] - Mid-Market Enterprise Revenue was $500 million, below the average estimate of $514 million, but up 4.6% year-over-year [4] Stock Performance - Lumen's shares have returned +0.2% over the past month, compared to the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Revenue grew 3.2% to $88.6 million, driven by strong Glo Fiber market revenue growth of $5.7 million or 40.5% due to an increase in subscribers [11][12] - Adjusted EBITDA increased by $5.1 million or 21.9% to $28.4 million, with adjusted EBITDA margins rising from 27% in Q2 2024 to 32% in Q2 2025 [13] - The company expects 2025 revenues to be between $352 million and $357 million, with adjusted EBITDA projected to be between $113 million and $118 million [13] Business Line Data and Key Metrics Changes - Glo Fiber added 5,700 new subscribers and over 16,000 new passings, with total Glo Fiber revenue generating units reaching 90,000, up 40% year over year [8][17] - The commercial fiber business recorded over $200,000 in monthly recurring revenue sales bookings, indicating future growth potential [9][12] - Incumbent broadband market revenue declined due to a 15% drop in video RGUs as customers switched to streaming services [11] Market Data and Key Metrics Changes - Glo Fiber markets saw broadband data penetration climb to 20%, up from approximately 18% a year ago, with monthly broadband data churn improving to 1.15% [18][19] - The total broadband data customer base in incumbent markets slightly increased year over year, with a total of 112,000 customers [20] - The commercial fiber business achieved a record in new contracts, totaling over $203,000 in incremental monthly revenue, up 32% year over year [22] Company Strategy and Development Direction - The company is executing a "Fiber First" strategy, transitioning from a mature cable and telephone operator to a rapidly growing fiber-first business [7][10] - The management team is focused on expanding Glo Fiber and enhancing customer service to maintain competitive advantages over larger cable providers [28] - The company plans to accelerate capital expenditures in 2025 due to successful construction of government grant projects, which will enhance future revenue potential [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong subscriber additions and the successful execution of the fiber expansion strategy [8][24] - The management team acknowledged competitive pressures but emphasized their advantages in speed and customer service [28] - The company aims to provide more visibility and transparency to shareholders by offering annual guidance [31] Other Important Information - The company closed a small tuck-in acquisition in early July, adding 1,500 passings and approximately 700 customers for $5 million [14][15] - Liquidity was reported at $260 million, with $29 million in cash and $143 million in available revolver capacity [14] Q&A Session Summary Question: Competitive pressures in Glo Fiber expansion - Management noted that while some cable providers are changing rate plans, they believe their speed advantage and local customer service provide a competitive edge [28] Question: CapEx acceleration decision - The decision to accelerate CapEx was driven by the construction team's success in building government grant projects faster than expected [29] Question: Impact of CapEx on future revenue - Management indicated that pulling construction forward would help subscriber growth and revenue in 2026 due to increased passings in government-subsidized areas [30] Question: Reason for mid-year guidance - The company aimed to enhance visibility and transparency for shareholders by providing annual guidance [31]

Financial Performance & Outlook - Lumen reported total revenue of $3092 million, a decrease of 5.4% year-over-year and 2.8% quarter-over-quarter[30] - Adjusted EBITDA was $877 million, down 13.3% year-over-year, with an adjusted EBITDA margin of 28.4%, a decrease of 250 bps[35] - The company is guiding towards the high end of its adjusted EBITDA range due to strength in modernization and simplification programs[8] - Lumen revised its 2025 free cash flow outlook upwards to $1.2 to $1.4 billion, primarily driven by a $400 million tax refund, lower capital expenditures, better adjusted EBITDA performance, and lower interest expense[40] Debt Management - Lumen has reached nearly $9 billion in Private Connectivity Fabric (PCF) deals signed to date[8] - The company completed $2 billion in debt refinancing, extending maturities and reducing cash interest[8] - Pro forma Lumen SP debt paydown is projected to result in total debt of $13.5 billion and a gross leverage of 3.9x[28] Strategic Initiatives - Lumen announced the sale of its Consumer FTTH (fiber-to-the-home) business to AT&T for $5.75 billion to reduce leverage and focus on enterprise services[8] - The company is focused on building the backbone for AI, balancing capacity and utilization for optimal return on investment[10] - Lumen is experiencing strong NaaS (Network as a Service) adoption, with a 35% quarter-over-quarter increase in LCF (Lumen Cloud Fabric) customers purchasing and using one or more ports[14] Mass Markets - Total Mass Markets revenue was $602 million, a decrease of 12.8% year-over-year[30] - Fiber Broadband revenue within Mass Markets was $217 million, an increase of 19.9% year-over-year, contributing 36% to total broadband revenue[32]

Core Insights - Shenandoah Telecommunications Company ("Shentel") reported strong growth in its Glo Fiber segment, with revenue increasing by 40.5% year-over-year and an incremental margin of 71% [3][5] - The company achieved $13.8 million in annual run-rate synergies from the Horizon Telcom acquisition, fully realized in the second quarter of 2025 [3][5] - Adjusted EBITDA grew by 21.9% to $28.4 million, with an expanded margin from 27% in Q2 2024 to 32% in Q2 2025 [5][24] Financial Performance - Total revenue for Q2 2025 was $88.6 million, a 3.2% increase from Q2 2024 [5][6] - Glo Fiber Expansion Markets data subscribers increased by 43.1% to approximately 76,000 [5] - Net loss from continuing operations decreased to $9.0 million from $12.8 million in the same quarter last year [5][15] Revenue Breakdown - Glo Fiber Expansion Markets revenue rose by $5.7 million, or 40.5%, to $19.8 million [6] - Residential & SMB - Incumbent Broadband Markets revenue declined by $1.4 million, or 3.2%, due to a 14.5% drop in video RGUs [6] - Commercial Fiber revenue decreased by $1.2 million, or 6.0%, primarily due to a non-cash deferred revenue adjustment [6] Cost Management - Cost of services decreased by $1.9 million, or 5.5%, attributed to lower network payroll and programming costs [6] - Selling, general and administrative expenses fell by $0.5 million, or 1.6%, due to reduced professional fees [6] - Restructuring, integration, and acquisition expenses dropped significantly by $11.1 million, or 98.2%, compared to the previous year [6] Capital Expenditures and Financial Outlook - Capital expenditures for the first half of 2025 were $169.4 million, up from $150.9 million in the same period of 2024 [11] - The company initiated 2025 financial guidance, projecting total revenue between $352 million and $357 million, representing an 8.1% increase from 2024 [8][9] - Adjusted EBITDA guidance for 2025 is set between $113 million and $118 million, indicating a 21.6% growth [9] Operational Statistics - Total broadband homes passed increased by 92,847 to approximately 623,000 [5] - The company owns over 17,700 route miles of fiber, supporting its broadband services [12]

Core Viewpoint - The market anticipates a year-over-year decline in BCE's earnings due to lower revenues, with a focus on how actual results compare to estimates to influence stock price movements [1][2]. Earnings Expectations - BCE is expected to report quarterly earnings of $0.52 per share, reflecting an 8.8% decrease year-over-year, with revenues projected at $4.32 billion, down 1.5% from the previous year [3]. - The consensus EPS estimate has been revised 1.47% higher in the last 30 days, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that BCE's Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.97%, indicating a likelihood of beating the consensus EPS estimate [12]. - BCE currently holds a Zacks Rank of 2, which further supports the expectation of an earnings beat [12]. Historical Performance - In the last reported quarter, BCE exceeded the expected earnings of $0.44 per share by delivering $0.48, resulting in a surprise of +9.09% [13]. - Over the past four quarters, BCE has beaten consensus EPS estimates two times [14]. Conclusion - While BCE is positioned as a strong candidate for an earnings beat, other factors should also be considered when evaluating the stock ahead of its earnings release [17].

Financial Data and Key Metrics Changes - Service revenues grew by 5.4% year over year, with total service revenue increasing by 5.1% in Q2 2025 [4][6] - EBITDA increased by 6.5%, resulting in a margin of 49.5% [4] - Operating cash flow expanded significantly, contributing to a strong financial performance [4][20] Business Line Data and Key Metrics Changes - Mobile services revenue grew at a faster pace of 5.6%, with the highest mobile ARPO in the industry at close to BRL33 per month [6] - Postpaid services accounted for nearly 70% of mobile service revenues, with a year-over-year growth of 12.2% [7] - The company added over 450,000 new postpaid customers in Q2 2025 [6] Market Data and Key Metrics Changes - TIM leads in 5G technology, with 30% of traffic now flowing through its 5G network [5] - In state capitals, 5G accounts for 30% of data traffic, with São Paulo seeing an offload rate of 36% [15] - The number of 5G devices has grown fivefold since 2022, now representing 28% of total devices [14] Company Strategy and Development Direction - The company is focused on network modernization, expanding partnerships, and developing new revenue opportunities [5] - TIM aims to enhance its B2B IoT strategy, particularly in agribusiness, utilities, and logistics [10] - The company is committed to providing integrated solutions that enhance operational efficiency for clients [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased global volatility but remains committed to executing strategic initiatives to meet 2025 targets [5][21] - The company is focused on developing new partnerships, particularly in financial services, and expanding its B2B IoT solutions [22] - Management emphasized a commitment to innovation, operational excellence, and sustainable growth [22] Other Important Information - TIM was recognized as the most sustainable Brazilian company, topping the B3 Sustainability Index [5] - The company has mapped 100 use cases for AI, with several projects focused on operational improvements [16] Q&A Session Summary Question: Outlook for lease lines in the remainder of the year - Management indicated that negotiations with partners are ongoing, and they are optimistic about achieving goals related to lease lines [31][33] Question: Evolution on management's thoughts about the fixed business - Management stated there are no new updates on inorganic progress but is focused on optimizing the organic side of the business [28][30] Question: CapEx and leasing efficiency measures outlook for the second semester - Management confirmed that CapEx efficiency is improving, particularly in network modernization projects [38][40] Question: Sale and marketing expenses outlook - Management noted that marketing expenses will increase due to more campaigns in the second half of the year [42] Question: Mobile revenue growth drivers - Management highlighted that growth is driven by user-generated revenues, roaming agreements, and B2B IoT progress [48] Question: Tower efficiencies and new RFQ partnership - Management explained that they are renegotiating contracts and exploring building new towers as an alternative [50][52] Question: Drivers behind the increase in network and interconnection costs - Management attributed the increase to higher international roaming costs and provider costs due to a new portfolio launch [57] Question: Competitive pressure from new entrants - Management believes the competitive environment is rational, focusing on quality rather than price competition [56]

Core Viewpoint - AT&T announced the dual listing of its common stock on NYSE Texas, effective August 1, 2025, while maintaining its primary listing on the New York Stock Exchange [1][2]. Company Commitment to Texas - AT&T has a long-standing relationship with the New York Stock Exchange, dating back to September 4, 1901, and is proud to strengthen its commitment to Texas through this dual listing [2][4]. - The company has invested nearly $13 billion in Texas network infrastructure from 2020 to 2024 and donated over $43 million across the state, with nearly $11 million aimed at bridging the digital divide [4][5]. Community Engagement - AT&T operates 14 Connected Learning Centers in Texas to enhance connectivity and support local communities [4]. - The company employs nearly 24,000 individuals in Texas, contributing to the state's innovation and business growth [5]. Historical Significance - AT&T is one of only 12 companies that have been listed on the New York Stock Exchange for over 120 years, highlighting its historical significance in the financial market [2]. Business Operations - AT&T serves more than 100 million U.S. families and nearly 2.5 million businesses, providing services that range from traditional phone calls to advanced 5G wireless and multi-gig internet offerings [6].